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In estimating the population of Massachusetts for each successive year, in the foregoing tables, the United States census for 1800, 1810, 1820, and 1830, and the state census for 1837, have been used, and a mean between the numbers in those years has been taken, for each of the intervening years, and for 1838, 12,989, the average annual increase during the seven previous years, have been added to the population of 1837. To the population of 1838, thus formed, 12,989 are added for that of 1839.

In estimating the population of Boston, the United States census for 1800, 1810, 1820, and 1830, the city census for 1825 and 1835, and the state census for 1837, have been used, and the population for the intervening years has been assumed to be the mean between those successive dates; and for 1838, 861, the average annual increase during the two preceding years are added to the last census, and for 1839, 861 have been added to the population of 1838. The population out of Boston, is obtained by deducting that of Boston from that of the whole state for each year. These results are to be considered only an approximation; but still, they are, doubtless, so near the truth, that the ratios probably do not vary more than one or two cents from exactness.

The number, capital, and circulation of the banks, are derived from the annual returns as published by the secretary of state.

The ratios of the population to the capital and to the circulation, are obtained by dividing the capital and the circulation successively, by the population for each year.

These tables exhibit some important results relating to the amount of the bank capital, and bank issues, compared with the population of Massachusetts, for the last thirty-seven years. These results suggest interesting reflections concerning the habits and condition of the people, as indicated by, and we may add, as modified by the banking institutions of the state, during this period. During these thirty-seven years, the bank capital per head, has increased nearly four fold in Boston, over sixteen fold out of Boston, and over nine fold in the whole state; its greatest increase was four and a half fold in Boston, nearly eighteen fold out of Boston, and nearly ten fold in the state, in 1837; its average above what it was in 1803, has been over three fold in Boston, over seven fold out of Boston, and over five fold in the state.

The circulation per head, in Boston, in 1839, was fourteen and a half per cent. larger than in 1803, and twenty-six and three fourths per cent. smaller than the average for the whole time; its greatest expansion in 1828, being nearly two and a half times that in 1839. In the country, it had increased four fold in 1839, and was then nearly double the average for thirty-seven years; its greatest expansion in 1836, being five times that of 1803. In all the banks, it had increased three fold in 1839, and was then one and one third times the average for thirty-seven years, its greatest expansion in 1836, being about four and a half times that of 1803.

In other words, the bank capital and the circulation of bank paper have increased in the above proportions faster than the population.

In this connexion, it may be mentioned, that, according to the United States census, the population of Boston, as compared with that of Massachussetts, has, in forty years, from 1790 to 1830, increased from 4.762

to 10.057 per cent. of that of the state, which is more than twelve times greater than the increase of New York city, as compared with that of the state of New York, and more than four times that of Philadelphia, as compared with that of Pennsylvania; in other words, in these forty years, Boston has increased, in respect to Massachusetts, 111.1927 per cent., New York city, in respect to the state of New York, only 8.9129 per cent., and Philadelphia, in respect to Pennsylvania, 27.2170 per cent.

In thirty-seven years, from 1803 to 1839, the population of Boston has increased nearly three fold, (2.99,) while its bank capital has increased over eleven fold, (11.52); the population of the country has increased one and a half fold, (1.57,) while its bank capital has twenty-five and a half fold, (25.50;) and the population of the state has increased one and a half times, (1.66,) while its bank capital has nearly fifteen and a half times, (15.49.)

But it is the circulation in its relation to the habits and condition of the people, to which we would particularly direct the attention. This has risen, during the period in question, from $1,565,189, 1803, to $10,892,249 50, or been increased seven fold, and per head five fold, in 1836. Its average per head for the thirty-seven years has been $8 07, or more than double what it was in 1803. What does this increase of paper currency indicate and imply? It implies a change in the habits. and condition of the people. It implies that the greater amount of a paper currency (for we may suppose that the proportion of specie among the people has been during the whole period, and is now, as great as it was in 1803) has been used in the way of trade-of buying and selling; that the people have come into the habit of buying more than they used to; that they have come into the habit of living less within themselves; and that they have become more dependant upon others than they formerly were.

It is well known that the habits of the mass of the people have greatly changed during this period, as is indicated by the currency alone. The value of the products of certain branches of industry in Massachu setts, for the year ending April 1, 1837, was estimated at $86,282,616, and the hands employed at 117,352, over a seventh part of the population. A large portion of this business has been created in the last thirty-seven years; in other words, a larger proportion of individuals was then employed, and a larger proportion of manufactured articles produced, than in 1803; and we presume that it is not materially different now from what it was three years ago. Thus the attention and labor of many have been diverted from other pursuits, especially agricultural, to various manufacturing pursuits, which have rendered them more dependant for the necessaries of life upon others, and also others more dependant upon them for manufactured articles, which at length have become necessaries to all. The people formerly wore homespun, now they wear factory and imported cloths and silks; formerly they subsisted chiefly upon provisions of their own raising, now they rely much more upon foreign produce. In fact, if we survey the houses, the furniture, the luxuries, in fine, the whole apparatus of living, we shall find that, in the last thirty-seven years, the habits of the people of Massachusetts, their labors and occupations, have rendered them more dependant upon

others, and upon foreign countries. Should this circulation be greatly and suddenly diminished, or wholly withdrawn, without a substitute, it would be attended with great distress among thousands and tens of thousands. It would take a long time, if it were possible, for them to return to their former habits and condition.

ART. VII.-SUGGESTIONS ON THE LAW OF AUCTIONS. No. II.

CONDITIONS OF SALE, AND PUFFING.

Ir is expedient that the conditions of sales be reduced to writing, printed, and publicly announced, prior to the commencement of the sale. They may be read, or put up in some conspicuous place in the auction room. They should be drawn up carefully and with precision, so as to express the intentions of the party, and contain all the terms of the contract; for they are binding on the vendor and purchaser, and neither can travel out of them, and give evidence of what was said by the auctioneer at the time of the sale, in any respect varying the written or printed conditions; for it would open a door to fraud and inconvenience, if an auctioneer were permitted to make verbal declarations in the auction room contrary to the printed conditions of sale; or, in the words of Lord Ellenborough, men cannot tell what contracts they enter into, if the written conditions of sale are to be controlled by the babble of the auction room.

In the sale of real property at auction, care should be taken that the description be accurate, or the purchaser will not be holden. But if the description be substantially true, and be defective or inaccurate in a slight degree only, the purchaser will be required to perform the contract, if the sale be fair, and the title good. If every nice and critical objection be admissible, and sufficient to defeat the sale, it would greatly impair the efficacy and value of public judicial sales; and therefore if the purchaser gets substantially the thing for which he bargained, he may generally be held to abide by the purchase, with the allowance of some deduction from the price by way of compensation for any small deficiency in the value by reason of the variation.

The verbal declarations of an auctioneer, at the time of sale, are not admitted in evidence to explain ambiguities in the printed conditions. Nor will parol evidence be permitted to introduce a new term into the written agreement. The conditions of sale will be construed in accordance with the apparent intention of the parties, without reference to the technical expressions introduced into the agreement; thus, the term that the purchaser should make satisfaction to the vendor for not completing the sale, was holden to mean pecuniary satisfaction.

If the conditions provide that any mistake in the particulars shall not vitiate the contract, such stipulation does not extend to a wilful misdescription; so, when it is stipulated that the commodity shall be taken with all faults, such a proviso does not preclude the purchaser from

VOL. II.-NO. II.

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availing himself of defects wilfully concealed by the vendor. On this branch of the subject, it will be sufficient to add, as a well settled principle, that the verbal declarations of an auctioneer, at the time of sale, are not admissible in evidence, for the purpose of varying, adding to, or explaining the printed conditions. But parol evidence may be introduced to prove fraud. If a material false description of goods be given in the particulars, the sale will be void; a trifling variation will not affect the validity of the contract.

A bidding at an auction may, unless the conditions of the sale express to the contrary, be retracted before the hammer is down. Every bidding is an offer on one side, which is not binding on either, until it is assented to, and that assent signified on the part of the seller by knocking down the hammer.

By the civil law, a private bidding by or on behalf of the vendor, is treated as a fraud; this was the doctrine of Lord Mansfield, and is an evidence of his lofty conception of right and morals; it certainly commends itself as a just rule: if the owner wishes to bid, he ought to reserve that right in the conditions of sale. The authorities are not uniform upon the subject; it may, however, be considered as settled, that the employment of a bidder by the owner will be fraud or otherwise, according to the circumstances tending to show innocent intentions or fraudulent design. Thus, if a bidder be appointed by the owner to prevent the estate from being sold at an undervalue, the transaction is valid. But if the person employed, was appointed not with a view to prevent a sale at an undervalue, but to take advantage of the eagerness of bidders, and thus enhance the price, it is fraudulent. So, if a number of bidders are employed, to increase the price by a pretended competition, and the bidding was not sincere, but a mere artifice, in combination with the owner, to mislead the judgment and inflame the zeal of others, it is a fraudulent and void sale. It will be a void sale if the purchaser prevails on the persons present to desist from bidding, by reason of suggestions by way of appeal to the sympathies of the company. A bidder who procures goods to be struck off to him, by false representations made by him at the time of the sale to those assembled to bid, cannot insist upon the transaction as a sale.

If two persons, being desirous of purchasing certain articles advertised for sale at auction, agree not to bid against each other, but that one of them shall bid in the property, and then divide it between them, such an agreement is without consideration and void, and against public policy. In short, it seems generally understood, that some person will bid on the part of the owner, and it is deemed lawful for the owner to employ a bidder for the purpose of preventing a sacrifice of his property; for by so doing, the seller is enabled to protect himself against the tricks which otherwise might be practised upon him by bidders.

It is lawful to place goods in the hands of an auctioneer for sale, with directions that he shall not part with or dispose of the same, unless they produce a particular sum; the restriction not being considered as an unlawful means of enhancing the price of the goods, or as an imposition upon fair purchasers.

STATUTE OF FRAUDS.

This celebrated statute of 29 Charles II., was enacted with a view to

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