understood and valued in France, Germany, England, Spain, Russia, and Sweden, Mexico, Brazil, and Peru, Egypt, Persia, India, China, and Japan, and all their coins as readily credited here. Such a plan of concert once established by a few, the practice of re-melting coins of either, thus consenting, would be abandoned at once among them.

Impressions, forms, dates, or places of manufacture, do not affect value, which is regulated solely by the amount of perfectly pure gold or fine silver, in coins, jewelry, ores, or dust. By the employment of the most easy decimal calculations, their values can be reduced or augmented, and the exact worth of every 1,000th, 100th, 50th, 10th, or 5th, of any basis of value be generally established and everywhere correctly comprehended by all men who are taught decimal arithmetic, or have sense and fingers.

Such easy uniformity of fabrication might introduce the practice of testing large amounts of gold and silver coins or bullion, by weight; which, in the larger transactions of Commerce, would prove the best remedy against counterfeits and false tokens.

We all comprehend the inconveniences resulting from any depreciation in the value of paper money in adjacent States; still the similarity of five, ten, twenty, and fifty dollar notes enable us to exchange when they will pass by a recognized public confidence.

The dissimilarities in the coinages of different nations expose merchants to some of the inconveniences of uncurrent paper, which can be avoided by correspondence, explanations, and a very moderate yielding by each to slight changes in mint practice.

The mining interests of the Southern States are concerned to reduce charges upon their industry, which all unnecessary impediments, in ascertaining the value of their products, multiply upon them. As coins and as merchandise, gold, and silver require to have their quality of fineness carefully designated, in order to decide upon their value, like an inspection of flour, tobacco, or fish. Condition regulates the character and worth of all-for use, manufactures, or exchanges. Since the original introduction of civilization from Africa and Asia into Europe, the nations who employ coins as representatives of value have never consulted together upon any mutual accommodation in coinage. They have each fixed upon some convenient or casual intermingling of the metals to represent their standards, which, like those exhibited in war, present different forms, with distinct emblems and colors. The varieties of value in these standards existing among different friendly nations, instead of being at once recognized by the eye, like their flags, can only be distinguished by separate calculations of arithmetic to verify their character in every market. They are private signals, promoting difficulties rather than convenience among nations, not always differing in language.

In matters of money we may, surely, all advance with success under one truthful, peaceful, and common standard.

All foreign coins, notwithstanding the special care of each separate nation in producing them, are now degraded as bullion abroad, recklessly melted and then issued under a new standard-a kind of civilized piracy, which should be abated for the benefit of all, with the general consent of all.

The enormous exportation of coins constantly witnessed from ports in the United States, may induce attention to this subject, connected with continued applications for increased means, to augment and promote so impolitic a procedure.

The original laws for the organization of the mint of the United States could not have anticipated the immense influx of precious metals consequent upon our recent discoveries and lately acquired possessions, which have impaired all former calculations of proportion, distribution, and values.

As raw material for export and foreign exchange, the values of gold and silver can be estimated without coinage, like those of any other products of industry or of art; but as a currency required by our constitution for permanent domestic exchanges and home convenience, other considerations are essential.

The annually increasing coinage of gold beyond our domestic necessities, appears in opposition to true economy. Being solely estimated as bullion in foreign countries, it is re-melted by millions at the mints and refineries in Europe, without special advantage to them or to us.

While there exists in Great Britain a consent to the importance of an entire change in systematic coinage, and this subject is in active discussion, connected with decimal calculations for moneys and mintage, much valuable information may be gained or communicated, and a liberal scheme of mutual accommodation and concert now be generally approved.

The community of interests which the advancement of liberal knowledge and useful arts produce, by commercial intercourse, lead us to trust they contribute to promote peace and good-will among men of different nations and languages.

Art. V. ELEVATED RAILROAD TERRACE FOR BROADWAY.

A NUMBER of plans have been suggested for facilitating the immense travel of Broadway, but we have seen none, so far as we are capable of judging, so well calculated to promote that object as the one proposed by Mr. JOHN B. WICKERSHAM, an ingenious mechanic of New York. We therefore cheerfully give place to the following communication from that gentleman. Its importance to the commercial and social interests of New York cannot be too highly estimated.

NEW YORK, June 5, 1854.

TO FREEMAN HUNT, Editor of the Merchants' Magazine.

For some time past the subject of relief for Broadway has been frequently agitated, and many plans have been suggested to effect the object desired. All the plans submitted, however, have looked to the street only, not considering the relief of the sidewalks of any necessity.

The growth of this city for the last fifteen years is almost unprecedented by any other city in the world. Her Commerce has extended far and wide, and her manufactures are second to none in this country. The peculiar formation of the island on which New York is located, the North and East Rivers on the east and west sides of the city, concentrates the business of the wholesale class into the lower part, the most convenient location for the prosecution of that business. The transformations now going on in the lower part of our city, filling all the side-streets with stores and warehouses, and driving the families up town, must greatly augment the travel in Broadway, and every year more and more embarrass this thoroughfare. It is evident some relief ought to be given to this street which shall combine the greatest advantages with a moderate expenditure, and the greatest good to the greatest number. Something must indeed soon be done to prevent its being absolutely choked up.

These thoughts led me to suggest a plan, which, so far, has received very flattering encouragement from the leading men of the city. The plan proposed is, to erect additional sidewalks on both sides of Broadway, at a hight of about 16 feet over the present sidewalks, supported by iron columns at the gutters; the width of the upper sidewalk or Terrace to be 19 feet from the buildings, 10 feet to be occupied by pedestrians, and 9 feet for rail-track on the outer side, which will be supported by the columns. By this means the Terrace will be relieved from the weight where it spans to the buildings. Both sides of the rail-track, outside and inside, are to be inclosed with iron railing. The pavement above is

to be formed of stone, supported by iron gratings and iron beams, with corrugated iron for the roof of the lower sidewalk, making a perfect water-tight covering, and an iron awning the whole length of Broadway more efficient than the present ones, protecting the pedestrians from storms and scorching suns.

The sidewalk above, doubling the facilities for travel, and increasing the shopfronts to double their number, giving each property owner two fronts on the same street for each house, at a trifling outlay of $1,500 for each 25 feet, the cost of its construction, will increase the value of each front on Broadway from $20,000 to $30,000, besides the dividends from the company's railroad, and the additional facilities and advantages to increase.

It is proposed that this improvement should extend from the South Ferry to the Crystal Palace, a distance up and down of about nine miles. Each property owner or tenant to take stock enough to construct the Terrace in front of his own building, which would be in the aggregate about $3,000,000.

A street like this, doubled in its whole length, from the Battery to the Crystal Palace, would reimburse from receipts much more than the outlay required to fit it up with the improvements herein suggested. The unquestionable great increase of the value of property alone, independent of the receipts, must be apparent to

every one.

I have herewith inclosed you a printed description, which enters more into the details of construction, explaining all the objections in respect to light, fires, removing buildings, inequality of stone fronts, drains, gas, water, &c., &c., which I hope, after perusal will meet with your approval and warm support.

If it is not out of place, I will here give a copy of one of the many testimonials received in favor of this project.

NEW YORK, March 13, 1854.

MY DEAR SIR-I have devoted considerable time and attention to your circular in relation to an Elevated Railroad Terrace in Broadway. I feel convinced it is just the thing that is needed, and that it is the only feasible plan yet suggested.

I own some two hundred and fifty feet fronting in Broadway, on several locations, and would take my proportion of the stock. In fact, I regard the stock as one that would soon command a high premium. Yours Truly,

To J. B. WICKERSHAM, Esq.

P. T. BARNUM.

With proper concert of action among the various business men of that thoroughfare, we would soon see the Elevated Terrace in operation, and adding a new impetus to the business of New York, by the attraction presented by such a structure.

Anything that tends to advertise a city to the world, by some leading feature different in its character from other cities, will induce strangers and business men to visit us, thereby increasing all kinds of business. Some may advertise in newspapers, which is very essential to success; others by costly arrangements in buildings that are always daguerreotyped on the brain,

So this improvement, affording as it will, additional facilities for business and travel, enticing purchasers and pedestrians to that great thoroughfare, will add immensely to the fame we have already acquired, and increase our business to a large extent, besides relieving and assisting the increased influx Broadway is daily receiving.

With a high regard for the tact and ability by which your Journal is conducted, I have the honor to be, Respectfully yours,

J. B. W.

JOURNAL OF MERCANTILE LAW.

SHIP OWNERS-SPECIFIC PERFORMANCE OF A CONTRACT.

In the Circuit Court of the United States, before Judge Ware, Higgins in Equity vs. Jenks, et als. December 2, 1853.

In Equity for the specific performance of a contract for the sale of three-eighths of a ship now being built, with the right of the purchaser to the command, and for an injunction on the owners of the five-eighths against selling the same except with notice of this contract, and subject to whatever right the plaintiff may have under it, and against appointing any other person as master.

The facts in the case were fully stated in the opinion of the Judge. Ware, District Judge. This is a bill in Equity seeking a specific execution of a contract. On the 9th of August, the defendants being then engaged in building a ship of about 1,500 tons burden, the plaintiff entered into a written contract for the purchase of three-eighths of her, upon which he was to pay at the rate of fifty-five dollars a ton, two-thirds of the amount in cash, deducting therefrom the cost of the rigging, which he was to furnish, and the other third in his notes, indorsed by Brookman & Co., of New York, in four, nine, and twelve months; and it was further agreed that Higgins should superintend and direct the completion and rigging of the ship, for which he was to receive no other compensation than payment of his board; and that when completed he should sail her as master and have for his compensation the best wages with primage, &c., allowed to masters commanding similar ships from the port of Bath. In conformity with the agreement the plaintiff has superintended and directed the work on the ship from the time of the contract until about the time of filing the bill; has furnished the rigging as it has been wanted, and made all his cash payments as often as demanded, and is now ready on the completion of the ship to deliver the securities named in the agreement for the balance due.

The plaintiff, apprehending that the defendants intended to disable themselves from performing their part of the contract, by a sale and transfer of the vessel, filed this bill praying for an injunction against a sale of the three-eighths bargained to him, and on their disavowing any such intention, amended his bill praying an injunction against the sale of the other five-eighths, except with notice of his contract, and subject to whatever rights he has under it, with a further prayer for an injunction against appointing any other person as master, and for a specific execution of the contract.

Since the filing of the bill the defendants have transferred five-eighths of the ship to Messrs. John and George Patten, and by a further amendment they have been made parties defendant, and the same remedies by injunction and specific performance are asked against them.

The original defendants have appeared and put in affidavits admitting the contract and offering to convey the three-eighths, and giving as a reason for refusing to fulfill the contract by putting the plaintiff in as master, that they have since the contract was made heard many reports and stories in disparagement of the plaintiff's character as a shipmaster, and against his truthfulness and integrity in his dealings as a man, from which they have become satisfied that he is not a fit person to have the command and management of such a ship, and that they should not consider their property in her to be safe in his hands.

Mr. George Patten, one of the new defendants, has put in an affidavit admitting he purchase of five-eighths of the ship of Jenks & Harding, and stating that a parole agreement for the purchase was made on the fifth of that month, the day on which the bill was filed, but that the contract was not completed and the transfer made by a bill of sale until the eighth, three days after-admitting that he knew that Higgins was the purchaser of three-eighths, and that he expected to go as master, but that he did not know the precise terms of the contract.

As to the Messrs. Patten, the purchasers, their purchase was made under such circumstances that they must be deemed and considered as having purchased with full notice of the contract with Higgins. They knew of his contract and they knew of his expectation of going master. The contract was in the hands of their venders and they might have seen it by asking for it, as it was their duty to do. I consider them as standing on the same ground and having the same rights as their venders and no others. They took the five-eighths subject to all the rights which Higgins had against Jenks & Harding,

The defence made by the affidavits of Jenks & Harding against a preliminary injunction till the hearing, and the same will be relied on at the final hearing against a decree for a specific invention, is in substance that of a surprise; that at the time of the contract they supposed Higgins to be a well qualified master and a trustworthy man; that they are now undeceived, and from what they have since learnt of his qualification as a shipmaster, and of his character as a man, they verily believe that they cannot with safety and prudence confide to him the command of the ship, or intrust to him the management of their property. But it is not pretended that they were deceived by any artifice or management on the part of the plaintiff.

The negotiation between the parties for the sale and purchase of this vessel, commenced some time before the contract was consummated; the precise time does not appear, but I infer from the affidavits and the exhibits in the case in the early part-as least as early as the middle of July. It was completed on the 9th of August. Capt. Higgins is a native of Maine, and was born and brought up in Orland, an adjoining town of Bucksport. Early in life he had been in the command of two small vessels, engaged, I infer, in the coasting trade. Afterwards he went to New York and was there employed as a shipmaster. If he was a stranger to the defendants, it would seem that during the month which the negotiations were pending, the defendants might without difficulty have made all the necessary inquiries and obtained all the necessary information in relation to his qualifications and character, and it is hardly to be supposed that, as men of ordinary caution and prudence, thus would have agreed to intrust to his management and control so large and valuable a property as five-eighths of this ship, of the value of $37,000, according to the rate at which the sale was made to plaintiff, or that they would have been willing to have entered with that confidential relation of joint-owner of the vessel, intrusting to him the command, unless they had been pretty well assured of his qualification as a seaman, and of his integ rity as a man. With all this time and opportunity for informing themselves, it seems to me that their excuse of surprise for not fulfilling their engagement ought to be scrutinized pretty narrowly. It was nearly three months after the plaintiff had been engaged in executing his part of the contract, and about four from the commencement of the negotiation for the purchase, that he was informed that he would not have the command of the vessel, though I cannot but believe that it must have been well understood by the defendants that this was Capt. Higgins' principal object in the purchase; that it was not so much his object to make an investment in the vessel, as to provide himself with an honorable and luerative employment.

If, however, it is made satisfactory to appear that here has been a real surprise-if it be shown that for want of capacity and want of integrity the plaintiff is unfit to be intrusted with the command of such a ship, and that the defendants cannot safely intrust their property in his hands, as this application for an injunetion and specific performance is addressed to the discretion of the court and is not a claim strictly en delito justicia, my opinion would be that he ought to be left to his remedy at law. Under this view of the subject it becomes necessary to examine the foundation of the defendants' excuse for not performing their engagement. They have produced a large number of affidavits in their justification, most of them from persons residing in Bath, Bucksport, Eastport, and Calais, in which places he seems formerly to have been best known, all speaking of him in terms strongly unfavorable; some who have had dealings with him charging him with dishonesty, others speaking only of his general reputation for want of in