The Auction System . 173 



duties amounted to 1.6% of dutiable sales; and in 1828 to 1.5%. 

 The largest auction revenue producers were English and French 

 dry goods, and the next largest were teas and silks from China, 

 and then sugars, groceries, and ardent spirits.''^ Added to this 

 were the customs duties paid to the federal government. *° 



THE AUCTION SYSTEM. 



An auctioneer is a person who is authorized to sell at public 

 auction, for a commission. He differs from a broker who may 

 buy as well as sell, whereas an auctioneer, generally speaking, 

 may only sell ; and a broker may sell at private sale, but an 

 auctioneer only at public vendue*^ The auctioneers in New 

 York City had very early settled along what is now Water Street 

 and their buildings, opposite the old Coffee House, were known 

 (about 1780) as the "Merchants' Promenade or Auctioneers' 

 Row.'"*^^ 



The system was for the British manufacturer or exporter to 

 consign his goods to an agent or an auctioneer, who would bond 



For comparative figures for 1831 see Annual Report of the State Comp- 

 troller, 1831-2: 56; for 1848 see his Report, 1848: 166; and for 1860-1878 

 see N. Y. Assembly Document 64 (1875). The concentration in New 

 York City grew apace. 



*" Goodrich, Picture, 455. 



^ The import duties paid by New York City were as follows : — 



(Hardie, Description, 309.) 



(000,000) (000,000) 



Year Duties Year Duties 



1815 $14.6 1821 $ 7.2 



1816 10.8 1822 9.9 



1817 6.2> 1823 9.0 



1818 8.3 1824 11.2 



1819 6.5 1825 15.8 



1820 5.5 1826. 11.5 



*" Hunt's, II, 72. 



■^J. G. Wilson, Memorial History of the City of New York, 536. 



