two years ago. The profits on each operation may be reduced, but there will be greater certainty and stability in the markets. . . .

V. THE CARRYING TRADE

The Use of American and Foreign Vessels, 1821-18601

Prior to the Civil War, more than a half of the foreign commerce of the United States was carried in American vessels. If this commerce be measured in dollars, it is found that the percentage of it carried in American vessels varied from 92.5 in 1826 to 66.5 in 1860. The extent of this foreign commerce and its gradual shifting from American to foreign vessels may be seen in yet another way. In 1825 but 9 per cent of the tonnage of vessels entering and clearing in the foreign trade of this country was foreign, while in 1850 it was 40 per cent.

I. FOREIGN CARRYING TRADE OF THE UNITED STATES, 1821-1860.

Year

In American Vessels In Foreign Vessels

Per Cent Carried in American Vessels

2.

TONNAGE OF AMERICAN AND FOREIGN VESSELS ENTERED AND CLEARED IN THE FOREIGN TRADE OF THE UNITED STATES, 1821-1860.

1 Annual Report of the Commissioner of Navigation, 1912 (Washington, 1912),

VI. THE FOREIGN COMMERCE OF IMPORTANT PORTS

A. Foreign Commerce of the City of New York in 18591

Of all the American ports in 1860, New York was the most important. The extent of the trade of that city is shown by the following:

The year 1859 has been marked by no extraordinary events of a commercial character. The country appears to be recovering from the revulsion of the year 1857, and the long series of disasters and losses which followed. The business of the port of New-York for the year shows a favorable reaction from the extreme dullness of the year 1858. Its foreign exports having reached one hundred and thirty-seven millions in the year 1859, against eighty-five millions for the preceding year; and the importations have increased in a similar ratio; the general results for the year, when compared with 1857 and 1858, being as follows:

Thus, the exports of 1859 exceeded those of 1858, sixty-two per cent., and the imports likewise increased over sixty-two and a half per cent.; the custom-house revenue increasing in nearly the same ratio.

We have not the full returns of the commerce of the United States for the same periods, but from the official reports for the fiscal years ending June 30, 1857, 1858 and 1859, it would appear that the foreign imports of New-York are about two-thirds of the whole; and the exports about one-third of the whole.

The relative importance of the foreign commerce of NewYork, and all other ports of the United States, is shown in the annexed summary of imports for the years 1821, 1831, 1841 and 1851:

1 Annual Report of the Chamber of Commerce for the Year 1859-60 (New York, 1860), 1-2.

Imports and Exports of the State of New-York, compared with those of the United States for the separate years, 1821, 1831, 1841 and 1851.

The growth of New-York, as the importing point, is further illustrated by the annexed summary:

Estimating the population of the United States at thirty millions, the exports per capita, in 1859, would appear to be $11 89.

Taking the decennial periods from 1821 to June, 1850, and the nine years to June, 1859, it will appear that the proportion of the State of New-York to the whole has increased from 28.19 per cent.

to about thirty-five per cent. in the exports; and from 37.75 per cent. to more than two-thirds in the importations.

The custom-house returns show, that towards the close of 1859 there was a gratifying revival in the shipping business of the port of New-York, the value of both exports and imports being largely increased as compared with the corresponding period of former years; the influence of which has been felt in the advanced rates paid for freights, the relative scarcity of ships, and the improved tone of the shipping interest generally. And with commerce active, the whole basis of prosperity to our city and country must soon come under favorable influences.

B. Foreign Trade of Boston from 1845 to 18591

Although the foreign trade of Boston was much less important than that of New York, it was considerable. The following statistics from the 1860 report of the Boston Board of Trade indicates the extent of the foreign trade of that city:

STATEMENT of the declared value of both the Domestic and Foreign EXPORTS from the District of Boston and Charlestown, during the years ending June 30, 1846-59.

1 Sixth Annual Report of the Boston Board of Trade (Boston, 1860), 90–1.

STATEMENT of the same for the year ending December 31, 1859

STATEMENT of the Declared value of Goods, Wares and Merchandise, of the growth, produce and manufacture of Foreign Countries, IMPORTED into the District of Boston and Charlestown, during the years ending June 30, 1846-59.

STATEMENT of the same for the year ending December 31, 1859

C. A View of the New Orleans Levee in 18391

The foreign commerce of New Orleans was important at an early day; and even after the railroads had robbed the Mississippi River of its up-river trade, the exports from New Orleans continued to be large. From that city were shipped great quantities of cotton, produce, molasses and tobacco. An English traveler draws a picture of the levee in 1839 as follows:

The most animated and bustling part of all the city is the Levée, or raised bank running along immediately in front of the river, and extending beyond the houses and streets, from 100 to 150 yards, for a length of at least three miles, from one end of the city to the other. Along the edge of this Levée, all the ships and vessels are anchored 1 The Slave States of America. By J. S. Buckingham (London, [1842]), I, 325-7.