the sad realities of a broken spirit, disappointment, sickness, exposure, destitution, neglect, and an unmarked grave. Such is the sad fate of thousands; and such is the unsatiated thirst for gold, that thousands stand ready, and are constantly taking their places. Yet out of this impelled exertion of thousands of our countrymen, California will have increased the wealth of the country; extended civilization, Commerce, and the arts, and improved the condition of the laboring classes. And such is the fact in regard to Australia. It will open the way for the improvement of thousands of the poor of England and Ireland, and extend Commerce to more remote portions of the earth.

The facts here stated in regard to the effects of the increased and diminished supplies of gold and silver, for a period of over 4,000 years, show that the certain changes between the value of gold and silver, are as regular and certain as the laws of motion and the edicts of kings; and the restraints of legislation have been of no avail.

One of the effects of the large influx of gold will be (as is commonly said), to raise the price of silver to a still higher point.

I, however, will not use the words in a directly opposite sense to which they apply.

The fact that silver has risen in value is not true. And why should we not say gold has depreciated. From the settlement of our country, up to 1830, silver composed over three-fourths of our whole quantity of coin. The mint being established in 1792, the eagle, by an act of Congress, was to contain 247 grains of pure gold, and 270 grains cf standard gold. The dollar contains 412 grains of silver; both coins by law being legal tenders; as it most always happens, by a double standard, one or the other of the standards is likely to be over estimated as compared with the current market value in Commerce. In this case the gold was undervalued, and never circulated currently with silver, till the act of 1834, by which Congress altered the eagle in value, by rating 23 grains of gold at the value of a dollar, instead of 243 grains, as fixed by the act of 1792: thus committing a more fatal error than at first, in an opposite extreme; debasing the gold below any other country,-being equal to a change of over 6 per cent in the mint value of the coin. The consequence was an immediate change of tactics by our foreign creditors. All foreign payments were made in silver, or foreign gold. And from that day there has been a constant drainage of silver from the United States, which will never cease so long as it is to be obtained in any quantity. That this difference of relative values might havo been adjusted, at an early day, to a more exact relation, none will deny.

On the other hand, as I have said before, no law can fix by legal enactments the exact relative values of silver to gold, which will bold for any length of time. It is just as reasonable, and just as proper to fix the price of wheat and other commodities by law, as to fix by statute an unchangeable price for an ounce of pure gold; for no man will take any quantity of a depreciated coin when he can obtain one of more value, both by law bearing the same standard of measure.

The disgrace which our government is bringing upon itself, by debasing the standard value of silver, after having debased the standard of gold below that of any other nation, deserves the severest censure of every merchant in the world. That the United States of America, in the nineteenth century, with all the light of civilization, and advance in science, should adopt the dogmas of half civilized kings of the middle ages, in debasing

the currency of gold and silver, seems to me a most unwarrantable procedure. The most scientific men in Europe have examined this question, and declare, what is self-evident to merchants, that there has been no rise in silver for a long period; and this paper proves that the production has been very uniform and even for a period of sixty years; slightly increasing, but small in the aggregate.

The effect of the act of Congress, debasing the larger silver coin, will only widen the breach, and drive out of circulation every dollar of standard silver in the country. And I will venture to say that every coin of full weight of pure silver, will gradually, but surely, disperse. If Congress only had the courage and honesty to repeal the act of 1834, and adopt the gold standard of 1792, they would do the country an immortal honor, and repay, in some measure, the error made at that time. Justice says-" Keep your contracts inviolate, give no more depreciated metal for the same nominal sum."

That gold has depreciated in value, there is not a shadow of doubt. The movement of silver in England for the last two years demonstrates the imperceptible fall in the value of gold. The Bank of England had, in 1847, a reserve of silver in its vaults to the amount of £1,013,035, or in our currency, $4,910,568. Her stock of silver has been gradually reduced, so that on the 4th of September last, she had only £19,154 sterling of silver on hand. And what is the reason of this drain of silver? The depreciation of gold. The bank being compelled by law to pay out gold at £3 17s. 101d. per ounce; and obliged to buy at £3 178. 9d. per ounce. England having over valued silver, restricted the amount to be paid as a legal tender, at 40 shillings. Such has been the fixed price of gold by statute for many years; gold only being a lawful tender. The present aspect of the world in relation to the supply of gold is, that its continued increase will further disturb the relations which silver and gold bear to each other. If such be the fact, England will be compelled to repeal the law fixing the standard price of gold at £3 17s. 101d., and compelling her to purchase gold at £3 17s. 9d. per ounce; or one thing is certain, her coffers of silver will never be replenished, unless gold shall rise in value by diminished supply. Therefore, supposing the present supply of gold to continue, the present fixed price for the Bank standard of gold will compel her in the course of a few years to buy more gold than she can conveniently manage, and which may seriously affect her movement and safety, unless the standard law is repealed or modified.

In regard to its effects in the United States, the consequences will be a gradual rise in prices, and expansion of trade.

The immediate effects of so large an influx of gold as is now pouring in from Australia and California, will be more sensibly felt in the United States and England, at first, than in any other parts of the world, in consequence of the large amount of paper currency issued in the two countries, more particularly in the former. Where we have had for a year 875 manufacto ries of paper currency, who supply 170,000,000 of bills, of a representative value. This issue may cause a reserve of 40,000,000 of coin, and deducting that from 170,000,000, we have 130,000,000 of paper currency,-the hand mid of gold and silver, to stimulate and inflate the currency! The effect of excessive issues of paper, with the rapid influx of gold, will cause an effective rise in property; though it may be slow in expanding, it is sure; and the direct effect upon property will be the depreciation of all kinds of personal property, like mortgages, bonds, annuities, &c., payable at a future

day; and a gradual rise in real property. The effect may be thus,-if you have a bond payable 20 years hence, you are, (unless a stipulation to the contrary is made,) bound to take at its maturity, the standard currency. If, therefore, when the payment matures, gold has fallen 10, 15 or 20 per cent, you have no remedy but to pocket your loss. You will probably find yourself in the position of Bishop Latimer, who had his salary raised, and, in course of time, found he was no better off. His loaf for which he paid four pennies, was no larger than that he formerly paid two for, and it took double the money to pay rents. He consequently delivered several sermons, portraying the evil times in which he had fallen. He complained that rents had risen 400 per cent in the course of fifty years; and that corn and bread were enormously dear. He charged the rise to certain evil disposed persons in the kingdom, of combining together to forestall prices.

The learned Bishop never apprehended that his king, for a long period of years, had caused laws to be made, debasing gold and silver coins, which was one of the principal causes of the great rise of rents, and other commodities; it requiring twice as much coin at that day to purchase any given quantity, as it did fifty years previous.

There are some financial writers of the present day, who are in the same position as the old Bishop; who may, like "Irving's Dutchman," wake up after twenty years of sound sleep, and borrow his neighbor's spectacles for the purpose of taking an observation.*

C. S.

Art. IV. AQUEDUCTS AND CITY SEWERAGE.

FREEMAN HUNT, Editor of the Merchants' Magazine.

DEAR SIR-Although the following paper was prepared with special reference to a system of sewerage contemplated by the municipal authorities, and laid before them on the 7th of June, 1853, it is, on account of the universal application of sewers to great cities, particularly appropriate for insertion in a journal like the Merchants' Magazine, which has ever been devoted to all topics pertaining directly or remotely to whatever contributes to the advancement of trade, industry, and the very existence of the marts of Commerce.

I will merely add, that in this communication I have endeavored to discuss the whole science of hydraulics upon which sewerage is founded, and with what success I leave to the judgment of the intelligent readers of the Merchants' Magazine.

JERSEY CITY, July 25.

Yours, &c.

TO THE HON. THE MAYOR AND COMMON COUNCIL OF JERSEY CITY:

C. F. DURANT.

A citizen of Jersey City, feeling a deep interest in its prosperity, and largely interested in the municipal taxes and assessments, begs to offer a few objections to the "Water Commissioners' report upon a plan of city sewerage."

In the preparation of the preceding article, the author has consulted as authorities, Diodorus, Herodotus, Gibbon, Humboldt, Irving, Jacob, Gouge, Hunt's Magazine, and other authorities.

The plan embraces a canal 100 feet wide, 24 miles long, and 6 feet deep, on the north, west, and south boundaries of the city. The propositions submitted by the Commissioners in favor of adopting the canal plan, appear to be the following:

"1st. Its economy.

2d. Its adaptation to the locality of Jersey City.

3d. Its decided superiority to any other system of drainage.

4th. The low land in the back part of the city will be increased in value, and made as accessible for boats as that bordering on the Hudson.

5th. It dispenses with vaults and cesspools and provides for the connection of privies.

6th. The cleansing is effected at a trifling expense.

7th. It is without any complicated mechanical contrivances.

8th. It will need but few repairs.

9th. It will in a few years increase the value of land in the western part of the city, by a sum far beyond the cost of its construction.

10th. Its other collateral advantages."

Of the ten foregoing propositions not one has been sustained, and I beg your indulgence to show that not one can be established. They are all fallacious, and, excepting the fourth proposition, not one has a seeming foundation in established facts.

First. Its economy, if it has any, must be inferred from the fact, if the fact exists, that the "flushing water" necessary to cleanse the sewers, will be had at less cost from the canal than from some other source. The commissioners have not stated the quantity of water required for flushing: indeed, they seem to express a doubt whether any water is required for that purpose when they say, "Perhaps the introduction of a small stream of water, constantly running, may be sufficient in itself to keep them clear of deposit." But, from their statements, we may compute the largest quantity that can be supplied by the canal to any sewer in any given time. The sewer at western boundary is 2 feet diameter in the clear; the bottom to be 1 feet below meadow or high water. The inclination or fall in surface of canal at sewer, due to velocity on entering sewer, is not given; but we may assume it at 6 inches; this would allow the water to stand 1 foot deep, or to the center of the sewer. The velocity in sewer we may compute from the statements; sewer at Hudson street, 6,000 feet distant from canal, to be 1 foot below low water of the medium 5 foot tide. As sewers below low water are not known to be used or useful in any enlightened country, it may be presumed that the commissioners, on second thought, will place it at low water; this will give an inclination of 3 feet in 6,000, or 1 in 1,714, or .00058 per foot. Then, by Dubuat's laws, represented in the formula V2 I= where I is the surface inclination, V the velocity per second, Ca constant coefficient of 10,000, and R the mean radius, all in unity, we have V=(√CRI): 1.7 and the 2 feet sewer at canal filled to center, or a sec

CR

=

tional area of (22.1854)=1.57 and hence requiring V time 1.57—

2

9,608 cubic feet per hour, which is ample time, and all the time that can be daily economically employed in flushing sewers that terminate at or below low water mark. In a former statement, it appears that the city will have many times 9,608 cubic feet of water daily, more than is required for

many years to come; and this abundant and superabundant fresh water has already been paid for, or contracted to be paid for, so that it will cost nothing, or at least the turning a stop cock to allow 9,608 cubic feet of it to run in one sewer each day, if attended with 75 cents cost, cannot equal $73,414, the estimated cost of the canal; and, therefore, the canal plan has not "economy in favor of its adoption."

Second. The only adaptation of the canal to the sewers, is that it can furnish, at high water or low water, 9,608 cubic feet of flushing water, for one hour per day, to each sewer laid on a grade which the commissioners deem best adapted to the locality of Jersey City. Now, the sewers which the commissioners submit as the best, may require for flushing and scouring, that the water shall move with a velocity greater than 1.7 feet per second. But by the physical law that governs its flow, and by the elements given, the canal cannot supply water to move faster than 1.7 in the sewers, while the water which the city is bringing from another county can, ou account of its elevated surface, furnish a current much greater than 1.7 feet per second in the sewers. And therefore, the canal plan is not "adapted to the locality of Jersey City," because the surface of canal is not adapted to the grade of sewers which the commissioners offer as the best for th locality.

Third. The decided superiority in one plan over another should be manifested by some token of cheapness, beauty, durability, or other commendable quality. So far as the canal is concerned in the drainage of Jersey City, it certainly will cost all that it has been estimated at, without furnishing water at a greater velocity or of a better quality than from a cheaper source. It will hardly be deemed an ornament even by the commissioners. The estimates provide for plank and other timber, though nothing is said about fifty, more or less, street drawbridges, which would probably decay as soon as the stone reservoir on Bergen hill. The commissioners have not named any other decided merit in the canal, and as no other decided merit appears in the report or map, it is safe to conclude that the canal system has no decided superiority over any other system of drainage."

66

Fourth. It is said "the low land in the back part of the city will be increased in value." That is plausible to some, and may be true. But that has nothing to do with the system of sewerage. If the owners of low land in the back part of the city desire to build a canal to increase the value of their land, the legislature may grant them permission to do so, under proper restrictions, but it is not probable that they would be permitted to levy a tax on the high land at the front part of the city to pay the interest or principal of its cost in construction. If all the owners of land through which such a canal might pass should join in the speculation, there would certainly remain adverse interests and rights that would require some attention. The owners of property on the eastern slope of Bergen hill might legally claim the right to use the canal as a common sewer, to receive the wash from their privies, cesspools, and other sewerage matter. The citizens of Jersey City might reasonably object to such an open receptacle of filth surrounding them on the land side with mephitic odors. The traveling public and the grand jury of the county might need to be consulted on the form, dimensions, and structure of the numerous street bridges to be erected and maintained. When all these conflicting interests have been reconciled, it will remain an open question whether the value of the low lands in the back part of the city will be increased by the operation. And, on a canal with twenty or more drawbridges, and a five foot tide at high water only,