point, the president proposed the following resolution: "That whereas in the course of the two sessions the Conference have heard speeches, declarations, and observations by delegates from Austria-Hungary, Belgium, British India, Canada, Denmark, France, Germany, Greece, Italy, the Netherlands, Norway, Portugal, Russia, Spain, Sweden, Switzerland, the United Kingdom, and the United States; whereas the declarations made by several of the delegates were in the names of their governments; that these declarations admitted the utility of taking in concert certain measures, under reserve of entire freedom of action by different governments; that there is reason to believe that an understanding may be arrived at between the States which have taken part in the Conference, but that it is necessary to suspend the meeting of the delegates; that in effect the monetary situation may, as regards several States, require the direct action of their governments, and they may find it necessary to enter into diplomatic negotiations on the subject, the Congress adjourns to Wednesday, 12th April, 1882." And so it stands adjourned. Will it meet again? I very much doubt it; nor do I see what would be the use of its meeting. I do not think the Congress has done much to convince England that her policy of a single gold standard is an erroneous one, and it is quite certain that she will not make both gold and silver legal tender to any amount. Germany is not likely to follow France more than England, in this respect; for her relations of commerce and finance with this country are infinitely more -important than with France. The interests of the Northern States, indeed, all gravitate towards England. If that be so, all accord in Europe,- at least, as regards a bi-metallic union, is simply impossible. And what can the United States do without such accord ? If her payments are to be made exclusively in gold, can she consent to receive nothing but silver? Let France enter, if she likes, into another bi-metallic union with other Southern States: it will have no influence whatever on the world at large, nor would any partial engagement by the Bank of England to keep a certain amount of silver as a security against its note issue, or by Germany not to sell any quantity of silver for a number of years, materially affect the market value of that precious metal. I doubt, indeed, very much whether any such engagement will ever be given, both the State and the bank being bound for their own preservation to keep a vigilant eye to the oscillations of the market In reality, we are not agreed that bi-metallism is the safetyvalve of the monetary system, or that under it gold and silver, whether coined or uncoined, can cease to be a merchandise. It is not a question of opinion, it is a question of fact; and common experience of the action of bi-metallism, where it has existed for a lengthened period, is against the assumption of its friends. In economic questions, theories and speculation go but a little way. They have no real value unless supported by experience and fact. The bi-metallism literature has grown already to considerable dimensions. The writings of Cernuschi, Wolowsky, Seyd and Lavelaye are worthy of careful study. But learn, I pray you, in your readings, to distinguish the true from the false, the wheat from the chaff, the logic from the rhetoric. Depend upon it, a grain of practice is worth an ounce of theory. Gentlemen,-It is now ten years since the Gilbart Lectures were established in King's College by the will of one of the most eminent and far-seeing bank managers in the Metropolis. And during this time I have had the honour of delivering forty distinct lectures on subjects directly connected with banking, before eager and intelligent hearers, in numbers often taxing the utmost capacity of this theatre, and all of which have appeared in the pages of the Bankers' Magazine. The practical utility of this foundation is not to be measured, therefore, only by the number who are able personally to attend the delivery of these lectures, but also by the number who may study them in the Metropolis and the provinces, aye, abroad also. Nor can I forget that the Banking Institute, happily so successful, received considerable encouragement from this class; for it was here that the first prospectus was prepared. In the prosecution of my labours, my earnest desire has been to be practical and useful, the intention of these lectures being to instruct those connected with banking in the various points of theory and practice which come within their observation in the routine of banking business. Gentlemen, welcome to this college. If new to it, let it form an era in your personal history, that this evening, for the first time, you have entered this seat of learning and instruction; and if you have been here before, most heartily do I bid you, once more, welcome, and may much success attend your studies and your labours in the honourable calling you have chosen for yourselves. APPENDIX. Production of Gold and Silver since the Discovery of America up to 1879, according to Dr. Soetbeer, of Göttingen, 1879-80. Presented by Dr. Brock to the Paris Monetary Conference, 1881. Number of Years. 912,300 1,900,100 lbs. 1701-1800 100 1493-1879 387 10,203,300 190,785,000 22,488,000 420,490,000 37,234,000 3,143,000,000 8,275,000,000 14.0 6,544,000,000 12,672,000,000 15.0 lbs. THE SMALL TRADES OF NEW YORK. SOME months since, there was published in Bradstreet's a letter from Paris, in which was given an interesting account of the "small trades" of that metropolis. A corresponding description of the "curbstone commerce" of New York cannot fail to be of like value. Having this end in view, a representative of this journal has, after due investigation of the subject among the haunts of these treaders upon the lowest rounds of the commercial ladder, outlined the situation, giving such figures in connection therewith as are to be obtained. There are but few individuals beyond the particular circle which surrounds the outdoor tradesmen of New York who have an accurate conception of the magnitude and extent of the traffic which is carried on by them. There are in this city over 3,500 unlicensed pedlars, with a capital actually invested amounting to over $250,000. These include such as visit dwellings and stores with their wares, those who occupy stands, the curbstone dealers, and others. The licensed vendors, junk dealers, and second-hand purchasers are a separate and distinct class, and number nearly 3,000. There are also the rag pickers. Vendors are required to pay $5 a year for their license, the junk dealer $20, and dealers in second-hand material $25. The amount received from licenses this year is in excess of any preceding, except one, and that was during Mayor Ely's administration. About 3,500 licenses have been granted (including hack men), for which over $62,000 have been received. The nationalities represented are the Irish, German, and Hebrew, with a fair sprinkling of Americans. The goods disposed of by the unlicensed fraternity, commonly designated as pedlars, consist of laces, hosiery, fancy goods, cheap jewelry, cutlery, stationery, tinware, Yankee notions, matches, toys, furnishing goods, novelties, &c. The Hebrews take the lead in numbers, and generally confine themselves to fancy goods, hosiery, jewelry, and furnishing goods, while the Germans seem to pay more attention to notions, cutlery, matches, and stationery. The Irish content themselves with tinware, umbrellas, fruit and candy stands, and itinerant pursuits. The so-called "fakirs" are seemingly ubiquitous. They confine themselves to no particular locality, and sell, when they sell anything, novelties. In addition, there are four men in this city who deal exclusively in old hats, who have unitedly cleared over $30,000 in the business. The pedlar's profit from his daily sales will average $1.75, although some have been known to realise $3 in good seasons. The notion dealers seem to be more successful in their pursuits, as it is not uncommon for them to realise $5, $6 and $7, per day. The apple and fruit stands prove, in general, the least remunerative, on account of the perishable nature of the stock. A fair average is from $3.50 to $4 per week. Exceptions must be made during the holiday season, when all branches of trade receive an impetus, and when even the melancholy chair bottomer finds his services in greater demand than common. The auction houses are the principal sources from whence the pedlars obtain supplies, but these generally have for their customers the regular established pedlars. One firm has on their list from forty to fifty daily buyers. The purchases range from $5 to $50. Another firm has over 100 customers, who invest from 10 cents to $5 daily. These are mostly engaged in selling matches, buttons, pins, needles, and such small wares. It is seldom the furnishing houses experience losses. Bad debts are rare with them. It would be difficult to make an accurate calculation of the amount of sales effected by curbstone dealers at present located on Fourteenth Street. One intelligent dealer stated that $75 clear profit would be a fair average for what he terms "the season," while he anticipates his own profits, including the sales of the coming week, at $100. It will be understood that the persons engaged in this traffic during the holidays are not what are termed legitimate pedlars. They are men, women, and children, embracing several nationalities, of a speculative turn, and who in many instances have abandoned former pursuits to engage in the above business for the timebeing. Doubtless some of them will continue it, but the majority will drift back to their ordinary avocations. There is another class, who occupy a prominent position in the everyday life of the metropolis, and who deserve to be included in the category of small tradesmen the old-clothes dealers. And a more persevering, energetic class of people does not exist. This business seems to be largely followed by Hebrews, and is, without doubt, the most remunerative of any of the pursuits mentioned. There are between 250 and 300 leading traffickers engaged in this line, divided into two classes--the cash buyer and the trader. The latter generally carry with them a basket containing china ornaments and glassware, to exchange for old clothes. There are a number of stores which send out men, and on whom they depend for supplies, while there are others who advertise in the daily papers for cast-off garments. The amount of money invested in the purchase of old clothing in this city alone, is believed to be not less than $350,000 annually; while the profits which accrue from the sales after they have passed through the hands of the renovators, cannot be less than 200 per cent. The rag pickers here were originally Irish. They did not pursue this for any length of time, preferring other employment more congenial, and were succeeded by the Dutch, or Hollanders, who continued it for upwards of fifty years. On the arrival of the Italians, a few years since, sans cérémonie and sans cash, the business was abandoned to them by the Dutch. In the vilest haunts of the metropolis may be found the homes of these Italians, and in cellars deep down under the streets they may be seen indulging their propensities. Their business hours are generally between 2 a.m. and sunrise, when they proceed to dispose of their disgusting accumulations to the "Boss" on Baxter street; and from that time until the following morning they are lost to the view of the outside world. The quantity of rags usually collected by each will average from ten to fifteen pounds, but there are some more industrious who will average twenty pounds per day. They earn from 30 to 50 cents in this line; that is, exclusive of bones and offal, which is a separate branch. There are a large number, male and female, engaged in the work, and the limits of the city, from Harlem to the Battery, is their field of labour. The more respectable and enterprising of this class reside in the upper portions of New York, while the worse elements are located in Baxter, Mulberry, Division and Crosby Streets. The cost of providing food for them is but a trifle. They exist on soup; and, in many instances, the bones they have collected furnish the material. This, with a plentiful supply of garlic, musty cheese, and macaroni, constitutes their larder. They are inveterate gamblers, and spend the greater portion of their earnings in |