Exchange on London, besides the uncertainty of it, is very disadvantageous. To invest $100,000 in silks, would not certainly do; and to leave property in a distracted country like this, where they guillotin six a day, three or four times in a week. would be madness. Mr. Bruce takes the Lucy, and Mr. Dana the Nancy, named for my sister Pickman. They are both well off for officers, and I trust, with Mr. Collins and others, I shall do perfectly well. If we are fortunate, I shall be here in two months, or, at farthest, I hope in ten weeks, to take my manufactures and wines for home, as I think, with a good voyage. We are all in fine health and spirits. I am, with many wishes for you and the family's welfare, your affectionate son, ELIAS HASKET DERBY, JR. P. S. The English minister, Lord Nelson, and Commodore Trowbridge, have been very polite to me. The writer of the above letter was invited by Lord Nelson to dine with him, and the officers of the fleet, at Naples, and was called upon to relate his encounter with the French fleet, for which he was much commended. In the course of the evening, one of the English officers, becoming a little excited, began to inveigh against the ingratitude of the United States, in throwing off her allegiance to the mother country. Capt. Derby disarmed his opponent, and restored the good humor of the company, by stating that they did not understand the true causes of the result; that the colonists, like themselves, had a great fancy for punch and Madeira, and were disturbed by a set of custom-house harpies, who were constantly seizing their wine, and spoiling their lemons, by running their rapiers through the boxes, and they fought, as any true Briton would, for their punch and their Madeira. The beautiful Lady Hamilton was present on this occasion, and just at this moment, Napoleon, availing himself of Lord Nelson's stay at Naples, was making his way from Egypt to France. A few more letters will show the results of the voyage, and the melancholy news from home, which reached Capt. Derby at Manfredonia : MANFREDONIA, 29th November, 1799. DEAR SIRS-Your letter of the 16th has conveyed to me such distressing news, that indeed I know not how to answer it. The very kind and soothing way in which you were so good as to announce it, afforded me some alleviation to the pain I endured in parting with one who was infinitely dearer to me than my own life, which I feel I could have willingly sacrificed for him. My loss is beyond what I can count, and is certainly the greatest that could possibly befall me. But I ought to thank God for having preserved to me such an example, till the present time. My wheat is all ready, and I hope in a fortnight to be able to proceed for Leghorn. We arrived here yestertay, after a most tedious passage— 13 days in sight of Corfu--were fired on by two Turkish polaccas, but, on answering their shot, they made off; one of them, a 20 gun ship, went, after leaving us, and anchored under Cape Colone; the other, 18 or 20 guns, was off Cape Otronto. They have succeeded in taking, from what they tell me here, eleven different polaccas. Remember me to Mr. Costa Hall, and the family, and believe me Your sincere friend and humble servant, MESSES, SCHWARTS & DEGAN, Merchants, Naples. ELIAS HASKET DERBY, JR. MANFREDONIA, 27th December, 1799. SIR-The Nancy being now ready for sea, I do direct that you proceed to sea, in company with the Mount Vernon and Lucy, and with them proceed to Leghorn, for the disposal of your cargo of wheat. Should anything create a separation, you will address yourself to Messrs. Dupin & Co., to aid you in the sale; or should I be separated from you entirely, you will consult with Capt. Bruce' and close your business at Leghorn, and proceed to Naples, where the property in the hands of Messrs. Degan and Mr. Vallin, belonging to my father, will be delivered to you; with which proceed to Salem, in America. I suppose it will take nearly the amount of your sales of wheat to pay what those gentlemen may be in advance for the purchase of wines, silk, etc.; but should the Lucy, as well as the Mount Vernon, be entirely separated, in that case it will be necessary to sell a considerable proportion of the wine, as your ship cannot take it. Do all in your power to protect yourself from Algerines and Frenchmen, And believe me your friend, CAPT. LUTHer Dana. ELIAS HASKET DERBY. LEGHORN, 8th February, 1800. MESSRS. JOHN DERBY & BENJAMIN PICKMAN. DEAR BROTHERS-I have received from you several letters, containing the afflicting intelligence of the death of my father, which you may well imagine, from your own feelings, has overwhelmed me with the deepest affliction; and I must confess it has extremely disheartened me in my undertakings, which hitherto have been quite equal to my sanguine expectations. My voyage to Manfredonia has been considerably longer than I expected, and the weather excessively disagreeable; but had my detention been only fourteen days longer, it would have been an advantage to the voyage of so many thousand dollars. in the sales here; though I feel myself amply paid for the undertaking, as I shall now decidedly be able to invest more than $160,000 for home, including the ships. The weather has been such as to overcome us all, but is now settled for the better. That God will bless and protect you, is the sincere wish of a brother's heart. ELIAS HASKET DERBY. LEGHORN, 10th February, 1800. DEAR SIR-You will be surprised at not hearing from me before this. but I have been out of the way of the different opportunities that may have offered. I have just completed a voyage to Manfredonia for wheat, which has turned out very fortunate. Two polacca ships which I had bought with my own funds, have cleared me near $30,000, in 24 months. If I stop at Gibraltar, I trust you will see me in about six weeks; till then I am, Dear sir, your very humble servant, MESSES. ROBERT ANDERSON & Co., Merchants, Gibraltar. ELIAS HASKET DERBY, JR. The Mount Vernon arrived safely in America with her valuable cargo of silks, wines, and brass cannon, and realized a net profit of more than $100,000 on a capital of $43,275, the cost of the cargo, when she sailed from America, the voyage having been aided by a purchase at Gibraltar. Before her arrival, however, her owner had closed his career. He left an estate which, with the advances to his son, exceeded a million, and was supposed to be the largest fortune left in this country during the last century. But this was not all. He had contributed still more to the growth of his native town, to the defense and commerce of his country. He had gained, too, a character for integrity, liberality, and mercantile honor, still more valuable. The mansion in which Mr. Derby lived while acquiring his fortune still stands in Washington-street, Salem, and is now occupied by R. Brookhouse, Esq. But a few months before his death, Mr. Derby had finished his large and tasteful house in Essex-street, in Salem, with a conservatory, terraces, and garden. He had enriched it, also, with a large library, and imported a scientific gardener from Holland, with a collection of exotic flowers. Upon his decease, it was set off to his eldest son, whose letters we have given. But with the embargo and war there came a check to the prosperity of Salem; ships decayed at the wharves, or were captured by the enemy. Although Mr. Derby left seven children, in prosperous circumstances, and many merchants had risen to wealth in Salem, none of them were then willing to cope with the expenses and style of living attendant in such a structure. The buildings and gardens were closed for years, and finally gave place to the square and market, which now bear the name of Derby. Mr. Derby, in his will, showed his appreciation of the services of his eldest son, who made two voyages for him equally successful-the one to the Isle of France, the other to Naples-in the Mount Vernon, and although he had previously advanced him his proportion, he allowed him to share equally in the final division. The voyage of the Mount Vernon, however, was not the last voyage of the son. For ten years he occupied the paternal mansion, when, finding his fortune impaired by expenses of living and the adverse course of trade, he purchased the ship Mount Hope, of Newport-a vessel of 500 tonsand embarked for Rio Janeiro, with an intent to take a cargo of sugar to Russia. The voyage, as originally planned, would have surpassed his two previous voyages, but on his arrival in Brazil, he was induced by the agent of a great London house to take funds they wished to remit, and load with coffee upon advances from that house, with the assurance that he might proceed from England to the continent, if he found it advisable. But on her arrivial at London, such was the state of affairs, that his consignees refused to risk their property on the continent, and he was obliged to sell at a loss. From London he proceeded to Lisbon, and finding large flocks of merinos had crossed the mountains to escape the French armies, he concluded to take a flock to America. Down to this period the export of merinos had been prohibited in Spain; a few only had reached the country under the auspices of Consul Jervis and Gen. Humphreys; and the wool of this country was so coarse, that an English traveler had predicted we should never rival England in cloth. Capt. Derby lived to refute this theory. He embarked a flock of 1,100 merinos of the Montarco breed in the Mount Hope; and in 1811, after a tempestuous passage, he landed two-thirds of them in New York, whence they were sent to his farm at Ten Hills, near Boston, and gradually diffused over the country. During the war, Capt. Derby, then known as Gen. Derby, set up the first broadcloth loom ever erected in the State, and supplied many gentlemen with broadcloth of his own manufacture. He died in Londonderry, N. H., September 16, 1826, much loved and respected, leaving four daughters and two sons, Elias Hasket and John C. Derby. But we cannot, in justice to the subject of this memoir, the first Elias Hasket, finish this sketch without giving the following obituary notice, which appeared in the Salem Gazette a few days after his decease, which is ascribed to the pen of the Hon. Benjamin Pickman :— Extract from the Salem Gazette of September 10, 1799. Died, in this town, on Sunday last, at the age of 60, Elias Hasket Derby, Esq., having survived his amiable consort but a few months. Though Mr. Derby's natural disposition led him rather to retire from public observation, yet his character has been of too much importance in the community of which he was a member, for his departure out of life not to be sensibly felt and regretted. By a regular application to commercial pursuits, by a careful attention to all parts of his business, and by a remarkable course of good fortune, he arrived to a high degree of opulence. He possessed an uncommon spirit of enterprise, and in exploring new channels of commerce, has frequently led his countrymen to sources of wealth. He was among the first who embarked in the trade beyond the Cape of Good Hope, which has since become so extensive and lucrative; he made various improvements in navigation, and the many excellent vessels built according to his own plans and under his immediate direction, are proofs of his skill in naval architecture. If that man is deserving of the gratitude of his country" who makes two blades of grass grow where one only grew before," the memory of Mr. Derby has a claim to the affectionate regards of his fellow-citizens, for he possessed a good taste in gardening and agriculture, and most judiciously--both for his own enjoyment and the benefit of his country-applied a part of his wealth to improvements in that department. By his successful experiments in his excellent garden and farm, in Danvers, he taught the neighboring farmers that their lands are capable of productions, which they had before thought could be prepared only in more genial soils. It was in these improvements that Mr. Derby found some of his most tranquil enjoyments, and they imparted delight to all who had the curiosity to visit them. In all his dealings, Mr. Derby uniformly regarded the principle of justice, and his engagements were sacredly fulfilled. In the possession of riches, he did not forget the duties of charity. Providence had blessed him with abundance, and others partook of the gift; his hand often cheered the heart of poverty and afflic tion, and his charities were always applied with judgment—often in secret, never with ostentation. His deportment was modest and grave. In the hours of relaxation he was affable, mild, and cheerful. In the interesting domestic character of husband and father, he was particularly amiable, and possessed the unbounded affections of his family. He was a sincere believer in the Christian religion, which he evinced by a habitual regard to its precepts, by a uniform attendance upon public worship, and by a firm expectation -expressed through his last sickness-of inheriting its promises. In short, he has well discharged the duties of life, and we trust he is removed to a better world. Mr. Derby was a tall man of fine figure and elegant carriage. His deportment was grave and dignified; his habits regular and exact. He left at his decease the following children : Elias Hasket, late of Londonderry, N. H. John, late of Salem. E. Hersey, late of South Fields, Salem. Richard, late of Newport, R. I. Elizabeth, wife of Capt. Nathaniel West, of Salem. Their children completed the Derby Wharf, commenced by Richard Derby and continued by his son, extending it 2,000 feet into the harbor of Salem. They constructed a bridge and avenue leading to the South Fields, now known as Lafayette Avenue, and leveled and improved the Common. They aided in establishing the Marine Society, composed of shipowners and masters only, most of whom have doubled Cape Horn or the Cape of Good Hope, and whose members already exceed 500;* whose elegant Hall and collection of curiosities are the pride of Salem, and whose funds for charity, now greatly increased, exceed $39,000. The children * At least 100 members took part in the Revolutionary war. of Mr. Derby have all passed away; but one of the sons-in-law, Capt. West, will be honored in Salem for his recent donation of $35,000 to found a school of science. While another son, the late John Derby, will be remembered for his enterprise in sending the second American ship to Japan in the year 1800, viz., the Margaret, Capt. Samuel Derby, which, during that year, made two visits to that insolated empire. Art. II.-EUROPEAN COMMERCIAL CORRESPONDENCE. NUMBER I. FREEMAN HUNT, Editor of the Merchants' Magazine:— PARIS, FRANCE, January 1, 1857. MY DEAR SIR:-Opportune arrivals of Australian treasure ships, more confidence in the stability of the French alliance, and comparative quiet among the despotic powers, are no doubt the principal causes of the present firmer tone of the money market. London insists upon it, that the panic is past, and Paris has a great respect for the opinion of her distinguished friend. Certainly, on the face affairs look better-but it is only on the surface. The sick man may be better, but is far from well. The disease is chronic, and the remedy-of the arrival of $8,000,000 of gold at Liverpool between the rising and setting of a sun, an amount unprecedented in a single day-only touches the inner man, leaving the malady to gnaw away at the vitals of healthy commerce for awhile, and then burst out again with more violence than before! When I wrote you, I endeavored to show that however bad matters were at home, they were far worse abroad, and that a gold drain to, was nothing more than a silver drain from, the continent. So long as we continue to import Oriental luxuries, we must continue to put our hands in our pockets, and established European coins must continue to be thrown into the melting-pot to supply the ravenous demand for silver which such importations are sure to create, and that silver must be replaced with California and Australian gold. Am I not right? The disease is therefore chronic, and the temporary relief afforded may only deceive the public, and take the issue away from the East, where it belongs, and solve the problem nearer home. China wants nothing from the West. That wonderful land is only a gigantic Japan; the Emperor and his cabinet to-day, I have no doubt, would give the world many hundred millions if every European would quit the soil. But England forced the trade fourteen years ago, and the country retaliates by selling her goods at high prices, and taking nothing but hard cash for payment. Every mail, regularly twice a month, the treasure goes away. To-day the amount by the overland is $4,000,000, the next the same, and most likely so on during 1857-about $60,000,000 or $70,000,000 in a twelvemonth! But even at this rate, it will take many years to exhaust it; for we continue to extract out of the old mines some $40,000,000 per annum -and the quantity has been increasing for centuries; and when the coin grows scarce, high prices will tempt the owner of silver plate to take the gold instead. It is said that France alone has some $600,000,000 in sil |