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MERCHANTS’ MAGAZINE
AND
COMME R CI A L
R E V I E W
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A P R I
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THE CANAL POLICY OF N EW YORK.
The powerful and sustained canal reform movement now organised
throughout the State o f New Y ork, has for its object the accomplish
ment of two definite and important results: To secure the completion
o f such improvements and repairs as are needed to make the canals what
they should be as water ways o f sufficient capacity to accommodate all
the business that would naturally follow them ; and to relieve them o f the
onerous an unnecessary demands which, without regard to the commercial
welfare o f the State, are now made upon their income to pay the small
remainder of their indebtedness- These results are already in part attained
through the passage, by the Legislature, o f Senator Hardenburg’s bill
abolishing the “ Contracting Board” and contract system. This, it is
true, but partially remedies the evil which the measure was designed to
correct, as existing contracts are continued and the Canal Board is author
ized to make others if it sees fit to do so ; but it is to be hoped that this
body, composed of the Canal Commissioners and principal State officers,
will have more regard for the commercial interests o f the State than to
allow the canals to go to ruin under the management of incompetent and
irresponsible contractors.
The second and equally important object
sought by the reform movement still remains to be attained. The plan
» o f funding the canal debt, suggested by Hon. Israel T, Hatch, of Buffalo,
relieving the State of the necessity for the immediate payment of the
principal, and permitting such a reduction of tolls as would make the
canals practically free, is most favorably regarded by the business com-
1
242
TH E
C A N A L P O L -C Y O F
N EW
YORK.
\Apiil,
munity. "'here are some differences o f opinion entertained as to the
best mode o f attaining this result, but the conviction is general that
some plan should be immediately adopted by which a material reduction
of tolls may be effected. The bill lately introduced in the House of
Representatives, by Mr. David L . Bennett, o f Buffalo, “ to facilitate com
merce and diminish the expense o f exchanges between the States,” has
the same object in view, but proposes that the general Government shall
do what the reform movement demands that the State shall do itself.
That a material reduction o f canal tolls is practicable at the present
time is as evident as that it would greatly benefit the commerce, and add
largely to the materia! wealth o f the State. Up to the present time
many causes have combined to depreciate the credit o f our canal system,
the principal one being that, while good in its conception, it has been worse
than bad in its management. The great difficulty, however, lay not so
much in the trunk canals themselves, as in the construction of too many
unprofitable “ laterals,” and needless feeders. A careful investigation of
the subject shows that the Erie, the Champlain, and the Oswego Canals,
have fully paid the cost o f their construction and maintenance, and have
also developed resources of wealth, and a capacity to bear taxation beyond
all anticipation. Auxiliary to these, however, is a system o f costly and
practically worthless “ laterals,” the Genesee, Crooked Lake, Chemung,
Cayugs, Chenango, Oneida Improvement, Black River and others. Some
of these are useful, it may be, as feeders for the upper levels, and others
have contributed more or less each year to the volume o f canal traffic ;
but collectively they have proved a burden to the State, and the cost ot
their maintenance has been saddled on the trunk lines. It is not impossi
ble, however, to estimate with reasonable accuracy how much the State
has gained from her canal system, although it is difficult to separate the
Erie from the other trunks, each o f which, though o f lesser importance is
equally entitled to consideration. In spite of fraud, and o f the inevitable
waste attending the management of public works, both the Oswego and
Champlain Canals have more than refunded to the State Treasury the
aggregate cost of construction. The Erie Canal, according to the last
report o f the State Engineer, has cost the Stale, for original construction,
over forty-three millions, for interest on construction account sixty five
millions, and for the cost o f maintenance and interest the.eon, over
thirty-one millions; making its whole cost, as accurately given, $140,430,953 40. As an offset to this large amount, the Erie Canal has paid, in
tolls, over eighty-seven millions, and as interest on tolls over ninety four
millions— giving a total income o f $181,828,603 83. Allowing the reduc
tion of a liberal percentage for tolls on freights contributed by the lateral
canals, there remains a net profit to the State from the Erie Canal of over
1870]
THE CAN AL PO L IC Y OK NEW YORK.
243
twenty-one millions. Few public works can show a better record, or
reflect more credit on the sagacity o f the far-sighted and practical state
smen to whom their origin is attributable. The original canal was'“ Clin
ton’s Ditch,” and the enlargement “ Ruggles’ Folly,” but every promise
of the one has been fulfilled, and every dream of the other realized.
Grouping altogether, the three trunks, and the several tributaries with
whose insolvency they are saddled, official figures show that the total
cost of the canal system of the 'State, including construction, repairs,
interest and perquisites,” has been $210,093,502 3 5 ; whilst the offset
to this amount, in tolls and interest, has been $202,619,515 08, leaving a
debit of $7,473,987 27 to be charged against the State as the amount not
yet refunded. From this showing it will be seen that, although our
canals have not yet quite paid for themselves, they are a very cheap and
valuable property.
Of their importance, notwithstanding the rapid
growth of the railroad system o f the State, as a source o f wealth and an .
element of commercial prosperity, we can best judge from the tonnage .
statistics of the State Engineer’ s report, which shows that, during the
seven months of navigation, in 1869, the canals moved more freight th ncarried by all the railroads together during the year.
In the adoption of a wise and liberal canal policy now demanded by
the intelligent public, the commercial interests of the State are neces
sarily a primary consideration. In whatever way the small remaining
indebtednesof the canals is disposed of, it is of the utmost importance th-t
a material reduction o f tolls should be effected. Although the possession
of a magnificent water way from the lakes to the seaboard gives to New
York a natural monopoly o f the vast and increasing trade of the North
west, it is evident that high tolls and the neglect of necessary repairs.
have resulted in diverting into other and cheaper channels, a considerable
share of the traffic that should have followed the canal.
Powerful at.d
dangerous rival routes, both of land and water transportation, are spring
ing up on every side, competing for a monopoly o f the trade o f the
interior. The Baltimore and Ohio Railroad and canal, and the railroads
and canals of Pennsylvania ; the Cheasapeake and Ohio Road, now build
ing, which is designed to tap the vast commerce of the western rivers at
the bend of the Ohio; the projects to make Norfolk the outlet o f western
commerce; the efforts to turn the volume o f trade down the Mississippi
to New Orleans on the one hand, and down the St. Lawrence on the
other, the many partially successful schemes in New England and Canada
to tap this trade on its way to the seaboard, all show how powerful is the
competition which New York must resist in order to retain the trade that
has mainly contributed to her wealth and prosperity. If to accomplish
this, and prevent a still further decrease of canal tonnage, a total aboli-
2-44
TUNNEL RAILROADS.
[ April,
ticn of tolls is necessary, the State can well afford to lose the four or five
millions annually collected from this source, which is a trifle compared
with the profits gained from the handling, selling and transhipment of
western produce.
But aside from the benefits to be derived by both State and city from
the vast commerce that would follow the canal if opened as a free chan
nel for the trade of the Ohio and the Northwest; such a reform has an
importance in the largest sense national.
So heavy are the transporta
tion taxes now levied on this trade that, at the present time, breadstuff's
and produce to the value of hundreds of millions is perishing in the West,
for the reason that it would cost more to move it to the sea board than
it would bring when it reached there. This fact, and the consequent
discouragement of production, is a cause for serious alarm when we
consider that it is on Western produce that we must, in a great measure,
depend to make up the balance o f our foreign trade. W ithout cheaper
transportation, however, we cannot compete with Russia and other grainproducing countries in the foreign markets; but with free navigation
from the Mississippi, via the Wisconsin and Fox Rivers, the lakes and the
Erie Canal, to the seaboard at this point, the agricultural resources o f
the country would be more fully and profitably developed, the volume
of our export trade largely increased, and the prosperity o f our State per
manently assured.
W e commend, therefore the movement to fund the
canal debt and abolish tolls, and hope that before the close o f the present
Legislative session, the worthy objects sought by the Commercial Union
and other State reform leagues may be fully accomplished.
TUNNEL RAILROADS.
Within the past few months atiei.fon has been called to an enterprise
now on foot, having for its object the establishment of communication
between different parts of the city by means of pneumatic tubes, and
within a few days a small portion of the work in a completed state habeen thrown open to the public. The company was incorporated by an
act o f the Legislature approved June 1,1868, amended by the addition of
a clause granting the company certain necessary powers and privileges,
on the 3d of May, 1869. Although the portion now completed, and in
fact the entire sec tion now building, is in one sense experimental, the
projectors of the enterprise are confident of success, and hence over
thirteen miles o f the proposed route o f the main tube and its branches are
already surveyed. With the principle on which it is obstructed the public
is already more or less familiar. The tubes, having an inside diameter o f
eight feet, are nearly circular in form, and well lighted and ventilated
lfc70]
TUNNEL RAILROADS.
245
throughout.
The cars, which are designed for passengers, are both
comfortable and convenient, being as large as the diameter of the tube
will admit, while by means o f pneumatic pressure their movement
through these tubes will be effected with great rapidity.
As far as this enterprise, when completed, will furnish cheaper and
more rapid facilities for communication than are now afforded by any
means of surface transit, it is a step in the right direction. But quick
travel, though highly important to all classes o f the community, is a
matter pf less consequence than the cheap and expeditious movement
of merchandise and freight within our rapidly extending city limits.
Doubtless this pneumatic tube is designed to convey freight as well as
passengers, but it would be necessary for the freight to be transhipped,
so that one o f the most expensive elements o f the present mode o f transit
would still iemain. W hat we need to meet the necessities o f the case is
the establishment o f a system o f tunnel railroads o f sufficient capacity
to move the vast tonnage of freight daily brought here from all directions
by railroad, and distribute it in the same cars along our river fronts for
transhipment.
In this manner, while affording the facilities for rapid
travel so much needed, the more important point would be gained in the
movement of freight, which is now so heavily taxed to cover the expense
o!' handling at this point that the cost o f transferring a ton o f freight from
one part of the city to another is about as great as the cost of bringing
it here by rail from Buffalo. During the winter months when the streets
are, as the rule, more or less obstructed with ice and snow, the expense of
delivery is particularly great. Sometimes for weeks the streets are prac
tically impassable for heavily-loaded trucks, causing an almost total
stoppage, for the time, o f some of the largest and most important
branches of our wholesale trade. Under such circumstances freights
can neither be received nor delivered within reasonable time; express
companies fail to make the most important connection ; trucks are blocked
for hours in the narrow and crowded streets leading to the wharves aDd
reight depots; and business is practically suspended inconsequence. To
provide against such evils a system o f tunnel railroads, uniting all points
along our water front with some point on the upper part of the island,
suitable for the establishment o f a generral ailroad freight depot, is a
necessity which no pneumatic tube, surface track or elevated railway will
supply. But with the construction o f such a road, and the completion of
the proposed Hudson River Suspension Bridge,— or the tunnel under the
Hudson River, which it is stated some of our leading capitalists stand
ready to build as soon as Congress has granted the necessary authority
— all tlm freight o f the country, tending in this direction, could pass
through the c'ty or pass into it and be distributed along our wharves and
246
[April,
THE NATIONAL BANKS AND THE FUNDING BILL.
piers without breaking bulk and with no extra expense. Hence this
great scheme of public improvement, if carried out, would materially
diminish the cost of transportation on all classes of freight, equally
bene fitting the producer, dealer and- consumer, greatly increasing the
volume of trade flowing through New York and proportionately adding
to the business of our canals and railroads.
In urging this subject we fully recognize the magnitude of the scheme
proposed, as well as its importance when completed. There are certainly
difficulties and obstacles that might be suggested, but none that could not
be overcome at a reasonable cost of money and labor. A company of
well known and responable citizens have already obtained legislative
authority to construct a tunnel road for passenger travel from the City
Hall to Harlem, and announce their intention to begin work without
unnecessary delay. If such a road has been found practicable by the
engineers of the Company, underground freight railroads are equally s o ;
and not until they are built will the commerce of New York be relieved
from the heavy burdens imposed upon it by the excessive cost of handling
and conveying through our crowded streets.
TIIE NATIONAL BANKS AND THE FUNDING BILL.
Mr. Sherman’s Funding Bill, which pas ed the Senate on Friday, March
11th, proposes to reduce the profits of issuing currency under the National
Currency Act, by reducing the interest on the bonds deposited to secure
the notes. These bonds now consist chiefly of Five-Twenties, at six per
cent; should the Funding B ill become a law, the barks must deposit in
their stead new bonds, drawing upon the average only four and a half
per cent, interest. This change will save to the Treasury nearly $5,000,000 a year, the whole of which will be taken out of the profi's of the
national banks.
By adopting Mr. Sherman’s bill, Congress will in effect say this to the
banks: “ You have served the nation, as an institution, by helping to
negotiate its loans and to maintain its credit; services for which the
people were willing to pay liberally. You risked your money in this busi
ness when its success seemed doubtful, when national banking was an
experiment, and when, therefore, i<s profits needed to be large, in order to
tempt capital into it. At that time, too, inflation was progressive, specu
lation was rife, and the general rate o f profits was the highest ever known.
It was not unreasonable that you should receive full interest upon your
bonds, in addition to current rates upon the money you loaned. You
have taken the risk, done the work, received your reward, and the country
does not complain.
i
\
18 *70]
TIIE NATIONAL BANKS AND THE FUNDING BILL.
247
“ Now all this is changed. The experiment of national banking is a
proved success. Your stocks have all established character, and the busi
ness done under them is safe as well as profitable. Its success is due
chiefly to the privileges you enjoy from the nation. But profits in general
are diminishing ; all the extraordinary features of the times are passing
away; trade of every kind is resuming its ordinary channels and charac
ter. Your business, too, must assume a permanent form, and be brought
to a fair level with that of the country in general. The nation can no
longer hold out exceptional inducements to draw capital into banking, •
but must exact some return for the franchises it grants.
“ To equalize your business with others, and to repay the government
for supporting your credit, we will hereafter require you to accept a
somewhat lower rate o f interest on bonds for which national currency is
issued to you, than we pay upon our loans sold in the open market, to
them who enjoy no special privileges in the use of them. But in order
that there may be no complaint and no prentence of injustice, we will still
pay you three-fourths of the highest rate o f interest we have ever paid,
in the belief that this, added to the profits o f your regular business,
will enable it to compete fairly with any other employment of capital in
the country.”
It must be admitted that this language presents a plain issue before
the country. It is perfectly proper for the banks to say, and to prove, if
they can, that this proposed reduction o f interest on their bonds is exces
sive ; that they cannot, in connection with their other taxes, continue
to make a fair business profit in banking, if they receive but four and a
half per cent on their bonds. Any facts going to show this to be true
are entitled to a hearing, and will, doubtless, be candidly considered by
Congress. The bank circular issued this week, portions o f which we
publish to-day, certainly goes very far towards establishing that position,
and we only wish that line of argument had been pursued earlier.
But this is not the course which the opponents of the bill adopted.
Their representatives in Congress and in the press offered no argument
whatever upon this, the only real question at issue. On the contrary,
they urged, sometimes with great zeal, arguments which seem to be
entirely irrelevant. They asserted, 1st, that the Bill in question arbitrarily
reduces the interest on a large part o f the public debt already issued.
They bavo bought, they say, six per cent, bonds in the market, and the
Government now proposes to pay them only four and half per cent, inter
est upon them ; and what is this but repudiation of a part o f the debt?
If Congress can redeem the interest on the bonds held by the banks, why,
they ask, may it not redeem the interest on any other part of the debt?
2d. The Bill proposes, they asserted, to change the terms o f an existing
248
THE NATIONAL BANKS AND THE FUNDING HILL.
[April,
contract. The bonds have been organized under the National Currency
Laws, which expressly provided that “ all registered bonds now issued
or that may hereafter be issued, on the faith o f the United States,” should
be accepted as security for their currency, (Act of June 3d, 1864, sec
tion 4). Now, if the United States, after the banks have begun their
business on the faith o f this law, may change its terms to their injury,
and without their consent, why, they ask, may it not change the terms o f
any other contract which it has entered into? If it will do the former,
what security is there that it will not repudiate any contract the Govern
ment has made ?
This ugly way of putting the question may deceive some mind; as
it seems to have deceived a few grave Senators. But there is nothing
in it. In the first place, it is not proposed to reduce the interest on any
part o f the debt whatever, except with the free consent o f the holder.
The Five twenties now held by the banks, like all the others, are to be
paid off at par in gold coin, and the taking o f the new bonds is optional
with the banks and not required o f them in any case except where
they wish to continue this privilege of issuing currency. They can return
their currency or they can retain it. If they retain it Congress simply
claims that an additional tax should be paid for the privilege byreducing the interest on the new bonds which must be deposited as secu
rity. Neither is any compact already made to be altered. In each of
the Banking Acts hitherto passed, Congress has expressly reserved the
right to amend or repeal the laws at pleasure. The Banks have accepted
their franchise under this reservation, and therefore cannot complain of a
want o f good faith in the United States, if it should ever be terminated
at any time. The valuable privilege of issuing currency, on certain con
ditions, and so long as the government choses, was given them : now the
government proposes to grant them the further privilege o f issuing cur
rency hereafter, on different conditions, for another indefinite period. It
fulfills all its obligations to them.
Upon the other features of the Funding B ill we aie not now express
ing any opinion. W e do not even insist that the new bonds proposed by
it are at a rate of interest to make banking fairly profitable: very likely
they are not, and in that case, if the provision is adopted, it may be found
necessary, in turn, to relieve the banks from the present taxation on cir
culation. B ut we insist that it is fair and just for the government— that
is, the people— to receive some compensation for the valuable franchise
of issuing currency, and that this compensation may more properlv
be in the form o f reduced intereit on the bonds which secure the cur
rency. And we may add that there are few modes of employing capital
in the United States which seem to us to promise so much safety and
1870]
MOVEMENTS OF THE PRECIOUS METALS.
249
profit combined, for many years to come, as that o f a well-managed
National Bank, in a growing region, under the free banking clause of
Mr. Sherman’s Funding Bill, should it become a law.
MOVEMENTS OF THE PRECIOUS METALS.
In volume 57, page 429, o f the M agazine , we examined at length
the gold movement of the United States from 1861 to 18iS7 inclusive, and
from a careful survey of the domestic production of the precious metals,
and the imports from foreign countries, compared with the exports, we
arrived at the conclusion that the supply, for these seven years, exceeded
the foreign exports by about $185,000,000. That result, though much
commented upon, we have not found in any instance impeached.
Regarding it as unnecessary to go over the ground covered in those
investigations, we venture to adopt the result then reached as the starting
point for an examination o f the subsequent movement in specie, enabling
us to ascertain the amount of supply and withdrawals for the nine years
from 1861 to 1869 inclusive.
A i to the imports from other countries into the United States, for the
last two years, they have fallen below the average of previous years. For
the seven fiscal years, ending June 30, 1867, the average importation
o f gold and silver combined was about $18,000,000 per annum; while,
for the last two years the average has been only about $12,000,000, or
$23,800,000 for the two years. In this source o f supply, therefore, there
has been a decrease.
Important causes have been in operation tending to restrict the domestic
production o f gold and silver. Gold mining has been found less remu'
nerative than formerly, as compared with other industries. It is generally
conceded that the advance in the prices of commodities has exceeded the
premium on gold ; and the consequence has been an increase in the cost
of labor and of materials employed in mining and in treating ores, for
which there was no adequate compensation in the price of gold. In
California, therefore, there has been a partial diversion of capital and
labor from mining to agriculture, vine culture and manufacturing, the
products of which are found to yield a larger return than the production
of gold.
The opening o f a free commercial intercourse between the
Pacific coast and Asia on the one hand, and ihe Atlantic States on th®
other, has also had its influence in attracting miners into trading enter
prises. These influences have induced a partial contraction of operations
in the old mining regions o f California ; and, although, within late months,
there has been a pariial revival of interest, growing out of the discovery
of valuable silver deposits in t'-e White Pine district, these discoveries
250
MOVEMENTS OF THE PRECIOUS METALS.
[April,
have not added to the actual production.
It has also been found that,
within the last two years, the yield o f the ores o f some prominent mines
has not been up to the former percentage, which has not only involved
a limitation of production, but has also discouraged mining operations.
Further evidence of this decline in production is afforded by the fact
that the amount raised from the tax of £ per cent on assays was, in
1368, only $323,000, against $411,000 in 1867, and $488,000 in i 866.
In 1869 this tax was repealed, so that, for that year, this criterion fails
us.
It would almost appear that the production must be permanently
curtailed, until the cheapening of labor and of commodities or the
invention of more economical processes admit of the raising and separat
ing of the..ores at an easier cost. As a natural consequence o f the dimin
ished production of the precious metals, we find that for the past two or
three years, California, instead of, as formerly, giving almost exclusively
gold and silver in exchange for its purchases in the Eastern markets
and in other countries, has shipped largely increased quantities of grain,
flour, wines and wool; a circumstance which is, at the same time, a
result and an evidence o f a lesssned production of the precious metals.
We find from the annual returns of receipts by the express companies at
San Francisco, witn the usual allowance of 10 per cent on receipts from
the interior, and 30 per cent on thoss arriving coastwise, for amounts
coming in the hands o f miners, that the receipts of domestic coin and
bullion at San Francisco, in 1868, were $57,000,000, and in 1869,
$55,000,000, making a total of $112,000,000 for the two years, a decline
o f $5,000,000 upon the aggregate for the two preceeding years. The
receipts at other points from other mining regions are generally allowed
to have declined; and probably $10,000,000 for the two years would
be an outside estimate. The yie'd of the great Comstock lode, in 1869,
fell off to $7,000,000, against $12,000,000 to $16,000,000 in former
years.
Putting together these figures, it would appear that the domestic
production of gold and silver in' 1868 and 1869 combined, was about
$122,000,000, averaging $61,000,000 per year.
The exports of specie for the last fiscal year were except:onably lig h t;
but, for the preceding year, were unusually heavy. For the two years the
amount exported aggregates $126,500,000, which is at the rate of
$7,000,000 per annum in excess o f the shipments for the average of the
fourteen years next preceding.
From the foregoing figures we arrive at the following results as to the
treasure movement of the United States for the years 1868 and 1869
combined, the imports and exports being for the fiscal year, and the
domestic production for the calendar year :
Imports, 1868 and 1869......................... ......... ............................................................. $23,SOO.Of>0
D om estic production....................................................................... .....................................
122,000,COJ
Tots] supply, tw o years...............................................................................................$14f ,800,000
Exported to foreign countries............................................................................................... 120 500,000
Gain for tw o years...................................................................................................................
$19,300,000
1870]
251
MOVEMENTS OF THE PRECIOUS METALS.
Carrying our returns back to 1861, we have the following a3 the
treasure movement of the United States for the years 1861 to 1869,
inclusive:
10,300,0u0
1831.........................................................$46,300,000 1866
1862 ..................................................... 16,400,000 1867.
9,5'0,000 1868
1863......................................................
1864
............................
13,100,000 18.9,
1865.......................................................
7 200 000
T . tal imports, nine years...........................
2>,200,000
14,2'10,00')
9,600,000
$148,800,000
DOM- STIC PRODUCTION— RECEIVED AT S IN FRANCISCO.
. 57,000,000
. 60,"00,OiX)
. 57,000,000
. 55,000,000
1861
........................................... $48,100,000 1866..
1862
..........................
54,800.000
1867..
1863
.............................
58,200,000
1868.
1864 ....................................................... 61,8UO,000 1869.1855......................................................... 62,000,000
Total receipts at San Francisco.........................
Estimated tota r e c e ip t at other points, nine years
$514,600,000
60,000,000
574,600,000
T ot .1 dom estic production, nine years
EXPORTS.
1861.................................................
1862.................................................
1863 ..............................................
1864
.. ....................... .........
1865 ................................................
Total ex orts, nine y e n s
Supply—
•
$23.10\0'J0 1866,
35,'800,000 1.-67,
64.100.000 1868
69.300.000 1869
54,:.0),(J0J
...
___
.. ..
...
86 ,000.000
55,100,000
83,700,000
42,800,000
$520,200,00)
RECAPITULATION.
Imports from ^ther countries, nine years...........................
Dom estic production, nine years..........................................
$148,800,000
574,600,000
Total supply, nine y e a r s ....
$723,400,000
By foreign exportation, nine years
$520,000,000
Withdrawn—
Balance remaining at home, nine years.
$203,400,000
While the movements for the last two years show a much less amount
retained at home than during former years, yet it will be seen from this
statement that, for the last nine years, the stock of the precious metals
in the country has been increased $203,000,000. In this statement we
have taken no account of the receipts coming in the hands o f emigrant*,
nor yet o f the amounts taken out by travelers; first, because there is no
reliable data by which to estimate either current; and next, because it
may be considered highly probable that the two movements about evenly
offset each other.
It is difficult to estimate wliat proportion o f this large accumulation has
gone into coin and what consumed by the arts and manufacture?. Looknig
at the present visible supply of coin in the Atlantic States, there does not
appear to be any large increase upon the stock in 1860. The Treasury
holds about $105,000,000, including the Government treasure and coin
deposited by the public. A certain amount is also held by the banks
throughout the country; but as in their official returns they include in the
tern of specie the Gold Certificates of the Treasury, the amount of coin and
bullion so held cannot be known. Beyond this, bankers and brokers
always boll a limited stock; and in the South an important amount is
either hoarded or used as a circulating medium, gold being in Texas the
252
MR. SUMNER ON FINANCE.
[ April,
chief currency in use. A fair allowance for the amount either used or
hoarded in these various ways, added to the stock in the Treasury, would
perhaps justify $160,000,000 as a fair estimate of the amount o f coin at
present in the Atlantic States— say $15,000,000 in circulation and in the
hands of dealers in Texas and other Southern States, and about $5,000
hoarded in the South and the same in the North; $50,000,000 in hands
of banks and bankers North, and $105,000,000 in hands o f the Treasury.
The official returns of the banks for the year 1860 show that at the
close of that year there was $83,000,000 o f specie in the banks. To this
must be added the amount of gold and silver in general use outside of the
banks, which, if estimated at only $2 per head of population, would
amount to $65,000,000. It is perhaps reasonable, therefore, to estimate
the supply o f coin in the country, ten years ago, at about $150,000,000.
I f these estimates are approximately accurate, we reach the conclusion that
the stock o f coin in the country is not materially in excess of the stock
o f 1860. But, if such is the case, what has become o f the average
accumulation, during this decade, of $22,500,000 per annum o f the
precious metals shown in the foregoing statement ? Incredible as the
conclusion would appear, yet we seem to be driven to it— that upon an
average this large amount of gold and silver go into consumption in
the arts and manufactures; the consumption of silver being (specially
large.
During the last few months, there has been a partial compensation for
the falling off in the domestic production in the largely diminished
exportations of specie. The total shipments of coin from New York, for
the year ending Dec. 31,1869, amounted to only $32,300 000, against an
average o f $53,000,000 for the five preceeding years. So that while, at
present, we are producing less gold we are sending less of our product out
of the country.
MR. SDMNER OX FINANCE.
Early in the month M r. Sumner created quite a sensation in Wall
street by the amendment to his specie payment bill.
This bill is
's d' fgined, as its title indicates, to accomplish two objects : first, “ to
strengthen the legal reserves of the banks, and secondly to provide for
the resumption of specie payments.” To reach the first of these ends it
compels every one o f our 1,600 banking institutions to change the
character of its reserve by the accumulation of coin at the rate o f one per
cent a month, until the whole shall be coin. When this point is reached,
every bank shall be required to keep its reserves in cjin . The second
1870]
MU. SUMMER
o s fin an ce .
253
grand objective point— the resumption o f specie payments— is to be
obtained by a combination of means which are set forth in the third »nd
following sections of the bill. First, the Secretary of the Treasury, upon
the passage of the act, is to give public notice of the intention of the
Governnent to resume payments in specie upon all its liabilities, not later
than the first of January next, thereafter payments by the Treasury to
be upon a coin basis. The Secretary is also required to retain the Treasury
coin received from customs and other sources in excess of the requirement*
of the public d eb t; and such further supply of coin as may be necessary in
execution of the provisions o f this act, may be obtained under the act
entitled an act to authorize the purchase o f coin and for other purposes,
approved March 17, 1862. The bill repeals all acts making anything
but coin a legal tender for debts public or private, suspends further printing
of UnitedSt ates notes and fractional currency, and provides for redemption
and cancellation of mutilated fractional currency.
Such was Mr. Sumner’s plan, so far as it was matured, on its first
proposal. As the bill seems to overlook the mass of fractional currency
which is not mutilated, the amendment of yesterday attempts to remedy
the defect and provides that the outstanding fractional currency shall be
ledeeraed, cancelled and destroyed as follows: After the fourth of July
next all the 10 cent and 15 cent notes ; after the fourth o f September all
the 25 cect notes; after the fourth o f November all the 50 cent notes,
and thereafter all sums paid out o f the Treasury shall be paid in coin.
This scheme of the Senator from Massachusetts does not seem to meet
with much favor, and the amendment is liked less than the bill itself.
The Treasury vaults contain about 7 millions in currency and 18 millions
of Government coin. Now, inasmuch as the fractional currency to be
redeemed consist o f 40 millions, the question is asked where are we to
get the specie to pay 40 millions with only 18 millions unappropriated
in the Treasury. Mr. Sumner will, doubtless, urge that our American
silver will pour this way fiom Canada under the provision of the new law,
which went ir.to operation there last Tuesday. This is doubted, but even
if it should turn out to be in any degree correct, Mr. Sumner must
remember that the forty millions o f fractional notes are a loan— a
Government loan without interest— a loan cheaper to the Treasury than
the lowest of Mr. Sherman’s new bonds. In preparing to pay off this forty
millions loan, Mr. Sherman must raise the capital somewhere. How are
the funds to be had? W ill he raise rnonej at four or five per cent to pay
off this fractional currency loan which bears no interest. This be will
scarcely venture to do.
I f he do not borrow the money he must raise it by taxation. There
is no third alternative. Mr. Sumner’s proposition then amounts to this,
254
FUNDING- GREENBACKS.
[April,
that Mr. Sumner wishes our people to load themselves down still more
heaviiv with taxes, that they may raise during tho rest of this year 40
millions of surplus with which to pay off a part of the debt which bears
no interest and is no burden on the National Treasury. These were the
comments elicited in Wall street, by the announcement of Mr. Sumner’s
amendment. The conclusion which seemed to be reached was, that if there
should be any such surplus as Mr. Sumner calls for, it would be devoted
rather to the reducing of bonds which have interest than o f the fractional
currency which bears no interest. Hence the popularity and usefulness of
Mr. Sumner’s bill are regarded as smaller now than ever.
This conclusion will, in all probability, be acquiesced in by the country.
Mr. Sumner is charged, even by his friends, with having in this instance
fallen into the error of being too sanguine, and of supposing that the
causes which have brought about so heavy a decline in gold are causes
which are permanent, and not temporary; and that, moreover, they have
their force in the domain of our paper currency, and not outside of that
domain. It is urged against him that many of the recent causes depressing
gold do not touch our currency at all, either to lessen its volume or to
improve or depress its value. Within the proper sphere of our paper
currency very few changes have occurred since gold was 132. There has
bien no contraction o f the greenbacks, nor any serious chaDge in the
foundations o f our government credit. But these are the twu great forces
on which depend the intrinsic value of greenbacks. Mr. Sumner has
overlooked this fact, and he thinks that all that is wanting now is a small
contraction of forty millions. This being effected, we shall safely land, he
imagines, in the safe harbor of specie payments.
It is undoubtedly true the specie payment schemes of which we have
heard so much urged, have been so much urged that their popularity is
on the wane. The agitation of such forced schemes is denounced as a
source of apprehension, and consequently a foe to business prosperity.
Much of the stagnation of industry and depression of commerce which
have occurred of late, are often ascribed to the threatening uncertainty of
tlie financial horizon, and to the monetary troubles which are feared as
the result of any such attempts to reform our currency, and to place its
totteiing fabric on the firm, stable foundation o f specie. In view of these
facts, Mr. Sumner’s bill, and its amendment, does not appear to stand
much chance of becoming a law this session.
FUNDING GREENBACKS.
[ communicated ].
1.
It is a good thing, on both sides, to have our debt go abroad, if
in a permanent form inviting investment, and unlikely to be turned
1870]
RAILROAD EARNINGS.
255
homeward by temporary influences. Good to our country (the people)
lo have the use of European wealth at six percent per annum ; good for
Europe to have use and safety for its surplus at six per cent.
2. The five per cent fen-Forty bond is now well known and approved.
It is the lowest rate of interest practicable to our Government (at par of
bond) until after the currency shall be restored to standard of specie.
3. Europe would now readily and rapidly absorb 200 millions more of
our Ten Forties if to be had at par in gold, provided they were issued
to fund greenbacks, because the process would carry greenbacks nearly
to par of gold.
4. Government can sell its Ten Forties for a good premium in green
backs— that is, can fund its notes now at a rate which shall reduce its
interest below five per cent.
5. Gold" is low (or rather the currency has appreciated the last ten
points), because our exports supply an excess o f exchange, carrying
it below specie-export point; and gold must remain low and accumulate
here so long as that exists. Public and corporate bonds sent abroad, the
proceeds serving as basis for exchange, are a3 much to be counted in
the “ exports” g.s products of the soil or industry, in considering this
matter.
6. The issue of 150 or 200 millions of Ten-Forties for funding green
backs would keep the home market (specie value) below that abroad ;
would continue the exchange in our favor; would confirm the growing
confidence in our securities and cause their further appreciation, and
would further improve the currency.
7. This step would not diminish the money o f the country, for it would
put gold in the place o f greenbacks, and would increase the power and
cheapness of money.
N.
RAILROAD EARNINGS IN FEBRU ARY AND SINCE JANUARY 1.
The earnings of the principal lines of Western railway show very favor
ably fjr tlie month of February, 1870, compared with the same month
of 1869. It will be observed, on reference to the table below, that there
is an increase in the reported traffic o f every road, with the single excep
tion o f Chicago and Northwestern. The figures given to the public,
represent the gross earnings, and are not always an indication that the net
earnings are in the same proportion ; but in the past month it is proba
ble that the net earnings were even more favorable than the gross, as the
month was remarkable for mildness o f weather and the operating expenses
must have been much below the usual amount expended in the month
256
RAILROAD
[Aprils
EARNINGB.
o f February, when heavy snows are generally prevalent throughout the
Northwest. The largest increase in earnings is shown by the Illinois
Central, being $138,6'.*8, a very considerable amount for the shortest
month of the year. Lake Shore and Michigan Southern is the next in
importance, showing an increase of $126,358; the traffic of this road does
not vary so much with the change of seasons as several o f the others,it
important location commanding a large business at all times.
RAILROAD EARNINGS P j R
FEBRU ARY.
1870.
< hicago and Alton .................................... ..
Chicago & N orth w estern ..........................
Chi' ago & R ock Island..................
.........
d e v , Col. C n . & Indianapolis....................
Clevela d and Pittsburg ..............................
395,200
Lake Shore & M ich. Southern....... ............
Michigan Central............................................
Milwaukee & St. P a u l..................................
North M issou ri................................... ........
Ohio & M ississippi.......................................
Pacific o f M -s o u t i........................................
St. Louis, Alton & Terre H aute.................
1 o'ed o, W abash & W estern ....................
1869.
$315,093
830,286
319,441
180,810
185,150
524,693
880,593
91,6 6
320,636
830,233
94.9 *7
216,080
207,302
127,817
240,394
$4,815,156
T o t a l . . . . ................................................»
Inc.
$8,727
Dee
74,883
78,759
37,760
15,874
138,698
126,358
6,609
8,491
52,5^0
101,280
2,154
43,314
30,971
53,251
$704,836
74,832
For the two months, from January 1 to March 1, the statement is not
as strong as for February alone ; in the first month of the year the princi
pal roads did not make very favorable returns, and it was naturally predieted by some that the earnings would materially fall off from those
of 1869. The February reports, however, give a conclusive refutation to
those gloomy forebodings, and place the companies in a much better posi
tion than they stood a month ago. W e see no reason to change the
opinion previously expressed, that if the earnings o f 18J0 shall equal
those of 1869 the companies will generally be in a prosperous condition,
but where there has been no increase in mileage, there would seem to
be no special reason to anticipate a general increase in traffic.
EARNINGS FROM JANUARY 1 TO MARCH 1 .
Chicago & A lton.**-..............................
Chicago & N orthw estern....................
Chicago <fe R ock Island......................... .
Cleveland, C o!., Cinn & Indianapolis,
Illin ois Central ......................................
Lake Shore & Michigan Southern.......
Marietta & C in cinnati...........................
Michigan Central...................................
Milwaukee & St. Paul.............................
N orth M Lscuri ......................................
Ohio & M ississippi.................................
Pacific o f M issouri.................................
St. Louis, A lton & Terre H a u te .........
Total
1870.
,..$617,803
.. 1,486,687
..
761,OuO
..
420,10J
..1,317,078
. 1,938,733
..
100,176
..
667,119
..
778.994
..
4< 9,318
..
415,022
..
451,495
..
311,180
1860.
$651,860
3,701,404
661 ,*208
285,340
1,182,13-2
1,8S7,5<K)
174 032
704,755
784,363
214,618
396,446
401.414
2c5,014
Inc.
99,792
34,7*0
135,846
*1,143
16,144
nec»
$37,057
214,717
...
m.i*
37,630
5,369
194,660
18,575
50,081
26,166
$9,765,595 $9,438,206 $627*167
$294,179
1870]
OUR INLAND COMMERCE.
257
OUR INLAND COMMERCE.
A meeting was held on the afternoon o f the 9th o f March, in the
Chamber of Commerce, composed of the members of the Commercial
Union, Chamber of Commerce, New Y ork Produce Exchange, ShipOwners’ Association, and Citizens’ Association, to consiler the subject of
Canals, &c- Able speeches were delivered by several gentlemen, and we
make room for the following by General Elijah Ward and Erastus Brooks
as expressing the views of the meeting on the subjects discussed.
I. Mr. Ward addressed the meeting as follows :
Mr. Chairman: In the remarks which I shall submit to vou I do not
intend to enter into any elaborate discussion o f the subject before us, but
briefly to indicate my concurrence with those who wish to carry to suc
cessful completion the early policy of the founders of the Erie Canal, and
thus aid in further developing the numerous agricultural, manufacturing,
and commercial interests of our country.
I need not remind theaudience before me that the existence of the metropolitan city where
we live is owing to its superb position at the mouth of the Hudson.
River, its admirable harbor, and to the extension of navigation to the
great lakes. Railroads— those marvellous creations of less than half a
century— cover our country with a network and lead from the northwest1
to many cities on the Atlantic Coast; but, of all the sisterhood of the
United States, New York alone possesses a good water route from the
lakes and the great granary of the interior to the ocean. W ith proper
care of it and its connections, this public work will render benefits to our
race greater than those o f the far-famed Canal o f Suez, for it will bind to
the Atlantic Coast and to this city, which though already great is yet in
its infancy, the vast and now sparsely inhabited Northwest, where within
the li!e-time of some who now live, many additional millions o f the most
energetic and industrious o f the human race will dwell, and aided by all
the labor-saving appliances of present and future inventions, pour forth
tneir invaluable productions to swell, beyond all our minds can now
believe or imagine, the volume of their trade with N ew York, and o f
that commerce with Western nations of Europe and other countries, o f
which this city is marked out by nature as the proper depot.
CANALS VERSUS RAILROADS.
During my recent travels in the Old W orld, the former and present
sites of its commerce naturally drew my attention, and brought vividly
before me the causes of their rise and fall. I found everywhere that,
although railroads are preferred as the means of carrying passengers, and
transact an enormous and increasing business in freight, the canals and
natural water courses compete successfully with them in the carrying of
3
253
OUR INLAND COMMERCE.
[April,
heavy and bulky articles, such as form almost exclusively the mass of the
exports from the W est to the Atlantic.
In my investigations in 1858 as to the proposed ship canal between the
Atlantic and Pacific Oceans, I found it was calculated by competent
engineers that the cost o f the transportation o f a ship and cargo o f one
thousand tons by such a canal would probably be less than one-twentyfifth part of the cost of transporting the cargo by rail. The same ratio
will not hold good as to transit by canal and by rail between New York
and the lakes, but during the six months when water communication is
annually open, the experience of our State and other parts of the world
demonstiate that it furnishes the cheapest mode of transmitting all the
commodities which are of great weight and bulk in proportion to their
value, and for which swiftness o f movement at additional expense is not
desired.
«*OUR GRAIN TRADE STATIONARY1.
I have found, with much regret, that while the population of the
United States is steadily increasing at the rate o f about 3£ per cent
yearly, the chief production o f the Western grain-growing States increas
ing in a greater ratio, the condition o f our canals and the tolls demanded
on articles passing through it have been and are such that the trade of
New York in wheat and breadstuff, the greatest staple o f Northern
exports, is stationary. It is also an alarming fact, and one that should
be known to every voter in the State of New York, for it rests on the
authority of the State Engineer himself, that although the productions
naturally seeking transit through the canal have long continued to increase,
that important public work itself has been so unjustifiably neglected that
its capacity to carry has actually been diminished. In the estimate I
•have made as to the W estern production brought to this city, I include
all that is brought by rail.
RIVALRY WITH RAILROADS.
Viewing the subject superficially, it may seem that a rivalry injurious to
railroads of our State might be created by an enlarged canal, but it is not
difficult to appreciate the essential harmony of the interest of the two sys
tems when we reflect on the amount of Western production already going,
and likely in increased quantities to go elsewhere, but which, through the
attraction o f cheaper and quicker transportation on the canal, would be
brought by lake vessels to the chief termini of our largest roads. During
six months of every year the railroads would have a monopoly in carrying
•heavy and bulky articles, as they would have throughout the whole year
in the additional passengers and light goods brought to them by the certain
advance in the general prosperity.
1870]
(TOR INLAND
com m erce.
259
rH Y SIC A L GEOGRAPHY.
A brief consideration of tbe physical features o f the country whence our
inland commerce is derived, and on which also our imports chiefly depend,
will enable us to appreciate the subject in its true relations. The great
mountain ranges of the North American Continent are in two chains, one
being far to the W est and known as the R ocky Mountains, and running
parallel to the Pacific from near the Arctic Ocean to the Isthmus, and
the other known as the Appalachian or Alleghany Mountains in the East
and running parallel to the Atlantic coast. The latter range reaches from
Georgia to the Catskill Mountains, where, through an opening made when
the mountains were formed and increased by attrition, the Hudson nows
and affords to commerce the facilities which, in connection with the low
level of the land ot this State between the river and lakes Ontario and
Erie, and our almost unrivalled harbor, gave to New Y ork its trade and
commerce.
The political and commercial importance of the region thus described
ha3 been duly estimated by the thoughtful men of this continent ever since
its foundation was understood. The attention of Washington was given
to the subject as soon as he attained majority, and with a view to devel
oping its advantages by opening an adequate water-course, he followed
the Mohawk until he reached the summit separating the streams which
flow into Lake Ontario and the St. Lawrence from those flowing into the
Hudson, and with the foresight of a true statesman declared that through
the depression lie examined would be the chief thoroughfare o f the com
merce o f the interior with the Atlantic coast and the nations on the other
side of the ocean.
On the eastern side of the river the mountains resume their course, and
under various names continue to the northern extremity o f Gaspe, pre
venting the St. Lawrence from flowing southward, and driving the waters
from the Great Lakes so far to the north that exit and entrance for vessels
by way o f Montreal and Quebec are impossible for half the year.
The vast plain comprised between the two great mountain ranges has
an average breadth o f more than 1,400 miles, and arithmetical calcula
tions fail to give us an adequate idea of its area from the Gulf of Mexico
on the south to its extremity on the north. Rivers of large size flow into
the Arctic Ocean, but there the severity of the climate is such as to pre
vent the formation o f ports accessible to shipping, and thus these rivers
may be dismissed from consideration as channels o f commerce, except so
far as they will contribute to the trade which will concentrate on Lake
Superior. The remainder of the natural system o f commercial arteries is
o f wonderful simplicity, and consist of only two great rivers— the Missis
sippi and the St. Lawrence.
260
OUR
in l an d
com m erce .
[April,
THE MISSISSIPPI.
The Mississippi is navigable for nearly two thousand miles from the
Gulf of Mexico, and, but for injury done to grain and other perishable
articles by passing through a climate so hot as that o f New Orleans, this
river would be used for freightage to a much greater extent. Its course
leads away from Europe but towards the tropical countries of the W est
Indies and South America. The necessities implied by these facts have
been so fully appreciated by the people o f the Mississippi Valley that they
have already connected its vast inland navigation with the great lakes by
four lines of canal and numerous railroads, so as to obtain an outlet for
their products by Atlantic ports instead of by their own river.
THE INLAND TRADE.
Thus the great course o f the inland trade of this continent is to and fro
between the East and the W est. Before the Erie Canal was opened the
difficulties o f carriage between these two portions o f the Union were so
great as almost to constitute an embargo ; but no sooner was this public
work in operation than the cost o f transportation from Buffalo to Albany
was reduced from $100 to $10, and afterwards to $3 a ton. U p to that
time the productions of the W est were of little commercial value ; there
were few inducements for the emigrant to settle on the new shores o f Lake
Erie and Michigan, while the country beyond them was yet a mere
unbroken wilderness. The opening o f the canal had an electrical effect
not only in our own country, but also in stimulating the immigration o f
the laboring population of Europe, and the development of the West
accompanied by a corresponding increase of business in the city and State
of New York and New England.
THE ST. LAW RENCE.
In the meanwhile the people on the norlhorn side of our frontier were
not forgetful of whatever advantages belong to the St. Lawrence, and by
a series of canals and lakes they enabled vessels to pass around the rapids
of that river and into Lake Ontario from the ocean, and also made another
ship canal from Lake Erie into Ontario.
So long as we adopted a wise commercial policy, and also enlarged
our canal from the Hudson to the Lakes in due proportion to the increase
of Western and Canadian trade, the route by the way of New York easily
maintained its supremacy, and our port, open at all seasons, was secure as
the great distributing market of grain and breadstuff's to the South, to
New England and to Europe. Now , not only are we remaining station
ary, but the exports o f our products by our foreign neighbors are greatly
increasing. The Northwest of our country and of British America is
likely soon to enlarge immensely its production of wheat to an extent far
1870]
OUR INLAND COMMERCE.
2*>1
beyond the quantity required for consumption in the United States and
Canada. The densely populated countries of Western Europe would be
the chief market for this surplus.
A GREAT NATURAL ROUTE.
Thus it becomes important that while we know that our port occupies
a central position, and by its trade with Northern and Southern regions)
is the chief rendezvous o f this Continent for shipping from all parts of the
world, we should not be guilty of the folly of ignoring the fact that the
St. Lawrence leads almost in a direct line from the great grain-growing
regions of the W est to those nations of Europe whose people are and will
be the chief consumers of the grain exported from the United States,
and that the British and other foreign vessels used to take cargoes from
our other seaports, or Montreal to Europe, will be likely to bring back
return freight, thus doubly injuring our trade.
By taking this course, we shall not only arrest the departure of trade
from us, but greatly increase its volume by restoring the traffic in many
important articles which has been diverted to some extent to other chan
nels sometimes'of late, charging less for transit.
Nature herself seems to have intended to aid man in connecting Lake
Michigan with the Mississippi River. So nearly do the Fox and W is
consin Rivers meet, that on the map they seem to be the same river.
Already, by the aid o f a few short canals and locks, steamboats o f light
draught pass, during the period o f high water, from “ The Family of
Lakes to the Father of W aters.”
Iowa, Minnesota and Wisconsin
are eagerly looking forward to the enlargement of this channel. Reliable
engineers who have investigated the subject give assurances that, by con
necting various rivers, communication by water can, at very moderate cost,
be continued into the interior of the continent for hundreds o f miles
beyond the Mississippi.
THE FIRST LINK.
The first link in this vast and unequalled series of water channels is
the canal leading westward from A lb a n y ; but its enlargement at the
earliest possible time is one of the most desirable events for the nation at
large, and especially for your own City and State, and cannot be doubted
by any who examine the subject with candid and unbiased minds. The
question arises— by whom shall it be done?
1 if- yet in our power to make such reductions in the cost o f trans
portation to New York as will secure this trade to us, by enlarging the
canal so as to permit the passage of large boats, then introducing the use
of steam as a propelling power, and adopting to the fullest extent that
rule which is the best policy towards ourselves and is due from us to
262
CUR
INLAND COMMERCE.
[April,
every other S'ate of the Union and from every State of the Union to us
— the freest possible transit o f passengers and trade through our territory.
W e should as soon as possible i educe the tolls on our public works to the
minimum cost of their current expenses, allowing a moderate amount
annually for interest on the sum expended and to discharge the principal.
A measure has been introduced into Congress asking for aid to com
plete a canal from Buffalo and Oswego to tidewater, capable of floating
vessels o f six hundred tons burthen. Apart from the difficulties, delays
and doubts which beset the passage o f such a measure at the present
time, when the public mind is looking forwaid to national retrenchment,
the plan is liable to most serious objections. It is desirable that we should
keep the canal entirely under our own control and unfettered by condi
tions. A t the lime of the last cen-us the population o f the State of New
York outnumbered that, at least, of a dozen other Slates. In accumula
ted capital the disproportion is yet more conspicuous. Ours is pre
eminently the commercial State, and is not only amply able itself to do
the work, but is especially interested in maintaining the great thorough
fare for trade from the W est.
FIGURES.
Looking at the authentic statistics of the Erie Canal, apart from the
lateral branches, we find that the returns or income from it already exceed
ths aggregate expenditure for its original cost, the interest, maintenance,
repairs, and all other items— and are precisely $140,430,953,40, while
the tolls derived from it have been over $87,000,000, and the interest on
them exceeds $94,000,000 ; the total income being $18,828,003.83, or
more than $31,000,000 over all its other expenditures from the begin
ning to the present time.
W HAT THE CANAL HAS DONE FOR US.
Taking a more extensive but no less truthful view o f the case, the
mind glances at the farms, manufactories, villages and cities it has created
along and near its line, and the additions it has made to commerce, wealth
and population at its terminus. I speak far within the boundaries of
accuracy when I say that in its indirect result to the people of this State
the canal has been beneficial to an extent greater by very many times
than all the direct revenues or profit drawn from it. W e are to estimate
this part of the subject by the increase of individual wealth throughout
the community, the rise in real estate, both in city property and in farms,
and by the multiplication and prosperity of our p ople. It would not be
difficult to show that by opening out the W est to settlement, the canal
contributed more than any other single cause to the preponderance of the
North.
18 /0 ]
OCR INLAND COMMERCE.
263
THE NORTHERN P A C IFIC .
The 15th o f last month is memorable for the celebration of the begin
ning of work on an undertaking of stupendous importance to mankind
not only in itself, but as a forerunner of many others yet to be accom
plished. I allude to the railroad known as the Northern Pacific, by
which St. Paul and the Mississippi will be connected with Lake Superior,
and a new line o f rail, running continuously through the most fertile
belt of the western half of this continent, "will be established from the
greatest of all our inland seas to the Pacific. It has for us a special
significance and interest.
THE REAL NORTHWEST.
Partly through the difficulty of access, and partly through the machi
nations of that “ Last Great Monopoly” — the Hudson’s Bay Company—
the public has only recently kuown that west and northwest from Lake
of Superior is a vast area o f fertile land, much of it equal in fertility to that
Illinois, while it surpasses that far-famed State by many times in extent.
Acre for acre, a portion of it, equal in size to more than five such States,
will probably not be inferior to Illinois in the value o f its productions. It
includes not only much of our territory, but also the rich wheat plains o f
the Red-river-of the-North and those of the yet greater Valley o f the Sas
katchewan, well named the Mississippi o f the North, which are ready to
have millions of tons of grain into the cais o f the railroad as soon as its
passenger trains afford an opportunity for the industrial army o f settlers
to make war upon the yet primeval wilderness. The soil, like that of
Minnesota, can be brought under cultivation with remarkable ease, and is
so peculiarly adapted to the growth of wheat that probably in a few years
the portion of the United States and the British possessions that will seek
shipment for its grain on Lake Superior will be the great wheat granary
for us and the people of Western Europe. The prospect thus opened is
stimulating the Canadians to a completion and a vast enlargement o f their
rival works, and affords valid reasons why we should strenuously prepare
to receive a trade which it is our power to secure, but which, if once lost,
we may never be able to regain.
That part of the lake to which the products of the vast area is, by water,
the cheapest of all methods of transportation— almost as near the western
part of our State at the terminus o f the canal at Buffalo as it is to Chicago.
From Duluth, the depot o f the road on Lake Superior, the cost of carrying
freight by water to Buffalo or Oswego will not be more than one-third of
the cost by rail. This brings the subject closely home to us o f New York.
OUR ADVANTAGES.
At various other points along the lower lakes are railroads carrying
264
OUR INLAND
COMMERCE.
[April,
gain to other Atlantic ports. This State alone has the advantage of
cheap water carriage from the lakes to the occean, and this city is the
only place on the Atlantic to which trade can thus be brought. A large
increase o f trade will also take place from Chicago and Milwaukee and
the regions tributary to them ; but this part of the subject is more geneially understood than that I have endeavored as briefly as possible to
describe.
MORE ENTERPRISE
NEEDED.
For many years this State has ceased to meet its obvious interests and
necessities wiiii its former foresight and vigor. I rejoice that under the
influence o f many leading men o f both political parties there is reason
for hoping a wiser policy may be adopted, in view e f the fact that, while
the receipts of grain and flour at the upper lake ports and Montreal have
enormously increased during the last ten years, those o f our own city
have diminished. 'Jheywere less in 1867 than in 1860, and less by
more than nineteen millions o f bushels in the last two years than they
were in 1801 and 1862.
LAKE TONNAGE.
The amount of tonnage o f the trade we are permitting to leave u«, or
are driving away by the joint influence o f high tolls, and a shallow or
neglected canal, was no less than 6,442,225 tons in 1868. The tonnage
of all the American and foreign vessels entered and cleared in thi3 ci(y,
to and from foreign ports, in the same year was 5,109,722. In making
the comparison, the figures as to the canal represent the actual number
of tons of height, while those of the foreign trade denote, not the cargoes,
but the size of the vessels.
COMPARISONS.
It is shown in an official document, recently prepared by Mr. Nemme,
Chief of the Tonnage Division o f the Treasury Department, that the
total tonnage o f ail the vessels entered last year at New York, Boston,
Philadelphia, Baltimore, New Orleans, and San Francisco, the six princi
pal ports in the United States, was, in the year just ended, only 5,224,578,
being, by much more than a million tons, less than the actual amount of
the commodities carried on the Erie Canal in the same year, and exclu
sively by the vessels of our own country.
W HAT W E NEED.
I am credibly informed that if the canal should be enlarged so as to
pass vessels of 600 tons, and permit the substitution of the illimitable
power of iron and steam for that o f the comparatively weak muscles o f
horses, freight might, exclusive of tolls, be carried at a living profit over
1870]
OUR INLAND COMMERCE.
265
the canal and Hudson from the lakes to New York for considerably less
than half a cent a ton for each mile. Thus we should give the grain
producers o f our country unprecedented facilities for successful competi
lion in foreign markets. The benefits created would extend to purchaser
and consumer everywhere. There can be no doubt that by attracting
trade through a judicious and liberal system o f low tolls, the revenue
directly derived by the State Treasury 'tself from the canal would be far
greater than if we continue the absurd and unbusiness-like policy of
gradually driving trade away by exorbitant charges. By the better policy
now proposed the commodities brought to our city would be incalculably
increased. Their transshipment and the profit in buying and selling
them would appertain to our forwarders and meichants, and give employ
ment to many thousands o f our people. W here the productions were
sold, other articles would be bought iu exchange ; and there is no branch
of industry that would not be benefitted.
I rejoice to know that the interests o f our city are those o f the Uni‘ n
at large, and that, in finding or making a way to develop the natural
advantages of our position, we not only benefit ourselves and the North
west, but, by increasing profitable shipments of our productions to other
countries, enable our people more easily to pay interest on the large and
increasing amount of our national and other securities held in Europe.
THE IMPORTANCE OF CAN ALS.
The canal is, both locally and in a cosmopolitan sense, an important
division of that yet more comprehensive subject, the commercial inter
course which is materially the main-spring o f modern triumphs over the
forces of nature, of the advancement o f civilization, and the exercise ot
human welfare. In a familiar photograph o f the travelling and carrying
system of this time, Shakespeare pleasantly suggests how recent is the
progress o f our race on these points. W e remember how the company
o f eight or ten persons assembled at Gad’s H ill and travelled together
for protection against common danger, and how, o f the two strictly pro
fessional carriers, one had, on his solitary horse, “ a gammon o f bacon
and two razes of ginger,” and the other 1 had turkeys in his panniers.”
Having thirty miles to travel, the members o f the cavalcade rose at two
in the morning that they might perform the journey before night. In
those days not only was there no railway and no canal, but even good
wagon roads had no existence. When estimating what the future will
be, we properly comp ire the past with the present, as it exists not only
in Great Britain and throughout Europe, but in this country, a wilder
ness in Shakespeare’s time. Instead o f a couple o f horses, carrying one
piece of bicon, two “ razes” of ginger, and half a dozen turkeys, the
266
OUR INLAND
COMMERCE.
[April,
modern substitutes in the United States alone have a capital measured
by thousands o f millions of dollars, and their traffic is estimated to be
worth ten thousand millions of dollars annually.
Such facts as these indicate the tendencies o f an era that has yet by
no means arrived at its climax. Equally instructive is the lesson taught
by the various great nations o f antiquity, such as Egypt, Assyria, Greece
and Rome, which arrived at a high degree o f civilization, but fell, mainly
because they transferred to the oppression and plunder o f other nations
the energy which would have ensured their prosperity if it had been
applied to the development of their productiveness. The United States,
to a greater extent than any other country, eithjr o f ancient or modern
times, possess alike the unprecedented appliances of modern science to
the production o f all that is desirable for the material welfare ot man,
and unlimited natural resources; and no limits can be assigned to our
progress, if to a sound and decisive policy on subjects directly financial,
commercial and educational, we add due attention to the material advan
tages obviously within our reach.
II. Mr. Erastus Brooks addressed the meeting as follow s:
THE. PRESENT
CONSTITUTIONAL RESTRICTIONS.
Mr. P r e s i d e n t ,— I owe, I presume, my invitation to address this meet
ing to the effort made by me in the Constitutional Convention to secure
a certain sum of State money for the improvement o f the principal State
Canals. The effort was as unavailing there as the Constitution was before
the people ; but no past failure ought to arrest the prompt improvement
o f the existing highways of commerce. A s we all know, the Constitution
is very rigid in its financial restrictions. It looks to the removal of all
State debts, especially the canal debt, and to this end makes everything
subordinate. It first compelled the annual appropriation o f $1,300,000,
up to 1855, to pay the interest and redeem the principal o f the canal debt,
and after 1855 increased this sum to $1,700,000. Then came another
annual exaction of $350,000, to be applied to the principal of the debt;
then $1,160,000 to redeem the debt created for enlarging the Erie C anal;
then $200,000 for the support of the Government, and still other restric
tions until the gross sum amounts to, according to the Report of the State
Comptroller, $4,040,000 per annum. W hile appreciating the credit of
the State at its highest estimate, and feeling that a State is financially lost
without credit, I have never recognized the justice of imposing burdens
upon trade incident to the present high tolls, the reduction of which are
forbidden in the Constitution as it stands. The effect has been to arrest
the commerce o f the great West, to turn it into different channels from
1870]
OCR INLAND COMMERCE.
267
our own, umil we now see rival routes established all around us, reduction
of revenues from canal tolls, a large falling off of the products in transit*
and a general absence o f profits in canal business. W hat we have lost
others have gained, and this is true o f our inland as well as our foreign
commerce. Millions of bushels o f wheat and millions of dollars have been
lost to us from the mistaken policy of the past— though what was per
haps a good policy in 1846, may be, and is, a very bad one for 1870.
The loss in tolls last year was $470,000, and o f tons 600,000.
THE STATE CANAL POLICV.
I appreciate, however, the good motives of the men of 1846 and 1868-69,
in both Constitutional Conventions. They resolved on the policy “ to pay
as you go,” and they did not believe that, at any time, “ a public debt
was a public blessing.” But, sir, we must take things as we find them.
Governor Marcy, in 1834-36, foresaw the coming rivalries for the W est
ern trade, and pointed out the Contentions for securing trade, just as Gouverneur Morris in 1608 foresaw the importance o f the Erie Canal and the
splendid future which depended on its completion. Indeed we can never
too highly honor the names and memory o f men like Clinton, Morris,
Fulton, Van Rensselaer, and Livingston, who, in 1811, pressed these
water lines upon the State; albeit to the great discredit o f this city a
committee was sent to Albany to oppose the Erie Canal, at its inception ;
and what reason, think you, was given for the opposition ? None other,
or rather none better, than the very mistaken one that, to make a canal
from Lake Eiie to the Hudson River would divert trade from the City of
New York ! Very many times since that day the merchants o f New
York have stood in their own light, and until latterly, I fear, they have
neither fully appreciated either the magnitude or value o f the inland
commerce of the country. Surrounded by foreign vessels, in one o f the
most beautiful harbors o f the world, the flags of all nations flying from the
masthead of ships from every port in the civilized globe, they have passed
by the humble barges and canal boats which have been towed here,
bringing more tons ot freight to this port alone than is brought here from
all the ports of the Old W orld. Yes, sir, the inland commerce o f the
country is vastly more in bulk, if not more in value, than its foreign com
merce. But we have pursued a mistaken policy both in neglecting the
protection of our inland and foreign trade. What the country as a whole
loses of the latter, we as a State and city are losers in the former.
RIVAL ROUTES.
Besides the two great railroads passing through our own State to the
West, and another in contemplation, there is the Pennsylvania Central,
cemented by connections with the far West, and in the hands of some of
268
OUR INLAND
COMMERCE.
[April,
the most energetic railroad men in the world. Then there is the Balti
more and Ohio Road, the road from Norfolk to Tennessee and the South
west, and the great direct road contemplated from Norfolk to the West,
for which millions o f New York capital have already been subscribed in
this city. Indeed, New York is accustomed to look more to the good of
other territory than her own, and but for the wonderful advantages of her
position, the abundance o f her capital, and the prestige of her greatness
for which she owes so much to her canal system— her policy would be on
the retrogade rather than on the advance.
THE STATE CANAL SVSTEM,
with all its mismanagement, mistakes and corruption, has been a mine of
wealth to the State Treasury, to the city, to the people of the whole State,
and to the great W est. Long ago— four years since, I believe— the Erie
Canal had paid into the Treasury $23 500,000 beyond its entire costt
counting, principal, interest, repairs, superintendence and all; and pray,
sir, what justice is there in compelling the State, by a tax on its inland
commerce, and by tolls on its canals, to pay $200,000 for the general
support of the State Government ? or what propriety is there in compell
ing the men of one generation to pay for an improvement which is to last
for all time ? If it is just for posterity to pay a share o f the debt created
in maintaining the Union of the States, it is equally just that the final
extinguishment of the Canal debt should extend, as proposed here to day,
over a period of 18 years. Again, if not in amount, at least in lact, the
Oswego Canal had paid about four years ago into the treasury half a mil
lion o f dollars more than its entire expense, principal interest, cost of
management and all, and the Cayuga and Seneca Canal had at that time
also been a creditor canal, with some three hundred thousand dollars in
excess of all expenses. The same is claimed for the Champlain Canal, but
of this I am not so certain. The debtor canals have been for local
improvements, and though not all built in wisdom, and costing the State
vast sums of money, yet, take the bad and good, the use and the waste,
the total expense of the log-rolling canals, and those o f necessity, all
together, some three or four years since, were but $7,000,000 in excess of
receipts. W hat they have done for commerce, for this city, and for the
State and country, no man can estimate. In the first ten years after the
completion of the Erie Canal, the increased value o f real estate in this city
alone was fifty-five millions of dollars. Forty-one years after the Erie
Canal was completed, say in the year 1866. the value o f the property
borne upon the Erie Canal was $270,000,000, and the tons were 505,607
more than all the tonnage imported from abroad. And this was when
less than 15£ per cent of the soil of the West was cultivated. The traffic
li>70j
OUR INLAND COMMERCE.
269
by canal and the two great railroads from Lake Erie to the seaboard,
reached ihe enormous proportions in 1860 of 12,500,000 tons; and in
1868 the Erie Canal carried 700,000 more tons of freight than both the
Erie and Central roads. This trade must not be lost; but to keep and
maintain it the tolls must be reduced. No wonder the sagacious Gouverneur Morris said, even fiom the standpoint of the city, that “ the interior
excels the port we inhabit, in so 1, in climate, in everything,” and that
the proudest Empire in Europe is but a bubble compared with wdiat
America may be— must be.” Sirce then, 1808, prophecy has become
history, and the S ar o f Empire has been all the time Westward.
If, Sir, in the past, the merchants in this city have failed to impress
their views upon the legislation of this State, it is because o f their own
indifference and the absence o f that unity o f action which is necessary
to the success of any great enterprise. The financial exactions in the
Constitution of 1846 is now “ the lion in the way,” but all obstacles can
lawfully be removed in the financial plan submitted to this meeting, with
the constitutional endorsement o f some o f the most eminent gentlemen
of the bar in the State. I am assured that the whole present Canal debt,
with all the sums of money necessary to secure early, effective, and prac
tical improvements, can be paid in eighteen years, by substituting a five
per cent loan for the various sinking funds which are now almost like an
unopened lock way to the W est. The present debt can be paid at once,
and with a sinking fund of $335,000 a year, the new debt paid in 1888.
The Canal toll - can then be reduced one-half, at least— and according to
the gentleman who has preceded me (Mr. Moulton), two thirds. Let it
be done. If there are financial restrictions to check our progress, there
are also commercial necessities to invite and compel our action, and these
last must no more be left to slumber and to die. The greatest good o f
the greatest number demands cheaper toils now, and by-and-by a Canal
as free-as the waters which flow from the Lakes to the Ocean. (Applause.)
The following, from a speech of H on. I. T. Hatch, confirms the state
ments made by Hon. E. Brooks, as above quoted:
As a considerable decrease of tolls might reduce the income from the
canal below the amount required to fulfill the annual requirements of the
Constitution of 1846, and the exaction of a direct tax might prove tem
porarily injurious to the political interests to which the Board might be
friendly, Mr. Hatch proposed to remove the obstacles permanently by
authorizing the Commissioners of the Canal Fund to borrow an amount
sufficient to fund the debt at eighteen years, the interest to be paid by
direct tax, but only in case the surplus canal tolls should be insufficient
for that purpose. To show the imperative requirements of the Constitu
270
A SAD CASS AND
\April,
ONE OF ITS MORALS.
tion o f 1846, he begged leave to refer to the special report of Controller
Allen, page 193, wherein he said :
“ Thit in attempting to m .ke any important reduction in the rates of tolls
upon the canals they encoun'ereil difficulties resulting from the charges upon the
canal revenues, and which, in their opini n, render it inexpedient, if not imprac
ticable, to mal e r.ny changes a’ this time which will essen tally diminish the net
revenue from this source. Wlii'e i is conceded that the canals were made
primarily for commerce and not for revenue, it ir alco conceded that the cost of
their construction and maintenance must and should be paid from their earnings,
and it follows that, until the d;bt created for their construction is discharged,
t ie tolls should be so regu'ated as to yield a revenue sufficient for the payment
of th it debt as it matures, so far as it can be done without detriment to com
merce In o her words, the su j;ct of revenue enters largely into the question
of tolls, so loDg as the obligations o'' the State grow ug out of the construct ion
of the canals remaiu unsatisfied. Ti e constitutional charges upon the canal
revenues are sacred and cannot be ignored or repudutr-d, and ror a tima they will
more than absorb the entire net earnings of the canals.
The actual charges upon these revenues for the current year (and they will
not be less for several years to c >r.e) are :
For the support o f the G overnm ent.......................................................................................
F or the general fund debt sinking f u n d ......................................................... .....................
F or the canal debt sinking fund...............................................................................................
$2 0,000
1,500,000
2,340,000
Making an aggregate o f .......................................................................................................... $4,C4U,C00
to be piirl from the surplus revenues o the c nals, and if there shall be any
serious deficiency from year to year it must be supplied by taxation.”
He (Mr. Hatch) had high legal authority, IHon. George F. Comstock,
J. K, Porter, John Ganson, W in. M . Evarts] for asserting that such an
act would be entirely harmonious with the existing Constitution. If
passed by the Legislature, it would be submitted to the people next
November, and if ratified, would then become operative.
A &AD CASE AND ONE OF ITS MORALS.
■
In all the gossip upon the sudden disappearance o f Collector Bailey,
and the destruction o f his reputation, the practical lesson which the
event ought really to teach seems to have been overlooked; perhaps
simply because it is so obvious.
Mr. Bailey has been for five years a collector of internal revenue in
this city. His work, his reputation and his ambition have beentound up
with the administration of our national excise laws. li e has been, before
the Government and the people, the foremost representative o f these
laws, and o f the system upon which they have been enforced. Men
who approve that system hav9 pointed to him, and to his zealous warfare
on fraud, as its best exponent. Those who disapprove it have still
generally believed that, in the hands o f so pure a man and so efficient
an officer, it might be administered with advantage and credit to the
country. The result has merely proved that the system is worse thau
1870]
A SAD CASE AND ONE OP ITS M O R A -S.
271
any one supposed, and that Mr. Bailey had not the exceptional virtue
necessary to resist its corrupting influence.
In the first place, the revenue laws of this country systematically inflict
pecuniary fines as the penalty o f crime. This gives crime a market value^
and turns the whole business of dealing with frauds upon the revenue into
mercantile negotiation
A. large part of the time of revenue officers, both
among the people and in Washington, is taken up with the consideration
of the amount o f fines and penalties to be paid for release in cases in which,
if any fine at all is due, a felony, aggravated by perjury, has beer.comraitted.
But the law goes further, and gives the fines thus collected, or a large
share of them, to the informer in each case. In order to obtain an in
former’s “ moiety,” it is necessaiy to know that a fraud has been committed ;
to report the first information of it to the proper officers; and either to
obtain a forfeiture in court of the property involved or, more commonly,
to compromise the claim of the Government, by the acceptance o f a
certain sum “ in lieu of fines and penalties.” Then a share o f the sum so
accepted, under regulations of the Treasury Department, is paid to the
informer.
Thus it becomes very profitable to give information of frauds. H un
dreds of men devote themselves to spying out grounds of suspicion against
citizens, in order to speculate upon them in this way. But high moral
character is not commonly to bo found among professional spies; and if a
spy can make twice as much in hand by suppressing information, as he
can get in the end by revealing it, he is not likely to hesitate.
One of these hangers on in a Collector’s office, for example, discovers a
great fraud amounting, let us say, to fifty thousand dollars. H e may
expose it, and succeed in confiscating the goods, and fining the delinquent.
I f so, the latter will lose twice the amount of the fraud, or one hundred thou
sand dollars, and the spy will receive five thousand, under the Treasury
regulations, as “ informer.” But this can only be done by the aid of sev
eral Government officers; and will they give their aid for nothing ?
Hardly. The spy will do well, if the case is successful, to retain for
himself half his “ moiety,” or twenty-five hundred dollars.
On the other hand, while the case lies entirely between him and the
accused, what is to prevent him from quietly suppressing the information?
If he says , nothing, and obtains five, or ten, or twenty thousand dollars
thereby, who is the loser ? The compromise o f such a case is a gain
to the accused, if guilty and liable to be proved so, o f all that he would
forfeit by conviction, o f time, money and reputation. W h o that is
guilty of fraud would not buy an escape by liberal payment? W ho
that is a professional spy would not accept twice his prospective reward,
as informer, and forbear to report ?
272
A SAD CASE AND ONE OF
ITS
MORALS.
[April,
The extent to which the suppression of evidence and the payment o f
blackmail have been practiced of late years will never be known; but it
is enormous. The sums paid to the spies and their confederates for
silence amount to many millions o f dollars. The business has been made
a system, regularly organized, with Government officers, as it is confidently
asserted, at its head. A horde o f spies have moved around the city,
paying regular weekly or monthly visits to those whom they knew or
suspected to be engaged in defrauding the revenue, and receiving fixed
stipends for connivance. This money, as has been constantly declared
by the spies themselves, was divided with the officers who had it in theii
power to interfere, or to investigate the fraud.
It is certain that the prospect of obtaining shares o f penalties has been
a powerful motive for seeking revenue offices. It is not for the salaries,
but for the shares of foifeitures and penalties that collectorships of Internal
Revenue have been competed for so eagerly as political prizes. A few
years ago it was common for Assessors and Collectors to appear them
selves as informers, and to draw their “ moieties” in person. The sharp
pursuit of such profits as these was then often the main object of labor
in their offices. The nine parts of the public business which paid no
extra emoluments were neglected in order that the tenth part, which was
also private business, might be effectually done. This was the case with
officers who could not be bribed. But where an officer was corrupt he
had no need to lodge informations, for he could generally, through some
professional spy or blackmailing agent who had no character or position
to lose, make a private settlement which was far more profitable. Should
this plan fail, in any case the effort did him no harm. The person
approached could not expose him, for he had only seen an irresponsible
agent whom it was easy to disown; and, besides, it was dangerous to
attack an officer so fully armed with power to annoy. Those who would
not be blackmailed were generally content to refuse, and say no more.
Of late the Treasury Department has discouraged the claim o f penalties
by its officers. But this makes little difference in practice; they still
share in the “ moieties” paid to their dependants. An informer can do
nothing alone; he must have the aid o f an officer, and, to gain it, must
divide the profits. In fact, a great part of the habitual informers and
claimants for penalties are merely the creatures and representatives of
officers, who are too “ respectable” or too cautious to appear in person.
A ll this grows directly and naturally out of the laws themselves. It is
the inevitable result o f the system by which the Government o f the United
States regards crime as a source o f revenue, and enters into partnership
with professional spies, in speculating upon it. The whole method is a
disgrace to the country, and ought to be blotted out of the statute book
at once.
1 8V 0"|
a
sad
case
and
one
of
it s
m orals.
273
It is this system that has ruined Collector Bailey. H e was a man of
bright parts, and, before he began to administer these laws, of unblem
ished character. He was ambitious, sensitive, eager to serve the country
and to achieve a great name, by thorough work. H e does not seem
to have been avaricious, nor was he extravagant and reckless; he used
his money freely to carry out his plans ; and, seeing in the penalties to be
exacted for the frauds he expected to unmask, a source of endless gain,
he drew on it in advance, by appropriating to the prosecution o f these
cases sums which belonged to the Government, which were in his hands
in trust, and which he could only hope to repay by extraordinary gains
as an informer.
This seems to have been the chief cause of Mr. Bailey’s fall. How far
the associations into which the negotiation of these cases led him may
gradually have blunted his moral sense, we cannot tell. These asso
ciations were gathered around the Collector’s office by the law which made
that office the centre of speculation upon fraud. How far he may have
been influenced by the hope of enriching himself in the end, no one can
say. But this hope, if it did exist, and did corrupt his motives, must have
been first excited and constantly stimulated by the law which made mer
chandise of the knowledge o f crime. Wherever we look we find this law
at work degrading and corrupting its ministers, undermining official and
public morals, and thus defeating higher ends than any which it even seeks
to attain.
Its object is, we suppose, the detection and punishment of frauds. In
some cases it doubtless succeeds; but in many more it fails, and its failures
are not merely negative ones, but are positive evils. It produces frauds,
probably ten times as many as it prevents or punishes. If it were but
for the one fact, inseparable from it, that it makes it the direct pecuniary
interest of the officers of the revenue that frauds shall be committed, this
is alone enough to condemn it. Under a proper revenue law every
officer ought to aim to make fraud impossible; but under this law
every one has a strong motive to open the way tor crime, to nurse it,
watch it, retain the knowledge o f it in his own hands, and then grasp
its profits. In short, the ordinary and energetic , administration o f this
law is divided by so narrow a line from such gross villainies as black
mailing and compounding felony, that conscience and judgment need to
be strong indeed to be kept year after year up to the verge and never
step over.
W e have much to say about the administration o f the revenue laws.
But the fountain head o f evil is in the law itself; and the first reform
called for is the abolition o f all pecuniary compromises o f crime and of
all rewards to spies. Had these features never been adopted, Collector
4
274
LOSS o r LIFE AND PROPERTY AT SEA.
[April,
Bailey and many another fallen man might have lived and died in honor;
and if they are repealed at once much more ruin and evil o f ihe same
kind may be prevented.
OS LOSS OP LIFE AND PROPERTY AT SEA, AND MEANS SUPPOSED TO BE
ATTAINABLE TOWARDS THE MITIGATION OF SUCn LOSS.
An able paper on tho above subject, written by J . W . Woods, E?q.,
Collector of Customs, Harwich, England, appears in the last number of
Journal o f the Society o f Arts. The paper comments on some of the
more prominent indirect as well as direct causes of the severe loss of ships,
and submits for consideration such means as appear to be the most readily
available towards its mitigation. The paper is classified under different
headings, embracing remarks on “ Scarcity of Seamen,” “ Parish Appren
tices," “ Naming Ships,” Education of Adult Seamen,” “ Floating Wreck,”
“ Deck Loads,” “ Overloading and Load Lines,” Boats and Life Rafts.'’
This interesting paper was read at the tenth ordinary meeting of the
society, and we commend it to the perusal o f our readers. On the con
clusion of the reading o f the paper an animated discussion took place.
Captain Jaspar Selwyn, R.N., Admiral Sir E. Belcher, Mr. Thomas Gray
(Board of Trade). Mr. Lambton Young (Royal Humane Society), Mr.
Hyde Clarke, D.C.L., Mr. Stephenson Lloyd,Admiral Ommaney Mr. Lloyd
Wise, Mr. W . M. Venning, Mr. Stirling Lason, Mr. Robert Smith, and
Mr. W ood were among the speakers. Our space will not permit us to
give the speeches in detail, but we publish those o f Mr. Thomas Gray
o f the Board o f Trade, Mr. Stephenson, of Lloyd’s, and Mr. W . M.
Venning.
Mr. Thomas Gray (Board o f Trade) said they ought to feel indebted to
Mr. W ood Lr the labor he had bestowed on his paper, although he did
not consider that the title was properly applicable to the whole subjectmatter of it. However, in a meeting of that character, he took it they
did not want to discuss what particular form of lifeboat was best, or
whether food should be carried in any particular manner— they rather
ought to consider what should be the scope and aim of legislation in
connection with the whole subject, leaving minor deta ls to be settled by
practical men out of doors. The first part o f the paper referred to the
scarcity of seamen, or rather the scarcity of British seamen, whose place
had to be supplied by foreigners. H for one did not believe that they
had suffered in any way from this scarcity, although doubtless they would
have done so had they been unwise enough to exclude foreigners from
their ships when the coasting and foreign trade o f the empire was thrown
open. It then became necessary to call in the assistance of foreign seamen,
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LOSS OF LIFE AND PROPERTY- AT SEA.
275
and that necessity still existed. W ith regard to parish apprentices and
training ships, he might say that the sight of a ship like the Chichester
always awoke in him feelings of the liveliest pleasure, inasmuch as he
knew it was the means of reclaiming numbers o f boys from a life o f idle
ness and crime. But there was another side to the question, and a very
important one. They did not want to man the British mercantile marine
with paupers or street arabs. From a philanthropic point o f view it was
wise to do what they could with these boys, but it was neither wise nor
just to the shipowner to put any pressure on him to employ these lads in
preference to the ordinary and better stuff that British seamen were made
of. The British seaman, as they knew him, came from the sea coast and
agricultural districts. The class o f street arabs, though not lacking intel
ligence— sometimes even evincing too much— often showed a deficiency
in physical power and stamina. H e did not know that he could offer any
useful observations on the subject of floating wreck, but the next topic,
that of deck loading, was of considerable importance. Mr. W o o d pro
posed that no dead weight of any description should be allowed, that no
animal or other cargo should be carried ou a steamer’s bridge, &a. Now,
to interfere with the loading o f a ship was to interfere with the business
of a shipowner, and if you do that at all, it would only be logical to do so
entirely. Again, by making such a provision you would virtually shut up
certain classes of trade altogether. As one instance with which he was
familiar, lie might mention the steamers that plied from Glasgow round
the Hebrides and Orkneys and to W ick, They were real steam omni
busses. They touched at one place perhaps, and took in a few bags o f
periwinkles; at another island a few bags of meal and a sheep or two ;
then at another island they would deposit the sheep to graze, and exchange
the meal for salt fish, and so on through the whole journey. I f these
steamers could not carry cargo on deck their trade would be stopped
altogether. Again, if such a law were made, it would easily he defeated.
They would only have to put an awning deck above, which would be kept
dear, and then they would carry even more than at present on the deck,
and so perhaps render the boats more unsafe than they are alleged to be
at present. He did not think government ought to interfere in any wayin the carrying or stowing of cargo, which must be understood and per
formed better by the shipowner than by any government agent. With
regard to overloading and load lines, the object with which keels carrying
coals w°re first marked was purely a fiscal one. The vessel was loaded
down to a certain line, and nails were then driven in at the stem and
stern to show how much cargo she was to carry; she was taxed for that
amount, and was not allowed to carry more. In the same way the regisiration of tonnage was required purely for fiscal purposes.
A register
276
LOSS OF LIFE AND PROPERTY AT SEA.
[A pril,
ton simply meant 100 cubic feet of internal space, and the object o f fixing
it was to apportion the light dues to be paid by each vessel. It had
nothing whatever to do with the carrying capacity or the load line. The
formula given by Mr. Moorsom, as quoted in the paper, was only offered
as a rough-and-ready method, as stated by that gentleman, because some
owners were unwilling to take the trouble of making the necessary deduc
tions alluded to. W ith regard to a load line, all he could say was that,
in 1853, the Board of Trade consulted a number of practical persons
throughout the country on this subject, and the result was they could not
get any two persons to agree as to the method of calculating such a load
line; but Mr. W ood now proposed that there should be two, according
to the quality of the cargo, which would greatly increase the difficulty.
There would be immediate complications if the vessel carried a cargo
partly composed o f one kind of goods and partly of another, and the load
line must vary according to the proportions. The real remedy appeared
to him to be this, that the Government, instead of interfering in any way
with the loading, should see that on both stem and stern the correct draft
o f water was placed. A record would then be kept o f the draft of water
of all ships going to sea, and it would rest with the parties interested to
see whether any ship went to see properly loaded or not. The proposal
that the collector o f customs should detain a master’s certificate because
his vessel was overloaded appeared specially objectionable, as it made the
captain suffer for the fault of the owner. W ith regard to lifeboats and
rafts, he consideied they were exceedingly necessary, but he feared British
shipowners would never be persuaded to carry a raft instead of a boat
(though in a big ship it might be carried as well), because the one could
be used for ordinary purposes and the other could not. The last thing to
be done, therefore, was to provide such a boat as should be available both
for ordinary purposes and also for saving life in case o f accident. The
matter under discussion was but one part, and that a small one, o f a very
large question. Prevention, it was well known, was better than cure, and
prevention in some shape must be looked to ; the only question was how
it could be applied. Some people wished to prevent loss of life by inspec
tions, certificates and Government interference, whilst another mode was
to abolish Government interference altogether, and to leave the owner
responsible for his own acts, and to make him pay in the event o f culpable
neglect, or any abuse of the power intrusted to him. Take the case of
railways ; he did not believe that if a Board of Trade official were to
inspect every line of railway daily, sit on every engine and watch it, be at
every signal post, and smell every man’s breath to make suie he was not
drunk, there would be so few accidents as uuder the present system, by which
heavy damages were given against railway companies in case o f accidents
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LOSS OF LIFE AKD PROPERTY AT SEA.
277
Let a shipowner do his business and mind his business, and let the under
writers and government do the same. Let ships be lost and cargoes be
lost, so long as underwriters are too sordid or too lazy to refuse payment
of doubtful and fraudulent cases. But if the shipowner puts the country
to expense, or causes or contributes to the death of a citizen, let him
have justice without mercy. It was precisely the same with the owner of
a mine. He had just been talking to the owner of a large mine in the
north, who told him he had just had a boiler blown up. H e inquired
how that came to happen, and he said he did not know ; the overlooker
inspected it every week, the under-overlooker inspected it every day, and
it was also insured in the Boiler Association, on whose behalf it was also
inspected regularly. It had been inspected and repaired only three days
before it blew up, and the inspector congratulated him on having so good
a boiler. Again, all the men had lamps, which were inspected by men in
his own employment, who were responsible. I f all this were done by a
Government inspector it would not be done so well, and the responsibility
would be shifted from the right shoulders to the wrong ones. The evil
of modern legislation had been that it was, to a great extent, sensational.
When the Cricket blew up everybody said what a horrible thing it was,
and that explosions must be prevented, and the consequence was that
legislation was undertaken in a paric, and that was the basis of the
Steam Navigation A ct, and of parts o f the Shipping Act, and he was
afraid to say how long the system would be perpetuated. People had a
superstitious idea that because a ship had been inspected she must be safe ;
if they could only get over that superstition and apply the proper remedy,
he believed many difficulties would be removed, and there would soon be
a diminution in the loss of life at sea. He confined himself to the ques
tion o f loss o f life, because, of course, property must look after itself.
H e could hardly do better than conclude by quoting a passage from Her
bert Spencer— “ Ever since society has exi ted, disappointment has been
preaching put not r.ot your trust in legislation; and yet our trust in
legislation is scarcely diminished. W e have long since ceased to coerce
men for I heir spiritual good, though we have not yet ceased to coprce
them for their temporal good, not seeing that the one is as useless and
unwarrantable as the other.”
M r. Stephenson (Lloyd’s) said this subject seemed to divide itself natur
ally into two parts— the saving o f life before a vessel was lost, and after
wards, and he believed the first was by far the most important. He
wished he could agree with Mr. Gray in thinking that human life would
be pietty safe if left in the hands o f shipowners, but he feared this was
far fronj being the case. He had just prepared a table relating to one
particular class of trade, which said more upon the subject o f overloading
278
LOSS OF LIFE AND PROPERTY AT SEA.
[April,
than any theory could do. It showed the number o f Baltic steamers lost
in the year 1869. Twenty-one were lost entirely, and in a great number
o f instances the whole of the crew were lost; but the remarkable part
of it was that sixteen were lost in three months, between September 2nd
and the 17th of November. The reason for this was, that just at that
time o f year, before the Baltic ports were closed for the winter, there was
a rush to fill the steamers, and everyone was overloaded. One vessel
from Sunderland to Cronstadt, with registered tonnage 872, and horse
power 140, took a cargo of 1,694 tons of pig and bar iron ; and another,
of 511 tons register, horse-power 80, took 803 tons of railway iron and
a general cargo. In the face of such facts as these, could they trust ship
owners not to overload their vessels ? W hat was the remedy ? He
agreed with Mr. Gray that no inspection in the world would be of much
use. He did not not believe any Board o f Trade official or representative
of Lloyd’s could sav absolutely that a vessel was properly loaded and fit
to go to sea; and if he were qualified to do it, it would be a mischievous
thing, because if a vessel were overloaded, she could not be seaworthy
and if not seaworthy her insurance was forfeited. A heavier penalty
than the forfeiture of the insurance could not be put upon an owner, but
this would require the fact to be proved, and this brought him to the
real point of (he question. They should know, whenever a vessel started
from a port, whether she was fit or not to go to sea. Let them only
know it : he did not want anybody to express their belief that she ought
not to go, or to tell a captain he ought not to take her, or anything of
that sort. Only let it be put on record in the public papers, or in any
other way, (hat such and such a vessel, of 850 tons say, had gone to sea
with 1,500 tons o f iron in her, and they (speaking for insurers whom he
represented) would take upon themselves the infliction o f the necessary
penalty. He did think the legislature might go so far as to require some
such record as this to be kept of the fact, that a vessel had gone to sea
with such and such a cargo on board, when it could be easily known
whether or not she was likely to arrive at her journey’s end. If this
were done the rest would take care of itself. He would urge this kind
of operation much more earnestly than the construction of life boats, or
rafts, or anything o f that kind. The loss o f life was attributable chiefly
to the state in which vessels were sent to sea. I f time permit ed, he
might go into many details as to the construction o f vessels, their loading,
the class of iron of which they were built, and a thousand other things,
but he believed the real secret lay in preventing a ship being lost, not in
saving lives after she was wrecked.
Mr. W . M . Yenning said a statement had b*en made by one gentle
man to the effect that, if any loss arose from overloading, it would gene
1870]
COLLECTING
TAXES.
279
rally fall on the shipowner, but he could not quite agree with that, inas
much as there were a class of people called underwriters, who acted as
a sort of buffer to prevent the loss in such cases falling on the owners.
From various causes, they were unable or unwilling to interfere properly
in such cases, owing to the very defective organization that existed
amingst them, and the great competition which made underwriters
exceedingly anxious to acquire a character for being very particular in
their settlements. The consequence was that very little real supervision
was exercised in the payment of losses. These losses, as had been said,
very often arose from overloading and unseaworthiness. Of course,
there were black sheep in every class, and there were good owners and
bad owners ; hut he was sorry to say the latter class were very numerous.
He believed they frequently let their ships go out overloaded, because at
the ] resent low premium it was comparatively easy to cover her a few
extra hundreds, so as to secure themselves in any event. I f the ship
arrived they got a good freight, and if she was lost they got their profit
out of tl e underwriters. However, he was glad to say that there was
more supervision now than there was a year ago, and he had no doubt
that a year hence there would be still more. He would not detain the
meeting longer, or he might give various particulars to corroborate what
he said. He held in his hand the particulars of a vessel which put back
to Liverpool only ten days ago, in which he would not have gone to sea
if anyone had given him £20,000. He saw the captain of her, but he
must not say what his opinion about her was, as, in the ordinary phrase,
he had his topsails on board. She was built o f steel, had been out to the
Southern States, and had since been lengthened 20 feet. H e gave the
particulars of some parts o f her construction, which he thought much too
light, and, in fact, in several parts, as, for instance, just at the turn o f the
bridge, he saw evident signs of her being violently strained, although she
had been only 10 days at sea, and she had to be put back again. Another
slip , ve>y similar to her, had also been similarly lengthened ; and when
vessels were sent to sea in such a state, there was no wonder that acc'dents
occurred. He did not say there ought to be Government supervision,
but, certainly, unless there was supervision of some sort, the state o( affairs
would be a positive disgrace to a maritime nation.
COLLECTING TAXES.
The country is full of complaints against revenue officers, for the
manner in which taxes are collected. Many o f these complaints are
doubtless unfounded ; and are prompted by the desire to evade the laws.
Many more grow out o f the eagerness o f the officers to make cases for
280
COLLECTING-
TAXES.
[April,
fines and forfeitures, in order to receive the rewards o f informers; a sub
ject which we discussed fully last week. But after dismissing from the
account all the protests c f the dishonest against energetic officers, all
the hardships that necessarily grow out of severe taxation, in individual
cases, and even all the endless evils that spring from the miserable
policy of making crimes against the revenue the subject of traffic between
Government and informers, there remains a surplus o f complaints ; and
it is to this surplus and its causes that we would direct attention to-day.
It is charged by fair and reputable citizens, whose word is final in
mercantile circles, and whose integrity and patriotism adorn the commu
nity, that their intercourse with the Government, in the administration of
the tax laws, is always uncomfortable and humiliating. They are treated,
not as gentlemen seeking the fair adjustment of their interests, but as
rogues engaged in an effort to overreach and defraud. The officers who
assess and collect duties assume towards the public an attitude o f antag
onism and suspicion. This not only annoys honorable men, often almost
beyond endurance, hut must frequently have a still worse effect on tax
payers who are more sensitive than conscientious, provoking them to
the very concealments and frauds o f which they find themselves
suspected.
As a general rule, the administration of a law will he as good as the
law itself; and where there is a prominent and general fault in executing
its provisions, the root o f the evil ought first to be sought for on the
statute book. It is true that there is a defect in the manners o f our
countrymen as seen by eyes accustomed only to the manners of the people
o f Europe ; and this is true o f the masses, apart from the accident of
office holding. The healthy directness of republicans easily becomes a
rude bluntness, and the zealous, exclusive devotion of a Yankee to the
matter in hand leaves no room for the graces of feudal deference or for
the flourishes o f aristocratic interference.
But there is more than this in the complaints we hear. If not, how
could they ever have become loud enough and numerous enough to call
for official recognition in a Treasury circular ? And that, we venture to
say, the most singular jircular yet issued by the Treasury !
Commissioner Delano in a letter to all his assessors and collectors J
dated on Wednesday last, calls attention to the fiequent complaints o f
their incivility and offensive conduct towards taxpayers. lie instructs
them, on the contrary, to observe “ the greatest civility and courtesy,”
to abstain from “ rude or offensive language,” and from “ harsh and
improper conduct,” and to do their work “ decorously,” giving “ no just
ground for offence.” But, above all, he insists, with the utmost emphasis,
that the work shall be done “ efficiently and resolutely, without fear or
1870]
COLLECTING
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281
favor,” and again and again repeats, in different forms, liis determination
that gentleness of manner shall in no way interfere with enforcing the
laws. A d these commonplaces o f instruction, which seem to be taken,
with dilutions, from one o f the cheapest manuals o f “ the perfect gentle
man,” could be spared, if the Commissioner had given a few specific
directions. To tell a man to behave properly, but above all to do his duty,
is good advice but still just a little superfluous, one might suspect, for
high officers o f the United States. But to tell a man to act as a gentle
man, and at the same time to give him laws or interpretations, and regu
lations under them, to administer, which are o f themselves insulting and
degrading, is worse than superfluous— it is absurd. Yet this is just what
the Government of the United Stales now does.
Our laws are loaded down with returns, certificates, and oaths, demanded
from taxpayers and from officers who deal with them, every one of which
, is sp constructed by the administrators of the laws as to imply that those
with whom they are dealing are sconndrels.
For instance, a man cannot sell a sheet of paper or a penknife to the
Treasury Department or to one o f its officers, in any part o f the country,
and obtain the price o f it, without a series o f complicated and multiplied
hills, receipts, entries and oaths, on his part and that of the officer making
the purchase, such as could not be tolerated in any private firm or cor
poration in the world.
All the accounts o f the Treasury with its receiving and disbursing
officers are carried on in the same way. N”o paper is accepted as a voucher
until somebody has sworn to it ; and commonly every important account
consists rather of a pile o f oaths than of anything else. But this is not
enough— the whole system of accounts is one of “ checks” and “ balan
ces,” applying everywhere the principle that the safety of the Treasury is
to be found not at all in the character of its officers, but solely in the
watch that is set on them.
Applying the same notion further, there is a secret system of spies and
detectives maintained by the Treasury for the purpose chiefly of watching
the watch and guarding the guardians. And so far has this been carried
that two special agents of the Treasury actually spent a longtime in New
York, in 1866, each o f them in trying, by secret espionage, to detect the
other in blackmailing distillers. Congress has since cut off a great part
of this most odious system, finding it directly productive o f the widest
corruption; but the principle of it remains, controls the Treasury admin
istration, and is applied just as far as Congress furnishes the money for it.
It is not surprising then that officers trained in this system apply it
in their dealings with taxpayers. Nothing makes a man so suspicious
as to be habitually suspected; nothing infects his judgments of others
282
COLLECTING
TAXES.
[April,
with injustice and bitterness like injustice and bitterness practiced toward
himself. An officer finds himself treated throughout his official relations
as a man prone to every villainy, and only to be held in check by a
degrading supervision ; and he must he a man of superior virtue and
strength not soon to learn to treat others in the same way.
The regulations of the Treasury, and, in many respects, the laws them
selves, drive him in the same direction. He is required, in assessing the
revenue tax for example, to inquire into the private affairs of ciiizens,
and to ask questions which, apart from manners or voice, are in then selves
offensive, lie is encouraged in every way to prosecute every suspected
person with relentless zeal; in the view of the Department there is no
such virtue as a judicious forbearance ; there is no virtue at all but
energy. The law itself multiplies fines, penalties and lorfeitures as the
rewards o f its indiscriminate and even furious enforcement.
On the other side there is no motive whatever for caution unless it te
a corrupt one. Every device is used to prevent it. If an officer is less
than zealous in pursuing a suspected person, he is at "nee supposed to be
bribed. If he had some responsibility to citizens for his acts this would
be a check upon him ; but there is practically none at all. He seizes
the goods, the place of business, the private books and papers of a
citizen, and there is no redress. Let the seizure be never so causeless, or
even malignant; let the defendant prove conclusively to the first tribunal
that hears him the absence o f the slightest ground for suspicion, and
still the property will only be released on two conditions: 1st, the
payment by the innocent men of all the costs and exorbitant fees to the
very men employed to try to destroy his character, and, 2d, an acknowl
edgment of “ probable cause,” that is to say, an abandonment o f all
claim for damages against the officers oppressing him.
It may be said that he ought not to pay the money, still less to give
the acknowledgment. But what if he refuses? His property is held,
his business suspended, and he is charged with all the accumulating
costs until the affair is settled. If he brings suit, therefore, against the
officers who wrong him, all the risk is with him. It is rarely, indeed,
that any citizen will undertake a struggle against such odds.
Now it is impossible but that false relations will influence manners.
If the law puts one man in another man’s power, it is in vain that the
latter will be instructed to treat the other as an equal. Courtesy and
civility do not exist between those who have no reciprocal obligations.
Take away all responsibility for fair treatment on one side, and all right
to enforce it on the other, and circulars enjoining good manners are but
idle words. The officers who administer our revenue laws now are
required, in substantiate, to treat all who have interests in conflict with the
1870]
FIN AN CIAL HORIZON.
283
Government precisely as if they were felons on bail, and trying to escape
by some technical qnibble. It is impossible to carry on any civil litiga
tion whatever with the United States, even if the Government is proved
wrong at every point, except by paying all the costs o f the case on both
sides. Such unfairness in the relations of the partins will inevitably be
reflected in their mauneis and tone. Nor is it meiely that this injustice tco
often makes rnffians of its officers— it quite as often makes cheats of its
opponents. Nothing intensifies all temptations to knavery so much as
that conduct of authority which confounds honest men with rogues and
treats them alike.
If the Treasury Department really wishes to reform the manners of
its officers, then it must begin with the laws and with its own regulations.
Let it ask of Congress the repeal of every fine of money, penalty and
forfeiture of property by which crime is now made merchandise in the
courts. Let it ask the repeal of every clause in any law which rewards
informers with the property confiscated upon their information. Let it
take up in the courts the attitude of any other litigant, and pay its own
costs in all cases, with damages for the injuries done to innocent men by
unsupported charges. Let it assume, in its own administration, that men
in general prefer to do right unless there is a strong motive to wrong,
and that they are innocent unless there is some proof o f the contrary.
Let it rely on the character o f its officers an ] on the simplicity and
publicity of its accounts for security, instead of surrounding and hamper
ing the officers with spies and overloading the accounts with complicated
checks and balances. Let it, in short, act in all its dealings with the tax
payer upon these general principles of firmness and equality, whic every
citizen is required to observe toward his fellowmen. Its subordinate
officers will then naturally cultivate a code of manners adapted to and
expressing the spirit of the laws they administer, and the collection of
taxes will no longer be a warfare of cunning— or sometimes even of force—
as now.
THE FINANCIAL HORIZON.
The prospects of a revival o f public confidence are anxiously scrutinized,
and no small disappointment is felt at the partial and tardy fulfilment of
the anticipations that were indulged some time ago o f a brisk spring
trade. The old adages about “ hope deferred” finds its illustrations which
ever way we turn, and there are few indications of any early change for
the better. Many of our less sanguine observers indeed go so far as to
predict a financial crash, and they look for a continual and protracted
stagnation, culminating in some general catastrophe. If credits were now
284
FIN AN C IAL HORIZON.
[April,
expanded here and at our other financial centers, there might be some
show of reason in their gloomy forebodings. But everybody knows that
for a longtime past credits have been unduly repressed. Hence the fires
of a commercial panic have no fuel to feed upon. Individual failures
there may be, but they can never spread to a general conflagration, except
there has been for a long time previously an accumulated gathering of
combustible material. Hence it is one o f the compensatory advantages
of the very depression of the past year, which has been so mischievous
in other respects, that it has operated to check any dangerous expansion
o f credits, and has thus preserved us from the unreasonably worse disas
ters of a financial convulsion.
Still the existing depression o f trade is, in itself, sufficiently disastrous,
entailing, as it does, immense losses on vast multitudes of our most enter
prising cit zens, who are engaged in vaiious departments of industrial and
commercial business: If' evd come from causes which are beyond human
control it would probably be borne with more patient stoicism ; but
resulting, as many persons believe, from the agitation, and the apprehen
sion of rash financial tneasuies in Congress, it is met with impatience,
and provokes a severe criticism and a watchful scrutiny of the financial
debates at the National Capitol. The anxieties of the public mind relative
to the immediate future of business then are concentrated on Washington,
and the blao e of producing mm h of the existing depression of trade is
generally laid at the door of Congress. Under these circumstances it is
superfluous to pmnt out the wisdom, if not the absolute obligation of
the policy of ri;>id ahstenence from doing aught whhii will further or
derange and disturb the machinery of business. C ingress will do well to
rec ignize the fact that the nation is in no mood to be tampered with, or
to allow a crude, unskillful, blundering interference with the finances of
the country to superadd the un-uppoitable and co tly burden of business
losses io those fiscal burdens of oppressive taxation which bare hitherto
been so cheerfully borne. The taxes the people are ready and willing to
submit to, but what they are in no humor to submit to is the gratuitous,
useless and unjustifiable disturbance of business by which thousands and
tens of thousands of private citizens are impoverished, while nobody is
benefited but a few speculators.
Such are some of the arguments we hear every day in financial circles,
when the funding bill and similar measures are under discussion. They
tend to show that Congress will be held to a strict account. Infeed,
there are shrewd observers who predict that the next disintegration and
r.econs'ruction o f parties may at a not very distant day be affected by
some sucii financial troubles as these we have hinted at. However this
may be, it is to be hoped that the living financial issues of the present
1870]
BREADSTUFFS AND TRANSPORTATION FACILITIES.
285
will more and more take the place of the dead political issues of the past,
and that the practical statesmanship which can skillfully guide otir finan
cial policy w 11 be a quality more and more in demand anion? our legis
lators. Had Congress possessed more financial knowledge, the impracti
cable funding bills which for successive sessions have agitated commerce
and shaken our monetary machinery to its foundation could never have
attracted supporters, and the ten thousand crude financial bills which have
shed a lustre on the Congressional debates of the past four years would
few of them have been heard of. On the whole we may safelv conclude
that for the present the mischief which could possibly result from the
financial bills now before Congress has been “ discounted” beforehand,
and that as these measures have done all the harm they are capable of, a
revival of business may be expected and a restoration o f public confidence,
whatever the future fate of those bills may be.
BREADSTUFFS AND TRANSPORTATION FACILITIES.
A s an addition to our former remarks on the lowering of canal
tolls, there is another fact bearing upon this question o f cheap
transportation from the west which deserves and is receiving Ihe consider
ation of forwarders. W e refer to the onerous and burdensome taxes,
which the local western railroads and warehouse owners are levying
upon breadstuffs passing through their hands.
It is stated that the
charges now made at and to Chicago as the rule reach one-half the value
of every bushel of grain sold for consumption or export on the seaboard.
In exposing this dangerous combination, the Chicago Tribune, an earnest
advocate of cheap transportation, states that certain railroad companies
have adopted resolutions to the effect that they will not take up a bushel
of grain at any point where there is an elevator, unless it has passed through
that elevator and paid the customary toll— a compliance with these
arbitrary conditions alone entitling the forwarder to avail himself of the
facilities of railroad communication with the markets o f the east. More
than this, it is asserted that the railroads refuse to delive” grain to any
consignee before it shall Lave passed through one of the warehouses of
the combination. Against the powerful monopoly thus created, the oppo
sition of forwarders is powerless. The toll demands must be paid and
the conditions complied with, or the grain will not be moved by the trans
portation companies. They might be compelled to take it, perhaps, but
a recourse to the tedious and costly processes of law would bring no
present relief, nor would the advantage gained in any individual instance
compensate for the delays involved or the expenses incurred.
286
BREADSTUFFS AND TRANSPORTATION FACILITIES.
[A p r il,
But this is not all. It is further charged and believed that a combina
tion between the railroads and warehousemen has been effected for the
accomplishment of a purpose mere disastrous to the interests of legiti
mate commerce than the charging o f exorbitant tolls, namely, to regulate
the price of grain. The means by which this result is accomplished shows
how defective is the system of business adopted in the Chicago grain
market. For instance, two hundred and fifty thousand bushels o f wheat
are received into store in that city, upon which storage is collected— the
price of wheat being 90 cents. The warehousemen then issue and sell
upon ’Change their own receipts tor twice the amount actually in store,
depressing the market to perhaps 80 cents in a single day. A t this price
they purchase back their own receipts and thus collect a toll o f say ten
cents per bushel on both the actual and fictitious grain represented by
the receipts. It is also charged that receipts are constantly changing
hands in the market on which grain has once or twice been delivered.
To correct these evils is of course more difficult than to ascertain the
fact o f their existence. On the one hand are the rights of the community
to be protected against fraud and extortion ; on the other are the rights
of corporations; and in the confiict of these opposing interests the latter
have the advantage through organization and co-operation. Owing to the
fact that the lawmaking power is practically controlled by the railroad and
warehousemen, no immediate assistance can be expected by forwarders
and consumers from the Legislature ; and in truth the only present source
of relief would appear to be in the hands of the Board of Trade o f Chi
cago, at which city this principal obstruction to commerce exists. This
body is supposed to represent the interests o f legitimate commerce, and,
as such representative, should employ all the means within its reach for
the protection of those interests against the extortionate demands of
organized monopolies. Under the existing warehouse law, as defined by
the courts in the case o f Vincent et al.t vs. The Chicago and Alton Road,
transportation companies are obliged to deliver grain where it is con
signed, or permit it to be unloaded on the track if the owner or con
signee so require. To see that the law as thus interpreted is respected
by the companies and its provisions complied with in every case, is
clearly the duty of a Board created to promote the general welfare of
trade. If the railroads, operating in the interest o f the warehouse “ ring,”
set law at defiance, this Board is, or should be, able to enforce it, and if a
majority of the Board, acting in the interest o f the warehousemen, refuse
to adopt such a course as is demanded in the interest of legitimate com
merce, the members desiring the reform they are thus powerless to
accomplish, would do well to withdraw and start a new Board. Anything
would be preferable to a continuance at the present evils or a continuance
1870]
BKKADSTUFFS AND TRANSPORTATION FACILITIES.
287
of tlie unmeaning policy adopted by that body.
Its numerous well
sounding resolutions, and the succession o f conferences between ware
housemen and committeemen, have accomplished no good results. It
should be said, however, that the system o f inspection and registration
lately adopted will if honestly carried out by those appointed to keep
account of the receipts and deliveries at the warehouses, and operate as
a cheek upon the fraudulent issues of certificates; but until more active
measures are adopted to compel the railroads to accept and carry all grain
offered for transportation on the conditions demanded by forwarders and
consignees, no permanently beneficial result may be expected to follow.
This question is one o f national rather than local importance. Chicago,
as the centre of two railroad systems, is now able practically to control the
grain trade of the country, ai d the tolls levied at this point on the breadstuffs product of the interior are a direct tax upon both producer and con
sumer. It is, of course, inevitable that the handling o f grain should
involve some expense to the producer in the W est, to be made good
by dealers in the East: but to make this transportation tax as light as
possible is very necessary, in order that our grain-growers may lay down
their produce in foreign markets at as little expense as possible, and thus
be able to compete with the produce of other countries. It is to the
interest of Chicago to see that this is done, for otherwise the evil will
work out its own cure, and at the expense o f that city, through the
healthy competition o f new lines of railroad and the opening of unbroken
communication from the head of Lake Superior to the western terminus
of the Erie Canal. It is on the water way, however, rather than new
lines of railroad, that we chiefly rely for the accomplishment of the muchneeded reforms. Lakes, rivers and canals are the only sure protection
against railroad monopoly. The opening of an unbroken water wav from
the Upper Mississippi to tide water, via the Wisconsin and Fox Rivers,
the lakes and the Erie Canal, would develop a new channel for the
movement of AYestern produce, with which the whole railroad system of
the country would be unable to compete. To secure this is wholly
within our power. The gdequate improvement of the Wisconsin and
F ox Rivers, the enlargement o f the St. Mary’s Canal, and the opening
o f navigable communication between Lakes Erie and Ontario, are neces
sary to the commercial interests o f the country. The opening o f such a
route would attract the great bulk o f the grain trade of the Rorthwest
into this, its natural channel: and, while diminishing the legitimate cost of
transportation, effectually protect the consumer and producer against the
extortion practiced by the warehouse and railway monopolies now con
trolling this most important branch ot our internal commerce.
288
CONGRESS AND THE MONEY MARKET.
[April,
CONGRESS AND T ilE MONEY M ARKET.
There is a plethora of unemployed capital which just now is beginning
to exert its inevitable effect in fostering speculation at the Stock Exchange,
and this is supposed by some o f our authorities in Washington to
indicate a healthful state o f the fit. nces and industry of the country.
The fact is, however, jrut the reverse. The monetary plethora is a sign
of stagnation and disease. It is caused by an arrest o f the free circulation
o f capital, which prevents the vitalizing current flowing throughout the
industrial system. It is in W a ll street, the heart o f that system, that we
have speculation and plethora, while every where else there is langor,
weakness and want of tone. It is extremely important that these aspects
o f the money market should be recognized. And this for two reasons.
First, the Secretary of the Treasury and the leading members of Congress
would be much less incautious in agitating new measures of financial
reform if the consequences were clearly brought home to them. Suppose
Mr. Bcutwell were aware that his funding scheme, by the evils it has
caused and the capital it has prevented from being created, has operated
as a sort of tax on the nation, and by the impoverishment of multitudes
o f industrious citizens, and the ruin in which it has overwhelmed not
a few, it has cost the country more than the whole of our internal
revenue taxes put together. Such is the estimate that has been made of
the three months financial agitation since the new year opened. Whether
this estimate be below or above the truth, we may be well assured that so
startling a view of their responsibility as it involves could not be brought
distinctly before the Administration or before Congress without rendering
impossible the rash and thought less tampering with the finances under
which the whole country, for some time past, has groaned. Secondly,
if the facts we have set forth were appreciated by our business men
generally, the result could uot but be to lessen to some extent the existing
evils, and to put to flight not a few of the prevailing apprehensions.
For example, when failures are reported, and when one and another of
the over-freighted firms are unable to bear up against the pressure o f the
times, we should not hastily jump to the conclusion that a commercial
panic is imminent, and that these small beginnings will culminate in a gen
eral crash. Such catastrophes as those of 1837 and 1857 require for their
development expanded credits and other conditions ju3t the opposite o f
ours. Now, instead of over-expansion of credits, the trouble is with us
that rredits are not expanded enough. And to look for a monetary
panic in such a case is to expeit a conflagration when there is no com
bustible material. On the whole, then, the money market has some
redeemng features. And, moreover, there is safety as well as suffering
in the indisposition o f capital to trust itself among the risks and dangers
o f commercial enterprise. This floating capital is accumulated, hoarded
up, and withdrawn from its normal use under the influence of forces
which are known, which can be controlled, and which in any case must,
after a temporary activity, be reversed.
th e
R A I L R O A D S OF OHIO.
r a ilr o a d s o f O h i o a r e r e q u i r e d t o m a k e t h e ir a n n u a l r e p o r t s t o t h e S t a t e o f fic e r , f o r t h e y e a r e n d i n g J u n e 3 0 t h , a n d
v o lu m e
c o n ta in in g
co m p le te
retu rn s
E s q ., C o m m i s s i o n e r o f R a i l r o a d s o f t h e
Companies.
fo r
th e
la s t y e a r
h as ju s t
been
is s u e d , a s
p rep a red
b y G e o . B . W r ig h t,
S ta te o f O h io .
Length o f Cost o f
road and road <fe
branch s. equipm’ t.
^
Capital
Fun ed
Operating
D ivlexNet
Interest dends
stock
and floating
,--------------- Earnings--------------- *
paid up.
debt.
Passengers. Freight.
Total.
penses.
Earnings.
paid. p . ct.
^
$5
$
jj5
(
^5
63,897,472 I
...
*0075117
o iKa oou i<i"QORat
...................
l^ T O O f
8 9S ’ 1 6 9
4,022,915 5,097,3b7
3,459,298
1,638,068 '
(8)
1,800
2,704
1.770
5,175
4.674
500
150 . . . .
2,505,935
299,215
5 5 1 , 71.3
970,390
921,369
49,520
(5)
2,358,030
433,147
663,495 J,198.816
777,496
421,349
168,885
10
4,417,325
344,458
636,154 1,027,355
697,716
329,630
258 897
....
627,089
50,616
44,736
100,503
103,584
..........
39,350
...
2 ,0 0 0 ,0 0 0
101.S95
121,840
233,566
125,633
107,932
52,186
10
2,867,323 )
224 0 5 4
479 7 7 0
795 469
672 699
12277s
163 234
...............f
22J.U54
479,774
i95,46J
b72,0J9
1 2 .,778
lb3,234
....
1,300,000
109.741
193,313
345,842
299,796
46,045
1.426 . . . .
1,997,000
849,283
1,843,129 2,962,613 2.126,165
834,418
94,935
7
4,126,500
610,970
1,676,677 2,593,070 1,596.807
996,262
291,814
8
153,009
64.064
101,610
181,419
148,888
32,530
......................
(3)934,275
..................................................................................................................................
535,820
50,368
64,972
119,235
105,402
18,832
.......................
50,753
9,589
59,333
68,923
62,452
6.470
3,3C5 . . . .
4,087,648
114,071
100,231
221,949
213,680
8,26s
8,225 . . .
504,000
23,393
29,948
57,674
40,804
17,670
1,423 . . . .
6,918,000
1,710,189
3,269,923 5,252,344 3,180,903
2,071,439
331,416
8
8,875,440
1,764,813
3,195,731 6,226,192 3,088,196
2.137,995
616,699 8 t l 0
(4)2,543,000
700,547
829,429 1,680,316 1,118,018
562 297
111,452
6)4
7,256,996
373,250
904,130 1,350,719 1,252,181
98,537
64,786 . . . .
..................................................................................................................................... ................
.............
3,213
9,234
13,195
12,548
647
.......................
5.990,210
1.186,467
1,522,911 2,855,151
1,97S,523
876,628
337,078
7
i0,457,874
621,9 6 1,690,381 2,434,101
1,900,616
533.434
1,651
....
20,336,043
1,082,110 2,299,595 3 529,411 8,266,959
262,451
..................
13,661,092
2,525,683 5,391,520 8,236,295 5,080,436
3,155,939
932,264
1C
86,914
(7)7,336
.............
7,336
3,113
4,223
1,413
....
2,315,342
163,800
214,890
412,538
328,188
84,319
91,821 . . . .
15,000,000
1,287,219
2,677,879 4,132,724
3,158,763
973,960 1,001,737 . . . .
T ota ls.......................................................... 5,992 $321,66',115 146,4S9,129 186,877,611 15,611,298 32,5'6,299 51,110,529 35,731,316 15,3S7,294 4,679,156
...
(1) Length when completed. (2) Operated as one road. (3) From R eport o f ’ 68. | (5) As represented by stock and debts. (6) Sunk. (7) For 10 months only.
(4)
Includes Columbus and Xenia, Dayton and Western, and D °ytou , Xeni*, (8) Roads leased : interests and dividends paid iron: proceeds o f the lease,
and Belpre Roads,
I
RAILROADS OF OHIO.
Atlantic * Great 'Western Fallway......... I , , , Kn~ f 59,723.844,Q, 30,000.000
C le v e la n d * Mahoning R a ilr o a d ........... f G) 507 ( 3 ’ BJ0 ; 3 afl(3) g W 7 S 0
Carrollton & Oneida Railroad..........................
12 (3)101,000
14,400
Ce tral Ohio (C. O. Div. B, & O) Railroad.
137
5,505,935
3,000,000
Cincinnati Hamilton & Dayton R ailroa d 1
60
5,297,260
3,500,000
........... W2) 142
0,489,836
2,380,172
Dayton & Mich gan Rail oad
Cincinnati, Richmond & Chicago R R ... t
42
947,8S5
382,600
Cincinnati & I n i ana R ailroad.................. (2) 27
1.894,477
500,000
Cincinnati, Sandusky & Cleveland R R .. ( .,,1 7 1
5,700,000
2,757,750
Columbus, Spr ngfield & CincinnatiRK . j ('!) 45
316,000
1,500,000
Cincinnati & Zanesville Railroad................
152
2,969.361
1,609,341
Cleve., Comm.. Cia. & Indianapolis Rail’ y
391 11,936,146 1 1 , 6 2 0 ,0 0 0
Cleve and & Pittsburgh R ailroad.................
225
10,568,142
6,042,075
Cleveland, Zanesville & Cincinnati H R ..
63 (3)1,575,080
(6)
Columbus * H ocking Valley Railroad....... ( 1) 75
1,654,740
668,362
Dayton & Union Railroad.............................
32
598,483
82,350
Iron R ailroa d ...................................................
13
327,795
132.411
Junction (Cincinnati & Indianapolis) R R .
125
5,603,061
1,749,200
Lake Brie & Louisville Railroad.................. (1)1-.5
1,748 410
1,212,500
T s * \ r s T>’ „ i Lake Shore Rail’ y . . . (,„.,301
19,280,286
15,000,000
m e . fii m .s . K y.-j Micll g &JS_Ind RK W2 1 512 21,078,189
12,525,600
Little Miami R ai’road .................................
197 (4)7,786,469
5,358,600
Mar etta & * incinnau Bai r o a d ..................
277
19,655,013
14,620,865
M assillon & Cleveland Railroad..................
12
.............
175,000
R iles & A ew Lisbon R ailw a y ......................(2) 53
300,000
500,100
Ohio * M ississippi R ailw ay........................
340(5)29,190,210
23,500,000
Pittsburgh, Cin. & St. Lonis R ail’y .
) ..,2 0
15,879,333
5,423,200
Colum., Chicago & Indiana Cent. Rail’ y f '■i , 5S2 (5)32,650,832 12,314,809
P it ts b r g h . Ft. W a y n e * Chicago ltail’y ..
COO 21,026,165
11,500,000
R ock y River R ailroad....................................
5
109,237
73,300
Sandusky. Mansfield & Newark R ailroad.. 116 75)3,212,565
904,823
Toledo, Wabash & W estern R ailw ay_____
521(5)22,000,000
7,000,000
1870]
The
290
RAILROADS OF MASSACHUSETTS.
The table following presents a complete abstract o f the Reports o f the Railroads of Massachusetts for the year ending
November 30, 1809. The report of each company is made under oath of its officers or directors, and the abstract below is
prepared from the several reports by Oliver Warner, Esq., Secretary of the Commonwealth, under whose direction the State
Report is issued:
Net
P. ct. o f
Incom e, dividn’ s.
$42,000
7
1,715,081
10
Surplus
N oy . 30.
$1,752,774
154,590
461,332
824,686
1,321,389
876,679
152,787
562,188
446,354
29,173
35,023
18,162
5,846
12,414
39,414
17,787
228,832
549,949
4(’3,681
64,879
111,9*3
185,054
10
109,495
216,146
1,675,238
944,370
172,626
529,913
8
198,221
55,069
29,687
1,290.593
54,951
30,701
1,811,682
’ 39,951
22,872
948,714
69,205
15,460
1,263,462
10,350
21,260
4?767
311,879
1,490
4,700
55,850
8
6
547,050
30,320
10,540
548,219
i4
42,109
21,786
37,744
3,803
87
4,102
4,277
13,880
6
51,360
6,250
472,573
204,930
48,864
1,815
378,759
148,723
2,495
633
as,8 : 4
45,215
**245,795
419,620
741,606
1,552,525
**156,800
339,410
519,673
939,079
45.281
49,975
186,422
793,301
586,730
1,452
218,787
640,057
1,071,880
1,871,339
1,280,360
250,517
713,526
649,195
..
6
8
10
10
8 1-3
5
31,650
593,684
1,000,420
410,614
__, it
2,151
17,712
10
8
89,375
119,163
34,928
171,956
351,715
4
8
6
241,539
294,109
205,118
10
28,544
_
\Aprtl,
Gross Expense r f Interest
paid.
Incom e. working:.
$42,000
6,796,455 $4,778,326 $303,048
RAILROADS OF MASSACHUSETTS.
Capital
Cost o f road Sc,
Length o f
C orporations .
paidiD .
Debt. Equipment.
Assets.
Hoad.
Berkshire (!)
$600,000
..............
21.14
.............
$600,000
Boston and Albany . ............................ 10,411,610 f 4,108,050
20,311,032 $2,105,107 162.55§
B oston, Barre and Gardner..................
101,200
1,000
102,462
B oston, Clinton and Fitchburg ( 8 ) ... .
812,600
42.87
752,954
34,607
1,348,258
B oston, Hartford and E rie.................... 18,931,800 28,549,163
97.50
28,777,007
4,512,600
Boston and L ow ell................................. 2,195,000
379,674
26 75
2,653,300
593,684
B o ton and Mail o .................
4,411,214
36.75§
5,096,014
375,680
217,437
4G.33S
B oston and P iovid en ce.......................... 3 , 3 6 0 ,0 0 0
410,614
3,360,000
Cape C od ................................................
8"1 9.5
1,401,:-33
64.81
*203,489
79,313
Cheshire...................................................
2,085,925
426,089
2,689,307
10.73§
791,500
Connecticut B iv er................................... 1,100,0(4)
2,043,922
50.10
250,00 >
212,079
Danvers (6) ..............................................
61.500
9.20
214,456
183,197
13,340
Dorchester and Milton (1 ).....................
3.25
136,373
58,448
Eastern...................................................... 4,031,800
6,582,175
1,036,788
44 10§
3,350,600
43,662
Easton Branch (6 )...................................
3.78
Fairhaven Branch (9 ).................................................
234,659
30,0?9
15.11
F all ttiver, Warren and Providen ce. . .
150,000
330,089
23.839
255,450
3.66 §
Fitchburg.................................................
3,540,000
Nt ne.
3,540,000
562,800
51.00
Fitcbbnrg and W orcester......................
248,000
333,884
115,916
13.90
7.88
Hanover Branch......................................
123,500
67.000
Hartford and N ew H aven...................... 3,800.0.4)
9*7,000
3,407,284
5.87|
13,23 s
H ern Pond Branch (4)...........................
2,000
0.66
750
Lexinaton ard A rlington......................
2 1 1 ,2 0 0
4*, 600
263,707
6.63
Lowell and Lawrence ( 1) ........................
200,600
3,674
69,*223
363,153
12.35
Mansfield and Framingham..................
224,000
393,614
193,081
8.54
M iddleborough and Taunton...............
149,092
152,839
17,712
116,176
2S5
3.88
Milford and W o o n s o ck e t......................
82,250
3),000
737,705
89,375
9.2)§
Nashua and L ow ell.................................
120,UK)
Non*.
20.13
N ew Bedford and T a u n t o n .................
600,000
172,500
500,0r'0
15,091
597,386
26.98
Newbnryport (5).......................................
2 0.3i0
500,0 0
1,259,401
3,3 ;9,576
32.44§
N ew Haven and Northampton (11)___ 1,500,000
29,141
689,000
1,486,022
43.75§
N ew London N orthern.......................... 1,003,500
2,613,694
17.4(J§
803,919
N orwich and W orceet r ......................
2 363,100
1,063.671
3,037.C00
7,860,010
339,810 114 25§
O ld C olon ya n d N ew port...................... 4,943,420
None
13.65
443,677
Pittsfield and North A dam s.........
450,000
I rovidence and S\ orcester.................... 2,CQ ',000
2,033,772
49,771
55,000
25.5!$
T o t a l s . . . . ..........................
ST3,305
209,582
259,685
448,700
33,255
267,300
85,400
250.700
2,860,000
30,600
1,550,000
227,253
95,547
157,947
54,737
None.
None.
21,180
836,146
None.
1,270,400
468,968
299,468
501592
448,700
87,992
267,383
113,441
347,7S2
3,465,943
1,5S9
65,818
155,876
1,657,900
171,849
9,566
17,507
11,264
6V62
31,409
21,175
19,118
229,867
567,568
1,930
535,021
13,614
1,074
2,811
27,580 N othins.L oss 16,316
308
55,137
9,194
31,409
900
16,171
14,249
F ore.
4.869
22,184
206,593
1,090
606,333
39,670
1,627
150,961
387,059 N othing.
.......
33,977,088 |549,418,141 $111,720,616 $12,635,615 1,241.43 $24,539,722 $17,342,992 $1,045,732 $5,926,613
§ W ith in the lim its o f Massachusetts.
(1) The Berkshire Railroad, S'ockbridge and Pittsfield Railroad, and W est
Stockbridge Railroad, are severally leased to and operated by the H ousatonic
Railroad Company, o f s. onnecticnt.
(3) Name changed from Agricultural Branch.
90
... ...
7
6
6
8
2
4
9
9.64
697
1,667
33,414
372
171,849
$5,891,078
(8)
The E ssex Railroad now constitutes the Lawrence Branch o f t in East
ern Railroad. The Soufh Reading Branch Railroad is leased and operated by
the Eastern Railroad Company The Kockport Railroad, having been pur
chased by the Eastern Railroad Company, n o w constitutes a part o f the
Gloucester Branch o f the Eastern Railroad.
(9)
The Fairhaven Branch Railroad is owned and operated by the N ew Bed
ford and Taunton Railroad Company, and its return appended to that o f said
company.
(4) The Horn Pond Branch, Low ell and Lawrence, Salem and Lowell, and
Stom ham Branch railroads, are all operated by the B oston and L ow ell Rail
road Company.
(10)
T he Stony Brook Railroad is operated by the Nashua and Lowell R ail
road Company.
(5) The Danvers Railroad and the ^ w b u ry n o rt Railroad are leased to and
operated b y the Boston and Maine Railroad Company, and the details are in
cluded in the report o f the latter com pany.
(11)
The return o f the N ew Haven and Northampton Company is for six
m onths only.
(6) The Easton Branch and Stoughton Branch railroads are operated b y the
B oston and irrovidence Railroad Company.7
(7) The Dorchester and M ilt'n Branch Railroad is 'p °r a te d by the Old Col
ony and I'ew p ott Railway Company. The D ghton and Som> rset Railroad
Company has been m erged in the Old Colony and N ewport Railway Company.
(12)
“ Net Incom e ” o f this abstract represents the amount remaining after
deducting from “ T otal Incom e ” the following items : E xoense o f W orking,
Interest Paid, and all State or National Taxes on road, dividends, surplus, &c.
“ Amount o f D ividends” is designed to represent the amount actually paid
to stockholders, not including tax on the same.
291
RAILROADS OF MASSACHUSETTS.
11 This is the per centage o f $5,915,623 28, dividends on $61,099,730 46, paid
capital stock o f dividend'paying railroads included in this table.
** F or six months only.
16.88
8.15
11.50
21 93
2.37
13.16
4 04
11.10
59.005
2.75
39.015
1870]
Salem and Lowell (4) .............
South Reading Branch (8 ) ....
South Shore...............................
Stockbridge and Pittsfield (1)
Stoneham Branch (4 )..............
Stony B rook (10)......... ..........
Stoughton Branch (6)..............
Taunton Branch............. ........
Verm ont and v.assachusetts..
W est St cki'ridge ( 1 ) ............
W orcester and Nashua...........
ll, 1870.
202
NATIONAL BANKS OF EACH STATE— TH EIR CONDITION JANUARY
W e are indebted to the Comptroller o f the Currency for the following reports of the National Banks of each State and
redemption city at the close of business on the 22d day o f January, 1870. The returns of the cities are not included in the
States o f which they are a part:
Maine.
KCw
H am pshire.
RESOURCES.
Vermont.
Massa
chusetts.
City
of Boston.
Rhode
Island.
Connecticut.
New
York State.
LIABILITIES.
Total
$9,125,000 00 $4,835,000 00 $3,810,012 50 53S,922,000 00 $47,800,000 00 520,364.800 00 524,656,820 00 $36,762,741 00
6.243,'89 39
1,463,319 84
677,428 35
8,982,652 20 9,473,289 44
1,804,133 55
4,794,0S7 92
978,98!) 03
1,260,748 23
3,866,767 60
752,162 45
358,334 17
3,681,774
85 4,187,002 20
1,183,677 28
268,018 67
29,024, 12 00
5,905,927 00 30,936,068 00
25,599,272 00 12,406,441 00 17,322.179 00
7,406.960 00
4,253,531 00
458,834 00
49,541 00
264,070 00
24,626 00
27,481 00
240,722 00
116,359 00
164,780 00
46,270,198 35
4.862,016 79
1,92^,778 37
42,761,438 78
6,194,855 82 12,952,737 16
2,134,770 24 21,372,143 52
655,361 12
247,315 20
193,718 -0
124,701 35
95,560 67
491,647 13
40,569 81
100,670 02
120,969 96
13,263 16
90,728 87
90,863 68
37,653 93
120 569 44
12,547 99
2,930,383 26
141,155 82
7^-9 87
15,721.038 28
919,592 95
1,965,900 90
24,223 13
663.271 88
1,415.481 04
75,180 45
196,023 45
578,370 33
975 6 5
1,315 75
1,864,307 28
390,112 75
543,422 93
42,253 17
62,931 92
24,013 44
89,290 61
202,527 74
1,518 64
80 00
* 82J 89
5,000 CO
$ 24,222,795 34 $12,295,793 3. $16,283,942 92 105,701,173 08 $147,563,276 79 $43,753,945 43 $63,911,006 16 $128,493,938 89
ST A TE .
$24,222,795 34 $12,295,798 31 $16,283,942 92 105,701,173 08 $147,563,276 79 $43,753,945 43 $63,911,COG 16 $12S,493,93S 89
OF E A C H
T o ta l...
Capital stock......................................
Surplus fund......................................
Undivided urofits........ . .................
National bank notes outstanding.,.,
State bank notes outstanding.........
Individual d p osits...........................
United States deposits ...................
Deposits o f U. S disbursing officers
Due to na'io al banks ... .. .......
Due to other bank-> and bankers ...
Notes and bills rediscounted..........
Bills payable......................................
N A T IO N A L H AN K.
Loans and discounts................. ............... $10,8-4,187 10 $4,337,409 83 $6,013,285 24 $47,574,318 01 $76,365,500 79 $22,410,001 28 $29,394,495 31 $61,202,558 20
Overdrafts............................................... . .
17,636 74
13,* 01 41
86,674 45
48,764 32
37.816 53
75.066 33
90.332 61
470,188 15
United States bonds to secure circulation
33,299.750 00
8,878,750 00 4,897,000 00 6,706,000 00 35,261,85*) 00
29,968,60 ) 00 14,199,600 00 19,759,100 00
United 'tates bo as to secure deposits ..
850,( 00 0)
260,000 00
592.000 CO
1,606,500 0 )
551,500 00
525 GOO 00
300,0* 0 00
1,480,000 00
United States bonds & securities on hand
2,317,950
00
430.000 00
224,700 00
674,400 00 3.487,950 00
2,052,350 00
209,900
001,207,900 00
Other stocks, bonds and m ortgages.........
302,092 45
443,581 10
292,970 00
804,265 74
3,261,245 02
291,234 92
208,000
00 '947,340 83
Due from r. deeming agent s ........................
7,900,724 23 2.402.34S 03 5,356,9.7 81
11,208,686 73
1,693,632 50
1,016,644 71
8,334,196 41
1,014,208 65
Due from other 1 ational banks...............
2,050,449 84
73,298 19
643,244 88
2,582,652 76
4S8,183
671,738,883 50
72,052 09
72,416 S3
366,329 66
Due from other hanks and bankers . . . .
3,344 67
56,034 05
890,422 04
95,341 25
51,873 SO
2,329 30
207,820 87
Real estate, furniture and fix tu re s ...........
778,542 33
1,808,601 67
230,256 61
160,110 49
984,446 54
1,510,352 75
565,085 54
116,923 76
Current expenses..........................................
346.320 22
15,703 27
12,467 64
194,966 58
395,806 61
66,857 47
8%576 11
29,357 05
P iem iu m s.......................................................
252,327 67
24,130 86
20,962 06
49,187
92 21,750
00 3,920 69
24,670 32
3,332 20
Checks and other cash item s......................
1,671,251 97
896,853 77
655,808 08
239,342 59
139,139 70
582,714 57
6,545.153 85
112,526 77
Bills o f national banks....... ......................
373.643 CO
886,110 00
236,423 00
892,415 03
2,023,062 00
210,457 00
145,550 00
101,117 00
Bills o f State banks........................... ...........
2,642 00
1,073 0 )
4, 63 ( 0
101 00
945 00
1,285 00
181 00
1 00
Fractional currency......................................
258,8S2 11
82,474 15
29,595 24
15,582 70
19,464 17
213,368 98
163,213
26 54,242 16
Specie ............................................................
443,773 27
5,680,679 66
58,661 64
213,184
54
90,376 12
475.466 17
38,574 58
72,847 88
5,579,259 00
Legal tender n o te s ......................................
1,062,525 00
436,020 00
4,096,837 00
6,675,768 00 1,420,277 00" 2,210,810 00
585,071 00
Three per cent certificates........................
175.000 00
935,C00 00
10.000 00
225,000 00
4.290,000 00
85,000 00
20,00J 00
100,000 00
1S70]
RESOURCES
..
$421,903,477 69 $16,283,321 09 $41,008,663 27 $76,937,373 64
$80,788,899 91 $27,80S,845 42 $4,547,237 80 $7,183,133 51
LIABILITIES.
Total
50
85
34
00
00
26
00
65
53
38
00
00
$421,903,477 69 $16,283,321 09 $41,008,668 27 $76,937 373 61 $80,788,899 91 $27,893,845 42 $4,547,237 80 $7,183,133 51
293
$72,910,600 00 $2,650,000 00 $11,465,350 00 $24,055,240 00 $16,255,150 00 $9,000,000 00 $1,428,185 00 $2,348,217
18,811,130 44
990,000 00
2,551,044 98
5,240.965 11
6.310,604 93
2.214,775 23
304,315
44 378,361
435.695 90
222,476
8,800,309 44
1,259,148 03
1,176,763 99
1.406,565 87
500,7?*1 92
54,392 73
1,727,402
34,369,913 CO 2,887,176 00
9,210,861 00 20,563,284 00
10,953,673 00
6,659,016 00
1,193 712 00
241,494 00
1:7,978
00
16,839
00
15.816
22,736 00
176,120 00
90,542 00
85,715 00
2,273,362
207,710,007 93
7,041,^73 68 14,157,104 50 23.189.538 01
38,756,442 33
8,472,102 12
1,229,167 42
33,269
72,516
00
175.52S
24
406,315s
54
24,172
10
381,890 35
69,931 18
40,942 95
P9,275 30
12,172 87
15,279 92
41,739
1,753,681 52
1,569,069 28
63,106,736 40
2,591,792 75
638,135 37
231,678 80
103,776
5,751,196 18
361,099 55
319,319 78
33,995 82
33,187
26,121 996 13
£52,255 46
229,878 70
1,161,294 42
5,000
10,213 27
127,331 42
10,500 57
9,000 00
27,937 08
56,473 87
5,000 00
525
83,500 66
STATE.
C pital s t o c k ....................................
Surplus fund.......................................
Undivided profits..............................
ationa1bank notes outstanding . .
State bank notes outstanding ..
Individual deposits............................
U. S. Deposits...................................
Deposits of U. S. disbursing officers
Due to national bauks.......................
Due to other banks and bankers...... .
Notes and bills rediscounted............
Bil e payable......................................
OF E A C H
Total ...
N A T IO N A L B A N K S
N ew York.
Maryland.
Albany.
N ew Jersey. Pennsylvania. Philadelphia.
Pittsburg.
Delaware,
Loans and discounts...................................... $168,004,211 70 $6,339,566 41 $19,702,835 51 $32,941,393 89 $37,505,457 63 $13,376,107 99 $2,020,811 21 $2,789,942 45
63,994
92
5,949
80,812 41
40,772 23
246,625 26
14
Overdrafts........................................................
309,823 01
35,635 69
3,338 96
13,066,700 00
1,34s,200 00
2,008,250 00
1J. S. bonds to secure circulation............. 41,727,450 GO 2,184,000 00 10,614.45 1 00 23,432,300 00
7,701,500 00
200,000
150,000
CO
CO
430.000 00
300,000 00
60,000 00
U. S. bonds to secure deposits....................
1,350,000 00
1,056,000 00
200,000 00
79,450 00
2,332,50 •00
1,500
00 2 8,350 00
U. S. bonds and securities on hand .......
5,3^9,650 00
399,250 00
1,158,050 00
126,500 00
4»
321,465
86,054
39
266.814
07
795,406
32
1,181,046 10
1,369,301 IS
137,562 24
Other stocks, bonds a m m ortga ges........
5,141,080 94
3,019,352 56
535,209 97
3,708,398 53
4,595.331 74
1,547,631 71
809,495 67
Due from redeeming a gen ts......................
......
1,548,103 10
168,623 83
899,^59 07
J,034.234 69
2,096,915 65
Due from other national banks
.. .. 11,485,416 27
2,048,036 70
97,96 ) 08
396,455 21
871,780 94
44,383
56
305,764 30
Due irom other banks and bankers..........
1,364,622 45
75,113 68
607,693 26
236,261 88
58,426 14
123,618 30
182,800 00
846,100 16
Real es1ate, furniture and fixtures............
7,642,661 62
1,382,7S9 27
1,673,220 51
618,983 84
119,881 75
24,059 21
287 98
95,761 28
231,827 24
7,895 62
Curr nt expen ses...........................................
764 034 78
236.268 98
87,127 07
17,041 43
1,168 94
81,844 80
3,051 50
2 1,637 57
Prem ium s....................................................
980,035 31
79.0S3 48
SI,403 87
692,780 55
547,517 04
86,727 16
Checks ai d other cash item s....................... 85,110,395 61
411,637 78
6,f94.623 31
670,166 76
50,733 18
72,983 00
440,172
364,359
00
498.814
32,432
00
►ills o f national banks..................................
4,575,142 00
00
00
780,677 00
90,210 00
2,748 00
1,946 00
8,935 09
12,452 00
898 00
1,652 00
921 00
13,263 00
Bills o f State ban ks.......................................
35,291
16,0r0 84
94
93,101
72
149,048
59
12
47,649
23
8,681
42
ractional cui rency.......................................
338,144 97
180,607
51,797 10
S pecie................................................................ 36,888,341 03
27,823 35
125,542 00
156.418 90
122,747 39
1,311,705 16
5,7*1 88
504,453 0
5,884,162 00
2040,770 CO
231,402 00
Legal tender n o te s ....................................... 22,814,40 > 00
1,171,930 00
1,918,096 CO 4,453,542 GO
O ea rin H ouse ceitificates.........................
16,360 000 00
1,415,000 00
00
705,000
00
5,460,000
100,000
00
80,0C0 00
3 per cent certificates....................
11,115,000 »0
355,000 00
250,000' 66
00
425,000
3,267 71
2,190,644 74
C old ch ecks...................................................
294
BKBOURCEB.
T ota l.................................. $33,318,324 44
$4,312,32307$8,644 172 12 $6,969,692 44
Ca ital S tock .......................... $10,391,985 00
urplus F u n d ........................ 1,801,578 57
Undivided profits..................
552,085 53
National bank notes o u t s d ’ g 7,060,793 00
M a t e bank notes o u t e t a n d ’ g
139,468 00
Individual deposits............... 10,877 462 87
TJ S. d e p o sits .................... .
143.962 03
Deposits o f U. 8. dis. officers
.............
i ue to nat onal ban ks....... 1,884,367 24
Due to other bnks & bankers
335,806 67
Notes and bills rediscounted
125 815 53
i ills payable............................
.............
$1 050,000 00 $2,223,300 00 $2,116,400 00
307,349 54
202,5*5 35
245,00-1 00
31,549 01
25,813 48
59,925 12
807,665 00
20,666 56
1,885.003 00
643 00
1,566 965 93
8,980,040 18
2,257,481 51
91,889 SI
171 194 02
223,547 SO
61,581 97
2,313 07
434,9 7 92
21",640 50
90.033 35
10,746 72
62,853 65
74,596 38
217.081 55
110,433 77
27,600 00
Alabama.
$5:30,268 29
306 95
310,500 00
N. Orleans.
$1,519,859 35
25,129 37
1,208,000 00
350
51,717
104,034
10,402
30,447
30,000
3,647
31
177 875
25,080
78,597
185,491
135,974
142,891
184,1*1
5,103
67,500
6S0.408
10,958
00
00
49
22
84
CO
22
00
66
00
3,867 64
67,186 IS
153,122 00
93
26
31
34
47
12
00
88
00
5,274 85
871,952 69
727,613 00
$8,115,198 16 $2,625,266 01 $5,790,920 53 $1,468,836 49 $5,348,8 5 62
LIABILITIES
$33,318,324 44
$4,312,323 07
00
93
25
00
$823,500
95,952
21.498
218,0 0
1,275,863
123,245
30,861
155,581
17,0-3
127,101
22,000
40
41
37
40
59
81
00
1,290,159 42
$3,614,175 15 $6,969,692 44 $3,115,198 16
78,644
75,360
10,899
11,250
00 $1,500,000 00
98
212,000 00
196,786 46
34
00
1,147,800 00
92
94
42
00
2,493,216
*9,792
48,839
142,754
19,781
31
04
67
92
13
$2,625,266 02 $5,790,920 58
$400,000
13,873
61,518
259,304
00 $1,300,000 00
83,550 00
15
55
4*,846 03
00
1,058,260 00
685,617 85
2,60i’,ioi 06
813 15
47,710 09
117,170 59
146,444 94
$1,468,836 49 $5,348,875 62
[April,
Total
$850,000
65,165
68,815
379,489
N A T IO N A L B A N K S OF EACH ST A T E .
Georgia.
_
Baltimore.
W ashington.
W . Virginia.
N. Carolina. 8. Carolina.
Virginia.
Loans and discounts.............$15,406,613 -c 0
$1,*67,134 46 $4,1.28,683 14 $2,765,273 54 $1,340,7*7 10 $1,553,553 73 $2,457, 24 05
Overdrafts...............................
7,2l5 88
20,67366
8,464 97
46,728 65
2^,974 64
15,750 15
50,026 62
U. 8. bonds to secure circnl’ n 8,007,500 00
1.003,00000 2,331,000 00
468,6 )0 00
2/43,250 00
277,000 00 1,283,500 00
U .6. bonds to secure deposits
400,000 00
3 0 ,( 0 0 00
200,00) 00
150,000 00
100,600 00
232,000 00
U.S.bnnd^ & secut’ son h a n d
650 00
238,10000
1,000 00
202,100 00
1,009 00
n o ,, .oo oo
Other stocks b on d s& m ort’ s
605,658 47
10,83950
178,046 43
30,403 84
164,980 00
25,449 16
42,957 92
Due from redeeming agents.
1,656.09* 57
109,53757
182,153 96
265,172 83
310,872 18
lbl,696 91
116,560 52
Due from other nai’ l banks
456,738 98
67,56646
216,099 41
20,230 02
228,151 23
40,770 56
107,271 16
Due f m other b ’ ks & b ’ kera
83,668 53
229,53669
65,735 13
85,267 91
90,329 85
41,710 24
121,807 51
Real estate, furniture, & c ...
548,448 11
249 891 32
310,704 69
106,008 78
55,779 66
188,8 >5 23
103,838 93
5,483 49
5,234 98
Current exp en ses..................
31,4*7 16
2,33218
13,296 66
8,278 75
10,657 12
Premiums .............................
37,518 55
13,28785
4,802 01
26,414 42
82,624 62
1,581 90
27,334 45
Checks and other cash item s 1,579,839 63
61,51731
90,495 77
237,875 25
79,992 10
26,564 10
42,186 08
Bills o f national banas.......
326,3*2 0 0
155,64300
75,586 00
37,286 00
353,560 00
115,993 00
82,940 00
Bills o f State banks.............
211 00
.............
699 09
2,854 00
Fractional c u r r e n c y .............
11 792 54
6,729 22
23,009 12
2,544 05
26,051 86
17.608 69
24,711 06
f Pe« e ......................................
280,673 58
65,89085
39,799 00
93,015 14
18,243 35
65,336 11
42,387 09
Legal tender n otes................ 2,624,932 00
275,59800
25S,295 00
529,242 10
447,476 00
226,957 00
818,486 00
C earing House certificates.
154.00 ) 00
.............
Three per cent certificates..
900,000 00
215,00000
25,000 00
75,000 00
5,000 00
-T
O
R S f OURCES.
87
37
00
10
00
25
70
24
14
20
17
23
43
00
Arkansas.
Kentucky.
$152,832 42 $2,470,759 74
4,305 03
24,590 81
209,000 00
1,822,200 00
50,000 00
50,000 00
22,400 00
31,600 00
67,906 47
2,600 00
17,657 89
446,336 22
7,757 49
138,408 57
22,840 37
166,218 15
17.481 76
119,213 71
4.524 27
13,942 27
6,653 80
1 74
6 836 47
8,810 60
3,616 00
42,673 00
3,333 98
529 42
11,417 00
11,011 22
13,425 30
460,048 00
T ot .1 ............................... $2 ,082,426 if>4
$592,940 31
$5,828,491 39
$1,756,747 CO $7,372,680 47 i$4S,278,582 84 $13,191,674 91
$9,140,075 23 $38,826,778 18
00 $1,935,000 00
82
50
CO
83,154
68,757
14,727
2,035
87
53
76
10
3,201 6.'
$092,910 31
09 $1,975,300 00 $15.4*29,700 00 $3,700 000 00 $3,100,000 CO $12,777,007 CO
3,109,309 82
589,159 11
8-37,008 32
209,394 61
3,122,405 68
91
166,732
05 452,362 92
122,713 21
197,738 14
794,303 66
!0
10.9*2,110 CO
2,897,970 00
1,835,813 00
1,145,605 00 12,938,387 00
00
10,267 00
7 696 00
67,274 00
7,915,746 50
8,411,464 8o
3,363,168 30
3,315,232 13 14.652,535 59
559,520 76
1.754,997 61
239,251
62
45.292
34
127/(88
87
199,2’>
3
42
470,125
84
' 53.338 71
2,936 71
46,611 79
69,823 31
58,339 43
6,319
36
109,141 95
2.056,611
23
190.292
70
135,241
8t
70,483
44
367
065
38
6 ,022 61
125,280 19
95, *09 77
*93,439 23
258,236 17
64,627 85
185,658 63
75,192 53
112,300 41
167,0S3 43
25,000 00
57,928 86
147.187 63
50 000 00
15,COO 00
3,000 00
50,000 00
224,006
39
110 075 30
1,509 531 00
$5,*23,491 39
$950,000
138,927
07,205
787,683
$2, 56,747 00 $7,272,680 47 $48,273,582 84 $13,191,674 91 $9,440,075 23 $35,826,778 18
295
$2,032,426 04
$ 200.0 0
38,8S9
2,430
179,137
STATE.
T^ta1,
$525,000 00
44,299 20
85,087 84
3.9,080 00
___
693.915 25
78,707 08
203,461 01
3,416 25
8,769 32
.............
. . ...
BACH
LIABILITIES.
Capital s tock ...........................
Surplus fund ........................
Undivided profits..................
N ti nal ban notesoutstd’ g
Slate bankn tes outstanding
Individual deposits .............
United States deposits.......
Deposits o f U. S. i is. Offi jeis
Due to National ban k s.......
Dua o other banks ^bankers
Notes and bi Is Rediscounted
Bi Is p a y a b le ..........................
OP
4,096 39
810 720 65
2.8,385 00
T ouisville.
Tennessee.
Ohio.
Cincinna'li.
Cleveland.
Indiana
$1,173,443 52 $2,895,828 l l ;$21,769,753 60 $5,456,455 52 $4,350,452 04 $16,480,768 «*
1,848 14
43,152 11
188,301 85
7,826 68
15,527 20
117,587
1,494,200 00 14,657.660 00
917,000 00
2,281,700 00
12,510,050 (.0
3,428,000 00
50,0 0 00
350,000 00
736,500 00
1,075,500 00
300,001 00
576,503
850 00
165,300 00
1,314,950 00
281,650 00
5,500 00
512,700
27,884 00
140,945 68
364,389 55
41,931 *7
7,805 79
202,741
105,619 38
504,493 14
2,506,883 41
685,718 76
725,815 99
1,044,198 7«
47,874 25
134,347 40
708,891 61
197,049 64
383,993 IT
183,701 47
50,663 25
87,763 79
526,835 31
157,495 89
133.399 45
167,991 69
2-3,2 6 38
216.516 46
986,590 53
215,831 98
716,044 3*
172,339 98
7,898 74
40,538 84
160,265 15
26,545 97
28,713 68
74,270 82
13,736 12
49.424 10
379 51
81,395 62
7,607 54
24,252 18
60,607 33
300.155 84
110,149 86
221,411 38
183,87 01
21 861 10
318,090 00
430,815 00
84,422 00
259,228 no
147,006 00
5,561 00
782 00
11,018 00
4,699 00
9, <?54 00
3,125 06
21.074 51
120,121 38
16,192 45
31,810 (8
69,P85 15
39,432 98
125,036 11
23.853 15
123,221 29
46,404 72
207,883 38
741/93 00
270,778 00
2,991,052 00
612,250 00
1,159,450 00
2,223,114 00
27,000 00
5,000 •0
330,ceo
00
190,100
03
55,000 00
70,000
00
..........
N A T IO N A L B A N K S
L o bs and discounts...........
O verdrafts...............................
U. S. bonds to secure circul’ n
U.S.bonds to secure deposits
U S. bonds, etc., on hand..
Other stocks, bonds& m ort’ s
Due from redeeming agents.
Due from other nat’ l banks
Due from other bks & b ’kers
Real estate, furniture & fix’ s
Current expenses..................
Premiums .............................
Checks a d other cash i ems
Bills o f national banks_____
Bill of other b an k s............ ..
Fractional currency...............
S p e c ie ......................................
Leiral tender notes ...............
Clearing House certiuc tes.
9 hree pi r cent c rtificates..
Texas.
$407,746
12,890
472,100
200,000
700
15,061
124,848
1*7,517
58,827
17,102
11,667
13,535
4,626
82,602
296
BEB0URCE3.
Capita) s to c k ........................... $6,570,00.9 00 $5,900,000 00 $3,835,000 09 $ 1, 4 .'0,000 00 $',860,000 00
$S50,000 00 $3,733,953 00 $1,780,000 00 $1,009,000 00
380,000 00
4.977,090 0) 1,'‘42,567 67
417,788 34
172,155 59
872 516 47
Surplus lu d ............................ 1.812.653 81
305,723 98
251,965 29
104,237 10
433,135 03
322, i73 72
108 924 59
17*,904 63
Undivide i profits....................
16,432 40
305,703 49
96 421 92
174,710 45
2,851,401 09
913,473 00
692,775 00 3,003,018 10
N atonal bank notes outstd’g 5,396,6-;9 0 ) 4,630,730 00
1,6.5,184 00
1,494,457 00
667,083 00
1,732 00
*-tate bank notes outstanding
1 069 (0
235 (JO
2.291 00
1,423 00
3,86 ,770 40
2,551,772 72
2,‘ 84,( 10*43
1,279,621 40 4,773,319 86 2,020 588 22
Individual deposits ............... 8.067.653 71 10,413,613 60
1,733,819*86
44.3,402 30
41,376 62
207,431 59
U. S. deposits..........................
47,527 52
128,112 25
90,854 87
136,203 34
52,203 37
73,835 28
27,384
61 102,6 TO 68
Dep’ s ot U.S. disburs’g oflie’ s
4,726 95
85,107 8S
75.320 52
75,S07 21
20,462 22
Due to National banks.........
61,530 53
2,535,443 33
194,623 42
15,857 22
295,010 87
83,957 70
40,878 46
49,249 05
66.331 23 2,096,868 59
Du to o her banks & bank’ s
30,736 06
106,447 13
19,158 97
88,153 18
203,918 25
19.285 58
57,732 88
482.694 !-5
Notes and bills rediscounted.
34,600 00
192,691 43
60,090 00
S8,S44 77
52,050 00
22,000 00
27,500 00
20,625 00
B ids payable...........................
5,00 ) 00
36,614 21
14,073 45
$22,959,052 95 $28,879,249 09 $12,012,696 11 $6,045,343 13 $'!,64\1!8 05 $3,723,868 14 $13,127,932 86 $6,067,823 51
$*,014,466 70
[April,
Total,
EACH STATE.
$4,014,466 70
LIABILITIES.
OF
T ota l.................................$22 689,052 96 $28,379,249 09 $12,012,896 11 $6,045,343 13 $8,640,113 03 $3,723,363 14 $13,127,933 86 $6,0(37,S23 51
NATIONAL BANKS
W iscon i •.
Chicag >.
Detroit.
Milwaukee.
7ow a .
linn s »ta.
Illinois.
Michigan.
M iS 'O iiri.
Loans and discounts.............$ 10,0i)4,7U3 23 $14,152,5 -2 I 2 $5,597.2 6 34 $3,032,369 64 $2,791,221 18 $l,40->,4i-2 50 $5 662,695 93
12,752,331 05 $1,638,549 27
10.155 41
60,358 43
13*. 01 57
60,527 70
10,389 22
49,621 32
94,216 53
Overdrafts.................
238,110 67
33,801 91
1,873.550 00
79!,: GO oo
3,. 75,750 00
1,714,400 00
U. S. b >nds to secure ci cul’ n 6,210,850 00
5,235,090 00
3,279,800 00
1,093,^0) 0
797,900 00
300,000 00
U.S. bonds to secure deposits
5 '.1,010 00
100,009 0*9
205.000 00
306,000 CO
100,0( 0 09
250,000 00
100,090 00
297,500 i 0
7,850 00
U. S. bonds, etc. on hand ..
311,5 U (H)
114,400 00*
59,550
00
225,750 00
26,600
00 134,350 00
171,812 28
43.939 03
259,947 45
76 374 51
205,336 50
28,327 22
Other stocks, bonds A m ort’ s
336,826 46
203,766 33
418.176 15
461,735 47
401,901 53
250,299 13
Due Irom redeeming agents 1,274,481 72
2,085,060 06
676,508 36
623,588 55
214.751 45
351,617 44
201 008 78
227,308 89
71,396 59
228,654 05
Due irom national banks . . .
495 663 66
405,440 16
147,710 65
130,310 50
43.821 77
36,213 72
21,181 31
161,913 67
Dae from o ’ her bks & b ’ kers
248,826 13
153,330 11
92,554 51
70,058 ?6
75,6 -8 31
13’ ,571 41
114,715 12
144,382 22
551,868 17
113 831 85
Real estate, furniture & fix’ s
516,680 65
31*2,863 49
357,350 34
107,950 13
36,306 39
27,891 17
35,142 S9
12.640 92
2,710 13
61,714 97
7,471 .33
Current exp en ses..................
81,619 1-3
5,820
79
1 ,0 5 58
13,358 90
147,269 56
4,621
34
6,33 ) 84
22,555 71
23,S15 39
P rem iu m s...............................
13,156 61
14,716 23
132,490 52
73.848 51
121,749 54
1,644,273 85
110,109 82
167,447 74
76,671 04
Checks and other cash items
344d>02 29
29,201 20
67,112
00
16,622 00
201,743 00
33,572 00
351,356 00
318,691 00
Bill* o f national banks.........
65,988 00
96,000 00
88,404 00
13 00
451 00
222 00
Bills o f State banks...............
204 00
268 00
19,366 17
21,3n9 73
2^,858 16
41,815 39
Fr ctionnl currency ...........
63,52187
51,133 81
27,138 41
12,935 43
8,300 49
25,478 67
96,521 60
22,241 76
2,621
60 39,705 62
Specie.......................................
152 232 83
99,006
49 17,405 58
18,755 09
2l768,835 00
848.261 00
461.261 09
439,540 00
353,623 00 1,072,274 00
Legal tender notes — . .. 1,592.710 00
338,253 00
351,t50 00
150,0 0 00
45,000 10
15,060 00
25,000 00
Three per cent certificates..
100,000 00
390,000 00
45,0 K) 00
20,000 CO
10,000 00
1 S'?0 ]
01
33,081 80
4,015,450 00
261,100 00
8,100 00
$1,286,722 6)
34*960
11,227
224,654
$2,721,367
Montana.
$107,345 03
1,563 82
40,000 0)
20,0c0 00
29.835 06
2,200 00
1,264 72
8,199 10
4.684 41
35,COO 00
Colorado.
$565,006 68
18,816 03
297,000 00
150,000 00
3.600 00
18,894 10
123,739 69
41,926 60
56,476 89
97,744 00
23,786 09
2,824 78
21,755 86
30,162 00
Utah.
$ .............
12,763 43
35,218 42
124,153 00
4,713 15
9,078 12
160,621 00
711 35
8 879 18
12 300 00
$719,685 93
$1,627,515 04
$342,850 76
$235,000 00
$230,072 10
$109,000 00
5,000 00
18,801 72
87,270 00
$350,000 00
78,00.) 00
72,016 87
251,000 00
$100,000 00
10,000 00
26,150 76
35,955 00
$100,000 00
$100,000 00
4,563 78
10,235 26
63,360 00
162,000 00
13,497 73
1,452 67
62,358 30
15,786 37
25,570 53
22,784 17
10,403 61
183 00
48,640 00
Idaho.
$53,015 30
19,649 65
75,000 00
2,021
39,421
13.631
6,633
48
95
77
76
24,360 0)
6,254 26
72 57
8,604 36
6,762 00
Capital stock.
................... $6,810,360 00 $200,000 00
surplus fu n d ...........................
719,241 02
17,817 90
TJa ivid d profits..................
349.<’52 19
22,115 79
National bank notes outst-i’g 3,489,298 00
158,411 00
State bank notes out&tauoi’g
6,242 00
Individual d ep osits............
4,848,503 58
417,75 5 40
Dinted States deposits ........
21,556 78
67,226 74
Deposit o f U,S. DIs Officers
.............
46,574 36
Due to national ban ks.........
730,378 47
63 09
Due to other b mks&bankera
716 390 97
7,088 25
N tes a d bills rediscounted
944,276 83
B i Is p iya b e ..........................
8S1.89G 94
T ot.iL ............................. $19,530,136 78
■; S fig S g g : SoiSS
S
$937,085 53
4,951 67
1,714 85
141,300 0.
10,000 0.
Ore on
$109,672 11
35,612 54
100,600 GO
50,000 09
58,000 0.)
45,881 70
7,191 43
$200,000
60.359
26,894
177,000
00
10
03
0C
$500,000 00
57,350 00
65,093 66
167,6S7 00
363,777
64,805
304,144
4,389
20,152
29
87
30
52
58
1,402,803 36
146,381 94
196,474 33
17 176 62
105,565 74
2,835 09
65,2 ;o 00
$037,035 53 $1,266,722-63
$2,721,3,7 91
201,726
73,950
198,937
1,00J
19
12
90
00
708,773
81,796
4,739
51,125
21,033
30
11
29
52
92
48,199 99
$ ! ,6 <7,545 04
$342,850 76
135,000 00
EACH
$19,520,136 73
8,0S3 80
1,223 25
112,511 00
Nebraska.
$886,259
19,848
235, 00
450,000
76,800
100,939
374,6-0
56,264
83,421
108,773
8,078
13,408
13,857
74,283
0F
1,429,859 53
1,049,636 18
114,954 93
126,490 76
337,142 15
72,445 87
160,837 62
346,7 6 53
99,509 00
1,470 0J
33,474 73
127.016 43
1,24 >,944 00
5i 0,000 00
Kansas. Leavenworth
$304,404 07
$208,1S4 97
18,665 30
15,167 3-1
182,000 00
200,000 00
50,000 0 >
200,0 0 00
4,100 00
28,850 00
28,634 63
6,811 91
161,949 96
33,108 32
102,967 44
219,565 80
5,81) 30
12,960 55
24,192 47
43,356 67
8,504 49
3.836 12
2 940 75
15,576 IS
5,38i CO
22,273 00
42,739 00
N A T IO N A L B A N K S
T o ta l
$ ' 1, 558,067
S i : 8SS:
* t. Louis.
Loans and discounts............
Overdrafts.................................
U. S. bonds to securecircnPn
U. 8. bonds to secure deposits
U. S bonds & secur’ s on hand
oth er stocks, bonds & m ort’ s
Due from redeeming agents.
Due from other >at 1 ban ks..
Due frt m other b’ ks & b ’ kers
Real e tate, furniture & fix’ s
Current expense *....................
Prem iu s ................
Checks and other cash items.
Bills o f national banks.........
Bills o f State banks.................
Fractional cur;ency . .........
Spec e ..... ...................................
l egal tender n otes................
Three Per Cent Certificates..
49,286 56
66,199 13
163 60
2,462 90
56,355 87
95,000 00
$719,685 93
$235,000 00
$230,072 10
xo
CD
1,856.302
$3,146,111
$36,855,868
$3,370,000
$50,054,459
A m ount
o f avail,
reserve.
$2,856,534
1,508,804
1,774,564
13,131,499
3,966,287
7,955,913
18,166,119
6,027,914
9,876,621
646,620
1,121,460
892,430
831.591
473,990
414,655
1,118,027
294,342
653,955
29,604
919,809
1,285,019
5,952,971
3,530,196
3,119,426
1,592,011
933,981
1,819,869
625,958
595,356
146,842
610,502
166,562
293,439
22.6 2
15,365
$93,426,468
Per cent o f
available
reserve to
liabilities.
22.7-10
23.6-10
21.7-10
24 9-10
20 9-10
26.1-10
23.7-10
25.2-10
22.4-10
25.1-10
24.5-10
IB.2-10
20.4-10
25.3 10
26.6-10
30.1-10
30.9-10
46.2-10
8.6-10
27 2-10
27.
21.2-10
18.4-10
22.3-10
23.5-10
24.4-10
22.9-10
16.8-10
24.3-10
91.9-10
30.4-10
29.2-10
27.9-10
15.1-10
18.6-10
23.4-10
STATE.
$S9 »,011,31i
,----------- — ---------Items o f reserve------------------------------,
Three
A m t. in redem.
per cent,
cities avail for
Legal
temp, loan
redemption o f
Specie.
tenders.
certificates.
circulation.
*90.376
$1,062,525
$10,000
$1,693,633
38,575
436,020
1,014,209
20,000
72,848
100,000
535,071
1,016,645
475,446
4,096,837
225,000
8,334,196
58,662
1,420,277
2,402,343
85,000
213,185
5,356,91 S
2,210,810
175,000
443,773
5.579,259
935,000
11,208,687
156,419
1,913,096
250,000
3,708,399
122,747
4,453,542
705,000
4,595,332
5,722
231,402
100,000
309,496
51 797
504,453
30 000
535,210
529.242
93,015
5,0C0
265,113
18,243
447,476
340,812
25,600
65,336
226,957
181,697
39,799
258,295
116.561
42,387
818,486
1S2,154
15,COO
37,186
104,0)34
15 V 22
310,721
218,365
124,849
529
17,653
11,417
13,425
460,048
446,336
39.433
741,093
504,493
125,036
2,991,052
2,506,883
830,000
2C7.883
2,223,114
1,044,199
55,000
152,233
1,274,483
1,592,710
100,000
22,242
848,261
676,508
45,000
39,706
439,540
45,000
464,735
99,006
1,072,274
25,000
623,589
17,406
33S,253
20,000
250,299
18,755
214,751
351,850
10,000
1,223
ril2,511
33,108
11,228
874,620
224,654
7,191
35,218
124,153
9.073
160,621
123,740
8,871
1,453
12,800
8.604
6,762
BACH
T o ta l.................................. .. 1396
Amount
required
as reserve.
$1,885,821
959,681
1,225,6S2
7,910,614
2,844,420
4,563,852
11,506,633
3,590.773
6,625,697
385,743
611,366
824,167
61285S
281,341
233,500
557,947
142,889
212,284
51,866
507,628
712,730
4,203,903
2,872,040
2,097.236
1,017,^90
609,202
1,192 127
5f 9,053
367,9' 6
100,495
3( 0,960
85.4S3
157,846
22,552
16,897
N A T IO N A L B A N K S O F
Liabilities to
Number be protected, b y
o f banks
a reserve o f
States and Territories.
reporting. 15 per cent.
M a in e .....................................
*12,572,139
6,397,874
N ew Hampshire....................
8,171,212
V erm on t.................................
M assachusetts...................... . . .
160
52,737,425
18,962,800
Rhode 's la n d ...................—
30,425,677
C onnecticut............................
N ew Y o r k .............. .
...
232
76,711,223
N ew Jersey........................ ..
54
23,938,485
Pennsylvania....... .................. . . .
151
4,171,310
Delaware................................ .
11
2,571,620
M aryland................................ .
4,075,773
V irginia....................................
5,494,449
W* st Virginia........................
4,085,722
North Carolina......................
6
1,875,609
South C a r o lin a .................... .
1,556,667
Georgia.....................................
3,719,643
o
952,595
A labam a...............................
4
1,415,224
T ex a s...................... ...............
2
345,777
Arkansas ..................... .......
K entucky.................................
3,384.187
4,751.533
Tennessee.................................
28,059,333
< h i o ..........................................
19,146,931
69
Ind iana.....................................
14,981,570
Illin ois......................................
Mich ga n ................................
6,785,933
4,061,349
21
W isco n sin .............
..........
7,947.513
I o w a ........................................
43
17
3,727,056
M in n e so ta .........................
M issouri...................................
2,453.106
10
669,966
K ansas.................... ...............
4
2,006,403
N ebraska.**..................... ...
569,8S4
(<t g o n .....................................
1
3
1,058,809
Co orado............................ . . .
150,344
M ontana...................................
1
112,647
Idaho......................
.........
1
298
Table o f the state o f the lawful money reserve Required by sections 31 and 32 o f the National Currency Act) o f the National
Banking Associations o f the United States, as shown by their reports o f the 22d o f January, 1870.
$222,037,387
225,194,449
$55,659,347
66,298,612
$8,307,833
34,697,496
$26,412,229
22 844,405
$1,696,900
16,210,000
$12,975,000
11,115,000
$21,601,414
j570,892,476
84,866,90 L
31.8-10
37.7-10
ST A TE ,
299
164
.
Per
centage o f
available
reserve to
liabilities.
31.8-10
41.6-10
82.3-10
27.7-10
31.3-10
26.6-10
43.2-10
28.4-10
28.4-10
29.7-10
30.4-10
29.9-10
32.1-10
31 5-10
34 7-10
EACH
'uotal......................... . .
New Y o r k ......................
An ount
reqaired as
reserve.
$19,31',683
2,749,302
12,075,998
3.731,706
4,48 ,811
625,122
743,739
357,011
1,829,898
1,312 881
4,398,598
866,100
619,824
2,316,503
227,171
,------------------------------------- Items o f res:rve------------------------------------- ,
A in 't due from
approved asso
ciations in the
city o f N. York,
Clearing 8 p. c. te ^ p . availab’ e fi r the Amount
Legal
House
loa i
redem ption o f o f avail,
tenders.
Specie.
certificates. certificates. circulat notes. reserve.
.........
$6,675,768
$4,290,000
$7,900,724 $24,547,172
$5,680,680
355,000
1 171,950
27,823
3,019,353
4,574,126
5.884,162
1,368,437
1,548,703
15,616,302
1,415,000
5,460,000
1,547,632
125,542
2,040,770
425,000
4,138,944
286,674
2,624,932
1,656,095
i54,000
900,000
5,615,701
275,593
666,022
65,891
215,000
109,538
727,613
185,491
871,953
1,285,(67
105,619
270,778
405,250
23,853
5,000
123,221
1,159,450
725,816
2,078,487
7 ,000
685,719
1.561,374
46,405
612,250
190.000
27,000
2,085,060
2,768,835
5,340.417
9K,522
890,000
464,261
418,176
1,035,059
2,622
160,(100
796,004
25,479
353 623
15,009
401,902
1,240,944
1 ,049,636
.2,917, f 96
500,000
127,016
814,965
10,000
161,950
1,715
141,300
N A T IO N A L B A N K S O F
Ii DEMPTIQN CITIES.
l'o s to n ..............................
A lbany............................ .
Philadelphia....................
Pittsburg....................
Baltimore............ .........
Washington ................
N ew Orleans . ...........
L ou isville........................
Cincinnati......................
Cleveland .....................
i h ica so ............................
D etroit............................
M ilw aukee.......................
St. L o u i s ...................... .
Leaven w crih.................
T.-aMlities to
b e protect, by
a reserve o f
Number 25 per cent,
o f bunks
o f the
reporting.
amount.
$77,274,734
10,997,208
48,303,991
16
14,026,823
17,947,214
3
2,500,486
2,974 955
1,428,044
7,319,592
5,251,524
17/94,394
8,464,399
2,479,297
9,266,012
908,684
1870]
Table o f the state o f the lawful money reserve, (required by sections 31 and 32 o f the National Currency Act) o f the National
Banking Associations located in the cities named in section 31 o f the act, as shown by their reports o f the 22d o f
January, 1870
300
VIRGINIA STATU FINANCES.
[April,
TOTAL RESOURCES AND LIA BILITIE S OP THE NATIONAL BANKS.
The following is an abstract of tbe reports made to the Comptroller
of the Currency, showing the condition of all the National Banks of the
United States, at the close o f business on January 22d, 1870, and also on
the 9th of October, 1869, the date of the last report:
RESOURCES.
Loans and d iscou n ts.................................................................
O verdrafts.............
.................................................. ...........
United tates bonds to secure c ;rculation...........................
United States bonds to secure d e p o s it s ...........................
UnitedJStates bonds and securi les on band........................
Other stocks, bonds a d m ortgages......................................
Due from redeeming agents....................................................
Due from other National banks.............................................
Due fr m other banks and b a n k ers...............................
Ileal estate, furniture and fix tu res........................................
Ourrent expenses......................... .............................................
Prem ium s....................................................................................
Checks and other cash item s...................................................
Bills of National banks ....................................
.............
Bills o f State b a n k s ........................... ...................................
Fractional currency...........................................................
S p e c ie ..........................................................................................
l egal tender notes.....................................................................
Clearing House Certificates
................ ••• ........... .......
Three Per C<.nt Certificates.....................................................
Total.
LIABILITIES.
Cap tal stock’ ............................................. ..........
Surplus fund. .....................................................
Undivided profits................................................
o ational bank notes outstanding....... .
State bank notes outstanding...........................
Individual deposits
United tates deposits........................................
Deposits o f United Siates disbursing officers
J>ne to Na ional banks........................................
Due to oth r banks and bankers.....................
Notes and bills red scounted...........................
Bills payable........................................................
Total
October 9.
$679,517,795 15
3,365,311 82
339,480,100 00
18,704,0 0 00
25,9;‘3,950 00
22.250,697 14
56.669.562 84
35.393.563 47
8,790,418 57
25,-.69,188 95
5,616,382 96
2,092,364 85
108,717,642 37
10,776,023 00
92,175 00
9,090,727 38
23,002,405 83
83,719,295 00
45,845,‘6o6’66
January 22.
$685,827,066 03
3,048,137 63
339,350,750 00
17.592.000 00
24,677.100 00
21,078.8', 2 00
71,655,871 0 8
31,983,824 23
9,319.560 54
26,002,713 01
3,469,5^8 00
2,439,591 41
111,533,510 00
15,840,669 00
91.312 00
2,476,966 75
43,345,383 72
86,112,502 00
17.956.000 00
27 460,000 00
$1,497,226,601 33
$1,516,261,357 44
October 9.
$426,399,151 00
86.165,334 32
40,687,300 92
293,593,645 <»0
2,454 697 00
511,400,196 63
7,112,646 67
4,516,643 U
95,067,892 83
23,819,371 62
3,839,357 10
2,140.363 12
January 22.
$426,074,594 00
90,174,281 14
34,302,385 80
292 838,931 00
2,351,9 *3 00
548,536,177 81
6.750.139 19
2,592,001 21
108, 51, -00 33
28,9< 2,891 14
3.842,542 30
1,543,753 49
$1,497,226,604 S3
$1,546,261,357 41
VIRGINIA STATE FINANCES.
The message of Governor Walker, of Virginia, in reference to the finances of that
State, gives the following detailed statement of the debt, as shown by his Excellency,
as it stood on Januaiy 1st, 1S7U:
Old funded debt.................................................... ............................................................. $32,779,262 94
New funded debt, and to bs funded.................................................................................
7,884,973 56
Interest d le and unpaid on new funded debt...................................................... ..........
1,611,335 17
Interest due and m paid on o d funded d e b t ................................................................. 8,384 776 33
T ot 1...................... ................................................................ ... ........................... $15,660,318 00
T o this sum should be added the amount o f bonds o f the James River >nd
Kanawha Comp m v, assumed by the State and authorized to be converted into
bonds, but not yet funded................................................................................................
212,4 0 00
T o-al State debt, Jan. 1, 1870..................................................................................$4^,872.773 00
The State is also annually liable for $5,800 perpetually, being six per cent interest
on $95,000 o f old James River Company stock.
RESOURCES.
The assets and sureties owned by the State on the first day o f January, 1-<70,
are as fo llo w s:
Balance in Treasury, $507,891 89 ; Alexandria, Loudoun and Hampshire Railroad
Company bands, $50,832 4 0 ; Blue Ri »ge Railroad, ow ae 1 by S ale (o s t ), $1,744,-
1870]
VIRGINIA STATE FINANCES.
01
723 23 ; C hesape.ke and Ohio Rai’ road Company, $2,481134 7 4 ; Norfolk end
Petersburg Railroad, $1,341,341 82 ; Orange and Alexandria Railroad, $1,150 207 89 ;
Richmond and Danville Rah road, $1,847,585 52 ; Richmond and Petersburg Railroad
common stock, $385,600; Richmond, Fredericksburg and Potomac R diroad Company
$2,57, 0 0 ; Richmond and Y< rk River Railroad Company, $490,999 52 ; Southside
Railroad Companv, $1,883,500; Virgin a and Kentucky Railroad Company, $103 438 60 ; V-rginia and Tennessee Railroad Cim panv, $3,755 0 0 0 ; Marietta and
Cincinnati Railroad Ct-mpany, $202,611 9 1 ; James River and Kanawha Company,
$10,400,000; other navigation companies, $1,192 616 3 0 ; interest in sundry plankroads, turnpikes and bridge companies, $4,761,564 49 ; claims against Chesapeake
and Ohio Canal Company, about $900,000; claims against Selden, Withers & Co.,
$436,000.
O f these assets a portion consists o f securities ■which the Governor thinks more
valuable than State bonds, to the amount o f $2,6 f 2,766. H e thinks that in a few
to years other assets the a ■» ount o f $10,048,267 will he a vailable for the redemption
o f t e State debt. The Governor estimates that the remaining $31,« 41,326 o f the
assets o f the State are lost, or willbe forever unavailable.
The Governor recommends that the railroad c- mpanies o f which the State is a
stockholder or creditor shall be permitted J o redeem the interest o f the State in
them by surrendering State bonds for ari e qu.datnount. Pie thinks that by this
mean®, and by converting the available assets o f the State into bonds, an i by
obtaining the aid o f W est Virginia as to that portion o f the debt due from her, the
debt o f the State can bo reduced one-half.
The annual interest p <yable on the debt ($46,000,000) is $2,760,000
The receipts
o f the treasury for the riscal year ending Sept. 30, 1869, were $1,752,398. The
expenses o f the Government, other than f»>r interest o f the same 3 ear, were in round
numbers, $700,''00; the Governor thinks they need not be in future more than
$550 00 .
The amount o f revenues, therefore, necessary to be raised per annum will be
$3,310,000. This will require $1,5 7,G01 more to be raised than was received in 1869.
Adverting to the fac th at taxes are hereafter to be levied on pjoperty on the ad
valorem principle, t ie Govt rnor estimates toe whole actual value o f property in
the Commonwealth, real and personal, at $723,115,5 9. I f the rate o f taxation up'.-n
this property be 40 em ts in the hundred dollars’ worth, it will produce $2,892,464.
A dd $471,7 r 3 for other taxes, licenses, die., and the Governor gets a reveuue o f
$3,--64,255.
The Governor thinks the State can commence the payment o f interest on her
public debt on the 1st o f July, 1871. He states that there will be $1, 00,000
derived from the revenues over and above what may be necessary to pay the expenses
o f the Government, appl icable to the payment o f iuter^st from the receipts o f the
year ending September 80, 1870.
The concluding portions of the message are devoted to suggestions of the
Governor in respect to the reorganization of the State debt, to the collection of the
revenue, to some limitatii n oi the practice of chartering joint stock companies, to a
plan of relief to debtors, and to an account of the land scrip appropriated by
Congress to schools.
QUOTA OF W EST VIRG IN IA.
In reference to West Virginia’s quota of the Virginia Stste debt, the adjustment of
which has for some fme been the subject of legisladon, the Legislature at Wheeling
before its adjournment parsed the following resolutions:
‘‘ Resolved, <fcc., hat the Governor appoint three resident citizens o f the State,
r c e in each congressional district, to treat with the authorities o f Virginia on the
subject o f a proper adjustment o f the public debt o f that State due or incurred prior
to the 1st day o f Janua y, 1861, and a fair division o f the property belonging to that
State on that dsy, and make renort thereof to this Legislature for its approval or
disapproval at its next session, with the fsets and accounts upon which their report
is founded: Provided, i hat nothing herein contained shall be construed as waiving
or im pair! g in i ny way the right o f the State to jurisdiction over the counties o f
Berkeley and Jefferson.
*•2. Th<* commissioners so to be appointed shall proceed without delay in the
execution of their duties, and as compensation for their services shall receive $6 pei
day for the time actually employed therein, and the same mileage as that allowed to
members of the Legislature.”
302
[April,
FUNDING BILL A ND THE BANKS.
EXPORT OF RAILS FROM
GREAT BRITAIN.
Messrs, S. W. Hopkins & Oo., exporters of railway iron, London, furnish the
pillowing statement, compiled fromofficial returns :
4-----Year ending Dec.
C o u n t r ie s ,
1867.
1868.
Tons.
America—
Tons.
United States..... .........................
268,0G0
B ritish ............................................
16.398
2-729
Cuba................................................
5,200
Braz 1..............................................
C h ili...............................................
2 ,2 2 8
P eru ................................................
5,451
Europe —
R u s s ia ............................................
101-290
1 ,2 9
1,673
S w ed en .......................................... . . .
6,452
P ru ssia .................. ..................... . . .
7,225
Illyria, Croatia and Dalmatia ..
16
10,498
221
F aoce ..........................................
25,762
Hoi a n d ........................................ . . . 13.854
Spain and Canaries.................. .. . . . 12,465
11,017
A sia—
British In d ia ...............................
08,168
12,281
A u stra lia ..........................................
Africa—
10 515
B gypt.............................................
Other countries...............................
34,812
T o t a l..... ....................................
Old iron to all cou n tries ............. .. .
Pig iron to U. a ...............................
47,285
583,488
25,263
86,204
31.----- »
1869.
rl'ons.
300,446
23,990
1,376
3,978
4,823
21,841
252.827
5,210
S3 070
21,738
4,459
11,785
13,474
M / nth ending Jan. 31.—*
1868.
1869.
1870.
TOL 88.
Tons.
Ton 8.
20,421
17,999
24,610
110
558
828
30
819
18
617
2,275
521
166
2,664
750
908
4
3,4S2
325
434
3,741
1,032
811
531
1,208
5,000
41
1,441
2,430
98,756
23,311
6,912
1,272
1,672
1.712
21,070
1,142
6,053
75,711
4,614
2,515
2,737
6,193
895,848
118,893
132,485
39,039
7,315
1,793
36,430
9.263
4,821
68.652
6,500
8,653
1,100
FUNDING BILL AND THE BANKS.
The members of the Executive Committee of the National Banking Association
have visited Washington for the purpose of explaining to members of Congress that
the eighth section of the Funding bill, reported to the Senate by the Finance
Committee of that body, would, if passed into a law, provehighly injurious, if not
disastrous, to the interests of national banks; and a large poition of them, if not
all, would be forced to either aoandon their organizations under the National
law and wind up or organize under Mate au'.hority, or as private banks.
The committee say: We plead the injustice of making any distinction between
banks and others owners of bonds, and we maintain that they, like others, should
be left free to take the bonds or not. We especially protested against the injusteor
of compelling banks to surrender or dispose of conds which are not due, and the right
to hold which, and to use for the purpose that they are nowused, we think they have
the plighted faith of the Government as a consideration for their compliance with the
terms of the National Banking law. With the present enormous taxes imposed on
binking capital by the General, State and Municipal Governments, it is in our opinion
impossible for a large portion of the banks to maintain their existence and pay
reasonable dividends to their stockholders, without the benefit derived fromcirculation
whiili ihey now enjoy, and which the section of the bill under cm eideration takes
away entirely.
The following etatement will show that there will be m profit oncirculation if
obtained on four and a half per cent bonds paid for in gold at par. In making it
we assume that money to be paid for the bonds will be worth seven per cent. If
gold is above par, the result will be more unfavorable than appears in the etatement.
It is to be borne in mind that but eighty per cent of the circulation can be
obtained on the par value of the bonds:
GOLD AT FAB.
B ond f o r $1,000. D r.
F or interest on $1,000 for one year, at 7 per ce n t....................................................................... $70 00
F or Interest on $500 o f reeerve on circulation, at 7 per cent................................................... 14 00
Government tax on $800 o f circulation.............................. .....................................................
8 00
Interest on mutilated currency on hand, express charges and other expenses connected
with circulation, say 1 per cent...........................................................................................
8 00
BONDS AT 4 > f PER CENT.
$100 00
1870]
303
RAILROAD ITEMS.
CREDIT.
Interest on Bond for $1,000, one year, at 4 b per cent...............................................................
Interest on $800 o f circulation, one year at 7 per cen t.................. ........................................
45 00
66 00
Profit on a $1,000 bond for one year, $1.
W ith gold at 12b per cent premium, the bond would cost $1,125 in currency, and the
interest and other charges w ould b e ..................................................................................$108 75
The incom e from the same would be ......................................................................... ............. 106 62
Loss.
$2 13
RAILROAD ITEMS.
A
lbany and
S usquehanna R ailroad . —The Delaware and Hudson Canal Company
have leased the Albany and Susquehanna Railroad. They engage to pay seven per
cent upon the bonds and stocks o f the road, amounting, in the aggregate, to about
seven millions o f dollars; to pay all taxes, repairs and renewal o f the line, so as to
insure a net income o f seven per cent, and to keep the road in perfect condition.
The Albany Evening Journal says o f the leasing :
“ The Delaware and Hudson Canal Company is to pay an interest o f seven per
cent upon $7,000,000, made up as follows :
On paid up s tock ..................
On the Albany < it y b on d s..,
On first mortgage bonds . . .
On second mortgage bonds
On Equipment b o n d s .........
$2,500,000
1 , 000,000
1 , 000,000
2,t,00,000
500,000
Total..................................................................... ................. $7,000,000
“ T o meet this interest will require an annual outlay o f $490,000.
“ The Delaware and Hudson Company assume the interest on all the bonds from
the 1st o f March ensuing; but the interest on the $2,600,000 o f stock is not to be
assumed until the 1st day o f January next.
“ The 9,500 shares o f subscribed stock, upon which 10 per cent has been paid, is
to be paid in full, as the necessities o f the road may require. The shares will only
bear interest as, and to the extent that, they are paid for. The road will continue
to run under its present management, the lessees, o f course, having the power to
make changes when and as they please in the employes. The stockholder? will
continue to control the directorship o f the road. A ll existing contracts with other
railroads and coal companies to be carried out iu good faith by the lessees.
“ This disposition of the road will, we presume, be a great disappointment to the
Fisk A Gould interests. It transfers the contest from a company not over wealthy
to one o f unlimited means. This fact will doubtless curb the aspirations o f the
contestants and lead to a more speedy adjustment o f the controversy.
“ But, however this m ay be, the Susquehanna directors have done what is clearly
for the best interest o f the stockholders o f the road, and what there is every reason
to hope will result in no detriment to A lbany, or to any o f the towns on its line.
N e w Jersey .— The Legislature has authorized the Morris and Essex Railroad
Company to increase its capital stock to $15,00^,000.
P eoria , P ekin , and J acksonville R ailroad . — This road was com plete 1 the last
year to the citv o f Jacksonville, and is 83 miles long. Under its charter it may
be exten led to S '. Louis. It i9 independent in its present relations with other
connecting roads, but its interchange o f business is largely with the Chicago, Rock
Island, and Pacific Railroad Company.
Its bonds and stock are owned almost
wholly by the Directors, and are not on the market.
L ease ok the A tlantic and G reat W estern Ra il w a y C o .— The Supreme Court
o f Philadelphia, Chief Justice Thompson presiding, rendered, on February 26, a
decision in favor o f the proposed lease o f the Atlantic and Great W estern R ailway
to the Erie Railway Company, and peremptorily dismissed the bill o f exceptions
' hich had been filed by the first mortgage bondholder*, and other opposing parties,
the parties opposed to the leaee being ordered to pay costs. The lease was executed
accordingly, and the Erie Company was put in possession o f the line from Salamanca
to Cleveland and through to Cinciuna'.i.
304
RAILROAD ITEMS.
[April,
T he N ew O rleans , M obile , and Chattanooga R ailroad Bil l . —The law granting
pecuniary aid and certain privileges to the Chattanooga RailroadCompanyin furtherance of their railroad fromNew Orleans to Texas is substantially as follows:
The subsidy granted is three millions o f dollars, instead of four, as voted by the
Ilf use. The subsi y is payable in instalments, thus : $750,000 when the road shall
have reached Bayou Lafourche, at or near Donaldsonville ; $750/100 when it shall
have reached a point at or near Yermillionville ; $750,000 when it shall have reached
the Sabine River ; $750,000 when it shall have reached Houston, Texas. The road
to he open for traffic, within three years, to Sabine River.
Authority to construct a side branch from a point near Alexandria, and through
ti e parishes o f Winn, Bieuville and Claiborne, in the direction o f Fulton, Arkansas,
has beer', stricken out.
The tax to pay the interest on the State bon Is, reduced to one mi l on each dollar
o f assessed valuation o f all the real and personal property in the State.
— The earnings o f the Cleveland, Columbus, Cincinnati, and Indianapolis Railroad
Company, for the year 1869, were : From passengers, $84 ;,819 48 ; freight, $2,060,540 76 ; other sources, $211,372 61, making a total o f $3,142,935 85. The total
expenses were $2,837,443 81, leaving net earnings, $805,492 84
Dividends paid in
August, 3-J- per c e n t ; in February, 8^ per cent, $731,923 50, leaving a surplus tor
the year o f $73,668 84, and a surplus, as per ledger, $225,024 5 0 ; makes
$298,593 34 ; less discount on bonds sold, $146,200 ; leading a surplus January
1, 1870, o f $152,398 34.
A sse ts: Construction as account, $12,16 ,686 77 ;
materials on hand, $405,623 29 ; cash assets, $930,012 59 ; other assets, $663,005 19.
Making a total o f $14,164,277 89. Liabilities: Capital stock, $11 620,000; less
amount held by this company, $1,7 59,100— $10,460:900 ; C. C. and C. R. R . Mortgage
B nds, $25,0 '0 ; falling due each year, $365,000 ; B. and I. R. R. first and second
m oitgage and income bonds, $774,5* 0 ; I. P. and C. K. R . first mortgage bonds,
$408,5 0 ; C., C., C and I. R. R. first mortgage and sinking fund bonds, $1,637,000 ;
Due rent No. 4, payable February 1st, 1870, $365,984 50, surplus earnings, making
a total o f liabilities o f $14,164,277 84, o f wnich $272,500 o f bonds have been pai i
since let December, 1869.
— The Lansing (M ich.) Republican publishes the following list o f the amount of
railroad aid bonds deposited by various municipalities with the State Treasurer, and
the amount delivered by him to the companies, under the provisions o f the general
enabling ast, passed at the late session o f the Legislature :
Amount deposited. Amount deliv’ d.
Michigan Air Line F ail'oad Company
$25,000
.................................... $542,000 00
Detroit, Hillsdale & Indiana............................................................
266,000 10
Jonesville. Marshall & Gra’ d R ap id s..............
236,603 50
L an sin ?, St. J- & M ackiuac................................................................
201,802 "0
96,500
' hic^go & Michigan Lake Shore............. .....................................
142,300 00
Kalamazoo & South H a v e n .......... .................................................
139,300 <0
36,0UQ
jilkhart A Lake. M ichigan...........................
126,000 00
Ow osso & Big Rapids.........................................................................
113,375 00
H owell & Lansing.............................................................................
57,2< 0 00
hast Saginaw and Ann A rb or..............................
50,900 00
Peninsular.........................
50,000 00
50.000
48,500
Fort W ay e, Jackson & Saginaw...................................................
48,500 00
•- ort Huron & Lake M ichigan...........................................................
42,000 00
42.000
Iona & S tam on.....................................................*..............................
40,000 00
Allegan & H olland................................................................................
31,000 00
Port Huron & O w o ss i.........................................................................
28,000 00
Iona & Lansing.....................................................................................
25,000 00
12,000 GO
Michigan Lake Shore...........................................
T o ta l.................................................... *......................................... $2,151,980 80
$299,G0J
— The Boston, Hartford, and Erie stockholders ratified the second mortgage o f
$10,000,000.
But it will be necessary to have the mortgage ratified by the Legisla
tures o f the different States through which the line runs. This new mortgage pays
off a demand debt, releases many millions o f the old bands, and funds the Abating debt.
— A bill to provide a sinking fund for the State h a i passed the South Carolina
Legislature. Under its provisio s one sixth o f the bonded debt o f the State will
be purchased and cancelled during the year.
— The Wisconsin Legislature has passed the bill permitting railroad companies
in that State to classify their directors into several classes, so that a proportion only
go out o f office each year.
1870]
305
RAILROAD ITEMS.
T he N orthern C entral R ailroad op M aryland . — From ths report o f this
company for the year ending December 81, 1869, we condense the following exhibit
o f the financial condition of the carporation :
The entire earnings o f the company, including the main line and branches, were
$4,303,783 B4, made up as follows :
From freights....................
From p s engers................
F ro u express . ...............
From ' niter! Stages mails.
From sundry eources..........
$2,968,333
957,972
80,693
38.5 i7
249,217
03
10
20
50
71
The expenses were :
For
F or
For
F or
For
conduct n s transportatiun.......................................................................................... $1,011,701 1 5
882,495 56
m otive pow e r .................................................................................................................
mainteua'tce o f cars ................................................................................................ .
2S3,2i2 60
main-e a n c e o fw a y ..................... ...............................................................................
76 ,334 24
general expenses................ .....................................................................................
72 207 33
T otalexpenees................................................................................... ..
. .
$3,016,950 88
N et revenue.....................................................................................................................$1,286,802 66
Out o f which has been paid :
For inter s t ...................................................................................................................... ...
For div dends............................................................. , ............................................ . . . . .
Fur t xes o * dividends.........................................................................................................
For re i' o f W . Y. and G. R R ......................... ..................................................................
Fo rent o f L. V. and P. R K
............................................. ..............
....................
For reu o f E. & W R R .......................................................................................................
For rent o f E J. and C. R R ................................................................................................
$186,179
29 ’,401
28,950
Il,7b2
10',167
165,0 0
25,i 00
08
00
43
68
00
00
00
T otal................................................................................................................................. $1,117,570 19
Leaving a balance o f $169,234 47 to be applied to the payment o f the next, divi
dend.
The assets o f the company are as follows :
Rail oadand Appuitenances, real estate and e q u ip m e n t..........................................$13,555,720 37
Cash and cash assets........................................................ ................................ .................
1,334,668 63
T o t a l............................................... ............................................................................... $14,939,7^9 00
L IA B IL IT IE S .
Capital stock ............... ....................................................... ................................. . . . . . .
Ronds and other liabilities.............................................................................................
#5,000,000 00
3,982,150 91
T otal........................................ ..................................................................................... $',982,150 91
Amoui.t t acredit o f profit and loss...........................................................................
927,638 09
The report states that the Sinking Funds ha^e been increased $83,000— the
total amount now iu the Sinking Fun i amounting to $766,500. The mortgage fi r
$25,0i 0 o f the Y o r« and Cumberland Railroao Company, due January 7, 1871. has
been pai 1 and canceled, lh e mortgage for $175,100 o f the York and Cuumberland Railroad Company, due on the 1st o f May, 18 0. will be paid at maturity out o f
the funds now in the Sinking Fund.
P ennsylvania R ailroad — N ew B onds. — The following circular has been issued :
O ffice
of the
P ennsylvania R ailroad C omoany, ^
P hiladelphia , >iarch J, 1870.
J
Under authority o f an act o f the Legislature o f Pennsylvania, approved March 22,
1867, and accepted by the stockholders o f the Company at their adjouineo annual
meet ng on the 30th o f A pril following, the Directors o f the Pennsylvania R*ilioad
Company have caused to be executed a mortgage « f ail their railr <ad from the C ily o f
Philadelphia to the City o f Pittsburg, together with all its branches, the personal
proDerty and real estate used in connection therewith, to lYis^ar Morr.s and Josiah
Bacon, o f Philadelphia, in trust, for the sum o f $35,<0 >,000 — ihe amount o f capital
stock authorized by the charter o f the Com pany— ot which $33,493,112 50 is now
outstanding.
Tne bonds secured by this mortgage are issue 1 to the Trustees above named, who
cannot, under its provisions, deliver to the Company at any rime an amount exceeding
the capital stock o f the Company paid in.
5
806
RAILROAD ITEMS.
[Apri
O f these bonds (o f $1,0 0, or £200 sterling) 17,035 bonds will be issued by them
only to retire or to exchange for the existing liens upon the property o f the Company
enumerated below :
1. First mortgage 6 per cent bonds on the road between Harrisburg and Pittsbn g, due ec. 31, 18*0............................................................................................... $4 972,000
2. S econd mortgage 6 per cent bonds on the load between Harrisburg and
Pittsburg, due Mar- h 31, 1875 ................................................................................
4,886,810
3. F ive p r tent bond? held by he S ate o f PeLn ylvariia, Peine a lien on the
road from Phiiade ph a to Columbia, paid off a , the rate o f $400,OtO per
annum, exit auieh r g ihis debt in 1801 ........................................................................
6,082,538
4. S ix per cent dtbentures due 1871, convertible into gentral mortgage bonds. .
1,114 2.4
CO
00
14
UO
T otal................................................. ............................................................ .......... $17,035,602 14
The payment by the Company o f the ab ive indebtedness— to meet which at
maturity it now bolds ample means, independently o f the bonds to be reserved
by the trustees for that purpose— makes the tonda created under this general mort
gage, virtually a fcrst lieu upon all its railways, their equipment and real estate,
<fcc., &c.
i he trustees have delivered to the Company up to January 1, 1870, 7 / 2 0 o f those
bonds, all o f which have been sold, leaving 8,8s3 still deliverable under theronuitions o f the mortgage, exclusive o f 17,035 bonds retained to meet prior liens upon
its railway.
It is proposed to issue at this time 2,000 bonds o f $1,000 each, either in the form o f
coupon or registered bonds, at the option of the purchaser. These bon is bear interest
at the rate of six per cent per annum, payable half-yearly at the office of the Com
pany, in the City o f Philadelphia, on the 1st« f January and on the 1st o f July, on the
coupon bonds, and on ihe 1st o f A pril and the 1st o f October on the regicterei each
issue free from all State taxes.
The statement o f the affi is o f the Company, a9 shown by their books on the 1st o f
December last, was published in the Chronicle o f February 26, 1870.
R ailw at C onsolidation in the W est. — C hicago, March 31.— The St. Paul Press
this morning announces that the negotiations for some time t ending between the
Lake Superior and Missis ippi and St. Paul and Sioux City R dir.-ad Co npanies itr a
lease o f the latter road to the former, h ive been completed, the consolidation to take
place in July, 1871. The lesult o f the agreement in that Messrs. Jay Cooke & Co.
undertake the immediate completion o f the Sioux City road 175 miles,.whim the
old road is to bui-'d from Garden City, its present teiminus, to James City. This
will unite the Union Pacific Railway with Lake Superior.
C hicago and A lton R ailroad . — Directors’ Seventh Annual Report o f the Com
pany’s affairs and its operations during the year ending December 31st, 1 :6 9, is
a9 fo llo w s :
“ The capital stock and funded d e b ‘ o f the corporation remain substantially the
same as represented in the lis t Annual Report, with the exception o f the amount o f
Sinking Fund Bonds outstanding, which has been reduced during the year by the
cancellation o f forty six bonds for one thousand dollars each.
The several amounts are as follows :
Common Stock ......................
$5,145,000
Piet'eried S tock ........................................................................................................ 2,425,40)
---------------$7,570,400
Preferred Sinking Fund b onds outstanding.................
$356,000
First M ortgage b on d s
“
............................... ..................... 2,3^3,0 0
ncom e B onds
“
..................................................... 1,087,000 3,826 000
$11,3*6 400
The fixed charges upon your properry for the year 1870 (including Sinking Fund
and Government tax), may be stated as follows :
Pref rred Sinking Fund Bonds—Interest and Sinking F u n d .......................................
Int r. s o • Fi st Mortgage Bon is, say ........................ ..............................................
Interest on Iuoo »e Bunds
..............................................................................................
Joliet & Cntc.go L ase, including ‘ Sinking Fund............................................................
St. Louis, Jacksouvil e & Chicago R. R ., reu.al .............................................................
$72,030
166,810
76,090
160,440
24t),000
09
00
00
00
00
$7.5,340 0 0
1870]
RAILROAD ITEMS.
307
The following statement will exhibit the gross Receipts and Expenditures for the
year 1869 :
E ASKINGS.
From Passenger Traffic.....................................................
.....................................................
44 Freight
“
“
E x less Com panies........................................... ..
“
Transpor atio U. 3. M ail.....................................
“
Miscellaneous Sources............................................
$1,391 597 43
3,066,143 73
109,324 43
51,542 48
62,954 74
------------------$4,631,562 81
,
E XPEN SES.
F or
“
44
44
“
4‘
Conducting Transportation......................................
Aiotive Pow er..............................................................
Maintenance < f ^ a y .................................................
44
44 Cars..................................................
General E xpenses..... .................................................
0 a xes............................................................................
$574,533
767,186
816,723
302,274
96,235
119,639
22
99
78
26
58
21
2,676,593 01
N et Earnings........................... ...................................................................................... $2,004,969 77
Monthly Earnings for six years past have been as follows :
m o n t h s.
1S64
1865.
1866
1S67
1868.
1869.
January............. ............................$100,991 $2-0,503 $226,152 $243,787 $276,116 $343 181
February...................... ...............
154,417
275, *82 222 251
157,832
275,139
315,098
M a r c h .............................................. 195,802
299,0,3
290,110
235,961
267,094
38><.726
A p ril................................................. 162,722
*58.4S0
269,219
28',164
279,121
328,390
K a y ................................................... 178,7S5
322,277
329,851
335,509
303,342
315.832
J u n e ..............................................
206,090
355,269
371,543
342,357
381,504
402,854
J u ly................................................... 224,256
335,985 321, 97
854,'43
401 012
851,044
A n gu -t............................................. 312,164
409,250 337,26 3
4'5,981
558,100
493,231
S eptem b er...................................... 354,554
401,280
3:2,638
403,991
486,196
506,623
O ctober........................................... 320,379
357.956
860,222
4.6,751
503,745
468,212
N o v e m b e r............................... ... 207 803
307 9 9
3 3,029
359,102
409,568
397,515
December
................................. 825,015
236.824
271,216
33.,169
86.,709
310,350
T o ta l......................................... $2,770,483 $3,810,091 $3,695,152 $3 892,861 $4,508,642 $4,681,562
E xpenses...................................$1,532,105 $2,0u6,574 $2,210,536 $2,149,123 $2,461,182 $2,676,593
P rofit..........................................$1,238,378 $1,833,517 $1,434,616 $1,743,733 $2,045,46C $2,004,969
The financial statement for the year is a9 follows :
IN C M E .
Balance at the credit o f this account Jany. 1, 1:69.........
Net Receipts, as before stated...............................................
$984,667 37
2,094,969 77
$2,989,637 14
D ISB U R SE M E N T S.
Interest on Bonds of ail C lasses,........................................
Pai l S nki"g Funds.................................................................
Rent Joliet & O h c a g j R R., exclusive ot S in k in g ...
F u n d .. ......... ....................... ................................ ................
Rent St. Lou s, Jacksonvill j & Chicago R. R . ..................
Dividends Nos 12 and 13 ....................................... ...........
Government Tax on D v id eal and Si lking F u n d ...........
Loss by Fir., in 1865—Insurau e uncoileciable.................
Cost o f Improvements charged this a c c o u n t ....................
Transferred to oupply a ccou ut.............................................
$270,235 00
66,000 00
140,701
240.000
756,655
42,12
59
10
09
94
15,huO00
907,500 86
500.000 00
2,938,216 39
Surplus Decem ber 31st, 1869,
$51,423 75
It has heretofore been the practice o f th s Company to represent wh it may be
properly called its working capital, (invested in materials for Repairs, Fuel, Station
ery, and supplies o f v a r iu s kinds required for the operation and repair o f its
railway), in the statement o f its Income account, in which the cost <f the same
has been from time to time charged as purchases h ive been made, an 1 the proper
credits given as the materials have been consumed or put to their proper u e.
The value o f such supplies necessarily kept on hand at all limes to insure the
prompt and efficient Working and repair o f your railway is very gr at. It is,
however, not the same at all seasons o f the year, but the average amount i9 about
$5 00/ 00.
In referring to annual statements heretofore made, many stockholders have
assumed that, the balances appearing at the credit o f the Income account (which
have embraced the cost o f supplies), were available for the purpose o f dividends,
308
railroad items.
[April,
notwithstanding the fact that a more careful reading o f the reports would in all eases
have shown them their error.
To avoid anj possible future mis-apprehension on
that point, it has been decided to open a new account to be called the Supply
account, to which a transfer o f five hundred thousand dollars ($500,000), has been
made from the Income account, as appears in the foregoing statements.
The gross receipts o f your line for the year exceed those o f the preceding year,
one hundred seventy-two thousand nine hundred and nineteen drdlars and eighty
four cents ($172,919 84), or 3 8-10 per cent. The increase is found to be from the
following sources : From Paesenger Traffic, $86,027 27, or 6 6-10 per cent. From
Freight Traffic $112,514 34, or 3 8-10 per cent.
The aggregate receipts from Express Companies, from the Phited States for tran
sporting the mails, and from miscellaneous sources, are reduced, as compared with
1868, about 1 per cent or $25,621 77.
The Coal Traffic o f your line continues to increase rapidly.
Commencing in
1865, 6,000 tons were transported, and in 1869, 266,096 tons. The aggregate ton
nage o f freight transported during the year shows an increase over 1868, o f 15 per
•cent, 90 7-10 per cent o f the whole amount being local, and 9 3-10 through.
The number of Passengers transported during the year amounted to 731,553, an
increase over 1868 o f 122,679, or 20 3-10 per cent. O f the number transported,
689,852, or 94 3- 0 per cent were way, 41,701, or 5 7-10 per cent through. The
average amount o f fares pa'd by way passengers was one dollar and forty-nine
cents. The average in 1868 was tne dollar and sixty-eight cents. The foregoing
statements Bhow that more than nine-tenths o f your entire traffic is local, which
cannot be seriously affected by competition.
N ot a single passenger was injured d oling the year.
The operating exp nses, including taxes, amount to 57 17-100 pel cent o f gross
rec ipts, being an increase o f 2 57-100 per cent over 1868.
It will be seen from the foregoing itatements that, notwithstanding the number o f
passengers transported during the year was more than 20 per cent greater, and the
tonnage o f freight transported was increased 15 per cent as compared with the
preceding year, the net receipts were about $40,000 less.
This result is in consequence o f the fact that it was found necessary to accept
low er rates for transportation, owing to the general reduction o f values and especially
the reduction in the value o f agricultural products, upon which your traffic so largely
depends, without being able to make a corresponding reduction in operating expenses.
I t is a well-known fact that when the price <f labor has been increased from any
extraordinary cause in a country so sparsely populated as the W est, it requires time
to reduce it to its proper level, when the causes for its advance no longer exist. A t
the time o f writing this report the cost o f labor is less than the average o f the past
year, and will probably continue to bear a less ratio to the receipts o f your Com
pany during the year 1870 than during the preceding year.
The condition o f your property has been not only fully maintained, but, as a whole,
it has never been at any time in the past equal to that o f the present.
During the year, fifty miles, or 18 per cent o f the main line has been relaid with
new and re-rolled iron.
Five and one-eighth miles o f additional side tracks have been constructed. The
second, or double, track has been extended from BraceviUe to Gardner, and grading
for extending the same nearly completed from Gardner to Dwight. Other important
improvements an J additions to bridges, superstructure, <Szc., have been made
Eleven Locom otives have been added to the ninety-seven on hand at the com
mencement o f the year, ten by purchase and one constructed at the shops o f the
Company— the cost o f the latter being included with Operating Expenses, and
embreaed in the aggregate before given.
The condition o f the engines hrs been fully maintained, at a cost per mile run o f
about 10 per cent less than that o f the preceding year.
D etroit and M ilw aukee R ailroad .— The following summary o f the annual report
o f the Detr it and M ilwaukee Railroad Com pany for the year 1869 is from the
Detroit Post: The gross traffic and rents for the year, exclusive o f the Lake Michigan
proportion, were $1,615,618 27, being $8,616 8 ' less than the receipts o f 1868. The
working expenses, taxes and insurance were 1949,351 26, being $29,142 34 greater
than in 1868. The working ex enses were 55.20 p e rc e n t o f the gross receipts,
being 2.04 per cent more than the rate o f 1868. The net revenue was $666,267 01,
1870]
RAILROAD ITEMS.
309
being $38,190 65 les9 than the previous year. This was applied a9 follows: Interest
on bonded debt existing prior to 1866, $363,G32 57; toward principal and inte-est on
bonds o f June 8 , 1866, $135,840 84; toward dividend on pr ference shares, $146,650.
The balance to the credit o f net revenue December 31, 1868, was $103,429 61, and
the balance, after providing for the foregoing, December 31, 1869, was $104,w63 41.
The event o f the year in the Company’s history has been the change o f the terminus
at Grand Haven irom the west to the east side o f Grand river. $123,236 has been
expended in this important improvement.
The annual meeting o f the Pittsburg, Fort W ayne and Chicago Company was held
on the 15lh instant, at the Company’s office, in I'ittsburg. From the report o f the
President to the stockholders we make the annexed abstract:
The lease o f your railway aod property, which was executed on the 7th o f June
la6t, approved by you on the 24th of June, was carrie i into practical execution on
the 1st o f July following, by a surrender o f the same to the Pennsylvania Railroad
Company, and by that Company received according to the terms of the lease, and
since managed snd controlled exclusively by that Company. During the six months
o f the lease the gross earnings were as follows :
Earnings o f main l i n e .........
.......
........
.........................................................$3,950,4 9 10
Mxty per c ut o f earniDgs o f Newcastle b ranch..........................................................
73,542 53
S ixty per rent o f earnings o f Lawreuce Br inch
..............................................
3 >,078 0T
S ixty per ce t o f earnings o f Akron Branch..................
96,908 77
Interet-t due from Cleveland & Pittsburg Railroad Com pany....................................
6.913 75
T ot 1 ...............................................................................................................
Expenses of main line
..................................................................................
Expenses o f Newcastle Branch...............................................................
.
Expenses o f Lawrence Branch.........................................................................
Expenses o f Akron fcr&ncn................................................................................
$4,146,882
$2,143,145
38,476
27,994
68,261
22
62
83
35
33
9 otal...................................................................... .............................
$2,277,878
$1,869,0 4
1,283,956
29,369
13
09
80
75
Leavin r a profit o f .............................................................................................
Am ount pa d and p 'yab e by the te
o f the lea se....................................
Due C levelm d & I’ ittsburg Railroad Co. in division o earnings...........
Total ........................................................................................ ...................................... 313,326 55
Expess o f net e irn ngs ...................................... ..............................................................
515.677 54
Being an apparent profit for the first six m onths o f the lease o f ...............................
555,677 54
The whole o f this amount, excepting $36,829 50, was expended on the road for
construction, equipment aud extraordinary expenses, $78,913 having been expended
in ten new locomotives, and $140,167 22 in new freight cars, <fcc., &c.
On the application o f thn lessees o f the roid , and without prejudice to the lease,
your B oa'd has sold the, Akron Branch Road— >o called— to a new organization, called
the Clevel nd. Mount Vernon and Delaware Railroad Company, for $1,000,000 o f the
stock o f that Company, said Company assuming to p iy the $153,000 outsta ding
bonds against the Akron Branch Road. A t the time o f your approval o f the leise
you instructed your Board to capitalize the amount received for rent, so that, with
new certificates c f stock to be issued in substitution o f the old, there should be a
perpetual dividend o f 7 per cent per annum, payable quarter-annually, free o f all
taxe*. Y our Boar i has carried these instructions into effect, and the new certificates
were issued so as to make the first dividend payable on the 1st o f October last.
N e w E ngland R ailroad I tems . — The Ogdensburg aud Lake Champlain R iilrcad
has been leased to the Vermont Central and Vermont an l Canada Railroads f-r the
term o f twentv years. By the terms o f the lease, the Ogdensburg and Lake Cham
plain Railroad Company are to receive for the first three ye<rs six per cent per
annum, for the three succeeding years seven per cent, and eight per cent for the
remaining fourteen years. This effects a practical consolidation o f the roads between
Lake Champlain and Boston for business purposes.
Jhe Bo ton and Lowell, C mcord,
Northein, Vermont Central, Vermont and Canada, and Ogdensburg and Lake Champ ain, and it is relieved to be the fou-dation o f a permanent pr< sperity which the
antagonistic influences o f past )ears has tended to prevent. The amount guaranteed
to the road is to be free o f Government tax.
— ! he Supreme Court o f the State o f Maine has recently made a decision which
is important to shareholders. In April, 1847, the Portland Saco, and Portsmouth
Railway Company leased their road to the Eastern and Maine Railway Companies,
iu consideration o f the payment ia coin, semi-annually, o f the sum o f $3 for each and
\
310
RAILROAD ITEMS.
[April,
every share o f the capital stock o f the Portland. Saco and Portsmouth Railway Com
pany. Payments under this contract were promptly made until June, 1868, when
they were made in legal tender currency, being received under protest. This continued
up to June, 1869. The Portland, Saco, and Portsmouth Railway Company having
claimed p lyment o f the difference betwe n the value o f t h -s e v ral payments in
the legal tender currency and the coin currency, this claim was compromise ! by the
payment by the lessors o f the sum o f $1 8',000. The question which the court was
called upon to decide was whether this $1 80/ 0 should be divi ed among the several
and respective stockholders owning shares when the several semi annual dividends
were paid, or to those who are stockholders at the present time, some o f whom
purchased their shares since the whole or parts o f the dividend were paid in
cu rency. The C-urt held that inasmuch as the stockholders have no claim to a
div dend until it is declared, the present holders o f the stock are entitled to the
$18o,000, to be paid them as a dividend.
— A recent decision o f the Supreme Court o f Verm ont practically restores the
Rutland and Burlington Railway Trustees o f the first mortgage. In a suit instituted
by Messrs. Cheever and Hart, Trustees under the first mortgage, against the Rutland
Ra lway Company, the Supreme Court deci le I that the first mortgage b nds must be
paid belore June i , 1870, or the pi ssessirm o f the road be surr n ered on that day
to the first mortgage bondholders. It will be remembered that in the year 1868
the second mortgage holders were incorporated under the name o f the “ Rutland
Railway Company,” and were authorized to i-sue preferred stock for the redemption
o f such ot the first mortgage bonds as the holders would relii quish. The oppo tumty
for an exchange w j s generally accepted, but a minority o f the holders o f the first
mortgage bonds refused to surrender their stock, and, represented by M ssrs. Cheever
<fe Hart. Trustees, b ought suit to recover control o f the road.
I he case was taken
up 13 the general term o f the Supreme Court at Montpelier, 1 st fal', and ar ued with
great ability on both sides. The decision o f the court tnat the $780,000 o f uncon
verted first mortgage b on is must be pai 1 up, with interest, by the first of June next,
or the control o f the road relinquished to Messrs. Cheever and H a;t, Trustees under
the first mortgage, it is thought will induce the stockholders of the company to take
steps to p i y off the outstanding first mortgage bon is, and obviate th- necessity o f any
transfer from the present managers. In that case, ihe <uly probable change will be
after the first o f June the ro a i will be formall run by the Rutland Railway
Company, o f which ex-Governor Page is President.— Exchange.
E rie R a il w a y E arnings . — Mr. Jay Gould made the fo'l wing statement in his
remaiks before the Senate Railroad Committee o f the New Y ork Legislature: I
have had estimates prepared showing the amount o f the gross earnings of the past
three months, together with the amount paid fo labor during the t-ame pern d, as
compared with the ihree corresponding months o f the preceding year, as follow.-:
December, 1868...................................... $1,192,309 j December, 1F69..................................... $1,170,891
Janua y, 1869 ..... .................................. 1,147,6 5 |January, lb70................................. ..
1,140,748
February, 1869......................................
998,793 | tebiu ary, lo70................................... 1,001,311
Total, three m onths.....................$3,345,7h8 |
Total, three months...................... $3,372,5 50
Increase...................................................................................................... ........................................ 27,161
Amount o f pay-rolls, December, 1868 $530 530 14; January, 1869, $514,623 12 ;
February, 1869, $486,<’69 5 ; Total, $1,531,212 76. Am ount o f pay-robs D cember,
1869, $487,367 12 ; January, 187o, $428,7n6 7 2 ; February, i8 7 0 ; $4b8,b32 2 5 ;
Total, $1,324,756 69. Decrease in cost o f labor, $206 456 67.
— The New Y ork World says : The folb w in g telegram from San Franci co was
published in some morning journals : “ The Central Pacific Railroad has purchased
the San Jose Railroad. The first payment o f $3,500,000 will be made in New York
on the 1st o f A p ril.” This statement is incorrect. The Central Pacific Railway
Company has not bought this or any other railroad. Capi alists in t w York and
San Francisco have bought the San Francisco an i San Jose Railroad for the sum o f
$3,250,000, and the first instalment o f $500,000 wilt be paid on A pril 1.
— The St. L uis Journal c f Commerce says o f the South Pacific Railroad :
The track is now laid tweuty miles beyond Lebanon, and will reach Springfield
(241 miles from St. Louis) by the 20th o f A p ril next, aod reach Neosho, fif.y miles
further, by the 1st o f July. One regular daily pa9sengei and tw o freight traina
now run to Lebanon, there connecting by stage to all southwestern points.”
1870]
RAILROAD ITEMS.
311
— The Kansas City Journal o f Commerce announces o f the Kansas Pacific Railroad :
“ Trains will run through from State lme on the Kansas Pacific to Carson City by
the 25th o f the present month, A nigh* express is to be put on the road from
Kansas Citv, landing the passengers in Denver City in sixty hours. Carson is 150
miles from Denver, and the staging will be made in twenty-five hours. This gap o f
150 miles will be filled with iron track by next October.”
C hesapeake and O hio R ailroad .— A t the recent meeting o f the Directors o f
the Chesapeake and Ohio Railroad Company, the prop sals for construction were
examined and contracts awarded to the lowest re ponsible bidders for the greater
part o f the w :r k on the line between White Sulphur Springs and the Ohi > Ra Iroad.
Nearly 7,000 men wi 1 thereby be at once placed upon the line, and in all probability
the section o f 75 miles between the Kanawha coal fields and ihe Ohio Riv r will be
completed within the year. The work has been let at figures very satisfactory to
the Company, and much below the original estimate of the chief engineers. The
Secretary o f the Company also reports that the floating debt of the road, nearly,
$1,0 0 000, has been paid o 1; the interest o f the State n the Blue Ridge Tunnel,
$1,800,000, has also been provided for by the purchase o f V i ginia bonds. The
financial prospects o f this Company are altogether flattering, and the subscriptions
to the loan in the hands o f Messrs. Fisk tfe Hatch, the financial agents, are reported
so encouraging ao to justify the most energetic prosecution o f the work.
I llinois C entral R ailroad C ompany . — R eport
for the
Y
ear
E nding D ecember
81, 1869.— The gro-s earnings were $1823,482 2", working expenses $4,924,594 20,
State taxes $479,358 15, and rent of leased lines in Iow a $532,154 47. leaving net
earnings $2,887,375 38, against $2,414 984 58 in 1868, being a gain of $472 390 80,
or 19^ per cent. The per centage o f expenses to earnings, including State taxes,
was 61^ per cent against 64.37 in 1868.
The gross earnings in Illinois were $7,380,997 90, and the net $2,732,756 16,
being an increase over last year ol $438,0<>9 43.
The gross earnings of thejeased lines included in above amount were $1.44’ ,484
30, working expenses $741,285 77, State taxes $14,424 84 and rent $532,154 47,
leaving a net profit o f $154 619 22.
It w ill be observed that there is an increase o f 103 i miles in leased lines in I wa,
as compared with the last report. The extension comprises 54 miles of the Cedar
Falls a id Minnesota Railroad, and 49 miles o f the Iow a Falls au 1 Sioux City
Railroad, making a total length o f 258£ miies now worke I in Iowa.
The tonnage hauled du ing the year was 1,601,972 ton9, against 1.439,675 in
186w, and the average distance each ton was ha led was 158 14-100 miDs. ugairst
157 miles in 1868. Thin, owing to the decline in value o f cereals, has been trans
ported at. a considerably reduced rate per ton per mile, as compared with the
previous year.
Our expenditures on maintenance o f w ay during the year amounted to $1,314 028 86,
which includes the cost o f 8,255,610 toi s new iron.
The amount charged to permanent expenditures was $884,776 99, of which
$431,592 70 was for construction, and $441,713 for equipment.
The bridge across the Mississippi, between Dunleith and Dubuque, opened on the
1st o f January, 1869, has been used successfully, and enabled us to transport without
interruption a large amount o f freight.
The funded de'r.t was reduced $858,000, and on the 1st January amounted to
$?,519,590, or, deducting the special lund above referred to, leaves an even sum o f
$8,000,COO.
LAND
DEPARTM ENT.
The low price o f wheat and the alm o-t tot al failure o f corn through the central
portion o f the State made it difficult for the farmers to pay up in full to the Land
Department. The collections amounted to $2,55 ,717 70. During the year there
were surrendered to the trustees $1,467,000 o f construction bonds. O f ihe $ *.335,774
construction bon Is now in hands o f trustees, $2,579,000 are in advance r f collection!.
There were 85,860 acres sold to 1,521 purchasers Tor $899,348 71, being an average
o f $10 48 per acre, and o f 56 arres to each purchaser. U p to the close o f the year
1,356.830 51-100 acres o f the o ig in a l grant o f land had been deeded to imrc>iasers,
and returns thereof made to the State authorities. The amount owing to the company
[April9
railroad items.
312
for lands sold W38 $4,492,851 60, and the number o f acres unsold 457,779 17-100,
o f which nearly 400,0'» 0 acres are located south o f the centre o f the State.
The number o f acres of lands remaining unsold at the end of the year was 457,779
17-10C acres, located as follows :
ON MAIN LINE.
Between
Between
Between
Between
Cairo and the Ohio and M ississippi R ailroad........................................ 272,312 52 acres.
the Ohio and M ississippi Railroad and D ecatu r.... ............................. 61,954.64
Decatur and D x o n ......................................................................................... 17,794.26
“
D ixon and D unleith....................................................................................... 16,533.02
ON THE CHICAGO BRANCH.
Between the Ohio and M ississippi Railroad and T o lo n o ...................................... 54,355.14
Between T olono and Chicago
......... ......................................... ............................ 35,729.59
kt
The earnings during the year are $8,844,320 17, from the following sources :
COMPARATIVE STATEMENT OP EARNINGS FOR THE TEARS 1868 AND 1869.
Freight..................
Pa^Bi-r g e i s . . .........
E xt'-a b ggage___
bleeping ca rs.......
Mails.................. .
E x p r e s s ..............
Rent o f property
D ock a g e... .........
R ent o f ca rs.........
T otal..............
1869.
*16 809,667
2,102,990
3,342
24 547
86,885
202,045
117, S73
13,426
23,371
1868.
$>,660,803
1,868,747
2,604
$8,884,320
$7,892,629
Increase
in 186«.
$749,564
234,242
538
24,547
2,085
84,800
219,811
113,942
15,057
27,162
Dec? ease
in 1869.
$17,7%
3,931
** J.631
3,791
$991,690
.............
Showing an increase o f $991,690 93, or 12 56-100 per cent over gross earnings
o f 1868.
B elow is a statement o f operation expenditures for the year, amounting to
$4,924,594 20.
Salaries.........................................
Gener 1 e x p c n -e s ........... ............
Claims ana damages.................. .
Station expenses.........................
Train expenses.............................
M a;ntenance o f m achinery........
Maintenance * f w ay.....................
Repairs o f fenc n g .......................
Oi era tn g St. Charles A ir Line.
Lega expenses.............................
I n s u r a i i C e ....... ............................................
1869
$175,620
257 959
*8,501
696,587
99^,749
1,246,478
1,314,028
107,062
7,567
17,365
40,673
29
93
S8
00
64
21
80
26
12
22
79
L oss and damages by fire...........
T otal........................................
$4,924,594 20
186*.
$149,779
187,436
114,662
616,198
859.245
1,223,812
1,260,443
106,104
7, 69
17,616
48,332
108
62
85
22
59
44
04
54
57
25
74
70
$4,590,6S1 91
Showing an increase o f $333,912 29 over the expenses o f 1868, and operation
expenses o f 965^ miles o f road, an increase o f 103£ miles, due to the extension c f
leased lines, accepted at diffeient times duri» g the year.
The proportion o f operation expenses, exclusive o f charter tax, to earnings, is 55
43 100 per cent.
U n i o n P a c i f i c . — The Boston D aily Journal says : — One plain fact is that in the
very first year o f its existence the road has earned $8 090,' 0 gross. From all we
can learn it may be accepted as a plain fact also, that with no new work to do—
with a finished road up to the severe Governm ent standard as it now is— it can be
run at an expenditure o f 50 per cent at most.
The road will begin its second year practically free of floating debt, according to
official figu res:
Annual interest on $28,000,000 o f First Mortgage bonds, gold 120.................................$2,0’ 6,0r0
On $lu,000,000 of Land Grant bonds......................................................................... ...........
7C0,< CO
On $10,100,000 o f Incom e bonds.............................................................................................. 1,000,000
T otal
...................
............................................................................................... ............ $3,736,000
* This includes $701,838 07, the amount o f e a rn iD g s over other roads, excluive o f leased
li n
b
1870]
PUBLIC DEBT OF THE UNITED STATES.
313
— Passengers for China and Japan can now procure through tickets in Chicago at
the following rates:
$390
458
460
4(52
464
208
Chicago to Yokohama, Japan..................
“
Hong Kong, China..................
“
Shanghai,
“
.................
'•
N gasaki,
“
.................
Ilog o, Japan...........................
“
Honolulu, Sandwich Islands
— The annual meet ng o f the A llegheny V alley Railroad Company was held at
Pittsburg on February 23d, when the President submitted the following statement o f
the aggregate receipts and expenditures for the year ending January 31st, 870, as
follows :
Gross earning3 for the year end:ng January 31, 1870.....................................................$1,204,777 02
Expenses during same p e rio d ... . ...................................................................................
t93,852 34
Net f'a-ni ’ gs ......................................................................................................... ........
Gross earnings tor the year en ing January 31, 1889.....................................................
Expenses daring same p eriod ........... . . . .......................................................................
$510,924 63
$92 v 8 ! 37
682,863 67
N et earnings...............
................................................................................................ $245, 19
Increase in gross earnings last year 29 8-10 per cent, o r .............................................. $27*,W93
Incre se o f ejpenses, 1 6 10 par cent, o r....................................................................... .
10.938
Iucrea;e o f net earnings last y^ar, oy. r pre ions year, 108 4-10 per cen t................ $285,705
6S
65
65
00
C h ic a g o a n d A l t o n .— The deed transferring to this comp ny the railroad
from Dwight to We ona has beej and is now operated by the Chicago & Alton
Company The section between Dwight and Streator h-’s been completed bnt
a little while and has been operated only by the contractors heretofore. From
Streator to Wenona the road has been operated about two years and has
become an important coal ro^d. The coal mines which furnishes this road
with freights are at and near Streator.
W e s t e r n M a r y l a n d R a i l r o a d —The ordinance passed by the City Council,
and ratified by the Maryland State Legislative, authorizing the endorsement
by the City of Baltimore of the bonds of the Western Maryland Railroad
Company to the amount of $lf400,000 was approved by the voters of Baltimore.
Of the amount of bonds authorized to be issued and end,r>ed $200,000 are to
be sjt apart and reserved for the construction of the line from Owiugs’ Mills
to Baltimore.
THE DEBT STATEMENT FOR APRIL, 1870.
The following is the official statement o f the public debt, as appears
from the books and Treasurer’s returns at the close of business on the last
day of March, 1 8 /0 :
D e b t b e a r in g in te r e s t i n C oin.
Character
o f Issue.
When Payable.
5’s, Bonds..........After 15 years from J anuary 1,1859 ....,
5’s, B o n d s ........ After 10 years from January 1,1861....
6’s o f 1881........... After December 31,1880........................
6’s, Oreg.War,’81.Redeemable 20 years from July 1,1861.
6’s o f 1881.......... At pleas, after 20 years from J une 30, ’61.
6’s, 5-20s.............. 20 years from May, 1, 1862*...................
6’s o f 18S1........... After June 30,1881.....................................
5’s, 10-40’s ........... 40 years from March 1,1864+..................
6’s, 5-20’8 .............20 years from November 1, 1864*...........
6’s, 5-20’s ............ 20 years from November 1,1864*............
6’s, 5 20’s .............20 years from November 1,1865*............
6’s, 5-20’8 .............21 years from July 1, 1865*......................
6’s, 5-20’s .............20 years from July 1,1867* .....................
6’s, 5-20’s .............20 years from July 1 ,186S*......................
A ccrued.
Interest.
$250,000 00
8 ,775 00
7,022,000 00
276.225 00
18.415.000 00
945,000 00
14,175 00
189,318,100 00 2,839,771 50
514,771,600 00 12,869,290 00
1 125,000 00
75.0
0,000 00
194.567.300 00
810,697 08
97,062 50
3,882,500 00
125.561.300 00 3,139,032 50
203,327,250 00 5,083,181 25
332,998,950 00 4,994,984 25
379,5^3,750 00 5,693 906 25
638,090 25
42.539.350 00
Amount
Outstanding.
$ 20 ,000,000 00
Aggregate of debt bearing interest in c o in ................... ........................... $2,107,942,100 00 $37,919 190 58
Coupons due, not presented for payment..................................................................
5 814,314 37
Total interest............................ ...................................................................................... $13,773,504 95
314
[April,
PUBLIC DEBT OP THE UNITED STATES,
D e b t b e a r in g in te r e s t in L a w fu l M o n e y .
3’s, Certificates..On demand (interest estimated)...................................... $45,565/00 00
3’s,Navy pen. Pd. Interest only appiic. to pay. o f pensions...........................
14,<0 ,000 00
Aggregate o f debt bearing interest in lawful m oney............................
$59, 65, 00 (.0
$378 859 45
1 5,000 00
$483,859 45
D eb t o n w h ic h in te r e s t h a s ceased s in c e m a t u r i t y .
6’s. Bonds........... Matured December 31.1862 ................................................
6’s, Bonds...........Matured December 31, 1867................................................
6’s, Bonds...........Matured July 1, 1868 (9 months’ inter.).............................
5’s, Texas indem.Matured December 31, 1864...............................................
Var., Tr’y notes.Matured at various d a tes .................................................
5@5k’8, Tr’y n ’es.Matured March 1, '859 .......................................................
6’s, 1 eas. notes.Matured April and May, 1863............................................
7 3-10’8,3 years.. .Matured August 19 and October 1,1864...........................
5’s. 1 & 2 years.. .Matured from Jan. 7 to April 1,1866 ...............................
6’s, Certif. ofind.Matu ed at various dates in 1866......................................
6’s, Conip. int. n.Matured June '0, 1867, and May 15.1868...........................
4,5 & 6’s. Temp. 1.Matured October 15,1866 ..................................................
7 3-10’s, 3 years.. .Matured August 15, 1867. and June 15 and July 15,1868
A ggr’te o f debt on which int. has ceased since matur.
$6,000
12 350
57,700
242,000
103,564
00
00
00
00
64
2,100 00
$36) 00
741 00
1,7 1 00
12,100 00
3,069 35
111 (0
2,311 8.0 00
18 ,310 00
681.600 00
11,000 00
195 00
1,098 65
12,587 00
6 0 CO
447,863 87
7,513 91
24.''.8 40
$3,914,336 64
$512 908 68
3,250 10
30 100 00
211.551 00
D e b t b e a r in g n o in te r e s t.
Amt. outstand.
...
$109 621 00
... 356,000.000 00
39/ 68 079 61
.*.. 38 848,500 00
Authorizing acts.
Character o f issue.
July 17,1851 and Feb. 12, 1862........... Demand n otes...........................
Feb. 25 & July 11, ’62, & Mar. 3, ’63 .. U. S. legal-tender notes...........
July 17, 1862—
......................... Postal currency .......................
March 3,1863 and June 30,1864........ Fractiona cun e n c y ................
March 3,1863......................................Certificates for gold deposited,
,$434,526,200 61
Aggregate o f debt hearing no interest
R e c a p it u la t io n .
Debt
bearin g
I nterest ii * Coin —Bonds at 5 p. cent............................
Bonds ai 6 p. cent............................
Amount
Outstanding.
$22 .58 . 00 00
1.8',;,352 800 00
TDtprpRt
lntere8t
Total deb' bearing interest, in coin....................................................... $2,107/42, 00 00 $43,733,504 95
D ebt UK <RlN'1 ATERKST IN I A > FUB M NE —
< ertifleates at 3 er o nt ..................................................................... $45/6",0 0 0)
Navy p. n ion fund, at 3 per cent........ ............................................
14,000. 00 00
Total debt bearing interest in lawful m o n e y .....................................
D ebt u.\ w i c i Nr. a s c a s ^l* sknc* m a t u r it y ................................
1Je .,t BEAR ' G N'> I.NTKRE-*1I—
De nand and b*ga’ tende~ not 8...........................................................
Postal and fractional cur ency............................................................
Certificates o f gold d. po ite.i.............................................................
$59.56 •000 00
8,914,336 64
$35° 109 621 CO
39,56 ,079 61
18,848,500 00
Total debt bearing no interest...............................................................
$134,526,200 61
4 3,659 45
512,908 68
T o ta l.................................................................................................... $2 605,947,637 25 $44,730,273 08
Total debt, prin. & int., to date, inclu li g coupons due not presented lor ■ayment. $2,' 50,677,910 33
AMuUNT n. T ub ir asury —
Coin............................................................................................................................... $105,413,745 08
< urr n c y .....................................................................................................................
7,472,729 65
Sinking und in U. c in n ’st b’ds, an I acc M int. thereon ...........................
30,047,642 00
(. tlier C S. coin int. b ’ds purchased, and accr’d int. thereon............................
75,181 667 86
Total.............................................................................................................................
$218,1'5/82 59
Debt, h 68 amount i <the Treasurv.................................................................................... 2,432,562,127 74
Debt, :ess amount in the Treasury on the 1st ultimo..................................................... $2,438,327,477 17
Decrease o f debt during the past month...................................................................
De rease cl debt since March 1.1870 ..........................................................................
5,766 349 43
$5,766,349 43
R o n d s is s u e d to th e P a c ific R a il r o a d C o m p a n ie s , I n te r e s t p a y a b le in
L a w fu l M on ey.
Character o f Issue.
Union Pacific C o.......................................
Ka sas P -cific lat U. P. E. D ...........
Siou < itv and Pacific..............................
Central P acific..........................................
ot Atchison & Pike’s P ea k ................
Central Bra ch Union Western Pacific
assignees Pacific.....................................
‘ Total issued,
Interest
Interest
Interest Balance o f
Amount
acc ued
paid by
repaid by inte’t paid
outstanding, and not
I n h a transn’ iiun by Un ted
vet raid.
States, o f •• ails.&c. States.
$27. 75.000 00 $106 125 00 $2,894,087 1$:.207.531 50$l,6c6/05 71
6,303 000 00 94.545 00 1,023, C3 <9 675,304 67 348 598 42
1,«28,320 00 24 424 80 145 358 29
369 4)
144.988 89
2 ,881, 00 00 382,310 00 2,491 286 44 13T9t3 55 2.351,372 89
1,600,000 00 24,000 00 253,808 26
7,401 92 246,406 34
1,970,0 0 00
28 423 00
73,22167
73,22! 67
64,4,7 3.0 00 959,827 80 6,881.664 96 2,030,571 04 4,851,093 92
* These bonds are redeemable at any time after 5 years from the date here given and pay
able >frer 40 yesrs.
1 These bonds aie redeemable at any time after 10 years from the date here given and payable
after 20 years.
1870]
COMMERCIAL CHRONICLE AND REVIEW.
316
COMMERCIAL CHRONICLE AND REVIEW
Monetary Adairs—Rates of Loans and Discounts—Ronds sold at N ew Y ork Stock Exchange
B o ■rd— Prica o f Government Securities at N ew Y ork —Course o f Consols and A m erican
Seen ities at New Y ork —Opening, Uighe-t, Low est and Closing Prices at the New Y ork
Stock E xch an ge- Genera] Movement o f Coin and Bullion at N ew York Course o f Gold
at N ew Y ork —Coarse of F ore gn Exchange at N ew York.
The last month has been characterised by a general quiet in business. The
spring trade has not opene 1 satislactcriiy in its general features. There has
been a full representation of buyers fiom ail sections; but they hove operated
with camion, taking ojtiy small parcels tor immediate wants, and the aggre
gate of business has been light. The recent heavy decline in gold, although
attended with a general dec ine in values has shaken confidence in current
prices; and the pending legislation in Congress has inteisifiei his uns t'led
feeling. The Senate funding bill, designed, as it is, not merely to provide for
the consolidation of the debt, but also to precipitate a return to specie payments,
has produced an uneasy feeling and the disp osition has been guteral to avoid
engagements as much as possible until the fate of the bill becam■more appar
ent. This feeling has pervaded financial circles as well as the merchandise
marke s, but, at the close of the month, the general conviction that the funding
bill will be defeated in the House, and that probably no financial meaiures ol
immediate importance will be adopted at this session bas produced a more
cheerful feeling and an improvement in the general aspect of business
T h e M o n e y M a r k e t ha-* eshibited an ease unusual at this season of the
yeir. The banks in ail sections of the country have been well supplied with
funds, and have cot found it necessary to draw to any important extent upon
their New York cat respondents ; nor bas there been, towards the close of the
momh, tire usual remittances to the banks of the Middle States in connection
with the Apr 1 sett'ements; so that rater are easier at the close of the month
than at the opening, call loans being 4 to 6 per cent, and di counts of the best
grades of paper 6£ to 8 per cent. The associated bonks hive lo3t during the
month about $4,000,000 of deposits, and $L,600,000 in legal tenders, while
the loans have increased $2,7^0,000. Compared with one year ago, the lega ^
tender? stand $2,100,0 0 high r; the deposits $28,800,000 higher: while the
specie line showrs an incre se of $20,200,000 and the loans an expansion of
$3,900,00 i. It will thus be seen that the condition of the banks is much
stronger than at this period of last year, and affords the basis for a steady and
active busine s. This unusual ease i * the money market appears tobepirtly
the effect ■f the late decline in prices, but is, perhaps, due more lo the general
dulness of business. It has not had the effect of encouraging speculation in
Wall street, which may be, in part, due to there being no conditions especially
calcu’at d to incite speculative operations, for it must be remembered that
indue ments quite as much as monetary facilities are necessary to this class ol
transactions.
COMMERCIAL CHRONICLE AND REVIEW.
316
[April,
U nited S tates S ecurities have been extremely dull and weak.
Prominent
operator- who have been familiar with the course of the Funding Bill, have sold
largely both of bonds and gold, and their operations have been b:cked, appar
ently, by bills and resolutions introduced in Congress obviously intended to
break down prices. In this way an uneasy feeling has been created ; and under
an idea that we might be closely verging upon thespecie basis, when both bonds
and gold would range near par, investors have thrown Urge amounts of stock
upon the market, while banks and financial institutions hare postponed buying
until it became more apparent wbat disposal would be made of the financial
measures pending in Congress. The tffect of this uncertainty has been to
caase a greater disparity between the price of bonds and the price of gold than
exi.-ted at the beginning of the month; but at the close, upon its being understood
that there is little or no prospect of the Fundi g Bill being adopted, the market
advanced 1 to 2 per cent and c'osed very firm. The lowest price for SixtySevens during the month was 107J, while on the 30th they advanced to l(i9f.
The Government bought, during March, $4 000,000 ol Five-Twenties on ac ouut
of the Siuking Fund.
BONDS 8 0 L D
AT T H E N. T . STOCK EXCHANGE BO ARD .
Classes.
U . S. b o n d s ............
St>»te & city bonds,
Company bouds. .,
1869.
$25,890,200
4,322,325
2,167,500
1870.
$17,713,750
7,9%,911
3,457,100
Total—March
Since January 1
$31,880 025
93,019,935
$29,168,361
82,56?,761
In c.
$ .........
3,674,586
1,290,200
Dec.
$7,676,450
.........
$2,711,664
10,451,174
T h is S t o c k M a r k e t has been devoid o f any special interest. Prices have
been steady, in spite of the decline in gold and a somewhat general fa ling off in
the earnings of the Western roads, it being argued that the fall in gold only
increases the purchasing power of the dividends, and that the falling off in
receipts has been c ue to the prevalence of severe storms, interrupting carriage.
The larger holders have made efforts to move the market, but with little effect,
there being still no adequate outside element to sustain any important movement.
The •xtreme ease in money has discouraged any effort to break down prices,
while it has had no appreciable influence in stimulating operations for an
advance. The principal interest has centered in Rock Island, Like Sh re, North
western and Pacific Mail, the transactions in each having been large, but
without any violent fluctuations in value, except on Pacific Mail, which fell to
3( £, but later reached to 3r£ Other stocks have been steady The total transaetious at the Stock Exchange lor the month reach 590,760 shares, against
1,045,055 for the same momh of 1869.
STOCKS SOLD AT THE NEW YORK STOCK EXCHANGE BOARD.
Classes.
Bank shares
R ailroad “
Coal
“
M ining
Im prov’ n t “
Telegraph “
8 team ship “
E xp r’ s8& c“
T otal—March
Since January l . .
....
1869.
2,541
769,392
2,934
75.516
10.400
48,035
99,2.8
40,935
1S70
3,816
450,777
3.593
25,343
11,231
12,633
60,348
23,217
1,049,035
3,597,988
590,960
2,133,593
Increase.
1,271
Dec.
318,615
659
...............
50‘ l7 i
831
458 095
1,461,395
The daily closing prices of the principal Government securities at the New
1870]
317
COMMERCIAL CHRONICLE AND REVIEW.
York Stock Exchange Board in the month of March, as represented by the
latest sale officially reported, are shown in the following statement:
P R IC E S
O P G O V E R N M E N T S E C U R I T IE S
AT
NEW YORK.
t—6’ s, 1881.—.,—------------6’ s, (5-20 yrs.)Coupon--------- — . 5’ s,10-40.
Coup. Reg. 1862. 1864
1865, new
’67.
’ 63.
C’ pn.
116* 114* H 3 *
i n * 112*
108*
114
112* 113* 1M * 11-2* 112*
113* 112* 112* HI
111* 111* 108*
115
112
109* 109* 10.1* 107*
no*
114^ i n *
110* 110* 100* n o
107%
n o * lo o * lU9% 109% 106*
114* m * n o
110
103* 109% 101* 30 s * 108% 106
110
1<9% 108* 108* 1 "8 * 109% 106*
no
109% 101* 103% 109*
10..............................
114* n o * n o * 110%' 10s*
109% 110
1 1 ... ........................
106%
109
no
12 ......................... ICO* 109* 108
105%
114% m
ICO* 109% 108* 109% 109* 1 6%
14..............................
114% 110* 109
100* 108% 109*
15.............................
IOC*
16...............................
109 % 109*
314%
109
i0 8 * 109* 109* 1C6
17...............................
114* 110* 109*
109% 109
18.........................
109% 107% 108% 109%
109* 307*
19...............................
109* 107* i o s * iosi*
114* 10!)* 109
21......... .....................
22...............................
114
110
108% 109
107* 108*
105*
110
10.3*
107* 108*
23...............................
115*
24...............................
10.'* 108* 109
1 1 ’ * 108* 109
105*
no
1118* 108* 107* 108% 103* 105
25........................... . ...................... 113*
26...............................
113* 103% 108* 103% 107* 108
11’4 *
...................... 114
113% 1 09 %
103% 107% 108
109* 10 * 1 8 * 108* 10 V
29............................... ...................... 113* 113* 109% 109
30............................... ...................... 114* 114
n o * 300* 110% I OS* 109*
100*
31............................... ....................... 114* 114* 1 1 "* 109* 1 1 "* 108* 109* 109* 106*
Day of
month.
1...............................
2............................
3................................
4................................
5................................
7...............................
8................................
O p en in g..................
H igh est................. ....................
L o w e s t....................
C losing.....................
116*
116* 114*
116% 114*
113* 111!)*
111* n o *
113*
113*
11 8 *
109*
113*
113*
10 *
no*
111*
111*
107*
108%
112*
112*
108
109*
112*
112*
108*
109*
104*
108*
104%
106%
C O U R S E O P CONSOLS A N D A M E R IC A N S E C U R IT IE S A T L O N D O N .
Date.
Tuesday.........
Wednesday ...
Thursday .. ...
F riday...........
Saturday....... .
M o n d a y ........
T u esd a y.......
W ednesday...
Thursday____
Friday . . . . . . .
Saturday ____
M onday.........
T u e sd a y ....... .
W ednesday....
Thursday.......
F rid a y...........
S atu rd a y___
Monday
T uesday.......
Cons Am. secnr ties.
for U. S. Ill.C Erie
mon. 5-20s sh’ s. shs.
. . . . 1 92%
91*
92*
92*
92*
92*
. . . . 8 92*
92*
9 *
92*
....1 2 9 2*
....1 4 92*
....1 5 9 2*
92%
....1 7 9 2*
93
....1 9 93
93
....2 2 93%
90*
93%
9(1*
90*
9 0*
90*
90*
90*
90*
90*
90*
91
90
90
90*
«"*
90*
90*
110*
no*
no*
110*
111
111*
113*
113*
115
2 1 * Wednesday..........
21* T ursday.............
21% Friday .................
2’. * S t rday..............
2 1* Mo d a y ...............
Tuesday........ ..
22
21 * Wednesday..........
21* Thursday.............
l_S0*
115*
111*
118
116
116
115*
115
115%
115*
D ate.
20*
20*
21%
2 2*
22%
22
21*
21%
21*
Cons Am. seem itie
for U.S. Ill.C. Eri
mon. 5-20s sh’ s. sh’ s.
90*
9 *
90*
9 0*
9(1*
9(1*
91
91%
L ow est..................
H igh est................
R an ge...................
L ast.......................
...23 93%
93*
.. 25 93%
.. 26 93*
. 28 93*
93*
9K
...31 9 3 *
——
02%
93%
*
93*
............
L ow )
His: J-S a ............
R n g ) £ > 3 ............
Last ......................
92*
91*
1*
93*
861*?
9 1*
4*
91%
115* 2 1 *
H 5* 21*
i:o
21*
116* 2 1 *
116
21*
115* 2 1 *
115
21*
114% 2 1 *
—
—
■
90 110* 2 0 *
9 1* 118
22*
8*
1*
2*
91* 114* 2 1 *
—
—
99*
118
18*
114*
—
17
23*
5*
21*
The following table will show the opening, highest, lowest and closing prices
ot all the railway and miscellaneous securities sold at the New York Stock
Exchange during the months of February aDd March, 1870 :
Railroad Stocks—
Alton & Terre Ilaut.........
v.
“
“
pret
Boston, H irtford & E rie.
Chicago & A l t o n .............
do
do p ref.____
do
do s crip ... .
,----------- February-------------- * ,-------- —March. pen. High. L iw . Clos. Open. High. L ow . Close.
25%
34%
25%
33% 34
38
34
40
64
58% 63%
63
58*
66
63
66
7*
8*
6*
6*
7
3*
7*
3*
*109% 109% 110% 115
147
149
llo
112
150
*110% 111
115
115
150
109
i i '*
.... ............... ... 109 109 105 105
* E z dividend,
318
COMMERCIAL CHRONICLE AND REVIEW.
Chicago, Burl. & Q u in cy... . ..................
do
& N orthwest’ n ........
...........
do
do pref.........
do
& R ock Island......... ..................
Columl\,Chic. & In I. C.........
Clev . & Pittsburg................. ..................
do Col., ('in & In d.........
D el., Lack & W estern...........
Dubuque & Sioux c i t y .........
E rie.............................................
do p re fe rr e d ......... ...............
H a rle m .....................................
do
p ref.............................
Hannibal & St J o s e p h ......... .........
do
do p ref.........
H udson, s crip .........................
Ilin ois Central ...................... ..................
Lake Sho. & Mich, '-outh........ ...................
Mar. & Gincin., 1 s t ................
do
2 d .................. ..................
Michigan C entral.................... ..................
Milwaukee & St. P aul........... .................
Uo
do pref.......... ..................
M orris & E ssex.................... .
N ew Jersey .............................
do
C o 'ilr a l............. .
N Y C en. &
It. C Btk......... ..................
do
rert:f ................... ..................
do
& N . I I a v n .........
do
do s c r i p . . . .
N orwich & W o cester...........
Ohio & M ississip p i................. ..................
do
do
p rei............. ........ ........
Panama............... ....................
Pitts., F .W . & Chi. gnar........ ..................
Reading .. ...........................
St. Louis & Iron M oun.........
S ton in gton............................... .
T oledo, W ab. & W estern........ ...................
do
do
d o p i e t ......... ..................
155
72%
150%
74#
00%
118% 123%
2 %
91% 103
75%
106
110%
2 8*
45%
150
150%
105% 110
109*
145#
80%
20
8%
3%
118% 124
74 *
71%
86
80%
87
U S*
104
96
o<%
96%
02%
143
140
136%
84%
25%
6S*
31%
70
175
88%
02%
08%
43
86%
5<%
54%
72*
73
M iscellaneous—
40
Am eri' an coa l..........................
Cumberland C o a l....................
35%
230
Pennsylvania C oal..................
122
Del. & Hud. C a n a l................. .................. 1 2 2
25
Atlantic M ail............................
44%
Pacific M a il..............................
Boston W ater ovver............. .................. 15%
18%
Brunswick City Land.............
8%
5 9%
C a n ton ................. .................
10%
M a rip osa ...................................
do
1st pref....................
22%
do
pref. .......................
51
do
10s certif................ ................. 48%
Q uicksilver............................... ................... 14%
15%
87%
W est. Union Telegraph......... .................. 36
Citizens G a s ...........................
113
Bankers & Brok-rs Ass.
. . . ............110%
145
Building Material.................... .................. 145
....
U nited otatea T ru st................
E xpress—
American M . U n ion ............... .................. 37%
38%
65
Adams
.................................
533*
U nited States............................
22
W ells, Fargo
C o..................
154
69
86
118%
1»%
91%
73%
104
103#
24%
4i
133
141
105
105
157
69%
80%
119%
19%
95%
74
104
109%
25%
45%
138
141#
107
106
150
69#
89*
119%
19%
97%
74%
lo t
110%
25%
43
142%
144
11)6*
107
95
135% 140
133
e4%
85
85%
20
20
19
8%
8%
8%
118% 120% 120
62
02
62%
75
75
75%
86%
86%
86%
116
118% 118
97%
101
101#
94%
94%
94%
92
92%
92%
135% 143
142%
135
110
143
108
25%
2 8#
29
68% 70
71
169% 170
152
92
88
91%
95%
9 7#
97%
43%
40%'
42%
86%
86%
43%
43%
43%
73
7i
150
74
88%
120%
20*
300*
74*
101%
1 0%
26*
52
146
114
107%
107%
95
143*
88%
11
8%
121
63%
77
Mi%
118
104%
93
95%
146
14 1
108
3 '%
71
152
94%
97%
43%
147
69%
81%
118
17
97
74
102
105#
24%
42
m%
141
1(5%
106#
95
137
85%
13%
8
119
58
71%
86%
113
101%
91 *
88%
142%
138
10S
28#
70*
136
92
96%
42%
147
72*
81#
119%
is *
99%
74#
102%
107#
25%
52
143%
144
106%
106#
95
141%
88%
18%
8
119%
10%
74%
89%
117
102*
92%
90%
345
133
108
29*
70%
136
93%
97%
43%
40%
74
49%
73
45%
74
40 .
37
32%
30
28
32%
31%
31%
225
225
217
217
217
217
119% 119% 119
120
115% 116%
25
25
385* 39
38
38*
38#
30%
17*
15%
17%
17%
17%
17%
8
8#
8%
8%
8%
8%
65
56% 5 3 *
58*
66
68%
7
7
10
7%
9%
49%
49%
48%
41%
19
20*
19%
20*
10
13%
50
45
5 2#
48%
45
44
12%
10
12% 1 2 #
12%
8%
31
3t
34%
31
32%
34%
K52
162
lhO
160
110% 113
112
1.2%
112% 113
145
145
. 170
170
170
170
.
36%
62
49%
19%
37*
62%
51%
2:%
33
61%
51
21
3’ %
63
52
21%
37%
60#
46%
20
38
61
47
13%
T h e G o l d M a r k e t has been more excited and fluctuating than at any period
since last September- The introduction of the Funding Bill, with its provisions
looking to forcible early resumption, and the representations of capitali.ts,
conducting a concurrent speculation in gold and bonds, produced a general
demoraliz ition not only in the market but among the public at large. Anidra
suddenly seizeJthe public mind that we were about to settle permanently down
on the specie basis, and with such a panicky feeling to operate upon, speculators
found it easy to force down the premium steadily until it touched llfl£.
COMMERCIAL CHRONICLE AND REVIEW.
1870]
319
Upon tlie Funding Bill reaming the house, however, doubts began to bs sug
gested as to the m<a(ure beconiug low, ami the uncertainty increased us discus
sion progressed. This arrested the downward tendency of the premium, and the
market leached to 11.' -J, and from the 11th to the 31st ranged between that
figure an 111$ The course of the loreiga exchanges has favoied a low premium,
the supply of cotton bibs having been auusually large for this season of the
year. The supply of coin from the Treasury, however, was mo erate, the sabs
having been only $2,000,000 while about ;-5,000,0011 became payable on account
of intinst on Ten Forty bones, but only a portion of the interest was collec ed
during the month. The exports of specie were nominal.
s
Tu ed y ............ .... 1 115 1 5 11574 11534
Wedne?d y — . . . . . 2 l 24 115 Ho2< U5X
115Si
F ridav............. ....... 4 113% •12% 114 11 (X
jsaiurday.......... . . . 5 1 334 112X HI ■inn
Monday.......... ....... 'I 113
1434 1 334 L2X
Tuesday...........
lt o x ll«3» 111%
Wednesday.. .. . . . . 11 .10% 11 X 11124 11114
III 11034 112K lU X
Tharsday..........
Fr.day............... .......11 l 3 U234 USX 113%
8atuiday. , .......
1 1'2 11134 11-22. 11234
Monday............
(1124 11324 111%
Tuesday .......... .......’ 5 jla j, m y . I 24 112%
Wednesday....... . . .in 113 111% USX li2%
........ 17 112
112 11 & 112%
Frid y ..............
m « | i i 4 x L2 34
Satu day............ .......i;> H2
112 112)4 11224
Monday............ .. 2' 11 24 11234(1 2X u y .
•ue-day............ .......2' 11-'^
21234 i n x
Wednesday . . . . .......2 111234 M2%jll2% 1U24
Openi’g
Cfi
A
to
Closing.
Date.
Lowest.
Openi’g
C O U R S E O P GO LD A T N E W Y O R K .
Date.
o 1 J§>
U.
.5
*3
0
0
Thursday............. ...24 11224 11254! 112X >12%
Friday ................ .. 2 1127, 117, 11 54 l l y ,
11•3*
.. 2
M nday.............
111% l u x 1 IX Hl%
Tuesday ........... . .29 11124 11154 112 li!%
V\ed esday........ ...30 11124 uiy.1 i2x •12
Thursday.............. ...31 112% 1 X 112)4 112
March
u
“
“
“
“
“
“
“
“
1S70........
1S69........
1863........
18(17........
1866........
1865........
1864 ... .
1863........
1862........
1S6..........
S’ ce Jaul, 18~0.
115 HO* 1I16X It*
13134 13054 13 x 131%
It 34 18154 NIX >3 %
140% |133>« i '40% 1 4
146% I'HK 13<j» 1127%
20 i H % 201
n ix I i3 i i m S I i i o x
1027, |t 154 10234 '10 %
ilOO 100 1106 100
------- -------—
it* X Illfl.XU 3* I n *
i
The following are the quotations of Foreign Exchange:
COURSE OP POREIGN EXCHANGE (6 0 D AYS) AT NEW YO RK .
L ond on .
cents for
Days. 51 pence.
I ............................. 10834@10SX
!!................................. 10SX@Hl8)4
3 ...........................
4 ............................. 10SX@t 8K
5 .............................103X@10S34
7 ........................... lnSX@lU8X
8 .............................l:S Ji@ 108ii
9 .............................1(H *@108X
10.................................10oX@108K
I I ........................... 1 0 8 X @ h « ’ 4
12.................................108X @ l(b3i
14 .............................107%@103
15 ......... .................... 107Ji@108
IB..................
...,1I>7>4@108
17 .............................108«@10834
18 .............................108 @108)4
1 9 ............................ 1 ( « * @ . 0 - X
21 .............................108X@103)4
22 ..... ........ ..............K b X ; 108>4
23 .............................10854@t08X
21.................................1083 @10511
25.................. ........... 10<34@10S54
23.................................1 0 x @ l"8 3 4
23.................................108X@108X
39.................................10844 0.103)4
30 .............................103?4@ 08 4
31 ....... .................. 103>4 10834
Paris,
centim es
for dollar.
519X@51834
6V>y,ao\$X
BiOXSSlM*
520 @518 'i
52034@519%
5 0 @51 ‘.ty,
52 ^ @ 5 2 0
521jr@520
52114 @520
521M@">‘20
522>4@521X
5'!2X @ 52lX
522 x @521X
b lS X m IX
525 @52234
628X@1 234
5 223%@52114
523>i@52 %
52334@521
523X@5 1T4
523X@521X
5!3?4@521J6
523X @52 i ’4
52S34@.!1!S
5 .8 X @ 5 H «
52134@ i ! l 34
Mar., 13(19................ 1o734@108J4 525 ©51S34
Mar., 1870.................1U7X@10'JX 522)4@515)4
Amsterdam. Bremen.
cents for cents for
florin.
rix daler.
40X@WX 7PX@78X
40X ,«40X 78X@7834
4oy,@ l'JX 7cX@78X
4 0X @ f0 X
78>4@78X
4OX@10X 78X @ 78X
40>„@>0?4 7SX@78X
40X @ i034 782, @7854
40X@M )4
40‘ 4@10X
4 0 « @40 34
4034@10X
40X @ i"34
4iii(@ t0X
40X @ 40X
4 0 X @ 4 )X
4 0 X @ 4 -X
40X@1<X
40X@»034
78X @ <84
78 ot,78X
78X@7-34
78X @ 78X
7 8 X @ iS X
78M@ 834
7St4@T-<X
79 @79 X
78X @ 78X
7S34@7<34
7 8X @ 7S x
4C4.40 X 7834@53X
40X@4JX
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Berlin
cents for cents for
M. banco.
thalers.
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820
[April,
BOOK NOTICE.
JOURNAL OF BANKING, CURRENCY, AND FINANCE
Returns o f the N ew Y ork, Philadelphia and Boston Banks.
Below we give the returns of the Banks of the three cities since Jan. 1 :
N E W Y O R K C IT Y B A N K R E T U R N S .
Date.
Jan. 8 ... ..
Jan. 15.........
dsn. 2 2 . - ... .
Jan. 29 .......
F eb
5 .......
Feb. 12.......
Feb. 19.........
Feb. 27 . . .
Mar.
5 .......
Mar. 12.........
Mar. 19 ........
Mar. 26.........
Loan«.
253,475,451
259,(01,106
279,592 756
260,334,271
264,514,119
267,864,652
£67,337,36S
268 435,642
68,614,212
283.140.603
270,001,632
270,807,768
specie.
Circulation.
35,564,830
84,13-2,-280
87,51,1.467
38,964,823
19,454,003
33.806 731
40,475,714 1-3,712,282
38,997,246 33,746,481
38,(72 184 33,703,572
37,2K4,3c7
38,694,371
25,091,289
33,840,905
85,893,493 33,783 942
33,890,115
33.835,734
82,014,747
33,699.585
72,271,252
33,674,394
D eposits.
190,169,264
2(2.396,831
297,479,8(3
210,150,913
214,789 170
21.3,19 >,740
212.188,882
211,182,943
213,078.341
209,831,225
2118.816,823
203,910,713
L. Tend’ s. A g. Kiear’ gs
48,531,735
603,170,114
52,348,475
596,733,681
54,619,4 3
5 '0 ,665.9 1
66,782,168
519,11-1.555
58,348,384
541,240.204
56,608,000
5!0,842 824
55,1(4.066
511,151.875
53,771,824
459,684,815
54,063,933
603,182,601
53,3 2,01)4
548.015,727
62.774,420
527,079,551
62,635,063
481,258,045
P H I L A D E L P H IA B A N K R E T U R N S .
Date.
Jan. 3 ..............................
Jan. 1 0 ...............................
Jan 17 ...............................
Jan. 24 ...............................
Jan. 31 ...............................
Feb. 7 ..............................
F e b . l t . . . ........................
Feb 21.................................
Feb. 28 .................................
Mar. 7 .................................
M ir. 14 ...............................
Mar. 24.................................
Mar. 28 .................................
Loans.
51,66-’,662
5 1,412,570
52,0 0,611
51,635,095
61,709.658
51,-28,163
51,373,296
51,284,931
51,523,024
61,400,331
51,417,645
51.687,887
51,454,623
Specie. Legal Tenders.
1,290,096
12,670,198
1,358 919
12,992,812
1,253.772
12,994,924
1,1163,406
13,827,515
995,468
1.1.'52,537
957,5(0
13,741,867
1,090,955
13,839,610
1,202.456
13,236,144
1,318,173
13,406,6-8
1,429,807
13.192. >82
1,677,218
12,704,279
3.58.872
13,125.658
1,599,517
13,094,295
Deposits.
38,990,101
38,877,139
39,855,133
39,5114,792
39,531,011
39,512,149
88,831.(91
39, 55,165
89.279,859
39,08 ) 042
89.382,352
39,7-1,163
39,781,153
Circulation.
10,568,681
10,6 6,129
10.581,506
10,577,215
10,5(3,-168
10,568,'81
10,571,383
10, 72,973
10.508,905
10,576 862
10,565,909
10,573,164
10,58.:,011
BOSTON B A N K R E T U R N S.
Date.
Loans.
Jan. 3 .............................. 105,935,214
Jan. 10 .............................. 107,895,263
......... l(i7,"4\01T
Jan. 1 7 .............
Jan. 21 ............................... 108 387.159
Jan. 3 1 ............................... 107,875,579
Feb. 7 ............................... 109 683,041
F eb. 14 ............................... 11.9,997,027
Feb. 21 ............................... 109,651.272
F eb. 28 ............................... 11-8,905 889
Mar. 7 ......................... . . . 108,367,431
Mar. 14 ............................... 108.0(4,5.28
Mar. 21 ............................... 107 884,867
Mar. 28 ............................. 107,043,309
BOOK
S p ecie. Legal T enders.
3,765.348
11,374.559
4,977,254
10,941,125
6,418 00.1
10,791,861
5,542,674
10,96 >.102
5,231,785
10,992,962
6,085,001
10,433,107
4,884,147
9,386,266
4,634.776
9,3S6,266
4,457,1 3
8,918,129
4,929,807
8,755,874
6,024,691
8,510,573
5,170,700
8,352,261
5,190,348
8,499,444
D e p o sits. C irculation .
40 007,225
25,260,693
42.1(7,6 0
25,298,'65
42,377,002
25,191,545
41,593,568
25.255,818
40.696.016
25,206,094
40,003.823
25,160,614
39,918,414
25.212,614
38,47 ,853
24,230,866
37,688.842
25,225,629
37,681,983
55,260,863
37.709,082
25,280,027
37,093,533
25,270,437
37,123,211
25,265,004
NOTICE.
NOTICE TO BANKERS.
fgr 1870 ” is now ready for distribu
tion, containing the names o f all the banks and bankers in the United States and
Canada, to the close o f the je a r 1869. Price, tw o dollars. This volume is enriched
by the addition o f engraving* o f new banking-houses, which will serve the purpose
o f models for those who propose to b u ill. A n illustrated edition o f this Alm anac
has been printed, containing, in addition to all the matters in the plain edition, por
traits (engraved on steel) o f eminent merchants and bankers. These engravings cost
several thousand dollars, being executed in the best style by the American Bank
note C o., and include the heads o f J< hn Jacob Astor, W m . B. A -tor, Peter Cooper,
E . Corning, Robert Fulton, Albert Giliatin, Henry Grinnell, Philip Hone, W alter R.
Jon s, James Gore K ing, C. W . Lawrence, David Leavitt, Robert L. Stevens,
Thomas Tileston, and C. Vanderbilt, o f New York ; W illiam A ppleton, Jonas
Cbickering Peter C. Brook*, N. Bowditch. A b bott Lawrence, George Peabody,
R obert G. ^haw, T. H. Perkin*, and T. Dowse, o f Massachusetts ; Stephen Girard,
N. Biddle, Tnomas P. Dope, John Grigg. R obert Morris, o f Pennsylvania ; also the
heads o f IT. Longworth, Jacob Brrker, W . F. Hamden, Samuel Slater, De Medici,
and Dadabhoy. The illustrated edition is interleaved with writing paper, and con
tains thirty engravings o f the banks o f N ew Y ork. Price, five dollars.
“ T he M erchants
and
B ankers ’ A lmanac
@FedFRASER