cient and venerable, foster-child of public and private liberality in every part of the State; to whose existence Charlestown gave the first impulse, to whose growth and usefulness the opulence of Boston has at all times ministered with open hand. Still farther on than the eye can reach, four lines of communication by railroad and steam have within our own day united with the capital, by bands of iron, a still broader circuit of towns and villages. Hark to the voice of life and business which sounds along the lines! While we speak, one of them is shooting onward to the illimitable west, and all are uniting, with the other kindred enterprises, to form one harmonious and prosperous whole, in which town and country, agriculture and manufactures, labor and capital, art and nature-wrought and compacted into one grand system are constantly gathering and diffusing, concentrating and radiating, the economical, the social, the moral blessings of a liberal and diffusive commerce.

"In mere prosperity and the wealth it diffuses, there is no ground for moral approbation; though I believe in any long period of time, it will be found that those communities only are signally prosperous where virtuous principle is revered as the rule of conduct. It is the chief glory of our commercial community, that the old standard of morals is still kept up; that industry and frugality are still held in honorable repute, that the rage for speculation has not eaten out the vitals of character, and that lucky fraud, though plated stiff with ill-gotten treasure, dare not yet lift up its bold, unblushing face, in the presence of the humblest man, who eats the bread of honest industry."

CLEARING HOUSE, LONDON.

In a large house in Lombard street, about thirty clerks, from the various London bankers, take their station in alphabetical order, at the desks placed round the room, each having a small open box by his side, and the name of the firm to which he belongs in large characters on the wall above his head. From time to time, other clerks from every house enter the room, and passing along, drop into the box the checks due by that firm to the house from which the distributor is sent. The clerk at the table enters the amount of the several checks in a book previously prepared, under the name of the bank to whom they are respectively due.

Four o'clock in the afternoon is the latest hour to which the boxes are open to receive checks, and a few minutes before that time, some signs of increased activity begin to appear in this previous quiet and business-like scene,- -numerous clerks then arrive, anxious to distribute, up to the latest possible moment, the checks which may have been paid into the houses of their employers. At four o'clock, all the boxes are removed, and each clerk adds up the amount of checks put into his box, payable by his own to other houses. He also receives another book from his own house, containing the amount of the checks which their distributing clerk has put into the box of every other banker. Having compared these, he writes out the balances due to or from his own house, opposite the name of the other banks, and having verified the statement by a comparison with the similar lists made by the clerks of those houses, he sends to his own bank the general balance, resulting from this sheet, the amount of which, if it is due from that to other houses, is sent back in bank notes.

At 5 o'clock the Inspector takes his seat, when each clerk who has, upon result of all the transactions, a balance to pay to various houses, pays it to the Inspector, who gives a ticket for the amount. The clerks of those houses to whom money is due, then receive the several sums from the Inspector, who takes from them a ticket for the amount. Thus, the whole of these payments are made by a double system of balance, a very small amount of bank notes passing from hand to hand, and scarcely any coin. It is difficult to form a satisfactory estimate of the sums which daily pass through this operation- they fluctuate from £2,000,000 to perhaps £15,000,000 sterling - about £2,500,000 may possibly be considered as something like an average, requiring for its adjustment, perhaps £200,000, in bank notes, £20, specie. By agreement between the different bankers, all checks which have the name of any banker written across them,

must pass through the clearing house; consequently, if any such check should be lost, the firm on which it is drawn would refuse to pay at the counter, a circumstance which adds greatly to the convenience of commerce.

ILLEGALITY OF HEAPED MEASURES.

In the Bath police report is a circumstance of a gentleman being summoned for purchasing, and a poor woman for selling goods in the Bath market, contrary to the act of parliament lately passed to regulate weights and measures. It appears, that the gentleman purchased a measure of potatoes, and the woman who sold them piled them up above the rim of the measure about two inches. In this case, our laws would appear to establish a new mode of morality to that established by christianity. Christianity recommends "full measure, pressed down, and running over;" but the English laws, contrary to this precept, say, it shall not be running over, but perfectly level, or what is called a strike measure; or, if this is impossible, less, rather than more. Sound morality, as far as we have understood it, has ever said, as much more than the measure as you like, but nothing under; the measure law of England says, under, if you please, but not an inch above. It appears, that if the surface is in places below the level, the conscientious vender of market produce does not dare to add another potato, because that would make it above the measure, this being the grand terrorem of the English law - you must not exceed the measure. It appeared in evidence, that the inspector suminoned the parties, not to obtain fines, but to enforce, if possible, the necessity of selling by weight.

TOBACCO IN MEXICO.

It may not be generally known, that in Mexico tobacco is one of those articles the sale of which is monopolized by the government. This exclusive privilege it usually rents out to a company of speculators, who agree to advance a very considerable item of the stipulated amount. In files of papers, transmitted to the editor of the New Orleans Bulletin by a military friend of high standing in the Mexican army, is a copy of the "contract" for the sale of this article for the next five years. The lessees are to pay the government six hundred thousand dollars for the first three years, and seven hundred thousand for the last two. The cultivation of tobacco shall be permitted only in those territories designated by the law of 15th April, 1837. In Yucatan, by an agreement, the cultivation and sale of it shall be free, with liberty to export it abroad, but not to be introduced into any other department of the republic without the consent of the company, and in the quantities designated by them. The duties accruing from the legal introduction of foreign tobacco are to be paid to them, they are to have the national tobacco stores in all the departments of the republic rent-free; and any losses that may be sustained, owing to political commotions, the one half is to be borne by the government.

MORTALITY OF SEAMEN.

It has been computed, that for every sixteen sailors who die of all diseases, eleven die by drowning or in wrecks; that the number of British ships which are lost is about one to twenty-five; that very few short of two thousand perish annually in the mighty deep, chiefly from shipwreck, by which, property to the value of three millions annually is absolutely lost to the nation, and hundreds of widows and thousands of children are thrown on the cold and precarious charity of the public: that the more frequent cause of these shipwrecks is intemperance, and that in the case of those who are saved from such sudden death and a watery grave, the average life of seamen is, from hard service, finished at forty-five.

INLAND SEAS OF SOUTH AUSTRALIA.

Since the establishment of the colony, says the London Monthly Chronicle, a navigable inlet has been found to Lake Alexandrina, a large inland sea situated within the assigned limits of the province; and it has, moreover, been discovered, that the Murray river, the only river of any magnitude which has yet been met with in New Holland, discharges its waters into this lake or inland sea. The prospect of a large extent of inland navigation is thus opened to the colonist; and so important are the advantages anticipated from this discovery, that many of the purchasers of land-orders have declined to select sections in the district of Adelaide, choosing rather to wait until some of the lands on the lake and along the river have been surveyed.

OBITUARY NOTICE.

SAMUEL HENRY, ESQ.

AMONG the individuals who perished on board the ill-fated Lexington, there was no one more generally beloved and respected than Samuel Henry, Esq., of Manchester, England. Intimately connected as he was, in his mercantile pursuits, with a large class of merchants in this city, this magazine seems a proper medium to express the deep sympathy which his death has occasioned in this community. Though not a native of this country, Mr. Henry had, for many years, been actively engaged in extensive commercial operations with America, and he has left behind him a large circle of friends, who ever welcomed him to our shores with sincere regard and affection.

In his business intercourse with his fellow-men, rigid, uncompromising integrity, marked his character. No one knew better the true requirements of a merchant, or the generosity becoming a man; and throughout his life, he ever maintained the strictest consistency of high mercantile principles, and the most generous liberality. During the commercial distress which affected every class in the country for the past three years, Mr. Henry was here, yielding relief and assistance to those whom misfortune had crushed; and there are many, in this city and elsewhere, who will bear honorable testimony of his open confidence and generous forbearance, when they were most needed and appreciated. Indeed, in all his business transactions, there was a free, honest spirit, a manly, straight-forward course of conduct, which won the esteem and confidence of all with whom he came in contact.

In his private relations, Mr. Henry was no less estimable than in his mercantile position. Simple, open, frank, in his manners, he drew around him a host of friends; and such was his sincerity and courtesy, that we feel he has not left an enemy behind him. At home he was distinguished for his unbounded hospitality, and whenever an American placed his foot on the English shore, Mr. Henry was among the foremost to extend the right hand of welcome, and by his kindness and attention, made him feel that he was not wholly a stranger, though in a foreign land.

We dare not speak of the heart-rending catastrophe which caused Mr. Henry's death, nor of the sorrow and anguish which a knowledge of it will create in those hearts in England, where he was most loved and valued. Cut off in the rich maturity of noble manhood, with a brilliant prospect before him, the heart sickens when it reflects on his mournful end; but it finds a consolation in the feeling, that he lived and died a true, an HONEST MAN. A friend who knew and valued him, pays this inadequate but sincere tribute to his memory. E. L. H.

TO READERS AND CORRESPONDENTS.

In our next number we shall commence the publication of a series of articles on the Poor Debtor and Insolvent Laws of the several States of the Union. Our object is, to present, in as brief and condensed a form as may be consistent with a clear understanding of them, the various provisions of Statute Law appertaining to the modes of securing and enforcing the payment of debts, and the enactments for the relief of poor debtors, together with such kindred matter as may be suggested in the prosecution of our design. We think, if successfully accomplished, it will prove of essential service to our mercantile friends.

We shall begin with the Laws of Maine, being in possession of an article prepared by FRANCIS BRINLEY, Esq., of this city, Counsellor at Law. Mr. B. has contributed to the value and interest of several of our Law Journals, is a gentleman of highly re spectable legal acquirements, and has had an extensive practice at the bar in the courts of Maine.

It is our purpose to secure, in the prosecution of our plan, the best legal talent in the country—the aid of gentlemen of extensive practice, that the information furnished may be relied upon for its correctness and fidelity.

We have on hand a variety of papers, several of which will appear in the March number, or at our earliest convenience. Among them are,

1. The Principles of Credit, by CHARLES FRANCIS ADAMS, Esq., of Massachusetts. 2. The Theory of Profits, No. II., by Professor GEORGE TUCKER, of the University of Virginia.

3. Suggestions on the Law of Auctions, (embracing an auctioneer's right to purchase the rights of vendor against purchaser at auction-the rights of the purchaser at auction, &c.,) by FRANCIS BRINLEY, Esq., of New York.

4. Life Insurance. By E. W. STOUGHTON.

5. The Period of the Risk insured in Marine Policies.

6. A Review of the Hon. JOHN SARGENT's Lecture on Commercial Character.

7. The Commercial League of the Hanse Towns, &c.

8. The Harbors of North America, by DAVID STEVENSON, of Edinburgh, Scotland.

9. Speculations on Commerce, by W. W. WHEILDON, Esq.

10. Biographical Sketch of Hon. James Lloyd, an eminent Merchant, by ALDEN BRADFORD, Esq.

ELIJAH WARD, ESQ., LATE PRESIDENT OF THE MERCANTILE LIBRARY ASSOCIATION.We took occasion in the last number of the magazine, to express our regret that Mr. Ward had declined accepting the nomination for re-election to the office of president. It was, however, we understand, with the intention, which he has already carried into effect, of adopting the profession of the Law. His abilities, and courteous deportment, together with an extensive acquaintance with commercial young men, give presage of success in his new sphere.

Persons who wish to become subscribers to this Magazine, are reminded, that Postmasters are allowed, by order of the Postmaster-General, to remit the amount of subscription to periodicals, to any part of the country, under their frank.

HUNT'S

MERCHANTS' MAGAZINE.

MARCH, 1840.

ART. I.-THE PRINCIPLES OF CREDIT.

[THE following Lecture was originally prepared for the Mercantile Library Association, but as when finished it appeared too long, and in some portions too abstract, for delivery as a lecture, the author substituted another in its place, reserving it, however, in its original form, for publication in our Magazine.]

IN selecting for the topic of consideration, this evening, the subject of credit, I was not prompted by the belief that I could set forth any very new or startling theory, or make it a medium for the display of brilliant images or effective declamation. My only motive for preferring it, sprung from a conviction that the discussion might be useful. There is no question more generally agitated at this time, than that which relates to the precise use and value of credit, and none wherein the opinions formed are more widely divergent from each other, or more frequently rest upon a very lax foundation. And inasmuch as in our country men generally act at once upon the modes of thinking which they have formed, without waiting very nicely to sift their abstract soundness, it is not impossible that a period may soon arrive, when those which shall prevail upon this subject may have immediate and very seriously injurious effects upon the public welfare, if some attempt is not previously made to keep them from going wrong. Circumstances, which I need not name, have of late made most of us think more about credit than we ever did before; and out of the conflicting views taken of its operations, parties have already made themselves distinctly visible. On the one hand, there are some who, from very narrow and exclusive observations of the evil that follows its abuse, so far overlook its real nature and indispensable utility, as to arrive at the remarkable conclusion, that its use does not benefit society. And, on the other, a different class, whose habits of life have led them to exaggerate its force, have ascribed to it a degree of active power which does not appear to me to exist, and the performance of effects in my judgment far beyond its reach. Between these wide extremes, you will perceive that there must be a great deal of ground. Unhappily, however, it is too much the case, that whenever any subject

VOL. II. NO. III.

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