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H U N T’S MEKCHANTS’ MAGAZINE. E s ta b lis h e d J u l y , 1 8 3 9 , BY FREEMAN HUNT, EDITOR AND PROPRIETOR. VOLUME X X V . OCTOBER, 1851. NUMBER IV . CONTENTS OF NO. IV., VOL. X X V . ARTICLES. A rt. page. I. MERCHANTS: THEIR DUTIES, DANGERS, AND ADVANTAGES................................. 403 II. INTERNAL IMPROVEMENTS IN THE STATE OF NEW YORK—A SKETCH OF THE RISE, PROGRESS, AND PRESENT CONDITION OF INTERNAL IMPROVE MENTS IN THE STATE OF NEW YORK.—No. X —RAILROADS. By Hon. A. C. F l a g g , late Controller o f the State of New York.................................................................. 415 III. THE CULTURE AND COMMERCE O F COTTON IN INDIA. By J. F o r b e s R o y l e , M. D., F. R. S., late Superintendent of the East India Company’s Botanic Garden at Saharunpore.................................................................................................................................... 433 IV. COMMERCIAL CITIES AND TOWNS OF THE UNITED STATES.—No. X X V I.—THE TRADE ANDCOMMERCE OFCINCINNATI IN 1850-51.................................................. 429 V. A NATIONAL CURRENCY—REAL ESTATE ITS BASIS. A Letter fo the Editor by N. H. C.......................................................................................................................................... 445 VI. SMYRNA AS IT IS. By Rev. F. W . H o l l a n d , of Massachusetts...................................... 452 J O U R N A L OF M E R C A N T I L E L A W . Abstracts o f Recent Decisions— Action for Collision........................................................................... 455 Landlord and Tenant—Light and Air—Stopping Windows................... .......................................... 456 Check upon a Bank.—Statute of Limitations.......................................................................................... 456 Acceptance o f Order for Payment of Money.—Partnership—Infant.................................................. 456 Vendor and Purchaser—Fraud—Usage.—Action on a Bill of Lading............................................... 457 General Assessment Law o f New York—Mutual Insurance Companies subject to Taxation....... 457 C OMMERCI AL CHRONI CLE AND R E V I E W : EMBRACING A FINANCIAL AND COMMERCIAL R E V IE W OF THE UNITED STATES, ETC., ILLUSTRA TED W IT H TABLES, ETC., AS FOLLOWS I Review of the Money-Market for September—Difficulties connected with Legitimate Banking in Times o f Commercial Embarrassment—Demand for Money necessarily Increasing—Commeri cial Affairs in England and France—Cotton Crop o f 1850-51 compared with Crop o f 1849-50— Comparative Exports o f Cotton for the same time—Comparative Consumption o f Cotton at the North and South—Estimate of the Growing Cotton Crop—Comparison o f Cotton Crop with other Staple Products—Receipts of Interior Produce at New Orleans—Receipts o f Produce at Cincinnati—Receipts o f Gold from California—Deposits and Coinage at the Philadelphia and New Orleans Mints for August— Imports at New York for August—Receipts for Duties— Aver age Duty on Imports—Aggregate Imports for Eight Mouths—Total Imports thrown upon the Market for Eight Months—Imports of Dry Goods for August—Exports from New York for August—Comparative Exports o f Produce—Aggregate Exports for Eight Months—Imports and Exports o f Specie at Boston, etc.......................................................................................... 460-465 VOL. XX V .---- NO. IV. 26 402 CONTENTS OP NO. IV ., VOL. XX V . PA G E . JOURNAL OF B A N K I N G , CURRENCY, AND F I N A N C E . Condition of Banks of New Orleans, August 1, 1851........................................................................... Comparative Condition of Banks of New York in March and June, 1851........................................ Bills Redeemed at Suffolk Bank, Boston, in each year from 1834 to 1851........................................ Condition of all the Banks of Ohio in August, 1851............................................................................ Banking and the Usury Laws, by N. Appleton.................................................................................... Condition of the Canadian Banks in 1850-51........................................................................................ Coinage and Deposits at United States Mint, Philadelphia, from January to August, 1851............. Deposits and Coinage of United States Branch Mint at New Orleans, year ended July 31st, 1851.. How to Detect Counterfeit Bills............................................................................................................. Banks of State o f Maine, Resources and Dividends............................................................................ United States’ Treasurer’s Statement for August, 1851.—New Bank Law o f New Hampshire.... The Wealthy Population of St. Louis.— Extraordinary case of Bankruptcy.................................... Deposits of Gold Dust at United States Mint, How Assorted.—Condition o f Bank of France....... New York State Canal Revenue Certificates—Canal Enlargement A ct.............................................. Of Suits against Joint Stock Companies in New York State.—Dollars Issued by Bank o f Engand COMMERCIAL 465 466 467 467 470 471 472 473 473 474 475 476 477 478 481 STATISTICS. Cotton Crop o f United States in 1850-51............................................................................................... Growth of Cotton in United States in each year from 1823 to 1851................................................... Export o f Cotton to Foreign Ports for year ending August 31, 1851................................................. Consumption of Cotton in United States, &c., from 1826 to 1851........................... ........................ Duties paid at San Francisco Custom-House.......................................................................................... Statistics of Trade and Commerce of Cincinnati.................................................................................. Imports into Cincinnati for five years...................... .............................................................................. Exports from Cincinnati for two years................................................................................................... Value of Specific Articles Imported into Cincinnati from September 1, 1850, to August 31, 1851.. Destination of Articles from Cincinnati during year ending 31st August, 1851................................ Average Price of Merchandise at Cincinnati in 1850-51..................................................................... Average Price of Provisions at Cincinnati in 1850-51..................... ..................................................... Rates of Freight from Cincinnati to New Orleans and Pittsburg....................................................... Commerce of France from 1848 to 1850................................................................................................. Export? o f Charleston, S. C., in 1850-51............................................................ .................................... Exports of Breadstuffs from United States for year ended August 31st, 1851................................... 482 483 483 484 485 485 485 487 487 488 488 489 489 489 490 490 S T A T I S T I C S OF P O P U L A T I O N . Population of Pennsylvania in 1840 and 1850....................................................................................... Progressive Movement o f Population in Pennsylvania from 1790 to 1850........................................ Census of Irelend in 1841 and 1851........................................................................................................ Census of Great Britain in 1841 and 1851.............. ................................................................................ Immigration at Port of New York from January to July, in 1850-51................................................. Liberated and Fugitive Slaves in 1850 ................................................................................................... 491 492 492 494 494 494 COMMERCIAL REGULATIONS. The Weights, Measures, and Moneys o f the Island o f Cuba.............................................................. Trade of British Provinces with the U. S. Regulated.—Reduction of Tonnage Duties of Naples.. British Customs Regulations for Foreign Passengers........................................................................... Transmission of Books between United Kingdom and Nova Scotia................................................. British Timber and Coffee Duties............................................................................................................ 495 496 497 497 497 NAUTICAL INTELLIGENCE. Alterations in the Quarantine System of Cuba.—Sailing Directions for N. E. part o f Pilot’s Ridge 498 Revolving Light on Cape Recife, South Africa.—Sizewell Bank....................................................... 499 R A I L R O A D , C A N A L , A ND S T E A M B O A T S T A T I S T I C S . Steamers to Ireland—Proposed Irish and American Steamship Company....................................... First Invention of Steamboats................................................................................................................. Rates of Transportation o f Emigrants arriving at New York by Railroad, Steamboat, and Canal. Steamboat Navigation of Cincinnati in 1851......................................................................................... American and English Railways Contrasted.......................................................................................... Railroads in Canada.................................................................................................................................. 500 502 503 505 508 509 J O U R N A L OF M I N I N G A ND M A N U F A C T U R E S . The Manufacturing and Industrial Products of Cincinnati in 1841 and 1851.................................... Finances and Statistics of the United States Patent Office.................................................................. Gems of the Crystal Palace. By Lewis Feuchtwanger, M. D............................................................ Paper Making in the United States........................................................................................................ Elegant Fabrics by the Slaves of the South.—Rich Quartz Veins near Sonora................................ The Manufacture of Shingles by Women.—The Tin Mines of France............................................... 509 5.2 514 515 517 518 MERCANTILE MISCELLANIES. The Courier des Etats Unis................................................................ .................................................. The Trade and Commerce of Cincinnati.—Mercantile Biography..................................................... Commercial Convention at Richmond.—Sponge Trade of Key West................................................ Failures and Rumors.—Tricks in the Book Trade.—Men for Business.—The Oporto Wine Trade. 519 520 521 522 T HE BOOK T R A D E . Notices o f 38 new Books, or new Editions.................................................................................... 523-528 H UNT’S MERCHANTS’ MAGAZINE AND COMMERCIAL REVIEW. OCTOBER, 1851. Art. I.— MERCHANTS: THEIR DUTIES, DANGERS, AND ADVANTAGES* I t seems to be pretty well settled that this is to be the leading commer cial nation o f the globe. A t a very early period o f our existence, we took our position as second in rank; and our resources, magnitude, industry, en terprise, and growing commercial spirit, all point steadily to the time, at no distant period, when we shall outstrip our only remaining rival, and take the first position. Our country lays her hand on either ocean, and stretches across the vast distance that lies between. From the East she sends out her messengers to the marts o f Europe, and from the W est she will soon ignore the treasures of the Indies. Her sails whiten every sea, and her traders are found in every p o r t; the wind, the water-fall, the lightning, and the steam are laid under contribution to the spirit o f Commerce, and made to act their part in working out our manifest destiny. Since, then, it is true, whether we would have it so or not, that we are to become more and more involved in commercial enterprises, and more and more imbued with the spirit o f trade, it is needful that we should under stand the snares and pit-falls which are likely to incumber our path on the one hand, and the fruits and flowers which are to beguile our way, on the oth er: in plainer phrase, that we should know the tendencies o f trade; what are its temptations and dangers, and what the rewards it presents that are worth pursuing. W e are pleased, therefore, to see that men of eminent ability, and men, too, whose genius is guided in its rerearches by the light of revelation, as well as o f reason, have taken up this subject with the earnestness which its importance merits, and presented the results o f their observations to the public. In the Merchants' Magazine for February, 1851, we published the prin cipal part o f a discourse by the Rev. H enry W ard B eecher, preached be fore his church, in Brooklyn, on the occasion of the annual Thank<civing, in * Merchants: a Sunday Evening Lecture. ln.r.\pujt: A. A. Call. By T. W. 11i s g in s on . Published by request. New- 404 Merchants : Their Duties, Dangers, and Advantages. ■which he treated at large of the “ Benefits and E vils o f Commerce,” and which has been much read, and many o f its most striking passages quoted by the press in all parts o f the United States and Europe. But, able as was that discourse, the subject is far from being exhausted, and we now propose to make liberal quotations* from a “ Sunday Evening Lecture,” to “ Mer chants,” by the ltev. J. W . H igginson, of Newburyport, Massachusetts, which is kindred in theme, as well as in spirit, to that of Mr. Beecher, and cannot fail to be appreciated by every reader of the Merchants' Magazine. There is a sen»e in which in this community all are Merchants, since all must use money, in a greater or less quantity, as all must breathe air; Commerce is bargaining, and the smallest bargain engages one, so far, in commercial life. You buy or sell the smallest thing— a stove, a book, or a penknife— and in that pur chase or sale you have the experience of a Merchant; the interest you take in the progress and result o f your bargain, its honesty or dishonesty, its economy or extravagance— all give to you the very identical hopes and fears, and pains, and pleasures, and perplexities o f the Merchant; and when one grows to be a mil lionaire, and buys or sells ships or towns, or empires, I am persuaded that it is only the same thing over again. One oi the most eminent literary men o f this country once told me that many years since, when a boy on a farm, he had permission given him to sell for him self a calf o f his own raising; and that he remembered so vividly the struggles o f mind he then went through, the bitter anxieties of hope and fear, the intense temptation to extort more than the animal was strictly worth, and to contrive little plots to conceal its defects and exaggerate its merits, that the experience came back to his mind to this day, when he felt especially indigDant at the base nesses o f Commerce, and made him more charitable to the offender, remember ing that he also had been tempted. Perhaps there is a lurking corner in all our consciences in which this story does not appear quite unintelligible; and assuming it to be so, I shall go on to speak o f Merchants and Commerce as freely, though not, perhaps, as amply and accurately, as if I were one o f the fraternity myself. It is always claimed, and must be conceded, that Merchants stand W'ell in his tory ; since the history o f civilization is to a great extent the history o f Com merce. The narrative o f the discovery o f new lands, o f the establishment of friendly intercourse between different lands and o f free institutions in those lands, is to a great extent the narrative o f the progress o f Commerce. When Caesar resolved to visit Britain, he says that the interior o f that country was altogether unknown, excepting to Merchants. Commerce in the fifteenth century sent Columbus to the West and Vasco de Gama to the East, discovered two new worlds, and revolutionized the trade and politics o f the old one. “ If we trace Commerce (says Hume) in its progress through Tyre, Athens, Syracuse, Carthage, Venice, Florence, Genoa, Antwerp, Holland, England, [and America] we shall always find its seat in free governments.” The feudal sys tem o f the middle ages was destroyed by the rise o f free cities, and Commerce created these, and all our modern civilization dates from them. So Commerce has fostered mildness and the arts o f peace. It was a constant complaint among ancient nations that it caused the love o f war to decay. “ Among the wandering tribes o f Arabia the seeds of knowledge and refinement (says Gibbon) go where the caravans go, and the Merchant is the friend of man kind.” The great religious wars o f the Middle Ages were merged in Commerce; much o f the trade o f modern Europe dates from their close. “ The beautiful coins and the beautiful stuffs o f Asia had done much to reconcile our Merchants with the Mohammedan world. The Merchants o f Languedoc were ever passing over into Asia, cross on shoulder, but it was to visit the market o f Acre rather than the sepulchre at Jerusalem ; and so far had religious antipathies given way Our quotations embrace all but one or two brief passages o f Mr. Higginson’s lecture. , Merchants: Their Duties Dangers, and Advantages. 405 to mercantile considerations, that the bishops o f Maguellone and Montpellier coined Saracen money, had their profit on the minting, and discounted the im press o f the crescent without scruple. Richard Coeur de Lion wore at Cyprus a silk mantle embroidered with silver crescents.”* So Commerce has usually opposed itself to all disturbance o f existing peace between nations. The commercial spirit o f England resisted the rupture be tween this country and the Motherland. Merchants in the British House o f Commons defended the liberties o f America. And it is stated in the most, re cent and able history o f England, that “ the English Merchants offered to pay the taxes on the colonies, or a substitute for them, rather than risk losing their trade.”* Now there is something certainly impressive in this coincidence o f interest and duty which has thus made a great mode o f human activity, at the same time a great channel o f God’s providence; Commerce is certainly ennobled by it. For these are historical facts; and it is plain that things must be thus; for obviously, one would say, there can be no trade where there is not some degree o f intelli gence, and habits o f comfort and refinement; there can be no trade where there is either constant war between nations, or jealously and non-intercourse between nations— the common alternative in the ancient world; there can be no trade where there is entire monopoly on the part o f a few, and the many can neither buy nor sell freely; and so it is plainly true that the Merchant is the friend o f mankind, and that even his selfishness serves God. Thus far is the common argument. But does it, after all, go quite far enough ? Is it ever the case that selfishness does the highest work o f God, and can it ever be relied upon for unmixed good? I doubt it, and I think we must look with a closer eye at Commerce. True, up to a certain point, it is plausible, this plea o f mercantile influence; up to this present stage o f civilization it has freed nations and helped society forward, but is it always to be trusted? There is the anxie ty. Up to a certain point it is good, it sets man free by setting itself free; but its basis is admitted to be selfishness; the Merchant does not go out o f his way and give up anything to civilization, he civilizes men on speculation ; and there is no such great merit in that. “ Mirabeau,” said the French satirist, “ is capable o f doing anything for money, even a good action;” but the remark was never con sidered a compliment. Can we say no more for the Merchant, and is this ground enough fof trusting him. Suppose an exigency to arise in which interest looks the other way; nay, suppose a whole stage o f civilization reached when his in terests are all secured, trade is free, and any farther change, though it may help others, must hurt him! He has freed men from other tyrannies; now will he free them from his own ? He has traded in human rights; will he refuse to trade in human wrongs? He purchased civilization; will he refuse a profitable investment in barbarism ? I am suspicious as to the answer;. for there is a test case ready made to our hands. The African Slave Trade ; a traffic now so condemned by the civilized world, even by republican slave-owners, that for years no word has been uttered in its defense— how long has it been so condemned, and against whom was that vic tory won ? Against the spirit of Commerce; the fact is beyond denial. Every plank of that bloody deck was defended, inch by inch, by Merchants. Up to a certain point that great power had sustained freedom ; beyond a certain point it stood as firm against it. Let its interests once cease to be identical with those o f humanity, and humanity must yield. Consider the facts. When the immortal Wilberforce exposed to public gaze the secrets o f that horrid traffic, his biographer says, “ The first burst o f generous indignation promised nothing less than the instant abolition o f the trade, but mercantile jealousy had taken the alarm, and 406 Merchants: Their Duties, Dangers, and Advantages. the defenders o f the West India system found themselves strengthened by the in dependent alliance o f commercial men.”* Again, opposition to Wilberforce’s motion “ arose amongst the Guinea Mer chants.” The Corporation o f Liverpool spent, first and last, upwards o f £10,000 in defense o f a traffic which even the gravity and calmness o f judicial decision have since pronounced “ infernal.” “ Besides printing works in defense o f the slave trade, and remunerating their authors; paying the expenses o f delegates to attend in London and watch Mr. Wilberforce’s proceedings; they pensioned the widows of Morris and Green, and voted plate to Mr. Penny, for their exertions in this cause.” It is said that the Corporation o f Liverpool, at this time, “ believed firmly that the very existence o f the city depended on the continuance o f this traffic.” The Aldermen o f London also testified that “ if the trade were abolished, it would render the city o f London one scene o f bankruptcy and ruin!” They were willing, however, to put the trade under “ wholesome regulations,” as in that case “ it would be productive o f greater commercial advantages !” The newspapers o f the time were filled with predictions “ that the revenue of the country would be half annihilated by this measure. Its naval strength would decay. Merchants, manufacturers and others, would come to beggary.” And the members from Liverpool summed up the character o f the measure as “ un necessary, visionary, and altogether impracticable.” ! Even so late as 1816, the same class of men in the same country opposed the abolition o f white slavery in Algiers, from the same base motives of interest. It was thought that the danger o f navigating the Mediterranean, caused by the Bar bary Corsairs, was advantageous to British commerce, because it might deter the merchant ships of other countries from visiting it.t * * * * * * * * * Let us now speak o f the general position o f the Merchant in our society. The day is long past when Commerce was considered in its very essence and theory fraudulent; and the day is past here when it was regarded as an ignoble calling. Yet the wisest man o f ancient Rome once wrote that “ they who buy goods that they may sell them again are base and despicable men, since they can only make a profit by practicing some deception.” And again, when pronoun cing all retail traffic wholly contemptible, he seems to think it a great admission to allow that Commerce on a large scale may not be altogether base. 5 “ A law prevailed in Thebes, (says Ar'stotle in his Politics) which forbade any tradesman from holding a public office unless he had shut up shop for more than ten years.” And in the monarchical countries o f Europe at this time, even in England, I suppose that no Merchant, as such, (that is, none unless deriving rank from some other source) could be admitted into the highest social circles. Now all these abstract objections to Commerce, as an employment, whether the prejudice be amoral one or a conventional one, seem manifestly unjust. In the theory of Commerce I can see nothing in the least objectionable. Even the popular objection, more current among us than any o f these— that the Merchant produces nothing— seems to me unfair. For when society is unorganized, and each man no longer creates and prepares his own food and clothing, and labor is*§ * Life of Wilberforce, as quoted in Mr. Mann’ s letter to his constituents. + See Clarkson’s Hist. Abol. Slave Trade, for these and many facts as striking. Mr. Alderman Watson asserted that the West India trade depended upon the African, and the Newfoundland fish eries upon that; “ the latter could not go on, but for the vast quantity o f inferior fish bought up for the negroes in the West Indies, and quite unfit for any othe market.” Mr. Grosvenor candidly ad mitted that the Slave-Trade was “ certainly not an amiable trade ; neither was that of a butcher, yet both were necessary. It was not an amiable trade, but he would not gratify his humanity at the ex pense of his country’s interests ; and he thought we should not too curiously inquire into the un pleasant circumstances connected with it.” $ This seems scarcely credible, but see the facts in Sumner’s Lecture on this subject. § “ Sordidi ctiam putandi, qui mercanter quod statim vendantur. Nihil enim proficiunt, nisi ad modum mentiantur. * * * Mercatura autem, si tenuis est, sordida putanda eat; sin magna, co piosa, non est adinodum vituperanda.” Cicero de Ofllc. I. , Merchants: Their Duties Dangers, and Advantages. 407 lightened by being distributed— then the products o f labor must be distributed also, and that is a new labor. The Merchant is not a producer, but he is a dis tributer o f products, which may be equally laborious, or more so, and is certain ly as legitimate an occupation. Goods must be carried from place to place— tea from China, cotton from New Orleans, gold dust from California— and there must be somebody to attend to this transportation and delivery; and as it must be done systematically, accounts must be kept— and so every Merchant, be it on the lar gest or smallest scale, is in feet either a porter or a book-keeper, or both. So there always must be Merchants in every state o f society beyond the very simplest. But it may easily happen that as Commerce may be out o f its true position in one state o f society, and underrated— so it may be out o f its place in another state o f society, and overrated; this may happen in several ways, and several evils flow from it. I think such is the ease now. I. There is this danger, that at particular times and places trade may become too attractive, may be thought easy compared to other employments, more hon orable, and offering a greater chance, even if not a certainty, o f splendid successes. The sober mechanic, tired o f steady work, day in and day out, with little excite ment or promise o f any splendid profits, hears with envy the tale of mercantile speculations, fancies them far more brillant than they are, and longs to take his share. He plunges in and adds one more to the competitors, o f whom there are so many already that they shudder at the thought o f a new one, and so it goes on. Dr. Channing estimated that the number o f persons actually engaged in Commerce, large and small, was more than twice the number actually needed to carry on exchanges; and on this point, as on others, I have often heard his prac tical sagacity admitted. In view o f the facts, I do not see how it can be doubts ed. It would seem to show a little knowledge o f the economy o f organization o f labor to doubt that if, for instance, all the dry good stores and grocery stores o f this town were concentrated into two or three o f each, with proper buildings and arrangements, at least one-half the present amount o f attendance could be saved, and the public as well or better served. ( I do not say that this could be done without other changes in society, but I think that if it were, these would be the consequences.) Now since the mercantile class produces nothing, and only ex ists to facilitate communication, it is evident that for every Merchant too many there is a producer too few, and the balance o f society is lo s t; hence excess o f competition, failures, “ ruinous sacrifices”— or else frauds on the purchaser, adul terations, even destruction of property*— or illegal and immoral expedients, as smuggling, false invoices, false bounties on fish, and the liquor trade, without which I am constantly told that no grocer or victualler in this town can make a living. II. This is the beginning o f evil. Then arises the danger that the mercantile class, becoming thus unnaturally large, and concentrated in towns where they hold not only the balance o f power but an overbalancing power, will be led to overrate their own importance— so to overvalue it that they forget the simplest facts o f political economy. I remember to have seen this statement in the Bos ton Daily Advertiser some time since, “ Commerce being the source (if wealth,’' &c., &c. Commerce the source o f wealth ? As well say that canals are the sources o f the rivers which they connect. Yet one can easily believe the writer really to have thought so. For as the great English Engineer, Brindley, on be ing examined before the House o f Commons, and asked what he seriously sup posed to be the object for which rivers were created, replied that it was to feed navigable canals; so anything upon which we fix our attention sufficiently be comes the center o f the universe to us, and the sun, moon and stars, only revolve around it. I remember another passage in the same newspaper, at the same time. In speaking o f some attacks upon Mr. Winthrop, it terms them “ slurs upon the Merchants of Boston and their representative.” Now the population o f Boston is * As in the well known case o f the Dutch spice trade. 408 , Merchants: Their Duties Dangers, and Advantages. 138,000; and I find in the Boston Almanac o f this year, the whole number rated as Merchants, including commission Merchants, to he about 600; and supposing this number to be only one-tenth o f the whole number, counting the retail trade, clerks, & c., we shall have 6,000; or supposing it to be one-twentieth, 12,000; who could hardly, one would think, claim quite to monopolize the representative o f a population o f 138,000. How much o f the history o f legislation in this country, has been the history of this same exclusive commercial spirit, which here shows itself. It has for years been one o f the great contending forces in every political battle, and, though disloged successively from every position, on Bank, Sub-treasury and Tariff, has every time died hard. Nay, it has shaped political precedents to suit itself, and the present Secretary o f State regards the “ main object o f the framers of the Constitution to have been [not, as stated in the preamble, to ordain and estab lish liberty, but] to aid and protect trade and Commerce!” The largest item o f national expenditure for the current year, (that o f the Navy Department*) is incurred confessedly for the protection of Commerce; while its annual expenses were estimated a few years since by an experienced Merchant o f a neighboring town as fully equal to the whole annual profits o f our foreign trade ; in other words a payment for insurance o f 100 per cent on the value in sured ; an investment which would be hardly tolerated were Merchants them selves called upon to pay the premium.f The same predominating influence is seen in such maxims as that laid down by Mr. Webster, in his New York speech, as the basis o f his Union party: “ The one great object of government is the protection of property.” Now the strength o f the Merchant lies in his property, real and personal ; deprive him o f it he is weak, he only knows how to buy and sell what he needs; not to make it. But the strength of the mechanic is in his mind and his hands, he may lose all his property, and still be rich enough to be independent as ever. A young man fails in business; if no property is left we call him unfortunate, what can he do with out a cent in his pocket? But how many an Irish laborer, how many a fugitive slave comes among us without a cent in his pocket— nay, with scarce a whole pocket to hold a cent— and give him but a chance to use his hands, places him self above want. Tell him o f your theory o f government— “ that it exists to pro tect property— what property has he to be protected, what property have the majority o f any community except strong hands which protect themselves ? * * * % * ^ * III. I pass to the personal dangers o f commercial life. I. There is the danger o f too great absorption in the details o f trade. Doubt less a man must be willing to labor for his bread; but as it is unhealthy to the body to think too much o f our bread as we eat it, so it is bad for the soul to think too much o f it as we earn it. Disguise it as we may, there is something in the divine spirit o f man so utterly foreign from day-books and ledgers, that it refuses to be all concentrated on them, and the attempt to enforce such concen tration ends in spiritual suicide. It is safe and right to trade in order to live, but if we live only in order to trade we die. After all, there is a certain point beyond which the human virtue o f prudence ceases to be a virtue, and becomes penuriousness. There is a certain noble generosity and indifference in the use o f money which Commerce does not love, and “ success ” may not follow, but which nature loves and God loves. The world judgesaman by what he has received, but God and nature ask also what has he given. A man gains house, lands, fame, wealth, station, power, and the world calls him successful in his life’s bar gain. But suppose he has sold his virtue, sold himself to obtain these things, and then where is the gain and the success ? Suppose his heart, and his manli ness, and his great thoughts and principles are all gone to pay for these things,*§ •Naval appropriations for the current year $8,935,552; war ditto [including fortifications] $8,481,138; Civil and Diplomatic ditto $7,648,306. § See the celebrated tract of Mr. S. E. Coues, o f Portsmouth, N. H. entitled “ What is the use of the American Navy,’ ’ lor elaborate calculations, which have never been answered. , , Merchants: Their Duties Dangers and Advantages. 409 then what are the possible returns that can make that bargain a successful one ? I do not say that the world is not a good judge, according to its own standard. I do not say, for instance, that a man who sells first, his time, and then his free dom, and then his soul, for a million dollars, does not make a better bargain than he who sells his time, and his freedom, and his soul, for fifty ; but I do say, that either o f them makes a bargain to which the honest bankrupt is a millionaire— and that the poorest outcast who lies lonely, sick, and starving, in some bleak hut by the hill-side, with every wind o f heaven sweeping through upon his bed o f straw, may lead a noble and a beautiful life in comparison with either. I know this is not the current prejudice o f our time and place. “ The first thing to teach a boy,” said once an honest and sincere-minded father to me, in the presence o f his son o f six years old,— “ the first thing to teach a boy is the value of a dollar— that’ s what I call the corner-stone.” The satire is not mine but his. He was a gentle and kind-hearted man, but that was his theory, at least on week days, at his place of business; nor did it occur to him that he had said anything which Adam in Eden might not have remarked to Eve. Prac tically it is the philosophy o f many or most. I think it is essentially the phil osophy o f Benjamin Franklin, whom we should have long since canonized, if w e canonized any body in these parts. A recent English writer, after placing Franklin at the head o f those who believe in “ living by bread alone,” sketches the whole American people as standing behind one long counter, from Maine to Texas, trading against he rest o f the world, under the auspices o f this guardian saint.* “ A penny saved is a penny got,” Thomson calls a “ scoundrel maxim.” I know that this is only one side, one half the truth, but there is no danger of its over-balancing the other half. If I were to talk o f it a whole day and night it would do you no harm, for will not the world’s voices talk for the six coming days and nights, on the other side, far louder 1 As in that adjoining street there stand two great buildings side by side, the factory and the church, and day by day, from Monday to Satnrday, the clatter and roar of the factory fills the street, and then for one day the vast machine pauses and lets the voice o f the preact er echo faintly through closed doors upon the passers by, and then begins again Monday morning, as busily as ever, for another six day’s roar and clatter;— so through all our society is the spirit o f business as six to one to anything else, and there is no fear o f stating the higher wants o f the soul so strongly as to more than counterbalance it. II. I pass to another personal danger o f Commerce; its tendency to accustom the soul to a lower standard o f virtue than the Christian standard o f absolute universal love. It is not true that the prevalence o f competition through almost all branches o f traffic, in all but the smallest towns, is such as to make it almost accepted as a fixed axiom that “ you cannot carry the golden rule into trade.” I do not venture to assert that this statement is without exceptions. I willingly believe in the possibility o f occasions where the dealer may think o f others as well as himself; if he makes little or no profit on a bargain, may enjoy the thought that the purchaser has a better bargain out o f it ; if he loses a chance o f profit himself, may willingly hear that his neighbor up street has gained it. And if there were enough business (or believed to be enough) for all— as it may be, for instance, in small villages where there are but one or two stores— I dare say this would frequently be the case. But how is it commonly ? A man must live, he thinks; there is not business for a ll; his neighbor’s gain is his loss; it is care enough for him to look out for number one, without troubling himself to look out for his neighbor also. “ Besides,” he says, “ my customer, or my com petitor, is a sharp man, more so perhaps than I am,— I wish to have the bargain fair, certainly; but if I look to his interest, he will nevertheless look to his in terest, and there will be two to look to his interest and nobody to look to mine. Whereas, it is now an understood thing, a contest o f wits, like two lawyers Leigh Hunt’s Autobiography. 410 Merchants : Their Duties, Dangers, and Advantages. arguing, it being agreed that each shall do the beat lie can for one side, and that this plan works best on the whole.” Very well, very well, but observe that in all this you do not deny that which I asserted, but only try to excuse it— namely, that you do not carry the golden rule into trade. You explain how it is that it is arranged so, but you do not prove that this habit o f looking to your own inter est and leaving your neighbor to look to his, however well it worked in practice, did not prove in the end to warp and wither mind and conscience, as the one sidedness o f lawyers has always been admitted to do ! Let us take an actual case where ail the circumstances were as favorable as will ordinarily happen, and see how it looks when the highest testis applied to it. “ A and B were two merchants in Liverpool. A was willing to sell SCO chests o f tea from his warehouse, and B was willing to buy them, but objected to the price. So A went home out o f town, thinking no more o f the bargain. B lived near him, but staid in town an hour longer. Meanwhile the news comes in o f a rupture with China, and a rise o f a pound a chest in the price of tea. B, therefore, calls on A, on his way home, and says, ‘ I have decided to give you your price for those 500 chests.’ A acquiesces, and B goes home, having cleared £500 ($2,500) by that hour’ s work.” * Now here there was no falsehood told, no direct dishonesty practiced. The price asked was paid, and perhaps a profit was made on it. It was not B’s fault if A did not know as much as he did about China; “ perhaps he did; it was not his business to ask.” But suppose he had reasoned differently ; suppose he had had a sudden twinge o f brotherly love and said to A,— “ W hy should I have all the benefit o f this accidental advantage? Tea has risen £ l a chest and you shall share my profit, have 25 per cent o f it at least! I ask you— would not one shout o f laughter have gone though the Liverpool Exchange when the story was told ? Now I will not inquire whether you would have laughed or not, my friends; but I put it to you, in the midst o f that bargaining and that laughter, what became of the golden rule ? Or, take another case. Two merchants, on the same wharf in Boston, hear, at the same time, o f a fall in the price of coffee at Rio Janeiro, and decide to despatch ships to take in a cargo there. One has a ship already, will freight her for that port, and can do it in a few days ; the other cannot charter and equip one for a fortnight, perhaps longer, “ My rival will have a fortnight’s start of me,” he says, despondingly, “ I must give it up,” but he looks at the vane; “ No ! the wind is wrong— his ship cannot leave the harbor— let me make haste, and I may outwit him yet.” He hastens, he labors, he works all day, and dreams all night o f his project; day after day the wind remains contrary: day by day he exults in his neighbor’s misfortune, which is to be his gain— (legitimate gain, no foul play, observe ;) his last prayer at night, his first in the morning— if he dares to say to God what he says to himself—is that his neighbor may still be thwarted in his plans, and the contrary wind still hold;— week after week finds him absorbed in this one thought o f defeating another’s hopes but stop ! my friend, what, in the midst o f this fortnight o f anxiety, has become o f that little golden rule ? Observe,‘ I am not a merchant, I do not say how all this can be helped; if you say to me, that my objections are all theory, and if I undertook to enter trade myself I could do no better— then I can only say, you are admitting my propo sition, which you might sometimes deny, that one cannot carry the golden rule into trade! I have lately had the privilege o f reading the early correspondence o f a noble man, who, though bred to trade, soon quitted it in disgust, and became minister-atlarge in Cincinnati, in which office he was spared long enough to show himself one o f the wisest practical philanthropists whom this country has produced. The crisis o f his dissatisfaction witli Commerce seems to have- arrived when he first went to the West Indies on a trading voyage. “ Be thankful,” he writes * Remedies for the Perils o f the Nation, p. 81. Merchants: Their Duties, Dangers, and Advantages. 411 to a friend on the day after his arrival, “ that you are not a Merchant. See how I am placed. A gentleman invites me to his house, treats me as kindly as possi ble, does all in his power for me, and what then ? Why, I must— must, observe — try to bargain him, coax him, drive him, cheat him, out o f a dollar or two. I’d rather loose a le g ; and yet if I don’t I’m a fool, a green-horn, and he’ll take me in, because I would not serve him. If ever I get home, I’ll quit trade forever.” * Dare you smile at that impulse o f noble disinterestedness, oh, young man ? Look well to your soul, for the base alloy is tarnishing it already. You are one for whom it is not safe to have had your life fall in these trading days. Go back a little to times of fresher impulses, times which you boast that your Commerce has uprooted, and learn that chivalry has a lesson to teach you yet. Study such a life as that o f stout Godfrey o f Bouillon, conqueror in the first crusade, o f whom it was rejoicingly written “ that if all the honor o f all men on the face o f the earth was totally corrupted and destroyed, the honor left in the soul o f Duke Godfrey would alone be enough to revive and restore it a l l a n d tell me if should the hero come back to earth to-morrow, you would venture to invite him down and station him for one little half hour behind your counter in Newburyport ? I have, lately, however, been reading an essayf which quite ably defends the spirit o f Commerce, as an essentially Christian spirit, upon this plausible theory, t hat Commerce demands the prosperity o f both the trading parties. “ Merchants must cease to sell when their customers grow poor.” They consult their own in terests by consulting that o f others. Stated more pointedly, this sentiment seems to be this: do not shear the sheep too close. As kind old Isaac Walton says o f fishing, “ when you put the worm on the hook, handle him as if you loved him.” Make as good a bargain as you can out o f your customer, but stop short o f making him a pauper, for then, instead o f trading with him you will be taxed for him. * * * * * * * Talk to these men about “ caring for the interests o f their customers.” Se cure in the possession o f an ever-renewing harvest o f victims, they laugh you to scorn. Their circle is large enough to last their three score years and ten. They will not need, like Alexander, to cry for another world, after they have made this one bankrupt. “ Is not this ample room?” they ask; “ when Newburyport is exhausted, there is Boston; when Boston is exhausted there is fair game in New-York; exhaust New York, and there is still London, and Paris, and Vienna, and Russian loans, and all the business machinery o f all the Roths childs. “ Truly they say to us innocents— in the words of a noted European statesman— “ you are unskilled in the art o f fishing in so vast an ocean as the pockets o f an hundred million people !” I think we had best let these men go and not attempt to convince them that honesty is the best policy. Reverse the motto, and they will like it better— for policy is their only honesty. 3. And this brings me to the third and last danger o f mercantile life— its dan ger to common honesty. Setting aside the golden rule o f loving one’s neighbor as one’s self; and what we may call the silver rule o f setting one’s affections on things above, not below ; how is it with the simple copper rule o f “ Honesty is the best policy.” Does that hold in Commerce? I must confess that the persons who excite my suspicions most against Mer chants are the Merchants themselves, when I see the excitement produced among them when any one does an honest act—for instance, pays his debts after failure. It is remembered for years, and whenever the name o f the individual is referred to, it is trumpeted to his honor. Now, although it is pleasing to see this theo. retical respect for simple honesty, still, when we look closer, it is alarming that * Memoir and Writings o f James H. Perkins; I. 47. f In Hunt’s Merchants’ Magazine, to which I am also indebted for some preceding remarks. 412 , , Merchants: Their Duties Dangers and Advantages. it should be so rare as to be talked about. Thus I remember reading in Anson’s voyages that nearly all the shops in Canton have on the signs the words “Pau Hou,” or “ no cheating here.” Now when a man thinks it necessary to an nounce on his sign “ no cheating here,” though it does not demonstrate that he does not cheat, it proves pretty conclusively that some o f his neighbors d o ; and the more general the announcement, the greater the suspicion; and so o f this similar phenomenon in our mercantile community. I f it is so generally under stood that honesty is the best policy, pray why this sensation when any one is politic enough to try it. I sometimes think that the habits o f caution prevalent among us, the excess o f documentary transactions, notes, endorsements, receipts, have rather a tendency to encourage fraud, by constantly suggesting the thought o f it, and seeming to reduce the whole thing to a game o f skill. I have been confirmed in this by hearing that in places where there is less attention to these things, and more trust in honor, the trust is better repaid. For instance, I am told that it is so in the West Indies and Spanish America generally. Mr. Schoolcraft, who was In dian agent at Lake Superior for twenty-five years, said that he had never known an Indian to break a promise in the way of business. I read in a recent essay on the Commerce o f Brazil* that the slave-trade being contraband is carried on en tirely upon honor, “ and hence,” the author adds, very simply, “ fraud is o f rare occurrence.” One wishes trade in general could be declared contraband, if such be the result. And there is an anecdote in point o f Mr. Fox, the British states man. A tradesman who had often dunned him in vain for payment of a note, came in one day and found him with two hundred pounds before him, and claim ed his share. No, said Mr. Fox, this is for a debt o f honor I owe to Sheridan. Then, said the tradesman, I make my debt a debt o f honor, and threw the note in the fire. Mr. Fox acknowledged the obligation and paid him at once. But to return to our own affairs. My friends, or those o f you who are Mer chants I am not afraid to ask the question, Is honesty practically found the best policy? Does it make men rich most rapidly? Let me suppose a case and tell me if it is an ideal case. A young man goes to church and hears a sermon preached from this maxim. It is illustrated. Two characters are sketched, one a simple and truthful youth — the other a knave— but always a very transparent knave, not one o f the deep kind. Their career is described ; the knave comes uppermost at first— the vir tuous youth afterwards, (it is easy to have it s o ;) knavery ends in the Peniten tiary— virtue in wealth, honors, joy for this life and the next. The doctrine is very satisfactory; temporal comforts and eternal at one stroke; and our young man goes out to try the experiment. lie is placed in a store. His master possesses capital, energy, coolness, some talent and some honesty,— i. e. he would like as well to be honest as not, if noth ing were lost by it. Our young man has a sensitive conscience, far more sensi tive, he soon finds, than his master’s. False pretences, evasions, even direct false hood occasionally; he is soon shocked. “ This man ” he says, “ is not what I suppose him; nor what others suppose him, certainly— for he has a fair reputa tion.” But soon a new puzzle, He hts reason to suspect that those who deal with his master understand him, yet they are not shocked, but perhaps bow and cringe if his master is richer than they. How is this ? He consults his father and his friends, and confides with some hesitation his suspicions. How are they received ? One well meaning but ignorant father might reply, “ matters cannot be as you think, my son— your master is one o f our leading men, director o f the Bank, member o f the Church, a most respectable person. You must be altogether mistaken. Beware o f hasty judgments, my son !” Another father, more sagacious, but not prepared to take any responsibility in the matter, might simply shrug his shoulders and seem to say “ this is a mat ter I cannot interfere with. You had better let it rest,” North American Review, April, 1849. , Merchants: Their Duties Dangers, and Advantages. 413 And a third, very likely would say to his son, “ do not be so ready to judge your betters, young man. I want you to be a practical man, not a foolish visionary; try to imitate your master, and if you can become as much o f a man as he is, I shall be satisfied and so may you be.” r Then comes the trial for the young man’s soul. If it is a sensitive and noble one, it may receive a permanent shock; but more generally the careless easy youth takes the matter much as his father has done and says to himself that if he wants to “ succeed ” he must do as others do— and that he must “ succeed” has been always laid down as the corner-stone o f life. Thus it goes on, our young mer chant gradually becoming more and more a practical denier of the preached doctrine o f “ honesty the best policy,” and should he sometime go back to church and hear the old sermon preached over again, how will it strike him 1 Sitting in the full consciousness that he is daily gaining money and power and honor by petty departures from honesty, if not larger ones, how can he help saying “ this is all abstraction, not practical sense; it does for the young and simple, not for me ; and if this is a specimen o f what they call religion, it is all equally an as sumption !” And so he goes away, his heart hardened forever.* My friends, I agree with him so far as this— that for one I do not believe that honesty is the best policy, so far as this world’s external gains and honors are in question. And I think if it were so, and honesty were pursued as policy, it would cease to be honesty and become a mere maneuver, not wrong, perhaps, but no way meretorious. Doubtless the highest success is to be found in doing right, but it is not what men o f the world call success, and it is not to be got by seeking it selfishly. It is truly written that he who would save his life shall lose it, and only he who is willing to lose it for Christ’s sake, shall find it. It seems to be ordained that the interest of one is the interest o f all, but it seems to be also ordained that this is not plain to any one, until he has ceased to think o f his own interest. If you try to make others happy you yourself become hap py, but not if you do it in order to be happy, for then you are thinking o f your self and not o f them. “ God gave the world these directions,” says the Persian Touriat, “ Oh world, be servant to him who is servant to me, not to him who is servant to you.” Righteous, in its Saxon derivation, means right-wise; and the fear o f the Lord is truly the begining o f wisdom. When some one told old Bishop Lat imer that the cutler had cheated him, making him pay two pence for a knife not worth a penny. “ No,” said Latimer, “ he cheated not me but his own conscience.” Alas, how often it happens thus around us every day; life is taken up in obtain ing, by hook or crook, the means to support life; “ to make a living ” is the only object o f labor— and what is the end o f i t ;— only the body lives after all— and all the higher faculties o f the soul, love, honor, integrity, courage— these sink, decay, and only make a dying. Young men, who hear me, and who are committed to a commercial life, will you not think o f these things 1 Some o f your temptations and opportunities you know better than I, because I am only a looker on— others I know better than you, for the same reason. If what I have said o f the dangers o f a mer cantile life is not a fair statement o f what it must be, but only a warning o f what it may be— then prove it by taking the warning. Prove by your life that a Merchant can live nobly in his profession— can be a Merchant and still live a life o f truth, o f love, and o f heaven. There is nothing intrinsically wrong in wishing for pecuniary success, and it is often a good feeling at bottom which stimulates it. All young men wish to obtain an influence, to gain a standing in the com munity ; all their hopes o f usefulness rest on that. Therefore they wish to stand well at every point; to come up to all the current standards, to have no body look down on them on any ground. Even a wise man may feel something o f this. If one went to teach a savage nation, who had no standard o f merit but skill with the bow and arrow, one would naturady like to be found a good * Compare “ The Tradesman’ s Sermon,” an Essay by a friend of the author, in “ The Present,’ ’ (No. 4, New York, 1843) to which I am much indebted. 414 Merchants: Their Duties, Dangers, and Advantages. marksman; first equal or excel them on their own ground, and then lead them a step farther. So a young man in this community, wishing to do as others do, belongs to a militnry company, or an Odd Fellows Lodge, or is a vote distributor every November, or gets chosen to General Court, if possible— but above all makes money; and then he has earned his freedom, stands on his own foundation, and no one need look down on him. He has gained “ an independence ” lit erally. So far so good; but the danger!— the danger is that the end is forgotten in the means, and by the time he has got money, he has forgotten how to use it ; he wants general enlightenment, thought, reading, observation, knowledge o f so ciety, practical beneficence, faith in any new idea. Poor creature! he has staid underground in his gold mine till his eyes are as blind as the sightless fishes o f Mammoth Cave; and so finding that he cannot escape out o f money-making into anything else, he goes back to that again, and burrows a little more. “ But surely (you say) this disastrous change will never come to me. I will not be one o f those old men yonder who have spun their souls into gold, and point to that as the only result o f their life’s career.” But do you not know that every one o f those old men said the same thing when he was young] Few men are born as base as the exclusive love o f money-making renders many. Guard against the temptations which have made them what they are. Remember those stern strong words o f old Scripture, “ As a nail sticketh fast between the stones o f a wall, so doth sin stick close between buying and selling.” Buy and sell with your inner eyes open, as well as your outer— lest while you protect yourself from being cheated by your neighbor, you cheat yourself out o f some thing more precious than any thing he can ever get from you. Among the an cients it is said that Plutus, protector o f merchants, was also God o f lies, and he still teaches his followers to deceive themselves quite as often as they deceive each other. It is well to be independent; but it is a sham independence which is bought with money. It is well to show what good can be done with wealth; but it is better to show what good can be done without it. Whence have come the great examples o f this world thus far, from the rich or from the poor ? Ponder the answer o f St. Thomas Aquinas to the prelate who once exhibited to him great vessels o f precious coins, and said, “ Behold, Master Thomas, now can the church no longer say, as St. Peter said, ‘ Silver and gold have I none!” ’ “ It is true,” replied the holy mam “ neither can she say what immediately follows, ‘ In the name o f Jesus Christ, rise up and walk! ’ ” But lastly, as there is nothing noble in Commerce on the most magnificent scale, save for its uses; so there is nothing ignoble in trading on the smallest scale save for its abuses. “ It is honorable ” says Horace Mann, “ either to han dle a yard-stick or to measure tape, unless it makes the faculties o f your soul no longer than the one and no wider than the other.” Live in your occupation so as to ennoble it while you stay in i t ; when the nobleness ceases, let the oc cupation cease. Your opportunities are great— every act o f trade gives you a chance to show the difference between a true upright man and a base maneuver. If you do not find it so, do not stay in it, no, not on any conceivable pretext; no not even that last one o f all that you “ must get a living.” It is the old plea o f sin. ’Tis what the French thief said to the priest long since. “ But it is necessary that I should live, sir— and I have no other way.” “ I do not see that necessity, friend,” was the calm answer. Friends, it is not necessary that you and I should live, for has not many a man died before now rather than live base ly? It is not necessary that we should live— still less that we should gain the happiness and honors o f life; but it is necessary, it should be felt as necessary by each one o f us, that we should not soil our white raiment with one spot of baseness. First the kingdom of God and his righteousness, oh young man, dare to write this for the motto o f your ledger, and then you may dare to be a Mer chant. Internal Improvements in the State o f N ew York. 415 Art. II.— INTERNAL IMPROVEMENTS IN THE STATE OF NEW YORK. A SKETCH OF THE RISE, PROGRESS, AND PRESENT CONDITION OF INTERNAL IMPROVEMENTS IN THE STATE OF NEW YORK. NUM BER X . RAILROADS. I n 1836, forty-three railroads were chartered ; seven o f which have been constructed:— The Albany and W est Stockbridge, Attica and Buffalo, Auburn and Rochester, Lewiston, Schenectady and Troy, Skaneatelas, and Syracuse and Utica. Governor Marey, in his message, called the attention o f the Legislature to the application o f the Erie Railroad for aid, stating that the sum of $2,382,100 had been subscribed to the stock, and that forty miles o f the road had been put under contract, and that $27,000 had been expended, mostly for surveys; and it was added that “ the company entertain a confi dent opinion that the whole work will be executed and put in operation for six millions o f dollars. Accompanying the message was a communication from James G. King, President o f the company, asking a loan o f the credit of the State for three millions o f dollars, to be advanced in instalments, as the company shall have previously completed continuous portions o f the road with their own money, “ sufficiently extensive and valuable to afford the State perfect security against any possible loss or inconvenience.” The bill introduced into the Assembly provided that the company should re ceive from the State $600,000 in certificates, when a railroad was comple ted from the Delaware and Hudson Canal to the Chenango Canal, a dis tance o f 146 m iles; $700,000 more when the road was completed to the Allegany R iver; $300,000 when it reached Lake E rie; $400,000 when the road was made from the Hudson River to the starting point on the Dela ware and Hudson Canal. A n d a further sum o f $1,000,000 when the company had constructed and completed a continuous line o f double track railroad within this State, from the Hudson to Lake Erie. The vote in the Assembly, on this bill, was 63 to 45 ; the Speaker, Charles Humphrey, de clared the bill passed; Mr. Preston K ing appealed from this decision, on the ground that this bill required a vote o f two-thirds, under the constitu tion. On the appeal, the decision o f the Speaker was sustained, 61 to 29. In the Senate, Mr. Mack, o f Tompkins, made an able report in favor o f the bill. Col. Young introduced a resolution in the Senate declaring that it was “ a bill requiring for its passage the votes of two-thirds o f all the mem bers elected to both branches o f the Legislature.” This was negatived 21 to 8, and the bill passed 17 to 12. The requirement to construct 146 miles o f road before any stock was issued to the company, was not complied with, and none was issued on the terms o f the act o f 1836. In 1837, fourteen railroad charters were granted ; but none o f them have been constructed. The Erie Railroad Company applied for a modification of the act of the preceding year, urging that the pecuniary revulsion had de prived the company o f the means o f constructing the required portion of the road, as a condition precedent to the issue o f any o f the stock. Mr. Mack, o f the Senate, reported against this application, and also against an 416 , , The Rise Progress and Present Condition o f application o f the Catskill and Canajoharie Railroad Company, for a loan o f the credit o f the State. A n act was passed at this session, allowing the Utica and Schenectady Railroad to carry the United States m a il: and another, Chap. 363, declaring it lawful for the company, without charge, to transport extra baggage or articles for passengers, who owned or had charge o f the same, and were traveling in the same trains. Laws were also passed authorizing the Catskill and Canajoharie Railroad Company to borrow 8400,000, on a mortgage o f the road, and empowering the trustees o f the village o f Catskill to subscribe for two hundred shares o f the stock of the road, and to borrow $100,000 on the faith and credit o f the village, with the approbation o f a majority o f the voters thereof. Acts were also passed for assessing highway taxes on railroad corporations, and Chap. 300, in relation to unclaimed baggage. In 1838, charters were granted for three railroads, none o f which have been constructed. The Governor was furnished with the copy o f a memorial to the Legislature, signed by P. G. Stuyvesant, Vice President o f the New York and Erie Railroad Company, in which it was stated that owing to the refusal o f the State to make the advances prayed for at the previous session, the company, after expending $300,000, was compelled, in May, 183V, to arrest, entirely, the prosecution o f the work, and discharge the engineers. The company, in this memorial, ask the State for a subscription o f $3,000,000 to the stock o f the com pany; and with this aid, and a subscription of $3,000,000 by individuals, the utmost confidence is expressed that the rail road may be ci mpleted to Lake Erie in three years. This memorial al ludes to the works o f Pennsylvania, “ fostered by the Legislature, or aid ed by the capital of the great banking institution* recently domiciled within her territory, nearly 2,000 miles in length, having directly in view the ren dering o f this western trade, which our earlier enterprise, it was vainly sup posed, had appropriated to New York, tributary to her commercial capital.” A nd in alluding to the connection o f the public works o f Pennsylvania with their only post on Lake Erie, the memorial says :— “ The chief magistrate o f that State, in his late annual message, exultingly declares, ‘ that the com pletion of the Erie extension to the noble harbor o f Erie, will give Pennsyl vania the undisputed command o f the lake trade.’ ” This memorial was referred to the railroad committee, o f which Mr. Holley, o f Wayne, was chairman, who made a report in favor of modifying the act o f 1836, so as to give the company certificates to the amount of $300,000, when proof was furnished to the Controller o f the expenditure in surveys or otherwise, of that su m ; and an additional $100,000 on proof o f the sub scription o f a like amount, and the expenditure o f the same on the road. Accompanying this report was one from Edwin F. Johnson, Esq., on the ad vantages o f the Erie Railroad. The bill passed tfie Assembly 84 to 12, and the Senate 23 to 7. The following extraordinary provision, which was not in the original bill, as reported by Mr. Holley, became connected with it in its progress through the Legislature, v iz : “ But no part o f the said stock shall be issued until the Controller shall be satisfied that ten miles of the said railroad extending westwardly from the Hudson River, at Jappan, in the county o f Rockland, and ten other miles thereof, extending eastwardly * The bank, which was chartered in 1836, proposed to give $2,000,000 to the State Treasury $2,500,000 to the School Fund, and $139,000 to eleven turnpike companies, and to subscribe $637,000 to ten railroad and other companies, and to loan the State, at 4 per cent, $7,000,000. Total, $12,314,000. Internal Improvements in the State o f N ew York. 417 from Dunkirk, in the county o f Chautauque, shall hare been located; and that the grading o f each o f the said sections o f ten miles has actually been put under contract.” The bill to loan the credit o f the State to the Catskill and Canajoharie Railroad Company, passed the Assembly 74 to 17, and the Senate 20 to 10. A n act also passed at this session for loaning to the Ithaca and Owego Railroad Company $250,000, or one-half the sum expended on the road from Ithaca to Owego. And an act to loan the sum o f $200,000 to the Auburn and Syracuse Railroad Company. Acts were also passed to punish persons for injuries done to railroads, by imprisonment in the State prison or county jail, except in cases where death ensued. Also for filing in the canal department plans o f the mechanical work constructed on railroads, and maps and profiles o f all railroads. Under the laws for loaning the credit o f the State to railroads, the sum o f $100,000 was issued in 1838 to the New York and Erie Railroad Com pany— $100,000 to the Catskill and Canajoharie— $200,000 to the Auburn and Syracuse, and $287,700 to the Ithaca and Owego. The Ithaca and Owego and New York and Erie stock bears an interest o f 4± and the other 5 per cent. In 1839 four railroads were chartered, one o f which, the Oswego and Sy racuse, has been constructed. Governor Seward, in his first annual mes sage, alluded to three lines o f railroads through the State, and in reference to the southern and northern routes, recommended that the Legislature “ adopt such measures as will secure their completion without delay” — “ and if their completion cannot speedily or advantageously be effected otherwise, they ought to be constructed at the expense o f the State.” In the Assembly, Mr. Scoles, o f New York, made favorable reports on several o f the applications for railroads. A strong effort was made in both houses to get the State to adopt the Erie Railroad as a State work ; the bill passed the House 61 to 44. It was introduced into the Senate by a report from Mr. Johnson, of Delaware, but rejected, 15 to 14. This bill authorized one million o f dollars to be borrowed to pay the company for previous ex penditures. Bills were passed by the Assembly, at this session, for loaning the credit o f the State, and making appropriations in aid of ten railroads to the aggregate amount o f $3,29 0,000, all o f which were rejected by the Senate. A memorial was presented to the Legislature in behalf o f the Erie Rail road Company, asking for a second modification of the law o f 1836, so as to authorize an issue o f State stock in the ratio o f three dollars to one ex pended by the com pany; and the interest to be paid by the States; and stating that no aid less than that prayed for would be adequate to the suc cessful prosecution o f the work. A n act passed authorizing the city o f Albany, on a vote o f its inhabitants, to borrow $400,000, and invest the same in the stock o f the Albany and W est Stockbridge Railroad Company. Also to authorize the Directors of the Long Island, the New York and Albany, and the Harlem Railroads to borrow money, and to mortgage their roads. From 1840 to 1844, both inclusive, the only railroad charters granted were one from Albany to Goshen, in 1843, and a charter for the Susquehannah, granted to the persons who had purchased the Ithaca and Owego Railroad.* * The Lockport and Niagara Falls Railroad, in 1841, was authorized to extend the road from Lockport to Rochester, or to Batavia. VOL. X X V .— NO. IV . 27 418 , , The Rise Progress and Present Condition o f In 1840 acts were passed to loan the credit o f the State to railroad com panies, as follow s:— Auburn and Rochester.................................................................................. Hudson and Berkshire.................................................................................. Ithaca and Owego......................................................................................... Long Island.................................................................................................... New York and Erie, $2 for $1 expended................................................. Schenectady and Troy................................................................................. $200,000 150,000 28,000 100,000 2,700,000 100,000 $3,478,000 The sum o f $300,000 only had been issued to the New York and Erie Railroad, previous to the law o f 1840, which authorized $100,000 to be given, for each $50,000 expended by the company. Provision was made in 1840 for a sinking fund o f 1 and 2 per cent to he paid into the Treasury by the railroad companies which had loans o f State credit. This, however, was not required in the case o f the New York and Erie road. In his annual message in 1840, Governor Seward, in alluding to the New York and Erie, and the Ogdensburgh and Champlain Railroads, said ; “ I am convinced that the difficulties as well as the cost o f these improve ments have been as greatly exaggerated, as their probable revenues have been undervalued. It is no longer doubtful that railroads may be con structed by the State as suitably as canals, and that the public convenience requires that the former as well as the latter, should, as far as practicable, be controlled by the State.” Mr. Furman, o f Kings, made a report in the Senate, in favor o f construct ing the Erie Railroad by the State. This bill was stricken out and one sub stituted for giving the company two dollars o f stock for one dollar expended, which passed by a vote o f 14 to 12. Mr. Furman also made a strong report in favor o f granting aid to the amount o f $1,000,000 to the New York and Albany Railroad. In this re port, he alluded to the chain o f railroads through the central line o f New York, and from Albany to Boston, and to an association then recently formed, “ for opening a regular steamboat communication between England and the city o f Boston.” “ A ll this is done,” says the report, “ with a con nected view to opening a new course or channel for trade, and that the fa cilities which will be thus afforded for a certain and speedy communication, must exert a considerable influence upon the business and trade of our State,” unless counteracted by a railroad connection between the cities of New York and Albany. Governor Seward, in his message o f 1841, announced that forty-five miles o f the Erie Railroad, from Piermont to Goshen, would be in opera tion in January, of that year— seventy-two miles in the whole being graded. That $1,350,000 had been expended— that the total cost would be as esti mated by the company, $9,000,000, and that the company expected to complete the road in two years. And, also, that the Auburn and Rochester road, from Canandaigua to Rochester, was in operation in the preceding September. Mr. Furman, in the Senate, made a report in favor o f loaning the credit o f the State to the Harlem Railroad Company, to the amount of $350,000, to enable it to complete the road to the north line o f Westches ter, and connect with the Housatonic Railroad at or near Danbury, in Con Internal Improvements in the State o f New York. 419 necticut, and thus make a connection with Albany. The bill was not act ed on. In the Assembly, Mr. Culver, o f Washington, made a report against the petitions for aid to the Erie Railroad. In this report, which is Doc. 297, he reviewed the legislation in regard to taking the road as a State work, and also took a view o f the pecuniary condition of the State at that time, and came to a conclusion that the prayer o f the petitioners ought to be denied ; holding out encouragement that the State might assume the road, or aid in its construction, at a future day. A n act passed in 1841, authorizing the city of Albany to borrow $350,000, and invest the amount in the Albany and W est Stockbridge Railroad stock. A nd another to increase the capital o f the Syracuse and Utica road to $1,000,000. In his annual message in 1842, Governor Seward recommended the Northern and Southern lines o f railroad to the favorable consideration of the Legislature. In alluding to the Erie road, he stated that “ the Legisla ture of 1836, appropriated to it a loan o f public credit for $3,000,000, but the conditions o f the act being impracticable, the work was suspended until the law was modified, in 1840, since which period the enterprize has been vigorously prosecuted.” “ Portions, 232 miles in length, will be ready for a superstructure in the present month. A sum exceeding four millions of dollars has been expended, o f which $2,800,000* was derived from the State loan. If prosecuted with the same energy as during the last year, the road will be completed in 1843.” In the same message, he announced that the Canajoharie and Catskill, and the Ithaca and Owego Railroad Compa nies, “ having failed in July and October last to pay the interest on the stock issued in their behalf, under laws passed in 1838 and 1840, the amount o f that interest, equal to $11,405, was paid at the Treasury. Pro ceedings o f foreclosure have been instituted.” On the 14th o f March, the Governor announced to the Legislature, in a special message, and on the authority o f Mr. Bowen, the President o f the New York and Erie Railroad Company, that “ if legislative aid is longer withheld from the association, it must desist from prosecuting its great en terprize ; the laborers employed must be discharged; the interest on the three million State loan, duo on the first o f April next, will remain unpaid, and the contingent debt will fall immediately upon the Treasury.” W hen the company failed to pay interest, the Controller, Mr. Flagg, gave notice for the sale o f the road at public auction in the autumn o f 1842. A t the extra session o f the Legislature, August 25, 1842, a joint resolution passed, directing the Controller to postpone the sale o f the New York and Erie Railroad, until the first Tuesday in May, 1843. On the 20th o f May, 1842, the Ithaca and Owego, and the Catskill and Canajoharie Railroads, having been advertised for the preceding six months, were sold at auction, at the capitol— the first for the sum o f $4,500, and the other for the sum of $11,600. The amount o f stock issued to these two roads was $515,700, the interest on which from the date o f the default, to the time when the principal is reimbursable, amounts to $510,627 87— total, $1,026,327 87. Being a loss o f more than a million o f dollars after deducting the sum realized on the sale o f the roads. Application was made * The sum of $200,000 was added, making $3,000,000 before the close of the month in which the Message was delivered. 420 , The Rise Progress, and Present Condition o f in 1842 for a charter for a railroad along the Hudson River, which failed for want o f a vote o f two-thirds, in the Senate. In his first annual message, in 1843, Governor Bouck stated that an al most entire new board o f directors had been chosen for the Erie Railroad ; and he suggested the enactment o f “ a law yielding the prior lien o f the State mortgage to such incumbrances as may hereafter be created by the company, for the purpose o f completing the road.” A nd he expressed a hope that the road from Catskill to Canajoharie would eventually be completed. The Erie Railroad Company was called on by the Senate to give an ac count o f its funds on the 11th March, 1842, when its inability to pay inter est was announced to the Governor. Doc. 38 shows that the amount of 6 per cent stock pledged at that date was $439,000, on which the company had received the sum o f $385,908 68, and it is shown that the price o f the stock, on that day, was 80 cents for 100 o f stock, leaving, with brokerage, a deficiency against the company o f $31,806 18. The company had in cash on that day $201 33, as certified by E. Pierson, Treasurer. This document also contains the copy o f an assignment made by the company to James Bowen and his associates, in April, 1842, for the benefit o f its creditors. Mr. Faulkner introduced into the Senate a bill similar to the one report ed by him in 1842, to aid in the construction of the New York and Erie Railroad. This bill, as finally passed, suspended the sale o f the road— au thorized the company to issue bonds to the amount o f $3,000,000, and if the road was completed in seven years, and not purchased by the State, the State lien to be released. A railroad commissioner was authorized to be ap pointed by the Governor and Senate, who was to countersign the bonds. In case o f the non-payment o f these bonds, the Controller was required to sell the road. This bill passed the Senate 19 to 10, and the Assembly 68 to 25. It was decided in the House by a vote o f 54 to 39, and in the Senate by a vote o f 19 to 8, that this bill did not require for its passage a vote o f two-thirds o f the members. A resolution was adopted by the As sembly, requiring all railroads to make an annual report to the Secretary of State. This was introduced by Mr. Hathaway, o f Chemung. In October, 1843, the following persons were chosen Directors o f the company, viz : Horatio Allen, James Brown, D. A . Cushman, H . W eed, J. Brown, T. Dehon, P. Spoflord, C. M. Leupp, J. W . Edmonds, A . G. Phelps, M. Morgan, J. C. Green, W illiam Maxwell, A . S. Diven, E. Risley. H . Allen was chosen President, and J. Brown Vice President. On the 7th October this Board o f Directors issued a notice to the public promising to investigate the affars o f the company, and if they find it practicable to sur mount its embarrassments to call on the public to aid them in the prosecu tion o f the work. The debt of the company, as shown in a subsequent report o f the board, was found to be $600,000, exclusive o f the three millions due the State. A report made to the Senate, in 1845, states that this board rendered great service, by reducing the affairs o f the company to order. In 1844, an act was passed, Chap. 335, authorizing the several railroads from Albany to Buffalo, to transport property, during the suspension of canal navigation, by paying to the State the same rate o f toll, per mile, as the property would have paid on the Erie Canal. The commissioner ap pointed under the act o f 1843, for aiding the Erie Railroad, W . Baker, made a report in 1844, Assembly D oc. N o. 6. Mr. Baker examined the Internal Improvements in the State o f N ew York. 421 line o f the road from Dunkirk to the Hudson, in company with Maj. Brown, the chief engineer, in the summer o f 1843. It is stated in this re port that the company had not accepted the act o f 1843. That the avails o f the three millions o f State credit, as shown by the Treasurer’s account, were $2,600,079 05 ; and that the subscriptions to capital stock, $1,537,926 14. In 1845, application was made for a modification o f the law o f 1843, re leasing the three millions to the Erie Railroad, and Mr. Vanvalkenburgh, o f Steuben, made a report in the Assembly favorable to the application, and introduced a bill The new bill gave the purchasers o f bonds an absolute lien on the road in preference to the State lien, whether the road was fin ished as specified or n o t : the State relinquishing its prior lien to the indi vidual holders o f the bond, and at the same time holding it against the company, unless the road was completed to Lake Erie within six years from May, 1845. This bill passed the Assembly by 98 to 15, and the Senate 24 to 4. Acts were passed this year for railroads from Attica to Hornellsville, Canandaigua to Corning, Seneca Lake to Elmira, Ogdensburg to Lake Champlain, Troy to Greenbush, and authorizing the extension o f the Har lem Railroad to Albany. In 1846, seven railroads were chartered, two o f which have been con structed; the Hudson River, and the New York and New Haven. A n act was passed appointing seven commissioners to determine on the route o f the Erie Railroad, at various points between the Hudson River and Binghampton. The commissioners were John B. Jervis, Orville W . Childs, Horatio Allen, Frederick Whittlesey, Jared W ilson, W illiam Dewey, and Job Pierson. They were authorized to make surveys, and locate on a route dif ferent from that originally surveyed. A n act also passed at this session requiring the Tonawanda Railroad to convey all kinds o f products at the rates fixed in the law. A nd another (Sec. 17 o f Chap. 215) requiring all railroads, on application o f the Post Master General, to enter into contracts for carrying the United States Mail. In 1847, no new railroads were chartered. But acts were passed requir ing the several railroad companies extending from the Hudson River to Buffalo to lay down an iron rail weighing fifty-six pounds the yard, and one track to be completed in two years from January 1, 1847 ; and they were authorized to borrow money for the purpose. These provisions are in Chap. 272, which also provides for checks to be attached to baggage, and a dupli cate furnished to the owners. Chapter 222 fixes terms o f accommodation in regard to passengers, &c., where different lines o f railroads connect. Companies are authorized to change the route o f their roads, Chap. 404, and to increase their capital, or borrow money for laying down heavy rail, Chap. 405. The Oswego and Syracuse Railroad authorized to carry freight during the whole year, paying canal tolls therefor. The Utica and Sche nectady, and the other roads to Buffalo, authorized to do the same on like terms ; and all railroads declared subject to the liabilities o f common car riers, Chap. 270. There was also passed at this session one important law, Chap. 450, making railroad companies liable for damages in case o f death caused by the wrongful act, neglect or default o f the company or its agents, to be recovered by the personal representatives o f the deceased, and appor tioned to the widow and next o f kin. In 1848, a general law was passed for the organization o f railroad corpo 422 Internal Improvements in the State o f H ew York. rations, as provided by the first Sec., Art. 8, of the Constitution of 1846. The 20th Sec. of this general law reserves to the Legislature the power of determining on application in each case, whether the proposed road is o f sufficient public utility to justify the taking o f private property for the route. In 1848 six laws of this character received the favorable action o f both hou ses. In the case o f a direct line from Syracuse to Rochester, which enlisted a strong interest in favor o f as well as against it, the Legislature refused the endorsement o f “ public utility.” In 1849, laws were passed declaring the “ public utility” o f six routes for railroads, and granting a charter for the construction of a railroad across the Isthmus o f Panama, under the grant made by the republic o f Hew Grenada to William H. Aspinwall, John L. Stephens, and Henry Chauncey. Acts were passed at this session prescribing the items to be returned in annual reports o f railroads, Chap. 434. Am ending the act o f 1847, respecting death by wrongful act, Ac., o f company, by limiting the recovery to $5,000, and providing for punishing the company’s agent by imprisonment in the State prison or county jail, and also by fine. In 1850 the general railroad law was amended so as to render any appli cation to the Legislature unnecessary. This act, Chap. 140, authorizes any number o f persons, not less than twenty-five, by subscribing a sum equal to $1,000 per mile, and paying 10 per cent o f the amount, to file articles of association in the office o f the Secretary o f State, and become incorporated for the construction o f a road. Previous to exercising the authority of taking private property for the roadway, the whole capital must be sub scribed and 10 per cent paid thereon. The following statement shows the number o f railroads chartered, and the number subsequently constructed, o f those chartered in each year ;— Years. 1826 ............... 1827 ................. 1828.................. 1829.................. 1830.................. 1831.................. 1832.................. 1883................. 1834.. . 1835................. 1836................. 1837................. 1838................. ........ ........ ......... ........ ........ ......... ........ ........ ........ Chart’d. Constr’d. Years. 1 1839..................... i 1840...................... 7 2 1841...................... 3 1842...................... 1843...................... 2 1844...................... 3 1845..................... 27 6 3 1846..................... 10 5 1847..................... none. 1848..................... 2 43 7 1849..................... none. none. Total............ 3 Chart’d. Constr’d. 4 1 1 *1 5 4 1 2 f7 . 6 — — 30 * Ithaca and Owego, changed by new charter to Cayuga and Susquehann*. t Laws passed declaring public utility of seven roads to be constructed under general law o f 1848. The Culture and Commerce o f Cotton in India. 423 Art. III.— TnE CULTURE AND COMMERCE OF COTTON IN INDIA. N UM BER II. O R I G IN AND PR O G RE SS OK W E S T IN D IE S AND FR O M TH E COTTON CULTURE IN A M E R IC A — IN T R O D U C T IO N OF PL A N T FROM M E X IC O — C U L T U R E IN A T L A N T IC A N D IN G U L F S T A T E S — W H I T N E Y ’ S S A W - G IN — T A B U L A R S T A T E M E N T S OF T H E F IC IE N C Y OF C R O P — C O N T IN U E D E X T E N T OF C U L T U R E V E R Y CROPS F A L L IN OF COTTON P R IC E — E F F E C T S IN A M E R IC A FROM OF— C U L T U R E OF 1790 TO COTTON 1849— DE IN IN D IA — G R E A T , B U T F O R IN T E R N A L C O N S U M P T IO N . T h o u g h the cotton manufacture o f England was at its origin supplied with the raw material from the Levant, and subsequently from the W est Indies and South America, the United States soon became the principal exporters o f what appears to have been an exotic to their soil, though an ordinary short-staple cotton is stated by Mr. Seabrook “ to have been grown in Virginia in a limited way, at least 130 years before the Revolution.” In W ilson’s account o f the “ Province o f Carolina in America,” published in 1682, it is stated, “ that cotton o f the Cyprus and Malta sort grows well, and a good plenty o f the seed is sent thither.” Mr. Spaling o f Sapelo Island, near Darien in Georgia, has stated that his father was one o f the first to cultivate the long-stapled, or sea-island cotton, in 1781, from seed received from the Bahamas. The seeds o f probably the same cotton carried into the interior and upland parts o f Georgia, from the poorer soil and drier climate, and the necessary modifications o f culture, produced what is known as uplands cotton. The culture spread thence into the States which abut on the G ulf o f Mexico. There the rich soil and moist climate required the cultivation to be suited to i t ; but everything being congenial, and fresh seed introduced from Mexico, the largest known returns per acre have been obtained. In England, the invention o f machinery by W yatt, Hargreaves, and Ark wright, from 1739 to 1769, and the consequent establishment o f the factory system about 1785, greatly increased the demand for cotton wool. This demand could hardly have been supplied if the culture had not been so vigorously taken up by the Am ericans; but even they, with their defi ciency o f labor, would never have been able to free from its seed the quan tities o f cotton which they grew, if it had not been for the invention o f W hitney’s saw-gin in 1793. This is justly stated to have done as much for the cultivators o f America as the above inventions did for the cotton manu facturers o f England ; but he was not better treated in the new, than his brother inventors usually are in the old world. But this fortunate conjunction o f an extensive demand with the means o f supplying it, the latter occurring among a people ready and able to take advantage o f the opportunity, soon established the cotton trade o f the Uni ted States on an extensive and also secure basis, because it was founded on the excellent quality o f the raw material. Mr. Macgregor, in his valuable Commercial Statistics, vol. iii., p. 452, mentions, that “ among the provincial trade returns we find that among the exports o f ‘ Charles Town,’ from November 1747, to November 1748, were seven bags of cotton wool, valued at £ 3 11*. 5d. per bag. In 1754, some cotton was exported from South Carolina. In 1770, there were shipped for Liverpool three bales from New York, four bales from Virginia and Mary land, and three barrels full of cotton from North Carolina.” From the offi cial returns it appears that the first arrival o f cotton wool in Liverpool, the 424 The Culture and Commerce o f Cotton in India. produce o f the United States, took place in 1770, and consisted o f 2,000 lbs. Fourteen bags arrived during the year 1785. A nd the total import during the six years from 1785 to 1790 inclusive, was 1441 bags, weighing about 150 pounds each; but the supply was neither uniform nor extensive, the import in 1789 having exceeded that o f the following year 731 bags.” (jMacgregor, 1. c., p. 465.) In the year 1791, 189,316 pounds of cotton were exported from the United States, but in 1794 the quantity had increased to 1,601,700 pounds; and by the end o f the century to nearly 18,000,000 o f pounds. The production o f cotton has continued annually to increase, and probably now amounts to about a thousand millions o f pounds, or to about 2,500,000 bales ; o f this a quantity which has been steadily increasing from year to year, and now amounts to about 500,000 bales, is retained for home con sumption. The remainder is exported, chiefly to Europe, but by far the largest proportion to England. As it is desirable to have the means o f comparing the progress o f the dif ferent cotton-growing States one with another, as well as o f observing the general increase, and how the crops o f particular seasons affect the com merce and manufacturers of other countries, we insert the following tables. In these, the States are arranged geographically, in order afterwards to weigh the influence o f physical causes in limiting or extending the powers o f production. In the first table we may see that the Southern Atlantic States, though they increased their culture very rapidly, yet were very soon equalled by the Gulf States, though these began the culture at so much la ter a period. The author has compiled this table from Commercial Sta tistics, iii., p. 462. ESTIMATED CHOPS OF COTTON IN AMERICA, IN POUNDS, FROM 1790 TO 1834, GIVEN IN M IL LIONS AND TENTHS. < (TO 5 Years. f 1 7 9 1 ........... •lbs. 1801............ 1811............ 1821............ 1826............ 1834............ ... z o 1 gi F 4. 7. 10. 10. 9.5 m o p o o & a o 3. & p 1 p 1.5 20. 40. 50. 70. 65. > p* o' p 3 g 9 C£ B*_ •B' ‘2. p .. 10. 20. 50. 75. 75. ... ... ... . •. 2. 20. ... ... ... 20. 45. 85. H CD g 5 CD «g CD CD o OB* 1 p ..■ . . . . .. 10. 70. 85. . . . 1. 2. 10. 3. 20. 45. 45. 65. 62. Total > & es’mated im Amer P ican , crop. . 2. . 40. 80. , 170. .5 348.5 .5 467.5 In the following table, the imports o f American cotton into Great Britain, from 1834 to the present time, are given in bales. These are estimated to have weighed, on an average, 330 lbs. from 1833 to 1842 inclusive ; but the average weight, at present, is 385 lbs.* Here we see that the Atlantic States have either diminished their exports o f late years, or have remained stationary ; while the Gulf States have increased theirs to an enormous ex tent. The same fact is thus exhibited:— ACTUAL AVERAGE OF THE EIGHTEEN CROPS, FROM South Atlantic States..................... bales Gulf States................................................ 1824 TO 1841. First 6 years. Second 6 years. 433,000 253,000 522,000 504,000 Third 6 years. 529,000 1,030,000 * Thus, 358 lbs. per bale for Uplands or Georgia, & c .; 437 lbs. for New Orleans and Alabama; 360 lbs. for Sea island. (M e s s r s . H o l t ’ s C i r c u l a r .) The Planters commonly calculate 400 lbs. to a bale. 425 The Culture and Commerce o f Cotton in India. Under the head o f New Orleans, the produce o f Louisiana and Mississippi are included, as well as some o f the interior States, as o f Tennessee, which is brought down the river Mississippi. GROW TH OF COTTON IN THE DIFFERENT STATES OF AMERICA, FROM 1834 Years. 1834-35................... 1835-36................... 1836-37................... 1837-38................... 1838-39................... 1839-40................... 1840-41................... 1841-42................... 1842-43................... 1843-44................... 1844-45................... 1845-46................... 1846-47................... 1847-48................... 1848-49................... S. Carolina. 203,166 231,237 196,377 294,334 210,171 313,194 227,400 260,164 351,658 304,870 426,361 251,405 350,200 261,752 458,117 Years. 1834-35 ................. 1835-36 ................. 1836-37 ................. 1837-38 ................. ........... 183839 . 1839- 40 . 1840- 41 . 18411842184318441845184618471848- 42 43 44 45 46 47 48 49 Virginia. Florida. N. Carolina. 34,399 32,557 18,004 23,719 11,136 9,394 7,865 9,737 9,039 8,618 12,487 10,637 6,061 1,518 10,041 186,257 93,552 Alabama. 197,692 236,715 232,243 809,807 251,742 445,725 320,701 114,416 161,088 145,562 188,693 141,184 127,832 153,776 200,186 318,815 481,714 467,990 517,196 421,966 823,462 436,836 518,706 106,171 is,m Mississippi. 6,889 7,755 19,675 16,432 6,767 1,085 TO 1849, N. Orleans. 511,146 474,747 593^259 711,581 568,562 946,905 813,595 727,658 1,060,246 832,172 929.126 1,037,144 705,979 1,190,733 1,093,797 IN BALES. Georgia. 222,670 270,121 262,971 304,210 205,112 292,693 148,947 232,271 299,491 255,597 295,540 191,911 242,789 254,825 391,872 Texas. 27,008 8,317 89,742 38,827 In the third table, the aggregate crop and exports for the last twelve years are given, in order that we may afterwards see how these affect the exports from India in the same or following years. These are taken from the Circular, for the year 1849, o f Messrs. Tetley, the eminent brokers o f Mincing-lane :— THE CHOP OF COTTON "WOOL IN THE UNITED STATES OF AMERICA, W IT H THE EXPORT, FOR THE LAST TW ELVE YEARS. CROP. Years. 1837-38.................. 1838-39.................. 1 8 3 9 ^ 0 ................. ___ 1840-41.................. 1841-42.................. ___ 1842-43..................___ 1843-44.................. 1844-45.................. ___ 1845-46.................. ___ 1846-47.................. 1847-48................... 1848-49................... Bales. 2,177,835 1,684,211 2,378,875 2,394,503 2,100,637 1,778,661 EXPORT. Great Britain. Bales. 1,165,155 798,418 1,246,791 858,742 935,631 1,469,711 1,202,498 1,439,306 1,102,369 830,909 1,324,265 1,537,901 France. Bales. 321,480 242,243 447,465 348,776 398,129 346,139 282,685 359,357 359,703 241,486 279,172 368,259 Continent. Bales. 88,994 34,028 181,747 105,759 131,489 194,287 144,307 285,093 204,720 168,827 254,824 321,684 426 The Culture and Commerce o f Cotton in India. The erergetic planters of the Southern States o f the American Union cannot but be deeply interested in a culture which gives such extensive oc cupation to their slave population, the more especially as it is subject to a multitude o f accidents from the vicissitudes o f seasons and the depredations o f insects. Thus, though the crop has so greatly increased when viewed in a series o f years, yet considerable fluctuations occasionally take place in the quantity produced. It has been said that a good crop, with the advantage o f a mild winter, as compared with a bad season and early frosts, makes a difference o f from 6 to 700,000 bales. In 1838 a severe frost, occurring on the 7th o f October, severely injured the crop. In 1845 the crop was nearly 2,400,000 bales, but in 1846 only about 1,800,000 bales, making a differ ence o f 600,000 bales, all destroyed, it is said, by caterpillars. The present crop is expected to be not above 2,100,000 bales, against 2,700,000 of the previous year. These fluctuations in quantity necessarily produce great variations in price. Thus, the lowest price at Liverpool o f New Orleans cotton was— In June, 1845...................... per lb. “ 1846 ................................ “ 1847 ................................ 3id. H 5f In June, 1848. “ 1849 In Dec. 1849 per lb. Si d. H 5 The American planter necessarily suffers from any depreciation in the value o f his produce, though he is in some measure remunerated for the smallness o f a crop by the increase in price which almost necessarily ensues, when any deficiency in quantity is experienced. But still he complains, and apparently with justice, o f the continued decline which has taken place in prices. Mr. W oodbury, Secretary o f the United States Treasury, has shown that the average prices at the places o f exportation for each period of five years has been— 1791-1795 ............. 1796-1800 .............. 1801-1805................ 1806-1810................ 1811-1815................ 15f d. 18* m 94 74 1816-1820 1821-1825 1826-1880 1831-1835 ......... ........ ......................... ___ ......................... ___ 8 5 Since then still lower prices have been obtained. Mr. Turner stated to the Committee o f the House o f Commons, that he had bought ordinary Or leans cotton on one occasion as low as 3\d., and that its average price for the years from 1843 to 1846 might be considered to have been about 4d. The planter anxiously inquires whether such depression is likely to be per manent, and also whether other cultures, such as that o f the sugar cane, are not more profitable. A nd though at first he endeavors to meet low prices b y the production o f increased quantities, yet as prices continue to decline, he concludes that cultivation must diminish unless a rise takes place, for at the above low rates he asserts that it does not pay. Probably if it had not been for the extension o f territory and the richness o f soil o f the Southern States, some diminution would have taken place generally, as its culture has not o f late increased much in the Atlantic States, indeed it has in many parts diminished, as the soil became less fertile, and the farmer’s slaves or stock required renewing. " But as the planter occasionally enjoys the benefit o f an increased price for his produce, endeavors are constantly made to advance prices by sending unfavorable reports o f the prospects o f the crop. Such reports are eagerly reechoed by the active body o f speculators, and they are said to be some The Culture and Commerce o f Cotton in India. 421 times assisted by the bankers o f the Southern States making advances on the cotton in the interior, in order to enable the planters to keep it for a time out o f the market. “ Similar statements continue to be made from year to year, and are usually unfounded. Prices, moreover, which have been forced up by speculators, alternately break down through the combin ed influence o f increased supplies (from India and elsewhere,) and o f the di minished consumption which inevitably results from a heavy advance in the price of the raw material.”— (Manchester Guardian.) Unsuitable as low prices may be to the American planter, and disastrous as a deficient supply always is to the manufacturer, the irregularity o f pri ces is most discouraging, not only to the merchants but to the cultivators o f a distant country like India. For before any large quantity can arrive from thence, the fall in price will in many cases have taken place, and the Indian exporters will suffer, as they often have done. So, also, if the cultivator should, by the demand o f one year, have been induced to extend his breadth o f culture, he will find that even before his crop can be gathered, the price has fallen and the great demand for his cotton apparently ceased, from the preference given to the cleaner cotton o f America. CULTURE OF COTTON IN INDIA. Vastly important as cotton is to England and to America, it is not less so to India, though Indian cotton is but little esteemed by our manufacturers. It forms but a small part o f the imports into this country, but a more con spicuous feature o f those into China ; the two quantities together, however, make but an insignificant portion o f what is produced in the country. For it may be seen cultivated in patches in almost every part o f its wide ex tent, in some provinces forming nearly one-fourth part o f the khureef or wet season crop, and necessarily an important item in the agriculturalist’s returns. But it is also o f great importance to the manufacturing popula tion, and to the people themselves. Its hundred millions o f inhabitants are clothed in home-grown cotton, in the hot weather, and in the rains in cali coes and muslins, and in winter in an additional quantity, for their calico coats are padded with cotton. A t night they lie on beds and pillows stuffed with cotton, and instead o f blankets they cover themselves with quilts o f calicoe padded with the same material. In place o f doors and windows they hang up curtains padded with cotton. Awnings and carpets, tents and tent ropes, the coverings o f carriages, the housings o f elephants, and the halters o f horses, are all made o f cotton. Mr. W oodbury, Secretary to the United States’ Treasury, calculated the cotton crop o f India as amounting, in the year 1834, to 185,000,000 pounds ; but this is far short o f the truth, unless the crop for export only is intended. For in the year 1818, 90,000,000 ; in 1836, 80,000,000 ; and in 1841, upwards o f 100,000,000 pounds were exported to England, beside considerable quantities, as 50,000,000 also in 1818 to China, and a little into Nepal and the Sikh territories. These were only the surplus o f what was required for the use o f the inhabitants and for the manufacture o f cotton goods which were in the same years exported to different parts o f Asia, and some even to Europe. Major General Briggs,* who has paid * Gen. Briggs, in a paper read before the Royal Asiatic Society, stated that the ordinary dress o f a male Hindoo consists of— 428 The Culture and Commerce o f Cotton in India. considerable attention to the subject, and is well acquainted with the habits o f the natives o f India, estimates that they require not less than 375,000,000 pounds, for only a single dress weighing two pounds and a half, and that as much more cotton will be required for all the other purposes for which it is employed ; making the annual crop amount to 750,000,000 pounds. But he adds that Dr. W igh t considers that each individual in India consumes twenty pounds o f cotton for those different purposes per annum, and that this “ would be equivalent to about 3,000,000 annually used in the coun try.” This, however, appears too high an estimate, as the number o f those who use less than twenty pounds greatly preponderates over those who use so much. In N. W . India it is calculated that if a district produce only 5 lbs. for each individual, it is barely sufficient for the wants o f the people, and that 2 lbs. is not enough for the poorest peasant. The quantity pro duced must evidently be immensely large, and that which is exported bears but a small proportion to what is consumed in the country. But if so large a quantity o f cotton wool is used up by the people themselves for clothing and coverings, it is evident that, in a country where spinning and weaving are all done by hand, multitudes o f the natives must be employed in the cotton manufacture o f India. A writer in the “ Examiner,” well acquainted with India, and who considers the population to amount to 120,000,000, estimates that allowing ten shillings for the annual worth o f every person’s wardrobe, it would amount to £60,000,000 of manufacture, which is equal to the highest value that has been set upon that of England. W e need not at present consider whether this is too high an estimate, nor attempt to calculate the number of acres which must annually be under cultivation to produce the immense crop o f Indian cotton. But it may be admitted that the culture appears to be o f sufficient importance to command the attention o f the agriculturist, the more so as the different qualities of his produce can all be used up, the best for weaving and the worst for padding. Such con siderations may, however, make him indifferent to the demands o f foreign Commerce. W e have hitherto spoken of India as a great country, growing immense A dhoty.............................................................. Doputta................................................................... A Turban............................................................... 4 square yards 8 “ 12± “ Not less than...................................................... 24£ Add to this, the sary, or female dress.................. 8 W e have......................................................... 32£ “ “ (t weighing above 3£ lbs. “ 1£ “ 5 Those who do not wear the dhoty invariably wear a cotton waistband, besides a loose gown and trousers; and he assumed 2£ lbs. to be worn by each well-clad person, which must be below the truth. To the Cotton Committee, he replied:— “ 1343. From your knowledge of the people of India, can you say whether the consumption of cotton amongst them is very extensive; in fact, that cotton is used by them to a much larger extent than it is amongst the population o f this country for a great variety o f articles ?—It is used for all the purposes that hemp and ilax, and hair and wool, are used in this country. The home consumption is something enormous. I exhibited at the Asiatic Society the cloth o f a man’s dress and a female’s dress, and the weight o f those two was five pounds ; the average dress o f each inhabitant, therefore, was two and a half pounds; and if we multiply that by the population, assuming it to be 150,000,000 over the whole of India, it will amount to 375,000,000 lbs. But it is used for beds, pillows, cushions, awnings, canopies, and ceilings, draperies and hangings, carpets, screens, curtains, quilting and pad ding o f every description, both for padding clothes and for saddles, for tents, ropes for tents, halters for horses, and, in fact, applied to all the purposes that hemp and wool are used for in this country. I assumed at that time, without any correct data, that it would require at least as much more annu ally for such purposes, which would make an amount of 750,000,000 lbs. But I find that Dr. Wight states, who has had a much better opportunity of judging than I had, that each individual in India consumes twenty pounds of cotton for those different purposes per annum, which I have estimated at five pounds. Now, for the limited quantity that I have stated, it would require 312,000 tons o f ship ping to move i t ; but, if Dr. Wight is right in estimating it at four times the amount, that would be equivalent to about 3,000,000,000 lbs. annually used in the country.” 429 Commercial Cities and Towns o f the United States. quantities o f raw material, and making it up into useful clothing for her teeming population ; also long famous for exporting her elegant fabrics to the most civilized nations o f ancient as o f modern times. In the present day, however, we often hear the country talked o f only in the light o f a cot ton farm, whose business it should be to supply the raw material to Eng land whenever it is required, and to take back her manufactured goods in any quantities that the makers choose to send. If we consider the disas trous consequences which ensue in England upon the occurrence o f a short supply, and of an increased price, o f cotton, it is not surprising that only those who are engaged in the manufacture, but that the public, should feel interested in the field o f culture being enlarged. So that the irregularities o f supply, dependent as ‘these chiefly are on vicissitudes o f climate, might be neutralized ; and also that the manufacturer should be more independent o f the intervention o f untoward political events. India, notwithstanding its enormous distance, is generally looked to as the country which, from its great extent, and apparently illimitable powers o f production, is capable o f counter-balancing the existing irregularities o f supply and price. As the oc casional deficiencies o f America, and the consequent demands o f England, have frequently occurred, and for a series o f years, it is eagerly asked why India does not, like America, send, not only a regular but a regularly in creasing supply o f cotton. It is not doubted that it must be the wish, and would be for the benefit o f the Indian farmer to share more largely in a Commerce which the American planter makes a principal object of desire, indeed nearly monopolizes. That he does not do so is ascribed by some, as we have stated, to mismanagement, and by others to the absence o f a regu lar demand and o f remunerative prices. O f the demand for cotton in gene ral, there can be no doubt. If India, therefore, has anything to complain o f in this respect, it must be owing to the nature o f Indian cotton, or to the state in which it is sent to market. As the whole question may be found to hinge upon such points, we shall inquire into their truth before discussing questions o f price, or of improvements in culture or cleaning, or the alleged impediments to the increased imports o f Indian cotton. Art. IV.— COMMERCIAL CITIES AND TOWNS OF THE UNITED STATES. N U M BER X X V I. TRA DE AND COMMERCE OF CINCINNATI IN 1850-51. GENERAL R E V IE W EFFO RTS M ADE OF T H E V A R I O U S M A R K E T S — C O M M E R C I A L P R O D U C T S — R A IL R O A D AT TH E SO U TH AND EAST TO SECURE T H E T R A D E OF T H E W E S T — H O G S — P R O V IS IO N S — P R I C E S OF H O G S T U F F S — B R E A D S T U F F S — F L O U R , M O VEM EN TS— G R E A T CENTRAL W H E A T , AND CORN— C H E E S E — M O L A S S E S — S U G A R — T E A — T O B A C C O — O IL — W O O L — W H I S K E Y — S T E A M B O A T B U I L D I N G .* I n lieu o f a more general sketch o f the rise, progress, and present condi tion o f Cincinnati, the “ Queen City o f the W est,” in population, Commerce, and industry, we have concluded to transfer from the columns o f the Cin cinnati P rice Current, Commercial Intelligencer, and Merchants' Trans * For full statistics o f imports, exports, prices o f merchandise, &c., at Cincinnati, see C o m m e r c ia l o f the present number o f this Magazine. S t a t is t ic s 430 Commercial Cities and Towns o f the United States. cript, t ie faithfully prepared and very able annual report o f the Trade, Com merce, and Manufactures o f that city for the year ending September 1, 1851. It is well known to our intelligent merchants that several o f the P rice Cur rents and mercantile journals in the leading commercial cities o f the United States, are in the habit o f publishing, at the close o f each commercial or callendar year, an annual report or resume o f the Trade and Commerce o f the year. These reports embrace a comparative view o f the progress of trade and industry in those cities, and hence possess, not only a present, but prospective, and in our rapidly growing country, a historical value and in terest. W e cannot, therefore, (notwithstanding the press, o f original matter,) re sist the temptation o f recording from time to time in the pages o f a work like the Merchants' Magazine and Commercial Review, which is; so far as the great commercial and industrial interests o f the country are concerned, designed for all time as a Library o f Reference for the Business-men and Statesmen o f America— of recording, we say, the most reliable information on the commercial condition and growth o f every part of the country that is attainable. W e have no sectional interests or feelings to promote or grat ify, and we shall continue to infuse into this Magazine a national spirit and character, by securing the aid o f intelligent correspondents in all parts o f our wide-spread Republic, and by exhibiting the commercial and industrial resources o f every section o f every State and Territory o f the Union. In accordance with the views indicated in the preceding remarks, we now proceed to lay before our readers the P rice Current's annual report o f the Trade and Commerce o f Cincinnati in 1 8 50 -51. The recurrence o f a new commercial year devolves upon us the duty o f pre senting our usual annual report o f the Trade, Commerce, and Manufactures o f Cincinnati for the year which has just closed. This duty is made pleasant by the favorable condition o f every department o f trade, as exhibited by the facts which we are able to present. In our report o f last September we had occasion to state that the prospects were highly favorable for a prosperous season. The crops were good, especially wheat, the yield o f which, in Ohio, we estimated at thirty million bushels. This estimate proved to be very nearly correct, the official reports showing the crops in sixty-two counties to have been 25,137,174 bushels. The remaining twentysix counties, from which we have seen no returns, would, doubtless, increase the amount to thirty-three million bushels. This yield was greatly larger than that o f any previous crop. In Kentucky, Indiana, and other Western States, the crop o f this grain was also unusually good, as has been fully shown by the sup plies that have been sent forward through the several outlets. The fact that the stock o f wheat in the country at the commencement o f the past year, was larger, perhaps, than ever before, led many to look for very low prices early in this sea son, but we took occasion to predict that prices would not recede, as expected, until the close o f the season, and not even then, unless the prospect o f the har vest o f 1851 should be favorable. One reason given for the conclusion arrived at was, that farmers would retain a very large proportion o f the grain, should low prices prevail; another, that low prices would induce a heavy consumption; and another, that Europe, not withstanding the favorable result o f her own harvest, would, at moderately low prices, increase her demand; and the result o f the season shows we were not far astray. The increase in supplies o f flour sent forward was not in proportion to the increased yield o f wheat; and until within the last month or two, fair average prices have been maintained. The lowest monthly average in this mar ket prior to July, was $3 43, and the highest, $3 68, and the average for the year is about $3 50. In New York prices have receded to a low point, and it is Trade and Commerce o f Cincinnati in 431 1850-51 remarked that flour was lower in that market since August 1st, than ever before. The European demand during the year, notwithstanding the low prices current abroad, was good, and the exports from the United States to Great Britain and Ireland during the eleven months ending August 1st, were 1,429,345 barrels o f flour, against 392,742 barrels same time last year; and 1,318,905 bushels wheat, against 332,939 bushels last year. The comparatively high price o f corn, which was caused by a deficient yield, checked the foreign demand, and the exports to Great Britain and Ireland during the eleven,months ending August 1, were only 2,339,486 bushels, against 4,813,373 same time last year; showing that while the exports o f flour and wheat increased nearly 400 per cent, com fell off 50 per cent. With regard to the crop o f hogs in the W est we remarked that, although our information from the whole W est was not sufficiently extensive or reliable to enable us to express an opinion as to the extent o f the supply, yet enough was known to warrant the belief that the crop would be deficient. This conviction was subsequently confirmed by facts, developed prior to the commencement o f the packing season, when it became clearly evident that the deficiency would be greater than one-fourth— and the result o f the season proves it to have been about one-third— in products. With regard to prices, we expressed the opinion that the market would be open at or about $3 per 100 pounds net. This figure was, at that time, above the views o f many parties interested, but before the commencement o f business it became evident that we were below the mark; and so it was proved by the opening sales, which were at $3 50 per 100 pounds net. From this point, it will be observed, prices steadily advanced until they reached $4 35; making the average for the season $4 001. These rates were, by many, regarded as ruinously high, but the season’s business has, perhaps, proved to be the most profitable ever experienced. This result was attributable to the falling off in supplies, and the steady and large demand that existed throughout the season, for the southern markets, and also the heavy consump tion along the lines o f public improvements throughout the West. Thus the effect produced by pretty heavy stocks o f old products, held on the eastern sea board, was counteracted; and the season will go out with very small supplies in the South and West, and a stock in the eastern markets at least 50 per cent less than at the close o f the last year. It was remarked in our last report that there was no prospect o f any increase in the foreign demand. The business o f the season shows a great decrease in our foreign exports. W e find that the exports from the United States, during the seven months from January 1 to August 1, were as follow s:— P ork ..................................................bbls. Bacon................................................hhds. Lard...................................................kegs 18-51. 1850. 60,165 8,318 264,031 108,931 24,758 841,796 It is seen, from these facts, that the home consumption has been nearly equal to the supplies o f the past season. W e will close this branch o f our general remarks by glancing briefly at the prospects o f the year we have entered upon. The crops throughout the W est, with scarcely an exception, were again large the last season, and the supply o f cereal products is larger in the west, and, we may say, in the United States, than ever before. This abundant yield, follow ing, as it does, a harvest scarcely less productive than that which has recently been gathered, tends to destroy confidence in the market; and on the eastern seaboard prices have already reached an unprecedentedly low point, and in this market they are tending in the same direction, and the probabilities strongly favor prices very little above, if not below, a producing point. The consump tion (as is always the case during seasons o f low prices) will, doubtless, be heavy, and we may also look for a continued good European demand, notwith standing the good harvests which have been gathered in Great Britain, as well as in most o f the continental countries ; but all this will not be sufficient to ab 432 Commercial Cities and Towns o f the United States. sorb the surplus stocks to such an extent as to enable holders to obtain prices equal, or nearly equal, to the average o f the last season. There will, doubtless, be a much heavier surplus stock held at the close o f the season o f 1851 and 1852, than that now in the country. Corn is also giving way under the favorable prospects o f the growing crop ; but a partial failure o f this crop in some o f the Southern States, and a total failure in others, will give it some advantage over flour. It is also probable that an increased European demand will exist, though the low price o f flour will re strict its consumption abroad. With regard to the supply o f hogs, we have endeavored to obtain reliable in formation from the several hog-raising States; and although our advices are not so full or general as desired, we think we are safe in expressing the opinion that the coming season will not show much o f an excess or a decrease, as compared with last year; but, if anything, there may be an increase. The assessors’ re turns from twenty-eight counties in this State show a deficiency, as compared with last year, o f 86,784 head. These returns, however, do not embrace hogs that were under six months old, in April, and it is o f the latter that the deficiency, shown by the oflicial returns, is to be made up. It may be said that there were, also, young hogs last year, but still there was a deficiency, nearly equal to that shown by the official returns. This argument, however, will not stand. It will be remembered, that during the summer, and even up to this date, in 1850, farm ers had no inducement to increase the number of fat hogs, or to increase the weight o f those preparing for the block. Packers, generally, did not expect to pay over $3 50 per 100 pounds net, while, at the same time, corn commanded comparatively high prices. This year it is different. The prospects for high prices for hogs were never more favorable, while, at the same time, there is a large surplus o f corn. The growing crop, too, promises well, and prices are low, and the prospect is, that that they will rule lower throughout the season than last year’s rates. These remarks apply to the three principal hog-raising States— Ohio, Indiana, and Kentucky— and the most reliable advices we have from the latter are, that the number will be about the same as last year, but the hogs will be much heavier, and will produce an excess of meat and lard. In the Southern States there were few hogs last year, and this season does not afford any indica tions o f an increase, the supplies, and the growing crop o f corn, (as remarked in another place,) being greatly deficient. After carefully considering all the facts, so far as they have been developed, it must be regarded as the safest and most prudent policy, to calculate upon an excess, rather than a deficiency, in the whole West. It is quite evident that prices will open high, and there can scarcely be a doubt that they will rule high throughout the season. Some contracts have al ready been made at $4 50 per 100 pounds net, delivered here; and, although the views o f packers are lower than those o f others, and the former are not generally disposed to contract, yet it is probable that early hogs will sell at prices above $4 50. With a crop o f hogs, or a product, the same, or one-fifth or one-fourth heavier than last season, the prospects are not unfavorable as regards prices o f the man ufactured article for the coming year. In the South and W est the stocks are small, and very little old will remain over. That this is so, no better evidence is required than the high price which every article commands here, and throughout the Western and Southern States; and we may remark that this advance is, for the most part, strictly legitimate— caused by the supply being inadequate to the demand. In the eastern seaboard supplies are also deficient, as compared with last year, notwithstanding the great falling off in foreign exports. It is not, how ever, at all probable that current extreme prices for the several products will be maintained after the commencement o f the new season, if so long. In the ope rations o f the past season great caution was manifested, and it is not probable that less will be shown in the operations o f the next. Hogs, costing 4£, would be equal to 5 cents for green sides; 6 f cents for green hams; 3# cents for green shoulders; $6 66 for bacon sides; &J- for bacon hams; $4 54-J- for bacon should ers; 7-J for lard; $13 50 for mess pork ; $9 75 for rump pork. Present quota- Trade and Commerce o f Cincinnati in - . 1850 51 433 tions for some o f these articles are as fo llo w s :— Bacon shoulders, 8 f ; bacon sides, 10 a 10£; plain hams, 9 ; barrel lard, 9 cents. The general commercial prospects o f the country are highly favorable, and those o f our city and the West are especially so. In the East and South some embarrassments have been experienced in consequence o f the recent heavy de cline in cotton, and some serious failures have resulted therefrom; but this was not unexpected, as it must have been seen that the extraordinary high prices ob tained for a time could not be sustained. These disasters, however, have been but lightly, if at all, felt, in the W est; and with reference to this city, we may remark, that there has not been a failure of any magnitude during the year. Every one o f our leading merchants have sustained their credit; and confidence, so necessary to the prosperity o f Commerce, is undisturbed. The slight diturbing winds which have recently somewhat unsettled trade in the Atlantic cities, have not, nor are not likely to extend to our hemisphere. This is attributable to the fact that there have been, during the last year, (and we may say two years,) an entire absence o f that wild speculation which necessarily terminates unfavor ably to the general interests o f a commercial community. Many writers have for some months been predicting the recurrence o f a peri odical crisis, but there is no good reason to apprehend such an occurrence. The whole W est has for two years in succession been favored by a kind Providence with an abundant yield o f cereal products, and although these staples command, and are likely to command, comparatively low prices, yet the increased quantity will supply the deficiency caused by the fall in value. Hogs, too, another import ant product o f the West, commanded last year, and are likely to this, high prices, and feeders realized as much therefor as they would have received had the num ber been larger. It is a fact, then, that the West is prosperous and growing, and we cannot see any thing indicative o f an approaching crisis. W e present, in connection with this report, a full statement o f the manufactures o f Cincinnati, which affords a very clear idea o f the importance and magnitude of this branch o f business. In our last annual report we took occasion to notice the advantages o f this place as a manufacturing city, arising partly from her cen tral position, partly from her natural resources, and partly from the numerous channels o f communication, natural and artificial, which connect her with the surrounding country. For many of the leading articles o f our manufactures, the South has been, and will continue to be, our most important market; and every thing, therefore, which is calculated to extend the trade in that direction, mustbe regarded with favor by the friends o f these interests. The statistics alluded to show that the increase in the manufacturing business has been rapid, and it is now so extensive that it is necessary the markets for the products should be extended in every accessible direction. It is gratifying, therefore, to observe that import ant connections will shortly be afforded by the projected railroad lines; and while the Hamilton and Dayton Railroad, with Indiana connections, and the Ohio and Mississippi Railroad, will benefit this trade much, the line constructing from Co vington to Lexington, in Kentucky, which will be extended through the South, and have its terminus on the seaboard, will prove more important than either; and, indeed, we consider it to be utterly impossible, now, to estimate the advan tages this road will be to our manufacturing interests. Early in the season the question o f a further reduction in the rates o f toll on the canals o f Ohio was agitated, and the Board o f Public W orks, at their first meeting thereafter, made a material alteration, the good effect o f which has been clearly observable, not only as regards the interests o f the commercial, manufac turing, and agricultural community, but also as regards the State revenue— the receipts for the three quarters o f this year ending August 1st being $68,000 more than during the corresponding period last year. This reduction had become neeessary, in order to enable our merchants and manufacturers to compete with those o f New York, as well as to retain the business on the canals, which was being attracted therefrom by the inducements offered by the various lines o f rail road running eastward and northward; and to the same end a farther revision, as VOL. X X V .---- N O. IV. 28 434 Commercial Cities and Towns o f the United States. regards some specific articles, has again become necessary— and this we have no doubt will he promptly attended to by the Board o f Commissioners. Before closing these general remarks, it is proper that we should devote some space to a notice o f our railroad improvements; and as we must necessarily he brief on this point, we will confine our remarks chiefly to three roads which are in course of construction; namely, Hamilton and Dayton, Ohio and Mississippi, and Covington and Lexington. The fact is now so generally admitted that the growth o f our city is attribu table, in a great degree, to the internal improvements centering here, that it is not necessary to offer any remarks in argument on that question. It is also a fact, though it may not be so generally admitted, that there has been no period in the history o f our city when unremitting attention to railroad extension from this point through the fertile lands o f our own and adjoining States was more imper atively demanded for the protection and advancement o f our own interests than at the present time. Since the opening o f the Mad River Railroad to Sandusky, and the more re cent connections o f the Columbus and Xenia Road with the Columbus and Cleveland Road, forming continuous lines o f railroad communication between our city and two important points on Lake Erie, and the extension o f the Miami Canal to Toledo, it is quite evident that we have lost a large amount of produce business, while we have gained in others, among which we may mention groce ries and manufactures. These two results, together with the importance o f our manufacturing interests, should be o f themselves incentives sufficient to move our citizens to immediate and vigorous action. The various lines o f projected railroads which we shall presently notice particularly, will act as feeders, increas ing our produce business to a greater extent than the Easternand Northern com munications have diminished it, while they will open new and important markets for our manufatures, and greatly increase our grocery, dry goods and hardware business. Another reason, and a very important reason too, why there should be prompt and energetic action on this subject is, the unrelenting and, in a great degree, effective efforts which are being made, East and South, to secure the trade o f the great Central West, which Cincinnati with her valuable and rapidly increasing Commerce, and her equally important manufacturing interests has heretofore, and still controls. W e cannot expect to remain comparatively idle, and at the same time retain our position. Railroads have diverted trade from natural chan nels, and this they will continue to do— and in order to open new markets for our manufactures, and secure the trade o f the surrounding country, we must have railroads. Our neighboring city o f Louisville, whose citizens have been asleep for years with regard to this subject, until the place, although possessing superi or natural advantages, had been well nigh swallowed up by the rapid growth of Cincinnati, are now, if anything, in the opposite extreme. They will soon have a railroad connection with Indiana; they have already a railroad through Ken tucky, and they have subscribed largely to, and will, in all probability, construct a road South to Nashville. Our citizens have within their reach all the advan tages which Eastern and Southern rivals are endeavoring to gain! W ill they be secured to us? or will they be allowed to pass from us without a struggle? If the former, it will only be accomplished by vigorous and effective efforts 1 If the latter, we have only to fold our arms and consider ourselves secured by the advantages already gained. The Cincinnati, Hamilton, and Dayton Railroad we shall first notice, it being nearly completed. This road, which will be completed by the 15th o f this month, will be one o f the most important improvements extending from our city. Running, as it does, through the richest land in our State and connecting with other roads that tap equally fertile lands in our own State and in Indiana, it will bring a very large amount o f business to the city, and open to our manufactur ers important markets for some o f their products. The Eaton and Richmond Road will be completed in the spring o f 1852, and a portion o f it extending to Camden (18 miles) may be opened this fall. The Trade and Commerce o f Cincinnati in - . 1850 51 435 Greenville and Miami Road will be completed from Greenville to Dayton by December next. The road from Hamilton to Rushville and Connersville, and the road from Dayton to Troy, Piqua and Sidney, will probably be put under contract this fall. By means o f the branches from Hamilton, we shall soon have a connection with the capital o f Indiana, and there intersect the net work of roads centering at that place. It is evident, therefore, that this will be to Cin cinnati a most important route. The Ohio and Mississippi Railroad is intended to form a link in the great1 chain o f roads which, in time, will connect the Pacific and Atlantic oceans, and bring through our country the trade o f the Celestial Empire. Independent o f any connection with such a work as that alluded to, the projected road leading through Indiana and Illinois to Saint Louis, is o f great importance to the trade o f our city, and we will not be considered tedious if we notice particularly its pro gress and prospects. The past season has been principally employed in explorations and surveys by the Engineer, and the preparation o f the work for proposals for contract.— On a line o f such length and magnitude as this, thorough engineering is o f the most essential importance. At a recent meeting o f the Directors, it was deter mined to put forty-five miles next to the city, under contract by the first o f Oc tober. Proposals for the gradation and masonry for that distance are solicited at the Company’s Office in this city. The prospects o f this road are decidedly encouraging. Everywhere along the line the best feeling prevails, and assur ances have been received from several counties on the line, that they will un dertake the preparation o f the road in their respective counties, for the super structure, and take the cost in the stock o f the company. It is thought by those conversant with the resource^ o f the counties traversed by this line, that ample stock can be secured in Indiana and Illinois to prepare the entire line for the superstructure. For the convenience o f construction and the more rapid pros ecution o f the work, the line has been divided into two parts, and placed under two sets o f directors, one at St. Louis and one at Cincinnati— one division o f the road extends from St. Louis to Vincennes, the St. Louis directors pledging themselves to meet Cincinnati at that point. The explorations and surveys that have already been made, (and they are by no means completed,) establish the entire practicability o f the route, with a max imum grade o f 35 feet to the mile, and a very large proportion o f the route with grades from 10 to 20 feet per mile, while, a considerable distance is essentially a level plain. The road, as at present surveyed, is nearly on a straight line; and the distance from Cincinnati to St. Louis is reduced to 327 miles. This road traverses a beautiful and fertile country, everywhere susceptible o f the high est cultivation, crossing, in its route, the valleys o f the two White rivers, and that of the Wabash; all famed, the world over, as unsurpassably rich and productive. At many points, it passes through inexhaustible beds o f iron and coal. W e doubt whether any line, o f equal length, could be projected in the country, that would compare favorably with this, for all the varied products o f the West. The road in its course intersects, at eligible points, six distinct and important lines o f railroads, all either completed or in course o f construction. These roads must necessarily throw upon it an amount o f business that it would, now, be im possible to estimate. That it will prove a most productive stock, all must ad mit, who are familiar with the country through which it passes; and that it should be pushed forward to completion, with energy and vigor, all must desire. The Covington and Lexington Road is another route o f great importance; and, owing to the rival routes which are being constructed, it should be pushed for ward rapidly. This work is now being constructed. A line to connect with this is projected from Lexington to Danville. The latter has $450,000 subscri bed, and $15,000 will complete the subscription, so that they can go into opera tion. Danville is 35 miles from Lexington, on the line south. If the Louisville and Nashville Road is made, as it undoubtedly will be, a road from 80 to 100 miles from Danville, would connect with that road at Glasgow, or Bowling Green. The road from Nashville via Danville, to Lexington, would be eighty 436 Commercial Cities and Towns o f the United States. miles shorter than via Louisville. This road is destined to open the southern States to our manufactures, and to bring to our market the products o f the coun try through which it passes. The Hillsborough and Belpre Roads are also progressing toward our city. But, having already devoted a large portion o f our space to this subject, we must return to the leading subjects o f our report; and we wili now proceed to notice the course o f the market, during the year, for the principal staples. Hogs. The market opened at a comparatively high point, and prices gradually advanced, without experiencing any material re-action, and the closing average price was $4 35; being 85. cents above the opening rate. These high prices were maintained under the most unfavorable and discouraging accounts from the East. It was known, before the commencement o f the season, that there would be a great deficiency in the crop; but few packers were prepared to believe it would be as great as it has proved. Consequently, most o f the dealers operated with the greatest caution, and some were so fearful of the result, that they al lowed the season to pass without operating to any extent. The result o f the season’s business, however, has proved most favorable, and by far moi'e profit able, than was expected by the most sanguine operators. The following were the weekly average prices, as compared with the previous two seasons:— 1 8 4 8 -4 9 . November 15............................................... November 21............................................... November 28............................................... December 4 ................................................ December 1 0 .............................................. December 1 7 .............................................. December 2 3 .............................................. December 30 .............................................. January 8 .................................................. January 15.................................................. Average for the season.............. $3 3 3 3 3 3 3 3 3 3 25 29 19 31 25 56 75' 53 22 34 $3 38 1 8 4 9 -5 0 . $2 2 2 2 2 2 2 3 3 3 1 8 5 0 -5 1 . . ,. •• 65 70 70 72£ 86 84 94 07 32 30 S3 4 3 3 4 4 4 4 4 $2 91 62 00 89 93 10 08 09 22 21 $4 00J The opening price was $3 50, and the highest price paid was $4 50. The low est daily average was $3 50, and the highest daily average $4 35. The number packed in this city, and the West, the last season, as ascertained and published, at the close o f the season, was as follow s:— 1 8 50-51. 1 8 4 9 -5 0 . Cincinnati..................................... Remainder of Ohio..................... Indiana........................................... Illinois........................................... Mississippi..................................... Kentucky.................................... . Cumberland Valley.................... . 334,529 64,027 372,497 165.400 161,000 205,414 30,000 401,755 120,990 416,675 215,800 225,000 201,000 40,000 T o ta l............................... . Total 1850-61................... 1,332,867 1,652,220 1,332,867 Deficiency in 1850-51 319,333 The deficiency in weight, the last season, was about 10 per cent. The pro duct in pounds, therefore, compares as follows with the previous season :— 1850 ......................................................................lbs. 1851 ........................................................................... 349,140,010 243,779,640 Deficiency.................................................... 105,360,370 This deficiency was equal to 552,839 hogs, o f last season’s average. The to tal deficiency in the W est did not vary far from one-third, as shown by the above figures, as well as by the amount o f products sent forward. Trade and Commerce o f Cincinnati in - . 1850 51 487 P rovisions. In our last annual report we had occasion to remark that the business of the preceding year, generally, maintained a healthy tone, which was chiefly attributable to the moderate prices paid for h ogs; for, although prices o f products did not rule high, fair profits were realized, and the trade not having been inflated materially by extensive speculative operations, the past season commenced with tolerably favorable prospects, and the business has proved de cidedly more profitable than was anticipated; and it is, we believe, the first time in several years that two favorable seasons occurred in succession. The ups and downs have been so regular that the past season was commenced under cir cumstances which led dealers to move with caution. The stock on the 1st o f September, 1850, and at the same date in the two preceding years, was as fol lows :— L a r d ...................................................bbls. L a r d ...................................................kegs Bacon................................................. hhd9. B acon ................................................... tcs. P o rk ................................................... bbls. 1848. 1849. 1850. 2,002 22,149 4,408 1,309 23,480 2,906 46,733 2,782 1,250 12,751 409 2,537 1,597 858 4,385 The stock at this time is estimated at 2,000 bbls. pork and 1,600 to 2,000 hhds. bacon. O f keg lard it is very light, but o f barrel lard it is much heavier than last year, and we think larger than in either o f the two preceding years at the same date. This is the result o f a great falling off in the consumption by man ufacturers caused by high prices. In our last we stated that there would prob ably be a falling off in foreign exports. This remark was predicted upon the rise which was likely to take place in prices. The decrease has proved to be very heavy, as shown by the following figures which exhibit the exports from the United States to foreign countries for seven months ending August 1st, 1851, and same time in 1850. Pork.................................................. bbls. Bacon...............................................hhds. Lard..................................................kegs 1851. 1850. 60,165 8,318 264,031 108,931 24,758 841,796 It is seen that the falling off in lard is very great; but notwithstanding, pri ces are high, and stocks, as compared with last year, are light— the amount pro duced having been greatly below an average yield in proportion to the number o f hogs cut. The following were the rates current for the leading articles on the 31st o f August in the last three years:— 1851. Mess pork................... Bacon sides................ Bacon shoulders......... Plain hams................. Sugar cured hams. . . Prime barrel lard . . . Prime keg la r d ......... |15 00 a ......... 0 10 a 0 10J 0 81 a 0 0 8 f 0 09 a 0 091 0 10 a 0 11 ___ a 0 09 ___ a 0 101 1850. 1849. $9 50 a $9 75 . . . . a 0 04f 0 04 a 0 04J . . . . a 0 061 . . . . a 0 09 0 06 a 0 061 . . . . a 0 061 $9 00 a . . . . a 0 05 . . . . a 0 04f 0 08 aO 081 0 101 a 0 11 a 0 06 . . . . a 0 061 Thus it is seen that prices are now greatly above those current in 1849 or 1850. By reference to the accompanying tables, it will be seen that there is an increase in the exports from this port o f hhds. and lbs. o f pork and bacon, but a decrease o f about seventy thousand barrels pork, and two thousand tierces o f pork and bacon, making an aggregate increase in pounds o f about eight millions, while the imports show a falling off o f only two millions. The imports by river show an increase over last year. The following weekly average o f the several articles show the course o f the market during the year:— 438 Commercial Cities and Towns o f the U nited States. Week ending— September 1 1 . . . . September 18__ _ September 25__ _ October 2 ___ October 9 ___ October 16___ October 23___ October 30___ .November 6 ___ .November 13___ November 2 0 . . . . .November 27___ December 4 ___ December 11___ December 1 8 . . . . January 1 ___ January 8 ___ January 15___ January 22___ January 30___ February 6 ___ February 13___ February 20___ February 27___ March 6___ March 13___ March 20 . . . March 27___ April 3 ___ April 10___ April 17___ April 24___ May 1___ May 8 ___ May 1 5 ..., May 22___ May 2 9 .... June 5 ___ June 12___ June 19___ June 26___ July 3 ___ July 10___ July 1 7 .... 24___ July July 31___ 1___ August 8___ August 15___ August 22 ___ August August 31___ Bacon, Mess pork. 89 9 9 9 9 9 9 10 10 10 10 10 10 10 10 10 10 10 10 10 11 11 12 12 12 12 11 12 13 13 14 14 14 14 14 14 14 14 14 14 14 13 13 13 13 00 00 00 00 00 00 00 00 00 00 50 25 50 50 50 87 87 75 75 87 00 25 00 00 00 00 75 00 00 50 00 00 12 37 50 00 00 00 00 00 00 50 25 25 00 13 13 13 14 15 00 50 75 00 00 Keg lard. Plain hams. 7 7 7 7 7 61 61 61 61 H 6f H H H 6f 6f 7 7 7 7i n n n n si 81 81 81 8 8 8 ■ 8 7f n 8 8i 8 H 8 8 8 8 8 8 74 8 n 8 H 10 10 10 10 10 10 H 84 H 81 8| 81 «i 9 9 101 101 7 7 7 7 7 sides. 44 44 44 44 41 41 6 5 Bacon shoulders. 41 41 41 41 41 41 41 41 41 61 61 61 61 61 61 61 7 7 7 7 7 7 74 8 4 51 51 51 51 51 61 51 51 51 51 51 51 6 6 8 8 81 8 8 81 81 8 8 81 81 81 81 81 8 81 81 81 81 81 81 81 81 84 9 94 101 6 6 6 81 81 8 8 8 8 8 8 8 81 81 81 9 9 9 61 61 61 61 61 6 6 6 61 61 61 61 61 61 7 'll 8 81 Breadstuffs. The market for flour, throughout the year, as will he seen by the weekly average prices below, presented an unusually steady appearance; and the lowest monthly average was $3 15, [for the month o f July,] and the highest $3 68, [for the month o f December.] From the large crop o f wheat in 1850, it was expected that the receipts o f flour at this port would show a large excess over last year; it being expected that they would reach, at least, 600,000 bbls. They have not proved, however, as heavy as was anticipated, although the increase on last year is 50 per cent. It is now very evident that the supplies at this port have not increased in proportion to the amount produc ed, and unless our railroads are extended into the surrounding country, we can not look for any other result. There are three channels o f transportation Trade and Commerce o f Cincinnati in - . 1850 51 489 through our State which are rapidly attracting the produce business o f the inte rior from this point; so much so that the relative value o f breadstulfs in this market is now, and has been, during the year, higher than in New York. The value o f a barrel o f flour at this time in our market is (wholesale) $3 20, while in New York it is $4 00. Freight from this city to New York is 95c., and other charges would increase the expense to $1 15; so that flour purchased here, at $3 20, would not net the shipper, in New York, over $2 85 or $2 90, allowing for the difference in exchange. The only reason why flour should not be at $2 90, instead o f $3 20, is the inadequacy o f supplies to the demand. The imports at this port, from September 1 to March 26, in the last two years, were as follow s:— Flour............................................ bbls. Wheat........................................... bush. Com....................................................... 1851. 1850. 348,113 274,355 346,212 110,801 220,772 291,858 The imports from March 26 to August 31, were as follow s:— Flour............................................ bbls. Wheat........................................... bush. Corn....................................................... 1851. 1850. 134,659 114,305 142,973 121,058 101,927 429,369 It is seen that since the opening o f lake navigation, the receipts o f flour and wheat have been only about equal to those o f 1850, when it is known supplies in the West were very short— the increase this season having been during the winter and early spring, when this was the only outlet for Northern and North western Ohio. In this feature o f our trade, the operations o f the Cincinnati, Hamilton and Dayton Railroad will cause a change, which will greatly increase supplies at this port. The receipts o f corn this year are greatly less than last. It will be recollected that during the spring and summer o f 1850, the Western andSouthern markets were decidedly better than those o f the North and Bast, owing to a scarcity in the former, which caused a great increase at this outlet. This season the shipments from points below are sufficient to supply the South ern demand, and the receipts at this place have been taken for consumption. Below we give the weekly average price o f flour, wheat, and corn. Sept. 1 ___ . 8 ___ Sept. Sept. 1 5 ___ Sept. 2 2 ___ Sept. 2 9 ___ 6 ___ Oct. 1 3 ___ Oct. Oct. 2 0 ___ Oct. 2 7 ___ Nov. 4 ___ Nov. 1 1 ___ Nov. 1 8 ___ Nov. 2 5 ___ Dec. 2 ___ 9 ___ Dec. Dec. 1 6 ___ Dec. 2 3 ___ Dec. 3 0 ___ Jau. 6 ___ Jan. 1 3 ___ Jan. 2 0 ___ Jan. 2 7 ___ Feb. 3 ___ Feb. 1 0 ___ Feb. 1 7 ___ Feb. 2 4 ___ March 3 ___ Flour. $3 50 3 52 3 57 3 60 3 60 3 60 3 55 3 67 3 57 3 50 3 50 3 55 3 60 3 65 3 70 3 70 3 68 3 68 3 75 3 75 60 60 3 60 3 60 3 50 3 40 3 40 Wheat. Corn. m March 1 0 ___ 70 70 48 March 1 7 ___ 70 49 March 2 4 ___ 70 49 i March 3 1 ___ 70 49* April 7 ___ 70 49 April 1 4 ___ 70 49 April 2 1 ___ 70 47 April 2 8 ___ 70 5 ___ 30 May 70 33 May 1 2 ___ 69 33 May 1 7 ___ 66 33 May 2 4 ___ 69 33 May 3 1 ___ 75 35 June 7 ___ 75 37 June 1 4 ___ 75 38 June 2 1 ___ 75 38 June 2 8 ___ 75 38 July 5 ___ 38 July 1 2 ___ 75 40 July 1 9 ___ 78 40 July 2 6 ___ 76 40 Aug. 2 ... 40 Aug. 75 9 ___ 75 40 Aug. 1 6 ___ 38* Aug. 2 3 ___ 70 38 Aug. 3 0 ___ 67 67 87 Flour. $3 42 3 45 3 47 47 3 48 3 50 3 48 3 50 3 50 3 50 3 55 3 45 3 40 3 35 3 37 3 35 3 35 25 25 00 10 15 3 25 27 3 15 15 Wheat. Corn. 67 37 67 37 67 37 67 37 67 37 70 37 70 35 72 37 72 37 72 37 70 37 70 37 70 37 70 37 70 37 70 37 65 37 65 37 65 37 65 37 60 37 58* 34 68* 34 58* 34 58* 34 58* 34 440 Commercial Cities and Towns o f the United States. Cheese. This being an article which enters largely into the Commerce o f our city, and the trade in which is increasing with wonderful rapidity, we deem it a subject well worthy o f some special notice in our annual review. Until the past year, manufacturers did not pay that attention necessary in cur ing their cheese for a Southern market, hence they had to submit to serious loss es ; recently, however, they have come to understand their interests better, and the consequence is that but little loss has been sustained, and the trade was never in a more flourishing condition. The market opened steady at the commence ment o f our commercial year at 6 cents, with a good demand, and but moderate receipts, and this price was firmly maintained until about the middle o f Novem ber, when an advance o f £cent was obtained, at which the market continued steady up to about the 1st o f January, when the price advanced to 7 cents, which price was obtained until the 1st o f March, when prices again advanced to 7 } cents; this rate was obtained until April, when the demand for shipment South fell off, and prices receded until they reached 6 cents on the 1st o f June, at which the market was steady until the latter part o f July, when an improve ment was obtained, and the market closed steady at 6J cents. In order to show the increase of this department o f our trade, we will give the imports and exports at this port the past six years, v iz:— Imports. 1845-46 ........ 1846-47 ........ 1847-48 . . . . 99,059 120,301 138,800 Exports, i 35,459 1848-49 ............ 70,104 11849-50 ............ 59,3741 1850-51 ............ Imports. Exports. 143,265 165,940 199,623 65,134 86,902 119,698 The average prices for the past two years w ere:— 1849-50.......... 6 1-2 6 1-5 1 1850-51................... Thus it will be perceived, that, notwithstanding the great increase in the re ceipts o f the past over former years, a higher price has been obtained.— This was owing, principally, to the judicious course adopted by manufacturers during the past summer, to improving the quality o f their cheese, and in sending it to market as the demand called for it. Coffee. The market opened in September very firm, with a buoyant feeling; and notwithstanding accounts from Brazil were received about that time, stating that the crop would be large; yet, with light stocks, prices advanced gradually until the 1st o f October, when the current rate for prime was 13 cents; a reac tion then took place, and during the balance o f the year and up to the present time, with the exception o f a slight reaction in February, prices steadily, though slowly receded, and the prevailing sentiment with dealers was, to import and purchase with caution. The crop in Brazil o f 1849-50 proved to be a very large one; but when pri ces came down in this country to 10 cents and under, the consumption increased very rapidly; and, notwithstanding that the imports were far in excess of the previous year, the stocks in first and second hands were at no time large, but were the greater part o f the time unusually light; and this, along with the slow decline, prevented losses which would have otherwise been sustained by the trade. The foreign imports into this country from the 1st September 1850 to 15th August 1851, and the corresponding season the previous year were as fol lows :— 1850—51. 1849—50. New Y ork ....................................... Boston.............................................. Baltimore......................................... New Orleans.................................... 463,631 143,110 219,333 285,057 364,629 115,376 109,376 245,640 Total..................................... 1,111,131 835,577 From these figures it will be perceived, that the excess o f imports the past season over the one previous is 375,554 bags, and, notwithstanding the stocks Trade and Commerce o f Cincinnati in -- . 441 18 50 51 at all these places at present, are lighter than they were the 1st o f last Septem ber, which shows quite conclusively, that the consumption the past year has been very large. The imports at this point the past year are also far in excess o f the corres ponding period the previous year. They were as follow s:— 1849-60.......................... bags 65,674 | 1850-51........................... bags 89,083 which shows a large increase; and, yet, our stock is now unusually light. But, the supply to come forward is abundant, as we would be led to suppose from the late advices from Brazil, which state that there is not only a large stock o f the old crop remaining over, but that the new crop which has just commenced to ar rive, would be a very full one; so that moderate rates will probably prevail the coming year. Molasses. A t the commencement o f the year prices were high, and though the demand was but moderate, yet, the stock being light, the market continued steady at 35 cents until the new crop came in, at which time the stock was completely exhausted. This operated very favorably on the opening prices for the new crop, and they did not go much below 30 cents until the 1st o f January, when they commenced receding, and continued to do so until the 1st o f February, when they reached 28 a 28i cents. A reaction, however, immediately took place; and by the last o f the month the current rate for good was 32 cents, at which the market con tinued steady during March. About the 1st of April a further advance was ob tained, and the prevailing rate o f this month was 33-J- cents. In May prime ad vanced to 34 cents, at which rate it was held through the summer months, though the demand was but moderate, and at no time active. About the begining o f August, holders showed more disposition to realize, and several lots was disposed o f at 33 cents, which, up to the close o f the year, continued to be the current rate. In these quotations we have reference to prime molasses only. There was, however, a large amount o f that which came up late in the season o f a very inferior description, made from frosted cane, which sold at lower and very irregular prices. Several parcels o f Cuba were likewise brought to our market, but did not meet with much demand, though offered freely in the early part o f the summer at 27 a 28 cents. The imports o f the past year are far in excess o f the previous one. This was not justified by the demand; but the bare state o f the market at the coming in o f the new, and the conviction that a large portion o f the crop would be of an inferior description, induced our importers to purchase early and largely, in order to secure their summer stock while a prime article was to be had. The following are the imports and exports at this point the past season and the one previous:— Imports........................................... Exports........................... ............... 1850—51. 1 8 4 9 -5 0 . 61,434 24,528 53,978 25,693 These figures would indicate that the stock now on hand must be much larger than it was at the corresponding time last year; and the probability that it is, becomes stronger when we contrast the imports and exports the past three years. They were as follow s:— Imports......................... Exports,....................... 1 8 4 8 -4 9 . 1 8 4 9 -5 0 . 1 8 5 0 -5 1 . 52,591 17,750 53,987 25,693 61,434 24,528 At the close o f 1849 the stock o f old remaining over was large ; at the close o f 1850 there was no stock o f importance, and these facts perfectly agree with the indications given by the relative imports and exports o f these years; and if the same rule will hold good this year, our stock must be large at present; and should there not be a large demand during the fall, a considerable amount must re main over after the new crop comes into market. The cause o f the falling off in our exports this year was the high prices at which the article had attained to 442 Commercial Cities and Towns o f the United States. in this market in the spring; and it being above the rates current in the New York market, a large portion o f our Northern trade went there for their supplies. The average prices for each month during the year were as follow s:— September......... October............. .November......... December......... ... ... ... ... 84f 35 33 29 January.............. February............ March................. A p ril................. ___ .... ___ .... 28J 29f 32 33£ May................... ........ June................. ........ July................. ........ 34 34 34 August............ S ugak. The market for this article, as well as molasses, opened in Septem ber at high rates, and for that month, 7c. was the current price for good fair; but about the first o f October, the demand bing limited, and the stock a fair one, holders became anxious to sell, and prices slightly receded; the stock, however, soon became reduced, contrary to the expectations o f many o f our dealers, and when the new crop came in, which was about the 16th o f November, there was but little old in the market. Prices gradually receded during the month o f November, until the quotations for good fair was 5 fe .; this was about the 1st o f December; but prices improved in New Orleans, and our importers bought but sparingly; and through the winter months, up to the 1st o f March, the pre vailing rate was 6 cents. The market then became depressed, and during the last two weeks o f March, and the first two o f April, about 5 f cents was the av erage rate; an improvement then took place, and the market continued steady, with a good demand until the close o f the season. An early frost in Louisiana killed a large portion o f the cane in the fall o f 1850, and the result was a large deficiency in the crop, as well as a great inferiority in the quality. This turned the attention o f Eastern importers to foreign countries to obtain increased sup plies, and in the early part o f the season the imports o f foreign sugar into the Eastern ports were very large, which kept prices down, and almost excluded the domestic article from these markets, particularly in the latter part o f the season; so that the deficiency in the crop was made up, to a great extent, by the falling off in the exports to the Eastern seabord, and left for the W est about as large a supply as that o f the previous year; but the demand and the consumption was large, and prices continued high throughout the entire W e s t; and the season closed with but very moderate stocks, and the prospect of a fair and steady de mand for consumption until the new crop again comes into market. The imports and exports the past two years at this point were :— 1850—SI. Imports........................................... 29,7 94 Exports........................................... 12,786 The average prices for each month the past year w ere:— 1 8 4 9 -5 0 . 26,685 9,597 6i M a y ................. .......... 6i 6 J u n e ................. .......... H 5J J u l y ................. ........... 6 A p ril................. A u gust............. .......... H T ea. This is a department o f our grocery trade which has increased very rapidly the past few years; and from being but a minor part of the trade, it has become a leading article in our commerce. The high price o f coffee, the past two seasons, has increased the consumption o f this article, and caused prices to advance last spring; but this advance was but temporary, and had but little effect on our market. There are several houses engaged in this trade exclu sively, and one o f our oldest and heaviest grocery houses has been importing the article direct from Canton, the past eighteen months. W e have had a trade sale the last spring which went off w ell; there will be another in the early part of this month; and these sales will be continued at stated periods henceforward; so that it -will be perceived our market now holds out inducements to western dealers, which cannot be surpassed, to obtain their supplies o f this article, in such quantities as they may need, and on the most favorable and liberal terms. The imports in ’47-8 was 2,931 packages, and in ’49-50 it was 9,802, showing an increase in two years o f two hundred per cent. September........ . . . O ctober............. . . . .November......... . . . D ecem ber......... January............. . . . . 7 6§ February........... . . . . 5| M arch............... . . . . Trade and Commerce o f Cincinnati in - . 1850 51 443 T obacco. The market for manufactured, opened very buoyant at the com mencement of the year, and the demand was active— prices subsequently further advanced, but, from the close o f the fall trade until the spring, there was but little change in the market, and the demand was but moderate; though the stocks were unusually light; but dealers bought with caution during the spring and early summer months, anticipating a decline, should the growing crop give a fair prospect of an average yield; but this prospect in Virginia does not now ex ist, nor has not the past two months, so that the market closed firm for all grades o f manufactured, with an active demand for the lower qualities. In consequence o f the long continued drought, which existed in Virginia and the adjoining tobacco-growing districts, as well as in Kentucky, in the summer o f 1850, the crops proved a partial failure; and in the fall, early frosts so injured a large portion o f the leaf which was ungathered, that the entire crop o f these States was but little over half an average one, and a great portion of it damaged and inferior. This, along with a large European demand, gave buoyancy to the market in the summer o f 1850, and prices gradually advanced until they had gained a point from 75 to 100 per cent over what had been the current rates for many years previously. Tne growing crop in Virginia now promises but little better than the previous year; but from Kentucky and Missouri, the accounts are very favorable, and the prospect is, that in these two States, the yield will be very abundant. The increase in this trade has been fully in keeping with the progress o f our city. In 1845-6 the imports o f the manufactured article were 6,918 boxes, in 1850-51 they were 19,273. The exports were, in ’45-6, 1,473 boxes, and in ’50 61, 17,751 boxes. W e have several very extensive manufactories in this city and Covington, as well as some three or four agencies o f the manufacturers in Virginia, and the sales from first hands average about 700 boxes a week. The trade is rapidly extending, and large orders are daily filling for Detroit, Chicago, Cleveland, Nash ville, Memphis, and all the pincipal towns on the Ohio and Lower Mississippi Rivers. Oil. Prices considerably above the usual average were maintained for Lin seed during the past year, but the market for the most part was dull and heavy, and purchases throughout were restricted to lots for immediate use. In the early part o f the season, prices advanced to 95c. a $1, but these figures were not long maintained, dealers apprehending importations from New York and Liverpool. Prices are now 69 a 70c. The crop o f seed the last season was much heavier than in either o f the preceding years, and the supply o f oil in the W est will be sufficient to supply the home demand, and there does not appear to be any pros pect of a margin sufficient to induce importations from the Atlantic ports to Eu rope. Lard oil, owing to the high price o f lard, has ruled 15 a 20c. per gallon above the average currency o f last year; and even at these rates manufacturers have not produced near their equal quantity. The stocks must now be very light in all ports o f the United States; and should lard continue at present pri ces, we may look for a further advance in the manufactured article. W ool. The market opened again the past season under considerable excite ment, which resulted in a very material advance in prices. Eastern manufactur ers despatched their agents through the W est at an early period, and heavy con tracts were made before shearing commenced, and in very many cases prices were paid in the country above those obtainable in the principle markets. This was the case particularly with regard to this market, and the quantity sold here was less than for many previous seasons. A full average quantity was purchased by our dealers, however; but to secure this, they were forced to visit, or send their agents through the country. Within the last month or six weeks, Eastern pur chasers have withdrawn their orders, and are beginning to lose confidence in the market, and for many lots o f wool it would now be impossible to realize within four cents per pound o f first cost. W e perceive that one large holder in New York advertises his stock for sale at auction. This will regulate the market, which has for some time past been so unsettled that reliable quotations have not 444 Commercial Cities and Towns o f the United States. been obtainable. The season, however, whatever it may prove to purchasers and manufacturers, has been a profitable one to growers. W e compare the quota tions current at this date with those o f the corresponding date last year:— Full blood......................................... Three-quarters blood...................... Half blood ...................................... Quarter blood.................................. Common blood............................... 38 a 40 37 a 38 a 35 a 32 a 31 35 33 30 28 27 a 38 a 35 a 33 a 80 a 28 W hisky. The imports o f this article show an increase over last year o f 57,369 bbls., and the exports show an increase o f 51,784 bbls. The total re ceipts are 244,047 bbls., and the total exports 231,324 bbls.— leaving 12,723 bbls., with that brought in by wagons and manufactured here, for consumption and ex port by wagons and in other small lots that do not get into our reports. The amount manufactured in the city has been steadily decreasing for several years. This is owing to the fact that one o f the most valuable appendages to a distillery — hog pens— have been declaired a nuisance by the City Government; and as the ordinance governing this matter is enforced, the business is shorn o f a large portion o f its profits, and establishments out side o f the city have, therefore, an advantage over those within the corporate limits. The market has been pretty steady throughout the year, but the average price shows a falling off o f $1 per barrel, it being $8 per bbl. this year against $9 last year. The total value of the imports is $1,952,376, against $1,680,102 last year. On the 1st o f Septem ber, 1850, 23 cents per gallon was the ruling price; the present price is 17f cents. S teamboat buildinc. In our last annual report, we had occasion to notice a great falling off in this busiuess, but within the last year it has greatly improved, and besides the boats completed during the year, the names and tonnage o f which we give below, there are a large number on the stocks, many o f which will be completed in time for the fall business. Tonnage. Names. Antoinette Douglass........ E. P. McNeal....................... Hoosier State..................... 186 Falcon................................. ........ G e m .................................... Pontiac No. 2 .................... Indiana................................ 161 Echo..................................... ........... Pawnee................................ St. Charles......................... 198 Col. Dickinson................... ........... 134 Lelia No 2 ......................... ........... .......... 274 ........... 98 283 Forest Queen..................... ........... Emma Dean....................... 574 H. D. Bacon....................... ........... 265 S cio to................................. ........... Sw allow ............................. Names. Fairy.................................... Sam Cloon.......................... M idas................................. Melodeon........................... Chickasaw......................... Barge Memphis.................. Barge United States........... Barge Charley................... Barge Wm. Fennel........... Barge Ohio......................... Barge Rockaway............... Barge Torktown................ 1848-49, 1847-48, 1846-47, 1845-46, No. No. No. No. 2 3 ................ 29.............. 3 2 ................ 2 5 ................ Tonnage. 300 325 310 148 229 216 220 200 222 . . 8,206 7'281 10,233 8,268 A National Currency— Real Estate its Basis. 445 Art. V.— A NATIONAL CURRENCY— REAL ESTATE ITS BASIS. F reeman H unt, Esq., Editor Merchants' Magazine : — D ear Sir :— A constant reader o f your valuable Magazine from the ear liest publication, I crave the privilege of a little space in its pages to the dis cussion o f a Theory which has claimed from me an unusual share o f study and examination. I am not egotist enough to imagine, for an instant, that I have discovered the Philosopher’s stone, or that m y theory is faultless. The spirit o f inquiry, however, upon subjects relating to “ Currency” and the “ Measure o f Value” is thoroughly aroused, and Banks, Banking, and the Circulating Medium are the theme of the drawing-room and ’change. New light is constantly being shed upon the subject. Its abuses and defects are daily becoming more glaring, and the settled conviction o f the community is for a fiscal change of some sort, the character of which has not yet been discovered. Let us dive into the labyrinth o f “ Theory,” hoping that as we thread its untraveled mazes, that our guideless footsteps may at least dis cover the hidden Truth. Y ou will not deem it the language of flattery, when I ascribe to the Merchants’ Magazine the immediate agency in arousing and engendering this spirit of inquiry and research. The unpre tending exterior o f your able journal is found upon the mechanic’s bench, upon the draughtsman’s table, in the counting-room o f the merchant, and in the broker’s office. The “ facts and figures” it contains commands for it a place on “ ’change” and at the “ board,” and the pretty “ fancies” of its correspondents gives it a welcome among the gilded souveniers and keep sakes o f the parlor. It finds a fitting place amid the lore bound volumes o f the attorney’s shelf, and its penciled margins give unerring evidence o f its perusel and study. I have no ambition to share the fa te or the fa m e o f the martyred Reform ers who have gone before me. I feel no inclination to battle with, or sub vert time honored usages, and I am fully sensible o f the dangers and diffi culties which ever attend innovation, for— “ Mountaineous error may be too highly Heaped for Truth to overpeer.” I pioneer an unbroken track, and, therefore, cannot hope to move smoothly on. The Banking System, with its baleful trail o f evils, looms in my path way. Its omnipotence I shall strive to gainsay, and its pernicious tendency confront, and I hope expose. I have no fellowship o f feeling with the petty tyrannies of Bank Parlors. The suggestions which I shall make, and the reforms which I shall propose, may be novel, because new, but not the less worthy o f consideration and re gard. Should the iron hail o f criticism fail to force my position, some abler pen than mine, I hope, will pursue the theme, ’till the sunlight o f conviction shall dispel the mists which cloud the advent o f Truth. I advocate a radical change in the present Banking System, or, rather, its total annihilation. I propose to substitute for our motly currency, a circu lating medium emanating exclusively from the State, based upon the values of the Nation. A system o f banking, the details of which, I shall develop as I proceed, eminently worthy o f public favor and adoption. It has no affinity to the “ Mississippi Scheme” or to the “ South Sea Bubble on the contrary, it has for its basis, values in themselves intrinsic, and, therefore, 446 A National Currency— Real Estate its Basis. neither the “ Tulip root” o f Holland, the “ Iron” o f Sparta, or the “ Gold and Silver” o f modern times. “ A Daniel come to judgment,” I think I hear from a hundred hank parlors, blended with the anathemas o f as many Presidents and Cashiers, exclaiming, “ from whence does he hail, and whither does he wend, and where the biding place o f this wise young Judge ?” Softly, gentlemen, if you please. Perhaps I might not wholly or totally an nihilate you. Your costly edifices might serve the community, and, per haps, in the capacity o f collecting agents, the public might keep you in its service. I would permit you to retain all your prerogatives save the power o f issue. That should belong exclusively to the State. Your vaults might be secure safeguards o f the People’s money, protecting it from arson and robbery, should they see fit, in their wisdom, to intrust it to your keeping. A “ Board o f Discount,” consisting o f depositors, having daily sessions for the purchase o f mercantile and other paper, should have the exclusive charge of your direction. A mode o f operations similar to that pursued by the “ Board o f Brokers,” might be adopted by the “ Board o f Discount,” and paper would be bought and sold as stocks now are. A depositor having an excess o f funds, would seek a remunerating investment for them, rather than permit them to lie idle, even for a single week ; and thus each dollar would be actually employed— trade facilitated, and the whole machinery of business simplified. Competition would insure a low rate o f interest, and every offer o f the discount desk would find a purchaser. I feel enamored o f m y plan, believing that its adoption would forever put an end to panics and fluctuations. The banks thus shorn o f their only element o f power, would no longer press their iron heel upon the neck o f the prostrate tradesman. The ability to will at pleasure calamity and ruin through the avenues o f bu siness will have passed away. In their corporate capacity the banks are accessories to deeds which should consign their direction to a felon’s cell. It is notorious that at de signated, I had almost said at premeditated periods, the cry o f alarm is sounded, and the confiding tradesman suddenly finds his accommodations cut off, with the precipice o f ruin before him, toward whose brink the false lights o f these money Barnegats have lured him. A t the moment o f m y writing, hurried steps throng the highway, for the “ mad dog” cry has gone forth o f a “ scarcity,” when there is no “ scarcity,” and men hasten to seek the usurer on the street, who smiles self-satisfied as he checks at 2 per cent a month. A nd thus the ruin o f thousands is wrought, and dishonest failures engendered, through the instrumentality o f men who are heard on each returning Sabbath, repeating their responses before the altar o f God, and teaching the youth around them “ to do unto others as they would wish to he done by.” In periods o f doubt, when every air comes laden with suspicion, and anxious note holders gather round their doors to seek redemption for their issues in that coin which by law should constitute the basis o f their circulation, they are gravely told “ that specie payments are suspended.” The locks are turned upon the repleted vaults, and the claims of creditors made the subject o f derision. The innocent note holders, led to repose confidence in their issues because o f their resemblance to money, contribute to give them circulation. They do not stop to inquire, and if they did, their labor might be vain, o f the author’s o f a currency which they are required to receive. The community are in ignorance, fre quently, o f the whereabouts o f these “ wild cat” institutions, whose notes they hold. W h at a libel upon a people’s intelligence and ju dgm en t! And A National Currency— Real Estate its Basis. 447 what security have we against the reenactment o f similar scenes, rivaling in moral turpitude the feats o f the highway? None, none, whatever. Men acting in a corporate capacity, seem to merge their individual identity, and to forget their moral responsibility in the overweening desire to play the Sovereigns o f a little scene. There are undoubtedly exceptions, and it may be honored exceptions to this rule, but— “ The trail of the serpent is over them all.” That the banks are the authors o f the present pervading panic in the money market, there can be no question. There have appeared no signs in the fis cal firmament to indicate a coming storm. N o comet’s trail, with W a r and Pestilence in its wake, has swept through the untroubled air. N o evening blight, no midnight mildew, has visited our honest fields. The resources o f the country are greater than at any former period. Its agricultural yield redundant to repletion— its Commerce spreading its white wings to a rich return— its public works productive beyond example— individual, State and Federal credit at an enviable attitude, with seven millions excess o f specie over 1850, and California to augment the store. Contrast this picture with that o f 1837, when we were importing our bread from Europe— when our half-finished works were consuming themselves in interest and decay, and no means to complete them— when Federal and State stocks and private credit were convulsed by the threat o f repudiation, and the taint o f suspicion clinging to our name. Then why this panic at a season so buoyant, so full o f auspicious promise ? W h en every wind that whistles on the mountain, or sighs through the valley, speaks o f a future prosperity and greatness which the croaking o f a thousand banks cannot gainsay. The money making power should be vested in the State, and taken from the custody o f corporations. The period is not distant when some other generation will look upon the retrospect and marvel that we should have tolerated, for a single day, such a Collossus as the money making preroga tive o f banks. I esteem it the highest o f earthly attributes, the privilege o f creating these equivalents, for which the farmer is willing to exchange the products o f his industry, for which the fisherman and mariner brave the perils of the deep, for which the whaler, amid the icebergs o f Greenland, throws the harpoon and lance, for which the miner, uncheered by the joy ous sunlight, plies with pick and spade— and I would visit the severest pen alties o f the law upon those corrupt corporations, and their more corrupt managers, who, having flooded the avenues o f trade with their worthlesss representatives o f value, should refuse or be unable to redeem them. But to proceed with my subject: the values o f the country should be represented in the currency ; or, to reverse the sentence, the currency should be based upon the values o f the country, and should expand and increase as those values are increased. To illustrate m y meaning— suppose that an in dividual should expend $10,000 on an improvement o f staple and intrinsic value, and susceptible o f yielding revenue; that improvement instantly be comes one o f the values o f the country, and, in consequence, its owner should be enabled to convert that value into currency, or a portion thereof, not by mortgaging it to some other individual, as is the custom under the present system, and taking in exchange bank notes, for which he is required to pay interest, but by giving it in mortgage to the State, receiving from its Treasury, “ State” notes, of such a denomination as he may desire; these 448 A National Currency— Real Estate its Basis. notes becoming at once, and constituting the only currency. It will he ap parent that so fast as labor and production multiply values, the currency will become insensibly increased, founded on a redeeming basis, binding every part of the social edifice. N o interest should be required o f the bor rower, other than a nominal tax to defray the expenses o f the system. It is a perpetual loan, and the wants and interests o f society will preclude the necessity of its redemption. Confidence can never he shaken in its worth, the foul breath o f suspicion can never impair its value. To assess these values, and to afford all needful protection to the State, there should be commissioners selected by the People o f each locality, who should be gov erned in their valuation o f property by certain rules and regulations pre sented by the Legislature. The income, or rental, or revenue derived from the same, should, o f course, influence the award o f the “ Board o f Value,” in the assessment o f lands, tenements, and hereditaments. And in every case a “ policy o f insurance” should accompany the “ bond and mortgage,” o f a building, and the sum awarded should not exceed the fire insurance thereon— this would be the touchstone o f value. The mode presented is in every respect similar to that pursued by individuals in the every day trans actions o f life, with the simple difference, that the documents are filed among the archieves of the State— that neither interest nor premium have to be paid by the borrower, and no rebuff await him that there are “ no funds.” The “ State” will always have funds to exchange for their equivalent in “ values.” The most obstinate will be willing to concede that houses, farms, and factories— railroads, canals, and ships, make a country. It would be a de sert without them. Wherever man may pitch his abode, these improve ments will gather round him, for they are the essential o f his comfort, his health, and his life. They, therefore, constitute the wealth and means— the values o f a country. W ith more than parental solicitude, the proprietor o f a homestead, however humble, invokes the arm o f government to guard and confirm him in its peaceable possession. And it is from these that govern ment will find the most steadfast adherence, and the most unflinching sup port. The freeholder is virtually intrusted in upholding the authority of the Law, for it is only in the maintenance o f the sovereign power o f the State, that those guarantees are found which confirm titles and insure pos session. Should the question be asked me, “ what would most tend to the stability o f government, and to the perpetuity o f Freedom ?” I shoidd an swer, “ make as many freeholders as you can”— men interested in the soil they daily work, who, though in the performance o f the menial offices of life, have, at home, the title deed which enables them to call that home their own. The agrarian and the socialist look in vain for disciples among these. The horrible inequalities, making civilization a theme for satire, which are seen in every walk o f life, would not then be so glaringly appa rent. Impoverish and degrade, and you’ll alienate the masses, and the world will become a “ Faughborg St. Antonie,” with its barricades and blood, and history will teem with Revolution. I have wandered from my subject. I was discussing values, and what were only intrinsic. W hat would avail the possession o f the “ gold placers,” and the “ quartz rock” of California, with the shining scales o f the Sacramento, if it were not for the grain-field, and the mill, hard by, to convert its harvest into bread ? The farm, with its granaries and flocks— the tenement, to shield from tempest and cold— the products o f the loom and anvil— the railroads, cabals, and A National Currency— Real Estate its Basis. ships to carry our produce to market. N o Ophir of the merchant, Solomon— no Pactolus sweeping over sands o f gold— no diamond— emerald, or topaz, in the jeweled room o f the Crystal Palace, would mankind esteem the equivalent o f these. They constitute the only real and intrinsic riches o f a country— the only substantial and productive values which can minister to the wants o f man, should currency seek redemption, as they are inseparable from the maintenance o f life itself. To return again to m y theme. The circulating medium being based upon the real estate o f the country, must increase and expand with the im provements o f the State ; and unless this be the case, distress will inevitably ensue from such an unnatural contraction. As values increase, the currency should not remain stationary. W ill the skin o f the child serve the extended stature o f the man 2 Explosions would most assuredly follow this violation o f the natural laws. A nd this physical truth, so apparent, will app>ly to social and moral causes. W e repeat, therefore, that there should be no limit to the State issues, whilst it holds an equivalent in property. W h en the new currency shall become known abroad, it will be honored in every mart at which our flag may trade. In the islands o f the W est In dies— along the shores o f the Levant— at Constantinople and Trieste, from the Madeiras to Australia, in the markets o f Valpariso and Brazil, at the bank counters o f England and France, the “ promise to pay” o f the United States of America, bearing the proud name o f Pennsylvania, New York, Massachusetts or Ohio, with the signet seal o f National Sovereignty stamped thereon, cannot fail to command the confidence o f the world. The pencil o f history will pause upon some threshhold o f our onward career for language to paint the swelling scene o f fifty united States, kindred in tongue, in gov ernment, and fame, whose Eagle emblem, graven on its currency, is a pledge alike of the plighted faith o f Michigan, Florida, or Maine. In view o f the establishment o f the new system, it may be necessary for the States to establish agencies abroad, directed by our own countrymen o f unquestioned probity and intelligence, to explain the basis and character o f the new issues. These agencies would serve emigrants, or others seeking our shores who might wish to procure, or exchange their local values for the domestic currency o f the States, and thus would be presented the novel spectacle of a currency becoming the medium of its own redemption. The freedom and confidence with which these sovereign issues will be received at the Bank of England, joined to the fact o f that institution allowing inter est to depositors, will give them the currency o f specie itself. It has been suggested by a recent writer in your Magazine, who also ad vocates “ State issues,” that for the purpose o f providing for their redemp tion when demanded, “ State Stock” should be created, bearing an interest of 4 per cent per annum, and convertible into currency at the volition of the holder. I cannot coincide with him. It will be a novelty, indeed, when a State sovereignty shall be required to pay interest on the currency it has caused to be created to represent the values o f its p eople! It be comes the duty o f a government to provide, by the issue o f something port able, having these values for its basis, a medium by which the exchange of commodities may be facilitated. I t would be an absurdity to require the owners o f these values to pay for having them represented. W hatever the State may, in its wisdom, think fit to issue for the naked purpose o f repre senting these values, should have the omnipotence awarded to specie, and as no redemption is ever required for it, the State would be insane should v o l . xxv.— n o . iv. 29 450 A National Currency— Real Estate its Basis. it create an interest bearing stock wherewith to redeem its issues. W h a t is to redeem th o metals ? They possess, as I have before said, no inherent value, and the period might arrive, when mankind would ask— a question never before thought of— “ who, and what is to redeem the gold and silver ?” Disrobe the metals o f the arbitrary mantle o f Law, and they would become worthless. N ot so with a promise upon paper, for it has a basis, and although the instrument is valueless in itself, as it should be, it is redeemable in all those essentials needful for the comfort, the support, and the life o f man. The material which circulates as currency should have no value in itself, further than as a pledge to keep in possession, that real val ues will be exchanged for it. It should have no other virtue than a Bond or Mortgage— Bill o f Lading— Certificate o f Stock— Insurance Policy, and the like. A ll these are the representatives o f value, and if destroyed they can be replaced. W h at if it should be otherwise, and the loss o f such “ parchment pieces” canceled the obligation ? ’Tis absurd to think o f such a thing. A nd yet if a sovereign or eagle be lost or destroyed, the mint has no power to replace it even if it new each identical piece o f coin. Paper consumed, or destroyed, or lost, can be replaced. W h en the precious metals are destroyed, they are a positive loss to individuals, because govern ment has chosen to give them an ultimate value which they do not intrin sically possess. The mass o f mankind do not suffer by any loss o f specie, as it has not the productive value which can directly minister to their com fort or convenience. But a barrel o f flour, a stack o f hay, or a building, if destroyed, is a positive loss to the world at large, because in themselves they are capable o f sustaining animal life. To resume the thread o f my remarks. It were much better, we think, to part with the possession o f specie when our foreign indebtedness demands it, and abide its certain return, than by locking it up unproductive at home, and forwarding in its place State indebtedness, thus only transferring the debt. Specie at once and forever cancels the obligation; it promises to pay no interest, and none can be demanded. Not so with stocks. W hen they are substituted for specie, an annual outlay is entailed upon the coun try for interest. Let me illustrate. Our merchants are indebted to Eu ropean houses, say $10,000,000. They forward Pennsylvania State stocks in payment, instead o f the specie. Annually, thereafter, we are required to transmit to Europe some $500,000 to pay the interest on the stock, whilst the specie lies idle in our bank vaults ! Consistency, this— if we care not what we say. W ere private mercantile transactions thus conducted, the finger of ridicule, if not o f open laughter, would follow that sapient trades man who should violate such plain rules o f arithmetic and common sense. I would here remark that it is not essential to the accomplishment o f my purpose, or to the establishment o f the new system, that the precious met als should be excluded from circulation. Upon the contrary, gold and sil ver would circulate as now, and be more plenty— the State issuing no notes o f a less denomination than five dollars. I have merely discussed the sub ject o f their influence upon the Trade and Commerce o f the country, and en deavored to point out the injurious effects resulting from an undue appre ciation of them. I have not sought to banish them from circulation. The State Treasuries, would, no doubt* become the great depositories of the precious metals, and would pay them, on demand, even to the utter most farthing. They would have neither interest or motive in retaining one dollar. I opine that the notes o f the States would be preferred to spe A National Currency— Real Estate its Basis. 451 cie, because o f their easier facility o f carriage. The floating coin would avail for all the purposes o f change, the banks paying in gold and silver all checks upon them, having fractions o f five dollars. H ad the fifty millions o f specie which was stored in the vaults o f our banks on the day o f the suspension o f ’ 37 been paid out in liquidation of the just demands o f foreign and domestic creditors, confidence would have been instantly restored, and the devastating blight o f general bankruptcy, more fatal than conflagration, would have been arrested. W hat availed that sus pension 2 The black flag o f public and private dishonor floated in derision over every mart o f trade, and the constellated radience o f the imperial gal axy, was scarce able to dispell the nightshade which hung like a mantle over the American name. That bitter act would not have been written in history had the system I am endeavoring to elucidate been in operation. In the face o f the suspension, values still went forward, in payment o f mercantile obligations ; but what were they 2 Our importers holding the repudiated paper of the banks, purchased State Stocks for a remittance, little dreaming o f the awful sacrifice which awaited them on the London Exchange and at the Paris Bourse. Simultaneous with the news o f the bank failures, came Pennsylvania State Stocks— they fell to 37 ! Count the sacrifice— the loss— a national one— on this stock alone! And the people bore this degradation that the banks might horde in their dark corners fifty millions of idle specie at a time when it was most needed to satisfy creditors. The arm of law should have been extended, to have protected the people, and saved them from robbery and dishonor. These are the feelings o f ’51. It must be ap parent that the present paper currency cannot be redeemed in specie, and that, consequently, it has not a specie basis. There is not sufficient of the metals in the aggregate vaults o f the Union, to pay 33 per cent o f the cir culation o f the banks. From an official statement, it appears that in Jan uary, 1851, that circulation amounted to 155 millions, the loans to 412 millions, and the specie to 48 millions ! And this is called a specie basis 1 They have, to be sure, other values— but what are they 2 The promissory notes o f ten thousand individuals who may pay them. It is equally apparent that the State issues o f which we treat will not have a specie basis. It makes no pretensions o f that sort. It will, however, be able to pay some, if public exigency should require it, and its other re deeming values are the farms and houses o f its people. It is full time that the sunlight o f reality and truth should dispell rhe mist of error and fancy which cloud the question o f the currency. The fallacy of our present bank ing circulation being redeemable in specie, has become apparent. Men may imagine what they will, but facts are stronger than fancy. “ But are the State issues never to be redeemed 2” will be the natural inquiry. I answer the query by “ asking what motive for redemption 2” The currency o f the State will avail in every transaction o f purchase and sale. There is no spe cies o f merchandise— no property— no stocks that it will not buy, and no investment that it is not susceptible o f making. I cannot conceive that the new currency will ever seek redemption, unless it be on the advent o f the millennium, the great period o f a world’s redemption. I fully concur with an opinion recently expressed, that the “ storing of specie in the vaults o f our banks is so much dead capital,” and I am firmly persuaded that our money difficulties have their origin in the undue, and I may add, almost phrenzied importance attached to its possession. W e hold on to specie with an insane tenacity, and send over our public stocks in li 452 Sm yrna as I t Is . quidation o f our debts, seemingly forgetful that such a mode o f payment is little else than giving our “ note, bearing interest, whilst we lock up our money.” It would be more in consonance with sound policy and enlight ened views, to let the specie go abroad, the banks retaining the State and Federal securities, which I deem of correlative value. An entire people’s plighted faith is pledged- for their ultimate redemption, and every man is interested in maintaining them at par. That they should be maintained at par through every phase o f the money market, and through every panic and vicissitude, by the parent authority, whose mandate gave them being, none will deny. That their value should be as unerring as specie itself, stamped, as they are, with the signet seal o f State, in what particular do they differ from coin except in fabric ? The value ascribed to the precious metals, as they are termed, is an arbitrary value, and the governments of the world have more than once depressed their standard, and may do so again. The Federal and State securities would seem to imply a moral ob ligation which inert sjrecie cannot have, and which, it is notorious, the fick leness o f governments may, at any time, deprive o f its standard o f value. The aggregate responsibility o f the people is represented in these State se curities— they can never become debased, resting, as they do, upon the en tire property o f the people. The sovereign authority could tax every rood o f ground, each waterfall and each dwelling— the merchandise o f the trader, the house o f the husbandman, the ships and steam-craft o f our citizens, the railroad and canal on which we travel, and the revenue derived therefrom, to enable it to redeem its plighted faith. Let, then, such securities, together with bonds and mortgages, on real property o f unquestioned value, producing something, be substituted for the present non productive bug bear basis ycleped specie. Called upon as we shall he to tolerate the present system ’till some other can be adopted, let us en deavor to lighten its burdens and alleviate its evils, by suggesting remedies which may save the merchant from ruin. The very jealousy manifested in regard to the precious metals, makes them sought for with increased avidity, and they no sooner reach the Banks o f England and France, than the re acting current hastens them back again ; and thus the solemn farce is en acted before an assembled world, o f transporting to and fro, across the A t lantic, numberless boxes and casks, whose precious contents are placed in constant peril by these frequent transits. The national authority should alone have the power o f coining money, whether silver, gold, or paper, and as the former never seeks redemption, why should the latter. n . h . c. Art. VI.— S M Y R N A AS IT IS. A s the gate and quarantine station o f Constantinople, as the most active commercial point in “ the East,” as the seat o f one of the Seven Churches, and the “ fulcrum” o f active missionary effort, Smyrna is entitled to notice. Because it is impossible to enter or depart from Constantinople by steam, without touching at this busy port, because the fruit-trade for Europe and America centers here— because the Odessa caravans meet the English and American fleets at this point— because it is one o f the finest harbors in the world. Smyrna flourishes in spite o f the earthquake and the plague. The jazaretto is one o f the worst in the Meditterranean. To either of the two Sm yrna as I t Is. 453 suites o f buildings, the walk is quite narrow, the rooms old, dirty, and fre quently crowded, and the expenses are severe. If you obtain suitable chamber apparatus from a town hotel, to make up for the bare boards and naked walls, which is all the government provides, you pay for the loan, as well as a full price for your cold, tasteless meals. Thus, there is your spe cial guard at so much a day, who sleeps in the room with you, and so much for the room, and such presents, besides, as they find you green enough to give ; and each European is accustomed to buy charcoal to dis pel the damp o f the stone cells, and coffee for a morning beverage, and sundry little articles o f domestic comfort, all o f which make this monotonous imprisonment a serious drain upon the purse. Nothing could be more in geniously devised to create disease : close quarters, poor food, bad lodgings, no cheerful occupation, neither a book nor a newspaper, and little exercise. These, too, the improved modern safeguards inoculated by Italian doctors, upon ancient Turkish hospitality 1 There never was a finer position for a city than that o f Smyrna. The semi-circular amphitheater rises from the water-edge to the lofty castle, with its frowning ruins, built by the Greek Emperor, Comnenus— a very unfor tunate position, in another respect; for if the sea-breeze fail in midsummer, the high mountains cut off the air from the land, and shut up a hundred and fifty thousand people as in a furnace, the narrow lanes and the densely built and sometimes lofty* houses preventing ventilation. W ithout sew erage, with the filthy habits of the Turk, and the neglected state o f the streets, of course there must be disease and death; and lazarettos and Italian physicians make very little difference as to the amount. The only air holes in the whole city are the grounds around the mosques and the court-yards o f the houses. “ The sunny, bursting, beauty-teeming Smyrna,” presents something re markable in its system o f porterage. A peculiar race o f men do the greater part o f the carrying businesss o f the city, and in a wholly original way. W ooden machines, a little like a Turkish saddle, are made to fit upon their backs, and upon them they carry loads of perfectly incredible size and weight— the bearer resting his hands upon his knees, strengthening his lower limbs by strong bands, and marching, head foremost, without any re gard to the obstacles in his way. I have repeatedly seen a single man car rying a whole bag o f cotton, or a beam thirty feet long, or five trunks, of medium size, in this way. N o wonder they are famous for strength, and yet are very moderate eaters. Besides these you occasionally meet half a dozen brawny fellows, bearing a glass crate on a pole, which is supported by their shoulders ; and continually camels are passing and repassing with out any regard to travelers— so that, as there are no side-walks, and the streets are narrow, crooked lanes, the gazing stranger is in continual peril o f getting his brains knocked out. N o other city can surpass this in keeping a European in constant anxiety for his bones. The bazaars in Smyrna are not handsome, are not large, but are numer ous, very importunate, and disposed to take advantege. It is impossible to buy o f them without a dragoman to interpret, and impossible to buy with one and not pay secretly a heavy per centage to your Jew attendant. I never saw avarice so keen or so unblushing. One young fellow owned that his prayer every morning in the synagogue was, that God would send him * Murray’s Guide-Book very strangely asserts that the houses of Smyrna are no more than one story high. 454 Sm yrna as I t Is. a good breakfast and a rich traveler. “ Joseph” would readily have chang ed his faith for the assurance of plenty of business. The Persian goods, rugs, shawls, and embroideries, are richer than anywhere else. On the last day of February, I experienced the shock of an earthquake, as I was making these notes, and felt afraid that I was about to be ill, as no one had informed me that it was the wet season, when these tremblings are common, and as long as no buildings are thrown down, never interrupt bu siness, or excite surprise. I must say, for the few moments it lasted, I found it excessively disagreeable. The richest and neatest part of Smyrna is occupied by the Armenians, one of the oldest nations in the world, and at present the most inviting to Protestant missions. As bankers and wholesale merchants, they are widely dispersed, and generally successful. It is curious that though their forms resemble the Catholic, they have always shunned the Greek church, and re sisted the Romish, and there is strong probability now of their becoming Protestant. A very active missionary press at Smyrna, under the charge of three devoted American gentlemen, is sending out effective appeals in the Armenian language, through all the Ottoman Empire, and the power of their bishops, and the threat of imprisonment, have failed to arrest the good work. In Smyrna, the Armenian streets are generally broad and clean, the houses spacious, and with a decided air of comfort, with ample, marble faced halls, beautiful gardens of flowers, vines, citrons, and oranges, latticed windows, airy belconies, and a perfect retreat from city noise and dust. Those of the gentlemen whom I could distinguish, wore a very patriarchal look. But Frank dresses are becoming very prevalent among all classes, and greatly impair an old man’s appearance. A little way beyond the Ar menian quarter, and over the river Meles, whence Homer took his name of “ Meles-born,” is the caravan bridge, a very pleasant spot for a lounge, back ed, as it is, by a cypress covered cemetery, and presenting, always, the greatest groups of camels to be seen in the East. Here they are, day and night, kneeling, when not at work, their limbs, insome cases, tied together, to prevent the animal from rising, but oftener at perfect liberty, apparently, no stable walls shutting them in, no roof but the canopy of heaven covering their gaunt ugliness, no manger scrimping their poor food of chopped straw, —a wonderfully useful, but very unamiable beast. No burdens will many of them take without scolding and whipping—he frequently drops down from sham-fatigue, and when he travels, it is as slowly and awkwardly as possible. I have sometimes thought that he even took pleasure in shaking European travelers ’till they could hardly speak. No harder way of travel ing, and no slower one was ever invented. Common camels do not make three miles an hour; and the dreadful look they are always assuming, their stupidity in failing to make acquaintance with the rider, and the galled state in which so many of them are found, dispel any interest one has brought with him for the “ ship of the desert.” Were there some tolerable roads through Turkey, where carriages, nownearly unknown, might be substituted for this tiresome, unwilling, unintelligent service, it would be a blessing. I need not say the distinction between one and two humps is not known in the East. Just as there are horses trained for speed, and others, of heavier build, for draught. Dromedaries can be found capable of ten miles an hour, but travelers very seldom know anything of them, and as they are never used for baggage, and you are always obliged to keep pace with your stores, they would be of no manner of use on ajourney. Journal o f Mercantile Law. 455 The neighborhood o f Smyrna is not as well cultivated as that of Beiroot, but there are several pretty villages, with extensive, elegant country seats, where the city people fly from heat and pestilence during the hot months. Bowmabat, the prettiest, seemed to me like almost anything, Oriental, over praised. It has not the fine sea view which a summer residence, right by the Meditterranean, ought to have ; nor are there any public gardens, or handsome fountains ; and the houses and grounds seemed to me far inferior to the fairy-like buildings o f Damascus. On castle-hill are some remains o f one o f the Seven Churches o f Asia, which afterwards became a mosque— but all the castle-walls and vaults, are in a miserable state o f dilapidation. Nothing but the fine view o f the town, crouching beneath these ruined bat tlements, and o f a side expanse o f sea, with ships o f all nations riding on its bosom, compensate for the visit, and the rest of the Apocalyptic temples are no more interesting. It was Carnival season among the Greeks ; each sect having a different time ; and numerous masked persons were about the streets by day as well as by night, the best o f whom was a bishop with priests bearing torches, riding in rather a drunken fashion, and bestowing his benedictions very pro fanely. A profitable spectacle to a pious Mussulman. f. w . h . JOURNAL OF M E R C A N TILE LA W . ABSTKACTS OF EECENT DECISIONS. The subjoined selections of cases o f commercial interest and importance have been prepared for the Merchants’ Magazine from 3 Cushing’s Reports, (not yet published,) and the American Law Journal. ACTION FOE COLLISION. 1. Harbor regulations and customs, instituted for the order and convenience o f moored vessels, are matters with which passing vessels have nothing to d o ; and therefore a passing vessel cannot object that any fault, as against her, is commit ted by another vessel seeking a moorage in an improper position in the harbor. 2. A steamboat, attempting to effect a moorage, is not liable for the accident of a coal boat running against her and sinking, even if she occupies a point close by which coal boats necessarily pass; unless she be unreasonably tardy in get ting into her position, or unless she could, with ordinary care, have got out of the way o f the coal boat; and she is not liable then, if the coal boat, with ordi nary care and skill, could have avoided the accident. 3. Accidents in navigation, occasioned by recent and unknown obstructions, are regarded as inevitable. 4. The usual rights of steamboats, as against other vessels, as to the mode o f mooring or running, are not affected by the fact that, a few days before, an ob struction had been occasioned in another part of the river, which occasioned a necessity for other boats to pass in a particular channel, unless the obstruction was known to the steamboat. 5. A custom among pilots o f a particular class, founded on no necessity o f the navigation peculiar to their sort o f craft, to take a particular route, gives them no exclusive right to that route, and does not alter the rights o f others in refer ence thereto. 6. A custom among such pilots to take a route that is dangerous to themselves or others, when there is no necessity for it, is bad, and ought to he aban doned. Journal o f Mercantile Law. 456 7. When a steamboat is guilty o f unreasonable delay and occupies an unrea sonable portion o f the channel o f the river in attempting to moor, and by reasonthereof a coal boat, or other unmanageable vessel, runs against her and is lost, though exerting ordinary care and skill to avoid the accident, the steamboat is liable.— Johnathan H. Baker vs. the Owners of the Steamboat Hibernia, No. 2. LANDLORD AND TENANT— LIGHT AND AIR— STOPPING WINDOWS. The Common Law o f England, on the subject of light and air, as an easement or incident to real estate, is not the law o f this country. It was inapplicable to the condition o f this country when this State was settled by the colonists; it was not brought hither with them, and formed no part o f the law o f the colony on the 19th o f April, 1775. Where, therefore, an owner o f two adjoining lots in the city o f New York, upon one o f which was a building deriving its light and air over and through an open space in the rear o f the other lot, into which the win dows o f the building opened and looked, leased the building and lot upon which it was erected for a term o f years, with its appurtenances, without reserving to himself a right to build on such other lot, or stop, or darken the windows of the building leased, and afterwards built a house, covering the whole open space of the other lot, darkening the windows, and excluding the light and air from the building occupied by his tenant: Held, That the landlord might lawfully darken or stop the windows by any ereetion on the other lot, and such an act was not in derogation o f his own grant, and he could not be restrained by injunction from so doing.— New York Supreme Court, February, 1851. Before Edmonds, Ed wards and Mitchell, Justices. Myer S. Myers vs. James Gemmed. CHECK UPON A BANK. Where a check upon a bank is made payable to the order o f A. B., the bank is liable to the person entitled; if the money be paid out on a forged endorsement purporting to be the signature o f A. B .; although the forgery was perpetrated, and the money obtained, by one to whom the drawer had been induced by fraud to deliver the check, under the mistaken belief that he was the veritable A. B., the person to whose order the check was made payable.— First District Court— New Orleans. John Chandler Smith vs. the Mechanics and Traders’ Bank. ACCEPTANCE OF AN ORDER FOR PAYMENT OF MONEY. The acceptance o f an order, for the payment o f money out o f the amount to be advanced to the drawer, when the houses he was then erecting on the drawee’s land should be so far completed, as to have the plastering done according to the contract between the parties, is not absolute, but conditional; and the acceptor’s liability thereon is dependent on the contingency o f the work being completed to a certain stage, according to the contract; nor will such acceptance become abso lute, and the acceptor be liable thereon, as such, by a subsequent cancellation of the contract by the drawee and the assignee o f the drawer.— Newhall vs. Clarke, 376. STATUTE OF LIMITATIONS. If the maker o f a note agree with the holder, to pay him a certain proportion o f the amount due, in full discharge of the note, and afterwards make and sign a note for the amount so promised, and oifer it to the holder, in payment of the first note, and the holder refuse to receive it ; this is not such an acknowledg ment or promise as will prevent the first note from being barred by the statute o f limitations.— Smith vs. Eastman, 355. PARTNERSHIPS— INFANT. B., a minor, and S., a person o f full age, entered into a partnership, to the cap ital stock o f which B. contributed about $900, and which was dissolved by mu tual consent, before B. came o f age. On the dissolution, it was ascertained that the firm had made about $300, and B. sold and conveyed to 8. all his interest in the partnership property, for which he received the note o f S. for $1,100, secured Journal o f Mercantile Law. 457 by a mortgage o f personal property, and S. at the same time gave B. an obliga tion to pay the debts o f the firm. After coming o f age, B. proved his note against the estate of S., who had taken the benefit o f the insolvent law, and also institu ted proceedings with a view to enforce his claim under the mortgage. It was held, that by the preceedings, B. had not ratified the partnership, and made him self liable for the partnership debts.— Dana vs. Stearns, 372. VENDOR AND PURCHASER— FRAUD— USAGE. In an action on the case, brougut by the buyer o f cotton in bales, against the seller, for a false and fraudulent packing thereof, without the knowledge o f the latter, the defendant was allowed to give evidence o f the existence o f a general usage in the cotton trade, relative to the liability o f the seller in such cases; and a usage being established accordingly, that, in order to entitle the buyer to an in demnity, it was incumbent on him to give the seller notice o f the fraud, as early as circumstances would admit of, after the discovery o f the false packing; to af ford the seller an opportunity to examine the cotton, either in bulk or by sample; and, to furnish him with evidence o f the identity o f the bags alleged to be so packed, and o f the marks and number thereon; it was held, that the plaintiff, having used up the cotton, without preserving the marks and numbers o f the bags in which it was packed, or affording the defendant an opportunity to exam ine it, or giving him any notice of the false packing, until six months after the discovery o f the fraud, was not entitled to recover.— Casco Man. Co. vs. D ix on, 407. ACTION ON A BILL OF LADING. In the Supreme Judicial Court o f Massachusetts, March term, 1851. New England Glass Company vs. George Lovell, el. al. This was an action on the case to recover the value o f certain packages o f glass ware shipped by the plaintiffs on board the defendant’s schooner Renown, in December, 1847, to be carried from Boston to New York. The schooner, while prosecuting this voyage, was driven ashore on Hart Island, at the head o f Long Island Sound, and the goods were lost. Five several bills o f lading, sign ed by C. Lovell, the agent o f the defendants, were given to the plaintiffs by the defendants, upon the shipment o f the ware. The defendants contended that the goods were lost by the “ dangers o f the seas,” which were excepted by the bills o f lading. But the plaintiffs contended that the glass ware was stowed on deck and thence washed overboard, and that the loss was caused by the negligence o f the defendants, or their agents; and on both these points the plaintiffs, by arrangement o f parties, assumed the burden o f proof. It appeared in evidence that certain quantities o f glass ware were shipped on board the schooner by three different companies; that a large part o f the glass ware was stowed in the hold, and that some o f it was on deck. No witness testified directly that the plaintiffs’ glass ware, or any part o f it, was on deck. The defendants offered evidence tending to show that the plaintiffs’ glass ware was all stowed under deck, and that the glass ware which had been stowed on deck was not that o f the plaintiffs, but belonged to one or both o f the other companies, and that the defendants insured one o f the companies ware, and had permission to carry that o f the other on deck, if not marked “ keep dry.” The defendants also put in evidence to show that the schooner was driven on shore on the rocks, at Hart Island, in a gale, on the 16th o f December, 1847, about half-past six, P. M., and about two hours before high water; that she bilged and heeled off shore, so that a man could just walk or crawl up her deck, and being exposed broadside to the breach o f the sea; that she was abandoned by her crew that night, and the next morning, about 9 o’clock, when the captain was first able to get on board by the subsiding o f the sea, she was found with the forecas tle scuttle and the cabin gangway washed away, the bulk-heads washed down, and broken packages o f glass ware washed about in the hold, the boxes o f dry 458 Journal o f Mercantile Law . goods on board broken up, so that no box came out o f the hold w hole; and the remainder o f the cargo, consisting o f glass ware, frail and assorted articles, much damaged and broken up. There was conflicting evidence on two points as to the condition of the ves sel,— whether there were holes through the bottom o f the vessel, and whether the main hatch under and near which the defendants undertook to show, and con tended, that the plaintiffs’ glass ware was stowed, was opened by the force of the sea or remained closed. The plaintiffs contended that there were no holes in the bot tom o f the vessel, and that her hatches and scuttles were all closed, so that the glass ware could not have escaped from the hold o f the vessel if it had been stow ed there; and as they were not found, they must have been stowed upon deck, and have been washed from that, and consequently the defendants were liable for that cause, and this was the main question left for the consideration o f the j ury- The plaintiffs introduced a witness who was familiar with the locality o f the disaster, having been stranded there himself, and on this occasion rendered assists ance to the Renown, and was employed by a company in New York to buy wrecks, and to get them off when driven ashore. The plaintiffs proposed to ask this witness, whether taking into view the condition and situation o f the Re nown, and all the accompanying circumstances o f the case, the goods in question could in his opinion have been either broken to pieces in the hold, or washed out o f the hold, had they been stowed therein in the manner testified to by the de fendant’s witness. The defendant objected to the opinion o f the witness being given in answer to the above question, and upon this point the Court sustained the objection so far as his answer to it should be mere opinion, on the ground that it was not a pro per case for a mere opinion of the witness, but that the jury were to decide the point on all the evidence o f the facts, and the Court permitted the witness to state all the facts and circumstances within his knowledge and observation, bearing upon the subject for the consideration o f the jury. The same question also arose upon the evidence contained in two depositions introduced by the plaintiffs, the admission o f which was objected to by the defendants, so far as it contained more expressions o f opinion, and the Court sustained the objection. To these rulings o f the Court the defendants excepted. Shaw, C. J., who delivered the opinion of the Court, said, that in weighing cir cumstances and evidence, the opinion of witnesses is often useful and necessary, but it depends upon the nature o f the fact to be proved, whether or not such evi dence is admissible. If the fact sought to be proved is the ordinary and natural result o f certain other facts, then it is a matter wholly within the province o f the jury, and the opinion o f witnesses is_ admissible. If, on the other hand, techni cal or professional skill, or scientific knowledge are necessary to judge o f the re sult o f certain facts, then the opinion of persons skilled in those departments is admissible. When the fact depends upon certain other facts, that fact may be proved by opinion as to the result from those facts. Experience proves that cer tain results follow certain facts. Thus we know that arsenic taken into the stom ach produces death. Foot-prints in the snow are to us evidence that some per son has previously passed by. In such cases there is no room for the opinion of witnesses, but the jury must judge for themselves. The admission o f such evi dence would be to change entirely the present form o f trials. But it is from the peculiar experience o f a person in certain departments that he is much better able to judge of the result o f certain facts, than the public generally, and his opin ion is therefore o f great assistance to the jury, and is admissible. (3 Doug. 157, 1 Greenl. Ev. 5440.) In the present case the matter was clearly within the scope o f ordinary judgment, and the evidence offered as to the opinion of witnesses was properly rejected. The exceptions are therefore overruled, and judgment must be entered on the verdict for the defendants. Journal o f Mercantile Law. 459 THE GENERAL ASSESSMENT LAW OF NEW YORK— MUTUAL INSURANCE COMPA NIES SUBJECT TO TAXATION. The Mutual Insurance Company o f Buffalo vs. The Board o f Supervisors o f Brie County. G a r d i n e r J . :— The only question in this cause is, whether the appellant as a corporation is subject to taxation according to the laws o f this State. By the 1st sec. o f title 4, “ concerning the assessment o f taxes on incorporated companies,” [1 R. S. 415,] “ all money or stock corporations deriving an income or profit from their capital or otherwise” are liable to taxation “ on their capital.” By the 51st sec. o f the 3d article, [1 R. S. 599,] “ every corporation author ized by law to make insurance” is declared to be a “ moneyed corporation.” The appellant was authorized by law to make insurance, and although it is probable that at the passage o f the statute above mentioned this peculiar ^species o f corpo ration was not contemplated by the Legislature, yet being instituted for the gener al object, and authorized to perform the functions of an ordinary insurance cor poration there is no reason why it should not be designated by the same appella tion. The appellant was, therefore, a moneyed corporation. The presumption is that an income or profit, was derived from its business. This was one object for which it was created. The charter directs its profits to be estimated: sec. 11.— How they may be invested: sec. 18; and when their accumulation shall exceed $100,000, how the excess shall be applied: sec. 13. [Laws 1843, p. 199.] It was then, according to the provisions of the first section o f the statute above quoted, “ liable to taxation on its capital.” By capital, I understand the Legislature to mean the fund upon which the in corporation transacts its business; which would be liable to creditors, and, in case o f insolvency, pass to a receiver. In this sense, the capital of this corpora tion consisted o f the premiums o f insurance paid or contracted to be paid, in con templation o f future risks to be taken by the insurer. The first is analagous to “ capital stock paid in,” as mentioned in the 3d subdivision o f the 6th section o f the statute. The theory upon which the mutual insurance companies were form ed seems to have been, that earnings o f the corporation, present and prospective, should constitute its capital. Accordingly the 4th section o f this charter requires applications for insurance amounting to $100,000, before the company can be or ganized. The 7th section provides for the payment o f premiums, or the receipt o f notes for risks taken by the company, at rates fixed by the trustees: and the 9th section, that notes may be received for premiums in advance o f persons in tending to receive policies. These notes, whether given for premiums or in ad vance, become the property o f the corporation, to be negotiated or disposed o f in the ordinary course of its business; and they, together with the sums received for premiums, from time to time, constitute its capital: sec. 9. [Deraismis v. M. Ins. Co., 1 Comstock 371; also, 3 Comstock 290.] This is unlimited. By the 12th section o f the charter, provision is made for the payment o f dividends, and for ascertaining the interest of the corporators, in premiums actually earned by the company and constituting a part o f its capital stock; and it directs that cer tificates shall be issued as evidence o f that interest. The 13th section provides for the redemption o f those certificates when the net profits o f the business shall exceed $100,000. The appellant was therefore, a moneyed corporation, authorized to derive a profit from its business, with a capital created in the manner above suggested; and consequently by the 1st section o f the Revised Statutes, above referred to, liable to taxation. The assessment o f every corporation, indeed, is made conclu sive evidence o f its liability to taxation, and that it was duly assessed, unless the affidavit prescribed by the 9th section o f the act is made and presented in the manner there directed. [1 R. S. 419. sec. 9.] The judgment o f the Supreme Court should be affirmed. 460 Commercial Chronicle and Review. COMM ERCIAL CHRONICLE AND R E V IE W . R E V IE W OF T H E M O N E Y -M A R K E T B A N K IN G IN T I M E S OF FO R C O M M E R C IA L S E P T E M B E R — D I F F IC U L T IE S E M B A R R A S SM E N T — DEM AND CON NECTED W IT H FOR M ONEY L E G IT IM A T E N E C E S S A R IL Y IN C R E A S I N G — C O M M E R C IA L A F F A I R S IN E N G L A N D A N D F R A N C E — C O T T O N C R O P O F • W IT H CRO P OF 1849-50— C O M P A R A T IV E C O N S U M P T IO N OF C O T T O N A T TH E C R O P — C O M P A R IS O N O F C O T T O N PROD U CE AT NEW EXPORTS NORTH CROP W IT H O R LE A N S— R E C E IP T S AND OF CO TT O N FO R T H E SAM E SO U TH — E S T IM A T E OTHER STA PLE OF PRO D U C E C A L IF O R N I A — D E P O S I T S A N D C O IN A G E A T T H E AT OF — C O M P A R A T IV E AND EXPORTS E X P O R T S O F S P E C IE OF OF DRY FO R D U T IE S — A V E R A G E EXPO RTS FOR OF OF COTTON IN T E R IO R GOLD FROM O R L E A N S M IN T S F O R A U GOODS FOR A U G U ST— E XPO RT S FROM PRODU CE— A G G R E G A T E G R O W IN G C IN C IN N A T I— R E C E I P T S — A G G R E G A T E IM P O R T S F O R E IG H T M O N TH S— T O T A L IM P O R T S T H R O W N E I G H T M O N T H S — IM P O R T S THE P R O D U C T S — R E C E IP T S P H IL A D E L P H IA A N D N E W G U S T — IM P O R T S A T N E W Y O R K FO R A U G U S T — R E C E IP T S 1850-51 C O M P A R E D T I M E — C O M P A R A T IV E D U T Y ON I M P O R T S U PON T H E M A R K E T FOR N E W Y O R K FO R A U G U S T E IG H T M O N T H S — IM P O R T S A T BOSTON; E TC . T he month o f September has been a trying season to parties having large payments to make, in all quarters o f the Union. The pressure in the money market has been severely felt by borrowers, as the banks have felt compelled to limit their accommodations, and the rates for street discounts, in our principal cities, have averaged 12 a 15 per cent per annum, even for responsible securi ties. In our last number, we traced the commencement and progress o f this pressure to the close o f August. Up to that time the most serious difficulty had been realized by transient borrowers, or those who had used temporary loans as permanent capital, with the expectation o f being able to replace them readily when called for. So general, however, was the contraction, that tem porary resources were cut off on all sides, and nearly all who had loans on call, were much crowded in meeting their engagements. The banks have been se verely blamed for the course they have pursued in this matter, and there can be little doubt but what the conduct o f many o f them is open to censure. Still, those who have been the loudest in their condemnation o f these institutions, have not fully understood the difficulties o f their position. In ordinary times only about one-half o f the depositors in the large city banks are borrowers. This moiety depend regularly upon the banks for a part or the whole, (as the ease may be,) o f their accommodations. When a pressure occurs, there are three antagonistic forces brought to bear upon the operations o f the bank. In the first place the institution wishes to contract its discounts, and to do so, must lesson the privileges o f those who have long been borrowers. But this class wish, at this moment, for increased facilities, and their argument seems to their own minds sufficiently just and conclusive. They urge that they have been regular customers, keeping a good account, and offering their whole line o f choicest paper, to be taken by the bank at six and seven per cent interest, at a time when street rates were down to four and five per cent; and that they ought not to be turned off now, when their need is greatest, because some one else, who only applies at such a time, happens to want some assistance. On the other hand, the large number o f depositors who have had no discounts du ring easy times, now come forward and urge their claims. They have been regular depositors, the bank has had the use o f their money, they have never asked for any return until now, they want to borrow a trifle, and think they are 461 Commercial Chronicle and Review. entitled to it. What shall the institution do ? The regular borrowers want larger loans; those who have not before borrowed come forward with their claim, to divide the amount with them; jm d this at the very moment when the bank wishes to diminish its aggregate loans, and through decreased deposits is obliged to contract its accommodations. Is it any wonder that in the midst o f such conflicting interests there should be some clamor, and a little fault finding ? Since our last the difficulty o f obtaining money has been felt more or less se riously by importers who have their regular payments for duties to provide for, and also to meet their bills drawn to cover acceptances upon the letters o f credit through which they purchased their fall stock; and latterly by jobbers whose payments for spring purchases have matured. There have been, however, but very few failures, and these, with one or two exceptions generally unimportant, and for the most part not unexpected. In England a movement, corresponding in a measure to the one noticed in this country, began about the 1st o f September. Several important failures in London, Liverpool, and Manchester occurred near that time, and many gloomy •fears were expressed for the future. So far, but few o f these apprehensions have been realized, and we may hope that no serious revulsion will occur. In France there is no material change in commercial affairs, although the trade in the manufacturing districts is generally improving. The total of the cotton crop o f 1850-1, has been ascertained since our last, and we present the following comparative statement:— Stock on h’nd St’ k o n h ’d Sept. 1, Sept. 1, Crop of Crop of 1 8 5 0 -5 1 . 1 8 4 9 -5 0 . 1851. 1850. 781,886 350,952 181,344 31,263 343,635 384,265 11,861 ll|500 15,390 27,797 273 596 34,011 10,953 16,612 12,962 1,148 51 29,069 30,698 Virginia.............................................. Received at sea-board by canal . . . 933,369 451,748 181,204 45,820 322,376 387,075 12,928 19' 940 797 620 1,000 Total ba les........................... 2,355,257 2,096,706 New Orleans............................. bales Alabam a............................................ Florida................................................ Texas.................................................. G eorgia.............................................. South Carolina................................... ... This shows an increase in the crop over the previous year o f 258,551, al though the total is less than the large crop o f 1848-9, by 3T3.339 bales. The total exports from this country, during the year ending August 31, 1851, have been 398,555 bales more than for the preceding year, as follow s:— Years. Great Britain. France. 1,418,265 1,106,771 301,358 289,627 1851.. . . 1860.. . . North of Europe. Otli. for. port?. 129,492 72,156 Total. 139,595 121,601 1,988,710 1,590,155 Increase. 311,494 11,781 57,336 17,994 398,555 The cotton consumed in the United States, during the past year, has been less than in any year since 1844-5, owing to the very high prices ruling. COTTON CONSUMED AT THE NORTH AND EAST. 1 8 5 0 -5 1 . 1 8 4 9 -5 0 .1 8 4 8 -4 9 . 1 8 4 7 -4 8 .1 8 4 6 -4 7 . 1 8 4 5 -4 6 .1 8 4 4 -4 5 . Bales................. 404,108 487,769 618,039 531,772 427,967 422,597 389,006 COTTON CONSUMED AT THE SOUTH AND WEST. Bales. 1 8 5 0 -5 1 . 1 8 4 9 -5 0 . 60,000 107,500 1 8 4 8 -4 9 . 110,000 1 8 4 7 -4 8 . 75,000 462 Commercial Chronicle and Review. There is, o f course, the usual speculation in regard to the extent o f the crop now just ripening, hut it is impossible to make an estimate o f it with any degree o f exactness. Those usually best inarmed, predict a yield o f 2,500,000 a 2,600,000 bales. W e are accustomed to look upon the cotton crop as the greatest staple pro duction o f the country, and because it is so constantly before the public, to over estimate its relative importance. The following table, which we have com piled from the New Orleans Price Current, will give some idea o f the enormous value o f Western produce poured down into the lap o f the great commercial city upon the g u lf:— RECEIPTS OF INTERIOR PRODUCE AT NEW ORLEANS. Cotton............................................................................... A ll other produce.......................................................... Total Total Total Total for for for for 1850-51 1849-50 1848-49 1847-48 $48/756/764 58,167,319 ...................................................... ...................................................... ...................................................... ....................................................... 106,924,083 96,897,873 81,989,692 79,779,151 At Cincinnati, as we learn from the Price Current, published in that city, the total value o f domestic produce received for the same time, amounted to $13,146,348, against $12,688,379, for the previous year. W e continue to receive large amounts o f gold from California, and the arri vals for September have been fully equal to, if not larger than, any preceding month o f the current year. The following will show the total deposits and coinage for the month o f August, at the Philadelphia and New Orleans mints:— DEPOSITS FOR AUGUST. Gold from California................. From other sources..................... Silver............................................ New Orleans. $320,031 62 5,486 70 17,264 15 Philadelphia. $4,048,800 96,000 29,000 Total. $4,368,831 62 101,486 70 46,264 15 Total for August................. Total gold from California. 342,782 47 11,490,529 62 4,173,800 64,574,019 4,516,582 47 76,064,548 62 GOLD COINAGE FOR AUGUST. Double eagles................. Eagles............................. Half eagles..................... Quarter eagles............... Gold dollars................... Pieces. 2,750 46,500 Value. $55,000 465,000 4,000 10,000 10,000 10,000 Pieces. 158,141 7,623 44,655 125,058 303,359 Value. $3,162,820 76,230 223,275 312,645 303,359 18,000 20,000 352,200 9,000 5,000 10,566 .... 796,475 7,964 $546,000 1,825,511 $4,110,859 SILV ER COINAGE. H alf dollars................... Quarter dollars ............. Three cent pieces............ 12,000 6,000 .... COPPER COINAGE. Cents................................. Total coinage......... 75,250 The imports into the country during the month o f August were larger, in the aggregate, than for the corresponding month o f last year; this increase, how ever, has been confined, almost exclusively, to New York. The following will exhibit the comparison (exclusive o f specie) for several years:— 463 Commercial Chronicle and Review. IMPORTS AT N E W YORK FOR AUGUST. Years. 1851................................. 1850................................. 1849................................. 1848 Dutiable goods. Free goods. Total. $12,531,249 10,750,339 13,061,344 9,796,778 $638,334 246,249 707,633 1,128,555 $13 169,583 10,996,588 13,768,977 10,925,333 The imports o f specie, at New York, from foreign ports, for August, 1851, amounted to $186,500, and from California, about $4,000,000, against $3,457,684 from both these sources during the same period o f 1850. The re ceipts for duties amount to $3,234,764 21, against $3,484,965 65, for August, 1850. Some distrust o f the amount o f imports, as returned by the CustomHouse clerks, was felt, from the fact, that the duties were less by $250,201 44, than for the same period o f the preceding year, while the amount o f dutiable goods, as shown above, was greater by $1,780,910. On comparing, however, the average o f the duties, with those for July, the same ratio is apparent in both cases. The dutiable goods, in July, paid an average o f 26J per cent, while for August, the ratio is 26i, showing that there can be no room for any serious error. The value o f goods entered for warehousing during the month, was $1,358,089, against $1,743,211, for the same time last year. The following will show the aggregate imports, at New York, (exclusive o f specie,) for the eight months, ending August 31:— Total merchandise imported from January 1, 1851................................ Total merchandise imported from January 1, 1850................................. $96,976,581 85,590,531 Increase during eight months......................................................... $11,386,050 Notwithstanding this increase in the general imports, the amount o f dry goods thrown upon the market, is less than for the same month o f last year, and still less than for the same period o f 1849, showing that the increased facilities for transportation induce an earlier and more uniform shipment o f the goods. The following is the comparison for three years:— DEY GOODS ENTERED FOR CONSUMPTION AT THE PORT OF NEW YORK DURING THE MONTH OF AUGUST. 1849. 1850. 1851. Manufactures o f wool.......................... Manufactures of cotton....................... Manufactures of silk........................... Manufactures of flax........................... Miscellaneous dry goods..................... $2,963,604 1,142,686 2,859,992 706,075 361,336 $2,254,069 943,925 2,803,145 619,777 383,468 $1,736,232 870,116 2,532,029 536,816 382,831 Total.............................................. $8,033,693 $7,004,384 $6,058,024 W ITHD RAW N FROM WAREHOUSE DURING THE SAME PERIOD. 1819. 1850. 1851. Manufactures of wool.......................... Manufactures of cotton....................... Manufactures of silk........................... Manufactures of flax........................... Miscellaneous dry goods..................... $666,676 129,701 201.431 90,473 21,332 $453,417 201,480 146,737 46,838 8,912 $297,124 121,312 121,689 65,350 19,767 Total.............................................. A d d entered for consumption........... $1,109,613 8,033,693 $857,384 7,004,384 $625,242 6,058,024 Total thrown upon the market.. $9,143,306 $7,861,768 $6,683,266 464 Commercial Chronicle and Review. ENTERED FOR "WAREHOUSING DURING THE SAME PERIOD. 1850. 1849. 1851. Manufactures of w o o l ................... Manufactures of cotton................... Manufactures of silk....................... Manufactures of flax....................... Miscellaneous dry goods................ $196,554 85,951 83,277 33,244 $358,198 181,452 181,543 70,028 7,526 $495,957 143,970 371,652 92,295 38,693 Total......................................... $406,663 $798,747 $1,142,567 The above comparison shows a total o f goods thrown upon the market o f $1,178,502 less than for August, 1850, and $2,460,040 less than for August, 1849. The following will show the relative imports o f dry goods for the first eight months o f this and the previous year:— Years. Entered direct. 1851....... .................. 1850.......................... §44,235,721 43,245,770 $4,047,759 3,370,256 $48,283,480 46,616,026 $989,951 $677,503 $1,667,454 Increase Withdrawn from warehouse. Total. This shows an increase for eight months o f only $1,667,454, and if the im ports go on diminishing for the remainder o f the year, in the same ratio as for the last two months, the receipts o f dry goods, for 1851, will fall considerably behind those o f 1850. The exports from New York for the month o f August, also show a decline from last year:— Years. Domestic produce. Foreign goods. 1861............................. 1850............................. 1849............................. 1848............................. $3,259,594 4,937,393 1,965,113 2,230,909 $357,523 677,553 343,704 189,205 Specie. $2,673,444 1,441,736 359,368 331,031 Total. $6,290,561 7,056,682 2,668,185 2,751,146 This falling off from last year in domestic produce, is most noticeable in the article o f cotton, the shipments being lower in value, and less in quantity. The exports for August, 1851, are but 18,916 bales, against 40,039 for the same pe riod o f 1850, a decline o f 21,123 bales, equal, at last year’ s rates to about $1,000,000. T o counterbalance this, the exports o f wheat, flour, and naval stores have been much larger, while tallow, cut meats, butter, lard and whalebone have also fallen off materially. W e annex, for a more ready comparison, the total exports from New York, for the eight months ending August 31 :— 1851................... 1850................... $28,904,460 27,428,526 $2,996,318 3,533,664 $27,772,129 5,413,548 $59,672,907 36,375,738 This shows that notwithstanding the slight^decline in the exports for July and August, the total from January 1st, is in excess o f last year $23,297,169, the great bulk o f which is in specie. The following table will show the move ments in specie, at the port o f Boston, for the month o f August:— IMPORTS. Gold. From From From From From From Liverpool...................................................... St. Petersburg................................ .............. Cape Haytien................................................ S t Martin’s .................................................. Charlottetown, P E I.................................... Halifax.......................................................... Total.. Silver. $94,380 00 $1,860 00 1,000 00 725 00 310 00 2,093 00 1,400 00 284 00 $96,315 00 $6,337 00 Journal o f Banking, Currency, and Finance. 465 EXPORTS. To Liverpool.......................................................................................gold To Truxillo and Omoa............................................................................... Zanzibar and Mozambique....................................................................... Rio Janeiro.................................................................................................. 1100,000 00 Total............................................................................................... $106,725 00 3,000 00 2,500 00 1,225 00 The cotton crop for the yaar 1851-52 will not be shipped freely before the first of November; after that date, unless some extraordinary circumstances should prevent, it will go forward rapidly, and furnish an abundant supply of foreign exchange, thus preventing further shipments of specie. The pressure through which we are now passing exhibits, in a striking light, the necessity of confidence, to commercial prosperity. There is nothing ominous in the position o f any branch of trade or Commerce among u s ; in fact, the prospect for all is more flattering, except for the difficulty in question, than for some time past. The manufacturers of cotton, whose profits have been cut off by the high price of this staple, and the impossibility of pushing up the price of cotton fabrics to correspond with the increased cost of production, have now just begun to expe rience the benefit of a reduction in the value of the raw material; while to the planters, the increased quantity of the crop will compensate for the falling off in price. The woolen manufacturer who last year paid the speculator a large price for the raw material, will now purchase his stock at a lower rate, while the wool grower will realize a better return. Even in the matter of specie, the out goes of which have created such distrust, it can easily be shown that we have now in the country many millions more of coin than at the corresponding period of last year. Therefore the moment the alarm ceases, and confidence revives, there is nothing to check our returning prosperity. Some failures there will be, but in all cases they will be found to result from previous losses; the effects of old causes, now first developed. The sound and the prudent will pass the trial unscathed, and stand more firmly than ever. JOURNAL OF BANKING, CURRENCY, AND FINANCE. CONDITION OF THE BANKS IN NEW ORLEANS, STATEMENT OF THE CONDITION OF THE BANKS IN NEW ORLEANS ON THE 2 6 T H OF JULY, 1851, AS PUBLISHED BY THE BOARD OF CURRENCY, NEW ORLEANS, AUGUST 1, 1851. MOVEMENT OF THE BANKS. CASH LIABILITIES. Specie-paying— Louisiana Bank................... Canal Bank......................... Louisiana State Bank........ Mechanics’ & Trad’s’ Bank. Union Bank......................... Non- specie-paying— Citizens’ Bank..................... Consolidated....................... T o ta l........................... VOL. X X V .---- NO. IV . CASH ASSETS. Circulation. Total. Specie. Total $1,108,864 1,070,380 1,213,405 846,970 25,565 $4,171,598 2,393,184 3,922,782 2,517,397 31,344 $1,953,555 869,451 1,349,888 1,123,877 17,942 $5,718,522 3,185,628 4,160,957 2,971.106 507,432 10,901 30,977 11,491 32,942 5,790 14,588 303,756 14,588 $13,080,741 $5,335,093 $16,861,998 $4,306,883 30 466 Journal o f Banking, Currency, and Finance. TOTAL MOVEMENT AND DEAD W EIGHT. ASSETS. LIABILITIES, Exclusive of capital. Specie-paying— Louisiana Bank................................... Canal and Banking Company........... Louisiana State Bank......................... Mechanics’ and Traders’ Bank . . . . Union B a n k ........................................ Non-sped e-pay i ng— Citizens’ Bank ................................... Consolidated Association................... $4,171,598 2,393,184 3,922,782 2,511,391 31,344 Total.............J.......................... $9,005,830 6,613,113 6,320,963 4,555,059 4,519,289 69 30 08 51 68 11 00 17 62 41 6,889,868 09 1,590,875 30 6,238,165 18 1,237,871 54 $21,316,550 65 $38,490,953 23 CONDITION OF THE BANKS OF NEW YORK, COMPARATIVE V IE W OF THE CONDITION OF THE BANKS IN THE CITY AND STATE OF NEW YORK, ON THE S 9 t H OF MARCH, AND 3 1 S T OF JUNE, 1 8 5 1 . We have received, from the Controller of the State of New York, his official report of the condition of the banks in that State, at the date of their last quarterly returns, from which we have compiled a summary— to which we also annex a comparison of the leading features of the previous quarterly statement. On the 29th of March, 1851, there were in the city 11 Incorporated, and 14 Associated banks; and in the State be sides, 55 Incorporated, 63 Associated, and 64 Individual banks—making a total of 213 banking institutions. On the 21st of June, there were in the city 11 Incorporated, and 21 Associated banks; and in the State besides, 55 Incorporated, 66 Associated, and 63 Individual banks— making a total of 222. In the comparative statement, as given belo ,v, there are many interesting items of difference. The total capital has increased $4,551,352 ; the deposits $4,241,101; and the loans and discounts $5,144,012 ; while the specie has decreased $111,356— the falling off being entirely with the country banks. The circulation of the country banks has decreased more than one million, while that of the city banks has slightly increased. A few of the items given in the table are not included, as will be readily noted, in the general aggregate. RESOURCES. MARCH City banks. 29 th , 1851. Total. JUNE 2 1st, 1851. City banks. Total. Loans & discounts except to directors or brokers................. $61,178,159 $101,203,401 $65,623,120 $106,653,619 5.315,764 Ditto to directors...................... 3,385,010 5,082,030 3,510,377 425,562 1,916,213 Other liabilities of directors . . 1,645,722 664,371 3,641,196 2,942,243 3,816,118 Due from brokers..................... 2,759,411 3,165,392 2,092,652 3,439,450 Real estate............................... 2,351.135 3,969,343 194.452 3,818,994 Bonds and mortgages............... 193,027 15,054,166 3,555,089 14,342,689 Stocks......................................... 4,434,387 151,835 94,051 193,683 Notes other than for loans___ 12,260 519,403 288,110 567,983 304,643 Loss and expense account........ 279,994 56,313 251,359 Overdrafts................................. 57,617 8,918,918 7,915,640 9,096,274 7,985,954 Specie........................................ 13,516,584 10,239,407 11,336,297 12,333,981 Cash items ............................. 2,828,510 158,817 927,390 Bills of solvent banks................ 2.682,647 5,041 Bills of suspended banks......... 5,262 1,942 Estimated value of ditto......... 2,103 Due from solv’t b’ks on demand 4,404,120 9,713.087 12,049,144 4,751,544 171,068 126.504 853,270 120,905 Due from susp’d b’ks on demand 5,095 56,703 4,370 7,139 Estimated value of same......... 14,053 688 Due from susp’d banks on credit 688 Estimated value of ditto......... 640 Total resources...................... $91,894,650 $168,821,490 $105,308,248 $174,116,514 Journal o f Banking, Currency, and Finance. 467 LIABILITIES. MARCH 2 9 T H , 1 8 5 1 . City banks. Total. Capital......................................... $28,875,855 Profits......................................... 4,723,613 Circulation not registered . . . . 275,821 Ditto registered....................... 6,773,152 53,464 Due State Treasurer............... Due depositors......................... 36,500,521 Due other individuals <t corpo’s 2,019,469 Due banks on demand............. 18,191,754 Due banks on credit................. ........... Due all others........................... 480,959 $51,022,829 8,727,893 564,052 27,927,483 915,744 50,219,981 2,694,508 24,725,084 590,180 1,430,932 JUNE 2 1 s t , 1 8 5 1 . City banks. Total. $33,093,093 $55,580,181 5,093,478 9,232,473 275,683 562,244 6,842,603 26,949,543 42,036 1,225,127 41,138,757 54,467,682 219,007 1,183,916 18,170,651 29,559,173 ............... 299,962 432,889 1,638,727 Total liabilities..................... $97,894,650 $168,825,893 $105,808,248 $174,549,028 STATISTICS OF THE SUFFOLK B A M SYSTEM . The Suffolk Bank System has been fully described in former numbers of the Mer chants' Magazine. The redemption of country money by the Suffolk Bank in Boston, Massachusetts, as we learn from the Bankers' Magazine, for the first seven months of 1851, has been $142,000,600— equivalent to a redemption of $240,000,000 for the year 1851. The redemption, commencing with 1834, and ending with 1851, has been as follow s:— 1834 ................. 1835 ................. 1836 ................. 1837 ................. 1838 ................. 1839 ................. 1840 ................. 1 8 4 1 ................. 1842 ................. 1843 ................. 1844 ................. 1845 ................. ......... ......... ......... ......... ........ ......... ........ ......... ......... ......... $76,248,000 00 00 126,691,000 00 105,457,000 00 76,634,000 00 107,201,000 00 94.214,807 98 109,088,911 40 105,670,331 00 104,443,000 00 126,225,000 00 00 1846 ........................... 1847 ........................... 1848 ............................ 1849 ........................... 1850 ........................... 1851, January........... February ......... March............... April................. May.................. June ................. J u ly ................. 165,487,000 20,763,000 16,084,000 18,218,000 21,400,000 23,100,000 20,600,000 21,882,000 CONDITION OF THE BANKS OF OHIO, AUGUST, 1851. STATEMENT OF THE CONDITION OF THE SEVERAL BM iK S IN THE STATE OF OHIO, TAKEN FROM RETURNS MADE TO THE AUDITOR OF STATE, ON THE FIRST MONDAY IN AUGUST, A. D. 1851. RESOURCES. INDEPENDENT BANKS. Names o f banks. Notes and bills discounted. Specie. Eastern deposits. Bonds deposited with State Treasurer. Bank of Geauga .. $133,561 58 $24,860 98 $23,608 18 $112,061 03 173,431 05 11,514 72 31,254 90 58,703 00 Canal B’k Clevel’d . 154,540 86 23,059 50 19,089 89 114,270 00 City B’k Cleveland. 172,445 85 23,212 91 83,031 42 152,000 00 City B'k Columbus. 528,185 82 49,952 32 41,436 81 215,830 98 City B’k Cincinnati 54,000 00 391,590 36 18,610 80 32,196 50 Commere’l B’k Cin„ 233,100 93 41,296 84 32,190 13 174,292 88 Dayton Bank.......... 24i ,546 87 25,403 13 44,484 81 158,957 42 Franklin Bank. . . . 53,066 00 197,994 37 11,557 33 23,818 32 Sandusky City B’nk 83,020 41 15,882 65 15,338 73 100,000 00 Seneca County B’k. 278,794 35 53,037 51 36,024 65 226,038 44 West’n Reserve B’k 46,261 13 82,160 39 14,920 75 12,366 21 Mahoning Co. Bank In d ep en d en t B ’ks Total resources. $328,162 294,823 349,598 578,506 956,486 584,328 550,313 526,374 336,324 230,038 630,963 170,538 46 40 96 48 48 87 96 37 39 50 10 13 !,670,372 84 313,309 44 394,840 55 1,465,480 88 5,536,459 10 468 Journal o f Banking, Currency, and Finance, BRANCHES OF STATE BANK. Eastern deposits. $24,446 64 20,467 85 46,311 07 49,650 38 11,035 38 55,910 46 41,963 73 76,640 31 26,486 74 37,838 81 49,400 31 83,941 98 28,881 89 67,140 43 37,996 83 56,770 38 38,190 79 19,073 86 26,380 40 10 301 45 6,057 30 77,859 14 68,699 27 23,013 03 27,906 54 43,983 65 38,185 80 16,238 62 29,799 44 16,966 85 28,465 77 51,349 78 42,812 42 24,884 19 46,036 99 40,279 51 7,811 71 40,502 29 44,115 63 46,210 68 24,892 24 Total Bonds and resources. mortgages. $20,000 00 $354,796 86 382,859 18 20,000 00 384,034 82 20,000 00 786,893 64 41,250 00 742,159 97 31,250 80 569,560 15 27,500 00 508,255 84 30,599 00 360,061 97 18,700 00 412,444 03 23,750 00 332,324 28 21,100 00 380,873 17 20,000 00 359,193 96 20,000 00 362,149 50 20,000 00 583,096 17 31,250 00 902,362 66 30,000 00 336,758 43 20,000 00 20,000 00 364,719 70 339,227 12 20,000 00 442,723 90 20,317 60 358,413 20 20,000 00 332,997 22 20,040 00 316,842 98 19,800 00 306,313 74 19,136 00 400,537 84 20,000 00 348,025 83 20,000 00 551,509 89 17,000 00 575,931 75 23,810 00 283,211 S9 19,550 00 20,000 00 389,516 62 385,134 08 20,000 00 415,271 09 23,750 00 362,826 28 20,000 00 318,469 50 20,450 00 394,534 92 20,000 00 20,000 00 835,175 45 27,500 00 539,403 40 358,391 16 20,000 00 415,644 66 24,575 00 27,600 00 505,573 49 291,954 57 13,600 00 462,099 65 27,500 00 Total of State.. . 11,218,205 54 !2008059 75 154190039 922,328 40 17,502,274 56 Names of banks. A th en s................... A kron................... .. Belm ont................. Chillicothe . . . . . . . Commercial, Cl’ve’d Commercial, Toledo Dayton.................... Delaware Comity. . Exchange................ Farmers’, Ashtabula Farmers’, Mansfield Farmers’, Ripley.. . Farmers’, Salem .. . Franklin, Columbus Frauklin, Cincinnati Guernsey............... Harrison County . . Hocking Valley . . . Jefferson................. Knox County......... Licking County . . . Logan ..................... Lorain..................... Mad Rivey V alley. Marietta.................. Mech’s and Traders’ Merchants’ ............. Miami County . . . . Mt. Pleasant........... Muskingum............ Norwalk.................. Piqua....................... Portage County___ Portsmouth............ Preble County. . . . Ross County........... Summit County... . Toledo..................... Union...................... Wayne County.. . . X e n ia ..................... Notes and bills discounted. $250,028 37 272,666 79 253,853 29 560,257 77 508,818 73 364,102 12 351,471 57 190,240 08 271,333 32 219,174 73 258,907 99 164,982 48 259,534 07 398,293 71 589,085 17 183,174 52 245,727 49 232,516 62 295,221 28 257,516 15 226,630 75 157,535 69 146,964 76 291,869 57 228,658 83 349,001 39 398,071 32 168,321 40 219,982 65 274,805 26 286,844 43 226,250 24 186,512 48 268,855 96 193,781 16 393,779 59 215,601 33 96,402 00 320,052 58 153,046 38 288,431 52 Specie. $40,544 32 41,434 60 41,897 98 101,157 89 83,172 50 43,611 92 40,129 41 54,492 72 60.659 71 35,269 38 33,126 47 50,079 71 37,870 10 68,557 18 50,738 16 65,991 68 40,919 24 43,630 17 43,033 18 54,162 56 57,323 02 49,874 49 49,445 83 43,186 77 40,209 43 43,002 79 61,953 98 48,821 27 50,073 70 42,899 48 52,099 65 40,808 18 41,062 15 42,655 53 39,133 13 55,600 69 44,360 10 6,791 46 56,532 69 48,938 38 62,813 25 OLD BANKS. Bank of Circleville. $338,087 00 $88,275 69 208,563 22 568,255 15 126,488 16 99,641 84 Clinton B’k Colum. Lafayette B’k Cin . 1,012,168 85 130,447 98 68,638 03 Bank of Massillon.. 557,596 94 87,279 43 93,549 09 O. Life Insurance & 6,892 99 ............... Trust Company.. 1,177,427 15 / Total Old Banks.. 3,653,535 09 438,384 25 470,392 18 $684,644 951,094 1,525,193 810,077 ................. 86 65 83 64 1,472,720 72 5,443,731 70 Total of an banks 17,542,113 47 2759753 44 240713312 2,387,809 28 28,842,465 36 Journal o f Banking Currency , and Finance. 469 LIABILITIES. INDEPENDENT BANKS. Names of banks. Bank of Geauga........ Canal Bank Cleveland City Bank Cleveland. City Bank Columbus. City Bank Cincinnati. Commercial B’k Cin.. Dayton Bank.............. Franklin Bank............ Sandusky City Bank. Seneca County Bank. Western Reserve B’k Mahoning County B’k Total.................. Capital stock Circulation. paid in. 40,000 50,000 60,000 132,200 148,080 50,000 91,850 100,000 62,500 50,000 65,000 25,000 110,857 57.179 110,936 144,129 215,626 46,517 132,506 147,227 51,069 97,013 223,256 38,980 864,630 1,375,295 Safety Fund stock. 112,061 21,803 100,000 60,000 215,830 54,000 174,292 158,957 53,066 50,000 226,038 46,261 03 00 00 00 98 00 88 42 00 00 44 13 Due to depositors. 40,245 86 128,726 63 77,988 44 154,265 90 241,314 03 360,535 68 141,418 83 108,946 60 113,137 13 20,998 47 100,969 05 22,416 52 Total liabilities. 328,162 294,823 349,598 578,606 956,486 584,328 550,313 526,374 336,324 230,038 630,963 170,538 46 40 96 48 48 87 96 37 39 50 10 13 1,262,310 88 1,510,968 14 5,536,459 10 BRANCHES OF STATE BANK. Capital stock Safety Fund at credit of Board Due to of Control. depositors. Total liabilities. Names of banks. paid in. Athens....................... |100,000 Akron......................... 100,000 Belm ont..................... 100,000 Chillieothe................. 250,000 Commercial, Clevei’d. 175,000 Commercial, Toledo . 150,000 Dayton....................... 200,000 Delaware County . . . 93,500 Exchange................... 125,000 Faimers’, Ashtabula. 100,000 Farmers’, Mansfield. . 100,000 Farmers’, Ripley__ _ 100,000 Farmers’, Salem . . . . 100,000 Franklin, Columbus . 175,000 Franklin, Cincinnati . 169,000 Guernsey................... 100,000 Harrison County . . . . 100,000 Hocking Y alley......... 100,000 Jefferson.................... 100,000 Knox County............. 100,000 Licking County......... 100,000 Logan......................... 99,020 L orain ....................... 99,000 Mad River V a lle y ... 100,000 M arietta................... 100,000 Mechanics’ <fc Traders’ 100,000 125,000 Merchants’ ................. Miami County............ 100,000 Mt. Fleasant............. 100,000 Muskingum............... 100,000 N orw alk.. . . ........... 125,000 Piqua ......................... 100,000 Portage County......... 103,000 Portsmouth............... 100,000 Preble County........... 100,000 Ross County............... 150,000 85,720 Summit County......... T o le d o ....................... 130,500 Union......................... 150,000 Wayne County.......... 81,500 150,000 Circulation. $199,460 188,800 198,500 384,302 291,559 259,305 203,194 183,369 214,897 183,934 187,010 198,422 198,903 298,199 234,239 200,000 198,429 192,210 197,820 186,181 192,219 196,173 157,017 182,824 198,362 159,892 234,989 151,613 199,261 198,024 236,262 182,406 193,605 194,420 175,209 263,551 195,650 245,750 273,000 139,422 255,830 $9,000 00 Total State branch. 4,836,240 8,623,702 58,246 94 3,005,006 58 17,502,274 5« 1,300 00 500 00 1,948 20 800 00 300 00 397 1,500 1,300 300 3,100 00 00 00 00 00 600 350 900 2,500 1,175 2,740 1,010 5,779 00 00 00 00 00 00 80 20 1,449 2,500 1,785 509 2,350 00 00 00 67 00 900 3 1,000 400 1,100 2,225 1,000 2,325 1,300 4,000 00 07 00 00 00 00 00 00 00 00 $26,500 16 $354,796 86 74,678 33 382,859 18 63,616 81 384,034 89 116,091 87 786,893 64 198.801 98 742.159 97 84,545 42 569,560 15 82,998 08 608,255 84 66,698 28 360,061 97 35,692 81 412.444 03 38,438 52 332,324 28 69,598 04 380,873 17 47,227 29 359,193 96 50,655 75 362,149 50 89,398 80 583,096 17 414,369 44 902,362 66 27,211 82 336,758 43 49,173 85 364,719 70 36,674 95 339,227 12 124,329 24 442,723 90 55,289 49 358,413 20 10,990 45 332,997 22 14,025 84 316,842 98 34,580 03 306,313 74 97,934 45 400,537 84 32,613 30 348,025 83 219,663 89 551,509 89 146,058 80 575,931 75 23,888 33 283,211 89 25,670 26 339,516 62 73,646 63 385,134 08 36,974 44 415,271 09 66,305 19 362,826 28 12,220 19 318,469 50 78,655 42 394,534 92 43,204 18 335,175 45 100,985 66 539,403 40 70,271 21 358,391 16 24,248 70 415,644 66 43,987 07 505,573 49 56,463 42 291,954 57 40,628 19 462,099 65 470 Journal o f Banking, Currency, and Finance. OLD BANKS. Bank o f Circleville.. 1200,000 Clinton B’k Columbus 250,000 Lafayette B’k Cincin. 662,700 Bank of Massillon.. . 200,000 O. Life Ins.* Trust Co. 611,226 Total of Old Banks 1,923,926 $376,*744 557,312 300,556 398,172 4,000 1,636,784 $35,211 74,078 305,901 126,319 458,682 71 $684,644 86 951,094 65 93 56 1,525,193 83 810,077 64 16 53 1,472,720 72 1,000,193 89 6,443,731 70 Total of all Banks. 7,624,796 11,635,781 1,320,557 82 5,516,163 61 28,482,465 36 The capital stock of the Ohio Life Insurance and Trust Company is $2,000,000, which is loaned on real estate. The capital of $611,226, on which it is doing business as a bank, consists of loans made to the Company, on which it is paying interest. $215,473 79 of amount due to banks and bankers consists of a balance due to New York and other agencies, after deducting therefrom $118,616 05, the amount due by the Trust Department. TOTAL RESOURCES AND LIABILITIES OF OHIO BANKS. RESOURCES. From whom. Old banks. State branches. Independ’ t bk’s. Notes and bills discounted, A c ............. $3,653,535 09 $11,218,205 54 $2,670,372 84 313,309 44 2,008,059 75 S p ecie...................................................... 438,384 25 241,643 55 710,199 06 Notes of other banks, A c....................... 289,638 00 242,873 56 256,835 21 585,473 58 Due from banks and bankers............... 394,840 55 1,541,900 39 Eastern deposits........ ............................. 470,392 18 29,092 82 Checks and other cash items................. 45,891 58 53,371 68 1,465,480 88 Bonds deposited with State Treasurer. 922,328 40 Safety F u n d............................................ 113,695 92 199,274 76 Beal estate and personal property.. . . 149,002 04 65,149 54 Other resources........................................ 112,573 25 270,941 50 Total resources $5,443,731 70 $17,502,274 56 $5,536,459 10 LIABILITIES. To whom. $864,630 00 1,375,295 00 1,262,310 88 269,474 84 1,510,963 14 70 112,071 33 71,726 31 12,985 93 31,856 97 tO Do. at credit of Board of Control......... Due to other banks, A c ......................... Due to individual depositors.................. Surplus or conting’t fund A und’d profits Bills payable and time drafts................ Discounts, interest, Ac.................... $ . . . Dividends unpaid................................ Other liabilities....................... ............... State branches. Old banks. $4,836,240 00 8,623,702 50 1,636,784 00 58,246 344,973 3,005,006 285,681 135,840 238,149 22,821 1,611 94 98 58 39 81 06 80 50 502,676 1,000,193 337,130 15,975 12,396 6,764 7,885 33 89 04 00 19 50 75 Total liabilities........................... $5,536,459 10 $17,502,274 56 $5,443,731 70 BANKING AND THE USURY LAWS. No expectation of forbearance or indulgence should be encouraged. Favor and benevolence are not the attributes of good banking. Strict justice and the rigid perform ance of contracts are its proper foundation. A repeal of the usury laws, so far as relates to notes of hand and bills of exchange, similar to that which took place in England in 1832, would undoubtedly have a highly beneficial effect o f lessening the violence of a moneyed pressure, as there is abundant evidence it has done in that country. The pertinacity with which all the States cling to the usury laws, the remnant of the old feudal opinion that the people ' cannot be trusted to take care of their own interests, is remarkable,— especially after the example has been set by England.— N. Appleton. Journal o f Banking, Currency, and Finance. 471 CONDITION OF THE CANADIAN BANKS IN 1 8 5 0 -5 1 . W e are indebted to the carefully-prepared statements of the Kingston (Canada) Chronicle and News, for the subjoined account of the condition o f the Canadian banks in July, 1850, and May, 1851. We have omitted the pence column, which will slightly affect the totals, but the statement will be found sufficiently accurate for all practical purposes:— LIABILITIES AND ASSETS OF THE CANADIAN BANKS (INCLUDING BRANCHES OF BRITISH NORTH AM ERICA) ON THE OF THE BANK 3 1 S T OF M AY, 1 8 5 1 . LIABILITIES. Banks. Circulation, Bank of Montreal................. Bank o f British N. America. Commercial Bank, m . d ___ Bank of Upper Canada___ City Bank of Montreal___ Quebec Bank......................... Banque du Peuple................ Gore Bank............................. T ota l................. £581,697 500,584 224,029 251,035 96,435 65,960 70,508 133,184 .........£1,623,435 Balances due to other banks. 5 £271,621 18 £1,126,305 Banks. Bank of Montreal. . ....................... Bank of British North America...... Commercial Bank, m . d .............................. Bank of Upper Canada................... City Bank of Montreal..................... Quebec Bank...................................... Banque du Peuple............................. Gore Bank......................................... 9 £565,326 Landed and other property. £41,925 0 0 23,607 8 35^914 9 8,794 18 6,500 0 13,570 19 5,500 0 Coin; 18 93,122 6 68,052 14 5P206 6 15,397 5 4 7 19 Total....................................... 9 Govern m’t securities. £100 0 30,125 13,600 0 0 . £135,312 14 £43,825 0 Notes, &c., Balances due from discounted. other banks. £1,650,564 3 £67,883 14 966,932 18 17,710 1 851,571 9 52,772 4 1,015,333 19 53,580 8 316,648 0 7,933 0 4,390 14 195,484 2 351,083 3 8,220 5 226,665 8 6,060 18 1 Notes of other banks. £32,867 16 24,931 18 20,714 2 33,773 15 15,357 72 1,352 5 5 387 19 9,989 9 Banks. Bank of Montreal............................. Bank of British .North Am erica.. . . Commercial Bank, m . d . . . . Bank of Upper Canada................... City Bank of Montreal................... Quebec B ank .................................... Banque du Peuple........................... Gore Bank.......................................... Total....................................... . Deposits at interest. Deposits. 5 £111,014 17 £268,222 10 £140,141 4 10 11,706 13 239,371 13 ................. 5 117,432 14 90,366 1 135,589 17 10 11,397 8 396,956 5 149,227 4 10 6,157 7 31,767 6 20,028 2 0 5,963 18 37,731 6 24,786 0 10 7,948 17 43,230 0 79,405 3 15 ............. 18,660 5 16,148 17 £144,374 18 £218,551 7 £5,574,283 5 STATEMENT EXHIBITING THE CIRCULATION OF, AND COIN AND DEPOSITS HELD BY THE BANKS IN CANADA ON JULY 81, 1850, AND MAY 81, 1851. JULY 3 1 s t , 1 8 5 0 . Banks. Bank of Montreal................. Bank British North America. Commercial Bank, M. d . . . . Bank of Upper Canada___ City Bank of Montreal......... Quebec B ank......................... Banque du Peuple................. Gore B a n k ............................. Capital. £750,000 640,000 403,200 380,887 221,793 100,000 200,000 80,000 Circulation. Coin. £441,943£147,844 170,810 64,425 187,989 46,922 194,216 49,706 100.476 23,872 56,922 21,700 49,898 20,322 107,678 9,340 Deposits. Loans. £449,679£1,306,914 231,544 789,715 156,635 653,047 429,992 692,290 45,070 252,964 77,115 192,855 95,954 293,479 38,272 193,634 Journal o f Banking , Currency, and Finance. 47 2 m ay 3 1 st, 1 85 1. Banks. Capital. Bank of Montreal................. Bank British North America. Commercial Bank, M. d ......... Bank of Upper Canada......... City Bank of Montreal.......... Quebec B ank......................... Banque du Peuple................. Gore B ank............................. £750,000 640,000 411,300 381,192 221,793 100,000 200,000 80,000 Circulation. Coin. Deposits. £581,697 £139,678 200,584 93,122 224,029 58,053 251,036 51.206 96,436 15,397 65,960 19,170 70,508 21,811 133,185 14,983 Loans. £408,363 £1,650,564 239,372 966,932 225,956 851,571 546,183 1,015,333 51,795 316,648 62.517 195,484 122,635 351,083 34,809 226,665 Total............................... £2,784,285 £1,623,435 £413,420 £1,601,680 £5,574,280 The banks, in making their returns to Parliament, should adopt a uniform system. Several banks are in the habit of giving a general statement of their aflairs, while others give an average statement of liabilities and assets for the previous six months ; it is therefore impossible to make up correct bank statistics from such returns. From the present returns it will be seen that there has been an increase within the twelve months of— Capital. Circulation. £8,405 £313,503 Specie. Deposits. £29,289 £167,369 Loans. £1,199,382 These figures show a large expansive movement, although it is difficult to say on what basis, the capital employed being only £8,000 over that of 1850, and the deposits showing an increase of £167,000, whilst the discounts are up to £5,575,000, being an increase of nearly S i,250,000. Another feature is the small proportion in the increase of specie, against the large increase in circulation and the increase in deposits, the banks having only added £29,000 to their vaults, and at the same time extended their circu lation over £300,000. The total amount of circulation is £1,623,000, against which £413,000 in specie is held— a proportion of about one-fourtli. The banks, becoming somewhat alarmed at their present position, have thought it prudent to commence a reduction in discounts— in fact, have been compelled to curtail from the scarcity of ex change, consequent on the low price and small shipments of produce, and the necessity of placing themselves in funds wherewith to cover their" London accounts, which were considerably overdrawn when these returns were made up. COINAGE AND DEPOSITS AT UNITED STATES MINT, PHILADELPHIA. The total coinage from January 1st, 1851, to August, inclusive, amounts to $31,664,316 — of which the gold coinage was $31,339,080. The annexed table wiU show the coin age in each month:— COINAGE AT PH ILADELPHIA. January..................... ___ February ................... March......................... ___ ApriL.......................... ___ M a y ........................... ___ June............................ ___ J u ly ........................... August......................... Total................ Gold. $2,620,966 6,285,735 3,176,058 3,201,262 3,653,248 Silver. $76,950 15,500 6,400 2,400 Three c’t pieces. 18,050 13,700 14,000 37,638 28,395 21,582 10,566 $147,000 $98,181 Copper. $7,277 16,861 6.537 13,337 9,699 10,165 8,215 7,964 $80,055 The deposits o f the precious metals at the mint in each month of the present year, were as annexed. The deposits from California, it wiU be seen, were $27,097,900. Journal o f Banking, Currency, and Finance. 473 DEPOSITS AT PH ILADELPH IA. January..................... February................... March....................... April........................... M ay........................... June........................... July........................... August..................... Total.................. Silver. Total. California gold. Other gold. $ 4 ,9 4 0 ,0 0 0 $ 6 0 ,0 0 0 .... $ 5 ,0 0 0 ,0 0 0 2 ,8 6 0 , 0 0 0 1 4 0 ,0 0 0 7 ,7 0 0 3 ,0 0 7 , 7 0 0 2 ,6 3 4 , 0 0 0 3 7 ,0 0 0 8 ,4 0 0 2 ,6 7 9 , 4 0 0 2 ,7 8 5 , 5 0 0 7 5 ,0 0 0 1 8 ,0 0 0 2 ,8 7 8 , 5 0 0 3 ,2 0 5 , 6 0 0 6 5 ,6 0 0 1 4 ,8 0 0 3 ,7 8 6 , 2 8 8 3 ,5 7 0 , 0 0 0 6 0 ,0 0 0 1 1 ,7 0 0 3 ,6 4 1 , 7 0 0 3 ,0 5 3 , 0 0 0 7 7 ,0 0 0 1 3 ,8 0 0 3 ,1 4 3 , 8 0 0 4 ,0 4 8 , 8 0 0 9 6 ,0 0 0 2 9 ,0 0 0 4 ,1 7 3 , 8 0 0 $ 2 7 ,0 9 7 ,9 0 0 $ 6 6 0 ,6 0 0 $ 1 0 3 ,4 0 0 $ 2 7 ,8 1 0 ,1 8 8 DEPOSITS AND COINAGE OF THE U, S. BRANCH AUNT AT NEW ORLEANS, STATEMENT OF THE DEPOSITS AND COINAGE1 AT THE BRANCH MINT AT N E W ORLEANS, FOR THE YE AR COMMENCING ON THE 1ST OB' AUGUST, 1 8 5 0 , AND ENDING ON THE 3 1 ST OF JULY, 1 8 5 1 . GOLD DEPOSITS. California gold bullion__ Other gold bullion........... Total gold deposits.. 1 3 2 ,7 5 8 32 $ 8 ,2 8 5 ,6 3 7 14 $ 8 2 2 ,0 8 5 25 $ 9 ,1 0 7 ,7 2 2 39 SILVER DEPOSITS. Silver extracted from California gold____ Other silver bullion.......... $ 5 7 ,5 7 1 61 7 6 4 ,5 1 3 64 Total value of gold and silver deposits................. GOLD COINAGE. Double eagles................... Eagles............................... Half eagles....................... Quarter eagles.................. Gold dollars..................... Pieces. Value. 8 3 3 ,5 0 0 $ 6 ,6 7 0 ,0 0 0 1 4 9 ,5 0 0 1 ,4 9 5 , 0 0 0 3 3 ,0 0 0 1 6 5 ,0 0 0 2 0 4 ,0 0 0 5 1 0 ,0 0 0 1 5 4 ,0 0 0 1 5 4 ,0 0 0 874 000 $ 8 ,9 9 4 ,0 0 0 SILVER COINAGE. Dollars............................... Half dollars....................... Quarter dollars................. Dimes............................... H a lf dimes....................... Three cent pieces.............. Total coinage . . . . 3 ,0 0 0 $ 3 ,0 0 0 1 ,7 1 2 ,0 0 0 8 5 6 , COO 2 7 6 ,0 0 0 6 9 ,0 0 0 5 3 0 ,0 0 0 5 3 ,0 0 0 1 ,0 3 0 , 0 0 0 5 1 ,5 0 0 6 0 0 ,0 0 0 1 8 ,0 0 0 4 151 000 $1 050 500 5 ,0 2 5 ,0 0 0 $ 1 0 ,0 4 4 ,5 0 0 HOW TO DETECT COUNTERFEIT BILLS. A cotemporary gives the following rules for the detection of counterfeit bank bills:— 1. Examine the appearance of a bill. The genuine have a general dark, neat ap pearance. 2. Examine the vignette, or picture in the middle of the top ; see if the sky or back ground looks clear and transparent, or soft and even, and not scratchy. 3. Examine well the faces, see if the expression is distinct and easy, natural and life-like, particularly the eyes. 4. See if the drapery or dress fits well, looks natural and easy, and shows the folds distinctly. 5. Examine the medallion ruling, and heads and circular ornaments around the figures, <Stc. See if they are regular, smooth, and uniform, not scratchy. This work, in the genuine, looks as if raised on the paper, and cannot be perfectly imitated. 474 Journal o f Banking , Currency, and Finance. 6. Examine the principal line of letters or name of the bank. See if they are all upright, perfectly true and even ; or if sloping, of a uniform slope. 7. Carefully examine the shade or parallel ruling on the face or outside of the let ters, &c.; see if it is clear, and looks as if colored with a brush. The fine and paral lel lines in the genuine are of equal size, smooth and even; counterfeits look as if done with a file. 8. Observe the round hand-writing engraved on the bill, which should be blaek, equal in size and distance, of a uniform slope, and smooth. This, in genuine notes, is inva riably well done, and looks very perfect. In counterfeits it is seldom so, but often looks stiff, as if done with a pen. 9. Notice the “ imprint,” or engraver’s name, which is always near the border or end of the note, and is always alike, letters small, upright, and engraved very perfectly. Counterfeiters seldom do this well. N o t e .— It was remarked by Stephen Burroughs, before he died, that two things could not be perfectly counterfeited; one was dye-works, or portraits,medallion heads, vignette, (fee., and the other shading or ruling above the letters. BANKS OF THE STATE OF MAINE. NAMES OF THE THIRTY-SEVEN BANKS IN MAINE, MAY, 1 8 5 1 ---- LOCATION OF EACH---- DATE OF CHARTER---- AGGREGATE LIABILITIES---- AND LAST DIVIDEND.— COMPILED FROM THE AN NUAL ABSTRACT PUBLISHED BY THE SECRETARY OF STATE, MAY, 1 8 5 1 . Banks. Androscoggin.. . . A tlantic............... Augusta............... Bank Cumberland Biddeford............. B elfast................. Brunswick........... C anal................... C a s co ................... Commercial.......... Calais.................... Eastern................ Exchange............. Freeman’s ............ Frontier............... Granite................. Gardiner............... Kenduskeag........ Lincoln................. Lime Rock........... Manufacturers’ . . . Manuf. & Traders’. Mariners’ ............. Merchants’ ........... Mercantile........... Merchants’ ........... Medomak............. N orthern............. Sagadahock ......... South Berwick. . . Skowhegan.......... T iconic................. Thomaston........... Y e a z ie ................. W aterville............ Y ork ..................... Towns. Topskam.. Portland... Augusta . . Portland... Biddeford.. Belfast. . . . Brunswick. Portland.. . Portland.. . B a th ......... Calais . . . . Bangor . . . Bangor . . . Augusta . . Eastport... Augusta . . Gardiner. . Bangor . . . B a th ........ Rockland.. Saco........... Portland.. . Wiscasset.. Bangor . . . Bangor . . . Portland... W aldoboro’ Hallowed.. B a th ........ S. Berwick Skowhegan Waterville. Thomaston. Incorporated. 1834, Feb. 1 . . . 1850, Aug. 28 . 1814, Jan. 2 1 .. 1835, March 19. 1847, July 2 6 .. 1836, April 1 .. 1836, April 1. . 1825, Feb. 1 9 .. 1824, Feb. 1 8 .. 1832, Feb. 1 6 .. 1831, April 1 .. 1835, March 21. 1850, July 1 8 .. 1833, March 2.. 1836, April 1 .. 1836, April 1 .. 1814, Jan. 31... 1847, July 1 3 .. 1813, June 16 . 1836, April 1 .. 1825, Feb. 2 3 .. 1832, Feb. 2 7 .. 1835, March 21. 1850, July 1 8 .. 1833, Feb. 2 1 .. 1825, Feb. 19. . 1836, April 1 .. 1833, March 2.. 1836, April 1 .. 1823, Jan. 31... 1833, March 4.. 1831, April 1 .. 1825, Feb. 2 2 .. 1850, July 2 7 .. Bangor . . . 1848, July 1 4 .. Waterville.. 1850, July 2 1 .. Saco........... 1831, April 1 .. Divid’d. Re-chartered. Total resources. p.c. $94,200 22 3 1846, Aug. 10 141,368 18 241,470 92 5 1846, Aug. 10 240,003 70 5 D itto............ 277,504 78 4 134,975 30 5 i 846, Aug. 10 110.948 15 4 D itto ............ D itto............ 928,761 05 3 643,228 01 H D itto............ 144,452 22 3 D itto............ 112,746 49 3 D itto............ D itto............ 234,864 00 5 ................. 121,982 92 146,782 94 5 1846, Aug. 10 139,457 05 4 D itto............ Ditto............. 166,982 10 5 228,053 03 5 D itto............ ...................... 274,948 44 5 1847, June 24 318,058 67 5 206,682 67 H 1846, Aug. 10 D itto............ 180,205 92 4 D itto............ 232,629 12 6 D itto............ 109,434 68 4 ................. 128,325 32 1846, Aug. 10 160,713 26 5 D itto ............ 413,928 92 4 131,832 06 H D itto............ D itto............ 199,897 15 6 235,875 16 5 D itto............ 162,230 85 H 1847, June 24 157,188 57 4 1846, Aug. 10 169,815 41 H D itto.......... 173,813 32 4 D itto............ 84,467 29 .............. 524,251 72 9 92,848 52 186,359 55 4 1846, Aug. 10 475 Journal o f Banking, Currency, and Finance. UNITED STATES TR EASU RER'S STATEMENT FOR AUGUST, 1851. TREASURER S STATEMENT, SHOWING THE AMOUNT AT HIS CREDIT IN THE TREASURY, W IT H ASSISTANT TREASURERS AND DESIGNATED DEPOSITARIES, AND IN THE MINT AND BRANCHES, B Y RETURNS RECEIVED TO MONDAY, AUGUST 25, 1851, THE AMOUNT FOR W HICH DRAFTS HAVE BEEN ISSUED BUT W E R E THEN UNPAID, AND THE AMOUNT THEN REMAINING SUBJECT TO DRAFT. SHOWING, ALSO, THE AMOUNT OF FUTURE TRANSFERS TO AND FROM DEPOSITA RIES, AS ORDERED BY THE SECRETARY OF THE TREASURY. Drafts Amount on deposit. Treasury of United States, 'Washington.. .' Assistant Treasurer, Boston, Mass............... Assistant Treasurer, New York. N. Y . ___ Assistant Treasurer, Philadelphia, Pa......... Assistant Treasurer, Charleston, S. C.......... Assistant Treasurer, New Orleans, La. . . . Assistant Treasurer, St. Louis, Mo............... Depository at Buffalo, New York................ Depository at Baltimore, Maryland............. Depository at Richmond, Virginia....... ..... Depository at Norfolk, Virginia................... Depository at Wilmington, North Carolina. Depository at Savannah, Georgia................ Depository at Mobile, Alabama................... Depository at Nashville, Tennessee ........... Depository at Cincinnati, Ohio..................... Depository at Pittsburg, Pennsylvania.. . . Depository at Cincinnati, (late).................... Depository at Little Rock, Arkansas.......... Depository at Jeffersonville, Indiana........... Depository at Chicago, Illinois..................... Depository at Detroit, Michigan................. Depository at Tallahassee, Florida.............. Suspense account...........................$2,536 74 Mint of the U. S., Philadelphia, Penn........ Branch Mint of U. S , Charlotte, N. C......... Branch Mint of U. S, Dahlonega, Ga.......... Branch Mint of U. S., New Orleans, L a . . . . $132,789 1,050,327 3,195,274 1,076,568 228,706 1,285,136 274,897 33,735 108,287 2,642 64,969 3,952 31,346 12,725 56,377 104,724 9,400 3,301 54,991 55,039 18,292 28,125 14,652 5,711,150 32,000 26,850 1,100,000 heretofore drawn but not yet paid, Amount though payable, subj. to draft 26 $10,417 71 $122,371 55 81 164,816 13 885,511 68 96 412,S98 95 2,782,376 01 76 46,006 70 1,030,562 06 60,912 36 167,794 54 90 09 503,502 35 781,683 74 63,286 S6 75 211,610 89 33,651 89 24 83 35 63 91,887 63 16,400 00 2,565 96 62 76 66 5,632 86 32 59,336 46 1,921 26 2,031 36 62 10,554 97 29 20,791 32 7,395 55 33 5,329 78 19,870 56 64 36,507 08 62,276 02 42,448 51 53 1,725 25 06 7,674 81 .. 3,801 37 37 3,060 93 39 51,930 46 95 39 54,944 50 89 15,038 03 3,254 00 03 4,188 04 39 23,937 35 13,470 84 54 1,181 70 2,536 74 5,711,150 '00 00 32,000 00 00 26,850 00 00 1,100,000 00 00 Total........................................................ 14,716,265 42 1,738,519 07 12,980,283 09 Deduct suspense account......................................................................... 2,536 74 Add difference in transfers $12,977,746 35 773,850 00 Net amount subject to draft.................................................................. $13,751,596 35 Transfers ordered to Treasury of the United States, Washington. $100,000 00 Transfers ordered to Assistant Treasurer, Boston, Massachusetts.. 5,310 00 Transfers ordered to Assistant Treasurer, New Orleans, Louisiana. 350,000 00 Transfers ordered to Assistant Treasurer, St. Louis, Missouri........ 150,000 00 Transfers ordered to Depository at Norfolk, Virginia....................... 195,000 00 Transfers ordered from Mint of the United States, Philadelphia, Pa. $800,310 00 26,460 00 N EW BANK LAW OF N EW HAMPSHIRE, An Act passed at the last Session of the Legislature o f New Hampshire, and ap proved July 2, 1851, provides that the capital stock of each and every bank in that State, shall be fixed antP limited to the amount subscribed and actually paid in under their respective charters, on the first of October, 1S51, any law, or the provisions of any charter to the contrary notwithstanding. 476 Journal o f Banking , Currency, and Finance. THE W EALTHY POPULATION OF ST. LOUIS. The St. Louis Intelligencer gives a list of the tax-payers of that city, who are pos sessed of real and personal estate beyond the sum o f $50,000. The editor says:— “ The aggregate number is sixty-two, and of this number one is assessed at over half a million, namely, Mr. Lucas—and ten at over a quarter of a million. It will be perceived, by this list, that the late Judge Mullanphy’s estate is set down at $387,000 — one-third o f which, by the terms of his will, is left to the city of S t Louis, in trust for poor emigrants.” B. W. Alexander..................... $54,000 Mrs. Mary Hanney.................. $337,000 284,000 •■James Harrison....................... 70,000 Thomas Allen......................... Henry Ashbrook..................... 51,000 Luther M. Kennet................... 93,000 Elizabeth Ashley.................... 85,000 Louis A. Labeaume............... 55,000 Louis A. Burnish.................... 170,000 Peter Lindell............................ 436,000 Ann Biddle’s estate............... 57,000 Lucas & Hunt........................... 387,000 John Biddle.............................. 94,000 James H. Lucas....................... 513,000 Louis Y. Bogy........................ 194,009 Kenneth Mackenzie............... 60,000 Octavia Boyce. . . . - . ............... 173,000 Bryan Mullanphy.................... 352,000 Joshua B. Brunt...................... 242,000 John O’Fallon........................... 345,000 338,000 Edward BredelL..................... 58,000 Daniel D. P age........................ William C. Carr..................... 143,000 Henry L. Patterson................ 74,000 Charles Chambers................... 110,000 Rene Paul................................ 54,000 Joseph Charles........................ 61,000 Adolph Paul............................ 64,000 Pierre Choute.au, Jr............... 166,000 Bernard Pratte......................... 70,000 Charles P. Chouteau............... 72,000 David Rankin........................... 153,000 Henry Chouteau..................... 145,000 Henry S h aw ........................... 196,000 Gabriel S. Chouteau............... 106,000 Edwin B. Smith..................... 51,000 William Christy’s esta te.... 60,000 Henry G. Soulard................... 67,000 James Clemens, Jr.................. 291,000 Benjamin A. Soulard............. 61,000 George Collier......................... 321,000 James F. Swerengen............. 63,000 Henry S. Cox’s estate............. 51,000 George R. Taylor..................... 63,000 Harriet M. Dean..................... 150,000 Robert Tyler............................ 297,000 Patrick M. Dillon................... 95,000 Richard W. Ulrici................... 64,000 Green Eukine......................... 53,000 Charles M. Valleau................. 52,000 John and William Finney... . 140,000 Henry Von Phul..................... 53,000 Archibald Gamble................. 52,000 William Waddingham........... 81,000 Hamilton Gamble................... 56,000 Isaac Walker........................... 243,000 John H. Gay........................... 127,000 104,000 John and Edward W alsh .. . . George W. Goode................... 60,000 Samuel W illi........................... 51,000 Richard Graham..................... 140,000 James Woods........................... 94,000 EXTRAORDINARY CASE OF BANKRUPTCY. A rather extraordinary case is likely shortly to occupy the attention of the Bristol District Court of Bankruptcy. So long ago as 1769, says the Bath (England) Gazette, a person named Constable became bankrupt, and his affairs were wound up. It so happened that some time before his failure he had made a deposit of £500 in one of the Bristol banks; but, through some inadvertence, the deposit note was overlooked among the rest of the papers, and no mention was made of it either in the balance sheet or any of the proceedings under the fiat. Constable shortly afterwards died, and, in the course of years, a change took place in the banking firm, and in the arrange ment of the private affairs of the partners at this time (1820), the £500 deposited by old Constable was paid to one of the retiring partners. Through a series of almost ro mantic circumstances, the papers in Constable’s bankruptcy fell, with some others, into the hands of a highly respectable solicitor of this city, who, in searching for some other documents, alighted upon the deposit note of Constable lor £500, which sum had thus been lying at compound interest, at 2 per cent, during nearly a century, and which has accumulated to the large sum of £1,700. The gentleman who made this discovery at once communicated the fact to the official assignees. All the creditors and other persons interested in the bankruptcy have long since died; but it was re solved to try to obtain this money for their representatives. « With this view, it is in tended to reopen the fiat, under the power given by the Bankrupt Law Consolidation Act, and for that purpose an applicatien will shortly be made to one of the learned commissioners for this district. Journal of Banking , Currency, and Finance. 4Y7 DEPOSITS OF GOLD DUST IN THE UNITED STATES MINT. Messrs. C hambers & H eiser, merchants of New York, recently addressed a letter to E. C. D ale, Esq., Treasurer of the United States Mint, Philadelphia, eliciting informa tion with regard to deposits of gold dust left at the mint to be assayed. The object of the letter was to correct the misconception of parties, who supposed that it was the custom at the mint to melt in one lot a large number of packages received from time to time from various individuals, and then divide it up pro rata, and making the memo randums accordingly. Such a course on the part of the mint would necessarily oper ate unjustly to the interests of those whose lots of gold have been selected with care. Mr. D ale, the Treasurer, in reply to the letter of Messrs. C hambers & H eiser , writes as follows:— M i n t o f t h e U n i t e d S t a t e s , Philadelphia, Sept. 9,1851. G entlemen :— * * * * * * * * “ In reply, I have to state that when we receive deposits each parcel (of which a separate assay and valuation are requested) is set apart by itself and is distinctly numbered ; it is then separately melted in a clean pot, poured into molds, and the bar or bars thus produced are again numbered. These bars are weighed in the Treasursr’s office, and the result recorded. From various parts of the bars slips are taken, numbered carefully, and assayed : the result being reported to the Treasurer. From the Assayer’s report and the weight of the bullion, after melting, the value of the de posit is ascertained. “ From this explanation you will perceive that the summary, and, I may add, disho nest and illegal practice alleged against us has no existence. Each deposit stands on its own merits, and the poorness or richness of the return depend entirely upon the poorness or richness of the deposit itself. “ The disappointment which depositors sometimes meet in the return given for their bullion, and to which your letter adverts, is not surprising, when you consider how much the value of an article so precious is affected by an excess, beyond the average, of dirt or other foreign matters, or*by a slight inferiority in quality, which can only be detected by accurate assay. Very respectfully, yours, » E. C. DALE, Treasurer. Messrs. C hambers H eiser, New York.” THE BANK OF FRANCE. The condition described in the annexed extract, and which is regarded by the French papers as alarming, is precisely the reverse of what is seen in the case of our own banks, and which is also regarded as alarming. In France there is an excess of inac tion in money matters,— in the United States an excess of action. P aris , Aug. 23, 1851.— The most interesting article in the leading columns of the Paris journals of this day, is a notice of the accounts of the Bank of France by the Debats. The inferences of the writer are, uufortunately, such as to create painful im pressions. He says:— “ If it is wished to study with any advantage the state and movement of affairs as far as the returns o f the Bank cau be considered as an indication, it is not sufficient to compare the last return with that which precedes it; it is essential to go further back, and to take in an ensemble of several weeks, and even of months. We have now be fore us the returns of the last 20 weeks, from which we draw the following conclu sions :— The specie in the Bank on the 20th March was 384 millions. This amount is composed of capital withdrawn from circulation and for the moment unproductive. It is not, therefore a favorable sign to see this amount increase. It is true that this capi tal is in part represented in the circulation by bank notes. In a prosperous state of affairs, the Bank, in conformity with the law of its institution, ought to have more notes in circulation, than bullion in its cellars, but its present situation is quite the reverse. Its circulation is not equal to its reserve of cash, and when the latter increases, the circulation of notes does not follow that movement. This is a certain sign that capital remains without employment. This is the greatest evil, commercially speaking, which can befal society. When capital remains unemployed, labor languishes, the working 478 Journal o f Banking , Currency, and Finance. classes do not gain as much wages as they might do, and the country becomes impov erished. There is nothing' less than this proved by the figures which come every week under the eyes of the public, and which is only regarded superficially. For our part we know no subject more worthy the serious attention of those who occupy them selves with the affairs of the state. From 384 milliotls on the 20th of March, the amount in the coffers of the Bank has since increased to 474 millions, and that regu larly, day by day, as if it obeyed a law of its nature. Where will this movement stop ? We have said that the circulation of notes does not increase in proportion to the increase of cash in the Bank. On the 20th March it was 414 millions ; according to the last return it was 415 millions. It is true, that if we take the circulation of Paris, and the branch-banks together, the results will be rather better, but not so much so as to invalidate our remarks. On the 20th of March the ensemble of the circulation was 507,500f,, and the total amount of specie to meet it was 528,500,000f. How the total amount of the circulation is 529,500,0001, and of the cash in hands 607 millions. The specie in the coffers of the Bank has therefore increased 80 millions, and the circulation only 22 millions. It is therefore certain that a considerable amount of capital remains unemployed; that the country every month and every year loses the benefit which this capital would produce if usefully employed. It is the want of security and confi dence in the future which produce this disastrous result. Such is the fruit of revolu tions. On the 20th March the amount of discounts in Paris was 48 millions ; it is now 35 millions; in the branch-banks it was 77 millions, it is now 64 millions. A ll this is very serious; the Government and the Bank directors will do well to think seriously o f it.” N EW YORK STATE CANAL REVENUE CERTIFICATES. As the following act of “ The People of Hew York, represented in Senate and As sembly,” has an important bearing upon the financial and banking system of the State, and will be found useful to bankers and capitalists at home and abroad, as matter of reference, we deem it of sufficient interest to place on record in this department of the Merchants' Magazine. The Secretary of State has compared the following copy of this act with the original law on file in his office, and pronounces the same to be a cor rect transcript therefrom, and of the whole of the said original:— « A S ACT TO PROVIDE FOR THE COMPLETION OF THE ERIE CANAL ENLARGEMENT, AND THE GEN ESEE VALLEY AND BLACK R IV E R CANALS, PASSED JULY 10, 1851, THREE-FIFTHS BEING PRESENT. The People o f the State o f New York, represented in Senate and Assembly, do enact as follow s:— S e c t i o n 1. The remainder of the revenues of the State canals, after defraying the expenses of collection, superintendence, and ordinary repairs, and after paying the sev eral amounts provided by the Constitution to be applied to the extinguishment of the canal debt, and the General Fund debt, and for the necessary expenses o f government, shall be applied in each fiscal year to the completion of the Erie Canal Enlargement, and of the Genesee Valley and Black River Canals, in the manner hereinafter directed, until said enlargement and the said canals shall be completed. S ec. 2. The Controller shall cause to be prepared certificates, to be denominated “ Canal Revenue Certificates," in the manner specified by the second section of chapter three hundred and twenty of the laws of one thousand eight hundred and thirty-one, and of the denominations therein specified, except that the same may be in any sums not less than fifty dollars, which shall purport on their face to be issued by virtue of this act, and without any other liability, obligation, or pledge on the part of this State than such as is contained in this act, of the surplus revenues of the canals, and to be redeemed and the interest thereon to be satisfied as provided by this act. Such cer tificates shall be made payable at such time, not exceeding twenty-one years from the time of their issue, as the Controller shall designate as being the period when, in his judgment, the revenues provided by this act will be sufficient for their redemption, and the payment of the interest thereon; and they shall bear an interest of not exceeding 6 per cent per annum, payable semi-annually, on such days and at such places as the Controller shall direct. AH the existing provisions of law in relation to certificates of stock issued by or under the authority of the Commissioners of the Canal Fund, so far as they are applicable, shall extend and be applied to the said canal revenue certifi Journal o f Banking , Currency, and Finance. 479 cates; and all the powers and duties of the Commissioners of the Canal Fund, in re spect to the certificates of stock issued by the State under their direction, shall devolve upon, and be performed by, the Controller in relation to the canal revenue certificates authorized by this act. The said certificates shall be in the following form :— CANAL REVENUE CERTIFICATES. This certificate is issued under the authority of an act of the Legislature of the State of New York, entitled “ An Act to provide for the Completion of the Erie Canal Enlargement, and the Genesee Valley and Black River Canals,” passed day of , one thousand eight hundred and fifty-one; and entitles or assigns, to receive dollars, on the day of , 18 , and the interest thereon, at the rate of per cent per annum, semi-annually, on the day of and the day of in each year, until the time when the principal sum will be receivable, at , as provided in the said act, without any other obligation, liability, or pledge on the part of the State of New York than such as is contained in the said act. Dated this 18 . And they shall be signed by the Controller officially, and countersigned by any transfer agent appointed by him. Nothing in this act shall be deemed to affect in any manner the power of the Legislature to alter, reduce, or release the payment of any tolls to the State on property transported on any railroad in this State. S ec. 3. The surplus revenues specified in the first section of this act, which have and may accrue, in the years eighteen hundred and fifty-one, eighteen hundred and fiftytwo, eighteen hundred and fifty-three, and eighteen hundred and fifty-four, shall be applied to the Erie Canal Enlargement, and the Genesee Valley and Black River Canals, until the same shall be completed. After the close of the fiscal year, in eighteen hundred and fifty-four, or at such earlier period as the said enlargement and canals shall be declared by the Canal Board to be completed; the whole of the said surplus revenues specified in the first section of this act, as the same shall be ascertained at the end of each fiscal year, shall constitute a separate fund for, and be applied to, the payment of interest on the said canal revenue certificates so issued by the Controller, as "the same shall fall due, and to the redemption of the said certificates as they shall become redeemable, or to the purchase of such certificates as hereinafter provided ; and as soon as the amount of such surplus shall be ascertained in every fiscal year, the Auditor of the Canal Department shall, by his warrant on the Treasuser transfer the same to the credit of the said fund, until a sufficient sum shall have been thus trans ferred and safely invested to redeem all the canal revenue certificates issued under this act, and pay the interest thereon; such sufficiency and safety to be certified by the Commissioners o f the Canal Fund. S ec. 4. The Controller and the Treasurer shall keep proper accounts of the said funds, separate and distinct from all other funds, and shall annually report to the Leg islature the condition thereof. The Controller shall from time to time, draw his war rant on the Treasurer, payable out of the said fund only, for the payments of interests on the said canal revenue certificates, as the same shall become due; and also for the re demption of the said certificates as they shall become redeemable; and for the purch se of such certificates as herein provided ; and for the investment of any part of said fund ; and for the payment of the expenses of prepairing, issuing, and transferring such certificates. S ec. 5. The Controller shall from time to time, invest any part of the said fund which may not be required for immediate application to the interest or principal sum of the said canal revenue certificates, in any stocks for the payment of which, the faith of this State is or may be pledged ; or in the manner provided by law for the investment of the capital of the common school fund ; and he may from time to time, purchase any canal revenue certificates issued under this act, on such terms as the Com missioners of the Canal Fund shall judge to be the most advantageous to the fund hereby created; and he shall in like manner invest any income or interest arising from any investment so made by him. S ec. 6. The canal revenue certificates, issued according to the provisions of this act, shall be received from any person or association of persons, formed for the purpose of banking and intending to conduct banking operations under the laws of this State, for circulating notes, to be delivered to such person or association, in the same manner, up on the same terms, and to the same extent as now provided by law, in respect to the public stocks issued by this State ; and the said certificates may also be received from any insurance company, organized in any other State, in compliauce with any law re 480 Journal o f Banking, Currency, and Finance. quiring the deposit of certificates of stock, as security for the performance of the un dertakings of such company. S ec. 7. The Controller shall sell canal revenue certificates issued as herein provi ded, to the amount of three millions of dollars, within one year after the passage of this act, and within the second year after the passage of this act, to the farther amount of three millions of dollars; and within the third year after the passage of this act, to such farther amount not exceeding three millions of dollars, as shall be certified by the Canal Board to be necessary for the final completion of the Erie Canal Enlargement, and the Genesee Valley and Black River Canals, if such sales can be made for the full amount of the principal sum for which the said certificates shall be issued respectively. The same notice of all such sales shall be given by the Controller as is now prescribed by law in relation to notice of loans to be made by the Commissioners of the Canal Fund. S ec. 8. The avails of all sales of the said certificates, together with all premiums received thereon, shall be immediately paid iuto the treasury of this State, and the same together with all interest that shall accrue on the deposit o f such avails, shall be applied exclusively to the completion of the Erie Canal Enlargement, and the Genesee Valley and Black River Canals, in the same manner as is or may be provided by law in respect to the canal revenues; and to the payment of interest on the certificates aforesaid as herein provided; and the sum of three millions five hundred thousand dol lars is hereby appropriated, to be paid out ot such avails, premiums and interest, and the surplus revenues of the State canals, as herein before provided, on the warrant of the Auditor of the Canal Department, during the year next after the passage of this act; and the like sum of three millions five hundred thousand dollars is hereby appro priated, to be paid out o f such avails, premiums, interest, and surplus revenues, and on the like warrant, during the second year next after the passage of this act, to be ap plied to the completion of the said enlargement and canals, and to be paid as the same may be required from time to time. S ec. 9. The sum of one hundred and eighty thousand dollars is hereby appropri ated for the payment of the first year’s interest on the canal revenue certificates issued under this act, and the sum of three hundred and sixty thousand dollars is hereby appropriated for the payment of the second year’s interest on the said cer tificates, to be paid by the Treasurer, on the warrant of the Auditor of the Canal De partment, out of the avails of the sale of the certificates authorized by this act, and the premiums received thereon, and the interest that shall accrue on the deposit of such avails. S ec. 10. I f at any time after the year eighteen hundred and fifty four, the Legisla ture shall direct the sum of three hundred and fifty thousand dollars, or any part there of, out of the surplus revenues of the canals, to be applied to the necessary expenses o f the government, as authorized by the third section of the seventh article of the Constitution, the sum so directed to be applied, shall from thenceforth cease to consti tute any part of the fund hereby created for the payment of the interest and redemp tion of the principal of the canal revenue certificates issued under this act, and such amount shall not be transferred to the credit of the said fund, so long as such direction shall continue. S ec. 11. The Canal Board shall from year to year, until otherwise directed by act of the Legislature, adjust the rates of toll on all articles transported on the canals of this State, in such manner as in their judgment will produce the greatest amount of trade and revenue. S ec. 12. The Board of Canal Commissioners, together with the State engineer and surveyor, and the division engineer, having charge of that portion of the canals where the work is to be let. and in case of the inability, neglect, or refusal of the Canal Com missioners to act, then any one of them, together with the State engineer and the divis ion engineer aforesaid, shall contract for the completion of the Erie Canal Enlargment, and the Genesee Valley and Black River Canals, upon such terms and in such manner as the Canal Board shall direct and approve; first causing public notice to be given, by the aforesaid officers, or such one of them as the Canal Board shall direct, for the time and in the manner now specified by law. The contracts for the work shall require the jobs to be completed on or before the first day of May, eighteen hundred and fifty four; contracts shall be awarded to such parties as shall propose to perform the work on terms most safe and advantageous to the State, having due regard to price, the ability of the parties, and security offered for the performance thereof; such contracts shall contain a stipulation expressly limiting the liability of the State to the payment thereon only of such surplus revenues as shall be constitutionally applicable to the Journal o f Banking, Currency, and Finance. 481 completion o f the said canals, and of the moneys realized from the sale of certificates authorized by this act, and the Canal Board may authorize the payment for any por tion of the work performed under the said contract, by delivering to contractors, with their assent, any of the certificates authorized by this act, at their true market value, not less than par, provided, however, that the contracts for the completion of the whole work on such canals, according to the plans—and specifications adopted by the Canal Board shall not exceed to the amount of 10 per cent, the sum of ten millions five hun dred and eight thousand one hundred and forty-one dollars, being the amount of the estimate for completing such canals, except for structures and work not included in the specifications and estimates as contained in the report of the State engineer and sur veyor, for the year eighteen hundred and fifty-one, exclusive of land damages. S ec. 13. No member of the Legislature, no member of the Canal Board, and no State officer shall be, either directly or indirectly, interested in any contract or job to be per formed, by authority of this act, and any such contract or job in which any such person shall be thus interested, may be declared forfeited in the discretion of the Canal Com missioners, or if they be interested, then at the discretion of the Canal Board, without subjecting the State to any obligation to pay damages on account of such forfeiture. S ec. 14. In case of any failure of revenues from the canals, by reason of pestilence, deficiency o f crops, or breaches or damages to the canal, or from any other cause, the State shall in no event be liable to make up any deficiency of revenue, or to redeem the canal revenue certificates, in any other manner than out of the canal revenues of the State, as directed by the provisions of this bill for such purpose. The certificates to be issued under this act shall in no event or contingency be so construed as to create any debt or liability against the State, or the people thereof, within the meaning of section twelve, article seven of the Constitution. Sec. 15. This act shall take effect immediately. OF SUITS AGAINST JOIST STOCK COMPANIES. The following act to extend the “ A ct in relation to suits by and against joint stock companies and associations,” to companies having a joint or common interest in pro perty, was passed by “ the People of the State of New York represented in Senate and Assembly,” July 9, 1851. This act having been approved by the Governor, <fcc., is now in force. Sec. 1. The act entitled, “ An A<k in relation to suits by and against joint stock companies and associations,” passed April 1th, one thousand eight hundred and fortynine, is hereby extended to any company or association, composed of not less than seven persons, who are owners of or have an interest in any property, right of action, or de mand, jointly or in common, or who may be liable to any action on account of such ownership or interest; and the suits and proceedings authorized by the said act, may be brought and maintained in the manner therein provided, as well for any cause of action heretofore existing, as for any that may hereafter accrue. DOLLARS ISSUED BY THE BANK OF ENGLAND. A Country Banker has forwarded us an impression of “ a Five chilling piece o f the Bank o f England? It is dated 1804. On one side is the impression of the head of Geo. III., with the works “ Georgius III. Dei G r a t ia a n d on the obverse is a figure o f Britannia, the same as on the present bank note, with the words around it “ Five Shillings D o lla r a n d in an outer circle the words “ Bank of England.” Our corres pondent says, “ never having heard that the bank had issued coin of its own he wishes for a little of the history of such coin.” During the suspension of cash payments the Bank of England issued silver dollars, of which the one above described formed a part. In Francis' History o f the Bank o f England a full account is given of the circumstances under which the dollars were issued, and of their enhancement in value and withdrawal from circulation. The bank and not the mint were on that occasion the issuers, but since the resumption of cash payments the bank has never issued coin except that previously obtained from the mint.— London Bankers' Magazine. VOL. X X V .-----NO. IV. 31 Commercial Statistics. 482 COM M ERCIAL STATISTICS. COTTON CROP OF THE UNITED STATES. We publish below the statement of the Shipping and Commercial List, of the crop, export, and consumption of cotton for the year ending 31st of August, 1851, compared with previous years:— STATEMENT AND TOTAL AMOUNT FOE THE YEAR ENDING THE 3 1 S T OF AUGUST, 1 8 5 1 . Export--n e w ORLEANS. To foreign ports........................... bales Coastwise............................. ............. Stock, 1st September, 1851................ Bales. Total. 1850. 933,369 781,886 451,748 350,952 181,204 181,344 45,820 31,263 322,376 843,635 844,641 152,817 15,390 1,012,848 Deduct— Stock, 1st September, 1850................ R e’d from Mobile & Montgomery, Ala.. Received from Florida......................... Received from Texas.......................... 16,612 42,524 11.091 9,252 79,479 Export--ALABAMA. To foreign ports.................................... Coastwise. . . . .................................... Consumed in Mobile............................. Stock, 1st September, 1851................ 321,777 114,451 685 27,797 464,710 Deduct Stock, 1st September, 1850................. Export--FLORIDA. To foreign ports.................................... Coastwise............................................... Stock, 1st September, 1851................ 12,962 70,547 111,532 273 182,352 Deduct— Stock, 1st September, 1850................... Export--TEXAS. To foreign ports.................................... Coastwise............................................... Stock, 1st September, 1851................ 1,148 2,261 43,014 596 45,871 Deduct— Stock, 1st September, 1850................... Export from Savannah— 51 Ge o r g i a . T o foreign ports— Uplands.......... Sea Islands............ Coastwise— U plands............................ Sea Islands...................... Stock in Savannah, 1st Sept., 1851... Stock in Augusta, 1st Sept., 1 8 5 1 .... 145,150 8,497 160,642 3,145 4,500 29,511 351,445 Deduct— Stock in Savannah and Augusta, 1st Sept., 1850. 29,069 Commercial Statistics. 483 SOOTH CAROLINA, Export from Charleston— To foreign ports— Uplands................. Sea Islands........... Coastwise— Uplands........................... Sea Islands...................... 254,442 13,576 138,428 2,210 408,657 Export from Georgetown— To New Y ork.......................... 1,812 St’k in Cha’ton, 1st Sept, 1851. 10,953 ---------Deduct— Stock in Charleston, 1st Sept, 1850.. Received from Savannah................... 12,765 ---------- 421,422 30,698 3,649 ---------- 34,347 Export---NORTH CAROLINA. Coastwise.............................................................. Export--VIRGINIA. Coastwise and manufactured, (taken from the ports)........................................ 20,320 Stock, 1st September, 1851............... 620 ---------Deduct— Stock, 1st September, 1850.................................. 387,075 384,265 12,928 11,861 : 9 ,9 4 0 797 1 1 ,5 0 0 20,940 1,000 R e c e i v e d h e r e b y N e w Y o r k a n d E r ie C a n a l.. . T o t a l c r o p o f t h e U n i t e d S t a t e s ................ 2 ,0 9 6 ,7 0 6 I n c r e a s e fr o m la s t y e a r ............................. D e c r e a s e f r o m y e a r b e f o r e ..................... 2 5 8 ,5 5 1 3 7 3 ,3 3 9 COMPARATIVE STATEMENT OF THE GROWTH OF COTTON IN THE UNITED STATES YEAR FROM 1 8 2 3 t o 1 8 5 1 . 1 8 5 0 - 5 1 . .b a l e s 1 8 4 9 - 5 0 ............... 1 8 4 8 - 4 9 ............... 1 8 4 7 - 4 8 ________ 1 8 4 6 - 4 7 ................ 1 8 4 5 - 4 6 ............... 1 8 4 4 - 4 5 ................ 1 8 4 3 - 4 4 ................ 1 8 4 2 - 4 3 ............... 1 8 4 1 - 4 2 ................ 2 ,3 5 5 ,2 5 7 2 ,0 9 6 ,7 0 6 2 ,7 2 8 ,5 9 6 2 ,3 4 7 ,6 3 4 1 ,7 7 8 ,6 5 1 2 ,1 0 0 ,5 3 7 2 ,3 9 4 ,5 0 3 2 ,0 3 0 ,4 0 9 2 ,3 7 8 ,8 7 5 1 ,6 8 3 ,5 7 4 1 8 4 0 - 4 1 . .b a le s 1 8 3 9 - 4 0 ............... 1 8 3 8 - 3 9 ............... 1 8 3 7 - 3 8 ................ 1 8 3 6 - 3 7 ............... 1 8 3 5 - 3 6 ................ 1 8 3 4 - 3 5 ................ 1 8 3 3 - 3 4 ................ 1 8 3 2 - 3 3 ................ 1 ,6 3 4 ,9 4 5 2 ,1 7 7 ,8 3 5 1 ,3 6 0 ,5 3 2 1 ,8 0 1 ,4 9 7 1 ,4 2 2 ,9 3 0 1 ,3 6 0 ,7 2 5 1 ,2 5 4 ,3 2 8 1 ,2 0 5 ,3 9 4 1 ,0 7 0 ,4 3 8 EXPORT TO FOREIGN PORTS, FROM SEPTEMBER From 1, 1850, 582,373 56,167 130,362 45,460 7,805 ............ Baltimore.................. Philadelphia............. New Y ork................ Boston....................... Grand to ta l.. . . ........ Total last year.. ........ Increase........ TO AUGUST 9 8 7 ,4 7 7 1 ,0 3 8 ,8 4 8 9 7 6 ,8 4 5 8 5 7 ,7 4 4 7 2 0 ,5 9 3 9 5 7 ,2 8 1 7 2 0 ,0 2 7 5 6 9 ,2 4 9 5 0 9 ,1 5 8 31, 1851. To Great Britain. To France. To N. of Eu’pe. Ot’er f ’n po’s. New Orleans............. .bales Mobile....................... Florida...................... ........ Georgia..................... South Carolina......... ........ 1 8 3 1 - 3 2 . .b a le s 1 8 3 0 -3 1 . 1 8 2 9 -3 0 . 1 8 2 8 -2 9 . 1 8 2 7 -2 8 . 1 8 2 6 -2 7 . 1 8 2 5 -2 6 . 1 8 2 4 -2 5 . 1 8 2 3 -2 4 . 203,970 11,826 25,608 80,297 1,418,265 1,106,771 301,358 289,627 11,731 EACH 47,786 6,084 6,575 84,120 20,336 .... Total. 844,641 321,777 70,647 2 261 _____ 2^993 13,159 1,685 25,281 153,647 268,018 2 961 200 75 48,713 1,721 129,492 72,156 57,336 7,970 128 139,595 121,601 17,994 481 2,691 321,795 2,852 1,988,710 1,590,165 398,555 Commercial Statistics. 484 CONSUMPTION OF COTTON. Total crop of the United States, as before stated.. . .bales Add— Stocks on hand at the com’ment of the year, Sept., 1,1850 : In the Southern ports.......................................................... In the Northern ports.......................................................... Makes a supply o f............................. . Deduct therefrom— The export to foreign ports........................... Less, foreign included..................................... Stocks on hand, September 1, 1851:— In Southern ports....................................... In Northern ports........................................ Burnt at New York, Boston, and Baltimore. Taken for home use........................ 2,355,257 91,754 76,176 ---------- ................ 167,930 2,623,187 1,988,710 1,077 --------- — 1,987,633 89,041 39,260 ---------............... .................bales 128,304 3,142 ---------- 2,119,079 404,108 QUANTITY CONSUMED BY AND IN THE HANDS OF MANUFACTURERS NORTH OF VIRGINIA. 1850-51 . . .bales 1849-50............... 1848-49............... 1847-48............... 1846-47............... 1845-46............... 1844-45............... 1843-44............... 1842-43............... 404,108 487,769 518,039 531,772 427,967 422,597 389,006 346,744 325,129 1840-41............... 1839-40............... 1838-39............... 1837-38............... 1836-37............... 1835-36............... 1834-35............... 297,288 295,193 276,018 246,063 222,540 236,733 216,888 |1833-34 . . .bales 1832-33............... 1831-32............... 1830-31............... 1829-30............... 1828-29............... 1827-28........ .. 1826-27............... 196,413 194,412 173,800 182,142 126,512 118,853 120.593 149,516 materially reduced our estimate of the amount of cotton consumed the past year in the States south and west of Virginia— the capacity of the mills has been very nearly the same as before, but the high prices of the raw material for the greater part of the season, and the low rates obtained for the manufactured articles, have rendered the business unprofitable. The following estimate is from a judicious and careful observer at the South, of the quan-. tity so consumed, and not included in the receipts. Thus, in :— Mills. Spindles. Quantity consumed. 30 13,000 bales, of 400 lbs. North Carolina......................... “ 16 36,500 10,000 ,v South Carolina........................... a 36 51,400 Georgia....................................... 13,000 “ 10 12,580 Alabama.................................... 4,000 “ of 500 lbs. “ 30 36,000 Tennessee................................... 8,000 “ U 100,000 On the Ohio, &c......................... 30 12,000 “ Total to Sept. 1, 1851. ...bales Total to Sept. 1, 1850............. 60,000 |Total to Sept, 1. 1849... bales 107,500 |Total to Sept. 1, 1848........... 110,000 75,000 To which should be added the stocks in the interior towns, <fec., the quantity burnt in the interior, and that lost on its way to market; these, added to the crop as given above, received at the shipping ports, will show very nearly the amount raised in the United States the past season— say, in round numbers, 2,450,000 bales. During the year just closed, there have been received in New York, chiefly, it is believed, from Tennessee, 797 bales, by way of the New York and Erie Canal, which we have added in another place to the crop of the country. This route, however, is not a favorite one, and no further supplies of moment are expected. It may be remarked in this connection, that some of the cotton received overland at Philadelphia and Baltimore is doubtless unaccounted for elsewhere, not being count ed in the receipts at New Orleans, but as we have of late years omitted this item from the crop, in deference to the views of judicious friends, it is not uow added, though it may be advisable to introduce it hereafter. Commercial Statistics. 485 The quantity of new cotton received at the shipping ports up to the 1st Septem ber, amounted to about 3,200 bales, against about 255 bales last year. The shipments given in this statement from Texas, are those by sea only ; a con siderable portion of the crop of that State finds its way to market via Red River, and is included in the receipts at Hew Orleans. DUTIES PAID AT SAN FRANCISCO CUSTOM-HOUSE. The amount of duties received at the Custom-House, San Francisco, as we learn from the A lta California, for the quarter ending June 30th, 1851, was :— Cargoes on foreign vessels............................................... Cargoes on American vessels.......................................... $465,561 81 160,721 25 Nine thousand seven hundred and fifty-four sample packages were examined at the Appraisers’ office during the same period, besides many bulky and perishable articles which were approved on board. STATISTICS OF THE TRADE AND COMMERCE OF CINCINNATI.* W e published in the Merchants’ Magazine for November, 1850, (vol. xxiii., pages 540543,) a tabular statement of the imports of Cincinnati for the years 1848-9, and 1849-50, and of the exports for five years, from 1845 to 1850 inclusive. We now give, from the same reliable source, a table of the imports into Cincinnati for five years, that is from 1846-47 to 1850-51, commencing September 1st, and ending August 31st, each yea r; also a table of the exports for the years 1849-50, and 1850-51. IMPORTS INTO CINCINNATI FOE FIVE YEARS, COMMENCING AUGUST 31S T , EACH YEAR. Articles. Apples, gr. ............... bbis Beef......... Bagging... Barley. . . . Beans........ Butter.. . . Butter.. . . Blooms. . . Bran, <fec.. Candles.... Corn.......... Corn Meal. Cider . . . . ..............bbis Cheese. . . Cheese. . . . Cotton...... Coffee.... Codfish..... Cooperage Eggs......... bxs. and bbis Flour___ ..............bbis Feathers... Fish, sund. ..............bbis Fish...........kegs and kits Fruit, dried............bush SEPTEMBER 1ST, AND ENDING 1 8 4 6 -4 7 . 1 8 4 7 -4 8 . 1 8 4 8 -4 9 . 1 8 4 9 -5 0 . 1 8 50-51. 26,992 186 5 5,561 79,390 11,688 6,345 7,090 2,017 14,594 207 896,258 56,775 3,261 483 120,301 12,528 59,337 292 186,186 561 512.597 2,768 16,836 2,142 82,871 28,674 659 22,109 348 21 2,094 87,460 3,067 7,721 7,999 9,519 21,995 414 344,810 5,504 4,346 281 143,265 9,058 74,961 515 147.352 4,504 447,844 4,908 18,146 1,059 38,317 6,445 801 15 324 137,925 5,565 3,674 7,487 2,545 49,075 718 649,227 3,688 453 97 165,940 8,551 67,170 464 201,711 2,041 231,859 3,432 14,527 1,290 11,802 16,934 1,101 18 79,228 165,528 8,767 6,625 6,405 2,203 1,941 133 361,315 29,542 2,289 164 138,800 13,476 80,242 311 179,946 4,035 151,518 4,467 19,215 725 27,464 111,257 31,037 8,259 11,043 2,727 50,976 697 489,195 5,508 1,047 74 205,444 7,168 91,177 441 146,691 6,956 482,772 2,858 19,826 2,694 41,824 * For annual report o f the Trade and Commerce o f Cincinnati in 1850-51, see “ C o m m e r c ia l a n d T o w n s o f t h e U n i t e d S t a t e s ,” No. xxvi., commencing on p a g e 429 o f the present num ber of this Magazine. Cit ie s 486 Articles. Grease........... Glass................ Glassware___ .packages Hemp.......... bdls. bles Hides............... Hides, green.. ...........lbs Hay................. Herring.......... H ogs............... Hops............... Iron and Steel. Iron and Steel.____ bdls Iron and Steel Lead............... Lard................ Lard................. Leather.......... . Lemons............ Lime......................... bbls Liquors. . . .hhds. pps Merchandise & sund. pks tons Molasses................... bbls M a lt............... Hails................. O il................... Oranges . . . boxes & bbls Oakum............ Oats................. Oil Cake.......... Pork & Bacon. __ .hhds Pork A Bacon . Pork & Bacon.. Pork in b u lk .. ........ lbs. Potatoes........... Pig Metal........ Pimento & Pepper.bags R ye................. Rosin, <fcc......... Raisins............. Rope, Twine, etc............. R ice................. Sugar................ Sugar............... Sugar............... Seed, flax......... . .barrels Seed, grass___ Seed, hemp. . . Salt................... Salt................... Shot................. Tea................... packages Tobacco............ Tobacco............ Tobacco. . . boxes cfekegs Tallow............. Wines... .barrels <fe Jcks. W in es.. . .bkts. & boxes Wheat............. Wool................. Whiskey.......... Cotton Yarn. ..packages Cotton.............. Commercial Statistics. 1 8 4 6 -4 7 . 482 18,002 17,121 26,678 24,376 7,513 7,049 1,603 38,774 1,064 188,215 33,463 1,685 43,675 21,991 22,722 5,069 2,185 32,016 3,369 263,940 7,941 27,218 12,562 54,918 5,663 4,137 1,100 372,127 2,225,988 5,476 124 40,581 8,027,399 15,829 15,868 3,180 41,016 5,004 11,990 8,003 1,145 16,649 7,196 5,117 25,753 4,964 290 66,292 124,360 1,118 5,443 6,200 822 9,241 1,748 4,006 1,419 590,809 2,960 184,639 9,271 146,541 1 8 4 7 -4 8 . 585 20,281 15,025 15,349 33,745 10,829 8,036 4,191 49,847 645 197,120 34,213 827 39,607 37,978 41,714 6,579 3,068 63,364 3,115 381,537 7,308 51,001 7,999 59,983 6,618 5,007 1,486 194,557 2,811,793 4,420 140 69,828 9,643,063 22,439 21,145 3,455 24,336 11.668 22,795 7,806 2,494 27,153 11,175 2,928 32,060 4,968 214 65,265 94,722 809 2,931 4,051 1,229 14,815 2,473 2,251 2,272 670,813 1,943 170,436 6,403 288,095 1 8 4 8 -4 9 . 4 8 4 9 -5 0 . 878 1,169 33,868 34,945 25,712 19,209 11,161 12,062 23,766 30,280 14,181 22,774 12,751 14,452 2,960 3,546 52,176 60,902 799 238 187,864 186,832 29,889 55,168 1,768 2,019 45,544 49,197 28,514 34,173 48,187 63,327 9,620 6,975 4,181 4,183 56,482 61,278 5,802 4,476 68,582 308,523 4,540 837 54,003 52,591 29,910 41,982 55,893 83,073 5,019 7,427 6,819 4,317 1,799 1,423 191,924 185,723 1,767,421 27,870 6,178 7,564 465 2,358 44,267 43,227 9,249,380 1,325,756 3,898 17,269 15,612 17,211 2,558 1,257 22,233 23,397 3,298 12,349 11,936 14,927 3,061 3,950 3,556 3,365 22,685 26,760 13,005 7,575 2,467 1,847 22,869 15,570 5,929 4,432 510 314 110,650 76,985 76,496 114,107 818 1,447 9,802 7,412 3,213 3,471 887 1,311 17,772 12,463 1,225 1,829 6,874 2,663 4,296 2,101 322,699 385,388 1,277 1,686 186,678 165,419 3,494 5,562 174,885 262,893 1850—51. 876 37,099 28,619 13,254 8,132 25,424 12,691 3,832 111,485 756 225,039 66,809 2,570 59,413 36,848 31,087 10,397 3,379 57,537 1,465 175,138 3,370 61,490 21,356 83,761 6,764 9,802 1,739 164,238 194,000 6,277 1,183 31,595 14,631,330 19,649 19,110 2,027 44,308 12,511 15,648 2,007 4,783 29.808 18,584 3,612 20,319 4,104 68 50,474 79,358 1.567 7,821 3,701 1,697 19,945 3,682 3,401 5,060 388,660 1,866 244,044 5,577 124,594 487 Commercial Statistics. EXPOETS FROM CINCINNATI FOE TWO YEARS, COMMENCING! SEPTEMBER 1ST, AND ENDING AUGUST 3 1S T , EACH YEAR. 1 8 4 9 -5 0 . Articles. Apples, green.. . .bbls. 3,519 A lcoh ol........... 3,302 Beef................. 7,558 Beef................. 6,625 Beans............... . .bbls. 2,469 Brooms............. 1,355 B u tter............. .bbls. 964 Butter. . firkins & kegs. 24,393 Bran, & c ......... 4,322 Bagging.......... 9,353 Corn................. 57,248 Cornmeal......... ..b b ls. 1,179 Cheese............. 106 Cheese............. 86,902 Candles........... 67,447 Cattle............... 30 Cotton ........... 1,896 Coffee............... 22,030 Cooperage....... 73,637 4,246 E g g s ............... Flour................. 98,908 Feathers......... 5,380 Fruit, d ried ... 1,850 Grease.............. .bbls. 7,597 Grass seed....... 2,528 Horses............. 468 H ay................. 564 Hemp............... 1,164 Hides................ ...lb s . 62,865 Hides................ ..N o. 11,225 Iron................... 54,075 Iron.................. .bdls. 36,245 Iron................... 5,767 Lard................. . bbls. 39,192 Lard................. .kegs 170,167 1850-51. 8,064 5,038 19,937 9,356 1,832 8,735 3,258 36,185 5,789 ■ 8,212 20,137 2,148 25 121,755 113,412 440 5,132 38,158 63,804 7,258 390,131 4,095 17,480 4,426 2,830 599 638 3,112 48,079 12,459 108,255 44,110 9,776 30,391 71,300 1 8 4 9 -5 0 .1 8 5 0 -5 1 . Articles. 16,984 26,110 Lard Oils........... .bbls. 7,821 4,879 Linseed Oil___ Molasses............ 2'5,098 25,878 963 Oil Cake........... 743 Oats................... 5,023 11,707 Potatoes.......... .bbls. 19,823 5,283 Pork and Bacon.hhds. 23,529 30,200 Pork and Bacon . ..tcs. 20,762 22,477 Pork and Bacon . .bbls. 193,581 122,086 P’k & B’on in bulk .lbs. 2,974 13,448 Pork................. boxes 2,310,699 4,753,953 Rope, <fec........... 3,151 6,272 Soap................. .boxes 17,443 21,553 Sheep ............... .... 460 Sugar ............... . hhds. 9,650 13,000 S a lt................... 29,509 28,585 Salt................... 8,301 7,144 Seed, flax........ 333 443 Sundry m d z... . ■pkgs. 615,641 349,181 Sundry m d z ... 11,109 10,350 Sundry liquors.. . bbls. 11,798 19,297 Sundry man’fac’s . pcs. 56,810 22,103 Sundry produce. pkgs. 13,958 10,327 Starch ............. boxes 9,491 14,109 Tallow............... 4,311 5,927 Tobacco.kegs & boxes 6,905 18,345 Tobacco............. hhds. 2,856 4,847 Tobacco ........... bales 77 160 Vinegar............. 2,404 3,756 Whisky............. bbls. 179,540 231,324 W o o l................. 2,156 2,725 W o o l................. . .lbs. 16,841 4,836 White L e a d .. . ..kegs 40,294 50,857 Pcs. Castings.... 54.399 36,266 Pcs. Castings... 2,385 1,121 YALUE OF SPECIFIC ARTICLES IMPORTED INTO CINCINNATI FROM SEPTEMBER 1 , 1 8 5 0 , TO SEPTEMBER 1 , 1 8 5 1 , AND THE CORRESPONDING TIME LAST SEASON. ,- - - - - - 1850—§1.- - - - - - s Articles. Apples.................. Beef....................... Barley................... Butter.................... Butter................... Blooms.................. Corn....................... . bushels Cheese.................. Cotton................... Coffee.................... Flour.................... Hemp................... Hogs..................... Lead..................... Lard..................... Lard..................... . . . kegs Molasses................ Oats...................... Bacon................... Bacon................... Pork....................... Amount. 16,934 1,101 111,257 8,259 110,431 2,727 489,195 205,444 7,168 91,177 482,772 13,254 334,000 59,413 36,889 31,087 61,490 163,258 6,277 1,183 31,595 Average price. $1 00 11 00 90 12 10 60 00 40 2 00 40 00 10 3 50 15 00 7 50 3 00 17 50 3 50 12 00 35 50 00 25 00 12 00 Total value. $16,934 11,010 100,131 99,108 110,430 165,620 195,662 410,888 286,720 91,177 1,689,702 198,810 2,505,000 207,945 64,557 108,804 733,880 11,140 313,850 29,575 37,940 Last season. $11,278 7,209 103,443 99,198 59,869 152,700 246,706 898,206 384,795 1,310,633 1,101,329 168,868 2,460,000 167,208 444,246 151,984 594,033 57,577 249,579 28,296 881,350 Commercial Statistics. 488 1 8 50-51. Articles. Pork..................... . . . . lbs. Pig metal.............. Rice....................... Sugar................... Sugar................... Sugar.................... Wheat................... . bushels Whisky................. ___ bbls. Amount. 14,637,330 16,110 4,783 29,808 18,584 3,612 588,660 244,047 Average price. 05* 25 00 25 00 60 00 14 00 30 00 70 8 00 Last season. 497,156 447,486 85,344 1,364,760 195,075 57,208 302,756 1,680,102 Total value. 804,723 402,950 119,575 1,708,480 260,176 108,360 272,062 1,952,376 The total value of the above this year is $13,146,348, against $12,668,379 last year. DESTINATION OF SPECIFIED .ARTICLES EXPORTED FROM THE PORT OF CINCINNATI[ DURING THE LAST YE AR, COMMENCING 1ST OF SEPTEMBER, AND ENDING 3 1 ST OF AUGUST. Commodities. To N. Orleans. To other down To up river Via canals and Tly river ports. ports. railways. flat-boats. 1 8 5 0 -5 1 . Beef........... Beef........... Butter........ Butter........ .firkins Corn........... Cheese....... Candles.. . Coffee........ Flour........ Iron........... Iron........... Iron............. Lard........... Lard ............... Lard oil . . . Linseed oiL. Molasses.. . Pork........... Pork........... Pork........... Pork.......... Soap........... W h isky. . . kegs 1 8 5 0 -5 1 . 1850-51. 1850-51. 1 8 5 0 -5 1 . 1 9 ,3 1 9 68 314 236 8 ,6 7 7 8 657 14 1 ,8 5 0 867 2 539 1 ,6 1 1 96 . . . . 3 5 ,2 0 0 959 15 8 1 5 ,6 7 2 3 ,5 1 9 156 790 6 9 ,2 5 8 4 8 ,4 3 2 2 ,1 6 5 1 ,9 0 0 920 7 6 ,2 4 5 2 0 ,2 7 2 1 0 ,6 9 5 6 ,1 9 5 522 10 3 ,1 8 2 1 ,9 4 0 1 7 ,8 5 6 315 ... 10 1 2 ,4 3 9 7 ,8 5 3 2 8 1 ,6 0 9 9 5 ,9 4 3 7 ,7 1 9 4 ,8 5 9 6 ,6 0 8 6 4 ,8 9 4 6 ,6 3 4 4 0 ,1 1 9 .. .. 1 ,5 0 3 2 5 ,2 8 1 2 ,1 8 2 1 5 ,1 4 4 .. .. 9 5 ,8 7 7 64 1 ,3 4 1 219 8 ,1 5 2 117 2 2 ,8 5 4 117 3 ,2 7 7 4 ,1 4 3 1 ,8 2 1 5 6 ,3 8 0 5 ,3 5 8 5 ,7 3 9 2 ,8 2 3 1 ,5 8 7 1 3 ,6 1 7 1 ,5 4 7 3 ,7 2 6 7 ,2 2 0 . ... 4 ,4 4 3 1 ,3 6 2 1 ,0 4 2 974 .... 33 2 ,6 6 5 1 2 ,7 1 1 9 ,5 8 9 . ... 1 ,3 1 2 1 9 ,0 4 4 1 ,3 1 3 8 ,8 0 9 1 ,0 5 4 1 1 ,3 4 1 18 8 ,7 5 9 644 42 1 1 2 ,6 2 2 1 ,0 5 5 3 ,8 0 1 4 ,6 0 8 3 ,7 8 1 1 ,3 4 5 , 8 6 0 7 5 5 ,8 6 0 1 ,5 5 9 , 2 8 0 1 ,0 9 2 , 9 5 3 5 2 5 ,8 2 0 9 ,4 2 5 6 ,4 4 0 3 ,6 0 0 2 ,0 6 8 375 1 ,4 2 6 4 ,3 7 8 7 ,1 9 6 5 6 ,1 6 4 3 1 ,2 3 1 3 ,2 6 8 1 4 0 ,6 6 1 1 7 ,9 8 0 AVERAGE PRICE OF MERCHANDISE IN CINCINNATI. AVERAGE PRICE OF NEW ORLEANS SUGAR AND MOLASSES, RIO COFFEE, CORN, FLOUR AND WHEAT, AT CINCINNATI, FOR THE YEAR ENDING AUGUST 3 1 ,, 1 8 5 0 . Months. September. October..... November. December..., Januarv.... . February. . March........ A pril.......... May........... J une.......... . July--------August . . . N. O. Molasses. N.O.Sugar. Rio Coffee. Corn. 34} 7 35 6} 33 H 29} 6 28* 6* 6 12* 12 11 n* lo f Flour. 49 44 33 Wheat* 55 70 3 57 70 3 54 68* $3 37 3 68 75 39* 3 67 76 34 6} 12 Ilf 11* 10} 34 6* 9 f 33 H 9* 37 3 15 63} 33 6 9* 37 3 20 69 29} 32 S3* H 6 39* 3 52 37 3 43 67 37 3 48 71 37 37 ‘ 71} 3 47 70* 3 70 35 For the average price of the preceding articles of merchandise, from 1847 to I860, see Merchants' Magazine for November, 1850, (vol. xxiii., pages 543-544.) Commercial Statistics. 489 AVERAGE PRICE OF BACON, (SIDES AND SHOULDERS,) MESS PORK, PRIM E KEG LARD, PLAIN HAMS, AND WESTERN RESERVE CHEESE, AT CINCINNATI, THE YEAR ENDING AUGUST 81, 1851. W.'R. Sides. 4f Months. Septem ber.. . . October........... November. . . . D ecem ber.. . . January........... February......... March.............. A pril............... May................. June................. July.................. A u gu st........... 4f 4f 4 «4 Shoulders. Mess Pork. Pr’e K’g L’d. PI’n Ha’s. Cheese. 6 7 $9 00 44 64 6 7 9 25 4f 64 7 1 0 18 4f 64 «4 10 50 n 64 1 0 81 4 84 64 8 11 56 8 7 54 7 54 1 2 12 8 8 8 84 84 6 9 8 8f 64 94 8 13 14 14 13 14 6f H 62 25 00 25 50 10 n 64 64 6 84 8 8 94 9 10 64 64 84 RATES OF FREIGHT FROM CINCINNATI TO NEW ORLEANS. RATES OF FREIGHT FOR FLOUR, PORK, AND W H ISK Y, FROM CINCINNATI TO N E W ORLEANS AT THE CLOSE OF EACH MONTH THE PAST TWO YEARS. Flour per barrel. Months. September............... October................... November............... December............... January................... February................. M arch..................... April........................ M ay......................... June......................... July.......................... August..................... 1 8 49-50. 1 8 5 0 -5 1 . 0 0 0 0 0 0 0 0 25 35 50 40 35 28 25 40 45 . . . , . . Pork per barrel. Whisky per barrel 1 8 4 9 -5 0 . 1 8 5 0 -5 1 . 1 8 4 9 -5 0 .1 8 5 0 -5 1 .- $1 0 0 0 75 0 50 0 45 0 60 0 55 0 40 0 35 0 35 0 40 0 75 0 60 -, 87 40 75 62 40 35 30 25 25 $0 0 0 0 0 0 0 0 0 . , . . . . ,. . . ... $ 0 60 0 65 0 75 0 75 0 50 0 50 0 40 0 60 0 90 0 90 ,. . $1 0 0 0 45 0 87 0 65 0 50 0 40 0 40 0 65 0 70 . ,. . . . .. . . $1 1 0 0 1 1 0 0 0 0 1 1 50 00 75 75 00 00 50 60 50 65 00 00 RATES OF FREIGHT FROM CINCINNATI TO PITTSBURG. RATES OF FREIGHT FOR W H ISK Y AND OTHER MERCHANDISE FROM CINCINNATI TO PITTSBURG AT THE CLOSE OF EACH MONTH FOR THE LAST THREE YEARS. Whisky per barrel. Months. Septem ber.. . October........... N ovem ber.. . December.. . . January........ February......... March............ April.............. May................. June............... July................. ............. August............. ............. Pound Freight, per 100 lbs. 1 8 4 8 -4 9 . 1849—50. 1850-51. 75 1 50 .. 50 35 35 40 35 30 35 35 75 60 65 50 50 35 30 40 40 45 40 33 75 40 33 1 8 4 8 -4 9 . 1 8 4 9 -5 0 . 1850—51. 50 45 65 124 12 12 15 15 124 124 10 25 25 55 - 124 124 10 10 10 10 20 20 20 15 15 124 124 124 124 14 124 10 25 124 124 COMMERCE OF FRA1VCE. The Moniteur contains a tabular statement of the imports and exports of France dur ing 1848, 1849, and 1850. The total value o f the imported merchandise in 1850 is £31,232,000; in 1849, £31.195,000; in 1848, £22,264,000. The total value of merchan dise exported in 1850, is £44,940,000 ; in 1849, £41,288,000; in 1848, £33,338,000. The tonnage of shipping employed in importation was in 1850, 83*7,526 tons in French bottoms, and 1,231,43*7 tons in foreign; in 1849, 83*7,345 French, and 1,049,946 foreign; in 1848, 823,318 French, and 956,717 foreign. 490 Commercial Statistics. EXPORTS OF CHARLESTON, SOUTH CAROLINA, IN 1850-51. W e give below a tabular statement of the exports from Charleston, South Carolina, to foreign countries, and to ports in the United States, for the years 1849-50, and 1850-51 ; years commencing on the 1st of September and ending on the 31st of August:— EXPORTS FROM CHARLESTON FROM SEPTEMBER 1ST, 1 8 5 0 , TO AUGUST 3 1 s t , 1 8 5 1 , COMPARED W ITH THE PREVIOUS YEAR. Exported to Liverpool............... Scotland.................. Other British ports. S. Island. 11,244 11 18§0 51. Upland. 175,320 7,341 10,054 Rice. 4,853 1 9,260 S. Island. 11,858 13 • 1849 50. Upland. 137,559 5,549 10,644 \ Rice. 8,181 2 11,375 Total G. Britain. 11,255 192,715 14,114 11,871 153,752 19,558 Havre ................... 2,321 21,034 2,918 2,495 29,695 4,677 2,253 2,209 23,287 5,127 814 3,299 9,046 2,401 2,500 17,234 13,159 25,281 r Other French ports Total France___ 2,321 H olland................. Belgium.. ........... North of E urope.. Total N. Europe. . ... South of Europe... West Indies, (fee.... f 892 2,831 30,587 7,408 2,068 4,130 2,746 3,268 5,322 21,571 22,135 8,944 30,341 695 19,010 19,922 260 16,416 2,495 Total for’n ports.. 13,576 254,442 61,083 14,366 213,205 73,982 Boston................... Rhode Island, <fec.. New York.............. Philadelphia......... Balt. <feN orfolk.. . . New Orleans, (fee... Other U. S. ports.. 10 19 2,181 16,774 2,435 102,004 11,138 7,890 8,161 20 29,317 5,848 5,203 15,284 250 30 18 2,023 22,690 4,556 99,863 15,564 9,236 152 8,182 157 30,022 5,133 4,405 12,284 250 Total coastwise.. 2,210 140,241 64,083 2,071 152,122 60,434 Grand to t a l.. 15,786 394,683 125,166 16,437 365,327 134,417 EXPO RT OF EREADSTUFFS FROM THE UNITED STATES IN 1 8 5 0 -5 1 . The following statement of the export o f breadstuffs from the United States to Great Britain and Ireland, from 1st of September, 1850, to 31st of August, 1851, is derived from the Shipping and Commercial L is t:— From New Y ork............................... Philadelphia........................... Baltimore.................................. Total............................... Same time last year....... Flour, bbls. 1,107,128 213,233 152,071 84,559 19,508 15,203 Meal, bbls. 1,637 3,916 289,265 33,080 1,581,702 473,460 5,553 6,086 1,523,908 463,015 Wheat, bush. 1,201,563 Corn, bush. 1,440,982 133,865 552,038 141,594 73,381 27,000 2,368,860 4,873,446 S tatistics o f P op u la tion , etc. S T A T IS T IC S OF 491 P O P U L A T IO N , & C . POPULATION OF PENNSYLVANIA, Counties. Adams......................... Alleghany................... Armstrong.................. Beaver......................... Bedford......................... Berks........................... B la ir........................... . Bradford..................... Bucks.......................... B u tler......................... Cambria...................... Carbon......................... . Center......................... Chester....................... Clarion......................... . Clearfield..................... Clinton......................... Columbia..................... Crawford..................... Cumberland............... . Dauphin...................... Delaware..................... El k............................... . E rie ............................. Fayette.......................... F o re st........................... Franklin........................ Fulton........................... . Greene ......................... Huntington................... Indiana........................... Jefferson ....................... Juniata.......................... Lancaster....................... Lawrence....................... Lebanon......................... Lehigh........................... Luzerne......................... Lycom ing..................... McKean......................... Mercer........................... Mifflin........................... Monroe.......................... Montgomery................. Montour......................... Northampton................ Northumberland........... P erry............................. Philadelphia................. P ik e............................... Potter............................ Schuylkill..................... Somerset....................... Susquehanna................. Sullivan......................... Tioga.............................. Union..................... 1840. 23,044 81,235 19,500 29,368 29,335 64,559 new 32,769 48,107 22,378 11,256 new 20,492 57,515 new 7,835 8,323 24,267 31,724 30,953 30,118 19,791 new 31,334 33,574 new 37,793 new 19,747 35,484 20,782 7,253 11,080 84,204 new 21,872 25,785 44,006 22,649 2,975 32,873 13,092 9,879 47,241 new 40,996 20,027 17,096 258,037 3,832 3,371 29,072 19,650 21,195 new 15,498 22,769 1850. 25,988 138,098 32,497 26,663 23,212 77,179 21,780 42,797 56,669 30,339 17,773 15,693 23,379 71,283 23,712 12,629 11,250 17,700 37,888 42,172 36,741 24,640 3,539 38,717 39,169 561 39,905 7,564 22,241 24,789 27,235 12,967 13,113 99,760 21,088 26,125 32,940 58,108 26,205 5,254 33,070 14,974 13,263 58,000 13,493 40,941 23,223 20,109 409,034 5,876 5,952 62,212 24,345 26,691 3,669 24,162 26,285 Increase. 2,944 56,863 12,997 12,620 21,780 10,028 8,502 7,961 6,517 15,693 2,887 13,768 23,712 4,794 2,927 6,163 11,219 6,623 4,849 3,539 7,373 5,595 561 2,112 7,564 2,494 Decrease. .... .... 2,705 6,123 .... .... .... .... .... .... .... .... .... 6,567 .... .... .... .... .... .... .... .... .... .... 1 0 ,6 9 5 6,553 5,714 2,033 15,557 21,088 4,253 7,155 14,102 3,556 2,279 197 1,882 3,384 10,759 13,493 .... .... ... .... .... .... .... .... .... .... .... .... .... .... .... 3,196 3,013 140,997 2,044 2,581 33,140 4,695 5,496 3,669 8,664 8,516 .... .... .... .... .... .... 55 .... . •• .... .... Statistics o f Population, etc. 492 1850. Increase. 1*7,000 9,278 41,279 11,848 new 42,699 47,010 18,381 13,670 44,730 21,911 10,702 51,783 58,227 1,381 3,392 3,451 10,062 10,702 8,084 11,217 1,724,033 T o ta l................. Deduct decrease of five counties 2,314,897 617,009 26,145 Absolute increase........................................ 590,864 Counties. 1810. Y enango....................... W a rren ......................... Washington................... W ayne........................... Wyoming....................... W estmoreland............. Y o rk ............................... Decrease. 26,145 PROGRESSIVE MOVEMENT OF PENNSYLVANIA. Date of Census. 1790.. 1800.. . 1810. .. 1820... Total population. .. 434,373 602,365 810,091 1,049,458 Decennial increase. Date of Numerical, per ct. \ Census. ........................ |1830 . . . 167,992 38.6 1840 . . . 207,726 34.4,1850... 239,367 29.5 | Total population. Decennial increase* Numerical, per ct* 1,348,233 1,724,033 2,314,897 298,775 375,800 690,864 28.4 27.8 34.2 THE CENSUS OF IRELAND IN 1841 AND 1851. In the Merchants' Magazine for August, 1851, (vol. xxv., page 240,) we published an imperfect table o f the census of Ireland, exhibiting the decrease of population in the principal counties and towns. W e are now able to give, through the favorable at tention of William Somerville, the Chief Secretary of Ireland, an abstract of the census of Ireland, which is presumed to be complete:— LEINSTER. Provin’s, Co’s, &. Towns. 1841 (7th June.) Total. 1851 (lis t March.) Males. Females. Carlow................... Drogheda, to w n .. . Dublin city............. D ublin ................... Kildare.................. Kilkenny city . . . . Kilkenny .. .... King’s ..................... Longford............... Louth...................... Meath...................... Queen’s ................. W estm eath........... W exford................ W ick lo w ............... 42,428 7,646 104,630 66,300 58,030 8,765 90,349 72,651 57,610 54,661 92,494 76,403 70,383 97,918 63,489 43.800 8,615 128,096 73,747 56,458 10,306 93,000 74,206 57,881 57,328 91,334 77,527 70,917 104,115 62,654 86.228 16,261 232,726 140,047 114,488 19,071 183,349 146,857 115,491 111,979 183,828 153,930 141,300 202,033 126,143 33,059 7,980 117,222 68,407 48,969 9,238 67,771 55,646 41,944 44,476 70,327 54,704 54,419 86,954 50,507 35,098 8,896 137,628 79,099 47,658 11,045 72,163 57,229 41,254 46,569 69,379 65,043 53,091 93,216 48,780 68,157 16,876 254,850 147,506 96,627 20,283 139,934 112,875 83,198 91,045 139,706 109,747 107,510 180,170 99,287 T otal.................. 963,747 1,009,984 1,973,731 811,623 856,148 1,667,771 Males. Females. Total. MUNSTEE. Clare ..................... Cork city................ Cork....................... K erry..................... Limerick city......... L im erick............... Tipperary.............. W aterford city . . . W aterford............. 144,109 35,489 385,062 147,307 21,436 140,661 216,650 10,227 85,349 142,285 45,231 388,336 146,573 26,955 141,077 218,903 12,989 87,622 286,394 80,720 773,398 293,880 48,391 281,638 435,553 23,216 172,971 105,153 39,565 271,849 115,812 25,824 99,712 157,054 12,351 66,671 107,567 46,920 279,303 122,429 29,944 101,907 166,775 14,316 69,165 212,720 86,485 551,152 238,241 55,268 201,619 323,829 26,667 135,836 Total.................. 1,186,190 1,209,971 2,396,161 893,491 938,326 1,831,817 Statistics o f Population, etc. 493 ULSTER. 1841 (7th June.) 1851 (41st March.) Total. Males. 276,138 120,516 232,893 96,341 75,308 46,443 9,379 3,746 243,158 86,835 296,448 124,919 361,446 151,582 156,481 - 56,731 222,174 93,123 200,442 69,584 312,956 124,415 129,839 100,079 53,217 4,742 87,468 129,369 166,196 59,247 98,621 73,826 127,450 Total. 250,355 196,420 96,660 8,488 174,303 254,288 317,778 115,978 191,744 143,410 251,865 974,235 1,030,054 2,004,289 Males. 132,213 113,892 34,858 4,320 120,814 145,821 473,538 76,982 106,825 98,071 153,463 Females. Total................... 1,161,797 1,224,576 Galway, town . . . . G a lw a y................. Leitrim................... M a y o ..................... Roscommon.......... Sligo....................... 7,989 211,575 77,501 194,198 127,016 89,563 9,286 211,348 77,796 194,689 127,575 91,323 17,275 422,923 155,297 388,887 253,591 180,886 11,266 146,850 56,060 133,412 86,632 63,158 13,431 151,279 55,748 141,304 87,166 65,611 24,697 298,129 111,808 274,716 173,798 128,769 Total................... 707,842 711,017 1,418,859 496,378 514,539 1,011,917 General to ta l.. . 4,019,576 4,155,548 8,175,124 3,176,727 3,339,067 6,515,794 Provin’s, co’s, & towns. Antrim................... Arm agh................. Belfast.................... Carrickfergus, town Cavan..................... Donegal................. D ow n..................... Fermanagh........... Londonderry.......... Monaghan............. Tyrone ................... 142,975 118,501 40,050 5,059 122,344 150,627 187,901 79,499 115,349 102,371 159,493 2,386,373 Females. CONNAUGHT. 1841. 1851. 1,328,839 52,208 3,313 1,047,739 65,159 2,113 Total 1,384,360 1,115,007 Families................... 1,472,287 1,207,002 Persons: Males___ Fem ales.. 4,019,576 4,155,548 3,176,727 3,339,067 Total 8,175,124 Houses: Inhabited..................... Uninhabited................. U ninhabited.............. . 6,515,794 Population in 1841.......................................................... Population in 1851.......................................................... 8,175,124 6,515,794 Decrease................................................................ 1,659,330 Or, at the rate of 20 per cent. Population in 1821 ............. Population in 1831 ............. 6,801,827 I Population in 1841 ............. 7,767,401 | Population in 1851 ............. 8,175,124 6,515,794 Or, 286,033 souls fewer than in 1821, thirty years ago. The date of the present census being 86 days earlier than that of the preceding— 5,841 persons should be added to the gross population of 1841, that being the number of harvest laborers who, it was ascertained, had left Ireland previous to the 7 th June in that year. In the absence, however, of a general system of registration of births and deaths in Ireland, the necessary adjustment in consequence of the change in the periods at which the census of 1841 and 1851 were taken cannot be arrived at. Neither of these abstracts include the army serving in Ireland. Statistics o f Population , etc. 494 THE CENSUS OF GREAT BRITAIN IN 1851 AND 1841. 1851 (Hist M arch.) Houses Houses Houses inhabited, uninhabited, building. G. Britain & Isl’s in the Brit, seas England & Wales Scotland............. Isl’s in Brit. seas. London............... 3,675,451 8,276,975 376,650 21,826 307,722 29,109 26,529 2,378 202 4,817 165,603 152,570 11,956 1,077 16,889 Persons. Males. Females. 20,919,531 17,905,831 2,870.784 142,916 2,363,141 10,184,687 8,754,554 1,363,622 66,511 1,104,356 10,734,844 9,151,277 1,507,162 76,405 1,258,785 9,074,642 7,775,224 1,241,862 57,556 912,001 9,581,339 8,136,533 1,378,322 66,484 1,036,368 1841 (7th June.) G. Britain & Isi’s it the Brit, seas England & Wales Scotland............. Isl’s in Brit. seas. London............... 3,465,981 2,943,939 502,852 19,190 262,737 198,129 173,234 24,026 869 11,324 30,334 27,468 2,646 220 4,032 18,655,981 15,911,757 2,620,184 124,040 1,948,369 N o t e .— The army in Great Britain, and the navy, merchant seamen, and other per sons on board vessels in the ports, are included in the return of 1851; the navy, mer chant seamen, and persons on board vessels, were not included in 1841. The apparent decrease of houses in Scotlaud between 1841 and 1851 is attributable to the fact that in 1841 flats or stories were reckoned in many places as “ h o u s e s i n the present census the more correct definition has been employed. IMMIGRATION AT THE PORT OF NEW YORK. W e published in the Merchants' Magazine for September, 1851, (vol. xxv., page 388,) a table of the arrival of passengers from foreign ports in each month of the years 1849 and 1850. W e now give, from the records in the office of the Commissioners of Emigration, the arrivals at New York for the last seven months of 1851, as compared with the same time in 1850:— J an u a ry.......................... ............ F e b r u a r y ...................... ............ M a r c h ............................ ............ A p r i l ............................. ............ M a y ................................. ............ J u n e ............................... ............ J u l y ................................ ............ 1850. 13,154 3,306 5,659 14,527 43,846 11,762 31,446 T o t a l ...................... ............ 123,700 1851. Jan u a ry......................... F e b r u a r y ...................... M a r c h ............................ A p r i l ............................. M a y ................................. J u n e .................................. J u l y .................................. ............ 27,612 T o t a l ................. .. It appears, from the foregoing statement, that immigration into the port of New York for the seven months ending July 31, 1851, exceeds that for seven months of 1850, 98,892. LIBERATED AND FUGITIVE SLAVES. The following table, compiled from official census statistics, shows the number of slaves who escaped from their masters during the year (ending 1st of June) 1850, and the number liberated, within the same period:— Fugi- Manu Fugi- Manu tive8. mitted. States. States. tives. mitted. 174 Louisiana....................... Delaware................... 96 79 483 Texas ............................. Maryland..................... 249 33 5 211 Kentucky....................... Virginia....................... 89 143 146 2 Tennessee....................... North Carolina........... 57 69 40 2 Missouri........................... 14 South Carolina........... 54 59 91 30 Arkansas......................... Georgia......................... 6 11 ,. 16 22 District of Columbia.. . Florida.......................... 7 — — 14 82 Alabama....................... Total......................... 49 11 Mississippi................... 1,017 1,314 Commercial Regulations. 495 COMMERCIAL REGULATIONS. THE WEIGHTS, MEASURES AND MONEYS OF THE ISLAND OF CUBA. The vara, general m e a s u r e o f l e n g t h , is divided into 3 pies or feet, 36 pulgadas or inches, 144 lineas or lines, and 1,728 puntos or points ; and is equal to 848 mellimetres or 0.9271 yard. The legua, i t i n e r a r y m e a s u r e , is equal to 5,000 Taras or 4,240 metres, or 4,635.6 yards, or 2.63 U. S. miles. The “ cordel,” l a n d m e a s u r e , contains 24 yaras, or 22.25 yards ; the “ vara de tarea" contains 6 varas or 5.56 yards; the “ tenidido de soga” contains 25 brazas or 50 Castillian varas, equal to 45.66 yards ; the “ caballeria de tierra” is a square the sides of which measure 18 cordeles each, or a square containing 160,402.5 square yards, or 33.2 acres; the “ salar,” is a superficial measure, varying in different cities: in Havana it consists of a square 27 varas long and 40 varas w ide; in Guanabacoa, it is 20 by 30 varas; in Remedios 30 by 40 varas, Ac.; the “ caro,” is the tenth part of a caballeria de tierra; the “ tarea” is a surface 25 varas de tarea long and one wide, or 900 square varas, equal to 642 square yards; the" “ legua corralera,” contains 105.25 caballereas de tierra, or 3,494 acres; the “ radio de hacienda mayor,” is 10,000 varas, and its su perficies 12| square leagues, or 1,684.25 caballereas; the “ radio hacienda menor,” is 5,000 varas, and its superficies 3 square leagues, or 421 caballereas and 36 square cor deles; the “ corte de ingenio,” is equal to a superficies 30 by 40 caballereas. The “ caja” of sugar, dry c a p a c i t y m e a s u r e s , is 1.25 vara long, 0.50 deep, and 0.75 broad, and on an average containing from 16 to 22 arrobas weight of white sugar; the “ bocoy,” used for Moscovado, is of various sizes, and contains from 40 to 60 arrobas in weight; the “ saco” (bag) of coffee is 1.25 vara long and 0.75 in diameter, and contains from 6 to 8 arrobas; the “ cargo.” of tobacco is 2 tier cios, and the “ tercio” is 1 vara long by 0.66 deep and wide, and contains from 5 to 7 arrobas; the “ manojo,” contains 4 gavillas, and each “ gavilla” contains 25, 30, 35,40, and 45 libras or lbs. of tobacco, according to quality; the “ saco” (bag) of charcoal is 1.25 vara long and 0.75 vara in diameter ; the “fanega” of grain of 1,000 mazorcas weighs 8 arrobas in the western department, and 366 mazorcas in Trinidad, Remedios, Villa Clara, and Santo Espiritu; in Puerto Principe grain is sold by the “ seron” of 300 mazorcas, and in Cuba by the “ barrile” of 1,000 to 1,200 mazorcas ; the “ caballo de platanos,” contains 60 manos, and each “ mano” from 5 to 7 plantains; the “ tarea de lena,” is 3 varas long, 1 in width and 2 in depth, Ac. The “ caneca,” l i q u i d m e a s u r e , contains 10 fiascos, (each “frasco" 2.5 litres) or 6 .6 gallons; the “ botella,” contains from 0.7 to 0.75 litre, or about 1.48 to 1.59 pint; the “ pipa" of wine is 24 garrafones or 600 botellas ; the “ cuartarola” contains 6 garrafones, or 150 botellas; the “ barrica,” contains 11 garrafones or 280 botellas; the “ bocoy” of honey contains from 26 to 30 barriles each of 5£ gallons; the “ cuartarola” o f honey is half a bocoy ; a “ pipa” of brandy contains 18 canecas or 118.8 gallons; the “ barrel” of wine weighs 4 arrobas, and1 contains about 80 botellas; the “ barrel” o f honey is 7 gallons in Havana, 5 in Matanzas, and in general commerce also gal lons; the “ barrel” of brandy is 45 botellas; the “ garrafon” is variously reckoned at 24 or 26 botellas; the “ botija” of vinegar is about 1.85 gallon, or, in weight, about ^ arroba. The W e i g h t s are those o f Spain, and are as follows:—the “ libra!’ equals 460 French grammes, or 1.01 lb. avoirdupois. It is divided into 2 marcos, 16 onzas, 256 adarnes, 768 tomines, 1,536pesantes, and 9,216granos\ and its multiples are the arroba of25 libras, the quintal of 4 arrobas, and the tonelada of 20 quintals. The Money of A ccount, here, as in Spain, is the real vellon of 34 maravedis vellon, 20 reals vellon being equal to 1 peso fuerte or hard dollar. In commerce, however, accounts are now generally kept in pesos fuertos of 100 centavos, as in the United States. The New York shilling is reals vellon. The Coins of Spain form the bulk of the currency, but the gold of Spain bears a premium, the onza or ounce (nominally 16 dollars) passing current as f 17, and its parts in proportion. The “ ducado” of exchange is 11 reals fuertes or $1.37£. The current' value of fereign coins at Havana is as follows:— The Sovereign $4,76 ; Commercial Regulations. 496 the 20 frank piece $3.80; the Eagle $10 ; the Hamburg double ducat $4.60, Ac; the British shilling $0.23 ; 5 francs $0.95; U. S. dollar $1.00 ; the Hamburg current tha ler $0.80; the Belgian florin $0.40 ; the Holland new florin $1.22; the Russian ruble $0.S0. K . s . F. TRADE OF BRITISH PROVINCES W ITH UNITED STATES. VESSELS ADMITTED IN ALL PORTS OF PRINCE EDW ARD’ S ISLAND ON SAME FOOTING AS BRITISH VESSELS. By a Treasury Circular of 12th June, 1851, the Collectors of the Customs were in structed, under the provisions of the Act of Congress of 26th September, 1850, to ad mit British vessels coming from the ports of Canada, New Brunswick and Nova Scotia on the same footing, both as to vessels and cargoes, as American vessels, in conse quence of the latter been admitted on like terms with British in the ports of those Colonies. These privileges have since been extended to British vessels coming from the ports of Prince Edward’s Island, in consequence of the following proclamation by the Governor of that Colony, which has been officially communicated to the Depart ment of State by the British Minister. p r in c e Ed w a r d ’s is l a n d . By his Excellency, Sir Alexander Bannerman, Knight, Lieut.-Governor and Com mander-in-Chief in and over her Majesty’s Island Prince Edward and its dependencies, Chancellor, Vice-Admiral and Ordinary of the same, Ac. PROCLAMATION. NVliereas it has been intimated to me, through the British Minister at Washington, by communications addressed to his Excellency, from the United States Department o f State and Treasury Department, that, when assurance is given that American ves sels are admitted in all the ports of Prince Edward’s Island, on the same footing as British vessels, the Treasury Department of the United States will cheerfully and promptly issue the needful instruction to grant similar privileges to vessels from that Colony in all the ports of the United States, agreeably to the authority granted by Congress, in the Law of September 26,1850. I have, therefore, with the advice and consent of the Executive Council, thought fit to declare, and I do hereby declare, that American vessels were, are, and shall conti nue to be, admitted in all the ports of Prince Edward’s Island on the same footing as British vessels. When the Act of Congress of date September 26, 1850, together with the United States Treasury Circular of the 12th June, 1851, are received, they will be published for the information of all concerned. Given under my hand and great seal o f the said Island at Charlotte’s T o w d , t h is twenty-ninth day of July, in the year o f our Lord one thousand eight hundred and fifty-one, and in the fifteenth year of her Majesty’s reign. By command: God save the Queen! J JAMES WARBURTON, Colonial Secretary. REDUCTION OF THE TONNAGE DUTIES OF NAPLES. The Republic, one of the semi-official organs of the Government at Washington, makes the following statement on the authority, doubtless, of the Department of State, touching the tonnage duty on vessels stopping at intermediate ports, on their way to the Neapolitan ports. W e understand that the Hon. E. Joy Morris, United States Charge d’Affaires at Naples, has succeeded in having a very burdensome tax on our commerce removed, with which it had been for a long time been encumbered. American vessels making direct voyages from the United States to the ports of Naples, have a tonnage duty of four grains per ton to pay, and those stopping at intermediate ports, on their way to the Neapolitan ports, have hitherto been charged forty grains per ton. Our Charge has after some months’ negotiation, induced the Neapolitan government to abolish this excessive duty, and to reduce the tonnage rates for indirect voyages to the same scale exacted for direct voyages. To show the amount saved, we may refer to the first instance which has occurred under the new arrangement. In this case, the barque Joshua Maurin arrived at Naples with a cargo of tobacco, part of which had Commercial Regulations. 49T been landed at Leghorn, and was charged forty grains tonnage. The Charge there upon opened the negotiation, and requested permission for the owners to deposit the duty subject to the result. The excess over and above four grains, consequently, had to be refunded, and a saving was thus effected to her owners of 254 ducats. Indeed, it may safely be said that the repeal of this law saves to every American vessel which arrives at the ports of Naples, after having traded by the way, from $250 to $350; and the effect must necessarily be to develop our intercourse with the two Sicilies by enabling our vessels bound thither for the valuable produce of the Neapolitan kingdom to make up profitable freights for trading on the way without encountering a tax of $250 or $350, or be obliged to go in ballast or with unsaleable cargoes. Mr. Morris deserves great credit for this and other successful movements which he has made in behalf o f American commerce since his appointment to the Neapolitan mission. BRITISH CUSTOMS REGULATIONS FOR FOREIGN PASSENGERS. W e have great pleasure in recording for the information of travelers, the removal o f any of the onerous Custom-House restrictions, which bear so heavily upon the American traveler in European ports generally. The Commissioners of Customs have appointed Mr. H. L. Sherlock to act in the ca pacity of luggage agent,— he having undertaken to enter into a special bond, guaran teeing the payment of all duties on any customable baggage which may be examined and delivered after the close of the ordinary custom-house hours. The commissioners have also conceded a long-needed alteration in the unfair practice of assessing small surplusages of cigars and trifling articles, such as daguerreotype likenesses. For in stance, if A had but a quarter or half a pound of cigars, he got his cigars duty free ; but if B had nine ounces or more, then he was charged with the whole quantity— in come-tax fashion. Henceforward every passenger is to have his full half-pound “ duty free,” and either to pay duty on the balance, or to abandon it for the duty. Then, again, if any passenger brought numerous daguerreotype likenesses of various members of his family, he was allowed the likeness of any one of them duty free, while all the rest were assessed. Henceforward all daguerreotypes are to be delivered at once without duty, upon the passenger declaring them to be likenesses of any of his rela tives. Relaxations have also been made as to the after hour and night examinations of baggage on board steamers or sailing vessels. TRANSMISSION OF BOOKS BETWEEN THE UNITED KINGDOM AND NOVA SCOTIA. By a Treasury warrant in conformity with the powers given by the 11th Victoria, it is ordered that printed books, magazines, &c., may henceforth be transmitted by post between any part of the United Kingdom and the province of Nova Scotia, subject to the following regulations and rates: viz., if not exceeding half a pound weight, post age, 6 d ; not exceeding one pound weight, I s ; two pounds, 2s ; three pounds, 3 s; and for every additional pound Is. additional, (every fraction to be charged as an additional pound.) A ll packages posted in the United Kingdom to be pre-paid, not in money, but in postage stamps affixed thereto. A ll covers or envelops are to be open at both ends. The order does not extend to any packets sent through France or any foreign country to which a transit rate of postage would be payable thereon, nor to any pack ets sent by private ships. The term “ by the post” includes the conveyance by packet boat. BRITISH TIMBER AND COFFEE DUTIES, By Treasury order of the 16th ultimo, the alteration of the duties on timber and coffee in accordance with the resolution of the House of Commons, (since confirm ed by act of Parliament,) on the usual condition of the parties abiding the ultimate decision of Parliament, was directed by their lordships to come into operation from that date inclusive. It has been decided that the new and reduced rates of duty only are leviable on such timber and wood goods as have not been cleared on payment of duty and delivered until after the resolutions of the House of Commons came into operation. On coffee the new duty is 3d., and on kiln-dried, roasted, or ground, 6d. per lb. VOL. XXII.— no. iv. 32 Nautical Intelligence. 498 N AUTICAL IN TE LL IG E N C E . ALTERATIONS IN THE QUARANTINE SYSTE5I OF CUBA. D epartm en t ok S tate, W a s h in g t o n , 27th August, 1851. To Freeman H unt, Esq., Editor o f the Merchants' Magazine, etc. S ir :— The information contained in the enclosed extract from a Despatch, lately re ceived from the Legation of the United States at Madrid, respecting some important alterations in the Quarantine System in the Island of Cuba, being of interest to the merchants engaged in Commerce with that island, is transmitted to you for such use as you may think proper to make of it. I am, sir, respectfully, your obedient servant, W. S. DERRICK, Acting Secretary. EXTRACT. L e g a t io n of t h e U . S. at M a d r id , July 2 0 ,1 8 5 1 . * * Three new ports of quarantine have been named, viz., Nuevitas, Cienfuegos, and Masio, and that of Trinidad will be as soon as a convenient edifice for a Lazaretto can be built. Also the time of quarantine will be counted hereafter, not from the time of the ves sel’s arrival at the Quarantine port, but from the time of her touching at any port in the Island, upon the certificate of the Secretary of the Health Board, or the deputation of such port. And all ports in the island are constituted ports of quarantine of obser vation, vessels being obliged to proceed to the Lezaretto only in cases of “ causasgraves,” which require strict quarantine. The pay of the officials is also ascertained and restricted in certain cases liable to abuse and offering temptations for official misconduct. * * * * SAILING DIRECTIONS FOR THE PILOT’S RIDGE, ETC. The Court of Directors of the East India Company have lately received from the Government of Bengal a notice, dated Fort William, May 6th, 1851, stating, “ that from and after the 15th of March, 1852, the pilot station for the south-west monsoon, will be changed to the position described in the following sailing directions of the Master Attendant of this port, (Fort W illiam;) and that from and after the date specified, the Eastern Channel Light Vessel will show a bright red light instead of a plain one, as at present, to distinguish it from the Gasper Channel Light, which bears from it about N. K W., distant 22 miles — SAILING DIRECTIONS FOR VESSELS REQUIRING PILOTS DURING THE SOUTH-WEST MONSOON AT THE NEW STATION, OF THE NORTH-EAST PART OF THE PILOT’S RIDGE. False Point Light-house is in latitude 20° 19|' N., and longitude 86° 47' E., and a buoy is placed in 21^ fathoms on Pilot’s Ridge, in latitude 20° 49£' N., and longitude 87° 42' E .; the buoy, therefore, bears from False Point Light-house N. 59° 49' E. true, and distant 59£ miles. A vessel, therefore, after making the light-house at False Point (in passing which she ought not to go into less than ten fathoms) should bring it to bear about W. S. W. ten or fifteen miles distant, when she will be in eleven or twelve fathoms, then steer E. N. E., when the soundings will gradually increase to twenty-three fathoms, on the eastern edge of the Pilot’s Ridge. She should then regulate her course so as to keep between the ridge and twenty-seven fathoms, when, by attention to the lead and nature o f the soundings, course and distance run from the light-house, it is almost impossible to avoid making the pilot vessels, as their cruising ground is immediately to the north east of the light-vessel stationed during the south-west monsoon, in close proximity to the buoy on the ridge. The soundings to seaward of the Pilot’s Ridge are in general a greenish or olivecolored mud, with occasionally a few bits of broken shells mixed with i t ; whilst those on the ridge are of a shelly sand, or minute gravel, of a reddish or rusty-brown color. Nautical Intelligence. 499 Vessels approaching the station are earnestly ■warned to be careful in avoiding col lision when communicating with either the light, or supplying pilot vessel; and on making the former at night, they are strongly recommended to heave to, at a proper distance, till daylight; by which measure they will avoid the probability of passing he supplying pilot vessel in the darkness of the night. The Eastern Channel Light-Vessel is in latitude 21° 04' If., and longitude 88° 14' B., and, therefore, bears from the buoy on the Pilot’s Ridge If. 63° 26' E., true ; and distant 324 miles. The Eastern Channel Light-vessel burns a blue light every hour during the night, commencing at seven P. M., and a maroon (or torch) at the intermediate half hours, and her standing light will, from the date above specified, be a bright red color. The Pilot’s Ridge Light-Vessel shows one plain standing light, and burns a blue light every hour, and a maroon at the intermediate half-hours, and also fires a gun on sighting any vessel. During the north-east monsoon, the cruising ground where ships will have to seek for pilots will be, as heretofore, in the eastern channel. H. L. THOMAS, Master Attendant. REVOLVING LIGHT OK CAPE RECIFE, SOUTH AFRICA, H y d r o g r a p h i c -O f f ic e , A d m i r a l t y , May 12,1851. Her Majesty’s government at the Cape of Good Hope has given notice that a revolving light was to be established on the first of last April, on Cape Recife, the position and character of which is as follows :— The light-house, which is painted with four horizontal bands, alternately red and white, stand in latitude 34° 1' south, and longitude 25° 40' east; the hight of the building is eighty feet, but the light is elevated ninety feet above the level of the sea, and is, therefore, visible to a vessel twelve feet high at the distance o f seventeen miles, be tween the bearings of If. by E. round by the southward to West. The light revolves once in every minute; or when seen from a short distance, it appears to be a fixed light with bright flashes at intervals of a minute each. Cape Recife is low, but may be distinguished by a hummock near its extremity. The Coxscomb Mountain, 5,400 feet high, bears from Cape Recife If. If. W. 4 W., whereas, from Cape St. Francis, which is sometimes mistaken for it, the Cockscomb bears If. E. 4 If. Vessels passing Cape Recife should give it a berth of not less than four miles to the westward, and of two miles to the southward, in order to avoid its dangerous reefs, towards which a strong current continually sets. After rounding Cape Recife from the westward, and in proceeding to the anchorage off Port Elizabeth, the red buoy on the Dispatch Rock should not be approached in less than seventeen fathoms. A white stone beacon, on the shore, when in one with the light-house, (bearing S. S . W. 4 W.,) points to the eight feet summit of the Dispatch R ock; and about two miles north of the light-house stands two wooden beacons, which, when in one, (about W. by If.) are likewise a mark for the summit of that rock. At night the light should be always kept to the northward of E. 4 If. when within the distance of five miles, and vessels must immediately run out, or tack, if within that bearing. When rounding the cape they should never come into twelve fathoms till the light bears If. W., and then they may haul in N. N. E. SIZEWELL BANK. The eastern edge o f the Sizewell Bank having extended itself in a north-easterly di rection nearly one-third of a mile, the Sizewell Buoy has been moved accordingly, and now lies in five fathoms at low water spring tides, with the following marks and com pass bearings, viz.:— Leiston Church on with a small red tiled boat house...................................W. by If- f If. The west and highest end of a remarkable clump of trees on with the flag staff at Thorpness Preventive Station.................................................................. W. by S. J S. Orford High Light-house.......................................................................................S. W. J- W. Aldbro’ Church.......................................................................................... S. W. by W. J W. Aldbro’ Knapes Buoy............................................................................................... S. by W. 500 , Railroad Canal, and Steamboat Statistics. RA ILR O A D , CANAL, AND STEAMBOAT STATISTICS. STEAMERS TO IRELAND, A glance at the map of the world will satisfy the most skeptical that Ireland is the natural highway for communication between the continent of Europe and AmericaLying between England and America, with harbors on her western and south-western coasts superior to any in the former country, does it not seem an anomaly that the ships of America should pass this island by, and submit to the delays, and the hazards incident to the navigation of the English Channel in order to cast anchor in the “ mud banks” of the Mersey ? Were we to attempt to inquire into the causes of this an omaly, we might be led into a discussion which it is neither our policy nor our wish to provoke. W e will content ourselves simply with declaring that the claims of this is land have been overlooked, because her name is Ireland, and her condition that of a subject province o f England. It is time, however, that this state of affairs should have an end, and we sincerely trust that to the spirit and enterprise of American merchants, will Commerce, Humanity, and Civilization be indebted for the establishment of a new route, by which the distance between Europe and America will be abridged, and the voyage between the two worlds deprived of many o f the annoyances with which it is now attended. The promoters o f the proposed “ Irish and American Steamship Company,” as will be seen from the following circular, base their hopes of success chiefly upon the emigrant travel. W e are confident, however, that were this route once established it would ultimately supercede that of Liverpool or Holyhead for every description of travel, and for freight to Ireland. W e shall recur to this subject another time, and enter more fully into its merits. For the present, we in vite the earnest attention of our readers to the following circular, which has been prepared with much care :— PROPOSED I1U8H AND AMERICAN STEAMSHIP COMPANY. This enterprise has been undertaken mainly with a view to the advantage of the humbler emigrants who are quitting the Old World to seek a home among us. For the last few years the emigration to the United States from the British Islands alone, has given an annual average of 268,469 persons. In the mode of conveying those emigrants, evils have for a long while existed, not the less grievous because they have occupied but little of public attention. While for the wealthier class facilities of travel have, year by year, increased, the poor, who seek on this continent a field for useful labor, are subjected to sufferings which have grown in intensity with the increasing tide of emigration. On the Irish emigrants, and they are by far the most numerous, such miseries fall with heaviest weight. From the moment one of these leaves his home, his journey to America is an ordeal, to which overruling necessity alone could compel him to submit. His first step is an anomaly. To reach this Western Continent, he turns his face eastward, and leaving behind him the harbors that lie neglected on the western coast of his island, travels a weary journey to Liverpool, where, confused and overpowered in the bustle of a foreign commercial city, he falls an easy prey to imposition and de ceit He quits the land, but misery, with increasing bitterness, follows him upon the sea. He remains cooped up for weeks in the dark hold of an emigrant ship, where men and women, huddled together with utter disregard of decency, wear away the wretched hours in hunger, filth, and discomfort, or sicken and die without sympathy or help, often subjected to brutal treatment and exposed to the contagion of vice. He enters on his new career physically and morally degraded, and carries with him into the thronging population of our eastern cities the seeds of pestilence and the example of depravity. , , Railroad Canal and Steamboat Statistics . 50 1 Witli this unhappy preparation he finds himself, on his arrival on these shores, cast into a society of whose condition he knows nothing. Unable to shape his course in a strange land, he lingers in some seaport city, adding to the supply of labor and diminishing its reward, or swelling the tide of vagrancy and pauperism. The projectors o f the Irish and American Steamship Company confidently hope that the enterprise which they now commend to public support will go far toward remedying the evils above referred to. 1st. They propose to establish between the port of New York and Galway, or some other suitable port on the west coast of Ireland, a line of first-class steamships, con structed with a special view to the conveyance of passengers, and capable each ship of affording comfortable accommodation to 1,000 or 1,100 persons. 2d. They propose, through their agents on both sides of the Atlantic, to put therm selves in communication with the proprietors of the various means of inland convey ance, to the end that emigrants may be enabled to procure tickets in the principal cities of Ireland, or at Liverpool, by means of which their passage will be secured to any locality within the reach of ordinary conveyance in the United States. 3d. The ships of the proposed line will be constructed with steam-power and speed at least equal to the ships of the Cunard and Collins lines. The distance from New York to Galway has been calculated to be 2,731 miles, 369 miles less than the distance from New York to Liverpool. Taking the rate of sailing at thirteen miles an hour, this distance could be accomplished in eight days and nine teen hours, while it would take ten days (less by one hour) to reach Liverpool at the same rate. We have reason to believe that the letters transmitted from this port to Ireland amount to more than half of the whole of those sent to the British isles. By the present mode of transmission, these letters, arriving first at Livepool, are thence carried back to Ireland. By the proposed line, letters to Irelaud would reach their destination about forty-eight hours earlier, and letters to other parts of the British is lands from twelve to twenty hours earlier than by the present route. Such, then, are the advantages of the project to which the public attention is now invited. It promises advantage to Ireland by facilitating and systematizing the emigration of her people, and by increasing her intercourse with this nation, with which she is year by year forming closer ties. To America, by withdrawing the flood of emigrant labor which now stagnates in the seaboard cities, and directing it to the localities where it can be profitably em ployed. To Commerce, by quickening the intercouse between the Old World and the New. One question remains which needs most of all to be clearly and satisfactorily answered, “ Will the project pay ?” To this question the undersigned have anxiously directed their attention, well know ing that no undertaking of this nature can claim public confidence, or hope for ultimate success, unless at the outset it take ground on the basis of commercial enterprise, and give to its supporters ample reason to expect a fair return on investment. An attentive investigation of the probable expenses and receipts of the line, has led to the results which are exhibited in the following statement, in the preparation of which, care has been taken to avoid all exaggeration in regard to economy or antici pated profits:— YEARLY OUTLAY FOR A STEAMSHIP COSTING $400,000, SUPPOSING HER TO MAKE TEN ROUND VOYAGES, THE PASSAGES EACH W AY AVERAGING TEN DAYS. Salaries and wages of captain, officers, physician, <fcc., in all 120 hands.. . . Victualing 120 hands, at $10 each per month.................................................. Coal, 1,200 tons, or 60 tons per day, at $4 5 0 ................................................. Insurance, 6 per cent; depreciation and repairs, 15 per cent: in all 21 per cent on $400,000............................................................................................... Provision for 9,000 steerage passengers, being 900 per round voyage, at 25 cents each per d iem ......................................................................................... Provision for 2,000 cabin passengers at 50 cents.............................................. Port charges and sundry expenses...................................................................... Agents’ commissions on $250,000, at 2-£ per cent............................................. $48,000 14,400 54,000 Total yearly outlay................................................................................... $289,650 84,000 22,500 10,000 50,000 6,750 , Railroad Canal, and Steamboat Statistics. 502 RECEIPTS. 1.000 1.000 1.000 8.000 cabin passengers outwards, at $60............................................................ steerage passengers outwards, at $25............................... ...................... cabin passengers, home, at $60................................................................ steerage passengers, home, at $25............................................................ $60,000 25,000 60,000 200,000 Total receipts......................................................................................... Receipts ...................................... $345,000 Outlay............................................ 289,650 $345,000 $55,350 Giving a dividend o f over 13 per cent. It is proposed to construct a ship of the capacity o f 1,000 steerage passengers. The estimate supposes her to carry only 800 steerage passengers on each homeward trip. If she should carry her complement on the homeward trips, she would add $50,000 to her profits. RECEIPTS, INCLUDING FREIGHT AND POSTAGE. Passengers, as above............................................................................................ 10.000 tons freight, outward, a $2..................................................................... 3.000 tons freight, home, a $10........................................................................ Postage.................................................................................................................. $345,000 20 000 30,000 50,000 Total receipts...................................................................................... Receipts........................................ $445,000 Outlay, as a b ove......................... 289,650 $445,000 $155,350 Giving a dividend of over 38 per cent Receipts, supposing the fare of steerage passengers on the home passage to be $20, in lieu of $25..............................................•................................. Outlay, as above................................................................................................... $405,000 289,650 Total...................................................................................................... $115,350 Giving a dividend of over 29 per cent. In considering this subject, the undersigned have endeavored to overlook no objec tion, and to give full value to every obstacle. They have, on the other hand, omitted to count many contingencies which would largely add to the chances of success. The increase in the amount of travel which is usually found to follow increased facilities. The probability (on which they confidently rely) that direct and easy intercourse with this Republic will tend to raise the social condition of the Irish people, to create in them an industrial energy, and thus to cause such an interchange of products be tween the two countries, as will load the proposed steamships with profitable freight. These, and other subjects of favorable anticipation, have been left out of account, in the belief that it is wiser to promise only what may be regarded as highly probable, than to excite hopes which may or may not be realized. DUDLEY" PERSSE, ROBERT E. KELLY, SIMEON DRAPER, JOHN B. DILLON, HENRY O’ RtELLY, HORACE GREELEY, THOMAS A. EMMET, FREEMAN HUNT, JOSEPH STUART. THE FIRST INVENTION OF STEAMBOATS, The Vienna correspondent of the London Morning Chronicle says :— “ In the archives of Venice an interesting discovery has been made, from which it would appear tiiat a Frenchman of the name of Gautier, professor of mathematics at Raney, and member of the Royal Society of Paris, was the first to invent navigation hy steam. In the year 1*756 he submitted his plan to the society, of which he was a member, and it met with no countenance from that body. He then published a trea tise on the subject, which attracted the attention of the Venetian Republic, and pro cured for him an invitation to the shore of the Adriatic; he went, but death soon put an end to his labors. A year or two afterwards the theory of Gautier was practically exemplified on the Seine, amidst the acclamations of the Parisians. The treatise by Gautier on Navigation by Fire’ is the discovery alluded to above.” , Railroad, Canal and Steamboat Statistics. 503 RATES FOR THE TRANSPORTATION OF EMIGRANTS. ARR IV IN G AT NEW YORK, BY RAILROAD, STEAMBOAT, AND CANAL. LIST OF PRICES ESTABLISHED BY THE MAYOR OF THE CITY OF NEW YORK, AND THE COMMISSIONERS OF EMIGRATION FOR THE TRANSPORTATION OF EMIGRANTS. K. B.—No charge to be made for carting or shifting luggage. BY RAILROAD. From New York To Albany, Steamboat___ To U tica................................ To Syracuse........................... To Rochester......................... To Lockport........................... To Buffalo............................... To E rie................................... To Cleveland......................... To Huron and Sandusky. . . . To T oledo.............................. To Monroe............................... To Detroit............................... To Mackinaw......................... To Milwaukie......................... To Racine............................... To Southport......................... To Chicago............................. To Hamilton........................... To Cincinnati.......................... To Lafayette........................... Distance. Railroad. 100 lbs. extra baggage. 150 80 50 260 1 75 68 321 2 44 81 419 3 67 1 35 483 1 68 4 87* 514 4 37* 1 68 604 5 31*' 5 31* '734 5 31* 30 cents across the 5 56* lake. 810 850 6 19 1,145 1,445 7 00 34 cents by steamboat, 1,465 7 00 land 81 cents by Michi1,477 .... gan Railroad. 1,525 7 00 1,036 6 06* $1 21 by Ohio Railr’d, 1,060 8 69 & 95 cents via Beaver. 1,036 9 00 81 75 ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... CINCINNATI From New York . To Pittsburgh......................... ................... To Cincinnati......................... ................... To Louisville......................... ................... Via BEAVER. Distance. Railroad. 100 lbs. extra baggage. 768 ?6 00 81 oo 1,174 8 69 1 21 1,836 9 38 1 28 PITTSBURG AND ST. LOUIS. To To To To To To Distance. Railroad. 100 lbs. extra baggage. 90 §1 60 80 44 5 00 1,078 9 38 1 50 10 38 1 75 3 62 66 5 25 1 50 From New York Philadelphia, steamboat & railroad.. . Pittsburg........................... Louisville.......................... ................... St. Louis........................... Baltimore........................... Pottsville........................... CANADA via OSWEGO. From New York To Syracuse........................... ................... To Oswego............................. To Kingston........................... ................... To Wellington......................... To Coburg............................. To Port H o p e ....................... To Oakville........................... CANADA Via From New York To To To To To To Rochester........................... ................... Bondhead.......................... Darlington....................... Whitby and Toronto........ Hamilton and Niagara.. . ................... Lewiston........................... Distance. Railroad. 100 lbs. extra baggage. 321 a .... ' 3 75 81 35 to Rochester and 434 5 75 37 cents from Roches>-ter to Kingston, and 5 75 the other places given here. .... .... _ ROCHESTER. Distance. 319 548 100 lbs. extra baggage. 8.... ' .... $1 35 to Rochester, .... , 37 cents from Roches5 68* ter to Bondhead, & all 6 06 other placesgiven here. 6 25 J Railroad. , Railroad, Canal and Steamboat Statistics. 504 MONTREAL To To To To To To From New York Troy, steamboat......... Whitehall................... Burlington................. Plattsburg.................. St. Johns..................... Montreal..................... vid WHITEHALL. Distance. Railroad. 157 222 295 312 350 375 SO 2 2 3 3 100 lbs. extra baggage. 50 25 75 00 25 4 m 0 0 0 0 1 67 74 84 94 00 BY NEW YO RK AND ERIE RAILROAD, FOOT OF DUANE-ST., NORTH RIVER . 2 d Class em ig ran ts. 2d Class emigrants. F ro m N e w Y o r k To Otisville......... ...... I--- To Corning................. ........................ | 3 7 5 ........... 1 25 Painted Post......... Port Jervis.. . Rosa Switch.. Addison.................. Brathbonville......... Barry ville.. . . Lackawaxen.. 1 50 Cameron.,............... Narrowsburg. 1 75 Canisteo................. 4 25 Cochecton.. . . 2 00 Hornellsville......... ........................ Callicoon........ Almond.................. Baker’s Bridge.. . . Hank in’s......... Andover.......... . . . Equinunk. . . . Stockport. . . . Genesee.................. Scio......................... Hancock......... D eposit......... Phillipsville........... 2*50 4 75 Summit.......... Belvidere............... ........................ Lanesboro’ . . . Friendship............. Cuba....................... Great Bend.. 2*75 Hinsdale................. Windsor Road Binghampton.. Olean..................... 3 00 Union ........... Alleghany.............. Campville . . . Great Valley......... 3 35 Owego........... Little Valley........ Tioga Center. Albion.................... Dayton.................. Smithboro’ . . . Forrestville............ Barton............ 4 00 W averly.... . . Dunkirk................. ................. 4 00 Buffalo.................... ................. Hankin’s........ 4 50 Chemung. . . . Cleveland............... ................. W ellsburg................................ 7 50 Cincinnati............... ................. Elmira....................................... 3 50 Detroit................... 7 00 Ch. Railroad Junction... . Chicago, <fec............ ................. PQ Horseheads....................... 5 00 Sandusky............... ................. O be 5 00 Millport.............................. Toledo.................... ................. 7 00 Havana............................. Waukegan............. ................. Racine.................... ................. J efferson............................. 75 7 00 To Geneva .. 00 Kenosha................. ................. Big Flats.. From New York. 7 oo BY CANAL. To To To To To To To To To To To To To From New York Albany, steamboat.............................. U t ic a .................................................... Syracuse................................................ Rochester............................................... Loekport......... .................................... Buffalo.................................................... Erie........................................................ ............... Cleveland............................................... Huron and Sandusky........................... Toledo.................................................... Monroe................................................... Detroit................................................... Mackinaw............... .............................. Distance. 604 100 lbs. extra Canal. $0 50 1 19 1 19 1 19 1 19 1 19 2 25 2 25 2 25 2 62^ . . . . 2 62 3 50 baggage. $0 27 0 42 0 42 . .. . . . . 0 0 0 0 0 54 81 81 75 81 , . . 0 81 0 95 Railroad, Canal, and Steamboat Statistics. To To To To To To To To To From New York Milwaukie.............................................................. Racine.................................................................... Kenosha................................................................. Chicago.................................................................. Cincinnati.............................................................. Lafayette.............................................................. Louisville.............................................................. Louisville.............................................................. St. L ou is............................................................... CANADA To To To To To To To via via 100lbs. extra baggage. 0 95 0 95 0 95 0 95 0 92 1 02 0 90 0 90 1 25 Canal. 1 19 2 00 4 00 100 lbs. extra baggage $0 27 0 42 1 08 3 60 1 08 Distance. 514 548 Canal. 3 25 3 75 100 lbs. extra baggage. $1 08 1 08 Distance. 205 850 375 Canal. OSWEGO. Distance. 321 359 434 ROCHESTER. From New York To Whitby and Toronto............................................. To Hamilton and Niagara......................................... MONTREAL Canal. 3 50 3 50 3 50 3 50 6 47 6 00 5 25 5 25 6 25 Distance. 1,445 1,465 1,477 1,525 1,060 1,036 1,835 1,078 1,606 From New York Syracuse................................................................. Oswego................................................................... Kingston................................................................ Wellington............................................................. Coburg.................................................................... Port Hope.............................................................. O akville................................................................ CANADA 505 via QUEBEC. From New York To Burlington................. To St John’s................. To Montreal..................... 100 lbs. extra baggage.... $1 25 1 08 400 1 00 STEAMBOAT NAVIGATION OF CINCINNATI. In the Merchants’ Magazine for October, 1849, (vol. xxi., page 468,) we published a tabular statement of the arrivals and departures of steamboats for the port of Cin cinnati, for the years 1847 and 1848, and in November (vol. xxiii., page 469) a similar statement for the years 1849-50. W e now subjoin a statement for 1850-51:— A COMPARATIVE MONTHLY STATEMENT OF STEAMBOAT ARRIVALS AND DEPARTURES AT THIS PORT FOR THE YE AR ENDING SEPTEMBER 1, 1851. ARR IV ALS FROM Months. Septem ber............. October................... November............... December............... January................... February................. March..................... A pril....................... M a y........................ J u n e....................... J u ly ........................ A u gu st................... Total................... New Orleans. 6 6 19 38 42 40 46 24 29 19 9 10 288 Pittsburg. 54 66 60 57 45 43 68 73 61 42 39 50 St. Louis. 20 20 24 25 9 5 17 22 21 20 11 20 658 214 Other ports. 140 145 177 190 242 194 249 248 239 255 254 225 2,538 Total. 220 237 280 310 338 282 380 367 350 316 313 305 8,698 506 , Railroad, Canal and Steamboat Statistics. Months. S e p t e m b e r .............. O c to b e r ...................... N o v e m b e r ................. D e c e m b e r ................. J an uary ..................... F eb ru a ry ................... M a rch ......................... A p r i l .......................... M a y ............................ J u n e ........................... J u l y ............................ A u g u s t ...................... T o t a l ...................... DEPARTURES FOR P ittsb u rg . New Orleans. 6 14 27 42 43 28 27 18 16 10 9 10 249 43 53 49 48 43 40 50 49 60 42 40 30 St. L o u is . 27 30 20 14 7 7 24 32 18 13 16 14 647 222 Other ports. 130 132 144 173 205 183 228 219 213 212 235 200 2,274 T o ta l. 206 229 240 277 297 258 329 318 308 277 300 254 8,293 T h e follow in g tab le g iv es the nam es and tonnage o f stea m boa ts a rrived a t th e p o rt o f Cincinnati, from S e p te m b e r 1st, 1850, t o A u g u st 31st, 1 8 5 1 :— Boats. Tonnage. Boats. Tonnage. Amazonian...................................... 257 Com Planter.................................... 118 Alleghany Belle.............................. 100 Clara................................................ 307 American Star................................ 133 Cornelia.......................................... 255 Ann Linington................................ 164 Caspian............................................ 249 Arrowline............................................. 90 Chickasaw...................................... 310 A s i a ................................................ 199 Diana.............................................. 188 Boone............................................... 250 Diadem............................................ 276 B a ltic.............................................. 188 De Witt Clinton............................. 266 B eacon ............................................ 215 Domain............................................ 132 Buckeye................................................ 850Dove................................................ 237 Brilliant.......................................... 361 Duchess.......................................... 338 Bay State............................................ 260Delta............................................... 396 Brooklyn.......................................... 245 Doctor Baty..................................... 310 Buckeye State.................................... 500Doctor Franklin No. 2 ................... 190 Ben Franklin...................................... 520Elvira............................................... 222 Ben W est............................................ 260Europa............................................ 349 Bunker H ill.................................... 470 Euphrates........................................ 136 Black Diamond.................................. 167Embassy.......................................... 237 Banner S ta te...................................... 270Empress........................................... 120 Ben Coursin......................................... 161Eureka............................................ 113 Columbian.......................................... 138Express........................................... 193 Cumberland No. 2 .............................. 140Empire State................................... 350 98 Cinderalla............................................ E. W. Stevens................................. 199 Caledonian.......................................... 124Empire............................................ 457 230Editor.............................................. 247 Courtland............................................ Consignee............................................ 196Elephant......................................... 425 Companion.......................................... 166E lk .................................................. 62 400Emma Dean.................................... Cincinnati............................................ 212 Cincinnatus.......................................... 380Excel............................................... 120 Colorado................................................ 97 Federal Arch................................... 196 Cambria.............................................. 203Fort Pitt.......................................... 130 Cleona.................................................. 186Fleetwood...................................... 212 California.............................................. 198Friendship...................................... 98 Cataract.............................................. 360Financier...................................... 118 Cumberland Valley............................ 198Fanny Smith.................................. 375 Colonel Dickinson.............................. 198Forest Queen.................................. 283 Childe H arold.................................... 345Genesse........................................... 178 142 Charles Hammond............................. 320Gossamer........................................ Clipper No. 2 ...................................... 350Geneva............................................ 14l 154 Colonel Fremont........................... 74 Glaucus........................................... 236 Chief Justice Marshall ................... 315Gladiator........................................ Grampus......................................... 23l Cape May........................................... 125 347 Clara Fisher........................................ 108Gulnare........................................... 304 Chalmeto.............................................. 240George Washington...................... Railroad, Canal, and Steamboat Statistics. Boats. Griffin Yeatman__ General Scott........ General Gaines...... George W. Kendall G em ..................... . Governor Meigs. . . Hartford................. Haidee.................. Hamburgh............ Hindoo................. . Hudson................. . Hermann............... Hungarian............ Hiram Powers....... . Hoosier State........ Hibernia No. 2 . . . . , Hail Columbia Haverhill.............. Irene....................... Ionian .................... Ironton................... Indiana.................. Isaac Newton......... Jamestown............ J. M. Harris........... J. J. Crittenden . . . J. Q. Adams.......... Julia Dean............. . Jefferson................. James Millinger... Jewess.................. J. M. Niles............. . John Hancock........ John Adams........... Jenny Lind............. John Swaser.......... J. L. McLean........... John Simpson.......... Julia........................ Kenton................... Keystone State........ Lancaster................ Lewis Wetzell......... Lady B) ron............. Lady Franklin......... Lowell..................... Luella...................... Loyal Hanna ........ Lydia Collins.......... Lincoln ................... Lelia No. 2 ............... Lady Pike.............. M alta..................... Madison Belle.......... May Flower............ Martha No. 2............ Milton..................... Memphis.................. Mt. Vernon............. Messenger............... Melodeon................ Magnet................... Tonnage.' - 306 360 159 350 478 146 144 143 206 199 94 94 360 116 344 310 116 175 125 167 187 370 242 338 123 224 189 118 146 336 248 430 293 425 107 274 375 284 99 250 425 135 118 146 206 124 122 120 147 95 124 239 125 170 140 171 158 265 178 385 825 98 50 1 Boats. Tonnage. Martha Washington....................... 298 May Queen...................................... 68 320 Moro Castle..................................... Music...... ...................................... 310 Magnolia......................................... 160 310 Mary Stevens................................. Molly Garth..................................... 16 Midas.............................................. 307 Mary Pell........................................ ••• North River..................................... 242 New W o rld .................................... 280 Navigator........................................ 155 North Carolina................................ 191 New Orleans.................................. 400 Ne Plus U ltra ................................ 250 Oriental........................................... 249 122 O h io ................................................ Ohio No. 2 ...................................... 348 O livia.............................................. 136 Oella................................................ 65 P eru ................................................ 128 Pilot No. 2....................................... 93 Paris................................................ 242 Pacific.............................................. 138 Pennsylvania................................... 242 Paul Anderson................................ 310 270 Pontiac............................................ Pontiac No. 2................................. 270 R elief.............................................. 81 178 Robert Rogers................................. Ringgold.......................................... 138 Richard H. Lee............................... 158 Republic.......................................... 108 R eveille.......................................... ’l l Retrieve........................................... 204 Red River........................................ 277 Rockaway No. 2 ........................... 325 Regulator........................................ 155 Rockaway........................................ 221 Resort.............................................. 16 Robert Whiteman......................... 62 Summit............................................ 128 Saint Anthony................................. 185 Shamrock................ 183 Skipper............................................ 64 Shenandoah.................................... 119 Scioto................................................ 265 Scioto No. 2..................................... 265 Schuylkill........................................ 272 Silas Wright.................................... 248 St. Cloud No. 2 ............................. 63 St. Cloud......................................... 223 South America................................ 288 Saint Charles.................................. 311 Sacramento.................................... 230 S. F. Vinton..................................... 284 301 Sam Cloon....................................... Saranack No. 2 .............................. 850 Statesman....................................... 248 Swallow........................................... 337 Sarah............................... 150 Telegraph No. 2 ............................. 400 5 08 R a ilroa d , Canal, and Steam boat Statistics. Boats. Tuscarora............ Triumph.............. Tribune............... Trustee............... Tallahatchee___ Time and T id e .. United States.. . Umpire No. 2 . . . V isitor................ Y ermont............. W yom ing........... Wisconsin No. 2. Tonnage. Boats. William Phillips................... William Noble....................... Washington........................... Winfield Scott....................... Webster................................... Wave ......................... .. W. G. Campbell..................... York Town No. 2 ................ Zach Taylor........................... ___ ___ ___ ___ ___ ___ Tonnage. 62 420 102 280 460 94 168 420 184 1fil Total tonnage................. ___ 49,2V5 AMERICAN AND ENGLISH RAILW AYS. E. H. D erby, Esq., of Boston, well known to the readers of the Merchants' Maga zine, as a contributor to its pages of several valuable articles relating to railroads, <fec., has addressed a letter to Herapath’s Journal, furnishing an account of making and of working, together with an account of the length of the various lines of railway in oper ation and in course of construction throughout the United States, from which we ex tract the following:— “ The number of miles of railway now in operation in the United States is 10,28V, and constructed at a cost of .$306,60V,954. The number of miles of railway now in operation upon the surface of the globe is 24,546 ; 13,826 miles being in the Eastern hemisphere ; and 10,V20 miles in the Western hemisphere; and which are distributed as follows:— In the United States, 10,28V miles; in British Provinces, 22 miles; in the island of Cuba, 359 miles; in Panama, 22 miles ; in South America, 30 miles ; in Great Britain, 6,621 miles ; in Germany, 4,542 miles; in France, 1,831 miles; in Bel gium, 350 miles; in Russia, 422 miles; and in Spain, 60 miles. The longest railway is the New York and Erie, which is 46V miles in length. Massachusetts has a mile of railway to each seven square miles of her geographical surface; New Jersey to each 22 ; New York to each 28 ; Maryland to each 31; Ohio to each 58; and Georgia to each V6. The total number of railways in the United States is 315.” These facts must be familiar to the readers of the Merchants' Magazine. Our chief object, therefore, in reproducing them in this place, is simply to give the observations o f the editor of Herapaths’ Journal, as follows:— “ Mr. Derby, is, perhaps known by name to many of our readers, as an American railway director. “ We might very profitably take a leaf out of the American book in regard to the construction and working of our railways, especially in relation to branch lines. Only think !— they have consti'ucted their 10,300 miles of railway at an average cost of £6,000 a mile; w e have constructed our 6,V00 miles at an average cost of about £35,000 a mile, or six times theirs. “ They charge the public less, and kill and wound fewer of them. They do not travel quite as fast, but they fall short of our speed by very little. They not only construct their lines fora sixth part of the capital cost of ours, but they work the traf fic o f them much cheaper. Mr. Derby tells us that they work lines answering to our branch lines for £5 a mile a w eek; ours cost about £15— the trunk lines much more. He says if their receipts amount t o £ 1 2 a m ile a week, they can get a good living out of it. Of course this can soon be seen—£5 being the cost of working would leave £V profit per mile, or £364 profit per mile per annum, which is equal to more than 6 per cent on a capital cost of £6,000 ; but this is the average cost of all the lines ; the cost of a branch line would perhaps be about £4,000 a mile. On a capital cost of £4,000 a mile, a profit of £364 a mile per annum would give a dividend of about 9 per cent. What would be our predicament supposing we worked as cheaply, getting out of a receipt of £12 a mile a week as much as £V profit; why on a capital cost of £35,000 per mile the dividend would be about 1 per cent, or as £20,000 a mile is about the average cost of our branch lines the dividend would be about I f per cent per annum ; but it would be nothing on this capital cost of £20,000 a mile if there were but a small Journal o f M inina and Manufactures. 509 part of the capital cost of £20,000 in preferential or guaranteed capital. Supposing that but £8,000 of the £20,000 were borrowed, preferential, or guaranteed capital at 5 per cent— there would then not only be no dividend for the unprivileged shares, but a deficit to meet the whole of the interest on the borrowed, preferential, or guaranteed capital in place of a 9 per cent dividend! This is the difference which large capital cost and preferential charges alone make. We have hopes of a cheaper system of working being adopted in England. We may not be enabled to work the trunk lines by a cheaper system, but we might cheapen the system now in use. The branch lines, however, might be worked by a system materially cheaper than the present. Substi tute light for heavy locomotives; and do away with the clerk and porter establish ments at intermediate stations, by sending a money-taker by the trains, who could be one of the persons now employed in traveling with trains, and a principal portion of the expenses of running trains would be saved, while the work would be done just as efficiently.” RAILROADS IN CANADA. In the Merchants' Magazine for July, 1851, we published a tabular statement of all the railroads in the United States, their length, cost, (fee. In the introduction to that table, we gave the total length of railroads in other countries including the British Pro vinces. An annonymous correspondent writes us from Montreal, that we have com mitted an error in allowing but 22 miles of road to Canada. He says— “ In Canada East, the following roads have been completed, viz., the Champlain and St. Lawrence, 86 miles (lately 14); Lachine 7 miles, Atlantic 12 miles; Saunay and Industry V il lage 12 miles, in all 84 miles. In Canada West, our correspondent says, there are two short lines above Bytown, and one in the vicinity of Niagara, and adds, “ Canada has a greater length of railroads in operation, than either of the States of Rhode Island, Delaware, Florida, Mississippi, Louisiana, Kentucky, or Wisconsin.” JOURNAL OF MINING AND MANUFACTURES. THE MANUFACTURING AND INDUSTRIAL PRODUCTS OF CINCINNATI. The subjoined table, derived from a work recently published by Mr. Charles Cist, entitled, “ Cincinnati in 1851,” furnishes a full and complete statement of the manufac turing and industrial products of Cincinnati. The number and products of the several manufactures and workshops, in 1851, compared with 1841, shows the great and un precedented increase in this department of business. This statement, in connection with the article under our series of papers on the “ Commercial Cities and Towns of the United States,” in the present number of the Merchants' Magazine, “ presents,” we quote from the Cincinnati Price Current, “ in a clear light, the future destiny of our city.” 1841. Factories, Shops, Works. Mills, Yards, etc. Agricultural machines..................................... , Alcohol and spirits, wine distillers.................. Animal charcoal factory.................................. Apple-butter makers......................................... Architects........................................................... Artificial flower factories................................. Awning, tent, bag-makers............................... Bagging factories.............................................. Bakers................................................................. Band and hat-box makers................................. Baskets, cradles, makers................................... Bell and brass-founders..................................... Bellows makers................................................. Blacking paste makers..................................... Product. $ ........... 17,000 12,000 78,650 259,000 9,000 2,800 81,000 12,600 11,000 1851. No. i 6 1 3 10 3 7 2 140 6 7 12 3 3 Hds. 30 12 12 9 15 40 66 238 445 60 30 132 8 16 Product. $36,000 608,260 25,000 5,000 22,000 14,200 45,000 270,000 637,662 36,000 18,000 209,500 18,000 24,000 510 Journal o f M ining and Manufactures. Factories, Shops, Works, Mills, Yards, etc. Blacksmith shops............................................. Blinds, Yenitian, shops................................... Block, spar, and pump makers....................... Boiler yards..................................................... Bonnet-bleachers and pressers....................... Book binderies.................................................. Boot and shoe makers..................................... Brand, stamp, and blind chisel makers......... Breweries........................................................ . Brick yards...................................................... . Brick-masons and plasterers ......................... Bristle and curled hair dressers...................... Britannia-ware factories................................. . Brush makers.................................................... Bucket and tub factory..................................... Burr mill-stone makers................................... Butchers............................................................ Camphine and spirit gas makers..................... Candy and confectionery makers.................... Caps, mens’ and boys’, makers........................ Carpenters and builders..................... .............. Cars and omnibuses, railroad......................... Carriage factories.............................................. Carpet weavers.................................................. Carvers in w ood................................................ Castor-oil factory............................................... Charcoal, pulverized.......................................... Chemical laboratories............................. ........ Cistern builders................................................. Cloak and visile makers................................. Clothing factories.............................................. Coffee roasters................................................... Comb factory.................................................... Composition roofers........................................... Coopers.............................................................. Copper, tin, and sheet-iron workers................ Copper plate printers........................................ Cordage and rope makers..................... .......... Curers of beef, tongues, etc............................. Cutlery, surgical and dental instruments— tailors’ shears markers.................................. Daguereotypists................................................ Dentists.............................................................. Die sinkers......................................................... Domestic liquor factories................................. Dyers and scourers............................................ Edge-tool makers............................................... Edge-tool grinders............................................. Engravers............................................................ Fancy job printers............................................. Feed and flouring mills..................................... Fire engines, hydraulic apparatus builders... Flooring m ills.................................................... Florist.................................................................. Foundries and engine shops............................. Fringes, tassel, etc., makers............................. Furniture factories............................................. Gas and coke works.......................................... Gas-fitters.......................................................... Gas burner cap factory...................................... Gilders................................................................. 1841. Product. 311,400 26,172 106,000 100;700 488,000 6,800 126,000 87,500 208,650 16,600 12,840 19,000 10,500 1,098,015 19,000 54,000 418,600 127,000 46,000 68,000 21,300 1,223,800 18,550 167,000 211,300 21,000 33,600 10,700 950 15,540 41,600 1851 No. Hds. Product. 82 223 235,395 6 40,000 27 5 18 21,000 10 349,000 97 10 33 22,000 15 136 122,000 374 1,760 1,182,650 6 16 13,500 31 172 566,000 60 207,000 367 208 876 408,650 4 104 48,800 2 32 38,690 15 90 60,500 1 90 84,200 4 19 24,000 121 600 2,850,000 3 17,200 7 12 80 128,120 9 50 39,000 284 2,320 2,116,000 4 110 108,447 24 212 247,400 18 65 56,000 3 7 7,000 1 8 66,000 3 9 18,500 5 79 226,000 3 36 75,000 2 6 3,000 108 950 1,947,500 1 17 38,000 1 18 18,000 4 18 40,000 63 796 387,000 42 240 258,000 2 9 50,000 9 130 180,000 13 40 135,000 4 32 36 3 16 15 19 1 23,550 816,700 13,750 73,000 668,657 15,400 664,000 14 2 14 1 14 15 44 4 136 1 2 1 10 25 110 80 5 46 24 72 18 30 25 65 37 72 35 4,695 40 1,158 50 24 3 36 40,000 80,000 92,000 5,000 726,000 28,000 97,900 20,000 50,000 30,000 1,690,000 65,000 351,200 120,000 3,676,500 20,000 1,660,000 65.000 45,000 5,000 39,000 Journal o f M ining and Manufactures. 511 1841. Factories, Shops, Works, Mills, Yards, etc. Glass works, cutters, etc................................... Glove factories.................................................. Glue factories.................................................... Gold leaf and dentists’ foil makers................. Gold pen factory................................................ Grates, etc., factories......................................... Ground spice and drug mills............................ Ground mustard mills....................................... Ground marble dust mills................................. Gunsmiths.......................................................... Hatters................................................................ Hat block factories............................................ Horse-shoers..... .............................................. Hose, belts, etc., factories.................................. Hot-air furnace builders.................................... Ice-packers.......................... ........................... Iron, rolling-millings.......................................... Iron-safe, chest, and vault factories................. Iron railing factories.......................................... Japaned filter maker......................................... Japaned tin ware factory................................ Lever lock factory............................................. Lightning rod factories...................................... Lithographers.................................................... Looking-glass factories............................. . Machinists.......................................................... Marble workers.................................................. Masonic Odd Fellows’ regalia embroiderers. Mathematical & optical instrument makers... Mat maker.......................................................... Mattress makers and upholsterers.................. Milliners.......................-...................................... Mineral water factories.......................... .. Mineral teeth factory........................................ Morocco leather, yards...................................... Musical instrument makers............................... Music publishers................................................ Nut and washer maker..................................... Oil, castor, factory.................... ........................ Oil, lard, and stearine factory. ..................... Oil, linseed, mills............................................... Oil, vitriol, laboratory...................................... Packing box and refrigerator factories........... Painters and glazers.......................................... Paper makers.................................................... Patent medicine factories................................. Pattern makers.................................................. Perfumers................................... ....................... Pickles, preserves, and sauce makers............. Plane, etc., makers............................................ Planing machine factory.................................. Platform scale makers...................................... Plow makers....................................................... Plumbers............................................................. Plug, bung, etc., factory.................................... Potters................................................................. Pork, beef, and ham curers’ factories............. Printing ink factories........................................ Printing press factory....................................... Publishers........................................................... Hoofers’, paten t................................................ Saddlery, harness and collar makers.............. Product. 10,000 1851. No. 2 3 6 1 1 2 6 2 2 14,000 16,842 312,000 6 40 2,109 12 4 1 1 394,000 11,400 2,000 39,000 14 5 3 5 1 1 10 1 3,500 26,000 17,000 10,000 30,000 4 7 12 5 4 6 1 84,800 10 60 8 1 7 25,000 6 1 1 1 31,000 34 3 36,000 39,000 78,000 1 95,000 12 72 9 14 14 8 2 7 37,900 48,000 6 6 16 68,000 3,500 1 1 12,000 2,500 9,000 14 33 2 1 12 1 23,100 40 Hds. 30 33 40 5 3 52 56 10 4 30 867 4 35 26 20 60 550 56 77 4 34 60 60 24 34 120 164 18 24 3 80 650 64 0 76 62 30 4 7 124 38 24 65 632 120 90 30 45 12 96 12 36 24 135 8 50 2,450 8 30 656 12 222 Product. 40,000 20,000 28,000 11,000 3,500 45,000 140,000 15,000 3,500 35,000 445,000 4,500 48,000 96,000 60,000 150,000 1,050,000 96,000 96,000 6,000 52,000 53,000 150,000 20,000 48,000 130,000 190,000 21,000 40,000 7,240 95,000 820,000 165,000 9,000 67,000 89,500 50,000 20,000 60,000 8,015,900 263,000 135,000 120,000 385,000 830,000 660,000 25,600 120,000 25,000 167,000 30,000 60,000 45,000 195,000 12,000 36,000 5,760,000 15,000 52,000 1,246,540 36,000 346,500 Journal o f M ining and Manufactures. 512 ^ Factories, Shops, Works, Mills, Yards, etc. Saddle-tree makers.......................................... Sail makers........................................................ Saleratus factories.................................... . . . Sand-paper factories........................................ Sarsaparilla cough-candy factories................. Sash, blind, and door factories....................... Sausage factories............................................... Saw mills............................................................ Saw factories...................................................... Screw-plate factories......................................... Sheeting, yarn, and candle-wick factories.. . . Shirt and stock makers..................................... Silver and gold workers................................... Soap and candle factories................................. Spectacle makers.............................................. Spoke factories.................................................. Stainers, glass.................................................... Stair builders..................................................... Starch factories.................................................. Steamboat builders.......................................... Stencil cutters.................................................... Stereotypers...................................................... Stocking weavers.............................................. Stone cutters...................................................... Stone masons.................................................... Straw hat and bonnet factories....................... Stucco workers.................................................. Tailors................................................................. Tanners and curriers......................................... Tobacco, cigar, and snuff factories.................. Trunks, carpet-bags, etc., makers................... Turners................................................................ Type-founders.................................................... Undertakers....................................................... Varnish factories....................................... ...... Vaneer factories................................................ Vinegar factories............................................... Wadding factories............................................. Wagon makers................................................... Wall paper stainers.......................................... Wash-board, zinc factories............................... White lead factories......................................... W ig makers...................................................... . Window shade factories................................... Wine manufacturers......................................... Wire workers................................................... W ool carders.................................................. . Wrought nail makers...................................... Whisky distilleries..................... ..................... 1841. Product. No. i 4 3 2 1 *71,700 21,000 73,000 40,000 56,500 322,940 25 22 15 2 2 5 16 5 38 1 2 1 45,000 592,500 12,000 83,000 101,000 6,000 276,000 335,000 225,000 28,275 45,400 30,500 3 5 7 3 3 4 22 36 5 2 98 30 62 15 30 2 14 2 2 26 1 104,300 34,400 121,750 6,000 73,000 13,000 30,000 145,000 42 4 3 4 2 3 40 5 4 4 38 185L lids. 5 15 6 10 10 220 166 206 6 12 410 250 50 710 4 36 6 18 42 554 8 60 21 349 428 50 14 815 380 1,310 275 143 121 56 9 20 59 11 136 36 40 123 5 400 500 30 13 12 110 Product. 4,500 9,000 50,000 12,000 92,000 312,000 162,000 411,000 6,700 16,500 636.000 157.000 90,000 1,475,000 9,000 70,500 15.000 24,000 98,000 488,000 5,000 46,000 13,000 222,000 308,000 60,000 12,000 832,000 965,000 931,000 506,000 152,000 100,000 76,000 135,000 66,000 168.750 25.000 132,000 30,000 85,000 385,000 7,500 50,000 150,000 69,000 10,500 9,000 2,857,920 FINANCES AND STATISTICS OF THE UNITED STATES PATEN T OFFICE. W e are indebted to T homas E wbank, Esq., Commissioner of Patents, for an early copy of Part 1 of the report of that office for the year 1850. The present part covers 473 pages, devoted entirely to “ Arts and Manufactures.” It is printed on wretchedly bad paper, and in that respect reflects disgrace upon the government of the Model Republic. I f these reports were printed by contract, the quality of the paper being specified in the same, we should stand some chance of having them executed with some degree o f neatness, and certainly with as much despatch as they are now put orth. Journal o f M ining and Manufactures. 513 W e may remark, in this place, that the report of the Commissioner of Patents for 1850, as far as published, is unusually interesting— containing, as it does, a vast amount of curious, as well as useful, information bearing upon almost every branch of the me chanical and industrial arts— the most practically useful portions of which we shall embody in future numbers of the Merchants' Magazine. The subjoined tabular statements, showing the amount o f fees received, and the number of applications and caveats filed during each month of the year 1850, and also the business of the office for each of the last ten years— that is, from 1841 to 1850, inclusive— are derived from the report before u s:— STATEMENT SHOWING! AMOUNT OF FEES RECEIVED, AND NUMBER OF CAVEATS FILED DURING EACH MONTH OF THE YE AR Cash received. $3,780 3,705 2,765 2,990 3,465 3,515 2,820 2,835 2,375 2,615 3,060 2,840 Certificates received. $4,595 3,070 4,895 3,095 3,450 4,890 2,695 2,910 4,065 3,000 2,865 4,455 $36,765 $43,985 January . . . . February__ March........... A p ril............ M a y ............. J une............. J u ly ............. A ugust......... September. . October........ .November . . December. . . T ota l. . . . Small fees received. $402 47 464 26 459 43 598 72 674 43 442 88 673 23 542 93 544 00 480 57 467 81 426 32 $6,177 05 APPLICATIONS AND 1850. Total Aplicat’s Cav’s received. filed. filed. $8,777 47 239 60 7,239 26 176 60 8,119 43 196 38 6,683 72 177 48 7,589 43 196 60 8,847 88 191 44 6,188 23 161 31 6,287 93 174 49 6.984 00 151 34 6,095 57 166 61 6,392 81 165 52 7,721 32 199 65 $86,927 05 TABLE EXHIBITING THE BUSINESS OF THE OFFICE FOR THE LAST TEN 2,193 YEARS, AND 602 THE NECESSITY OF AN INCREASE OF CLERICAL FORCE. Years. 1841................ 1842................ 1843................ 1844................ 1845................ 1846................ 1847................ 1848................ 1849................ 1850................ Applications Caveats filed. filed. 312 761 291 315 880 452 448 533 607 595 602 Patents issued. 495 517 531 502 502 619 572 660 1,076 995 Amount of cash received. $40,413 01 36,505 68 35,315 81 42,509 26 51,076 14 50,264 16 63,111 19 67,576 69 80,752 78 86,927 05 Amount of cash expended. $23,065 87 31,241 48 30,776 96 36,344 73 39,395 65 46,15S 71 41,878 35 58,905 84 77,716 44 80,100 95 During the first entire year, (1840,) after two assistants were added to the examin ing force, (previously consisting of two examiners,) the number of applications received was 765, and of caveats 228. By the act approved May 27th, 1848, two more exam iners and two assistants were added to the corps, based upon the business of the office for the year 1847, during which year there were 1,531 applications and 533 caveats received. Thus the present examining force of the office was deemed necessary for the trans action of that amount of business. From the foregoing table, it will be observed that in 1848 there were received 1,628 applications and 607 caveats; in 1849, 1,955 applications, and 595 caveats; and in 1850, 2,193 applications, and 602 caveats; an increase over 1847 of 662 applications for patents, and 69 caveats; and an increase over 1840 of 1,428 applications, and 374 caveats. Thus the business of the office has nearly trebled within the last ten years, while the corps of examiners has only been doubled during that period. The foregoing facts clearly indicate that two chief and two assistant examiners are necessary to meet the present demands of the office, and prevent the business, now two months behindhand, from falling still further in arrears. VOL. X X V .---- NO. IV . 33 5U Journal o f M ining and M anufactures, GEMS OF THE CRYSTAL PALACE. W e cheerfully give place to a second letter from our correspondent, Dr. L e w s F euchtwanger. We are always pleased to hear from him on any subject within the scope of our labors, but we should be glad if he would turn his attention to matters o f greater practical importance, and more in keeping with the spirit of the age and with the utilitarian character of the Merchants’ Magazine and its readers:— L on b o n , September 4,1851. F reeman H unt, E sq., Editor o f the Merchants’ Magazine, etc :— D ear S ir v—Having promised to continue my correspondence on the Industrial Ex hibition in the Crystal Palace, I begin with noticing the very valuable collection o f gems belonging to the Duke of Devonshire. The crystal of emerald, which is prob ably the largest and most perfect crystal, next to that in the green-room of the Dres den Museum, and that belonging to the Russian crown, is a perfect six-sided prism, with very smooth lateral faces, about two inches high and eight inches in circumference. The Duke has also two large crystals of sapphire of extraordinary size. The collec tion of polished gems, of about 1,000 specimens, belonging to H. T. Thutlewaite, Esq., is exceedingly instructive. Mr. J. Tennant has, in his cabinet of gems, a transparent Siberian beryl of grass green color, a crystal of quartz, and a full terminated crystal o f Brazilian topaz, each 10 inches long—-in the same case are some five black rockcrystals from Africa and Ireland of very large size. A very instructive collection of crys talline minerals and models to illustrate the science of crystallography is exhibited by the Rev. W. Mitchell, but the most extensive and splended cabinet is exhibited by Dr. Leesou— specimens of diaptas, beautiful crystals of barytes, carbinate lime, rosy beryl, groshelar, garnets, <fcc. The jewelry of some of the exhibiting jewelers of London is most magnificent and costly • the case of Messrs. Haas and Raskell, formerly Starr and Mortimer, contains Borne of the most tasteful and precious gems set in necklaces, broaches, <fcc. The neck lace, with half-cut table facets, diamond, is set down at the low price of £50,000 ster ling, the sapphire broach, containing, probably, the largest sky-blue sapphire in the world, is valued at £10,000 sterling, the large bouquet of white brilliants is set down for £10,000 ; a magnificent ruby of one and a half inches length, nearly perfect, and of great value, beautiful yellow oriental topaz, crysolite and peridote of very large size, pink topaz aquamarine, of four inches diameter; the greatest variety of rough diamonds, from one grain to ten carats weight, from the several new Brazilian mines, as also from Borneo, are also exhibited in their case. They estimate their case at £850,000 sterling value. The finest rubies may be seen in a necklace set in diamonds, in the case of the Jew eller Goorard, which, to my eyes, is of the greatest attraction, and o f much more value than the brilliants; they are from 6-8 carat stones, perfect in color and transparency, and, as far as I could judge, quite free from flaws, and very beautiful. Air. Hope’s case of gems, in a large case, contains some unique specimens, such as an opal of three inches length ; a large opal of about two inches length ; a very large cat’s eye from Ceylon ; a star ruby ; a star sapphire ; a cup made of garnet; a handle of b eryl; a cross with green brilliants ; an antique set in ruby :— they may be called some unique specimens, and very high priced. The same gentleman has purchased, for £10,000 sterling, the two folding-doors of Siberian malachite, on exhibition, from Russia. The cases of the French jewelers are very richly studded with ornaments for the several European crowned heads, such as the jewels intended for the Queen of Spain, Duchess of Parma; the sword and crown jewels of our black Emperor, Faustus I., are likewise here to be seen. The collection of the Scottish highland arms and military costumes, mounted with the Cairo gouram, beautifully cut and polished, and set in the sabres, hilts, howitzers, <fcc., is extremely fine; so also an extensive assortment of cut stones, such as white and smoky quartz, of specimens of two and three inches diameter in the Zoiverein de partment ; an immense variety of ornaments made from amber, with some very large specimens of the raw material, weighing from six to eight pounds, of which the pound sells for §100. They are all fiom the Baltic and Western Prussia. The agates from Poland and Scotland, and from the celebrated places, Oberstein and Joar, and cut into a thousand useful articles, are likewise very attractive; the Meerschaum smoking- f Journal o f M ining and Manufactures. 515 pipes, of all sizes, with their whole fixtures, such as gold and silver mountings, and costly mouth pieces, suitable for ornaments to the Turkish Sultan, and very costly, are here exhibited by all the German manufacturers. In haste, yours, <fec., LE W iS FEUCHTWANGER, M. D. P. S.— I forgot to mention, among my enumerations of the gems, the immense cat alogue of precious stones from the collection of the late Henry Philip Hope, Esq.; (■perhaps the father of the present M. P., whose cabinet attracts so much attention;) about thirty ornaments of brilliants, weighing in the aggregate over four hundred carats; rubies of the finest water, of eighty-four, thirty-two, and twenty-nine carats each— in all, nine specimens, with the aggregate weight of three hundred carats ; ruby balais and ruby squinelles, about twelve specimens. The large sapphires of one hun dred and eighteen, one hundred and eighty, and sixty-five and a half carats, and four teen more, weighing from five to seventy carats, and almost every one in perfection. An Oriental topaz of thirty-two carats, two large emeralds, aquamarines of extraordi nary beauty, and varying in weight from twelve pennyweights to six ounces ; jargoons and crysolites, garnets, Barazilian and Paras topazes, tourmalines anti opals, about fifty specimens, all finely cut, and measuring from one to two inches in length ; peridotes and ametheists, ox-eye and sardony’s, moon stones and cat’s-eye ; all form a most su perb and costly collection, which must be seen in order to appreciate their beauty. PA PER MAKING IN THE UNITED STATES. The annual Report of the Commissioner of Patents, for 1850, published during the month o f September, 1851, contains, an interesting letter from Mr. J ames M. W illcox , o f Pennsylvania, bearing date December 17th, 1850, addressed to Commissioner T homas E wbank Esq., in reply to a letter of that gentleman soliciting information touching the rise and progress of the paper manufacture in the United States. Mr Wilcox relys on his own experience and observation, and on conversations with his fath er, for the information, embodied in the following statement:— About the year 1725, my grandfather, who was brought up to the paper business in England, came over and settled where I now reside. I have documents to prove that in 1732 he had erected a mill, and was manufacturing paper. The kind of paper then made, was what is called fullers’ press-boards, such as are now used by clothiers to press cloth. I believe there was another mill a little north of Philadelphia, and one near Boston, similarly occupied. I believe also, there existed an act of Parliament at that time, prohibiting the manufacture of any other kind of paper in the colonies. As there were few books then, published in the colonies, the progress of the paper man ufacture was very slow, and so continued until about the dawn of the Revolution. My grandfather manufactured the paper for Dr. Franklin, who was publishing a news paper in Philadelphia, and who was a frequent visitor at the mill. About the time my grandfather made the paper for the Continental money, he commenced making writing paper, supposed to be the first made in America. From the Revolution, until the year 1820, very little improvement occurred, that was important; very little ma chinery introduced for facilitating the operation. The mills increased in number in proportion to the increased quantity of newspaper and book publishing. About the year 1810, we began to experience a deficiency of raw material, (rags,) and were obliged to resort to Europe for supplies. These were obtained from all parts of Ger many and Italy, and have continued increasing up to the present time. Whether the deficiency at home resulted from a real scarcity of rags, or their low price made it no longer an object to families to preserve them, I cannot say— but such was the fact. A t present we have an additional iuducemeut to import our material. The article o f cotton has here most entirely superseded the use of linen for wearing apparel, and when much worn and reduced to rags, becomes a very tender substance; in fact, scarcely able to support its weight when made into paper. The foreign rags, we sup pose average about 80 per cent of linen, which, when mixed with the domestic cotton, imparts to the paper a strength and firmness, which it could not have without it. The best qualities of writing and printing papers, contain from 30 to 50 per cent of linen, for which we are entirely depending on foreign countries. But as the use of cotton for clothing is yearly increasing all over the civilized world, we find the proportion of linen in imported rags, decreasing from 5 to 10 per cent from year to year. We have an % / 516 Journal o f M ining and Manufactures. excellent substitute for this in our own country, did not its high price prevent its use — raw cotton— which makes a beautiful paper when mixed with the worn-out rags of the same material. In 1887-38, when the price was as low as 6 cents per pound, large quantities were manufactured into paper. From 1820 to 1830, some efforts were made to introduce machinery from Europe, England and France were before us in its introduction. Several machines were sent out from England— some very imperfect, and the cost too great for our manufacturers. The patronage then offered was no inducement to our own machinists to construct so expensive a machine; until 1830 about which time, Phelps fa Spafford of Windham, Con necticut, made one which answered very well. Soon after, the country was supplied at a reasonable cost, and equal in quality to the best English. Not long afterwards Howe fa Goddard, of Worcester, Massachusetts, commenced making them. I have ref erence only to the Foudrinier— the shaking endless wire-web machines. I believe these two establishments now make all these machines in the United States. The cylinder machine, more simple and less costly than the other, is in more general use ; but the paper made on it, is not equal in quality. Notwithstanding, it does very well for news, and the various purposes which a coarser article will answer for. These are made in various places throughout the United States. The interval from 1830 to 1840, was important for the vast improvements made in the manufacture, by the application of this kind of machinery for that purpose. Also, by the introduction of the use of chlorine in the form of gas, of chloride of lime, and the alkalies, lime and soda-ash in bleaching, cleansing, and discharging the colors from calicoes, worn out sail, refuse tarred rope, hemp, bagging and cotton waste, the refuse of the cotton mills. These articles which heretofore had been considered only appli cable for the manufacture of coarse wrapping papers, have through the application of this bleaching and cleansing process, entered largely into the composition of news and coarse printing papers, and consequently have risen in value 300 per cent. A few mills possess machinery, and adopt a process by which they are prepared for the finest printing and letter paper. I have seen a beautiful letter paper made of cast off cable rope. Hemp bagging is an excellent material for giving strength, and is in great de mand, especially for making the best newspaper. The cost of making paper by ma chinery, compared with that of making it by the old method, (by hand,) not taking into account the interest on cost, and repair of machinery, is about as one to eight. The present low price resulting from improved machinery; and the low price of print ing by steam power has placed newspapers and books in the hands of a ll; and a great increase of production has followed within the last few years. I have no data by which I could furnish a report of the comparative increase within the last ten or fif teen years. The quantity now made, might be nearly ascertained, if the Deputy Marshals could report the number of engine.s- in operation; I suppose 300lbs. of paper would be the average daily produce of each engine— taking into consideration the loss of time and power from a deficiency of water in the summer season. There has been a greater proportional increase of mills in the Middle and Western States within the last ten years, than in the east. Ten years ago, I suppose 80 per cent of the supplies for Philadelphia, came from east of the North R iver; at present, I think there does not come 20 percent. Formerly, a much greater quantity was sent west of the moun tains, and large quantities of rags brought in return. In consequence of the greater number of mills in the west, particularly in Ohio, New Orleans, I am informed, is in a great measure getting supplies there. Formerly, they all went from the Atlantic States. From the time of the Revolution, the quantity of paper imported has been gradually decreasing; and before the revision of the tariff in 1846, had dwindled to perhaps not more than 2 per cent of the amount consumed, with the exception of wall papers, of which large quantities were imported and still continue to be from France. Since 1846, there has been an increase of cheap French letter paper, but the amount is small compared with the whole amount of letter paper consumed— probably not more than 3 per cent. There is also a small quantity of ledger and letter paper brought from England ; but as the American is quite equal in quality, the importation is gradually diminishing. Within the last two years, great ingenuity has been exercised both in England and in the United States, in trying to make a paper by machinery, to resem ble the old-fashioned hand-made laid paper, (yet preferred by many.) To the eye, it is a pretty good imitation, but lacks the toughness, firmness, and surface of the hand made. By an experienced judge, the deception is easily discovered. Notwithstanding, large quantities have been used under the supposit on that they were hand-made. Journal o f M ining and M anufactures. 517 The reduced price of machine paper, has forced almost all manufacturers to abandon the old method. I believe there are only two mills in operation in the United States, iu which it is made by hand, one in Massachusetts, and one of mine. There is a lim ited quantity of particular kinds, that can be better made by hand, than on a machine. In mine, is made band-note, laid letter, deed parchments, and such as are used for doc uments, that are much handled, and require great strength and durability. Within the last few years some improvement has been made in the finish of writing and printing papers, by the introduction of iron and paper calenders, for the purpose of giving a smooth surface. The finish of American papers, I think, is now equal to any in the world, ELEGANT FABRICS BY SLAVE LABOR. The Charleston Mercury publishes the following account of some beautiful goods of domestic manufacture, the exclusive products of Slave-labor, as an evidence that the predictions as to the inability of the South to manufacture with this description o f labor, are altogether erroneous. The fact is the African race, is pre-eminently endowed with what phrenologists denominate “ imitativeness,” and we have no doubt that with pro per instructions they will become skilful in almost every department of the industrial, and even fine arts. Messrs. Patton, Donegan <fc Co., Huntsville, Alabama, have forwarded to Mr. Brad ford, factor, of Charleston, a specimen of the manufactured goods of the Bell Factory, Huntsville, which are now for examination at the store of Messrs. Chamberlain & Ban croft. These goods are as beautiful specimens of cotton and woolen manufacture as have ever come under our inspection, and we have the authority of some of the most intelligent dry goods merchants for saying, they are of superior quality. They consist o f kerseys, cottouades, ginghams, checks, drills, tickings, die., and whether we take the tasteful combinations of colors, tlve perfectness of finish, the evenness of weaving, or the stability or stoutness of the fabric, certainly no goods of foreign or northern manufac ture can be found superior, if equal to them. They are all the exclusive products of slave labor, and the usual predictions as to the inability of the South to manufacture with this description of labor, is thus put to rest. We have never seen more elegant fabrics. The drilling looks like the best French linens at a short distance; and the ginghams would not disgrace the fashionable lady. In the kerseys we see an article which, if put in use, must altogether supersede the imported plains. It is very stout, and wo ven with remarkable beauty and evenness. It deserves to be especially mentioned that this fabric is manufactured of the country whole wool, by which we mean, that at is not clipped and cut up as the imported wool. It is, therefore, so far, more va luable. RICH QUARTZ VEINS NEAR SONORA. Every arrival only tends to show the inexhaustible resources o f gold in California. The editor of the A lta California, has direct evidence o f the richness of the gold bear ing quartz in the vicinity of Sonora. Two specimens of rotten quartz exhibited at San Francisco by Mr. Haight, of that city, are described by the editor of the above named journal, as exceeding anything in richness, beauty, and friableness, in the line o f mi neral productions. The editor of the A lta California says:— “ The larger of the specimens is from Ford’s vein, a very rich mine, owned by a company of five men, and situated on the summit of a high hill, known as Bald Hill. The gold appears jutting from all sides of the specimen, which is composed o f three distinct qualities of quartz— the common wiiite quartz of the country, exhibiting its various chrystalized forms— the blue-tinted stratum, and the dingy or discolored rotten quartz, prized for its crumbling and productive qualities. It is about three inches in length by two in breadth, and will weigh about three pounds avoirdupois. The quan tity of gold contained may be estimated by the yield of similar quantities of ore of about the same apparent richness. A piece of ore weighing forty-six ounces was bro ken up last week, and seventeen and a half ounces pure gold extracted. Another piece, half as large, yielded seven and a half ounces. The dividend of one week’s work to this company was $22,000, and there then remained, Mr. H. informs us, over Journal of M ining and Manufactures. 518 two thousand dollars worth of ore which they could not produce from, owing to the incompleteness of their machinery. A t one blasting, this party obtained upwards of four thousand dollars. “ The smaller specimen of the two was a glittering exhibition of the richness of Hol den’s vein, in which Mr. H. is interested, with eight others. It is about one-third the Bize and weight of the Ford’s mine specimen, which it exceeds, perhaps, in beauty. From the minutest fissure in the rock the sparkling treasure seemed bursting forth, while every crevice and interlineation of the quartz presented a shining tracery o f gold. Where the rock had crumbled away and exposed the jagged points of gold could be detected the true richness of the vein as it penetrated and threaded the quartz. The piece was taken from the gold bearing vein, which is about eight inches wide, and worked to a depth of fifteen feet below the surface. It will probably ex tend downward, as in other mines in that vicinity, to the water level. Its course seems to be directly across the hill, in which the Ford vein is situated. “ Allowing a wide margin for these specimens as “ exhibitions,” there would still be left in favor of the two veins from which they were taken, extraordinary considerations of richness. We are aware that public credence is constantly abused by exaggerated and improbable stories of wealth in the placers and mines, but from what we have been able to learn of the Sonora mines, they are the richest of the quartz discoveries yet made in California. W e have it from a source not to be disregarded, that within an area of five miles around and adjoining Sonora, not less than one hundred and fifty veins of gold-bearing quartz exist.” THE MANUFACTURE OF SHINGLES BY WOMEN, The Richmond Republican publishes the following statement, which affords a fine practical illustration of the rights of woman in the industrial world. The employment is certainly a novel one for the gentler sex; but is nevertheless worthy of all commen dation. W e can see no good reason, why woman should not be as free to labor in any field of industry as her self-styled “ lord and master.” Indeed we go for the largest liberty in all that relates to the rights and the wants of the mothers, daughters and sisters of men. The nineteenth century will, we predict, completely enfranchise wo man, and place her on a more perfect equality with man. But for the paragraph of our cotemporary of the Richmond Republican. A friend in Hanover has sent us a specimen of a shingle, the production of female labor. It is of the best quality, regularly drawn, and “ as straight as a shingle.” It appears that the Virginia women in that region, having found that the men are not quick enough in establishing home industry, have determined to set them an example, and two of them in Hanover— young, of handsome figure, and full of spirit— having been reduced by necessity to self-dependence, have taken hold of the saw, axe, and drawing-knife, and get, upon an average, 6,000 shingles a week. W e are desired to say, that if there be any bachelors in this city who desire their houses covered, (“ ba chelor editors not excepted,” ) they can be furnished with any quantity by forwarding their orders to the Misses Christian, near the Slash Cottage, Hanover. Just think o f being shingled by the ladies, and that too of the land of Clay, Henry, and other wor thies. THE TIN MINES OF FRANCE, Lately there have been discovered in Brittany some valuable workings of stream tin, which contain also a considerable sprinkling of gold. The Chemical Record states that nearly all the littoral zone which separates the disemboguement of the Loire from that o f the Vilaine contains a sufficient amount of oxide of tin to admit of profitable working. The oxide of tin contained in these alluvial tracts occurs under the form either of small rounded grains or of crystals, which not unfrequently are as large as nuts. It presents itself under many various colors; black, brown, violet, white, and citron yellow. Almost every part of this stannary deposit of Brittany is accompanied by spangles of gold. A t Pirac, at Penestin, and in the valleys situated in the midst of Josselin the amount of gold is very considerable, although no gold in the condition of ore in mass is found in this part of France. A cubic metre of staniferous sand from the Cote de Penestin contains from ten to fifteen kilogrammes of oxide of tin, and about half a gramme of gold. Mercantile Miscellanies. 519 M ERCANTILE M ISCELLANIES. THE COURIER DES ETATS U IIS , The readers of the Merchants’ Magazine have more than once been indebted to the Courier des A’late Unis for interesting and valuable matter relating to French trade and finance. For the course o f trade, the markets, and the quotations in France, ire know of no better authority than this long and well-established journal, which, since it passed into the hands o f M. Paul Arpin, its present able aud accomplished editor, has more than maintained the position secured for it by the tact and ability of M. Galliardet, whom M. Arpiti succeeded, bat who still contributes, by his valuable corres pondence from Paris, to the interest o f its columns. The Courier, we say, has more than maintained its position : early in June last it began to be published daily. A t the same time the publication, four times a week, is continued, and a weekly Courier o f large size, is also published. These facts are evidence, at once, o f the ability and success o f its management, and of the growing necessity and demand for an organ of French trade and opinion in America, springing at once from an increased population o f French origin, an increased interest in the French language and literature among Americans, and, we would fain believe, also an increased sympathy between the young Republic o f the Old World, and the older Republic of the New. No journal, in fact, ever fulfilled more fully the claim o f its title than the Courier. It is truly “ the organ o f the French population o f America.” There is a peculiarity in the position occupied by a journal like the Courier, which gives it an espeeial value to the American as well as the French reader. Removed from the immediate scenes of French politics, it is lifted above the heats and excite ments o f party ; it can watch and report the movement of politics with something of the impartiality of the historian of the past; remoteness from the period o f events in the one case having the effect of remoteness from their scene in the other. Whoever, therefore, desires to survey the strange drama of politics now performing in France, should read the Courier, whose correspondence, conservative, republican, and neutral, is very full. At the same time, full reports are given of the most interesting debates o f the French Assembly. Nor are literature and art forgotten; some of the most in teresting and sprightly of the tales of the Parisian Feiulletons are reproduced in its columns, while the eurrent events, the trifles of Parisian society, the gossip and the good things which are said and done, furnish topies for the graceful pens of correspon dents, in whose hands the French epistolary genius, which has been proverbial since <le Sevigne, loses none of its reputation. Thus, while to the French resident of both Americas the Courier furnishes a reflex of French life, which he can probably go with out as easily as his daily food, the American reader finds in its columns a most excel lent summary of the politics, literature, art and trade of France, and, we may add, of Europe, particularly of the Continent. On the other band, the events of American life are not neglected. W e are fond of turning from the excited political discussions of our partisan presses to the calm re views of the Courier, which gains as much from the impartiality of its position with regard to American as with regard to French politics. In short, for the French resi dent who would keep an account of American affairs— for the American who would follow the course of European events— the Courier is alike valuable ; while the stu dent of cotemporary history (if we may use the expression) is enabled, from the pecu liar point of view whick the Courier affords him, to read the events of both worlds in a truly cosmopolitan spirit. Our tone is grave and lofty, it will be said, for a complimentary notice o f a newspa per. The fact is, we intended to be complimentary, for compliment is justice in the case of a journal like the Courier. If newspapers are the fourth estate, both in and out of France, none of the class are more likely to exert an ever-growing influence than those which owe their origin to the mixed aud heterogeneous population composing our American Pluribus Unum, one nation out of many, and which represent double nation alities— American and French, American and German, American and Spanish, Amer ican aud British. 520 Mercantile Miscellanies. THE TRADE AND COMMERCE OF CINCINNATI. The able and interesting view (and the statistics) of the trade, Commerce and manufactures of Cincinnati for the commercial year ending August 31, 1851, published under our “ Commercial Cities and T owns of the U nited S tates,” “ C ommer cial S tatistics,” and “ J ournal of M ining and M anufactures,” in the present number o f the Merchants' Magazine, prepared by R ichard S mith , Esq., was adopted by the Chamber o f Commerce, and originally published in the Cincinnati Price Current. The carefully prepared reviews and statistics annually reported to the Cincinnati Chamber of Commerce, furnish an admirable sketch o f the history and progress of commercial en terprise, not only in that city, but in a large portion of the West, and on that account deserve a more general and convenient, if not more permanent, place of record, than the pages o f a commercial newspaper, which is designed rather for present use, than future reference. MERCANTILE BIOGRAPHY. W e published in July a biographical sketch o f the life and character of J ohn Griqg> a retired bookseller of Philadelphia, which has been copied from our Magazine, and favorably noticed by our cotemporaries of the newspaper press throughout the country. The idea, and even name, of a Mercantile Biography originated with the editor of this Magazine shortly after its establishment in 1839; and since that time, we have occasionally given sketches of men who have commanded success in the varied walks of commercial life by their integrity, sagacity, industry and frugality, and we have rea son to believe that these sketches have not been without their influence, on a portion, at least, of the rising generation o f American merchants. These remarks have been suggested by Mr. A rthur, the editor of the “ Heme Ga zette,” who, in republishing our biography o f Mr. Gregg, prefaces it with a few perti nent observations on the subject indicated in the title at the head of this article, as foHows t— “ Biography, to have its true value, should present the history of men whose talents, industry and perseverance, have elevated them above the dead level of society. Espe cially is this true in regard to American Biography. The use of this species of writing is, to furnish youth and young men the experience of the energetic and successful who have gone before them. In this country, the most prominent and .efficient men are not those who were bom to wealth and eminent social positions, but those who have won both by the force of untiring personal energy. It is to them that the country is indebted for unbounded prosperity. Invaluable, therefore, are the lives of such men to the rising generation, and those who furnish a history of the progressive steps by which they arose from obscurity into high and useful positions, so far make themselves public benefactors. Hitherto, American Biography has confined itself too closely to men who have won political or literary distinction, and has been exceedingly careful to trace the genealogy of the individual back to some old English or aristocratic family, as if birth could give one jot of true merit to the individual— to the true American citizen. Limited to the perusal of such biographies, our youth must, of necessity, re ceive erroneous impressions of the true construction of eur society, and fe.il to perceivewhevein the progressive vigor of the nation lies. What we have most wanted is industrial (so to- speak) and mercantile biography t or the histories of those men who have arisen by patient industry, united to strong and untiring energy, from poverty to wealth. Who have built our ships, established vast manufactories, carried on our Commerce, erected our cities, and spread our vast country with railroads, canals, and telegraphs, like a very net work. W e want the histories of eur self-made men spread out before us, that we may know the ways by which they came up from the ranks of the people. Of late more of this kind of biography has been given, and we regard it as a good indication. The July number of Hunt's Merchants' Magazine presents us with a brief and very interesting sketch of the life of John Grigg, Esq., of Philadelphia, (recently of the bookselling firm of Grigg <5i EIlktt,) once a poor, uneducated, friendless boy, but Mercantile Miscellanies. 521 now one o f the wealthiest of our retired merchants. This sketch, which we transfer to the columns of the “ Home Gazette,” contains many of Mr. Grigg’s experiences and opi nions on business matters, which young men in this too eager, “ go-ahead” age, would do well to lay to heart. There is such a thing as going too fast, and this is the evil of the present time. Thousands make shipwreck of their prospects in life for want of patience. They are neither willing to rise by slow degrees, nor to give to business the untiring devotion that creates success. To all such, as well as to those who are look ing for the true ways and means of mercantile prosperity, the history of Mr. Grigg’s business life will be of great value.” COMMERCIAL CONTENTION AT RICHMOND. A Convention of Merchants and business men was held at Richmond, Virginia, on the 10th and 11th of September, 1851. The objects of which are indicated in the subjoin ed resolutions. Mr. Burnell, Chairman of the Committee appointed to prepare an ad dress, <fcc., read a report to the Convention, which was marked by the luminous rea soning and valuable statistical information, characteristic of the efforts of this distin guished advocate of the cause of internal improvement. The following are the resolutions appended to the report of the Committee, and unanimously adopted by the Convention :— Resolved, As the opinion of this Committee, that lines of mail or other steamers, or other vessels from Hampton Roads, to some port or ports of Europe, ought to be es tablished ; and Virginia, North Carolina, Tennessee, Kentucky and such other South ern States as are disposed to aid in the enterprise, should be appealed to, and an ap peal should also be made to Congress to bestow upon such line the same mail facilities which are extended to the Northern lines; and the bars which now obstruct the navi gation of James river should be removed. Resolved, That Committees be appointed to memorialize Congress and the Legisla ture of Virginia, and to prepare an address to the public, upon the subject aforesaid, and the great importance to the people of Virginia, and the South generally, that they should conduct their own trade directly on their own bottoms, and with their own men and means. Resolved, That lines of packet ships, screw-propellers, or mail-steamers, ought to be established between the exporting cities of Virginia, and the West Indies, and South America. Resolved. also, That the people of Virginia be requested to hold meetings in their several counties, cities and towns to effect the objects of the foregoing resolution ; and that to this end it be recommended to them to adopt some organization by the ap pointment o f standing and corresponding committees, or otherwise as to them shall seem best. Resolved, That the Merchants of our Atlantic cities ought to import directly to our Virginia ports the production of foreign countries used and consumed in this and the adjoining States; and that it be recommended to the merchants of the interior, and the people at large, to aid them in this noble enterprise. A t the conclusion of the debates and passage of the foregoing resolutions, the Con vention adjourned sine die— after ordering the appointment of Delegates to similar conventions in Macon (Ga.) and New Orleans, and a touching and fervent valedictory from the venerable President. SPONGE TRADE OF KEY WEST. The K ey West Gazette says:— The sponge trade is creating quite a sensation in our midst. A large number of our citizens are engaged in procuring it, and are reap ing a handsome reward for their labor. The sponge is cured and brought into market, and sold to our merchants for New York consumption, where they are manufacturing a beautiful cloth from it. The discovery was only made some six months ago that it was valuable for such a purpose ; and now the article commands in this market, from ten to twelve cents per pound, and a first rate article, well cured and attended to, will bring even more. There is always demand for it, and it would not surprise us to see it, at no distant day, one of the principal commodities of our section. 522 Mercantile Miscellanies. FAILURES AND RUMORS. That ever busy and mischievous old dame, Madam Rumor, has been even more than usually industrious during the past week in circulating reports of the financial condition of certain houses. It has been gravely announced that several large establishments had refused to meet their liabilities, and were compelled to wind up their business; still these identical establishments keep their doors open, receive their customers, pay all demands, and go through the whole routine of their business operations as usual, Madame Rumor’s fabrications to the contrary notwithstanding. Now, why this attempt to injure the reputation of some of our leading merchants ?— Is it for the purpose of increasing the business of one man at the expense of a rival neighbor ? These rumors, by the way, are circulated in an exceedingly confidential (!) manner at the start— they are at first imparted to you as secrets,— as something that is not generally known; and which the informer (if you are verdant enough to believe him) would impress on your mind, he would not have mentioned to another party for any consideration. In this way, he succeeds in getting his story pretty well circulated ; for it is well known that an injunction to keep anything secret is tantamount to advertising it in the papers— it is then bound to spread. It is true, there have been several failures in New York and other cities recently— but they are too unimportant tonotice, or to excite distrust, when it is remembered how small a proportion they bear to the thousands of sound and well-tried houses in our great, growing, and prosperous city. The stringency of the money market has, we know, somowhat incommoded a large number of business men, but nothing serious, we imagine, is likely to grow out of it. TRICKS IN THE BOOK TRADE. Among the di-honorable tricks, says the Evening Bulletin, now practiced by many pub1ishers, is the re-printing of foreign novels, by unknown, or indifferent writers, as works of the first geniuses of the age. Another equally miserable cheat is the publication of con clusions of serials, when the real conclusion has not yet even appeared in England: in this case some unprincipled hack writing the spurious conclusion. These are tricks, to play which the temptation is great, for the public generally does not detect the fraud till too late, and the press, from ignorance or indifference, fails frequently to expose the decep tion. The country is deluged with bad novels enough, without having them increased in this manner. Thousands are often induced, by the announcement of a great name, to pe ruse a trashy, or immoral book, when, if the cheat is discovered, the knowledge comes too late, and if not, the author suffers in reputation. Can there be no protection for the vic tims in such cases ? A publisher, who filches a readers cash in this way, is morally guilty o f obtaining money under false pretences, even though some legal quibble may shield him from the law. W e allude to no recent or special case in these remarks. Some times publishers charge each other injustly with tricks of this kind; and it is well to be sure of the evidence, before making a direct charge. Nevertheless, people should be on then guard. MEN FOR BUSINESS. Give us the straight-forward, fearless, enterprising man for business— one who is worth a dozen o f those who when any thing is to be done, stop, falter and hesitate, and are never ready to take a decided stand! One turns every thing within his reach into gold— the other tarnishes even what is bright— the one will succeed in life, and no adventitious circumstances will hinder him— the other will be a continual drawling moth never rising above mediocrity, but rather falling below. Make up your mind to be firm, resolute and industrious, if you desire prosperity. There is good in that saying of the Apostle, “ Whatsoever your hands find to do, do it with all thy might.” THE OPORTO WINE TRADE, I f the accounts from Oporto are reliable, logwood, and other drugs will be in de mand. It seems by advices to the 19th of August, that the prospects of the vintage are not very satisfactory. For upwards of a fortnight the heat had been and still was intense, with violent, dry, scorching winds. About half of the growing crop of grapes in the wine country had been destroyed ; and should the weather continue the whole country would be parched up. The thermometer had risen to 90 degrees in the shade, and as the grapes were not in a state to require or bear this excessive heat, in place of being graduaUy matured, they were dried and withered. The Book Trade. 523 TIIE BOOK TRADE. 1. — The Literature, and the Literary Men o f Great Britain and Ireland. By A bra h a m ; Mills, A. M. 2vols. 8vo., pp. 586 and 590. New York: Harper Brothers. These volumes supply a place in popular literature which has long been compara tively vacant. Not only the mass of the people, but even scholars have needed a work of character, to which they could turn for sketch of the British writers from the earliest period, and which should also be within the means of all. The author has, annually, during the last twenty years, professionally, delivered a course of lectures on English Literature, and these volumes form the result of his labors during that period, in this field. The number of these lectures is forty-six. The author commences with English literature at the period of Ossian, and criticising the intelligence and trash of each age, he presents, therewith, a brief biographical sketch of every writer of dis tinction, with more or less extracts from his works, as may be necessary to display the rank to which they are entitled. These sketches are brought down to recent times ; no writer of any importance is omitted, nor is there scarcely any valuable work which is not mentioned, and the drift of its contents stated. This vast amount of information is not prepared in a diffuse negligent manner, so as to render it heavy or dull, but it has been arranged after the manner of public lectures, in which whatever is unnecessary, or too full of details, is rejected, and only such parts retained as shall serve to present a clear, distinct, and striking view of the subject. The observations and criticims are intelligent and generally just, and as a work for general reading and popular informa tion, on an interesting branch of knowledge, it is destined to a high place. 2. — Travels and Adventures in Mexico, in the course o f Journeys o f upwards o f 2,500 Miles, performed on foot. By W illiam W. C arpenter , late of the U. S. Army. 12mo., pp. 300. New Y ork: Harper & Brothers. This work is, in several respects, different from other books of travels on the subject of which it treats. It is entirely free from the affectation of smartness, and the wretched attempts at philosophy which characterize so many of its class, while the writer never indulges in very learned, but very dull and prolix dissertations about mat ters of no general interest. Mr. Carpenter saw and encountered many things worth relating ; and he tells them in a very clear and graphic manner. By confining himsel to his subject, he has given, in one moderate duodecimo, an amount of matter which most travelers would have spun out into two or three goodly octavos. The narrative bears the marks of truth throughout; and the strongest statements contained in it have been corroborated by those of several gentlemen recently returned from Mexico, with whom we have conversed on the subject. Another merit of this volume is, that it contains nothing objectionable in a moral point of v iew ; it neither commends bad prin ciples, nor relates seductive tales. Altogether, it gives a much better view of the actual state of Mexico than any other book we know ; and we consider it one of the most entertaining books of travels that have appeared for a long time. 3. — The History o f the United States o f America, from the Adoption o f the Federal Constitution to the end o f the Sixteenth Congress. By R ichard H ildreth . V oL 2. 8vo., pp., 686. New York : Harper & Brothers. This is the seconcT of the three volumes comprising the more recent history of the United States, but the fifth volume of the entire history. It commences with the in auguration of John Adams as President, and closes at the end of the administra tion o f Thomas Jefferson. The severe simplicity with which this work is written, the distinctness and conciseness of its parts, the careful collection of those several incidents which are the truest index of the spirit and temper of the times, secure for this work an important and valuable place. It may not be so brilliant and popular as Bancroft’s, but it is the work for the statesman, and the student of history. Its value is enduring, and must be more highly appreciated every year. Each page bears the marks of the author’s labors, and indicates his deep and earnest desire to do justice to the merits of all persons, without partiality. 4. — A rthur Conway, or Scenes in the Tropics. By Captain E. H Milman. 8vo. pp. 146. New York : Harper & Brothers. A tale so full o f stirring incidents, as this, cannot fail to carry the readers attention away, in spite of himself. The author was an officer of the English army, and this story, so well told, is one of the fruits of his experience in the tropics. 524 The Boole Trade. 5. — American Archaeological Researches, No. 1. The Serpent Symbol, and the Worship o f the Reciprocal Principles o f Nature in America. By E. G. S quier, A. M. 8vo., pp. 254. New York: G. P. Putnam. These pages consist of an effort to explain the nature of the objects of which the Indian mounds in the Western Valley are regardeo as symbols. This necessarily leads the author into a consideration of the works, customs, and opinions of various nations o f the world in the infancy of the human 'mind. The points, therefore, in a degree illustrated in this work, are the essential identity of some of the elementary religious conceptions of the primitive nations of the Old and New World, and the similarity in their modes of expressing them, or rather in their symbol system. It displays much learning and research, and will afford gratification to the intelligent mind, by the con templation of the similarity in the customs and opinions of mankind at similar periods o f development, although widely apart in location on the globe. It abounds in cuts, representing these Indian mounds, and is quite full and minute in their description. 6. — Swallow B arn ; or, a Sojourn in the Old Dominion. By J. P. K ennedy. Re vised Edition. With twenty Illustrations, by S trather. 12mo., pp. 506. New Y o rk : George P. Putnam. Very few American novels will bear a re-publication after a lapse of twenty years. This, however, is an exception, The truthfulness of its scenes and characters, and the brilliant and striking manner of their delineation, render them as agreeable to the reader as if sketched yesterday. The scenes are laid in the State of Virginia. They form remarkably natural and correct pictures of manners and customs among the old families, where scarcely a change occurs in a half century. The work has secured a place for itself among American classics, and will be found one of the most entertain ing books of the day— abounding upon every page with sparkling humor. 7. — The Girlhood o f Shakspeare's Heroines, in a Series o f Fifteen Tales. By Mary C. C larke . Vol. I. Large 12mo, pp. 489. New Y ork : George P. Putnam. The first five of this series of beautiful tales form the present volume. They com prise the “ girlhood ” of Portia— Lady Macbeth— Helena— Desdamona— Meg and Alice, “ the merry maids of Windsor.” We have often expressed our admiration of the de sign of these sketches, and the happy manner of their execution. As delineations of early character they are apt and striking, and should accompany every edition of the “ Plays o f Shakspeare.” — Alban. A Tale o f the New World. By the A uthor of L ady A lice. 12mo., pp. 496. New York: George P. Putnam. The style in which this work is written, the gorgeousness of some of its scenes, the station of many of its characters, and the changes that occur in the opinions of its hero and heroine on religious subjects, will serve to attract to it more than usual at tention. The leading idea of the work is to trace the mental progress of a youth of talents from the extreme views of Protestantism, step by step, until he resigns himself, thoughts, opinions, aDd faith, into the capacious bosom of the Church of Rome. 8. 9. — Elements o f Geology, intended f o r the use o f Students. By S amuel S t. J ohn, Professor of Chemestry and Geology, in Western Reserve College. 12mo., pp. 334. New York : George P. Putnam. As a text book for students in higher schools and colleges this will be found quite convenient. It is arranged with clearness, and the elements of geology are presented with a degree of simplicity and copiousness of illustration, that affords an easy ac quisition of the principles of the science. Abstruse discussions and undetermined problems are avoided in all parts of the volume. 10. — A n Exposition o f the Apocalypse, in a series o f Discourses. By T homas W ilkes, Pastor of the First Congregational Church, Marietta, Ohio. 12mo. pp, 437. New York: M. W .D odd. A satisfactory exposition of the Apocalypse has defied the talents of the ablest men. The work before us consists of a series of lectures on that subject delivered to the author’s congregation. As popular lectures on a subject that interests many minds, they will be extensively perused. The author had commenced logically, though he does not assume to have arrived at correct results on all points. Many doubtless will dissent from some of his conclusions. His first object is to explain the nature of sym bols, after which he proceeds to the interpretation of the sublime and majestic visions. The Boole Trade. 525 11. — Th.e Indications o f the Creator ; or, the Natural Evidences o f Human Cause. By G eorge T aylor. 12nm, pp. 282. New York: Charles Scribner. It is not easy to do justice to the merits of this work within the compass of a brief notice. The author speaks of it as an effort to group the physical sciences together, and to show their relations, adaptations, and necessary dependence on each other, as bearing upon the question of the “ Origin of the World.” As the title of the book in dicates, his efforts array him in opposition to the theories of the nebular formation of matter, and the transformation of the original types and characters of the earth, dur ing successive generations, until the development of the present order of things has been attained. The method of the author to prove his positions, is both singular and admirable. Commencing back at the recent period when these theories first took pos session of the mind, he endeavors to trace the progress of subsequent discoveries, and to ascertain, if possible, how far they deny these theories, and to what extent they go in proving the existence, ever-active presence and goodness of a Great Intelligent First Cause. Thus he lays before us the agreement and adaptation of the infinitely varied parts o f the universe, and shows how all work together as some mighty piece of mech anism. The work is written with force and perspicuity of style, and carries the con victions of the reader captive at every page. 12. — The Epoch o f Creation. The Scripture Doctrine Contrasted with the Geological Theory. By E l e a z a r L o r d , with an introduction by It. W. D i c k i n s o n , D . D . 12mo., pp. 311. New York: Charles Scribner. In this work the position is taken, that the Mosaic account of the creation is given to us by inspiration, and is entitled to credence before any revelations of geology. The author thence proceeds to show the weakness of the positions of Geology, which may conflict with it. The work is characterized by much research and force of argu ment. In some instances the author assumes almost too much, and in others he hardly does justice to the views of those of the opposite opinion. The volume is one of that class of works which, more or less remotely, relate to a great controversy which is at hand, respecting the inspiration of the Scriptures, technically expressed. If the in ferences of modern geologists are allowed to become settled convictions of the human mind, they furnish a tremendous argument against the inspiration of Moses. On the other hand, if these assumptions are treated with constant suspicion, the opponents of inspiration are held back from the advantage which they might afford in the great ar gument. 13.— Memoirs o f the L ife o f Mary, Queen o f Scots, with Anecdotes o f the Court o f Henry II., during her Residence in France. By Miss B enger. From the second London Edition. 2 vols. 12mo., pp. 336 and 329. Philadelphia : A. Hart. In these pages the life of Queen Mary in France is related with more than usual fullness. This, in fact, forms their prominent feature. Much that is imparted as bear ing upon her character is now published for the first time. As a biography, it pos sesses more than usual attraction, but as relating to one who possessed the highest beauty and rank, and yet perished an unfortunate victim of female jealousy, it can never be devoid o f interest. 14. — A Budget o f Willow Lane Stories. Square 12mo., pp. 174. With Illustrations. 15. — The Miller o f our Village, and some o f his Tolls. U ncle F r a n k . Square 12mo., pp. 174. By U ncle F rank. With Illustrations. By 16. — A Peep at our Neighbors: a Sequel to Willow Lane Budget. With Illustrations. By U n c l e F r a n k . Square 12mo., pp. 174. New York: Charles Scribner. The above-named little volumes are the first of a series entitled “ Uncle Frank’s Home Stories,” which is to be complete in six volumes, with elegant tinted engravings. The author possesses that rare talent of adapting his style to the comprehension of his youthful readers, and investing them with such familiar liveliness as to rivet their attention. The thoughts and sentiments are unexceptionable. 17. — Gulliver J oi: Ilis Three Voyages in Kailoo, Hydrogenia, and Ejario. 16mo., pp. 272. New York: Charles Scribner. These voyages are certainly not less marvellous than those of Gulliver the First. They hardly, however, match them in the talent displayed by the author. As extrav aganza, they will be found to contain many points of rare amusement. 526 The Booh Trade. 18. — The Geological Observer. By Sir H e n r y Q. re la Beche, F. R. S. Director General of the Geological Survey of the United Kingdom. 8vo., pp. 684. Phila delphia : Blanchard & Lea. A new field is, to a certain extent, laid open for the geological student in this work. It presents the experience of many years in observing the geological processes and geo logical changes which are constantly taking place upon the earth. As an assistant to those who desire to enter upon the study of this science, in this field, its contents must be invaluable. Those points which existing observations would lead us to infer as es tablished, it presents with much clearness and fulness; it shows, also, how the cor rectness of such observations may be tested, and how they may be extended. The titles of a few of its sections will display the practical character of the author’s ob servations. They are the following;—-“ Decomposition of Rocks,” ‘'Removal of Rocks by Water,” “ Action of the Sea on Coasts,” “ Deposit of Sediment in Tideless and in Tidal Seas,” “ Preservation of Remains o f existing Life in Mineral Matter,” “ Distribu tion of Marine Life,” “ Quiet rise and subsidence of Land,” “ ’Temperature of the Ea;tli,” “ Mode of Accumulation of Detrital and B’ossiliferous Rocks,” &c. These general heads serve to indicate the great mass o f useful information for the practical geologist, as well as others who desire to enrich their theoretical knowledge from such a vaststorehouse of observations upon the changes constantly occurring on the earth’s sur face. The work is illustrated by a large number of cuts. Its style is clear and lu minous, and will impart instruction and entertainment to all who may be disposed to enter upon this great subject. 19. — The Laics o f Health in relation to Mind and Body. A aeries o f letters from an Old Practitioner to a Patient. By S a m u e l J o h n B e a l e , M. R. C. L. 12mo. pp. 295. Philadelphia: Blanchard ifc Lea. New York: 0. A. Roorback. In this volume the author takes the position that bad health is more commonly the result of the gradual operation of improper food, insufficient fresh air and exercise, and want o f cleanliness to the skin, than the vicissitudes of weather and other accidental causes. He prescribes a series of rules, on the observance of which, he supposes the state ofhealth to depend rather than upon climate and external influences. The just ness of the authors conclusions must be considered by each one. The experience of many years, and a careful observation are much in their favor. A s a whole the direc tions of the work are new, and entitled to consideration. 20. — A n Introduction to Geology, and its associate sciences--Mineralogy. Botany and Conchology, and Paleontology. By G. F. R i c h a r d s o n , F. G. S. A new edition, re v i s e d , and considerably enlarged. By T h o m a s W r i g h t , M. D. 12mo, pp. 508. London : H. G. Bohn. New Y ork : Bangs it Platt. This is designed to be a work for the people, upon the subject of which it treats, and to serve as an introduction to others more full and complete. It is, therefore, elemen tary in its character, and suitable for schools, and with the classes in literary and sci entific institutions. At the same time, it is so rich and clear in its details, as to pos sess interest for those who are proficients in science. Its pages are embellished wi.h a large number of cuts explanatory of the subjects of which it treats. In its general outline the work commences with a definition of geology, and a vindication of its ad vantages, and its relation to the events of life; it then touches upon its history, and proceeds to impart miscellaneous information in the form o f lessons, with directions for prosecuting geological inquiries. The auxiliary subjects of Mineralogy, Fossil, Botany, <fec., are next introduced, and the volume closes with concise descriptions of different geological groups. W e are satisfied the work needs only to become known in order to be appreciated and sought for. 21. — Letters to my Pupils : With Narrative and Biographical Sketches. By Mrs. S. H. S ig o u r n e y . 2d edition. 12mo., pp. 341. New York : Robert Carter ,t Bros. Mrs. Sigourney has, we believe, been not less successful as a teacher of young fe males, than as a poet and an author. The contents of the present volume were doubt less suggested by her experience with youth. It chiefly embraces, in the form of let ters, such excellent thoughts and suggestions as an affectionate and pure-hearted teacher would desire to impress upon the minds of her pupils, after they had taken a last farewell. A portion of the volume is filled with biographical slietches of many young ladies of rare accomplishments, who died at or near the time they were the pu pils of the author, Of Mrs. Sigourney’s style and manner of weaving such interesting outliues into an agreeable volume, it is unnecessary to speak. The Book Trade. 527 22. — Be Quincey's W ritings: Literary Reminiscences. By T homas D e Q uixce y . 2 vols. 12mo., pp. 366 and 337. Boston : Ticknor, Reed & Fields. These delightful volumes introduce us to many literary characters as they appeared to De Quincy. Among the number is Wordsworth, Coleridge, Southey, Charles Lamb, and the “ Society of the Lakes,” Charles Loyd, and many others. De Quincev himself was a rare man, and in these pages we have an insight of his acquaintance and companionship with kindred spirits. Those incidents of daily occurrence, which are the touchstones of character; the feelings they awakened, and the thoughts that were spoken, are here described with such fullness and freedom that the reader feels himself to be one of the same party', and listening to the lively conversation. Inter spersed with these incidents are many striking observations and just reflections. We esteem these Volumes as among the choicest of literary biography. 23. — Posthumus Poems o f William Motherwell. Now first collected. 12mo., pp. 187. Boston: Ticknor, Reed & Fields. As a poet of feeling and inspiration Motherwell holds no common place. The deli cacy and tenderness of his gentle moods, and the deep stirring fire of his more passion ate effusions, impart a truthfulness and impressiveness to his verse that wins the favor of all readers. 24. — lo. A Tale o f the Olden Fare. By II. B a r t o n . 12mo. pp. 250. New Y ork; D. Appleton ifc Co. Such readers as desire something more than the mere sentimental effusions which characterize so much of the fictitious literature of the day, will find in this tale a work of thought and merit. The author writes with a pen of uncommon skill, and spreads before the reader, amid charming and exquisite scenes, the one great thought that, progress or development, is the destiny of the human race. 25. — Ulric, or the Voices. By T. S. Fat. 12mo, pp. 189. New York ; D. Appleton & Co. The voices in this poem represent the good and the evil principles. One is urging on a youthful knight to vice, and the other, by its seasonable and deep warning, checks him in his career, and leads him back to the delightful paths of virtue. The versifica tion is smooth and harmonious, and, in many passages, unusually sweet and finished. W e think it will add to Mr. Fay’s reputation as a successful poet. 26. — The Commandment with Promise. By the author of “ Last Day of the Week.” With Illustrations by H o w l a n d . 12mo., pp. 346. New York: Robert Carter. Works of fiction in which the characters are chosen for the excellence of their senti ment aud principles, present the most successful method of imprinting the lessons of virtue upon the youthful mind. The volume before us is one of this character, and its leading idea is sufficiently indicated by the title. It is written in a lively style, with gc«d taste, and will prove agreeable to all youthful readers. 27. — L ife in the Sandwich Islands: or, the Heart o f the Pacific, as it was and is. By Rev. H e n r t T. C h e e v e r . With engravings. 12mo. pp. 355. New York: A. S. Barnes Co. As a picture of the Sandwich Islands o f the present day, with brief sketches of their past history, we have nothing more complete than this work. It is written with such a spirited and fanciful pen, and contains so much that is truthful and lifelike, delineated in an exceedingly agreeable vein of narrative, that the volume will impart entertain ment to all readers. 28. —Lems Arundel, or the Railroad o f Life. With numerous Illustrations. By the author of F r a n k F a i r l e i g h . 8 v o . pp. 256. New Y ork : H. Long Brother. This is a graphic picture of human life, in which the humorous and pathetic are so blended as constantly to excite the deep interest of the reader. The author.it appears is a cripple, and the progress of his book has been delayed by illness, meantime others have sought to foist upon the public a spurious edition. This edition of Long & Bro ther is the only geunine one. 29. — The British Colonies, Their History, Extent, Constitutions Resources, dec., dec. By R. M. M a r t i n . Parts 31 and 32. New Y ork: John Tallis 4 Co. These parts are embellished with a map of South America, and a portrait of King Charles 2d ; both finely executed. Their contents treat of the history of New Zealand. This is a very complete and valuable work on the British Colonies. 528 The Boole Trade. 30.— A wreath around the Cross; or Scripture Truths Illustrated. By Rev. A . M. B row n. W i t h a recommendatory preface by J o h n A n g e l l J a m e s . 12mo. pp. 316. Boston: Gould & Lincoln. W e had supposed that the days in which violent and inflamatory appeals should be made to mankind as erring and blinded mortals, and urge them, by all the stimulus that can be set before their selfish passions, to embrace Christianity, had nearly gone. But this volume is a new effort of the same kind. It seeks with all the energy and power of language its author can command to induce men to become religious for the sake of the selfish advantages they would gain by it. Of such a stamp as this, it is a more than ordinary book; and with those who admire the excellence of such methods to win men to purity of heart, it will be found a more than usually affective instru ment. 81.— The A rt Journal f o r September, and Illustrated Catalogue o f the Exhibition. New Y ork : George Virtue. The embellishments of this number consist of two fine plates, engraved from pic tures in the Vernon Gallery, and an engraving of a piece of stationary representing the “ Toilet,” with a large number of cuts, some of which, as specimens of German art, are rather stiff and clumsy. The third part of the Illustrated Catalogue is annexed, which contains engravings of many o f the most gorgeous and exquisite articles of the Exhibition. 32. — Tallis's Scripture Natural History f o r Youth. Parts 5 and 6. New York: John Tallis & Go. As specimens of Natural history for the instruction of youth, and especially respect ing those animals and birds which are mentioned in Scripture, it is seldom that any thing issues from the press in a more attractive form than these pages. 33. — The Complete Works o f Shakspeare. Part 13. New York: Tallis, Willoughby <fc Co. The conclusion of the “ Merchant of Venice,” with the notes, and the beginning of “ As you like it,” form the contents of this part, in addition to the two fine steel en gravings, in illustration of a scene in each of those plays. — Illustrated Atlas and Modern History o f the World. Edited b y R. M. M a r t i n . Parts 3 9 and 4 0 . New York : John Tallis & Co. These parts contain maps of Ceylon, Jamaica, British Guiana and a comparative view of lakes, waterfalls, Ac. They are executed with unusual taste and skill, and are accompanied with a geographical description of the countries. 34. 35. — The British Journal o f Homopathy. Quarterly, 8vo. pp. 118. New York: William Radde. A reprint of the British Journal, in very handsome style. Its value as a homopathic journal is well known, and highly appreciated by the profession. 36. — The North American Homopathic Journal, a Quarterly Magazine o f Medicine and the A uxiliary Sciences. Conducted by C. H e r r i n g , E. E. M a r c e y A J. W . M e t c a l f , M. D’s. 8vo., pp. 128. New Y ork : William Radde. This is the American Quarterly, of scarcely less talent than the British Journal. Its contents consist of five original and translated papers on lasting subjects within its province, and a vast amount of miscellaneous intelligence, under the general heads o f “ Bibliograpliia,” “ Materia Medica,” “ Pathology,” “ Therapeuties,” etc. Ac. 81.— The A rt Journal f o r August, 1851, with the 3d Part o f the Illustrated Catalogue. New York: George Virtue. The embellishments of this number consist of three engravings; “ The Astronomer, The Lake of Avernero, and The Prodigal Son.” The former are of paintings in the Vernon Gallery, and the last is of a group in marble. The Illustrated Catalogue is very beautiful, and shows the perfection o f taste displayed in the manufacture of some o f the rich articles in the exhibition. 38.— Six years Later, or the Talcing o f the Bastile, being the Sequel to and Continua tion o f the Memoirs o f a Physician. By A le x a n d e r D umas . Philadelphia: T. B. Peterson. New Y o rk : H. Long A Brothers.
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