their intrinsic worth according to the British standard. Thus we have two descriptions of gold coins, which causes some little annoyance in paying and receiving; but there is scarcely any risk of loss at present, except from base pieces, which an experienced eye will readily detect.

"So much for the present 'currency,' than which, probably, a more extraordinary one does not exist in any country. Hundreds of thousands of dollars weekly paid in coins at twenty-five cents, which were issued at twenty cents, and which, frequently, are not intrinsically worth eighteen cents! and enormous amounts of gold coin passing at sixteen and seventeen dollars, which are not worth but fifteen dollars and fifty cents. "No one troubles himself about the matter-it comes as it goes; we receive as we pay; and for those who look out beyond the hour, or the expediency of the time, it does not signify a rush. If we come here with foreign products to sell, and we are told that the price is twenty dollars, or fifty dollars for a barrel of flour, we pause to calculate what will be the nett proceeds, and how much exchange it will buy, before deciding whether the nominal price be a good or bad one; and thus it is with every business and trading transaction; provided we can pay away the money for as much as we have received it, we are content; so suffer all the evils of an arbitrary currency to be fastened upon us, taking no heed of the silent workings of a system (or rather the want of one) which sooner or later must end in an explosion, that will not only involve the holders of the coin in immediate loss, but inevitably create discontent, if not commotion, among a populace but ill-prepared to appreciate so violent a change in their circulating medium. 2d. The mode of doing business. It is, I find, an opinion frequently expressed, that business in Havana is entirely transacted with money. Nothing can be more erroneous. The credit system, with few exceptions, is practised at this moment almost to as great an extent as in the United States. Perhaps this may be because there is an immense amount of capital always waiting employment-the one cause may have produced the other. But I have nothing to do with that. I wish only to communicate facts as they exist.

"The credit system commences at the custom-house, where one, two, three, and four months time is allowed upon the heavy duties upon flour; and the same upon all dry goods, hardware, and crockery, provided the said duties amount to a thousand dollars. On jerked beef the duty is paid on the last day of discharging. All other duties are payable in cash. But it is not exacted on making the entry; you merely hand in a note of your goods, with your signature, and the permit is granted immediately - the demand for the duties being made in regular course, varying from two weeks or two months from the date of entry.

"The produce of the island, like your own agricultural products, is generally sold for cash. But even here there are exceptions, for in many instances the sugar crops are bought at short, sometimes at long credits, (by monthly payments,) with or without interest, according to agreement. But I am not aware of credit being given on any other article of produce, unless in rare instances.

"Our provision sales on the wharf are heavy, and the greater number of the articles, cash; but the heaviest in amount, for credit—for instance, flour, almost invariably on a credit, varying from one to five months, according to the amount. Next in importance, jerked beef, of which the annual sales average one and a half million of dollars. A cargo usually requires for its sale and discharge, one day for every one hundred quintals; and the payments are made, one half on the day of discharge, and the other half in as many days more-or, in other words, a cargo of six thousand quintals is sold at two and four months: and lumber is very often sold either for direct notes, or in barter for molasses, deliverable at a future day.

"But the heaviest and most uniform credits are given on dry goods, hardware, and crockery; these are never sold for cash, although often paid for on delivery, with a deduction of interest on the time agreed for; the credit varies from three to six, and is often extended to seven and eight months; more especially during the time when exchange is at the highest, when the dry goods houses are, in the end, the gainers by giving credits running into the time when exchange on England is at its lowest. If to the immense amount of credits thus raised, you add a not unfrequent practice of buying exchange either for direct notes, or for those which may exist in one's 'porte feuille,' you will perceive that we have the credit system engrafted upon us in its full force.

"But this is not all. I have mentioned only the credits arising from imports and exchange. The system enters into many, if not all, the every-day transactions of the people. The planters obtain credit, as well from their factors as from their iron-mongers, their grocers, their clothiers, and the whole catalogue of traders who minister to their wants. The country store-keepers all keep open accounts with the large dealers in Havana, Matanzas, &c.; and it is fair to presume that the ramifications of the 'system' are through them still farther extended. If we leave the importers and wholesale dealers,

and descend to the ordinary retail traffic-the markets, the petty grocers. (the bodegas,) the mechanics, laborers, &c.- -we find the cash system more generally in use, and long may it continue so; but even here, the 'credit system' is gradually acquiring the sanction of custom. Every one can perceive that the credit upon the flour duties extends through all the ramifications of the trade-to the consumers of the bread, who keep weekly, monthly, or even longer accounts with their bakers. It is unnecessary to give farther details-suffice it to say, that the example of the baker is insensibly working an influence over other tradesmen, and credit will sooner or later become the practice here, as it is in many other countries.

"I have thus endeavored to explain to you what appeared to you the anomalies of your hard money currency, and to correct the impression you seem to have entertained, that we were a cash-dealing people. In doing so, I have scarcely ventured to give opinions, but have stated facts, that cannot be without interest to any one acquainted with the island of Cuba, and its vast trade and commerce the latter fully equalling one fifth of the United States in the time of its greatest expansion of business.

"But as it regards banks, I could but give you opinions, which would be of interest to no one; and would, perhaps, be judged of in the United States according to the political bias of the reader. As to the probability of such institutions being established here, I am unprepared to answer you: some English capitalists have long talked of doing something in that way, but their applications to the government of Spain for authori ty, have invariably been met with such onerous terms, that the projects have been abandoned. Why, then, you will ask, do not the great capitalists of the place combine, and form one of their own? Simply, because people, in a state of colonial vassalage, never will enter into schemes which deprive them of the immediate control of their own funds; and although an immense amount of capital is employed in private discounting through brokers, there are those who will not even do this, but keep enormous sums lying idle, because they themselves have no use for it.

"At the close of the year I will furnish you with some statistics of the island; meanwhile, I am, with regard, Yours, &c.

"P. S. Nov. 23d.-The explosion in regard to the currency is likely to occur speedily. Very recently, a merchant tendered to another a large sum of money, with thirty per cent. in pistareens; it was refused - came before the 'consulado,' which sanctioned the refusal an appeal taken to the 'real audiencia,' which reversed this decision, and the 'pecetas' were received. Now, to-day, the officers of the government, holding the acceptance of one of the most respectable houses in the place for thirty thousand dollars, call for payment the money was tendered, (one fourth in pecetas,) but refused, and the bill protested, under a counter-protest from the acceptors! The crisis is approaching the explosion is at hand, and, since it must come, the sooner the better."

ANCIENT COINS.

In removing some old wooden buildings recently in Charleston, S. C., the following coins were disinterred from the repose of more than a century.

I. A coin about the size of a half dollar, one side a crowned head in the centre, and "Gulielmus III. Dei Gra." and on the other side, a vignette or compound coat of arms, representing, we believe, the three Lions Rampant of England, the Thistle of Scotland, the Harp of Green Erin, and a defaced emblem, which probably designated the Princedom of Wales, or the Kingdom of France-the Quadruple Crown-and along the circular border, 1690, Mag. Britain: et Hib. Rex.

2. A coin, so clipped as to form an irregular figure, which may be termed a catecornered square, and yet not a diamond, with two angles, also clipped, so as to make an irregular hexagon. It was originally a dollar, from the Spanish mint, with figured work on the upper and lower faces, instead of the present well known devices, and struck in 1733, during the reign of." Philip V. Hispan. et Indiarum Rex."

ADVICE TO MEN IN debt.

Ascertain the whole state of your affairs. Learn exactly how much you owe. Be not guilty of deceiving yourself. You may thus awaken suspicions of dishonesty, when your intentions were far otherwise.

Deliberately and fully make up your mind, that come what will, you will practice no concealment, or trick, which might have the appearance of fraud. Openness and candor command respect among all good men.

Remember that no man is completely ruined among men, until his character is gone. Never consent to hold as your own, one farthing which rightfully belongs to others.

As you are at present in circumstances of great trial, and as many eyes are upon you, do nothing rashly. If you need advice, consult only a few. Let them be disinterested persons of the most established reputation.

Beware of feelings of despondency. Give not place for an hour to useless and enervating melancholy. Be a man.

Reduce your expenditures to the lowest amount. Care not to figure as others around you.

Industriously pursue such lawful and honest arts of industry as are left to you. An hour's industry will do more to beget cheerfulness, suppress evil rumors, and retrieve your affairs, than a month's moaning.

If you must stop business, do it soon enough to avoid the just charge of an attempt to involve your unsuspecting friends.

Learn from your present difficulties the utter vanity of all earthly things.

INSURANCE ON LIVES FOR THE BENEFIT OF MARRIED WOMEN.

The people of the state of New York, represented in senate and assembly, do enact as follows:

1. It shall be lawful for any married woman, by herself and in her name, or in the name of any third person, with his assent, as her trustee, to cause to be insured, for her sole use, the life of her husband for any definite period, or for the term of his natural life; and in case of her surviving her husband, the sum or nett amount of the insurance becoming due and payable, by the terms of the insurance, shall be payable to her, to and for her own use, free from the claims of the representatives of her husband, or of any of his creditors: but such exemption shall not apply where the amount of premium annually paid shall exceed three hundred dollars.

2. In case of the death of the wife, before the decease of her husband, the amount of the insurance may be made payable, after her death, to her children, for their use, and to their guardian, if under age.

This act passed on the first day of April, 1840, and signed by the governor, became a law on that day.

TRADE OF MASSACHUSETTS IN ICE.

Last year, the quantity of ice shipped for distant ports, at the wharves in Charlestown, on board one hundred and forty vessels, was upwards of thirty thousand tons; all of which, with the exception of about six thousand tons, was brought from Fresh Pond, Roxbury. And it is stated that if greater facilities for transporting it were offered by a railroad, the quantity would be increased. The Lowell Railroad has, therefore, obtained a grant from the legislature for an extension of the road to the Pond.

THE BRAZILIAN SLAVE TRADE.

From official returns of the vessels engaged in the slave trade to the coast of Brazil, under the Portuguese flag, for the several months of the year 1838, it appears, that, during that year, eighty-four vessels entered the port of Rio de Janeiro, and that by them 36,974 slaves were imported; and farther, that an apparent reduction in the number, compared with 1837, is accounted for, not by any falling off in this infamous traffic, but by the fact, that several of the traders have ordered their vessels to discharge at other ports of Brazil, and fit out from thence.

AFRICAN HEMP.

The African Repository states that there is in the Colonization rooms at Washington, a specimen of African hemp, a small bale of which Gov. Buchanan sent to the Board by the Saluda, in June last. This hemp is prepared from an indigenous plant which abounds in Liberia. It resembles the Manilla in colour, and is pronounced by good judges to be equal in strength and fibre to the best American hemp.

VALUABLE INVENTION.

Messrs. Coutures Brothers, of Bordeaux, glass blowers, have just introduced an important improvement into the art of blowing black or bottle-glass, by using a flexible

tube, worked by machinery, for injecting air into the parcels of fluid metal, instead of letting their men continue to blow them by mouth. An ingeniously contrived cock allows them to consume just as much or as little air as is wanted. These gentlemen have declined taking out a patent for their invention, and in a spirited manner have made it public.

MERCANTILE LIBRARY ASSOCIATION OF NEW YORK.

We cannot mention in terms of too high commendation, the energetic and laudable efforts which the officers of this institution are making for promoting its usefulness, and securing to its members the enjoyment of almost unrivalled literary advantages.

They now have in contemplation the establishment of a gallery of paintings, and we trust that our native artists will be as distinguished for their liberality in contributing to its creation, and ultimate success, as they are eminent in the profession which they have chosen.

Whatever is bestowed upon this institution, whether in the literary department, or in that of the fine arts, is well calculated to confer upon its present and future members lasting benefits, while at the same time the name of the donor is gratefully preserved -a record of his beneficence and liberality.

In glancing over the donations which have been recently received, we were particularly struck with the appearance of a beautifully bound volume, containing the illustrations of Shakspeare's dramatic works, designed by eminent English Artists, and presented by A. E. Silliman, Esq., the talented and liberal president of the institution.

The engravings it contains are conceived with the greatest truth and clearness, while their execution evinces the utmost elegance, combined with an appearance of eminent strength and beauty. The thrilling scenes that are so powerfully portrayed by the great poet, are thrown by the genius of the artists into living shapes, breathing forth the soul of the master-mind by which they were created; and every illustration contained in the richly bound volume we have mentioned, is distinguished for the great force, and vivid beauty, with which the text of the author is presented to the mind of the beholder.

CONCLUSION OF THE FIRST YEAR.

WITH the present number is terminated the first year of the existence of the "Merchants' Magazine and Commercial Review." The occasion suggests a few remarks, in which, we trust, we may indulge, without trespassing upon the patience of our readers.

Although the plan of our Magazine was novel, we were aware, in the outset, that its success would depend wholly upon the manner in which it should be conducted. Our aim has been to make the Magazine entertaining and useful to merchants; and that we have not failed in measurably carrying out our intentions, the countenance and support of a large and rapidly increasing list of subscribers assure us. The novelty of the undertaking, and the want of that experience which is necessary to the complete and satisfactory management of such a work, have been our greatest stumbling blocks; but time, it is thought, will soon conquer every difficulty, and we are sanguine enough to believe, that the future volumes of this periodical will increase in value and interest.

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The suggestions of friends and subscribers have already been of great service, and unquestionably will so continue. Superadded, the hints which arise from month to month in our own minds, are by no means few in number or unimportant; and as it is our determination to spare no pains or expense to improve the work, and to make it the merchant's vade mecum, these suggestions will be gradually acted upon with advantage. Encouraged as we have been, we feel more and more inclined to add to the interest of our pages, and we can assure our supporters that we have arrangements in train, which will materially contribute to our success, identified as it must be with the permanent usefulness of the periodical.

The various departments of maritime and commercial law, the political economy of nations, navigation, commerce, and manufactures, mercantile biography, currency, banking, and those miscellaneous subjects which possess an interest to the merchant and man of business, and are of standard value to society and the community at large, we pledge ourselves to have filled by sound and able writers.

Although we have been more handsomely treated by those whom it was our hope to please, than was anticipated in the beginning, yet the promotion of the work depends decidedly upon the extent of patronage which we may receive. To the merchants we look for aid, but only so far as our merits seem to entitle us. We are anxious that they should make the periodical known among themselves, and moreover are strenuous in our efforts to gain their confidence and respect. So far as we have gone, we have endeavored to identify our interests with theirs, and need we say, that our exertions will in no wise be relaxed to continue in the same course.

To those who have contributed to the pages of the work since its commencement, we beg to express our hearty and unfeigned thanks, at the same time that we bespeak their aid for the future. No slight encouragement has been their assistance and co-operation, and in bringing our work favorably before the public, we are certain that their efforts have been exceedingly instrumental—indeed, so much so, that our own unaided efforts must have proved unavailing.

Hereafter, we shall present the productions of several new contributors, whose names are intimately associated with the truths of commerce, literature, and science, and whose thoughts, we have no doubt, will be examined with delight by our readers.

Notwithstanding we published a large edition of the first volume, commencing with July, and ending December, 1839, it has become exhausted, so that we are unable to answer the orders we have received for complete sets of the work. It is, however, our intention to reprint the first volume, so that we can hereafter furnish our subscribers, at all times, with the Magazine from its commencement. The statistical department, to which we shall pay particular attention, will give to the past volumes a standard value, as books of reference to the statesman, the merchant, and the public generally. At present, we are only prepared to furnish subscribers with the volume commencing January, 1840.