The following table shows the population of the various States in 1850 and 1860 respectively; also the increase and the increase per cent.:

The analogy between the movements of population here given and that of capital before given, is very remarkable.

Were the official tables of imports and exports in years past of any practical value, the course of trade between this country and Europe would undoubtedly exhibit in times of peace an immense flow, and in time of war a great ebb of foreign capital. But these tables are unfortunately of scarcely any value at all:

First. Because "from the absence of penalty for deficient or untrue outward invoices, or of special necessity from any cause requiring the record of the export manifests to be complete and full, there has been more or less of failure, either to clear outward shipments of domestic produce, or to secure the record of such clearances when the ship obtains its general clearance and leaves the port." Copies of outward manifests are required to be left at the Custom-house before clearance papers are given. In order to avoid the delay of keeping a vessel awaiting the plodding steps of official routine, these manifests are sent in a few days previously. Meanwhile the vessel continues to take freight, and not unfrequently the great bulk of it is taken after the manifest has been sent in. The latter is left to be made out by a junior clerk who frames it entirely in accordance with his fancy. "Sundries" always forms the chief item, and the whole ends with a row of figures which bear as much relation to the truth as the Julian calendar does to the price of whiskey cock-tails, but which, nevertheless, enter into the grave totals of the official column of exports.

Second. Because the imports, "undoubtedly, are always short not only of the true valuation when entered, but still more deficient in the valuation they should have as one side of the commercial exchanges. The increase over the invoice price at which they are entered, resulting from transportation across the Atlantic and the advance properly charged on them on arrival (when they are sold) by the importer, add twenty per cent. to the recorded aggregate values at the point and time of actual exchange." +

North American Review, January, 1865, p. 131.
Ibid.

Third. Because of the immense values which are constantly smuggled into the country not only by false swearing in valuations and by the concealment of valuable goods within packages of grosser material, and about the person, but by whole cargoes landed along the coast in boats, or run across the Canadian border in wagons.

Fourth. Because no account is taken of cargoes which, after leaving the country, are wrecked and are wholly lost.

Fifth. Because, owing to the popular confusion which surrounds the subject of money, the precious metals have not been recognized as merchandise, and shipments of gold and silver have been and are still made to and from the country, which are never entered upon the official tables. These shipments amount to sums of very great magnitude. In the case of some San Francisco transactions alone they amounted in 1862-'3-'4 to $54,000,000.*

Sixth. Because, concerning goods which enter free of duty, the valuation is either not reported at all, or, if reported, it is done without the slightest regard to accuracy.

Seventh. Because no account is taken either of the wealth brought into the country by foreign emigrants, or of that which is taken away by persons going abroad. These items are of great importance. The wealth brought into the United States since its settlement, by emigrants, amounted up to the year 1860, in cash alone, to the enormous sum of $1,400,000,000. Of that which has been taken away in times of insecurity or alarm, we have no means of knowing the amount.

The official tables of imports and exports being thus abundantly shown to be worthless as a basis of computation of the international flow and ebb of wealth, we must dispense with the assistance which they might have afforded to us in our investigation and endeavor to find some better data.

Let us take for this purpose the very item last mentioned as an important omission from the import and export tables-the accession and loss of capital accompanying immigrants and emigrants. "From 1790 to 1819 there arrived in

* North American Review, January, p. 133.

this country about 50,000 immigrants.* In the next ten years the foreign arrivals were about 70,000; and in the ten years following ending with 1820, 114,000." From 1820 to 1860 they were 5,459,421. This makes a grand total of 5,693,421.†

"It appears of the emigration from Prussia to America and other countries in the fifteen years ending with 1859, it was ascertained that 183,232 of the emigrants carried out their property to the amount of 45,269,011 Thalers, being an average of 242 Thalers, or $180 to each individual." ‡

Allowing for the usual want of accuracy in official statistics, and particularly in a case where ignorance and fear would naturally influence the emigrant to conceal all but a small portion of his hoard; allowing also for the sums of money brought by cabin passengers, into whose affairs official inquiries are never inade; and finally allowing for the bag and baggage, tools, and clothing, that every emigrant brings with him, the sum of $250 would appear to be a low estimate of the amount of capital brought into the country by each of them. This, for 5,693,421 immigrants, amounts in the aggregate to $1,423,355,250.

The largest accession of capital from this source during any one period of five years, was from 1850 to 1854, which corresponds to a period of remarkable prosperity in the affairs of this country. The immigration and accession of wealth during the period mentioned were as follows:

Dr. Adam Seybert computes the number who arrived during this period at 120,000, or an average of 6,000 per year (see Appleton's Cyclopædia, article Emibration); but we have preferred in the text to follow the census.

But this only includes passengers who arrived by sea. The large immigration by way of Canada, as well as the numerous trifling accessions to our population by immigration from Mexico, besides the many who have entered the country after working their passage hither as seamen, are taken no account of whatever.

United States Census, 1860. Introduction, pp. xviii and xxiii.

Enough has been shown through the synchronical movements of emigration and capital to prove that peace and security invite their accession. We shall now briefly endeavor to show how the opposite conditions drive both away.

From 1850 to 1854, the period of the most remarkable accessions to our population and wealth from abroad, Europe was either engaged in war or convulsed with political disturbances. In 1850 the Hungarian war was just subsiding. It had convulsed the whole of Hungary, Russia, Austria, and Italy. Kossuth had been appointed governor and afterward overthrown. Rome was declared a republic and was captured by the French. Venice surrendered. The Schleswig-Holsteiners and the Danes were at war. In 1851 Louis Napoleon dissolved the National Assembly of France and overthrew the Constitution. In 1852 he made himself emperor, by the celebrated coup d'état. In 1853 Italy was very much disturbed. The Porte declared war against Russia. In 1854 Great Britain, France, Sardinia, and Turkey were engaged in war with Russia, while Austria and the other monarchies of Europe were constantly agitated by the proximity of the allied operations and those of their antagonist.

During all this time entire peace reigned in this country, and the result was an immense ebb of population and capital from Europe and its flow towards this country. Upon the declaration of peace in 1856 the current slackened. The immigration into the United States from 427,833 in 1854 fell to 200,877 in 1855 and 200,436 in 1856. In the early part of 1857 it began to increase, but the financial troubles in this country of that year checked it again, and though by the end of the year it had reached 251,306 it fell to 123,126 in 1858 and to 121,282 in 1859. In 1860 it again revived and amounted during the year to 153,640; but then the American war broke out, and immigration entirely stopped and began to flow the other way. In 1861 the arrivals were 91,919, in 1862 91,987, in 1863 156,000, and in 1864 182,000; making in all, during the four years of the war, but 521,906; which number is perhaps fully counterbalanced by the numerous departures of persons from the United States who fled thence to avoid the consequences of civil war.