Слике страница
PDF
ePub

business with closed doors creates a mystery and a monopoly which the public good demands should be abolished. On none of the commercial marts of Europe, with the exception of London, are the sales of the Stock Exchange people conducted with a privacy restricted to the members of the Board, and it must be conceded, the peculiar constitution of that body in some measure justifies the exclusion practiced by them. Although the Royal Exchange has for centuries been considered the focus of the great monetary, exchange, and commercial operations of the kingdom, the mode of doing business has varied with the change of the times; and the ancient custom of the merchants of a particular nation or trade having possession of a certain part of the area called a walk has fallen into desuetude. The great bulk of the merchants are now divided into classes, each of whom possess an exchange or mart, exclusively occupied or devoted to their peculiar branch of Commerce; thus, in London, there is a Stock Exchange, the Corn Exchange, the Coal Exchange, a Shipping and Insurance Exchange, (Lloyd's Rooms,) and subsidiary Halls and Sales Rooms, and Coffee Houses, where the merchants congregate and have desks; and where the large sales of foreign produce, wool, &c., periodically take place.

The stock operations in London have only assumed their present importance since the middle of the seventeenth century, when the business of dealing in securities was separated from that of banking. The market, for a series of years after its institution, was held at various places in the Royal Exchange and its neighborhood. In 1801, the vast growth of the transactions induced the brokers to seek a permanent location, when the present building in Bartholomew Lane, was erected by subscription. The transactions of the brokers are usually divided into three branches-English, (for stocks and Exchequer bills;) Foreign, (stocks;) and the Share Market-these branches are called Houses. The members are of two classes-Brokers and Jobbers—and the business, as in this city, consists of two kinds-genuine and speculative—the former for money and the latter for time. A jobber is a capitalist who usually keeps a large amount of stocks on hand, and is always ready to sell in any desired quantity, thereby saving time and trouble both to the broker and the party desiring the investment. The members of the Stock Exchange are subjected to a rigid discipline, by a committee elected by themselves. A candidate for membership must be recommended by members, who attest that they have known him for an honorable man for more than two years, and they are required to give security for him for a certain period of time. The committee assist in winding up the affairs of members who are defaulters upon the market; they also act as arbitrators in any difference arising among the members; and as no member is allowed to be a partner in any other business, few losses are suffered by the members from each other. It is mostly the brokers who suffer from their outside connections. No member who fails to meet his engagements is allowed to appear in the house, until his creditors have received a stipulated composition, and the names of members who are defaulters, on the stated "settling" or "account days," are chalked on a black-board, exposed in the hall, which constitutes the Stock Exchange method of expulsion. The Board are munificent contributors to public charities, and have a fund for decayed members, which is liberally supported. Strangers are not permitted to enter the Stock Exchange, and the minor speculators assemble at the Hall of Commerce, in the adjacent street.

From the foregoing it will be perceived that the Committee of the London Stock Exchange, in the supervision which they exercise over the business conduct and character of their members, furnish the best and most valid reason for their exclusion of the uninitiated. The same causes do not exist in New York, and we have yet to learn the propriety of the course adopted by the present Board.

LOUISIANA BANKS AND LOANS.

The new constitution recently adopted by the Louisiana Convention, contains the following provisions relative to banking and State loans:

"Corporations with banking or discounting privileges may be either created by special acts, or formed under general laws: but the Legislature shall, in both cases, provide for the registry of all bills and notes issued or put in circulation as money, and shall require ample security for the redemption of the same in specie.

"The Legislature shall have no power to pass any law sanctioning in any manner, directly or indirectly, the suspension of specie payments by any person, association, or corporation, issuing bank-notes of any description.

"In case of insolvency of any bank or banking association, the billholders thereof

shall be entitled to preference in payment over all other creditors of such bank or association."

The following resolution passed the convention by a vote of one hundred and three yeas to five nays:

"Resolved, That when the Legislature shall contract a debt to an amount exceeding $100,000, except in case of war, to repel an invasion, or suppress insurrection, it shall, in the law creating the debt, provide the means for payment of the current interest and the principal when it shall become due, and the law shall be irrepealable until principal and interest are paid."

The new constitution thus stops the very proposal for repudiation of State debts in the Legislature.

THE NORTH BRANCH LOAN.

The bids for the State loan of $850,000 authorized by the last Legislature of Pennsylvania for the completion of the North Branch Canal, were opened at Harrisburg on Saturday, June 12th, 1852, and the loan was allotted to the most favorable bidders. The successful parties were Charles Henry Fisher, of Philadelphia; Duncan, Sherman & Co., of New York, and George Peabody, of London. They took the whole loan, at par, as follows: $200,000 at 4 per cent, interest per annum; $650,000 at 5 per cent interest per annum.

The abatement of interest on this amount makes the bid equal to a premium of about 1.90 for the whole loan at 5 per cent per annum. The whole of it was taken on foreign account, and it may be considered a most fortunate allotment for the State, and a new proof of the public confidence, both at home and abroad, in the credit of Pennsylvania. The successful bidders also offered to take the whole amount of the loan as follows:

$450,000 at 5 per cent, at 101 77-100 premium.
$400,000 at 5
at 102 03-100

[ocr errors]

66

This amounts to about the same thing as the former bid, and makes it about equal to a premium of 1.90 on a 5 per cent loan.

ORIGIN OF COINS.

The Philadelphia Bulletin, has the following on the origin of coins:

The rare beauty of the World's Fair medals, one of which we inspected last week, suggested a train of reflections on the history of medals and coins, and the means of coining, which it may be worth while, perhaps, to lay before our readers.

In the early ages of mankind, all traffic, as is well known, was conducted by means of barter. The herdsman exchanged his cattle for goods, or the merchant his goods for food to eat. But such a rude condition of affairs could not, it is clear, continue long; and the necessities of mankind, therefore, led to the substitution of a medium of exchange, or representative of value. The precious metals, from their intrinsic worth as well as their portable character, naturally suggested themselves for this purpose. At first, however, they were used in simple bars, without even stamp or coinage, and were, in such cases necessarily weighed, and often assayed, at every transfer. But this being found inconvenient, the expedient was hit upon of authenticating the weight and standard by a mark. Afterwards that the needs of Commerce might still further be consulted, the bars were made of various sizes. In the end, still further to impress the character of a legalized currency on the gold, silver, bronze, or copper employed, appropriate shapes, differing from those of the simple bar, were selected, the circular form of the present coin being that most generally adopted.

It was not always, however, that money was made round. Our British ancestors, prior to the invasion of Julius Caesar, employed rings, sometimes singly, but oftener made into a chain, for currency. Large quantities of this species of coin have been dug up in England, Ireland, Wales, and Scotland. The smallest piece of money of this description, which has yet been discovered, is a gold ring weighing half a pennyweight. But others containing three times this weight, or five, ten, ten, sixteen, or twenty-two times this weight, up to the weight of a pound troy, have also been discovered; thus proving that the rings were not intended for ornaments but for

currency. Even among the Romans, circular coins were not in use until the time of Servius Tullius, and in Great Britain they were not employed till some time after the conquest by Cæsar. Of all ancient nations, the Greeks produced the most beautiful coins-those of the Romans not being particularly elegant till a late period in their history. The method of stamping the piece of money was simple. Usually the blow, which gave the impress, was struck by a hammer; and, at first, the die was cut in the face of the instrument itself. So late as two centuries ago, the coining of money, even in England, was conducted in a comparatively rude manner; and many a Spanish quarter, yet in circulation, bears decisive evidence of uncouth coining.

Even at this day, the coined money of Europe generally, is disgraceful to art, and is frequently basely alloyed. The exceptions are the gold and silver pieces of England, France, Belgium, and Prussia. Our own coins are not so good as they might be, a fact which any person may verify by comparing them with well executed medalsthat struck in honor of Mr. Clay, or those issued at the World's Fair, for instance. Some of the finest coins and medals ever executed were those issued by the Emperor Napoleon. Generally, however, the European coins are as much inferior to those of the United States, as these latter are to the coins of England or France. The worst executed coins, among civilized nations, are those of Mexico and the South American States generally.

A word more and we shall have "coins” enough, at least for one reading, on coins and coining. Money is a word, we are told by Chambers, derived from the temple of Jupiter Moneta, where a metallic currency was first struck by the ancients. Cash comes from the French word caisse, a coffer or chest in which money is kept. And pecuniary is derived from pecus, the Latin for a flock or herd of animals, these being in the earlier ages the equivalents for money.

THE EARLY DISCOVERY OF COAL.

Bituminous coal, or sea coal, was known upwards of a thousand years ago, in the year of our Lord 853, but did not come into general use until the 16th century, and was not used in the manufacture of iron until the 17th century. Anthracite coal came gradually into use so late as the 19th century, and was not used as fuel in the manufacture of iron until about 16 years ago.

So early as 1790 anthracite coal was known to abound in the county of Schuylkill, in the State of Pennsylvania, but it being a different quality from that known as sea coal, or bituminous coal, and being hard of ignition, it was deemed useless until the year 1795, when a blacksmith of Pennsylvania, named Whetstone, brought it into notice. His success in burning it induced persons to dig for it, but when found, every person connected with the enterprise had to experiment on its combustion, and vain were the attempts to burn it by the majority of them, and all came to the conclusion that it would not come into general use.

About the year 1800, Mr. Morris, who had a large tract of land in Schuylkill County, Pennsylvania, procured a quantity of coal therefrom, and took it to Philadelphia City, but he was unable with all his heroic exertions to bring it into notice, and abandoned all his plans. From that time until 1806 it was talked about as a humbug; when accidently a bed of coal was found in digging a tale race for a water wheel for a forge, which induced another blacksmith, David Berlin, to make a trial of it. His success was generally made known, which induced others to try to burn Pennsylvania coal.

THE BONDS OF THE PLANTERS' BANK OF MISSISSIPPI.

The following is the Act passed by the late Legislature of Mississippi, with regard to the bonds issued by the State on account of the Planters' Bank :

AN ACT TO SUBMIT TO THE PEOPLE THE QUESTION OF THE PAYMENT OF THE BONDS OF THIS STATE ISSUED ON ACCOUNT OF THE PLANTERS' BANK OF THE STATE OF MISSISSIPPI.

SEC. 1. Be it enacted by the Legislature of the State of Mississippi: That it shall be the duty of the returning officer at all the election precincts of this State at the

"

next election, to propound the question to each voter where he presents his vote: Will you submit to a direct tax to the payment of the Planters' Bank Bonds, issued by the State on account of the Planters' Bank of the State of Mississippi," and who shall keep a correct record of the number of those who shall answer in the affirmative, and of those who shall answer in the negative; and make due returns thereof to the general returning officer of the county in which said election shall be holden, and it is hereby made the duty of said general returning officer in this State to transmit to the Secretary of the State, within ten days thereafter a true return of said vote in their respective counties.

SEC. 2. Provides for the publication of the Act.

SEC. 3. Be it further enacted: That unless a majority of the whole number of votes cast for election at the said presidential election, shall be cast against the payment of said bonds, the result of said vote shall be instructive to the next legislature to provide the most suitable plan for the payment of said bonds.

COMMERCIAL STATISTICS.

COMMERCE OF FRANCE IN 1852.

The official returns of the trade and navigation of France, with her colonies and foreign countries, during the first six months of the present year, have just been published, the results of which, as compared with the same period in the previous year, are very favorable. Thus, the total duties received upon importations have been 69,002,964f.; in 1851 they amounted to 54,655,161f.; and in 1850 to 57,561,643f. The receipts for the first six months of this year, therefore, show an excess of 14,247,803f. over the corresponding period of 1851, and of 11,441,321f. over that of 1850. A very large increase is shown in the importation of the various materials used for manufac turing purposes, such as raw cotton, wool, silk, indigo, cochineal, dye woods, whale oil, copper, zinc, and nitrate of soda. In colonials there has also been a very large increase in the imports of coffee and sugar, both of colonial and foreign growth. The principal decrease is shown in lead, nitrate of potash, and olive oil. The import of linen thread and linens has been about the same as last year. In regard to exports the returns afford evidence of an increased foreign trade, which is principally shown in the articles for which France has always found an extensive demand abroad, such as wines, brandy, soap, printed cottons, linens, hides, leather, books, engravings, porcelain, and glass. În the export of grain, woolen yarn, and haberdashery, there is, as compared with 1851, a slight falling off; as also in silks, plain calicoes, and silk manufactures; but the only important decrease is in the export of refined sugar, which has been very much below that of previous years.

THE MACKEREL FISHERIES.

The following is the estimate of the Inspector-General of Massachusetts, showing what interest Massachusetts has in the fishery question:—

Tons, 54,040, being 858 vessels, navigated by 9,174 men and boys.

Value of vessels and outfits.....

$3,532.000

Annual value of catch

2,400,000

The value for the rest of New England may be considered as nearly equal to this amount, say, value of vessels and outfits....

2,500,000

Value of catch....

1,600,000

Tons, 30,000-6,000 men and boys.

But only an approximation can be made, as many vessels are employed in both cod and mackerel.

The Massachusetts mackerelmen, in 1851, caught their fares as follows:

In American waters.....

.....bbls.

188,336

In waters, the exclusive right to which is now claimed by Earl Derby...

140,906

[blocks in formation]

Wheat, bushels.
'50 51.

n bushels.

[blocks in formation]

'49.50. '51-2 '49-50. 14,095 100 192,096 848,404 9,680 45,954 209,396 192,159 27,283 64,266 214,945

TABLE OF EXPORTS OF SOME OF THE LEADING ARTICLES FROM THE PORT OF NEW YORK DURING THE THREE YEARS ENDING JUNE, 1852.

June..

Pot Ashes, bbls

[blocks in formation]

'49-50.

Lard, kegs.

50-51. '51-2.

Beef, packages.

33,542 39,963 35,055 Pork, bbls.

11,936 39,423

61,978

51,518

October

41,716 103,229 125,353

193,131

24,671

[blocks in formation]

'50-51. '51-2. '49-50. 50-51. 51 2. 49 50. '50-51. '51-2. 119.072 175,895 398 4,113 7,321 2,714 6,003 3,252 774 2,375 4,230 5,594 9,420 3,343 25,227 1,688 1,839 2,514 6,415 4,940 3,794 16,617 114,080 1,330 1,954 3,165 5,244 4,463 4,462 48,083 73,382 13,318 7,676 2,662 6,963 6,682 2,928 26,691 15,849 6,089 9,935 6,904 5,089 2.652 4,275 42,199 7,819 4,342 4,566 4,006 4,514 3,192 50,823 5,152 2,593 2,297 5,368 1,855 2,510 25,065 78,819 3,996 3,687 5,960 8,682 4,087 3,341 67,310 107,255 3,716 6,235 3,341 6,774 6,843 3,313 65,755 165,617 414,529 510,537 190,126 2,759 3,056 4,344 7,601 5,915 11,640 60,525 82,044 419,515 424,327 104,609 4,277 4,207 4,265 3,049 2,356 4,501

[blocks in formation]

Total

349,119 854,253 1,910,754 3,789,573 1,399,205 1,017,687 50,316 52,015 50,559 67,499 59,730 41,405 212,725 105,216 76,866

« ПретходнаНастави »