"I have lost," said an ancient Roman, when suddenly plunged from affluence to poverty, "I have lost everything, except what I have given away." How timely and how truly wise are they who, while yet it is within their power, thus place beyond the reach of accident some portion of their wealth!

It is not-we must repeat it-to magnify the individual by praises, which he neither needs nor seeks, that we present these few details of a useful life-these traits of a worthy character. His rewards, we rejoice to believe, are of another and better kind. It is because such examples are due to the world, that we feel bound to bring them up, and to set them forth in luminous distinctness. To the great body of our commercial countrymen they should often be exhibited as incentives and as models.. Amongst the eager votaries of gain-in the vast and still widening fields of mercantile enterprise-amid the splendid fortunes which are made, or which are lost-and the fast-growing tendencies to luxury and displayhow greatly are such lessons needed! And how much happier might our world be made, if all its millionaires were as faithful, as judicious, and as liberal in their stewardship, as he whose story we have tried to tell!

We should be unjust to our theme, if we failed to express our firm conviction that the subject of this sketch is governed in his conduct by the high impulses of Christian love and duty. In words of modesty and of reverence-with a spirit earnest and sincere-he never hesitates to express his obligations to that Divine Benignity, whom he devoutly acknowledges as the only source of "high endeavor or of "glad success."

In person, Mr. Peabody is tall and commanding. His manners, like his countenance, are genial and inviting. As a business man, he is distinguished by untiring industry-by absolute punctuality-by promptness, energy, exactness, and thoroughness-and still more, by that far-seeing sagacity which, in the merchant, must be ranked as genius.

Mr. Peabody has a brother living in Ohio, a sister in Massachusetts, and another sister in New Hampshire. These are all married, and have children. For himself, he has chosen, thus far, a single life. His unimpaired energies of body and mind, and his general good health, justify the hope, in which thousands share, that many active, useful, happy years are yet before him.

Art. III-DIRECT TRADE BETWEEN OUR LAKE PORTS AND EUROPE.

THE PRACTICABILITY OF DIRECT TRADE-ADAPTATION OF LAKE VESSELS TO THE TRADE-EXTRA COST FOR GOOD VESSELS-WILL DIRECT TRADE PAY?-FACTS ABOUT THE DEAN RICHMOND-DISADVANTAGES-A MISTAKE CORRECTED.

C. Y. RICHMOND, Esq., has addressed a letter to the editors of the Democratic Press, in regard to direct trade from Chicago and other lake ports, to England and other parts of the world. Since the Dean Rich

mond made the passage so successfully from Liverpool last year, the subject has been matter of considerable discussion. In this letter, Mr. Richmond gives the public the benefit of his experience in case of the Dean Richmond, and also his conclusions, drawn from what he observed during the voyage. We give the substance of Mr. Richmond's letter in his own words, as follows:

PRACTICABILITY. There is no more difficulty in trading direct between the lake ports and England than between the Black Sea or Constantinople and England-while the distance and time required for a voyage are less between the former than between the latter ports. Vessels may load at Chicago for Liverpool or any part of the world, and from thence back, direct, with the same facility as elsewhere, so far as practicability is concerned.

ADAPTATION OF LAKE VESSELS TO THE TRADE. A large majority of the lake shipping would not be well adapted to the trade; they are generally oversparred, iron-work and rigging too light, and hulls too weak, even for the lakes-much more so for the Atlantic, where there are no harbors, islands, or points to dodge to in case of heavy weather-where, no matter how many different directions gales of wind may come from within twentyfour hours, and get up heavy seas from different quarters, you have to stay and battle it out. Still, there are some of our lake vessels I think perfectly safe and well adapted for a sea voyage, and could go to any part of the world with ease. From what I learned of different shipmasters at Liverpool and New York, they consider the Atlantic from New York, Boston, or the Straits of Belle Isle to England, as boisterous navigation, and perhaps more so, than will be found in any other ocean or sea. Light draught I do not consider objectionable, so far as safety is concerned, as the Dean Richmond fully demonstrated on our passage over. We encountered a very severe gale of wind, which lasted five days, without carrying away a rope-yarn, while other vessels, ships, &c., were more or less damaged, dismasted, decks swept, abandoned, &c. Although our vessel was a fore-and-after, and she worked well, I should prefer the rig to be three masts, square forward, or a brig. Vessels do not need to be coppered for the trade to England and back; but to sell well over there, or to go South, they want to be trunneled or copper-bolted, as you cannot copper over iron fastenings unless you sheath them, which would cost more than to trunnel and copper-fasten up the light water-mark. They object to center-boards, because they know nothing about them. Having never used them, they imagine it materially weakens the vessel because some of the floor-timbers are cut off, which we know to the contrary, if the box is properly put in and fastened.

EXTRA COST FOR A GOOD VESSEL. It will cost about $800 extra to fit out a good lake vessel for an ocean voyage, but this expense has to be paid but once. A vessel should have a double set of the most reliable sails, a chronometer, shifting-boards, water-casks, extra boat, &c.

WILL DIRECT TRADE PAY? A good staunch vessel, carrying fourteen thousand bushels of wheat through the canals, could do a fair business to England at forty cents per bushel, and ten dollars per ton return cargo here; as four months would be ample time to complete a trip round, and perhaps some sooner, with dispatch in loading and unloading. But a much larger profit would be realized by buying the cargo for vessel's account both ways, as there is generally a wide margin for our products and their manufactures between the two countries. Vessels could leave here late in October, to go out and be employed during the winter from and to foreign ports, and return here on the opening of navigation, if they choose, thereby earning something, instead of doing nothing one-third of the year.

FACTS ABOUT THE DEAN RICHMOND. It has been reported that the Dean Richmond was sold because the trade was impracticable, or she

could not get back. This was not the case. Our intention, from the start, was to sell her at Liverpool, if a fair price could be obtained. She could have returned to Chicago before navigation closed, with ease, had we chose. I was offered cargoes, at good prices, from Liverpool, to the following places, viz.:-to China, Australia, coast of Africa, Brazil, Tampico, United States, Constantinople, Glasgow, and to a host of other points. Inspectors of three good Liverpool insurance companies examined her, and reported to the companies, who wrote me letters, that they would insure her, and her cargo, as A No. 1, to any port I chose to send her.

She measured, American measurement, 379 tons; by the new English measurement, 266 tons. I could get by the ton for her as much as for any clipper ship, either for the vessel or for freighting.

The expense of the Dean Richmond from Lake Ontario into the ocean, towing, piloting, etc., over the crew, was $245; dock and light dues, and incidental expenses, unloading at Liverpool, $210.

DISADVANTAGES. The canals and locks, at their present size, will not pass vessels large enough to trade to the best advantage, through from the lakes to England. But when enlarged, so vessels of 1,000 tons, and upward, can pass, it cannot help being a desirable and profitable route during the season of navigation.

Seamen shipped at Chicago, or at any American port, cannot be discharged in a foreign port, without paying them three month's extra paytwo months of which goes to the seamen, and one month to the Ameri

can consul.

The exactions upon vessels at Liverpool are outrageous. The consignees charged us 2 per cent on the freight list, for collecting it themselves, and then deducted three month's interest on the same. The charges on the wheat were a fraction over ten cents per bushel, made by the consignees as their charges.

I am thus particular, that shippers may act understandingly. I do not know that these exactions and charges are universal, but they are what was exacted from us. Why they should charge more for doing business there than here, I do not know, as rents, clothes, and almost everything is cheaper than here.

A MISTAKE CORRECTED. I noticed a communication to your paper some time since, signed "CONRAD, BRETT & AUSTIN," ship-brokers of Liverpool, advising lake men what kind of vessels to build for the trade, and their market, etc. I would as soon take the advice of the King of the Cannibal Islands, in regard to what kind of a vessel is necessary for the trade and business. I could sell to the same parties one of the old fashioned standing-keel, full, tubby vessels, the build of twenty years ago on the lakes, quicker than one of our finest modern built vessels, at the same price as their ideas are about that much behind the age. They talk about "fixed-keels,"—we can "fix" keels for them, and safe, too, that will make a light or heavy draught of water, as you like, work better, and sail faster, than anything they can furnish, besides better sea vessels. For my part, I did not go to Liverpool to find out how to build a profitable vessel. We have on our lakes vessels, that for carrying, fast-sailing, light draught of water, sea-going qualities, beauty, etc., that cannot be excelled, if equaled, in the world. These are the kind we must send them, and learn them what they want.

Capt. D. C. Pierce, who commanded the Dean Richmond from Chicago to Liverpool, will fully indorse the foregoing statements.

Q. Y. R

Art. IV. SPECULATION IN FARMING LANDS.

THERE is purchased of government with money, in round numbers, ten million acres annually. By land warrants, States, railroad, and canal companies a larger number is taken from the common fund. According to the census of 1850, the total number of acres, in all the States, under improvement was one hundred and thirteen millions. Within the limits of the United States government there are embraced nineteen hundred and seventy million acres. There are, then, sixteen acres of unimproved to every acre of improved land. In quality, the unimproved will average as good as the improved. How long will it take our increasing popula tion to absorb this immense surplus, supposing, what is not probable, that annexation has ceased? Our population may be divided into rural and civic—the latter embracing the people of cities, towns, and villages, and supported by the business of these communities. The increase of the rural population must be relied on to furnish purchasers of wild lands. It will, therefore, be interesting to know what is the rate of its increase, and the probable demand for new lands which that increase will call for. The number of our free people doubles once in twenty-four years. If the rural population increases as fast as the civic, there might, therefore, be called for, during the coming twenty-four years, one hundred and twenty millions of the eighteen hundred and fifty millions of wild lands waiting improvement. But the rural population does not increase as fast as the civic. Far otherwise; in all the old free States, taken together, numbers equal to the whole increase go into the cities, towns, and villages, so that there is no new calls for farming lands in this region. In the slave-holding States, new lands are brought into cultivation to more advantage and to a greater extent; but in these, there can be no doubt that there are already, in the ownership of those States, and in the hands of the planters, more ground than can be advantageously brought under cultivation for a hundred years to come. In 1850, the improved acres in these States amounted to fifty-five millions, and the acres unimproved were five hundred and forty millions, being ten acres of unimproved to one of improved land. If one-third of this be allowed as unworthy of cultivation, there will remain six times as much uncultivated land capable of improvement, in the slave States, as has, up to this time, been brought into use. These States will continue to be mainly agricultural, and may be expected to need, for improvement, a duplicate number of acres every thirty years. At this rate, it is obvious, more than one hundred years would be required to use up their surplus.

The free States, in 1849, had fifty-eight million acres of improved, and two hundred and thirty-three millions of unimproved land in their borders. In these States the increase of population will be chiefly manifested in the cities and towns. Less than half will go into agricultural employments. It may be safely assumed that it will require fifty years to double the farming population of these States. At this rate of increase it will take more than one hundred and twenty years to use up the unimproved lands within their borders. This calculation leaves out California and the territories, which together contain twelve hundred million acres. To absorb this enormous aggregate, by bringing it into profitable use, will require several centuries. This mass of untilled land, it is absurd to sup

pose, can be made the subject of profitable speculation, by present purchase to hold for a rise in value. No foreign government on earth is rich enough to be able to pay interest on the sum it would cost, ate dollar per acre, and hold it until it is needed for use. It would bankrupt Great Britain; for, although her debt is twice as great, the interest of it goes from one citizen to another, and does not, to any amount, leave the country. When the above facts are considered, it seems difficult to imagine a more unpromising speculation than that now going on in wild lands. The purchaser, at one dollar per acre, who holds it and pays taxes fifty years, (we know land in Ohio that has been held on speculation sixty years,) must sell it, at the end of that period, as high as seventy-five dollars per acre to get a fair interest on his outlay. There is no good reason to expect mere farming lands, in a wild state, to sell much higher in 1907 than at present. Indeed, good lands, well situated, may be purchased cheaper now than equally good land could have been bought fifty years ago. It is so probable as to be almost certain, that our government will, before many years, donate to actua! settlers all the land they may need for cultivation. One branch of Congress has passed such a bill, and the principle has been sanctioned by both houses. But the graduation law of 1854 puts down the price so low, that it amounts, at the cheapest rate, almost to a donation. Under that act, settlers can buy any lands that have been in market thirty years for twelve-and-a-half cents per acre; twenty-five years at twenty-five cents; twenty years at fifty cents; fifteen years at seventy-five cents; and ten years at one dollar per acre. Pre-emption is allowed up to thirty days before a reduction in price takes place. Every purchaser must enter for settlement, and is restricted to 320 acres. the passage of this act, there stood for entry 25,114,553 acres at twelveand-a-half cents; 6,485,827 acres at twenty-five cents; 11,540,920 acres at fifty cents; 15,634,148 acres at seventy-five cents; and 18,768,759 acres at one dollar per acre; amounting in all to 77,561,007. This is about two-thirds as much as has been brought into cultivation in the United States since the first permanent settlement of the country in 1614. What additional millions of acres have, since August, 1854, come under the operation of this graduation system, we have not the means to state.

At

Art. V. THE NEW YORK CHAMBER OF COMMERCE.

WE have received the following circular in regard to the New York Chamber of Commerce. It comes to us from an anonymous source, but contains suggestions and a plan for giving life and utility to one of the most important commercial institutions in the Union. As a member of the Chamber of Commerce, we earnestly hope that the views of the writer will, in the main, be adopted. In Boston, an efficient and vigorous Board of Trade has been in successful operation for the last three or four years, with suitable rooms, a library, and a secretary, who devotes his whole time and attention to the business of the Board. Their annual report presents a full exhibit of the commercial and industrial operations of the city during the year, with reliable statistics of every branch of trade, collected under their direction. The same will apply to Cincinnati, St. Louis, Milwaukie, and several other cities: