time relies upon long tried methods more powerfully and strongly applied in the future.

Without any particular theory to maintain or interest to subserve, by the adoption of a particular policy, more than the common interest of a citizen, I submit these views and facts, trusting that they may be of value at the present crisis, but perfectly ready and willing to see them entirely superseded and forgotten, whereinsoever they are not sustained by reason and truth.

ART. III.-NICARAGUA CANAL-RIVER SAN JUAN.

We copy from the Railroad Journal, a portion of a letter from Mr. Squier, United States Charge d'Affairs to Central America, describing the river San Juan. According to this description of the river, a connection of the two oceans by an improvement sufficient to pass large vessels from one to the other, will be found much more difficult and costly than it is generally believed to be.

"The river San Juan, concerning which so much has been written, is certainly a magnificent stream. But its capabilities have been greatly exaggerated. It is the only outlet of the two lakes above mentioned, flowing from the southeastern extremity of Lake Nicaragua, nearly due east to the Atlantic.Its length has been variously estimated at from 79 to 104 miles. The first estimate is certainly too little. Mr. Baily calculated it at 90 miles, and he is probably not far from correct. The body of water which flows through this stream is at all times considerable, but it varies greatly in amount with the seasons of the year. It is greatest during what is termed the "rainy season" in the interior, that is to say from May to November, at which period the body of water is nearly doubled. To this circumstance, in a great degree, may be ascribed the wide difference in the statements of the depth and capacity of the river made by different individuals.

The banks of the San Juan, from the fort of San Carlos, at the outlet of the lake, to the Rapides del Toro, a distance of twenty miles, are generally low, and covered with palms, canes, and a species of high coarse grass, called gamalote. The river here sometimes overflows its shores; which, for a considerable distance back, seem to be flat and swampy. From the port of San Juan upwards, half way to the point of the divergence of the Colorado, a distance of eighteen miles, the banks of the river present a corresponding appearance. At the mouth of

the San Carlos, there are hills two thousand feet high; and the river is much contracted. The entrance from the passage between them from the west somewhat resembles the opening of the high lands of the Hudson from the north.

The banks of the river are in some places rocky; elsewhere they are far from being as crumbling as those of the Ohio and the Mississippi, and the other rivers of the western States of the Union. This is perhaps due, to some extent, to the roots of trees and plants which penetrate and bind the earth in all directions. The bed of the river may be regarded as essentially permanent. It, nevertheless, abounds in islands; of which there are hundreds. Some of them are low, and covered with gamalote, or with canes; but most are as high as the banks of the river, and wooded in like manner.

The width of the river varies from 100 to 400 yards, and its depth 6 to 20 feet. I should estimate the average volume of water at about that of the Hudson above tide water. The bottom seems generally to be gravel. There are four considerable rapids, where the bed is rocky and the water shallow. These will be noticed hereafter in detail. The current, from the mouth of the river to the Del Toro, is strong. With the water at a medium stage, in a light bungo, and with a stout crew of ten men, I was six days in passing from San Juan to San Carlos. The men labored hard, at the oars and setting poles, from daylight until dark each day. We passed other bungoes which had left three days before us; and our trip was regarded as one of extraordinary rapidity for the season. From these facts some idea may be formed of the strength of the current. Bulow calculates the fall of the stream at twenty inches per mile, except at the various rapids, where it is more.

The water of the lake opposite the fort, and fronting the opening of the San Juan, is comparatively shallow, not exceeding eight or ten feet in depth, with a mud bottom for the distance of a mile and upward from the shore.

The opening of the San Juan is probably three hundred yards and upwards broad, which width the stream maintains with great uniformity to the Rio Savalos, a distance of twenty miles. For this extent, the current is slight, according to Baron Bulow not exceeding one and a half miles the hour. The channel is wide, and the depth of the water from three to four fathoms. The banks are low, and the back country flat and swampy. Some sluggish streams come in from both north and south but they are almost hidden by the overhanging trees.

At the Rio Savalos commences the Rapides del Toro, which are about three-fourths of a mile long. The water, of course, varies in depth with the different seasons of the year. At the time of my passage, it was certainly, for the most of its extent, less than a fathom. The banks upon both sides are firm and

2

high, and the palm gives place to other and larger trees. Bulow gives the current at 180 to 200 yards per minute, but I esteem it something more.

From this point to the Rapides Castillo is six miles. The intervening banks are high, and the land well adapted for settlement. At the Rapids considerable ridges come down the river on both sides. The rapids here are short but swift, better deserving the name of falls than rapids. Barges cannot generally ascend loaded. When they have heavy cargoes, part of the same has to be removed and carried past the falls. The boats are then tracked or pushed up against the current by main force. My barge was upwards of two hours in getting as many hundred yards. These rapids, without artificial modification, would present an obstacle to all kinds of navigation. It might be made practicable with some trouble, for small steamers, light draughts, such as are used upon some of the small western rivers.

Three or four miles below the Rapides del Castillo are the Rapides los Valos and Mico, which may, however, be regarded as one; the current here is 200 or 300 yards per minute, the bottom rough and rocky, and navigation in barges difficult.The water does not appear to be more than from four to six feet deep, for any considerable distance. The banks correspond with those above the castle.

To the rapids of the Machuca (the present limit of the English claim) the last, longest and worst, the river is deep and free from obstructions.

"These rapids," says Bulow, who is disposed to represent the capabilities of the river in the most favorable light, "are worst of all; the water is more broken from running over a rocky bed; stones and rocks project above the surface for a distance of 600 yards, and great attention is necessary in passing the channel."

From this point to the San Carlos, the river is very fine, the banks high and studded with beautiful trees; the current is regular, but the depth of water variable. Bulow states the depth at from two to six fathoms. The San Carlos is a large stream, and may be ascended by bungoes to the distance of fifteen or twenty miles.

From the river San Carlos to the Serapiqui, the banks are good, though not so elevated as they are higher up the stream; the current is strong but even, and the depth from 10 to 20 feet in the channel.

To the divergence of the Colorado river is a distance of 13 miles, the banks preserving their elevation to the divergence of the Juanillo, from which point they become very low; the current is regular, and the depth, according to Bulow, from 10 to 30 feet. The Colorado withdraws a large body of water

from the river, which, however, continues to preserve nearly its original width to the port of San Juan. The channel for the remaining distance is studded with low islands covered generally with gamalote; the depth is very variable, ranging from four or five to ten or twelve feet, the bottom gravely.In the dry season, bungoes pass with their loads with difficulty.

I have no hesitation in asserting that the San Juan can never be made navigable for ships of any considerable size. Small steamers, with some slight improvement in the channel, might be run without much difficulty, and this is all that can be hoped for from this stream.

In case it should be determined to open communications for ships across the continent at this point, it would be necessary to cut a canal at the base of the hills parallel to the stream, which might be made to yield, at the necessary intervals, the requisite supply of water. It is probable that the river might be used, from the lake to Del Toro, though even this is not certain. I am convinced that the ground rises not very far back from the river on the north, and that stone and all the materials necessary for the construction of a canal might be obtained without much difficulty very nearly on the spot desired. These are things, however, that can only be determined from actual survey. A canal upon the southern bank, for reasons sufficiently obvious from what has been presented above, is impracticable.

From the Merchant's Magazine.

ART. IV. THE PRECIOUS METALS, COINS, AND BANK NOTES.*

PART I.

The utility of gold and silver, and the properties which fit them for measures of value and for currency, though they do not furnish an invaluable standard of value the quantity of pure silver and gold, and of alley, in the coin of the United States and of Great Britain at different periods Mr. Jacob's estimates of the amount of coin in the Roman Empire and in ancient Europe-production of gold and silver from 1492 to 1840, and Gregory King's estimate of the supply in 1500 1600, and 1696--the wear and loss of c in-the consumption of the precious metals in the arts, in making plate, and for all purposes other than coining -the amount exported to Asia, and the amount of con and bullion in Europe and America at different periods from 1500 to 1840.

Gold and silver have been extensively used in the arts, for domestic utensils, ornaments, objects of luxury, and numerous other purposes, from the earliest times. Their great utility, and intrinsic value, together with their beauty, durability, and the facility of converting them from one form into another, without much loss, has made them general objects of desire by the whole human family, and the universal currency of civilized nations, from the earliest periods of history.

As a currency, or money, they have been used as measures of value, and also as instruments or means of payment. On account of their durability, convertibility, and great intrinsic value, in proportion to their weight and bulk, they constitute the best and safest currency which the world can furnish;

It

We take great pleasure in laying before our readers the tenth chapter of "Essays on the Progress of the Nations in Productive Industry, Civilization, Population and Wealth," by Ezra C. Seaman. The work was originally published in 1846 The author is now engaged in re-writing the work, and proposes to publish a new and revised edition in the early part of 1851. The following chapter, which the author has kindly furnished for our journal, has been remodeled for the new edition; and by reason of information acquired during his residence in Washington, and an extensive system of comparisons, it has been rendered more complete, and entirely consistent with itself in all its parts, and with the facts of history, as far as they can be clearly ascertained. The arrangement of the matter is greatly improved, the errors corrected, as far as practicable, much of the old matfer left out, and its place supplied from data more recent and more reliable. forms, perhaps, the most accurate, complete, and, at the same time, comprehensive essay on the precious metals, coin, &c., that has ever been published in the present form; ard, taken in connection with the California discoveries of gold, &c., it will be found highly interesting and useful to the banker, m rchant, statesman, polit cian, and, indeed, to all who desire to become acquainted with the "facis and figures" which have such an important bearing upon this branch of political econ@mv. The information, so far as the mints of the United States are concerned, is brought down by Mr. Seaman, from official sources, to the 30th of Apri', 1850.-We cannot omit the opportunity, in closing this note, of coumending the forthcoming edition of Mr. Seaman's valuable work to the realers of the Merchant's Magazine; and while we are not prepared to endorse or adopt every inference drawn, or opinion expressed, in its pages, we most sincerely and cordially recommend it as one of the most valuable and important publications of the nine eenth century...NOTE BY THE EDITOR OF THE MERCHANT'S MAGAZINE.