1 86 Early History of American Auctions 



partners and confidential clerks of the jobbing houses ; they had 

 entire control of all country buyers who visited the city for the 

 first time; they were men of education and polished manners, 

 superior to the merchants who employed them; and they soon 

 acquired a powerful influence in the mercantile world.^^ 



By these (purchase by package at auction one-price-cash-sale, 

 employment of expert salesmen, and entertainment of visiting 

 buyers) and other devices the jobbers withstood to a good degree 

 the competition of the auction houses. 



CUSTOMS CREDITS. 



A confusion of interests was injected into the commercial and 

 fiscal situation by customs credits and duty bonds. Legislation,^^ 

 in 1789, 1790, and 1795, had provided credit for customs on 

 certain imported commodities for from four to twelve months, 

 varying with the source and commodity. In 1799 a more general 

 system was adopted: on goods from the West Indies, half of 

 the duties were due in three and half in six months ; on salt, in 

 nine months ; on wines, in twelve months ; while on goods from 

 Europe, one-third of the duties was due in eight, ten and twelve 

 months ; on goods other than from Europe, one-half in six, and 

 one-fourth each in nine and twelve months ; teas might, at the 

 option of the importer, be deposited in storehouses agreeable to 

 the importer and revenue inspector, and bonds be given running 

 two years for double the amount of the duties. Collectors were 

 also allowed to receive imported goods on deposit, to secure the 

 payment of duties, as a substitute for sureties on bonds. If the 

 importer, therefore, did not care to give such sureties, he could 

 give his own bond, and remove of his merchandise all but enough 

 to insure the payment of the duties on the whole. Duties for less 

 than $50 were payable in cash (after 1832 this minimum was 

 raised to $200). The law of 1799 was amended in 1805 and 1818 

 by minor extensions of credit periods."' 



""Ibid., 17. 



*"For a precise chronological summary of the legislation see Niles. 18: 

 299. 



"^Belles, I, 478; Niles, 18: 299-300. These extensions were primarily 

 due to petitions by the East India merchants of Boston and Salem. Xiles, 

 18: 306. 



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