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PAGS JOURNAL OF BANKING, CURRENCY, AND FINANCE. Bank Clearing-house of New York...

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212 Statistics of Washington......

.. 214 City Weekly Bank Returns -- Banks of New York, Boston, Philadelphia, New Orleans, Pittsburg, St. Louis, Providence....

215 National Bank of Austria-Debt.......... British Shilling in Canada-Debt of the State of New York........

221 Cities of Ohio .................. Valuation of Virginia.-Bank of England Notes...........

223 Pennsylvania Finances.- Finances of Kentucky.... Grand Tax List of the State of Ohio for two years. The Tuscan Coinage...

225
STATISTICS OF TRADE AND COMMERCE.
The Calcutta Trade.
Vessels Surveyed in New York.-Trade of Parans .....
Grain at Chicago.--Onondaga Salt Springs......
Commerce of New Orleans. - Trade of Shanghao.
Annual Review of the Albany Lumber Trade..

POSTAL DEPARTMENT.
Statistics of the United States Post-office for 1858......
International Postal Arrangements. - Postal Contract with Belgium............

COMMERCIAL REGULATIONS.
Colored Glass.-Mill Stones pot Burr.- Nut Galls ....
Weights of various kinds of Produce per bushel.-Cuban Clearances..

....... 242

243

249

NAUTICAL INTELLIGENCE. The Wreck Register of England for 1858..

JOURNAL OF INSURANCE. New England Mntual Life Insurance Company .......

........................ 210 Insurance in Virginia.-Marine Losses for 1859.....

JOURNAL OF MINING, MANUFACTURES, AND ART. History of the Ilot Blast" in Iron Making.......... Coal Oil Manufacture .. The Iron Elepbant.--Submarine Gold Mining...

246 Mining and stamping copper.-Electro-Magnetism among the Spindles .......

247 Extracting Silver from Lead Ore...... Bread-Making in Spain... ........ Tempering Axes.-False Diamond........

250 RAILROAD, CANAL, AND STEAMBOAT STATISTICS. Railroad Tolls and Tonnage ...............

251 Test of the Great Eastern.-Vessels passed through the Welland Canal during 1859......

uns 105I........... 252 kailroads in Virginia.- Railroad Accidents in 1839.

253 Mariuo Engines. - Railway Tunnel through the Alps, Boring by Machinery........

264 STATISTICS OF AGRICULTURE, &c. Growth of Cotton in India.-Wool ...

256 Tobacco Crop of Kentucky. .............

.. 257 Culture of Cotton.-Crops of Java, year ending with June...

258 Imports of Cashmere Goats.--Ohio Agriculture for 1839...

259 Patent-office...

... 200 STATISTICS OF POPULATION, &0. Population of Ohio.......

................. 201 Birtis and Deaths.............

... 263 Emigrants in 1839.-The number or Slaves in 1859.-The number of Slaves in Georgia................................

... 264 MERCANTILE MISCELLANIE S. Purs...................... .................................... ...........

265 Economy......

266 The Sufferings of Indolence.--A Slave Landing in Cuba...... Consumption of Tobacco in the World. --Importance of Publicity .................

268 How Many More Houses will New York Contain?....... Cotton seeking the Northwestern Route via tho Lakes...

270 TIE BOOK TRADE. Noticos of now Books or new Editions........

.......... 271-279

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267

269

HUNT'S

MERCHANTS’ MAGAZINE

AND

COMMERCIAL REVIEW.

FEBRUARY, 1860.

Art. 1.-PARTIAL REVIEW OF MR. CAREY'S LETTERS TO THE PRESIDENT.

REPLY TO MR. HENRY CAREY BAIRD.

By reference to the December number it will be seen that our opponent has, after some delay, changed his tactics. He has ceased to carry the war into Africa, but appears now to rest his cause upon defensive operations. And I must confess that I am a little disappointed, as I had expected that he would have continued to apply to each of the important points of my opinions “its proper test." It appears that he has done little else in his last paper but ask questions; and because the statistics he has hitherto produced have proved to him worse than a broken staff, be seems modestly to expect that I ought to explain all difficulties, or, in fact, to undertake to harmonize all that has been written by the principal English authors upon political economy. But this seems to me not only unreasonable, but quite unnecessary. We are only concerned with the main principles of the subject, and whether they necessarily lead to free trade or protection. Notwithstanding, however, if my space will allow, I will endeavor to accommodate him as far as possible. But before proceeding further, let us set him right upon one particular point.

Mr. Baird says:-"In regard to statistics, Mr. Sulley has himself informed us that very little reliance can be placed upon them as a proof of the operation of general principles, thus clearly indicating his preference for the treatment of social problems by the deductive system.” Now, 80 far from this being my true position, I have not the least objection to statistics when they are known to be facts, and when they are free from those disturbing influences which I have pointed out; but when they are got up for particular purposes, or to support a certain theory, then, in my opinion, they are entitled to very little consideration, and ought to be treated with all the rigor possible, consistent with truth, at the hands of an opponent. Mr. Baird ought to have quoted the two following sentences in the same paragraph, and then I should not have had to complain of misrepresentation ; but, perhaps, that was more than he could afford to do under the circumstances. We certainly endeavored to show in our last that statistics and facts were not always synonymous. We are, therefore, much beholden to the good intention of our opponent for placing us under the patronage of Mill in preference to tbat of Smith ; but beg to assura bim that we shall still continue to acknowledge real statistics, under such limitations as we have pointed out, and to seize upon all facts for the support of what we may think to be truth; in fact, to treat our subject in what we may happen to think the most effective manner, regardless of this or tbat system, which may bave been used or instituted by others. Let us now attend to the subject.

Notwithstanding that, in his previous article, Mr. Baird says “he is even prepared to hazard something in expressing the opinion that these professors (English) have never established a single vital principle in political economy," he is now taken with a sudden fit of admiration for Adam Smith, the founder of the school as well as of the science itself, but assumes to find fault with his method of treating the subject. Now, this appears a little supercilious to us, but our opponent very condescendingly admits that “there are central principles in the Wealth of Nations,' which, if fully developed and elaborated, are comprehensive enough for the foundation of an enduring system of political economy; but as the author merely enunciates them, his followers of the English school have failed to recognize their vital importance, and have allowed them to pass entirely unnoticed, but have accepted many errors of his system as fundamiental truths." In proof of the above, our attention is directed to two-thirds of a page of quotation from the third book and the third chapter of the “Wealth of Nations," which seems merely intended to show the benefits which might possibly arise from emigration and the division of labor, under the difficulties of removal of raw material “by land carriage and river navigation," at a time when it took an individual longer to travel between Edinburgh and London than it does now to cross the Atlantic. We are then gravely asked “if we can find among the teachings of the followers of Adam Smith, of the English school, any attempt to develop and push to their utmost limit these great principles." Now, if we believed there were any great principles involved, we should certainly feel bound to answer the question. We will, however, confess that we do not know that any one of the parties have advocated the filling up of the canals, or the destruction of the roads, for the protection of home manufactures. And if our opponent had not stopped short in his quotation, he would have perceived that Adam Smith had no intention of advocating any such system as he has attributed to him. On the contrary, he particularly said that certain manufactures to which he alluded " had grown up naturally, and, as it were, of their own accord, the offspring of agriculture," aided by the difficulty of transportation. It may be well, however, to remind Mr. Baird that, notwithstanding the great difficulties of transportation and of the protective system, which was then universal, the natural principle of division of labor has triumphed over all, and that this is the era of free trade. Let us now inquire as to some of these “central principles" wbich our opponent acknowledges are to be found, and might have been elaborated into a comprehensive and enduring system of political economy. If we were asked to point out one of them, we should most likely direct attention to that which Adam

Smith himself seemed to consider the inost important, at least, if we are guided by the prominence he has given to it, the division of labor. The. division of labor is inherent in the nature and circumstances of man, and must have been contemporary everywhere with the dawn of civilization. It is apparent in all countries and in every situation, and when left free to develop itself, individual interest is always ready to carry it to the greatest possible extent. Attempts may be made to limit its operation, but, in the nature of things, they must always be productive of evil and. never productive of good. The principle itself is also as plainly marked in the variety of soils, climate, and productions, as it is in the different capacities and tastes of individuals. But we will not pursue the suliject in our own language when its operation has been so much more lucidly stated by the author, which our opponent so much admires, (Adam Smith,) and from whom be bas quoted a newly found passage in support of the opposite principle. Let the author speak for himself. The following we take from the fourth book and second chapter of the “Wealth of Nations :"

“What is the species of domestic industry which his capital can employ, and of wbich the produce is likely to be of the greatest value, every individual, it is evident, can, in bis local situation, judge much better than any statesman or lawgiver can do for him. The statesman who should attempt to direct private people in what manner they ought to employ their capitals, would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted not only to no single person, but to no council or ser ate whatever, and which would nowbere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it."

“ To give the monopoly of the bome market to the produce of domestic industry, in any particular art or manufacture, is, in some measure, to direct private people in what manner they ought to employ their capitals, and must, in almost all cases, be a useless or hurtful regulation. If the produce of domestic can be bought there as cheap as that of foreign industry, the regulation is evidently useless. If it cannot, it must generally be hurtful. It is the maxim of every prudent master of a family never to attempt to make at home what it will cost him more to make than to buy. The tailor does not attempt to make his own shoes, but buys them of the shoemaker. The shoemaker does not attempt to make his own clothes, but employs a tailor. The farmer attempts to make neither the one por the other, but employs those different artificers. All of them find it to their interest to employ their whole industry in a way in which they have some advantage over their neighbors, and to purchase with a part of its produce, or what is the same thing, with the price of a part of it, whatever else they have occasion for."

“What is prudence in the conduct of every private family can scarcely be folly in that of a great kingdom. If a foreign country can supply us with a commodity cheaper than we ourselves can inake it, better buy it of them with some part of the produce of our own industry, einployed in a way in which we have some advantage. The general industry of the country being always in proportion to the capital which employs it, will not thereby be diminished, no more than that of the above mentioned artificers, but only left to find out the way in which it can be em- , ployed with the greatest advantage. It is certainly not employed to the

greatest advantage when it is thus directed towards an object which it can buy cheaper than it can make. The value of its annual produce is certainly more or less diminished when it is thus turned away from producing commodities evidently of more value than the commodity which it is directed to produce. According to the supposition that a cominodity could be purchased from a foreign country cheaper than it can be made at home, it could, therefore, have been purchased with a part only of the commodities which the industry employed by an equal capital would have produced at home, had it been left to follow its natural course. The industry of the country, therefore, is thus turned away from a more to a less advantageous employment, and the exchangeable value of its annual produce, instead of being increased, according to the intention of the lawgiver, must necessarily be diminished by every such regulation."

“ The natural advantages wbich one country has over another, in producing particular commodities, are sometimes so great, that it is acknowledged by all the world to be in vain to struggle with them. By means of glasses, and hot beds, and hot walls, very good grapes can be raised in Scotland, and very good wine, too, can be made of them at about thirty times the expense for which at least equally good can be bought from foreign countries. Would it be a reasonable law to prohibit the importation of all foreign wines, merely to encourage the making of claret and Burgundy in Scotland ? But if there would be a manifest absurdity in turning towards any employment thirty times more of the capital and industry of the country than would be necessary to purchase from foreign countries an equal quantity of the commodities wanted, there must be an absurdity, though not altogether so glaring, yet exactly of the same kind, in turning towards any such employment a thirtieth or even a three-hundredth part more of either.”

This quotation could be lengthened with advantage, but space will not allow.

It will be seen that Adam Smith, instead of advocating protection, as our opponent would have us believe, advocates the utmost freedom of trade; and founds its necessity among nations, upon the same the principle of action (profit) which has enforced it so rigorously, all the world over, among private individuals. His reasoning upon the subject is so clear and cogent, that it is difficult to believe that any candid inquirer can fail to be convinced.' And whatever discrepancy may seem to appear in his writings, nothing can be clearer than his decision against the protective system. Therefore, to hold up any part of his writings as favorable to that particular system, is, in our humble opinion, not only unjust to the author, but impertinent to the public.

Dr. Smith lays it down as an axiom, that no country can have more than tbe legitimate profit of its own capital; and if it be diverted by arbitrary legislation to other employments than those in which it has peculiar facilities of production, it will obtain a less rate of profit than it would otherwise have done. And it seems almost unnecessary to say, that no man holding these views, upon this particular point, could consistently advocate tbe protective system. We must now turn to another part of our subject.

Mr. Baird has furnished us, in the July number, with the amount of production of wheat per acre in several States—the production, accord

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