Full text of The Merchants' Magazine and Commercial Review : November 1860, Vol. XLIII, No. V

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H U N T ’S

MERCHANTS’ MAGAZINE.
E s t a b li s h e d J u l y , 1 8 3 9 , b y F r e e m a n H u n t .

V O L U M E X L III.

C ONTENTS

NOVEMBER,

OF

1 8 60.

NO. V.,

NU M BER V

VOL.

XLIII.

ARTICLES.
A rt.
pagb
I. R E V IE W , HISTO RICAL A N D C R ITIC AL , OF TIIE D IF F E R E N T SYSTEM S OF
SOCIAL P H ILO SO P H Y ; OR, INTR OD UCTIO N TO A MORE COM PREHENSIVE
SYSTEM . P a r t i x . The Political School of Sociology critically considered-The
Three Different Classes of that School stated and defined—Macchiavelli, Locke, and Mon­
tesquieu critically examined, as Representatives of Three Different Varieties of the First
Class -Aristotle and De Tocqueville compared with Montesquieu—Rousseau and Paine
brought into review—The American Contribution to Social Science remarked upon—
Hamilton, Madison, Jay, Jefferson, and Calhoun briefly noticed, as to their Contributions
to Social Science........................................................................................................................................ 531
II. P H IL A D E L P H IA — ITS M AN U FA CTU R ES. Population— Compared with New York—
Advantages of Site— Minerals—Value of Manufactures— Position of State—Accumula­
tion of Capital and Materials— Aggregate of Manufactures—Product per Head—Distri­
bution of Industry— Clothing in Philadelphia—Effect of P anic-State of the Trade in
Boston— Textile Manufactures in Philadelphia—Factories— Mode of ManufactureWoolens— Labor Value of Cottons—Table of Factories—Goods Consigned to Philadel­
phia—Local Production— Aggregate Market—Iron Trade—Product— Pig Iron —Rolling
Mills— Woolens Bold in Philadelphia— Commerce........................................................................ 555
III. V A L U A T IO N OF L IF E INSURANCE PO LIC IES. No. v i i . By Prof. C. F. M oCa y , of
Georgia........................................................................................................................................
567
IV. CURREN CY OF TH E U N IT E D STATES
ton.................................

By

Ch arles

H.

Carroll,

Merchant, Bos­
574

J O U R N A L OF M E R C A N T I L E

LAW.

The Bombardment of Greytown...................................................................................................................... 583
Alleged Fraud on the Revenue........................................................................................................................ 585
The Schuyler Frauds and the New Haven Railroad Stock— Advances on Cotton......................... 586

C O M M E R C I A L C H R O N I C L E A ND R E V I E W .
Progress of Business—Imports— Exports-D om estic Produce— Approximation of Exports to
Imports—Effect on Exchanges— Larger Portion o f Breadstuffs—Table of Exports—Grain at
the West— Milwaukee—Chicago—Railroads— Rise in Values— Absorption of Funds— Capital
at Call—Grain for Freights— No Speculation at the W est— Money in the ftock Market— Bank
Loans-Contraction Comparative—Loans on the Market—Rates of Money— Remittances—
Sterling Bills—Rates of Exchange— Current of Specie—Gold Shipments— Specie in the City
—Assay-office— Mint................................................................................................................. ............... 587-595

VOL. X L III.— N O. V.




34

530

CONTENTS

OF

N O . V ., V O L . X L I I I .
PAGK

JOURNAL

OF B A N K I N G ,

CURRENCY,

AND F I N A N C E .

Baltimore Liabilities............................................................................................................................................ 595
New Orleans United States Branch Mint.—Leather Failures.................................................................
Wealth of New York State............................ - ...................................................................... .. *...........
City Weekly Bank Returns— Banks of,N ew York, Boston, Philadelphia, New Orleans, Pittsburg, St. Louis, Providence...........................................................................................................................
Boston Bank D ividends......................................................................................................... .........................
The Revenue of Cuba...........................................................................................................................................

STATISTICS

OF

TRADE

AND

COMMERCE.
606
607
611
612
613

Wine Product of F ran ce......................................................................................................................
New York City Trade.—Trade of Cincinnati...............................................................................
'British Merchant Shipping—
.........................................................................................................
Milk Trade.— Imports of Hamburg.— Outta Percha............................................ .......................
Trade in Breadstuff's of the City of New York.............................................................................

NAUTICAL

INTELLIGENCE.
614
615
616

Sales of Ships.—The Shipping Interest........................................................................
New York Shipping............................................................................................................
Naval Change......................................................................................................................

COMMERCIAL

REGULATIONS.

liiver and Freights............................ ..................................................................................................... ......... 616
Imitation Merino Shirts.................... .................................................................................................................. 617
Woolen Hats.— Landscape Plates.- -New Tariff of Rates between Chicago and Southern Cities 618

POSTAL

DEPARTMENT.

Post-office of the Sandwich Islands— Report of the Postmaster General
The British P o s t - o f f i c e . — English Post-office Packet Service, 1858 -50 ...,

JOURNAL

OF

INSURANCE.

Alabama Insurance Law............................ ..............................................................
Insurance Scrip Dividends.— Humors of Health Insurance........................
Marine Insurance Scrip.............................................................................................

JOURNAL

OF M I N I N G ,

MANUFACTURES,

AND

ART.
625
626
627
628
629
630
630

The Pennsylvania Rock O il............................................................. ......
Galvanizing Iron........................ ...............................................................
Cotton Manufacture in Scotland...............................................................
Flax Cotton.— Rhode Island C oal............................... .......................
Manchester Operatives.—The N eed le...................................................
The “ L a st” Manufactory at Richmond.—Smoke from Gas-lights
Levels of the Atlantic and Pacific Oceans.............................................

RAILROAD,

CANAL, AND S T E A M B O A T S T A T I S T I C S .

Manufacture of Railway Iro n ...........................................................................................................................
Cotton on Railroads..............................................................................................................................................
Railways in Texas................................ ................................................................................................................
Southwestern Railroad Company of Georgia..................................................................................... .........
New Orleans, Jackson, and Great Northern Railroad.— Prophecy in Regard, to Railroads..........
American Railroad Enterprise in Brazil—History of Brazil Roads....... . .
....................................
Railroad Receipts for September.....................................................................................................................

STATISTICS

OF

AGRICULTURE,

631
632
633
634
654
635
637

be.

Grape Culture on Kelley’s Island, Ohio......................................................................................................... 638
Cotton........................................................................................................................................................................ 640
A California Fruit-Orchard—The Crops in California................................................................................ 613

STATISTICS

OF

POPULATION,

&c.

Population and Growth of Boston.....................«......................................................................
Population of Spain.— Population of Milwaukee.................... .........................................
Population of some Ohio Towns.— Census of Cincinnati.— Census of Rhode Island
Business Population of San Francisco.— Census of New Hampshire........ .................
Statistics of Population of Baltimore County.— Michigan Towns—Population____

MERCANTILE

MISCELLANIES.

New York Central P a rk .............................................................................................................
The End of D ebt............................................................................................................................
Direct Southern Trade with E u rope.......................................................................................
Sailors— W hat they are, and what they should h e .............................................................
Facts and Figu res................................ .........................................................................................
Anecdote of Stephen Girard.— London Tobacco Trade and Consumption..................

THE
Notices of new Books or new Editions.




644
645
646
647
648

649
650
651
652
653
654

BOOK T R A D E .
655-656

HUNT’S

MERCHANTS’ MAGAZINE
AND

COMMERCIAL REVIEW,
NOVEMBER,

1 860.

Art. I,— REVIEW , HISTORICAL AND CRITICAL, OF THE DIFFERENT SYSTEMS
OF SOCIAL PHILOSOPHY :*
OK, INTRODUCTION TO

A

MORE C OM PREHENSIVE SYSTEM.
PART IX .

T H E P O L I T I C A L 8 C H 0 0 L O F S O C IO L O G Y C R I T I C A L L Y C O N S ID E R E D — T H E T H R E E

D IF F E R E N T C LA 8SE S OF

T H A T SC H O O L S T A T E D A N D D E F I N E D — M A C C I I I A V E L L I , L O C K E , A N D M O N T E S Q U IE U C R I T I C A L L Y E X A M ­
I N E D , AS R E P R E S E N T A T I V E S O F T H R E E D I F F E R E N T V A R I E T I E S O F T H E F I R S T C L A S S — A R IS T O T L E A N D D E
T O C Q U B V I L L K C O M P A R E D W I T H M O N T E S Q U IE U — R O U S S E A U A N D P A I N E B R O U G H T IN T O R E V I E W — T H E
A M E R IC A N C O N T R I B U T I O N T O S O C I A L S C IE N C E R E M A R K E D U P O N — H A M I L T O N , M A D IS O N , J A Y , J E F F E R ­
S O N , A N D C A L H O U N B R I E F L Y N O T I C E D , A S T O T H E I R C O N T R I B U T I O N S T O S O C I A L 8 C IE N C E .

H a v i n g now concluded our glance at the different races of mankind
not belonging to the Caucasian or most superior race, and those nations
of the Caucasian race that have flourished before the present age, with
a view to extracting whatever noteworthy ideas in Sociology they may
have either speculatively entertained or practically illustrated, we come
now to the more methodical consideration of sociological ideas and sys­
tems, according to the classification o f them which we have already laid
down, as appertaining to the Political, Politico-Economical, or Malthusian
schools; and the course of our review, which has been, hitherto, ram­
bling and disconnected, as a necessary consequence of its endeavor to com­
prehend, in one survey, and reduce to some historical order, a field, at
once so vast and so scantily supplied with material, becomes henceforth
more systematical and connected.
All the ideas which have hitherto come under our review, and which
have been prominently developed before the present age, may be regarded
as belonging to the Political School. For, although, as we have already
seen, some ideas may be detected in the discourses o f Plato and Aristotle
on Politics, which appertain rather to the Politico-Economical and Mai* Entered according to an act of Congress, in the year 1859, by G e o . W . & J n o . A. W o o d , in the
Clerk’s Odice of the District Coart of the United States, for the southern district of New York.




532

Review , H istorical and Critical,

thusian schools, and some indeed of a still more fundamental character,
yet they were not developed with sufficient prominence to form the basis
of any particular school or system o f Social Philosophy. In the present
age, however, not only have these two last-named schools been distinctly
and prominently developed, as systems o f Social Philosophy, but the
theories and projects of the Political School have so multiplied as to ren­
der it a work of vast difficulty even to reduce them to a general and
methodical classification, so as to admit of their being all synthetically,
or summarily, considered, and according to their logical connections,
merely, while treating them in detail, or with reference to the historical
order of their development, it would be prepostrous to attempt, and of
little utility to accomplish, were it practicable. It is upon the former
plan alone that it is intended here to consider these multitudinous ideas
in Sociology, although some ideas may be more particularly considered,
with a view to illustrating more distinctly the class o f ideas to which
they appertain. Regard will be had, moreover, to the historical order of
their development, so far as can be done, consistently with the more
general plan of considering them according to their logical connection.
The historical connection of ideas is, indeed, sometimes so intimately
related to their logical connection, as to illustrate it with peculiar dis­
tinctness, and to become, thereby, of special and vital interest. Such
was the case in respect to the logical and historical connection between
the Political and Malthusian schools o f Social Philosophy. For the
Political School of Social Philosophy culminated in Godwin’s Political
Justice, by the effect which that work had in stimulating Malthus to in­
quiry, whose opposing system occasioned its decline, and the Malthusian
School took its rise from this occasion. Iii other words, the fundamental
errors of the Political School cropped out so manifestly in Godwin’s
Political Justice, that Malthus clearly discerned them, and was thereby
urged into that train of inquiry, which led him to the discovery of those
principles which constitute the fundamental ideas of his school. Where
the historical connection of ideas is so intimately associated with their
logical and vital connections, as in this instance, it would be great neglect
to overlook them ; nor shall we fail to give clear and distinct prominence
to facts so noteworthy and of so much significance in the history of
Social Philosophy.
The multitudinous theories or plans for the improvement o f the social
condition, which may be regarded as belonging, fundamentally and es­
sentially, to the Political School of Sociology, may be all comprehended
under the three following classes, to one or other of which they may be
all referred:—
I. Those which aim at improving the social condition by simply devis­
ing a political system, or organism, capable of performing, in the best
possible manner, the legitimate function of government.
II. Those which aim at improving the social condition to a greater ex­
tent, and somewhat more fundamentally, than the legitimate function of
government can ever improve it, and to an extent which is indeed possible,
though not very likely to be attained, and which, as a means of attaining
that end, aim at devising a political system which transcends the
legitimate function o f government.
III. Those which aim at improving the social condition to an extent
totally impracticable, and utterly chimerical to calculate on, and which




O f the Different Systems o f Social Philosophy.

533

either propose (as one division of this class do) to use government, or the
political authority of the State, as a means for attaining this unattainable
end, or, (as another division o f the class do,) in their frantic ravings
against all government, as the great paramount cause o f social grievances,
propose a total abolition of all government, prospectively, if not imme­
diately, as an indispensable prerequisite to the realization o f their delu­
sive dreams.
In all these three different classes of theories may be detected, more
or less distinctly, as their fundamental basis, the idea that the social
grievances of mankind are to be attributed, mainly, to political causes,
though in some rather negatively than positively, or indirectly rather than
directly; and they are all liable to this common criticism, that they fail
to discern, or, at least, avowedly to recognize, that there are deeper and
more fundamental causes of social suffering than any mere political ones,
and which require to be counteracted before any high attainment can be
made in the social scale, either individually or nationally. The two first
named of these three classes may be regarded as negatively, or indirectly,
asserting the idea, though they do not positively assert or avow it, that,
the social grievances o f mankind, are attributable, mainly, to political causes,
inasmuch as they do not aim at any other expedients for social improve­
ment, than those which appertain to the domain o f mere Politics. The
third class, in both of its two divisions, as already designated, positively
and directly assert this idea, which is the most distinguishing and pro­
minent fundamental idea o f the whole class.
These three classes will be considered by us in the order in which
they have been designated, in doing which, some of the more noteworthy
expositions of the fundamental ideas o f these various classes will be in­
cidentally considered, although, as already intimated, with but little re­
gard to the historical order of their development, or any other circum­
stance than such as may serve to illustrate the logical connection of the
ideas. As we are here sketching the history, and critically examining
the character, of ideas, rather than of persons, we shall take note of per­
sons or individuals, and of their peculiar works, only in so far as they
may serve to illustrate ideas, according to the plan of considering them
which we have adopted. It may very well happen, therefore, that names
which merit distinguished consideration for contributions made to Social
Philosophy, may be passed lightly^ over, or omitted altogether, in our re­
view, partly because they have not seemed to the reviewer to illustrate,
or to represent, very prominently, any of those fundamental ideas which
he is aiming to bring into prominent view, and partly because some may
have wholly escaped his observation. For who shall pretend to know all
the meritorious laborers who have rendered service in this field of
Philosophy, from the time of Solon to the present day ? W h o shall un­
dertake to recount the names even o f all, who, amid the teeming produc­
tions of the press, in the present age, have put forth valuable ideas in re­
lation to the philosophy of society, or mere Political Philosophy, in
Italy, Germany, France, Britain, and America? It is, in this respect, in
the battle-field of science, (if we may so speak,) and in the great battle
of life, on its largest scale, as it is in the battle-field o f arms. It is only
the chief captains, the leaders of division and brigade, who owe their
position often to fortuitous circumstances rather than to pure merit, that
are particularly noticed, and blazoned before the world, for their meritorious




534

Review , H istorical and Critical,

deeds, while subaltern officers, in reality equally as heroic, nay, whole
regiments of heroes, descend into the grave of oblivion, promiscuously
encoffined in a parenthesis— thus verifying the sorrowful line of the
poet—
“ A ll join the chase, but few the triumph share.”*

In entering upon the consideration o f the first of these classes, or,
that which aims at improving the social condition simply by devising a
political system, or organism, capable o f performing, in the best possible
manner, the legitimate function o f government, we are met, on the very
threshhold of the inquiry, by one of the most profound, difficult, and im­
portant practical questions within the whole range o f Political Philosophy,
nay, in a still wider compass, within the whole range of Social Philoso­
phy.
What is the legitimate function o f government, or the political
authority o f a State?— for, until this be determined, we cannot decide
what particular theories or ideas are to be comprehended in the class to
be considered.
This question we might indeed have postponed, nay, pretermitted entirely,
in our review, except in a very general and wholly incidental manner.
W e might have included in our definition of the class to be considered,
so much of the definition o f the legitimate function of government, as
would answer, substantially, for a more particular, though less succinct,
and certainly far less accurate and scientific, definition of the class. W e
might, for example, have defined it as the class which aims at improving
the social condition simply by devising a political system capable of
securing, most effectually, the rights of person and property. Put to
this definition o f the class, assuming that it embodies, substantially, a
correct definition of the legitimate function o f government, it is to be
objected that the phrase, “ sScuring the rights of person and property,” is
rather vague and indeiermiuate, unless qualified and explained. And if,
in order to qualify and explain this expression, as to the legitimate func­
tion of government, it is necessary to enter upon the consideration of the
question in part, we might as well do so in whole.
Without further remark, however, as to the intrinsic propriety o f the
definition here given, of the class of social philosophers in question, it
may be remarked, that it is no material objection to the definition, that
it involves the necessity of meeting now, and in advance, this question,
as to what is the legitimate function of government. For, in large, as
well as in small matters, it is often most advisable, as the vulgar maxim
recommends, “ to take the bull by the horns.”
In the consideration o f all questions, however, large or small, we have
to encounter, at some point or other, the real difficulty, the essential mat­
ter of the inquiry. This may be done either in the beginning, the mid­
dle, or the end of the discourse, disquisition, or treatise. In many dis­
courses it is postponed to the end; in others it is encountered in the be­
ginning, and in others again in the middle, or body of the discourse.
W hich is the most proper course, depends upon many contingencies, re­
ting chiefly to the subject matter ot the inquiry, and the occasion of it.
In strictly scientific treatises, and, indeed, in all treatises in which it is
practicable, it is generally far better to grapple with the difficulty to be




Byron in Child Ilarold.

O f the Different Systems o f Social Philosophy.

585

encountered in the beginning, to state in brief the essential matter which
is to be more fully developed and expounded in the body of the treatise.
And this is, indeed, the method usuall)' adopted in scientific treatises.
For they generally begin with explicit definitions o f the principles or facts
they are intended to illustrate, which definitions, if rightly given, embed)',
and, to a very great extent, determine, the whole matter o f the disquisi­
tion.
Herein may be observed, by the way, the main difference between the
analytical and synthetical methods of inquiry, and between the Philoso­
phical and strictly Scientific. By the analytical method, which is more
particularly the method of Philosophy accurately defined, and in its more
restricted sense, as contradistinguished from science, we postpone the real
matter of the inquiry, or matter to be ascertained, to the end o f the in­
quiry, and this, indeed, from the necessity of the case ; for in this case
our object is to ascertain what is as yet unknown. By the synthetical
method, which is eminently and peculiarly the method of Science, we be­
gin with the essential matter, which has been already ascertained. It is
the province of Philosophy to ascertain facts or principles, of Science, to
classify and systematize them. This observation is to be understood,
however, as relating to Philosophy in its more restricted and peculiar
sense ; for in its largest sense, and in that sense in which the term
“ Social Philosophy” is used in this review, Philosophy covers a much
more extensive province, and comprehends Science itself. Every science,
indeed, may be said to have its philosophy, as every art has its science,
and the term “ Social Philosophy,” as here used, is intended to compre­
hend those principles of Sociology which have been already reduced to
Science, not less than those which are, as yet, in an unsettled state, and
undetermined as to their fitness to be received as scientific principles or
facts.
In the present disquisition, therefore, which relates, mainly, to prin­
ciples and facts that may now be regarded as scientifically established, it
is often practicable, as it is proposed to do in the remaining parts of this
review, to adopt the Synthetical or Scientific method, and to meet in
advance the main difficulties and essential matters o f the disquisition ;
and, as already intimated, this is eminently desirable wherever it is
practicable.
That a clear and definite idea o f the end proposed in any undertaking
is eminently conducive to its successful prosecution, is obvious enough.
The preliminary ascertainment of this end, in any disquisition— philosoph­
ical or otherwise— is what we have referred to, as meeting, in advance,
the main difficulties o f the disquisition. And this is simply doing what
those writers do, who, in the beginning of their discourses, lay down
accurate and precise definitions o f the objects or ends they are aiming
at. If Horace was right in saying, “ He who has begun his work has
already half finished it,” '* with still more propriety may it be said, that
he has already half finished his discourse, who, in the beginning of it,
has accurately and clearly defined its object. With what disadvantages,
for example, must an architect labor, who should undertake to erect a
house without any definite plan? Yet such are the disadvantages under




* See Epistles of Horace, book i., Epistle ii., line 4j0.

536

R eview , H istorical and Critical,

which they are placed who labor in the incipient stages of any science,
with a view to its establishment.
It is not until the fundamental principles of a science have been dis­
covered, and their main applications discerned, that any clear and definite
ideas can be had concerning the true plan for seeking to obtain more
knowledge, in relation thereto, or even for systematizing that which has
been already obtained. In this instance, indeed, we see but one manifesta­
tion of a much more general fact, which this serves to illustrate— that,
in all human endeavors, we have to finish our work, (if it be allowable so
to speak,) before ue know, well, how to begin it. This is true even of the
great business of life. It is only towards the close o f a long and event­
ful life, and when a man is about to die, that he learns, and comes to see
clearly, how he should have begun it. In like manner, substantially, it
is with the sciences, or those at least which are not of the purely exact
or mathematical order.
It was only towards the close o f a long and brilliant series o f experi­
ments and theories in astronomy, for example, that the great controlling
principle, o f the universality o f the laws of gravitation, was discovered
by Newton, which served to explain all previously ascertained phenomena,
and indicated how efforts should be directed with a view to further
astronomical discoveries. Before this time, and even after Copernicus
and Kepler had made their valuable contributions to the science, astrono­
mers were very much in the dark, and were striving after astronomical
knowledge, for the most part, by a blind process, and without any very
definite ideas as to the plan on which their efforts should be conducted.
In like manner social philosophers have been, hitherto, for the most part,
striving, by a blind process, to arrive at truth in Sociology, and speculat­
ing and experimenting on government, without any definite or clear idea
o f its legitimate function, or of the end which it should propose to itself,
in reference to all the manifold functions of the complex system of
society.
All the speculations, as well as experiments, of the class of social
philosophers now under particular consideration, and indeed of the whole
political school, nay, in a still wider range, we may say, the speculations
as well as experiments of all social philosophers, hitherto, have been
characterized by the want of clear and definite ideas on this point. Could
we but ascertain the truth on this point, discover the real principle which
governs in respect to it, determine this great preliminary question, as to
the legitimate function of government, the determination of which is a
preliminary requisite to a truly scientific consideration o f the complex
problem of society, but, which, according to the actual order of the
development of human ideas, and in exact reverse to the logical and
scientific order of their development, is a posterior discovery, and one only
to be made towards the conclusion of a long and laborious train of
endeavors to establish the science of Sociology, we should obtain a
grand result, towards explaining the phenomena o f society, and towards
simplifying our inquiries in regard to government in general, and the
ideas of those political philosophers in particular, whose speculations and
experiments are now about to come under our review.
To this great question, then, let us now come, with a becoming distrust
of our ability, and of all human ability, to discern and express the precise
truth in regard to a question which addresses itself to so many complex,




O f the Different Systems o f Social Philosophy.

537

variable, and thousand-fold relations. Yet, at this age o f the world—
near the close o f the protracted discussion which the question has re­
ceived, from the time of Solon to the present day— after the elaborate
consideration to which it has been subjected, both speculatively and
practically, in many different ages and countries— after Grecian philoso­
phy has shed its light upon it, Roman statesmanship has illustrated it, and
Anglo-Saxon common sense has practically tested it, in many varied re­
lations— after the searching debates upon it in the Athenian Assembly,
the Roman Comitia and Senate, the British Parliament, the American
Congress, and the French Revolutionary Convention— it should not ap­
pear presumptuous, in an inquirer who has enjoyed the advantages of all
these great discussions, and of all former experience, and with whom the
Philosophy of Society, in its manifold relations, has long been a cherished
theme of inquiry, to suppose that he has discerned, and is able to express,
with substantial correctness, the real principle which governs as to the
proper function of the political authority o f a State, or, in other words,
what is the proper and legitimate function o f government.
However this may be,- the writer of this review can feel little hesita­
tion in asserting, that the legitimate function o f government, in the largest,
most comprehensive, and fundamental sense, is to let the people alone, itself\and insure their being let alone by others ; in other words, and speak­
ing with more logical accuracy, though with less rhetorial piquancy, the
legitimate function o f government is, to insure the people against being
interfered with, by the least possible interference with them on its own p a r t;
or yet, in other words, and in order that a proposition of so much im­
portance may he so variously and so explicitly expressed as to preclude, if
possible, all possibility of misapprehension in regard to it, the legitimate
function o f government is, to insure the largest practicable measure o f in­
dividual activity, with the least possible exertion o f the aggregate /orce o f
the community as a controller or modifier o f such individual activity.
The definition here given o f the legitimate function of government
may be made still more intelligible and explicit by adverting to the defi­
nition heretofore incidentally given in our review of “ the best govern­
ment.” W hile reviewing Grecian sociology, and alluding to the constant
aim of the social philosophers of that people to attain to “ the best gov­
ernment,” as to which they had very vague and indefinite ideas, generally,
as well as some positively erroneous ones, in particular, we took occasion
to define the best government as, that which insures stability and order
in the State with the least possible sacrifice o f the ivdividal liberty o f the
citizen.* Now the legitimate function of government is to do what it
appertains to the best government to do, as just defined. And this ac­
cords entirely with what we have already said, as to the legitimate func­
tion of government; for the very end and object of insuring stability
and order in the State is to insure individuals against being molested, or
interfered with, to insure their being let alone.
It may be readily seen that the definition here given o f the legitimate
function of government is only a more fundamental, comprehensive, and
truly scientific expression of the principle contained in another definition,
which might appear more obvious, and would be more readily appreci­
ated by common intelligence, namely, the definition which should assert
* See Merchants' Magazine for January, 1860, vol, 42, page 20.




538

Review , H istorical and Critical,

that the legitimate function of government is, to secure the rights o f per­
son and property. For when a people are completely let alone, when
they are in no respect molested or interfered with, o f course their rights
of person and property are secured.
It may be readily seen, also, that this definition of the legitimate
function of government accords entirely with the views o f those who
make the grand aim o f their political speculations and endeavors
to secure the largest amount o f liberty to the citizen, about which so
many superficial demagogues prate, and about which so many statesmen
and political philosophers have speculated, without clearly perceiving the
real efficacy of the liberty principle or the relations o f civil liberty to
the more fundamental and important principles o f sociology.
It should be obvious enough, moreover, that the definition in question
is in entire accordance with the cherished Laisscz faire doctrine o f the
political economists, who have had the discernment to detect the impor­
tance of the great l e t a l o n e p r i n c i p l e , in reference to the interference
o f government with production, without however perceiving its far more
comprehensive applications, and its vast scope o f relations to the whole
science of sociology, just as mankind before the time o f Newton were
familiar with many o f the simple applications o f the law of gravitation,
and could, by means o f it, weigh an apple or a bowlder, but had not yet
discovered its applications to the whole solar system, and learned, by
means of it, to weigh planets and suns.
It can hardly be necessary to remark that, in the definition here given
o f the legitimate function of government, reference is had only to its
specific function in the social system, and without any reference to its
incidental and less determinate functions. There is not an organ in the
animal system that has not its incidental, as well as its specific, function
to perform. This is not less true of the various organs of the social sys­
tem. Government, in the social system, has highly important incidental
and indirect influences to exert, as well as specific and direct ones. And
social science is far more in want of definite and correct ideas as to what
the character of these influences ought to be, or what is the legitimate
incidental function of government, than it is as to its legitimate specific
function, which we have here designated, and perhaps properly enough,
as simply and purely its legitimate function. As to this incidental and
indirect function o f government, however, it is not intended here to
speak. It is not forced upon our consideration, at this time, as the spe­
cific and immediate function o f government has been, incidentally, and
we shall not mar the logical harmony o f our review by unnecessarily
introducing it.
The definition which has been here given of the legitimate function
o f government suggests, readily enough, to a little reflection, its qualifi­
cations, which are numerous and important. For while the great desid­
eratum in sociology, for the specific purpose o f insuring which govern­
ments are established among men, is that men may be let alone, yet it
should be obvious enough that in order that men may be let alone, they
must be, to some extent, interfered with. In order that mankind may
not be otherwise and more seriously interfered with or molested, they
must be, to some extent, interfered with, molested, or restrained by gov­
ernment. How far, under all the various conditions in which mankind
may be placed, in the social state, this restraint, or interference, on the
part o f government, ought to extend, is the real difficulty, and the great




O f the Different Systems o f Social Philosophy.

539

practical question which addresses itself to the social philosopher, in the
political department o f social science. No specific rule, applicable to
all cases, can be laid down in respect to the applications o f this restrain­
ing principle, when the range o f variation, in its applicability, is so vast.
So great indeed is this range o f variation, that while there may be con­
ditions of society in which the restraining influence o f government might
be totally dispensed with, and society left entirely to the operations of
the law of nature, there are others, again, in which the restraints of
nothing less than absolute political despotism would be indispensable, in
order to maintain stability and order, and protect society against a far
worse sort o f interference than that of absolute despotism, that of wide­
spread anarchy and barbarism. Yet in these instances of the greatest
allowable restraints on the liberty o f the citizen, the logical consistency
o f the principle o f non-interjerence is maintained ; for the very reason,
if rightly applied, that the citizen is so rigidly interfered with by gov­
ernment, is that a worse interference with his interests m aybe prevented.
The interference of despotic government is preferable to that o f anarchy,
and it may become necessary, (to use the idea of Macaulay, before cited
by us,*) to sacrifice even liberty, in order to save civilization. In short,
the great principle, rightly understood and applied, underlying all politi­
cal interference with the liberty o f the citizen, is that the citizen may be,
as fa r as possible, freed from all interference. And the grand aim of all
political authority— the grand aim of social philosophy— should be, to
widen the sphere o f individual activity as far as, under all the circum­
stances, is allowable— nay, to actualize the grand result, towards which
all real human improvement tends, and after which mankind, in all ages,
have been unconciously yearning and striving— the result which a late
writer has designated as “ the last great triumph, the signal for the com­
plete inauguration o f God’s kingdom on earth— the triumph of the indi­
vidual over society.” |
Having now submitted a definition o f the legitimate function of gov­
ernment, which, it is believed, will stand the test of scientific criticism,
on the score o f clearness and precision, as well as o f accuracy, it may be
proper to remark that those whose theories in sociology we have charac­
terized as aiming to improve the social condition, by simply devising a p o­
litical organism capable o f performing in the best possible manner the legitmate junction o f government, have not possessed, by any means, such clear
and definite ideas in relation thereto, however substantially accurate may
have been those ideas. And this constrains us to remark that it is not
only not necessary that men, in order that they should have substantially
correct ideas in relation to any subject, should have clear and definite
ideas, but that it is not necessary, in order that their aims should be just,
that their ideas in relation thereto should be. Men, not less than the
lower animals, are urged by instincts, which often impel them in the right
direction long before their rational faculties are sufficiently developed to
indicate the correctness of that direction, or discern the grounds o f its
propriety. In short, as language precedes grammar, art, science, and in­
stinct, reason, in the natural order o f development, so the practical recog­
nition of principles often and generally precedes their theoretical and ra­
tional recognition.
* See No. ii. of this Review, in Merchants Magazine for November, 1859.
t See Henry James, on Moralism and Christianity, page 154.




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Review, H istorical and Critical,

Accordingly we shall find that a multitude o f theorists and experi­
menters in social philosophy have aimed at actualizing the legitimate
function o f government, when they theoretically entertained very vague
and indefinite, nay, very crude and imperfect, if not positively erroneous,
ideas in relation thereto. W e shall find them striving by a blind pro­
cess— by a sort o f blind instinct— after the legitimate function of gov­
ernment. W e shall find them, for example, striving after liberty, the lib­
erty of the citizen, and the rights of the citizen, without once suspecting,
apparently, that, in so doing, they were striving to attain the grand de­
sideratum— the legitimate function o f government— and without discern­
ing the principle upon which the liberty of the citizen is really useful,
and upon which it tends to the really important end— the improvement
of the social condition, the actual well being of mankind. And, in this,
we shall, at the same time, discern the great superiority o f the rational
recognition o f principles to the mere instinctive aspiration to attain them.
For we shall find these inquirers striving after liberty, as an end, as the
summum bonum o f all social aspiration, and one to be sought for without
regard to circumstances, whereas had they possessed the rational recog­
nition of the principles involved, had they comprehended the true prin­
ciples of sociology, they would have discovered that liberty is to be de­
sired rather as a means to an end, to the end o f the actual well being of
mankind, and that it depends on circumstances how much liberty ought
to be enjoyed by individuals in the social state— that it depends on how
much they can use without abusing.
After this somewhat elaborate preliminary disquisition on the defini­
tion of the class to be considered, it is time that we should come to the
consideration of the class itself. To this class may be referred, in a prac­
tical or experimental point of view, nearly all the political systems of
the present day, which, unlike those o f antiquity, have confined their
aims, mainly and substantially, to the legitimate function o f government,
however much they may have deviated from the principle in their prac­
tical application of it ; and most prominently among these systems may
be particularly noticed the great model governments of the present age,
those of Britain and America, which are the great practical embodiments
of the political wisdom of the age, though certainly not complete em­
bodiments of that wisdom, since there are many valuable ideas, familiar
to political philosophers o f the present day, which have not as yet found
adequate expression, if any at all, in either o f these justly renowned sys­
tems o f government.
To this class may also be referred, in a theoretical or speculative point
of view, much the greater number of the political treatises or disquisi­
tions on government, of any eminent merit, that have appeared in the
present age. For we shall find ideas o f this class, which are more cor­
rect, so far as they go, than those of the second class, much more preva­
lent in this than in earlier times. For while in this age error does much
more abound, or rather appear in much larger forms, than in former ages,
so also does truth, which is in accordance with the general law, the higher
the development, the greater the adaptability to both good and evil.
Among the multitudinous disquisitions on government which have ap­
peared in the present age, those which are, perhaps, most entitled to par­
ticular consideration, whether by reason of their intrinsic merit, or the




O f the Different Systems o f Social Philosophy.

541

influence which they have exerted in directing or modifying general opin­
ion, or partly both, are Macchiavelli’s discourse, entitled “ The Prince,”
Locke’s essay on “ Civil Government,” and Montesquieu’s disquisition on
the “ Spirit of Laws” — the first the outcome o f Italian, the second of
Anglo-Saxon, and the third o f French intellect, and the first being the
product of the 16th, the second of the 17th, and the third o f the 18th
century. These three notable works are the more entitled to particular
consideration, because they may be regarded as the great representative
expressions of three prominent varieties o f the class of social philoso­
phers now passing under our review.
Macchiavelli’s discourse, entitled II Principe, or The Prince, written
in 1514, (as is generally supposed,) though not published until 1532, five
years after his death, and addressed to Lorenzo de Medici, the reigning
prince of his country, (Florence,) may be regarded as a masterly exposi­
tion of the principles upon which the political authority of a State ought
to be administered, with a view to realizing the ideas of those who re­
gard the great majority o f mankind as the rightful subjects, the mere
property, of a few divinely favored mortals, specially commissioned and
annointed to rule with undisputable sway over their fellow mortals, and
who consider the interests of mankind at large as worthy o f no more con­
sideration than is strictly consistent with the wishes and interest of those
peculiarly favored mortals. It is a legitimate expression o f the views of
those who advocate the jure divine right of kings to rule supremely in
human affairs— a race of thinkers, it is to be presumed, now nearly ex­
tinct, and of whom the renowned diplomat, Metternich of Austria, may
be regarded as one of the most distinguished lingering remnants in the
19th century.
It may appear to be with very questionable propriety that we class
such a work, as this o f Macchiavelli, with those which aim at improving
the social condition by simply devising a political organism capable o f per­
forming, in the best possible manner, the legitimate function of government,
especially after we have defined that function to be— to secure the com­
munity against molestation or interference. But this classification will
appear defensible when it is considered that the words of our definition,
“ by simply devising,” etc., imply what would be more clearly expressed
by the words, “ by nothing more than simply devising,” etc. For it is
very obvious that the aim o f Macchiavelli’s work in question is nothing
more than simply to devise a system o f government, or administration,
which should perform the legitimate function of government, since it is
obviously a great deal less. In one sense, indeed, the aim of the work
in question comes precisely within the scope o f our definition; for that
aim is obvionsly to secure the only individual in the State, whom Mac­
chiavelli regarded as having any undoubted rights, the Prince, against
molestation or interference, and the rest o f the community, just so far as
that may comport with the special interests of the Prince.
Regarded from the very low stand-point from which Macchiavelli re­
garded human society in this work, not so much, assuredly from the real
convictions o f his own mind, as from a desire to obtain the favor of “ the
Prince,” to whom it was addressed,* the work must be regarded as one
* It is abundantly evident from the dedication of the work in question, from the general scope
of Macchiavelli's views, as expressed in other works of his, and still more explicitly, from posthu­
mous letters written by him, that this celebrated work, II Principe, was written by Macchiavelli
almost purely with the view of obtaining preferment from the reigning prince of Florence.




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Review, H istorical and Critical,

of great ability, and abounding in sagacious observations. If, indeed,
mankind in genera), or any integral part of mankind, stand so low in the
social scale, or the scale of humanity, as to be fit only to be the abject
slaves of an imperious master, then the principles inculcated in Macchiavelli’s Prince, however detestable in themselves, as they have been com­
monly regarded, are of important practical applications. Principles are
to be estimated by their applicability to the ends which it is sought to
attain by means of them ; and governments being the outgrowths of so­
ciety, if human society is anywhere so corrupt as to yield an absolute
despotism, as the best kind of government it is capable of sustaining, then
the principles inculcated by Macchiavelli, in “ the Prince,” are of unques­
tionable value, for they are the principles that are best adapted, in the
main, to the ends of despotic government. Regarded even in this view,
however, the work in question is deserving o f severe criticism, as being
predicated upon altogether too low an estimate of human character, as
recommending too prominently an appeal to the fears, rather than the
nobler impulses of mankind, and as paying too little regard to the reflec­
tion that m a n ’ s h i g h e s t i n t e r e s t i s h i s d u t y , which, if duly considered
bv princes, would incline them to far nobler principles of actions, wherever
circumstances would justify, than Macchiavelli has inculcated. Still, if
it be doubted by any that Macchiavelli has administered much whole­
some counsel to princes, in the celebrated and much denounced work in
question, let them examine the twenty-third chapter of the work, that
entitled “ Ilow flatterers are to be avoided,” in particular, and the body
of the work in general.*
Locke’s essay on Civil Government, first published in 1690, in two
books, the first entitled “ Of Government,” simply, and the second, “ Of
Civil Government,” written in reply to Sir Robert Filmer, one o f the
most strenuous advocates of absolute monarchy, and in vindication of
the principles of the English Revolution of 1688, may be regarded as a
prominent embodiment of the principles of that revolution, as well as of
the American Revolution of 1776, into which they were subsequently
developed, and as the great representative work, if not the parent work,
of a more extensive class of political disquisitions and speculations than
has appeared in this or any age.
The principles of Locke’s essay on government are diametrically op­
posed, in most respects, to those of Macchiavelli’s “ Prince,” or are de­
veloped from a diametrically opposite stand-point. W hile Macchiavelli
regarded -princes, alone, as having any rights, and as the only rightful
source of political authority, Locke regarded peoples, the great body of
mankind, as alone having any rights worthy of special regard, and as the
true and only rightful sources o f political authority. Locke was the great
exponent of the principles of republicanism, as Macchiavelli was the ob­
sequious and servile exponent of the principles of despotism. In Locke
on government we find all the fundamental ideas as to the rights of man
and the true foundations of the political power o f States that loom out
* It is due to Macchiavelli, and the truth of history, to mention that his disquisition, entitled
“ The Prince,11 is not by any means his most creditable work, even of a more purely political
character, to say nothing of his valuable historical compositions. Ilis Discourse on the First
Decade of Titus Livius,1’ or a philosophical disquisition on Roman history, is a far abler, more
comprehensive, and more valuable work, and abounds in observations that are replete with saga­
city, and prove its author to have been one of the master minds of his age and race. Yet even in
this work it appears manifest that Macchiavelli took a very unfavorable view of human nature,
and held mankind in rather low estimation.




O f the Different Systems o f Social Philosophy.

543

\o conspicuously in the American Declaration of Independence, and which
form the staple of such a multitude of political disquisitions and declama­
tions, both oral and written, in the present age. In Locke we find the
great idea, that “ all men are by nature free and equal,” distinctly set forth,
and in bold opposition to the contemptible postulate o f Sir Robert Filmer,
in his “ Patriarcha,” that all men are by nature the rightful subjects and
slaves o f an individual named Adam, and his legal representatives, with
the exception, of course, of the said Adam, and his said legal represen­
tatives, (either as heirs, executors, administrators, or assigns,) who are, un
like the rest of mankind, by nature, lords and masters over all the rest.
The most noteworthy fact, perhaps, concerning Loeke’s disquisition on
government, the more especially as the fact constitutes a characteristic
feature of a multitude of political disquisitions, of which Locke’s maybe
regarded as the great representative work, is, that it is predicated almost
entirely upon the inquiry, what are the rights o f mankind, in respect to
government, or ptolitical authority, without any regard to the far more
practical and really important question, what is expedient fo r mankind in
respect to government— what government is most conducive to the public good,
or, what government is best calculated, to realize the legitimate ends op gov­
ernment.
This great practical question o f expediency, policy, or real
wisdom, in respect to government, Locke does not deigu to consider, or,
if at all, only in the most casual and indifferent manner. His grand, if
not exclusive, aim seems to have been to develop, with logical precision,
the abstract principles of right, in regard to the authority o f govern­
ments over mankind, which he found to be based upon the natural lib­
erty and equality of all men, from whose consent alone governments
could derive their legitimate force.
It is remarkable that nearly all the political disquisitions o f the repub­
lican school, or sub-school, in politics, from the time o f Locke down to
the period o f the American Revolution, or rather down to the period of
the inauguration of the present American system of government, have,
like that of Locke, had this for their almost exclusive aim— to vindicate
the right o f mankind to free government, as it is called, or, more proper­
ly, to republican government, with little or no regard for the great para­
mount, practical question, how fa r are such governments really conducive
to the public good. Since the latter period, however, this last-named
question has entered largely into the discussions which have been carried
on in regard to government. The general observation just made applies,
not only to Milton’s political writings, which preceded those o f Locke,
hut to Rousseau’s “ Social Contract” which succeeded it, and Paine’s
“ Rights of Man,” and a multitude of other disquisitions.
This fact illustrates, forcibly, the observation already made by us,* that
a multitude o f inquirers in social philosophy have been striving, by a
blind process, by their mere instinctive aspiration after the right of lib­
erty, to attain to one of the grand desideratums in sociology, the actual­
ization of the legitimate function o f government, which, as we have
already shown, is to insure mankind against interference, or, in other
words, to insure them, as far as possible and expedient, unrestrained and
undisturbed freedom. Nor can it be hardly necessary to repeat here
what hds been already substantially said,f that these inquirers would
* See page 540 of this article.
+ See same page.




544

lie view, H istorical and Critical,

have made much more progress towards really important discoveries in
sociology, if, instead o f wasting their strength upon the abstract question
of the right to freedom and free government, they had directed their
inquiries, immediately, to the great practical question, what government
is, under all the existing circumstances o f any given society, most conducive
to the public good, in considering which they would have been likely to
discover all that is really useful in the principle o f liberty, the right to
which should be too obvious to need discussion.
The prominent introduction o f thisirfea o f right into the discussions o f
mankind, especially in regard to political and social affairs, as we have
before remarked,* is a distinguishing feature o f the present age, being
only faintly discernible in the discussions o f former ages. It is to be
regretted that, on being thus introduced, it should have received, hith­
erto, altogether too prominent consideration. The immediate occasion
of the introduction of this idea appears to have been the angry contro­
versy which arose in England, about the middle of the llt h century, be­
tween the upholders of King Charles I., in his arrogant pretensions to
absolute authority, commonly styled the Cavaliers, and the opponents o f
those pretensions, styled the Puritans. The controversy partaking o f a
religious, as well as political, character, appeal was made to the sacred
scriptures of Christendom, the defenders of King Charles and the ju re
divine right of kings leading the way in this appeal.
Ii was unfortunate for these defenders of the divine right of kings,
that they appealed to the sacred scriptures. Those justly revered records
would be unworthy of the high esteem in which they are deservedly held
by so large a portion of the human family, if they countenanced the
abominable doctrine claimed for kings, that they are above law, and that
mankind at large are their bounden slaves. The Puritans turned upon
these perverters of Holy W rit with their own authority, and completely
overwhelmed them. It is amusing, as well as instructive, to see how
that noble-minded old puritan, John Milton, who is scarcely less entitled
to commendation for his political than his poetical writings, in his mas­
terly “ Defense of the people of England,” against the contemptible so­
phistry of an anonymous scribbler under the name of “ Salraasius,” turns
their own weapons against these defenders o f the divine right o f kings,
and shows that the authority o f the Christian Bible is everywhere, (if
rightly interpreted,) on the side o f the substantial equality o f mankind,
and totally opposed to the idea that kings, any more than other men,
have any rightful authority, except so far as they act rightly, and respect
the laws o f their country and the rights of their people. This affiliation
of the idea of right in politics with the sentiment of religion, or the
idea of political right with that o f religious right, has undoubtedly caused
the idea to penetrate more deeply into the human mind in this than in
any former age, and has contributed materially to encumber modern in­
quiries in Sociology, so unnecessarily, with this comparatively profitless
question in social science, what are the rights o f mankind, in respect to
government, or the political authority of States, a question, at best, of
rather equivocal claims to particular consideration in Sociolog}’, which
is concerned rather with expediences than with rights, which latter apper­
tain to the domain of ethics— to which indeed Sociology should ever be
* See No. viii. of this Review, in September No. of Merchants'' Magazine for 1S60, vol. 43, page 298.




O f the Different Systems o f Social Philosophy.

545

subordinated, since rights should never be violated, or trampled on, from
expediency, though they may rightly be, and in many cases ought to be,
voluntarily surrendered, or compromised, from expediency.
In Locke’s essay on Government, we also find prominently set forth
the idea so prevalent in the present age, o f the right o f the majority to
rule, which, to superficial observation, may appear to be a logical sequence
of the idea that governments derive their legitimate force only from the
consent o f the governed. It may be worth while here to remark that
this idea of Locke’s is a grand fallacy, and a pernicious heresy, in Politics
as well as in Ethics. Intrinsically the majority have no more right to
rule the minority than the minority to rule the majority, except in those
matters as to which it is unavoidable that the wishes either o f the ma­
jority or minority must be sacrificed to the general welfare, and even
then only as to what Blackstone has properly enough termed mala
prohibita, or things that are only wrong because they are conventionally
prohibited.* As to things mala in se, or intrinsically wrong, if anything
may be strictly so regarded, and in so far as anything may be properly
so regarded, it is indisputable that the majority have no more right to
rule the minority than the minority have to rule the majority. Intrins­
ically, truth, or the right, has a right to rule, and, by consequence, who­
soever advocates truth, or the right, whether they be the majority, or, as
is much more frequently the case, the minority— nay, the minority of
only one against an erring world. But, as a matter of policy, or expe­
diency, it may be well to recognize the will o f the majority, as the cri­
terion of right, according to the plan which has been commonly pursued
in republican governments, in which case the rule o f the majority is only
a conventional right, and not an absolute one. A powerful reaction has
already begun even in the republican sub-school, or division, (if we may
so speak,) of the Political School of Social Philosophy, against this pre­
sumptuous claim of an absolute right to rule on the part of the majority,
of which reaction the recent able “ Disquisition on Government,” by the
eminent American statesman, Calhoun, may be regarded as a distinguished
exposition.
It may be proper, furthermore, to remark, before taking leave of Locke,
that he belonged essentially to the conservative party of the Republican
School, or rather of the Republican division of the Political School, in
Sociology, and that his essay on government is to be regarded as a prom­
inent exposition of the views of that party, while Rousseau’s Social Con­
tract (of which we shall have more to say presently) may be regarded as
the most prominent exposition, if not the parent, o f the radical party.
In a general sense, it may be said, that the principles of free government,
as maintained by Locke, are externally illustrated by the government o f
Britain, while, as maintained by Rousseau, they are somewhat more
nearly illustrated by that o f America. In a more particular sense, it may
* The right of the majority to rule as to mala prohibita, or things to be deemed wrong, merely
because they are conventionally prohibited, may be illustrated by the case of nine persons travel­
ing in the same coach, three of whom wish the windows of the coach shut, and the other si< of
whom wish them open. In this case, all other things bei'ig equal, it should be obvious that the will
of the six ought rightfully to prevail over that of the three. Yet even here the right of the ma­
jority to rule, may, under circumstances that might very well exist, be very questionable. For
suppose the health of the three, or even of only one of the nine, to bo so delicate that the opening
of the windows would seriously jeopard his life, while all the rest were in robust health. Would
it not be generally conceded that even in this case, the will of the one should prevail against that
of the eight ?
VOL. X L III.-----N O . Y .




35

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Review, H istorical and Critical,

be said, that the republican principles of Locke and the English people
are represented in the American republic by Alexander Hamilton and
his followers, while those of Kousseau and the French people are repre­
sented by Thomas Jefferson and his followers.
Montesquieu’s disquisition on the “ Spirit of Laws,” first published in
1748, may not only be regarded as by far the most masterly work ever
produced by the class of social philosophers now under particular con­
sideration, but as one of the most valuable contributions to social science
that has appeared in any age or country. This justly renowned work is
scarcely less remarkable for the accuracy than for the vast range of its
observations.
Montesquieu’s Spirit of Laws, in fact, compares with
Locke’s Essay on Government, as Shakspeare compares with Cowper’s
Task, or, we might almost say, with Gray’s Church-yard Elegy, while
Macchiavelli’s Prince holds, of course, even a still lower place in the com­
parison. Locke, like Macchiavelli, harped only on one string, though
one of far higher and more commanding notes than that of Macchiavelli.
Montesquieu struck an instrument o f a thousand strings. Macchiavelli,
in his “ Prince,” aimed only at showing how the interests of Princes are
to be most effectually secured; Locke, in his “ Essay on Government,”
at showing, merely, that Peoples, or the great body of mankind, have the
right to establish what kind o f government they please, and seek the pro­
motion of their own interests in their own way; while Montesquieu, in
his “ Spirit of Laws,” aimed rather at showing by what laws the rights
and interests both o f Princes and Peoples are to be secured, under the
various circumstances and contingencies by which they may be sur­
rounded. Macchiavelli regarded human society only in reference to the
interests of Princes; Locke only in reference to the rights of the People,
with but little regard for the more important question as to the interests
of the people; while Montesquieu regarded it in reference to the thou­
sand-fold relations which it may bear, not only to laws of human enact­
ment, but to the more fundamental laws o f nature.
It is this latter feature in Montesquieu’s celebrated work in question—
its prominent regard for the more fundamental laws of nature in their
influence on human society— which, more than any other, except the vast
scope o f its observations, distinguishes it above almost every other work
of its class, and entitles it to so prominent a place in the science of Soci­
ology. It is this feature in Montesquieu which has extorted commenda­
tion, even from the egotistical Comte, in his work on the Positive Phil­
osophy, and which he has regarded as containing the elements of posi­
tivity,* or necessary law, which he, justly enough, regards as the only fit
basis for science.
The “ Spirit of Laws,” in fact, possesses many characteristics which
cause it to stand out in bold relief from the multitude of works of its
class, and almost entitle it to be regarded, if not strictly and exclusively
sui generis, as belonging to a select class, very different, in many essential
particulars, from that under consideration, or indeed from any of the
Political School.
In fact, three notable works, the products o f different ages, loom up
amid the crowd o f disquisitions on government, in different ages and
countries, distinguishable from the rest by their many sidedness and large
* See Comte’s Positive Philosophy, hook vi., chap. 2, as translated by Miss Martinean.




O f the Different Systems o f Social Philosophy.

547

scope of observation, which bear a near resemblance to each other in
many important particulars, and all o f which contain the germs of a
higher order of Social Philosophy than that which appertains to the P o­
litical School, but which yet deserve, in the main, to be classed with the
productions of that School. These are Aristotle’s Politics, Montesquieu’s
Spirit of Laws, and De Tocqueville’s Democracy in America. These
three kindred works serve, moreover, by the different points o f time at
which they respectively appeared, to mark, in a signal manner, the grad­
ual, though slow and tedious, progress o f the human mind towards more
correct ideas in Sociology. Montesquieu’s work is far superior to that
of Aristotle, and De Tocquevilie’s decidedly, though not to so great an
extent, superior to that of Montesquieu. The work of Montesquieu be­
longs to the first class, or decidedly least fundamentally erroneous class
of the Political School, while that of Aristotle belongs, as we shall pres­
ently more distinctly show, to the second, or more erroneous class. The
work of De Tocqueville may indeed be regarded, like that of Montes­
quieu, as belonging to the first class o f the Political School, inasmuch as
it ostensibly and avowedly, though rather ostensibly than really, dwells
with much emphasis upon political laws, and the framework of govern­
ment, yet it rises, on many points, so far above the vulgar errors o f this
school, as to lift itself almost completely out of its jurisdiction, and into
the position of those, for whom we have not as yet invented any generic
name in our review, who regard political causes as only o f secondary, or
rather, indeed, of tertiary importance, in social science, and who consider
that government is, at best, but the roofing o f the social edifice, designed
more effectually to keep the various parts together, and to protect the
more fundamental and interior portions o f the edifice from the weather.
In one important and obvious respect the work o f De Tocqueville
differs from both that of Aristotle and Montesquieu— in its plan, or
method, or rather in the stand point from which the ideas are developed.
The plan of both Aristotle and Montesquieu is synthetical; that of De
Tocqueville analytical. Aristotle, in his Politics, and Montesquieu, in
his Spirit of Laws, both put prominently forward their essential ideas,
and gather around these their rich and varied stores of illustration, drawn
promiscuously and indifferently from all ages and countries, very much
after the same plan which we are now pursuing in this, the more peculiarly c r i t i c a l portion o f our review. De Tocqueville, in his Democracy
in America, on the contrary, and very much after the plan which we
have pursued in the more peculiarly h i s t o r i c a l portion of our review,
as when reviewing Grecian and Roman Sociology, seized upon the more
prominent features o f the American system of government, and in dis­
secting and analyzing these developed his own valuable and great ideas.
The plan of Aristotle and Montesquieu was certainly more imposing, and,
moreover, better adapted to the purposes of science ; that of De Toequeville, if more unpretending, was nevertheless executed with far more
ability. Aristotle and Montesquieu preached from a far broader and
more comprehensive text; but De Tocqueville produced a discourse in
comparison with which those of both Aristotle and Montesquieu dwindle
into rather small proportions.
One common fact or feature is observable in all those three valuable
contributions to social science— the more remarkable by far in Montes­
quieu, because he wrote at a time when, as we have already remarked,




Review, H istorical and Critical,

548

all political speculation was almost completely engrossed with the ques­
tion of right— that they address themselves almost exclusively to the real
and practical question of expediency in human affairs, without wasting
their strength at all upon the comparatively profitless, yet palpably ob­
vious, question o f the “ rights o f man.”
The defects o f Aristotle’s work, as well as its merits, have been already
dwelt upon by us in reviewing Grecian Sociology,* and will again come
into brief notice in reviewing the second class of the Political School.
The defects of De Tocqueville’s work are too trivial to merit attention.
It stands above criticism, unless, indeed, the sun is to be criticised for his
spots, or some majestic edifice for the few cracks discernible in its walls.
The defects of Montesquieu’s work, after the sweeping commendation we
have bestowed upon it, will be now briefly and in part alluded to.
The most prominent and comprehensive criticism to which Montes­
quieu’s Spirit of Laws is liable, (in respect to its defects,) is perhaps this,
that it does not direct its inquiries to the most fundamentally or essen­
tially important ends, nor, in fact, to the true ends of social science,
speaking in the largest sense, nor o f political science, speaking in a
smaller sense. It displays, in short, a manifest lack o f discernment as to
the real and essential matters which should most prominently engage the
attention of the social philosopher-—a fact which indicates, if not the in­
fancy of social science, at least a condition not yet developed into the
gristle and bone of manhood. For this is one of the most distinguishing
symptoms of the manhood of a science, if we may so speak, that it ex­
hibits clear and distinct, as well as just, ideas as to its proper ends. As
he has half finished his work who has begun it, and as a physician may
be said to have half conquered the disease when he has clearly and dis­
tinctly discerned its real nature, so a science may be said to have half
accomplished its ends when it has once attained to clear and just ideas
as to what those ends are. Very obviously, Montesquieu had not attained
to clear and just ideas o f the proper ends o f social science, nor even of
mere political science. Like Aristotle of old, he aimed his inquiries at
many different objects, but never once at the right ones, or most essen­
tially important ones— at those objects, in short, without which those he
aimed at would be, in a great measure, nugatory, and which, being at­
tained, the others would be attained as a natural consequence.
Montesquieu’s Spirit o f Laws, though not a very voluminous work, is
divided into thirty-one different books, which treat o f laws in their rela­
tions to nearly as many different ends, and yet not one of them treats of
law's in their relations to the great paramount end of social science— the
actual well being o f mankind ; nor in their relations to the great para­
mount end of mere political science— the security o f mankind against
interference. Like Aristotle, though not to so great an extent, we find
him wasting his strength on vague abstractions, and in inquiries as to
what laws are most consistent with this or that form of government, in­
stead of directing his inquiries immediately, and in a plain, straightfor­
ward manner, to the essential question— W hat laws are, under the vari­
ous circumstances in which mankind may' be placed, most conducive to
the general good, and the actual well being of men.
In short, the same great cardinal and fundamental error is discernible
* See N o. iv. of this review, in January number of yol. xlii. of Merchants' Maffazine.




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in Montesquieu, as a sociologist, that we have before pointed out in Aris­
totle,* that he subordinates the individual to the State, or the reality to
the mere abstraction, instead of subordinating the State to the individual,
or the abstraction to the reality.
Accordingly we find him, in the fourth book of his disquisition, main­
taining, an 1 this is the caption of the book, “ That the laws of education
ought to be relative to the principles o f the government” — as if the
maintenance o f a certain kind o f government were a matter of prime
importance. W e beg pardon ! This proposition o f the renowned and
time-honored Montesquieu may be true, and doubtless is, so far as it is
of any real importance; but we respectfully submit that it is far more
important that the laws o f education should be relative to the great prac­
tical end o f rendering every individual in the society to which he belongs
cap M e o f taking care o f himself with a ju st regard for the rights o f his
neighbor, which, being effected, then it must follow, as the day the night,
or the shadow the substance, that the society will be taken care of, and
all that is really important as to “ the principles of government” would
follow, as naturally as moonlight flows from the sun ; for what is govern­
ment but the reflection of the character o f society ? But these must
suffice for our remarks on Montesquieu and his justly-renowned “ Spirit
of Laws.”
The political disquisitions of which Macchiavelli’ s Prince is the repre­
sentative are, in the main, too insignificant to merit further notice than
we have already bestowed upon them ; those of which Montesquieu’s
Spirit of Laws is the representative are too few in number to demand
further consideration here ; but those of which Locke’s Essay on Govern­
ment is the representative are so numerous and important as to demand
of us some further,and special attention.
Next in point of time, as well as in the order o f logical development,
after Locke's Essay on Government, Rousseau’s Social Contract, which
first appeared in i 702, claims some special notice. This production may
be regarded as an elongation of the principles of Locke’s Essay on Gov­
ernment, or, we might say, that it is a graft from the French nursery,\
upon the gnarled and knotted oak of Anglo-Saxon republicanism, as
manifested in that essay. This disquisition o f Rousseau’ s, not less than
that of Locke, illustrates the observation before made that the political
disquisitions o f the present age are characterized, in a high degree, by
their almost exclusive devotion to the idea o f right. This is conspicuous
in the very first two sentences of the work in question, and still more in
the subsequent portions of it. “ My design, in the present treatise,” says
Rousseau, in the commencement of his Social Contract, “ is to inquire
whether the nature o f society admits of any fixed and equitable rules o f
government, supposing mankind to be such as they are, and their laws
such as they might be made.
In this investigation, I shall endeavor
constantly to join the considerations of natural right and public interest,
so that justice and utility may never be disunited.’’^ Assuredly the de­
sign of Rousseau, as thus stated by him, constitutes an admirable thesis
* See No. iv. of this review, in January number, or vol. xlii. o f Merchants' Magazine.
t Rousseau, though a native of Geneva, in Switzerland, was to all intents and purposes a French­
man. His sympathies, associations, affinities, and traits were French, and he spoke and wrote
in French.
% See Social Contract, book i., p. 1.




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for a political disquisition. But unfortunately he only half treated it,
and that, too, not by any means in the best manner. He treated almost
exclusively of the rights o f mankind, in the social state, with little or no
regard for the matter of their interests.
Rousseau's disquisition on the Social Contract contains many valuable
ideas, intermingled with many fallacious ones, but upon the whole is a
work of but little merit, and may be fundamentally characterized as an
overstrained effort to attain impracticable ends, or to develop ideas that
can never have any other than an abstract or ideal existence in human
affairs. The fundamental and controlling idea of the work, so far, in­
deed, as it is possible to detect an idea, so much involved in obscurity,
in senseless, hair-splitting refinements, and in distinctions o f no earthly
utility, appears to be this wild and impracticable one, that every individual
in society should be perfectly free to do as he pleases, but at the same time
be constrained and coerced by the general will o f the society— whether it
coincides with his particular will or not— that, forsooth, there should be a
“ total alienation o f every individual, with all his rights and privileges, to
the ivhole community,” and, at the same time, a perfect freedom on tltepart
o f every individual* — that, in short, every individual shall be compelled
to be free, by being completely subjected to the domination o f the general
will o f the community, even when he wishes to act in a different manner
from that prescribed by the general will.] In reasoning out this prepos­
terous and absurd fundamental proposition, Rousseau is led to maintain
the infallibility of the general will, a doctrine which has been fraught
with vast mischief to the world, despite the qualifications which he has
thrown around it, as by asserting that the judgments of the people may
err, though their general will can never be wrong.J
Rousseau’s Social Contract more completely and unqualifiedly than
Locke’s Essay on Government asserts the sovereignty of the people, in mat­
ters of government, and it asserts, moreover, the inalienability as well as
the infallibility o f the popular sovereignty. This latter idea is in fact
the most pernicious one in the whole work. It may be regarded as the
counterpart of the preposterous and pernicious idea of the advocates of
the ju re divine right of kings, that “ kings can do no wrong.” It is the
assertion of the idea that the people can do no wrong. This deification
of the popular will has exerted baneful influences in human affairs dis­
cernible in many of the frantic excesses of the French revolution, and in
some o f the extravagancies of the great American republic.
One marked redeeming feature, however, the “ Social Contract”
possesses, as an offset to these deformities, and, in some measure, as a
natural and logical result of them. In his overdrawn zeal for the lights
of individuals, Rousseau was led, in spite of his deification of the “ general
will,” to challenge the unqualified right of the majority to rule the mi­
nority. Some of his remarks on this head are highly valuable, and
worthy of a sounder head than his. Most justly does he remark, “ that
the more grave and important the deliberations, the nearer ought the
determination to approach to unanimity,” and, “ that the more expedition
the affair requires, the less should unanimity be insisted on.” §
* See Social Contract, book i., chap. 6.
t See Social Contract, book i., chap. 7. W e do not give the words but the substance of Rousseau
in these remarks, except where the quotation marks indicate the precise words of the author un­
der consideration.
X See Social Contract, book ii., chap. 3.
§ See Social Contract, book iv., chap. 2.




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551

Paine’s celebrated disquisition on “ The Rights o f Man,” written os­
tensibly in reply to Burke’s “ Reflections on the French Revolution,” and
first published in 1790, just a century after Locke’s Essay on Govern­
ment, is another, and perhaps the last notable work on government that
has appeared, which is almost exclusively devoted to the idea o f right in
politics. The whole burden of its song is, that mankind have the right
of self government, with only very feint, if any, allusions to the question,
whether, and how far such government is conducive to the public good
and general welfare of mankind.* The work has more perspicuity and
directness than that o f Rousseau, and is a far more masterly vindication
of the “ Rights of Man.” But, like all of Paine’s works, it lacks com­
prehensiveness, largeness o f view, and common sense. It is carried away
with the principle, without due regard to its limitations. This was indeed
a leading trait in Paine. His highly gifted genius was sadly lacking in
discretion, which is the better part of wisdom, as it is o f valor. Like
many others, he could not use principles without abusing them.
Regarded as the last notable work of that variety, of which Locke’s
Essay on Government may be regarded as the complete representative,
Paine’ s discourse on the Rights of Man may well afford occasion for
serious reflection on the misapplication o f the faculties o f mankind, in
their strivings after knowledge and self-improvement. W e here see many
of the most gifted intellects, during the period of a whole century, devot­
ing their attention to the great problem of human society, solely in
reference to the influence of government or political causes, and in con­
sidering this influence, we see them wasting their strength, during the whole
century, in efforts merely to prove, the almost self evident proposition,
that mankind have the right o f self government, with scarcely one word
in relation to the really important and difficult question, whether and bow
far is such government conducive to the good of mankind.
With the inauguration of the American republic, as an independent
power in the world, however, which took place in 1789, just one year
before the publication of the “ Rights o f Man,” or rather with the great
public discussions which immediately preceded that important event, this
question came into prominent consideration, and has continued ever since
to engage, to a large extent, the attention of political inquirers. For
although the political philosophers o f America belong, essentially and
substantially, to the Locke school, or rather sub-school, in Sociologv, yet
their disquisitions are a vast improvement on that of Locke. Not con­
tent with maintaining, like him, that mankind have the right of selfgovernment, nay, scarcely deigning to discuss a proposition so obvious,
but taking it for granted rather, they march up directly to the really im­
portant proposition, that such government is most conducive to the pub­
lic good and general welfare o f mankind. Instead of wasting their
strength on the abstract and ideal question of right, they direct their
energies to the great, tangible, practical question, what principles and
modes of government are best adapted to promote the legitimate ends
of government.
This credit must indeed be awarded to the American republic, that it
has not only afforded to the world an example o f the successful workings
* It is true that in the second part of the “ Eights of Man,” published in 1792, Paine does deign
to go, to some small extent, into the question of expediency in matters of government, though
even here the question of expediency is rather incidental and subordinate to those of rights




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Review , H istorical and Critical,

of the most liberal and free, and therefore most highly developed and
best, government* that has ever existed among men, but bas also furn­
ished it with the most masterly disquisitions on government, in the ex­
positions of the principles of that government to which the deliberations
and discussions upon it, which preceded its establishment, incidentally
gave rise. Whatever may be the demerits, defects, or deficiencies of the
American system o f government, beyond all question, it approaches much
nearer, than any that bas ever existed among men, to the realization o f
the aim of Rousseau, in his Social Contract, which, as we have already
seen, he prosecuted with so little success— a government which should
“ join the considerations of natural right and public interest, so that jus­
tice and utility may never be disunited.” !
Favorably circumstanced, beyond all former example, for the successful
operation of the freest and best government, as were, the American peo­
ple, belonging to a race of men eminently, and beyond all other example,
well adapted to receive such government, already habituated to many of
the forms of such government, enjoying the advantages o f all former ex­
perience, as well as reasonings, on government, and acting under the ad­
vice of statesmen whose sagacity and integrity have not been surpassed
in any age, it would have been singular if this people, on attaining their
independence of the British Government, and seeking to establish one for
themselves, had failed to establish the best government ever known among
men— a government which comes nearer than any other to the realiza­
tion of tl) e true rational theory of government— a government which joins
tlte considerations o f natural right and public interest so that justice and
utility are almost completely identified. They did not fail to do it. They
did their work well— they did it admirably. Never before nor since bas
so admirable a government been established among men as that, the out­
lines of which are to be traced in the Constitution of the United States
of America, which has been the model on which all the separate State
governments of the American Confederacy have been, in the main, formed.
If, however, the actual government adopted by the American people
was the best ever established, not at all inferior, relatively, was the theo­
retical exposition of the principles o f that government to which the de­
liberations that preceded its establishment gave rise. The commentary,
as those expositions may be considered, was worthy o f the text. Prom­
inent and pre-eminent among those expositions was that admirable series
of disquisitions, published over the signature of “ Publius,” in the public
journals of the time, the joint production o f those illustrious statesmen,
John Jay, James Madison, and Alexander Hamilton, and which have since
been pul lished in the book form, under the comprehensive title of the
“ Federalist.”
This justly celebrated work is undoubtedly one of the most masterly
and valuable disquisitions on government that bas ever appeared in any
* It may be well here to remind the reader, that, according to the definition we have given of
the best government twice already, in this review, and once in this very article, that is the best
government, which insures the great ends of government, (stability, order, and general security of
person and property,) with the least sacrifice of the liberty of the citizen ; or, in other words, as
that government which renders the largest measure of individual liberty, consistent with order and
stability in the industrial as well as political affairs of the State. According to this definition,
against which the writer confidently challenges and defies criticism, the American government is
undoubtedly the best that has ever existed in the world— though not of course the best adapted to
every people.
t Bee Rousseau’s Social Contract, book i., p. ].




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age or country. Its great advantage, over most political disquisitions, is
its greater directness of aim at the true ends of government, and the
practical details necessary to effectuate those ends; and this great advan­
tage is greatly enhanced by the fact that its aim is conformed to the ac­
tual details of a government which may be regarded as the legitimate
product of the accumulated experience and wisdom of all former ages.
In fact, the Federalist is to the American Constitution what grammar
is to language. It is a scientific and masterly exposition of the principles
actually embodied in that constitution; and as that constitution is the
best that the accumulated wisdom o f ages has been able to devise, so the
exposition of its principles, embodied in the Federalist, is the best prac­
tical disquisition on government that the accumulated wisdom o f ages
is able to exhibit— the more especially (as might reasonably be inferred)
since the chief author of that disquisition was one of those transcendent
intellects, of whom one o f his eulogists has said, “ whoever was second,
Hamilton must be first ” *■— a remark, indeed, which, if justly applicable
to any men that have ever lived, may be applied to two— Julius Caesar
and Alexander Hamilton.
Should it be thought extraordinary that a disquisition on government,
written mainly by such a man, under the circumstances under which the
Federalist was written, and with all the lights which then surrounded
him, should be the ablest and best that ever appeared among men? It
was undoubtedly such. In comparison with it, much that we find in
Aristotle on Politics, nay, not a little of what we find even in Montes­
quieu’s Spirit of Laws, may be considered as but “ the idle talk of old
women.”
In short, and subject to some qualifications, whatever government or
political institutions can do for mankind, that which was expounded by
Hamilton, and inaugurated by Washington, has done. And if it is found
that even under such government much social grievance is still experi­
enced by mankind, it should be conclusive proof, even to the most super­
ficial, that it is to other than political causes that we must look for fur­
ther social improvement.
W hile remarking on the contribution to Sociology from the political
philosophers of America, some special reference to Jefferson may appear
to be demanded. For while this distinguished statesman wrote no formal
disquisition on government, except the immortal document, styled “ De­
claration of Independence,” he succeeded, by the general tone o f his
conduct and conversation, by his letters and public communications, as
President and otherwise, in impressing some of his leading traits and
ideas on his country in a singular degree. The scope of our review for­
bids us, however, to bestow on him more than a very brief notice.
Jefferson, as we have already remarked, belonged to the radical, rather
than to the conservative, wing of the republican party of the world— to
the French rather than to the English school of republicanism. Jeffer­
son, in fact, completed the trinity to which Rousseau and Paine belonged,
though lie was far superior to both his compeers in discretion and gene­
ral scope of thought. Like them, he saw the bearing o f principles more
clearly than that of their limitations. Like them, he was too much en­
amored of his ideas to see their defects. Goethe has justly said, “ a great




* See Mason's funeral eulogy on Hamilton.

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Review o f the Different Systems o f Social Philosophy.

work requires many-sidedness.” Nature, in forming Jefferson, seems to
have been oblivious to this remark o f the great German philosopher.
She gave him the genius, but omitted the “ many-sidedness” — a quality
than which none is more indispensable to form a truly great sociologist
or political philosopher.
Should it ever be found that pure democracy is the best kind o f gov­
ernment for men, then it will be found that they are in the right who
admire Jefferson for the proclivities he has powerfully aided in giving to
the popular institutions o f his country. But should the time ever come
when it will be universally seen that, in all things, truth lies between ex­
treme,s, that all principles are to be received with qualifications, and that
the principle of Democracy, like every other, is best applied when checked
and counteracted by other principles, then it will be universally conceded
that Jefferson was not the wisest counselor the American people ever had.
Before concluding this cursory review o f sociological ideas belonging
to the first class o f the Political School, we should not omit notice of a
recent work, scarcely less distinguished by the originality and boldness,
than by the directness and perspicuity of its views— views, moreover,
from which much valuable suggestion may be drawn by the discriminat­
ing social philosopher. The work alluded to is the able “ Disquisition
on Government,” by the late illustrious American statesman, John Cald­
well Calhoun, which first appeared in print in 1851. The work may be
briefly characterized as a powerful reaction, springing up in the very
heart of the great democratic spirit of the age, against the idea that the
majority have the unqualified right to rule the minority. The grand aim
of the illustrious author evidently was, to ascertain how the rights of
minorities are to be protected in republican governments— a highly im­
portant inquiry, truly, and well worthy of philosophic attention. It is
true that his aim is somewhat differently and more comprehensively stated
by him. Thus, he informs us, in one place, that the grand aim of society
should be “ a government, so constituted as to suppress the expression of
all partial and selfish interests, and to give a faithful utterance to the
sense of the whole community in reference to its common welfare ” *
— an end almost as impracticable, by the way, as that aimed at by Rous­
seau, yet surely desirable. The plan by which he proposes to realize this
end is that by which he proposes to protect the rights o f minorities,
namely, this, to take the sense o f the community on every question by its
separate component parts, so that each part o f the community will have a
check upon the whole. In short, Mr. Calhoun would have a government
organized somewhat after the plan o f the Polish Diet, where every no­
bleman had a veto on all the rest, or of a jury where each juryman has
the same power, and unanimity is necessary to a decision.
He admits,
however, that this would be carrying the principle rather too far; but
that some further approximation might be made to this method than has
been yet attempted, in most governments, he very justly maintains. “ All
constitutional governments,” he very truly remarks, “ of whatever class
they may be, take the sense of the community by its parts, through its
appropriate organ, and regard the sense of all its parts as the sense of
the whole.” ! This is very true, and as it should be ; and the only ques­
tion is, into how many parts is it expedient to partition a community,
* See Calhoun’s Disquisition on Government, p. 39.




t See pp. 86-7.

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Philadelphia— its Manufactures.

with a power in each part, through its appropriate organ, to speak out
and hold in check all the rest. Should there be something more than
a house o f representatives, a senate, a president, and a judiciary depart­
ment, each vested with such independent power ?
One of the most distinguishing merits of this disquisition o f Calhoun
is its directness of aim— the distinctness o f purpose with which the au­
thor marches up to the really important points to be considered. To one
who has had critically to examine the disconnected, vague, and, in many
respects, aimless efforts o f many others, before his time, to effect some­
thing for political science by their speculations, it is truly refreshing to
observe how this gigantic intellect, this colossal logician, advances straight­
forward to real points, substantial issues. The aim of his work is some­
what more distinctly stated by him near its commencement than in the
passage already quoted from him on that point. He there states his aim
to be, to ascertain “ By what means can government, without being di­
vested o f the full command of the resources of the community, be pre­
vented from abusing its powers.” * And, yet more distinctly, on the next
page, he says, “ What I propose is, to explain on what principles govern­
ment must be formed, in order to resist, by its own interior structure, or
organism, the tendency to abuse power.” -)- This is a theme truly worthy
of a statesman and political philosopher. It should be superfluous to
add, concerning a statesman o f such renowned abilities as Calhoun, that
he handles it with ability. The answer which he arrives at is, that which
we have already stated, and is substantially— an organism with extensively
disseminated self-checking powers.
When we compare the clear and direct disquisition of Calhoun with
the vague and pointless ones o f many antecedent political inquirers, we
are almost tempted to exclaim that political philosophers before his time
were striving to find out, and to declare, what it was that they were
aiming at, and at last found expression in Calhoun. Yet even in him
they find only half a tongue. For Calhoun does not inquire, or scarcely
at all, what government should do Jor society, but, what is to be done to
prevent government from transgressing its legitimate province, and inflict­
ing injury on society. This latter question, however, is much more diffi­
cult than the former, though to common observation it may not appear so.

Art. II.— PHILADELPHIA— ITS MANUFACTURES.
P O P U L A T IO N — C O M P A R E D W I T H N E W Y O R K — A D V A N T A G E S O F S I T E — M IN E R A L S — V A L U E O F M A N U F A C ­
T U R E — P O S IT IO N O F S T A T E — A C C U M U L A T IO N
FACTU RE— PRODUCT

I 'E R

FECT O F P A N IC — S T A T E

OF C A P IT A L A N D

OF T H E T R A D E I N

B O ST O N — T E X T IL E

FA C T O R IE S — M O D E O F M A N U F A C T U R E — W O O L E N S — L A B O R
R IE S — G O O D S

C O N S IG N E D

M A T E R IA L S — A G G R E G A T E OF M A N U ­

H E A D — D I S T R I B U T I O N O F IN D U S T R Y — C L O T H I N G

TO

P H IL A D E L P H IA — LO CA L

IN

P H IL A D E L P H IA — E F­

M A N U FA C TU R E S IN P H IL A D E L P H IA —

VALUE

O F C O T T O N S— T A B L E

P R O D U C T IO N — A G G R E G A T E

T R A D E — P R O D U C T — P I G I R O N — R O L L IN G M IL L S — W O O L E N S S O L D I N

OF FA C TO ­

M A R K E T — IR O N

P H IL A D E L P H IA — COM M ERCE.

T he new census returns of Philadelphia give a remarkable increase in
the population of that city. It treads closely upon the numbers of New
York, and it is probable that the native increase, unaided by immigra­
tion, is larger than in New York. The relative advantages of the cities
* See Calhoun on Government, p. 10.




t See p. 11.

556

Philadelphia— its Manufactures.

are very great, according to the direction of their separate industries.
New York, by means of its great harbor and other resources, has been
necessarily the center of the national foreign commerce. Philadelphia
has, however, equally unrivaled advantages as the center of the national
manufactures. If Boston is the center of the shoe and textile manufac­
ture, Philadelphia is the center o f that large class which depends mostly
upon the metals and minerals. The influences which are said to have
determined Penn in the choice of the sites for his city, were “ the ap­
proach of two rivers; the short distance above the mouth o f the Schuyl­
k ill; the depth of the Delaware; the land heavily timbered; the exist­
ence of a stratum o f brick clay on the spot, and immense quarries o f
building stone in the vicinity.” To these advantages have been added
others of immense utility, both natural and artificial. The most impor­
tant of them are the coal and iron beds o f the interior, which not only
supply her artisans with fuel and other materials, but leave a large sur­
plus for export to surrounding and distant cities. The importance o f
that resource is manifest in the fact that the number o f miles of canal
in and leading to the coal regions is 815, and o f railroads 1,564 m iles;
aggregate cost, $127,350,044. The production o f pig iron is 306,000
tons per annum, worth $7,500,000. The quantity of coal produced in
the State is 8,800,000 tons, o f which nearly one-half, worth $12,400,000,
is received annually at Philadelphia. The coal and iron together in the State
worth nearly $35,000,000 per annum, taken from the bowels of the
earth— a mining value second only to the gold product of California.
The State itself is the only one which, enjoying an ocean coast, has also
a lake port, and at the same time commands the Western river naviga­
tion, all o f which are united by extensive systems o f rails. Under these
circumstances, it is not a matter o f surprise that the accumulated capi­
tal of Philadelphia, acting through a large population upon the manu­
facturing materials at hand, should irresistibly centralize the manufac­
turing strength o f the country. It is not therefore a matter o f surprise
that the manufacturing productions of Philadelphia should last year have
been found to reach nearly $1,200 per annum for each person employed,
or that the aggregate should be $175,000,000 per annum. This figure
gives an increase of $100,000,000 since the census o f 1850. The largest
of the items which make up this aggregate is cotton and woolen goods—
$14,813,000— and next clothing, reaching $9,640,000 per annum. The
industries are well distributed, employing great numbers o f people. The
panic of 1857 seemed to affect the manufacture of textile fabrics less
than most other departments.
In Boston, on the other hand, various
causes operated in 1857 in favor of manufacturing stock of clothing at
cheap rates.
1st. The increase in the variety and perfection of sewing
machines at low prices, thus allowing many persons of moderate means
to possess an instrument which greatly facilitates and increases labor.
2d. The suspension o f many o f the cotton and woolen mills o f New
England left unemployed a class dependent upon their daily labor for
support, who gladly availed themselves of any occupation which might
present itself, even at reduced prices. 3d. The large auction sales of
woolens in the early part of the season established prices in market much
below those o f the former year. Large stocks o f woolen goods, pledged
as collateral by manufacturers, were also to be found in the hands of the
commission houses These circumstances, injurious for the moment, gave
great breadth to the business in subsequent years.




Philadelphia— its Manufactures.

557

In relation to this branch o f trade in Philadelphia, the able Report o f
the Board of Trade of that city remarks:— Before the close of 18. >8, the
entire machinery prepared for use, o f which perhaps three-fourths had
been stopped for some months, was again employed, and considerable
extensions of buildings, and additions of machinery, have in some cases
been made during the last few months. For this early recovery o f ac­
tivity, the energy of manufacturers is not mjrre to be credited than the
natural advantages o f the market and the character of the goods made,
which are of the classes indispensable in the daily usj of all parts o f the
country. Domestics o f all classes have for three months past been made
there at a rate of production exceeding that of any former years. The
manufacture of prints, bleached cottons, and fine woolens has been estab­
lished here, on a larger scale than before, during 1858; and the classes
in which the city has always excelled have been very busy, though they
have added little machinery, and erected no new establishments. The
carpet factories, and all those occupied on fancy woolens and various
fabrics of silk or other material for trimmings and ornamental uses, have
been fully employed during the last half of the year; the manufacture
of carpets having been particularly active.
An elaborate examination of these factories, in which those nearest the
city were all visited, was made during the early part o f 1858, and a state­
ment o f their machinery, working-force, and production, was prepared
and published in the North American at that time. Many7 additions to
the published collection of facts were subsequently made during the year,
and the ground once gone over, has again been thoroughly examined,
particularly in cases of ascertained or suspected changes. The proprie­
tors of all other establishments have been consulted as far as was neces­
sary to retain a knowledge of their general condition, and these revised
and complete results are embodied in the following tables. The division
of districts here made is somewhat arbitrary, but it had its conveniences
in the preliminary examination of the whole ground, and it at least serves
the purpose of assisting to attain accuracy by identifying localities, and
by affording opportunities for correcting the details.
The First Division embraces the central part of Philadelphia County,
or the city proper, inclusive of West Philadelphia, and the northeast
suburbs of Kensington, Frankford, and LLolmesburg, with Gloucester,
across the Delaware in New Jersey, at which point a large corporate es­
tablishment is located, the business o f which belongs exclusively to Phil­
adelphia.
The Second Division embraces Manayunk, Germantown, the Falls of
the Schuylkill, and the adjacent parts o f Montgomery County across the
Schuylkill.
The Third Division includes Conshohocken, Norristown, Phoenixville,,
and Reading, with the numerous factories on various tributaries of the
Schuylkill in that vicinity.
The Fourth Division includes Delaware and Chester counties at the
south ; and a Fifth Division embraces a number of factories located at
Harrisburg, Lancaster, Wilmington and its vicinity, Millville and Tren­
ton, New Jersey, etc., all of which are within the trade limits o f Phila­
delphia, finding their markets and transacting their business there.
The condition o f the general manufacture of cottons and woolens at
and near that city, is peculiar in comparison with the like departments




558

Philadelphia— its Manufactures,

of manufacture in other parts o f the United States, and particularly in
Now England. In almost all cases the establishments are the property
of a single person, or a single business firm ; and they have grown up,
from the smallest germ, in the hands which now hold them. These pro­
prietors are averse to notoriety or publicity in any form, and they often
conduct a large business for years through one or two selling houses,
without the knowledge of the trade generally. This is particularly fre­
quent with the factories located on the water-power streams tributary to
the Schuylkill and the Delaware, which were the earliest .establishments
in the country, existing for many years before the use of coal, and the
introduction o f steam-power. To the original water-power possessed by
these, it has been more convenient to add steam where they are than to
change the location of the factories; and the consequence is, that many
verv large and successful establishments exist in the vicinity o f the city,
conducted, almost without being known at all, by the individual propri­
etors, whose quiet habits were formed when conducting the small original
establishments.
Another point deserving notice is the predominance o f woolens in the
entire manufacture, particularly from the mills least known, and making
the least show o f machinery. The city is the largest consuming market
for wool in the United States, and the production o f valuable goods of
that class is large in proportion. The aggregates o f cottons and woolens
cannot be completely separated in consequence of the great proportion
of mixed cloths, and still more of the frequent changes from cottons to
woolens in the same factory— changes arising from the demands o f the
market, or from the greater convenience of working the several staples
at the different seasons. A share of the production can, however, be
distinguished, particularly on the side of plain and printed cottons, but
the heavy branch of it is on the part o f the woolen and mixed establish­
ments.
The manufacture o f cottons of the description which constitute the
staple production there, also adds more to the value of the raw cotton
than in the New England factories. To the prime cost o f thirteen cents
per pound the entire process adds from eighteen to forty cents, producing
fabrics worth thirty to sixty cents per pound. The cost of dyes and of
labor is much greater in the factories engaged on those goods, and the
production of a certain number of spindles and looms is much larger in
proportion. A factory of 10,000 spindles will there make 1550,000 to
$600,000 worth of these cottons, called ginghams, checks, and fancy
goods, employing 650 hands, and working over 500 looms. The produc­
tion o f print cloths, sheetings, and other white and brown goods, is far
less in proportion to the machinery employed.
In the area defined as the First Division, which is Philadelphia city
proper, exclusive of Manayunk and Germantown, there are 92 power
factories, working 1T9,500 spindles, 6,160 power-looms, and employing
9,625 persons. This is exclusive of hand-loom work on checks, carpets,
and hosiery, for which separate items will be given.
In the Second Division, Manayunk and Germantown, there are fortyeight power factories, working 84,938 spindles, 2,736 power-looms, and
employing 3,320 persons. In this district there is also a very large
force on hand-looms and hand-work, numbering nearly 2,000 persons.
In the Third Division, the upper Schuylkill, there are twenty-six power-




Ph iladelphia— its Manufactures.

595

mills or factories, working 79,426 spindles, 2,243 power-looms, and em­
ploying 2,250 persons.
In the Fourth Division, Delaware and Chester counties, there are
sixty-three power factories, working 114,250 spindles, woolen and cot­
ton, 3,080 looms, and employing 4,344 persons. Several of the facto­
ries in remote parts o f Chester County have been estimated for, at low
figures, but of those in Delaware County, very full and accurate infor­
mation has been obtained, chiefly through the favor o f John P. Crozier
& Sons, and Samuel Bancroft, the heaviest proprietors resident there.
In the Filth Division, embracing the large mil.s at various localities
more remote than those before named, which are yet owned and control­
led in Philadelphia in most cases, and in all cases directly connected with
this market, there are twenty-five large power factories, working 112,250
spindles, 3,268 looms, and employing about 3,500 persons. The largest
amount of machinery is on the Brandywine above Wilmington, in Dela­
ware, and next that at Lancaster, where three large cotton mills are lo­
cated.
In the following table these divisions are completely presented, and the
machinery is given as fully as may readily be done in such a case :—
F A C T O R IE S

AND

No. factories.
93
2 .
48
3 .........
26
4 .........
63
5 .........
25

Cotton
spindles.
113,U54
53,688
66,416
74,070
103,750

Wool
spindles.

Silk
spindles.
26,200

Total..

410,978

133,200

Divisions.
i ........

255

4 0 ,2 6 0

M A C H IN E R Y .

31,250
13,010
40,180
8,500
26,200

Total.
179,514
84,988
79,426
114,250
112,250

Setts Setts
Power wool’n print’tr
looms, mach’y. mach’s.
6,160
118
32
2,650
104
7
2,243
48
3,080
122
3,268
27

570,378

17,401

419

39

F O R C E A N D P R O D U C T IO N .

i ...........
o
3 ...........
4 ...........
5 ...........

,

'Total

Persons
Value of white and
Total
employed. Value of prints, brown cottons.
production.
$3 621,430
$1,575,000
0,625
$12,196,679
675,000
135,000
8,320
4,744,320
2,250
2,246,000
4,344
215*000
3,653,000
3,170
3,099,000
22,709

$4,296,430

$3,690,000

$25,939,000

H O S IE R Y , C A R P E T 8 , A N D H A N D -L O O M P R O D U C TIO N , ( e x c l u s i v e O F P O W E R L O O M S .)

Hosiery, cotton and woolen.
Carpets
Cotton checks, e t c .............

Persons
employed.
1,080
2,350
2,400

Looms.
530
1,650
1,680

5,880

3,860

Value of
production.
$945,000
2,225,000
1,320,000
$4,490,000

SILK AND FANCY NARROW GOODS, (EXCLUSIVE OF POWER FACTORIES.)

No. establishments.
22

Persons employed.
1,450

Value of goods.
$850,000

PRODUCTION OF TEXTILE FABRICS OF WOOL, COTTON, AND SILK, IN AND NEAR PHILADELPHIA.

Wool, G otton, a n d silk in p o w e r f a c t o r i e s ............................................
Hand-loom work, on hosiery, carpets, and checks.............................
Silk and narrow fabrics by hand-power................................................
Total production




$25,939,000
4,490,000
850,000
$31,279,000

560

Philadelphia— its Manufactures.

Number of factories, 270 ; cotton spindles, 420,968 ; wool spindles, 146,6.35;
silk spindles, 26,780. Total spindles, 594,333. Power looms, 18,429 ; sets
woolen machinery, 449 ; sets printing machines, 38 ; hands employed, 23,601 ;
value of goods produced, $26,095,000.
WOOLEN HOSIERY AND FANCY KNIT WORK.

500 knitting-frames, averaging $1,657 50 each.........................................
7 factories in Germantown and Kensington..............................................

$ 828,750

Total value of woolen hosiery..............................................................
200 knitting frames on cotton hosiery, $897 each.....................................

$1,628,850
179,400

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

$1,808,150

800,000

The entire production of carpetings, in Philadelphia, we state as follow :—
No. of
looms.
Ingrain...........................
B ag................................ ...............
Total.....................

560

Earnings of
weavers.
$695,000
126,000
$821,000

,----------Prod uction.----------»
Value.
Yards.
$2,592,000
6,480,000
504,000
1,680,000
8,160,000

$3,096,000

Philadelphia is now the chief seat of general manufacture of trimmings in
the United States. There are now about thirty establishments in that city en­
gaged in the various branches, including carriage laces, regalia, and upholstery.
We shall here only allude to the most complete concern of the kind in the
Union. It employs 400 hands, who receive $100,000 annually in wages; have
a capital of $400,000 invested in the business, and produce an annual average
product of $600,000.
Not only is this large production carried on in Philadelphia and its
vicinity, but that'point also distributes a large amount of goods manu­
factured elsewhere.
A very few years have elapsed since the cotton and mixed cotton and
woolen manufactures o f Delaware County, Pa., and of the vicinity of
Philadelphia on the north, were principally consigned to Boston and
New York by the manufacturers. Very little reliance on Philadelphia
as a commission market was then made, and its character as such has
been mainly acquired within fifteen years. Of course there are irregu­
larities in conducting this disposition o f manufactured goods, and some
manufacturers form connections with commission houses in New York
or at the East, which now take more than they formerly did, or perhaps
the entire stock ; but, on the contrary, a larger number have gone to sell
their goods exclusively there. During the latter part of 1858 particu­
larly, the share first sold to dealers there was much increased over any
former year, and the stock required at New York and Boston was pur­
chased by dealers there of the commission houses of Philadelphia.
In Delaware and Chester counties, including some factories in the
State of Delaware which send their goods to Philadelphia, the manufac­
ture of the year ending witli June, 1857, was nearly as follows:—
Cottons, about thirty factories.................................................................
Woolens, about thirty-three factories....................................................
Total.................................

$2,950,000
2,275,000
$5,225,000

O f this aggregate, it is stated by tbe principal manufacturers that fiveeighths are consigned to Philadelphia, one-fourth to New York, and onesixteenth each to Boston and Baltimore.
These proportions give




Philadelphia— its Manufactures.

561

§3,200,000 for the quantity consigned to Philadelphia houses from this
section of the manufacturing district, as determined by several proprie­
tors who make much the larger share of the goods.
From the best information obtainable in regard to the Lancaster, Har­
risburg, Reading, Norristown, Gloucester, and Millville manufacturing
establishments engaged upon white and brown cottons, it is probable that
at least seven-eighths o f their entire production is consigned to Philadel­
phia. The aggregate of this production is not far from $5,000,000,
nearly all of which might, in truth, be set down to the account o f con­
signments to Philadelphia commission houses, or directly purchased by
its large distributors. In the same rank with this account o f brown and
white cottons, are the prints manufactured there, which, like the first,
are not adapted to the eastern markets at all, and very little to that of
New York. The quantity o f prints made there was not large until within
three or four years, but it is now rapidly increasing. The quantity of­
fered in 1856-7 was probably o f the value of $3,000,000, and for the
current year it will go nearly as high as $4,000,000. The number of
print works is not large, but the operations o f all are on an extensive
scale. The Conestoga, Washington, the Atlantic, and Niagara dark prints,
and some other lines, are as widely and as favorably known as any in the
market from Eastern manufacturers. The proportion of these goods
consigned to New York, Boston, and Baltimore does not exceed oneeighth, if it reaches so large a share as this.
In the manufacture of woolens, mixed cloths, and carpets at Philadel­
phia, and near it on the north, there is much more difficulty in attaining
a decision as to the proportion first entering that market from the man­
ufacturers. Carpets are largely consigned to New York, and jeans,
checks, cottonades, and other standard descriptions of “ Philadelphia
goods,” are now, as they long have been, sent in very large quantities
both to New York and Boston. The aggregate of these manufactures is
nearly $8,000,000, and of this quantity three-fourths is taken in the first
instance in Philadelphia. A share is again sent forward to commission
houses at New York, in a manner similar to the re-consignment o f East­
ern goods to branch houses at Philadelphia; but if the miscellaneous
textile fabrics of a fancy character, or other than cloths, are taken into
account, the whole aggregate is greater than $8,000,000. It is safe to
place this department, which includes the factories of Manayunk, Fairmount, Kensington, Frankford, West Philadelphia, and Montgomery
County, with the area o f the old city, at a production o f $6,000,000 for
the Philadelphia market alone.
Putting these quantities together, we have for the extent of the mar­
ket in consignments from manufacturers within the trade limits of Phil­
adelphia, the following values:—
Delaware County and the South, cottons..............................................
“
“
“
“
woolens.............................................
White and brown cottons for the whole district...................................
Prints for the whole district.....................................................................
Woolens and mixed goods for Philada. city and the northern h alf..

$2,950 000
2,275,000
4,500,000
3,500,000
6,000,000

Aggregate........................................................................................

$19,225,000

It is proper here to say, that to assume the statistics o f manufactures
given in the census of 1850 as a full representation of the manufacture
V O L . x l i i i . — n o . v.
36




562

Philadelphia— its Manufactures.

of domestics for Philadelphia, is to make an absurd undervaluation, and
one so far below the truth o f the case as to be little creditable to any
party making the statement. The greater defects and deficiencies o f the
census there, as compared with the Northern States, are too plain for
dispute; and it may serve as proof of the fact to see, that wljile Massa­
chusetts claims now but a relatively small advance upon the production
both of 1850 and 1855, all admit a very large advance in Philadelphia,
and at the same time an aggregate production so great as to show that
the census of 1850 could not have given more than half the production
in textile fabrics. t)ne reason for the difference is found in the fact that
nearly all the establishments there are conducted by individual proprie­
tors, who are always averse to any statement o f the extent o f their busi­
ness; while at the East, much the larger share is in corporate establish­
ments, whose reputation and interests of every sort are advanced by a
full statement of their business, particularly if it is large and prosperous.
The entire market in domestics made up in Philadelphia from Eastern,
Northern, and Philadelphia consignments, may be stated from the evi­
dences and statistics we have given in the foregoing notices. A market
so large cannot be ignored or set aside.
AGGREGATE OF DOMESTICS FINDING MARKET AT PHILADELPHIA.

Eastern and Northern cotton....................................................................
“
“
woolens................................................................
Southern cottons, coastwise.....................................................................
Maryland cottons........................................................................................
Delaware County cottons............................................................................
“
“
woolens.....................
Philadelphia white and brown cottons.....................................................
“
prints......................................
Philadelphia woolens and mixed cloths....................................................
Aggregate........................................... .. ........................................

$12,700,000
7,‘200,000
750,000
500,000
2,950,000
2,275,000
4,500,000
3,500,000
6,000,000
$40,375,000

We copy the following statement from the Philadelphia Manufacturers' Ga­
zette:— .
IMPORTATIONS OF DRY GOODS IN

1859.

General importers, about sixty houses.......................................................
Importers and jobbers of silks...........................................................
Importers and jobbers of cloths exclusively, andwith other g o o d s.. .
Importers and jobbers of white goods......................................................
Importers and jobbers of laces, trimmings, hosiery,etc.....................
Importers, jobbers, and retailers.................................................................
Importers of carpets....................................................................................

$14,930,000
3,135,000
3,345,000
720,000
1,080,000
960,000
485,000

Total imports o f d rygood s.................................................................
Entered at the port o f Philadelphia..............................................

$24,655,000
2,839,570

Entered at the port of New Y ork.......................................................

$21,815,430

DISTRIBUTING OR JOBBING TRADE.

Jobbing houses proper...................................................................................
Silk and white goods houses.........................................................................
Miscellaneous small goods, or notions.........................................................
Cloths.................................
One-fifth of domestics...................................................................................
Two-fifths of the direct imports..................................................................
Total........................................................................................................




$35,000,000
8.500,000
5,600,000
10,000,000
8,000,000
6,800,000
$73,800,000

563

Philadelphia— its Manufactures.

DOMESTIC COTTONS FROM NEW ENGLAND PASSING THROUGH COMMISSION HOUSES IN
.
PHILADELPHIA.
Bales or packages.
Value.

Prints and delaines..............................................................
Brown and bleached cottons..............................................
Total,

30,250
71,500

$6,100,000
6,600,000

101,750

$12,700,000

DOMESTIC WOOLENS FROM NORTH AND EAST, SOLD ON COMMISSION AT PHILADELPHIA.

1856.
1857.
1858.

20,000 cases, at $320.......................................................................
18,500 cases, at 320.......................................................................
23,500 cases, at 310.......................................................................

$6,400,000
5,925,000
7,285,000

The leading interest of Pennsylvania is, of couise, iron, and that fig­
ures largely in the trade reports.
The present condition of the American iron trade is far from being a
fair representation of the natural strength of that part of it which prop­
erly belongs to the trade o f Philadelphia. At the height o f the finan­
cial difficulties of 1857, nearly all the iron works were compelled to sus­
pend operations, temporarily or permanently, and though they were very
soon resumed in many cases, the majority continued silent through most
of the year 1858. Many which were so long stopped are now resuming
operations, however, and it is believed that the production of the anthra­
cite districts of the Lehigh and Schuylkill will soon be as large as at any
former time.
The following tables are from the report o f the Secretary of the Amer­
ican Iron Association. The summary shows the distribution of the iron
business o f the country, in all its departments, and though the latest full
tables prepared are for 1856, the proportion of the total production
falling to Pennsylvania, is increased rather than diminished in 1857 and
1858. In both these years the furnaces o f the Susquehanna, Schuylkill,
and Lehigh anthracite regions sustain their production much better than
any others in the United States, and the chief rolling mills of the State
are also far better sustained than any elsewhere.
The aggregates for
1856, in the production of anthracite and charcoal pig iron, and o f the
rolling mill product, very forcibly exhibit the leading place Philadelphia
and the State have in the entire business:—
Product of anthracite pig iron in 1856........tons
“
charcoal
*•
“
.............
“
coke
“
“
...............
“
bituminous coal
“
...............

In Penn.
306,972
96,154
39,953
8,417

All other.
87,537
252,700
4,528
16,656

Total.
394,509
348,854
44,481
25,073

Total pig iron ................................................
Product of rolling mills.................................

451,496
241,484

861,421
256,597

812,917
498,081

Pennsylvania has thus 90,000 tons of pig iron more than all other
parts of the Union together, and its anthracite iron falls but 50,000 tons
short of the production of all other States. This anthracite production
is all so near Philadelphia as to belong in a peculiar degree to its trade.
For the purpose o f adding to these the most recent results in regard
to the production of the leading districts, there has been obtained from
the proprietors of several of the leading anthracite furnace works their
production for 1857 and 1858, and the like facts from several of the roll­
ing mills. In the Lehigh district most of the furnaces have continued in
blast through the whole period of disaster to the trade generally, the




564

Philadelphia— its Manufactures.

demand for their iron, which is of superior quality, and has almost en­
tirely displaced the Scotch pig for the use of founders, being such as to
keep them steadily employed. The Schuylkill district is next to the Le­
high in the character of its iron and in the quantity produced, but the
furnaces are fewer in number and the works smaller. Many of these
have remained suspended through most o f the year 1S58, but all are now
resumed or preparing to resume. Ascending the Schuylkill, we find more
than half the number of anthracite furnaces out of blast during 1858.
One of t h e “ W m . Penn ” furnaces was ou t; the “ Spring Mill ” furnace
was out half the year ; the “ Merion ” out until A p ril; the “ Swede ” fur­
naces both out, one of these having resumed in February last, and the
other soon to resume ; the “ Norristown ” furnace wholly out, as also the
“ Montgomery,” at Port Kennedy ; two of the four “ Phoenix ” furnaces;
one of the “ Henry Clay ” works at Reading, and that of Seyfert McMa­
nus & Co., at Reading, with perhaps three or four more o f those beyond
Reading. The production of fifteen o f the twenty-two in the Schuylkill
district, in IBS'?, as reported to the Iron Association, was 48,310 tons, the
whole not exceeding 00,000 tons. In 1858 the number out of blast must
necessarily have reduced the total to 40,000 or 45,000 tons.
The anthracite furnaces of the Susquehanna have been fully as much
reduced in production, through 1858, if not more.
In 1857 those on
the main Susquehanna and on the North and W est Branches, together,
produced, for 25 furnaces heard from out of 46 in existence, 75,759 tons
against 79,188 in 1856. A large share of those not reporting were not
in operation, and the total did not reach 100,000 tons. In 1858 the pro­
duction did not probably exceed 55,000 tons.
The Bloomsburg furna­
ces, however, produced the same quantity as in 1856, but less than in
1857.
The Lehigh district sustained its production much better. O f the
twenty furnaces in blast in 1857, but two or three were suspended in
1858. Several of the furnaces were out of blast for apart o f the year,
but the Crane Iron Company, the Allentown, the Thomas or Hockendaqua, the Glendon, Cooper, and other works, w?ere quite generally kept in
full operation. The production o f four of the leading establishments of
this district have been communicated by the proprietors, and these ex­
hibit a decline o f but about 5,600 tons from 1857, and about 7,000 tons
from 1856. Extending the table subsequently given from the Secretary of
the Iron Association, to embrace 1858, we have the following compari­
son :—
ANTHRACITE PRODUCTION FOR THREE TEARS.

1856.

1857.

1858.

In the Lehigh Valley, 20 out of 24 furnaces.. . .
“
Schuylkill “
15
“
22
“
....
Along Susqh’na “ 25
“
48
“
....

121,021
43,275
79,188

113,299
48,310
75,759

100,000
35,000
50,000

Total for furnaces reported...........................
Actual total for 1856, and comparative totals for
1857-8...................................................................

286,160

281,980

185,000

306,972

800,000

200,000

The proportions, o f course, are not full in case o f the furnaces not
making returns for the last two years, since the majority were out of
blast and making no iron, at least during the larger share o f 1858.
The productiveness of the Anthracite Iron W orks of Pennsylvania is




Philadelphia— its M anufactures.

565

illustrated by the following statement of the actual operations of the Le­
high Crane Iron Company’s W orks for the past three years, the leading
establishment of the country, and probably the most productive in the
world. The statement is obligingly furnished from the office of the com­
pany, and its separate publication is permitted at the request o f the Phil­
adelphia Board of Trade. The whole number of furnaces at these works
is five, and the full capacity o f works 45,000 tons o f pig iron per an­
num :—

1856.
}fumber of furnaces in blast...........................
Aggregate production................................tons
Tons of coal used in furnaces and mines. . . .
Tons of ore used................................................

1857.

1858.

4

2 full.
1 full.
2 part of year. 3 part of year.
31,094
30,943
28,870
67,900
66,500
60.800
69,600
71,300
67,100

Far the larger share o f the rolled iron, both bar and railroad, which
is manufactured in the United States, is made in Pennsylvania, and most
of this share within reach of the business of Philadelphia The amount
of railroad iron made by works o f the State in 1856, in comparison with
the total for the entire United States, is thus stated by the secretary of
the American Iron Association :—
Pennsylvania rolling mills...............................................................
A ll others............................................................................................
Total rails rolled......................... ......................................

Tons rails.
83,834
57,721
141,555

The Trenton Mill, New Jersey, rolling about 13,000 tons in 1856,
really belongs to the account o f Pennsylvania iron rolled, in a great de­
gree.
The production of rolled iron in Pennsylvania has of course fallen off
during 1857 and 1858, as in the case o f pig iron, but the natural strength
of the establishments is strikingly shown by the degree to which the
manufacture has been sustained under the heavy disadvantages now ex­
isting. The following is the aggregate of two establishments for 1857
and 1858, in comparison with the product of 1856— the Phoenix Iron
Company’s Works, on the Schuylkill, and the Cambria Iron Works, at
Johnstown, Pa., both of which are owned and controlled in Philadelphia :
Product of the rolling mills named..................... tons

1856.

1857.

31,798

34,599

1858.
43,278

The production of the Lackawanna, Montour, and Safe Harbor Mills,
is not known. Several other mills in Pennsylvania have been altogether
silent during most o f the year 1858, and the aggregate produced in the
State is probably not more than two-thirds the product of 1856, and it
may not exceed half that product. Considering the great natural exten­
sion of demand, and the increased capacity of the works, this is a strik­
ing proof of the severe pressure existing on this, as on every other branch
of the iron producing interest. The report of the secretary o f the Iron
Association on this branch o f the iron trade is extremely valuable, and
quite full on all other points relating to the production o f railroad iron.
There are several rolling mills for plate, boiler, and bar iron located
within the city limits, and others in the vicinity are controlled by Phil­
adelphia business houses. In every branch of manufacture, except per­
haps nail making, the iron worked there is in proportion to the produc­




566

Philadelphia— its Manufactures.

tion of pig iron.
The mills rolling steel, plate, and bar iron have been
generally more active during the past year than the rail mills, and they
are now as fully employed as at any time in 1857, previous to the finan­
cial difficulties. The deficiency in production during the year of least
activity, leaves the market bare of many descriptions of small iron, and
the present activity is in part induced by this unusual demand. The
mills of the city, and those of the vicinity represented there, are partic­
ularly distinguished for steel rolling, in part from English bar iron, and
for the finer grades of sheet and plate iron. The sheet iron closely ap­
proaches the Russian in quality, and it is largely used for all the purposes
to which that is applied.
Several o f the mills are adapted both to rolling and forging, and others
are constructed for forging alone. The Pencoyd "Works execute forging
more largely than rolling; the Fairhill Forge, and Norris’ Locomotive
W orks are the principal forging works in the city itself. The Reading
Steam Forge conducts heavy shaft forging exclusively. There are seve­
ral other works at which more or less of this heavy axle and shaft forg­
ing is done, all of which is quite distinct from the bloomery forging o f
the primary class of iron works named in the report of the Iron Associ­
ation.
In other parts o f Eastern Pennsylvania, as we are informed by the
Iron Association,'there are, including the rail mills, no less than thirtyeight additional rolling mills, which roll railroad iron exclusively.
Of other rolling mills, there are seven at and near Coatesville, Chester
County, four at and near Reading, one at Pottsville, two in Lancaster
County, three at and near Harrisburg, one at Weissport, two at Williams­
port, five near Bellefonte, etc.
The production of the steel, sheet, and bar mills o f the city and vicin­
ity was in part made up, for 1856-7, from the best information obtain­
able, though the mills located at any considerable distance were not in­
cluded. The following numbers are close approximations to the annual
prodution :—
Spring and cast steel................................................................ tons
Bar, rod, and band iron, in the city..............................................
Bar, nails, and axles, in towns near..............................................
Boiler and other plate, in the city................................................
“
“
in towns near...........................................

2,500
13,500
15,600
2,600
22,000

The production o f sheet and plate iron is largely increasing over that
of 1856-7, in the current year. N ot only is the production o f several
mills on the border of Maryland and Delaware now carried there, but
there is additional machinery employed in rolling this description of iron
in and near Philadelphia. Its increased use for roofing purposes adds to
the demand.
In towns of Eastern Pennsylvania, more distant than Norristowm,
Phoenixville, <fcc., the Iron Association reports as made, in 1856—
Boiler and other plate.............................................................. tons
Bars, rods, and nails..........................................................................

2,190
13,500

Taking all together, we have the following aggregate :—
Plate, sheet, and boiler iron.....................................................tons
Bar, rods, band, and nails.............................................................
Steel.....................................................................................................




26,690
42,500
2,500

Valuation o f Life Insurance Policies.

567

The aggregate value of this production is very nearly $5,000,000.
The entire quantity o f railroad iron made in Eastern Pennsylvania,
exclusive of the Cambria and the Juniata works, in 1§56, is stated by
Mr. Lesley at about 65,000 tons. Probably the depression o f 1858 re­
duced the production to a point not far from 50,000 tons, or to about
three-fourtbs the business o f 1856. This branch o f the rolling mill ope­
rations is thus placed at about half the value of the small iron roll­
ing.
It is not over-stating the value of this second department o f the
iron interest of this part o f the State at these sums, which, together,
give an aggregate of $7,500,000 as the value o f all the forms of rolled
iron furnished to the uses o f the country by the business circle belonging
to Philadelphia.
To include the Cambria W orks would add largely to
the aggregate o f railroad iron.

Art. III.— VALUATION OF LIFE INSURANCE POLICIES.
NUMBER V II.

F or the correct valuation o f a life policy the most reliable tables are
to be obtained from the experience o f insurance companies. The par­
ticulars which they furnish as to the ages o f the insured, and the num­
ber o f the living and dying, are perfectly and exactly reported, and deserve,
therefore, the fullest confidence; while those derived from the most cor­
rect census, or from the most careful registration, are more or less erro­
neous. Many of the ages in every census are unknown to the people them­
selves, or are reported in round numbers, or are given falsely to the cen­
sus-takers, while many will be omitted entirely. This is still more true
o f the registrations of the deaths, when the report must be made by the
survivors, who may be entirely ignorant o f the age of the deceased.
None of these sources of error occur in the experience of a life compa­
ny. The ages are carefully ascertained and the period of death exactly
known, because large amounts of money are dependent on both, and
they are therefore examined and scrutinized with the utmost care. The
class of people who insure generally know their age, and, having strong
motives to state it correctly, their statements can be received with confi­
dence. Besides this accuracy, there are other reasons why the life in­
surance experience is a proper guide for the valuation of policies. The
insured are likely to be o f the same class in the future as in the past.
Their habits and exposures will probably be similar. Every element that
prolongs or lessens the duration o f life will probably exert the same in­
fluence on both. And as the mortality no doub; varies slightly among
the different classes o f society, this tends to strengthen the confidence to
be placed in the results furnished by the life companies.
There is, however, one great objection to these tables. Many o f the
members of a life office are insured for a single year, many for a short
period, and o f those who take policies for life very many abandon them
after one or two years’ insurance. And these persons, having been re­
cently examined-by the company’s physician and pronounced to be sound
and well, are not likely to be subject to the same rate of mortality as
those who have been long members of the company.




568

Yaluaiion o f L ife Insurance Policies.

Now it is these last policies whose correct valuation is important.
For the recent members the error in valuing by a wrong table is small,
because the difference between the net values o f the premiums and the
liabilities is small, whatever table o f mortality be used. When the dif­
ference becomes larger an error in the rate of mortality becomes more
important.
If, then, the whole experience of a life company be made the basis o f
the valuations, the errors will be sensible in the very cases where accu­
racy is most desirable, and these errors will be on the dangerous side,
making the company appear to possess a larger surplus than it really has,
and tempting it to distribute dividends that have never been earned.
The difference between the probabilities of living among recent mem­
bers and those who have been long insured is very great, as has been
most satisfactorily shown by the several analyses that have been made by
Edmonds, Farren, Brown, Higliam, and others, of the published experi­
ence of the London life offices. And this unequal mortality among the
younger and older policies on lives of the same age is an objection to the
use of these tables for valuations of policies, and for the general purposes
of life insurance.
Although this objection is real, it is believed that the tables which have
been furnished by life offices are the most valuable we possess. Many
o f the companies have lasted so long that the influence of the recent
policies is slight, and the superior accuracy and reliability of all their
statements elevate their results above those which are founded on the
government census and registrations. At the older ages it is not cus­
tomary to admit new members, so that the experience at those ages is
free from every objection. A t all ages, though not perfect, they approx­
imate closely to the true mortality ; and by separating the recent mem­
bers from the others the results will be free from every objection. Al­
though the numbers are large, they are not yet numerous enough to give
all the accuracy to be desired.
The Equitable Insurance Company of London was the first to publish
the results of their experience. This company was founded in 1762,
and has furnished the largest contributions to our stock of vital statistics.
Mr. Morgan, their able and distinguished actuary, in his reports to the
members, compared from time to time their mortality and that of the
Northampton table of Dr. Price. The ratio was given for each decade,
and was continued and repeated for several successive decennial reports.
Mr. Babbage has constructed a table founded on these reports. The
mortality given by him for every period o f life is inserted in the second
column of the table below. Since the company had existed for more
than fifty years when the table was formed, it is worthy of much confi­
dence. As, however, the ratios published by Mr. Morgan were only in
whole numbers, and therefore only' approximate, we shall not assign a
large influence to Babbage’s table in the combination we propose to make.
In the year 1829, Mr. Morgan reported to his company a full and mi­
nute account of all the experience o f the Equitable from its first founda­
tion in 1762, and as this contained the particulars of 21,398 insured
persons, of whom 5,144 had died, the report is exceedingly valuable.
The number of years of life enjoyed by these persons was 266,872, so
that the insured had averaged more than twelve years membership in
the company. Mr. Morgan has deduced from this experience a table




Valuation o f L ife Insurance Policies.

569

giving the expectation of life at every age, and from this, by a simple
mathematical formula, we have obtained the rates o f mortality inserted
in the third column of the table below. As the expectation is only
carried to two decimal places, a slight adjustment was necessary to har­
monize the results, but this produced but a very small effect on the sev­
eral rates. Mr. Morgan does not carry his table beyond 80, but we have
used Mr. Edmonds’ law to extend it to the end of life. This has been
necessary with some other tables in our collection, but the law is doubt­
less so nearly correct that no sensible error can be introduced by this ex­
tension to the older ages, where all our tables are very doubtful and un­
reliable. This table is very valuable, and deserves much weight in the
combination we propose.
Mr. Morgan published afterwards a supplement giving the experience
for four years later, and Mr. Griffith Davies has constructed a table found­
ed on the whole experience o f the company. These rates o f mortality,
adjusted as before, are to be found in column fourth of our table below.
The numbers used in Mr. Davies’ table were smaller than usual, but it is
sc admirably constructed that the adjustments were unimportant.
The Amicable Society, which is the oldest of the English life offices,
has given us its experience to the year 1841. O f the several tables fur­
nished by their actuary, we have selected as the most valuable the one
which gives the rate o f mortality among 3,530 persons insured for life,
between April 5th, 1808, and April 5th, 1841. Of these, only 505 had
discontinued their insurance, and 198 had died. It is inserted in column
fifth at the end of this article.
O f this table Mr. Galloway remarks
“ that it consists entirely of selected lives, that is to say, of persons who
at the date of their admission were all apparently free from disease, and
by far the greater portion of those who had passed through the younger
ages had lived only a few years in the society, or had been recently se­
lected.
The mortality ought therefore to be expected a priori to be
favorable in general, and■particularly so in early life; and this is found
to be the case.” These remarks apply to all the tables founded on the
experience of life companies; less to the Equitable than to others, but
to all the recent tables. W e shall obviate this objection when we combine
the different tables, by giving less weight to these at the younger than
at the middle and later years o f life. In the census the younger ages
are more numerous and more reliable; in the life offices they are few
and more open to objections, and therefore, for this reason also, this dis­
tribution of weights is the more appropriate.
The most valued contribution to our vital statistics was made by a
committee of London actuaries, who prevailed on fifteen of their offices
to contribute their experience for the purpose of forming a combined
table. This table was published in 1843, and is known as The Actualies’, or “ The Combined Experience.” The materials were arranged and
the table constructed by the most distinguished actuaries of Great Brit­
ain, among whom were Gomperz, Milne, and Edmonds. After combining
their numbers with those of the Equitable and the Amicable, they had
83,905 insurances, whose average duration was more than eight years,
so that the whole includes more than 100,000 years of life. As there
were no children among these persons, this is equivalent to the experi­
ence of a city o f 50,000 inhabitants for thirty years. It embraced town
and country, English and Irish, male and female, every class and condi­




570

Valuation o f L ife Insurance Policies.

tion of society that are likely to insure their lives. And we shall not
hesitate to give to this table a greater weight than any other in our pro­
posed combination. The rate of mortality in this table is inserted in
column sixth at the end o f this article.
It has been objected to this table that some of the lives were repeated
twice or even several times in this combination, because many policies
were issued on the same life, and the experience is on policies and not
on lives.
But as this did not apply to the Equitable and the Amicable, who fur­
nished about half o f the whole experience, this objection is lessened.
Both the living and the dying being increased by the counting of poli­
cies, the ratio is but little altered. The numbers being very large, the
effect of repetition is very slight and the chance o f balancing the errors
very great. This balancing is the more probable in each decade than at
each year of life, and only the decades were employed in constructing
the table. The adjustments therefore which are always made will tend
greatly to correct the irregularities at each age. Even the errors in each
decade tend to balance each other and correct the total results.
That this objection is unimportant is still further shown by the pub­
lished experience of the Economical Society, who have prepared two
tables, one giving the expectation of life from their policies, and the other
from their lives, and both are nearly identical at all ages. The unadjusted
expectations at—
Thoages 2 0 .

Were by policies.........................
And by lives................................

41.18
41.40

30.

40.

34.81
34 82

27.09
27.20

SO.

GO.

19.82
19.96

13.79
13.83

Among larger numbers these small differences would be rendered still
smaller, and by taking the decades instead of single years, and adjusting
the results they would almost entirely disappear.
As an illustration of the smallness of this source of error, we present
the following example in numbers. Suppose 1,000 persons to insure at
60, o f whom ten per cent had two policies, five per cent had three, three
per cent four, two per cent five, and one per cent six policies. The vari­
ations from the mean or true mortality would be probably greater in the
smaller set of policies, but in all it would be slight if the numbers were
large— suppose the variations to be ten per cent in those who had two
policies, twenty for those who had three, thirty for the fours, forty for
the fives, and fifty for those who had six policies. And suppose the mean
rate of mortality to be four-tenths for the decade, and all the variations
to increase first, and then all to decrease the mortality.
The several persons are
The policies.................
The death are first-----And second...................

790
790
316
316

100
200
88
72

50
150
72
48

SO
120
62.4
33.6

20
100
56
24

10
60
36
12

or 1,000
or 1,420
or 630.4
or 505.6

And the ratios are 1,420 to 030.4 or .444, and 1,420 to 505.6 or .356.
So that in this extreme case where there are no compensations, where
all the variations are on one side, where the deaths in those who have
many policies range from 50 to 150 per cent of the mean policies in the
two cases supposed, where the proportion of policies is doubtless much
larger than it was in the Actuaries’ experience, the difference in the rate
o f mortality is only 11 per cent from the mean. As the compensations,
beyond all doubt, did take place, it cannot be supposed, with the large




Valuation o f L ife Insurance Policies.

571

numbers that were considered, that the error from the use of policies
reached one per cent of the true mortality for any single decade.
W e have considered this objection more fully than it deserved, because
much notice has been taken of it ty several writers, and we believe its
influence has been overrated. W e regard it as utterly insignificant and
unappreciable.
W e have taken the numbers furnished by the Actuaries’, and recon­
structed the table, interpolating the living and the dying by the method
of differences, and proceeding then as before explained. The rates o f mor­
tality thus obtained are inserted in column seventh below. The near
agreement between the two tables is a confirmation of the accuracy of
both. After eighty the differences are considerable; but little confidence
can be placed in the rates at these older ages, and happily this uncer­
tainty is of little importance to an insurance company.
These contributions o f the London actuaries are the more valuable on
account of the separation they have made between the several classes of
the members, and especially from the distinction which they have kept
up between the younger and the older policies. From the town members
we have constructed a table to be found in column eighth below, which
differs very little from the general table.
Mr. Higham has given us the expectation of life among those mem­
b e r s who have been so long insured that the influence o f selection is no
longer sensible. From this we have obtained the rates of mortality in
column ninth. The difference between this and the general table is very
great. A t the middle period of life, from 37 to 53, at the very ages most
important to a life office, the rate o f mortality is more than fifty per cent
higher than in the general table, and at some ages more than sixty per
cent. Above seventy the mortality is less than in the general experience,
but this is due to the exclusion by Mr. Iligham of the Irish lives whose
mortality was larger than the English. The causes of this large excess
are well understood; it being due not merely to the favorable influence
of the admission o f healthy lives, but to the unfavorable effect produced
by the abandonment of their policies by the sound and vigorous. When
necessity or a change of circumstances induces any of the insured to
think o f abandoning their policies, or o f selling them to the company,
the feeble and diseased will continue their risks, while the strong and
healthy will give up theirs. Thus the impaired and broken constitutions
remain, while the better lives retire. Among the old members the mor­
tality exceeds, therefore, the average o f the general population, while
among the new it is less.
As the valuation of policies is usually made when many o f the mem­
bers have been recently admitted, this table would give too high a mor­
tality for the average members of a company; but as it represents the
rate for many of the insured, and as it will embrace a larger and larger
number in every future year o f our companies, we have thought proper
to give it a place among our tables, though we shall not allow it a large
weight in the combination we propose.
W e have constructed another table from Mr. Higham’s contributions.
He gives the rate o f mortality in each year after the first insurance. W e
have selected the fifth year as the one most likely to represent the ave­
rage mortality among the new and old members of our life companies.
Mr. Higham’s table has the rates for every five years. These we have




572

Valuation o f L ife Insurance Policies.

interpolated for each year, then adjusted them, and the results are con­
tained in column tenth below. By comparing this with the general table
it will be seen that it is from five to ten per cent higher between the ages
of thirty and fifty, when the new members are coming in, and about the
same amount lower from sixty to the end of life, when the better lives
are terminating their risks by the sale or abandonment of their policies.
W e have constructed one more table from these contributions of the
London actuaries, and we regard it as the most reliable o f all that we
have. It is in the last column below, and has been formed by the omis­
sion of the first year’s experience under each policy. The rate of mor­
tality during the first year is so different from the second, third, and fol­
lowing years that it has no claim to any influence on the average to be
expected among future members. Dr. Farr has published a long list of
diseases from which the insured is free the first year, on account of his
sound health when first admitted, but to which he is exposed in the sec­
ond and all subsequent years. The experience of the London offices
shows the mortality o f the first year to be firom twenty-five to fifty per
cent below the average; and other offices have shown a similar result.
This exclusion is therefore proper when a true average is wanted. Espe­
cially is it suitable for the valuations of a life office, where we want the
average mortality among the future members, all of whom have been
insured for some time.
As this table has been constructed by the aid o f Mr. Higham’s table
o f first year’s mortality, which does not include the Irish lives, and as it
was presumed that these had a like diminution of their mortality in the
first year after the issue of the policies, the table is not a perfect trans­
cript o f the observations ; but it is so close an approximation to it that
it deserves a large weight in our combination.
Babbage Morgan
Equi­
Equi­
table.

Age. table.
15 .0051
16
53
17
64.
IS
56
19
58
60
20
63
21
66
22
69
23
73
24
25
77
81
26
27
84
28
87
90
29
30
93
31
96
32
99
33
103
34
106
35
110
36
113
37
116
118
38
39
120
40
121
41
123

.0067
68
69
70
71
72
73
73
74
74
75
76
77
78
79
81
83
85
88
91
93
96
99
102
106
109
112




Davies’
Equi­
table.

.0050
54
58
61
64
66
68
70
72
75
78
82
85
89
93
97
101
104
107
110
113
116
119
121
124
126
128

Amica­ Actua­
ble, to ries' ex1841. perience.

Actua­
ries. re­
made.

.0041 .0070 .0069
70
41
70
41
71
70
41
70
71
41
72
71
41
72
73
41
74
74
41
75
76
41
76
77
41
77
78
43
79
78
46
79
80
81
49
80
52
81
82
55
83
83
84
84
68
62
86
86
88
65
88
69
89
90
91
92
74
95
78
93
98
83
95
101
87
97
105
93
99
98
101
108
111
104
104
no
106
114

Actua­
ries,
town.

.0067
68
69
69
70
70
70
70
71
71
72
72
73
74
70
78
81
83
85
87
89
91
93
96
98
101
105

Actua­
Actua­ Act’ries,
after
ries, late ries, 5th
1st year.
years.
year.

.0066
68
70
73
75
77
78
79
80
81
82
83
85
88
91
95
100
106
113
121
129
137
145
152
160
166
173

.0061 .0070
75
62
80
64
84
65
87
67
88
69
89
71
89
72
90
74
76
91
91
78
92
80
93
82
94
84
94
86
95
89
96
91
97
93
98
96
100
98
102
101
106
103
107
105
no
H'8
113
) 10
116
113
119
116

Valuation o f L ife Insurance Policies.
Babbage Morgan Davies’

Age.
42
43
44
45
46
47
48
49
50
51
62
53
54
55
56
67
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100

Amiea-

Equi­
table.
131
135
139
143
148
154
161
170
181
194
207
219
231
242
263
265
278
290
302
316
330
347
867
389
413
439
466
496
529
564
603
644
689
737
790
862
929
1017
113
125
139
155
171
187
201
215
229
242
259
279
316
372
458
580
746
1000

...

Equi­
table.
115
118
122
125
129
134
139
144
151
159
168
179
192
206
221
238
257
278
300
322
344
367
391
420
451
488
527
671
618
669
721
776
836
900
960
1031
1102
1200
130
141
152
164
177
191
206
222
240
259
280
304
328
354
382
413
446
482
521
563

• • >

■ . .

• • .

. .

. .

. . .

Equi­
table.
125
127
181
136
142
150
158
168
177
187
197
208
219
231
242
254
266
277
288
299
811
323
336
351
366
382
400
418
439
461
485
611
642
579
624
681
764
878
101
117
134
152
170
190
211
233
254
271
291
314
343
381
438
516
627
775
1000

.




• ■ .

■

ble, to
1»41.
117
124
132
140
148
167
166
176
187
197
209
222
235
249
264
281
300
321
345
373
405
440
478
618
561
606
653
702
753
807
861
919
982
1048
1119
1194
1274
1358
145
154
164
175
186
198
211
224
238
253
268
284
301
319
327
375
500
750
1000

573

ActuaActua- Actua­ Actua­ Actua­ Actua­ ries, af­
ries, ries, late ries, 5th ter 1st
ries’ ex­ ries, re­
year.
year.
town. years.
perience. made.
119
118
110
178
123
109
123
122
115
183
113
127
118
120
188
127
132
127
132
132
126
194
138
123
138
133
202
138
144
129
145
140
144
151
211
136
153
222
152
158
143
147
162
156
234
151
159
166
165
246
160
171
166
175
181
175
258
169
174
185
186
267
180
192
181
196
198
276
190
18S
203
208
211
216
287
196
203
222
226
290
230
2< 5
236
217
242
295
245
216
231
257
300
262
259
229
247
270
264
278
306
280
244
289
301
299
315
283
260
310
321
304
329
323
279
322
346
349
327
346
299
355
352
372
371
375
322
379
398
405
398
348
379
405
427
426
439
409
376
433
458
456
474
441
407
463
491
476
610
489
441
496
52S
515
525
547
479
530
669
567
585
557
520
569
616
614
624
601
664
613
669
667
665
649
612
664
730
726
70S
702
663
724
797
759
788
753
718
790
803
819
854
871
778
802
953
924
856
885
840
944
1042
1002
956
913
904
1030
1135
1088
977
1032
972
1121
1045
1231
1115
1179
1041
1221
1275
1317
1117
1204
1113
1331
1399
1374
1191
1300
1185
1451
148
147
127
140
126
157
155
157
134
151
133
169
162
167
142
163
140
182
170
178
176
148
147
197
179
189
155
190
155
213
200
190
162
206
165
230
210
204
170
224
176
249
220
221
181
244
190
269
228
240
196
206
268
291
235
259
295
217
225
314
242
243
280
327
249
339
251
276
280
864
303
366
260
314
315
408
327
395
274
353
359
360
457
426
290
3S1
410
411
613
4 60
308
411
469
467
571
497
328
444
530
632
535
537
480
347
599
722
610
580
401
518
674
804
695
626
755
1000
660
477
794
676

574

Currency o f the United States.

Art. IV.— CURRENCY l!F TIIE UNITED STATES.
To the Editor .o f the Merchants' Magazine

:—

T he currency o f the United States consists o f all the metallic money not
in absolute hoards, and the sum o f the immediate liabilities of the banks,
except the coin in their coffers. The sum total o f currency in money and
bank debt is permanently the same as would be present in the nation and
be offered, or in readiness to be offered, in gold and silver, in exchange for
commodities and property, and in the payment of debts. When it ex­
ceeds this the course of exchange is against us, and money runs away.
Buried treasure, or money so absolutely withdrawn from business and from
circulation, as to have no influence upon the owner’s mind in directing his
expenditure, is not currency; it is an absolute hoard, having no more
effect upon prices or upon business than if it did not exist. But we
must not confound this miserly store with the stocking deposit of the
Dutch farmer, for example; which, although a reserve fund, influences
his expenditure, and, as there is more or less o f it, induces him to hold
his commodity at a higher, or sell it for a lower price. The proportion
of money thus at rest, in relation to the volume o f currency, is not
greater than the proportion of commodities at rest, in relation to the whole
circulating property which necessarily remains on hand waiting the right
customer or a satisfactory price; and the line between the currency
and the hoard is not more imperfectly defined than that between the pro­
perty in and out o f circulation. There is always a considerable quantity
of property not in circulation, that is to say, not offered for sale, that
some large price would tempt the owner to part with, and there is about
the same proportion of money in idleness that may be tempted into ac­
tion by offering for it a sufficient quantity o f property. These two oppo­
site exchangeable values neutralize each other.
W e have, then, a controlling measure of price in the volume of cur­
rency, the public instrument o f exchange. As that volume increases in
relation to the circulating property, the value of money falls in a general
or average rise of prices; and as it decreases in relation to the circulat­
ing property, the value o f money rises in a general or average fall of
prices. So far as price is concerned, of course the effect is the same if
the circulating property increases or diminishes in relation to the vol­
ume o f currency; for as it increases in quantity its price falls, and as it
diminishes in quantity its price rises; but it is not by any means the
same in regard to value or wealth; for the variation in the volume of
currency merely alters the value of money, it does not affect the absolute
value of other property, and the nation is just as rich with little money
and low prices, as with much money and high prices; but when the pro­
perty o f the country diminishes in quantity the public wealth declines,
although prices rise ; and when the property increases in quantity the
public wealth increases, although prices fall. This is more apparent in
an isolated community or nation, such for example as Japan has been for
two centuries past. Every nation is quite as well off with little money
as with much ; but a commercial nation or community, such as Japan
has now become, is vastly better off with the less money or more limited
currency. Japan, with a limited currency, having a plenty of eireulat-




Currency o f the United Slates.

575

ing property, lias now the most valuable money in the w orld; it is
valuable because of the quantity o f property it will exchange for, and
nothing but war or non-intercourse can prevent her from becoming an
immense exporting nation. I think Europe and America will be as­
tounded at the extent of production, activity of business, and increase of
wealth, in Japan in a very few years, if the empire escapes internal dissention and external war.
It is the quantity and quality o f cultivated land, dwellings, warehouses,
ships, steamers, factories, schools, utilities o f all kinds, and everything
that contributes to human enjoyment, which constitute wealth; this
wealth is the same in value at any price; it is not, therefore, o f the least
importance what volume o f currency we possess, so that the coins are
not too diminutive or too large for convenient use, excepting the less cur­
rency the better for the convenience of handling, and because where
there is the least currency relatively, money will buy the most, and where
money will buy the most, business will go. As with individuals so with
nations; where the best bargains are to be had customers are plentiest
and make the largest purchases. What we want, then, is to increase our
stock in trade and not our currency; for money itself will come fast
enough by the increase of commodities; no earthly power and no con­
trivance can keep it out o f the country, excepting this that we employ,
o f cheapening it with an admixture of fiction. The little child, soon as
he learns the meaning of a cent, knows enough to go to the shop where
he can get the most taffy for his money; and when he grows to manhood
he pursues the same simple principle in buying goods ; but the sophistica­
tion of the currency system blinds him to the fact that the increase of
currency and cheapening of money locally by his community, more than
elsewhere, adds cost to his goods, enhances their price without increas­
ing their value, and drives bis customers into other shops, in other cities,
or in other countries. The cheapening of money is a local loss of busi­
ness and wealth, infallibly.
The effect of change in the volume of the currency follows an im­
mutable law, however delayed by longer or shorter maturing credits, or
however obscured to the mind of the unpracticed observer. It is there­
fore a matter of the greatest importance to know what the currency is
and where to look for it.
W e must look for it precisely where it would rest if the whole were exclu­
sively metallic, to which volume it must ultimately return from every
aberration ; the true money or specie measure being determined and
marked by the par o f exchange on London of 91 per cent, or $4 86 65
to the pound sterling. It will be observed, that with a pure metallic
currency, the banks could not be under demand liabilities, either to the
public or to each other, without coin in hand dollar for dollar against
them; each debtor bank must therefore hold the coin ; so that the
balances due to banks, as well as to individuals, are currency occupying
the place of coin, and the balances due from banks, as well as from in­
dividuals, are loans. Thus, taking the returns at Washington, with an
approximate estimate o f the amount o f specie in circulation outside of
the banks, I find the national currency, with a proper nomenclature, as
follows, nearest to January 1, I860 :—




576

Currency o f the United States.

Bank notes in circulation..............................................
Bank credits inscribed for discounts without money..
Bankers’ credits in California inscribed for discounts
"without money, estimate...........................................
Balances due to banks.....................................................

207,102,477
170,207,502
2,000,000
55.932,918

Total of debt currency, that is, currency exceeding the money in
the nation....................................................................................................
Bank deposits absolute in specie.. ............................
83,594,567
Government treasury, including balances at credit
of disbursing officers, specie.......................................
10,160,000
In circulation among the people including bankers in
84,002,476
California, estimate....................................................
Total of money in the currency

435,242,957

177,757,043

Total currency of the nation...............................................................

$613,000,000

IMMEDIATE LIABILITIES OF THE BANKS.

Debt currency, as above..............................................................................
Absolute deposits, as above..........................................
$83,594,567
2,000,000
Absolute deposits with California bankers, say.........

$435,242,957

Money in banks.................................................................................

85,594,567

Total of immediate liabilities.

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

$520,837,524

It follows that the ratio o f their money to their immediate liabilities
is as 16.43 to 100. The ratio o f money, outside of the hoards, to the
total currency of the nation, is as 29 to 100 ; and this indicates the method
of doing business; the exchanges at wholesale and retail being effected
approximately with money 29 percent, and debt 71 per cen t; besides
some that are made by the direct barter o f commodity for commodity,
without the intervention o f debt or money. Obviously debt must be
created and discounted to bring the debt currency into existence, and it
is kept alive by continued renewal or kiting of the notes and bills of cus­
tomers, against the notes and inscribed credits of the banks. The bank
debt is, therefore, merely a portion of the circulating debt o f the com­
munity, which compels the exchanges to pass through a circuit of debt
and credit, by removing so much money from the country, which circuit
would otherwise be made with money. This circuit is made by the trans­
fers of raw material, and articles partially and wholly finished, through
the hands of manufacturers and tradesmen to the consumers, and the re­
turn of the consumer’s commodity or produce to close the transaction,
when the two producers and consumers are mutually paid. Approximately
these transfers are five each w ay; so that we cannot be far wrong in
estimating ten exchanges to the circuit. Consequently we maintain a com­
mercial debt upon the above figures o f $4,352,000,000, or ten-fold the sum
of the debt-currency, that need not and could not exist with a currency
exclusively of money. Every merchants’ stock o f goods greatly exceeds
the sum o f currency he retains on hand; and this law of the exchanges
in the circuit of money seems to determine the ratio of goods offered
for sale, with other circulating property, to be approximately as 10 to 1 of
the currency throughout the country.
So completely has the idea o f money in the debt currency taken pos­
session of the public mind, that it is difficult for people to comprehend
how the above incubus of debt is created, or why there is any more of




Currency o f the United States.

577

it than would exist with a money currency. But money is a value pur­
chased with another value in goods, and comes in return for merchandise
sold to California and to other countries; debt has no part in its creation.
The debt currency is not a value; it is a fiction of money manufactured
virtually out o f nothing, and is, when created, like every other debt, in
excess of all the money and property in the world. An illustration will
show how this worse than useless load of debt and embarrassment is en­
tailed upon us. You have 100 yards of cloth for sale at §5 per yard
that I want; and 1 have 2,500 pounds o f wool for sale at 20 cents per
pound that you want; either commodity amounting to §500. Simple
barter would effect the exchange in the most economical manner, and
satisfy us both, without debt or embarrassment; but we do not know
each other’s wants, and do not meet in the market; a middle man or
merchant is therefore necessary to us both. If he has §500 of money,
as he would have under a money currency, to pay for your cloth that you
can pay for my wool, the exchange may be effected without debt or delay
of settlement. It is triangular barter; gold, a third commodity of value,
being employed as a medium o f exchange; but, by the present system,
we expel the gold, and thence comes the necessity o f debt to create the
debt currency and maintain the banks. A merchant gives his note for
your cloth, and the same or another gives his note for my w o o l; then,
according to the present custom o f making the utmost possible use of
banking, you give your note for the wool, and I give my note for the
cloth ; and now the bank is ready to accommodate all parties in accomm'odating itself. You-and I get the merchant’s notes discounted; he
gets our notes discounted, and the bank gives in exchange— what ? Cer­
tainly not money, for that yields no profit; it must lend what has no exis­
tence, and make a currency of its debt, over and above its money and capital,
on which to charge interest as money, to make dividends; o f course, it
lends its debt in the form o f notes or inscribed credit. You and I now
owe §500 each ; the merchant owes §1,000, and the bank owes §2,000;
and here, on §1,000 of value, by reason of the absence of §500 o f money
in the currency, is §4,000 of debt created, more useless and unnecessary
than a fifth wheel to a coach ; §2,000 of it is debt currency which infal­
libly drives from the country §2,000 o f gold, and compels the next traders
to go through the same operation o f running in debt to effect their ex­
changes. And what capital is employed in these transactions ? Clearly
not a dime but yours and m ine; your cloth and my w o o l: our capital
maintains the merchant and the bank, and all their clerks and rent and
charges; we are entangled in a useless debt, with the fluctuating values
of a currency continually expanding and contracting to accommodate
the cupidity or necessities of the bank, and we run the risk o f bankruptcy,
out of the proceeds o f our own labor, which, under a money currency,
would have been exchanged without any risk whatever. Every time the
cloth or the wool is exchanged in its progress to the consumer, more
debt and more currency o f the same sort are created, and an oppressive
mass of debt is thus built up and maintained to expel money, postpone
payments, and embarrass everybody.
There is no objection to the merchant in this business; he is a neces­
sary and economical agent in finding and opening markets and effecting
exchanges, securing to the producer uninterrupted employment at home ;
and, in transferring a commodity from where it is of less, to where it is
V O L . x l i i i . — n o , v.
37




578

Currency o f the United States.

o f greater, value, he performs a service equivalent to the production of
so much value; employing labor and tools of wood, iron, wind, steam,
&c., differing in form but not in principle from those employed by the
producer himself. Indeed, it is to the merchant we owe the variety and
increase of employments that maintain labor and produce wealth ; but
to the bank o f the debt system we owe nothing but obstruction to labor,
loss of national capital, bankruptcy, and distress. It is the system, and
not the banks, that I condemn, and it is the people, not especially the
bankers, who are responsible for it ; but it is most especially the duty of
the economist and the legislator to speak plainly, and put public opinion
right upon this momentous subject.
I have taken occasion to say in these pages repeatedly that commerce
consists of an exchange of material and immaterial products upon the
simple principle of barter; commodity pays for commodity, and service
for service, and the nearer we come to a direct exchange the less is the
tax upon both producer and consumer, and the better it is for the com­
munity. Merchants and money are necessary to an economical accom­
plishment o f exchanges, but not mere speculators nor a currency of debt.
If the natural law o f value be not interfered with, business will provide
the true and necessary volume o f currency for itself in real m oney; less
we cannot have permanently, and more we cannot permanently retain ;
the debt currency does nothing but sink the value o f money, and drive
so much money away ; it is a.false intruder of the most damaging char­
acter.
The population o f the United States has been estimated of late at
32,000,000 ; on this estimate the currency as above would be $19 10 per
capita ; but the progress of the census o f 1860 thus far seems to indi­
cate that this is an overestimate o f the population ; probably the cur­
rency at the beginning o f the year was $20 for each inhabitant, approx­
imately.
The estimate of $84,000,000 of specie outside of the banks is, I am
aware, very much below that o f other writers, but I feel very confident
there is not over $200,000,000 o f money in the whole nation, including
the California currency and the hoards. Estimates in round numbers
very generally exceed the truth, and are often wild. In the inveterate
paper-currency States, like those o f Sew England, where one dollar notes
are in circulation, it is rather difficult to find change for a dollar in the
hands of any family; the omnipotent bank note of one to five dollars is
everywhere, and is counted upon to buy the smallest commodity ; there
is a constant running about for change from house to house, and the till
o f the retailer is poorly supplied. There seems to be a penchant for
shin plasters in New England, and money flees from them as from a pes­
tilence. I doubt if there is an average of three dollars o f real money to
a family in the State of Massachusetts outside o f the banks, including
the money-drawers o f the shops, sums in the hands o f money' dealers,
and all reserves outside of the hoards ; of hoards, there are a few among
the foreign population. In the South, and of course in those States
where the circulation o f bank bills below the denomination o f five dol­
lars is prohibited, there is some money to be found; but I defer consid­
erably to official estimates in placing the average so high as fifteen dol­
lars to each family in the nation, deducting the slaves, and make no doubt
it is an overestimate sufficient to counterbalance any amount the slaves
may have in possession.




Currency o f the United States.

579

Supposing we have a free population o f 28,000,000— an extravagant
estimate, I think— and allowing five members to each family, there are
5,' 00,000 families, to whom I assign §15 each, making §84,000,000.
There must be large reserves— not hoards— somewhere, and large sums
in the hands of money dealers, travelers, and immigrants, to make up so
large an amount as this, outside of the banks; for there is a bank wher­
ever a bank can be planted throughout the country, to gather all the
money in its neighborhood.
The New York Journal o f Commerce
cyphers up §283,000,000 in the whole country. I cannot conceive where
they find it; but I believe Mr. Snowden of the Mint thinks with me, that
§200,000,000 is a large estimate. A t any rate, I do not think the money
in the currency can exceed the sum I have named. W ith such a leak as
there is in the course o f exchange, that we keep almost constantly ad­
verse to ourselves, which is neither more nor less than keeping money
cheaper here than elsewhere, specie must run out in ways that cannot be
discovered, or brought within the range of statistical investigation.
Some writers have placed promissory notes and bills o f exchange in
the category of currency, but it is altogether a mistake; their affinity is
with circulating property, not with money. They may be exchanged for
property, and so might the property upon which they are drawn ; and if
offered for sale for money they are still more like property; they are ex­
changed against money, and are more likely to have the effect o f increas­
ing the exchange value o f money than o f reducing it, as they would if
they were of the nature o f currency. They are, however, neither money,
nor currency, nor property, but mere records of an unfinished bargain ;
the purchase money is not paid, and these are memoranda or written
evidences of what the debtor is to do to complete the contract. One
species of property exchanges for another; this is barter, the fundamen­
tal principle o f trade; and when promissory notes and bills of exchange
are exchanged for money, they take the position of property as essentially
different from money as the goods that were delivered for them, or for
the fund upon which they are drawn.
W e must clearly understand, and I therefore repeat, that the currency
is that, and only that, which ought to be money, and would be if not in­
terfered with by an abnormal legislation that authorizes debt to take its
place. The public mind should be disabused as to the existence o f capi­
tal or value in promissory notes and bills of exchange; then people would
comprehend that there is neither money, capital, nor value in the debt
currency erected upon them, or into which they are converted, nor in the
so-called “ bank capital,” which stands upon no other foundation. He
who buys 1,000 barrels o f flour for §5,000, holds the capital in the flour;
and if he pays for it in gold, it is an exchange of capital; he has so
much more o f one commodity, and so much less of another— more flour
and less gold— while the flour seller has so much less flour and more gold.
If, instead of paying money, the buyer gives his note for the flour, it is
preposterous to say or suppose that he creates a value of §5,000, and that
the community are in possession o f §10,000 o f capital because he has
run in debt §5,000, and made his note for the same. And now, if the
note be exchangd for gold, or hemp, or cloth, or any other property, there
is only a legitimate use o f credit in the transaction ; it may be exchanged
fifty times for value received in each transfer without affecting the value
of money, or doing any harm ; the payee or original holder of the note




580

Currency o f the United States.

simply receives gold, or hemp, or cloth, or some other property in ex­
change for his flour; the note is all the while nothing but a written evi­
dence of the debtor’s verbal promise; adding nothing to the volume of
gold, or of currency equivalent in use to gold, or to property of any
hind. In effect, the whole is legitimate barter; flour being exchanged
for gold, and gold for hemp, and hemp for cloth, <fcc., through the entire
circuit of exchanges. I wish to direct attention particularly to this point,
and ask for it the most careful consideration, that there is not in this
note an increase of anything but debt; there is nothing in it of the na­
ture of an increase of money, currency, or property, and the transfers
effected, as I have described, are merely transfers of pre-existing money
or property.
But now let us suppose that the note is discounted in bank, and the
bank, instead o f delivering the material equivalent, money, that is, gold
or silver, for the proceeds o f the discount, issues its notes, or inscribes a
credit to be checked upon as money in excess of the money in its coffers;
it is then a very different thing; the act is the creation of debt currency,
for which there is no material equivalent; there is no such money or
value in existence as the bank promises to p a y ; and, therefore, although
it receives an obligation to return something for nothing, at the ultimate
settling day the thing cannot be d on e; if the bank gets the material
equivalent, it belongs to some other obligation that it is required to meet,
and somebody must break for it when the bank can no longer maintain
the fiction in circulation. The continued existence of this fiction in the
currency is absolutely necessary to maintain the price it created in the
circulating property, and support the obligations of debt in the circuit of
exchanges made by and resting upon it. Its withdrawal by a set-off be­
tween the two debtors, the bank and its customer, in the contraction of
loans, is inevitable bankruptcy to all these obligations that must fall
somewhere upon wholesale or retail dealers within the circuit o f its ope­
ration, for it is the annihilation o f so much currency.
But when it is created, being accepted without bargain or question as
money', it degrades the value of all the capital of the community invested
in money, precisely as much as it adds to the volume of the currency;
this is the sure effect o f an increase of bank loans. Obviously, if the
bank loan is not increased by the discount; if it be merely relending a
fund previously in the currency and just paid in, there is neither an in­
crease of currency nor degradation of the value o f money in the discount
transaction; but I am treating of the principle of the thing, the con­
struction of the debt currency, and I aver that we might as well make a
free gift of so much gold to some other portion of the world, as to or­
ganize this note into a currency equivalent in use to money, without a
special reserve of coin in the bank, dollar for dollar, against the sum
placed at the disposal o f the party obtaining the discount; it is convert­
ing fiction into a currency of price that is not value, and is a dead loss
of capital to the nation, excepting so far as it adds to the price of our
products in foreign countries, which is inappreciable, as the expelled coin
flows into the great ocean o f the currency o f the world. Its effect is en­
tirely adverse to ourselves, because, by raising general local prices, it
checks our production and exports, and brings returns in foreign goods
with precisely the whole amount of the fiction o f money added to their
price, which we must pay in the solid value o f gold and silver. Your




Currency o f the United States.

581

constant readers will excuse tire repetition of this truth, which I have
presented in previous numbers o f this Magazine; it must be repeated,
“ line upon line and precept upon precept,” until our people are fully
awakened to its vast importance. It is the absence o f money and value
in the currency, and of capital thus expelled from the country, that is
the cause of'th e cruel bankruptcy that cankers the life of our business
men.
With 613 millions o f currency at the beginning o f the year, sterling
exchange was at par, or somewhat in our favor; we were shipping pro­
ducts but no money. Now, late in August, sterling exchange rules against
us, and we are shipping monev, twice as much as we receive. Are we
short of exportable produce? Certainly n ot; there is an abundance o f it
that we want to sell; but we have expanded the currency and cheapened
money; 613 millions is no longer the volume of the currency. The city
banks o f New York and Boston alone have since increased their loans
$11,000,000, and the Northwestern States are breeding red dogs and
wild cats as fast as possible; new banks are going into operation in
all directions, and there is a general expansion o f the debt currency, with
the single exception o f New Orleans, while the increase of gold would
expand the currency more than fast enough. There is now currency
enough to maintain the prices of many exportable products above the
exporters’ limits, and to turn the export demand to that extent upon gold
and silver—just enough of currencv to sink the value o f money for the
amount of the export of specie. The volume o f currency is now above
the specie measure, and no human statute, unless by destroying a portion
of the debt currency in the contraction of loans, can prevent the excess
from being exported in solid money. W ho does not see, if we exported
merchandise to the amount o f $50,000,000 instead of gold, that we should
have room for the reproduction of 50 millions more o f merchandise;
and that we should reproduce it, leaving the money in the currency and
so much more capital in the nation, than we shall have by the present
destructive policy at the close of the year? W e want the business of
exporting this 50 millions and of producing 50 millions more of mer­
chandise, and the relief from debt that would come with the accession of
so much capital.
But the so-called balance o f trade is now against us. The “ balance of
trade” is a chimera; money is cheapened by an increased supply like
beef, and is exported like beef when it is cheaper here than in the foreign
market. It is perfectly in the power of a few gentlemen who control
the New York city banks, to turn the so-called balance of trade in favor
of the United States in six weeks, and, if judiciously managed, without
any considerable disturbance of prices; excepting perhaps among the
fancy stocks in Wall-street. The clear reduction of six or seven millions
o f bank loans would reduce the volume of currency one per cent, and
general or average prices one per cent, but for the continued supply of
California g o ld ; and even with that, a reduction of seven millions in six
weeks, would so enhance the exchange value of money as to reduce ster­
ling exchange below the par rate of 94 per cent. This is not a mere con­
jecture, but a matter in which the country has bad practical and ample
experience, and which intelligent bank directors understand perfectly
w'ell; then the “ balance of trade ” would be in our favor, and we must
export merchandise instead of money.




582

Currency o f the United States.

The vast power of regulating the value o f money, and thence the com­
merce of the United States, is very properly delegated by the States to
Congress in the constitution ; it is the chief function of sovereignty,
without which, the stipulation for regulating commerce, as well as that
for maintaining the inviolability o f contracts, is an utter nullity.* But,
by reason of the neglect o f Congress, this great function is given over to
the cupidity of the banks; and to suit first their profits and then their
necessities, the value of money is first degraded, then enhanced ; the im­
port of foreign goods is, by the same process, first stimulated, then
checked; the production, as well as the export, o f our domestic merchan­
dise, is first diminished, then increased, inversely as the increase and di­
minution of the currency ; the government revenue is first over supplied
to a surfeit, then depleted to starvation ; the people are first thrown into
debt for a huge sum in price, and then compelled, by the inevitable fall
in the money value o f their assets, to settle the whole sum of price in
their obligations, above value, in bankruptcy. Indeed, the chief object
of the business of the nation, or of its conduct, seems to be first to make
dividends for the banks, and then save them from the consequences of
their cupidity in the suspension of specie payment; while the prosperity
and happiness of the people are of secondary consideration, or of none
at all. This mighty power over the public welfare is now practically
exercised by a few gentlemen who control the discounts of the leading
banks of the city o f New York, the creditor city and center of the ex­
changes of the nation.
It would be no hardship to the banks of issue to be converted
into ‘‘ savings banks,” and compelled to borrow all they lend in excess of
their capital, paying interest on deposits, and making their support and
profit out of the difference between the interest they pay and the ex­
change and interest they receive; because there would then be no limit
to. the loans in excess o f their capital; then they would get money with­
out creating a fictitious currency. I presented a statement o f this prin­
ciple of hanking in your issue of May7 last, showing its practicability and
profit. The public would be protected in this principle by the hank
capital, of which there is none in the present savings banks; and the
capital would be real, which, to a very great extent, it is not in the pre­
sent banks of issue. It is in effect bullion banking, although the circula­
tion may be in checks and certificates, the deposits being borrowed on
stipulated time, and the loans being carefully averaged to be returned
before the deposits fall due. There could be no contraction of the cur­
rency in this principle o f hanking; on the contrary, there would he a con­
tinual and normal increase of the currency by and with the increase of cir­
culating property ; the only way in which it can be steadily or profitably in­
creased. The banks would be under no immediate liabilities without coin
in reserve, dollar for dollar, to meet them ; for the undrawn loans would
be retained on special deposit, with the fund belonging to the circulat­
ing certificates, in coin not to be loaned again, while its ownership exists
in the loans and certificates. It puts an end to the present unjust and
ruinous principle of lending the same dollar several times over, upon which
* Strictly speaking,«no human government can regulate the value of money, excepting by re­
straint upon any interference with it. Money may be diverted from its true course, or obstructed
in its natural flow, like the current of a rivet ; and it is vitally important in the matter of money
that government shall prevent such diversion and obstruction. It can have no other power to
regulate the value of money. Coinage is simply inspection.




583

Journal o f Mercantile Law .

the banks now make their support and profit, and which is absolutely
necessary to their existence under the present system.
Finally, it would soon add $450,000,000 o f real money to our working
capital; make the United States, in excess o f imports, the greatest export­
ing nation on the globe : put an end to our “ panics ” and commercial re­
vulsions, and New Y ork would infallibly become the center o f the exchanges
and the leading city o f the commercial world.
Such is the vast importance o f this currency question. If Congress
should think that existing charters, which complete!}' override the con­
stitutional power of regulating commerce and the value of money, are
still too sacred to be annulled, they can at least put a stop to their
further extension, and to the creation of any more debt currency, by pre­
scribing a limit to the bank loans.of each State, and prohibiting the es­
tablishment of any more banks to create a fiction of money and lend
what has no existence.
I trust the government will never again attempt to be concerned in
the business o f banking; but, in the exercise o f their constitutional con­
trol over commerce and the currency, Congress can further the business
of bullion banking, which is the only means o f regulating, and the only
security for both, by establishing a safe depository for coin in the hands
of commissioners, independent of the treasury, and beyond the control of
the treasury officers, with authority to issue certificates therefor of con­
venient denominations to furnish a portable, secure, and convenient
national currency, to save the loss by abrasion and other cost of handling
and of transporting gold. The government must be responsible for the
safe keeping of the coin, dollar for dollar, against all outstanding certifi­
cates, with a positive restriction of its power to remove the deposits from
the custody of the commissioners. The certificates should be payable
only where the deposit for the same is made, leaving to bankers and mer­
chants the business o f removing the coin on presentation o f the certifi­
cates, when the same shall be required. But the bullion or coin must
be kept, at any cost of vaults and bolts and responsible custodians, while
its ownership circulates ; otherwise it is utterly lost to the nation.
This important subject needs a leading mind in Congress. Is there
not some member who will make it his specialty and attend to it? In
no other way can he do his country such essential service.
c. h . c.

JOURNAL OF MERCANTILE LAW.
THE BOMBARDMENT OF GREYTOWN.

In the United States Circuit Court.— September 14.
Calvin Durand vs. George N. Ilollins.

Before Justice N

elson.

N e l s o n , C. J.— This is an action of trespass brought by the plaintiff to re­
cover damages for the destruction of property by the defendant at San Juan
del Norte, Nicaragua, otherwise called Greytown, on the 13th July, 1854.
The defendant, among other defenses, has pleaded that he was a commander
in the navy of the United States, and as such commanded a vessel-of-war called
the Oyane, and was bound to obey the orders of the President of the United
States, and of the Secretary of the Navy ; and that by virtue of lawful and
public orders of the President and Secretary, he did cause the place called Grey-




584

Journal o f Mercantile Law.

town by the naval force of the United States to be bombarded and set fire to,
and which are the same alleged trespasses set forth in the declaration.
There is also a plea setting forth in addition to the facts above stated, that
the community at Greytowu had forcibly usurped the possession of the place,
and erected an independent government, not recognized by the United States,
and had perpetrated acts of violence against the citizens of the United States
and their property; and having on demand for redress, refused it, the defendant,
under public orders from the President and Secretary, as a commander in the
navy, and then in command of the Cyane, did cause the place to be bombarded
and set on fire, as he lawfully might for the cause aforesaid.
To these pleas the plaintiff demurred, and the defendant joined in demurrer.
The principal ground of objection to the pleas, as a defense to the action, is
that neither the President nor Secretary had authority to give the orders there
relied on to the defendant, and hence that they afforded no ground of justifica­
tion.
The executive power, under the constitution, is vested in the President of the
United States, (Art. 11, Sec. 1.) He is Commander-in-Chief of the Army and
Navy, (Sec. 2.) and has imposed upon him the duty to “ take care that the laws
be faithfully executed,” (Sec. 3.) In organizing a government under the con­
stitution, an executive department, called the Department of Foreign Affairs,
was established, and a secretary placed at its head, to execute such duties as
shall from time to time be enjoined on or intrusted to him by the President,
agreeable to the constitution, relative to correspondences, commissions, or in­
structions to or with public ministers or consuls from the United States, or to
negotiate with public ministers from foreign States or princes, or to memorials
or other applications from foreign public ministers or other foreigners, or to such
other matters respecting foreign affairs as the President shall assign to said de­
partment ; and furthermore, that the said secretary shall conduct the business of
the said department in such manner as the President shall from time to time
order or instruct. (Act of Congress, July 27, 1789, Sec. 1.)
By a subsequent act, this department has been denominated the Department
of State, and the head of it Secretary of State.
There was also established another executive department, denominated the
Department of the Navy, the chief officer of which is called the Secretary of
the Navy, whose duty it shall be to execute such orders as he shall receive from
the President relative to the procurement of naval stores and materials, and the
construction, armament, equipment, and employment o f vessels of war, as well
as all other matters connected with the naval establishment of the United States.
(Act of Congress, April 30, 1798, Sec. 1.)
As the executive head of the nation, the President is made the only legitimate
organ of the general government to open and carry on correspondence or negotia­
tions with foreign nations in matters concerning the interest of the country or
its citizens. It is to him, also, the citizens abroad must look for protection of
person and of property, and for the faithful execution of the laws existing and
intended for their protection. For this purpose, the whole executive power of
the country is placed in his hands, under the constitution, and laws passed in
pursuance thereof; and different departments of government have been organized,
through which this power may be most conveniently executed, whether by
negotiation or by force—a Department of State and of the Navy.
Now, as it respects the interposition of the executive abroad, for the protec­
tion of the lives or property of the citizen, the duty must, of necessity, rest in
the discretion of the President. Acts of lawless violence, or of threatened
violence to the citizen or his property, cannot be anticipated, and provided for;
and the protection, to be effectual or of any avail may, not unfrequently, require
the most prompt and decided action. Under our system of government the
citizen abroad is as much entitled to protection as the citizen at home. The
great object and duty of government are the protection of the lives, liberty, and
property of the people composing it, whether abroad or at home ; and any




585

Journal o f M ercantile Law.

government failing in the accomplishment of the object, or performance of the
duty, is not worth preserving.
We have said that the interposition of the President abroad for the protec­
tion of the citizen must necessarily rest in his discretion ; and it is quite clear
that, in all cases, where a public act or order rests in executive discretion, neither
he nor his authorized agent is personally civilly responsible for the consequences.
As observed by M a r s h a l l , Ch. J., in Marbury vs. Madison, (1 Orancb, 165.)
“ By the constituton of the United States, the President is invested with cer­
tain important political powers, in the exercise of which he is to use his own
discretion, and is accountable’ only to his country in his political character, and
to his own conscience. To aid him in the performance of these duties, he is
authorized to appoint certain officers, who act by his authority and in conformity
with his orders. In such cases, their acts are his acts ; and, whatever opinion
may be entertained of the manner in which executive discretion may be used,
still there exists, and can exist, no power to control that discretion. The sub­
jects are political; they respect the nation, not individual rights, and being in­
trusted to the executive, the decision of the executive is conclusive.”
This is a sound principle, and governs the present case. The question whether
it was the duty of the President to interpose for the protection of the citizens
at Greytown against an irresponsible and marauding community that had estab­
lished itself there, was a public political question, in which the government, as
well as the citizens whose interests were involved, was concerned, and which
belonged to the executive to determine; and his decision is final and conclusive,
and justified the defendant in the execution of his orders through the Secretary
of the Navy.
Judgment for the defendant.

ALLEGED FRAUD ON THE REVENUE.

In the United States District Court.
ted States vs. 126 bales of padding.

Before Hon. Judge

B etts.

The Uni­

The libel in this case alleged that Collector S c h e l l , in September last, at the
city of New York, seized, as forfeited to the United States, the 126 bales of
padding imported into the port of New York subject to duties and entered ; that
an invoice was produced and left with the Collector. That upon an examina­
tion and appraisement the packages and invoice were found to have been made
up with intent, by false valuation, extension, and otherwise, to evade and defraud
the revenue of the United States in this, that the goods contained in the packages
were valued in the said invoice at a less price than the actual market value or
wholesale price abroad of the goods at the period of exportation to the United
States, thereby intending to defraud the United States by paying less duty on
said goods than the amount which the same were required by law to pay on the
importation thereof into the United States. Also that the goods were invoiced
at a much less price than the actual costs thereof, with intent to evade and de­
fraud the revenue ; and that the goods, by reason aforesaid, became forfeited to
the government. The libel prayed for a decree of the court condemning the
goods. G e o r g e B r o w n , of the firm of S m i e t o n & B r o w n , intervening for
J a m e s S m ie t o n and others, of Dundee, in Scotland, appeared and claimed the
merchandise, averring that his said firm were in the possession thereof, at the
time of the seizure by the Marshal, as agents of J a m e s S m ie t o n and others, the
owners. The claimant, G e o r g e B r o w n , also put in an answer by J a m e s B .
C r a i g , Esq., his procter, claiming that the merchandise did not become forfeited,
as alleged. A consent was given by the proctor for the claimant that a decree
of condemnation and forfeiture be entered, and the merchandise be delivered to
the claimants, upon payment by them of $18,300 25—the appraised value—into
the registry of the court. The United States District Attorney consented that
the merchandise be discharged from custody, upon the claimants filing sworn




586

Journal o f Mercantile Law.

claim, paying into the registry of the court §18,300 25—being the appraised
value of the same— and consenting to a decree of condemnation and forfeiture.
The court entered a decree, which, after reciting that the goods having been
attached by the Marshal, and no defence to the libel of information having been
interposed, and the claimants having paid into the registry of the court $18,300 25,
as the appraised value of the goods, on filing consents of United States Dis­
trict Attorney and proctor for claimants, ordered that the goods be condemned
as forfeited to the United States, and that out of the proceeds paid by the
claimants into court the clerk pay the taxed costs, and pay the balance of the
money to the Collector, to be by him distributed according to law. Amount
paid to Collector §17,962 75.

THE SCHUYLER FRAUDS AND THE NEW HAVEN RAILROAD STOCK.

In the United States Circuit Court.— September 14. Before Justice N
Charles Illius is the New York and New Haven Railroad Company.

elson.

N e l s o n , C. J.—The question in this case is, whether the defendants are re­
sponsible for the spurious certificates of stock issued by S c h u y l e r , the president
of the company, and transfer agent of the stock, which certificates have passed
into the hands of a bona fide holder for value.
The question has been twice before the Court of Appeals of this State, and
after a very full and able examination, has been determined in the negative. (3
Kern. 599, Mech. Bank vs. New York and New Haven Railroad Co., and 17
N. Y . R „ p. 592, New York and New Haven Railroad Co. vs. Schuyler, Cross,
&c.) The action in the first case was founded on one of these certificates, and
presented the question directly, raised in the present case upon the demurrers.
It was also necessarily involved in the second case, and the principle of the first
again affirmed. According to our view of the practice of the federal courts in
similar and analogous cases, these courts follow the decisions of the highest
State judicial tribunal, the question involved being one essentially of local law ;
and without, therefore, expressing any opinion upon the law of the case, we shall,
in pursuance of the decision in the cases above referred to, direct judgment to
be entered upon the demurrers in favor of the defendant.

ADVANCES ON COTTON.

The following cases before the United States Circuit Court of Rhode Island
are interesting to the cotton trade:—
The Bank of the State of South Carolina vs. Bicknall & Skinner.
This was a suit in equity brought to compel the defendants to deliver up a
quantity o f cotton shipped to them for sale by M i c h a e l L a g a r u s , of Charleston,
under whom the bank claimed, the complainants offering to deliver up to the
defendants the bills accepted by them which had been drawn against the ship­
ment. The bill sustained as to a portion of the specific cotton admitted to have
been in the hands of the defendants at the date of the commencement of the
suit, and decree for the plaintiffs accordingly.
The Bank of the State of South Carolina vs. Bicknall & Skinner and the
Commercial Mutual Insurance Company.
The facts in this case were similar to those in the last-named suit, except that
the cotton had been lost by the perils of the sea on the voyage from Charleston
to New York. It had been insured by the consignees under an open policy, and
the complainants claimed that they were entitled to the insurance money upon
returning the bills accepted against the shipment. This claim was not sustained
by the court, and the bill was dismissed.




587

Commercial Chronicle and Review.

COMMERCIAL CHRONICLE AND REVIEW.
PROGRESS

OF

BUSI NE SS — IM P O R T S — E X P O R T S — D OM E STIC

T O I M P O R T S — E F F E C T ON E X C H A N G E S — L A R G E R
GRAIN

AT

THE

PR OD UC E — A P PR O X IM A TIO N

PO RTION

OF E X P O R T S

OF B R E A D S T U F F 8 — T A B L E OF E X t O R T S —

W E S T — M I L W A U K E E — C H IC A GO— R A IL R O A D S — RIS E

IN

V A L U E S — AB SO R PT IO N

OF

F U N D S — C A P I T A L A T C A L L — G R A I N F O R F R E I G H T S — NO S P E C U L A T I O N A T T H E W E S T — M O N E Y IN T U B
STOCK

M A R K E T — BANK LO ANS— C O N T R A C T I O N

MONEY— R E M ITTA NC E S — STERLING
S H I P M E N T S — S P E C I E IN T H E

C O M P A R A T I V E — L O A N S ON T H E

B IL LS — R A T E S

OF

M A R K E T — R A T E S OF

EXCHANGE— CURRENT

OF

SPECIE— GO LD

C IT Y — ASS AY -O FFIC E — MINT.

T he progress of business has been satisfactory since the commencement of
the crop year. The cotton movement has been such as not to attract much
money, and the grain export has been affected by the fluctuating news from
Europe in regard to the extent of the damage done to the harvests. The gen­
eral course of events has been to keep prices at rates which have allowed the
produce to flow freely out, and, by so doing, to carry the exports of the port of
New York to an extraordinary high figure. The summary of September
trade, the details of which will be found in the usual tables annexed, has been

as follows.

-

1854
.......................................
1855
................................
1856
.......................................
1857
.......................................
1 8 5 8 ..,............................................
1859
.......................................
1860
.......................................

Domestic exports.

$3,772,124
5,228,637
7,045,202
4,218,254
3,521,992
4,946,612
9,232,931

Total exports.

$10,864,731
7,436,586
11,860,800
6,193,100
7,135,800
14,037,500
13,658,700

Imports.

$14,266,888
14,021,725
15,309,400
16,847.400
15,473,300
16,643,600
16,260,500

The exports of domestic produce are nearly double those of the last year, and
also of the average for September of the previous seven years. This large ex­
port has been composed of breadstutfs to a very considerable extent; but it is
to be observed that the exports of specie are nearly as large as in former years
except the last, notwithstanding the large exports of produce. It results from
this that the exports of this port are gradually assimilating to its imports.
Thus, in 1858 the exports for the month were forty per cent of the imports. In
1859 they were one-half the imports nearly, and this year they are ninety-five
per cent of the imports. Such a state of the exchanges of this city cannot but
lead to abundance of money, since the equalization of the local trade of the
city, by larger exports of domestic produce, throws a larger surplus of bills,
based upon the Southern exports, upon the market. This feature has been ap­
parent during the nine months, and the following are some of the leading arti­
cles that make up the increase:—
EXPORT FROM NEW YORK OF SEVERAL ARTICLES OF DOMESTIC PRODUCE FOR NINE MONTHS-

Articles.
Flour................................. .....................bbls.
W heat....................... .
Corn..................................
Beef....................................
Pork........ .........................
Bacon ............................... .............100 lbs.
Lard..................................
Cheese...............................
Tobacco.............................
“
manufactured. . .
Tallow...............................
Domestics.........................




1858.

1849.

1,012,666
3,025,332
1,578,898
48,604
57,025
175,434
95,280
28,110
50,965
32,293
17,055
45,319

663,223
33,386
168,790
65,074
103,652
55,833
63,623
50,000
54,304
42,183
17,701
69,626

1800.
1,269,687
6,669,566
1,889,821
79,911
91,570
143,536
130,845
187,609
65,457
52,771
94,915
75,904

588

Commercial Chronicle and Remew.

The forward movement of grain continues without much affecting the price,
since the supply is held to be very large, and so manifests itself in the extended
movement at the West. The receipts of grain at Chicago, Milwaukee, and
Buffalo have been as follows, to October 1 :—
i--------- Milwaukee.--------- v

1859.
Wheat in flour..bush.
Wheat..........................
Corn..............................
Oats.............................
Barley.........................
Rye...............................
Total...................

651,110
3,263,619
131,366
296,002
70,347
15,630
6,332,065

,------------- Chicago.-------------v

Buffalo.

1860.

1859.

1860.

1860.

856,100
4,377.249
90,124
136,887
75,626
23,004

3,631,515
8,060,766
5,401,870
1,757,696
652,696
233,514

1,842,820
9,115,433
14,101,415
1,181,409
321,205
193,690

3,926,195
9,850,469
9,850,905
899,106
99,958
35,065

26,755,972

24,461,698

6,458,988

19,738,051

The supplies this year are for nine months, against those of the whole of last
year. The result is a larger increase, and it has come forward to those primary
grain ports, over the various railroads, at falling prices, since the quantities to
be carried on the lakes have sent up rates of freight, while there has beeu no
answering demand at the place of destination to sustain the prices to a rate
corresponding with the enhanced rate of transportation. There has, therefore,
not remained much over to the growers; but the grain sent forward has been
applied to debts in a satisfying manner, if it has left little surplus towards new
business. The abundance at the West is at all events satisfactory, since the
wants of the South and East will be the more easily supplied. The moderate
course of the crops coming forward in discharge of debts, without being accom­
panied by any speculative excitement that would attract much money, has had
a tendency to keep money abundant on the seaboard, and the rates on short
business paper are about the same as last year. A t call there has been more
demand for money, sir.ce the ease of the market aided the hopes arisiug from
‘ large crops, to promote a good deal of stock speculation, which has absorbed
much money. In June, money at call was 4| a 5, aDd is now 6f a 7, a rise of
two per cent. The rise which has taken place ia railroad stocks is as follows :—
---------------June 15.------------------- s ,------October 10.— ,
Capital.
Price.
Value.
Price.
Value.

New York Central............................. $24,182,400 81 $19,000,000 9u $21,780,000
Illinois
“
.............................. 25,000,000 60 15,000,000 87 22,000,000
4,400,000
1,870,000 40
Erie......................................................... 11,000,000 17
3,770,926 46
2,360,000
Hudson River.......................................
1,734,200 64
843,400
4,217,100 12
530,000 20
Harlem..................................................
750,000
1,500,000 37
655,000 50
Harlem, preferred................................
5,882.n(>()
46
4,494,816
Reading.................................................. 11,737,041 40
4,200,01)0
6,057,840 46
2,760,000 78
Michigan Central..................................
1,520,420
6,081,800 10
608,180 24
Michigan So. and No. Ind...................
1,440,800
“
“
“
Guar. Stock
2,893,600 23
667,000 50
4,620,000
6,026,400 61
Galena and Chicago............................
3,750,000 77
1,551,000
3,343,712 30
Cleveland aud Toledo..........................
1,010,000 47
4,366,000
5,603,000 67
3,752,000 78
Chicago and Rock Island....................
625,000
175,000 15
3,696,693
5
Milwaukee and Mississippi.................
Total............................................ $120,077,112
Average..................................................

$75,746,620

$55,906,196
45

62

Thus the speculation has produced a rise of ,f20,000,000 in the market valueof stocks, which, with the exception of the New York Central, pay no divi­




Commercial Chronicle and Review.

589

dends. These stocks had been all exceedingly depressed, and, to some extent,
dead in the hands of the holders as a consequence of that depression. A sum
of §20,000,000 has been added to their values, and, as a consequence, much of
it has become active. This has, however, absorbed a great deal of money in the
hands of the public, and gives employment to capital of banks and individuals
at call. The basis on which this rise in value was brought about was the pre­
sumed improvement in general business that was to grow out of the large West­
ern crops. The railroads'were, it was hoped, to do a large carrying trade, as
well of the crops to market as of return trade, as a consequence of the sales of
that produce. That the railroads have earned more is true, and the Western
roads show, some of them, a considerable increase in revenue. This increase,
for a few months during which the bulk of the grain comes to market, is not an
indication, however, of the earnings for the year. The large portion of the
business of the roads in former years was derived from passengers who were en­
gaged in railroad building, land speculation, and other employments. This may
not return immediately, but the steady prosperity of the West may result more
from the realization of crops at fair prices. The railroads are undoubtedly an
important item in her welfare; but the cost of these roads, many of them, was
run up, by extravagance and worse conduct, to points too high for a regular
and healthy business to pay. During the depression of the past four years a
good show has been sought by keeping down even necessary expenses, and the
first returns of prosperity are required to make good the neglected repairs of
the past two years, hence the dividends that are looked for fade in the distance
in many cases. The market received a strong hint of that nature in the unex­
pected passage of the dividends of the Rock Island Railroad, after hopes of its
payment had been entertained up to the last hour.
The absorption of money in the stock market, great as it is, has not materi­
ally affected the rate, although the bank loans have at the same time undergone
a material decline. The highest point in New York city bank loans this year
was August 25, and, as compared with the last year, the movement was as fol­
lows :—

1859.

I860.

August 21...........
October 15...........

$116,588,919
101,917,569

1857.

$126,004,424
124,216,701

1858.

$119,541,070
117,289,067

$130,578,997
122,807,138

Decrease.........

$14,671,350

$1,787,723

$252,003

$8,271,758

This presents the curious fact that the bank curtailment this year has been
half as much, in the business season, as that which accompanied the great panic
of 1857, and which ended in suspension in the first week of October. The
failure of the Artisans Bank accounts for §1,300,000 of the curtailment. There
has been, undoubtedly, a considerable contraction of business attending the ex­
citement of the presidential canvass, and the diminished demand for money for
general purposes has resulted, while the supply on call has been the greater.
There have been two loans negotiated : one of §450,000, five per cent, payable
in fifteen years, of the State of New York. It was taken at 1.82 per cent a 3.
A Floating Debt Fund Stock of the city of New York, opened September 18,
1860, redeemable in eighteen years, was taken at a range of 101.07 to 103.00.
The rates of money are quoted as follows :—




590

ComSnercial Chronicle and Review.

Jan. 1st, 1859.
Feb. 1st...........
Mar. 1st...........
Apr. 1st...........
May le t...........
Jun. 1st...........
July 1st...........
Aug. 1st...........
Sept. 1st...........
Oct. 1st............
Nov. 1st............
Dec. 1st............
Dec. 17 tb..........
Jan. 1st, I860..
Jan. 18 th..........
Feb. 1st............
Feb. 18 th .........
Mar. 1st...........
Mar. 15 tb.........
Apr 1st. . . .
Apr. 15th.........
May 1st...........
May 15th . . . .
June 1st...........
June 15th . . . .
July 1st...........
July 15th.........
Aug. 1st...........
Au£j. 15th.........
Sept. 1st..........
Sept. 15th........
Oct. 1st............
Oct. 15th.........

<------ On call. ------- 1
Stocks.
Other.
4 a 4^ 4 a 5
5 a6
6 a7
4 a5
44 a 6
4 a 5
6 a 6
5 a 6
6 a7
6 a7
7 a8
5 a6
6 a 7
6 a7
7 a8
a 6
7 a8
6 a7
5} a 7
5 a 5J 6 a 7
5 a 5| 6 a 7
5^ a 6
6 a7
6 a
64 a 7
7 a 74 7 a 74
6 a 6^ 7 a 74
5 a 6
6 a7
5| a 6
6 a7
5 a 5 | 64 a 6
6 a 64
5 a
5 a 54 6 a 64
6 a 54 6 a 64
5 a 6
6 a 6|
6 a 64
4£ a 5
5 a 6
44 a 5
5 a5| 5| a 6
5 a5| 54 a 6
6 a6
6 a 7
54 a 6
6 a 7
6 a7
7 a 9
6 a7
64 a 7
64 a 7
7 a 8
64 a 7
7 a8

/-------Indorsed------00 days. 4 a 6 mos.
4 a5
5 a 6
5 a 6
6 a7
a 5^
a ti-|
5 a 5^ 6 a 6|
6 a 6| 64 a 6
7 a 8
64 a 7
64 a 7
7 a 74
64 a 74 7 a 8
6 a7
7 a 74
64 a 7
7 a8
64 a 74 74 a 8
6 a7
7 a 84
7 a 74 74 a 84
7 a 74 74 a 84
8|a 9
9 a 94
84 a 9
9 a 94
7 a 74 74 a 8
7 a 74 74 a 8
6 a7
74 a 8
54 a 6
6 a
54 a 6
6 a
5 a6
6 a
5 a6
6 a 7
6 a 6
6 a7
44 a 5
5 a 54
.. a 5
5 a 6
.. a 5
5 a6
5 a6
6 a 64
6 a 64 6 a 7
7 a 9
64 a 7
7 a 74 74 a 8
64 a 7
64 a 74
64 a 7
64 a 74

Single
names.
6 a7
7 a 74
6 a7
64 a 7
7 a 9
8 a9
8 a9
S a 9
8 a S4
8 a 9
a 9£
8 a9
8 a9
7J a 8
9 a 10
9 a 10
84 a 94
84 a 94
8| a 94
54 a 74
64 a 74
64 a 74
64 a 74
64 a 74
5| a 6
a 6
54 a 6
6 -£ a 7
64 a 74
8 a 9
H a 74
8 a 84
8 a 84

Other
good.
7 a 8
8a 9
7 a 8
8a 9
9 a 10
9 a 10
10 a 12
11 a 13
11 a 14
10 a 12
12 a 15
9 a 10
9 a 10
9 a 10
10 a 11
11 a 12
10 a 12
10 a 12
10 a 12
9 a 10
9 a 10
9 a 10
9 a 10
8a9
6 a 74
7 a 74
7 a 7&
74 a 84
8 a 9
9 a 12
9 a 94
9 a 10
9 a 10

Not well
known.
8 a 10
9 a 10
9 a 10
9 a 10
10 a 12
10 a 12
12 a 15
12 a 15
12 a 16
12 a 18
12 a 18
12 a 18
12 a 18
12 a 18
15 a 20
15 a 20
15 a 18
15 a 18
15 a 18
11 a 13
11 a 13
11 a 12
10 a 12
9 a 10
8a 9
8 a 9
8 a 9
9 a 10
9 a 10
12 a 24
1 0 a l 04
12 a 20
12 a 20

These show a considerable and steady advance for long time paper not “ giltedge,” but for business paper there was latterly rather a scarcity. The ease of
the market facilitated, to a considerable extent, the remittances on account of
importations ; but the supply of bills was equal to the demand, and rates were
rather on the decline than otherwise. The market for sterling has shown a re­
markable steadiness since May, the rate hardly varying from 94 a 94, against a
range last year of 104 a 104- The rates have been as follows :—
KATES OF BILLS IN NEW YOKE.

Jan. 1 ..
1 5 ..
Feb. 1 ..
1 5 ..
Mar. 1 ..
1 5 ..
Apr. 1 ..
1 5 ..
May 1 ..
1 5 ..
Jun. 1 ..
1 5 ..
July 1 ..
1 5 ..
Aug. 1..
1 5 ..
Sep. 1 ..
1 5 ..
Oct. 1 ..
1 6 ..

London.
9 a 94
84 a 9
9
H a 9
8f a 9
8 f a 84
84 a 84
84 a 84
94 a 94
9| a 94
94 a 94
94 a 94
94 a 94
94 a 94
94 a 94
94 a 10
94 a 10
9| a 94
94 a 94
84 a 9




Paris.
5.,184 a 5 ,.174
5,.214 a 5 ,. 1 8 4
5,.184 a 5 ,.174
5.,184 a 5 .,174
5.,174 a 5 . 15
5. 174 a 5 . 16f
5. 184 a 5 . 164
5. 164 a 5 . 174
5..13 4 a 6.,12 4
5.,134 a 5. 134
5,.184 a 5. 124
5..1 3 4 a 5 .1 2 4
5 .1 3 4 a 5 . 1 3 4
5.,134 a 6,.13 4
5.,134 a 5,.13 4
5.,13 4 a 5 .1 3 4
5..144 a 5 .1 3 4
5. 14| a 5,.184
5..1 5 4 a 5 . 1 4 4
5..174 a 5 .154

Amsterdam.
4 1 f a 414
414 a 414
414 a 414
41| a 414
414 a 414
4 1 f a 414
414 a 414
41| a 414
414 a 414
414 a 414
414 a 4l|
41| a 414
414 a 414
4 It a 414
414 a 414
41| a 414
414 a 41|
414 a 414
4 1 4 a 414
4 H a 414

Frankfort.
4 1 4 a 41|
414 a 414

414 a 414
414 a 414
4 1 4 a 414
4 1 4 a 414
414 a 414
414 a 414
414 a 42
4 1 4 a 42
4 1 4 a 42
414 a 42
414 a 42
4 1 4 a 414
414 a 42
4 1 4 a 42
414 a 42
41 4 a 42
41 4 a 414
4 14 a 414

Hamburg.
354 a S64
36| a 364
36§ a 364
364 a 364
364 a 364
36f a 864
364 a 864
36$ a 86 4
364 a 364
364 a 37
37 a 374
364 a 374
364 a 37
364 a 37
364 a 87
36| a 374
364 a 37
364 a 364
364 a 364
36i a 364

Berlin.
73 a 1
734 a 734
734 a 734
73| a 734
784 a 78|
734 a 734
734 a 734
734 a 78|
734 a 734
734 a 734
734 a 734
734 a 734
734 a 734
784 a 734
734 a 734
734 a 734
7 3 fa 734
734 a 734
734 a 734
734 a 734

Commercial Chronicle and Review.

591

The shipment from Boston during the month of September was only $61,841.
These rates have had an influence upon the specie movement, which has, how­
ever, this year been moderate, as well in receipts as in export. The great source
of gold supply, California, does not now demand so much merchandise or pro­
duce from this port as formerly, and, as a matter of course, the current of gold
is less deep or rapid. In respeet of breadstuffs, the current is reversed, and
wheat comes now in large quantities and of a character fitted for the foreign
market. It is a white wheat and hard. In years like this, when food is in de­
mand abroad, and England must buy it and give gold for it, it answers all the
purpose of gold to send it thither from the gold countries. The specie move­
ment has been as follows :—
GOLD RECEIVED FROM CALIFORNIA AND EXPORTED FROM NEW YORK WEEKLY, WITH THE
AMOUNT OF SPECIE IN SUB-TREASURY, AND THE TOTAL IN THE CITY.

r Jan. 7..........
14..........
•21..........
28..........
Feb. 4..........
11..........
18..........
26..........
Mar. 3..........
10..........
17..........
24..........
31..........
Apr. 7..........
14..........
21..........
28..........
May 5..........
12..........
19..........
26..........
June 2..........
9..........
15..........
22..........
29..........
July 9..........
14..........
21..........
28..........
Aug 4..........
11..........
18..........
25..........
Sept. 1..........
8..........
15..........
22..........
29..........
Oct. 7..........
15..........

It 59.----------- v f

Received. Exported.
............... $1,062,568
218,049
$1,376,300
...............
567,398
1,210,713
467,694
...............
606,969
361,550
1,319,923
1,013,780
...............
358,364
1,287,967
...............
1,427,556
938,130
307,106
...............
870,578
...............
208,955
1,032,314 1,343,059
576,107
...............
1,637,104
1,404,210
1,496,889
1,680,743
1,723,352
2,169,197
...............
1,926,491
1,480,115
2,228,578
........
1,938,669 5,126,643
............. ..
2,325,972
1,877,294
1,513,978
...............
1,669,263
1,620,731
........
2,041,237 1,861,163
1,398,885
1,736,861
2,495,127
...............
2,030,220
2,145,000 2,344,040
...............
1,284,856
1,860,274 1,505,889
...............
1,594,983
2,126,332 1,584,879
*962,030
509,649
2,046,006 2,363,385
...............
1,760,331
2,042,363 2,727,194
...............
1,414,590
727,981
•(■2,350,670
1,883,670 1,480,833

---------------1860.
%
Specie in
Total
Exported, sub-treasury. in the city.
$85,080 $7,737,965 $26,600,699
1,788,666
88,482 7,729,646 26,470,512
259,400 8,352,485 27,585,970
81,800 8,957,123 29,020,862
1,760,582
94,569
427,457 9,010,569 28,934,870
1,476,621
92,350 9,676,732 29,464,299
592,997 10,012,572 30,603,762
202,000 8,955,203 29,729,199
1,393,179
382,503
667,282 8,734,028 31,820,840
1,198,711
115,473 8,237,909 30,139,089
152,000
429,260 8,099,409 31,271,247
895,336
465,115 8,122,672 31,408,876
706,006 8,026,492 31,447,251
155,110
310,088 7,562,885 30,162,017
1,146,211
630,010 7,714,000 31,640,982
241,503 7,531,483 30,764,897
1,455,337 1,774,767 7,668,723 30,848,632
2,355,117 7,041,143 30.856,889
533.881 6,539,414 29,319,801
1,382,763
1,251,177 6,864,148 30,599,341
1,519,703 1,317,773 6,982,660 30,414,433
............... 1,719,138 6,621,100 31,196,557
1,542,466 6,620,622 30,406,208
1,385,852 2,526,478 6,426,755 80,537,000
1,417,757 6,326,894 29,677,815
1,541,580 1,962,776 6,253,357 28,717,607
1.166,773 5,187,468 27,939,162
1,514,884 1,283,135 5,404,367 28,156,061
673,290 1,624,280 5,432,789 28,876,433
1,880,497 5,112,942 28,212,668
988,676 1,739,259 5,559,922 27,688,011
1,006,283 1,85'',198 5,732,534 27,312,274
2,183,281 6,902,350 26,911,000
798,832 1,730,696 5,985,545 26,105,279
950.000 1,302 266 5,607,627 24,642,700
1,198,893 5,333,650 24,721,300
791,660 1,088,923 5,636,367 24,597,300
533,843 6,448,804 24,435,400
900,700 5,228,432 25,400,400
1,202,657
689,419 4,991,575 25,139,300
1,971,645
16,679 4,496,881 24,770,669
Received.

T otal........ 34,315,004 60,156,641 27,606,761 39,668,991
* From New Orleans.




t $300,000 silver from Mexico.

592

Commercial Chronicle and Review.

This gives a decline of over 5519,000,000 in the shipment, as compared with
last year, when, however, the export was unusually large. Notwithstanding this
decline, the amount in the city does not vary materially from what it was at the
same date last year. The operations of the assay-office for the month has not
been important, as follows :—
NEW YORK ASSAY-OFFICE.

,----------------- Foreign.-------------------» ,----------United States.----------*
Payments
Gold.
Silver.
Silver.
in
Gold.
Coin.
Bullion. Coin. Bullion.
Coin. Bullion.
Coin.
Bars.
2,478,000
Jan. 14,000 18,000 11,200 14,000
1,800 20,000 647,000 1,910,000
6,500
24,000
951,000
Feb. 5,000 28,000
7,500 932,000
90,000
Mar. 8,000 15,000 23,400
5,500 267,000 1,100
2,500 180,000 142,500
Apr- 8,000 32,000 14,500 10,000 183,000 3,700
3,800 187,000
70,000
May 11,200 20,800 25,500 18,000 176,000 7,000 16,500 230,000
45,000
4,000 147,000 1,750
2,750 158,000
June 12,000 19,000 10,000
38,500
8,000 159,500 1,200' 3,000 140,000
•July 9,500 18,000 12,800
72,000
Aug. 12,000 14,000 16,000 14,100 208,000 1,000
3,900 190,000
79,000
Sept. 13,000 41,000
7,500 14,000 323,000
.... 8,500 350,000 57,000

....

Tot. 92,700 209,800 127,400 111,600 4,892,500 17,550 70,450 3,014,000 3,801,000
’59 99,000 104,000 332,780 64,900 2,558,600 12,900 81,920 2,519,000 1,030,100

There has been a little more demand for bars, it appears, but there is not so
much change as in the movement of the mint, which shows great activity after
having been out of operation during August, as follows :—
UNITED STATES MINT, PHILADELPHIA.
,---------Deposits.---------- , /------------------------- ------- Coinage.---------------------------------- ,
Gold.
Silver.
Gold.
Silver.
" Cents.
Total

January...........
February.........
M arch.............
April................
M av.................
June.................
July ...............
A u gu st...........
S e p te m b e r ...
Total, 1 8 6 0 ...
Total, 1 8 5 9 ...

$200,000
1,888,578
144,478
281,891
90,828
54,893
97,041
132,133
2,174,100

$41,000
35,573
82,256
49,764
72,468
64,676
14,181
22,741
29,537

$5,833,939 $412,175
1,080,730 729,160

$1,024,563
1,632,160
317,451
252,756
133,004
63,718
101,975

$41,000 $24,000 $1,090,568
21,600
24,000 1,677,760
132,989
29,000
479,440
38,431
30,000
321,188
81,100
35,000
249,104
97,160
24,000
184,878
87,000
16,660
205,635
No coinage.
2,181,460
36,000
4,000
2,221,460

$5,607,078 $535,186 $186,660 $7,042,033
959,280 765,996 260,000
3,795,166

The coinage of gold was large for the month.
The imports at the port for the month of September have been less than for
the corresponding month last year, but they slightly exceed those of the same
month in 1858. The quantity entered for warehouse has also been larger than
last year, but the withdrawals have been much larger, showing a diminution of
$2,400,000 in bond:—
FOREIGN IMPORTS AT NEW YORK IN SEPTEMBER.

1857.
Entered for consumption...............
Entered for warehousing...............
Free goods.......................................
Specie and bullion.........................

1858.

1859.

I860.

$8,841,367 $11,180,523 $12,470,440 $11,516,137
5,428,203
2,900,700
2,177,966
2,835,734
1,772,505
1,258,829
1,810,626
2,652,332
805,285
138,233
184,553
265,695

Total entered at the port.............. $16,847,860 $15,473,295 $16,643,585 $16,260,450
2,882,046
2,905,062
2,898,441
4,007,272
Withdrawn from warehouse.........

The quantities entered for warehouse in September, 1857, marked the panic
which then prevailed. In the subsequent year the amount entered for con-




593

Commercial Chronicle and Review.

sumption marked that of the sales. Last year the withdrawals were more than
the entries for warehouse, and this year the same feature is exaggerated. The
imports of goods for quarter, and for the three quarters since January, are less
than last year
FOREIGN IM POETS AT NEW YORK FOR NINE MONTHS, FROM JANUARY 1ST.

1857.

1858.

1859.

1860.

Entered for consumption.............. 114,522,999 $76,582,434 144,397,670 129,786,408
Entered for warehousing.............. 56,855,873 20,232,150 28,351,768 32,395,925
Free goods...................................... 15,504,705 16,552,095 23,160,678 21,469,003
Specie and b ullion .......................
6,679,914
2,021,173
1,834,054
1,147,633
Total entered at the port............. 193,563,491 115,387,852 197,744,170 184,799,029
Withdrawn from warehouse......... 32,122,274 81,097,577 20,305,309 24,090,639

The quantity of goods in bond has been reduced during the month $1,500,000,
notwithstanding the large imports:—
QUARTERLY STATEMENT OF FOREIGN IMPORTS AT NEW YORK FROM JANUARY 1ST.

1857.

1858.

1859.

I860.

First quarter......................................$65,666,728 $29,044,464 $59,116,788 $64,702,778
Second quarter.............................. 55,262,699 32,740,170 70,048,086 53,025,238
Third quarter.................................. 72,634,064 53,603,218
68,579,296 67,081,000
Total, nine m onths............... 193,563,491 115,387,852 197,744,170 184,809,016

The imports of dry goods for consumption in September of the present year
are somewhat larger than for the same month last year, and for any previous
year, excepting 1856. The increase is mostly woolens and silk. The quantities
put upon market, it will be seen, exceed by $350,000 the amount that entered
the port:—
IMPORTS OF FOREIGN DRY GOODS AT NEW YORK FOR THE MONTH OF SEPTEMBER.
ENTERED FOR CONSUMPTION.

1857.
Manufactures o f wool................
Manufactures o f cotton.............
Manufactures of silk .................
Manufactures of flax.................
Miscellaneous dry goods............

1.348,572

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

1858.

1859.

1860.

$1,910,232
881,692
2,077,703
404,768
301,912

$2,005,381
862,065
1,998,329
614,930
518,268

$2,292,869
695,726
2,476,255
485,836
636,054

$5,576,307

$5,990,973

$6,486,740

WITHDRAWN FROM WAREHOUSE.

1858.

1859

I860

70,240

$484,900
128,765
178,456
121,410
107,745

1317,469
96,581
76,672
109,614
40,596

$444,921
171,237
131,433
56,494
59,742

$668,415
4,235,084

$1,021,276
5,576,307

$640,932
5,990,973

$863,828
6,486,740

$4,903,499
38

$6,597,583

$6,631,905

$7,350,567

1857.
Manufactures of w o o l...............
Manufactures of cotton.............
Manufactures of s ilk .................
Manufactures of flax..................
Miscellaneous dry goods............
T o ta l....................................
Add entered for consumption...
Total thrown upon market.. .
VOL. XLIII.— NO. V.




87,362
107,333

594

Commercial Chronicle and Review.
ENTERED FOR WAREHOUSING.

Manufactures of w ool ...................
Manufactures o f cotton..........
Manufactures o f silk...............
Manufactures of flax...............
Miscellaneous dry goods - . . . .
Total...................................
Add entered for consumption .
Total entered at the port. . . .

1847.

1848.

1849.

$ 9 2 0 ,8 2 5

$ 1 7 8 ,1 5 0

$ 1 8 5 ,8 1 2

$ 1 7 7 ,8 0 5

1860.

1 0 0 ,4 9 2

1 1 5 ,4 6 0

1 9 6 ,7 9 6

4 4 ,4 1 6

6 7 .4 4 6

4 4 ,3 9 7

4 2 0 ,9 0 9

7 9 ,0 4 3

1 3 0 ,0 8 8

66 777

1 9 3 ,1 4 6

4 6 ,6 0 7

3 8 ,2 8 7

3 5 ,1 9 6

$ 4 4 8 ,7 0 8

$ 5 3 7 ,0 9 3

4 ,2 3 5 . 0 8 4

5 ,5 7 6 ,3 0 7

5 ,9 9 0 ,9 7 3

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

$ 6 ,6 6 5 ,2 8 2

$ 6 ,0 2 5 ,0 1 5

$ 6 ,5 2 8 ,0 6 6

$ 7 ,0 0 7 ,1 1 1

This leaves the total imports o f foreign dry goods at this port, since January
1st, $9,400,000 less than for the corresponding date o f last year, while the
amount put on the market is only $6,800,000 less than last y e a r:—
IMPORTS O F F O R E IG N D R Y GOODS AT THE TORT OF N E W Y O R K , FOR
FROM JANUARY

NINE

MONTHS,

1 ST.

EN TERED FOR CONSUM PTION.

1847.
Manufactures o f w ool............. . . .
Manufactures of cotton.......... ... . .
Manufactures o f silk............... . . .
Manufactures o f flax...............
Miscellaneous dry goods.........
Total..................................

...

$ 1 9 ,0 1 0 ,9 6 4

9 ,5 5 1 , 9 9 6

1 8 ,8 6 8 ,2 8 6

1 2 ,5 0 2 ,3 8 2

1 4 ,4 6 9 .5 6 2

2 7 ,4 7 6 ,4 0 6

2 8 ,9 6 7 ,6 5 9

3 ,3 5 9 , 9 6 3

8 ,0 8 9 , 8 4 0

5 ,3 7 0 , 1 3 1

2 ,6 9 8 , 1 7 0

4 ,6 9 5 , 3 0 4

4 ,9 3 8 , 4 1 8

$ 4 1 ,9 6 6 ,5 2 7

$ 8 7 ,5 0 3 ,1 9 3

$ 7 8 ,0 2 0 ,1 6 7

$ 6 5 ,0 9 5 ,3 9 0

1S47.

..

I860.
$ 2 6 ,2 4 1 ,5 7 2

1 3 ,7 4 8 ,0 8 1

Manufactures o f w ool.............
Manufactures o f cotton...........
Manufactures o f s i l k .............
Manufactures of f l a x ............
Miscellaneous dry g o o d s ___

Total thrown on m arket..

1859.
$ 2 8 ,3 1 5 ,3 5 7

2 1 ,9 1 1 ,7 1 1

W IT H D R A W N FROM

Total...................................., . .
Add entered for consumption.,. . .

1848.
$ 1 8 ,8 9 0 ,8 3 6

WAREHOUSE.

1848.

1859.

I860.

$ 4 ,0 0 3 ,2 4 6

$ 2 ,5 7 8 ,3 9 0

$ 2 ,8 8 9 ,6 0 3

3 ,2 8 ( t ,6 6 3

1 ,4 0 4 , 9 0 2

2 ,2 5 8 , 7 7 5

3 ,0 6 5 , 4 6 5

7 9 6 ,0 0 3

1 ,4 3 0 , 6 0 9

1 ,8 6 8 ,0 2 6

8 8 0 ,3 1 3

7 0 8 ,8 6 5

1 ,1 3 6 , 3 7 9

3 5 4 ,4 6 6

4 9 9 ,5 2 4

$ 1 3 ,4 9 3 ,9 6 7

$ 1 3 ,3 5 3 ,7 7 9

$ 6 ,0 1 4 ,0 1 4

$ 7 ,7 8 7 ,3 7 6

6 5 ,0 9 5 ,3 9 0

4 1 ,9 6 6 ,5 2 7

8 7 ,5 0 3 ,1 9 3

7 8 ,0 2 0 ,1 5 7

$ 7 8 ,5 8 9 ,8 5 7

$ 5 5 ,3 2 0 ,3 0 6

$ 9 3 ,5 1 7 ,2 6 7

$ 8 5 ,7 0 7 ,5 3 3

EN TERED FOR W AR EH O U SIN G .

1847.
Manufactures of w ool...............
Manufactures o f co tto n ......... ..
Manufactures o f s i l k ...............
Manufactures o f f l a x ...............
Miscellaneous dry g o o d s ........
Total....................................
Add entered for consumption .

1848.

1849.

1860.

$ 1 ,9 0 9 ,6 4 2

$ 2 ,8 8 6 ,0 5 3

$ 2 ,9 3 9 ,8 6 5

3 ,0 7 8 , 6 4 0

1 ,6 4 8 , 0 3 0

1 ,2 6 4 , 0 0 9

2 ,1 5 9 , 4 0 4

4 ,6 4 7 ,8 9 6

1 ,0 3 2 , 5 5 7

7 3 4 ,4 9 3

1 ,3 1 0 , 5 1 3

7 2 8 ,2 7 3

6 8 9 ,3 3 0

4 2 8 ,8 3 0

4 8 3 ,8 8 4

3 8 0 ,8 7 9

5 0 0 ,7 7 0

$ 5 ,8 0 2 ,3 8 6

$ 5 ,9 5 4 ,7 6 4

$ 6 ,3 3 9 ,3 8 2

..

6 5 ,0 9 5 ,3 9 0

4 1 ,9 6 6 ,5 2 7

8 7 ,5 0 3 ,1 9 3

7 8 ,7 0 7 ,5 3 3

Total entered at the port ., . .

$ 8 2 ,8 4 7 ,3 0 0

$ 4 7 ,7 6 8 ,9 1 3

$ 9 3 ,4 5 7 ,9 5 7

$ 8 6 ,0 4 6 ,9 1 5

The total exports, exclusive of specie, shipped from New York to foreign
ports in the month of September is $4,130,000 more than for the same period
of last year, and more than for September in any previous year. This results
as well from the large cotton exports, as from the considerable revival in grain
exports that followed the news of bad crops in Europe. We annex a com­
parison for four years :—




Journal o f Banking , Currency, and Finance.

595

EX PO RTS FROM N E W YO RK TO FOR EIGN PORTS F O R T H E MONTH OF SEPTEMBER.

1857.

1858.

1859.

1860.

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

$4,218,954
417,570
566,106
990,476

$3,521,992
169,863
204,390
3,239,591

$4,946,612
188,072
635,172
8,267,681

$9,232,931
46,620
620,394
3,758,734

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

$6,193,106
5,202,630

$7,135,836 $14,037,497 $13,658,679
3,896,245
5,769,816
9,899,946

The shipments of specie for September have been larger than for the same
month in any year except the last. The exports, exclusive of specie, from New
York to foreign ports this year are larger than for any previous year, and
§20,000,000 in excess over last year. The exports of specie show a large excess
over any previous year except 1859 :—
EXPORTS FROM N E W Y O RK TO FOREIGN PORTS FOR NINE MONTHS, FROM JANUARY 1 .

1857.

1858.

1859.

I860.

Domestic produce...........................$47,233,769 $41,534,618 $43,470,969 $63,527,320
Foreign merchandise (free)...........
3,127,326
1,125,561
2,327,879
1,983,127
Foreign merchandise (dutiable)...
4,104,150
2,986,672
3,447,668
4,136,725
Specie and bullion......................... 33,288,632 20,602,848 57,926,455 39,357,200
Total exports..........................$87,753,877 $66,249,699 107,172,971 109,004,300
Total, exclusive of specie___ 54,465,245 45,646,851 49,246,561 69,647,100

The cash duties received at New York show a diminution as compared with
last year, following the lessened importation: —
CASH DUTIES RECEIVED AT NEW

1858.
First six m onths...................
In Ju ly....................................
In A u gu st..............................
In September..........................
Total since Jan. 1st........

$11,089,112
3,387,305
3,545,119
2,672,935

YORK.

1859.

I860.

57
33
01
63

$19,912,18199
4,851,246 89
4,243,010 43
2,908,509 95

$18,339,679
4,504,066
4,496,243
3,038,803

00
00
00
00

$20,694,472 54

$31,514,949 26

$30,378,781 00

JOURNAL OF BANKING, CURRENCY, AND FINANCE.
BALTIMORE LIABILITIES.

The total liabilities of the city of Baltimore, including indorsements, will be
found comprised under the following heads:—
Miscellaneous purposes..............................................................................
Internal improvements..................................................
Court-house..................................................................................................
Supply o f water, s a y ................................................................................
Cumberland Valley Railroad...................................................................
New jail...........................................................................
Pittsburg and Connelsville Railroad C o................................................
Northwestern Virginia Railroad Co........................................................
Baltimore and Ohio Railroad loan...........................................................
Total September, 1860.....................................................................
Against these there is an aggregate sinking fund of, say....................
Reducing liabilities of the city to a total of...........................................

$400,919
4,963,215
160,754
8,000,000
500,000
250,000
1,000,000
1,500,000
5,000,060
$16,774,888
1,051,885
15,723,003

This should be further reduced by value of city property, estimated at not
less than §800,000.




596

Journal o j BanJcing, Currency, and Finance.
NEW ORLEANS UNITED STATES BRANCH AIINT.

The following statement of the deposits and coinage at the branch mint, New
Orleans, from the 1st of August, 1859, to the 31st of July, 1860, inclusive:—
GOLD DEPOSITS.

California gold bullion.................................................
Other gold bullion........................................................

$89,394 26
71,434 57
$160,828 83

SILVER DEPOSSTS.

Extracted from California g o l d ................................
Other silver b ullion .....................................................

$690 07
1,310,927 21
1,311,617 28

Total gold and silver deposits..........................................................
“
“
1858-59..........................................

$1,472,446 11
3,145,880 10

Decrease..........................................................................................

$1,673,433 99

GOLD COINAGE.

ValnA
$72,000" 00
82,000 00
---------------

154,000 00

Pieces.
Value.
Silver dollars......................................
245,000
$245,000 00
H alf dollars..........................................
2,012,000
1,006,000 00
Quarter dollars....................................
388,000
97,000 00
Dimes.....................................................
370,000
37,000 00
1,060,000
53,000 00
H alf dimes ..........................................
T o t a l............................................
4,075,000
------------In silver bars................................................................................................

1,438,000 00
29,209 41

Double eagles......................................
Eagles....................................................
T o ta l............................................

Pionna
3,600
8,200
11,800

SILVER COINAGE.

Total coinage, 4,086,800 pieces........................................................
“
“
in 1858-59.................................................................

$1,621,209 41
3,578,996 47

Decrease..........................................................................................

$1,957,787 06

LEATHER FAILURES,

The following is an interesting summary from the London Times of the re­
sults of the late failures in the leather trade in London :—
IN BANKRUPTCY.

Name.
Streatfeild & Co.............................
Smith, Patient & Sm ith..............
J. Herbert, Smith & Co................
W. G. Gibson..................................
Francis & Hooper.........................
J. Clarke (firm R & J. Clarke)..
J. G. Sullivan..................................
Hooper & Parkinson.....................
J. Hooper........................................

Liabilities.
£744,448
207,138
168,306
150,000
69,721
66,663
50,000
48,715
31,0C0

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

£1,530,991

Lawrence, Mortimore & Co...........
Benjamin Gibbs...............................




,-------- Assets.-------- ,
In the £
Amount.
6. d.
£214,140
5 9
3 6
37,097
46,654
5 6
40,000
5 4
10,951
3 1
13,474
4 0
2,450
0 11
10,758
4 11
5,200
3 4
£380,724
38,072

5
0

0
6

Deficiency.
£530,308
170,041
121,662
110,000
58,770
53,189
47,550
32,967
26,800
£1,150,267

£1,530,591
£342,652
4 6 £1,188,339
300,000 j
■Particulars not published.
14,000 j

Journal o j Banking, Currency, and Finance.

597

WINDING UP OB COMPROMISED.

Name.
T . U. Mortimore.........................
W. & C. M. Mundy....................
Edmund Buvelot.......................
A. W arin g.................................
Parker & C o...............................
H. H a ck er.................................
R. Mortimore.............................
D. Carpenter...............................
Ridley
Son.............................
John B a k e r...............................
D. & J. Mackintosh....................
John Morris...............................
D. Barclay & S o n s ...................
W. J. Armstrong.......................
W . A. P a g e ................................

,-------Assets.------- x
In the £.
8. d.
11 9
11 0
6 7
6 10
8 6
4 4
10 2
8 7
4 7
6 6
15 4
11 2
9 9
11 2
11 0

Liabilities.

Amount.
£56,356
32,988
16,209
19,366
19,733
9,696
17,500
10,948
5,366
4,406
8,204
4,655
3,878
3,661
3,580

69,948
67,790
46,616
25,371

7,957

£499,806

£216,556

8

8

Deficiency.
£39,398
26,960
41,581
86,995
26,883
34,736
16,900
14,423
17,718
11,666
2,460
3,670
4,079
2,861
2,920
£283,250

D r a p e r & Oo., R id e r & Co., Paris, £15,000.

Particulars not yet published.
J onathan
h o m a s B utcher , P oole & Co., M ulrdock
Particulars not published.

T

T. P illino & Co., £60,000.
P riestman , J ames M ulrhead ,
& Son, pay in fu ll with time.

TOTALS.

In bankruptcy.........................
Winding up.............................

Firms. Liabilities.
9 £1,530,991
16
499,806

Others not published...............

24
10

Firms.........................................

34

£2,030,797

*-------- Assets.-------- ■
In the £.
Amounts.
s. d.
Deficiency.
£342,652
4 6 £1,188,339
216,556
8 8
283,250
£559,208

5

6

£1,471,589

The losses falling upon the London joint-stock banks and discount companies
are estimated a t:—London Joint-Stock B ank.. . .
London and Westminster . . . .
Bank of London.......................
City Bank..................................
Unity B a n k .............................
Union Bank of London............
Commercial ..............................
London and County.................
London Discount Company . .
National Discount Company...
Mercantile Discount Company
General Discount Company ..

Paper held.
£130,000
50,000

52,000
46,831
not published.
not published.

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

Estimated
loss.
£40,000
10,000
10,000
7,000
600

21,000
20,000
...........
£108,500

W EALTH OF MEW YORK STATE.

The State Assessors, at a recent meeting, fixed and equalized the valuation of
the real and personal property of the several counties of New York for 1860,
and in a table below we present the number of acres of land in each county,
with the valuation of the property as fixed by the local Assessors for 1859 ;
also, the valuation of the State Assessors for the same year, with their revisions
for the year 1860. The object of equalizing the valuation of property through­
out the State, is that each county may pay its proper proportion of the State
tax :—




598

Journal o f Banking, Currency, and Finance.

Counties.
Albany ...................
Alleghany..............
Broom e...................
Cattaraugus............
Cayuga....................
Chatauqua.............
Chemung................
Chenango ...............
C lin ton ................
Columbia................
Cortland.................
Delaware ...............
Dutchess..................
Erie..........................
Essex.......................
Franklin.................
Fulton......................
Genesee............
Greene ...................
Hamilton........
H erkim er.........
Jefferson..............
K ings..............
Lewis.....................
Livingston..............
Madison........
M onroe...........
Montgomery...........
New Y o rk ..
Niagara...................
Oneida........
Onondaga....
Ontario.........
Orange v. . .
Orleans..........
Oswego........
Otsego..........
Putnam............
Q ueens.............
Rensselaer.............
Richmond . .
Rockland..............
Saratoga..................
Schenectady............
Schoharie...............
Schuyler..................
Seneca. ..
St. Law rence.........
Steuben...................
Suffolk.....................
Sullivan..................
T ioga.......................
Tompkins................
Ulster......................
Warren ...................
Washington . . . . . .
W a yn e...................
Westchester...........
W yom ing...............
Tates.......................
Total................




Valuation as
Valuation as
Local Assessors’
fixed by
fixed by
valuation of
Board
of Equal­
Acres of
personal and real Board of Equal­
ization for
ization lor
land taxed In
estate for
1SGO.
18 5 9 .
1859.
1859.
$39,044,737
$39,241,648
$38,544,737
8,035,120
8,583,044
8,035,120
7,418,726
8,491,423
8,391,423
801,311
6,620,148
7,236,208
6,620,148
19.214,844
19,214,844
19,214,844
14,270,102
651,982
14,661,967
14,270,102
6,472,742
6,272,762
7,093,887
10,500,000
11,012,542
10,962,405
5,727,775
6,197,478
5,727,775
18,365,430
14,654,612
18,365,430
6,165,923
5,783,069
6,465,983
8,210,352
878,495
8,210,352
5,584,572
29,979,280
30,979,280
29,076,783
47,251,841
40,751,841
47,042,698
3,824,027
3,824,027
4,442,759
4,149,270
4,149,270
4,454,593
4,054,412
4,272,766
4,054,412
11,650,136
13,130,705
11,650,136
7,59U,084
7,208,239
8,650,084
470,333
472,592
470,333
10,144,567
9,992,617
10,144,567
15,935.769
15.786,901
15,935,769
106,295,591
104,295,59!
106,914,629
3,495,200
4,995,200
4,995,200
14,306,555
15,322,283
14,306,556
11,072,782
11,508,750
11,072,782
26,732,076
391,028
26,232,076
27,632,631
7,354,077
228,000
8,782,486
7,354,077
550,078,778
552,008,742
532,903,476
12,823,822
13,774,764
12,823,822
25,639,879
25,639.379
16,641,107
28,350,128
26,436,829
28,350,128
16,445,575
17,414,614
16,445,575
24,525,254
479,300
25,703,986
24,828,254
9,682,749
9,623,636
9.682,789
14,254,368
14,929,869
14,254,368
12,072,302
12,063,564
12,172,302
6,114,055
7,114,055
6,137,530
21,843.083
20,283,225
185,873
22,343,083
26,278,926
395,000
26,674,215
26,078,926
9,728,402
7,437,318
20,293
9,728,402
5,440,260
5,440,264
102,300
5,869,156
12,048,856
11,895,425
12,048,356
5,602,786
122,309
5,695,711
5,602,786
6.850,681
7,350,381
6,426,399
4,280,723
4,261,478
4,280,723
8,159,547
197,664
10,655,713
7,809,547
15,633,359
1,660,626
16,266,254
15,633,359
13,991,732
385,000
14,922,167
13,991,732
12.050,506
407,091
10,996,094
13,050,506
4,132,995
4,134,995
4,132,995
592,379
5,848,318
5,539,396
5,948,318
7,874,265
7,491,625
7,874,265
15,667,658
14,959,206
15,567,658
2,519,380
2,575,761
2,519,380
15,331,105
494,612
16,192,775
15,331,107
13,887.157
13,857,157
13,991,775
41,012,726
40,467,671
41,012,725
7,750,822
868,000
8,353,833
7,750,822
7,293,708
7,293,708
7,728,481
1,419,155,520
1,416,290,837
1,404,907,679

J ou rn a l o f B an kin g, Currency* and F inance.
CITY

WEEKLY

BANK

599

RETURNS.

NEW YO R K BAN K RETU RN S.— (C A PIT A L , JAN., 1 8 6 0 , $ 6 9 , 3 3 3 , 6 3 2 ; 1 8 5 9 , $ 6 8 , 0 5 0 , ’7 5 5 .)

Loans.
Specie.
Jan. 7 124.597,663 17,863,734
14 123,582,414 18,740,866
21 123,845,931 19,233,494
28 123,088,626 20,063,739
Feb. 4 124,091,982 19,924,301
11 123,336,629 19,787,567
18 124,206,031 20,591,189
25 124,398,239 20,773,896
Mar. 3 125.012.700 23,086,812
10 127,302,778 21,861,180
17 127,562,848 23,171,833
24 127,613,507 23,286,204
31 128,388,223 23.420.759
Apr. 7 130,606,731 22,599,132
14 129,919,015 23,626,982
21 128,448,868 23,233,314
28 127,085,667 23,279,809
May 5 127,479,520 23,815,746
12 12 6,184,532 22,780,387
19 124,938,389 23,735,193
26 125,110,700 23,431,773
June 2 124,792,271 24,535,457
9 125,431,963 23,785,581
16 125,399,997 24,110,553
23 125,886,565 23,350,921
30 127,208,201 22,484,250
July 7 127,244,241 22,751,694
14 127,123,166 23,641,357
21 128,427,489 23,443,644
28 129,074,298 23,099,726
Aug. 4 130,118,247 22,128,189
11 129,855,179 21,579,740
18 129,950,346 21,008,701
25 130,578,997 20,119,779
Sept.l 129,029,175 19,035,029
8 127,999,839 19,187,713
15 127,002,728 18.960,749
22 125,802,644 18,988,603
29 124,849,426 20,177,986
Oct. 6 123.337,157 20,147,828
13 122,307,138 20,273,708
bosto n

Jan.

2
16
23
so
Feb. 6
13
20
27
March 5
12
19
26
Apr. 2
9
16

..,
...
...
..
..,
..
..
..
..
..
..
..
.,
..,
..

b a n k s .—

Circulation.
8,539,063
8,090.648
7,880,865
7,760,761
8,174,450
8,185,109
8,050,001
7,928,595
8,165,026
8,419,633
8,380,999
8,335,266
8,444,327
8,929,228
8,775,297
8,790,459
8,749,048
9,391,861
9,153,811
9,035,522
8,826,473
8,774,063
8,999,948
8,828,786
8,779,115
8,745,182
9,343,727
8,075,528
8,833,619
8,760,252
9,176,386
9,129,835
9,088,648
9,142,006
9,253,682
9,538,824
9,494,332
9,4S0,871
9,487,637
9,570,507
9,337,283

( c a p i t a l , j a n .,

Deposits.
97,493,709
99,247,743
99,644,128
98,520,793
99,476,430
98,146,463
100,387,051
100,622,481
103,663,462
104,813,906
108,560,981
107,505,395
106,311,554
109,193,464
109,153.863
108,145,233
103,206,723
108,505,388
108,038,848
106,229,724
104,433,136
104,268,785
103,386,091
104,031,268
102,737,055
102,496,762
103,450,426
106,899,678
107,717,216
105,524,100
107,264,777
105,505,399
105,690,481
104,423,122
102,229,586
101,185,086
101,117,627
101,311,780
101,533,834
103,281,058
100,753,185

deposits.
74.808,855
75,883,763
76,830,581
76,879,826
77,577,694
76,471,055
78,325,240
78,470,977
80,876,172
81,021,948
82,998,123
82,107,419
83,422,031
83,536,885
84,897,593
82,386,498
81,815,433
81,959,325
80,236,674
80,890,280
80,123,640
81,380,678
80,609,983
81,538.654
80,620,813
81,187,709
81,331,320
82,943,231
84,259,435
84,284,650
83,846,988
82,879,107
82,756,116
81,989,173
79,663,998
77,112,681
76,859,756
75,754,931
76,383,393
75,176,736
74,822,601

1859. $85,125,433 ; 1860, $37,258,600.)
Due
Due
Deposits.
to banks.
from banks.
18,449,305
7,545,222 6,848,374
17,753,002
7,867,400 6,735,283
17,378,070
7,784,169 6,616,632
17,483,054
7,383,370 6,517,541
17,900,002
7,259,703 6,656,460
17,271,596
7,426,539 6,593,702
17,597,881
7,430,060 6,549,382
18,020,239
7.700,530 7.480,954
18,645,621
7,736,290 7,768,074
18,393,293
7,715,663 7,390,935
18,660,205
18,742,817
8,351,016 7,804,222
19,262,894
8,473,775 8,080,218
20,469,893
9,206,161 9,788,121
20,291,620
9,160,868 8,314,312

Specie. Circulation.
Loans.
59,807,566 4,674,271 6,479,483
60,068,941 4,478,841 6,770,624
59,917,170 4,182,114 6,486,139
59,491,387 4,172,325 6,199,485
50,705,422 4,249,594 6,307,922
59,993,784 4,462,698 6,364,320
60,113,836 4,577,334 6,305,537
59,927,917 4,714,034 6,411,573
59,993,784 5,034,787 6,396,656
59,885,196 5,328,610 6,430,643
60,258,208 5,446,840 6,405,084
60,180,209 5,627,961 6,328,273
60,050,953 6,045,703 6,340,288
60,668,559 6,320,551 7,753,491
61,189,629 6,289,719 7,267,165




clearings.
22,684,854
23,363,980
22,813,547
21,640,967
21,898,736
21,674,908
22,061,811
22,151,504
22,787,290
23,791,958
25,562,858
25,397,976
22,889,523
25,656,629
24,256,270
25,758,735
21,391,290
26,546,063
27,802,174
25,339,444
24,309,496
22,888,107
22,776,108
22,492,614
22,116,242
21,809,053
22,119,106
23,456,447
23,457,781
21,239,450
23,417,789
22,626,292
22,934,365
22,433,949
22,561,086
24,072,405
24,257,872
25,556,849
25,150,441
28,104,322
25,930,584

600

Journal o j Banking, Currency, and Finance.

Loans.
23 . . 61,035,965
30 . . 61,259,552
May 7 . . 61,614,199
14 . . 61,744,290
21 . . 61,724.621
61,258,986
28 . .
June 4 .. 61,585,669
11 . . 62,346,519
18 .. 63,086,953
25 . . 63,567,155
July 2 .. 64,172,028
9 . . 65,039,459
16 . . 65,153,413
23 . . 64,852,961
64,460,289
30 ..
Aug. 6 . . 64,777,963
13 ... 64,840.527
20 .,. 64,650,278
27 . 64,216,345
Sept. 3 .., 64,054,818
10 ... 64,568,627
17 ... 64,739,371
24 .,
64,639,800
Oct. 1 .., 64,662,239

Specie.
6,315,952
6,317,999
6,311,714
6,263,535
6,268,919
6,201,113
6,192,455
6,800,700
6,322,698
6,262,930
6,059,370
6,087,718
5,685,920
5,336,523
5,212,470
5,164,006
5,128,628
5,063,925
4,966,105
5,051,016
5,330,357
5,881,366
5,376,494
5,377,112

Circulation.
7,152,766
6,992,903
7,322,813
7,076,071
7,081,306
6,660,595
6,800,711
7,090,282
7,165,453
7,188,326
6,925,022
7,932,653
7,560,636
7,523,745
6,848,834
7,127,254
7,075,440
7,107,097
6,790,847
6,759,683
7,241,099
7,078,175
7,151,186
7,188,844

Deposits.
20,266,917
20,195,951
20,810,086
20,758,862
20,726,996
20,320,518
20,656,295
20,228,677
20,677,536
20,750,673
20,828,714
21,133,175
20.312,421
19,751,313
19,296,454
19,610,274
19,157,661
18,700,624
18,965,057
19,235,834
19,297,692
19,032,822
19,458,033
19,900,786

PHILADELPHIA BANKS.----(CAPITAL, JAN.,
'■Date.

Jan.

2 ..
9 ..
1 6 ..
2 3 ..
3 0 ..
Feb. 6 . .
1 3 ..
20
2 7 ..
Mar. 5 . .

..

12

..

1 9 ..
2 6 ..
April 2 . .
9 ..
1 6 ..
2 3 ..
3 0 ..
May 7 . .
1 4 ..
2 1 ..
28. .
June 4 . .
11
1 8 ..
2 5 ..
J uly 2 . .
9 ..
1 6 ..
2 3 ..
3 0 ..
Aug. 6 ..
1 3 ..
2 0 ..
2 7 ..

..

Loans.
25,386,387
25,248,051
25,275,219
25,445,737
25,526,198
25.493.975
25.493.975
25,458,354
25,553,918
25.742.447
25.742.447
25,832,077
26,043,772
26,405,229
27,214,254
27,444,580
27,545,351
27.571.002
27,590,212
27,463,881
27,401,926
27,288,932
27.171.002
27,046,016
26,882,709
26,780,533
26.835.868
26.835.868
26,878,435
26,842,743
26,861,776
26,936,227
26,830,307
26,835,337
27,095,028




Specie.
4,450,261
4,453,252
4,561,998
4.514.579
4,535,321
4.669.929
4.669.929
4,581,356
4,706,108
4.816.052
4.816.052
4,873,419
4,992,642
5,060,274
5,209,576
5,415,711
5,464,280
5,453,470
5,477,019
5,537,360
5,367,416
4.886.579
4,582,610
4,183,667
4,222,644
4,329,638
4.305.866
4.305.866
4,403,157
4,653,641
4,249,304
4,800,443
4,768,405
4,771,772
4,757,917

Due
to banks.
9,055,077
9,278,558
9,116,514
9,210,182
9,197,894
9,057,822
9,172,878
9,629,483
9,988,840
10,307,194
10,300,178
11,304,893
11,098,806
11,093,127
10,353,708
9,923,931
9,851,112
9,772,783
9,656,546
9,681,885
9,483.486
9,479,905
9,456,841
9,439,696

Due
from banks.
8,138,121
7,948,086
8,824,391
8,209,699
8,241,899
8,272,557
8,366,511
7,857,439
7,991,098
8,188,802
7,527,888
9,105,876
7.995,222
8,158,425
6,961,414
7,378,456
6,816,650
6,761,286
6,956,287
7,364,997
7,238,107
6,755,991
7,218,410
7,625,447

1860, $11,788,190.)

Circulation.
2,856,601
2,675,623
2,672,730
2.644.191
2,601,760
2.656.310
2.656.310
2,663,695
2.653.192
2.697.108
2.697.108
2,783,345
2,784,773
2,858,812
3,528,762
3,252,186
3,154,285
3,037,846
2,968,444
2,944,245
2,870,617
2,818,719
2,824,471
2,810,552
2,725,269
2,654,503
2.960.381
2.960.381
2,859,852
2,821,082
2,785,718
2,837,207
2,849,840
2,854,653
2,835,524

Deposits.
14,982.919
14,161,437
14,934,517
15.064.970
15,401,915
15.409.241
15.409.241
14,864,302
14,590,092
15.192.971
15.192.971
15.205.432
15,693,622
15,553,269
15,528,762
16,012,140
16,618,616
16,529.891
16,763,609
16,489,872
16,422,835
15,884,903
16,620,293
15,698,909
15,642,639
15.643.433
15.824.391
15.824.391
15,796,205
15,966,734
16,085,967
16,369,525
15,671,260
15,588,318
15,923,769

Due banka
2,619,192
2,596,212
2,563,449
2,601,271
2,619,573
2.574.015
2.574.015
2,782,306
3,115,010
3.133.312
3.133.312
3,209,553
3,198,530
3,652,757
4,085.695
4,164,678
3,985,110
3,902,514
8,731,987
4,209,845
4,085,882
3,974,369
3,744,431
3,128,287
3,109,639
3,060,615
3.159.819
3.159.819
3,313,195
3,099,567
3,211,855
3,097,889
3,261,584
3,275,683
3,186,826

Journal of Banking, Currency, and Finance.
Loans.
27,095,028
27,224,180
27,492,859
27,760,486
27,933,753

Sept. 3 . . . .
10....
17___
24___
Oct. 1___

Specie.
4,257,917
4,753,709
4,741,624
4,632,878
4,676,099

Circulation.
2,835,524
2,891,376
2,909,887
2,887,640
2,832,280

NEW ORLEANS BANKS.— (CAPITAL, JAN.,

Jan. 7 . .
14 . .
21 . .
28 . .
Feb. 4 . .
11 . .
18 . .
25 . .
Mar. 3 . .
10 . .
17 . .
24 . .
31 . .
Apr . 7 . .
14 . .
21 . .
28 . .
May 5 .,.
12 ...
19 ..,
26 ..,
June 2 ..,
9 ..
16 . .
23 . .
July 7 . .
14 . .
21 ..,
28 ..,
Aug'. 4 . ,
11 . .
18 . .
25 . .
Sept. 1 . .
8 ..,
15 . .
<22

Short loans.
25,022,456
24,928,909
24,699,024
24,916,481
25,145,274
25,197,351
25,005,952
24,397,286
24,946,210
24,088,800
24,054,845
23,832,766
23,674,714
23,107,740
22,422,203
22,380,083
21,437,974
21,437,974
20,545,529
19,385,119
18,688,492
18,282,807
17,423,118
16,864,692
16,821,969
16,627,125
16,795,836
16,945,426
17,802,024
19,006,951
19,383,879
20,313,484
21,332,818
22,049,988
22,241,708
23,144,157
23,871,973

Circulation.
Specie.
12,234.448 12,038,494
12,386,735 12,417,847
12,821,411 12,809,512
12,818,159 12,882,184
12,750,642 13,215,494
12,741,881 13,343,924
12,894,521 13,458,989
12,945,204 13,600,419
12,952,002 13,860,399
18,039,092 13,726,554
12,729,356 13,797,154
12,610,790 13,885,755
12,437,195 13,975,624
12,368,071 14,100.890
12,290,539 13,638,089
12,100,687 12,999,204
11,910,361 12,783,749
11,910,361 12,783,749
11,672,864 12,258,444
11,706,007 12,163,609
11,593,719 11,900,864
11,191,024 11,791,799
11,072,236 11,572,269
10,693,389 11,389,389
10,223,276 11,138,484
9,883,812 10,921,057
9,693,954 10,695.884
9,544,793 10,310,824
9,607,448 10,071,383
9,780,130
9,786,684
9,846,131
9,526,934
9,801,183
9,357,964
9,900,424
9,263,874
9,196,144
9,907,517
9,939,917
9,056,744
9,851,213
8,929,404
9,816,247
8,872,808

Jan. 16...........
23...........
30...........
Feb. 6 ...........
13...........
20...........
27...........
Mar. 5 ...........
12...........
19...........
26...........
Apr. 2 ...........
9 ...........
16...........

6,984,209
6,939,052
6,957,621
7,022,280
7,101,459
7,035,624
7,066,774
7,038,891
7,166,377
7,206,737
7,159,568




Specie.
980,530
1,022,273
1,003,037
997,589
951,638
988,306
991,377
1,018,255
999,093
1,004,750
981,560
1,005,415
990,962
1,018,445

Due lank.
3,235,107
3.243,168
3,305,117
3,151,218
3,300,354

1860, $18,917,600.)

Deposits.
18,563,804
18,678,233
18,664,355
19,677,121
19,565,805
19,244,847
19,903,519
19,218,590
20,116,272
19,711,423
19,304,618
19,102,068
18,681,020
18,070,209
17,849,018
18,380,033
17,699,588
17,699,538
17,442,974
17,260,226
17,938,774
16,985,565
16,989,587
16,105,586
15,319,947
14,671,491
14,557,417
14,326,547
14,358,384
14,264,107
14,368,664
14,107,235
13,614,301
13,803,771
18,655,731
13,546,294
13,403,925

PITTSBURG BANKS.----(CAPITAL,

Loans.
7,202,367
7,060,471

Deposits.
15,923,769
16,103,815
16,313,516
16,453,442
16,852,538

601

Exchange.
7,823,530
7,410,360
7,423,629
8,144,681
8,003,380
7,349,365
7,886,609
8,083,929
8,027,049
8,582,012
8,498,790
8,842,599
8,149,061
8,560,117
8,179,441
7,649,069
7,686,634
7,686,684
7,213,833
6,909,386
6,599,676
6,173,783
5,958,996
5,538,880
5,067,682
4,548,395
4,123,242
3,706,020
3,219,947
2,900,039
2,565,150
2,119,789
1,756,034
1,431,300
1,808,873
1,344,890
1,463,612

Distant
balances.
1,557,174
1,887,704
1,377,796
1,603,763
1,613,036
1,396,150
1,470,787
1,635,526
1,092,475
1,601,149
1,718,810
1,738,246
1,610,499
1,942,056
1,608,463
1,649,060
1,877,017
1,877,017
1,763,871
1,680,480
1,596,210
1,459,051
1,442,041
1,665,076
1,739,4 81
1,601,540
1,401,804
1,512,608
1,163,961
1,318,898
1,182,381
1,299,462
1,346,814
1,081,223
929,618
1,078,178
1,077,600

Deposits.
1,527,548
1,545,103
1,655,686
1,609,692
1,602,311
1,643,703
1,760,957
1,768,879
1,651,216
1,636,887
1,572,130
1,601,167
1,693,280
1,651,362

Due bants
304,562
255,076
265,804
230,426
191,222
175,061
224,434
273,343
197,007
198,556
192,411
191,101
171,100
187,255

$4,160,200.)

Circulation.
2,080,548
2,012,478
1,896,363
1,907,32.3
1,883,093
1,868,598
1,821,283
1,871,873
1,901,543
1,945,328
1,980,732
2,085,583
2,072,373
2,071,878

■

602

Journal o f Banking, Currency, and Finance.
Loans.

23...........
80 ...........
May 5 ...........
14...........
19...........
27...........
June 4 ...........
11...........
18...........
25...........
J u lj 14...........
21...........
28...........
Aug. 6 ...........
13...........
20...........
27...........
Sept. 8 . . . . . .
10...........
17...........
24...........

7,284,761
7,234,761
7,263,197
7,196,493
7,190,192

7,310,663
7,294,391

7,047,761
7,145,776
7,139,564
7,121,227
7,107,947

Specie.
1,156,278
1,141,373
1,141,378
1,088.851
1,133,719
1,122,057
1,089,751
1,126,308
1,102,446
1,150,248
1,068,974
1,083,220
1,098,084
1,130,002
1,123,027
1,152,198
1,167,384
1,159,423
1,225,151
1,188,707
1,246,526

Circulation.
2,024,138
1,995,053
1,995,053
2,011,258
2,022,988
1,952,688
1,907,248
1,919,688
2,029,558
2,048,358
2,071,443
2,073,593
2,069,803
2,018,628
1,990,498
2,007,653
2,684,758
2,124,008
2,196,573
2,299,438
2,841,363

Deposits.
1,897,498
1,913,537
1,913,537
1,890,810
1,906,773
1,918,321
1,919,903
1,892,800
1,743,915
1,779,752
1,818,515
1,846,879
1,861,817
1,860,348
1,853,759
1,859,418
1,843,750
1,905,667
1,904,823
1,819,248
1,831,865

Due banks.
240,143
175,671
175,671
215,765
213,944
206,316
277,978
240,728
271,062
315,858
239,832
205,011
167,671
234,346
175,924
239,790
232,181
240,419
222,156
210,274
238,058

ST. LOUIS BANKS.

Jan.

7 ...........................
14........................... .
21........................... .................
28............................
Feb.
4 .............................
i i .............................
18.............................
25.............................
March 3 .............................
10.............................
17........................... .
24.............................
31.............................
April 7 ........................... ..................
14............................. .................
21........................... .
28........................... .
May
5 ........................... .
12............................
19...... ..................... .................
26............................
June 2 ............................
9 ............................
16............................
23............................
30............................
July 7 ........................
14...........................
21...........................
28...........................
Aug. 4 ............................

Exchange.
4,352,699

3,862,454
3,868,345

3,695,707

11........................
18...........................
25...........................

Sept. 1........................ .................
8........................

3,588,644

15........................... .................

8,778,135
3,814,863
3,995,986

22........................ .................
2 9 ............................ ...............




Circulation.
538,555
520,805
502,175
495,380
457,095
424,605
391,605
399,085
895,905
377,935
377,355
356,245
340,095
844,630
325,950
314,360
306,750
301,300
294,115
285,140
273,540
255,210
253,780
244,850
235,935
206,749
199,385
152,025
191,375
177.620
173,310
176,115
188,375
220,605
222,600
233,190
240,560
253,605
240,300

Specie.
662,755
642,497
680,754
563,336
590,502
625,043
639,450
680,877
689,301
651,302
641,252
664,179
685,984
657,321
676,858
601,014
678,234
746,176
808,918
826,793
671,669
627,942
656,358
682,917
705,764
804,983
791,729
684,858
752,397
658,852
633,795
637,310
714,046
728,845
700,897
714,496
709,19S
679,617
722,368

Journal o f Banking , Currency, and Finance.
PROVIDENCE BANKS.----(CAPITAL,

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.

2 ...........
6 ..........
3 ..........
i ..........
7 ...........
4 ...........
2 ...........
6 ......... . .
3 ......... . .
1 .........

Loans.
19,144,354
19,144,846
19,009,255
18,686,210
18,898,658
18,891,907
19,243,061
19,530,296
19,566,718
19,834,317

Specie.
315,917
326,297
342,965
343,992
448,413
422,726
430,128
397,286
367,138
337,851

603

$14,903,000.)

Circulation.
2,011,336
1,958,540
1,917,593
1,952,022
2,045,590
1.938,254
2,158,904
2,218,347
2,128,957
2,183,347

Deposits.
2,635,486
2,566,168
2,598,169
2,640,170
2,773,248
2,844,012
2,790,587
2,748,678
2,526,943
2,590,103

Due banks.
938,508
921,779
970.971
1,040,260
1,356,071
1,210,104
1,115,951
1,169,800
1,082,109
894,204

BOSTON BANK DIVIBENDS.
COMPILED FOR THE MERCHANTS’ MAGAZINE BY JOSEPH

G.

M ARTIN,

STOCK BROKER, NO. 6 STATE-STREET, BOSTON, AND AUTHOR OF

COMMISSION

“ TWENTY ONE

YEARS OF THE BOSTON STOCK M ARKET.”

The following table presents the capital of each bank, together with the last
two semi-annual dividends, and the amount paid October 1. Also, the market
value of each stock, d i v i d e n d o f f , April and October, 1859, and April and Oc*
tober, 1860.
The only changes in the regular dividends since April are an increase of i per
cent by the Market and Mechanics’, and a decrease of 1 per cent by the Eagle
Bank. The Bank of Mutual Redemption, which commenced August 23, 1858 >
pays its first dividend of 2 per cent. The Bank of the Republic commenced
operations February 2, I860, and now pays its first dividend of 4 per cent for 8
months, on the old capital of §650.000, which has recently been increased to
81,000 000, as also the Eagle from §700,000 to §1,000,000. The Tremont
increased, October 1, from §1,250,000 to §1,500,000, and the Columbian to
§1,000,000. These changes were all authorized by the last Legislature. Under
the General Banking Law we are shortly to have three new institutions—the
“ Mount Vernon,” to be located in the new Parker Buildings, on Washingtonstreet, the “ Continental,” in the new block, Washington-street, corner of Cen­
tral-court, and another, the “ East India,” we believe, not definitely located. This
will make seven banks under the new law, and a total of 46 banks in Boston,
including the Pawners’.
Of the 42 banks in the table the regular dividends average 3.6 per cent. One
bank divides 5 per cent, six 4J, nine 4, fifteen 3), nine 3 percent,one 2 per cent,
and the Massachusetts pays 10 per cent. The usual dividend of the Massachu­
setts is 3 1-5 per cent, or §8 per share, but the extra amount now is from part
proceeds of sale of banking house a short time since. It was the first bank in
this State, (and second in the United States,) commencing business July 5,1784,
on which day the loans and discounts amounted to only §19,645. The bank
was at first located opposite Park-street Church, near what is now called
Hamilton-place. In April, 1792, the present site, then known as the “ American
Coffee House,” was purchased for £1,450 (colonial currency,) or about §4,828,
and the present edifice was erected in 1836. In January, 1795, an extra divi­
dend of §10,000 was made, “ from sale of old banking house.” The original
capital was §300,000, in 600 shares of #500 each, of which but $253,500 ap­
pears to have been paid in, and the next year this was reduced to §100,000.




601

Journal o f Banking , Currency, and Finance.

The capital remained at that figure for five years, when, in June, 1791, it was
increased to $200,000 ; July, 1792, to $400,000 ; December, 1807, to $800,000,
and in June, 1810, to $1,600,000. This remained the capital for eleven years,
when, in April, 1821, it was reduced 50 per cent, (to $800,000, the present
capital,) and the par value of the shares made $250. The present cashier,
J a m e s D o d d , Esq., has held his position for a quarter of a century:—

Banks.

Atlantic...............
Atlas....................
Blackstone.........
Boston, (par $50)
Boylston..............
Broadway............
City......................
Columbian..........
Commerce . . . . . .
Eagle...................
E lio t ...................
Exchange ...........
Faneuil H a ll . . .
Freeman’s............
Globe...................
Granite...............
Hamilton.............
Hide ifc Leather .
Howard...............
Market, (par $70)
Massa’tts, ($250).
Maverick.............
Mechanics’ ..........
Merchants’...........
Metropolis..........
Mutual Kedemp’n
National.............
New England... .
North.. .•.............
North America..
Republic.............
Revere................
Safety Fund........
Skawmut.............
Shoe & Leather..
State, (par $60)..
Suffolk................
Traders’ ..............
Tremont . . . .
U n ion .................
Washington........
W ebster.............
Total, Oct., 1860.
Total, Apr., 1860.
Total, Oct., 1859.
Total, Apr., 1859.

«------Dividends.------ , Amount.
/—1859.—, /—1860.—* Oct. 1,
Capital stock. Apr. Oct. Apr. Oct. 1860.

$500,000

si

1 ,000,000

4

750,000
900,000
400,000
150,000
1,000 ,00 0
750,000
2 ,000,000
700,000
600,000
1,000 ,00 0
500,000
400,000
1 ,000,000
900.000
500,000
1 ,000.000
500,000
560,000
800,000
400,000
250,000
4,000,000

Si

200,000

561,700
750,000
1 ,000,000
860 000
750,000
650,000
1 ,000,000
1 ,000,000
750,000
1,000,000
1,800.000
1,000.000
600,000
1,250,000
1,000,000
750,000
1,500,000
86.981,700
85,770,000
34,360,000
33,160,000

4
a

3
34
34
34
4
»4
5
4
4
4
3

' 4
3
3
34
$8

34
4
3
3
34
34
3
3

3
44
34
5
3
4
34
4
34

34 3| '$17,500
4
4
40,000
34 34 26,250
4
36,000
4
44 44 18,000
3
4,500
3
3
34 34 35,000
34 34 34 26,250
34 34 34 70,000
4
4
34 24,500
34 34 34 21,000
50,000
5
5
5
20,000
4
4
4
4
44 44 18,000
40,000
4
4
4
3
34 34 31,500
44 44 44 22,500
30,000
3
3
3
34 34 34 17,500
22,400
34 34 4
80,000
$ 8 * $ 8 $ 25
3
34 34 14,000
4
4
44 11,250
3
3 120,000
3
4
8,000
3
4
2
11,234
84 34 34 26,250
34 34 34 35,000
3
3
25,800
3
3
34 34 26,250
new 4
26,000
3
80,000
2
3
4
3
3
30,000
3
3
22,500
3
44 44 44 45,000
34 3J
r 34 63,000
4
44 44 45,000
3
3
3
18,000
50,000
4
4
4
4
40,000
34 4
4
3
3
22,500
34
34 34 52,500
34
4
34
4
44
3

/—Value of stocks, divid. off.—>
,------IS60.------ x
/------1859.------ >
Oct
April.
April. Oct.

1034
106
1034

1064

120

1204
1184

1154
98
105

104
1044

1044
108
105
132

107

1184

120

110

1074
129

98
105

98
105

1054
102
111

1064
1014

1 064

1054
1084

1054

1074

ill

111

111

104
123

1064

107
131

111

112

115
116

113
116
1014

107
130
113
115
116
1054
1254
103
103

100
120

128

1214

104

105

101

102
112

114
108
100

105
99

114

111

102

1124

103

99

1144

117
120
1064

126
1074
1084
1114
110

103
113

1004
994

100
111
1004
101

95
1004
1104

100
110

90
103

97

101

974
104

new

994

97
1004
111

98

...

1054
100
1014

1024
101

1134

99
106
100

100
1004

101
101

1014

1034
1034

1004

1004

121
115
1274
99
113
1101
108
1031

1244
113
127
984
1144

1244
1184
127
99
116
111
107
107

127
116
1284

1114

1064
106

1004

119
1134
107
1084

$1 ,373,184
1,281,000
1,211,950
1,185,950

* The dividend of the Massachusetts Bank was 3 1-5 per cent (par $250) equal to $8 per share,
in April, and now 10 per cent, or $25 per share, is divided, the extra being part proceeds of real
estate sold.




t

Journal o j Banking , Currency, and Finance.

605

MISCELLANEOUS D IV ID E N D S.

The following dividends and interest are also payable at the dates given. In
addition to these, early in October is the usual period for dividends by the
Boylston, City, Manufacturers’, Merchants’, Neptune, Prescott, and Washington
insurance companies, as also the Boston Exchange and Hamilton woolen com­
panies, quarterly, and Columbian Manufacturing—adding, in round numbers,
over $250,000, and making the total to be paid out in October, fully $2,500,000.
Pay­
able.
Names of companies, &c.,
2. Bangor city bonds, 1874................................
1. Boston city bonds...........................................
1. Boston and Sandwich Glass C o ..................
1. Boston Manufacturing Co..............................
1. Boston Steam Flour Mills bonds.................
1. Cambridge (horse) Railroad.........................
1. Chelsea (horse) Railroad...............................
1. Eliot Insurance Co.........................................
1. National Insurance Co...................................
1. Lowell and Lawrence Railroad...................
1. Manchester and Lawrence Railroad bonds.
1. Massachusetts State bonds...........................
1. Michigan Central Railroad bonds................
1. Michigan Central Railroad bonds................
1. New Bngland Glass Co.................................
1. Northampton Bridge C o...............................
1. Northern N. Hampshire Railr’d bonds, 1864
1. Northern N. Hampshire Railr’d bonds, 1874
1. Old Colony Railroad bonds.........................
1. Philadelphia, Wilmington, &. Balt. Railroad
1. Shoe & Leather Fire & Marine Insurance .

Capital.

$600,000
interest.
400,000
450,000
100,000
800,000
70,000
200,000
500,000
200,000
33,800
interest.
interest.
principal.
500,000
83,000
63,700
192,600
134,500
6,600,000
200,000

/-------- Dividends.-------- ,
April. October.
Amount.
3

3

6
4
3
4}
4
5
10
3
3

6
3
4}
4
5
16
3
3

4

4

6
if
3
3
3
3
5

5
n

3
3
3
3}
5

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

$15,000
63,000
20,000
24,000
3,000
13,500
2,800
10,000
80,000
6,000
1.014
8,625
165,000
470,000
25,000
578
1,911
5,778
4,035
196,000
10,000
$1,125,241

The $470,000 of Michigan Central bonds is the balance of $535,000 due
October 1. The company announced its readiness, a month ago, to pay these
bonds ; but holders seem little disposed to avail themselves of the offer, while
their money is drawing 8 per cent.

THE REVEJVUE OF CUBA.

An official statement has recently been made of all the money collected du­
ring 1859 by the government, which forms the regular revenues of the Island.
The sum total is $19,202,087 96}, as follows :—
Taxes and imposts. . .
Custom-houses............
Interdicted incom e.. .
Lottery.........................
State property............

$3,789,878
11,550,043
1,068,789
2,167,579
181,486

65} Accidental in com e...
34} Sundries.....................
68
00
Total....................
761-

419,743 96f
74,565 54|
$19,202,087 96}

The amounts collected in 1858 under the same heads were $18,293,364 68,
thus making a difference of $908,822 28} in favor of 1859. The Havana
treasury department collected in 1859 out of the gross amount $13,099,682 74J.
The remaining $6,102,404 21f were collected in the other parts of the Island,
thus showing that Havana and its jurisdiction alone yields nearly two-thirds of
the whole amount of revenue.




606

Statistics o f Trade and Commerce.

STATISTICS OF TRADE AND COAIMERCE.
w is e

m oD U C T o r

trance.

The official reports of France show the production of wines to have been for
several periods as follows, in hectoliters :—
1788................ hectoliter
1808.................................
1829.................................
1847.................................
1849.................................
1880.................................
1851.................................

*

28,000,000
28,000,000
30,973,000
84,316,000
35,555,000
45,266,000
39,429,000

1852
......hectoliter
1853.................................
1854
......................
1855.................................
1856.................................
1857.................................
1858
......................

The most of this is used in the country.
1849........................................... hectoliter
1853............................................................
1855............................................................

28,636,000
22,662,000
10,824,000
15,175,000
21,294,000
35,410,000
45,805,000

The following shows the proportion :

Toll free
consumption,

Used for brandy and vinegar,

20,847,000
16,673,000
10,342,000

11,100,000
3,960,000
1,725,000

Taxed
consumption.

17,000,000
9,000,000
3,500,000

The exportation of wines does not vary so much as the production. For the
ten years ending with 1836, the average was 1,175,000 hectoliters ; for the ten
years to 1846, 1,362,000 hectoliters ; and in 1851 and 1852 it rose to 2,000,000,
from which figures there was a subsequent decline, as seen in the following table
of annual exports :—
1851...................................
1S52...................................
1853
.........................
1854
.........................
1855
.........................

2,251,000
2.420,000
1,956,000
1,315,000
1,195,000

1856
1857
1858
1859

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

1,250,000
1,098,000
1,580,000
1,546,000

In the last few years France has been an importer of wines as follows :—
1853
........... hectoliter
1854 ......................................
1 8 5 5 ..;................................

4,500
121,400
417,000

1856
...........hectoliter
1857......................................
1858 ......................................

341,000
626,000
113,000

The average value of wine, as given by the “ commission of values,” is for
wine in bottles—a general average— while for casks the price varies according
to the destination :—
francs

1850, per hectoliter
1851,
1852,
1853,
“
1854,
1855,
“
1856,
“
1857,
1858,

Ordinary wine W ine of the
of the Gironde Gironde in
in bottles, csks. to Engl’d.

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

120

- 200

120
144
216
320
310
450
350
360

200
240
360
400
400
420
420
420

In the general French trade reports the value of the wine export is as follows :
Official value.
Fr.

1851........
1852........
1353.. . .
1854........ .

32,006,000
31,375,000
29,784,000
23,511,000




Actual value.

Official value.

Fr.

25,541,000
39,682,000
51,141,000
65,433,000

Fr.

1855____
1856........
1857........
1858........

17,222,000
18,695,000
19,961,000
22,815,000

Fr.

4 2,624,000
63,863.000
47,452,000
55,241,000

607

Statistics o f Trade and Commerce.

The following table shows the production, consumption, and export of brandy :
Made.

1841.............................
1846.............................
1851.............................
1852.............................
1853.............................
1854.............................
1855.............................
1856.............................
1857.............................

Taxed for do­
Import. mestic consump.
610,486
600,458
622,805
648,610
13,000
12,800
644,352
61,000
601,702
202,888
714,815
177,899
768,395
376,549
825,589

Export.
214,536
113,502
385,245
337,884
268,127
155,111
153,116
192,179
179,616

The general average price of brandy for export, per hectoliter, was as follows:
1851...........................
1852.............................
1858.............................................
1854.............................................

249 1857.............................................
240 I 1858.............................................

230
280
360
240

NEW YORK CITY TRADE.

The imports and exports of New York city, since the regular returns of the
federal government were kept, have been as follows :—
1821........
1822........
1823........
1824........
1825........
182 6........
1827........
1828.. . .
1829........
1830........
1831........
1832........
1833........
1834........
1835........
1836........
1837........
1838........
1839........
1840........

Imports.
$23,529,246
35,445,628
29,421,349
36,113,723
49,639,174
38,115,630
38,719,644
41,927,792
.
34,743,307
.
35^624^070
57,077,417
.
53,214,402
55,918,449
73,188,594
88,191,305
. . 118,253,416
79,301,722
.
68,453,206
99,882,438
.
60,440,750

Exports.
$13,160,918
17,100,482
19,038,990
22,897,134
35,259,261
21,947,791
23,834,137
22,777,649
20,119,011
19,697,983
25,535,144
26,000,945
25,395,117
25,512,014
30,345,264
28,920,638
27,338,419
23,008,471
33,268,099
34,264,080

1841........
1842........
1843........
1844........
1845........
1846........
1847........
1848........
1849........
I860........
1851........
1852........
1863........
1854........
1855........
1856........
1857........
1858 ___
1859........
1860........

.
.
.

.
.
.

Imports.
$76,713,426
57,875,604
31,356,540
65,079,516
90,909,085
74,254,283
84,167,352
94,525,141
92,567,369
111T23,524
141,546,638
132,329,306
178,270,999
195,427,933
164,776,511
210,162,454
226,184,167
171,473,336
220,247,307
233,718,718

Exports.
$33,139,833
27,676,778
16,762,664
32,861,540
36,175,298
36,935,413
49,844,363
53,S51,157
45,963,100
52,712,789
86,007,019
87,484,456
78,206,290
122,534,646
113,731,238
119,111,500
126,606,683
100,667,890
106,443,541
138,036,550

TRADE OF CINCINNATI,

The returns of the trade of Cincinnati for the present year contrast very
favorably with those of the previous year. The aggregates for nine years are
as follows:—
Imports.
18512 ... $41,256,199
18523 ... 51,230,644
1853- 4 ...
65,730,029
18545 ... 67,501,341
1855- 6 ...
75,296,901




Imports.
Exports.
$33,234,896 18567 . . .$77,090,146
.
36,266,108 18578 .... 80,144,747
9 . . . . 96,213,274
45,432,780 1858107,647,216
38,777,394 1860..........
50,744,786

Exports.
$55,642,171
62,906,505
66,007,707
77,037,188

608

Statistics o f Trade and Commerce.

These aggregates for the exports are of the enumerated articles. To this is
added from thirty to fifty millions for unenumerated articles. The details of the
imports are as follows :—
VALUE OF PRINCIPAL IMPORTS INTO 'rHK PORT OF CINCINNATI, FOR THE YEARS ENDING
AUGUST 81, 1859 a n d 1860.

Articles.
Apples, green...........
Ale, beer, and porter
Buffalo robes..............
Beef............................
“ .............................
Bagging.....................
Barley.......................
Beans..........................
Butter.......................
U
Blooms......................
Boots and shoes.. . . ,
Bran, middlings, etc.
Crockery ware, e t c ..
Candles.....................
C orn .........................
Corn meal.................
Cider.................. ........
Cheese.......................
“
....................
Cotton....................... .
Coffee.........................
Codfish.......................
Cooperage.................
Cattle..........................
Cement and plaster.
Eggs........................... bxs. and bbls.
F lou r.........................
Feathers.....................
Fish, sundries............
<•
<«
Fruits, dried...............
Grease....................... ...............bbls.
Glass....................... ..
Glassware...................
Hemp......................... .bdls. and bis.
Hides......................... .................No.
u

Hardware..................., .bxs. and cks.
H a y ...........................
Herrings.....................
Hogs............................
Hops.............. ............ ................. bis.
Horses....................... .
Iron and steel............
“
ll

Iron, p ig .....................
Lead............................
Lard...........................
“
.........
Leather...................... ............... bdls.
Lemons.......................
L im e..........................
Liquors................... hhds. and pipes




Quantity.
95,811
6,933
5,427
1,893
633
1,789
352,828
20.352
15,209
34,468
1,364
58,209
161,638
3,845
3,227
1,346,208
4,203
1,841
110
227,095
78,013
129,930
3,728
216,361
43,182
24,053
22,670
517,229
5,655
20,428
12,561
64,186
5,273
57,675
89,455
5,876
169,203
91,417
25,342
56,547
10,152
522,838
5,314
14,592
397,466
95,448
8,378
37,550
62,039
47,499
11,319
19,626
10,141
107,640
1,535

Average
price.
$2 75
4 50
88 00
13 00
18 00
4 00
76
1 00
28 00
19 00
60 00
47 00
90
50 00
7 00
50
3 25
6 00
22 00
2 80
58 00
22 00
29 00
70
61 00
2 00
7 00
4 60
36 00
11 60
2 75
2 75
18 50
2 00
4 25
18 00
3 80
13
70 00
S 25
40
12 25
21 00
130 00
1 30
3 80
70 00
26 00
5 75
23 50
5 50
14 50
4 20
90
180 00

Total
value.
$263,480
31,198
206,226
17,809
11,394
7,156
268,149
20,352
425,852
344,680
81,340
2,770,368
145,474
192,250
22,589
673,104
18,660
11,046
2,420
635,865
4,524,754
2,858,460
108,112
151,452
2,634,702
48,166
158,690
2,379,263
203,580
243,922
84,542
176,512
97,550
115,350
167,684
105,768
642,970
11,884
1,773,940
183,778
4,060
6,404,765
111,594
1,896.960
516,705
314,978
586,460
976,300
356,896
1,116,226
62,254
257,577
43,112
96,876
• 276,300

Total
last vear.
$42,929
38,453
151,596
22,400
9.139
8,428
864,584
66,935
250,850
219,023
160,680
2,279,484
138,621
145,700
19,278
797,315
14,622
2,220
1,100
625,100
2,896,868
2,510,310
69,658
172,787
2,930,800
44,284
117,180
2,790,865
121,920
211,175
29,002
345,675
86,784
102,724
196,027
219,564
594,168
8,499
1,191,890
106,371
4,430
5,350,104
105,168
1,168,310
388,128
575,110
626,290
1,018,800
299,262
1,128,776
45,166
314,795
57,647
73,722
523,010

Statistics o f Trade and Commerce.
Articles.
Merchandise and sundries . . .pkgs.
u
Molasses.............
M att.....................
Nails.....................
Oils.......................
Oranges...............
Oakum.................
Oats.....................
Oil cake...............
Onions.................
Pork and bacon.
U

U

“

....................... bxs.

M

Potatoes..............
Pitch....................
Pimento, pepper, etc................ bags
R ye.....................
Rosiu...................
Raisins and figs..
Rope, twine,etc. ..................... Ptg9.
Rice.....................
Sugar...................
«(
M
Seed— flax..........
“
grass and clover...................
“
b e m p ....
Salt......................
n

Shot.....................
Starch.................
Sheep.................
Stearine..............
Tea.....................
Tobacco...............
“
...............

((

Tallow...............
T a r .....................
Turpentine.........
W ines................. .bbls. aud £ casks
“ .................
W heat............... .
W ool...................
Whisky...........-.
Yarns, cotton .. .

»

“

...

Lumber.............
Coal...................
Shingles*...........
Coopers’ stuff, wood, and stone, es­
timated ..........................................
Various articles, not specified above,
estimated value.............................

Quantity.
115,391
4,404
91,807
117,593
134,086
24,844
23,793
6,331
894,515
189
7,147
4,662
8,882
25,456
1,290
23,250,222
206,544
728
5,882
131,487
10,904
38,984
18,564
4,498
40,551
37,950
630
26,307
28,224
1,451
119,751
61,053
3,602
36,661
25,069
2,526
16,916
6,261
7,238
49,552
7,075
3,196
6,221
5,946
14,084
1,057,118
9,513
433,168
12,841
2,455
77,000,000
17,600,000
89,000,000

Average
price.
35 00
620 00
17 00
90
4 00
28 00
4 50
14 50
43
24 00
1 75
80 00
25 00
16 00
32 00

* Per thousand.




H

9
3 00

....

Totals..........

Y O L . X L I I I.-----N O . Y .

n
1 75
3 75
10 00
90
2 75
3 00
6 00
34 00
89 00
20 00
65 00
4 00
14 00
3 50
1 75
1 10
20 00
2 75
2 00
25 00
45 00
100 00
9 50
18 00
25 00
3 00
16 00
60 00
8 00
1 15
20 00
9 00
1 50
20

39

609

Total
value.
40,386,850
2,730,480
1,560,917
105,833
536,344
695,632
107,068
91,801
384,641
4,536
12,508
372,960
97,050
407,296
38,800
1,743,766
361.452
2,730
58,820
118.338
29,887
116,952
111,384
152,966
3,609,039
759,000
34,650
105,228
395,136
5,078
209,564
67,164
60,040
100,817
50,138
63,150
761,220
626,100
68,771
891,936
176,875
9,588
99,536
356,760
112,240
1,215,686
190,260
3,838,512
18,861
491
1,155,000
1,584,000
117,000

Total
last year.
33,070,100
2,592,220
1,626,702
60,690
554,960
603,300
122,117
52,519
306,735
816
2,683
402,090
52,776
637,445
27,460
1,375,694
330,600
2,063
95,220
64,406
26,274
137,348
103,542
213,010
4,503,030
567,180
74,415
80,432
290,462
1,092
141,022
48,791
41,360
125,450
42,112
44,275
904,080
532,800
65,275
1,126,600
139,875
13,965
110,112
303,480
129,960
1,465,887
161,280
4,388,177
29,534

590,000

475,000

4,300,000

4,000,000

$107,647,216

$96,213,374

2,031,250
929,452
112,500

610

Statistics o f Trade and Commerce.

VALUE OF PRINCIPAL EXPORTS FROM THE PORT OF CINCINNATI FOR THE
ING a u g u st 3 1 s t , 1 8 5 9 a n d 1 8 6 0 .

Articles.
Apples, green.......... ............... bbls.
Alcohol.....................
Ale, beer, and porter
Buffalo robes... __
Beef............................
B e e f...........................
B aggin g...................
Bailey.........................
Beaos.........................
Brooms......................
Butter.......................
Butter....................... .firkins <fc kegs
Bran, shorts, A c___
Boots and shoes.. . .
Crockery ware, A c ..
Chairs........................
Candles.....................
Corn.......................... .
Corn meal............... ............... bbls.
Cheese...................... .
Cheese.....................
Cotton.......................
Coffee.........................
Cooperage...............
Cattle.......................
Cement and plaster.
E ggs.......................... ,bxs. and bbls.
Flour......................... ............... bbls.
Feathers.....................
Fish, sundry..............
Fish, sundry.............. .kegs and kits
Fruit, dried................
Furniture.................
Grease.......................
Glass.........................
Glassware..................................pbgs.
Hemp ..................... .bund. & bales
Hides......................... ................. No.
Hides.......................... .................lbs.
H ardw are................. boxes & casks
H a y ...........................
H o g s ..........................
Hops..........................
Horses.......................
Iron and steel..........
Iron.............................
Iron.............................
Iron, p ig .....................
Lard........................... ............... bbls.
Lard............................
Leather.............. .......
Lime...........................
Molasses ...................
M alt............................
Nails...........................
Oil..............................
Oats.............................
Oil cake.....................
Onions...................... bbls. and sacks




Quantity.
25,092
21,302
22.581
5,362
18,888
3,866
752
47,580
3,445
24,641
4,050
48,268
43,186
36,281
1,588
6,586
176,718
48,867
182
34
172,753
71,344
90,165
119,572
20,593
6,201
8,528
478,308
6,824
10,792
11,188
15,498
119,014
1,865
14,309
7,690
2,039
146,166
38,653
7,947
3,449
13,492
1,794
9,217
575,268
129,030
6,934
4,667
60.658
65,704
24,018
6,192
51,814
209,487
73,528
50,846
111,820
1,018
4,317

Average
price.
*3 00
18 00
4 50
38 00
13 00
18 00
4 00
2 00
3 50
2 00
26 00
8 00
1 80
47 00
50 00
16 00
6 30
1 10
3 00
22 00
3 15
62 00
21 00
1 00
61 00
2 00
11 50
4 60
42 00
12 00
3 00
2 80
29 00
20 00
2 15
4 40
25 00
4 25
13
70 00
3 25
12 00
20 00
130 00
1 40
3 40
72 00
26 00
26 00
6 00
17 00
1 10
17 00
1 00
4 50
38 00
43
25 00

2 00

Total
value.
$75,276
491,436
101,614
203,756
245,544
69,588
3,008
95,160
12,057
49,282
105,456
386,144
77,734
1,705,207
79,400
105,376
1,113,223
53,753
2,316
748
544,171
4,423,328
1,89.3,465
131,529
1,256,173
12,402
98,072
2,200,216
286,608
129,504
33,414
43,394
3,451,406
37,300
30,764
33,440
50,975
621,205
5,024
556,290
11,209
161,904
35,880
1,198,210
805,375
438,702
499,248
121,342
1,577,108
334,206
408,406
6,811
880,838
209,487
330,876
1,932,148
48,033
55,990
8,634

YEARS END­

Total last
year.
$3,860
539,741
98,334
63,152
97,603
44,403
16,685
19,214
49,068
33,625
48,210
286,503
20,211
2,257,220
79,400
163,488
1,386,473
42,755
1,485
506
460,517
2,692,235
1,199,109
146,018
1,605,820
10,955
50,750
2,866,909
226,133
88.956
10,455
138,631
3,937,715
89,800
28,197
51,972
67,440
587,771
26,938
618,910
9,753
143,072
30,640
75S.680
746,193
385,375
569,376
123,597
1,115,850
287,264
361,800
5,885
679,9S6
142,359
265,959
1,357,818
16,449
39,975
6,410

Statistics o f Trade and Commerce.
Average
Articles.
Quantity.
price.
Pork and bacon.................
86 00
52,582
26 00
Pork and b a co n .................
39,833
Pork and b acon .................
104,374
17 00
Pork and bacon..................
19,104
S3 00
Pork and bacon, in bulk .. . . . .lbs
8
345,932
Potatoes............................. . . .bbls.
97,899
2 00
Rye......................................
95
59,177
18,890
6 25
Rope, twine, & c ...............
Sugar...................................
91 00
32,433
Seed, flax............................. . . .bbls.
4 60
1,144
Seed, grass and c lo v e r__
15 00
16,642
4 00
Soap.....................................
68,497
S a lt......................................
2 25
59,046
1 20
S a lt ....................................
12,502
Starch.................................
43,054
3 00
Sheep...................................
6,724
2 00
Stearine...............................
3,383
25 00
Sundry merchandise........ ...pkgs. 1,702,220
9 30
Sundry merchandise........
630 00
17,957
Sundry liquors.................... ...b b ls.
35 00
13,110
Sundry manufactures........
4 00
27,008
Spice3...................................
5,010
2 00
Tobacco .............................
105 00
6,124
10
50
T o b a cco................... bbls. and bdls.
4,074
T obacco................... boxes and kegs
49,882
20 00
Tallow .................................
26 00
927
Vinegar...............................
4 00
10,947
Wines................. baskets and boxes
14,406
9 00
W h ea t...............................
321,495
1 17
W ool....................... sacks and bales
24 00
10,239
Whisky................................
9 00
389,310
W hite.lead.........................
65,166
2 00
Castings...............................
4 50
78,285
Castings............................. .
6,134
80 00
Various articles of merchandise and manufactures not
specified above, estimated value.......................................
Total

611

Total
value.
4,517,752
1,035,658
1,774,358
650,432
27,674
195,798
56,218
118,062
2,951,403
5,148
249,630
273,988
132,853
15,002
129,162
13,448
84,575
16,171,090
11,312,910
458,S50
108,032
10,020
642,920
42,777
997,640
20,102
43,788
129,654
376,149
245,736
3,503,790
130,332
342,282
410,720

Total last
year.
3,371,304
814,360
1,906,325
262,720
40,656
112,980
24,493
126,918
2,624,006
4,005
175,032
. 251,160
99,916
23,050
117,771
10,050
37,650
12,770,216
7,365,330
974,610
108,920
9,340
471,765
58,779
990,660
15,679
41,056
128,745
731,818
220,056
8,510,064
155,466
330,849
341,760

42,600,000

41,000,000

f 119,637,188 $107,007,770

BRITISH MERCHANT SHIPPING,

la the year 1859, 939 vessels, of 185,970 tons, were built and registered in
the United Kingdom- This is above the average of the years 1845-54, but less
than in any other year since 1854; less than in 1858 by 61 vessels, and the ton­
nage by 22,110 tons ; but the fact is that in 1855 a very great increase of ship
building began, and that extraordinary increase is not now maintained. Of the
baild of 1859, 789 (of 147,967 tons ) were sailing vessels, and 150 (of 38,003
tons) steam vessels; and again classifying them, 34 of the 789 sailing vessels,
but 106 of the 150 steamers, were o f iron. In addition to these home built ves­
sels there were also registered here, in 1859, 18 colonial built vessels (British
North American) of 8,292 tons. On the other hand, 671 vessels belonging to
the United Kingdom, of 170,487 tons, were wrecked, and 23 more,of 8,775 tons,
broken up, so that the bulk of the new build is absorbed in replacing wrecks.
At the close of the year there stood registered in the United Kingdom, includ­
ing the Isle of Man and Channel Islands, 27,602 vessels, of 4,693,181 tons. The




612

Statistics o f Trade and Commerce.

following table will show at a glance how this aggregate of our mercantile
marine is made up, and we add a like account of vessels registered in the colo­
nies also at the end of the year 1859:—
United Kingdom.
Not over 60 to n s............... ...............
Above 50 tons........................................
Colonies.
Not over 60 to n s ..................................
Above 50 to n s......................................

Sailing vessels.
Vessels.
Tons.
9,690
297,197
16,004
3,829,148

Steam vessels.
Vessels.
Tons.
761
17,313
1,157
419,623

25,684

4,226,345

1,918

436,836

4,751
4,201

129,166
638,012

96
182

2,854
27,077

278

30,051

8,952

767,628

Comparing ports with reference to the vessels registered here, of sailing ves­
sels not above 50 tons 678 (23,216 tons) belong to the port of London, aud 276
(9,804 tons) to Liverpool; but of those above 50 tons only 1,825 (687,407 tons)
belong to London, and 1,928 (950,531 tons) to Liverpool. Of the steamers 516
(188,220 tons) belong to London, and only 204 (58,786 tons) to Liverpool.
London is ahead in number of vessels, Liverpool in amount of tonnage.
M ILK TRADE,

In addition to the supply from domestic swill fed manufacture, the city of
New York receives, by railroad, 180,000 quarts of milk per day ; paying for
the same, at seven cents per quart, a yearly aggregate of nearly $5,000,000.
This supply is divided among the different roads as follows
New Jersey Central carries, daily....................... .... .quarts
New York and New Haven..................................................
Long Island... ..........................................................................
Hudson River............................................................................
Erie.........................................................
Harlem........................................................................................

5,000
4,000 ■
10,000
18,000
66,000
80,000

The.Harlem Railroad derives an annual revenue of $250,000 from this source.
IM PO RTS OF HAMBURG.

The following is the total value in mark banco of the trade of Hamburg for
the undermentioned years :—
1845 .............mark banco

291,881,390

1847 ..................................
..................................
...................
isact
TRSO
.........................
1851 ..................................

301,740,770
245,141,950
293.826.640
353.136,070
373,277,940

1852
1853
1854
1855
1856
1857
1858

.............mark banco
..................................
..................................
. ..............................
..................................
..................................
..................................

392,028,820
443,879,530
530)668)030
528,558,190
654,772,080
68S)849)300
502,206)800

The decrease of 1858 shows the effect of the crisis of 1857.
GUTTA PERCHA.

Gutta percha differs from caoutchouc in its external characters, being very
solid and unyielding at common temperatures, having something of the character
of horn, but being quite plastic at two hundred and twelve degrees, at which
temperature it can be pressed and moulded into any required form, from the sim­
plest form of a tumbler or plate to the richest carving of a picture frame, and
the minute lines of a medal.




613

Statistics o f Trade and Commerce.
TRADE IN BREADSTUFFS OF THE CITY OF N EW YORK.
MONTHLY TABLE OF EXPORTS TO ALL FOREIGN PORTS, FROM SEPT.

I

TO AUG.

31,

FOR

THE FOLLOWING YEARS.
FLOUR— BARRELS.

1859-60. 1858-59.

1857-58.

1856-57.

1855-56. 1854-55.

Septem ber..
October ____
Novem ber...
December . .
January........
February . . .
March..........
April.............
M a y .............
June..............
J u ly _______
August..........

79,422
141,157
126,641
139,589
49,138
34,635
69,193
83,445
103,810
177,877
221,607
239,236

92,851
140,288
75,906
58,266
30,930
36,120
49,140
71,168
65,492
56,300
11,842
75,006

-80,776
169,506
171,376
104,584
125,720
108,982
73,553
124,790
111,604
162,877
173,308
140,708

103,202
193,896
244,639
205,808
110,546
94,305
119,655
80,128
78,685
53,188
59,919
58,869

111,471
193,961
221,373
207,052
180,839
126,048
89,411
74,375
124,952
329,348
293,185
217,754

24,802
34,687
19,757
56,188
72,794
30,244
22,474
40,930
37,608
20,834
33,087
36,240

Total.........

1,465,250

762,759

1,547,794

1,402,850

2,169,769

459,145

Export, from Sept. 1 to Aug. 81, in 1847 -48 ..........
“
“
“
1846-47..........
it
“
“
1845 -46..........

. .bbls.

515,222
2,154,161
888,350

WHEAT — BUSHELS.

Septem ber..
O ctober__ _
November...
December . .
January........
February. . .
March...........
April . . . . . .
M a y .............
June..............
July..............
August.........
Total.........

79,839
144,408
117,112
50,196
59,299
25,842
175,878
356,010
972,926
1,401,791
1.743,045

132,890
174,670
124,815
9,787
10,759
6,990
600
1,567
3,000
.........
9,026
14,184

629,622
694,241
910,269
468,325
180,631
17,358
33,257
127,743
405,680
1,171,513
672,939
385,298

1,090,029
1,829,131
2,057,913
1,464,201
239,994
177,179
270,061
133,708
75,092
130,698
182,980
112,509

277,583
947,569
1,214,102
1,011,626
360,531
209,384
143,374
79,159
248,523
910,765
1,291,599
1,214,167

4,946,346

487,288

5,696,876

7,772,495

7,908,382

Export, from Sept. 1 to Aug 31, in 1847 -4 8 ...........
“
“
“
1846-47............
“
“
1845 -46............

16,953
13,728
103,032
41,541
3,643
986
1,485
12,075
61,806
255,849
301,939
3,085,134
822,084

CORN--BUSHELS.

Septem ber..
October . . . .
November...
December ..
January.
February... .
March...........
A p r il...........
May..............
June.............
J u ly .............
August.........

12,175
7,923
2,610
9,086
4,149
23,561
70,321
105,786
483,980
877,573
175,386
147,371

72,861
200,735
93,173
15,560
5,789
20,775
19,298
21,701
16,739
19,480
33,684
16,729

175,126
190,068
87,634
49,190
144,684
256.797
412,406
456,814
143,331
109,529
19,263
13,244

858,727
383,888
380,632
237,540
142,642
311,701
681,560
357,528
135,993
21,678
18,557
76,089

Total.........

1,919,871

536,524

2,057,086

3,606,535

Export, from Sept. 1 to Aug 31, in 1847- 4 8 ...........
“
“
“
1846 -47..........
“
1845 -46............
“




357,242
130,407
206,279
332,165
295.293
221,608
401,202
557,506
348,795
300,716
97,636
256,657

193,857
490,118
880,573
750,583
508,859
320,097
383,834
168,314
86,307
437,828
773,4S5
338,414

3,499,506 5,327,269
2,477,363
6,964,952
783,393

614

N autical Intelligence.

NAUTICAL INTELLIGENCE.
SALES OF SHIPS.

The Ship Owners’ Circular gives the following sales of vessels in the past
month. Speculative operations in ship property have been less than during the
previous month, consequently the values have been more regular. A t the close,
there is less disposition to pay the increased rates for tonnage :—
An a 1
14
2
14
1
24
21
11

N. York built ship, 1,200 tons register; 10 years old, in order for sea $46,000
tt
“
“
1,100
38,500
Maine
“
7
it
it
“
900
Maine
“
10
29,000
tt
it
“
620
9
Massach’st “
23,000
tt
ti
1,050
N. York
9
23,000
ti
tt
“
550
24
Massach’ts
“
9,000
tt
U
440
Maine
“
12
9,000
it
it
Long Isl’d built bark, 406
4
17,000
i
t
“
360
14,500
14 Massach’ts
“
6
ti
ti
it
2 Maine
“
440
4
10,000
it
i
t
“
840
2 Massach’ts “
12
10,000
it
it
338
2 Massach’ts “
7
8,000
it
it
270
12
4,500
24 Maine
“
it
it
<(
330
24 Long Island “
8,000
11
U
it
it
845
21 Massach’ts “
3,750
80
ti
it
“
210
l| N. York
“
10,000
4
it
it
2 Ohio built brig
4,000
200
9
tt
tt
“
200
4,000
2 Philadel.
“
12
tt
it
2 Maine
“
200
4,000
10
It
it
ti
24 Nova Scotia “
194
8
1,400
It
ti
it
120
2 Maryland
“
6
1,800
((
tt
tt
8,000
24 Lake built schooner, 804
4
it
it
it
270
2 Long Island “
6
7,750
it
“
5,000
2 Connecticut “
190
8
it
it
“
4,200
170
2 Maine
“
8
ii
200
4,000
“
2 New York “
15
NEW VESSELS.

A first-class Connecticut built bark, 700 tons register, for §34,000.
A first-class Massachusetts built schooner, 200 tons; §50 per ton complete.
THE SHIPPING INTEREST,

The shipping of the United States in 1840, according to official reports,
amounted to 2,180,764; in 1845 it was only 2,417,002, an increase of only
236,238 tons, showing an average annual gain of only 47,247 tons. In 1850
the aggregate had increased to 3,535,454, showing a gain in five years of active
employment of 1,118,452 ; an annual average of 133,690 tons. Here it will be
seen that the annual gain during these five years was nearly equal to the total
gain for the previous five years. This was owing to the increase of the carrying
trade which had grown out of the war, the heavy exports to Great Britain du­
ring the season of crop failures, and the rush to the Pacific in consequence of
the gold discovery. This was followed by the advantage given to our ships
under the neutral flag during the Crimean war, which commenced actively in
1854, and terminated towards the close of 1856. A t the latter date the ton­
nage of the United States-stood at its highest point, the total being 5,212,001
tons, a gain for five years of 1,676,546, even on the large total of 1850, showing
an annual average increase of 335,309 tons. In 1856 began the period of de




615

N autical Intelligence.

pression, which has been one of the most disastrous the trade has ever known.
The finest ships owned in the country were unprofitabiy employed at sea, or
rotted idly at our wharves. Many shipowners, who had large investments in
this floating property, were compelled to suspend, and some were involved in
financial ruin. The ship-yards were deserted, and all along our seaboard, from
the far Eastern line to the Gulf, ship-building was mostly suspended, and the
grass grew rank and green over the mouldering chips. There was no remedy
for this, in any description of legislation. The supply of ships, stimulated by
the causes we have mentioned, had run ahead of the ordinary uses for this class
of property, and the reaction was inevitable. The financial revulsion of 1857
was partly owing to this want of employment for our ships, and it also in turn
contributed very much to complete the depression. The tonnage stricken off
from the list the next year, part of it from previous losses not supplied by sub­
sequent production, left the official total at 4,871,652 ; and during the five years
which have since elapsed, the building in all the United States, instead of show­
ing a gain of over one-and-a-kalf millions, as during the previous five years, had
not, at latest official accounts, brought us up to the standard of 1855. The re­
vival of the carrying trade in breadstuffs to Great Britain finds the list of avail­
able ships greatly reduced—the losses of the sea and the natural decay having
more than counterbalanced the supply; and now the tide of prosperity has once
more set in toward the flood. How long the profitable employment will con­
tinue, it is, of course, impossible to determine; but the prospect is certainly en­
couraging, and we may hope that the years of plenty will at least be as many
as the years of famine.
MEW YORK SHIPPING.

The arrivals and clearances at New York for the quarter ending September
30th have been as follows :—
A m e r ic a n ..........
F oreig n ................
T o ta l...........

1859 .................
1858 .................
1857 : ...............
1856 .................
1855 .................
1854 .................
1853 .................
1852 .................
1 8 6 1 .................

No.
772
373
1,145
1,013
1,071
978
1,135
836
1,142
1,219
1,171
1,177

-------Arrivals.------

Tons.
417,824
164,689

12,122

Crews.

7,006

No.
609
386

582,513
602,3554
558,576f
515,4534
564,8404
394,300-|
532,9374
505,454^
528,0661
489,8274

19,128
17,095
18,088
17.016
18,641
12,456
17,173
17,147
17,843
16,684

995
866
733
763
889
720
837
952
873
792

----- Clearances.-

Tons.

190,8884

Crews.
10,513
7,392

533,943
448,8444
384,4224
417,4474
466,2264
345,0064
387,3824
426,1274
395,2304
334,0854

17,905
15,644
13,448
14,631
15,743
11,625
13,592
14,990
14,479
12,487

343,0544

COASTWISE TRADE.

--------- Arri vals.----- --- ,

No.

1860
1859
1858
1857
1856
1855
1854
1853
1852

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




Tons.
116,848
125,229
110,388
118,796
112,073
143,342
147,545
112,053
105,841

r=-------Clearances.---------v
No.
Tons.
1,139
424,534
1,240
456,390
1,172
419,358
1,198
384,184
1,318
S70.321
1,182
365,901
1,171
358,723
1,285
338,810
1,167
313,591

616

Commercial Regulations.
NAVAL CHANGE.

Commodore P endergast relieved Flag-officer J a r v is , and assumed command
of the Gulf squadron on the 20th October, at Aspinwall. As the organization
of the fleet has been altogether changed within a few weeks, we subjoin a correct
exhibit of its strength under the new arrangement:—
Tons. Men.Guns.
Flag-ship Cumberland. 3,726 300 24
Stm frigate Powhatan. 2,415 320 10
Stm corvette Brooklyn. 2,000 300 20
Stm gunboat Mohawk..
4
450 100
400 100
5
Stm gunboat Crusader.
90
4
Stm gunb’t Pocahontas.
350

Stra gunboat Wyandot.
Sailing frigate Sabine .
Sail’g corvette St. Louis
Corvette Germantown.

Tons. Men.Guns.
420 100
4
1,726 500 50
700 240 20
930 300 22

Total.......................... 11,126 2,350 163

COMMERCIAL REGULATIONS.
R IV E R AND FREIGHTS.

The Cincinnati P r ic e C urrent gives the rates of freights to New Orleans a3
follows:—
TO NEW ORLEANS.

W h isk y............................per bbl.
Oil....................................................
Pork................................................

80
50

$1 60 Flour.......
1 50
1 25
TO PITTSBURG.

Whisky and oil................... per bbl.
Flour...................................................
Pork....................................................

40
25
45

Molasses.
Pound freights........

100 lbs.

75
15

100 lbs.

25

TO ST. LOUIS.

Whisky and oil................... per bbl.

65

Pound freights-----

N o change in railroad freights.
FROM CINCINNATI.

,
Cincinnati to New York, rail.......................
“
“
rail and w ater...
Boston, rail....................................................
“
rail and water..................................
Baltimore, rail................................................
“
rail and water............................
Philadelphia, rail............................................
“
rail and water.......................
Buffalo, rail.....................................................
“
rail and w a ter.................................
Dunkirk, rail..................................................
“
rail and water.................................
Albany, Troy, and Schenectady, rail..........
“
“
rail and water
Detroit, rail......................................................
Cleveland, rail................................................
Toledo, rail......................................................
Sandusky, rail................................................
Chicago, rail....................................................
Milwaukee, ra il.............................................




1st

Class.
35
1 27

$1

1 12

1
1

35
23
40
40
75

2d
Class.
$1 05
97
1 13
1 05
85
77
95
87
55
47
55
47
1 08
98
40
35
35
35
60
60

3d
Class
85
80
90
85
76
65
80
75
55
40
45

40
88
78
30
25
25
25
50
50

4th
Class.
55
50
60
65
45
40
50
45
40
35
40
35
60'
55
20
20
20
20
40
40

Flour.
$1 10
1 00
1 20

1 10
90
80
1 00
90
55
45
55
45
1 00
90
40
40
40
40

..
..

617

Commercial Regulations.
FROM

INDIANA POT.'8.

1st
Class.
B oston, rail..............................................................
“
ra il and w a t e r .....................................
N e w Y o r k , ra il....................................................
“
rail and w a t e r .............................
P h ila d e lp h ia .................................. .....................
B a ltim o r e ...............................................................
B u ffa lo, rail............................................................
“
rail and w a t e r ....................................
D u n kirk, ra il and w a te r....................................
P itts b u rg ................................................................
B e l i a i r ...................................................................
B r id g e p o r t ................................................ ............
C le v e la n d ...............................................................
S a n d u s k y ...............................................................
C o lu m b u s ...............................................................

40

2d
Class.
$1 18
1 10
1 10
1 02
1 00
90
65
47
47
47
40
44
35
35
33

3d
Class.
93
88
88
83
83
73
45
40
40
40
35
39
25
25
23

4th
Class. Flour.
60
$1 20
55
1 10
55
1 10
50
1 00
50
1 00
45
90
60
30
50
25
50
25
60
25
23
46
53
27
40
20
40
20
30
15

3d
Class.
95
90
1 00
95
90
80

4th
Class. Flour.
60
$1 20
55
1 10
65
1 30
60
1 20
55
1 10
50
1 00
40
75
33
55
25
50
55
66
75
1 20
75
1 40

G r a in sam e as fo u r th c la s s .
FREIGHT RATES FROM LOUISVILLE.

N e w Y o r k , r a il...................................................
“
rail and w a t e r .............................
B o ston , ra il............................................................
“
rail and w ater......................................
P h ila d elp h ia , r a i l ..............................................
B a ltim ore, r a il.....................................................
R u ffa lo, r a il..........................................................
“
rail and w a t e r ....................................
D e tro it.....................................................................
M ilw a u k e e .............................................................
P o r t la n d .................................................................

Quebec..........................................................

1st
Class.

2d
Class.
$1 15
1 10
1 25
1 20
1 05

75

65
60
50
75
1 25
1 35

95

95

55

50
40
65
1 07
1 10

IM ITATION MERINO SHIRTS,
T r easury D e pa rt m e n t , September 4,1860.
S i r : —I have examined the papers in the case presented in your report under
date of the 13th ultimo, and the sample submitted, on the appeal of J ames M.
B eebe & Co. from your decision assessing; a duty of 24 per cent on an article

imported by them and described as “ unbleached cotton shirts, merino finish,”
the importers claiming entry at a duty of 15 per cent. The article, it seems, is
composed wholly of cotton, and by raising a nap and some further application
or process, a fine wooly surface and a close imitation of merino are produced.
The only question in contest between yourself and the importers, is one of fact
— whether the fabric is bleached or unbleached. If the former, the collector’s deci­
sion was correct, and the article is dutiable at 24 per cent under the classifica­
tion in schedule C of “ all manufactures composed wholly of cotton, which are
bleached, printed, painted, or dyed.” The merchandise in question having been
pronounced after a careful examination by official experts at several of our
principal ports as “ bleached,” the Department assumes the article to be of that
character, and is of the opinion that the duty was properly assessed by you at
the rate of 24 per cent under the classification in schedule 0, to which you have re­
ferred it. I am, very respectfully,
J ames

S.

W h itn ey ,

IIOWELL COBB, Secretary of the Treasury.
Esq., Collector, &c., Boston, Mass.




618

Commercial Regulations.
WOOLEN HATS.

T rea su ry D epartm ent , September 1, 1860.
S ir :— I acknowledge the receipt of your report on the appeal of Mr. A lfred
P lunket from your decision assessing duty at the rate of 24 per cent under

schedule C of the tariff of 1857, on certain “ woolen hats ” imported by him, as
“ manufactures of wool not otherwise provided for.” The appellant claims entry
of the articles in question at the rate of 15 per cent under the classification in
schedule E of “ hats of wool.” The merchandise in this case is manufactured,
substantially, of woolen cloth. The term “ hats of wool ” in the tariffs of 1846
and 1857 has been understood to apply only to hats, the bodies of which are
composed of wool that has undergone no process of manufacture except felting
or fulling, and such seems to have been the commercial designation at the date
of the passage of the tariff act of 1846. In the manufacture of the article un­
der consideration, the wool undergoes two preliminary processes at least:—first,
it is converted into yarn, and then into cloth, and in this latter form used in the
manufacture of the hats. The Department perceives no reason for abandoning
the practice heretofore pursued, and is of the opinion that the duty of 24 per
cent is properly assessed, either under the classification in schedule C of “ hats
and bonnets for men, women, and children, composed of straw, satin straw, chip,
grass, paJmleaf, willow, or any other vegetable substance, or of hair, whalebone,
or other material not otherwise provided for,” or under the classifications in the
same schedule of “ articles worn by men, women, or children, of whatever
material composed, made up, or made wholly or in part by hand,” or “ manu­
factures of wool or of which wool shall be the component material of chief value,
not otherwise provided for.” Your decision assessing a duty of 24 per cent is
affirmed. I am, very respectfully,
A ugustus S chell , Esq.,

HOWELL COBB, Secretary of the Treasury.
Collector, &e., Hew York.
LANDSCAPE PLATES.

T r e a su r y D epartm ent , August 20, 1860.
S ir :—The Department approves of the assessment stated in your report of

the 30th June last, of a duty of 24 per cent on certain articles described as
“ landscape plates,” imported by Mr. J ohn B. B ehrmaxn , who has appealed
from your decision to this Department. The merchandise in question is de­
scribed as glass upon which a picture of a landscape i3 painted, and, as such, it
is clearly embraced in schedule C, to which you have referred it, either under
the classification of “ paintings on glass ” or that of “ glass, colored, stained, or
painted,” and liable to the duty of 24 per cent which you have exacted on the
entry. I am, very respectfully,
A ugustus S chell ,

HOWELL COBB, Secretary of the Treasury.
Esq., Collector, &c., New York.

NEW T A R IFF OF RATES B E TW E E N CHICAGO AND SOUTHERN CITIES.

The following tariff between Chicago and Southern cities has already gone
into effect:—
Between Chicago and—
Memphis, T en n.. . .
Atlanta, G a.............
Macon, G a...............
Augusta, Ga............
Columbus, G a.........
Montgomery, A la ..
Savannah, Ga..........
Charleston, S. C . . . .

1st class.
35
1 30
2 08
2 15
2 16
2 20
2 50
2 50

2d class.
70
1 37
1 57
1 62
169
1 73
1 87
1 87

Flour per Pork and Whisky
hbl. by beef per bbl. perbbl.
3d class. 4th class, carload, by car load, carload.
55
45
75
1 20
1 38
1 27
1 05
1 73
3 18
378
1 47
1 21
1 93
3 68
438
1 52
1 25
1 98
3 80
4 58
1 59
1 35
2 08
3 93
478
1 63
1 35
2 13
3 98
478
1 77
1 45
2 23
4 43
528
1 77
1 45
2 23
4 43
528

The tariff is to continue in force until changed, and is subject to rule3 and
regulations of local tariff of Illinois Central Railroad.




619

Postal Department.

POSTAL DEPARTMENT.
POST-OFFICE

OF

THE

SANDWICH

ISLANDS.

REPORT OP THE POSTMASTER GENERAL.
P O S T -O F F IC K , n O N O L U L U , J

April 10th, 1660.

)

S ir :— -I h a v e th e h o n o r t o s u b m it t o y o u r H ig h n e s s th e f o llo w in g r e p o r t o f
th e P o s t -o ffic e D e p a r t m e n t :—

During the past two years the business of the office has very much increased,
but as the labor is now thoroughly systematized, it is performed with more reg­
ularity, dispatch, and ease than formerly.
The provisions of sections 409 and 410 o f Civil Code, relating to dead letters
and the procuring an official stamp, have been complied with.
The laws regulating postage have become very generally understood through­
out the islands, aud though a considerable number of unpaid letters have accu­
mulated in this office during the past seven months, a large 'portion of them
have been written by foreigners.
In order to insure the attention of postmasters to the selling of stamps, and
to secure a proper attention to mails, I found it necessary to allow some remu*
neration, and have therefore granted them the privilege of mailing their own
letters free. There are now twenty-seven postmasters connected with the de­
partment.
All our mail bags have been furnished with locks, and we have endeavored to
secure not only safety, but promptness and dispatch, in the transmission of mails
on all our mail routes.
Within the past quarter I have concluded arrangements with D. C. W a t e r ­
m a n , Esq., removing our mail agency from M o r g a n , S t o n e & Co., of San Fran­
cisco, to the firm of D. C. W a t e r m a n & Co. of this place, by which change the
settlement of our quarterly accounts with the United States government is ren­
dered much more convenient, and a saviug is made in expense to the office.
A small increase in the appropriation for mail carriers on the island of Ha­
waii is necessary, in order to render the service equal to the demands of the
people.
By comparing the accompanying table, showing the number of letters re­
ceived and forwarded through this office during the past three months, with the
report of the office for 1858, it appears that the charge of two cents per half
ounce on letters has not had the effect to check correspondence between the
islands, and it will be noticed that the receipts from inter-island postage covers
two-thirds the expense of mail carriage.
My predecessor having furnished you with au account of the business of the
office for the nine months previous to January 1st, 1859, my report of the finances
of the office is confined to the fifteen months succeeding that date.
As a record of the letters passing through this office had not been kept pre­
vious to January 1st of the present year, I am unable to make a correct state­
ment of the number; but during the past three months ending March 31st, 1860,
a record has been kept, the result of which is as follows :—




Postal Department.

620

Number of letters addressed to foreigners received..........................
“
“
“
“
forwarded.......................
“
“

“
“

7,608
7,105
-------- 14,718
2,593
1.635
-------- 4,228

natives received................................
“
forwarded............................

Total number for three months.....................................................
Amount of cash on hand Jan. 1, 1859......................................
“
received from foreign mail from Jan. 1, 1859, to
March 81, 1860..........................................................................
Amount received from inter-island postage from Aug. 1,1859
to March 31, 1860.....................................................................
Amount drawn from Hawaiian Treasury from Jan. 1, 1859,
to March 81,1860.....................................................................
Amount paid mail carriers from Jan. 1, ’59, to March 31, ’ 60
Amount paid salary of postmaster general from Jan. 1, 1859,
to March 31,1860......................................................................
Amount paid IT. S. government postage collected and mail
agency, from Jan. 1, 1859, to March 31, 1860.....................
Amount paid sundry expenses of office, clerk hire, office rent,
etc., from Jan. 1, 1859, to March 81,1860............................
Amount cash paid into Hawaiian Treasury.............................

18,941

$1,287 97
9,859 90
665 75
5,605 51 ’
------------- $17,399 i3
1,448 25
2,916 67
4,953 23
4,404 66
3,676 32
------------- $17,399 13

I h a v e th e h o n o r t o b e , S ir ,
Y o u r m o s t o b e d ie n t s e r v a n t,

A. K. CLABK.
H. B. IT. Prince L.

K a m e iia m e h a ,

Minister of the Interior, &c., Ac., &c.

THE BRITISH POST-OFFICE,
T h e fo llo w in g t a b le s h o w s th e n u m b e r o f le tte rs d e liv e re d in th e U n it e d K i n g d o n d u r in g th e la st y e a r, w ith th e ra te o f in cr e a s e , a n d th e p r o p o r t i o n o f le tte rs
t o p o p u la t io n :—

England......................................
Ireland,......................................
Scotland.......................................

Number of
letters in
1859.
446,000,000
47,000,000

Increase
per cent
on nuinber in
1858.
H

7
2

United Kingdom...............

A*

Proportion of letters
to population.
22 to each person,
7
16
18

ENGLISH POST-OFFICE PACKET SERVICE, 1 8 5 8 -5 9 .
CLASSIFIED ABSTRACT OF PARLIAMENTARY VOTES AS FAR AS RELATES TO THE AMERICAS
BRANCH OF THE SERVICE.

Company.
V
. Cunard
Halifax, Bermuda, and St. Thomas’, and
and St. John’s, Newf.
Southampton and Brazils and Buenos Ayres




Cunard
.Royal Mail
.Royal mail
.Pacific

1859.

1858.

£176,340

£172,810

14,700
238.500
30,000
25,000

14,700
244,000
30,000
25,000

£484.540

£486,640

621

Journal o f Insurance.

JOURNAL OF INSURANCE.
ALABAMA INSURANCE LAW.
AN ACT TO REGULATE THE AGENCIES OF

INSURANCE

COMPANIES

NOT

INCORPO­

RATED BY THE STATE OF ALABAM A.

S ection 1. Be it enacted by the Senate and House of Representatives of the
Slate of Alabama in General Assembly convened, That it shall not be lawful for
any agent or agents of' any fire, river, or marine insurance company, incorporated
by any other State than the State of Alabama, directly or indirectly to take
any risks or transact any business of insurance in this State without first pro­
curing a certificate of authority from the Controller of this State ; and before
obtaining such certificate such agent or agents shall furnish the said Controller
a statement under oath of the president or secretary of the company for which
he or they may act, which statement shall show— 1st, the name and locality of
the company ; 2d, the amount of the capital stock; 3d, the amount of its capital
stock paid in ; 4th, the act of incorporation of the company ; which statement
shall be filed in the office of the Controller, with a written instrument under the
seal of the company authorizing such agent to acknowledge service of process
for and in behalf of such company, consenting that service of process upon such
agent shall be taken and held as if service upon the company, according to the
laws of this State, or any other State, waiving all claims of error by reason of
such service. And no insurance company or agent of any insurance company
incorporated by any other State shall transact any business of insurance unless
such company is possessed of at least one hundred thousand dollars of actual
capital invested in stock of at least par value, or in bond or mortgage of real
estate worth double the amount for which the same is mortgaged ; and upon the
aforesaid statement and written instrument being deposited with the Controller,
and furnishing satis:actory evidence as aforesaid, it shall be the duty of the Con­
troller to issue a certificate thereof with the authority to transact business of
insurance to the agent or agents applying for the same.
S ec . 2. And be it further enacted, That it shall be unlawful for any agent or
agents of any fire, river, or marine insurance company incorporated by any foreign
government other than a State of this Union, to transact any business of insur­
ance in this State without first procuring a certificate of authority from the
Controller of this State, such agent or agents having first filed in the office of
said Controller a statement setting forth the charter or act of incorporation of
the company for which he or they may act, and the matters required by the first
section of this act, and the written authority and consent therein mentioned for
the acknowledgment by such agent or agents of service of process to be bind­
ing on such company, and the said agent or agents shall also deposit with the
Controller the stock or certificate thereof of one or more of the States of the
United States, the same to be satisfactory to the Controller, to the amount of
one hundred thousand dollars, which shall be held by him and his succesors in
office exclusively as security for the payment of any losses for which the com­
pany may become liable in the course of its business, the dividends or interest
on said stock as they may become due to be received by the agent or agents of
the company, and depositing said stock or certificate, and the said agent or
agents of such company filing the statement and depositing the stock or certifi­
cate aforesaid shall be entitled to a certificate of authority in like manner as is
provided for in the first section of this act.
S ec . 3. And be it further enacted, That it shall be the duty of the agent or
agents in either and both of the foregoing sections mentioned, before taking any
risk or transacting any business of insurance in this State, to file in the office




622

Journal o f Insurance.

of the Judge of Probate of the county iu which he or they desire to establish
an agency for any insurance company as aforesaid, a copy of the statement and
written instrument required to be filed with the Controller as aforesaid, together
with the certificate ol said Controller, which shall be carefully preserved in said
office for public inspection.
S ec . 4. And be it further enacted, That the statement and evidence required
by this act shall be rendered annually in the month of July of each year, the
first statement to be made in the month of July next after the passage of this
act, and the Controller on being satisfied that the capital of the company filing
such statement remains secure as at first, shall furnish a renewal o f’ certificate,
as aforesaid, and the agent or agents obtaining such renewal of certificate shall
file the same, together with a copy of the statement on which it was obtained,
or renewed, in the office of the Judge of Probate of the county in which such
agency is established, to be carefully preserved in said office for public inspec­
tion.
S ec. 5. And be it further enacted. That copies of all papers required by this
act to be deposited in the office of the Controller, certified under the hand of
such Controller to be true and correct copies of such papers, shall be received
as evidence in all courts of this State in the same manner and have the same
force and effect as the original would if produced.
S ec. 6. And be it further enacted, That the agents of all insurance companies
not incorporated by the State of Alabama, doing fire, river, or marine insurance
in any county of this State, shall on or before the first day of August in each
and every year deposit with the assessor of the county in which the agency of
such company is established, a statement, verified by the oath of the agent of
such company, specifying the gross amount (after deducting all return premiums)
of premiums received for insurance by said company at the said agency during
the preceding year, or such fractional part of the year, that such company may
have been doing business in the city or county after the passage of this act.
S ec . 7. And be it further enacted, That such gross amount of premiums so
received as aforesaid shall be subject in every county in which such agency is
established, to a tax of two per centum, one half of which shall be for the use
o f the county and the other half for the State, which tax shall be paid by such
agent or agents to the respective collectors of taxes within the time required by
law for the payment of general taxes, and which tax shall be in lieu of the tax
imposed by paragraph twenty-four o f section three hundred and ninety one of
the code.
S ec . 8. And be it further enacted, That it shall be the duty of such agent or
agents as beforementioned, before taking any risk or transacting any business of
insurance in the city or county of Mobile, to pay the treasurer of the “ Fire
Department Association of Mobile’’ the sum of two hundred dollars, for the
benefit of said association. To the trustees of the medical college at Mobile the
sum of two hundred dollars, such payment to be made from year to year so long
as such agency is continued in the city or county of Mobile, and any such agent
or agents, taking any risk or transacting any business of insurance in any other
incorporated city or town in this State where fire companies now are, or that
may be hereafter organized, shall pay to the corporate authorities of such city
or town, for the benefit of such fire companies, the sum of two hundred dollars,
each payment to be made from year to year so long as such agency or agencies,
is or are continued in such city or county.
S f.c. 9. Aud be it further enacted, That for every such statement required to
be filed by this act with the Controllor and Judge ot Probate, said Controller
and Judge of Probate shall be entitled to a fee of five dollars to be paid by the
agent, or agents, filing such statement.
S ec . 10. And be it further enacted, That any person violating the provisions
of this act shall be liable to indictment, and on conviction shall be fined not less
than one hundred dollars nor more than five hundred dollars, and may be lm-




623

Journal o f Insurance.

prisoned in the county jail not less than one month nor more than twelve months,
one or both at the discretion of the jury trying the same.
S ec . 11. And be it further enacted, That no such company as is named in
the foregoing sections, shall in any manner, or on any pretext, deal in, pay out,
directly or indirectly, the notes or bills of any bank not doing business under a
charter from the State of Alabama, or under its free banking law, and any officer
or agent of such company violating the provisions ot this act, is guilty of a mis­
demeanor, and on conviction shall be fined not less than five hundred dollars for
each offence, and the judges ot the circuit courts must give this act specially in
charge of the grand juries.
S ec . 12. And be it further enacted, That this act shall also apply to life and
trust insurance companies, not incorporated by the laws of this State, whether
said companies are or are not organized upon the mutual plan.
S ec . 13. And be it further enacted, That the provisions of this act shall
apply in all cases where the risk is taken or any insurance business is transacted
in this State by the agent or agents of any of the insurance companies mentioned
in this act, whether the policies are signed by the officers o f said companies in
or out of this State.
S ec. 14. And be it further enacted, That all laws and parts of laws conflict­
ing with the provisions of this act be and the same are hereby repealed.
Approved February 24, 1860.

INSURANCE SCRIP DIVIDENDS.

Dividends of scrip of the marine insurance companies of New York. Com:
piled from official sources, by W i l l i a m C . G i l m a n & S o n , 1 8 Merchants’ Ex­
change, September, 1 8 6 0 :—
Name of company.
A tla n tic...............................
C om m ercia l........................
G re a t W estern ................
M ercantile..........................
N e w Y o r k ..........................
Orient...................................

Rate per cent.

Name of company.

1S§9.

MO.

40

35
15
10

P a c i f i c ....................................
U nion........................................

11
12

T ota l scrip d ivid en d s.
A v e r a g e ..........................

20

Rate per cent.
M l).

M l).

30
36

43
45
—

—

264
33

169
21|

20

In 1859 the Columbian Company declared 12, and the Sun Company 30 per
cent. Their statements for 1860 have not yet been made. The Neptune and
the Washington, new companies, have not yet issued scrip.

HUMORS OF HEALTH INSURANCE.

A thin cadaverous looking German about fifty years of age entered the office
of a health insurance company in Indiana a few days ago, says the Albany
Daily Courier, and inquired:—
“ Ish the man in vot insures the people’s helts ?”
The agent politely answered; “ I attend to that business, sir.”
“ Yell, I vants mine helts insured ; vot you charge?”
“ Different prices,” answered the agent, “ from three to ten dollars a week in
a case of sickness.”




624

Journal o f Insurance.

“ Yell,” says Mynheer, “ I vants ten dollars vort.”
The agent then inquired the state of his health.
“ Yell I ish sick all te time. I ’se shust out te ped two or tree hours a tay,
and te doetor says he can’t do nothing more dat ish goot for me.”
“ If that is the state of your health,” returned the agent, “ we can’t insure it.
We only insure persons in good health.”
A t this Mynheer bristled up in great aDger.
“ You must tink I'm a fool. Y ot you tink I come pay you ten dollars for in­
sure my belt, ven I vas veil.”

M ARINE INSURANCE SCRIP,

The following are the market values of insurance scrip, all bearing 6 per cent
interest:—
G rea t W estern

C olu m bian . . .
M erca n tile. . . .
it
it

O rient M utual

Neptune............
Atlantic Mutual
Sun M u t u a l.. . .

U n ion M u tu al.

P a cific M u tu a l.

C om m ercia l M utual.,

N e w Y o r k M u tu al.

1857
3858
1859
1860
1858
1869
1858
1859
I860
1858
1859
1860

$325,000
235,000
320,000
190,000
65,000
65,000
90,000
126,000
80,000

1859
1860
1855
1856
1857
1S58
1859
1852
1853
1854
1856
1857
1858
1859
1860
1858
1859
1860
1856
1857
1858
1859
1858
1859
1860

1,200,000
1,400,000
100,000
265,000
152,000
225,000
270,000
50,000
126,690
160,000
107,650
92,270
86,580
204,880
180,000
150,000
225,000
220,000
59,000
65,000
110,000
225,000
250,000
250,000
80,000

OlTrd. Ask’d.
75
79
70
73
62
68*
68
62
60
68
62
57*
50
60
46
52
44
47
46*
50
44
47
41
45
100*
91*
102
96*
90
85
78
100
964
90
87
84
81
78
14*
100
90
80
90
80
70
60
77
67
54

103
93

For Great Western shares the quotations are 135 a 137* ; Columbian, 120 a
122 ; Mercantile, 110 a 112 ; Orient, 85 a 90.




Journal o f M ining, M anufactures, and A rt.

625

JOURNAL OF MINING, MANUFACTURES, AND ART.
THE PENNSYLVANIA ROCK OIL.

A letter to the Evening Post contains the following interesting facts in rela­
tion to rock o il:—
Knowing that some of yonr readers have been interested in the brief com­
munications that have been furnished in relation to the oil discoveries in
Pennsylvania, I venture again to send you some of the latest reports from the
oil districts.
Messrs. A. & S. A . B e n n e t t , the oil forwarding agents at Union Mills, furnish
the following statement of the amount of oil shipped by them in the months of
July and August:—
July, 1860............ ............................................................barrels
August, 1860...............................................................................

1,834
2,152

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

3,986

Nearly all of which was received from Titusville and forwarded to New York,
while nearly as much more found its way, via Oil Creek and the Alleghany, to
Pittsburg.
By private letter received last week I learn that the monster well at Tidioute,
on the Alleghany, did not continue long to flow over the top. but that, after
throwing over some two hundred barrels, the gas was sufficiently exhausted to
allow the oil to rest in the pipe. A pump has since been inserted, and so far
discharges but about thirty barrels per day— much less than was anticipated from
its antecedents. The same letter says that the. Williams well, at Titusville, is so
far the banner well, constantly yielding a daily average of about one hundred
barrels of nearly pure oil.
The famous (Jrossley well—one of the first opened, and which last March
yielded from sixty to seventy barrels per day—has now dwindled down to six or
seven ; but, as before stated, the owner is confident that this apparent failure is
in consequence of the filling in of his pump, and that as soon as he removes it
and rims out the well, as is customary and necessary in salt wells, he will again
obtain an abundant flow of oil.
Out of a hundred and sixty-seven wells on the creek above Titusville, only
thirty four are yet pumping oil, and many of the oil-seekers are just now in a
state of very anxious suspense. Many of them, encouraged by the fact that some
of the earliest diggers found oil at depths varying from seventy-five to one hun­
dred and fifty feet, went to work with very limited means, and having gone as
deep as their funds will allow, with neither oil nor money to grease their wheels,
are now obliged to suspend operations, and with heavy hearts cast about again
for the wherewithal to go a little deeper. The fact stares them in the face that
some individuals have found good veins of oil over five hundred feet deep, and,
of course, they must find it too if they but perserve. Some have found the
smell of gas, which surely indicates that there is oil not far away, while others
have seen a few drops of the real article floating upon the water which they are
sure to find in abundance. But the drill must stop for the want of money, and
many a poor driller will probably soon sink his hopes with his spirits in the bot­
tom of his well, and turn away with the disappointment that gold or fortunehunters often feel to some employment which, if not so promising to the imagina­
tion, is more sure of yielding a livelihood. There is a great disposition among
the oil-seekers to crowd their wells together, and the most extravagant prices are
often paid for leases in the neighborhood of other promising or producing wells.
One sanguine individual offered for a lot of seventy-five feet front three-fourths
of the oil he might obtain, in barrels, for the privilege of sinking and working
a well. People are just beginning to find out that there may be disappointment
V O L . L X III.-----N O . V .




40

626

Journal o f M ining , M anufactures, and A rt.

here as well as in every otter worldly enterprise, and that “ they who make haste
to be rich fall into many a snare.” Should any of your readers desire to enter
upon this search for oil, let me advise that they take with them plenty of money,
and, if gifted with ordinary prudence, they can make as wise and paying invest­
ments now as at any time since the excitement commenced. And if any one wishes
to escape from the noise of politics, and to retire for a while where the people
have oil for breakfast, dinner, and supper, where they talk of oil by day and
dream of it by night, let him go to Oil Creek and spend a week, and he will be
surprised that one can get so far out of the world in so short a time.
GALVANIZING IKON.

For the preservation of iron, various methods have been devised, namely, those
which protect iron mechanically, by covering it with a coating not acted od by,
and impervious to, the deteriorating principle, and those which protect iron
chemically, by producing a change in its electric or electropolar condition with
respect to the corroding agents. Any metal electro-positive to iron will answer
for such a protector, but zinc is the only one known that can be practically used
in the electro-chemical preservation of iron. The process through which it
passes is known by the name of “ galvanizingand the modus operandi, as shown
at one of the largest establishments in the United States, is as follows : —
Two kinds of iron are used, viz.:— Pig iron, which is puddled and then rolled
into bars and sheets for the use of stove-making, &c., and blooms, (technically
called,) for galvanizing These blooms come in square blocks about 4 inches
wide by 12 inches loDg, of solid charcoal iron. These blocks are heated and
rolled into bars (by a steam engine of 125 horse power) of about 2£ inches wide.
They are then cut into lengths by a powerful cutting machine, each length being
the width of the sheet intended to be rolled, the ordinary thickness being about
five-eighths of an inch ; this, however, varies. These blocks are then" passed
over to the other side of the mill, and are then ready for rolling into sheets.
The first process is placing them iu an oven, heating them almost to a white
heat. Two, three, or lour blocks, according to the thickness required, are then
taken to the first rolling machine, operated on by two men ; the first passing the
iron.through the rollers, which is caught by means of tongs by the other, and
so on through the whole. The first man then, by mean3 of two levers, screws
the rollers a little tighter, and the iron passes out as before ; and so it is passed
backwards and forwards until from 2£ inches wide it becomes nearly 2£ feet.
By this time it is getting cool, and is again sent to the oven. When it is
sufficiently hot, it is handed over (as before) to another set of rollers. The same
process is gone through, with this difference, that instead of passing each sepa­
rately, the two, three, or four plates are placed one over the other and rolled
together. Sometimes one rolling is sufficient, but at others they have to be
again heated and rolled. After this process they are ready for the cutting
machine to take off the jagged edges, and make them of equal lengths; from
thence the sheets are taken to the galvanizing works. When they arrive, they
are first treated to a bath of sulphuric acid ; after that they are thoroughly washed
in clean water, rubbed dry, and examined. They are then immersed in a bath
of nitric acid, from which they pass, by means of a car and rails, into the oven,
where they are dried perfectly, and taken to the zinc bath. Here they get a
coating ot zinc a trifle thicker than the tin on tin plates, the zinc being heated
to a state of solution. After being taken out of this bath and cooled,’ they are
rubbed with cloths, for the purpose of removing the dirt, and again thoroughly
examined, to see that the zinc coating is perfect. The iron is then packed in
bundles and marked, St for use, and will stand salt water or any kind of weather
without rust.
The establishment where the above operations are carried on, have also ma­
chinery for galvanizing telegraph wire, of which they can turn out twenty miles




Journal o j M ining , Manufactures, and A rt.

627

a day ; and we believe they are the only firm in this country who have the facilities
of doing this kind of work to any extent.
The iron wire having been subject to the previous processes, is passed through
the zinc bath as it comes from the reel, and ascends to the upper part of the
building, where it is wound on another reel moved by steam power.
COTTON MANUFACTURE IN SCOTLAND.

The cotton manufacture in Scotland is only of comparatively recent introduc­
tion, the first steam engine for a cotton factory having been constructed so late
as 1792. Its principal seats are in the countries of Lanark and Renfrew. Some
of the fabrics made at Glasgow and Paisley are of almost unrivaled beauty and
fineness The number of cotton mills in 1837, was 177 ; all those of consider­
able size, with only a few exceptions, being situated in Glasgow, or within 20 or
30 miles of it, and all of them without exception being connected with Glasgow
houses, or the Glasgow trade, at least so far as the raw material was concerned.
In 1850 the number of cotton factories was 168, with 1,683,093 spindles and
23,564 power looms, employing 36,325 hands. In 1857 there were 152 cotton
factories, with 2,041,129 spindles and 21,624 power-looms, driven by 9,971 horse
power, of which 7,641 was steam, and employing 34,698 hands, of whom 7,609
were males and 27,089 females. The entire cotton manufacture of Scotland
may be said to center in, or be dependent on, Glasgow.
The above progress, when explained in the language of practical life, repre­
sents an increase of consumption in the above period at the rate of 70,000 bales
a year, or 1,350 bales per week.
In the next place, let us have our attention directed to the amount of increase
which has been going on in our spindles. In the year 1850, according to a Par­
liamentary return, there were iu Great Britain (exclusive of Ireland) 20,858,662
spindles employed upon cotton ; and having reference to the annual consump­
tion at that period, of 629,798,400 pounds, it amounts to 30 pounds per spindle.
Therefore if we apply this fact to the cotton consumption of last year. viz.:—
937,800,800 pounds, we shall find that the manufacturing power we now possess
is that of 32,460,026 spindles, showing an increase in the ten years of 11.601,964,
or an average rate of progress of 20,718 spindles per week, and requiring a
weekly supply of 1,350 bales of cotton. Meanwhile, that is to say, during the
ten years in question, the principal increase in growth has been in the United
States ; and, large as it may appear, it has barely kept pace with the increase
of demand, and the supplies held in the market have been gradually diminishing,
and often reduced to a very scanty amount.
The machinists of this country have, perhaps, never before found themselves
so fully employed ; and, according to information derived from them, there is
now going on a greatly accelerated increase in the erection of mills and in the
extent of spinning machinery in course of preparation, not only in Great Britain,
but also in all parts of Europe, as well as in the United States.
The new machinery now constructing for British account has been put down
at 45,000 spindles per week, which is more than a two-fold rate of increase as
compared with the period before referred to. These will require to be sup­
plied with their 30 pounds of cotton per annum for each spindle ; and at no dis­
tant day the increase of consumption for the new spindles alone will amount to
not less than 160,000 bales a year, as against a rate of 70,000 bales in the last




628

Journal o f M ining , M anufactures, and A rt.

ten years; or a future supply of 3,000 bales per week, as against the former
rate of 1,350 bales.
Let it also be borne in mind that the cotton manufacture of Great Britain
constitutes only one-half of the consumption under our immediate notice, while
the other half is carried on in the various manufacturing districts of Europe and
in the United States. Now, should the like rapidity of progress in manufacture
be going on in these other countries, it must be obvious that an extension of
growth will very soon be required of more than 300,000 bales a year.
FLAX COTTON.

It has long been known that the stalk of the flax plant is capable of conver­
sion into cotton, and that when thus prepared it possesses many important ad­
vantages over the staple now so extensively cultivated in this country, and so
universally used by the population of the world. Flax may be spun, woven,
and manufactured into every variety of goods that are made of common cotton.
It may be used in many kinds of cloth, combined with wool, where cotton is ex­
cluded, and in all cases forms a superior substitute; it also holds color better
than cotton or even wool. Flax is very easily cultivated, growing with vigor
wherever corn and wheat flourish ; and nothing can be plainer than the fact
that, if there were any economical process whereby the flax stalks could be
easily changed into cotton, its cultivation would be rendered universal—it would
become one of the great staples of the world. C l a u s s e n ’ s process, to this end,
at one time attracted great attention ; he could not, however, produce the pre­
pared flax so cheaply, Dor of so good a quality, as the ordinary cotton of com­
merce, and hence his discovery was of little avail, and has about passed into ob­
livion. The K n o w l e s process, lately so prominent, consists in cutting the flax
stalks, whether rotted or not, into proper lengths for staple, boiling it in a weak
alkaline solution of soda or potash, until the shives separate on rubbing. It is
then bleached by chlorine, adding at the same time borax, salt, saltpeter, Glau­
ber salts, Epsom salts, sal ammoniac, or other similar salts. It is then washed
with water and dried.
RHODE ISLAND COAL,

A paper was read on this subject by C h a r l e s II. H i t c h c o c k , of Amherst,
Massachusetts. He attempted to show that the coal basin of Rhode Island be­
longed to the oldest of the coal periods. Professor A g a s s i z said that when we
saw the deposits of peat in Massachusetts, and of wood in the swamps of the
South, and how different they were, and that they might both one day be turned
into coal, we should not conclude that two basins of coal in different latitudes
were of different ages because they differed in lithological character or in fossils;
we saw how different the animals growing in these swamps and bogs were now.
He was prepared to show that deposits formed in or near periods might not con­
tain a single identical fossil, and that, therefore, our present criterion of syn­
chronism from identical fossils, lack one element of certainty. Nor was it ne­
cessary that deposits should be very thick to represent a long period. Since
the creation of man, there had been but sixty or seventy feet of coal reef formed
in the Floridas, and the carboniferous period might contain innumerable epochs.
He thought that as yet our facts were not sufficiently numerous to authorize us
to draw any very definite conclusions.




*

Journal o f M ining, Manufactures, and A rt.

629

MANCHESTER OPERATIVES.

And to tell you the truth, says a writer in Blackwood, I like the working
classes of Manchester, as far as they came under my notice. They are not cour­
teous, but they are obliging. They will not touch their hats or “ Sir ” you ; but
if you want a direction, they will instruct you definitely. They appear to me
very honest. I know the cab fares, and no cabman tried to overcharge me. Per­
haps we are apt to lay too much stress on mere civility. It certainly greases
the wheels of life, and prevents their creaking, but they can go without it. And
there appears to me a deep quiet well of humor in the Lancastrian or Mancu­
nian nature which is infinitely amusing. One day, as I heard on good authority,
a worthy incumbent in the country was roused from his sleep at five in the
morning by loud talking at the side of a fish-pond in his grounds. His rever­
ence put his night-capped head out of window, and saw three men standing by
the side of his pond. “ What are you doing there?” said he. “ Fishing,” said
the}'. “ But you are trespassing on my land; you must go away.” “ Go to
bed again,” was the rejoinder; “ your Master was not in the habit of sending
away poor fishermen.” The good clergyman could, of course, only laugh and
turn in again. The Exhibition, too, has exhibited some specimens of this hu­
mor. Two women from the mills stopped before the picture of the death of
King Lear. “ What is that, Mary?” said one. “ There’s life in the old dog
yet,” said the other. The people of Manchester itself looked, generally speak­
ing, rather jolly and well-fed than otherwise, and I heard that the recruiting ser­
geant was able to pick up there some uncommonly fine lads willing to serve her
Majesty.
___________________
THE NEEDLE.

Professor A l e x a n d e r D. B a o h e , at the recent scientific meeting at Newport,
read a most interesting paper upon magnetic phenomena, from which we take
the following :—
The regular daily movement of a magnetic needle is very small. The north
end of a needle fourteen inches in length moves, in summer, about the one-hun­
dredth of an inch eastward in the morning, and about the same distance west­
ward in the afternoon, making the whole movement about the fiftieth of an inch.
In winter the movement is only half as great. To trace the laws of motions so
very small is evidently a delicate task, and it is made more difficult from the fact
that these laws are complicated, and frequently marked by disturbances. A t a
previous meeting he had shown how the auroral disturbances were eliminated,
and how the examination confirmed R. W o l f f ’ s curious discovery of a ten or
eleven year’s period corresponding with the solar spots. He would now remark
that here was a new point in his discussion, compared with the European phys­
icists, namely, the use of P i e r c e ’ s criterion, or mathematical rule for determin­
ing when the observation is to be considered as that of a disturbance, and when
that of a regular or normal position. Without this criterion, the observations
from 1840 to 1845 were insufficient to rest upon for accurate results, but with it
they were sufficient. He showed by diagrams how the amount of daily move
meat varied from month to month, and how the law of this variation obtained
from Philadelphia observations compared with that obtained at Toronto, at St.
Helena, and at Hobart Town. The greatest movement is about ten days after
the solstice, and the least about ten days after the winter solstice— the passage
through the average movement is about ten days after the equinoxes. The
needle is, unless disturbed, in its mean position about lOh. 26m. in the morning,
and at its furthest westerly deelinatiou at lh. 16m. P. M. These times vary but
little in the course of the year, and would be the best times to take observations.
The daily changes for every day in the year were illustrated by a diagram repre­
senting a curved surface, the breadth of the sheet representing the hours of the
day, the length of it the days in the year, and the height or depression the de­
clination of the needle. The secular changes, or change from year to year, is
very difficult to eliminate, from certain physical reasons ; but after eliminating
it as well as it could be done, the resulting annual change agrees well with that




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Journal o f M ining, M anufactures, and A rt.

•

obtained by Prof. L l o y d from the Dublin observations, and also with the To­
ronto observations. From June to October the north end of the needle is east
of its mean position, and from October to June west. The amount of this range
is thought to increase or diminish with the amount of secular change.
THE “ LAST” MANUFACTORY AT RICHMOND,

The manufactory of lasts and boot-trees has lately been put in operation in
Richmond, Virginia, being the first of the kind ever established there. The pro­
prietors, W o r t h a m & Co., get their persimmon logs from the Chielsahominy
Swamp, and some of them are of such a size as to yield 500 pairs of lasts. The
Richmond Enquirer thus describes the manufactory :—“ Outside the door of a
frame building you will find two men with a cross-cut saw cutting great persim­
mon logs into lengths of from 12 to 16 inches; these lengths are transferred to
the frame building, where they are split into chunks, aDd these chunks being
hewn with an ax into a very rough outline of a last, are put into a drying kiln,
out of which they come in ten days, hardened and ready for the lathe. The lathe
is worked by steam, and consists of a frame about three feet high, two feet wide,
and five or six feet long, and so constructed that one of the dried chunks, being
put near one end of a horizontal axle, is shaped by a knife into a form exactly
corresponding with a pattern last placed on the other end of the same axle.
The chunk, thus shaped, is removed from the lathe; and the heel and the toe
being trimmed, it is then filed, polished off, and the last is complete.”
SMOKE FROM GAS-LIGHTS,

It is pretty generally imagined that the smoking of ceilings is occasioned by
impurity in the gas, whereas, iu this case, there is no connection between the
deposition of soot and the quality of the gas. The evil arises either from the
flame being raised so high that some of its forked points give out smoke, or more
frequently from a careless mode of lighting. If, when lighting the lamps, the
stop-cock be opened suddenly, and a burst of gas be permitted to escape before
the match be applied to light it, then a strong puff follows the lighting of each
burner, and a cloud of black smoke rises to the ceiling. This, in many houses
and shops, is repeated daily, and the inevitable consequence is a blackened ceil­
ing. In some well-regulated houses, the glasses are taken off and wiped every
day, and before they are put on again, the match is applied to the lip of the
burner, and the stop-cock cautiously opened, so that no more gas escapes than is
sufficient to make a ring of blue flame ; the glasses being then put on quite
straight, the stop-cocks are gently turned, until the flames stand at three inches
high. When this is done, few chimney-glasses will be broken, and the ceilings
will not be blackened for years.
LEVELS OF THE ATLANTIC AND PACIFIC OCEANS.

The popular notion which had so long prevailed that the Atlantic Ocean was
many feet higher than the Pacific at the Isthmus of Panama, has been formally
exploded. Colonel T o t t e n has decided, after a series of careful tidal observa­
tions, taken at Panama and Aspinwall Bay, and connected by accurate levels
alone the line of railroad, that the mean height of the two oceans is exactly the
same; although, owiug to the difference in the rise of tide of both places, there
are, of course, times when one of the oceans is higher or lower than the other ;
but their mean level, that is to say, their height at half tide, is now proved to
be precisely the same.




Railroad, Canal, and Steamboat Statistics.

(531

RAILROAD, CANAL, AND STEAMBOAT STATISTICS.
MANUFACTURE OF RAILAVAY IRON,

One of the very best practical reforms, says the Railway Times, in the rail­
way management of this country, is now taking place in the rail department,
by the substitution of iron of less weight but of better character. Most of the
heavy rail used for the past six or eight years contained a large portion of re­
fuse and weak material. The strength and wearing qualities of this bore, gen­
erally, no proportion to its bulk. The fallacy of, “ the heavier the rail the longer
it will wear,” has been most effectually proved by the most convincing kind of
evidence : disarranged finances and lack of dividends. The policy in this mat­
ter that we have continually supported for quite a number of years past— the
use of medium sized rails but of the first character, to be proved by competent
inspection, and a guaranty of wear for a certain period of time—will now, we
trust, be generally adopted by the railway companies. There is not a company
in the country, no matter how large or valuable its traffic, that can afford to use
cheap iron in its track. It leads to insolvency with just as much certainty as
the unattended-to leak finally sinks the finest ship that floats. A great number
of our railway companies have been for years buying iron, manufactured with­
out definite specifications, without competent inspection, and therefore almost
necessarily of the weakest material. The long train of evils consequent upon
the use of such trash cannot easily be described in a short article, but every
practical railway man knows them definitely enough. The evils are well enough
known, and the demand for a reform imperative. Below we copy some portion
of a specification for the manufacture of iron for some four of our best managed
New England railways. The rails were made in Great Britain under the in­
spections of a competent person sent out from this country, and thus far the
iron as delivered has every appearance of being a very superior article. The
cost, delivered in Boston, has been about $60 per ton. Cheap enough 1 every
one will say, if the useful qualities of this rail bears any proportion to those of that
originally laid down upon the Lowell and Providence Roads. The specifications
were furnished by Mr. S ta rk , the general manager of the Boston and Lowell
and Nashua and Lowell Roads, who has devoted more than ordinary attention
to the subject, and whose success in the management of the interests entrusted
to his care ha3 won golden opinions from the shareholders. We copy such por­
tion of the specifications as will show their general character and scope.
1. To be manufactured from hot blast pig iron, made from such ores (being
all mine, without cinder) as will produce the toughest and most compact wrought
iron, refiued, and run into metal. The metal to be puddled with coke, and each
ball to be hammered under a three ton hammer, (which shall be so arranged that
its force cannot be regulated by the workmen,) into a slab, 10 inches by 2 inches.
Three or four of such slabs to be piled together, heated to a soft welding heat,
hammered so as to extend the pile at least 50 per cent of its length, and then
rolled out into a bar 8£ by 1J or 1£ inches. Six or seven, as may be necessary,
of these bars to be piled together, heated, and reduced partly by hammering
and partly by rolling, to a bloom 6 by 6 inches ; then reheated, and rolled into




632

Railroad, Canal, and Steamboat Statistics.

a rail. All of the heats to be made soft and uniform throughout the piles, so
as to insure a good working of the iron, without crushing the fiber, and no cold
hammering shall be permitted.
2. The rails to be made to conform exactly to the forms of templates fur­
nished by second parties hereto, and not to vary more than two pounds per yard,
either way, from the weights marked on such templates. Lengths to be, in each
lot 35 per cent 21 feet long, and 15 per cent 18 feet long; and no variatipn ex­
ceeding 3-16th of an inch to be allowed. To be notched and punched as may
be ordered for each lot.
For the purpose of insuring sound ends, the piles shall contain sufficient iron
to allow at least one foot in length to be cut from each end of the finished rail;
and any rail from which such extra length has not been cut, shall be rejected.
The whole of each lot of rails must be of uniform section throughout, per­
fectly true and straight, and any that are bent or warped in the manufacture,
must be straightened by pressure, and not by hammering. They shall also be
perfectly sound, free from splits, cracks, flaws, scoria, imperfect welds, or de­
fects of any kind, and shall have their ends cut accurately true and square.
Each rail to be marked on the side in raised letters, at least half an inch in
length, with the name of the railway company for whom made, the initials of
the works where manufactured, and the year of manufacture.
3. The manufacturer shall allow an inspector in the employ of and selected by
the second parties hereto, to inspect and supervise the entire process of manu­
facture ; which shall be conducted to his satisfaction, and be subject to his ap­
proval and acceptance, both as to mode of working and materials used, under
the limitations of these specifications. And if, in the judgment of said inspec­
tor, any portion of the process of manufacture, or any of the materials used, is
not in conformity with these specifications, he shall have the right to reject any
such imperfect work.
COTTON ON RAILROADS.

The-following, showing the receipts of cotton at Mobile, per Mobile and Ohio
Bailroad, with earniDgs of the road for the year ending 31st July, 1860, com­
pared with previous years, indicates the progressive influence of railroads upon
the crop movement:—
,-----Receipts of cotton.-----^
—§9. ’ 39-1)0.
’ 37-1)8.
580
67
580
A u g u st.. .bales
September........
5,266 11,613 21,408
October............. 17,866 32,219 41,829
November......... 20,114 36,335 50,286
December......... 28,195 80,899 39,582
8,644 13,185 33,682
January............
6,643 14,754
Febru ary......... 12,980
2,380
9,262
March................
9,747
4,675
2,395
5,934
April.................
3,796
855
4,141
M a y .................
146
618
1,542
June...................
482
180
595
July...................

$23,206 59
43,211 76
74,410 64
76,615 05
84,979 64
49,651 89
63,898 15
59,754 53
45,169 81
38,621 05
27,073 89
30,909 87

Total............. 107,450 137,430 223,890

$617,501 87

-----Earnings.—

1857-58.

1858-39.
$29,783
57,387
105,416
126,452
117,762
84,219
64,467
43,164
41,688
36,141
§1,510
35,284

87
49
19
49
74
48
89
53
10
28
48
64

-,
1859-60.
$42,732 85
106,573 96
154,15S 45
182,029 64
152,094 69
136,700 06
101,534 73
88,914 13
68,627 98
63,349 28
55,033 65
48,358 20

$773,179 18 1,200,108 61

Amount of cotton received for the commercial year, 227,706 bales; during
August, 1860, 4,396.




Railroad , Canal, and Steamboat Statistics.

633

RAILWAYS UV TEXAS,

The Houston Telegraph for September 4th devotes considerable space to the
above subject. Besides other information, it gives the following:—
The increase of taxable property in Brazoria County, since the railroad reached
there, has been astonishing. In 1858, before the grading had more than com­
menced in the county, the total value on the tax rolls was $4,705,340. The
taxable property this year is §6,240,296, the increase in two years being over
two-and-a-half millions of dollars.
A year or two ago the county of Brazoria voted to take 55100,000 stock in
railroads, issuing county bonds for that amount in payment therefor. In order
to pay the interest on these bonds, and the principal as fast as it should become
due, a tax of 25 cents on the $100 was levied on all the taxable property in the
county. The interest has been paid promptly, and the County Treasurer is now
authorized to redeem all bonds maturing on the 1st day of March next. Add
to this, the county tax has been reduced to
cents on the $100, and the special
tax for the redemption of the bonds to 12| cents on the $100, making the whole
reduction nearly 5511,000.
Ten years ago, say September 1st, 1850, except with a few visionary persons
in Galveston and Houston, the idea that any person then living in Texas would
ever live to see a railroad in the State was simply regarded as absurd ; for fifteen
or twenty years old Texans had got along without them. They had taken their
long and tiresome horseback journeys through the country, painfully traversing
from twenty to thirty miles a day when roads were good, and less than that dis­
tance at other times. They had sent their produce to market and received their
supplies by the slow and laggard ox team, scarcely calculating on more than ten
miles a day. Planters living in the far interior thought they were doing re­
markably well if they got the returns of their September pickings by Christmas.
Merchants bought goods in the spring for the fall trade, and only received them
after six tveeks’ or two mouths’ exposure to the vicissitudes of the voyage of a
so-called prairie ship. In the height of the season, our market towns, especially
Houston, were one large cattle pen, and.the streets exhibited, from morning till
night, only a sea of horns, intermixed with the white covers of the wagons.
Long trains of cattle— fourteen, sixteen, and sometimes twenty oxen to each
wagon— were constantly arriving and departing with a snail-like pace, wearily
dragging their loads through the mud. And this continued until within the past
four years.
In 1854, we believe, the Buffalo Bayou, Brazos, and Colorado road was first
opened for business to the Brazos timber, but did not reach Richmond till the
latter part of 1855. In 1853 work was begun on the Central road, and in June
of that year there were fifty hands at work on it. Both these were, however,
generally regarded as schemes for which the State was not ready. Still the pro­
jectors struggled on, and in September, 1857, the Central, having been completed
to Cypress City, was opened for business. Its influence, small as it was in com­
parison to the position it has since attained, was at once felt. Business took a
new start in Houston. Other railroad enterprises felt that the success of this
was au assurance of success to them, and the spirit of railroad building became,
from that day, a dominant spirit in all this section of country.
Four years ago there were in all Texas but two actual railroads, viz., the
Central, open twenty-five miles, and the Buffalo Bayou, Brazos, and Colorado,
open thirty miles, in all fifty-five miles. On the Central there were two locomo­
tives, and two on the Buffalo Bayou, Brazos, and Colorado. Besides these, one
had just been received for the Tap road, then in progress of construction. To­
day we have over three hundred and twenty miles of finished railroad centering
in Houston, and some thirty-five finished in other parts of the State. On these
roads there are now thirty locomotives, daily awakening the echoes with their
whistles, and rumbling over the earth with their heavy trains. Every morning
the traveler sets out from Houston, and by eleven o’clock he is three good days
of horseback traveling in the interior, reaching, in fact, a fair fourth day’s jour­
ney before night. Persons daily leave town, and having transacted business fifty




634

Railroad , Canal, and Steamboat Statistics.

or seventy miles away, arrive at home to a three o’clock dinner. Freights for
all parts of the interior are in one day put as far forward as formerly in a week.
In a word, people now live as much and do as much in one year as they used to
do in two.
SOUTHW ESTERN RAILROAD COMPANY OF GEORGIA,

The reports of the chief engineer and superintendent of this road show very
clearly the operations of the road for the year ending 31st of July last, its con­
dition, and the condition of the motive power :—
T h e net sum earned for th e y e a r, a fter p a y in g all o rd in a ry and extra ­

ordinary expenses, is................................................................................
To which may be added the amount of premium and discount shown
on treasurer’s statement..........................................................................
Total........................................................................

$385,012 29
3,841 53
$388,853 82

The following amounts have been paid, viz.:—
February dividend, 4 per cent..........................................
Interest on bonds...............................................................
Annuity to city of M acon .................................................

$93,424 00
27,632 50
1,250 00
122,306 50

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

$266,547 32

And the Board has this day declared—
A semi-annual dividend of 4 per cent...........................
An extra dividend of 5 per cent....................................

$116,876 00
146,095 00
-----------------

262,971 00

Leaving a surplus of.......................................................................

$3,576 32

N EW ORLEANS, JACKSON, AND GREAT NORTHERN RAILROAD.
TOTAL EARNINGS PER MONTH FOR TWELVE MONTHS ENDING THE 3 1 S T OF AUGUST, 1 8 6 0 .

1859— Septem ber...............
O ctober.....................
November..................
December................
1860— January.....................
• February....................

$66,900
101,160
140,862
160,266
115,369
119,472

1860— March...........................
A pril............................
M ay.............................
J u n e ...........................
J u ly .............................
A u gu st........................

$124,610
90,012
81,168
74,418
76,376
71,749

$518,333
$704,409
Total, 6 months... .
Total, 6 months__
Total for twelve months ending 31st August, 1860 ..................................... $1,222,742
Total for twelve months ending 31st August, 1859 ......................................
871,716
Increase.....................................................................................................

$351,026

Increase for I860 over 1859 a fraction over 40 per cent.
The earnings for the year ending the 31st of August, 1858, were $382,689.
The number of bales of cotton brought over the road for the last twelve
months was 191,572 against 145,373 bales the year previous.
PROPHECY IN REGARD TO RAILROADS.

The following is a curious instance of the effect of time and experience upon
the well-considered judgment of men :—•
“ We are not advocates for visionary projects that interfere with useful estab­
lishments. IFs scout the idea of a railroad as impracticable! What can be
more palpably absurd aud ridiculous than the prospects held out of locomotives
traveling twice as fast as stage coaches 1 We should as soon expect the people
of Woolwich to suffer themselves to be fired off upon one of Congreve’s rico­
chet rockets, as to put themselves at the mercy of such a machine, going at
such a rate.”— English Quarterly Renew, 1825.




Railroad, Canal, and Steamboat Statistics.

635

AMERICAN RAILROAD E N TE R PR ISE IN BRAZIL— HISTO RY OF BRAZIL ROADS.

The Don Pedro II. Railway is one of the main lines of railway connection
now being developed in the finest empire of South America. It extends far into
the interior from Rio, as a grand trunk, with many branches ramifying on either
side, and is being pushed forward rapidly by the Philadelphia company to whom
the contract was awarded in the latter part of 1857. The first section, forty
miles, was completed earlier in the year. The Emperor himself, on the 2d of
June, started over the American portion of the road, to inspect it. The railroad
is to extend 300 miles, into a coffee district. The second section traverses a
mountain range, some 3,000 feet above the level of the sea. Some of the fill­
ings required are enormous, while the shafts for tunneling have to be sunk in
some places upwards of 450 feet, through the most solid kind of trap rock.
Under the skillful labor of the gentlemen who are now at work at it, it will be
done properly, and as speedily as the character of the work will allow.
Hitherto American enterprise in Brazil has been far below that of the lead­
ing nations of Europe. Remunerative contracts, requiring skill and energy,
were constantly obtained by Englishmen, Germans, Frenchmen, and even Por­
tuguese ; but Americans had no fair play, until the railway system of Brazil was
matured. Their experience with single lines, in a new country, was just what
Brazil required. It was then that Col. C h a r l e s F. M. G a r n e t t , of Virginia,
was employed as engineer-in-chief; and more of our countrymen have thus been
led to Brazil than ever before. Col. G a r n e t t , we understand, has returned to
the United States, but American skill and enterprise are now better known and
appreciated in Brazil than formerly, and, if our countrymen are wide awake to
their own interests, they will not neglect the opening there.
The Don Pedro Road is the sixth railway begun in Brazil. The names of these
enterprises are as follows :—Maua Railway, begun in 1852, finished in 1853 ;
Pedro II. Railway, first section, begun in 1855, finished in 1857 ; Pernambuco
and San Francisco Railway, begun in 1855, finished in 1858 ; Bahia Railway,
begun 1857, finished in 1860 ; Canto Gallo Railway, begun 1860 ; San Paulo
Railway, begun 1860.
The Brazilian government guaranties a certain per cent to the stockholders
of all, or nearly all, of these railroads. The enlightened policy of the intelligent
head of the Empire, and the peace, which is the normal condition of Brazil,
speak much for the advance of that country, and make it stand out in bold con­
trast with the ever-heaving, revolutionizing, Spanish-American Republics.
The Journal of Commerce presents several interesting particulars of railway
development in Brazil, based upon the volume entitled “ Brazil and the Brazil­
ians,” from which we quote :—
As to the importance of Don Pedro, we can only say, that thousands aud tens
of thousands of muleteers and mules are annually employed to bring down to the
point of embarkation the rich products of Nova Friburgo, Canto Gallo, and
vicinity. The coffee plantations in the elevated uplands surrounding these twonamed towns rank among the best in the province of Rio Janeiro. Many of
these plantations are owned by Brazilians, but there are some very prosperous
establishments whose proprietors are Swiss and Frenchmen. The baron of New
Friburgo has immense coffee plantations in the mountains and near the village
which bears his name. Between New Friburgo and Canto Gallo there is a fine




636

Railroad , Canal, and Steamboat Statistics.

region of country more thickly settled than the traveler is accustomed to find in
Brazil. Such is the amount of cultivation that one is reminded by the scenery
of the beautiful and richly-tilled valleys of Switzerland. Beyond Canto Gallo,
to the River Parahiba do Sul, is a large tract of land under cultivation, and
susceptible of still higher tillage, mostly suitable for coffee, sugar, cotton, Indian
corn, and the mandioca plant, from which a coarse meal and tapioca are produced.
The city of Campos is situated upon the River Parahiba, twenty miles from its
mouth. It is surrounded by vast fertile plains, which give the name to the city.
The commerce of this place is extensive, and a large number of coasting smacks
are employed to transport thence to Rio Janeiro the sugar, coffee, rum, and rice,
which are brought there from the neighboring plantations. When the new rail­
way is completed to Campos, a distance of nearly two hundred miles, an im­
mense traffic must flow over the line indicated. If an American colony.should
be formed in Brazil, these salubrious uplands, where the fruit of the tropics and
the cereals of the temperate zone may flourish together, would be the proper and
profitable spot for such an undertaking.
v
The Maua Railroad runs over the plains which extend from the bay to the
base of the Oregon Mountains, and'is on the highway between Rio and the
mountain city of Petropoiis, which is a great summer retreat, aDd where the
Emperor has a couutry-palaco.
The tunnel of Mendez is a stupendous undertaking. Those who, from the city
of Rio de Janeiro, have gazed upon the Alpine peaks which surround that city,
will have some idea of the difficulties in the way. But, once over this mountain
range, we find a country resembling the more level plains of Pennsylvania. The
transportation from these uplands has hitherto been by the slow, expensive, and
painful means of mules, down steep narrow paths which cannot be found out of
South America, and Spain and Thibet. The tunnel of Mendez pierces this
mountain range, and will be, when finished, 7,200 Portuguese feet, which are
equivalent to one mile and a half English. Up to the 1st of April, this year,
180 feet had been excavated at the southern entrance, and 170 feet at the north­
ern, (in all 370 feet,) and besides this, three immense shafts have been sunk at
different places from the summit of the mountain, so that a steam-engine is en­
abled to pump off thousands of gallons of water, which, otherwise, would greatly
impede the laborers in the horizontal works. The tunnel is wholly made through
a rock which the Italians call granililho. which differs from primitive granite in
being more friable, and more easily affected by powder. The contractor says
that he will soon be in condition to have his force disembowel the mountain at
the rate of 45 or 50 feet per month, which Would insure the completion of the
tunnel in less than two years.
Turning to the north we find, 800 and 1,200 miles away from Rio de Janerio,
the Pernambuco and San Francisco, and the Bahia and San Francisco Railroads.
They have the same end in view, i. e., to tap the present and future commerce
of the rich valley of the San Francisco and the intermediate region. If any one
will examine a map of Brazil, he will see the very great importance of these two
railroads. The river San Francisco, which is as large as the Volga, falls into
the ocean near ten degrees of south latitude, but for nearly three hundred miles
from its mouth is interrupted by a series of rapids, ending with the falls of Paulo
Alfonso, an immense cataract over which the river madly plunges. This inter­
ruption to navigation ceases near a point called Joazeiras, which will be found
clearly indicated in the map already referred to. Now, above Joazeira3 to the
month of Rio das Valhas, in the Province of Minas Geraes, there are, on the
San Francisco alone, seven hundred miles of direct steamboat navigation, and
when we consider the various affluents, there must be more than as many more
miles. In fact, the San Francisco is the largest river emptying into the Atlantic
between the La Plata and the Amazon. It rises in the rich province of Minas
Geraes, and waters the fertile soil of the important provincial divisions of Bahai,
Pernambuco, Sergipe, and Alagoas—the very garden of the Brazilau Empire.
The cities of Bahia, San Salvador, (130,000 inhabitants,) and Pernambuco,
(80,000,) are contending for the trade of this basin. Both have planned railways




Railroad, Canal, and Steamboat Statistics.

637

to Joazeiras, and both have some miles in running order, but great energy will
be required to push these roads through the distance of more than three hun­
dred miles. Such, however, is the necessity of these'iron ways, through a most
fertile tract of country, (where, as on the Pernambuco road, one may count in
70 miles 300 sugar plantations within easy distance,) that their completion is
only a question of time.
*
The San Paulo Railway, all of whose stock has been taken, and the money
obtained in London, will lead from Santos, a hundred miles or more south of Rio,
to the city of San Paulo, the capital of the flourishing province of the same
name. Its ultimate terminus will be further inland. Santos is the port of. the
great coffee region of Southern Brazil, and there is no doubt, from the prosperity
of the province of San Paulo, and the great demand for her production, that
the railway will be a profitable one. San Paulo would be au excellent portion
of the Empire for Americans to establish themselves for the cultivation of In­
dian corn, etc.
Of other railways in South America, there is a short one in operation in the
province of Buenos Ayres, and another of a few miles is projected from the city
of the same name to a navigable point for large vessels on the La Plata. In
Chili, through the lar-seeing policy of W m. W h e e l w r i g h t , Esq., an American,
originally from Jsewburyport, the first railroad of any length in South America
was opened. This is the important Copiapo Railroad, which is situated in one
of the richest mining districts in the world. The second railroad, (of which
now many miles are opened,) is to connect Valparaiso and Santiago, the capital
of Chili. This road will do much to develop and enlighten the best of the
Spanish republics. In Peru there is but one little railway, leading from Callao
to Lima, a distance of seven miles. We believe that these comprise, with the
Panama Railroad, the iron-ways of South America, although we have a faint im­
pression that one has been projected in English Guiana. Railroads on the Pa­
cific coast will always be difficult of construction, but in the Argentine Confed­
eration and the Empire of Brazil, the natural difficulties are no greater than in
our own land.

RAILROAD RECEIPTS FOR SEPTEM BER,

1860.
B altim ore and Ohio, m ain line........................
W ashington B ranch ........................................
N orth w estern V irgin ia B ranch....................
T o ta l............ ...............................................
B uffalo, N e w Y o r k , and E r ie ...........................
C hicago, B urlington, and Q u in c y ....................
C h ica go and N orthw estern ................................
C levelan d and T o le d o .........................................
G a lena and C h ic a g o ............................................
H ou sa ton ic...............................................................
H ud son R iv er.........................................................
Illin ois C entral.......................................................
M acon and W e s t e r n ............................................
M ichigan C entral........................................ ........
M ichigan S outhern and N orthern In d ia n a .
M ilw a u k ee and M ississip p i.............................
N e w Y o r k C e n tra l..............................................
N e w Y o r k and H a rlem ......................................
N e w Y o r k and N e w H a v en ............................
P ittsb u rg , F o rt W a y n e , an d C h ic a g o ..........
St. Louis, A lto n , and C hicago..........................
T o le d o and W ab a sh .............................................




$391,882
42,801
29,700
464,383
67,628
225,896
81,200
84,075
221,617
33,124
180,000
257,633
31,959
251,423
236,000
140,013
851,795
106,473
92,051
246,708
94,713
106,100

1819.
$333,250 increase $58,632
«<
40,426
2,375
«
19,527
10,173
<
«
393,203
71,ISO
M
51,546
16,082
«
181,061
44,835
it
51,319
29,881
il
73,000
11,075
(«
208,803
12,814
((
29,281
3 843
((
156,973
23,027
ti
246,655
10,978
37,523 decrease
5,564
210,837 increase 40,586
181,000
55,000
«
104,878
35,165
743,598
108,197
97,218
8,255
«
90,554
1,497
«
233,312
13,396
a
82,884
11,829
a
74,689
31,410

638

St itislics o f A griculture, etc.

STATISTICS OF AGRICULTURE, &c.
. GRAPE CULTURE OS KELLEY’ S ISLAM), OHIO,

Among the group of islands which are clustered in the southwestern waters
of Lake Erie, there are four— Kelley’s, South Bass, Middle Bass, and North
Bass. They together contain between 4,500 and 5,000 acres of land, which is
being rapidly brought into a state of high and productive cultivation.
They were first visited for the wood and timber which they furnished ; of the
latter, cedar posts formed quite an article of export at one time, but this timber
has become nearly exhausted. They still furnish considerable quantities of wood
of a very superior quality. We have seen on the wharf at North Bass, a nicer
article of wood than we ever saw in any other market.
k e l le y ’ s island .

This island contains about 2,800 acres, and has a population of 476, as is
shown by the present census. The island is based upon a fossil bearing lime­
stone, which contains an almost endless variety of casts of shells, corals, &c.,
which are found abundantly everywhere on the island and along the shores. It
is divided into two rocky spines, which are elevated several feet above the level
of the lake, forming gentle slopes and giving a good surface drainage. The
elevated points are stony, with thin, though rich soil. The intervals and slopes
have a deep, rich soil, resting upon a thick, compact stratum of clay.
GRAPE CULTURE AND WISE-MAKING.

It is now well settled, in the minds of such as have watched the progress of
the matter, that Kelley’s Island is destined to become one of the most important
vine-growing sections of our country. The first cultivated vines were set on the
island in 1843, and for fifteen years have never failed to produce fruit. The old
vines are yet healthy and are in vigorous bearing.
Although grapes were thus early cultivated upon the island, it was not until
quite recently that vinyards were set for the purpose of making grape-growing
and wine-making a business. Prom statistics furnished us we learn Jhat up to
1858 there were but 16 acres in bearing; in 1859, 20 acres, while for the pre­
sent year the whole amount of bearing vines reaches 62 acres.
The following table which has been furnished us, was made out with care and
gives a correct and full statement of the grape cultivation at this time. The
number of acres by actual measurement would be more than the table shows, as
the estimate was made from the cuttings, and no allowance made for the alleys
whicli are left through all of the larger vinyards
GRAPE STATISTICS OF KELLEY’S ISLAND, OHIO,

A c r e s ............. ..................................................

In bearing.
62

1860.

Set in
1839.
69£

Set in
1860.
99£

Total.
2301

This table shows how rapidiy this new branch of industry has sprung up on
the island. From 16 acres in bearings in 1858, they now have 62 acres in bear­
ing, with a total of 2301 in cultivation— 99i of which are of this year’s setting.




Statistics o f Agriculture, etc.

639

The Catawba is the principal grape cultivated. This ripens perfectly and
seems better adapted to the climate of the islands and the shore immediately
along the lake, than it is to the interior, where fogs retard the ripening, and early
frosts cut it off before it is matured.
MANNER OP CULTIVATION.

The ground is first prepared by being thoroughly underdrained and by deep
plowing. The roots are then placed six feet apart in rows of eight feet. The
growing plants are trellised on iron wire stretched between cedar posts.
The best cultivators have abandoned the old mode of close pruning, so much
in vogue in European countries, and followed in many places in the United
States. They say that a larger growth of wood is needed here. The old method
of trenching the ground has been abandoned as it seems to injure the vines.
We are informed that the whole cost of fitting the ground, setting the plants,
trellising and cultivating until the vines are in bearing, is $300 per acre. The
trellising costs about $130 per acre. There was consumed on the island this
season 15 tons of No. 9 telegraph wire, and it is estimated that twice that
quantity will be needed next year. It is estimated that one man will cultivate
three acres, calculating his labor for the entire year.'
The maximum returns per acre is given us as $1,100. Mr. C arpenter for
one year realized that amount from an acre, but the vines have never fruited well
since. The average yield is $600. The price of grapes and of the fresh juice
is growing less each year, principally because many wish to realize their money,
so as to enable them to plant a larger breadth of vines. Grapes sold last year
in the vinyards for 7 cents per pound, and the juice for from 90 cents to $1 per
gallon. Land on the island is valued at from $100 to $200 per acre.
What they will soon need on the island is a well constructed wine cellar,
where their wines can be properly kept until they are well matured. Butin this
particular they are soon to be well provided for. Mr. C arpenter has a cellar
now in process of construction, which, when completed, will not be excelled, in
some particulars, by anything in this country, and so far as we know, in the
world.
By excavating the southern slope of the island several extensive quarries of
stone have -been opened, and among the number Mr. C arpenter has one of the
largest. The rock is seamed back into the hill and transversely, cutting the
whole stratum into huge blocks of various sizes. Mr. C arpenter found in his
quarry two of these seams 35 feet apart, running back in perpendicular lines,
with faces exactly parallel and as even as a wall of cut stone. Mr. C arpenter
conceived the idea of removing the block of stone found between these seams
for the purpose of constructing a wine cellar. After removing this huge block
of stone to a perpendicular depth of 16 feet, and back into the hill a distance
of 110 feet, he came to a seam, cutting the others at right angles. This gave
him the side and back walls and the floor of a cellar, all of solid rock, and left
him nothing to do to complete it but to provide for the roof and the front wall.
The floor is on a level with the rock in the quarry in front of the cellar, and as
these seams extend down to depths unknown, they will drain it most perfectly.
The front is to be a wall of mason work, and the roof an arch of stone.
A t a height of seven feet from the floor, upward, there is found a stratum of




640

Statistics o f Agriculture, etc.

shale-like rock, about four feet thick, which is so broken as to enable the work­
men to displace it with picks and heavy hammers, and along this, the masons,
at the time of onr visit, were cutting a broad, substantial shoulder, for the base
of the roof arch to rest upon. The roof will thus commence seven feet from the
floor along the sides, and, resting upon this shoulder cut in rock as solid as the
eternal hills, will be carried up to a point in the center, 16 feet above the floor,
and will thus have a curve rising nine feet from the base, and this will bring the
top of the arch on a level with the surrounding surface.
Over this cellar, built like the houses of Edom, or the ancient tombs of Asia,
Mr. C a r p e n t e r will erect his wine house, and so arrange it that the juice will
be conducted from the press vats to any part of the cellar below. The capacity
of the cellar will be ample for 300,000 gallons of wine. It is broad enough for
three rows of casks, placed so as to leave the requisite room to pass along and
examine both ends of the casks—a thing which has to be done daily in wine
cellars.
COTTON,

The third annual report of the British Cotton Supply Association contains
many curious facts, illustrating the energy and research of the association, act­
ing under the imperative necessity of finding some source to supply, if not pres­
ent requirements, at least the future increase of demand.
In examining this report, we are rather surprised at the extent of the ground
covered by the enterprise of the association. There is not an inhabited cotton
country in the world to which their attention has not been directed.
Through the influence of her Britannic Majesty’s consuls, the cultivation of
cotton has been commenced in Turkey. The Home Minister of Greece has in­
troduced it into some dozen departments of that classic land, and in the island
of Cyprus an estate of eighty thousand acres has been devoted to it. A few
months ago, Sir M a c d o n a l d S t e p h e n s o n , who is engaged with a railway con­
necting Smyrna with the fertile valley of the Meander, in Asia Minor, has dis­
tributed seed and directions for planting and gathering the crop among the farm­
ers of that celebrated region.
Of Egypt, the committee say that they are about publishing a report, show­
ing the origin, progress, and extent of the cotton culture in the land of Pharaohs.
That report, they add, will contain suggestion for increasing the growth from
one hundred thousand bales per annum to the large figure of one million. In
Tunis, the Bey, stimulated by the representations of the committee, is using ex­
ertions to induce his subjects to raise cotton. In Western Africa, at Sierra
Leone and Sherbro, cotton gins have been introduced, and a trade commenced
in the native cotton raised in the neighborhood. In Liberia, the President is
making great exertions to establish the cotton culture. An agent of the asso­
ciation has been traversing that country, and has awakened a strong interest in
the subject. Along the Gold Coast, the governor of the English possessions is
exerting himself to carry out the views of the association. A t Accra and Cape
Coast Castle, are agricultural societies, which make the cotton cultivation their
specialty. A great deal of cotton is raised in the countries adjacent. The
Accra Agricultural Society has engaged with a Lancashire firm to purchase
this cotton, which they buy in the seed for less than a cent a pound. This cot­




Statistics of Agriculture , etc.

641

ton, cleaned, is worth in Liverpool fourteen cents a pound. Not long since an
agent of the association visited the iuterior. His report, it is said, leaves no
doubt that soon a large export trade will grow up. In one district this agent
found 70,000 people busy growing, spinning, and weaving cotton.
The prospect is, that in the numerous towns which stud the coasts cotton
marts will be established. A t Elmina, Benin, Old Calabar, and the Cameroone,
a good beginning has been made by the distribution of seeds and cotton (hand)
gins. At Lagos, already a hopeful trade has been opened. The exports from
the western coast rose, from 1858 to 1859, from 1,800 bales to 3,447. At Abbeokuta, the native chiefs have contracted with the New York African Civili­
zation Company for the allotment of lands to a colony of free blacks from the
United States. An English company is forming in aid of this enterprise, one
gentleman offering to take shares to the amount of $10,000. Along the line of
the river Niger it is proposed to establish trading stations. It is reported that
immense quantities, worth, clean, in Liverpool, 16 cents, may be bought, cleaned,
on the Niger, for 6 cents.
In South Africa, the Government of Natal is stimulating the cotton culture
by proposing to receive what is called the hut tax from the native subjects in
cotton. Numerous farmers there are planting it. One of them reports that he
has on hand 100,000 pounds. In Eastern Africa, the Oxford and Cambridge
Mission is about to establish a European colony in the Valley of the Shire, one
great object of which will be the raising of cotton.
In the West Indies efforts are being made to revive and extend the cultiva­
tion. In Havana there has been established a company (the Anglo-Spanish
Cotton Company) for this purpose, with a capital of four millions of dollars.
In Jamaica the British Cotton Company report very encouraging progress.
In South America some enterprising cultivators have taken cotton cultivation
in hand with excellent prospects. It British Guiana an effort is being made to
extend the cultivation there.
In Batavia, East Indies, good progress has been made : and in Java seed has
been furnished for planting on one of the estates in that island. In Ceylon the
subjects of the crown are to be allowed to pay a portion of their tax in cotton.
From the Feejee Islands the committee have received specimens of cotton
growing wild there, and reproducing for from ten to fifteen years. The samples
are so valuable as to range from 13 to 24 cents a pound. It is calculated that
from one-half the area of these islands might be raised three or four millions of
bales. But as the total population of the islands is only 200,000, it is clear that
there must be a large increase to their working population before that pitch of
excellence can be reached. The committee hope that the cession to Great Brit­
ain, proposed by the chiefs, will be accepted ; and add the expression of their
high admiration of the quality of the cotton growing wild on the islands. They
say that from no other quarter of the world “ has such a collection of graduated
qualities been received.”
Pegu is also receiving attention. Australia has entered into the cultivation,
and is expected soon to export freely. Samples of “ sea island ” from Australia
have sold at from Is. 8d. to 2s. per pound.
But it is evidently to India that this spirited association looks most hopefully
VOL. XLIII.---- NO. V.




41

642

Statistics o] A griculture, etc.

for immediate relief. Their report adds to the evidences of the general and great
solicitude which is felt in England, to make India a great cotton-exporting coun­
try. But it is only recently that the feeling has prevailed that she could become
so. And even now the committee say, “ no greater want exists in England than
a knowledge of the wondrous resources of India.” The association have been
indefatigable in supplying that want. The fruits of the exertion made there
are highly encouraging. It is supposed that the export this year will reach a
million of bales.
It is probable that the results of such exertions, co-operating with the grow­
ing demand, will continue to increase the supply. But it is not probable that
the supply will be for many years much more evenly balanced with the demand
than it is now. A relatively deficient production would so raise prices as to
check consumption. After all, if we consider a statement in this report that
the piesent consumption of Europe and the United States is at the rate of sixand-a-half pounds a head, it will be seen that the demand is not at this moment
so far in advance of the supply, however much present production may be be­
hind the present or prospective capacities of the British cotton mills. With
such a consumption per head, the population of Europe and America could be
supplied by the yield of our own cotton fields alone. But the tendency undoubt­
edly is to an increase of that amount per head, so that the average shall be
brought nearer the United States standard, which is fifteen pounds per head per
annum. Supposing the average consumption per head throughout the civilized
world to be the consumption of the United States, its inhabitants would require
two countries with the present capacities of the United States to supply it.
In the view we take of it, attempts to reduce the present price of cotton will
be unavailing. A t present prices, the tendency of consumption is to outrun
production. Increased production will only lead to increased consumption ; but
not to any reduction of price. In consequence, our cotton planters have noth­
ing to fear from all the efforts made to augment the production.
To what further extent the cotton cultivation may be pushed in the United
States is a question which cannot be answered without a knowledge of the quan­
tity of labor available for that production. The cotton area in this country
would probably produce one hundred millions of bales a year. But such a pro­
duction would pre-suppose an addition of some seventy or eighty millions to the
number of our slaves, an addition which it would take the country 150 years to
realize without importations from Africa. Confining our attention, therefore,
to the more immediately interesting question of how much additional labor can
be applied yearly, we may assume that the natural increase of the blacks will
add 1,500,000 at the end of ten years to the existing number, or an average of
150,000 a year. As cotton will continue to pay better than any other branch
of agricultural industry, it will be prosecuted somewhat at the expense of those
other branches by withdrawing hands from the latter. There are no statistics
to show the actual numerical amount of this withdrawal. We have heard it
stated at 60,000 annually from all the non-cotton slaveholding States. This
emigration would consist in a large measure of hands purchased expressly for
use on the cotton plantations. If we suppose that from both sources, natural
increase and emigration, an addition be made to the working force of an average
of 70,000 hands yearly, we shall have as the result of their labor an increase in




648

Statistics o f A griculture, etc.

ten years of 3,500,000 bales. This would be an average of 350,000 bales a year,
and an increase of 80 per cent on the estimated crop (say 4,400,000 bales) of
this year. The increase in the last ten years was from 2,600,000 to 4,400,000
bales, or 70 per cent; so that the result we have indicated varies only so far
from the experience of the last ten years as may be supposed to be warranted
by the increased stimulants to the cultivation of our great staple.
But, as we have remarked, this enormous crop of near eight millions of bales
will probably all be sold at present prices, paying our planters and merchants
some sixty dollars a bale, and enriching the country by an annual flow of wealth
into it of near four hundred millions of dollars.
A CALIFORNIA FRUIT-ORCHARD,

We call attention, says a California paper, to the famous Briggs’ Fruit-Or­
chard, advertised in our columns. This is undoubtedly one of the most prolific
fruit-orchards in the United States, if not in the world. We give the following
items from a letter which was addressed to us by the owner :—
B riggs ’ B

anch

E ditor F armer :—Yours of the 16th inst. is before me.

,

July 19th, 1860.

Our orchard has

taken the first premium for the two past years.
In 1858 we sold 480,000 pounds of fruit, mostly peaches and nectarines. Our
net profits were about $50,000. In 1859 we .sold as follows :—
Peaches.........lbs.

841,300

N ecta rin es ............

121,000

A p p le s .........lbs.
Pears....................
35,000 Q uinces..............
25,000 Plums.................

Apricots..............
G rapes...............

15,000 Cherries..........lbs.
200
5,000 T ig s .....................
475
2,500
1,000
T o t a l............... 1,046,475

The fruit neted about T cents per pound, $70,000 ; gross, $100,000.
This year, 1860, we have sold about—Cherries___ lbs.
Plums.................

2,000 at 60. cts per lb. I Apricots........ lbs. 40,000 at 20 cts. per lb.
2,000 at 60
“
| Apples................. 3,000 at 25
“

We have yet to pick
Apricots . . . .lbs.
Apples.................
Plum s.................
Peaches.............
Nectarines. . . .

10,000
100,000
10,000
800,000
300,000

Grapes.. . . . lbs.
Figs.....................
Quinces................
P e a r s ..................
|

30,000 To pick........Ib3.
8,000 Picked...............
3,000
6,000
Total..........

1,057,000
47,000
1,104,000

Respectfully yours,
G. G. BRIGGS.
Here is a fruit orchard of 40,000 bearing trees, and an annual crop of one
million pounds of fruit, and a probable net income of $80,000 or $100,000.
This immense orchard is now for sale.
THE

CROPS IN CALIFORNIA,

A merchant in San Francisco estimates that California will produce this year
7,500,000 bushels of wheat, which, after deducting for consumption and seed,
will leave a surplus of 3,525,000 bushels for export. The barley crop of the
State is said to be greater than the aggregate of the entire crop throughout the
United States, and is estimated for the present year at 7,500,000 bushels, which
will leave a surplus of 4,533,000 bushels.




644

Statistics o f Population, etc.

STATISTICS OF POPULATION, & c .
POPULATION AND GROWTH OF BOSTON,

The Boston Journal gives full returns of the popnlation of Boston by the
census which has just been taken by the United States Marshal. They are as
follows, by wards : —
Wards.
i ...........
2 ...........
3 ...........
4 ...........
5 ...........

"Wards.
8 .........
9 .........
1 0 .........
1 1 .........
1 2 .........

I860.
12,729
10,428
13,430
20,519
24,921

1855. Increase. Dec.
39
___
12,690
977
___
9,451
12,553
877
___
----13,264 7,255
17,931 6,990
___

Total. 177,902 162,748

co

1855. Increase. Dec.
___
2,076
19,264
___
15,963 3,393
13,175 1,726
___
___
865
7,912
___
3
10,428
5
11,697
18,430
___
8,075

T—
i

7 ...........

I860.
17,189
19,356
14,901
7,047
10,425
11,602
15,355

The population of the city, according to the United States census of 1850,
was 138,788. The gain in ten years has therefore been 39,114, which, consid­
ering the limited area of Boston, and the encroachments of business even upon
those restricted limits, is a gratifying increase. The returns from the adjoining
cities and towns, which should really form a component part of Boston in esti­
mating its population and commercial importance, will show even a greater rate
of increase. Roxbury, lor instance, has gained from about 15,000, in 1850, (ex­
cluding West Boxbury, which has since been set off,) to 25,138, in 1860—an
increase of over 66 per cent, the increase in Boston being a fraction over 28
per cent.
It is interesting, in this connection, to note the movement of population re­
sulting from the steady growth of business in certain sections of the city. Thus
wards one, four, and seven show a large decrease, and in wards five and six the
population has been nearly stationary. These are the business wards of the
city; ward seven, which show's the greatest decrease, being the center of the
business portion of the city. The tendency of population has been to the south­
ern wards, which show a very large increase.
There is no precise account of the population of Boston for nearly the whole
of the first century of its existence. In 1638, eight years after its settlement,
it was said to be “ rather a village than a town, consisting of no more than
twenty or thirty houses.” In 1675, the inhabitants were estimated at 4,000 ;
in 1698, at 7,000, (both estimates being probably too large;) in 1704, at 6,750 ;
and in 1720, at 11,000.
The first enumeration now known was made in 1722, during the prevalence of
the small pox, when E neas S alter was employed by the selectmen to ascertain
the number of the inhabitants, or, as D ouglas the historian says, to make *•a
perlustration of the town.” He reported 10,567, “ besides those who had died
or moved out of town,” the decrease from 1720 being attributable to these
causes, the deaths from small pox alone having been 771. In 1735, the popula­
tion was estimated at 16,000. In 1742, a census showed a population of 16,382,
and ten years later another census gave 15,731, the small pox having again re­
duced the population. In 1765, a census taken by order of the General Court
showed a population of 15,520.
The population of Boston during the Revolution was considerably reduced.
In 1776 it was said to contain 2,719 white inhabitants only, many being dis­
persed in the country. In 1777, the whole number of males of 16 years and
upwards was 2,863. In 1781, the popnlation was 15,520. It will thus be seen
that the population of Boston remained nearly stationary for many years. It
has been said that the new dwelling houses erected during this time scarcely
averaged one a year.
After the peace of 1783, the population of Boston began gradually to increase.




.

645

Statistics o f Population, etc.

The following table, showing the results of the census by decennial periods, will
exhibit the increase during this century :—
Years.
1800........
1810........
1820____
1830........

Population.
24,937
33,787
43,298
61,392

Increase. P. ct. Years.
....
.. 1840........
8,850
35 1850........
9,511
28 1860........
18,094
41

Population.
85,000
138,788
177,902

Increase.
23,608
63,788
89,114

P. ct
38
63
28

The period from 1840 to 1850 shows the greatest increase in this century.
It was then that the population of Boston showed the impetus which had been
given to its business and prosperity by the construction of the network of rail­
roads which linked her to the other principal cities and towns in New England,
and to the Great West. If the growth of Boston has, since that time, been
more gradual, it is owing to causes which we have already indicated. When
we obtain returns from the neighboring cities and towns within a radius of ten
miles of State-street, embracing, outside of the city limits, a very large propor­
tion of the business men of Boston, it will be found that the march of popula­
tion has kept pace with the progress in other eastern cities whose limits are less
circumscribed. The actual area of Boston proper, it should be remembered, is
less than two miles square, and, except in East and South Boston, and at the
extreme south part of the city proper, this area was densely populated in 1850.
POPULATION OF SPAIN.

The first census of Spain that has any pretensions to accuracy was taken in
1857. During the following year additional statistics were collected, r.ll of
which have been combined in one volume, and lately published by order of her
Catholic majesty’s government. From these statistics it appears that “ lovely
Spain—renowned, romantic land ” of the poet, is not far behind neighboring
nations in the great march of industrial improvement. Indeed, her progress
within the last decade has been, perhaps, as great as any other European nation.
The population of Spain, in 1857, was 15,464,340, the superficial extent in
English square miles 195,782, making the average number of inhabitants to each
square mile nearly 79. Of the whole population, 7,670,933 were males and
7,793,407 females; married males, 2,784,057 ; married females, 2,790,485 ; un­
married males, 4,521,453 ; unmarried females, 4,307,166. It may be said that,
in round numbers, the number of males to females in the whole population—
young and old, married, single, and widowed— was 100 males to 102 females.
The proportion in England and Wales in 1851, the date of the last British cen­
sus, was 100 males to 104 females; in Scotland, 100 males to 110 females ; while
in our own State of New York, in 1855, it was 100 white males to 100.5 white
females. From these statistics we may draw the consoling conclusion to the
fair sex of our State that, for every four old maids in Spain, eight in England
and Wales, and twenty in Scotland, we have only one in New York.
There are only four cities in the whole kingdom whose population exceeds
100,000. These are, Madrid, 281,170 ; Barcelona, 183,787 ; Seville, 112,529 ;
Valencia, 106,435. There are five other cities having a population ranging
from 40,000 to 70,000.
POPULATION OF M ILW AUKEE.

The population of Milwaukee has advanced steadily and rapidly during the
last twenty years, as will be seen by the following table, showing the progress
every five years :—

1835-

1S40.

1845.

1850.

1855.

1860.

500

1,700

8,000

20,061

30,448

45,825

Like other Western cities, it has had its trials, but it is now enjoying an un­
usual degree of prosperity, consequent, to a great extent, on its railroad advan­
tages.




646

Statistics o f Population, etc.
P O P U L A T IO N

1850.
Cincinnati.............
17,034
Cleveland............. . . .
Toledo...................
...
7,100
..........Springfield
Portsmouth.........
4,000
Urbana..................
N ew a rk ...............
Mansfield..............

OF SO M E

O H IO

TOW NS,

1860.
160,060
43,550
13,784
7,800
7,000
6,300
5,400
5,050
4,500

1850.
Marietta..................
Mt. Vernon............
Ironton.....................
Fremont..................
Gallipolis................
Painesville..............
Hillsborough.........

3,711
574
1,464
1,685
1,392

1860.
4,300
4,281
3.695
3,552
3,527
2,811
2,624

2,200

The population of the principal cities (excluding Cincinnati) of the three
great valleys in the southern district of Ohio is as follows :—

I860.
Zanesville, Muskingum V a lle y ......... .....................................
Columbus, Scioto Valley..........................................................
Dayton, Miami Valley........................................................

9,212
18,638

1850.
7,929
17,882
20,13210,977

The increase of the population of Dayton, it will be seen from the above, has
been nearly 100 per cent, and this has placed it ahead of Columbus.
CENSUS OF CINCINNATI.

We present below, as interesting at this time, the vote of the city for gov­
ernor in 1859, and the population of the city, according to the showing of the
census. The ratio is 7.78 persons to the voter. It will be seen that the cor­
rections which the Marshal has had made increase the figures to a little over
160,000. Other corrections may increase this a few hundred :—
Vote in
Wards.
i ...........
2 ...........
3 ...........
4 ...........
5 ...........
6 ...........
7 . . ’___
9 ______
10...........

1850.

1859.

1860.

6,849
8,213
7,668
10,957
5,283
9,628
9.344
14,422
10,705
13,032

1,039
831
1,097
1,063
851
1,056
962
1,085
1,244
1,599

7,371
4,i 58
8,316
10,339
5,941
7,796
7,707
13,292
9,058
11,520

1850.

T ota l.

Vote in

18S9.

I860.

19,334

1,549
2,148
862
1,249
1,619
1,263
481

12,731
18,590
7,537
9,030
11,954
10,680
4,040

115,435

20,588

160,060

Wards.
i i ...........
12...........
13...........
14...........
15...........
16...........
17...........

CENSUS OF RHODE ISLAND,

The State census returns for the entire State of Rhode Island are as follows :
In 1850, the population of the State was 147,549 ; in 1860, 173,869 ; an in­
crease of 26,320. or a little short of eighteen per cent. There are but five
counties in the State, the following being the recapitulation : —

1820.

1810.

1840.

1850.

1860.

Providence...............................
N ew port..................................
Washington.............................
K en t.........................................
B ristol......................................

Counties

35,786
15,771
15,687
10,228
6,687

47,OH
16,534
15,414
12,784
5,466

68,073
16,874
14,324
13,083
6,476

87,628
20.009
16,430
15,068
8,514

107,078
21,906
18,682
17,296
8,907

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

83,059

97,212

147,549

173,869

108,830

The city of Providence has increased from 41,513 to 49 914, being 8,401 in
ten years.




647

Statistics o f Population , etc.
B U S IN E S S P O P U L A T IO N

OF SAN

F R A N C IS C O .

A new Directory of San Francisco has been published, and it contains some
interesting statistics about the city. For instance, it states that there are 10,123
buildings in San Francisco, classified as follows :—
W ood....................
Brick..................... .
Iron.........................
A'dobe....................
Stone.....................
T o ta l............

One
story.
3,714
243
8

Two
stories.
4,733
925
30
3
3

Three
stories.
152
253
6
1
1

3,967

5,694

413

Four
stories.
4
37
3
1
1

Five
stories.

Total.
8,603
1,461
47
6
6

3

46

3

10,123

In this table are included over 70 single buildings which vary in width from
50 to 140 feet.
The compiler of the Directory reports the number of business houses in July,
1860, and the number that have withdrawn from business within the last twelve
months, which latter number includes about two-fifths of those in business here
in the middle of last year. The table is as follows
No.

1869.
Assayers..............
Attorneys.............
Auctioneers..........
Bakeries...............
Bankers................
Baths................. ..
Billiard-makers...
Boarding-houses .
Breweries...........
Brokers...............
Butchers, &c.........
Cabinet-makers...
Carpenters...........
Clothing cfe tailors.
Coal and wood . .
Dressmakers . . . .
Dry goods............
Fruits...................

No
Decl’d Still in j,.a'
busin’s. busi’s. Oil.

8

2

6

271

37

22

8 Furniture, <fec.. . .
288 Groceries..............
20 Gunsmiths............
66 Hardware............
17 Hairdressers........
15 Hatters.................
9 Liquors................
248 L u m ber...............
24 Milliners, <fcc.........
179 Painters................
150 Physicians............
22 Printing-offices. . .
120 Produce.................
186
276 Stoves <fe tinware.
85 Upholsterers, &s.
62 Watchmakers, &c.

83

121

22

78

20

6

234
14

63
16
14
9
286
18
150
125

27

86

21
75
180
266
65
56
117
72

1

15

4
3
168

10
6

2
61
59
15
63
58
99
39
34
34
50

No.

118
16
89

66
6
12
72
157
26

Decl’d Still in

1859. busin’s. busi’s.
70
328
14
32
60
16
760
32
43
50
169
13
70

66

22

135

48
193

No*
’ fiO.
54
373

6

8

12

4
44

28
16

37
95
23
800
33
43
65
189
17
48
84
64
30
84

6

10

341
9
27
35
55

419
23
16
15
114
13
30
32
38

..

40
84
13

51
30
10 20
23
50
27
—
—
—
Total............. 3,626 1,570 2,056 3,985

CENSUS OF N EW H A M PSHIRE.

The first reliable census of New Hampshire after it ceased to be a province
was taken in 1790, when the population was found to be 141,111 ; in 1800 it
was 183,762 ; in 1810 it was 214,360. In the following table we give the re­
sults of each successive census from that time to the present
Counties.
Hillsborough...................
Rockingham.................. ___
Grafton............................
M errimac.......................
Strafford..........................
Cheshire.........................
Carroll............................. r
Sullivan..........................
Belknap.........................
C o o s ................................ ___
Total....................




1820.

1830.

1840.

1850.

1860.

37,762
44,452
38,691
34,619
58,916
27,016

57,478
49,194
42,343
40,337
29,374
30,144
20,157
19,375
17,721
11,853

62,239
50,110
42,273
41,460
30,416
27,443
20,476
19,039
18,551
13,168

317,976

326,175

5,151

8,890

42,494
45.771
42,311
36,253
23,166
26,429
19,972
20,340
17,988
9,849

244,161

269,533

284,574

40,526

....

19,887

Statistics o f Population , etc.

648

From this table it will be seen that the gain in population between 1850 and
1860 has been much less than duriDg any previous decade. The reader will no­
tice that it is only one-fourth of the increase between 1840 and 1850. What is
the cause of this ? The increase of population throughout the country has been
in a greater ratio during the latter than the iormer period. Of the two leading
interests in our State, agriculture and manufactures, the former has been quite
as profitable for the last ten years as for the ten years previous. We must
therefore look to the condition of manufactures for a solution of this question.
In the aggregate, manufacturing, though at this time encouraging, has been less
profitable since 1850 than for the ten years previous. Added to this, there has
been an impression among manufacturers that legislation and popular sentiment
was less favorable to manufacturing interests in this State than in Maine and
Massachusetts. Hence Lewiston, Biddeford, Lawrence, and other manufactur­
ing towns in the above-named States, are growing more rapidly than the manu­
facturing towns in this State. Whatever reason there may have been for this
belief, the recent legislation of this State gives evidence that it is entirely re­
moved.
STATISTICS OF POPULATION OF BALTIMORE COUNTY.

Some interest being felt in relation to the progress of Baltimore County in
population during the past decade, we present the following comparative tables,
which, though deficient as to details, so far as the census of 1860 is concerned,
are nevertheless sufficient to show with accuracy the relative proportion of white
and colored inhabitants. The census of 1850 having been taken before the sep­
aration between the city and county went into effect, the tables presented the
combined population of both ; but as a table giving the population of Balti­
more city was also introduced, by separating the statistics of population as
given for the city from those of the city and county, we arrive at the following
results:—
Population of Baltimore County, including city .
Population o f Baltimore City.................................
Baltimore County. . . .

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

White. Free col. Slaves. Total.
114,853 29,075 6,718 210,646
140,666 25,442 2,946 169,054
34,187

3,633

3,772

41,592

It will be seen by the above that the total population of Baltimore County
in 1850 was 41,592 ; in 1860 it is reported to be 54,460; increase in ten years,
12,868. In 1850 the number of slaves in Baltimore County was 3,772 ; in
1860, 3,131; decrease, 641.
MICHIGAN TOW NS— POPULATION.

The following are the returns for some of the towns of Michigan :—
Pittsfield.....................
Salem...........................
Superior.......................
Ypsilanti C it y ...........
Ypsilanti town...........
Ann Arbor City.........
Ann Arbor village . . .
Ann Arbor town . . . .
Nortbfield...................
W ebster.....................
Augusta.......................
Bridgewater...............




1850.

1800.

1,232
1,343
1,127

1,304
1,360
1,344
4,042
1,369
4,491
602
1,443
1,373
1,106
1,140
1,290

3,052
. . . .
. . . .

4,870
1,116
924
808
1,148

1850.
L o d i.......................
Manchester............
Saline....................
York......................
D e x te r.................
Freedom................
Lima..................... .
Lyndon..................
Scio.......................
Sharon.................
S ylv a n ................. .

1,274
1,631
1,435
1,214

1800.
1,321
1,712
1,917
1,573
857
1,350

1,000
901
869
924

823
1,820
1,003
1,543

Mercantile Miscellanies.

649

MERCANTILE MISCELLANIES.
NEW YORK CENTRAL l'A R K .

The third report of the board of commissioners of the Central Park has just
been issued, which gives minute details of the work accomplished, and of that
in progress at the present time. This is the first great enterprise of this nature
in the United States, and we here make a record of its main features as a mat­
ter of general interest. During the current year the chief work will be the
completion of the details of the lower park, and the construction of carriage
roads and a foot walk in the upper park.
The principal features of the work that have been accomplished to this time,
are the following :—
1st. The roads completed are as follows :—
Total Macadamized road finished...............................................................feet
“ Telford
“
“
......................................................................
“ gravel
“
“
.....................................................................

7,233
9,838
200

Total, 3 miles 1,431 feet, (3£ miles.)
2d. Roads commenced, graded, and in progress of grading : 26,751 feet, or
5 miles 351 feet.
3d. The total length of footpath, of divers width, completed, is 7 miles. The
total length of the walk of the mall completed, is 1,450 feet. Total walks com­
pleted, 7 miles 1,450 feet.
There are seven ornamental bridges complete, or nearly complete, and five
ornamental bridges in progress.
The number of trees and shrubs planted is as follows : Evergreen trees, 1,573 ;
evergreen shrubs, 1,864 ; deciduous trees, 1,259 ; deciduous shrubs, 9,137 ; creep­
ers, 3,157 ; herbaceous plants, 375. Total, 17,365.
The total amount of drainage laid during 1859 is as follows : Below Eightysixth street, 7 070-1000 miles : above Niuty-third street, 3 434 1000 miles.
By an act passed by the Legislature of 1858-59 it is provided that bequests
may be made to the city of New York for the improvement aud ornamentation
of the Central Park, or for the establishment or maintenance of museums, zoolo­
gical gardens, etc.., upon such trusts and conditions as may be prescribed by the
donors, and agreed to by the mayor, aldermen, and cominalty of the city of
New York, and that such property shall be under the management, direction,
and control of the board of commissioners of the Central Park. Under this
provision the commission have granted permission to place within the park a
monumental statue, in marble or bronze, of the late Commodore P erry —the
gift of A ugust B elmont, Esq. Observatories, museums of natural history, zo­
ological and botanical gardens and galleries of art, find offers of substantial aid
for their foundation. The board, however, recommend the propriety of leaving
such institutions to the care of private hands, or of associations, under such
judicious general regulations as might be prescribed by the board, having refer­
ence to the convenience and comfort of visitors, and to the integrity and faith­
fulness of their management.
The supply of water for lakes, fountains, and irrigation, will be inadequate
until the new reservoir is brought into use, and additional facilities furnished for
bringing to it the full volume of the aqueduct.
The board has had under consideration the subject of the expense of main­
taining the park, and will endeavor to establish a system of license for franchises
and privileges, that will yield a revenue to the park without in any respects ob­
structing or taxing its free enjoyment in all departments. Licenses for refresh­
ment rooms for perambulators, or bath-chairs for invalids, to be allowed on the




650

Mercantile Miscellanies.

walks, and for boats on the lake, may all be made to yield a revenue, and relieve
the city of a part of the annual cost of maintaining the park. These conve­
niences are all to be conducted under stringent rules, to be provided by the
board.
In relation to the zoological garden the report says that while such an insti­
tution could not justly be maintained by the public funds, it would be of great
interest and instruction to the whole community. In the hands of a private as­
sociation, it could well afford to pay a rent for a location on the park, which
rent, together with all other privileges of this nature, should yield a revenue to
be applied to the reduction of the annual expenses of maintaining the park.
Interesting statistics are given of the value of real estate in the wards contig­
uous to the park, for the past five years. They are as follows :—

1855.

1856.

1857.

12th .....................
19th.......................
22d.........................

wards.

$8,462,635
9,382,886
10,593,139

$8,149,360
8,041,183
10,239,022

$8,134,013
8,558,624
10,489,454

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

$28,438,660

$26,429,565

$27,182,091

Wards.
12th.............................................................
19th.............................................................
2 2 d .............................................................
Total............................................

1858.
$8,476,790
10,971,775
11,553,506
$31,002,051

Increased valuation on the three wards, 1856 to 1859, inclusive
Total............................................................................................

1850.
$10,062,725
12,621,894
13,261,025
$35,945,644
$35,945,644
26,429,565
$9,516,079

The total cost of land taken for the park to January 1st, 1860
Of this amount there was assessed upon contingent lands........

$6,406,193 74
1,661,385 00

Total cost of lands of the park........................................

$3,744,798 74

To this is to be added the cost of the proposed addition to the park of the
lands between 106th and 110th streets.
As nearly as can now be ascertained, 10,500 persons have had employment on
the park at different times, since its commencement. Four thousand four hun­
dred thirty-five were employed during last year. The average per day for the
past year is 3,027. The largest number at one time was 3,666. The average
number of general foremen, foremen, and assistant foremen, during the year is
146. Two hundred eighty-four men have been discharged for inefficiency ; 286
for violation or neglect of rules; 477 have been temporarily suspended from
work for neglect of rules, etc. One fatal accident occurred during the year, and
one the year previous ; both the results of imprudence of persons killed. These
are believed to be the only fatal accidents that have occurred iii the construction
of the park. The force is paid in specie, regularly every fortnight, commencing
on Thursday.
The following is a summary of the treasurer's account :—Total receipts from
May 1st. 1857, to January 1st. 1860, §1.775,512 36 ; the expenditures from May
1,1857, the date of the organization of the board, to January 1st, 1858, were
§77,881 41 ; expenditures from January 1st, 1858, to January 1st, 1859, were
§507,487 86 ; expenditures from January 1st, 1859, to January 1st, 1860, were
§1,179.246 47 ; total expenditures from' May 1st, 1857, to January 1st, 1860,
§1,764,615 74 : balance, January 1st, 1860, §10,896 62.
THE END OF DEBT,

In the fall of 1847, a young man came to this city in quest of employment.
After weeks of unsuccessful search, he found himself without a prospect of work,




Mercantile Miscellanies.

651

and considerably in debt for board. In despair, he made arrangements for dis­
posing of his clothes by auction, in order to defray his debts, when a letter was
sent him containing a twenty dollar bill, and directing him to apply for the situ­
ation of card stripper, to the overseer of one of the corporations. The letter re­
quested him to sign a note of hand for the amount loaned, and to place it in a cer­
tain unoccupied box in the post-office, where it would be called for by the lender.
This young man did as was directed, and received the situation, the overseer
stating that it had been secured for him at the earnest solicitation of a young
lady. Years passed away, and all attempts to discover his creditor was unavail­
ing. The young man prospered in business, and at length plighted his affections
to an amiable young lady with whom he had become acquainted. On the day
before their marriage, he received a letter requesting him to call at a certain
place and pay the note of twenty dollars, with interest, which he had signed
some years before. Anxious to settle an indebtedness which, from the mystery
of the whole affair, had occasioned many hours of unhappiness, he hastened to
the place indicated, and was ushered by the domestic into a parlor, where, to
his astonishment, he discovered in the person of his unknown benefactor, the lady
with whom, upon the next day, he was about to unite his earthly fortune. It
was her first business transaction, and the partnership which followed bids
fair to continue happily through life.
DIRECT SOUTHERN TRADE W ITH EUROPE.

We have received the following interesting communication from a Committee
of the City Council of Baltimore:—
C h a m be r of the C it y C o u n cil op B altim ore , A u gu st 2, 1860.

At a regular meeting of the Committee of the City Council and merchants of
Baltimore, for the establishing of a steam service between the Southern States
and Europe, held on the 30th day of July, the following resolution was unani­
mously adopted :—
Resolved, That a Committee be appointed who shall enter into correspondence
with the governors cf all Southern States, and also the mayors of all Southern
cities, asking what amount of bonds they will be willing to advance, or what
amount of interest they will be willing to guaranty per annum, in order to estab­
lish a direct steam communication between the Chesapeake Bay and Europe.
In accordance with the resolution, we now transmit you herewith a copy of
the same, and ask your sympathy and substantial aid to assist us in carrying
through successfully the project now under contemplation. The Committee feel
that, in the present position of our national affairs, no argument is necessary
upon their part to impress upon you and your citizens the absolute necessity
which should induce our Southern sister States to unite with us in effecting the
organization proposed, or to attempt to show forth to them the vast benefits
which must result therefrom. In our opinion, the time for action is now. We
possess within ourselves all the elements of power and greatness; and if we fail
to use them aright, the fault is ours, and will rest upon the generation in which
we live. Although the resolution names only the connection between the Chesa­
peake Bay and Europe, still the Committee recognize the favorable position of
Charleston in its relation to the cotton States, the West Indies, and the Gulf of
Mexico, and appreciate the importance of such a combination with South
Carolina as will bring the whole South, from Maryland to Texas, to accord upon
a common policy for the establishment of this proposed Southern steamship line.
The Committee are fully aware that you, in your official capacity, cannot pledge
your State to lend its aid to this undertaking, yet we think a recommendation
from you to your Legislature will be successfully carried through ; and we there­




652

M ercantile Miscellanies.

fore ask you to state what amount of aid you can consistently recommend your
State to grant to this enterprise. In the permanent organization of the com­
pany, your State would, of course, be entitled to a representation. It is most
probable that the ships could be easily obtained in Europe, with a guaranty of
interest not to exceed six per cent per annum ; but the Committee think that
ships could be obtained upon much more favorable terms if the company were
to purchase them with State bonds or cash, and that it would be most desirable
to sail them under the American flag. We therefore propound to you the follow­
ing questions:— What amount of interest would your State agree to guaranty
annually for the support of this service? What amount of stock would it agree
to subscribe for. payable in State bonds, in case the ships are purchased and
owned by this company? The capital required to purchase and equip properly
a line of steamers would be about $3,000.000. It may be urged against this
enterprise, that the vessels will not pay, and we may be referred to lines that have
previously been started, and which have been unsuccessful— to which we say
that their want of success has been owing to the fact that they have been started
without sufficient capital. They have been built and equipped by men that
could take stock for their pay, and they have been furnished with stores by those
who would give them credit, and who doubtless charged such prices as would
under the circumstances remunerate them. Hence to avoid the difficulty which
has ruined other similar enterprises, the Committee ask for a sufficient capital to
place the company upon such a footing as will enable them to start and main­
tain the same in proper credit. All of which we most respectfully submit for
your consideration ; and hoping soon to receive a favorable reply from you, we
are, respectfully,
F R E D . F I C K L E Y , J r ., Chairman.
G. O. G O R T E R .

A D E X A N D E R PENN.
C. S I D N E Y N O R R IS .
¥ M , M cP IIA IL .

SAILORS— W HAT TH E Y A R E , AND W H AT TH E Y SHOULD BE.

The New York Shipping List has the following remarks upon the condition
and supply of seamen :—
Inasmuch as a considerable degree of interest is being manifested just now in
everything which pertains to the shipping interest, we deem it a fitting time, as
well as an act of duty, to speak a word for “ poor Jack,” and to revert to the
endeavors which are put forth from time to time, having in view the improve­
ment of the seamen employed in our merchant service, both as regards their own
personal comfort, and the enhancement of their usefulness to their employers, as
well as for the purpose of obtaining for our mercantile marine a character for
respectability, to which, in its present condition, it can have very few preten­
sions. The great question— “ what produces a scarcity of good seamen,” has at
length reached that point, we think, which renders its satisfactory solution a
comparatively simple task. It is an indubitable fact, that the chief cause is to
be found in the flagrant abuses of the forecastle, and but little can be done to
ameliorate the condition of the sailor which does not aim directly at a revolu­
tion in this department. Another of the main causes is the sailor boarding­
house agency, which has proved one of the most formidable obstacles in the way
of any plans for improvement heretofore put forth, and which are come to be
considered almost insurmountable. Until both of these monstrosities can be
successfully overcome, all efforts to improve the condition of the seafaring man
must prove utterly futile, and d o permanent good can reasonably be expected to
result from them. The laborer, the mechanic, and, in fact, the worker in all de­
partments of industrial trade, has advanced in civilization and refinement, and
has now claim to a wide influence upon the progress of society. But in this ad­
vancement, the sailor has not participated, except, perhaps, to a very limited
extent. To be sure, his condition is comparatively elevated from the lowest
standard of years agone, his salary is more remunerative, and an enlightened
liberality has, in some few cases, made provision for his better accommodation




Mercantile Miscellanies.

653

and treatment on shipboard. The condition of our merchant seamen is far from
being what it should be, however, and the philanthropic, the religiously and
charitably disposed are periodically importuned to ameliorate their miserable
condition, by relieving them from the abuses of the forecastle when at sea, and
by breaking up the iniquitous sailor boarding-house system, through which agency
they are defrauded of their hard-earned money when in port. Any one at all
conversant with seafaring life in all its varied ramifications, must be cognizant of
the fact that any aud every scheme having this object in view, is strenuously
opposed by these land sharks, who infest our wharves, and all of whom use the
most herculean efforts to defeat every such endeavor, and frustrate every effort
which may be put forth in this direction, and which may stand never so poor a
chance of effecting the desired result. Could a greater spirit of enterprise be
infused into some of these spasmodic endeavors, seconded by a kindred spirit in
the mercantile community, they might be productive of much good ; but as it is,
the few well meaning people who have heretofore taken the lead, have proved
themselves utterly inadequate to cope with their formidable opponents, and accord­
ingly little or no faith is reposed in their oft-reiterated promises to effect a re­
volution. To insure the success of such an undertaking, our merchants mustfirst
be induced to abrogate their system of retrenchment—exercised whenever they
have opportunity—use their influence to reform the abuses of the forecastle, in­
sure kind treatment, pay good wages, and thus create an inducement for respectable
young men to follow the sea as a means of livelihood. Sailors, as a class, are
as susceptible of gratitude and a reciprocation of kindly feeling as any class of
men in the world, but they are too generally looked upon as a lower order of
human beings aud there is often a feeling of antagonism between them and their
officers, created, in many instances, it is evident, by the harsh treatment of the
latter. The most feasible form for a permanent reform, however, and, in fact,
the only practical or efficient one, it seems to us, is the establishment, by an act
of Congress, of an apprentice system, rendering it obligatory for-ships to carry
as apprentices a certain number of youth for a given term of years. This will
insure to the owners and masters of ships good, well-known seamen, whose
characters they themselves have developed, and to the seamen themselves a good
nautical education, and a respect from "their superiors, which this class of men
have hitherto failed to command.
FACTS AND FIGURES,

Lead and zinc are greatly expanded by heat—the latter metal expands nearly
twice-and-a-half more than wrought iron under equal temperatures.
The ordinary burden of a camel is 750 pounds. With this load he will travel
at about two miles an hour for from 15 to 18 hoars per day, continuing this ser­
vice for weeks, with only one pound of food and a pint of water daily.
J ames W att , in a letter written in 1770, described and sketched a “ spiral
oar ” or screw propeller.

The feed water of boilers acquires a galvanic effect in passing through the
copper tubes of surface condensers.
Forests attract rain; a country stripped of its forests is likely to suffer from
drouth.
A canal from the Nile to the Red Sea was once opened and kept open for
many years.
The greatest range which can be obtained from a gun is when the piece is
inclined at an angle of 45 degrees.
It is found that the prairie-stone, existing in such large quantities just back
of Chicago, will make gas as well and as freely as the best coal, yield 50 per
cent of pure saltpeter, and a residue be left of as good lime as can be found
anywhere.




654

M ercantile Miscellanies.
ANECDOTE OF STEPHEN GIRARD.

Old G irard had a favorite clerk, and he always said “ he intended to do well
by B en. L ippixcott .” S o when B en . got to be twenty-one he expected to hear
the governor say something of his future prospects, and perhaps lend a helping
hand in starting him in the world. But the old fox carefully avoided the sub­
ject. B en . mustered courage. “ I suppose I am free, sir,” said he, “ and I
thought I would say something to you as to my course: what do you think I had
better do ?” “ Yes, yes, I know you are,” said the old millionaire, “ and my ad.vice is that you go and learn the cooper’s trade.” This application of ice nearly
froze B en. out, but recovering equilibrium, he said if Mr. G irard was iD earnest
he would do so. “ I am in earnestand B en. sought the best cooper in Spring
Garden, became an apprentice, and in due time could make as good a barrel as
the best. He announced to old S tephen that he had graduated and was ready
to set up business. The old man seemed gratified, and immediately ordered three
of the best barrels he could turn out. B en. did his prettiest, and wheeled them
up to the old man’s counting-room. Old G irard pronounced them first rate,
and demanded the price. “ One dollar,” said B en ., “ is now as low as I can live
by.” “ Cheap enough—make out your bill.”
The bill was made out and old S teve settled it with a check for 5520.000,
which he accompanied with this little moral to the story:—
*•There, take that and invest it in the best possible manner, and if you are un­
fortunate and lose it, you have a good trade to fall back upon, which will afford
you a good living.”
W e should like to see all the old solid fellows trying that experiment.

It

might spoil a barrel or two but it wouldn’t spoil the boys.
LONDON TOBACCO TRADE AND CONSUMPTION,

There are 12 city brokers in London, expressly devoted to tobacco sales;
90 manufacturers, 1,569 tobacco shops, 7,380 workmen engaged in the different
branches of the business, and no less than 252,043 tobacco shops in the United
Kingdom. And if we turn to the continent, the consumption and expenditure
assume proportions perfectly gigantic. In Prance much more is consumed, in
proportion to the population, than in England. The emperor clears 100,000,000
francs annually by the government monopoly. In the city of Hamburg 40,000
cigars are consumed daily, although the population is not much over 150,000;
10,000 persons, many of them women and children, are engaged in their manu­
facture ; 150 ,000,000 cigars are supplied annually ; a printing press is entirely
occupied in printing labels for the boxes of cigars, etc., and the business employs
£4,000,000 or §20,000,000. In Denmark the annual consumption reaches the
enormous average of 70 ounces per head of the whole population; and in Bel­
gium even more—to 73 ounces, or 3.6 lbs. per head. It is calculated that the
entire world of smokers, snuffers, and chewers consume 2,000,000 tons of tobacco
annually, or 4,480,000,000 lbs. weight—as much in tonnage as the corn consum­
ed by 10,000,000 Englishmen, and actually at a cost sufficient to pay for all the
bread corn in Great Britain. Five-and-a-half millions of acres are occupied in
its growth, the produce of which, at two pence per pound, yields £37,000,000
sterling, or §185,000,000.




The Book Trade.

655

THE BOOK TRADE.
1.— Tzaak Walton’s Lines. The Lives of Dr. John Donne, Sir Henry Wotton,
Richard Hooker, George Herbert, and Dr. Robert Sanderson. By I zaak
W alton , with some account of the author and his writings. By T homas
Z ouch, D.D. New edition with illustrated notes, complete in one volume.
12mo., pp. 386. Boston: Crosby, Nichols, Lee & Co.
The life of Izaak Walton, though little diversified with events, and exhibit­
ing none of those attributes which are wont to commemorate us in the estimation
of our fellow creatures, such as brilliant achievements, the pride of superfluous
wealth, or the splendor of high descent, has always received more or less atten­
tion. His was one of those minds which may be said to gather “ sermons from
stones, wisdom from running brooks, and good from everything.” The com­
placency of his life, free from the pursuit of gain, his Christian virtues, the en­
couragement given by him to the more innocent recreations, have endeared his
name to all. Indeed, though near 200 years have elapsed since he left the stage
of existence, in the skillful management of the angle, he is believed to have borne
away the prize from all his contemporaries. All lovers of that “ gentle art ”
still swear by him, and the instructions contained in his “ Complete Angler ” are
to this day looked upon as authority by all lovers of the gentle art, as compris­
ing the clearest and fullest instructions for the attainment of a thorough pro­
ficiency in angling. But Izaak Walton possessed a mind enriched by study and
contemplation as well, and contained in this volume will be found several
biographies, denominated by him as simply good men, such as Dr. Donne the
eloquent and effective preacher, Life of Sir Henry Wotton, Richard Hooker,
George Herbert, Dr. Robert Sanderson, &c., &c. Aside from the fact, that the
examples of such men, strictly and faithfully discharging their professional duties,
must obviously tend to invigorate our own efforts to excel in moral worth, the
book will be found interesting from the insight it conveys of English society
during the troublesome times of the Covenanters in 1643. It is gotten
up in the English style, with clear type and tinted paper, and reflects all credit
upon its enterprising publishers.
2.— The Works of Francis Bacon, Baron of Verulam, Viscount St. Albans,
and Lord High Chancellor of England. Collected and edited by J ames
S peed in g , M. A., late Fellow of Trinity College, Cambridge. Vol. xi., be­
ing vol. i. of the literary and professional works, “ History of the Reign of
King Henry V II. 12mo., pp. 461. Boston: Brown & Taggard; also for
sale by E. French, 53 Cedar street, N. Y.
Lord B acon has always been acknowledged as a man possessed of the highest
intellect of his time, and his masterly essays, in which his peculiar genius is
readily most conspicuous, have been handed down as models of their kind. As
a historian, however, he has been much criticised, from his too frequent disposi­
tion to taint his works with lukewarm censure of falsehood and extortion, and
in handling this subject he has been accused of having simply written the life
of Kink Henry to gratify James I., and in his efforts to do so, has both distort­
ed character and events. But if the object of history, as B acon has it, is to
reproduce such an image of the past that the actors shall seem to live, and the
events to pass before our eyes anew, at the same time that it leaves the conclu­
sions thereon to the liberty and faculty of every man’s judgment, then we should
say he has succeeded so well that he has left later historians but little to do.
With but slight variations the portraits of Henry have ever been the same—
the same cold reserve, suspicion, avarice, parsimony, party spirit, partiality in
the administration of justice, yet possessed of sagacity, industry, and cour­
age, who for twenty-three years really governed England by his own wit and his




656

The Booh Trade.

own will. Contained in the volume is also a short memorial on the memory of
Elizabeth, which traces on a few brief pages, as well, the principle elements
comprising the character of that most singular woman. But if there is any
thing to be praised more than another, it is the really beautiful style in which
the publishers, Messrs. Brown & Taggard, are bringing out this series of B acon’ s
works, on tinted paper, new type, etc. Book fanciers, we imagine, will have to
go far before they meet with volumes displaying more taste in their getting up
than these.
3. — Wilkins Wylder; or the Successful Man. By S tephen F. M il l e r , author
of “ The Bench and Bar of Georgia.” 12mo., pp. 420. Philadelphia: J .B .
Lippincott & Co.
This will be considered by many a rather tame tale, from the lack of bloody
plots. &c., with which authors usually choose to illustrate stories of this kind.
It is evident the author in this case considered that such personages as Irving,
Scott, Cooper, and other writers of fiction, have a large account to settle for
turning the minds of the young into false channels, by throwing silken cables
over dark caverns, and investing life with colors which inspire a momentary
pleasure, through the imagination, never to be realized in daily life. Whatever
the story may lack in these respects, is amply made up by the wholesome moral
lessons it contains, relative to the duties of man and his social nature. Included
in the volume is also a second story called “ Mind and Matter,” which we con­
sider decidedly the best of the two—teaching conversely that nobility of mind
may exist after fortune has departed, and that the instinct of friendship can do
no good under false pretences. On the whole it will be found a capital story—
one we cannot go amiss in placing in the family library.
4. — Critical and Miscellaneous Essays and Poems.
caulay .
New and revised edition. 12mo., pp. 358.

B y T. B abington M a ­

New York: D. Apple-

ton & Co.
The collection embraced in this volume of Macaulay’s writings, comprehends
some of the earliest and latest works he composed, such as “ Criticisms on the
Principal Italian Writers,” “ Account of the Great Lawsuit between the Parishes
of St. Dennis and St. George in the Water,” “ Fragments of a Boman Tale,”
&c. &c., all taken from Knight’s Quarterly Magazine and the Edinburgh Review,
and embracing the long space of time intervening between 1812 and 1850, with
the exception of his sketch of the life of William Pitt, written for the Encyclo­
pedia Brilannica during 1859, and among the last if not the closing up of his
literary labors. Included in the volume are also a number of poems, some of
which have already appeared in print, -while others have not, the first two hav­
ing been composed during the author’s childhood. The volume, like most others
issued from the house of Messrs. D. Appleton & Co., exhibits much taste in the
getting up, and will prove a valuable acquisition to the private library.
5.

— Primary History of the United Stales, made Easy and Interesting for Be­
ginners. By G. P. Quackenbos, A . M., Principal of the “ Collegiate
School,” N. Y . New York: D. Appleton & Co.

The wants of primary schools have been particularly consulted in the pre­
paration of this little book. The author here endeavors to present the history
of our country so clearly that it may be studied intelligibly by the merest youth.
Knowing the fondness of the young for stories, truthful anecdotes have been
interspersed throughout. And to please the eye, as well as to awaken thought,
numerous engravings, designed with strict regard to historic truth, have been in­
troduced. The form of continuous narrative has been adopted as preferable for
reading purposes, but questions bringing out every leading fact are presented at
the end of each lesson, which may be used by the learner in preparing himself,
and by the teacher at recitation.