Ships floor timbers, fastening of............ 754 Trade-marks in France..... Shell Keys, Louisiana, lighthouse on........ 741 286 597 289 66 via Singapore, duty on.. 231 "strengthening of 513 478 "consumption of, in United States..... 733 611 724 Texas, taxable property of 342 66 State cotton factory. 626 67 343 267 507 522 250 MERCHANTS' MAGAZINE. Established July, 1839, by Freeman Hunt. L CAUSES THAT PRODUCED THE CRISIS OF 1857 CONSIDERED. The Importance of the Subject Difficulty of Understanding it-Four Operating Causes-Monetary Question Involved in Politics-Prejudice against Paper Money and Banks-What is Money? Banks-Propositions of Hon. A. Walker in Part Considered-The Uses of Banks-Fluctuations of Money in Quality and Quantity-Paper Money has not the Cost Value of Coin-Does Paper Money Drive Specie out of the Country?-Paper Money Stimulates and Depresses Credits-Is Paper Money the Cause of Bankruptcies? -Does Paper Money affect Prices?-The Question Discussed-Condition of things in 1857 com- pared to a Work Shop-Statistics of Specie-An Estimate of the amount of Banking Capital and Paper Money at different Periods - Paper Money did not Produce the Crisis of 1-57-Amount of property in the United States-Foreign Debt of the United States. Austria-Suspension-Resumption-Geography of Austria--Its Origin and Growth-- Wars--Present Extent and Population--Bankruptcies -Debt--Revenue and Expendi- tures-Borrowing-Commercial Policy - Money-Metallic-Convention Money-Old Coinage-New Coinage-Currency Reform - Bank Notes-Paper not a Legal Tender-- Bank of Vienna-Formation--Circulation-Condition--Decree for Resumption-Effect of Decree No Credit Currency-Commercial Policy of Austria--Iron Manufactures- Growth of Liberal Ideas-Credit Mobilier-Railroads -Agriculture - Beet-root Sugar, progress of Taxes on-Imported Sugar - Commerce of Austria-Manufactures-Spindles -Cotton Manufacture-Reciprocal Intercourse-Tariffs of United States, Zollverein, RICHMOND, VIRGINIA. Seat of Justice of Henrico County--Situation--Head of Tide-water-Largest City of Virginia-Neighborhood-Seven Hills-Public Buildings- Squares-Churces-Publications-Water-power-Mills-Climate--Supply of Raw Mate- rials--Table of Manufactures-Recapitulation-Artistic Products-Merchandise-Sales of Real Estate-Live Stock-Industrial Pursuits -Miscellaneous-Professional - Officers --General Recapitulation-Large Capital required -Produce Purchases for Cash--Mer- chandise on Time-Capital Invited-Banking Capital--Insurance - Inspections - Canals and Railroads - Shipping-Steamers-Foreign Trade - Tobacco Exports--Population and Property of Richmond-Finances--Water Works-Ga--City Debt--City Property COMMERCIAL CHRONICLE AND REVIEW. Bupply of Money-Decline in Imports-Specie in the City--Amount in Banks-Exchanges, Tible of-Rates of Money Abroad-Silver Shipments - Rates of Exchange--Specie Move- ment-Exports of Boston and New York-Nature and Destination--Coinage at Philadel phia-New York Assay-office Operations-United States Coinage - Exports of Gold -Increase of Coins-Silver Coinage-Legal Tender-Metallic urrency-Improved Business-Specie in Treasury-Excess of Expenditure--United States Debt--Semi-annual Interest.... 76-89 State Taxes.-The Debt of Nashville, Tennessee. .......... City Weekly Bank Returns-Banks of New York, Boston, Philadelphia, New Orleans, Pitts- STATISTICS OF TRADE AND COMMERCE. General Statistics of North America.. United States Commerce for 1858.. Cherrystone Inlet Lighthouse and Stingray Point Lighthouse.... Notice to Mariners-Kingdom of the Netherlands... Fixed Red Light at Port Ciotat-Coasts of France and Corsica.................. Notice to Masters of Alien Vessels... Bishop Rock Lighthouse, Scilly Islands.-Survey of the Roccas, off the Coast of Brazil.. 111 111 ... 113 RAILROAD, CANAL, AND STEAMBOAT STATISTICS. Wear and Tear of Iron on the Pennsylvania Railroad and Branches...... Austrian Railways.-Canal Receipts and Disbursements......... Lakes and Canals.-Railroad Building in Russia.. ...................... 118 120 121 122 HUNT'S MERCHANTS' MAGAZINE AND COMMERCIAL REVIEW. JANUARY, 1859. Art. I.-CAUSES THAT PRODUCED THE CRISIS OF 1857 CONSIDERED. IMPORTANCE OF THE SUBJECT-DIFFICULTY OF UNDERSTANDING IT-FOUR OPERATING CAUSES-MONETARY QUESTION INVOLVED IN POLITICS-PREJUDICE AGAINST PAPER MONEY AND BANKS-WHAT IS MONEY-BANKS-PROPOSITIONS OF HON. A. WALKER IN PART CONSIDERED THE USES OF BANKS— FLUCTUATIONS OF MONEY IN QUALITY AND QUANTITY-PAPER MONEY HAS NOT THE COST VALUE OF COIN-DOES PAPER MONEY DRIVE SPECIE OUT OF THE COUNTRY?-PAPER MONEY STIMULATES AND DEPRESSES CREDITS-IS PAPER MONEY THE CAUSE OF BANKRUPTCIES ?-DOES PAPER MONEY AFFECT PRICES-THE QUESTION DISCUSSED-CONDITION OF THINGS IN 1857 COMPARED TO A WORK SHOPSTATISTICS OF SPECIE-AN ESTIMATE OF THE AMOUNT OF BANKING CAPITAL AND PAPER MONEY AT DIFFERENT PERIODS-PAPER MONEY DID NOT PRODUCE THE CRISIS OF 1857-AMOUNT OF PROPERTY IN THE UNITED STATES-FOREIGN DEBT OF THE UNITED STATES. It is now more than a year since the commercial and financial crisis of 1857 broke upon us. It came suddenly and unexpectedly. It was intense, wide-spread, and painfully disastrous. A few persons were expecting what is called a "change of times," a depression in business, and an unusual scarcity of money, but no one had the slightest conception of the reality. The time that has elapsed since it occurred favors an impartial investigation as to the cause or causes, both because the feeling produced has somewhat subsided, and because facts have been developed throwing light on the subject. The importance of understanding this matter can scarcely be overestimated. It was a great public calamity, and not occurring in consequence of war, pestilence, or famine, nor from any extraneous or outside influences, and full statistics existing in regard to all the great interests of the country for many years, there is every reason why the subject should be so thoroughly understood as to produce general unanimity of opinion among intelligent men in regard to the causes. But how different is the fact. There are scarcely any two who agree, and especially in detailsmany judge from their own stand-point or experience, not looking at the whole subject; others, and they are numerous, have special theories by which they explain every fluctuation in business-and then the great |