HUN T'S MERCHANTS' MAGAZINE. Established .Tuly, 1839, BY FREEMAN HUNT, EDITOR AND PROPRIETOR. · VOLUME XXIX. JULY, 1853. NUMBER I. CONTENTS OF NO. I., VOL. XXIX. ARTICLES. ART, PA.GK, I. FINANCIAL HISTORY OF THE REIGN OF LOUIS PHILIPPE.-PART n. Translated from the French of M. S. DuMciN, late Minister of Finance, for the Merchants' Magazine. 19 If. MERCANTILE BlOGRAPHY.-GEORGE HUDSON, THE "RAILROAD KING"...... 36 111. TRAITS OF TRADE-LAUDABLE AND lNlQUITOUS.-ABOUT CRBDIT-SPECULA• II'IONS . By a Merchant of Boston.... • .. • • • • . • . •. •• • . • . • . •• •• 50 IV. COMMERCIAL CITIES AND TOWNS OF THE UNITED STATES.-No. xxxrv.-THE ClTY 01.<' SA VANNAH. By Jos11:PH F. GREENOUGH, of New York, late of Georgia..... 57 V. THE BALTIMORE AND OHIO RAILROAD AND ITS WESTERN CONNECTIONS, By J.E. SNODGRAss, A. M., M. D., of Maryland........................................ 64 VI. BANK NOTE COUNTERFEITS AND ALTERATIONS.-THEIR REMEDY. By a Bank Teller ot' New York.................................................................. 72 JOURNAL OF MERCANTILE LAW, Libel for Collision, (case in U.S. District Court)............................................. T4 Letters of Credit, (case in Lord Mayor's Court, London)......... ............................ 78 Bill of Lading-Quantity-Right to pay freight on overplus when cargo is damaged, (English case).. ................................................. ....... ..•. ..•.. .• . .. •. .. 79 Act of New York r11lating to Suits against Joint Stock Companies . .. • .• 80 What is an Act of Banlcruptcy. • • . • . • . • . • . • . 80 Salvage, (case in U.S. District Court).... ............................................. 81 CO MMERC IAL CHRONICLE AND REVIEW: EMBRACING A FINANCIAL AND COMMERCIAL REVIEW OF THE UNITED STATES, ETC., lLLUSTlU.­ TED WITH TABLES, ETC., AS FOLLOWS: Close of the Fiscal Year, and General Review of the Commerce of the United States for the Rame-Some of the Causes and Effects o! the lncreased Prosperity of the Country-The Balance of Trade-Commercial IntercourSf) with the Interior-Supply and Value of Domestic Products-Increased Amount of Precious Metals in the hands of the people-Product of Au»· tralian Gold Fields-Product and Deposits of California Gold-Coinage for l\Iay-Imports at New York for May, and from January first-Imports of Dry Goods for May, and for five months-Cash Revenue of the Country-Exports from New York for May, and from January first-Compato.tive Shipments of Produce-Prospect of Future Demand for Breadstuffs Abroad -Advance in Rates of Discount by the Bank of Engiand, with the causes which produced•it, and the effect upon this country-Stock Market-New Loan-Effect upon the Commercial World of the Political Troubles in Europe-China and the China Trade, with Statistics of o1lr Direct Commerce with the Empire, etc., etc .............................................. 81-SQ VOL. XXIX,-NO, I, 2 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 18 CONTENTS OF NO. I., VOL. XXIX. JOURNAL OF BANKING, CURRENCY, AND FINANCE, PAOJr. Synopsis of the free banking law of Louisiana • . • . • . • • • . • • • . • . • • • • • . • . • • • • • . • • • •.• • • • • . 89 New banks established under free banking law (If Louisiana.................. •• •. •• •• • • • . 92' Rates of city taxation in Cincinnati . • . • • . • . • • . • . • . • • • . • • • • • • • . 92 Finances and debt of the United States.-Savings Banks in Great Britain...................... 93- Consolidated debt of New Orleans. .................. • . • . •• . • • . • • • • . • ••. •• . •. • . •• • . • 94 Basis of banking capital in New York-Gov. Seymour's veto message......................... 95' Coinage of the precious metals in Mexico.-M oney of paper.. • • . • • • . • • . • • • • • • • . • 97 The coinage of England and the United States compared..................................... 98· Specie and bullion in the Bank of England in each year from 1847 to 1853..................... 98' Early currency in New England . • . • . • • . • . • • . • • . • • . • . • • . • . • • • • 98- •raxes on certain banks iu Pennsylvauia.-Transfers of public mo11eys of the United States..... 99 commERCIAL STATISTICS. Commerce and navigation of the United Kingdom for years ending Jan. 5, 11:52 and 1853 .• .•••• 100, Imports of principal articles of fo1·eign 11nd colonial merchandise into United Kingdom in 1852-3. 100 Value of domestic produce, &c., exported from the United States to China from 1831 to 1851 .•. 1M Value of imports into the United States from China annually from 1831 to 1851, inclusive •.•... 104 Direct trade between the United Slates and China from 1831 to 1851, indusive •••.••••••....•. ig~ Export of teas from Uhina to United States in 1851 and 1852 ....•...•...•••••...•.. •• •••••..•• Exports of tea from China in each year from 1844 to 1852, inclusive .•••••••.••..•••.•.•••••••. 105 Imports from and exports t.o Mexico from 1829 to 1851, inclusive .•••.•...•.•.••.. •••.•••.•••. 106 Shipping, exports, and revenue of leading ports in the United Kingdom .•..••••••••.•••.•••• •• 101 Customs duties in England.-Consumption of cotton in the world ••.•.•.•••.•••.•.•••••••.•••• 101 COMMERCIAL REGULATIONS. Peruvian decree relating to duties, &c.....•••.••.•.••.•••••.•••••••••.•.•••.•••••••.•••••••• 108 Treasury circular, relating to adulterated drugs •.....•...•...•.•.•.•.•.......•••.•••.••..••.. 109 Act of Maine relating to peddlers.-Act of N. Y. to punish frauds and suppress mock auetions•. 111 Reduction of postage to Brazil and Java.-California incorporation law ..............•... ... .. 112 Tonnage duties on Spanish vessels from Cuba to Porto Rieo.-Regulations of British tobacco trade 113 NAUTICAL INTELLIGENCE, The winds and currents of the seas-Faat sailing. By Lieut. M. F. Maury, LL. D ..••••••..•••• 114 Nar!'aguagus light-house.-Regulations at Elsinore ..... .... ....... .......................... 116 R AI LR OA D, CA N A L, AN D ST E AIll B OA T S T AT I ST I CS. The radial railroad lines of Cincinnati. ............•..•...••.. •...........••.........•....... 117 Progress of the railroad movement in Canada.-Freighls on the canals and railroads of N. York. 11!) Estimated cost of railroad transportation . • . • . • • . • • . • • • • • • . • . • • . • . 120 Appropriations for transporting the United States mail by steamers ....••....•. ...•...••..•.. 121 .Joint railroad and canal companies of New .Jersey . • . • • . • . • • . • . • . • • • . • • • . • . • • • . 121 Dividends of Massachusetts railroads in each year from 1848 to 1852 •••••.•.•....•..•••.•...•• 122 Ericsson's caloric engine.-Progress of railroads in Europe •.•.•••••.•.•••. •..•..•••..•.•• .• 123- STATISTICS OF POPULATION, •Educatic,n of the population ofFrance.-Census of the State of California in 1852 •.••.• •• ....•. 124 Material destiny of the human race . • . • . • . • • . • . • . • • . • . • . • • . • • . 12& Mortality of the population of Brooklyn (Long Island) ••.. •...•...........•••.•...•...•..... 121 Returns of the number of United States seamen.-Census of Tole<io, Ohio. • . • • • • • • . • . • . • . 127 Emigration from Ireland . • • • . • . • . • . ...•.......•••••...•••.•••••.•.•••.••..•••.•.•.•••.•• 128 JOURNAL OF MINING AND IllANUFACTURES. Mineral productions of Spain-Silver, copper, tin, zinc, coal, marliles, glauberite, &c •...•••••.. 128 Zinc and manganese mines of Arkansas .. ......•..••.....•..•.. •..•....•..•.•. ......•.•... 130 Price of labor in San Francisco in 1853.-Product of Australian gold fields ....••...•...•••.••• . 131 ManuJactnres of New Hampshire •..•...•.............•.•.•....... •.. .....••.....•••.. .•.•.. 13l Galena lead mines.-Bag loom, and new shuttle motion ..•....••.•.•.•..••.•.•...••.•..••...• 132 Unsuccessful manufactures.-Spanish lace, embroidery, etc•.••.••.••••.••......••..•.•••.•.•• 132 DIERCANTILE MISCELLANIES, Foreign postage on pamphlets and magazines ••.•... ....•••..•..••..•...•.•.•..••.•.• , . ·••.. 133 Letter from the Postmaster General tu the editor of Merchants' Magazine .•...•••••.•.••..•••• J3-i Letter from Alexander VaUemare to editor of Merchants' Magazine ........•... ..•.••..•.••. 135 A short note on a "Sermon of Commerce" . • . • • . • . • • . • . • . • • • • . • . • . • • • • • • • • . 137 Mercantile honor-an anecdote of Boston merchants .............•...............•...•....... 138 Note to article on the bearings of physical circumstances upon Commerce, &c.................. 138 Necessities of trade . • . • . • • • . • • • • • . • • • • . • • • • • • . • . • . • • • . • • . • • . • . • • • • • • . • • • • • . • 138 Til.E BOOK TRADE. Notices of 33 new books, or editions .................................................... 13!>-144 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis HUNT'S MERCHANTS'MAGAZINE AND CO MM E R GI AL R E VI E W. JULY, 1853. Art. 1.-FINANCIAL HISTORY OF THE REIGN OF LOUIS PHILIPPE. PART II,* IN l 840 the construction of Railways had but slightly engaged the public attention. The execution of the vast schemes proposed to the chambers in 1838 seemed to surpass the strength of the State and private enterprise succumbed under i-ts first attempt. The discussions were wasted in idle controversies between systems. · In 1840 all the systems were tested. The government made some concessions to companies, it encouraged others by loans, and it executed some lines at its own cost. The first essays illus­ trated the administration of M. le Comte Ianbert, and returned before long the most fortunate results. But unity was wanting to these