the lead mines are mostly owned by companies, or wealthy land-owners, or such persons as possess a furnace; they lease the mineral lands for a bonus of 10 per cent of the crude mineral. I perceived around Potosi a number of such lease patches, and on one, probably a rich spot, I saw a lock and key on the shaft, and a number of black and white men engaged in raising the ore upon their leases, which they hold as long as mineral can be produced. At Mine la Motte, however, the arrangement between the proprietors and lessees is altogether different. Here, the latter have to pay the 10 per cent from the metal, or any other mineral of a current commercial value, and no crude mineral is permitted to be taken off the premises. Of course this regulation has of late become very onerous; the various minerals discovered there, such as copper, nickel, sulphuret and oxyde of cobalt, either from want of materials or of means, have not been made as lucrative to the miner as they would be if they were allowed to export the ores to Europe.

Before the mineral is purchased or received at the furnace, it is properly washed and selected by means of the washing establishments or shaking apparatus, by which the ore is separated from the rock. Large troughs, or tubs, of about six feet square, contain large metallic sieves fitted in them, to which are attached some cranks that keep the square sieves shaking the ore while they dip them in the tubs containing water. In this operation, which lasts but fifteen minutes, all the minerals, if small enough, fall through, and are deposited on the bottom; the larger minerals remain in the sieves. In both, the rocky and other minerals, as well as the ore, will fall down according to gravity; the blue mineral will be deposited first, then the drybone, then the cobalt, and the lightest is the rock. After the mineral has been assorted, it is ready for disposal or for smelting, and no mineral is easier reduced than the ores of lead. The drybone is reduced in a shaft, or blast furnace; the air being thrown into the furnace by a fan-blower of a ten-horse power engine, and a small addition of the oxyde of iron, whereby the carbonic acid of the drybone is transferred to the iron, forming a carbonate of iron, and the lead runs out pure. The blue mineral is reduced in a Scottish, or short furnace, with the addition of charcoal and a little lime; and by means of a strong blast, after a few hours the metal is softened, and runs out in a large cauldron, from whence it is poured out in pigs of from 60 to 70 pounds. The slags from the lead contain still from 5 to 8 per cent, which are melted over in a slag furnace. The lead so obtained at Mine la Motte and other places in the State of Missouri, contains a small portion of silver, which has latterly attracted the attention of English capitalists, who have, within a short period, purchased more than 1,000,000 pounds of the lead, in pigs; and although 100 pounds of the lead contain but half an ounce of silver, have, nevertheless, extracted from that quantity 350 pounds of pure silver, equal to $5,600, and reducing the value of the lead over half a cent per pound. After putting the lead in its former shape, it commands the same price as when first imported.

The process for extracting the silver, is called the crystallizing process, is very simple, and attended with little expense. It is performed in the following mode :--The argentiferous lead is melted in cast-iron pots; and, when perfectly fluid, the fire is removed, and the draught-holes closed tight. After a little while, the lead mass is stirred by means of an iron bar. lead is now forming into small crystals, which are all gradually removed

The

by means of a ladle. This operation is continued till two-thirds of the lead, according to the quantity of silver contained in the mixture, has been taken away. The silver is now remaining, and may be refined by the cupelling operation. The lead thus drawn off, contains but traces of sil ver mechanically adhering to the crystals of lead. For this proof of obtaining all and any quantity of silver contained in the lead, the loss of the latter is but 2 per cent.

The quantity of lead produced in the State of Missouri, is very considerable. Not less than 9,000,000 of pounds were, in 1846, brought to market; and if we consider that 3,000 pounds of pig lead are produced every eight hours, (as Mr. Perry assured me he produces in his furnace ;) that twenty furnaces are capable of bringing such a quantity to market; while this State, in eight years, (from 1825 to 1832,) did not furnish over 5,000,000 of pounds, at the present price of lead, the above 9,000,000 are valued at $315,000.

Art. VII. THE LEAD REGION.

THE lead region of the Mississippi occupies not far from one hundred square miles. The two principal towns are Galena and Dubuque,which are both handsome and flourishing. The original possessors of this land were the Sac and Fox Indians, who used to sell to the white settlers on the frontier the ore which they often found upon the surface of their soil. The first white man who went into the mining business, (which was on a small scale,) was Dubuque. He was supposed to possess a cure for the bite of the rattlesnake. He became a great favorite with the Indians, and for a long time was the only man not of their blood whom they would suffer to live upon their soil. After his death, they placed him in a leaden coffin of their own manufacture, and buried him on the picturesque bluff which bears his name; and after this, they destroyed every vestige of his property.

In process of time, extravagant mineral stories were circulated throughout the country, and the general government purchased the Indian El Dorado of its possessors. The first man who went into the mining business at Galena, after the country had become our own, was Col. Richard M. Johnson. Since that time, thousands of people, on various occasions, have made and lost money in the mining business, which, from the very nature of the case, is in reality a perfect lottery. Lead-lead, is the burden of everybody's song-and the quantities that are shipped to St. Louis are truly immense, But a man may dig until doomsday, without finding a lead, and consequently die a beggar--while another, in a few months will realize a fortune, upon which he is too apt to retire, and squander at the gaming table, so that you also soon find him an idler, and in want. One individual I have myself known, who came to Galena with $500, and having labored with unceasing industry for about three years, and expended his little fortune, when I saw him, had not the means to purchase a loaf of bread, and was utterly without employment. Notwithstanding the liberal mining regulations of the government, the fates were against him, and he was compelled to give up his mineral dreams in despair. Another individual, whom I saw at Galena, was remarkably fortunate in his operations. A little more than a year ago he commenced

digging a certain hill-side, and the first thing he knew, his spade struck against a solid mass of ore. He was encouraged, and proceeded in his excavations, and, in the course of a single year, he sold a sufficient quantity of 80 per cent ore to amount to the sum of $23,000. His mine is still yielding quite abundantly, and as it is probably the best in this region, I will describe it in a few words.

After descending a shaft of some eighty feet in depth, you find yourself in the centre of an immense cave, with chambers leading in various directions. The walls and ceilings are mostly of pure sand, excepting where an occasional solid mass of native lead glistens like silver, or gold, in the torch-light. Square blocks of the ore, weighing from half a pound to one hundred, all lie as accurately dovetailed together, as if placed by the hands of a master-mason. While looking upon these singular masses, I could hardly banish the thought from my mind, that we were in view of treasures that had been hidden here in those days when giants inhabited the world. When my curiosity was fully satisfied, I seized the rope, and with a palpitating heart passed upward out of the bowels of the earth into the pleasant sunshine.

MERCANTILE LAW CASES.

PRINCIPAL AND FACTOR-CONSIGNMENT ADVANCES-SALE.

In the Court of Common Pleas of England, June 11, and July 6, 1846. Smart v. Sand.

Where A. consigned goods to B., a factor, for "sale and return," and directed B. not to sell them below a certain price, B. being in advance on account of said goods, gave notice that if the advances made by him were not repaid, he would sell the goods to repay himself, and he did sell them accordingly below the price limited by A. Held, in an action brought by A. to recover the amount at which the goods had been limited, that the factor had no right under the circumstances to disobey the plaintiff's orders, and that he was liable for the balance.

This was an action of assumpsit, brought to recover of the defendant, a corn factor, the value of a cargo of wheat, consigned by the plaintiff to the defendant for sale. The declaration set out the consignment, and the order of the plaintiff not to sell below a certain price, and averred the violation of the order on the part of the defendant. The defendant pleaded that he was the factor of the plaintiff'; that he was under advances to a large amount to the plaintiff, on account of said cargo of wheat; that while so, he gave notice to the plaintiff that these advances must be repaid, and if this was not done, defendant would repay himself for said advances out of the proceeds of said cargo, averring that the cargo was sold at the highest market price, and produced less than the amount advanced. For a further plea, the defendant pleaded that he had a lien, as factor, on the cargo consigned to him, in respect to the advances he had made to plaintiff.

There were other pleas, not necessary to be inserted here, to show the grounds of the opinion of the court. To these pleas there was a general demurrer, assigning inter alia for cause, that if the defendants meant to insist that the advances gave them a subsequent authority to disobey the plaintiff's orders, such authority should have been pleaded as the result of an express agreement, and not have been left as an inference of law; and also, that the plea was an argumentative traverse of the promise, and amounted to the general issue.

In support of the demurrer, it was insisted, that as the factor's power of sale was not coupled with an interest, he had no right whatever to disobey the plain

tiff's orders. The defendants may have a lien for their advances, yet this would not give them authority to sell.

On the other side, it was contended that, in certain cases, when the factor has made advances, after he has given notice to the principal, and those advances are not repaid, there is an implied authority in law to sell without the assent of the owner. To sustain this position, Story on Agency, 331, was cited and relied upon. The opinion of the Supreme Court of the United States, in Brown v. M'Gran, delivered by Mr. Justice Story, was also cited. It was contended also, that where advances have been made, the factor's power becomes enlarged, and the consignment becomes a security for the money advanced.

Coltman, J., delivered the judgment of the court.

Let us first inquire, what are the relative positions of a principal and factor for sale? From the mere relation of principal and factor, the latter derives authority to sell at such time, and for such prices, as he may, in the exercise of his discretion, think best for his employer; but if he receives the goods subject to any special instructions he is bound to obey them, and the authority, whether general or special, is binding. This was not denied; but on the behalf of the defendants, it was contended, that where a factor has advanced money on goods consigned to him for sale, the authority to sell is irrevocable, because it would be coupled with an interest. That may be true; but it was incumbent on the defendants to maintain also, that on the failure of the principal to pay such advances within a reasonable time after demand, the authority of the factor was enlarged; and that he had an absolute right to sell at any time for the best price that can be obtained, without regard to the interests of the principal, and without regard to the nature of the authority originally given to him. No case was cited in which this point appears to have been decided in any English court. In Warner v. M'Kay, (1 Mee. & W., 591,) it was incidentally mentioned; and, as far as any opinion of the judges can be collected, from what passed, it would seem that Parke, B., thought that a factor might sell to repay himself advances, and that Lord Abinger was of a different opinion; and certainly there is nothing there decided, that can be treated as an authority for our guidance in this case. But we were referred to a passage in Story's Law of Agency. In the chapter on the Right of Lien of Agents, he says, (s. 371,) "In certain cases, where he has made advances as a factor, it would seem to be clear, that he may sell to repay those advances without the assent of the owner, (invito domino,) if the latter, after due notice of his intention to sell for the advances, does not repay him the amount." ." For this, is cited a decision of the Supreme Court of Massachusetts, which refers to the case of Pothonier v. Dawson, (Holt's N. P., 383.) The latter was not an instance of goods placed in the hands of a factor for sale, but of a party, in whose hands goods were deposited to secure the repayment, at the time agreed upon, of the money lent; in which case Gibbs, C. J., said, "Undoubtedly, as a general proposition, a right of lien gives no right to sell the goods; but when goods are deposited by way of security to indemnify a party against a loan of money, it is more than a pledge. The lender's rights are more extensive than such as accrue under an ordinary lien in the way of trade." And he proceeds to say, that "from the nature of the transaction, it might be inferred that the contract was, that if the borrower failed to repay the money, the lender might sell to repay himself." We were also referred to Story, on Bailments, chapter v., "On Pawns and Pledges," (308,) where the rule of law is said to be, that if a pledge is not redeemed within the stipulated time, by a due performance of the contract, the pawnee may sell it in order to have his debt or indemnity.

But the relation of principal and factor, where money is advanced on goods consigned for sale, is not that of pawner and pawnee, as they are delivered for sale on account, and for the benefit of the principal, and not by way of security or indemnity against the loan, though they operate as such, the factor having a lien upon them, and upon their proceeds, when sold, to the amount of the claim against the principal. The authority of factors, whether general or special, may

* 14 Peters, 480.

become irrevocable where advances have been made; but there is nothing in this transaction, from which such a contract as described by Gibbs, C. J., can be inferred; and the defendants were bound to prove a contract, if at any time the goods were to be forfeited, or the authority to sell enlarged, so as to enable the factors to sell at any time for the repayment of the advances, without reference to its being for the interest of the principal to sell at that time and for that price. Nor can we find any principle in law by which, independently of the contract, such authority is given. On these grounds, it appears to us, the third plea is bad in substance. It is unnecessary to consider whether the authority thus supposed to be given to the factor, is to be construed as an enlargement of his original au thority by some rule of law, or as arising from some implied condition annexed to the original contract. In either case, it would be very doubtful whether they should not be treated as identical. The contract laid in the plea, therefore, sets up a defence which amounts to the general issue. For the reasons we have above given, we think the third plea is bad, and the other special pleas are open to the same objection; and our judgment must, accordingly, be for the plaintiff.* Judgment for plaintiff.

COMMERCIAL CHRONICLE AND REVIEW.

COMMERCIAL LEGISLATION-THE SUB-TREASURY-SCARCITY OF AMERICAN COINS-IMPORTANCE OF A SOUND NATIONAL COINAGE-UNITED STATES GOVERNMENT STOCK PRICES TREASURY NOTES-LEADING FEATURES OF THE BANKS OF BALTIMORE, BOSTON, NEW ORLEANS, AND NEW YORK-EXPORTS FROM THE PORT OF NEW YORK-PRICE OF FLOUR IN NEW YORK, AT THE CLOSE OF EACH MONTH-EXPORTS OF CERTAIN ARTICLES TO GREAT BRITAIN-RECEIPTS AND

EXPORTS OF FLOUR AT NEW ORLEANS, BALTIMORE, PHILADELPHIA, AND NEW YORK, 1845, '46-RECEIPTS OF PRODUCE AT CLEVELAND, OHIO, IN 1841, 42, 43, '44, '45, '46-ohio caNAL TOLLS, 1842, 43, 44, 45, '46-SHIPMENTS OF FLOUR AND WHEAT FROM MICHIGAN RECEIPTS ON NEW YORK CANALS, AT TIDE-WATER, ETC., ETC.

THE year 1847 has commenced its career under singular circumstances. The radical principles in relation to commercial legislation, which were, through the ascendancy of the Democratic party, forced upon Congress, have been put in practical operation, and mercantile affairs have been slowly accommodating themselves to the new state of things. The position of the foreign markets has been such as to promote external commerce, and the reduced tariff, which came into operation December 1, 1846, has favored the entry of a larger quantity of goods in return for enhanced exports. This state of affairs naturally produced a larger revenue to the government at a time when the Independent Treasury law required the collection of that revenue to be made in specie only; and the natural aversion of all classes, the mercantile, particularly, to innovation, was heightened by the extent of the operation of the Treasury Department under the new law. The Sub (or Independent) Treasury law required, after the 1st January, 1847, the receipt of specie, or government liabilities only, in payment of government dues. Had there been none of the latter in circulation, specie would have been required for the whole amount of duties. The law of July, 1846, authorized a loan of $10,000,000, either in Treasury notes or a ten years' stock. Of this amount, one-half, or $5,000,000, was issued in the shape of Treasury notes, bearing in

The above case is taken from a number of the "Jurist," a legal periodical published in London. It is gratifying to the American lawyer, to find Judge Story's opinions frequently cited with great approbation in the argument of cases reported in this Journal. We are also pleased to see that the intrinsic merits of Mr. Phillips' Treatise on Insurance, have made his book very respectable authority in Westminster Hall.-Penn. Law Journal.