Baltimore commercial journal, and Lyford's price-current. [volume] (Baltimore, Md) 1840-1849, 1848-10-28

supposed to represent the Sun. Some OF the fhe-
nician coins bear the figure of the fish when sup
piled the celebrated purple. 1t is SAID that at Gar
thage leather money was issued by the STATE anu
passed current 1t would be interesting, and might
be instructive to know under what circumstances inns
money issucd-by what rules the amount was
rcgulatCdand whether, in its properties and eitrcS,
II bore any mblancc TO the paper money oil MOD
times.
When capital has accumulated in any country, it
gives rise the trade or business of money! ndng'
Other persons, besides bankers, who have money
make profit, not bY going into Trade themselves Out
by lending it TO those who in trade. The Cartha-
gnans said TO have introduced one branch oil TINS
busincss-that of lending money on bottomry; that
is, upon tbs security Of shipping. person VINO had
a ship, and wanted money to purchase cargo, might
borrow from of these money lenders, upon the
security of the bottom of the ship; when the snip
returned, the money was repaid. Inc Lender hdu
no interest in the cargo but the ship was pledged to
him whether the adventure was successful or not.
/ This kind of business is carried on in the present
day. ship may BE- mortgaged like an estate, and
| the sum advanced is entered on the registry.
Capital is rendered more productive by the torma-
ton Of partnerships. 1t would often be very cnnve-
nicnt if a merchant co.ld be i'll two places at the
same time. But this cannot BE- done. II, however
there two three partners in firm, these part
may be in distant places, and thus the interests
of the whole may be properly attended to. By dL-
vdng their business into distinct branches, and cach
partner experimenting a branch, the business may
flourish much as il the establishment belonged 10
ubiquity. One partner may supcrIntcnd the town
dcpartmcnt-thc other, the country; one the manu-
facturing--thc other, the selling branch one me
books-thc other, the warehouse; and by this dIvl-
sion of labor, each branch of the business will have
the advantage of being constantly under the supcrln-
tcndcncc Of principal of the firm Another advan-
tagc is, that by mutual discussion upon their affairs,
! the concern will be conducted with more discretion.
! The ignorance of one may be supplied by the know
ledge of the other; the speculative disposition OF one
may be restrained by the phlcgmatic disposition oil
the other the carclcssness of one may be counter
acted by the prudence OF the other.
| But the great advantage arising from partnerships
is that capital accumuates faster; there be a
greater division Of labor in a large establishment;
there Will be less propoftlonatc expenses the hrl
will be able 10 gain greater amount OF credit; and
more confidence will be placed in their honor and
integrity 1t is very that dishonest failure Is
made by a firm.
A JOINT Stock Company is partnership with many
partners The partners being so numerous, the man
agcmcnt is necessarily entrusted to few OF them,
who styled directors. Such companies are very
useful, and necessary, in those operations which
require larger of capital than can be raised
| by an individual capitalist:-such the pcopng of
a new colony, the supplying OF town with water or
! gas; which SO speculative that no individual
would like to take the whole risk on himself, such
as mining; or which. to be carried on successfully,
require a large share of public confidence, such as
fire and life insurance, and banking. In these cases.
and, perhaps, in few others, JoInt stock companies
cannot be supplantcd by individual competition. But
in the production sale of articles destined for gen
eral consumption, public company can stand a
contest against individual enterprise. The price at
which any article can be sold must be regulated by
the cost Of production. Experience proves that com
modites cannot BE- produced by company at so low
a cost as they can be produced by individuals; hence
the individual will always be able to umdersell the
company.
Thus then we are taught, by the history of Tyre
and Carthage, that commerce is extended by the
means Of maritime power-thc establishment of man
ufacturcs-thc planting Of coonics-and the accumu-