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CONTENTS OF NO. V., VOL. XXXVI.

ARTICLES.

PAGE

I. FINANCES AND DEBTS OF THE STATES OF THE UNION. Maine-Massachusetts-Rhode Island-New York-New Jersey-Pennsylvania-Delaware-North Carolina-South Carolina-Louisiana-Arkansas-Ohio-Indiana - Illinois-MichiganWisconsin-Iowa..

II. POLITICAL ECONOMY. CHAPTER IL Disadvantages of Division of Labor-Productive and Unproductive Labor-Productive and Unproductive Capital-Fixed and Cirenlating Capital-Divisions of Wealth-Different Departments of Production-Transmutation, Transformation, and Transportation-Commerce Facilitates and Stimulates Production, etc. By AMASA WALKER, Esq., of Massachusetts....

531

..... 547 III. COMMERCIAL AND INDUSTRIAL CITIES OF THE UNITED STATES. No. XLVI. CITY OF RACINE, WISCONSIN. Location of Racine-Commercial Facilities-Public Schools-Harbor-Railroads-Plank-roads-Warehouses-Lumber Business-Manufactures, etc.

IV. EUROPEAN COMMERCIAL CORRESPONDENCE.

No. III.

Great Britain's War with China-Defeat of the British Ministry-Debate in Parliament-Critical State of affairs at Canton-Feverish condition of the Bourse and Stock Exchange-The Bank of England-Discussion of the Renewal of its Charter-History of its Origin and Increase-Commercial Retrospect of the last Ten Years-The System of the Bank of England-The Bank of France-Its Leviathan Operations during the Year 1855, and Dividend of 25 per cent-Proposed Increase of its Capital-Coinage of the French Mint from 1795 to 1855-Effect of the Receipts of Gold from California and Australia since 1850-Analysis of the Condition of the Bank of England-And of the Bank of France-London Joint-Stock Banks and Private Bankers-Financial Condition of Turkey-Establishment of its New National Bank by English Capitalists-Prospects of Great Britain's Victory over China-Advance in Teas, Silks, and China Goods-And other Effects of the Chinese War. By GEORGE FRANCIS TRAIN, Esq...

V. CHICAGO IN 1856. The Situation of Chicago-Its Harbor, Streets, and Bridges-Succession of Mayors-Progress of Population-Mortality-Commercial Statistics-Trade in Breadstuffs-Lumber Trade-Buildings Erected-Manufactures-Valuation of Property-Military Companies-Fire Department-Schools and Colleges-Charitable Institutions Crime-Amusements-Hotels-Newspapers-Churches-The Clergy. By HENRY M. FLINT, Esq., of Illinois

552

551

.. 565

VI. THE TRAFFIC IN COOLIES. BY DANIEL R. HUNDLEY, Esq., of Illinois... VII. CHAPTERS ON CALIFORNIA FISHERIES. CHAPTER I. Whaling-The Humpback and Finback-Whale Catching at Magdalena Bay, Lower California, and at Monterey-Abundance of Whales off the Heads of the Golden Gate. CHAPTER II. Former and Present Prices of Oil and Bone contrasted-Lack of Improvement in the Whale Fishing Art-Growing Scarcity of Whales-Old Fishing-Grounds Exhausted and Deserted; New Ones Remote-Means must be taken to Catch the Humpback and Finback, or the Whale Fishery will soon end-The Author's Plan Promised. By C. J. W. RUSSELL, Esq., of Californía........

JOURNAL OF MERCANTILE LAW.

Collision-Lights-Cloudy Weather-Duty of Steamers.......
Rights of Colored Passengers and Common Carriers....

COMMERCIAL CHRONICLE AND REVIEW:

570

572

575

577

EMBRACING A FINANCIAL AND COMMERCIAL REVIEW OF THE UNITED STATES, ETC., ILLUSTRA❤

TED WITH TABLES, ETC., AS FOLLOWS:

High Rates of Interest-The Usury Laws-Speculation in Public Lands at the West not the Sole Cause of the Scarcity of Floating Capital-The Current Trade-Sales by Auction-Receipts and Coinage of Gold-The Bank Movement-Imports and Exports at New York-Cash Revenue at New York, Philadelphia, and New Orleans-The Decline in Stocks, etc., etc. 578-587 New York Cotton Market. By CHARLES W. FREDERICKSON, Broker, of New York........... 58Y VOL. XXXVI.-NO. V. 34

JOURNAL OF BANKING, CURRENCY, AND FINANCE.

Methods of Computing Interest....

ΡΑΟΣ,

Dividends paid by Boston Banks for Five Years, 1852-1856
British Import of Specie and Bullion in 1856..

The Three Eras of Banking in New York, condensed for the Merchants' Magazine from the Report of the Superintendent of the Banking Department... Mercantile Failures in 156

589

592

595

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Value of the Coinage of the United States and the United Kingdom, and a Uniform Currency. 597

United States Tariff of 1857, compared with the Tariff of 1846.

COMMERCIAL REGULATIONS.

STATISTICS OF TRADE AND COMMERCE.

Tariff Acts and Treasury Regulations

Commerce and Navigation of the United States...

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Quantity and Value of Goods imported into the United States, year ending June 30, 1856...... 609 Shipping Built in the United States, 1855-6.........

Mackerel and other Fisheries of Massachusetts.-Pork Trade at Cincinnati...
Probable Loss of the Kevenue by the Tariff of 1857.

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Port of Liverpool-All Bearings by Compass...

Regulations of Buoys and Beacons on the Coast of England...

Change of Lights at Sandy Point and Execution Rocks Lighthouses..

Revolving Light on Cape Spathi, Cerigo-Mediterranean-Ionian Sea...

China Sea-Yang-tse kiang-Beacon Tower at Kiu Toan..

Fixed Light on Cape Caballeria-Mediterranean Sea-Minorca

Bay of New York-Long Island Sound, etc........

POSTAL DEPARTMENT.

618

619

620

620

691

621

621

Postal Treaty between the United States and France.-The Work of the British Postal System. 622 The Galvanic Telegraph in Prussia......

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JOURNAL OF INSURANCE.

"A Practical Question of Fire Insurance "-" Facts and Comments."........... An Answer to "A Practical Question of Insurance."

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RAILROAD, CANAL, AND STEAMBOAT STATISTICS.

624

626

Steam Tonnage of the Principal Cities in the United States...
Operations of the Massachusetts Railroads for the last Eight Years.......

627

627

Russian Kailways and the Credit Mobilier.-Marine and Steam Disasters on the Lakes
Lake Erie and Michigan Transit Ship Canal.-French Railroad Clocks...........

629 680

JOURNAL OF MINING AND MANUFACTURES.

Gold Mining in California

The Mineral Wealth of Georgia,

The Manufacture of Tobacco at Louisville

Manufactures of Pittsburg.-The Manufacture of Goods from old Woolens
The Iron Ores of Oneida County, New York....

STATISTICS OF AGRICULTURE, &c.

The Wine Grape in America

A Sugar House and Sugar Plantation in Cuba.

Sixty-five Estimates of the Cotton Crop of 1856-7.-Guano: its History....
STATISTICS OF POPULATION, &c.

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Brother Jonathan's Ships.-William Wallace Leland, (With a Portrait.)

641

Commercial Architecture-The Grigg Building, Philadelphia, and the Use of Iron in Building, 648 The "Almighty Dollar"-Justice to Canada...

Brief Biography of a Boston Merchant: WILLIAM WORTHINGTON....

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HUNT'S

MERCHANTS' MAGAZINE

AND

COMMERCIAL REVIEW.

MAY, 1857.

Art. I.-FINANCES AND DEBTS OF THE STATES OF THE UNION.

MAINE-MASSACHUSETTS-RHODE ISLAND-NEW YORK-NEW JERSEY-PENNSYLVANIA-DELAWARENORTH CAROLINA-SOUTH CAROLINA-LOUISIANA-ARKANSAS-OHIO-INDIANA-ILLINOIS-MICHI

GAN-WISCONSIN-IOWA.

In the previous volumes of the Merchants' Magazine we have from time to time published a synopsis of the financial account of each State, as it has been laid before that State's Legislature. In some articles we have combined these several accounts, thus affording, as far as possible, a collective (if not perfectly complete) view of the financial system, and of the indebtedness of the States of the Union. There is a similarity in these accounts, and also a remarkable diversity, arising from the different policy of the States in their system of expenditures. Most of the State Legislatures hold their annual or biennial sessions in the winter season. Owing to this circumstance, we are enabled to collect facts and figures relative to the financial condition of those States which refer to nearly the same period of time. We have already published, in previous numbers of this volume, the treasury accounts of some of the States as they were laid before their respective Legislatures in the winter of 1856-57; and we now publish similar accounts of those other States, the Legislatures of which met during the same recent period. The Legislatures of thirteen States hold annual sessions. Eighteen hold biennial sessions-nine of them in the even years, (1856, 1858, etc.,) and nine in the odd years, (1855, 1857, etc.) In the desire of making this article as complete as possible, we have prepared a table showing the total receipts and expenditures of all of the States during their last fiscal year. It may be remarked here that it is not an easy task to prepare a correct table of the State debts under

a few headings, since it is necessary to closely examine the original documents. In some States, the "public debt," spoken of in their treasury reports, is chiefly funded debt; in others, it is entirely contingent and floating debt; in some others, the total of the "public debt" includes certain "trust funds," as those for schools, asylums, etc., and frequently it comprises certain "liabilities," which the State has assumed by its indorsement of bonds for internal improvement companies, etc. It would extend the article to too great a length if we should attempt here to give a detailed account of each State's finances and debt, and this is also unnecessary, as we have in various former volumes treated of these topics severally. We append to the present notice of each State a list of those numbers of this Magazine in which the same subjects have been heretofore examined.

The following table exhibits the total receipts and expenditures of every State in the Union (except Delaware and California) during its last fiscal year:

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The following table is of precisely similar character, except that the statistics are for the fiscal years ending in 1855, while the preceding statistics are for the fiscal years ending in 1856:

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The following table is also of the same character, except that the statistics of each State are for the period of two years, viz.:-Georgia and Tennessee for the years 1853-55; and Arkansas, Illinois, and Iowa for the years 1854-56:

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FINANCES AND DEBT OF MAINE.

The

From the report of Hon. ISAAC REED, Treasurer of Maine, it appears that the transactions of the State treasury in the year ending December 31, 1856, were as follows:-Balance from 1855, $30,130 37; receipts from all sources, $593,312 04; total resources, $632,442 41; disbursements, $486,165 00; balance in treasury, December 31, 1856, $146,217 41. The principal receipts were-State taxes collected, $211,384 68; State bonds sold, $180,000; premium on same, $3,668 49; receipts from land agent, for use of State, $94,236 30; tax on banks, $75,835 77. principal disbursements were-State bonds paid, $ 38,000; coupons, $37,940; pay rolls of Legislature and Council, $47,517 25; salaries of State officers, $28,553 20; roll of accounts, $21,819 28; costs in criminal prosecutions, $21,189 08; reform school, $25,162; State prison, $10,740 88; insane hospital, $10,004. Of the Trust Funds in the hands of the treasurer, there is the permanent School Fund, from sale of lands, now amounting to $136,346 54; money received for stumpage and grass on "reserved lots," $103,151; Penobscot Indians' Fund, $53,060 31; Passamaquoddy Indians' Fund, $21,700; county taxes, $3,803 04.

Governor HAMLIN, in his message, states that "the whole amount of the funded debt of the State, December 31, 1856, was $699,000; of that sum, $30,000 will become due March 1, 1857, which will be paid at that time, and the current expenses of the year will be discharged, without resorting to any other means than the usual tax imposed by the Legislature. No legislation will be required to provide for the payment of the sum."

On the subject of rechartering the banks in the State, Gov. HAMLIN thus remarks:-"It will be seen, on examination of the law, that the charters of all the banks in the State will expire on the 1st day of October, 1857. The subject of their recharter will invite your attention. The system of banking in Maine, as a whole, has proved a safe one for the public. No losses to the public have taken place, it is believed, which cannot be traced to a violation of the spirit, or letter. of the law. Such additional safeguards as time and experience shall have proved to be necessary for the safety of the community should be added. It may be deemed expedient to designate some officer, by law, who shall deliver to each bank blank bills, duly countersigned and registered, which shall constitute the circulation of the bank; and also to determine by law the amount of bills to be thus delivered."

[The Merchants' Magazine for December, 1847, (vol. xvii., pp. 579-581,) contains a very full statement of the finances, resources, and general condition of Maine. Subsequent statements were given in April, 1853, (vol. xxviii., p. 484,) and in October, 1854, (vol. xxxi., p. 420.) The amount of stock issued by Maine up to 1838, is stated in vol. i., p. 175.]

FINANCES AND DEBT OF MASSACHUSETTS.

Governor GARDINER, in his address to the two branches of the Legislature of Massachusetts, refers to the fact that the financial credit of the Commonwealth in the money marts of the world has for many years been proverbial, and proceeds thus:-"For a long period her ordinary receipts were ample to meet the expenditures, without the assessment of any State tax, but of late her large disbursements, mainly on account of her legislative, educational, charitable, and reformatory institutions, have greatly outrun her receipts, till, for some years, a large and increasing annual tax

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