30-Titti Livii Patavinia Historum. 12mo., pp. 343. Philadelphia: Lea & Blanchard. This edition of Livy's admirable history of Rome is from the edition of Schmitz and Zumpts, one of the best which has made its appearance. It is designed in its present form chiefly for the use of schools and colleges, for which purpose it is well got up. 31-Miscellaneous Essays. By THOMAS DE QUINCEY. 12mo., pp. 249. Boston: Ticknor, Reed & Fields. This edition of the writings of De Quincey we have had occasion to notice before. The present volume is the third of the series, and contains the Miscellaneous Essays of the author, of which it is sufficient to say that many of them are worthy of the best leisure moments of every student of English literature. 32.-Heroines of Sacred History. By Mrs. ELIZA R. STEELE. Fourth edition. 12mo., pp. 238. New York: John S. Taylor. This beautiful volume contains sketches of the characters of several of the distinguished women of the Old Testament. These are interwoven with other characters and incidents, forming very graphic and entertaining tales. They are pure and polished in style, rich in imagery, and excellent in sentiment. The volume contains some beautiful portraits of the heroines, which form a fine embellishment to the charming tales. 33.-- Whig Almanac. 12mo., pp. 64. New York: Greeley & McElrath. Besides the usual information in almanacs, this one is full of that kind of political intelligence which it is very convenient to have always at hand, especially for reference, such as the returns of elections in former years, &c., &c. 34.-The Science of Society. No. 1. 12mo., pp. 70. This is a pamphlet, containing a lecture which was delivered before the Mechanic's Institute of this city, by Stephen P. Andrews, on the subject of "The true Constitution of Government in the Sovereignty of the Individual, as the final development of Protestantism, Democracy, and Socialism." The author's views are novel, and will attract attention from the ability and eloquence with which they are enforced. 35.-The Principles of Geology Explained and Viewed in their Relations to Revealed and Natural Religion. By Rev. DAVID KING LL. D., of Glasgow. 18mo., pp. 220. New York: Robert Carter & Brothers. This book does not claim to be a treatise on Geology, or a scientific work, any farther than was necessary to show the authors's views on the religious tendency of Geology. It is addressed chiefly to young persons, and is designed to establish in their minds the fact of an accordance between the principles of Geology and scripture. The author is of the Presbyterian Church in Scotland, and his views cannot fail to meet with a high appreciation among that large body of Christians. 36.-Forrester's Boys' and Girls' Magazine. No. 1. Vol. 7, 8vo., pp. 32. New York: Locke & Company. A very pleasant and spirited little monthly, worthy of a reception into every family circle. 37.-Shakspeare's Dramatic Works: With Introductory Remarks and Notes, Original and Selected. Boston edition. No. 28. Timon of Athens. 8vo. Boston: Philips, Sampson & Co. This edition of Shakspeare's is hardly surpassed in the beauty and clearness of its typography by any that has ever been published. The illustrations are well executed, and the price of the numbers is quite cheap-thus rendering it one of the most desirable editions that can be obtained. 38.-The British Colonies. New York: John Tallis & Co. The twenty-sixth number of this great and comprehensive work on the British Colonies, is issued in the same fine style with the previous ones. 39.--The Illustrated Domestic Bible. By Rev. INGRAM COBDEN, M. A. New York: Samuel Hueston. The thirteenth number of this excellent serial edition of the Bible, brings the work down to the close of Isaiah. The notes and illustrations add materially to the beauty and value of the text. CONTENTS OF NO. III., VOL. XXIV. ARTICLES. PAGE I. THE PRESENT AND PROSPECTIVE VALUE OF GOLD. By A. B. JOHNSON, Esq., President of the Ontario Branch Bank, author of "A Treatise on Banking," &c...... 275 II. THE COMMERCE OF FRANCE IN 1849: A GENERAL REVIEW OF THE COMMERCE OF FRANCE WITH ITS COLONIES, AND WITH FOREIGN POWERS, DURING THE YEAR 1849...... III. COMMERCIAL CITIES AND TOWNS OF THE UNITED STATES.-No. XXIII.-THE TRADE AND COMMERCE OF ST. LOUIS IN 1850.. IV. THE CURRENCY OF NEW ENGLAND, AND THE SUFFOLK BANK SYSTEM: CONSIDERED WITH REFERENCE TO THEIR EFFECTS UPON THE PROSPERITY OF MAINE, AND TO THE SUPERIORITY OF THE FREE BANK SYSTEM OF NEW YORK. By Hon. F. O. J. SMITH, of Maine.... ..... 284 298 316 V. INTERNAL IMPROVEMENTS IN THE STATE OF NEW YORK: A SKETCH OF THE 332 JOURNAL OF MERCANTILE LAW. Claim of Two Railroad Companies to the same Track.. Fire Insurance-Action for Conspiracy to Defraud an Insurance Company.... Action to Recover back Money paid for Coffee sold, and alleged to be of same quality as a sample exhibited at time of Sale.. COMMERCIAL CHRONICLE AND REVIEW: 340 342 343 EMBRACING A FINANCIAL AND COMMERCIAL REVIEW OF THE UNITED STATES, ETC., ILLUSTRATED WITH TABLES, ETC., AS FOLLOWS: State of Business-Investment of Capital in Railroads and Banks-Avenues from the West to Tide-Water-The Money Market-Accumulation of Gold at the Mint-Exports at the Port of New York-Customs' Duties at Port of New York in January-For Nine Years-Dividends on United States Stocks paid in New York-Revenue of Public Works-The Gold and Silver Question-Weight and Relative Price of United States and British Coins..... 345-350 COMMERCIAL STATISTICS. Commerce and Navigation of United States in 1849-50.. Value of the Domestic Exports of the United States in 1849-50.. Imports into United States from each Foreign Country in 1849-50.. Navigation of United States with all countries in 1849-50.. Tonnage of United States on 30th June, 1850... Exports of Whalebone from United States to each Country from 1840 to 1850.. Imports from Canada into Port of Buffalo in 1850.... Sales of British Produce in Covent Garden Market................ COMMERCIAL REGULATIONS. Commerce, Tariff, &c., of Porto Rico... An act of South Carolina to provide for the Inspection of Flour. A Treasury Circular respecting duties on Patent Leather, Vermilion, Seeds, &c.. NAUTICAL INTELLIGENCE. New Light-house in the Gulf of Pozznoli. The Coast Survey of the United States........ Improvement in the Screw Winch... JOURNAL OF MINING AND MANUFACTURES. PAGE. 351 352 353 354 355 357 358 360 361 362 363 362 363 366 367 367 368 368 369 369 Of the Manufacture of Hats... 370 Statistics of the Manufacture of Salt from the Onondaga Salt Springs in the State of New York.. 372 Bay State Mills-Manufacture of Shawls.. RAILROAD, CANAL, AND STEAMBOAT STATISTICS. Statistics of the Railroads of New York in 1850.. Length and Cost of Railroads in operation in State of New York 30th September, 1850. 373 374 375 375 375 376 376 378 380 381 382 382 383 Free Banks of the State of New York... 384 Incorporated Banks of the State of New York. Exports of Gold from California in 1849–50.. 387 Coinage of Gold, Silver, and Copper, at the Mint of United States, Philadelphia, in January, 1851, and December, 1850.. Commercial Supremacy-the arrival of the first American Vessel at London from Canton, &c.... 393 MERCHANTS' MAGAZINE AND COMMERCIAL REVIEW. MARCH, 1851. Art. I.-THE PRESENT AND PROSPECTIVE VALUE OF GOLD. FREEMAN HUNT, Esq., Editor of the Merchants' Magazine : DEAR SIR:-The world is too active, and perhaps too wise, to attend much to abstract speculations, which attempt to anticipate experience. I partake of the common temperament, in this particular; still, out of the few facts that are accessible to me, I have elaborated the following thoughts, that I might obtain some opinion of the probable effect of the recent gold discoveries on individuals whose property is principally gold or its equivalents. I have derived some feeling of selfish security from the conclusions to which my argument brought me; and should you think the speculation will produce the same effect on other persons, or promote any other utility, you may use it in any way you shall think proper. UTICA, FEBRUARY 1, 1851. I am, very respectfully, your ob'dt serv't, A. B. JOHNSON. RISE IN THE PRICE OF SILVER. Our laws make 10 dwt. 18 gr. of standard gold, coined into an eagle, equivalent to ten silver dollars; but the dollars will purchase, in New York, about 3 per cent more gold than is contained in an eagle-the silver being in demand for exportation. In England the appreciation in the value of silver is still more apparent, by reason of her greater intercourse with the continental countries, whose currency is wholly silver. An English sovereign contains 5 dwt. 31 gr. of standard gold, and it has heretofore, in the intercourse between England and Amsterdam, been deemed an equivalent to 11 florens of silver, and 93 centimes; but now a sovereign cannot be exchanged in Amsterdam for more than 11 florens and 17 centimes. The rate of exchange between England and Amsterdam is, therefore, in England, below what has 'heretofore been deemed par; and a like fall in London attends the exchange between England and every continental country which employs silver as its legal currency. This fall is particularly portentous of a rise in the price of silver, by reason that these countries are commercially in debt to England; and therefore the rate of exchange ought to be in favor of England. In France the effect of the rise is still more apparent. Hitherto gold has not sought a recoinage in France-the 8 dwt. 7 gr. which compose a double Napoleon being more valuable as bullion by 1 per cent than the 40 silver francs which the Napoleon represents; but the premium is fallen to about a quarter of one per cent, while an expectation exists that the 40 francs in silver will soon command a premium over the Napoleon, and that the silver coins (of which nearly the whole currency is composed) can be retained in circulation by only discontinuing gold as a legal tender; or, at least, by arresting the further coinage of gold. Indeed, commissioners are now deliberating at Paris on this course; hence, Frenchmen, who possess money in England, and English merchants who are debtors to France, and both Frenchmen and Englishmen who desire to speculate out of the apprehended further rise of silver, are hurrying gold from England to France, to obtain its conversion into French gold pieces, before the coinage shall be discontinued, and 8 dwt. 7 gr. of standard gold, in the form of a double Napoleon, cease from being equivalent to 40 silver francs. To repress the flow of gold, the Bank of England has advanced the minimum rate of its discounts to 3 per cent, (it was previously 24,) while the French mint, to resist the influx of gold, refuses to receive it for coinage after nine o'clock in the morning; and so great is the pressure for admission, that a person has no hope of ingress, unless he takes his stand at the gates as early as six o'clock. IS SILVER RISEN OR GOLD FALLEN? The foregoing phenomena in the continental exchanges of England, and the exportation of silver from that country and ours, are not conclusive proofs that silver is more valuable than formerly, for they may be produced by a fall in the value of gold; a supposition believed by many persons, and countenanced by the great gold discoveries in the territories of Russia, and in our California. The question is important to us, by reason that a rise in the value of silver will affect us less disadvantageously than a fall in the value of gold. But the question is as difficult of solution as it is important. The change in the legal tender of Holland, from gold and silver to silver only, is adduced by some persons as a reason for the rise in silver, by occasioning therefor a temporary demand to supply an increased Dutch coinage; while other persons deem the change of currency an evidence that the sagacious Dutchmen are conscious that gold is depreciating, and that they mean to cut loose therefrom, before other countries shall become aware that gold, the ship of nations, is sinking. Indeed, English economists furnish us with as many, and as cogent proofs, on one side of the question as the other; showing thereby nothing reliable, except that they are groping in the dark for truth, as much as we; though the subject is more discussed in England, and on the European continent, than it is with us; produced, probably, by their superiorty over us in number of persons who possess leisure for speculative disquisition. Indeed, such a contingency as the present, seems to be a sort of God-send to their literati--a sort of intellectual California, to which they rush with the same ardor as our more material people rush to the "diggings." Leaving, then, in their abler hands the topics on which they. have descanted, and leaving, for the development of time, facts which time alone can accurately ascertain, we will glean from the already well-reaped field of speculation, a few ears that seem to have escaped the view of other laborers. |