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CONTENTS OF NO. VI., VOL. XXVI.

ARTICLES. ART.

PAGE. 1. THE STATES OF BRITISH AMERICA AND THE UNITED STATES: FREEDOM OF TRADE AND UNION OF INTERESTS.......

659 II, ENGLISH AND AMERICAN CURRENCY. By JACOB ABDOTT, A. M..

681 111. THE FINANCES AND TRADE OF THE UNITED KINGDOM..

688 IV. DO BANKS INCREASE LOANABLE CAPITAL?-AN EFFORT TO REFUTE THE

OPINION THAT NO ADDITION IS MADE TO TIE CAPITAL OF A COMMUNITY
BY BANKING. By ROBERT HARE, M. D., Professor of Chemistry in the University of
Pennsylvania, etc....

702
V. THE QUADRATURE OF THE CIRCLE
VI. OF ARRESTING CONFLAGATIONS IN COMMERCIAL CITIES. By ROBERT HARE,
M. D., Associate of the Smithsonian Institute, etc .......

709

706

JOURNAL OF MERCANTILE LAW.
Actions of assumpsit on policies of insurance..
Partnership-action to recover amount of promissory note...
Common carriers to take care of goods on their transit, etc., etc...
Action on a promissory note.....
Constitutionality of county subscriptions to railroads in Ohio.
Louisiana homestead exemption law..
Creditors--mortgage..
Action to recover for non-delivery of merchandise
Breach of written agreement.--Accommodation note-usury

712 713 714 716 717 718 719 720 720

COMMERCIAL CHRONICLE AND REVIEW:

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

TED WITH TABLES, ETC., AS FOLLOWS: General state of the country- Abundance of capital ---Influence of an easy money-market upon

the banks-Condition of the banks in the State of New York on the 27th of March-Stimulants to overtrading and extravagance-Supply of bonds for investment-Railroad bunds as a basis for building-Resources of the State of Wisconsin-Effect of the cheapness of breadstuffs upon the demand for cotton--Prospects for cotton spinning and other manufacturing-pfluence of the increased supply of gold upon the currency of the world-Reaction of the general prosperity upon the market for cereals-Deposits and coinage at the Philadelphia and New Orleans Mints --Imports at New York for April

-- Increase in goods withdrawn from warehouse and thrown upon the market-imports for four months-imports of dry goods for April, and for four months-Receipts of duties at New York for April, and for suur months-Exports from New York for four months-Exports of domestic cottons-New impulse to the California trade,

721-726 VOL. XXVI-NO. VI.

42

etc .....

732

JOURNAL OF BANKING, CURRENCY, AND FINANCE.

PAGR. Fluctuations of stocks in the Boston market.

727 Revenue of Great Britain in 1851 and 1852..

728 The banks of Massachusetts... Savings Banks in Massachusetts.

731 Value of Gold in London.... Banks and savings bauks of Rhode Island..

733 Virginia State Debt, March 20, 1852..

734 Condition of the Banks of New Orleans, Murch, 1852.-Value of property in New Orleans in 1851 735 Condition of banks in the city of New York.--- Property and taxes of Chicago, Nlinois..

736 The Bostop Board of Brokers...

737 Law of California relating to bills of exchange

738 The coinage of France.- Rugged bank.notes..

739 Identity of indorsers.-Virginia exemption law...

740 Capital and dividends of banks in the city of Worcester, Mass..

740 Mint law of New York.--Finances of New Jersey in 1852

741 Shipments of gold dust at San Francisco.- What are consols ?.. A method of computing interest .

742 COMMERCIAL STATISTICS. Commerce and navigation of the United States in 1850-51. Part II. Navigation....

749 Tonnage of United States and foreign, arriving from, and departing fur, different countries Tonnage entered into each state and Territory of United States in 1850-51....

744 Tonpage cleared from each State and Territory of the United States.....

745 Tonnage of United States on 30th June, 1851..

746 Tonnage of the several districts of the United States, June 30th, 1851.

747 Exports of cottoo from l'nited States to different countries in 1851

749 Commerce and navigation of Portland from 1847 to 1851

749 Trade between England and her colonies..

749 Coasting trade of France.-Statistics of four trade.

750 Import of coal at Boston.--Hops imported into United Kingdom.

750 Galena lead irade....

751 RAILROAD, CANAL, AND STEAMBOAT STATISTICS. Statistics of railroads in Massachusetts

751 Cost of railroads in tbe State of New York.....

753 Earnings and expenses of railroads in New York in 1851..

754 The poetry of railroads and canals no fiction...

756 Statistics of the Collins and Cunard Steamers.-- Little Miami Railroad

757 Revenues from railroads and canals in the Vuited States in 1848 to 1851.

758 Tolls on Illinois and Michigan Canal

758 Loss of life and property on the lakes.- Cost of five railroads in Massachusetts from 1838 to '51. 759 Steam communication between England and Norway ...

759
NAUTICAL INTELLIGENCE.
Distances from London, New York, and New Orleans to the principal seaports in the world..... 760
Dangers near Assateague Light-House.-A discovery in latitude and longitude.....

COMMERCIAL REGULATIONS.
Port charges in Hamburg.-General law of New York for ocean steamship companies
The new Spanish tarill...

765 STATISTICS OF POPULATION. Population of United States from 1714 to 1850 by the censuses.......

766 Growth of cities of United States in population..

766 Deaths in the city of New York from 1805 to 1851.--Population of Toronto and Quebec, Canada 768

JOURNAL OF MINING AND MANUFACTURES. New method of manufacturing gas.-The silk manufacture

769 Pennsylvania anthracite coal trade for 1852 .......

770 Quartz mining in California.- Manufacture of spirits in Scotland. Heat for tempering steel.-- French manufactures and artisans..

772 Machine for weaving bags.-Zinc a substitute for lead..

173 Manufacture of candles.- Depression in the shoe manufacture

773 Phenix Cumberland Coal Company....

774 MERCANTILE MISCELLANIES. Mercantile Library A senciation of New York

774 Malt trade in the United Kingdom

775 Honesty in mercantile life.- The sock seller of New Orleans

776 An enterprising woman in California.- Honesty in buying and selling. Consumption of opium in England

777 Anecdote of Health insurance.- Productions of wines in Ohio Ginger of Commerce.--Increase of British iron trade...

THE BOOK TRADE. Noticon of 39 new Books, or new Editions

769 784

761

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Art. 1-TIE STATES OF BRITISH AMERICA AND THE UNITED STATES :

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There is a larger free, white population in the States of British North America, than there was in the United States when they declared themselves independent. The population of those provinces was then about 250,000. It is now about 2,500,000. In 1776 the United States did not probably contain more than 2,800,000 inhabitants, of whom nearly half a million were slaves. Our figures are necessarily a little conjectural, but probably within the truth. The first official census of the United States was not taken until 1790, when the population was 3,929,326, including 629,697 slaves.

The population of the Provinces of British America at the two periods of our comparison may be pretty accurately stated as follows:Lower Canada....

1848 770,000

1784 113,000 Upper Canada..

1848 723,292

1791 50,000 Nova Scotia and Cape Breton. 1848 279,800

1783 32,000 New Brunswick.

1848 210,000

1787 12,000 Newfoundland ..

1845 96,606

1805 26,505 Prince Edward ..

1841 47,033

1806

9,676 Total. .....

2,126,731

243,181 Adding for increase since the dates of the table, and for the population of the Hudson's Bay Company's territories, and we have the population as stated, which, we have reason to believe, is in fact rather understated. Mr.

Report on the Trade and Commerce of the British North American Colonies with the United States and other countries, embracing full and complete tubular statements from 1829 to 1850. Presented to the United States Senate by Thomas Corwin, Secretary of the Treasury, (Prepared by J. D. Andrews, Esq.. U. S. Consul, New Brunswick,) Washington, 1851,

Montgomery Martin estimates the population of Western or Upper Canada, in 1849, at 750,000; of Nova Scotia in 1850 at 300,000; of Prince Edward Island at 55,000.* We have no regular and careful census returns for our authority. There should have been a census of Eastern Canada in 1848, according to law, but it seems to have been omitted. Our figures are taken from the very able and valuable “Report on the Trade, Commerce, and Resources of the British North American Colonies," prepared by J. D. Andrews, Esq., United States Consul at St. John, New Brunswick, and communicated to the Senate by the Secretary of the Treasury. This voluminous collection of statistics embraces statements from 1829 to 1850, relative to the Fisheries, the Mines, Minerals, and Light-houses, and the Trade and Commerce of the Canadas, of Nova Scotia, of New Brunswick, of Newfoundland, of Prince Edward Island, the Trade and Cominerce of the Lakes, and also miscellaneous returns of population, tonnage, shipping, and foreign trade. The statements are collected and arranged with unusual care and skill, and are as authentic and accurate as can be expected in the absence of a thorough system of statistics in the United States and in the Provinces. We shall be rejoiced when Congress shall see fit to establish a Bureau of Statistics, such as that proposed and ably advocated by Hon. Zadoc Pratt, some years ago, in the House of Representatives—a truly statesmanlike measure ; some system, at any rate, with the necessary governmental appliances, for the regular and careful collection of facts relating to our trade, agriculture, and manufactures.

If our statesmen knew how much such a measure would lighten and enlighten their own labors and inquiries, as well as those of the Merchants' Magazine, they would hardly allow another session to pass without some such enactment.

The general reader who is not a professed Political Economist, will find most matter of interest in the report of Mr. Andrews, prefixed to the tables, which is something more than a mere index, or introduction to the statistics. After a historical sketch of English legislation on colonial trade, since the Revolution, Mr. Andrews gives a summary view of the present state of colonial trade, both with England and America, under the new Navigation and Corn Laws of Great Britain, and then, in conclusion, broaches an important measure of commercial policy, proposed by the Canadian Government to

This measure is nothing less than reciprocal free trade in breadstuffs and other nat products. The notion that this measure would burt the grain-growers of this country, is com batted with much force. There certainly seems little danger to our farmers from competition in our own marhet; in the foreign market no protection can protect them from Europe or Canada. However all this may be, that this measure would be a natural political result, that it is with and not against the current of political affairs in the Provinces, both as regards their domestic policy and their relations with the United States, must strike every one who reads the colonial history of the last eighty years.

He must be struck at once with their rapid and substantial growth, their steady progress in liberal government, and at the same time with the constant tendency to fusion, not of laws, but interests, the growing assimilation in trade and in ideas, with their neighbors across the lakes, which has accompanied this material and political growth.

We have noticed the increase of their population. By the census of

our own.

The British Colonies, p. 109,

The results of the census of Cannda, just taken, have not yet been made public. According to the Journal de Quebec, the population of both Canadas, by the census, will be 1,800,000.

1850, the population of the United States was 23,257,723 ; it has therefore increased about eight-told since the peace of 1783, or in seventy years.

The colonial increase has been about ten-fold. Increase in numbers, however, is but one phase, one branch of national growth. It is the effect-it is the cause, also, of growth of every kind-commercial, agricultural, industrial. It is the index of political health, also. And all this progress has been coincident with, and it is owing, we are persuaded, to like political causes, and to like natural advantages, as that of the United States.

We call the States of British America, Colonies. That word no longer describes the footing upon which they stand; the position of political and commercial independence to which the course of events during the last eighty years has been gradually bringing them. Free and sovereign States they cannot be called ; but the modern idea of a colony implies subjection and dependence. Such was the colonial relation under the system which began when Columbus first set foot on San Salvador, and the distinguishing feature of which, according to Say's rather hasty classification of colonies, was that they were planted with the mere temporary purpose of enriching adventurers, who had no design of permanent settlement, but intended to return home as soon as their fortunes were made.* The British Provinces are rather colonies, according to the ancient idea; such colonies as those with which prolific Greece lined the shores of the Black Sea, and the Mediterranean. “If treated kindly, a colony will honor the mother country; if treated unjustly, it will become estranged. For colonies are not sent out to become the slaves of those who remain behind, but to be their equals." Such was the proud language with which a Greek colony in the days of Pericles checked the arrogance of its metropolis, or mother city, and the words of the ambassadors of Corcyra to the Athenian people, embody the spirit of the ancient colonial system. But both systems, ancient and modern, have had their day. The modern colonial relation reached its maturity a hundred years ago. It began to decay in 1776. The revolutionary war was the first decided symptom of its decay. It has been gradually sinking ever since the independence of the United States. But that event was the result of political causes not confined in their operation to the English colonies. They were at work in South America, as well as North America. In less than tifty years after the peace of 1783, all the States of South America fell away, at a blow, from a state of colonial dependence. How long that blow had been preparing, the suddenness, the completeness of the change fully showed. Nothing had been wanting but the signal and the opportunity; and Napoleon's seizure of Spain was all that was needed to precipitate an event that must have come in the political order of nature. Within five years from the 1st of August, 1823, when Bolivar's iron hail beat down the Spanish ranks of La Serna, at Ayacucho, in Peru, there was not an European colony in all the continent of South America, except the little settlements of Guiana ; and the British Provinces are all that remain on the continent of North America. How far they are an exception to the spirit of the rule, a glance at their progress in liberal principles of government, at the constant and ever increasing spirit of liberality and concession which has animated the legislation of England, both in matters purely political, and, in particular, on affairs of trade, from the revolution to this day,

* Say's Political Economy, Book I., C. XIX. + Thucydides, B. I., $34. Clinton's Fasti Hellenici, I. p. 113.

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