Readings in the economic history of the United States

Front matter

uns HC

ni6

CORNELL

Preface

The need of providing large college classes with collateral reading in a course on the economic history of the United States has led to the preparation of this book. Its purpose has therefore been primarily to provide a sufficient body of material to supplenient the more systematic text book and lectures. This material has, with only one or two exceptions, been drawn from contemporary sources; in the later periods, with the growing wealth of such material, official documents have been largely used. But in every period these documents have been supplemented by the more human and the more illuminating comments of travelers, observers, and others who were entitled to speak authoritatively. Where controversial matters have been treated, every effort has been made to present both sides fairly.

In the face of the great amount of material available for such a work as this the main task of the editors has necessarily been one of selection, and in performing this task they have endeavored to present a comprehensive yet balanced picture of the economic activities and development of each period. Agriculture, manufactures, tariff, commerce, transportation, money and banking, labor, and the movement of the population have, each in turn, been given due emphasis in the panoramic picture here unfolded. As among the different periods, it is believed that a balance has been maintained that will commend itself to teachers of American history. To the period from 1600 to 1808 about one fourth of the book is devoted; one half to that from 1808 to i860; and the remaining fourth to the period since the Civil War.

No effort has been made to adapt this book of readings to use with any particular text, and it is hoped that teachers of United States history in general will find it of value in presenting some phases of our development which do not always find a place in

political histories.

E. L. BOGART C. M. THOMPSON

University oe Illinois

Chapter I Exploration And Colonization, Is83-1774

I. Methods or Planttng a Colony page

A. TheCost of Colonizing, 1648. By Beatichamp Plantagenet i

B. Articles of Agreement of Plymouth Plantation, 1620. By William

Bradford 3

C. Disadvantages of a Common Store, 1620. By William Bradford 4

II. Suggestions to Colonists

A. The Advantages of Colonies, 1583. By Sir Humphrey Gilbert. . 6

B. Advice to Colonists to New England, 1621. By Governor Edward

Winslow 9

C. Information respecting Land in New Netherland, 16 jo. By Secre-

tary van Tienhoven 11

D. Advice to Immigrants to Maryland, 1655. By John Hammond. . 14 "E. An Invitation to Colonists for Carolina, 1666. By Robert Home 15

F. Advice to Immigrants to South Carolina, 1731. By J. P. Purry 17

G. Design of Establishing the Colony in Georgia, 1733. By General

James Oglethorpe '. 19

H. Information to Those Who Would Remove to America, lyOo. By

Benjamin Franklin 20

III. Grants or Land and Land Tenure

A. New England Laws on Inheritance, 1641. From Lams of Nem

England 22

B. Advice on Granting Lands, 166$. By James Woodward 23

C. Grants of Land by Governors, 1774. From Information Collected by

Board of Trade 24

D. Methods of Granting Lands, 1773. By Captain Williams 26

Chapter II Agriculture

I. Methods oe the Indians

Indian Agriculture in Virginia, 1612. By Captain John Smith ... 28

II. Agriculture in New England

Poor Farming by New Englanders, 1775. By the author of American

X CONTENTS

III. Agriculture in the Mtodle Colonies

A. Agriculture in New York, 1775. By the author of American

B. Agriculture in New Jersey, 1749. By Peter Kalm 34

IV. Agriculture in the South

A. A Colonial Plantation, 1686. By Colonel William Fitzhugh 35

B. Tobacco Cultivation in Virginia, i6so. By Reverend John Clayton. 37

C. Tobacco the Sole Crop in Virginia, 1703. By Colonel Robert

Quary 38

D. Diversified Agriculture in Virginia, 1775. By the author of

American Husbandry 38

E. Cattle in South Carolina, 17 31. By J. P. Purry and others 39

F. Agriculture and Stock-raising in North Carolina, 177s- By the

author of American Husbandry 40

INDUSTRY

I. General Description

State of the British Plantations in America, 1721. By the Lords

Commissioners for Trade and Plantations 42

II. Extractive Industries

A. Products of the Forest, 1650. By E. W. Gent 53

B. Naval Stores in South Carolina, idgg. By Edward Randolph ... . S4

C. Shipbuilding in Massachusetts, 1607-1724. By George Henry

Preble 55

D. Fur Trade Gained by the French, I7SS- By William Clarke. . . 57

E. Fishing in New England, 1624. By Captain John Smith 58

F. Advantages of American Fisheries, i7go. By Thomas Jefferson. 59

III. Manufacturing Industries

A. Colonial Manufactures, 1732. By the Lords Commissioners for

Trade and Plantations 60

B. Few Manufactures in New York, 1732. By Governor W. Cosby. . 65

C. Manufactures in New York, 176^. By Governor H. Moore 66

D. Domestic Manufacturing in New England, 1761. By Edmund

Burke 68

TRADE

I. Trade between England and the British Colonies in America

An Early View of Colonial Trade, 1729. By JoshiM Gee 69

II. New England

A. Commerce of New England, 1748. By Peter Kalm 71

B. Carrying Trade of New England, 1761. By Edmund Burke 71

C. Exports of New England, 1763. By the author of American

III, Middle Colonies

A. Foreign Trade of New York, 1748. By Peter Kalm 74

B. Exports of New York and Pennsylvania, 1763-1766. By the author

of American Husbandry ^y

CONTENTS xi

IV. Southern Colonies

A. Report on Virginia, 1671. By Governor William Berkeley 78

B. Exports of the Southern Colonies, 1763. By the author of American

Chapter III Labor, Exchange, And Population, 1607-1763 Labor

I. Scarcity of Labor

A. High Wages in Pennsylvania, i6g8. By Gabriel Thomas 82

B. High Wages in New England, 177 $■ By the author of American

II. Indented Servants

A. Servants and Slaves in America, 1748. By Peter Kalm 84

B. Work of a Servant in Virginia, 1656. By John Hammond 87

C. Servants in Pennsylvania, 1775. By the author of American

III. Slave Labor

A. The Slave Trade to Virginia, 1708. By Colonel E. Jenings 89

B. Request of a Missionary for Slaves, 1716. By John Urmstone. . . 91

C. Objections to the Prohibition of Rum and Slaves in Georgia, 1738.

By Pat. Tailfer and others 52

D. Answer of the Trustees, 1739. By the Trustees of the Colony of

Georgia 94

E. Unprofitableness of Slavery, 1774. By Philip V. Fithian 95

EXCHANGE

I. Commodity Money

A. Commodity Money in North Carolina, i74g. By Governor Johnston 96

B. Tobacco Notes in Virginia, 1781. By the Marquis de Chastellux ... . 97

II. Credit Money

A. A Defence of Paper Money by a Colonial Governor, 1724. By

Governor W. Burnet 98

B. The Land Bank and the Extension of the Bubble Act to the Colonies,

1741. By Governor Thomas Hutchinson 100

C. The Necessity of Paper Money in the Colonies, 1764. By Thomas

Pownall 104

III. Retail Trade

Market at Philadelphia, 1748. By Peter Kalm 105

I. Growth of the Population

A. The Increase of Mankind, 1755. By Benjamin Franklin 106

B. Population of the British American Colonies, 1752-1755. By the

Lords Commissioners for Trade and Plantations 108

C. Large Families in America, 1748. By Peter Kalm loc xii CONTENTS

TI. Condition of the People

A. A Prosperous People, 177$. By the author of American Hus-

bandry no

B. The People of New York, 17 sg. By Andrew Burnaby 112

C. An Adverse View of the Virginians, I7sg. By Andrew Burnaby 113

Chapter IV English Colonial Theory And Policy, 1651-1763

I. The Mercantile System

A Modern Interpretation, 1882. By Professor Gustav Schmoller 115

II. The English Colonial Policy

A. The Navigation Act of 1660. Prom Statutes of the Realm 118

B. The Navigation Act of 1663. Prom Statutes of the Realm 120

C. The English Colonial System: a Favorable View, 1688. By Sir

Josiah Child 121

D. The English Colonial System: an Unfavorable View, 1776. By

Adam Smith 123

III. Workings of the Colonial Policy in England

A. Balance of Trade Theory, 1630. By Thomas Mun 128

B. The Purpose of the Navigation Acts, 1764. By Thomas Pownall. . 129

C. Advantage to England of Colonial Shipping, 1740. By John

Ashley 130

D. The Colonies a Source of Raw Materials, 1775. By the author of

American Husbamdry 131

E. The Colonies as a Market for British Manufactures, 1753. By

William Clarke 132

F. Trade between England, and her North American Colonies, 1700-

1780. By Lord John Sheffield 133

IV. Workings of the Colonial Policy in the Colonies

A. Arguments for and against the Molasses Act, 1731. By Adam

Anderson 134

B. Ineffectiveness of the Molasses Act, 1740. By John Ashley 136

C. Smuggling in the Colonies, 1757. By Sir Charles Hardy 137

D. An Act to Present Iron Manufactures in the Colonies, I7ig. By

Adam Anderson ijg

E. Colonies Levy Tariff Duties on British Goods, 1718. From Acts of

the Privy Council 140

F. Tobacco Growing Suppressed in England, 161P-1670. From Acts

of the Privy Council 141

G. Bounties on Colonial Produce, 1764. By David Macpherson . . . 142

Chapter V Economic Causes And Conduct Of The Revolution, 1764-1783

. I. Economic Causes of the Revolution

A. Fear of French Kept Colonies Loyal, 1748. By Peter Kalm 143

B. Prohibition of Western Expansion, 1763-2772. By the Privy

Council 144

CONTENTS xiii

C. The Prohibition of Colonial Paper Money, 1764. By Benjamin

Franklin 146

D. Remonstrance of New York Assembly against Prohibition of Paper

Money, 1775. From Hansard's History of England 147

E. The Enforcement of the Navigation Acts, 1764. By Adam

Anderson 148

F. The Sugar Act of 1764. By Governor Francis Bernard 152

G. Grievances of the Colonists, 1764. By Thomas Pownall 153

H. Opposition to Acts of Trade, 1775. By John Adams 155

I. Testimony on the Stamp Act, 176;. By Benjamin Franklin 155

J. Causes of American Discontent before 1768. By Benjamin Franklin 159

K. Opposition to Tax on Tea due to Smugglers, 1770. By John Adams 161

L. Defence of the Navigation Acts, 1769. By Sir George Grenvillle '62

M. Causes of the Revolution, 1776. By Dean Josiah Tucker 164

II. Non-importation as a Means of Pressure

A. Unfavorable Balance of Trade of the Northern American Colonies,

1700-1773. By Lord John Sheffield 166

B. Non-importation Agreements in Boston and New York, 1768. From

Anderson's Origin of Commerce 167

C. Efect in England of the Stamp Act, 176s. By Adam Smith 169

D. Non-importation in North Carolina, 1774. By the Freeholders in

Rowan County 169

E. Petition of London Merchants for Reconciliation, 177$. From Han-

sard's History of England 170

F. Petition of West India Planters for Reconciliation, 1775. From

Hansard's History of England 173

III. Continental Paper Money

A. Continental Paper Money, 1775-1780. By Benjamin Franklin. . . 17s

B. Depreciation of Continental Paper Money, 1775-1779- By Thomas

Jefferson 176

C. Effects of Continental Paper Money, 1775-1780. By David

Ramsay 178

D. Issues of Paper Money in the Slates, 1781-1788. By Brissot de

Warville 1 79

IV. Social Effects of the Revolution

Views of a Contemporary, 1775-178 3. By David Ramsay 181

Chapter VI American Commerce And Commercial Policy, 1783-1812

I. Efforts to Secure a Commercial Treaty with England

A. England should not make a Commercial Treaty with the United

States, 178 J. By Lord John Sheffield 185

B. Why England would not make a Commercial Treaty, 1785. By the

Duke of Dorset 187 xiv CONTENTS

C. British Merchants sure of the American Market, 1776. By Dean

Josiah Tucker 188

D. Advantages of the English Market to Americans, 1783. By Lord

John Sheffield 189

E. Trade between England and the United Stales, 1784-17QO. By

Timothy Pitkin 191

II. Effects or the Failure to Negotiate a Commercial Treaty

A. Trade between the West Indies and North America before 1774. By

Bryan Edwards 192

B. The West Indies should not be Opened to American Trade, 1783.

By Lord John Sheffield 193

C. American Vessels should be Admitted to Trade with the West Indies,

1784. By William Bingham 193

D. Effects of the Prohibition of Trade between the West Indies and the

United States, 1780-1787. By Bryan Edwards 194

III. Economic Reasons eor the Constitution

A. Commercial Difficulties Led to Constitution, I78y-i78g. By Adam

Seybert 197

B. Economic Reasons in Pavor of the Constitution, 1787. By Alexander

Hamilton 199

IV. Expansion or Aiierican Commerce

A. Commerce more profitable than Manufactures, 1787. By Brissot

de Warville 200

B The Trade with the Orient, 1784-1800. By Timothy Pitkin 202

C. The Coasting Trade, 1791. By Tench Coxe 203

D. Shipbuilding in the United States, 1783-1789. By Phineas Bond. . 204

E. Comparative Cost of American and French Ships, 1791. By Tench

Coxe 205

F. Comparative Cost of Operation of American and English Vessels,

180J. From Report of British Committee of Correspondence on Trade 206

G. Foreign Commerce, 1789-1807. By Adam Seybert 206

H. Tonnage in Foreign and Coasting Trade, 1780-1815. By Timothy

Pitkin ' 208

V. Interference with the Neutral Trade

A. Growth of the Neutral Trade, 1791-1816. By Timothy Pitkin .... 208

B. Frauds of the Neutral Flags, 180$. By James Stephen 209

C. British Orders in Council and French Decrees, 1803-1808. By the

Senate Committee on Negotiations with Great Britain 211

D. Effect of the Embargo, on New York City, 1807. By John Lambert . . 214

E. War of 181 z. By the House Committee on Foreign Relations 217

CONTENTS XV

CHAPTER VII AGRICULTURE, SLAVERY, AND INTERNAL TRADE, ijSy-iSoS

I. Ageicultdbe in the North

A. EfKl of the Revolution on Agriculture, i^Sj-i^Sg. By Phineas

Bond 219

B. Agriculture in the United States, 1792. By Tench Coxe 220

II. Ageicultuei; in the South

A. Agriculture in Virginia, 1787. By George Vl^askington 221

B. Farming in ifaryland and Virginia, 1788. By Brissot de Warville. . 222

C. Care of Live Stock, 17 g4. By George Washington 223

D. History of Cotton Growing, 1775-1795- By David Ramsay 224

E. Invention of the Cotton Gin, 1793. By Eli Whitney 225

F. Effect of the Cotton Gin upon Export of Cotton, 1791-1811. By

Adam Seybert 227

G. Agricuiture in the Carolinas and Georgia, 1802. By F. A. Michaux 228

III. Slaveky

A. Poor Whites and Slaves in Virginia, 1780. By the Marquis de

Chastelhix 229

B. Decline of Slavery, 1788. By Brissot de Warville 231

C. Slavery in the South, 1795. By Isaac Wdd, Jimior 232

IV. Pioneering and Agriculture in the West

A. Land the Lodestone to the West, 1772-1774. By Jos. Doddridge.'. . 234

B. Pioneering in Kentucky, 1780-1790. By G. Imlay 234

C. Live-stock Farming in Ohio, 1806. By Thomas Ashe 236

V. Public Lands

A. Democratic Land Holding, 1795. By Isaac Wdd, Junior 237

B. Speculation in Public Lands, 1806. By Thomas Ashe 237

C. Sale of Public Lands, 1796-1816. By Timothy Pitkin 239

VI. Internal Trade and Transportation

'A. By Stage from Boston to Savannah, 1802. By F. A. Michaux. .. . 240

B. Traveling by Wagon, 1806. By John Lambert 240

C. Bad Roads in 1810. By Margaret Van Horn Dmight 241

D. Traveling from the East to Kentitcky, 1793. By G. Imlay 241

E. Trade down the Mississippi River, 1795. By Isaac Weld, Junior . . 244

F. Trade along the Western Rivers, 1802. By F. A. Michaux 244

G. Trade at Pittsburg, 1803. By T. M. Harris 246

H. Character of Western Trade, 1806. By Thomas Ashe 246

I. The Peddler as a Distributor of Goods, 1797. - By Timothy Dwight . . 249

J. The Invention of the Steamboat, 1807. By Robert Fulton 250 xvi CONTENTS

Chapter VIII Introduction Of Manufactures And Condition Of The People, 1775-1816

I. Manutactures

A. Little Manufacturing for Sale, 177s- By the author of American

B. Obstacles to Manufactures, 1776. By Dean Josiah Tucker 252

C. Manufactures after the Revolution, 178S. By Brissot de W arville . . . 253

D. Manufactures before 1789. By Phineas Bond. . . 255

E. A Petition for Protection, I78g. From Annals of Congress 256

F. Report on Manufactures, I7gi. By Alexander Hamilton 257

G. Progress of Manufactures, 17 gs- By Tench Coxe 266

H. Decline of Manufactures, i7gS- By W. Winterbotham 267

I. Domestic Manufactures in the Back Country, 1807. By John

Lambert 268

II. Condition or the People

A. American Characteristics, 1816. By John Bristed 268

B. Wages and Cost of Living, 1802. By F. A. Michaux 271

C. Unwholesome Dietary, I7g7. By C. F. Volney 272

D. Intemperance, 1802. By F. A. Michaux 272

E. EdUfCation, 1816. By D. B. Warden 273

r. Post-offices and Rates, I7gi-i8i6. By A. Seybert 274

Chapter IX The Development Of Manufactures, 1800-1860

I. General View of Manufactures, i8io-i86o

A. Gallatin's Report on Manufactures, 1810. From American State

Papers 276-

B. Leading Manufactures in 1840. From Sixth Census 282

C. View of Manufactures in i860. From Eighth Census 282

II. Progress or Cotton Manufactures, 1806-1860

A. Cotton Manufactures in Massachusetts, 1806. By John Melish . . . . 285

B. State of Cotton Manufactures in 1816. From Annals of Congress 286

C. Historical Sketch of Cotton Manufactures before 1831. By Thomas

P. Keitell 287

D. A View of Cotton Manufactures in 2860. From Eighth Census 291

III. The Woolen Industry, 1811-1860

A. Woolen Cloth for Army Uniforms, j8ii. From Niles' Register . . 293

B. Early Agitation for Sheep Raising, 1811. From Niles' Register . . 293

C. State of the Woolen Industry in 1816. From Annals of Congress .. . 294

D. The Woolen Industry in i860. From Eighth Census 295

CONTENTS xvii

IV. Development of the Iron and Steel Industry.

View in i860. From Eighth Census 297

V. The Leather Industry

Development during the Decade 1850-1860. From Eighth Census . . . 3C0 VI. The Boston Shoe Trade

Extent and Value of Shipments in i8sg. From Hunt's Merchants'

Magazine 30W.

VII. Miscellaneous Manupactures

Extent, Variety, and Value in i860. From Eighth Census 30,7

Chapter X The Tariff, 1808-1860

I. Encouragement to Manutactures

Gallatin's Plans, 18 10. From American State Papers 309

11. Need of Protection

Recommendation of President Madison, 181 5. By James Madison.. . . 310

III. Arguments for a Protective Tariff

Views of Congress, 1816. From Annals of Congress 311

IV. The Tariff Controversy of 1824

A. The "American System." By Henry Clay ' 313

B. A New Englander's Views on Protection. By Daniel Webster 316

C. A Southern View on the Tarif. By George McDuffie 320

V. Free Trade Arguments

Memorial on Free Trade, 1831. By Albert Gallatin 321

VI. The Tariff and Sectionalism

A View of the Situation, 1824-183^. By Thomas H. Benton 323

VII. A Temporary Adjustment of Conflicting Interests

The Compromise Tarif of 1833. By Henry Clay 326

Vin. Reaction from Protection

Argumentsfor Lower Duties on Imports, 184$. By Robert J. Walker 327

IX. Arguments for Protection

The Case Stated, 184^. By Henry C. Carey 333

Chapter XI

I. The Effect on the People of Territorial Expansion

An Explanation of American Characteristic;, 1843. From Hunt's Merchants' Magazine. 338

11. Advice to Emigrants

A. Foreign Immigration and the Westward Movement, 1816. By

John Melish 342 xviii CONTENTS

B. Opportunities in the West, i8iy. By Morris Birkbeck 347

C. Routes to the West, 1837. By J. M. Peck 349

D. Modes of Traveling, 1818. By H. B. Fearon 350

III. Moving Westward

A. Dovm the Ohio River, 1820. By James Hall 352

B. Travel by Land, 1817. By Morris Birkbeck 352

C. Spirit of the Emigrant, 1820. By James Hall 353

D. On the National Road, 1840. By J. S. Buckingham $%$

IV. Frontier Classes of Population

The Restlessness of the Frontiersman, 1837. By J. M. Peck 356

V. AcnviTiFi of the Western Country

Manufactures and Agriculture, 1832. By Timothy Flint 357

VI. In the New Country

A. Locating and Building a Home, 1832. By Timothy Flint 360

B. Effect of the New Home on the Character of the Emigrant, 1832. By

Timothy Flint 366

V>T. Stages of Settlement

The Frontier Line, 1830, 1840, 1850, i860. From Tenth Census . . 369

CHAPTER XII INLAND COMMERCE AND INTERNAL IMPROVEMENTS, 1816-1860 I. Stage Coach Travel

A. Traveling by Stage Coach in Virginia, 183$. By C. A. Murray 376

B. Plight of a Traveler in the South, 1835. By Harriet Martineau. . 377

II. Early Navigation of the Western Rivers

Primitive Methods, 1832. By Timothy Flint 379

III. Effects of the Steamboat on Inland Commerce

Changes in Rates and Speed, 1816-18^6. By Thomas P . Ketlell 381

IV. Federal Aid for Internal Improvements

A. Internal Improvements and the National Defense, iSig. By John

C. Calhoun 385

B. Vetoof the Maysville Road Bill, 1830. By Andrew Jackson 388

V. Effects of the Erie Canal

Development of Internal Improvements in the West, 1825-1850. By H.

V. Poor 390

VI. Early Development of Railroads

Location and Construction, 1826-1850. By Thomas P.. Kettell 393

VII. Railroads versus Canals

A. Arguments for Railroads in 1832. From Congressional Committee

Report , . . 396

CONTENTS xix

B. Arguments Jor Canals in 1830. From Congressional Committee

Report 400

C. Canals and Railroads — Rales and Expense of Maintenance, 183}-

From Assembly {N. Y.) Documents 401

VIII. Progress and Development or Railroads

During the Decade, 18^0-1860. From Eighth Census 404

IX. Inland Water Commerce

Development, 1816-1852. By Israel D. Andrews 406

Chapter XIII Foreign Commerce, 1800-1860

I. Foreign Commerce prior to i860

A. Character and Extent of Foreign Commerce, 1800-1860. By Thomas

P. Kettell 413

B. Commerce and Legislation, 1806-1854. By J. S. Romans 418

II. Foreign Commerce op the North and South Compared

A. Predominance of the South in the Export Trade, 1800-1850. By

Ezra C. Seaman 421

B. Small Import Trade of the South in 1855. By Thomas H . Benton . . 422

'III. Movement of Foreign Commerce

Balance of Trade, 1821-1850. By Ezra C. Seaman 424

IV. Ocean Steam Navigation

Development between 1818 and 1840. From Hunt's Merchants'

Magazine 427

V. The Carrying Trade

The Use of American and Foreign Vessels, 1821-1860. From Report

of Commissioner of Namgation 432

VI. The Foreign Commerce of Important Ports

A. Foreign Commerce of the City of New York in 18 5g. From Annual

Report of the Chamber of Commerce 433

B. Foreign Trade of Boston from 1845 to 185$. From Annual Report

of the Boston Board of Trade 435

C. A View of the New Orleans Levee in iSjg. By J. S. Buckingham 436

VII. Important Export Crops

A. Exportation of Cotton for Various Years from 1821 to i860. From

Treasury Report 438

B. American Wheat and the World Crop 1846-1860. From Hunt's

Merchants' Magazine 438

C. Exportation of Indian Corn, 1820-1860. By Charles L. Flint 442 sx CONTENTS

Chapter XIV

I. The Public Domain

Extent and Importance, 1832. By Henry Clay 446

II. The Public Lands and Wages

A. Secretary Walker on the Public Lands, 1845. From Treasury

Report 455

B. Ease of Acquisition of PuUic Latids in 1832. From American

Quarterly Review 457

III. Speculation in Public Lands

A. Land Speculation, 1840. By Richard Hildreth 458

B. A View of Western Speculation before the Civil War. By D. W.

Mitchell 450

C. Early Land Speculation in Illinois, 1S30-1S40. By Thomas Ford 461

D. Land Speculation in Chicago in 183s- By Harriet Martineau. .. . 462

IV. English and American Agriculture Compared

Superiority of American Agriculture, 1833. By Patrick Shirr ef 464

V. Agricultural Education and Machinery

Improvements before i860. From Report of Commission of Agriculture 467 VI. Views on Agriculture

A. Southern and Northern Agriculture Compared, 1840., iS^o, i860.

From Hunt's Merchants' Magazine 476

B. Agriculture about i860. From Bacon's Handbook of America 480

Chapter XV

I. The First United States Bank

• A. Hamilton's Views onthe Bank, lygo. By Alexander Hamilton. .. . 485 B. Public and Private Finances after the Dissolution of the Bank, 1812-

181 $. By Richard Hildreth 490

II. Second United States Bank

A. Necessity of a ' United States Bank after the War of 1812. From

Legislative and Documentary History of the Bank of the United States 493

B. President Jackson's Veto cf the Bank Bill in 1S32. By Andrew

Jackson 496

III. The Panic of 1837 and its Eitpects

A. President Van Bwen on the Panic of- 1837. By Martin Van Buren 499

B. E£ectsof the Panic on Banking, 1837-1839. By Richard Hildreth . . 501

C. Arguments for an Independent Treasury and "Hard Money,"

1845. By Robert J. Walker 503

CONTENTS xxi

IV. Systems op BANKnsr.o in the United States bepore i860

A. Early State BankingintheWest 1821-18JI. By Thomas Ford 507

B. Banking in New York aiid Massachusetts, 181 3-1860. By A. S.

Bolles J08

C. Conditions of Banking in i860. From Eighth Census 512

V. Currency and Coinage

A. Currencies and their Movements, 1852. By Ezra C. Seaman. . . 516

B. Early Coinage, i^gi-1840. From Hunt's Merchants' Magazine. . 520

VI. State Debts

Amount and Character in 18^2. From Report of Commissioner of

Patents 522