History of the United States During Thomas Jefferson's Administrations (Complete 4 Volumes). Henry Adams

Чтение книги онлайн.

СКАЧАТЬ of a ship to China, left ample leisure for correspondence and even for gossip. The habits of the commercial class had not been greatly affected by recent prosperity. Within ten or fifteen years before 1800 three Banks had been created to supply the commercial needs of Boston. One of these was a branch Bank of the United States, which employed there whatever part of its capital it could profitably use; the two others were local Banks, with capital of $1,600,000, toward which the State subscribed $400,000. Altogether the banking capital of Boston might amount to two millions and a half. A number of small Banks, representing in all about two and a half millions more, were scattered through the smaller New England towns. The extraordinary prosperity caused by the French wars opened to Boston a new career. Wealth and population were doubling; the exports and imports of New England were surprisingly large, and the shipping was greater than that of New York and Pennsylvania combined; but Boston had already learned, and was to learn again, how fleeting were the riches that depended on foreign commerce, and conservative habits were not easily changed by a few years of accidental gain.

      Of manufactures New England had many, but none on a large scale. The people could feed or clothe themselves only by household industry; their whaleoil, salt fish, lumber, and rum were mostly sent abroad; but they freighted coasters with turners' articles, home-made linens and cloths, cheese, butter, shoes, nails, and what were called Yankee Notions of all sorts, which were sent to Norfolk and the Southern ports, and often peddled from the deck, as goods of every sort were peddled on the flat-boats of the Ohio. Two or three small mills spun cotton with doubtful success; but England supplied ordinary manufactures more cheaply and better than Massachusetts could hope to do. A tri-weekly mail and a few coasting sloops provided for the business of New England with domestic ports. One packet sloop plied regularly to New York.

      The State of New York was little in advance of Massachusetts and Maine. In 1800 for the first time New York gained the lead in population by the difference between 589,000 and 573,000. The valuation of New York for the direct tax in 1799 was $100,000,000; that of Massachusetts was $84,000,000. New York was still a frontier State, and although the city was European in its age and habits, travellers needed to go few miles from the Hudson in order to find a wilderness like that of Ohio and Tennessee. In most material respects the State was behind New England; outside the city was to be seen less wealth and less appearance of comfort. The first impression commonly received of any new country was from its inns, and on the whole few better tests of material condition then existed. President Dwight, though maintaining that the best old-fashioned inns of New England were in their way perfect, being in fact excellent private houses, could not wholly approve what he called the modern inns, even in Connecticut; but when he passed into New York he asserted that everything suffered an instant change for the worse. He explained that in Massachusetts the authorities were strict in refusing licenses to any but respectable and responsible persons, whereas in New York licenses were granted to any one who would pay for them,—which caused a multiplication of dram-shops, bad accommodations, and a gathering of loafers and tipplers about every tavern porch, whose rude appearance, clownish manners, drunkenness, swearing, and obscenity confirmed the chief of Federalist clergymen in his belief that democracy had an evil influence on morals.

      Far more movement was to be seen, and accumulation was more rapid than in colonial days; but little had yet been done for improvement, either by Government or by individuals, beyond some provision for extending roads and clearing watercourses behind the advancing settlers. If Washington Irving was right, Rip Van Winkle, who woke from his long slumber about the year 1800, saw little that was new to him, except the head of President Washington where that of King George had once hung, and strange faces instead of familiar ones. Except in numbers, the city was relatively no farther advanced than the country. Between 1790 and 1800 its population rose from 33,000 to 60,000; and if Boston resembled an old-fashioned English market-town, New York was like a foreign seaport, badly paved, undrained, and as foul as a town surrounded by the tides could be. Although the Manhattan Company was laying wooden pipes for a water supply, no sanitary regulations were enforced, and every few years—as in 1798 and 1803—yellow fever swept away crowds of victims, and drove the rest of the population, panic stricken, into the highlands. No day-police existed; constables were still officers of the courts; the night-police consisted of two captains, two deputies, and seventy-two men. The estimate for the city's expenses in 1800 amounted to $130,000. One marked advantage New York enjoyed over Boston, in the possession of a city government able to introduce reforms. Thus, although still mediæval in regard to drainage and cleanliness, the town had taken advantage of recurring fires to rebuild some of the streets with brick sidewalks and curbstones. Travellers dwelt much on this improvement, which only New York and Philadelphia had yet adopted, and Europeans agreed that both had the air of true cities: that while Boston was the Bristol of America, New York was the Liverpool, and Philadelphia the London.

      In respect to trade and capital, New York possessed growing advantages, supplying half New Jersey and Connecticut, a part of Massachusetts, and all the rapidly increasing settlements on the branches of the Hudson; but no great amount of wealth, no considerable industry or new creation of power was yet to be seen. Two Banks, besides the branch Bank of the United States, supplied the business wants of the city, and employed about the same amount of capital in loans and discounts as was required for Boston. Besides these city institutions but two other Banks existed in the State—at Hudson and at Albany.

      The proportion of capital in private hands seemed to be no larger. The value of exports from New York in 1800 was but $14,000,000; the net revenue on imports for 1799 was $2,373,000, against $1,607,000 collected in Massachusetts. Such a foreign trade required little capital, yet these values represented a great proportion of all the exchanges. Domestic manufactures could not compete with foreign, and employed little bank credit. Speculation was slow, mostly confined to lands which required patience to exchange or sell. The most important undertakings were turnpikes, bridges such as Boston built across the Charles, or new blocks of houses; and a canal, such as Boston designed to the Merrimac, overstrained the resources of capital. The entire banking means of the United States in 1800 would not have answered the stock-jobbing purposes of one great operator of Wall Street in 1875. The nominal capital of all the Banks, including the Bank of the United States, fell short of $29,000,000. The limit of credit was quickly reached, for only the richest could borrow more than fifteen or twenty thousand dollars at a time, and the United States Government itself was gravely embarrassed whenever obliged to raise money. In 1798 the Secretary of the Treasury could obtain five million dollars only by paying eight per cent interest for a term of years; and in 1814 the Government was forced to stop payments for the want of twenty millions.

      The precise value of American trade was uncertain, but in 1800 the gross exports and imports of the United States may have balanced at about seventy-five million dollars. The actual consumption of foreign merchandise amounted perhaps to the value of forty or fifty million dollars, paid in wheat, cotton, and other staples, and by the profits on the shipping employed in carrying West India produce to Europe. The amount of American capital involved in a trade of fifty millions, with credits of three, six, and nine months, must have been small, and the rates of profit large.

      As a rule American capital was absorbed in shipping or agriculture, whence it could not be suddenly withdrawn. No stock-exchange existed, and no broker exclusively engaged in stock-jobbing, for there were few stocks. The national debt, of about eighty millions, was held abroad, or as a permanent investment at home. States and municipalities had not learned to borrow. Except for a few banks and insurance offices, turnpikes, bridges, canals, and land-companies, neither bonds nor stocks were known. The city of New York was so small as to make extravagance difficult; the Battery was a fashionable walk, Broadway a country drive, and Wall Street an uptown residence. Great accumulations of wealth had hardly begun. The Patroon was still the richest man in the State. John Jacob Astor was a fur-merchant living where the Astor House afterward stood, and had not yet begun those purchases of real estate which secured his fortune. Cornelius Vanderbilt was a boy of six years old, playing about his father's ferryboat at Staten Island. New York city itself was what it had been for a hundred years past—a local market.

      As a national capital New York made no claim to consideration. If Bostonians СКАЧАТЬ