sources, and proved them adequate to the fearful exigency. It taught the frailty of the tenure of human possessions. It excited to caution, prudence, industry and frugality. The confidence inspired at home and abroad, the savings accumulated, and the greater security in the mode of building induced, have, long ago, more than indemnified for all the losses. The year 1825 was rendered memorable by the completion of the Erie and Champlain Canals, uniting the immense western inland seas, and the waters of the Champlain, with the tide waters of the Hudson. The northern trade-a trade which the Champlain Canal was designed to foster— had always been enjoyed by Troy. By this beneficial improvement, that trade was not only greatly increased by quickened facilities, and new developments, but the markets of the place were thrown open to the trade of the immense regions of the great West, from which it had hitherto been almost excluded. The original design of the legislature of the state was fully executed when these canals were completed to this point. That brought them to the tide, which was all that had been undertaken or promised. Had these improvements stopped here, it is impossible to say what advantages it might have given to Troy over other places in its vicinity. The wisdom and justice of the legislature were never more clearly evinced than by continuing the Junction Canal to Albany. While equal advantages were thus conferred on both cities, both were thrown on their own resources, in a course of competition calculated to develop their utmost energies, and an effectual guard was set up against commercial monopoly. By it, the benefits of the two markets, under the constant influence of such a competition, was secured to the whole people, north and west, having, or to have, commercial relations along the great channels of intercommunication. That Troy has not failed to profit by the vast benefits of these improve. ments, is abundantly manifest by the rapid increase of its population, upon their completion, having more than doubled in the first ten years. It may safely be asserted that the growth of its commerce, during the same period, was in a ratio still greater, and that there was an unprecedented extension and multiplication of other pursuits. About the year 1835, the first railroad terminating in this city was constructed, connecting it with Ballston Spa. Soon after, the common use of the track of the Schenectady and Saratoga railroad, from the latter place to Saratoga Springs, was fully and permanently secured by the corporation owning the former road, virtually extending its railway to that village. Subsequently, the Schenectady and Troy, and the Troy and Greenbush railroads have been completed, with a heavy iron rail, in the most substantial manner, connecting Troy with the great line of railways from the Hudson river to lake Erie, on the one hand, and on the other to Boston, New Haven, and Bridgeport, and furnishing the only continuous track between the East and the West. An extension of the line from Saratoga Springs to Lake Champlain is now in progress, under a charter obtained some years ago, with every promise of completion, in 1847. Within a short time, a direct line of railway from the city of New York, it may be predicted with confidence, will be completed, to connect with the track of the Troy and Greenbush. Here, again, between the South and the North, will be the only continuous track. It is worthy of remark, that the Troy and Greenbush railway, of only six miles in length, will, when the remaining portions of the line from New York to Lake Champlain shall have been completed, be the central connecting link between the two great systems of railroads through the Northern States, from the Atlantic to the great lakes, and from the Southern States to Canada. The several railroads terminating at this point, have been, agreeably to the policy of our state, constructed, and are still owned, by joint-stock companies, the stock of which, with the exception of a portion of the Troy and Greenbush, has been taken and is held by the citizens and the corporation of the city of Troy. The amount invested in these improvements is about $1,500,000. 66 In 1835-6, years so remarkable for speculations in "paper cities" and corner lots," fortunately but little influence was experienced from the prevailing mania here. A few, only, of our citizens engaged in the wild enterprises of the day, and but inconsiderable portions of its territory became the subject of speculation. The blight of this desolating hurricane passed over the city very lightly. From 1837 to 1842, the severe revulsions in commerce and currency with which our country was, from time to time, visited, pressed heavily upon Troy. No period, since the close of the revolutionary war, has been distinguished by a monetary pressure so severe, and so destructive to the fortunes and the credit of individuals, as this. At different times, during this period, bankruptcy almost literally overwhelmed the whole country. Although, in common with others, great losses were sustained by the depreciation of property and the general depression of business, yet but very few bankruptcies occurred, and the regular and constant growth of the city is attested by its continued increase of population; an increase which, from 1835 to 1845, equalled 28 per cent. The gradual but constant increase of population, from the earliest history of the city, exhibiting one of the essential elements of its advancement, will be seen, at a glance, by the following table :— In 1801, the number of inhabitants were estimated at.. 2,000 3,895 While this increase has been going on in Troy, the village of West Troy, on the opposite bank of the Hudson, has grown up, chiefly since the completion of the canals, and is now in the first class of villages in the state. In 1835, that place contained over 3,000 inhabitants. 5,000 66 66 The For all business purposes and objects, both the places are one. staple commercial interest of that village is the trade in lumber, carried on in connexion with the commerce of this city, and, to a considerable extent, by its citizens. Thus, for all these purposes and objects, we have a population of about thirty thousand souls. In 1801, the first bank-the Farmers'—was chartered, with a capital of $350,000, but a small part of which was paid in, and located between Troy and Lansingburg, for the accommodation of both places. Within a few years, this bank was removed to Troy, and the number since has been increased to five, with a capital of one and a half millions of dollars; and even these are often found insufficient to furnish all the facilities of this nature required by the business of the place. Trade and navigation have ever been the leading objects of pursuit by the citizens of Troy. Formerly, but little regard, comparatively, was paid to the development of other interests, for which such vast resources were known to exist, except the manufacture of flour. As years rolled on, the vessels owned here, and employed in the transit of passengers and freight to and from New York, became a numerous fleet. In 1833, the whole number was ascertained to be eighty-nine, and that the property freighted up and down on the Hudson for Troy account, was two hundred and thirty-two thousand tons. In 1834, the number of vessels had risen to one hundred, of which seven were steamers. Since that time, the number and capacity of the river craft has steadily increased. In 1841, the whole number owned above Albany, and employed on the river, was one hundred and nineteen; viz: In 1843, the number of steamboats owned in Troy had increased to 14, having a tonnage of 6,066 tons. The whole number of steamboats, towboats, and sailing vessels, trading to Troy by the river, foreign and domestic, was 267; the tonnage 31,627 tons, and the freight transported, 292,500 tons. This was exclusive of canal-boats, which entered the Hudson, and were towed to and from New York, by Troy steamers. These were estimated this year at 350, with a tonnage of 21,000 tons, making the total tonnage of the year 52,627 tons. There have been several additions, subsequently, to the river craft, but the precise amount the writer is unable to state. The comparative increase in the number of vessels owned and employed here, or even in the tonnage, which, by the enlarged size of vessels built in later years, shows a greater advance, gives no true index of the increase of navigation. The adoption of boats towed by steam, for the transport of freight, nearly double the capacity of the same vessel by the saving of time. The annual average number of trips to and from New York, is found to be sixteen for sailing vessels, while that of tow-boats is thirty. It is, therefore, quite certain the relative capacity has fully doubled within the last thirty years. The tonnage of Troy now exceeds, and has, for many years, that of any other town on the Hudson, except the city of New York, exclusive of the vessels coming from other towns and states, whose arrival and departure so often enliven our wharves. But the river navigation is only a part of that with which we are connected. Added to it is the constant arrival and departure of a vast num ber of boats employed in navigating the canals. By the returns from the canal collector's office in West Troy, it appears that the number of boats entered and cleared at that office, and passing into the river, or from it, at this place, in 1834, was 9,148. In 1843, the number entered and cleared through the old and the new side-cuts, was 15,347. In estimating the increase of the canal trade during this period, regard should also be had to the enlarged capacity of boats of more recent construction, an enlargement equalling 25 to 50 per cent. Public documents from the canal office, present the canal trade in several other aspects, both interesting and instructive. In 1834, the property from the interior, entered at the collector's office at West Troy, was 237,354 tons, and that cleared from the same office, for the interior, was 50,472 tons. In 1843, the property arriving at tide waters, say Albany and Troy, was 836,861 tons, as given by the annual report of the Canal Fund Commissioners. By the same document, the tolls collected at Albany was $274,495, and at West Troy, $291,647. Adopting the proportion between these two sums as the true proportion of the number of tons entered at each office, it gives 409,286 tons for Albany, and 427,575 for West Troy. The property cleared this year from this place, was 101,728 tons. We have then 427,575 tons entered this year, against 232,354 in 1834, and 101,728 tons, against 56,472 cleared. This comparison might be continued, but let it suffice to say that, in 1845, the property arriving at tide waters, was 1,204,943 tons. The tolls collected at Albany, $340,669, and at West Troy, $386,914. By the data above adopted, this gives 564,179 tons for Albany, and 640,764 for West Troy. The value of the property thus arriving in 1845, was $45,452,301. The tolls collected this year, $340,669 at Albany, and $386,914 at West Troy. By the same proportion, the property arriving at Albany was $21,281,683, and at West Troy, $24,170,168. The value of property sent up the canals this year, was $17,754,796, from Albany, and $24,503,692 from West Troy. This gives the total value of the canal trade of Troy for 1845, as follows: It may be said a part of this large value passes to and from the canal, direct to New York, by canal-boats. This is true to a limited extent; but it will be found that the great bulk of it is either trans-shipped at Troy, or bought and sold in its market. The amount of canal tolls collected in West Troy, was, in 1836, 1838, 1840, 1842, 1844, 1834. 1845, $133,125 $160,248 $182,516 $186,947 $204,215 $321,532 $386,914 Here, again, it should be remembered that the increase of trade is not fully shown. The rate of tolls has been, from time to time, reduced; and since the first period, the reduction has equalled 30 per cent, or more. But though the canal trade is of the first importance, it is, by no means, the whole trade of this market. That coming by railroad and land carriage, is large, and highly valuable. It was estimated by a committee of judicious citizens, who made investigation some ten years ago, to have doubled in four or five years. Though the growth of this trade may have been obstructed in some points, by the diversion caused by new lines of railway at the East and South, there has, doubtless, been a very considerable increase in it. At that time, it was ascertained that within the territory thus trading here, were 70 cotton factories, consuming 3,500,000 pounds of cotton annually; 40 woollen factories, consuming 1,000,000 pounds of wool, annually, besides various other manufactures, producing, in the aggregate, a large amount; and, besides, the immense value of the products of grazing agriculture, furnished by the same district. It was, at the same time, ascertained that the product of the different manufactures coming to this market from three or four towns alone, in the vicinity, was more than half a million. The amount of the direct commerce of this city, exclusive of the transshipments here, cannot be stated with certainty, but the estimate of another committee of citizens in 1840, may be relied on as giving it with sufficient accuracy at that time. They reported the sales of Merchandize, including coal, to be.... ........... $7,400,000 800,000 Lumber,. To which should be added the beef and pork packed at, and in the vicinity of Troy, 63,500 barrels, say,. Wheat, manufactured and forwarded in bulk, 1,000,000 bushels,......... Other grains, the product of the dairy, and other agricultural productions, not estimated, but may, with great safety, be stated at...... Showing a total of................................ 700,000 $8,900,000 500,000 1,000,000 600,000 $11,000,000 The increase since 1840, has carried it up, probably, at this time, to more than $12,000,000 annually. The various manufactures and mechanic arts carried on within the limits of the city, have created an interest which already begins to vie with that of commerce in importance, and every advancing year, they must become, relatively, more and more important. That these interests are destined to become the essential elements of our prosperity and stability, if, indeed, they are not already so, there can be no doubt. By the development of new and improved facilities of intercourse, trade is always liable to change. It has a constant tendency to concentrate in the great marts of the country. But the natural resources of a place, required for manufacturing, cannot be removed. If brought into use at all, it must be where nature has formed them. No branch of manufactures has had a more invigorating influence on the prosperity of the city than that of flour. The flouring mills owned and employed by our citizens in the year 1836, and located within the city and its immediate vicinity, were found to require 1,000,000 bushels of wheat, annually, to keep them in constant operation. Since that period an active competition has arisen, by the erection and operation of mills in the great wheat districts of the west. Possessing, as they do, the advantage of the cheaper freight of the manufactured over the unmanufactured staple, they have served to check the increase of this manufacture, and, in some cases, to change the machinery of some of our flouring establishments to that of factories for other purposes. But notwithstanding this slight reaction, other kinds of manufucturing have grown |