Part 14

40. The use of this new pathway of commerce, combined with the discovery of America, caused an entire change in both the political and commercial state of Europe. A strong desire of visiting the remote parts of the world, thus laid open to the people of Europe, immediately arose, not only among the Portuguese and Spaniards, but also among other nations. Colonies were soon planted in the East and in the West; and the whole world may be said to have been inspired with new energy.

41. The Portuguese, being considerably in advance of the other Atlantic nations in the art of navigation, soon gained the entire control of the East India trade, and were thus raised to great eminence, prosperity, and power. Their dominions became extensive in Africa and Asia, and their navy superior to any that had been seen for several ages before.

42. In 1580, or eighty-three years after Vasco de Gama found his way, by the Cape, to Calicut, Portugal was subdued by Philip II., king of Spain. The Spaniards, however, were not enriched by the conquest; since their commercial energy and enterprise had been destroyed, by the vast quantities of the precious metals obtained from their American possessions.

43. In 1579, the people of Holland, with those of six neighboring provinces, being then subject to Spain, united, under the Prince of Orange, for the purpose of regaining their liberties. This produced a sanguinary war, which continued for thirty years, during which time the Dutch wrested from the Spaniards most of their Portuguese possessions in India, and, in addition to this, formed many other settlements in various places from the River Tigris even to Japan. Batavia, on the Island of Java, was made the grand emporium of trade, and the seat of the government of their East India possessions.

44. The prosperity of the United Provinces increased with great rapidity; and, as they were but little interfered with by other nations in their Eastern dominions, they enjoyed, for half a century or more, almost the whole of the trade of the East. Besides this, they shared largely with the rest of the world in almost every other branch of trade. After the year 1660, other nations, by great exertions, succeeded in obtaining considerable shares of the commerce of the East; yet the Dutch still retain valuable possessions there.

45. The chief articles exported from Britain, in ancient times, were tin, lead, copper, iron, wool, and cattle; for which they received in return, gold, silver, and manufactured articles. But the commerce of the British Islands was inconsiderable, when compared with that of many kingdoms on the Continent, until the beginning of the eighteenth century.

46. When Elizabeth ascended the throne of England, in 1558, the circumstances of the nation required an extensive navy for its protection; and the great attention which the queen paid to this means of defence, gave animation to all maritime concerns. Under her patronage, several companies for trading in foreign countries were formed, which, at that time, and for a long period afterwards, were very beneficial to trade in general. In her reign, also, the colonial system of England had its origin, which contributed eventually, more than any thing else, to the commercial prosperity of that nation. Since the reign of this wise and judicious princess, the commerce and manufactures of Great Britain have been, with a few interruptions, steadily advancing; and, in these two particulars, she surpasses every other nation.

47. The United States possess superior local advantages for trade, and embrace a population unsurpassed for enterprise and energy. Since the Revolution, the resources of our country have been rapidly developing. Our exports and imports are already next in amount to those of Great Britain and France and the extensive improvements which have been made by the different states, to facilitate internal intercourse, are increasing with great rapidity.

48. The banking system is very intimately interwoven with commercial affairs in general. Banks are of three kinds, viz., of _discount_, of _deposit_, and of _circulation_. The term _bank_, in its original application, signified a place of common deposit for money, and where, in commercial transactions, individuals could have the amount, or any part of the amount, of their deposits transferred to each other's accounts.

49. The term _bank_ is derived from the Italian word _banco_, which signified a kind of bench, or table, on which the Jews were accustomed to place the money which they proposed to lend in the markets of the principal towns. The first bank was established in Venice, about the middle of the twelfth century; the Bank of Genoa, in 1345; the Bank of Amsterdam, in 1607; the Bank of Hamburg, in 1619; the Bank of Rotterdam, in 1635. These were all banks of mere deposit and transfer.

50. _Lending-houses_ may be traced to a very ancient origin. They were, at first, supported by humane persons, with a view of lending money to the poor, on pledges, without interest. Augustus Cæsar appropriated a part of the confiscated effects of criminals to this purpose; and Tiberias, also, advanced a large capital, to be lent for three years, without interest, to those who could give security in lands equal to twice the value of the sum borrowed.

51. In the early ages of Christianity, free gifts were collected and preserved by ecclesiastics, partly to defray the expenses of divine service, and partly to relieve the poor of the church; and the funds thus provided came, at length, to be called _montes pietatis_--mountains of piety. This appellation was afterwards applied to the _loaning-houses_, established in modern Italy in imitation of those of antiquity.

52. In course of time, the loaning-houses were permitted by the Roman pontiff to charge a moderate interest on a part of their capital, and, finally, upon the whole of it; still, they retained, for a long period, the original denomination of _montes pietatis_. The receiving of interest on loans was declared lawful by the Pope, about the middle of the fifteenth century. Soon after this period, all the cities of Italy hastened to establish these institutions; and their example was, at length, followed in other parts of Europe.

53. But long before the Pope had granted this privilege, individuals were in the habit of loaning money at an exorbitant usury. These were principally Jews and merchants from Lombardy; hence, all persons in those countries, who dealt in money, came to be called _Lombard merchants_. The prohibitions of the Church against receiving interest were eluded, when necessary, by causing it to be paid in advance, by way of present or premium.

54. In the twelfth century, many of the dealers in money were expelled from England, France, and the Netherlands, for usurious practices; and, in order to regain possession of their effects, which they had, in their haste, left in the hands of confidential friends, they adopted the method of writing concise orders or drafts. Hence originated bills of exchange, so convenient in commercial transactions.

55. The Bank of England was established in the year 1694. Hitherto, the banks of deposit, and loaning-houses, were entirely distinct; but, in this institution, these two branches of pecuniary operations were united. It seems, also, that this was the first bank that issued notes, to serve as a medium of circulation, and to supply, in part, the place of gold and silver.

56. In the United States, banking institutions are very numerous. They are all established by companies, incorporated by the legislatures of the different states, or by the congress of the United States. The act which grants the privileges of banking, also fixes the amount of the capital stock, and divides it into equal shares. The holders of the stock choose the officers to transact the business of the corporation.

57. Our banks receive deposits from individual customers, loan money on notes of hand, acceptances, and drafts, issue notes of circulation, and purchase and sell bills of exchange. They are usually authorized, by their charters, to loan three times the amount, and to issue bank-notes to twice the amount, of the capital stock paid in. Few banking companies, however, exercise these privileges to the full extent, lest the bank be embarrassed by too great a demand for specie. As soon as a bank ceases to pay specie for its notes, it is said to be broken, and its operations must cease.

58. The Bank of North America was the first institution of this kind, established in the United States. It was incorporated by Congress, in 1781, at the suggestion of Robert Morris. In 1791, after the union of the states had been effected under the present constitution, the first Bank of the United States was incorporated, with a capital of ten millions of dollars. Most of the states soon followed this example; and, before the beginning of the present century, the whole banking capital amounted to near thirty millions of dollars.

59. The charter of the first Bank of the United States expired, by its own limitation, in 1811; and a new one, with a capital of thirty-five millions of dollars, was established in 1816, which also closed its concerns, as a national bank, in 1836, President Jackson having vetoed the bill for its recharter. In that year the number of banks was 567, and the bank capital $251,875,292. In the year 1840, the number of banks had increased to 722, and their capital to $358,442,692.

THE AUCTIONEER.

1. The Auctioneer is one who disposes of property at public sale to the highest bidder. The sale of property in this manner is regulated, in some particulars, by legislative enactments, which have for their object the prevention of fraud, or the imposition of duties.

2. In Pennsylvania, the present law provides for three classes of auctioneers, each of which is required to pay to the state a specified sum for a license. The first class pays two thousand dollars per annum; the second, one thousand; and the third, two hundred; and, besides this, one and a half per cent. on the amount of all their sales is required to be paid into the treasury of the state. To each class are granted privileges corresponding to the cost of the license.

3. In the state of New-York, the number of auctioneers for the cities, villages, and counties, is limited by law; and all persons who would follow the business are compelled to give security for the faithful execution of its duties. The state requires a duty of one per cent. on all merchandise imported from beyond the Cape of Good Hope, one and a half per cent. on such as may be imported from other foreign countries, and two per cent. on wines and ardent spirits, whether foreign or domestic. The laws and usages regarding sales at auction, in most of the United States, are similar, in their general principles, to those of Pennsylvania or New-York.

4. A great amount of merchandise, both foreign and domestic, in our principal cities, is sold by auction; and the price which staple commodities there command is generally considered a tolerable criterion of their value at the time. It very frequently happens, however, that articles which are not in steady demand, are sold at a great sacrifice. Auctioneers seldom import goods, nor is it usual for them to own the property which they sell.

5. In all cases, before an auction is held, due notice is given to the public. This is usually done by the circulation of a printed hand-bill, by a crier, or by an advertisement in a newspaper; or all three of these modes may be employed to give publicity to one and the same sale.

6. Persons desirous of becoming purchasers at the proposed auction, assemble at the time appointed; and, after the auctioneer has stated the terms of sale, as regards the payment of whatever may be purchased, he offers the property to the persons present, who make their respective bids, he, in the mean time, _crying_ the sum proposed. When no further advance is expected, he _knocks down_ the article to the last bidder.

7. A mode of sale was formerly, and, in some cases is still, practised, in various parts of Europe, called _sale by inch of candle_. The things for sale are offered in the ordinary manner, as has been described in the preceding paragraph, and, at the same time, a wax-candle, an inch in length, is lighted. The purchasers bid upon each other, until the candle has been all consumed; and the last bidder, when the light goes out, is entitled to the articles or goods in question.

8. Auctioneers, in large cities, hold their sales at regular periods; sometimes, every day or evening. On extensive sales of merchandise, credits of two, three, four, six, or nine months, are commonly given. In such cases, the auctioneer often gives his own obligations for the goods, and receives in return those of the purchasers.

9. This mode of sale is employed in the disposition of property taken by process of law for the payment of debts, in every part of the world, where the influence of European law has extended. It is used in preference to any other; because it is the most ready way of sale, and is moreover the most likely method to secure to the debtor something like the value of his property.

10. Executors and administrators often employ this convenient method of sale, in settling the estates of deceased persons; and they, as well as sheriffs and constables, _ex-officio_, or by virtue of their office, have a lawful right to act in the capacity of auctioneer, in performing their respective duties; and no tax is required by the state, in such cases.

11. The sale by auction was in use among the Romans, even in the early days of their city. It was first employed in the disposition of spoils taken in war; hence a spear was adopted as a signal of a public sale; and this continued to be the auctioneer's emblem, even after this mode of sale was extended to property in general. The red flag and spear, or rather the handle of that instrument, both emblematical of blood and war, are still employed for the same purpose.

12. Several attempts have been made in the United States, to suppress sales of merchandise by auction; but these endeavors were unsuccessful, since experience had proved this mode of effecting exchanges to be prompt and convenient; and since some of the states had derived considerable revenue from the duties. So long as conflicting interests remain as they are, this mode of sale will be likely to continue.

THE CLERGYMAN.

1. The Lord Jesus Christ, our Saviour, during his visit of mercy to the world, chose from among his disciples twelve men, to be his especial agents in establishing his church. These men, in our translation of the New Testament, are denominated apostles. The grand commission which they received was, "Go ye into all the world, and preach my gospel to every creature."

2. The apostles commenced their noble enterprise on that memorable day of Pentecost, which next occurred after the ascension of their Master; and, in the city of his inveterate enemies, soon succeeded in establishing a church of several thousand members. The doctrines of Christianity soon spread to other cities and countries; and, before the close of that century, they were known and embraced, more or less, in every province of the Roman empire.

3. The apostles, however, were not the only agents engaged in spreading and maintaining the doctrines of Christianity; for, in every church, persons were found capable of taking the supervision of the rest, and of exercising the office of the ministry. These were ordained either by the apostles themselves, or by persons authorized by them to perform the ceremony.

4. After the Church had passed through a great variety of persecutions, during a period of nearly three centuries, the Christians became superior in numbers to the pagans in the Roman empire. In the early part of the fourth century, a free toleration in religious matters was declared by Constantine the Great, who took the Church under his especial protection.

5. The Christians of the first and second centuries usually worshipped God in private houses, or in the open air in retired places, chiefly on account of the persecutions to which they were often subjected. It was not until the third century, that they ventured to give greater publicity to their service, by building churches for general accommodation. When the Cross had obtained the ascendency, in the subsequent age, many of the heathen temples were appropriated to Christian purposes; and many splendid churches were erected, especially by Constantine and his successors.

6. In the middle ages, a great number of edifices were erected for the performance of divine worship, which, in loftiness and grandeur, had never been surpassed; and the greater part of these remain to the present day. Some of the most famous churches are, St. Peter's, at Rome; Notre Dame, at Paris; St. Stephen's, at Vienna; the church of Isaac, at St. Petersburg; the minsters at Strasburg and Cologne and St. Paul's, in London.

7. Up to the time of the great change in favor of Christianity, just mentioned, the whole Church had often acted together in matters of common interest, through the medium of general councils; and this practice continued for several centuries afterwards. But the variance and dissensions between the Pope of Rome, and the Patriarch of Constantinople, combined with some other causes, produced, about the close of the ninth century, a total separation of the two great divisions of the Church.

8. At the time of this schism, the whole Christian world had become subject to these two prelates. The part of the Church ruled by the Patriarch, was called the _Eastern_, or _Greek Church_; and that part which yielded obedience to the Pope, was denominated the _Western_, or _Latin Church_. Many attempts have been since made to reunite these two branches of the Church; but these endeavors have hitherto proved unsuccessful.

9. The conquest of the Roman empire, so often mentioned in the preceding pages, was particularly injurious to the Church, especially that part of it subject to the Roman pontiff; since it nearly extinguished the arts and sciences, and since the barbarous conquerors were received into the Church, before they had attained the proper moral qualifications. From these causes, chiefly, arose the conduct of the Church, in the middle ages, which has been so much censured by all enlightened men, and which has been often unjustly attributed to Christianity herself, rather than to the ignorance and barbarism of the times.

10. In the year 1517, while Leo X. occupied the papal chair, Martin Luther, of Saxony, commenced his well-known opposition to many practices and doctrines in the Church, which he conceived to be departures from the spirit of primitive Christianity. He was soon joined in his opposition by Philip Melancthon, Ulric Zuingle, and finally by John Calvin, as well as by many other distinguished divines of that century, in various parts of Europe.

11. These men, with their followers and abettors, for reasons too obvious to need explanation, received or assumed the appellation of _Reformers_; and, on account of a solemn protest which they entered against a certain decree which had been issued against them, they also became distinguished by the name of _Protestants_. The latter term is now applied to all sects, of whatever denomination, in the western division of the Church, that do not acknowledge the authority of the Roman See.

12. The Protestant division of the Church is called by the Roman Catholics, the _Western schism_, to distinguish it from that of the Greek Church, which is termed the _Eastern schism_. The Protestants are divided into a great number of sects, or parties; and, although they differ from each other in many of their religious sentiments, they agree in their steady opposition to the Roman Catholics.

13. The ostensible object of the founders of all the churches differing from the Romish communion, has been, to bring back Christianity to the state in which it existed on its first establishment; and to prove their positions in doctrine and church government, they appeal to the Scriptures, and sometimes to the Christian writers of the first four or five centuries. The advocates of the "mother church," on the contrary, contend that, being infallible, she can never have departed from primitive principles, on any point essential to salvation.

14. As to the government of the several churches it is, in most cases, either Episcopal or Presbyterian. In the former case, three orders of clergymen are recognized; viz., _bishops_, _presbyters_, and _deacons_; and these three orders are supposed, by the advocates of episcopacy, to have been ordained by the apostles. This opinion is supported by the circumstance, that these orders are mentioned in the Scriptures; and also by the fact, supposed to be sustained by the primitive fathers, that they were uniformly established early in the second century.

15. It is believed by Episcopalians, that these three orders of ministers were instituted in the Christian Church, in imitation of the Jewish priesthood; the bishop representing the high-priest; the presbyters, the priests; and the deacons, the Levites.

16. On the other hand, the advocates of the Presbyterian form of government, assert, that in the first century of the Church, bishop and presbyter were the same order of ministers, and that the former was nothing more than a presbyter, who presided in Christian assemblies, when met to consult on church affairs.

17. The deacons in the churches that have renounced episcopacy, are not classed among the clergy, but are chosen from among the private members, to manage the temporalities of the congregation, or church, to which they belong, to assist the minister, on some occasions, in religious assemblies, or to take the lead in religious worship in his absence. Under this form of government, therefore, there is recognized but one order of ministers, and every clergyman is denominated _presbyter_, _priest_, or _elder_.

18. The literary and religious qualifications required of candidates for orders have varied in different ages of the Church, according to the existing state of literature and religion; and the requirements in these two particulars are now different, in the several denominations. Nearly all, however, require the profession in the candidate, that he believes he is moved by the Holy Ghost to take upon him the office of the ministry. Some churches require a collegiate education, with two or three years of the study of divinity; but others, only such as is usually obtained in common schools, combined with a tolerable capacity for public speaking.

19. The clergy in the Roman Catholic Church, is of two kinds; the one _regular_, comprehending all the religious who have taken upon themselves monastic vows; the other _secular_, comprehending all the ecclesiastics who do not assume these obligations. The latter, however, in common with the former, take a vow of perpetual celibacy.

20. It is the especial duty of clergymen, to preach the gospel, to administer the ordinances, and to enforce the discipline of that branch of the Church to which they belong. They are also expected to administer consolation to persons in distress of mind, arising from the complicated evils of this life, to unite persons by the bonds of matrimony, and, finally, in attending on the burial of the dead, to perform the last ceremony due from man to man.