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ARTICLES.

ABT.

PAGE

I. AN EXPOSITION OF THE CRISIS OF 1857. The Crisis a hopeful Event-The

"Sick Man” will get better if he has Constitution enough-No fatal Lesions in Agri-

culture, Manufactures, Railroads, or Commerce-The American House sound, but the

Partners in Debt to each other_Sketch of the Growth and Prosperity of the Partners

--Public Opinion as to the Source of it-The Financial Partner, with general Appro-

bation, introduces the same Principle into his Department, and issues Paper Money,

and Outstrips the others-Coinplicity of the State with the Financial Partner -Tho

System is Unequal, but the other Partners think it all right, and Mortgage their Pro-

perty more deeply--A Principle settled: " The more Debt, the more money"--Money

both very Plenty and very scarce, and proposed Reforms--Statement of Account bo-

tween the Partners-Notice of Settlement-How received -- Why objectionable---Its

disastrous Effects, and the ostensible Reasons for giving it-Sketch of the Financial

Partner strengthening his position-Extent of it -- Consequences to the rest of tho

House—They sne for Relief, and in vain -- Abstract Rights limited by Terms of Part-

nership-The Right and Wrong of the Case-The Collision-General Protest Day-

Questions which went to Settlement Question still Pending-Probable Relief Meas-

ares - Ineffectual as Remedy-Injustice and Tyranny of the Bank System-Nature of

Debt-money-What does not constitute Noney - The Credit System-Its legitimate

Province and Boundaries, What is money-Private Duties suitable for the Times.

By GEORGE DUTTox, Merchant, of Rochester, New York.....

19

IL INTEREST AND CHEAP CURRENCY. By Charles H. Carroll, Merchant, of

Massachusetts.

35

III. GARBLINGS: OR, COMMERCIAL COMMODITIES CIIARACTERIZED.

ALCOHOLIC LIQUORS-WINE. Definition-Characteristics-Tartar-Non-acidity

Sugar-Natural Ferinent-Aroma-Must - Antiquity and Varieties — Wine of tho

Scriptures--The Jewish Wine- Wines of Canain-Wines of the Romans, Grecians,

Italians, and the British - Port -Oporto Company--Other Portuguese Wines- Madeira

--Se cial and Tinta-Sicily - African cape Wines, etc...

43

IV. VENEZUELA. General Description of the Country, with an Enumeration of the Pro-

ductions, Statistics of its Commerce, and a Statement of the Inducements for Immi-

gration. By J. S. DE AGEŁDA, consul of Venezuela at New York...

50

V. THE CENSUS SYSTEMS OF CIVILIZED NATIONS. Their great Importance,

History, and general Adoption-How conducted in different Nations - Suggestions for

Improvement --Difficulties in Obtaining correct Censuses-- Special Arrangements for

Statistics of Agriculture and Manufactures - Beneficial results of Complete Censuses,

By FRANKLIN B. HOUGH, A. M., M. D., Superintendent of the Census of the State of

New York for 1855..

54

VI. OLD FOGYDOM IN TRADE AND COMMERCE. By Ben CASSEDAY, Esq., Editor

of the Louisville Commercial Review,

59

VII. WHY MERCHANTS ARE LIABLE TO FAIL IN BUSINESS.

61

VIII. THE LAW MERCHANT. No. XII. LIMITATIONS. By Abbott BROTHERS, Coun-

selors-at-Law, of New York....

64

JOURNAL OF MERCANTILE LAW.

Bottomry on Vessel, Cargo, and Freight

68

Grin Dealers--Written Contract to deliver Grain at a stipulated Prics-Was it a Gambling

Contract

69

COMMERCIAL CHRONICLE AND REVIEW:

EXBEACING A FINANCIAL AND COMMERCIAL REVIEW OF THE UNITED STATES, ETC., ILLUS-

TRATED WITH TABLES, ETC., AS FOLLOW8:

Resume of Financial Affairs - Resumption of Specie Payments in New York and most of New

England - Redemption of Country Money - Effects of the Resumption-Continued Move-

ment towards Liquidation--The influence of the Financial Pressure upon thoso engaged in

Travle --Prospect of a Nation al Bankrupt Law - The Small Note Currency–The State of the

Muney Market - The News from Abroad -- Prospect of increased Immigration - The Gold Re-

ceipts and Coinage - The Banking Movement-linports and Exports at the Port of New York

for the Month of November - ash Revenue at New York--Exports of Domestic Produce-

The Crop Movement, etc.....

70-80

Yew York Cottou Market. By CHARLES W. FREDERICKSOX, Broker, New York.

80

VOL. XXXVIII-NO. I.

2

PAOR

JOURNAL OP BANKING, CURRENCY, AND PINANCE".

Finances of the United States-Report of the Secretary of the Treasury.

81

Pamphlets on the currency and Banking

83

Suggestions for a New System of Banking, By Mr. E. B. BISHOP, of Louisiana.

84

Valuation, Taxation, and Finances of San Francisco..

86

Act in relation to Savings Banks in the State of New York

87

Banks in the United States in 1837, 1847, and 1857...

88

Profits of Joint Stock Banks in London...

80

STATISTICS OF TRADE AND COMMERCE.

Prices of Eleven Articles for Forty Years. By David M. BALFOUR. Esq., of Boston.

90

Imports and Exports of the U. 8. from 1789 to 1857. By DAVID M. BALpour, Esq., of Boston.. 91

Consumption of Tea, Sugar, and Coffee in the United Kingdom

92

Prices of Breadstuffs in New York for Ten Years

92

Imports and Exports of Provisions at Cincinnati for Twelve Years...

93

Exports of Provisions from the United States to Great Britain from 1851 to 1857.

93

Exportation of Grain and Flour from the United States.....

94

Trade and Production of British India.

95

Commerce of Smyrna, Turkey, in 1856.-Coasting Trade of France.

96

COMMERCIAL REGULATIONS.

Treaty between the United States and the Shah of Persia ..

97

Importation of Foreign Spirits into Costa Rica

98

U. $. Treasury Letter on Vessels Clearing for Bremen...

99

The Tariff and Trade of New South Wales. ...

100

Tariff of Morocco.— Tonnage Duties in Chili.-Importation of Spirits into Newfoundland.. 101

Free Importation of Cereals into France.-American Vessels going into French Ports... 102

NAPTICAL INTELLIGENCE.

Decrease in the Depth of Water on George's Bank, Mass...

103

Magnetic Variation near Boston.-Beacon Range Light at Sapelo, Ga.

103

Light-ship off the Blackwater Bank, Coast of Ireland, St. George's Channel

104

England, West Coast--Rocks in Broad Sound....

104

Pilot Cutters off Dungeness, &c.--North Sea, East Coast of England

105

Port L'Orient, Atlantic Ocean - France, West Coast. Mediterranean, Gibraltar Bay Light..... 106

JOURNAL OF INSURANCE.

The New England Mutual Life Insurance Company-Fourteenth Annual Report of the Direct-

ors to the Members, at the Annual Meeting, December, 14, 1837

107-110

POSTAL DEPARTMENT.

Statistics of the United States Postal Service in 1857-Number and increase of Post-offices,

Transportation Statistics-Revenue and Expenditures--Ocean Steamship and Foreign Mail

Arrangements—City Posts--Express Agents on Railroads—N. York and N. Orleans Route-

Overland Mail to California--Postal Delivery and Sub Post-offices in the City of N. Y.... 110-113

RAILROAD, CANAL, AND STEAM POAT STATISTICS

Receipts and Working Expenses of Railroads in England and Wales.

114-117

Steamship Navigation of the Upper Mississippi-Arrivals at St. Paul, 1844-1857

Business of the Dismal Swamp Canal-Trade of Norfolk..

118

Rules for Pilots of Steamboats on Western and Sonthern Rivers-Revised and Adopted by the

Board of Supervising Inspectors, October 19th, 1857......

119

JOURNAL OP MINING, MANUFACTURES, AND ART.

Spinning Seed Cotton into Yarn on Plantations - G. G. Henry's Invention

120

Improvement in the Manufacture of Plate-glass..

121

Wrought-iron-Forge-hammers and Forging...

122

Gold in the Form of Malleable Sponge. -New Uses for the Castor Oil of Commerce

124

STATISTICS O PAGRICULTURE, &e.

Public Lands of the United States-Report for 1857 by the Secretary of the Interior

125

Nurseries in the United States

Composition of Milk at Different Times of Day

127

Hog • tatistics of Kentucky.-Production of Wine in Wurtemburg

127

STATISTICS OF POPULATION, &e.

Immigration into Canada from Europe in 1857 ...

123

The Industrial Population of England. - Population of Holland...............

129

Tho Decay of the Asiatic Races......

180

MERCANTILE MISCELLANTES.

What Becomes of the Bones: their Use and Commercial Value

130

The Banks and the Merchants; or, Taking Care of Ope's self in Papic Times

131

Elerenth-hour People

132

Sympathy and Fidelity in the Panic.- The Farmer and the Merchant

133

The Dutchman's Gold in a Panic.--Confidence better than Gold....

The Religion of Trade.-Pursuit of Specie under Difficulties

... 184

135

Picture of a Chinese Market-Shopkeepers at Play in a Panic

136

The Dutch Banker of Louisville wbo“ kept Resuming."

137

Example worthy of Imitation.- hange for a Dollar

" Lives of American Merchants." By Freeman Hunt, A. M., Editor of Merchants' Magazine. 138

187

THE BOOK TRADE.

Notices of New Works or New Editions......

......... 189-14 4

HUNT'S

MERCHANTS' MAGAZINE

AND

COMMERCIAL REVIEW.

JANUARY, 1858.

Art. 1.-AN EXPOSITION OF THE CRISIS OF 1857.

TIIL CRISIS A HOPEFUL EVENT-THE "SICK NAN WILL GET BETTER IF HE HAS CONSTITUTION ENOUGA -30 FATAL LESIONS IN AGRICULTURE, MANUFACTURES, RAILROADS, OR COMMERCE—THE AMERICAN BOLSE BOUND, BUT THE PARTNERS IN DEBT TO EACH OTHER-SKKTCH OF THE GROWTH AND PROSPERITY OF THE PARTNERS-PUBLIC OPINION AS TO THE SOURCE OF IT--THE FINANCIAL PARTNER, VITII GENERAL APPROBATION, INTRODUCES THE SAME PRINCIPLE INTO HIS DEPARTMENT, AND ISSUES PAPEE MONEY, AND OUTSTRIPS THE OTHERS-COMPLICITY OF THE STATE WITH THE FINANCIAL PARTNER-TIIE SYSTEM IS UNEQUAL, BUT THE OTHER PARTNERS THINK IT ALL RIGHT, AND MORTGAGB THEIR PROPERTY MORE DEEPLY-A PRINCIPLE SETTLED: “THE MORE DEBT, THE MORE MONEY"MONEY BOTH VERY PLENTY AND VERY SCABOE, AND PROPOSED REFORM&-STATEMENT OF ACCOUNT BETWEEN THE PARTNERS-NOTICE OF SETTLEMENT-HOW RECEIVED-WHY OBJECTIONABLE-118 DISASTROIS EFFECTS, AND THE OSTENSIBLE REASONS FOR GIVING IT-BKETCH OF THE FINANCIAL PARTNER STRENGTHENING HIS POSITION-EXTENT OF IT - CONSEQUENCES TO THE REST OF TID HOTSE-THEY SUE FOR RELIEF, AND IN VAIN-ABSTRACT RIGHITS LIMITED BY TERMS OF PARTNERSHIPTHE RIGHT AND WRONG OF THE CASE-TAE COLLISION-GENERAL PROTEST DAY-QUESTION WHICH WENT TO SETTLEMENT-QUESTION STILL PENDING--PROBABLE RELIEF MEABUEK8--INERYECTUAL AS REMEDY--INJUSTICE AND TYRANNY OF THE BANK SYSTEM-NATURE OF DEBT-MONETWHAT DOES NOT CONSTITUTE MONEY--THE CREDIT SYSTEM--ITS LEGITIMATE PROVINCE AND BOUNDARIES-WHAT IS MONEY--PRIVATE DUTIXSUITABLE FOR TUK TIMES.

The financial troubles of the country need no longer want a proper name. At first, scouted as panic, senseless and causeless, for the full cure of which only a little confidence was needed; then discussed under the Dame of the pressure, which was tardily admitted to be the fact by the public journals, wbile large volleys of rhetoric were discharged at the panic, its guilty accessory these troubles at length arrived at the dignity and importance of a crisis. The suspension of the banks of New York city, after two months of boast and defiance, during which period they were (according to their own showing) alike impregnable under siege and assault

, and bearing aloft the banner on whose ample folds was inscribed the financial honor of the country, ceased to be a dim possibility, but a

present and significant fact. Virtually, if not formally, the other banking institutions of the country followed 'suit, and suspension general, if not total, became the order of the day.

I think we may congratulate ourselves and each other that we at length reached a crisis. For a crisis, unlike a panic, has in it elements of hope, and often premonitions of returning health and strength. Our "sick man," the financial system, has been for a long time in unhealthy condition - his bloated form and feverish activity proclaimed that-but of late, like Job, covered from the crown of the head to the sole of the foot with malignant boils slowly progressing to a head, his sufferings have been intense. But, with the crisis, the aching and throbbing malady reached its acme of agony; relief or dissolution must follow. And the constitution of our Young America is by far too firm and springy, for us to think for a moment he is on his last legs. Let us try and learn the facts of his case.

In July last, the fears which had been entertained earlier in the year respecting the crops were fairly dispelled, and it became evident that not merely average crops, but abundant plenty, would crown the harvests of the year. An unusual breadth of land had been put under plow and harrow, and the earth was justifying the largest expectations. It was nowhere disputed that never before had the soil been so largely planted, and yielded so bountifully. Whatever else might happen, there could be no lack of bread. Not only enough for our people themselves to eat, but after a careful comparison of figures, from eighty to one hundred millions of dollars' worth to sell to other nations, after the necessary abatements to supply the wants of a rapidly increasing population. The great interest of the country--the agricultural—was safe beyond contingency. How great the values which have been lifted from the soil by the powers of nature, under man's husbandry, since the snows of 1856, will appear

best from census returns, and necessary inference from them.

In 1850, the annual value of the agricultural products of the country was but a fraction short of $1,300,000,000; the estimate of 1854 was put at $1,600,000,000; and it is believed the figures of the year 1857 reached $2,000,000,000. It is, and was seen to be months ago, a handsome income for a single branch of industry-agriculture.

Take another department of labor-manufactures. They have been in the main prosperous and growing. Though, in exceptional cases, and for brief periods, falling short of the expectations of proprietors, (when were men's calculations of gain ever fully realized ?) the manufacturing interest has been steadily and largely increasing. In 1850, its annual creation of values footed $1,000,000,000, and it is no unreasonable estimate that places them, in 1857, at $1,500,000,000.

Thus, in two departments of labor—agriculture and manufactures—there have been produced by the labor and skill of our people $3,500,000,000. But when to this vast sum are added the profits which have been made by our ships, plowing every ocean, bringing and carrying the commerce of the country, and the profits upon our domestic or internal commerce, which together were rated, in 1850, at $1,500,000,000, the annual returns from these three sources alone reaches from five to six thousand millions of dollars. A people whose yearly creation of values is measured by figures of this magnitude ought not to reckon themselves insolvent with out a clear demonstration from facts and figures that such is their condi

tion. An income like this is large enough to stand some losses, and pay for some improvements upon the farm, without breaking down the proprietor, and sending him into corduroy, and his wife and daughters into home-spun.

But improvements had been made upon the farm which complicated the question. Nearly 25,000 miles of railroad had been built, and the money had been partly borrowed. They had cost $825,000,000. In many cases they had paid good dividends upon the stock, and kept up the interest money; in others, not-for they had been pushed boldly in every direction and the creditors were not now pressing for their pay. Whether they were a 3 or 10 per cent investment for the individual stockholders, there was no doubt the railroad improvements were a remunerative investment for the farm; the country had profited in its increased productiveness vastly in consequence of them. They were no South Sea Bubble —no Credit Mobilier--through which everybody was going to get ric they knew not how-by doing they knew not what -- by the simple force of accumulated capital, and whose splendid assets turn out, upon investigation, to be but splendid debts. Whatever shifting valuations may be put upon the stocks by the caprices, or fears, or reckless gambling of Wall-street, the iron highways and the iron steeds remain, and can earn their living, pay, pay for their keeping, and something more, in dragging to the seaboard the heavy granaries of the West. Upon these vast highways of commerce and pleasure rest some $80,000,000 of direct railway obligations, and about as much more in State and city obligations, issued for railroad purposes; and this comprises the whole registered FOREIGN indebtedness. We speak not of the whole bonded and floating debt upon the railroads of the United States owned at home—that is another matter. One hundred and sixty millions of dollars upon property which cost eight hundred and twenty-five millions, is no ruinous and hopeless debt. Twenty per cent only of their cost owed for abroad—the balance, of 80 per cent, belonging to the American people. Any one of us, owning a house which cost to build it $5,000, would not regard a mortgage upon it of $1,000 as an alarming indebtedness. What, therefore, as a people, we owe abroad for our railroad system is no fatal affair; much less fit cause for a general downfall.

What else do we owe for abroad? Nothing but the account current of our merchants for such importations as their shipments of produce and gold have not already canceled. Put it at $90,000,000—one quarter's purchases, according to last year's figures. Two hundred and filty millions foreign indebtedness, and five thousand millions profits on agriculture, commerce, and manufactures! Foreign debt, 5 per cent on one year's income--a large part of the debt not yet due! And when to income is added the value of capital which the industry and thrift of former years bas produced, that has not been spent, but remains the farms, the fences, the dwellings, the shops, stores, manufactories, bridges, railroads, steamboats, ships, mines, &c., which constitute some part of the wealth of the country, and rated, exclusive of United States government property, at $18,000,000,000, it becomes no mere flourish of declamation, but just sober truth, that, as a people, not only are we not ruined, but wealthy and prosperous beyond all precedent. The AMERICAN HOUSE is sound undeniably.

All this was apparent three months ago; for with the balance sheets

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