ever the light-houses are supplied. In fact, both these gentlemen have taken a deep interest in bringing it forward before the government and the public." OVERLAND TELEGRAPH TO INDIA. The last published part of the Proceedings of the Royal Geographical Society contains Sir HENRY RAWLINSON'S communication on a direct overland telegraph to India, from which we gather a few interesting particulars. A telegraph, 1,314 miles in length, is in operation from Constantinople to Bagdad, being no inconsiderable part of a line which the Turkish government erected at its own cost, intending to carry it on to Bussorah. From the latter place, Sir HENRY RAWLINSON recommends that it should be extended to Teheran, thence to Ispahan, Shiraz and Bunder Abbas, at the head of the Persian Gulf; and from there along the coast, through the territories of the Imaum of Muscat and the Khan of Kelat, to Kurrachi, where the line would meet our Indian telegraph system. "Teheran," as we are informed, "has peculiar advantages as a principal station; first, because a line passing that way would be sure of the favor of the Persian government; and, secondly, because it would there be connected with other lines of telegraphs. An electric communication is already established between Teheran and Tabriz, while Persian telegraphy seems likely to progress, and to connect itself with the Russian system by way of Tiflis, and even with our Scindian frontiers, by way of Herat." The distance from Bagdad to Bunder Abbas would be 1,302 miles; from Bunder Abbas to Kurrachi, 731, making the whole distance from Constantinople to India, 3,351 miles. There is much to be said for an overland telegraph to the far East. It can be more easily repaired than a submarine cable, and it appears that the Arabs are not unfriendly to the presence of English enterprise in the desert in such a form. One of the chiefs said to our consul at Diarbekir, "If in your hands, yes; but if in the hands of the Turks, we should destroy it, looking upon it but as the forerunner of forts and soldiers to coerce us." Should this scheme be accomplished, as we hope it will, London would be able to communicate directly with Calcutta, and we should have a line rivalling that which now stretches all across the great continent of North America, from New-York to San Francisco. We notice in the last news from South Africa that a telegraph line is to be set up from Cape Town to Graham's Town, and that extensions to Natal and Caffraria are talked of.-English paper. THE MERCHANTS' MAGAZINE AND COMMERCIAL REVIEW. Established July, 1839. EDITED BY 1. SMITH HOMANS, (SECRETARY OF THE CHAMBER OF COMMERCE OF THE STATE OF NEW-YORK,) AND WILLIAM B. DANA, ATTORNEY AT LAW. VOLUME XLVI. FEBRUARY, 1862. NUMBER II. ABT. CONTENTS OF No. II., VOL. XLVI. PAGE 113 I. A NATIONAL CURRENCY AND BANKING SYSTEM,,. II. A NATIONAL AUTHENTICATED CURRENCY.-The Plan Stated-Advantages to the Government-Advantages to the People-A Uniform Circulating MediumNatural Exchanges-Regulation of the Exchanges-Security for the Bank NotesSafer than those of the Bank of England-Advantages to the Banks-Solvent Banks Protected against the Insolvent-The Currency made less Fluctuating-The Banks made more Secure-Objections to the Plan-Inopportune-Its Basis not Permanent -Takes Capital out of Trade-Alleged Tampering with the Currency-Conclusion, 119 IIL INTERNATIONAL GENERAL AVERAGE.-1. Authority in Law usually, but not absolutely, a test of correctness. 2. A wide range of Precedents necessary in Mercantile Law. 3. Inconsistencies now existing in the present General Average Practice of different Commercial Nations. 4. Proposed Removal of these Inconsistencies by the Association for the Promotion of Social Science. 5. What steps they have taken and what they propose to do. 6. Difficulties in the way. 7. Reform not needed in American Practice. 8. Our Customs in this Respect based upon a wide field of Precedents. 9. The Nature of English Exceptions and the Arguments upon which they are founded. 10. American Reasonings upon the same points, and the Authorities which support them. 11. Cause of the Inconsistencies in English Practice. 12. Danger of Like Causes producing a Similar Effect in this City to great detriment of Commercial Enterprise,.. IV. COSMETICS.-Personal Adornment.-Ancient use of Cosmetics; their Composition and Preparation; Imitations and Counterfeits.-Blancs, Powders, Rouges, Fards, Milks, Pomades, Hair-Dyes, Depilatories, etc., and the dangers of their use.-Tooth Powders and Soaps.-Toilet Soaps, how made, and the significance of their names. -Tricks of the Trade,.. 129 139 V. TRADE WITH CHINA, JAPAN AND THE AMOOR.-Memorial of P. M. D. COLLINS, Esq., late Commercial Agent of the United States at the mouth of the Amoor,.. 155 VI. RECENT PROGRESS OF THE MAGNETIC TELEGRAPH.-1. The Pacific Telegraph. 2. The California Telegraph. 8. The Malta and Alexandria Telegraph. 4. Telegraph in Europe. 5. Telegraph Extension on the Pacific,.... 157 VII. MR. TOWNSEND HARRIS, MINISTER TO JAPAN,. VIII. THE WAREHOUSING SYSTEM OF THE UNITED STATES.-Some Reasons why Goods ought to be allowed to remain in Bond for three or five years,.......... 187 IX. THE COFFEE AND SUGAR TRADE OF THE UNITED STATES.-Monthly Circular, showing the Stocks, Receipts and Consumption of Coffee and Sugar at the principal ports of the United States of America and Europe, December, 1858-1861, 198 CHAMBERS OF COMMERCE AND BOARDS OF TRADE. THE COTTON QUESTION. 1. Cotton in Egypt. 2. Australia. 3. BAZLEY on Cotton. 4. Cotton and Slavery. 5. Cotton- 1. Baltpetre and Arms. 2. Treasury Decisions-Round Cast Steel-Silk Lace-Velvets-Deer Skins-Saddlery. 3. Mexican Convention. 4. Confiscated Property. 5. Treaty with Tur- key. 6. Edinburgh Chamber of Commerce. 7. Glasgow Chamber of Commerce. 8. Breaches JOURNAL OF NAUTICAL INTELLIGENCE. 1. New Light-Houses.-Bass Strait-Gulf of St. Lawrence-East Coast of England. 2. New Reefs. 8. New Whaling Ground. 4. New Fog Bell. 5. Liverpool Docks. 6. Rebel Pirates. 7. Steamers in Chili. 8. Arming Merchant Ships. 9. Dr. HAYES' late Voyage. 10. Lake JOURNAL OF INSURANCE AND BANKING. JOURNAL OF MINING AND MANUFACTURES. 1. Sir W. ARMSTRONG on Plated Ships. 2. The Fur Trade. 3. Manufacture of Shoes. 4. COMMERCIAL CHRONICLE AND REVIEW. Review of the Month-Exports and Imports of New-York for years 1857-1861-Comparative Prices at New-York of Leading Articles, on January 3, for years 1858-1862-Average price of Flour at Philadelphia, for sixty-six years past.-The Warehouse System,.. STATISTICS OF TRADE AND COMMERCE. 1. Trade of Roxbury. 2. City Tobacco Trade. 3. Commerce of Portland. 4. Trade of the Lakes. 5. Export of Sewing-Machines. 6. Consumption of Wine. 7. Ship load for North Carolina. 8. Sale of Sea Island Cotton. 9. Tide-Water Receipts. 10. Hudson Bay. 11. 146 180 RAIL ROAD, CANAL AND TELEGRAPH STATISTICS. 1. Rail-Road in Peru. 2. Russian Railways. 3. Bridges over the Thames. 4. Ward's Tele- THE MERCHANTS' MAGAZINE AND COMMERCIAL REVIEW. MARCH, 1862. COMMERCIAL PHRENSIES. O. A. W. FLUCTUATIONS of Trade and FINANCE-PASSING Fevers-TULIP MANIA-MISSISSIPPI SCHEMESOUTH SEA BUBBLE-COLONIAL Currency-SPECULATIONS OF 1836-TAXATION. THERE is nothing stranger in the history of nations than the extreme fluctuations of trade and finance, in their various branches; the ebb and flow of the vast commercial tide is as marked, as inevitable, and almost as calculable as that of the great waters. Its waves mount up to Heaven, they go down again to the depths;" now tossing up their proud burdens in triumph, and now engulfing them forever. Each great tide has its series of waves, each wave its own ripples, and each ripple its separate crest of foam. The lightest, frothiest and most short-lived bubbles which float upon this restless sea, insignificant while they last, and harmless when they burst, are the ridiculous furies for a certain name, shape, or color, which follow each other like the links of a chain. Their reign is brief but violent; they are born, they inflate, they explode, like a potato pop-gun, and nobody is killed. When ordinary shades of materials are worth a certain price, you must give a third more for Mauve, or if Mauve is a little out, for Solferino, if that is beginning to pass, it's azurine that commands a premium. Last spring, the red, white and blue, raged like a spotted fever. Brick red, muddy white, frozen blue, in a thousand burlesques and travesties of our noble flag, debased it while professing to honor. Calicoes and wall-papers, hideous balmoral skirts, vulgar neck-ties, cotton-y pocket handker chiefs, leaky tinware, and unwholesome peppermint candy, shared alike in the popular taste. When JENNY LIND was singing her way into the hearts of men, there came a sudden irruption of JENNY LIND haberdashery into the world of small trades. A universal christening took place; all the old rubbish and all the new, received the cognomen of the Swedish songstress, from the highest need of crowned heads, the JENNY LIND toupée, to the last desideratum of the western gallant, JENNY LIND chewing-gum. But directly, Miss JENNY, to whom all the world had been listening, began to listen to some one else, even Orro. She graciously consented to devote herself to domestic life, and changed her name to Mrs. GOLDSCHMIDT. All the namesakes changed theirs too, and, in a twinkling, there wasn't a bit of JENNY LIND any thing left. Music hath charms to soothe the savage soul, but muscle can subdue the belligerent body that holds it; and it is only a little while since, among a certain set, it was the HEENAN title which gave glory to earthly atoms. All goodly apparel and gay gold rings were HEENAN'S; it was the HEENAN cut of the hair and beard, and such like barber-isms, and last, not least, the HEENAN boys. Countless numbers of Mr. HEENAN's admirers have blessed their sturdy offspring with his unabridged nomenclature, and, in the course of a half dozen years, every tenth boy in the ward school will answer to the name of JOHN C. HEENAN COBB, Mobb, Bobb, or CHITTERBOBB, as the case may be. But what's in a name? Let the lads be good and honest, and they might be called BEELZE-BUBS, for all the difference it makes. Not so with the merchantable commodities; they waxed, and they must wane; they retire some night at a discount, and come out in the morning above par, with the prestige of a newer appellation. We have no need to make any but the most distant reference to the WINFIELD SCOTT boot-jack, and the most delicate allusions to the M'CLELLAN writing-desk, with twenty kinds of paper, pens, ink, pencils, rubber, wax, wafers, four portraits, and an assortment of jewelry, all for twenty-five cents. Happy as the citizens of our republic think themselves, they are, in some respects, less fortunate than their European brethren; in a monarchy the "king never dies," and the subjects of a king have an unfailing refuge. Let the old world vender be so lucky as once to attach a certain phrase to his articles, and they cannot depreciate. Things "Patronized by Royalty" can never go out of fashion, for royalty is always existent. The wigs, the powders, the double rows of masticators which grin upon you from the advertising sheet, the artificial limbs and eyes, all “ Patronized by Royalty," must be successful, now and forever! แ We unselfishly congratulate the transatlantic trader; while, at the same time, there steals into our not yet hardened heart, a sigh of pitying wonder for the singularly large and hapless royal families who seem to be destined to crumble away, in order to give employment to artisans and an impetus to home manufactures. Vive la bagatelle! as long as it may, and let it expire when it must; we have to do with graver things-graver in their results; and yet many of the wildest commercial excitements ever known, lifting and sinking nations in their rise and fall, have had an origin hardly more important than that of these passing trifles. One of the earliest of these was the tulip mania, among the Dutch. Two hundred and twenty-five years ago, Holland |