One Hundred Years' Progress of the United States ...: With an Appendix ...

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productions of the west are more exposed to rivalry than those of the south; but since the formation of the present government, England and western Europe, from being large food exporters, have come, by the growth of manufactures, to be large food importers, and their supplies are drawn more steadily from eastern Europe. Those resources are coming to be narrowed, for the same reason. The United States, on the other hand, with their immense plains and growing means of communication, are assuming a more regular position as a source of supply, which will annually swell the exports. The column of manufactures is a gratifying evidence that the colonial position is at last overcome; that the requisite skill and capital for manufacturing against all rivalry are at last acquired, and that American industry now finds sale in the markets of the world. The South American countries offer the legitimate opening for that sale. The gold of California is always a merchantable commodity, and must sell under all circumstances.

migration of skilled workmen from abroad, however, a greater breadth has been given to all branches, and progress is very rapid, the more so that the general prosperity enables consumers to extend the best possible encouragement to producers, by buying their wares. The chief consumers of these have been the agriculturists, and the interchange of manufactures for agriculture forms the chief trade of the whole country. In 1840, per census reports, the value of manufactures was $483,278,215, and of agriculture, $621,163,977; the imports were $107,000, 000. The interchange of these commodities, at first hands, would involve an aggregate trade of $1,211,442,192. The same items for 1860 would give an aggregate of $4,830,000,000-four times the amount. But the raw material passes through many hands before it reaches the manufacturer, and his wares pass through a succession of merchants, jobbers, and retailers before they are finally consumed. Grain passes through many hands before it is finally eaten. The The internal production of wares has in- grinding of flour is one of the largest manucreased in a ratio more rapid than even the factures of the country, turning out in 1860, importation of them. The annual production $248,580,365 per annum. It is probable rose from 62,000,000 in 1820 to 1,055,000,- that each of the articles which form the ag000 in 1850, as manifest in the column gregate of the mining, manufactures, agriculof manufactures reported in the above ture, and imports, is sold four or five times table. In order to manufacture to advan- before it is finally consumed. This would tage, something besides a law is necessary. give an aggregate trade of $25,000,000,000 There must be capital and a supply of skilled per annum, in 1860, against $6,000,000; labor. Those, in the long race of a thou- 000 in 1840, or an average of $3,300 per sand years, grew up in England, where the annum for every effective man in the country. system of manufactures is mostly individual. This seems very large. If, however, we have Á man learns his trade, and devotes himself recourse to the circular of the leading merto the production of an article, or a part of cantile agency in New York, whose ramian article, and by the constant exercise of fications extend over the Union, we find intelligence and economy, he comes finally they report upon their books, 250,000 firms to perfect it in the cheapest manner. These in business in 1857-the panic year; of productions are combined by other parties these firms in business 4,932 failed in 1857. into merchantable commodities. In the for an aggregate of $291,750,000 of liabilities, United States it was a consequence of the pro- or an average of $58,350 each. If the averhibition under the imperial government, that age of all the persons doing business was these individual industries did not grow up. only $50,000, or $8,350 each less than those There were no factories in which young ar- who failed, then the aggregate amount of tisans were learning a business, and when sep- credits must have been $12,500,000,000 in aration took place there was no experienced 1857. The firms on the books do not inlabor. When, therefore, the capital that clude many retailers. Of course the credits of had been earned in commerce was suddenly the retailers added to these, and the greatly applied to manufactures, the only mode of proceeding was the corporate mode; the capital was subscribed by a company, and the works directed by persons often of little practical experience. Under such a system, progress was difficult. With the large im

larger volume of trade in 1860, would more
than double these figures. Again, the bank
discounts for the year 1860 were $637,183,-
899; these purport to represent bills not
more than sixty days to run.
The average
of some of the largest city banks is 54 days;

at 60 days the amount of discounts for a year would be in round numbers, $4,000,000,000; and the exchanges at the New York clearinghouse, as we see in another chapter, were over $8,000,000,000 per annum. These figures gives some idea of the vastness of that immense traffic, which consists in the interchange of the products of industry. In 1840, the active bank loans were $278,000,000, which, at the same average time, would give $1,668,000,000 of discounts for the year, which holds about the same. In 1850, the loans were $413,756,759, which would give an aggregate discount for the year of $2,484,000,000. Comparing these aggregates for several years, we have results as follows:

ductions of industry; and the best data give the same general results for the decade from 1850 to 1860. These large figures, astonishing as they seem, are not out of proportion to the immense growth of the country in breadth and numbers.

The thirteen colonies that emerged from a war, ninety years since, have grown to be thirty-seven states, with a land value of, in round numbers, $16,160,000,000. All this vast territory is now productive, yielding its annual returns, and giving an amount of annual capital beyond any thing the world has hitherto witnessed.

The following table gives the states and territories in the order of their admission to the Union, or organization, their area in acres, population in 1790, and population and valuation of each state in 1850 and 1860. The new states and territories have, of course, made great strides in population and valua

tion since 1860.

Population. Valuation. 59,096 4,053,238 434,373 72,824,252