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cation. The culprit seems only a loser in a game of chance. Things have gone against him. He has met with losses. The very machinery, so to call it, of business blinds us somewhat to the position he is in. We only see so many ruled books of accounts, and little slips of inscribed paper. We only hear of state of the money market,' acceptances, returned paper, assets, dividends, and other terms more metaphysical than real. It is difficult, particularly when the transactions are of large amount, to connect the case with human passions, error, and trespass. Yet even here the moralist may come in with his rebukes and warnings. The aim of the commercial man in the contracting of his obligations is, after all, a selfish one; he intends by the results of such transactions, to obtain exactly those tangible indulgences which have brought his non-commercial neighbor into debt. It is, in the world's morality, legitimate to follow this object with one's own means and industry; but it never can be so to follow it by means of the property of another man. Such is the case of him who trades chiefly upon means not his own; who, in other words, trades largely upon credit. If A B, for example, possessing property to the value of only five thousand pounds, orders foreign corn to the amount of fifty thousand, in the hope of making fifteen thousand by it, while there is a chance on the other hand that, by a fall of markets, it may only sell for thirty, he undoubtedly is risking a loss of fifteen thousand pounds to his creditors for the chance of making as much for himself. Rightly judged, this is an unprincipled action-as much so as to commit positive larceny. Yet, sad to say, this is the system pursued by a vast proportion of commercial men. All trading beyond a proper substratum of means is only a kind of masked profligacy—unless, indeed, credit is pushed upon a man by others, who have their own selfish objects in view; in which case the insolvent may be as much the sinned against as the sinning. We were lately told of mercantile houses which had not been in a position to pay all their debts within the memory of any person; yet the partners had been living in handsome style, upon these ventures of the means of others, during a series of generations! What a false and hollow life! It could never find one voice to justify it, if there were not so many involved in some degree in the turpitude. One painful consideration is, that many, if they would keep to their own means, might be prosperous and happy; but unable to rest satisfied with moderate doings, they rush into the difficulties consequent upon credit, and thus make for themselves great reverses. It appears as if some men had such a liking for embarrassment as others have for opium or brandy, and never could be at rest except when tossed about in a forest of dilemmas. Talk of the frivolous lives of the ultra-gay, of the unhealthy lives of the poor, but what can be more forced, unhealthy, or unnatural, than the life of one of these infatuates of the business world, who rush from speculation to speculation, as if to gratisy a morbid love of excitement, and, in the absorbment of their daily avocations, forget rearly every domestic tie?

It surely might be possible to make the proper allowance for the bankruptcies occurring through inevitable misfortunes, and yet be sufficiently alive to the nature of those cases in which there had been no right substantial basis of means from the beginning, or where business had been

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persevered in long after the right means had ceased to exist. Were the latter course marked by the public as immoral, which is its real character, we might hope to see it less frequently followed.

Perhaps there is need for some reform of our whole ideas regarding credit. When it is said that without credit business could not be carried on, that credit is the soul of business, and so forth, a truth is stated; but it does not properly imply anything more than this, that a man must be believed to have the means, as well as the honest intention, of discharging his obligations, in order that his transactions may go on smoothly, seeing that it is practically impossible, in any but a small class of cases, to hand the money in exchange for goods. It is to be feared that with the mercantile class generally, the maxim has come to sanction the incurring of obligations without any very rigid regard to the means of discharging them. Some appear to worship it as a principle which comes in place of, and dispenses with, capital; but in as far as it is not expressly referable to actual means—that is, the means of making good, and that readily, any difference between the value of goods purchased or engaged for, and that to which they may fall, and all other unfavorable contingencies which may be expected to take place in the course of business—it is a delusion and a snare. Men proclaim that the business of the world would be at a stand-still if there were not this faith, not in things unseen, but in things which do not exist. We deny the assertion. The business of the world would be executed by men possessing real means, if it were not anticipated by men without means. The traders on fiction, who are a species of impostors, only so far prevent those who would trade on fact from having their legitimate share of the said business; and how far it would be better for the public at large that the latter class were not thus interfered with, it is superfluous to say.

There are no doubt wonderful doings amongst those who work upon fiction: happy strokes, dashing successful adventures, where there was no substance to stand good in the case of an opposite result, are well known. But these are only dangerous exceptions from the rule. The chances are, in reality, much against the success of a business conducted too much on credit. It is a system which always involves a higher scale of prices, and which is costly in its own procedure; thus reducing or extinguishing profits. There is even a more fatal evil attending it, in the demand which it makes on the time and energies of the trader, merely to supply ways and means. The few, as comparatively they may be called, who take the opposite plan, thrive as much by the freedom in which their minds are left to attend to the real affairs of business, as by any advantage they have in getting all things at the greatest advantage. It is merely the mistake of excessive acquisitiveness, or of rashness in combination with ignorance, that business cannot be limited to actual means. There is nothing to prevent it, if men will only be contented to do that in ten years which requires ten years, and not to attempt doing it in five, or three, or any shorter time. Let them use the gains of one year for the business of the next, and never try to make any sum of money do more than its proper amount of work. If they are to make a risk, let it strictly be one which, in its worst issue, will not embarrass them. On such principles, they will conduct their affairs with peace of mind, and with the best likelihood of success. Are such persons above credit—or is credit slighted by their course of procedure? Not at all. These persons enjoy true credit, in there being such an assurance of their substantiality, that whatever they wish to purchase, will be sent on their order—the whole play of the blood and muscle of their business will be healthy by reason of the dependence placed on them. Such is. in truth, the only right kind of credit. That which enables one man to do without money what another man does with it, is, as has been already said, a delusion.

The philosophy of these remarks entirely applies to the question regarding a circulating medium. Barter is, after all, the fundamental idea of commerce. When we pay for articles in gold, we are only exchanging one article for another. It is more convenient and economical to have notes representing the gold; but this does not necessarily imply that we may have notes which there is no gold to represent. That were to proceed upon fiction instead of fact. The gold lying in the coffers of the note-issuing company is not idle. It is serving all the time as a basis for the ideal character of the notes out of doors. But may there not be notes representing land, or houses, or goods, as well as gold? It has been tried and found wanting. The basis article must be readily available and receivable, otherwise the ideal money loses character, and its function ceases. Whatever tends to prevent a currency of this kind, or of any kind but that which is immediately backed by substances which mankind set a distinct value upon, and are always willing to receive at a certain rate, must be serviceable to the true interests of the community. There may be some evils attending it, not springing from itself, but from the imprudence which it checks; but the general force of this principle is clearly advantageous.

The evils of debt and bankruptcy may be said, like many others, to arise from the blind efforts of human ignorance and passion to fly in the face of natural ordinations which we cannot resist with impunity. If men would observe and go along with these ordinations, they would so far secure their happiness. But it so happens that a man may receive what is called a perfect or first-rate education, and yet be unacquainted with some of the very primary rules affecting his well-being as an inhabitant of the earth. The period of comparative security from this class of evils must, therefore, be expected only when the knowledge of mankind has been increased.

'In America particularly. The Scottish banks are remarkable for the large business they long carried on upon the basis of general property; but for this there are special reasons in the smallness of the country, which makes every man's circumstances readily known, and in the extreme prudence with wbich the business of banking was always conducted in this part of ihe empire. These things, with time, produced confidence, and enabled bankers to do with less gold iban is usually necessary.

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FINANCES OF THE UNITED STATES.

Debts, Imports, Exports, TonnaGE AND Coinage of the UNITED

States, FOR EACH YEAR FROM 1791 to 1846.
Years.
Debt.
Imports.
Exports.

1794 1795

1803 1804 1805 1806

1811 1812

Tonnage. 1791 $75,463,476 $52,200,000 $19,012,041

502,146 1792 17,227,924 31,500,000

20,753,098

564,437 1793 80,352,634 31,100,000 26,109,572

491,780 78,427,405 34,600,000 33,026,233

628,817 80,747,587 69,756,268 47,989,472

747,964 1796 83,762,172 81,436,164 67,064,097

831,900 1797 82,061,479 75,379,406 56,850,206

876,913 1798 79,228,529 68,551,700 61,527,097

898,328 1799 78,408,670 79,069,148 78,665,522

946,408 1800 82,976,294 91,252,768 70,971,780

972,492 1801 83,038,051 111,363,511

94,115,925 1,033,219 1802 80,712,632 76,333,333 72,483,160

892, 101 77,054,686 64,666,666 55,800,033

949,147 86,427,121 85,000,000 77,699,074

1,042,404 82,312,150 120,000,000

95,566,021

1,140,369 75,723,271 129,000,000 101,536,963

1,208,735 1807 69,218,399 138,500,000 108,343,150

1,268,548 1808 65,196,318 56,990,000

22,439,960 1,242,595 1809 57,023,192 59,400,000

52,203,231 1,350,281 1810 53,173,217 85,400,000 66,757,974

1,424,783 48,005,588 53,400,000 61,316,831

1,232,502 45,209,738 77,030,000

38,527,236 1,269,997 1613 55,962,828

22,005,000 27,855,997 1,666,628 1814 81,497,846 12,965,000

6,927,441

1,159,209 1815 99,833,660 113,041.274

52,557,753 1,368,127 1816 127,334,934 147,103,000 81,920,452

1,372,218 1817 123,491,965 99.250,000 87,671,569

1,399,911 1818 103,466,634 121,750,000

93,281,133

1,225,184 1919 95,529,648 87,125,000 70,142,521

1,260,751 1820 91,015,566 74,450,000 69,691,669

1,280,166 1921 89,987,428 62,585,724 64,974,382

1,298,958 1822 93,546,677 83,241,541 72,160,281

1,324,699 1823 90,875,877 77,579,267 74,699,030

1,336,565 1824 90,269,778 80,549,007 75,986,657

1,389,163 1825 83,789,433 96,310,075

99,535,388 1,423,112 1926 81,054,060 $4,974,477 77,595,322

1,534,190 1827 73,987,357 79,484,068 82,324,327

1,620,608 1828 67,475,044 88,509,824 72,264,656

1,741,392 1829 58,421,414 74,492,527 72,358,671

1,260,978 1830 45,565,406 70,876,920

73,849,508 1,191,776 1831 39,123,192 103,191,134

81,310,583

1,267,846 1932 24,322,235 101,029,266

87,176,943 1,439,450 1833 7,001,699 108,118,311

90,140,433

1,601,150 1834 4,760,082 126,521,332 104,336,973

1,759,907 1835

37,733 149,895,742 121,693,577 1,824,940 1836

37,513 189,980,035 128,663,040 1,992,102 1837 1,878,224 140,989,217 117,419,376

1,896,685 1838 4,857,660 108,456,616 113,717,404

1,995,639 1839

11,983,738 121,028,416 162,092,132 2,096,478 1810

5,125,078 131,571,950 104,805,891 2,180,764 1841 6,737,398 127,946,177 121,851,803

2,130,744 1812

15,025, 456 100,162,087 104,691,534 2,092,390 1843 26,598,953

64,753,799* 84,346,480* 2,158,602 1811+

26,143,996 108,435,0357 111,200,046+ 2,280,095 15457

16,801,647 117,254,5647 114,646,6067 2,417,002 1846+

24,256,495 121,691,7977 113,488,5167 2,562,084 *Only nine months of 1843.

*For the year ending June 30.

Coinage of the Mint of the United States, from 1792, including the

coinage of the Branch Mints from the commencement of their operations, in 1838. Gold. Silver. Copper.

Whole Coinage. Years. Value.

Value.

Value No. of pieces. Value. 1793-5 $71,485 00 $370,693 80 $11,373 00 1,834,420 $453,541 80 1796 102,727 50 79,077 50 10,324 40

1,219,370 1797

192,129 40 103,422 50 12,591 45 9,510 34

1,095,165 1798

125,524 29 205,610 00 330,291 00

9,797 00

1,368,241 1799

545,698 00 213,285 00 423,515 00

9,106 68

1,365,681 1800

645,306 68 317,760 00 224,296 00 29,279 40

3,337,972 1801

571,335 40 422,570 00 74,758 00 13,629 37 1,571,390 1802

510,956 37 423,310 00 58,343 00

34,422 83

3,615,869 1803

516,075 83 258,377 50 87,118 00 25,203 03

2,780,830 1804

370,698 53 258,642 50 100,340 50 12,844 94

2,046,839 371,827 94 1805 170,367 50 149,388 50 13,483 48

2,260,361 1806

333,239 48 324,505 00 471,319 00 5,260 00 1,815,409 1807

801,084 00 437,495 00 597,448 75

9,612 21

2,731,345 1,044,595 96 1808 284,665 00 684,300 00 13,090 00

2,935,888 982,055 00 1809 169,375 00 707,376 00

8,001 53

2,861,834 884,752 53 1810 501,435 00 638,773 50 15,660 00 3,056,418 1811

1,155,868 50 497,905 00 608,340 00

2,495 95

1,649,570 1812

1,108,740 95 290,435 00 814,029 50 10,755 00

2,761,646 1,115,2:9 50 1813 477,140 00 620,951 50 4,180 00

1,755,331 1814

1,102,275 50 77,270 00 561,687 00 3,578 30 1,833,859 642,535 80 1815 3,175 00 17,308 00

69,567 1816

20,483 00 28,575 75 28,209 82 2,888,135 56,785 57 1817

607,783 50 39,484 00 5,163,967 647,267 50 1818 242 940 00 1,070,454 50 31,670 00

5,537,084 1,345,064 50 1819 258,615 00 1,140,000 00 26,710 00

5,074,723 1820

1,125,325 00 1,319,030 00 501,680 70 44,075 50

6,492,509 1921

1,864,756 20 189,325 00 825,762 45 3,890 00

3,139,249 1822

1,018,977 45 86,980 00 805,806 50

20,723 39

3,813,788 915,509 89 1923 72,425 00 895,550 00

2,166,485 967,975 00 1824 93,200 00 1,752,477 00 12,620 00 4,786,894 1,855,297 00 1825 156,385 00 1,564,583 00 14,926 00

5,078,760 1,735,894 00 1826 92,245 00 2,002,090 00 16,344 25

5,774,434 2,110,679 25 1827 131,565 00 2,869,200 00 23,557 32 9,097,945 3,024,342 32 1828 140,145 00 1,575,600 00 25,636 24 6,196,853 1,741,381 24 1829

295,717 50 1,994,578 00 16,580 00 7,674,501 2,306,875 50 1830 643,105 00 2,495,400 00 17,115 00 8,357,191 3,155,620 00 1831 714,270 00 3,175,600 00 33,603 60 11,792,284 3,923,473 60 1832 798,435 00 2,759,000 00 23,620 00 9,128,357 3,401,055 00 1833 978,550 00 2,579,000 00 28,160 00 10,307,790 3,765,710 00 1834 3,954,270 00 3,415,002 00 19,151 00 11.637,613 7,3-8,423 00 1835 2,186,175 00 3,413,003 00 39,439 00 15,996,342 5,669,667 00 1836 4,135,700 00 3,606,100 00 23,100 00 13,719,333 7,764,900 00 1837 1,148,305 00 2,096,010 00 55,583 00 13,010,721 3,299,898 00 1838 1,809,595 00 2,333,243 00 53,702 00

15,750,311 4,206,540 00 1839 1,355,885 00 2,189,296 00 31,2-6 61 11,911,534 3,576,467 61 1840 1,675,302 50 1,726,703 00 24,627 00 10,559,2 10 3,426-632 50 1841 1,091,597 50 1,132,750 00 15,973 67 8,811.968 2,240,321 17 1842 1,834,170 50 2,332,750 00 23,533 90 11,743,153 4,190,754 40 1843 8.108,797 50 3,834,750 00 24,253 20 114,640,582 11,967,530 70 1844 5,428,230 00 2,235,550 00 23,987 52 9,051.934 7,697,767 52 1845 3,756,447 50 1,873,200 00 39,948 04

11,806,196 5,663,595 54 1846 4,034,177 00 2,558,580 00 41,203 00 133,515 6,633,965 00 Total, 52,344,542 50 69,052,014 90 1,083,774 52 315,239,616 122,480,321 92

The coinage at all the Mints during the first six months of the year 1847 reached the sum of $8,206,222 67. The deposites in the same year were $5,906,554 21. These results show a greater amount of deposites and coinage than has been reached in any

with the exception of the year 1843, when the total coinage was nearly twelve millions.

whole year,

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