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THE MER CHA NTS ’ M AGA Z I N E AND COMMERCIAL REVIEW. AUGUST, LEGISLATIVE 1 8 6 6. LOBBYING. The recent libel suit in the city o f Brooklyn, which related principally to the alleged complicity o f a Senator in '• some o f the rascalities o f Albany legislation,” may serve to indicate to the public the agencies employed to “ accomplish legislative results.” There is necessarily a vagueness in the testimony when enquiries are directed to specific meas ures, as a full disclosure might be attended with disagreeable contingen cies. But enough o f fact percolates through to enable the intelligent reader to apprehend the character o f the transactions, as well as o f the men concerned in them. The evidence shows that there exists a peculiar guild, or “ close corpo ration” at the State capital, the members o f which make it their princi pal business to traffic in legislation. Common rumor has long ago indi cated the prominent individuals thus operating together. It is no part o f our purpose in this article to deal with them personally, and we shall stu diously refrain from directing attention specifically to individuals. W e will state simply that they are known in their collective capacity as the Lobby,” and act together in all their principal operations. They may gamble in stocks and other speculations, but that is “ outside.” Every one will perceive that measures o f real merit and importance, especially when they concern private business, require the personal attention o f somebody to see them properly supported, moved forward in the usual course o f legislation, and their passage furthered by honor able and legitimate means. Individuals who may be immediately inter ested sometimes remain for weeks at the capital for that purpose, and sometimes employ a person in whose sagacity and integrity they have VOL. l v .— n o . ii. 7 90 Legislative Lobbying. [August, confidence to do that labor for them. Although such work as this is not improperly designated as “ lobbying,” yet every intelligent man at the State capital knows that it is not the kind which entitles the person doing it to be considered as a member of “ the lobby ” in the accepted sense o f that designation, any more than the fact o f being a bricklayer entitles the person to be regarded as belonging to the order o f Free and Accepted Masons. The Lobby employs its agents in every direction to ascertain what measures “ have money in them,” principally, it would seem, from the declaration o f an adept, for the purpose o f learning the amount to be re ceived for defeating them, as being the most remunerative service. If the friends o f such measures neglect to comply with the requirements imposed upon them, they will find every species o f imaginable difficulty in their way. Particular members o f a legislative committee will suggest objections ; or if there are no such, there will be a man on the floor o f the House making a display o f conscientiousness, who will manage to delay their progress by the usual parliamentary tactics, till “ reasons ” shall have been produced to convince him o f their unobjectionable char acter. It is hardly necessary to add that the expression reasons is a slang term, meaning a pecuniary consideration. O f late years, it is stated that members o f the Legislature have become sufficiently expert to arrange their own negotiations, so that none o f these measures which formerly were taxed solely for the benefit o f the Lobby are passed without contributing to the personal emolument o f many o f the members voting for them. Certainly, it has become common for the Lobby, after their business has been transacted or spoiled, to denounce members o f the Legislature as corrupt— truthfully enough, but probably from pique or disappointment rather than because o f any conscientious emotion. In 1860 the manipulations in connection with the passage o f the New York City Railroad bills produced a political rupture. The Lobby had .laid down the programme, and the bills were introduced into the Assem bly by obscure and unobtrusive members, apparently as “ harmless as sucking doves.” A bout this time another actor appeared on the scene. A bill was introduced into the Senate authorizing one company to lay a railroad in forty-seven streets. It was reported, printed, and passed with apparently reckless haste, to be reported against in the Assem bly, and killed with every show o f virtuous indignation. A singular transforma tion took place shortly afterward in the bills which had been incubating in the Committee o f the Assembly, and they were reported and passed, the names o f the granters o f the monstrous Senate bill having first been divided among them. The Governor did not sign them, nor seriously oppose them. Subsequently, every member o f the dominant political party who took part in the passage o f the mammoth bill o f the Senate was discarded from communion with his former associates. The dissen sions and singular combinations o f several public men of different factions which took place soon afterward were in this way the sequence o f this legislation. It is not to be supposed from these expositions that the legislation o f our State is especially tarnished beyond that o f others. The peccadilloes o f the legislature of New Jersey have often been the theme o f curious Legislative Lobbying. 01 remark, champagne suppers being said to constitute an argument which few o f its representatives are capable o f resisting. But the scandals are not so noteworthy as those o f other and larger commonweakhs. Penn sylvania is, perhaps, worse talked about than any other State. There legislation is openly declared to be matter o f bargain and sale ; and the election o f Senators to represent that commonwealth at Washington has more than once been accomplished under circumstances indicative o f shameless bribery. Whether that imputation has become less deserved during the few years past, we cannot undertake to decide. Similar crit icisms have been made in regard to the Legislatures o f Indiana, Illinois and Wisconsin, one or two Governors having been more or less implica ted in the transactions. There is too good reason to believe, after all due allowance shall have been made for false reports and misrepresenta tion, that much is still true, It is morally certain that although members o f legislatures may return to their constituencies at the close o f a session wiser, they by no means return better men. These imputations, however, are not confined to this country, this con tinent, or the present period o f history. A Roman Senator, as Sallust informs us, was bribed by the Numidian King Jugurtha; and the bestowment o f gifts to obtain the suffrages o f the Roman people was notorious. A t Athens, Themistocles was reproached by his great rival for corruption; and Philip o f Macedonia, it is a well established fact, suborned the prin cipal orators o f the city. In Sparta also, where money was less prized, it was often potent enough to swerve kings from their fealty to their coun try. The monarchs o f Persia maintained leading men among the Greeks. W e read that the Apostle Paul was detained two years in prison because the procurator Felix hoped to obtain money from him for a release. Subsequent history has kept up its resemblance in this respect to the ancient. Hardly the court or country exists in the eastern hemisphere where money will not open any door, or procure any verdict. In China the cash is omnipotent; in Turkey backshish controls all from the meanest to the cadi and padisha. Once the Russian autocrat Nicholas attempted to examine and reform his civil administration, and procured reports from his subordinate officers; but on perusing them declared to the Tzarowitch; “ They all steal but you and I.” England herself can claim no exemption from the general misfortune. H er history is disgraced as badly by peculation as by perfidy or cruelty. Stanley, through whom Richard III., “ Dickon his master was bought and sold” at Bosworth, was but a single instance o f the mercenary character o f noblemen as well as of the commoners o f England. W h ile the Angevine kings used to maintain the barons o f Scotland, many o f the men about their own court were under the pay o f France. Louis X IV . obtained his advantage in making the English kings themselves his pensioners. W illiam III. ruled as effectively by money as with arm s; and subsequent monarchs have continued the practice— so commendable at least for simplifying the art if not the science o f government. The expenses o f electing members of Parliament are exactly in point. For the present members, they were enumerated by Mr. Lowe, o f the House o f Commons, several o f them as follow s:— F or Stafford, £5,400 ; for Stoke-upon-Trent, £6,200 ; for Sunderland, £5,000; for Westminster, £12,000. The justly celebrated John Stuart Mill represents the W est 92 Legislative Lobbying. [August, minster borough and refused to give anything but persona] exertion, yet the cost to his friends was £2.300. M r. Lowe went on : But look to the state of our election practices when such an outburst o f popular feel ing could not be given effect to without that enormous sacrifice of monev. I will now call attention to two or three counties. The Bubject has not been sufficiently dwelt upon, but it bears materially upon th e question before ns to-night. I will take the southern division of Derbyshire. The election cost £8 500, and this is the cheapest I shall read. The northern division of Durham cost £14,020, and the southern division £11,000. South Essex cost £10,000, and North Essex £16,000. West Kent cost £12,000, South Lancashire £17,000, South Shropshire £12.000, North Staffordshire £ 14,000, North Warwickshire £10,000, South Warwickshire £13,000, North Wiltshire £1S 000, South Wiltshire £12.000, and the North Riding of Yorkshire £7,000. Now, I ask the House how it is possible that the institutions o f this country can endure if this kind of thing is to go on and increase. These figures leave no opportunity for others to harangue about the corruption o f American politics. The employment o f money to secure the popular suffrage is as old as representative government; and we ap prebend that it has been the experience o f old countries that the more general and liberal the suffrage the more easy has been its purchase. That a similar mercenary spirit should , pervade Cabinets and Halls o f legislation is no greater marvel. Human nature is pretty nearly iden tical in the prince and peasant, in the statesman and the “ bribed elect or,” and its imperfections will crop out. Moralising upon the subject is o f little use ; declamation about it, as we often notice in the daily newspapers, is more than idle. The root o f the evil is not well understood ; and, if it was, there is hardly a public journal that would dare expose it to public reprehension. The evil o f corruption at elections, and o f dishonesty in the lobbies o f legislative bodies, is incidental to the infirmities o f mankind ; and, like other offenses, can only be checked in some o f its outbreakings, hut not eradicated till human nature itself shall have undergone renovation. W e may expect that close organizations, like political committees, lob bies and legislatures, rings in common councils, and other municipal bodies, will arise as quickly as mushrooms and with greater tenacity o f life. W e regret that legislation should he made mercenary, or that peculation on the bench should be suspected. W e would not have the idea o f official honesty treated as a very jest. But we are disposed to take a more cheerful view o f the matter than the misanthropic are dis posed to be. It has been the rule for many centuries, and yet the world has lasted; nations have lived out their time, and there has been general prosperity. Statesmanship appears to be little else than judicious em ployment o f human motives in the business o f governing, and he is the wisest who is best able to maintain a due equilibrium o f human passions and ambitions. Still the whole world moves, and will continue to move. W e have to expect to be often deceived. Politicians are proverbially inconstant. Good legislation is often defeated if its supporters do not pay the fees o f a ring ar.d lobby. W e shall denounce this whenever we detect it, and shall delight to see princes ol the lobby arraigned before courts o f justice. But these are only checks to the offence. Instead, therefore, o f predicting all manner o f calamities, and making ourselves unhappy and dyspeptic over the matter, we shall be wiser to go on with 1866] 93 Our Railroads. our business, pay our “ backshish” to the lobby-chief whom we meet, re joice that it is no higher, and regard it as one o f the conditions o f human society to which it becomes us to submit with as good a grace as pos sible. It ought to be better; it is fortunate for us that it is no worse. OUR RAILROADS. The late war has proved to be coincident with a very remarkable d e velopment o f the railroad interest o f the country. The business o f the roads has so far increased that, while floating debts have been extensively liquidated and the condition and capacity o f the roads has been improved, yet most ot the companies have assumed a steady dividend-paying position This improvement is, to some extent, duo to circumstances connected with the war, and yet not wholly. That large portion o f the traffic in Western products which, before the war, took the route o f the Mississippi river has since the commencement o f hostilities been diverted to the railroads; nor is there now any very apparent tendency for it to return to its former channel. Traffic routes change so slowly that it is not at all improbable that the roads may retain for years what they have taken from the Mississippi; and the probability is all the greater from the fact that every year the river becomes more difficult o f navigation. The derangement o f values connected with the suspension of specie payments has involved a very large enhancement o f the rates o f freight, so that the net earnings, as represented in currency, have borne a larger ratio to the capital than they would had affairs been upon a specie basis; and 'he percentage o f dividends has consequently ranged higher. This consid eration is more important than it may appear at first sight. The capital o f the roads represents a specie investment; the dividends are paid in a depreciated currency; so that to-day a six per cent, dividend is equal to a much less amount in gold. Important errors may easily arise in esti mating the value o f the earnings o f the roads if this consideration is not kept in view. The close o f the war was attended with the stoppage o f alarge amount o f military ransportation; and the lightness of the ci ops o f last year left an unusually small surplus o f products to be moved to the seaboard for exportation; so that it has been very generally anticipated that the earnings o f the roads this year would fall below those o f i865. Hitherto, however, a contrary result has appeared. The following comparison o f earnings o f sixteen o f the principal roads for the first six months o f the year will show the relation between the business o f this year and last: Railroads. Atlantic & Great W estern (5 mos) Chicago & A ton................................. Chicago & Great Eastern................ Chicago & Northwestern................ Chicago & R ock Isla n d ................... Cleveland & Pittsburgh.................. . E rie ........................... . . ....................... Illinois C entral................................. Marietta & C incinnati.................... Michigan Central ........................... Mich gau Southern........................... Milwaukee & St. Paul...................... Ohio & M ississippi.................. ....... Pittsburgh, Ft. Wayne & Chicago. Toledo & Wabash............................. Western U nion. ............................. Total 1865. $1,759,311 1,79 >,875 482,746 3,3'4,388 1,565,900 1,233,073 7,084,1 i0S 3,313,036 544,455 2.034,048 1,531,885 8i7,402 1,679,182 4,244,278 916.-68 293,310 1866. $2,148,352 1,795,563 609,871 3,629,054 1.390,503 1,054.689 6.739,582 3,086.305 542,000 1,929,406 1,642,955 994.75 6 1,654,366 3,607,805 1,589,057 353,339 Inc. Inc. Inc. Inc. Dec. Dec. Dec. Dec. Dec. Dec. Inc. Inc Dec. Dec. Inc. Inc. Differ'ce* $389,041 4.688 127.125 305,566 175,397 178,984 314,426 226 731 2,455 104.642 108,070 107,334 21,817 636.383 672,789 59,959 $32,013,056 $32,708,733 Inc. $155,677 94 Our Railroads. [August, Upon the roads here compared there is an average increase o f earnings for the six months o f \ per cent.; and as it may he safely presumed that the expenses o f the current year range lower than those o f last, it would follow that the profits o f the roads for the last six months exceed those o f the corresponding period o f 1865. F or the purpose o f ascertaining the condition o f the railroad interest at large, as respects earnings, expenses and dividends, we have compiled the following details from the latest annual reports o f thirty-seven o f the leading roads o f the Eastern, Middle and Western States : Road. Boston & W orcester___ W e s te r n ................................. Hartford & N. Hav............. N. York & N. Haven........... Hudson River...................... Harlem ................................. N. Y. Central......................... E rie......................................... Buffalo & State L ine........... N ew Jersey........................... Camden & Am boy................ Central o f N. J ...................... Reading ............................... Pennsylvania........................ Phil., W il. & Balt................ Balt. & O h io......................... Washington Branch............ Cleve. & P itts b ^ .................. Cleveland & E r i e ................. P ., Ft. W . & Chicago........... Clev., Col. & Cinn................ Little M iam i............ ............ C'in., Ham & D ayton .. . . . . . Dayton & Michigan............. Sand., Dayton & C in........... Evany. & Crawfor’v e ......... Terre H. & Indianap............. Ohio M ississippi.............. Michigan Central.......... Michigan Southern.............. Clev. & T oled o..................... T ol., Wab. & W est............. Chic. & N. W estern........... . Chic. & R ock Island............ Chicago & A lto n .................. St L o n K A . & T .H ............. Illinois Central.............. Cost o f Miles. road. Earnings. 71 $4, .700,000 $1,697,164 11,271,856 3,431,584 2,496,319 . . . 75 1,459,711 . . . G2 5,626,522 1,982,213 . . . . 144 14,66 ',857 4,132,600 10,616,038 1,860,429 . . . 556 33,702,919 13,975,524 47,646,351 . . . . 557 15,431,775 . . . 88 2,784,414 1,945,466 . . . 34 4,611,335 1,875,961 . . . 96 8,7.02,296 5,799,980 .. 74 13,133,564 3,036,390 26,046,722 11,142,519 . . . . 388 31,809,334 17,459,169 . . . 96 3,884,609 9,106,517 24,945,093 6,509,945 . . . 30 1,650,000 703,123 . . . 203# 9,320,163 2,696,377 2,359,223 4,789,121 . . . 96 .. .4 6 3 23,183.381 8,489,' 62 . . . 191 4,750,000 2,499,348 4,126,278 2,433,236 . . . 160 5,101,212 1,361,566 6,106,449 . . . 142 151,357 .. .2 0 6 4,580,896 719,924 559,128 . . . 132 2,600,599 1,988,150 1,248,726 33,423,000 3,759,183 . . . 310 13,805,576 4,121,213 4,686,445 16,555,412 7,424,022 1,691,266 10,080,918 . . . 212 2,050,322 37,323,791 6.820.750 . . . 679 3,154,2<6 8,05 ,132 . . . 182 8,308,919 ... 280 3,84-',092 2,240,744 10,700,000 30,529,844 7,181,208 .... Expenses. $l,i60,107 2,204,926 1,046,183 1,432,379 2,545.307 1,409,720 11,278,810 10,368.264 1,176,433 1,072,658 4,659,192 1,748,434 6,330,248 11,270,058 2,837,805 1,965,848 273,233 1,959,583 1,148,561 5,205 515 1,264,186 1,818,645 829,277 611,423 564,024 312,406 650,055 2,742,511 2,406,150 2,749,657 856,486 1,104.830 5,018,478 1,711,455 2.006,575 1,752.186 5,006,284 Profits. Div’ s 10 $537,057 1,2264158 12 413,528 10 549,834 09 1,587,298 03 450,709 __ 2,696,714 06 5,066,511 08 769,023 10 803,323 10 1,H 0,788 35 1,287,956 10 4,812,271 10 6,189,111 10 1, "46,804 10 4,544,097 06 429,890 06 736,794 05 1,210.661 35 3,283,517 10 1,235,162 15 614,641 30 9 532,289 339,934 — 357.900 — 246,72'.! __ 598,671 IS 1,016,622 __ 1,715,063 10 1,936,788 34 834,780 10 945,492 3$ 1,802.272 1,442.781 10 1,833.517 81 488.558 2,174,924 10 8,232# 495,809,029 159,194,587 102,497,917 50,696,070 — This statement shows the cost o f these 8,232 miles o f first class roads, with their appurtenances and rolling stock, to have aggregated' $495,899,029, or at the average rate o f $60,236 per mile. The results o f the operations cannot he considered otherwise than as highly satisfactory. The total earnings o f these roads is $159,194,587, or $19,337 per mile. The expenses aggregate $102,497,917, or $12,451 per m ile; the propor tion o f expenses to gross earnings being 64.89 per cent. The profits, or net earnings, reached the large total o f $56,696,670, or $6,886 per mile. The question o f chief importance to investors in tins class o f securities concerns the relation between the net earnings and the capital. The legal rate o f 7 per cent, upon the capital invested in the roads would yield $84,712,933. The actual profits, however, amount to $11,983,738 more than that sum, and average 11.43 per cent. It is necessary, how ever, here again to call to mind the fact that these figures represent cur 1868] Money and Banks. 95 rency. W ere the profits reduced to gold, at its present market price, so as to correspond with the character o f the original investment, the ratio o f net earnings to the cost o f the road would be about 7^- per cent, in specie. This result is most gratifying, and betokens the really sub stantial value o f railroad investments. A government bond yielding 6 per cent, in gold is considered a most valuable investment; but it may be questioned whether roads yielding a profit o f 7£ per cent, in gold upon the capital invested will not ere long be deemed even still more desirable. Nor would it seem reasonable to consider this prosperity as merely temporary. The roads appear to have now reached that condition o f com pleteness o f construction and adequacy o f traffic which has been long anticipated as the ultimate basis o f large and permanent profits. It will be observed that, o f the above thirty seven roads, only seven failed to pay dividends during last year; two paid 3^ per cent.; one, 5 per cent.; two, 6 per cen t.; two, 8 per cent.; one, 81- per cent.; three, 9 percent.; thirteen, 10 p e rcen t.; two, 12 per cent.; one, 15 p e rce n t.; one. 30 per cent., and two 35 per cent. Considering that, while these liberal dividends have been made, large amounts have also been appro priated from the earnings for construction and equipments, and that the roads are now in such a condition o f comparative completeness as to re quire lighter appropriations for these purposes than in former years, it must be allowed that the roads o f the country, exclusive o f those o f the Southern States, are in a condition justifying the large but long deferred expectations cherished at the time o f their projection. MONEY AND BANKS. B V J . L. T E L L K A M P F , L .L .D ., P .D .* Aurum per medios ire satellites Et perrumpere amat saxa putentius Ictu fulmineo. Before treating a subject which has recently been the occasion of much party animosity, I would remind the reader that science knows no parties, — that it can adopt no opinions of a party, except so far as that party has * This essay was written several years since and was addressed to Prussian readers, but is on that account none the less interesting to us now, and we publish it, there fore, just as we have received it from the author. Professor J. L. Tellkampf is an economist of high standing, both in Europe and America. Some of our readers are, undoubtedly, acquainted with him personally It will be remembered that he was in this country about eight years, and at that period contributed many valuable ar ticles to the pages o f the M e b c h a n t s ’ M a g a z i n e , occupying at the same time impor tant positions, first in the faculty at Union College, and subsequently filling the Gibbard German Professorship in Columbia College, New York city. He left the latter place very unwillingly, but felt called upon to do so, having been selected by the Prussian Government for an important mission to France and England, and, after that, tendered the Piofe isorship o f Political Economy at the University of Breslau which position he still oocupies. For two or more terms, also, he was chosen a mem- 96 Money and Banks. borrowed them from truth,— that truth, eternal, unchanging and complete, is its only end and aim. I request him to remember, further, that it is the province of the scientific inquirer to ascertain abstract and general prin ciples, rather than to teach how these principles are to be applied in par ticular cases, and that in this way he will sometimes reach conclusions for •which the country in which he writes may not yet be ripe, and which he would be the last to recommend for immediate adoption. The writer may also add, by way of caution, that he discusses questions only in their financial or economical aspects, and that many considerations of a political nature,* which the statesman would be required to weigh before deciding on measures, must in this place, for the sake of simplicity, be omitted. He approaches the subject only as an economist who, for the time, knows nothing of general politics, who owes allegiance to no party, who would write only as a citzen of the world, and who, far from assuming to have mastered the whole truth, is but a humble inquirer, yet ready as he pro ceeds to communicate to others the result o f his impartial inquiries. FU N DAM EN TAL P R IN C IP L E S . What is money ? What is currency ? The second o f these questions can be understood only by defining the first. By money w»e mean, first, a common measure of values, and, secondly, a common medium of exchange as a real equivalent of values, as a power o f purchasing ;— two functions intimately connected, and yet admitting of sep arate examination. Considering money as a Measure o f Value. we have to enquire what are the essential qualities of a good measure. They are, that it be invariable, easily ascertained, and susceptible of di vision into parts. Money is to value what standard weights and measures are to quantity. The rights and interests of both buyer and seller, require that the standard bushel, gallon, yard, &c., should be a fixed and known ber of the Second Chamber o f Deputies—House of Representatives— and was finally elected and confirmed by the King of Prussia as a member of the First Chamber, which is a life office. The First Chamber is similar to the English House of Lords. His partiality for the Government and Constitution of the United States is well known, as he has frequently in the Prussian Parliament referred to them for prece dents when important measures were pending. This same feeling will be seen ex hibited in the essay we publish. W e state these facts, knowing that they will give pleasure to those of our readers who were formerly acquainted with Professor Tellkampf, and will seive to increase the interest of all in what he has writtea—Ed H u nt’s M e r c h a n t s ’ M a g a z in e . * In countries where the acquisition of wealth is the prime object o f the the ma jority of the people, money power is one of the greatest, and most difficult to guard against: “ The age of bargaining hath come, And noble name and cultured land, Palace and park and vassal band, Are powerless to the notes o f hand Of Rothschilds and the Barings.” 1866] Money and Banks. 97 quantity, subject to no variations, easily verified, and admitting of con venient subdivisions; so money, which is considered for the present but a common standard measure o f value, should possess, as far as possible, the same properties. W e say as far as possible, because in the case of money, as of all values, absolute stability is unatainable. What we re quire, then, is that the measure of values adopted should approximate as nearly as possible to this idea of a perfect standard. In modern times, both metals and paper have been adopted as a meas ure of value, and both have their advantages. The precious metals exist ing only in limited quantities, and not liable to sudden increase or dimin ution, inasmuch as they are produced with great labor and are very endur ing, have much the advantage in respect o f stability. As the commercial intercourse of the ancient world was very limited, so much the greater and more sudden were the variations in the value of gold and silver. So, now, the smaller the amount o f the precious metals in a countiy, so much the more easily can great fluctuations in their value be produced by influx from without. The modern world has attained to a far greater degree of stability in the relative value of the precious metals through the universal ity and rapidity of commercial transactions (which produces the niveau of values), and through the now immense aggregate of gold and silver in pri vate use or in circulation. However sudden and great the influx of precious metals from newly discovered sources now may be, their values do not suddenly sink, because the increase, in comparison to the great masses in use, is but a small percentage, and hence makes itself felt only in a long series of years. While almost all other productions of human labor are sooner or later consumed, the precious metals are preserved, often under the most curious forms, and can be, at any time, melted up and coined, and thus as coins pass at once into circulation. Hence the precious metals, in whatever form they may be, are to be considered in their aggregate, and their present amount is the aggregate production of all lands and for thousands of years. The constant increase o f this aggregrate by new supplies has, however, had the natural effect of causing their value slowly to decrease when compared with the common necessaries of life, witti corn for instance. This decline in the value of gold and silver is so slow as to be hardly perceptible in short periods of time ; hence for such periods they may be considered as affording a staple measure o f value; and yet if we compare their value at intervals, say of centuries, the decline is strikingly large. Thus taking corn as our standard of comparison and extending our inquiries only to England, France and Ger many, we find that the value o f gold and silver, during the period between the discovery of the mines of Mexico and Peru and the beginning of the present century decreased from four to sixfold.* If we now, with Adam Smith, consider corn as measure or standard of value, it lollows that, as the medium or average price of that article has in the course of centuries risen, precisely in the same ratio or percentage the price or value of the precious metals has fallen. There is, however, a remarkable difference as to the production of corn and precious metals to be mentioned; viz.: while the most productive mines determine the * A. v. Humboldt, Deutsche Vierteljahreschrift von 1838, part 4, pages 15-17. 98 [August Money and Banks. cost of production for the metals and cause the closing of those which are less productive, the least productive cornfields, whose crops are still de manded by a dense anu rich population, determine the price of corn, the more productive yielding their owners a comparatively high ground-rent. Consequently in this respect the cases of the metals and corn are exactly reversed; the reason of this being the greater demand for corn as a neces sary of life. From the careful investigations which have been recently made in regard to the amount and relative value o f precious metals, at different periods, we find the value of them, as circulating in commerce under the form of money, in Europe and its western colonies, to have been in the year 1492 about 250 millions of Prussian thalers. 1600 “ 1250 “ “ “ 1700 “ 3250 “ “ “ The increase was then about one thousand millions of thalers during the sixteenth century, and two thousand during the seventeenth. The introduction of the process of treating the ores o f silver with quicksilver (1580) increased greatly the production o f that metal, and towards the close of the sixteenth century there was consequently a rise in the prices of goods and merchandise, corresponding to the increase in the amount of money. Then followed a period o f slight increase, lasting until the fall in the price o f quicksilver (since 1778) when there was a rise in prices caused by the more systematic and extensive workings of the Spanish silver mines, and a corresponding increase of their prcdtctiveness. During that period o f slight increase, population, industry, commerce and, o f course the demand for the precious metals, had advanced almost in the same ratio, and the value of money had remained almost the same; but with the sudden increase in the productiveness of mines that value imme diately fell again. The same facts are repeated in our own time as con sequences o f the immense discoveries o f gold in California and Australia, with the additional circumstance of a great change in the relative worth o f gold and silver,— a change likely to be felt still for a long time. In round numbers the annual production of the precious metals may be estimated as follows: For it it it it it it the year 1500 at 1.000. 000 thalers. ti tt 1550 tt 4.000. 000 “ ti tt 1600 tt 14.000. 000 “ ii tt 1650 tt 22 .000. 000 “ it it 1700 tt 29.000. 000 “ tt ii 1750 tt 46.000. 000 “ tt 1800 tt 68.000. 000 “ it According to Alexander von Humboldt, in the above amount of silver is about forty-five times that of the gold, of the latter is but about fourteen or fifteen times that silver being a much more useful and necessary metal, and aggregates the while the value o f the former; therefore in far 1860] 99 Money and Banks. greater demand. The production o f the two metals as calculated for the year 1800 was about: gold 2<>i millions o f thalers, silver 47 j “ “ aggregate of bo h 68 millions of thalers. Again, according to Baron Humboldt*, the New World produced at the beginning of this century annually : 17,000 kilogrammes o f gold 800,000 “ of silver. The production is estimated to have been for the years— 1842 of gold 43,000,000, o f silver 40,000,000 thalers ; 1848 “ 68,000,000, “ 60,000,000 “ Thus the production of gold was in 1848 nearly three times that of 1800 ; while that of silver had increased but a few millions. This inequality of production, vastly increased since the discoveries in California and Aus tralia, as the metals pass from the mints, is felt at once in the money markets. The annual production for the last few years is calculated (in thalers)] as follows : Gold. For the year 1849 at 91,000,000, “ 1850 “ 132,500 000, “ 1851 “ 159,500,000, “ 1852 “ 250 000,000, “ 1853 “ 266 000,000, Silver. 52 500.00053,000,000. 54,000,000, 55,000,000. 56,500,000. Or as Mr. Soetheer of Hamburg estimates i t : ] Gold. For the year 1848 at 47,100,000, “ 1849 •' 55,500,000, “ 1850 “ 119.900,009, “ 1851 “ 143 400,000, Silver. 45,000.000. 46,000,000. 58,600,000. 61,600,000. These estimates, it is true, are but approximations to the truth, but they are sufficient to prove the vast augmentation of late years in the produc tion of gold, and the great change in the relative value of that metal and silver. This ratio, formerly 16 to 1, and in North America, since 1792, 15 to 1, was reduced by Act of Congress, July, 1853, to 14.45 to 1. In consequence of this reduction, the standard value of American silver coinage has been lowered to the amount of seven per cent. This has led to the importation o f a vast amount of silver in the form of French five franc pieces, which te reissued in the form of American coins, giving the government, after deducting all the costs of transportation, insurance and * Essai Politique sur !e Royaume de la Nouvelle Espagne. T. IV. page 218. f Andre Cochnt in the Revue desdeux Mondes,—* On the Gold mines of Australia.” Deutsche Vierteljahreschrift. 1856. Nr 74, page 151. Minerva July, 1854. Vid.also J. D Whitnes. Ir. “ On the Mineral Resources of the United States, <ka.” | Die Banken, by Otto Hubner. Page 47. 100 Money and Banks. [August, coinage, a clear profit o f 4 per cent. This exportation o f silver from France lias already so reduced the supply of five franc pieces in silver as to bring into circulation a new gold coin of die same value in which the value of the gold is fixed at 15^- times that o f silver. The Bank of France makes its payments mostly in gold, and so gradually this metal has become the measure of value in France, as heretofore in England and the United States of America. Compared with this standard, the prices of the neces saries and luxuries o f life are found to be rising slowly, as the amount of gold coins in circulation increases. There is no certainty that the present ratio of gold to silver will long continue, especially if the rich productiveness of the gold mines of Cali fornia and Australia does not fall off. Even now, the payment in gold of debts formerly incurred in francs or dollars, that is under the old standard of silver, is a source o f gain to the debtor— and of consequent loss to the creditor— of from 3 to 4 per centum ; a change of value likely to increase. All, consequently, are losers who made investments of their property before the recent influx o f g o ld ; for instance, capitalists interested in English life insurance companies or such as formerly invested in France and North America, makiug their payments according to the standard of the silver, and now receiving their returns according to that of the gold dollar. Such only as may by chance obtain their returns in silver can escape this loss. But silver, no more than gold, can retain its old value when measured by the standard of other articles. Finally we must note the fact that the great mass of paper money, in the form of bank notes and so forth, tends to depress the value of the precious metals, by circulating in their stead,— by being used in payments, where else the metals would of necessity be used,— and thus consequently lessening the demand for them. It follows from this cour.-e of reasoning that there must ever be some fluctuations in the value of the precious metals. Their market values depend, like those of all other articles, upon the ratio between the demand arid supply. Where they exist in quantities greater than is immediately needed either for currency or manufacturing purposes, they must decline in price, but as this decline causes them to be transferred almost imme diately to other places where they are in greater demand, the depression is slight. The principal fluctuation is one which affects the whole world and results in part from the relative quantities mined in different periods and centuries,— in part from the variations in commerce and industry leading to a corresponding variation in the amounts needed for purposes of trade,— and in part from the different proportion of those metals which is worked up in the useful and ornamental arts. Thus the pr ces of gold and silver have gradually declined since the discovery of the American mines ;* within a few years they had, on the other hand, increased on the continent of Europe, in consequence of the wear and tear, and the greater * See A. Von Humboldt. Essai politique sur le Royaume de la Nouvelle Espagne. T. IV . page 218, and A. Von Humboldt, ‘ Utber die Srhwankungen der Cloldproduction, mit Rucksiclit auf staatswirthschafllic he Probleme.” (In the Deutsche Vierte jahrs Sclnift of 1838, part 4, pages 15-17.) 1866J Money and Banks. 101 demand for plate, jewelry, dec.; while, at the present time, their prices have slightly again declined since the discovery o f the gold mines in Califordia and Australia. It will be seen, then, that the precious metals are by no means an invariable standard o f value. Yet their natural scarcity, and the small increase in comparison with the existing amount of gold and silver, and the great amount of labor which has to be expended in their production, renders all fluctuations in their value extremely slow and gradual and thus fits them pre eminently for a measure. Governments have by coining provided an accurate designation of their value as well as convenient subdivisions. A bill o f exchange or a check ha=, in case o f large values, this advant age over metal and bank notes, that it is much more safe. A single check or draft is sufficient to exchange any value, however large, and, when being payable only to order, it can be carried any distance, or be transmitted by mail, or even be lost, and yet the owner suffers no injury ; but it has the inconvenience that he who pays and endorses it is responsib'e for its value. Bank-notes, on the other hand, are liable to such sudden and great fluctuation, according as those who emit them find it for their interest to expand or contract their issues, that the public have no safety except in such paper as is based or. an equal value o f the metals. In such case they are but a substitute for them, and convertible into them at pleasure. Such vast evils have resulted in America from irredeemable paper money that American lams have made specie or metallic coins the only lawful lender in payment o f debts. The importance of this will be more fully seen when we come to consider money in regard to its second function as A Medium o f Exchange. It is evident that there can be no division of employments, and o f course no high civilization, unless men can exchange with each other the surplus products of their labor. It is also evident that barter is a very inconve nient mode of exchange, since it by no means follows that we always want the surplus produce of him who may want our surplus produce. Hence in every civilized country the need o f something which can be exchanged at pleasure for any arid every purchaseable object; a general medium through which each producer may deal with any other producer, near or remote ; a sort of universal language which, by establishing a ready com munication between all classes of employments, shall incite each to new activity and a larger production o f exchangeable value. No nation can subsist without such a medium— even the Krees Indians, according to Capt. Franklin, use beaver skins as their medium— and in proportion as a nation advances in industry and civilization, in the same proportion will it seek a more perfect instrument o f exchange, because with each step o f its progress it feels more and more the importance o f facility o f exchange. Now why is it that all nations, whether ancient or modern, have, as they have risen to the civilized state, invariably adopted as their medium the precious metals? Was it done by a general agreement, or by ascrib ing to these metals an imaginary worth ? N o ; but from the conviction that they possessed a real value: the result of labor, usefulness, and scar city, and which made them proper equivalents of the objects for which they were exchanged. Let it not be supposed, because an exchanging 102 Money and Banks. [August, medium is indispensable, and because thiugs of no intrinsic value, such as pieces of paper, would serve as well as metal to represent the properties exchanged, that therefore the former may be substituted for the latter. Wherever this has been attempted, as in the assignats of France and the continental paper money of America, experience has shown that the cur rency depreciates and at last becomes almost worthless. The reason is plain. The farmer or mechanic who parts with his articles for money which he may have to retain in his poss&ssion for some days or weeks, needs assurance that his money has an intrinsic or unchanging value. This assurance he cannot have urdess the substance itself have such value, or is certainly and easily convertible into one which has. Hence the use of grain, oxen, &e., as an exchanging medium, has been found objection able on account of the difficulty of verifying their quality as well as quan tity, and yet more on account of the fluctuations in value to weich they are always liable. In the case o f a medium having neither intrinsic value nor convertibility, the holder will always insist upon a premium for the risk which he incurs in taking it ; this risk must increase as the bill is older, and thus there will be a decline in its value.* W e have insisted, above, upon the great necessity o f employing as a measure money which does not varj' greatly in value. This is not less im portant when we consider money as an exchanging medium. It is by means of exchanges that those who are employed in production distribute among themselves their respective shares of the produced value ; but this cannot be done on just and equal terms if we use a medium which has varied materially in value between the time that a contract was made and that in which it is to be fulfilled. If a man who contracts to pay or receive £10 0 six months lienee is uncertain whether that sum may not increase or diminish in value by one fourth or one-tenth before this period elapses, all business becomes unsafe, and will either be avoided or be prosecuted in the spirit of gambling. When engagements are made for a still longer period, as in the purchase o f real estate, the evils are still greater. Nor are they confined to men in active life ; men retired from business, widows, orphans, &e., who live on the income of their estates, even incumbents of office who live on fixed salaries, and salaries which, with the saving spirit characteristic of most governments, will be even in times of common prices only sufficient for a decent subsistence, all these may, by a sudden and artificial inflation of the currency and of prices, be reduced to comparative indigence. Hence we see the importance of infusing a large proportion of coin into the exchanging medium or currency employed by any people. On this point, however, let us beware o f two errors. The one is that all exchanges can under any circumstances be made by means o f gold and silver exclusively. Where very large sums are in question, such as are daily needed in the great bargains made on the exchange, bills and checks have long been substituted for the cumbrous loads of coin which could be counted and transferred only by the agency of a vast multitude of hands and with much loss of time. Here promises to pay or checks come in as * Checks and bills of London have often a premium value, because of their conve nience as a medium. Capability of being used as a medium will add to the value of a thing. 1866] Money and Banks. 103 a labor-saving machine, and to advocate their discontinuance would be as unwise as to recommend the substitution of the old-fashioned spinningwheel and hand-loom in place of the self-acting mule which enables one woman to do the work of eight hundred. Even in what are called hard money countries only a small proportion o f exchanges,— such as those for necessaries of life, wages, &c.,— are made by means of coin. On the other hand, we are not to infer, because the precious metals have hitherto formed so small a share of the whole circulating medium of some countries, that therefore specie would be entirely inadequate for the purpose. Were all engagements now pending cancelled or discharged, and had not the habits of some people become adjusted through a lung course of years to an expanded currency,— in other words, were all the operations of business about to commence anew and were gold and silver to form our only medium of exchange, it is evident that prices would at once adjust themselves to the quantity of coin. The price of an article, which is but another name for its value estimated in the current medium of exchange, may as well be expressed by one as five. If one dollar of an unmixed specie currency will command as many necessaries and luxuries as could have been commanded by five dollars of a mixed medium, it is evident that in itself it is just as useful. It is incorrect, therefore, to say as is often done, that there is not enough metallic money on earth to measure and exchange the values which are employed in trade. The only effect of employing such a medium exclusively would be to advance its value greatly and thus enable a given amount of it to effect a much greater number of exchanges. It should also be remembered that in any ease but a part of the exchanges over the world are consummated by means of money o f any kind. The surplus produce of different countries is exchanged by means of bills which circulate over the whole globe and supersede the use of gold and silver, except so far as incon siderable balances may remain, while in the internal exchanges of every country, the use of money in the form of coin is to a great extent super seded by bills, drafts and checks.* Let me add here that in the term exchanging or circulating medium we do not include the bills, drafts, &c., above-mentioned. Only such paper as has been issued with the sanction o f government, and purports to be payable in specie on demand, fulfils the definition of money,— such are bank-notes. W e are now prepared to consider the proper function o f bank-notes and paper money, which are but one branch of the great system of credit which distinguishes and, as implying mutual fidelity and honor, signalizes modern industry and commerce. PAPER M ONET AND B A N K -N O T E S . What is paper money ? What are its uses, and what the evils to which it is liable ? Paper money is a promise given by authority of the government to pay a certain sum in metallic money, that thus all debts may be legally paid by means of it. Its value, therefore, depends upon its convertibility, i.e * See “ The System o f the London Bankers’ Clearances,” by W . Tate, 104 [August, Trade with British America. upon the power which the holder has of replacing it at pleasure by an equal amount of gold or silver. Without this it would not be taken with confidence, and could not, therefore, long maintain its par value. It is evident that this money may be issued by the government, by incorporated companies, or by individuals. Government paper issued as the ordinary currency and without great caution usually proves to be a bubble. There has rarely been an instance in which it has been redeemed punctually and to its full nominal amount. Witness the issues of this sort made by the American Colonies before the War of Independence. The continental money put forth during that war, the assignats of France issued during the Revolution, and the currency of Russia and Austria almost always depre ciated. In former times governments defrauded their people, or taxed them in disguise by debasing the current coin. In modern times the same object is often (fleeted by an issue o f government paper. If it be asked why the government may not pledge a certain amount of capital for the redemption o f its paper and keep its pledge, ♦here are two answers : 1st. The duty of payment frequently devolves upon an administration different from that which contracted the obligation, and in that case there is but a feeble sense of responsibility. This is especially the case under a government where economy is popular, taxation unpopular, and where the incumbent o f office and, perhaps, a candidate prefers tarnishing the public credit to the right and honorable but unpopular alternative o f imposing a tax. 2d. Another reason is, that this capital thus pledged must be managed, and a vast deal o f skill and economy is requisite in managing a redeemable paper currency ; and, of all managers, the agents of a government are the least thrifty and economical. Moreover, the government is very apt to ruin the credit of its own paper by excessive issues in times of emergency, and when the loss of credit is most disastrous. W e conclude, therefore, that a government ought not to trust itself to be a banker or to issue paper money. Is money the only medium of exchange ? Only for the smaller ex changes. W hy is it required for such ? Because, being made by those not in business, they require a medium which will command universal confidence. What is such a medium? Gold and silver or their representatives, i.e paper convertible at sight. W hy use the representative (the bank notes) ? Because, 1st, it is con venient,— 2d, saves interest on the coin which it replaces ; this is the case with all paper. What dangers are to be guarded against ? 1st, excessive issues or loans. 2d, sudden contractions or expansions. 3d, insecurity. (To be continued.) TRADE W ITH BRITISH AMERICA. PREPARED BY M R. JA M E S W . T A Y L O R , S P E C IA L A G E N T OP TH E T R E A SU R Y D EPARTM EN T. The records of the Treasury Department for the year ending June 30, 1865, show that our trade with British America is only second in magni tude to that with Great Britain. Its aggregate was $69,150,613, while 1866] Trade with British Am erica. 105 the commerce with Great Britain was $225,709,263. The external trade of the United States for 1865 consisted of $339,768,220 exports and $234,434,167 imports— an aggregate of $574,202,387. The statement in detail is as follows : Statement in detail. Countries. England. Irel tnd, and S cotla n d ..., British North America ................... Spanish West Indies......................... Hamburgh.......................................... Bremen............................................... France.................................................. M exico................................................ Brazil................................................... China............... , ................................. A ll other countries............................ Exports to. Total.................................... Imports from. $85,832,482 37,308,468 34,258,367 4,199,111 5,368,408 5.688,662 7,358,521 9,849,359 5,130,643 88,940,146 234,434,167 Total. $225,709,263 69,150,613 58,227,822 18,789,575 19,269,378 22,162,855 25,564,427 16,478,541 12,236,078 111,613,835 574,202,387 Another statement furnished by the Register of the Treasury Depart ment shows that the tonnage o f vessels clearing from American ports dur ing the year ending June 30, 1865, for ports o f British America was 3,537,752 tons, and the entrances from British America were 3,193,193 tons— the total of 6,730,945 tons; exceeding the tonnage o f vessels em ployed in trade with any other country. This detailed statement is also annexed: Countries. Canada................................................ British Provinces, east..................... British Columbia............................... Vessels cleared for. Tons. Vessels entered from. Tons. Total. Tons. 2,332,886 746,682 113,625 4,829,931 1,649,706 251,309 Other countries.................................. 3,198,193 965,181 624,813 205,124 129,430 68,954 89,644 934,289 6,730,945 1,834,940 1,178,983 421,752 265,069 144,866 115,121 2,089,209 Total................................... 6,160,628 12,780,885 137,684 3,537,752 England, Ireland and Scotland.. . . Spanish West Indies........................ New Granada.................................... British West Iudies.......................... France................................................ C hina........................................................ 654,170 O f the clearances for British America, 1,750,548 tons were o f American vessels, and 1,787,204 tons were of Canadian and other foreign vessels. Of the entrances from British America, 1,689,829 tons were American, and 1,503,364 were Canadian and other foreign. Before proceeding to a separate statement of Canadian trade for the years 1854 and 1864-’63, a general review of the commerce of the United States with the British Provinces of North America from the 1st day of July, 1851, to the 30th day of June, 1865, is presented. This period will represent the condition of the trade for three years prior to the late reci procity treaty, one year passed in exchanging the legislation required by the treaty, (1865,) and ten years o f its practical operation. The statement is prepared in the Register's office of the Treasury Department; and while VOL. l v .— v o . I I . S 106 [August, Trade with British America. the values of imports are returned in gold, no such practice exists in regard to statements of exports, and, in all probability, during the years 1863, 1864, and 1865 the currency values of most of the exchanges, especially of articles admitted free of dutv, have been adopted in the statistical re turns. The annexed table until 1861 was a customary appendix of the finance report, and is now brought down to the close o f the last fiscal year for the purpose o f exhibiting the progress and volume of trade with the provinces. Statement exhibiting exports to and imports from Canada and other Biilish possessions in North America, from July 1,1851, to June 30, 1865. Year «nding ,------------------ ----EXPORTS.----- ------------% Total. Foreign. Domestic. June 3 $10,509,016 $6,655,097 1852........... $8,868,919 13,140,642 5,736,555 7,404,087 1853........... 15,204,144 24,666,860 1854........... 9,362,716 15,806,642 27,806,020 1855........... 11,999,378 29,029,340 22,714,697 1856........... 6,314,652 19,936,113 24,262,482 4,326,369 1857........... 19,688,959 4,012,768 23,651,727 3858........... 6,384,547 28,154,174 21,769,627 3859........... 22,706,328 18,667,429 4 088,899 I860........... 18,883,715 22,745,613 3861 ........... 3,861,898 18,652,012 20,713,444 1862........... 2,061,482 31,281,080 2,651,920 28,629,110 3863........... 26,567,221 2,419,926 28,987,147 1864........... 31,842,145 1,809,862 30,032,283 3865........... Imports. Total trade. $6,110,299 7,550,718 8,927,560 16,136,734 21,810,421 22,124,296 15,806.519 19,727,551 23 851,881 23,062,933 19,299,995 24,021,264 88,922,015 37,308,468 $16,619,315 20,691,360 33,494,420 42,942,754 60,839,761 46,386,778 89,458,246 47,881,725 46,557,709 45,808,546 40,013,439 65,302/294 67,909,162 69,150,613 Most of this trade was with Canada and the maritime provinces of Nova Scotia, New Brunswick, Prince Edward’s Island, and Newfoundland. Recently, however, a considerable commerce bas been de. eloped between Minnesota and the territory of the Hudson Bay Company, and between the Pacific States and the English colonies of British Columbia and Van couver’s island. The trade with the Pacific provinces during 1864-65 consisted of $1,349,463 exports and $1,131,491 imports, amounting to $2,480,954, which the Minnesota trade with Central British America will increase to $3,000,000 annually. It will be safe to deduct this amount annually since i860 from the aggregates of the foregoing table, on account of the western provinces; while from 1852 to 1860 the average com merce with British America west did not probably exceed $500,000 annually. TH E C A N A D IA N TK A D E . As the House resolution calls for a separate statement o f the trade of the United States with Canada, the following table has been prepared to express the aggregates of exports and imports from 1852 to 1865. Until 1864 the Canadian fiscal year was identical with the calendar year, while the accounts at the treasury of the United States close on 30th June. Statement exhibiting exports to and imports from Canada, from July 1, 1851, to June 30, 1865. (From American reports.) Year ending ,--------------June 30. Foreign. 1852........... $2,712,097 1863........... 8,823,687 1864.......... 6,790,383 —EXPORTS.-----------------------, Domestic. Total. $4,004,903 $6,717,060 4,005,512 7,829,089 10,510,378 17,300,706 Imports. $4,689,969 5,278,116 6,721,539 Total trade. $11,307,029 18,107,215 24,022,245 1806] 1 8 5 5 .... 1856___ 1 8 5 7 .... 18s 8 ___ 1859 ___ i8 6 0 ___ 1861___ 1862___ 1863___ 1864 ___ 1 8 6 5 ..., Trade with British America. .. .. .. 8,550,187 3,365,789 5,501,125 .. 1,468,113 9,950,764 15,194,788 13,024,708 13,683,465 13,439,667 11,164,590 11,749,981 11,282,107 18,430,605 15,356,866 18,806,499 18,720,344 20,883,241 16,574,865 17,029,254 18,940,792 14,083,114 15,490,030 42,842,501 19,898,718 16,858,429 19.212,487 107 12,182,314 17,483,197 18,291,834 11,581,571 14,208,717 18,861,673 18,645,457 15,253,152 18,813,840 30,974,118 80,547,207 30,902,658 38,371,438 34,866,729 28,610,S25 33,149,509 32,944,787 34,135,487 23,095,630 88,712,558 47 832,547 49,759,734 A statement compiled from Canadian records, commencing with a half year of 1851, to make the period identical with that covered by the fore going table, is also annexed. Statement showing the whole trade in imports and exports between Canada and the United States during Jour teen years. Years. 1851, (half y e a r ),.. . . . . . . 1852........................................ 1853........................................ 1854............... ..................... 1855........................................ 1856........................................ 1857........................................ 1S58........................................ 1859..................... .................. 1860........................ ............. 1861........................................ 1862........................................ 1863........................................ 1864, (half year).. 1864.’65 ................................ Imports from the U. S. into Canada. Exports from Canada to the United States. *2,035,7 75 6,284,520 8,936,380 8,649,000 16,737,276 17,979,752 18,206,436 11,980,094 13,922,814 18,427,968 14,386,427 15,068,730 20,050,432 7,722,397 22,039,691 Total trade* *6.218,654 14,702,213 20,718,524 24,182,098 37,565,952 40,684,260 33,431,084 27,565,659 31,515,280 85,700,997 35,455,810 40,286,887 43,139,794 18,148,769 42,528,746 In addition to the annual statements of exports and imports, represent* ing the trade between the United States and Canada, the following table has been prepared from Canadian reports. It is a statement of American and Canadian tonnage, inward and outward, to and from Canadian ports, exclusive of ferriage, between United States and Canada. Statement o f American and Canadian tonnage, outward and inward, to and from Canadian ports, exclusive o f ferriage, between the United States and Canada. /- — — 1854‘ ........................ 1859......................................... 1861 ............................... ................. 1862 1863 ............................... 1864, (half year)...... ............ 1864-’65................................... A K S BICAK— In. 1,284,528 2,409,168 1,629,153 2,306,883 1,857,974 780,199 2,119,125 Out. 1,246,051 2,273,226 1,468,034 2,161,347 1,739,569 758,688 2,070,028 In. 2,219,529 1,222,454 1,412,076 1,793,303 1,680,727 795,837 2,080,771 Ont. 1,519,515 1,181,482 1,343,262 1,?»0,824 1,628,S63 769,710 1,995,712 The years designated in the resolution, 18o4 and 1504**05, are not favorable for a comparative statement o f the Canadian trade. The year first named witnessed an unusual excitement of markets, which resulted from the application of a large amount ot English capital to the construe- 108 Trade with British America. [August, tion of the Great Western and Grand Trunk railroads; the total imports o f Canada in 1854 reaching $40,528,SHI, white the exports were only $23,019,188. The purchases o f contractors were largely made in the United States, swelling our exports to Canada from $7,820,090 in 1853 to $17,300,706 in 1854. These disbursements on account of railway con struction, and the speculative spirit excited by them, concurred with the first operation o f the reciprocity treaty, to increase our exports beyond the imports from Canada during 1855 and 185 6 ; then followed the revul sion of 1857, which bore heavily upon Canadian trade, while since 1860 and during the late war, our great domestic exigencies have Dot only pre vented foreign and manufactured goods from leaving the country, but have materially added to the American demand for Canadian products. The American reports show a movement from Canada to the United States, since July 1, 1863, exceeding that from United States to Canada by nearly $25,000,000 a balance which has probably been invested in United States bonds, of which $50,000,000 are estimated to be held in Canada. It will thus W seen that the battle-year o f 1864-’ 60, when all our energies and supplies, with whatever could he drawn from our neigh bors, were absorbed by great military campaigns, is even more unfavor able than 1834 to represent a aormal condition o f commerce. They were probably indicated, because the earlier date marks a course of trade prior to the reciprocity treaty, and the fiscal year closing June 40, 1865, was the last annual statement which was accessible at the date o f the resolu tion. "With these explanations the following tables are presented r Comparative statement o f exports, in values, fro m Canada to the United S tates,for the years ending Bicember 31, 1854, and June 30, 1865. ( From Canadian records.) THE M2J«E. Articles. Copper ..................... Copper ore................. 1854. 1864 ’65 1S54. 1864-’65 Articles. 10,052 $1,511 S to n e ........................... 81,746 Mineral (or earth) oil . . 31,480 7,356 27,222 40,762 Total produce of mine- 278,260 168,649 1854. 146 1864-’65 Artidea-w 310 Furs or skins the prod53,027 uce of fish or creatures 28 468 living in the sea . . . Pig and scrap iro n .. THE FISHERIES. Articles. Pried ami smoked . Pickled................... .. F resh .......................... Oil ........................ 1854. 18G4-’05 7,452 1 041 Total produce of fisheries SS,47 2 89,257 ANIMALS AND THEIR PRODUCE. Jlorses . . . . . . . . . . . Horned cattle......... S w in e ..................... Sheep................... . . $202,416 $1,812,834 Furs, dressed.........> $3,234 $53,464 | 174,016 1,781,995 Fur9> undressed.. . ) 60,518 7,117 618,933 Hides..................... 21,909 127,4 S3 26,041 263,044 Horns and h oofs.. 2,550 1,562 4,409 21 17,509 Produce o f animals: Lard........................ 20,999 1,835 160 426,461 Bacon and hams. 44,433 Pork........................ 27,752 77,574 5,858 13,996- Sheep’s pelts . . . . B e e f..................... 5 311 657 B eesw a x............. Tallow ......... ....... .. 861 235 1,693 T on gu es................ Bones. ................. 801 117,040 340,899 V enison ............... Butter.................. 560 30,243 1,351,722 5,277 W o o l........... .......... Cheese.. . . . . . . . !■'___ 95,660 22,925 ........................... 12 45 Total animals and feathers.. . . . . . . 697,926 7,053,07s their products.. . 18456] 109 Trade with British America. THE FOREST. Articles, Ashes— P o t ............. ... Timber— Ash........................ Birch ................. Elm ........ — . , . Maple............ . . . . . Oak........................ White p ise ........... . . . .. Tam arac.............. Walnut................. Basswood, butternut, and hickory . . . Standard staves.. Other staves........ Battens.................. Articles. 1854. l=64-’65 1864-'65 $14,825 227,102 Scantliug............. .. $34,448 16,984 23,105 6,916 499 Deal-ends............. 3,038 Plank and boards. 1,579,820 3,292.451 4‘25 Spars................... .. 20,517 1,910 3,753 Masts..................... 1-00 1,140 29 Handspikes........... •••••• 171.380 Lath aud lath wood 15,834 12,885 46,202 364,249 96,730 22 5,864, Firewood............... 1,048 20,64 1 44.010 4,564 68^489 147,721 28,4 7<- Saw logs............... 5,281 Sleepers................. 1,172 Treenails............... 6,193 17,423 Railroad ties.......... 26,912 18,809 1,5-2-5 75,573: O a r s ...................... 223,100 80,544 Other woods......... 26,926 795 IS 080 Total prod o f forest 2,083 544 6,008,746 1854. AGRICULTURAL PRODUCTS. £440 *>.838 94,185 2,879/170 Malt.......................... Barley and rye......... Maple sugar... . . . . Barley,pot and pearl 569 63,534 Meal.......................... Beans........ .............. B ra n ........................ 5.045 88,089 Oats......................... 37,435 Other seeds . . . . . . . Flax........................... 13,796 Peas ....................... 448 Flax-seeds............... Flour......................... 8,370.819 1,916,265 Tobacco................... 6,231 Vegetables.............. Fruit, green . . . . . . 2,792 H a y ......................... 80 4,268 W heat..................... Hops ..................... S3,481 $13,496 $69,329 75 1/100 468 476 4 568 85,467 16,506 1,561,088 54,384 37,047 68,604 198,971 29,702 8,282 11,615 1,670,632 1,227,363 22,626 Total agricult'l prod. 6,329,324 8,246,987 MANUFACTURERS. Boohs............... Biscuit................... .. Candles.................... Carriages................. Cottons................... Furs......................... G lass....................... Ground plaster and lime..................... Hardware............... Indian bark w o rk ,. India rubber........... Linen........................ Machinery............... Musical instruments Oil cake................... $450 952 36 8,048 13,938 15,546 100 9 108 630 $2,019 Rags......................... S o a p ..................... .. Straw........................ 31,122 Sugar b o x e s ........... 1,770 Tobacco............... .... 100 ool......................... 606 W oolens................. Liquors: 2,806 Ale, beer, cid er,. 115,079 Whisky................ Other spirits.. . . 21 Vinegar............... 99 603 2/118 Total manufactures. 31,501 4,122 Coin and bullion... 864 Other articles......... 9,772 65,610 246 64,524 212 2,675 66,422 66,957 87,645 8,494 1,187 4,988 4,736 434 699 5,250 10,473 18 141,145 469,172 83,331 1,599,341 304,460 12,464 RECAPITULATION. 1654. 1864-’65. Prod, of the mine . $278,260 $168,649 Manufactures.......... Prod, of the fisheries 89,257 Coin and bullion.. . 85,472 Prod, of the forest.. 2,083,544 5,008,746 Other articles......... Animals and their products . . . . . . . 697,926 7,053,079 Agricultural prod’ ts 5,329,324 8,246,987 1854. $141,145 18fl4-’65. $469,172 1,599,341 83,331 304,460 8,649,000 22,939,691 110 Trade with British America, [August, Comparative statement o f values o f leading articles imported into Canada from the United States f o r the years ending December 31, 1851, and June 30, 1865. (From Canadian records.) Articles. 1854, 1864-’63, Art:cles. 1854. lF64-*65 Coffee....................... $151,886 $70,382 Iron (including railC igars.................... 8,056 $70,469 road bars)............ $488,344 47,284 422,196 21,367 Tobacco and snuff.. 15,161 Printing presses, &c 66,880 T e a ......................... 1,385,464 177,787 Tallow...................... 75,381 804,636 Sugar and conf’nary 781,720 Books....................... 219,772 489,732 S48.S84 781,288 Spirits, wine, and Indian corn............. 710,940 5,227 Salt........................... 195,598 S91.918 cordials................ 172,364 102,146 278,335 Seeds....................... Molasses........ ........ 182,212 98.3S4 Fruit, dried <fe green 460,077 Settlers’ goods........ 507,650 120,120 298,500 65,015 Fish,fresh and salted 74,849 202,626 Trees and shrubs .. 53,644 Lumber or planks.. 62,812 167 Wheat ..................... 138,912 2,879,625 Clocks and watches. 86,840 19,654 Cabinetware or furCotton manufactures 89,368 684.588 89,068 niture................... 225,636 46,053 Diugs & medicines. 87,68! Carriages................. Machinery noi otherFancy goods and m illinery............. 71,439 128,062 116,S68 wise specified... 550,856 Glassware............... 113,983 100,405 108,504 71,944 115,334 Hats and c?*pa.. . . , 212,509 57,352 94,819 Horses ..................... 77.S46 India rubber........... 81,916 10,340 14,049 Horned cattle........ Iron and hardware. 1,353,408 58,966 452,489 Bark for dyeing, &c. 2,372 43,699 Broom corn............. Leather, manufac15,924 tured and oth er,, 47.512 75,562 Butter.................... .. 799,728 1,092 806,618 131,208 33,404 Musical instruments 122,819 Cheese,.................... 88,786 Oil............................. 82,999 Cotton-w ool........... 24,920 185,764 Paper................. 690,124 87,680 9,259 Flour.................... .... 17,540 .......................... Silk 116,892 79,017 13,085 Barley and ry e. . . . 1.960 Straw g o o d s ........... 107,788 82,900 11,164 . . . a Oats......................... 86,408 Wool, manufactured 879,652 85,520 63,936 Lard......................... W oo le n s................. 49,258 579,740 8,428 115,906 Stones, unwrought. Mess pork1* ............. 510,504 876,968 Timber and lumber, Rice........................... 139,654 46,392 2,176 6,106 unmanufactured.. Coals......................... 277,007 220.360 67,108 544,511 Tobacco, unmanuf \i Cordage................... 174.070 76,748 14,467 W o o l ...................... Cotton yarn & warp 72,636 17,205 Other articles......... 2,109,688 1,590,345 Flax, hemp, and tow 4,768,478 104,940 120,897 Coin and bullion. . . H id e s................ ...... 253,068 585,351 T o t a l , , , ......................................................................................... 15,533,091 19,589,055 The Canadian returns have been chosen as the basis o f the foregoing statements, since the officers o f the Canadian customs are understood to estimate values exclusively in gold. Of the total trade in 1854, amounting to $89,303,312, a valuation o f $21,182,096, or 34 per cent., was with the United States. In 1864-’65 the aggregate was $86 801,620, of which $42,528,146, or 48 per cent., was with the United States. The articles exclusively exported from Canada to the United States were, in 1854, pig and scrap iron, fresh fish, scantling, railroad ties,horses horned cattle, swine, sheep, poultry, hides,eggs, hops, malt, hay, flaxseed, manufactures of India rubber, straw hats, and Indian bark work; but in 1 8 6 1 -6 5 the list was greatly reduced, consisting o f pig and scrap iron, firewood, railroad ties, saw-logs, sheep pelts, venison balsam, cotton manu * The later reports only mention “ meats, fresh, smoked, and salt,” amounting to $576,968 in 18M-’65, 1866] Trade with Britisk America. Ill factures, ground plaster, and sugar boxes. The values ef these articles will be found in the first of the foregoing tables. In a review of the comparative statement o f Canadian exports, we first notice that the products o f the mine and sea were nearly the same in 1851 as in 1865, while the lumber trade has advanced from $2,083,544 to $5,008,746, a large increase, but not more than the constant and increasing demand o f American markets would have caused in any event. Since the abrogation o f the reciprocity treaty, American purchasers are paying higher rates for'Canadian timber, and in larger quantities than in 1865, notwithstanding the necessity of paying a duty o f 20 psr cent, on the frontier of the United States. It is in the division of “ animals and produce” that the most remark able contrast appears between the trade o f 1865 and ten years ago. Then the valuation of this class of exports was only $697.926; now it is $7,053,079. The supply of Canadian horses during the war was as follows: 1861 1862 1863 Number. ................... 8,198 ................... 8,606 ..................... 19,335 Value. Number. Value. 667,815 1864 (half year)......... 6,418 603 687 664,795 1864-'65 ................... 23,106 1,812,334 1,465,540 The exportation o f cattle and swine was no less remarkable— 15,704 cattle, valued at $384,599 in 1861, and 59,566, valued at $1,781,965 in 1864-’65, while of swine the export to the United States in 1861 was 27,091, valued at $161,279, and in 1 8 6 4 -’65, 46,305, valued at $613,993 The movement of wool and sheep, having, perhaps, less connection with the commissary o f an army, is still worthy of observation from the rela tion to manufacturing industry. The exportation of sheep to the Uuited States was as follow s: 1861 1862 1863 Number. ................... 54.941 ................... 88,141 .................... 72,208 Value. 149,220 1864 (half year 217.724 1864-’65........... 198,651 Number. 10,316 69,931 Value. 48.326 253,044 The exchanges of wool during the same period in value were: To Canada. To U.Statcs To Canada. To U.States 1861 ......................... 197.895 424,930 1864, (half year) . . . 118,320 392,373 1862 ......................... 333,570 724,815 1864-’65 ................... 174,071 1,353,168 1863 ......................... 208,858 974,153 Total ....................................1,032,714 8,869,439 It appears from the Canadian trade returns that during the half year closing December 31, 188 5, 15,000 horses, 103,810 horned cattle, (swine not stated in the newspaper report at hand,) and 158,000 sheep were ex ported to the United States; the total value o f this class of exports being $7,923,355. A Canadian newspaper, the Globe of Toronto, adds that “ the cattle are wanted not only for beef, but for the manufacture of butter and cheese, now fast becoming leading articles o f export to Eng land.” At the annual meeting of wool manufacturers held at Philadelphia, September 6, 1865, Mr. J. L. Hayes, secretary of the association, remark ed as follows of the trade in sheep and wool with Canada; “ The wool known in our markets as Canada wool consists wholly of fleeces from the long-wooled Leicester and Cotswold sheep, and crosses of 112 Trade with British America. [August, these breeds with the Southdown, recently introduced from England. Mr. Stone, of Guelph, Canada West, has taken the lead in the introduction of these sheep. The flocks in Canada are small, averaging from twenty to fifty head. It has been estimated that 6,000,000 pounds of long wool will be grown in 1865, with a consumption in the United States of 5,500,000 pounds. The success o f the Lowell Manufacturing Company in fabri cating alpaca goods from Canada lustre wools has demonstrated that the wool does not deteriorate on this continent. The Canada wool has been found equal to the best English lustre wool, imparted expressly for com parison. The free wool of Canada has been an inestimable boon to our worsted manufacturers. It does not compete with the production o f our farmers, as we grow hardly more than 200.000 pounds of long wool, while Canada consumes 300,000 pounds annually of our clothing wool. It is not possible that our own production of long wool will keep up with the demand.” The wool here described is now subject to a duty of twelve cents per pound and ten per cent, ad valorem, its value being seldom below thirtytwo cents; and sheep, as well as other animals, are charged with duty at the rate of twenty per cent, ad valorem. It is too soon to determine how this taxation will affect the course o f trade. Proceeding to the consideration o f “ agricultural products” exported from Canada to the United States, we first notice “ barley and rye,” of which a valuation of $94,185 in 1854 had become $2,879,810 in 1864’65. This large sum was mostly paid for Canadian barley, which is des cribed, in a recent memorial of brewers to Congress, as o f a superior quality, usually commanding twenty to thirty cents per bushel more than barley grown in the United Slates. The Canadians cultivate the fourrowed variety, but their great advantage is the perfect adaptation of soil and climate to the production o f this cereal. At present not more than one third o f the amount required by manufacturers o f malt liquors is grown in the United States; and the statement has been made that if the barley now grown in Canada were reduced one-half, it would cripple the manufacture of malt liquors to such an extent as to involve a loss to the United States Treasury, annually o f about $2,000,000. Barley was free of duty under the reciprocity treaty. The present duty is fifteen cents per bushel. In 1854 Canada exported flour to the United States o f the value of $3,310,316, reduced in 1864-’65 to $1,916,255. This large exportation of flour before the reciprocity treaties indicates that Canadian white wheat will always be required for domestic consumption in New England and New York, notwithstanding the duty of twenty per cent. Another singular fact is, that the value of wheat exported in 1854 was $2,870,652, while in 1864 ’65 it was only $1,227,363, an excess in the former year of $1,642,645. Add this sum to the amount in which the export of flour in 1854 exceeded that o f l8 64-’ 65, and the aggregate more than balauces the difference of agricultural which is recorded in favor of 1864 ’65. The observations suggested by the list o f exports from the United States to Canada will occur in connexion with the next topic of inquiry, viz., “ the nature and extent o f the changes made in the Canadian tariff since 1854.” 1866] Trade with British America. TH E C A N A D IA N 113 T A R IF F . By the Canadian tariff of 1849, spirits, wine, tobacco, tea, coffee, sugar? molasses, spices, &c., were charged with duties partly specific and partly ad valorem, which were gradually made exclusively specific. On the 26th March, 1859, this was altogether changed, ad valorem duties, rang ing from thirty to one hundred per cent., and averaging forty per cent., were adopted, and mostly prevail at this time although additional specific duties have been imposed on the articles named above by the tariffs since 1862. When the duties were exclusively specific there was great encour agement of purchases in American markets ; but with the policy of 1859, substituting ad valorem rates, the Canadian purchaser finds it for his interest to trade directly with Europe and countries producing the articles in question. In regard to American manufactures, the Canadian tariff is not immod erate, and is of impartial application. There is no discrimination in favor of English fabrics, while the vicinity of the American manufacturer affords him a positive advantage. A large class of articles, consisting of iron, steel, metals, and articles entering into the construction o f railwavs, houses, ships, and agricultural implements, are admitted at 10 per cent, duty; but 20 per cent, is the prevalent rate upon manufactured articles. Ex cluding the class of luxuries and stimulants first mentioned, the average taxation by Canada in 1864 ’65 upon dutiable goods was 18.7 per cent.; while of the total importations, 43 per cent, were o f articles free o f duty. Of course this large percentage was owing to the operation of the reci procity treaty, but it is likely to continue. The average per centage on goods paving duty by Canadian tariffs was 13 per cent, in 1854,19 per cent, in 1859, and during the last fiscal year ending June 30, 1865, it was 22.3 per cent. The rate of taxation by the American tariff upon dutiable goods has been ascertained by Dr. William Elder, statistician of the Treasury Department, at the following averages for corresponding years : In 1854, 25.6 percent.; in 1859, 19.5 percent.; and in 1865,50.4 percent. The Canadian advance of rates is less than might have been anticipated when attention is directed to the public debt of Canada, which was officially stated in 1864 at the sum of $76,223,061. Ol this amount the following expenditures by the Canadian government have been for the construction of canals and railways, which have been of great value to the western States as communications with the ocean and the Atlantic cities : 1. The St. Lawrence canals, by which vessels of S00 tons burden avoid the rapids between Kingston and Montreal............................................ 2. The Welland canal, passing vessels of 400 tons burden fro Lake Er e to Lake Ontario............... ................... ........ ............................... 8. Chambly canal and river Richelieu, enabling vessels to pass from the St. Lawrence into Lake Champlain......................................................... 4. Lake St. Peter improvements, dredging a channel for sea going ves sels drawing 20 leet of water to Montreal.............................................. 5. Harbors and light houses, mostly in aid of the navigation of the lakes and the St. Lawrence. ................................................................... 6. Grand Truuk railway........................................................ ..................... 7. Great Western railway, from Niagara to Detroit.................................. 8. Northern railway, connecting Lake Huron with Lake Ontario........... 9. Interest on railway debentures, A c........................................................ Total........................................................................................................... $7,406,269 7,309,849 433,807 1,098,225 2,549,617 15 312,894 2,810,500 2,311,666 9,642,025 42,264,852 114 Trade with British America. [August, Fully fifty per cent, of the debt of Canada has been assumed for objects which are directly for the advantage of the American communities in the valley of the St. Lawrence— a consideration which should restrain any violence of remonstrance against the fiscal legislation of Canada.* The relations of that legislation to exports from the United States to Canada will appear from the following statement, compiled from Canadian trade returns, which gives our exports for 18 >4, the year before the reci procity treaty ; for 1859, or midway of the operation o f the treaty under the advanced Canadian tariff o f that year, and from 1811 to 1865, or during the period of the war, exhibiting separately the amounts o f free and dutiable goods and the average rates imposed by Canadian tariffs on dutiable goods : Years. Free goods. Dutiable goods, 1854.................................................................. 1859.................................................................. 1861.................................................................. 1862. .............................................. 1863................................................................... 1864. (half-year)............................................ 1864’65 ........................................................... 2,520,655 8,566.545 12,722.755 19,044.374 19,134,966 8,219,569 15,589,055 16,807, 326 9,036.871 8,346,633 6,128.733 8.974 396 2,173.934 3,991,226 Rato per cent. 18.1 18.9 19 0 19 4 22 5 21 4 22 3 Of manufactures and foreign merchandise there was a larger importa tion to Canada from the United States in 1854 than in 1864-’ 65, for rea sons already assigned. The leading articles taken by Canada in the latter year are coal, mostly anthracite, $544,511 ; meats, $376,968; Indian corn, largely for distillation, $781,288; wheat and flour, $3,559,749; cheese, $306.6; 8 ; tobacco, unmanufactured, $277 037, and wool, $174,040. Total in 186t-’65, $6,510,211. Total of same articles in 1854, $1,498,888. Passing from this special statement of the Canadian trade, a brief analysis will be attempted of the commercial relations o f the United States to the following divisions of British America; 1. New Brunswick; 2. Nova Scotia; 3. Prince E l ward Island ; 4. Newfoundland; 5. Central British America or the territory o f the Hudson Bay Co npany north wes tern of Minnesota; and 6. The Pacific colonies of British Columbia and Vancouvers Island. NEW B R U N S W IC K . The area of this province is 27,700 square miles, or 17,730,560 acres, o f which 7,551,909 had been disposed of by sale or grant on Jan. 1, 1S64> and 885,108 acres are under cultivation. A large portion of this surface is covered with dense forests of pine, haematac, cedar, &c., which furnish immense quantities of timber, both for export and shipbuilding. Coal and iron ore are abundant— the former said to extend over 10,000 square miles, or about one third of the area of the province. The fi belies of the Atlan tic coast are inexhaustible, and very profitable. * There is, unquestionably, a grow ing party in Canada who advocate an advance o f duties with a view to encourage manufactures, ilo-i. I-=aac Buchanan, o f Hamilton, is t'ie prominent exponent o f .-uch a policy. W hile advocating a Zoll Verein or Customs Union with the United Mates, he argues, with much fcrce and presis*tence in fivor o f restrictions upon trad; witn Europe Mr. Galt, the Canadian m nister o f finan e, in -is s that the Canadian tariff is not protective, in the usual cense o f that term ; but it is easy to see that Mr Buchanau’ s views are making way in Canada. 1866] 115 Trade with British America. The following statistics of New Brunswick are compiled from the latest official reports. The revenue for the fiscal year ending Oct. 81, 1864, was 81,060,815 ; for 1863, 8844,894 ; increase, 8215,921; and derived as fol lows : 1883. 8138,300 685,069 61,834 28,293 86 398 1864. $181,944 743,315 67,640 80,738 87,128 T o ta l............................................................................ 844,894 Importations for 1861, dutiable...................................................................... do do free...................................... .. .................................. 1,060,815 $6,692,488 2,252.864 Total....................................................................................................... Rate ol impost on dutiable goods................................................................. Rate of impost on all goods............................................................................ Importations from the United States.......................................................... Exportations to all countries.......................................................................... Exportations to the United States......................................................... . . 8,915,342 13.57 per ct10 15 per ct$3,316,824 5,053,897 1,266,148 Railway impost..................................................................... Import duty............................................................................ Export duty on lumber......................................................... Territorial and casual........................................................... Miscellaneous.......................................................................... The exports to the United States are largely of lumber, but otherwise the trade with this country is of the same nature as that of Nova Scotia, which will be given in more detail. The population o f New Brunswick in 1864 was 272,780. The Financial Secretary o f the province, in his last report, says : “ The reciprocity treaty had been ten years in operation on the 12th o f Novem ber, 1864. During ten years ending Dec. 31,1864, importations from the United States amounted in value to 6,728,S96f. sterling, against 3,730,752/. during ten years immediately preceding the treaty.” The same officer re marks that the only instance of coal mining in New Brunswick is by an American company. In regard to the shipbuilding interest, it is stated by the same authority that the number of vessels built in New Brunswick during 40 years has been 4,169, measuring 1,584,386 tons, and the structures of 1864 were rnnch above the average of those years. The funded debt of New Brunswick, mostly incurred for railroads, wa3 $5,702,991 in 1863. NOVA S C O T IA . The peninsula of Nova Scotia, including the island o f Cape Breton, has an area of 18,746 square miles; in acres, 11,996,440, and probably no equal surface of the world combines so many natural advantages. Among these are a fertile soil, a climate softened by insular position and the vicin ity of the Gulf Stream, capacious harbors never closed in winter, immense coal beds accessible by vessels, and a productive gold district, besides de posits of iron, copper, manganese, gypsum, and slate. Although agricul ture is prosperous,yet seafaring pursuits so largely engross the people that large importations o f breadstufi's and provisions are made from the United States. The following statements of the trade of Nova Scotia are official for the year ending Sept. 30, 1865 : The amount of customs aud excise duties collected in 1865 was $1,047,- 116 [August, Trade with British America. 891, against $990,169 in 1864— an increase of $67,721. The amount in the hands of the Receiver-General at the close of the last fiscal year was $222,932, against $225,150 at the end of September, 1864. The income and outlay for the fiscal year 1865 were thus nearly balanced. The imports of the province have been rapidly increasing for the past four years. The official figures for those years are: 1862,18,445,042 ; 1863, $10,201,392 ; 1864, $12,604,642 ; 1865, $14,381,662. Here is an average increase of $2,000,000 a year for a province contain ing only about 350,000 people. The imports for 1864 and 1865 were divided between the various countries with which the Nova Scotians trade as follow s: Countries. Great Britain......................................... Briti.-h North American colonies......... British West Indies................................ . United States........................................ Other countiies...................................... . T o t a l.......................................... 1864. $6 316.988 1,592,773 667.206 4.325,857 1,479,838 1865. $5,407 843 1,188,746 440,767 4,303,016 1,234,270 Increase. $908,145 404,027 226,439 22,841 215,568 14,881,662 12,674,642 1,807,020 The imports from the United States in 1865 are classed t h u s : Sutject to duty............................................................................................... Free under reciprocity............... Free under tariff................................ $1,186,160 1,747,806 1,382,891 Those articles free both under the tariff and under reciprocity are put in the former class. Nearly the whole of the imports which are classed as free o f duty under the reciprocity treaty consisted of wheat flour, no less than $1,529,819 of flour having been imported. The imports— beef, pork, and hams— from the United States, during the year, were valued at $170,282, and of butter and lard at $23,051. The principal dutiable ar ticles imported from the United States were: Cordage and canvas................... $24,966 M o l a s s e s . . . . . . . . . . . . . ............ Cottons and woollens.................... 102,666 Paper manufactures, A c............. Drugs and patent medicine:!.. . 43,990 Spirits.......................................... Leather and leather manufac’res 137,690 Sugar, raw and refined............... Hardware.................................... 243,6,'0 Tea. black .................................. Tobacco, manufactured............. Rock and coal oil and burning flu id ............................................ $93,477 Woodware, manufactured......... 10,443 22,994 46.447 17,826 65,805 82,520 118,864 The principal articles free under the tariff were: Flour, other than w heat... .... .... Hardware............................. ___ .... Printed books, A c ................ Salt............................................... 34,793 23,14*2 17,843 26,828 V egetables................................... $2,119 14,754 63,841 12.274 10,576 The total exports of (he province for the last fiscal year were valued at $8,830,639. The leading articles were fish, coal, lumber, and its manu factures. A portion of the exports, however, consisted of articles not pro duced in Nova Scotia, which had evidently been imported and then sold into the other maritime provinces. (To be continued.) 1866] The Bank o f England. 117 THE BA\K OF ENGLAND. BY M ERCATOR. The story of the establishment o f the Bank o f England, and its subse quent remarkable career, has been so often related— and with so much ability and in such ample detail— that to attempt any new narrative of the subject may appear, in the opinion of a pretty large and enlightened class, more tedious and trite than a twice or even a thrice told tale, and quite a work of supererogation. What the few have learned and are familiar with, they think to answer all useful puposes, particularly if it be thought that the spread of knowledge would tend to inconvenience or danger. There is, however, an old adage that there are two ways of telling a story, and from the experience o f most persons— with statesmen, historians, lawyers and witnesses— they would be apt to arrive at the con clusion that there are far m ore; and we may therefore reasonably obtain pardon if we have fallen into the error of believing that we might be able to give a brief and plain account ol the Bank o f England, from the period it was founded down to the present time, interspersed with some observa tions and reflections of our own, which, if displaying no striking quality, may have the merit of leading such readers as are familiar with the sub ject into a path hitherto untrodden by them, and inducing them to con template the narrative from a new point of view. There is, however, a vast multitude— and it is to it we chiefly address ourselves— composing not only thousands, but millions, who are as ignorant of the Bank o f England as they are of the invention of pounds, shillings and pence by William the Conqueror, and to whom, we trust, what we shall feel it our duty to re count, will be as interesting and serviceable as it will undoubtedly be novel. There is no question that, sometime previous to the starting of the Bank of England, all classes, but more especeially the commercial class, required greater facilities in obtaining monetary accommodation than it was possible to procure under the existing state o f things; and various plans had been proposed by projectors, in numerous pamphlets, tracts, and other publications, for the establishment of a national bank, which attract ed much attention, and wa3 received with considerable favor. The accom modation which the goldsmiths, who were then the only persons engaged in the business of banking in the country, had it in their power to afford, was so inadequate to meet the growing demands of commerce, and they were, moreover, in the habit o f applying “ the screw ”— to use a modern phrase well understood— with much severity, that a general desire prevailed for the abolition of this growing monopoly. If the Bank of England had started into existence to supply this want, and had confined itself to assist and extend commercial enterprise, by a judicious employment of the enormous capital at its command, it would have been a real national blessing, and its founders would have been en titled to be regarded as benefactors of their country. But such was, un fortunately, not the case, and the bank, which was recommended to pub lic patronage and support, as the means o f securing for trade and com merce substantial advantages, by an extinction of monopoly, and an equitable reduction of interest, became itself one o f the most grievous and withering monopolies with which the country has ever been cursed, and an 118 The Bank o f England, [August, engine in the hands of avaricious men to wring extortionate profits from the industrial classes o f society. When James IL, at the revolution of 1088, which Hallam, a distinguished constitutional historian, denies to have been a glorious one, left his throne vacant for his ungrateful and undutiful nephew and son-in law, William III., and his unnatural daughter. Mary Stuart, the affairs of the kingdom were in a happy and prosperous condition. The burdens were light upon the people, a tax-gatherer was almost unknown in England, a circumstance which will excite little sur prise when were collect that the national debt, which now amounts to about 900,000,000^, at the clo-e o f the reign of the sovereign who was exiled for his attachment to Popery and the Jesuits, though an Archbishop of Can terbury, and a large section o f the clergy preferred to be reduced to in digence rather than take the oath o f allegiance to his successor, did not exceed the modest proportion o f 664,263f. William Patterson, the projector and founder o f the Bank of England, was a native of Scotland, and born in Traillflatt, in the county of Dum fries. lie was educated for the church, and afterwards pursued for a length of time a course of life inconsistent with the profession for which he was intended. He was engaged in the Drrien scheme, and was evi dently a person o f adventurous spirit and fertile imagination— just one of the class who are qualified by boldness, industry, perseverance, and originality, to become the pioneers in great social and political changes. He, however, does not deserve much credit upon the score of originality for having proposed the establishment of a Bank of England, as we had only to look to Hamburg, Amsterdam, Venice, and Genoa— where bank ing institutions, similar to the one he contemplated founding, existed and flourished— to find models for his guidance. After Patterson generated his scheme, he became little more than an instrument in the hands of an intriguing and unscrupulous man, named Michael Godfrey, who was one of the creatures of William 3d, and was appointed by him to the office of first Deputy-Governor o f the Bank of England. The advocates of the scheme supported it upon political and commercial grounds, and among the most ardent of its champions, we find in the front rank Michael God frey, stating in a pamphlet that some “ pretended to dislike the Bank only lor fear that it should afford their majesties the supplies required to be raised,” and after complaining that all the company of oppressors “ were tortioners and usurors, were never so attacked as they were likely to he by it." The course pursued by the Bank of England for more than 150 years has not tended to fulfil this prediction. Smollet observes that the project had been recommended to the ministry for the following reasons: That it would rescue-the nation out of the hands o f extortioners, lower interest, raise the value of land, revive public credit, extend circulation, improve commerce, facilitate the annual sup plies, and connect the people more closely to the government. The opponents of the movement, including the Goldsmiths and the Tory party -— with more truth and reason— justified their resistance to it, upon the ground that the proposed Bank would become a monopoly, and engross the whole money o f the kingdom, that it might be employed to the worst purposes of arbitrary power, that it would weaken commerce by tempting people to withdraw their money from trade, that it would enable brokers and jobbers to prey upon their fellow creatures, that it would encourage frauds and gaming, and corrupt the morals o f the nation. The Bank o f Fnaland. 119 Thus advocated and denounced, the scheme was submitted to the Privy Council, and fully discussed in the presence of Queen Mary. The King, her husband, was absent at the time, but he was made acquainted with its details, and approved of it because he perceived that it would afford him the means of raising large sums of money to prosecute the war, in which he was engaged against France. William, however, with that habitual caution and foresight, for which he was distinguished, aware of the hostility which prevailed towards the measure, instead of introducing it boldly and prominently— to borrow the words of an able financial authority— smug gled it at the tail of an act of Parliament for raising money generally and in the preamble this statute is described, as a means fo r securing cer tain recompenses and advantages to such, persons as should voluntary ad vance the sum o f fifteen hundred thousand pounds, to enable their majesties to carry on the war against France. By the act of 5 William & Mary, it was declared that a royal char er should be granted, under the title o f “ The Governor & Company of ihe Bank of England,” to such persons as should voluntarily advance a loan of £1,200,000 to the Government, at the rate of 8 per cent, per annum in terest, and £4 per cent, for management. This amount was to be sul j-c t to redemption, if Parliament should think it expedient, to cancel it, by giving twelve months’ notice alter the 1st August, 1705— but, instead of repaying it, the debt has from time to time enormously increased, and it remains unredeemed to the present day. There was still £300,000 of the £1,500,000 deficient, and this was also to be raised by subscription, each subscriber receiving an annuity for one, two or three lives upon the following terms: Every subscriber who advanced £100 or. one life, was to receive an annuity of £14 ; on two lives, an annuity of £12 for every £100 advanced ; and on three lives, an annuity of £10 for every £100. There was a provision in the act that in case the sum of 1,500,000/. was not raised before October, 1094, the deficiency was to be made up by a loan at 8 per cent. In the space o f ten days the entire amount was advanced, and 25 per cent, of the money paid down, and on the 27th July, 1694, the charter was duly signed and sealed. The Dank then immediately com menced operations in Grocers’ Hall, and consisted of a governor, a deputy governor, and a proprietary of holders o f capital stock. The property qualification of a Governer was, and still is, that he should possess 4,000/. on his own right ; for a Deputy Governor, 3,000/.; for a Director, not less than 2,000/. o f the stock o f the corporation; and every elector was obliged to have 500/. capital stock to entitle him to one vote. It is a remarkable circumstance—just as if the Governor of this corpora tion of money dealers would not be likely to take care of his own interest and that of his associates— that he was required to make the following oath, which each of his successors has been obliged, down to the present time, also to do upon entering upon office: “ I, A . B-------, being nominated or elected to be Governor of the com pany of the Bank of England, do promise and swear that I will, to the utmost of my power, and by all lawful ways and means, endeavor to sup port and maintain the body politic o f fellowship of the Governor and company of the Bank of England, and the liberties and privileges thereof; and that in the execution of the said office of Governor, I will faithfully and honestly demean 1113self, according to the best of my skill and understand ing, so help me God.” 120 Foreign Trade at New Y ork fo r May. [August, It. is difficult to reconcile this oath, which the chief officer of a national monetary institution is even now required to tike, with a passage in the charter, wherein it is stated that the bank was established with a view of promoting the public good and ben*fit o f the people. In glancing at the history o f the bink and consulting the testimony of distinguished individuals and numerous commercial bodies in the king dom, it will be found that, in observing the letter and the spirit of this oath, the Governors of the Bank of England have, in numerous instances, inflicted serious injury upon society. We have no-v seen the bank fairly started, having lent its capital of 1,200 000/. at the handsome remunera tion of 100,000/., to be paid annually for the loan. FOREIGN TRADE AT N EW YORK FOR MAY. The official Custom House figures showing the foreign trade at the port of New York for May have just been furnished. We trust that many years (?) will not elapse before some way will be found of making up these returns earlie**, so that they can possess a little more present interest. The figures now made public enable us to bring down our tables to the close o f the eleventh month of the fiscal year, and we give in comparison the same periods of previous years. IM PO R TS. For the month of May, as our readers have seen from our weekly tabl the im ports were very large, being in fact this year more than twice the amount for May, 1865. The following are the irnpo ts for May of each of the last three years: Entered for consum ption.............................................. Entered for warehousing.............................................. Free go o d s ....................................................................... Specie and bullion ......................................................... Total entered at p ort............. W ithdrawn from warehouse 1864. $7,531,P00 14,727,176 1,0 >6.576 660,092 1865. $6,592,157 5,288,049 818,818 177,085 1866. $13,563,551 13.902,407 959,416 393,073 $23,975,144 659,869 $12,876,109 10,277,170 $28,818,447 9,450,591 From the above it will be seen that the total goods thrown on the market during each year in May was as follow s: F O R E IG N G OODS M AR K E TE D Entered for consum ption___ Free go o d s ............................... W ithdrawn from warehouse. IN 1864. $7,531,300 1,056,576 659,869 $9,267,745 M AY. 1865. $6,592,157 818,818 10,277.170 $17,688,145 1866. $13,563,551 959,416 9,450,591 $23,973,558 The total imports for the first five months of the year are as below : FOREIGN IM PORTS AT NEW YO RK FOR THE F IV E MONTHS FROM JANUARY 1ST. Entered for consum ption.......................................... Entered for warehousing............................................ Free g o o d s ................................................................... Specie and b u llion....................................................... Total entered at p ort___ Withdrawn from warehouse 1864. $70,520,704 37,837.458 4,793,780 1,280,283 1865. $29,583,127 30,687,327 4,070,486 815,791 1866. $78,077,039 55,469,417 6,027,286 1,085,637 $114,432,225 30,294,823 $65,156,731 35,279,863 $140,666,379 41,026,423 It will be noticed that the increase this year in imports is considerably more than 100 per cent., being $65,156 1,73 in 1865 and $140,666,379 in i866. This is for the 1866] Foreign Trade at New Y ork fo r M ay. five months since January 1. follow s: 121 If now we add the figures since July 1, we have as FOREIGN’ IMPORTS AND AMOUNT M ARKETED AT N E W T O R K FOR ELEVEN MONTHS. M ay— 1S65-66. Total Total thrown imports. on market. $135,457,584 $142,730,367 27,219,868 30,109.830 26,560,301 30,692,557 26,204,940 24,224,630 23,269,391 24,840,605 28,818,447 23,973,558 Tot il for 11 mos Deduct specie . $283,396,716 2,157,095 Six months. January___ Februa y . .. March....... A p ril .......... $259,705,332 Total merchand'e..........................$281,239,651 1864-65Total Total thrown imports. on market. $79,707,221 $69,201,651 11,711,178 10,620,117 11,473,668 11,472,456 16,012.373 13,692,088 14.174.404 14,369,609 12^876,109 17,688,145 $144,923,952 1,654,399 $138,135,127 $143,269,553 In the foregoing we have not only given the total imports each month, but also a column showing the total amount thrown on the market. W AREH OU SE M OVEM ENT. This year, about one half of the imports ($13,902,407) were entered for warehous ing, but as $1,246,288 was re-exported in bond, and $9,450,591 were withdrawn for consumption, the increase for the month in stock is only about three millions. Below we give a statement of the warehouse movement for May, with the stock on hand June 1 : WAREHOUSE MOVEMENT AT NEW YO RK IN M AY. Stock in warehouse May 1, 1866..................................................... ................................... Entered for warehousing in May......................................................................................... Received from other p o.ts in M ay...................................................................................... $30,135,543 13,902,407 166,186 Supply............................................................ .................................................................. $44,204,136 Withdrawn for consum ption........................................................................... $9,450,591 Exported from warehouse.............................................................................. 1,246,288 Transported to other p orts............................................................................ 210,342— 10,907,221 Stock in bond June 1,1866.................................................................................................... do do 1865 do do 1864.................................................................................................... do do 1863.................................................................................................... do do lc6 2 .................................................................................................... CUSTOM $33,296,915 22,249,743 18,816,114 19,321,534 11,862,642 R E C E IP T S . On account of a large proportion of the imports beiug entered for warehousing, the duties collected are not in proportion to the increased imp »rts. The following table gives the Custom’s receipts at this port for the eleven months : RECEIPTS FOR CUSTOMS AT THE PORT OF N E W YO R K . Six m onths............................................................ January................................................................... February................................................................. M a rch .................................................................... April........................................................................ May.......................................................................... Total for eleven m onths............................... 1864. $35,042,976 6,180.536 7,474,027 7,659,770 13,982,555 3,855,186 45 09 93 47 60 46 $74,195,053 00 1865. $24,473,902 4,231.737 4,791,247 5,392,099 6,309,994 8,133,423 73 47 10 26 34 06 $53,332,403 96 1866. $65,007,328 87 12,437,474 16 12,008,273 74 11,173,154 62 10,9'0,896 78 11,418,492 10 $123,065,620 27 EXPO RTS. The exports this year during the month of May have also been in excess of previous years, given in our comparati e table. It should be remembered, however, that they are recorded at their market currency value, while the imports are given in their in voiced gold value, without freight and duty being added. The following will show the comparative ex parts from this port for the month of May : VOL. LV.---- N O. II. 9 122 Trade o f Great Britain and the United States. [August, EXPORTS FROM N E W YORK TO FOREIGN PORTS IN THE MONTH OF M AY. Dom estic produce....... ........................................................ Foreign free good s.................................................................. do dutiable..................................................................... Specie and bullion.................................................................. 1864. $14,610,493 40,898 569,888 6,460,930 Total exp orts.......................................................................... do do exclusive o f specie........................................ $21,682,209 15,221,279 1865. 1866. $7,883,565 $12,281,623 54,500 151,393 320,210 759,857 7,255,071 28,744,194 $15,513,316 8,258,275 $36,937,067 13,192,873 This shows a gain on May o f last year, but is a little below the corresponding totals of several previous years. In specie, it shows the largest monthly export on record. The heaviest shipments in any previous month were in May, 1859, when the total was ? 11,421,032. We present also the exports from this port from January 1 to the close of May : EXPORTS FROM NEW Y O RK TO FOREIGN PORTS FOR F IV E MONTHS FROM JANUARY 1ST. Dom estic produce.................................................................. Foreign free good s.................................................................. do dutiable..................................................................... Specie and bullion.................................................................. 1864. $67,390,427 281,956 2,849,637 22,619,012 Total exports ....................................................................... do do exclusive o f sp ecie........................................ $93,141,032 70,522,020 1865. $60,068,965 599.479 2,011,597 12,716,287 1866. $94,653,047 403,720 2,419,782 29,891,474 $75,396,328 $127,367,973 62,680,041 97,476,499 This shows a large increase the last five months over the same period of 1865. If now we add the figures for the previous six months we have the following as the exports for the eleven months o f the fiscal year :— EXPORTS (EXCLUSIVE OF SPECIE) FROM NEW YO RK TO FOREIGN PORTS FOR ELEVEN MONTHS OF THE FISCAL T E A R . S ix months ending Jan. 1.................................. J an u a ry.................................................................. F eb ru a ry................................................................ M a rch ..................................................................... A p r i l ....................................................................... M a y ......................................................................... 1864. $79,049,334 12,150,670 14,196,409 15,082,677 13,870,985 15,221,279 1865. $131,946,100 16,561,598 15,750,807 14,397,713 7,711,648 8,258,275 1866. $107,699,914 20,108,207 17,.95,507 23,668,817 23,311,095 13.192,873 Prod, and Mdse. 11 m onths............................... Add o f Specie....................................................... $149,571,354 51,741,111 $194,626,141 34,389,787 $205,176,413 41,979,398 Total E xports for 11 m onths............................. $.01,312,465 $229,016,928 $247,155,811 In estimating the trade of the country from these figures for the port o f New York, it should be remembered that they do not represent the same proportion of that trade as formerly. The last year nearly all the imports for the South have been entered at New York, while the exports from the South have been very large ; in cotton alone amounting to about 100,000 bales. TRADE OF GREAT BRITAIN AND THE UNITED STATES. CO TT O N , B R E A D S T U F F S , P R O V IS IO N S , E T C . Our London correspondent furnishes us an analysis of our trade with Great Britain during the first five moDths o f the present year, compared with the corresponding period in 1865 and 1864. The figures presented to us exhibit many features of great interest at the present moment, and show how extensively our inward and outward trade with Great Britain has been augmented. The total declared value o f the exports o f British and Irish produce from Great Britain to ail quarters from Jan. 1 to May 31 was £78,227,710, whilst in the correspond ing period last year, it amounted to only £60,901,576 ; and in 1864 to £64,069,060 1866J Trade o f Great Britain and the United States. 123 There is, therefore, an increase in the present year in this department of trade of nearly £18,000,000 as compared with lS65,and of £14,000,000 as compared with 1864 For each month the figures stand thus: „ January.......................................................................... February........................................................................ M arch............................................................................. A p r il................................... May.................................................................................. 1864. £10,413,586 12,698,121 13,555,674 13,225,039 14,176,640 1805. £10,489,339 11,376,214 13,770,154 12,071,111 18,194,7o8 1866. £14,£54,749 15,110,063 17,520,354 15,366,414 15,870,131 T o t a l ....................................................................... £64,669,060 £60,901,576 £78,227,710 The details for each country embrace a period o f only four months, and for that period the return gives the following results so far as the United States are concerned i T o Atlantic ports. Northern. “ Southern. Pacific p o r t s ........................... Total. 1864. £8,216,370 49934 233,036 1865. £3,857,997 18,718 132,500 1866. £10,834,340 890,249 277,683 £8,499,340 £4,009,215 £11,502,273 The computed real value of the principal imports into Great Britain for the four monthsending April 80 was £68,804,895,against £45,337,850 in 1865, and £54,719,390 in 1864. For each month in each of the last three years the figures were as follows : r , In January........................................................................... February........................................................................ March........................................................... April................................................................................ T o t a l................................................................... 1864. £7,520,356 13,214,541 1865. 1866. £6,398,922 £9,847,564 12,891,252 16,610,159 16,396,92813,005,39419,891,204 37,587,565 13,078,755 22,455,908 £54,719,390 £45,337,850 £68,804.895 COTTON. Cotton continues to be imported freely into Great Britain from the United States. In May the largest mpply was received from that quarter the receipts from Ameri can ports being very nearly one half of the total importation. The total import in May was 1,490,636 bales being an increase of 880,000 bales as compared with May last year,and an increase o f 500,000 bales as compared with the same month in 1864< The total receipts for the five months ending May 31, were 5,180,070 bale9, against 2,637,022 bales last year, and 2,756,664 bales in 1864. The details are as under: & IMPORTS OF COTTON INTO THE UNITED KINGDOM IN F IT E MONTHS. From United States.................. Bahamas and Bermudas M exico............................... Brazil................................. Turkey........... .................. E gypt................................ British India.................... China................................. Other countries............... 1864. Cwts. 50,791 127,271 127.529 133,960 52,597 590.676 1,247,875 300,164 85,801 T otal...................... . 2,756,664 1865. Cwts. 60.144 141,959 173.400 198,700 130,657 660,208 925,S91 2U6.495 139,568 2,637,033 I860. Cwts. 2,411,929 8,784 8,145 332,708 76,794 551,251 1,619,553 91,956 5,180,070 The computed real value of the cotton imported during the fo u r months ending April 30 was as follows : From United States.................... Bahamas and Bermudas.. M e x ic o ............................... B razil................................... T u r k e y ............................... Egypt........................ British India...................... China................................... Other countries................. Total 1864. £133,749 1,230,478 1,276,280 1,199,482 573,397 4,324,432 7,211,413 1,806,422 716,408 1865. 1866. £289,048 £15,483,361 1,197,855 23,227 934,587 128,591 2,301,985 1,809,783 387,939 449,937 4,928,073 3,996,550 3,363,543 6,343,468 683,514 811,130 6 i9,683 £18,472,061 £13,967,469 £29,344,766 Trade o f Great Britain and the United States. 124 [August, The export o f cotton from Great Britain in May were less than in the corresponding month in 1865. This circumstance arose from the fact that a probability then existed of a Fenian 'war, the decline in the export being chiefly as regards the Hanse Towns" The total for the month is 268,945 cw ts.; against 3*28,864 cwts. in 1865, and 275,301 cwts. in 1864. For the five months ending May 31, the exports to each of the leading countries were of the following magnitude: T o Rnssia: Northern p orts............................................................................. P ru ssia .................................................................................... Hanover......................................................................................... Hanse T ow n s.......................................................................... Holland.......................................................................................... Other countries........................................................................... 1864. cwts. 60,491 6.058 28.339 293,u45 104.986 346,035 3865. cwts. 27,039 4,841 13,096 201.717 111,691 384,308 1866. cw ts . 80,542 29,542 5,018 390,076 210,134 507,117 T o t a l................................................................................... 809,554 743,292 1,295,029 BREADSTU FFS. Now that war has been commenced on the Continent of Europe, and that a consid erable rise has taken place in the value of wheat in England, statistics relating to the extent of the imports of wheat and flour into Great Britain are of valuable importance. The most significant fact to be drawn from the latest statement of imports into Great Britain is the extent to which the export trade in wheat and flour from French ports has been augmented during the present year. Russia, in the export of wheat, shows a very large increase; but, as regards the United States the figures are quite onim. portant. The quantity shipped from Pru-sian ports is small as compared with the exports from France and Russia. Our latest advices from London, Liv rpool, and the other principal markets of the United Kingdom, state that, in consequence of the fineness of the weather, the continuance of a high rate for money in the discount mar ket, and an increasing importation, the wheat trade bad become most inactive; but, ii> consequence of the Continental war, holders of wheat were quite indisposed to make any concessions in prices. It appeared doubtful whether the advance in the quotations o f 6s. @ 8s. per quarter could be wholly maintained, there being a tendency to a lower range of values. The statement of imports into the United Kingdom is as follows : IMPORTS or BREADSTUFFS INTO THE UNITED KINGDOM IN FIVE MONTHS. W HEAT. From Russia.......................................................................... P russia..*................................................................... Denmark..................................................................... Schleswig, Holstein, and Lauenburg.............. Mecklenburg ..................................................... Hanse T ow n s.......................................................... F rance........................................................................ Turkey, Wallachia, and Moldavia.......................................... E gy p t......................................................................... .. . United States.......................................................... British North Am erica.......................................... Other Countries........................... ........................ T otal................................. .................................................... 1864. cwts. 1865. cwts. 2,054,251 1,473,266 140.050 98,179 236,755 171,655 277,214 290,855 1866. cwts. 3,250.423 929,544 97,158 54 880 20*2,742 188 680 2,287,9*20' 244,757 3,310,79*2 141,211 2.294 497,493 315,160 8,780 1,762,525 8,258,541 5,389,222 9,342.578 138,996 326,573 212,489 , 21*2,489 ssum ed her position as a w h eat exp ort- ing country. FLOUR. From Hanse T ow n s......... ................................................. F ranc*....................................................................................... United States.......................................................... British North Am erica.......................................... Other Count, ie s ....................................................... T otal..................................................................................... 1864. cwts. 1,287,' 4,305 2,460,53^- 1865. cwts. 109.014 1,005,671 100,455 11.385 73,600 1866. cwts. 97,869 2,387,055 163,712 6,137 104,011 1,300,125 2,758,784 1866] Trade of Great Britain and the United States. B R IT IS H AN D IR IS H 125 PRODUCE. The exports o f British anrl Irish produce aud manufactures in May show, as regards many articles, a diminution from previous years, not so much, indeed, from last year, at which period comparatively little business was then passing betweeu the United States and Great Britain, but ft om 1864 and previously to that period. The aggre gate for the present year, however, is large, and compares very favorably with many previous years: DECLARED VALUE OF EXPORTS OF B R IT I'H AND IRISH PRODUCE FROM GREAT BRITAIN TO THE UNITED STATES FROM JAN. 1 TO MAT 3 1 . A lk ali....................................................................................................... Beer and ale.......................................................... ................................ Coals .............................................. ..................................................... 1864. £196,056 26.379 50,746 1865. £172.502 14,497 37,306 1866. £414,532 29,243 33,823 1,059,614 113,530 197,052 553,249 511,785 35,068 138,704 208,757 1,858,833 150,486 314,351 701,605 60,526 50,776 155,759 50,916 28,632 64,861 122,18» 52.907 292,358 1,363,841 894,044 1,909,537 155.024 485,718 533,529 9,396 151,040 266.569 292,076 11,900 168,557 426,924 45,742 13,630 47.838 61,618 93,397 1,157 20.2/2 66 124 115.515 12,680 6,212 316,186 39 11,197 142,949 256,197 341,110 8,450 141,749 104,438 271.900 24,666 59,684 645,172 72,316 61,316 52,448 13,325 26,204 56,227 23,415 7,457 33,006 22,804 999 11,207 38,021 12,527 544 250 80,261 5,539 22,399 51,770 30.148 4.351 242 552.128 233,534 50,031 1,291,022 154.364 47,581 7.528 668,531 451/ 28 33 ’.087 16,777 1 754,972 C otton M a n u f a c t u r e s — Piece g o o d s ......................................................................................... Thr a a ................................................................................................. Earthenware and porcelain................................................................. Haberdashery and m illinery................................................................ H ard w ares a n d Cu tle ry — Knives, forks, & c....... ....................................................................... Anvils, vices, saws, & c ................................................................... Manufactures o f German silver..................................................... L in e n M a n u a c t u r e s — Piece g o o d s ........................................................................................ M etals— Iron—P i? ............................................................................................. Bar, & c ..................................................................................... Railroad.................................................................................... Castings.................................................................................... H oop s...................... »............................................................... W rought.................................................................................... Steel—U n wrought............................................................................. Copper, wr^aght............................................................................... Lead, p ig ............................................................................................. Tin plates........................................................................................... O ilse e d .................................................................................................... Salt .................................................................................................... S il k M a n u f a c tu r e s— Piece goo s .......................................................... ............................... Handkerchiefs, scarfs, & c ................................................................ R ib b o n s .............................................................................................. Other articles...................................................................................... Other articles m ixed with other materials................................... Spirits, British........................................................................................ W ool .................................................................................................. W o o lle n a n d W o r s t e d M a n u f a c t u r e s — Cloths o f all kinds............................................................................ Carpets and druggets ..................................................................... Shawls, rugs, & c............................................................................... W orsted 6 tuffs o f w ool only, and o f wool m ixed with other mat. PROVISIONS. lard and eggs. Th e former o f these articles is soiling at high prices in the United Kingdom, although they exhibit a considerable decline from the quotations current at the close of last year. Of other provisions the arrivals show no material variation from last year : IMPORTS OF PROVISIONS IN FIVE MONTHS. Bacon and hams, cw ts............................................................ Beef, salt, c w t........................................................................... Pork, salt, c w t......................................................................... Butter, cw t................................................................................ Cheese, c w t.............................................................................. Eggs, num ber................................................................... Lard, num ber.......................................................................... L IV E 1864. 639,191 197,355 100,935 344,<*77 204,458 139,280,520 59,631 1865. 3 8,685 119,628 74,072 388,618 207,126 157,328,520 71,283 1866. 365,300 108,652 110,452 385,670 155,364 196. 955.769 165,925 ST O C K . In consequence o f the war, the import of live stock from Austria into Great Britain Analyses o f Railroad Reports. 120 [A ugust, is stopped. The British Government, however, have modified their recent orders, and the import of fat stock is now permitted from ports in Friesland and Groningen. The An ports of live stock into Great Britain for the five months ending May SI, were as under: 1864. 33,200 9 821 91.194 10,137 Oxen, bulls and cow s, number Calves, n u m b er.......................... S h eep and lam bs, n u m b e r ........ Swine and hogs, num ber......... 1866. 54,323 6,699 324,273 24,8S9 1865. 55.713 10,356 159,418 27,837 S H IP P IN G . In May, 40 vessels, of a tonnage of 41,897 tons entered at ports in the Uuited King dom. In the corresponding time last year, the aggregate was only 23, o f 22,590 tons burden ; but in 1864 the total reached 40, whilst the tonnage was 48,39S tons. During the five months the entries were 191, against 106 last year, and 173 in 1864, the tonnage in those years being 194,486. 115,862, and 199,987 tons respectively. The clearances of American vessels in May were 45, against 44 in 1865, and 40 in 1864. During the five months ending May 81, the total entries of American vessels were 233, o f 231,011 tons; against 138, of 142,286 tons last year, and 183, of 203,930 tons in 1864. In May, 159 vessels entered at ports in the United Kingdom from American ports, the total during the corresponding month last year being only 45, and in 1864 95. The total entries of vessels from the United States during the five monthsending May 3! were 705, of 653,116 tons ; against 201, of 230.042 tons last year; and 428, o f 425,977 tons in 1864. The clearances o f vessels of all nationalities at ports in Great Britain for American ports were as follow s: In May, current year, 126 ; do. last year, 83 ; do. in 1864, 112 ; in the five months ending May 31, 1866, 648 ; in 1865, 270, and in 1864, 395. ANALYSES OF RAILROAD REPORTS. No. 11. I. St. Louis, Alton tfe Terre Haute R ailroad.—II. Lehigh Coal & Navigation Company.— III. Cumberland Valley Railroad. The Financial Statement o f the Illinois Central, Pittsburg , Fort Wayne & Chicago and Chicago and Rock Island Companies appeared in the July number. We now give brief historical sketches o f each, which were received too late f o r insertion in their appropriate places. IL L IN O IS C E N T R A L R A IL R O A D . The Illinois Central Railroad Company was chartered by the State of Illinois February 10, 1851, and authorized to construct a railroad from La Salle, northwes, to the Mississippi River opposite Dubuque, Iowa, and southwardly to Cairo at the confluence of the Ohio with the Mississippi and also a branch from the main line to Chicago. The Company’s capital was fixed by this charter at $1,000,000, and might be increased to whatever sum the cost of construction might involve. The charter also surrendered to the Company all the property acquired by tbe State in the course of previous efforts made to construct a railroad between the same points ; and all the lands donated by the United States under the act of Congress of September 30, 1850. These latter consisted of nearly 2,600,000 acres in alternate sections within six miles on both sides of the road. This property was placed in trust to be applied only to the construction of the works projected. Upon Analyses o f Railroad Reports. 1866] 127 compliance with these conditions and the completion of fifty mile3 of road, one fourth of the donated lands was to be held free of incumbrance and disposable by the com pany for its general exigencies and the remaining three-fourths were to be retained by the trustees as securities for the payment o f bonds which the Company was authorized to issue. The trustees were to sell the last named bonds either for cash or in exchange for the bonds, the payment of which was intended to be thus secured’ and if in cash the same to be invested in the bonds, which on receipt were to be cancelled. The charter also provided for the exemption of the Company’s property from local taxation ; but required for this privilege a payment to the Stat£ 7 per centum of the gross receipts of the road when in operation. The main line of the road as defined by the charter extends through the whole length of the State north and south. The Chicago Branch leaves the main line at Centralia and extends northwesterly to Lake Michigan. The aggregate length of both lines is about 708 miles. The Company was organized, March 10,1851. The first engineering party organ ized May 21st followingand soon after commenced the preliminary survey o f the Chi. cago Branch, and by mid-summer seven other parties had been organized, and were in the field ; and before the end of the year the whole line had been surveyed and located. The first contract for graduation was made, March 15,1852, for that portion of the branch between Chicago and Calumet, 14 miles. This was hurried through for the purpose of allowing the Michigan Central Railroad to enter the city, and was com pleted May 15, of the same year. Public contracts were first made in June, 1852, when the grading o f six divisions o f the road was let, and on October 14, following the remaining six divisions were put in hand. The work was carried on with such vigor that both the main line and branch were completed and brought into operation within the next four years, having been opened in sections as follows: Chicago to Calumet....... 14 miles, La Salle to B'oonvngton.60 “ Calumet to Kankakee.. .42 “ LaSalle to M n lota....... 16 “ Kankakee to Spring Cr’ k 31 “ ■reeport to W arren....... 25 “ Bloomington to Clinton .23 “ Spring Creek t Peru. .22 “ Peru to Urbana............... 20 “ May 15,185-2 “ 16,1853 July 1 1 ,1S>3 Nov. 14, 1853 De~. 2,1853 Jan. 9, 1864 M ir. 14,1851 May 18, 1851 July 24,1854 Warren to Scales M ound.14 miles, Clint >n to Decatur........... 2 ! l* Scales M -und to Galena. 12 “ C iiro to Sandoval.......... 118 “ Decatur to Sandoval____ 85 “ Mendota to Freeport____ 65 “ Galena to Dunleith...........17 “ urbana to M attoon......... 44 “ Mattoou to Centralia____ 77 “ S ept.lt, Oct. 18, Oct. 30, N ov. 22, Jan. l, Feb. 1, June 12, June 25, Sept. 27, 1854 1851 1854 1854 1855 1855 1855 1855 1856 The several series of bonds issued by the Company for construction and other pur poses may be described as follows : Construction B on d s.. . . ................................................................ $17,000,000 of which were 7 percents $12,885,000, and 6 per cents $4,115,000. These bonds bear date April 1, 1851 and are payable April 1, 1875; coupons semi-annually April 1 and October 1— the 7’s at New York, and the 6*s at London. This issue provid ed the means for constructing the road. They are secured by a mortgage covering the company’s road and franchises an 1 2,000,000 acres of land, and all sales of these lands are to be applied to their redemption, which may be made at any time, the Company paying 20 per cent, additional on the original amount. The company have also superadded to the security above named 250,000 acres of land not included in the two million aforesaid and the net earning3 of the road. Of the total amount $7,266,500 have already been redeemed and cancelled. Analyses o f Railroad Reports. 128 [A ugust, Free land Bonds, 7’ s.......................................................................... $3,000,000 — dated Sept 1; 1854, and payable Sept. 1, I860 ; coupons semi-annually March 1 and Sept. 1 at New York. These bonds were issued to complete the work, the original estimates having been exceeded. They were secured on 345,000 acres without encumbrance (hence their title). The whole issued was redeemed before maturity. Optional Bights Bonds, 7’ s ..........................................$3,200,000 — dated Feb. 20. 1858, and payable 1S6S ; coupons semi-annually, Jan. 1 and July 1, at New York. All <xcept $32,000 have already been converted or otherwise retired Debenture Bonds, 7’ s........................................................... $970,000 — dated July 1,1859, and payable 1861 ; interest Jan. 1 and July 1, at New York. These were temporary loans and have all been retired. Eight per cent bonds.............................................................$500,000 — dated March 1, 1860 and payable 1865 ; coupons March 1 and Sept. 1 at New York. These bonds were issued for the payment of such Free Land Bonds as were not paid in upon 6tock at maturity. The amount issued was $332,100, all of which but $3,000 have been retired by conversion into stock. Redem ption Bond s, 6’ s ............................................ . . . . $2,563,000 — dated April 1, 1865, and payable 1890; coujous April 1, and October l , a t New York. Exchanged for construction bonds. The yearly condition of the above debt is shown in a special table. The result is that it has been reduced from $18,008,650 in 1857 to $12,331,300 at the close of 1865* The stock in the meantime has been increased from $6,556,435 to $23,374 400 partly by conversion, partly by stock dividends, and pa tly by instalments of the original subscriptions. The amount expended in constructing and equipping the road has been $30,519,844. The Illinois Central Railroad Company has been one o f the most successful of the land-grant companies. It constructed the longest continuous line of railroad in the Northern States through an almost unpeopled country. In ten years thereafter a large population covered the land for many miles on each side of the road, and by their persistent industry the country has become so productive as to support the road with an affluent commerce and the land-grant has become so productive as to promise t-> do much more than extinguish the debt incurred in construction, &c. The amount of land already sold is 1,599,564 acres for $18,191,362 of which $2,844,730 was paid in cash and the remainder in notes. Of these notes $8,785,035 are still outstanding and there is still remaining of the original grants 998,069 acres of the present value of $8,772,264. These assets are ample to retire the debt, and when so retired the stock alone will have to be provided for from the annual eatniugs. This at the pre sent day is worth more than 120— what will be its value when the Company is clear of its funded incumbrance*. The future of the Company, indeed, is magnificent. With an ever increasing population and production along its route the commerce of the oad is increasing wonderfully, and requires continued increase of equipment to accommodate its wants. In the ten years ending with 1865 the number of engines and cars has been doubled. In ten other years another duplication will have been made, and this probubly without any large increase in the capital account. Should such be the actual result the increase must benefit alike the settler and the stockholder Analyses o f Railroad Renorts. 129 — the former by making high rates for travel and freight unnecessary, and the latter by enhancing the value of the stock held. P IT T S B U R G , P O R T W A Y N E , A N D C H IC A G O R A IL W A Y . The Pittsburg, Fort Wayne and Chicago Railway Company is a consolidation o f three separate companies whose conjoint line extends from Pittsburg, Pennsylvania, to Chicago, Illinois. These were the Pennsylvania and Ohio, the Ohio and Indiana, and the Fort Wayne and Chicago. The Ohio and Pennsylvania Railroad Company was chartered in Ohio February 14 and in Pennsylvania April 11, 1848 ; construction was commenced July 4, 1S49, and the road completed in sections as follows: from Pittsburg to Rochester July 30, to Clark’s Summit, October 22, to Enon Valley November 19 and to Palestine De cember 8, 1851 ; to Columbiana January 8, to Alliance (13 miles of which had been opened March 27, 1851) January 6, to Massillon March 11, and to Wooster August 10, 1852 ; to Mansfield April 8, and to Crestline April 1 1, 1853. As auth rized by its charter this company had the right to construct a road to the Indiana line, but the company determined to stop at the last named point, Crestline, and the remain der of the road in Ohio was built by the Ohio and Indiana Company. The total length of the road belonging to this company was 187 miles, of which 49 miles were in Pennsylvania. The Ohio and Indiana Railroad Company was chartered in Ohio, Marce 28, 1850, and in Indiana January 15, 1851, and the company organized July 4,1851. The road was placed under contract January 28, 1852, and construction commenced in the early spring; and the road completed in sections as follows: from Crestline to Forest January 18, to Delphos June 10, aDd to Fort Wayne November 1, 1854. Length 138 miles— in Ohio 112-J, and in Indiana 19-| miles. The Fort Wayne and Chicago Railroad Company was chartered in Illinois Feb ruary 6 and in Indiana April 8, 1853, and construction commenced in the summer of the same year. The section from Fort Wayne to Columbia, 20 miles, was opened January 23, 1855. Work between Columbia and Plymouth was being prosecuted at the date of the consolidation, but all beyond Plymouth west had been suspended since July 1,1854. The road was finally completed to Chicago January 1, 1859. Length 147 miles—iu Indiana 134, and in Illinois 13 miles. At consolidation the financial condition of the several companies was as follows : Capital. Pennsylvania and Ohio ........................$2.1151,930 Ohio and Indiana................................... 1,504,377 Fort Wayne and Cli.cago.................... 1,7S7,4S4 T otal..............................................$5,942,891 B ow 's. $4,691,000 1,702 000 1,204,000 $0,997,000 Floating. $398,124 341,050 312,760 Cost o f Tto’ d $0,189,088 3,432,053 1.916,704 $1,051,936 $11,534,845 In the process o f cr nsolidation the stocks of the several companies were equalized by adding 20 per cent, to that of the Pennsylvania and Ohio, and 6 per cent to that of the Fort Wayne and Chicagd. Protests againBt the consolidation were made by Beveral stockholders of the Pennsylvania Railroad whose stocks, to the amount of 1126,350, were paid in cash at par, thereby saving the 20 per cent, preferred by the consolidated company on exchange. The Fort Wayne Company bad assets besides what were represented in the work done, amounting to SI,430,000, which passed to the consolidated company. 130 Analyses o f Railroad Reports. [August, At that time the number of locomotives and cars constituting the rolling stock of the severa l road s w a s as follow s : - Car 4 -------Locom otive Engines. Passenger. Freieht. 51 55 508 245 18 12 6 Pennsylvania and Ohio R ailroad................ ................ Ohio and Indiana Rai roa d ........................... . Fort W ayne and Chicago R ailroad............. ................ T o t a l........................................................ 73 865 Total. 663 263 12 938 The consolidation o f these companies was authorized by the Legislatures of the four States which the line o f road traversed, viz .: of Pennsylvania April 16, 1856: of Ohio and Indiana by their general laws, and of Illinois February 28, 1856. The arti cles o f consolidation dated May 6, 1856, were agreed to by the Pennsylvania and Ohio company June 2, by the Ohio and Indiana company June 24, and by the Fort Wayne and Chicago company June 12, of the same year ; and the consolidation was perfected August 1, 1856, on which day the new company assumed possession of the joint property. At the date of consolidation the road was in operation from Alleghany City, Pa., to Columbia, Ind.— 888 miles. It was opened to Plymouth November 29, 1856, and to Chicago, January 1, 1859. The bridge over the Alleghany River was completed and, for the first time, trains entered the city o f Pittsburg September 27, 1857. The consolidation secured but one division of its intended purposes— it secured unity of action over the whole line, and thereby reduced expenses. It failed, however to secure the means for the completion of the road, and its appropriate equipment. To forward its plans the company executed a general mortgage of their entire prop erty, January 1, 1857, subject to existing mortgages, for $10,000,000 in 7 per centbonds; o f this amount $3,500,000 were termed construction bonds, and were set aside for the purpose of completing the road into Chicago ; and $6,500,000 were termed redemption bonds, and set aside as a timely provision by sale or exchange for the redemption of the cut rent debt. Financial embarrassments, however, had attended the company from the outset and led to various expedients for relief. The coupons due in October, 1857 were not paid, and in the following momh the company suspended payment on their floating liabilities. To relieve the position, and to allow the earnings to be applied to the discharge of current liabilities, the bondholders consented to fund the coupons falling due to April, 1859, into 10 per cent five year bonds, dated April 1, 1858; this scheme was only partially carried o t, and default was again made on the interest falling due July 1, 1859. Under these circumstances the road was placed in the hands of a receiver, excepting that portion lying in Penn, sylvania which had previously been placed in the hands of a sequestrator on the suits o f local creditors. The relief sought by these measures was not attained, and it was soon sees that temporizing would only hasten the impending ruin ; to meet these circumstances a plan of reorganization was proposed and adopted by the several parties in interest; this plan provided for the sale o f the pioperty and the formation of a new company for which the proper legislation was procured, and to which the road, <Src., was to be conveyed by the purchasing trustees, and the several kinds of indebtedness or liabili ties of the three original companies to be funded anew. The property was sold and purchased October 24, 1861. and sub-equently con veyed to the re organized company on the basis of its present con-titution. The capital stock was fixed at $6,500,000 and could only be increased by permission of Analyses o f Railroad Reports. 1866] 131 the bondholders; this was obtained in 1864 (April 7), the issue for 1864 being limited to $3,500,000; the new stock to be applied to construction and equipment. 1he war succeeding on the reorganization o f the company with its increased travel and traffic brought immediate prosperity to the company. Not only has the com pany been enabled thereby to pay its coupons regularly, but also to distribute, for the past two years, quarterly dividends of 2-£ per cent; B<t for this turn in the aspect of affairs it is scarcely probable that the replacing of the capital invested in the property could have saved the company from final bankruptcy ; thus, war has its compensations as well as its drawbacks, and few other railroads have been better com pensated by it than has the Pittsburg, Fort Wayne and Chicago Railway. Nearly seven and a half millions have been expended on it since reorganization and of this amount one-half has been from net earnings after paying coupons and dividends in full. C H IC A G O AN D ROCK ISLA N D R A IL R O A D . The history o f this company, brought down to the close of the fiscal year, 1864-5, appears in the last volume of this magazine. The history of the year 1865-6 shows a liberal continuation or the improvements and of the increase of rolling stock, which has been so conspicuous during the last few years. This year is also signalised by the contracts made with the Mississippi and Miss uri Railroad Company for the imme diate management o f their property by the Rock Island Company and the conditional sale and purchase of the same. These two contracts are dated November 1, 1865, and when consummated and the projects completed, will give this company a continuous line of railroad from Chicago to the Missouri River, with a branch from the main line to Washington, Io. The cost of the Iowa works to the company, as they now stand, is fixed at $5,000,000, which is to be paid in 25 years bonds beating interest at 7 percent. The total of such bonds to be issued is $9,000,000. the remainder, after the above is paid, being destined : to complete the road to Des Moines, $1,500,000 ; to pay off the present mortgage of the Chicago and Rock Island Company, $1,400,000 ; and, to pay off the bonds of the Mississippi River Bridge, $600/‘00. These arrangements were carried out under a decree obtained from the United States District Court at Des Moines, May 12, 1866, which orderei the property of the Mis sissippi and Missouri Company to be sold at Davenport on June 25 ensuing. The decree forecloses all the mortgages on the road, v iz: the first and second mortgages on the first division from Davenport to Iowa City ; the first mortgage on the Oskaloosa branch from Muscatine to Washington and the West ; and the second land grant mortgage covering the whole road The Court found that there was due upon the several mortgages $7,482,545 34, and entered a decree for that amount. The sum at which the property is to be purchased, as above stated, is $5,500,000, which is to be distributed as follows : First Mortgage, First Division, and the income bonds given for interest on that moitffa e and interest to July 1, 1865....................................................................... par Second Mortgage, First D ivision................................................... .................... — 80 p ercen t Oskaloosa .Mortgage, including incom e bonds given for interest on that mortgage. 62}£ per cent Land Grant Mortgage, including incom e bonds given lor interest............................70 per cent Second Mortgage, Construction....................................................................................... 30 per cent Stock........................................................................................................................................ 1 6 per cent These distributions and the expenses of foreclosure will absorb the entire amount of $5,500,000. The Chicago and Rock Island Company, on taking possession, will pro ceed to extend the road westward to Des Moines and ultimately to the Missouri. [August, Analyses of Railroad Reports. 132 Since the close of the year, the stock o f the Chicago and Rock Island Company has been increased by the issue of $.’ ,600,000, which was distributed to the stockholders at 20 per cent of its face iu cash. This was equivalent to an extra dividend of 32 per cent on the existing capital. ST. LOUIS, ALTON AND TERRE HAUTE RAILROAD. The constituents of the St. Louis, Alton and Terre Haute Railroad are as herewith stated : Main Line—Terre Haute to A lton ................................................................................. m iles. ......... Branch—W ood River Junction (4.04 miles E. Alton) to Illinoistow n................ do Illinoistown to Bloody Island..... ......................................................................... Belleville Division—Illinoistown to B ellev ille..................................................................... 172.50 19*75 L2§ 14. «o 208.25 Total length o f road, This Company is a re-organization of the Terre Haute, Alton and St. Louis Com pany, which went into the hands of Trustees December 12, 1859, and so remained until July 1, 1862, when it was transferred to the present Company, re-organized on the basis of $10,600,000, as the cost of the property. This amount is represented as follows: First mortgage, 7 per cent, bonds......................................................................................... Second <o do do .................................................................. $2,8 lO. 000 do do do do (Income) b onds............................................. 1,700,000 $2,200,000 ................ $1,700,000 2,200,000 $6,7> 0,000 Tota1 mortgage bonds___ Seven per cent pVelerred stock Common stock ............................. 4,500,000 3,900,000 $10,600,000 Total stock and bonds — at which amount the construction account wa9 closed. The number of engines and cars at the incoming of the existing Company, July 1, 1862, and at the close of the fiscal years 1863-64 and ’65 is shown in the following : July 1, ,-----Dec. 31-----. 1862. 1863. 1864. 1865. 38 42 46 37 ____ ------ .----23 25 25 ................... 25 14 14 13 .................. 13 21 ..................) ( 20 3104 238 242 ..................y 240 81 03 .................. 1 94 92 76 .................. 60 165 188 .................. 85 102 213 319 328 ................. 163 29 29 Locom otives .................... .................. Passenger cars, first class............................. Second class, baggage, express, A c Freight cars—C aboose.................... do do do do do do do Compromise...................... S iock ........................................ Platform ................................. do L im e.................... 1 Total number o f cars........................... ................. 586 769 983 1,032 It may here be well to state that the improvem nt and repairs of the road, and the increase of rolling slock, are chargeable to earnings, the construction account being closed. R i SULTS OF OPERATING THE ROAD. The following is a statement of the earnings, expenses, aud profits of the Company since the re-organization : Earnings from passengers.................... ............... do do F re ig h t.......................... ............... do d > M a ils............................. do do Expresses..................... . ........... do Miscellaneous...................... ............... 6 mos. 1862. $174,026 429,659 10,706 7,609 10,712 1863. $511,235 969,886 21,391 20,479 31,923 Total earnings............................... ............... $632,712 $1,554,914 -Calendar year 1S65. 1664. $$53,961 $655,447 1,251,161 1,324,396 28.137 21,398 44,769 38,442 62,716 44,39 L $2,081,074 $2,240,744 1806] Analyses o f Railroad Reports. 133 Ordinary expenses.......................................... 1,429,604 1,591,270 Net earnings........................................................................................................ Construction........................................................................................................ $654,470 153,703 $649,474 160,915 $500,767 $488,5o9 Balance to in c o m e ......... ....................... The income account, giving the receipts from all sources and the disbursements on all accounts since the reorganization, shows the following results : 1862-3. (18 months.) $37,667 78 2,172.441 37 29,973 97 10,857 73 Balance from last account . Gross earning s..................... Sales o f p rop erty................. Interest, premiums, & c— T o ta l ................................................................................ Against which are ch arged : Transportation e x p en ses................................... Permanent im provem ents.................................... Coup’ s ncl div. on pref. stocic............................. Balance to credit..................................................... T o ta l.................................................................. 1864. (12 months.) $294,228 48 2,084,074 32 1865. (12 months.) $201,449 42 2,240,743 63 $2,250,940 85 $2,378,302 80 $2,442,193 05 $1,027,936 46 .828 456,837 2,209 294,228 48 33 64 92 48 $1,429,603 79 153,703 79 593,545 80 $1,591,270 11 160,915 14 600,500 00 201,449 42 89,507 80 $2,250,940 85 $2,3"8,302 80 $2,442,193 05 BALANCE SHEET, JANUARY 1 , YEARLY. The condition o f the com p a n y , (exclu siv e o f cap ital account, which is clo s e d ,; is shown in the follow in g s ta t e m e n t : Earnings to d ate . ................................................. Accounts current.................................................... Sales o f real estate................................................. Receivers o f T. H ., A. & St. L. R. R. C o ......... T o ta l................................................................. 1864. $2,187,625 219.242 14,790 37,667 34 07 00 78 1865. $4,271,699 6 6 302,361 23 39,0 0 25 37,682 78 1866. $6,512,-143 200,113 43,080 37,682 $2,459,325 19 $4,650,S23 93 $6,793,319 44 $1,485,615 24 12,149 57 $3,068,922 12,490 1,490 391,835 205,647 302,864 321,240 211,207 111,123 25,000 $4,821,108 13,495 1,998 389,928 07 02 91 87 448,709 517.325 328,941 234,311 37,500 75 91 91 00 00 29 12 25 87 A gainst w h ich are ch a rg ed — Accounts audited to date ............................................... Paid charter liab ilities ................................................... Profit and l o s s ..................................................................... Accounts current . . . . ............................................... 300,489* 84 661,070 54 First mortgage coupons . ............. .......................... Second do pref ........................................ do do inc’ m e ................................. Preferred stock dividends ............................................. Sinking fund ............................................................ ......... ] Paid by f VBank o f -1 1 N . Am. | J i T o ta l ................................................................................ $2,459,325 19 82 38 97 79 80 75 95 79 61 00 $4,650,823 93 $6,798,319 48 GENERAL RESULTS OF OPERATIONS. The follow in g statem ent exh ibits the gross earnings, the expen ditures for operating and improvements and the net revenue for the years 1860-65 both inclusive : . Fiscal Years. 1860 .......................................... 1861 .......................................... 1862 .......................................... 1863 1864. ...................................................... 1865............................. ........................... Gross Earn’ gs,-^ amount, per mile. $860,626 * $4,137 762,997 3,669 1,140,271 5,482 1,554,914 7,475 2,084,474 10,019 2,240,744 10,772 Expenditures.-^ amount, per mile, $912,654 $4,383 2,899 602,732 756.591 3,637 1,331,761 6,306 7,612 1,583,307 1,752,185 8,424 .-N e t R e v 'e.—n amount, p. mile. $(loss) ~ 1(0,265 770 383,680 1,845 422,982 1,169 2,407 500,767 488,559 2,348 PRICES OF STOCK AT NEW T O R E . The monthly range of prices of the stocks of the St. Louis, Alton and Terre Haute Railroad Company at the New York Stock Exchange for the last three years have been a9 follow s: 13 t Jan................................. F e b ................................. March............................. A p ril.............................. M ay................................ June............................... Ju ly................................ A u g .............. ................ Sept................................ O cr.................................. N ov................................. D e c................................. Analyses o f Railroad Reports. [August, .— Common Stock-— * ,----------- ----------- Preferred Stock--------- --------- — * 1863. 1864. 1865. 1863. 1864. 1865. 30 @42 57 @64 40 @43 50 @ 7 1 # 6 8 # @ 77 65#@70 31# @ 3 7 68 @ 7 3 # .. @ . . 6 3#@ 72 77 @ 92 60 @70 29 @35 70#@ !'0 25 @35 65 @ 6 9 # «7 # @ 1 0 1 # 55 @70 31 @ 4 2 # 65 @ 8 8 # 25 @46 5 7 # @ 7 1 # 82#@103 60 @73 42#@ 59 58 @67 35#@ 38 72 @90 7 2 # @ 82 .. @ .. 4 1 # @ 5 1 # 61 @69 30 @35 66#@ 84 76 @ 82# 94 @94 41 @ 6 8 # 58 @65 30 @36 69#@ 85 71 @ 79 60 @60 55 @ 6 7 # 59 @65 33 @36 82#@ 88 77 @ 78 60 @63 55 @ 6 4 # 51 @ 5 7 # 36 @ 3 8 # 75 @86 65 @ 92 63 @ 6 7 # 59 @66 47 @57 35 @ 3 8 # 82 @90 60 @ 7 4 # 65 @ 71# 55 @65 51 @57 38#@ 53 75 @ 8 2 # 71 @ 76 71 @82 43 @65 46 @55 42 @ 4 4 # 70 @78 70 @ 7 5 # 70 @71 Year...........................29 @68# 46 @90 25 @53 50 @90 60 @101 55 @94 The company by which this road was constructed was incorporated under a special charter granted by the Legislature of Illinois, in an act passed Jan. 28, 1851, and in conformity with the provisions of the general law of Nov. 5, 1849. The Terre Haute and Alton Railroad Company, as it was originally called, was authorized to construct the road from the Indiana line west to Alton, on the Mississippi, and, with the assent of the Indiana Legislature, to extend it east to Terre Haute. Such authority was granted by the Legislature of the latter State by an act passed Feb. 11, 1851. The capital stock of the company was fixed at §2,000,000, and the company were also au thorized to borrow money on bonds, to ‘bear interest not exceeding 8 per centum. Other acts were subsequently passed—one Feb. 12, 185 3, authorizing an increase of the capital to §4,000,000 ; another, Feb. 28, 1854, authorizing the construction of a branch from Paris, in a northwesterly direction, to the Indiana line, with power to take stock in any Indiaua road with which such branch might be made to connect; and a third Feb. 14, 1855, which authorized a connecting road between the Terre Haute and Alton Railroad and the Chicago and Mississippi Railroad, and the leasing or purchase of the Bellevidere and Illinoistuwn Railroad, etc. The above laws, to gether with the general law of 1849, present the chief legal points connected with the affairs of this company. The charters of Illinois and Indiana required, as a pre liminary to organization, a subscription of §500,000 to the capital. To obtain this, the city of Alton and the counties through which the road was to pass, were appealed to, and responded with alacrity by liberal subscriptions; and the requisite amount having been obtained, the organization of the company was perfected in April, 1852. Immediately, therefore, the entire line of 173 miles was let to contract, to be com pleted by May, 1855, for §3,000,000, seven-eighths in cash, and the remainder in stocks and bonds. The work of construction was commenced within the ensuing month, and by the end of the first fiscal year. June 1, 1853, the grading, masonry and bridging upon 98 miles had been completed, viz., from Alton to Hardinsburg, 88 miles, and from Terre Haute to the Chicago Branch of the Illinois Central Railroad, at a cost of §455,049, and the iron, chairs, spikes, etc., for the entire length of the road purchased, and 9,000 tons delivered. The total costs of labor and materials had been §1,788,549, and at this time the sum required to complete the road, 98 miles, was estimated at only §390,000. The remaining portion of the line between Hardinsburg and the Chicago Branch was about to be finally located. The means em ployed to forward the work were a call of 80 per cent, on the capital stock and an issue of bonds, and credits furnished by the contractors. Other bonds had been pre pared, but were not yet brought into the market for special reasons—one, and the most important o f which, was the determination o f certain parties to construct a par allel line from Terre Haute to St. Louis. This project, however, was negatived by the Legislature six different time?, and ultimately died a natural death. Analyses o f Railroad Reports. 185 The resonrces o f the company at this time consisted o f subscriptions...................... Seven per cent, mortgage bonds negotiated in the purchases o f rails .................. And 8 per cent, mortgage bonds to be issued................................................................... $2,025,COO 1,000,000 1,000,000 T o t a l ................................................................................................................................ $4,025,000 These two mortgages were secured on the whole line and equipment, and were convertible into stock. The second annual report of the company brings matters down to Jan. 1st, 1855. At this time the branch of the Bellville and Illinoistown Railroad was being constructed between Illinoistown and Alton. The new road, indeed, was expected to be completed simuUaniously with the Terre Haute and Alton Railroad. The condition of the Terre Haute and Alton line was this : there were in actual operation 82 miles, viz : from Terre Haute westward about 45 miles, and from Alton eastward about 37 miles. The rails have been laid beyond those points, and parties were actively engaged in laying down the track, with a view of completing the road to the two junctions of the Illinois Central Railroad, from each end of the line, at the earliest practicable day. The line between Alton and Illinoistown was looked upon as a most promising adjunc. to the Terre Haute line, and its only mode of access to St. Louis. The equipment owned by the Terre Haute company at this time consisted of nine locomotives, ten passenger cars, and 198 freight cars. The financial condition of the company showed the capital stock at $2,943,950, of which $2,281,420 had been paid in, and of the bonds $1,258,000 of the $2,000,000 provided had been issued. This left $662,530 stock, and $744,000 bonds for future use. But besides this a million more was required, which was obtained by increasing the amount of the second mortgage. During the year 1855 the road was opened from Grand River t.o Mattoon, 28 miles, and from Litchfield to Pana, 39 miles. On the 10th of March, 1856, the whole line was so far completed as to admit of the passage of a daily train, and on the 1st of April, succeeding, one freight and two passenger trains were placed upon the road. The results of the partial operation of the line from the 13th of November, 1854, to March 1, 1856, show the gross earnings to have been $163,345.97, and the operating expenses $81,964.67, or about 50 per cent. The sums thus realized were expended upon the road as earned and included in the construction account. Shortly after this date the contractors surrendered the road to the company in its unfinished state, and agreed that the cost to final completion should be deducted from the contract price. The Belleville and Illinoistown Railroad before mentioned was incorporated under an act of the Illinois Legislature, passed Jan. 21, 1852, for the construction of a road from Bellville 15 miles to Illinois opposite St. Loui9. This was completed in the Fall of 1854. Under a clause of this charter the road was extended from Illinoistown to Wood River Junction, a point on the Terre Haute and Alton Railroad 4£ miles east of Alton, and opened in October, 1856. The great importance of this connection to the main line in furnishing an outlet for its business to St. Louis induced this company to acquire a controlling interest in the stock of the Belleville company. The exten sion formed part of the through line from Terre Haute to St. Louis, and was operated wholly as such from the commencement of its through business ; while the lower portion, or Belleville Division, relied upon its coal and local traffic. On the 3d o f Oc tober, 1856, a consolidation was effected between the companies thus so intimately connected in business, and thence; after the consolidation was known as the Terre Haute, Alton and St. Louie Railroad Company, which owned, besides the railroad, a large body of coal lands on the Belleville line, the St. Louis Ferry franchise, and priv ileges in St. Louis of large prospective value. The stocks and funded debts o f t&e consolidation were as follows : Analyses o f Railroad Reports. 136 Terre Haute and Alton stock ............................................................................................. Belleville and Illinolstow n s to c k ..................................................................................... $2,672,050 408,750 Total s tock ................................................................................................................... $3,170,800 Terre Haute and Alton 1st mort. 7 per cent, b onds..................................................... do do do 2d do 8 do do ..................................................... Belleville and Illinoistown Is mort. 7 per cent b o n d s.. ............................................ do do 2d do 7 do do ................................................. $1,000,000 2,000.000 600,000 500,000 T otal b o n d s ................................................................................................................. $4,100,000 — making a total of stock and bonds representing the capital of the consolidation $7,270,800, or $35,000 per mile of road only partially balasted, and by no means in good running order. This cost largely exceeded the original estimates, and yet the road could not be worked in its then present condition with economy. Hitherto, in deed, all the net earnings had gone into construction, ard the same state o f matters certain to continue unless additional resources could be called into requisition. With the view, therefore, to the proper finishing and equip; ing the line, and thus enable it to earn and pay dividends, the directors concluded to issue $500,000 in 10 per cent" bonds, which were taken by the stockholders, who paid therefor one-half in cash and the remainder in interest bonds. This brought partial relief to the company and sup plied some of their more pressing necessities. The first report of the consolidated company embraces the ten montns to December 81, 1856. During this period the gross earnings had been.................................................................. And the operating expenses...................................................................................................... Leaving a balance o f . ............................................................................................................. $662,860 330,520 332,340 — all o f which was expended in construction. The general account remained nearly as in the previous M rch only with the addition of the new bonds. The property was set down at $7,596,716. The next report of the company brings down its affairs to May 1, 1858, and covers sixteen months. The period had been disastrous, and the result a large increase o f debt and unpaid coupons, interest, die. The net floating debt amounted to $777,922. The road snd rolling stock had also become dilapidated, and considerable expenditures would be necessary to make the road safe, even for travel. The annual interest to be provided for was now $363,525, while the net earnings from which the payment was to be made had been in the sixteen months only $175,853. The final result might now be foretold, and bankruptcy was immi nent. In this year, the income of the company was increased by $66,000, that amount having been agreed upon for the use of its track between Alton and St. Louis by the St. Louis, Alton, and Chicago Railroad. The next document issued on the part of the company was a circular dated New York, February 1, 1859. This exhibited the operating accounts tor the fourteen months ending December 31, 1868, and the condition of the company at that date. No improvement was in either. O f $42,066 earnings, only $64,503 was available for interest, and $234,449 was due and unpaid on the coupon account. In the mean time, repairs were becoming more and more urgent, and it was impossible to raise more money on credit. In June, a new directory was elected, who, on taking posses sion, found affairs in inextricable confusion. At a meeting of the bondholders in Sep tember, the whole matter was placed before them. The result of the consultations at this meeting was a series of resolutions directing the appointment of a committee of eight members. This committee reported in October, and the following general plan o f relief was submitted : The immediate surrender of the property to the trustees under the second mort 1866] 137 Analyses o f Railroad Reports. gage—the property to be sold and the company to be reorganised on the following b a s is : The first mortgages to remain intact, but one year’s interest beyond the current coupons to be deferred until 1861-1862. The second mortgage bonds to be exchanged for new bonds maturing 1892, and the new bonds to be given for the coupons up to March, 1862, and the holders to advance on the new bonds ten per cent, in cash. The third and fourth mortgage bondholders to convert their holdings into preferred stock at par, upon condition of advancing ten per cent, as above. The general creditors to be made preferred stockholders on the same terms. Stockholders to receive 41 per cent, in new stock. This plan was subsequently adopted in all material points. The principle altera tion was in allowing 60 instead of 40 per cent, to the stockholders. The trustees and receivers took possession of the property Dec. 12, 1859, and con ducted the affairs of the company until June 80, 1862 ; and on the next day the new company reorganised under the title of the St Louis, Alton, and Terre Haute Rail road Company, came into existence, with property represented by the following bonds and stocks: First mortgage, 7 per cent, bonds .............................................................................. Second “ “ “ preferred.................................................................. Second “ u o in c o m e .......................... ....................................... Preferred stock, 7 per cen t............................................................................................. Common stock ................................................................................................................. $2,200,000 2,800,000 1,700.000 1,700,000 2,200,000 Total representing cost o f property.................................................................. $10,600,000 Hitherto the great drawback against the success of the companies that had held the road, had been the fact that the road had never been finished and equipped suffi ciently to secure its economical working. In endeavors to complete the works and provide rolling stock for the business, offering the earnings, had been diverted from their legitimate objects and the credit o f the companies involved, terminating in ruin and repudiation, and eventually in bankruptcy and reorganization. Nor did the re organization wholly overcome these great obstacles to success, and still, though the property had, during the receivership, been greatly improved, much remained to be done before the works could be pronounced complete. The estimate o f moneys re quired for this purpose wa3 about $800,000. The amount expended on construction and equipment accouut, from July 1, 1862, to Jan. 1, 1864, was $469,828 ; in 1864, $163,703, and in 1865, $160,915, or a total in the three and a-balf years from reorganization of $784,446, all of which was derived from income. These expenses will probably be extended into the future; but as the earnings of the road have already become considerable, it is not improbable that at a not far distant date, the stock of the company will share in the profits. No default has been made in the bonds or preferred stock since the resumption under the auspices of the new company. L E H IG H C O A L A N D N A V IG A T IO N COM PANY. In the following analysis the railroad and canal accounts of the company are consolidated. Their property is as follows : Canal —Easton to head o f navigation on the Lehigh R iver, tw o miles above M auch C h u n k ................................................................................................................... Itailroad-Easton to Wilkesbarre, 91 m iles........................................ open do Branch............................. 13 m iles................................................... do Leased road......................................... .......................... ,.............. VOL. LY .— NO. II. 10 28 miles, 0 do 6 do 48 miles. 84 do Analyses o f Railroad Reports. 138 [August, The company own in connection with their canal 354 boats, and there are owned and run by other parties 1,036 boats. The railroad equipment owned consists of— 11 engines, 44 freight and 819 coal cars, rated as 8-wheel cars. Connected with the mines there are also about 50 miles of railroad used specially for mining purposes. r! he freight of all kinds (tons) carried on the canal yearly, has been as follows, viz.: Year. 1856 . 1857 . 1858 . 1859 . 186U . A sc’ ding. 138,965 98,580 91,786 116,7 4 129,608 D esc’ ding. 1,343.921 1,042,070 1,034,974 1,190,374 1,208,767 Total. lYear. 1,482, S86 1861 1,140,65011862 1,126,760 1863 1,307,118,1864 1,338,37511865 A sc’ ding. D esc’ding. Total. 84,987 1,060,893 1,145,880 108,565 443,232 551,818 122,521 739,162 861,683 145,677 800,539 946,216 133,552 914,086 1,047,638 Previous to 1864 the railroad business was not given separately. The railroad' indeed, had hitherto been considered merely as an accessory to the canal and was nearly altogether out of use from the period of the great flood of 1862 to June, 1864, at which date the Penn Haven and Wh;te Haven Branch o f the Lehigh Valley Railroad also was brought into operation. In June, 1865, that part of the Lehigh and Susquehanna Railroad between the Hazleton Railroad ami the head of the canal, about six miles, was opened to trade in conuection with it The company are now constructing, or perhaps have completed, an independent road between Penn Haven and White Haven. OPERATIONS OF THE COMPANY YE A R L Y. The following shows the tonnage carried on the railroad between White Haven and Wilkesbarre since the reopening o f the road : ,---------1864 (X year. ) —----- X .-------- 1865 (full yeair.--------% C o a l............................................ Lum ber...................................... Cork wood & bark.................. Lime and lim estone................ Oth. stone, plast’r& c............... M erchandise............................. ........... Going north. Going south. 94,980 9,987 Total tons. 113,175 10,234 Going north. 85.478 4,282 571 135 706 40 332 364 24 90,234 267,547 i02 Total ton s........................... Passengers carried................... .......................... 105,102 124,115 18,566. Going south. 251,966 15,127 66 Total tous. 337,444 19,409 66 102 404 356 357,781 26,333 The coal going north was transported from the planes to the Wyoming Canal. The shipments of coal from Mauch Chunk, East Mauch Chunk, Penn, Haven, Lockport, and White Haven, by canal, with the distribution thereof for the years ending December 31, 1858-65, both inclusive, have been as follows : Tons /--------- Distributed thus--------- , Dis’ n from Del. Div. C.—» Fiscal Coals cons, on ,— Passed in tocons, on ent’ d reached Years. Shipped, the line. M o r s 0. D. Di .C . the line. D. Div. C. Bristol. 1858 .................................. 908,999 114,537 281,950 512,512 54,888 164,149 293,475 1859 ............... 1,050,659 18S,779 255,404 600,506 41,342 301,419 263,745 1860 ............................... 1.091,032 174,626 277.083 639,323 36,774 3 1,816 260,733 1861 ............................... 994,705 139,875 272,728 582,102 26,171 267.347 288,584 1862 ............................... 396,227 72,594 106,431 217,201 13,400 97,410 106,392 1863 ................................... 699,557 114,164 208,396 376.996 24,419 196,559 150,016 1864 ............................. 758,487 93,039 194,096 470,952 27,426 ^41,201 202.325. 1865 .................................. 888,784 82,235 217,813 588,736 28,930 399,067 160,739 INCOME ACCOUNT. FARNINGS. EXPENSES. ETC. Y ea r en din g D e c. 31. 1856 ..... 1857 ..... 1858 ..... 1859 ..... 1860 ................ 1861.................... 1862.................... 1863.................... 1864.................... 1865.................... R en ts and sales o f R . E state. .......... 30,031 .......... .......... 73,589 18,514 .......... .......... 25,300 11,789 Coal sold Canal tolls, a ad less Mine rents. collection. $137,889 $699,626 81,787 481,472 105,592 466,212 454,463 186,609 198,611 481,118 107,626 402,106 89,112 165,457 759,680 346,729 9(50,325 497,820 584,748 612*803 Profits on Railroad. $ .......... 20,405 47,610 17X1,797 Total receipts. $864,657 593,290 595,857 672,688 753.318 528,246 307,347 1,152,694 *1,568,582 1,380,137 Analyses o f Railroad Reports. 1866] 139 Against which are charged as follows, viz : 1856........................... 1857........................... 1858........................... 1859........................... 1800........................... isei.................... ......................... .......................... .......................... ......................... 1802........................... 1 03........................... 1804........................... ......................... 1865........................... State tax on stock. $7,440 7,440 7,440 7,440 17,132 Bal. o f int. Repairs and account. improvmts. $175,019 $237,170 154,278 127,120 159,795 84,758 151,847 97,703 83,091 134,188 112,795 81,079 583,792 116,047 121,070 229,057 101,245 119.028 189,145 105,035 Divds and Balance U. S. tax. to credit. $148,744 $296,218 148.794 158,019 195,071 148.794 148,974 280,844 379,805 148,797 148,197 278.125 148.797 [def. 048,728] 148.797 045,730 357,881 904,397 542,272 519,018 CAPITAL ACCOUNT---- GENERAL LEDGER. The financial condition of the company at the close of the fiscal year 1856 to 1865» both inclusive, is shown in the following statements: Interest Profits Total Floatand —Funded Debtand LiabiliStock ing. divid’ ds MortLoss. ties. Capital. gage. Plain. debt, unpaid. 1856 ...................... $2,479,700 $ 8 2 9 /~ $3,091,498 $322,512 $57,887 $2,548,904 $9,329,913 1857 .................... 2,479,900 829,: 3,091,498 280,202 -------59,258 2,704,983 9,451,068 1858 ................................. 2,479,900 829,222 2.790.082 231,531 00,307 2, 900,054 9,291,156 3,166,898 9,592,116 1859 ............................... 2,479,950 829,172 2.790.082 205,823 60,271 3,546,703 9,803,932 1800 ................................. 2,479,950 623,789 2,790,682 303,927 50,481 3,824,838 1801 .................... 2,479,950 ......... 2.788.182 352,60S 62,121 9.233,750 1802 ................................. 2,479,950 ......... 64,327 3,170,110 2.788.182 725,181 1873.................................. 2,479,950 ......... 2.780.082 453,293 61,745 3,821,840 9,003,510 1804......................... .. 4,282,950+ .......... 2,840,882 1,200,321 67,530 3,983,237 11,380,920 1805 ................................. 6,091,700 ......... 3,081,434 1,256,497 64,833 3,502,854 13,997,318 Against which are charged property and assets as follows, v iz .: 1856. . 3857 ................................... 1858 .................................. 1859 .................................. 1860 ................ l r 6 l .................................. 1852.................................. 1803 .................................. 1804 .................... 1805 .................................. Canal Lehigh Real Real and river and estate, works. Susq. R R . lands, &c. $4,45',000 $l,o80,000 $1,400,054 4,455,000 1,38»,000 1,428,971 4,455,000 1,080,000 1,453,273 4,455,000 1,380,000 1,453 789 4,455,000 1,380,000 1,452,305 4,455,000 1.380,000 1,522,473 4,455,000 1,380,000 1,619,306 4,455,000 1,389,988 1,729.852 4.155,000 1,917,805 2,072,985 4,455,000 3,127,708 2,037,090 MovM ovable effects. $1,074,296 1,179,234 942,339 1,071,400 1,132,402 1,0^9,002 900,841 1,235,520 2,128,112 2,907,157 Contingent fund. $966,067 957,191 983.139 1,210,254 1,335,038 913,009 795,047 680,372 640,952 680,247 Total Cash proper on hand. ty, &c. $45,966 $9,829,983 50,669 0,451,063 ~~ 9.291,156 77,405 21,003 9,592,196 49,007 9,803,932 47,155 9,400,699 82.896 9,233.750 112,772 9,003,510 105,976 11,880,920 790,116 13,997,318 The column headed “ Real estate, lands, <fcc.” represents real estate, coal mines and other lands, mine railroads, &c., and the works at Philadelphia, <fec. The column “ Movable effects,” aggregates debts due, bills receivable, bonds and mortgages. &c. The column *•Contingent Fund,” consists of securities specially pledged for the pay ment at maturity of the loan of 1870, &c. The “ Funded Debt ” is now constituted as follows, v iz.: 6 per cent, loan, due March 1, 1870....................................................................................... 6 per cent. loau, due April 1, 1884..... .................................................................................... $414,157 2,667,276 —the latter being a refunding of the original loan of 1870. anticipated in 1864. The Lehigh C-»al and Navigation Company, a consolidation of the Lehigh Coal and the Lehigh Navigation Companies, wa* organized May 1, 1821. As early as 1793 a company had been incorporated for the purpose of coal mining on the i ehjgh. This Company had made some improvements in the jiver, but eventually abandoned the whole enterprise on account of the great cost of getting their coal to the seaboard > In 1818 a new company was formed with a capital of $55 000 for the improvement of the navigation of the Lehigh, so as to allow the passage ot boats laden with coal. The amount sent to market in 152»>, which year may be regarded as the commence ment of the anthracite trade, was 365 tons. The coal was floated down in rude Analyses o f Railroad Reports. UO [A ugu st, boats or arks which were broken up on reaching Philadelphia. In 1823 the stock of the Company was increased to $500,000, and the river rendered navigable for 16 miles above Mauch Chunk. This improvement was mainly for the purpose of resiz ing valuable forests of pine. In 1827, the Mauch Chunk (Gravity) Railroad, the second railroad in the United States, was completed and commenced bringing coal to the river. In this year, the State having determined upon the construction of the Deleware Division of the Pennsylvania canals, the Company commenced the construction of a slack-water navigation with an available depth of five feet. This involved a succession of locks and dams which were completed in 1829. Other im provements were subsequently made, in all constituting a navigation from Wright’s Creek to the Delaware River 72.27 miles in length, and a clearance of the river above Wrights’ Creek to Stoddardsville so aa to permit o f a descending navigation 12.30 miles in length. As finally completed the navigation waB constituted as follows ; Length Kinds o f in m les. Navigation. Slackwater — Dela -1 \10.00 pools ware River to-< 34.58 canals Mauch Chunk .. I( 1.04 locks Slackwater—Mauch i1 20.53 pools Chunk to W right s -< 4.07 canals C reek .................... 1[ 51.85 locks Channels: descend j naviga —W right’ s -12.30 Cr. to Stoddardsv. j T ota l.................. 84.57 •—No. of-> Size of Size o f l’ ks. dams. Canals. L ocks. i 60@' 5 ft top 22 feet i by [■ 46 8 1 45 ft bottom * 5 ft deep 100 feet 1 1 22 feet 1 t 6 ' feet top V 29 20 4 40 It bottom by 100 feet 15 ft deep i 22 feet *3 8 18 in. deep •< by 1 0 0 feet I I 78 31 Lift o f Locks. 6 feet to 13 feet 10 feet to 30 feet 3 feet to 4 feet Height Total o f dams. Rise, 8 feet 1i to >■ 360.87 ft 19 feet <1 16 feet j1 ►599.83 ft 68 feet ]\ 6 feet ]\ to > 336.00 ft 13 fe e t] 1 to 1,296.70 ft In 1831 the Gravity Railroad to Room Run mines, and in 1835 the extension o f the works of the Company to the Beaver Meadow Region, were commenced. These were completed in 1838. The Lehigh and Susquehanna Railroad was commenced in 1837 and completed in 1840. Up to 1841 the company had been prosperous and paid dividends yearly. In that year their works were greatly injured by freshets. The cost of repairing them and improving the canal involved the Company in em barrassment which resulted in 1842 in bankruptcy, when the property was placed in trust for the benefit of the creditors. The principal provision of the deed was that no dividends should be paid so long as the principal or interest o: any of the loans of the Company were due and unpaid, and in no case were these to exceed eix per cent—any balance remaining to be held as a sinking fund for the redemption of the loans not due. No dividends were paid from Jan. 1840 to July, 1852 a period of twelve years, but the affairs of the Company had been gradually improving and in the latter year a six per cent dividend was paid. This rate was continued to 1863. In the next year 8 per cent was paid, and in 1865, 10 per cent. The destructive freshets which have visited the Lehigh Valley at different times, sweeping away every dam constructed by the company, have proved it to be an al most physical impossibility to maintain a constant navigation. Such a freshet oc. curred in 1863, and almoBt totally destroyed the entire works. Moreover, the navi gation, at best, is open only a part of the year, being closed through the long winter. Fortunately, the railroad has superseded the canal, so that what was formerly a ne cessity is now acknowledged to be so no longer, and a railroad alone is now competent to do the business of the country. With the view of making the change indicated, the company have been authorized by the Legislature to construct a line from the Delaware to Whitehaven. This has been commenced and partially completed. The Beaver Meadow Railroad has also been taken by the company by consolidation. The new road will Btart from Phillipsburg, N. J., crossing the Delaware by an iron bridge 1866] Analyses o f Railroad Reports. 141 (already nearly completed) immediately above the bridge of the Lehigh Valley Rail road. On reaching the Pennsylvania side, after a pretty heavy cut, the line will strike the Lehigh, crossing up the opposite side within the borough of Easton. At Bethlehem and Allentown the company have authority to build bridges with branch lines to the western shore. The main stem will continue to follow the eastern margin of the river to a point one mile below Mauch Chunk, where it will cross over to the opposite bank and pass through that borough. About a mile and a half higher up it will recross to the eastern side, which it will continue to follow, most of the way, to Whitehaven. For short distances, the Lehigh Valley Railroad will run alongside the railroad o f this company on the same bank, only on different elevations. For the present, the company are constructing but a single track and sidings. The design, however, is to follow this by a second track at an early day, when labor and materials become cheaper. Probably the single track will be open by the close of this year’s navigation. The graduation is favorable, the steepest gradient below Mauch Chunk being under 25 feet, and from that place to Whitehaven not exceeding 32 feet to the mile. The curves are frequent and steep, especially in the neighborhood of Mauch Chunk and Allentown, where the river describes a series of loops, which must, how ever, be followed by any railroad entering the coal region through that route. A t Whitehaven the new line will connect with the Lehigh and Susquehanna Railroad, the original road built by the company, and which will continue the line to Wilkesbarre on the Susquehanna. The quantity of coal now seeking markets by this route exceeds 62,000 tons a week, and it is estimated that this amount will be doubled wheu the works now being constructed are complete. I f such be the result, a mag nificent business is in prospect, both for the road and canal of this company, and also for the Lehigh Valley Railroad. To receive this tonnage there are now open three lines o f railroad in New Jersey, besides the Delaware and Raritan and the Morris Canals, all terminating in New York waters. C U M B E R L A N D V A L L E Y R A IL R O A D , ( p a ) . The Cumberland Valley Railroad consists of the original Cumberland Valley Rail road and the Franklin Railroad which were consolidated on May 31, 1865, The length o f the constituents are as follows: Cumberland Valley Railroad, Bridgeport to Chambersburg................................................. >' * Franklin Railroad, Chambersburg to Hagerstown................................................................ i • Total length o f road................................................................................................ •-............ Length o f sidings................................................................................................................. • »>s This is almost entirely a local road, having no branches or connections, except at i e eastern end, where it connects with the Harrisburg and La* caster Railroad. It is, however, of great importance to the country it traverses, which is becoming substan tially developed and wealthy. Eventually, it will be connected at Hagerstown, Md.» with the Western Maryland Railroad and the Metropolitan, the first named road being nearly completed to the point of junction. The principal products on the line of the road and the chief materials of freight are coal, iron, and iron ores, lime and other stone, agricultural products, live stock, lumber, <tc., <fcc. The equipment of the road has been largely increased, and at the close of each of the last three years was as follows: Locom otive engines...................... Passenger cars................................. Baggage, Mail, and Express cars Freight cars..................................... 1862-3. 12 8 4 79 1863-4 12 9 4 S2 1864-5. 14 12 5 100 Analyses o f Railroad Reports. 142 [A ugust, The following shows the number of miles run by engines hauling trains and the number o f passengers and tons of freight carried in the same years: 1863-3. Mileage o f engines........................................... Pass ng»rs....................................................................................... T o n s o ffre ig h t................................................................................ 1 6 5 ,1 1 3 256,920 106,'22 1 8 «M . 113.001 809,950 144,390 1864-5. 115,889 336.914 123,181 ACCOUNTS CURRENT— OPERATING AND INCOME. The gross earnings, operating expenses, and profits from operations for the ten years ending September 80, 1865, are shown in the following statement: Fiscal Year. 1855-56.................... ..................... 1856-57....................... .................... 1857-58....................... .................. 1858-59....................... 1859-60..................... .................. 1860-61....................... .................... 1861-62....................... .................... 1862 63....................... 1863 64........................ 1864-65........................ .................. Pass’ r. $113,752 68,613 61,775 70,177 115,433 90,315 215,137 —=-Gross earnings— Freight. Mail $90,805 $5,200 114,321 5,200 88,649 5,200 96,100 5,200 107.296 5,200 129,145 5,200 444.252 5,-.00 124,943 5,20) 154,604 5,200 183,280 5,200 Operating Profits Total. expenses. from op. $80,662 $79,095 $159,757 188,134 8 8 ,8 6 8 99,266 155,624 79,271 76,353 62,049 107,077 169,126 65,851 116,822 182,673 90,247 129,531 249,778 90,132 149,635 239,767 158.044 97,321 255,365 201,052 144,398 345,450 83,052 403,9S3 320,931 The receipts of the company from all sources, including balances in cash and ac. counts for the same years, weie as follow s: Fiscal years. 1855-56 .................. 1856 57.................... 1857-5S.................... 1858-59.................... 1859-60.................... 1660-61.................... 1361-62..................... 1362-63.,.................. l « i - 0 4 .................... 1864 65...................... ............................. ............................. ............................. ............................. ............................. ............................. ............................. ............................. ............................. last year. $31,221 50,753 45,702 51,883 59,664 56,393 121,742 69.377 89,396 C. Val. R. R. $159,757 188.134 155,624 169,126 182,673 249,778 239,797 255.365 345.4,50 441,620 JtS------- N franklin Stock Other Total R. R. issued, securit’ s. Amount $33,800 $18, *36 $243,410 4,933 9,100 252.920 200,617 2,261 224,498 $6,251 3’,673 252,261 16,8!6 1,661 3 4,648 34,210 750 396.469 37,752 557 363,051 4S,401 484,349 1,102 17,503 2,588 622,812 A ga in st which are ch arged as fo llo w s, v i z . : Fiscal years. 1855 56.................... 1856-57.................... 1857-58.................... 1358 59.................... 1359-60.................... 1 * 6 -61.................... 1361-62.................... 1362 63.................... ............... ............... ............. ............... 1364-65 ......... ........... ............... GENERAL Ord’ y expenses-^, ExtraC. Val. Franklin ordinary R. R. R . R. expen s. $51,609 88.863 ........ 47,684 70,182 ........ 9,089 16,348 65,851 $3,119 4,950 5,273 90,132 19,177 320,931 12,546 Interest and divid’ s. $57,183 70,666 72,463 86,437 86,412 87,356 167,782 91,529 84^579 107,626 Sink- Other Cash, ing Disburs- &c.. Fund. ments. balances $3,254 $50,753 45,702 51,883 59,664 $33,861 1,674 56,393 6,662 121,744 50,000 190 69,377 6,455 89,396 21,463 161,101 20,084 161,615 STATEMENT— ANNUAL BALANCE SHEET. The balances at the close of each fiscal year, showing the financial condition of the company for the time being, have been as follows : Fiscal years. 1855-56 ...................... .................. 1856-57 ...................... .................. 1857-55 .................... .................. 1858-59 ...................... ................. 1859-60 .................... .................. 1860-61 ...................... .................. 1861-62 ...................... .................. 1862-63 ....................... .................. 186.3-64...................... .................. 1864-65 .. ................. .................. Capital stock. $1,218,200 1,149,4-0 1.013.900 981,900 956,900 956.900 956,1*00 956,900 956,900 1,316,900 Funded Div. & int. Sundry Profit debt. accrued. accounts. & loss. $6,610 $18.»37 $■ .. $33,251 38,462 12,641 78,00*0 7,178 42.342 213,f00 5,470 17,114 42,743 245,500 3,0S0 25,971 43.865 4,494 270.500 20.810 46,096 270,500 6 .6 6 6 £8,757 46,096 270,500 10,449 100,511 270.500 46,096 18,486 97,475 49,339 378.600 12,113 225,986 470,500 49,339 2,128 263,529 Against which the following charges appear, viz : Total amount. $1,277,098 1,285,682 1,292,326 1,299.194 1,296, .569 1,308,919 1,384.456 1,389,457 1,622,938 2,102,396 1866] Analyses o f Railroad Reports. 143 Trtal Ro'id and Materials Sinking Balances Cash & o f accts. cash assets, amount. equipment. on hand. fund. $50,753 $1,277,098 $10,703 $ ......... ...................... $ ....... 1,226.675 44,477 1,285,682 ............... .................. 12,005 53,183 12,468 1.292,326 ...................... 60,061 1,299.194 ...................... .................. 1,225,972 12,258 57,693 .............. .. 12^904 33,861. 1,296.569 99,398 4,311 62,866 1.308,919 ...................... 15,770 5,781 1.384.456 63.595 3(5,994 149/98 ...................... .................. 1,128.687 20,858 68,538 ...................... ..................1862-63 13,171 155,853 1.389.457 1,131.037 7,3^3 152,718 1,622,938 45,385 285,416 1863 64 ...................... 52,344 305,500 8,557 153,057 2,102,396 1864-65 ...................... .................. 1,582,937 Fiscal years. 1855 56 1856 57 1857 58 1858-59 1859-60 1860-61 1861-62 The capital stock is of three series, viz. : 1860-64. $241,900 213,000 472,000 First preferred stock, claiming 8 per cen t............................... ■Second “ M “ ............................... Common sto^k............................................................................... 1865. $211,900 243 000 832,000 — and the funded debt as follows : First mortgage 8 per cent, bonds........... ................................. Second “ “ ‘‘ .............................................. Six per cent, bonds (exchanged for Franklin R. R. 7s)___ Seven per cent, bonds (Franklin R .R )...................................... I860 63. $16i,000 109,500 1864. $161,000 109,500 108,100 1S65. $161,000 109,500 108,100 91,900 The account for 1865 includes the Franklin Railroad stock, $360,000, and Franklin Railroad 7 per cent, bonds, 320,000, o f which $108,100 were purchased in 1864 with Cumberland Valley Railroad 6 per cent, bonds. PROPORTIONAL DEDUCTIONS. The following statement shows the cost o f the property and the yearly gross earningsj, expense and net earnings per mile o f road, with the rate of expenses to earnings and of net earnings to cost of property, and the dividend on the common stock, 8 per cent, having always been paid on the preferred stocks: Years Cost o f /-------Amount per mile------- v Expen’ s Profits D ivi’ds closing property Gross Opera’ g Earn’ gs to gross to cost on com . Sept. 30. per mile, earnings, expen’ s, less exps. earn’gs. o f road, stock. 1856.......................................... $-’3,377 $3,072 $1,551 $1,521 50.40 6 51 nil. 1837......................................... 23,590 3,6! 8 1,709 1,909 47.24 8.09 1858 .......................................... 23.590 2,992 1,349 1,643 45.09 6.96 1859 .......................................... 23,575 3,252 1,193 2.059 36.69 7.73 “ 1860 ................................... 22,! 25 3,513 1,266 2,247 36.04 9.81 6 1861 ...................................... 21,665 4.803 1,735 3,063 35.73 14.16 6 1862 ...................................... 21,705 4.612 1,733 2,879 37.61 13.27 6 1863 .......................................... 21,751 4,911 3,039 1,872 62.02 8.61 6 1864. ......... ............................. 21,751 6,643 3,867 2,776 58.21 12.78 6 1865 ......................................... 21,751 8,473 6,172 2,301 72.84 10.59 8 The Cumberland Valley Railroad Company was chartered by the legislature of Pennsylvania by an act passed April 2,1 8? 1. Construction was commenced early in 1836 and the road completed from the Susquehanna River to Chambersburg in 1837. On the 2d of February, 1846 another act was passed which empowered the Company to construct a bridge across the Susquehanna and extend the road though Harrisburg to the Pennsylvania Canal and also to connect with the Hairisburg and Lancaster and other railroads diverging from Harrisburg. Th:s bridge is about 4,400 feet long. The road thus constructed was not remunerative its receipts being scarcely sufficient to pay the expenses on a debt of about $275,000 which had been applied to construction, and to which was to be added the debt created on account of the bridge and extensions, making the entire debt $423,250. The stock at this time was $472,000. In 1849 it was resolved to re construct the road and iron it with heavy (50 in) T. rail for which purposes an act had been passed February 15, 1848. This required a thorough reorganization of the company, and in effecting tbit) the creditors advanced about $400,000 for the improvement and exchanged the debt for eight per cent preferred stock. The original stock was pre 144 Chesapeake and Delaware Canal. [August, served at its nominal amount. The work was commenced and completed during the year 1849 50, and at the close of that year the cost was stated at -$1,212,912, repre sented by stock $1,184,500 viz.: 1st pref. $360,000, 2d preferred $£52,500 and common $472,000, and debt $28,412, By an act passed in 1856 authority was given to convert the preferred stock into 8 per cent bonds, which were taken to the extent o f $270,500 subsequent improvements and additional equipment have been mainly paid from earnings and the capital account stands at this time materially as at the close of 1850. The Franklin Railroad extending from Chambersburg to Hagerstown has been operated by the Cumberland Yalley Company since its re-construction in 1860 and with the profit Company. On the 16th May, 1861, an act was obtained for the consolidation of the two companies which was not, however, carried into effect until May 81, 1865, since which date no separate operating accounts have been kept. The receipts on account of the Franklin in the statements given above show only the share o f them coming to the Cumberland Valley Company being about one half During the five yeara the road was operated under lease the receipts were $160,933 and the expenses $81,778, leaving a net profit o f $79,155. Probably no other local road in the country is duing so well as this which now pays 8 per cent on all its stocks and bonds and holds a large sinking fund and surplus. CHESAPEAKE AND DELAAVARE CANAL This work, though of short extent, is nevertheless one o f the most important, and also one of the first canals constructed in the United States. The near approach of the two great indentations of the Atlantic coast, form ng the Chesapeake and Delaware Bays, naturally suggested their connection by artificial means for commercial pur poses, as well as for the maintenance of internal communication in time of war. So early as 1808 careful surveys had been made to ascertain the feasibility of the work ; but it was not until 1824 that construction was commenced. The canal was completed and formally inaugurated in 1829. The canal* as it now exists, extends across the neck of the Delaware Peninsula, en tering the Delaware at Delaware City, 42 miles below Philadelphia, and the Chesa' peake through Back Creek— a tributary of Elk River, a stream which enters Chesa peake Bay a few miles below the confluence of the Susquehanna River. Its length is 13.63 miles. In this short distance, however, many obstacles had to be overcome! which greatly increased its cost above the original estimates. It was also a work in advance of the necessities of the times, and almost without connections, neither the canals o f Pennsylvania, Maryland, nor New Jersey having as yet been brought into use. Baltimore and Philadelphia, however, were largely benefitted by it, and for many years it was the principal trade avenue between the two cities. But this was not a sufficient support for so costly a work, and, hence, for many years its revenues were comparatively small, and the finances of the company in an embarressed condi tion ; nor was it until some fifteen years after its completion that it earned enough to pay the interest on its debt. The extension of canals and railroads in the adjoining States gradually augmented the business of the canal. By 1847 its revenues had so increased as to afford a pros • The canal has three lift locks—o r e o f 16 feet on the Chesapeake side, and tw o o f 8 feet on the Delaware side. The locks are 220 feet by 24 feet, and pass veseels drawing 9 feet o f water. There i- also a tide-lock ateither terminus. W ater is supplied by pum ping engines. The cana! is 1 0 feet deep and 6 6 feet wide. Chesapeake and Deleware Canal. 1866] 145 pect that for the future the earnings would discharge the calls of the deb t; and a proposition to convert the arrears, now amounting to $796,592, into twenty year bonds> was acceded to by the bondholders. In 1853 and 1854 a further loan, amounting to $400,000 was made for the construction of new locks, and in 1856 the original bonds of 1836, amounting to $1,593,185, became due. The liquidation of so large an amount required a thorough re-organization of the financial basis o f the company, and, to this end, a mortgage on the property was given for $2,800,000, due in 30 years from July 1, 1856, into which all the liabilities o f the company were subsequently consolidatedThe interest on the debt of the company ha3 been paid regularly since the funding process o f 1847, but the capital stock had always been unproductive. The bu iness of the canal, however, was being more and more developed, and, by a provision o f the mortgage o f 1856, setting aside $25,000 a year for the purchase and reduction of the debt, the principal had, by the end of the fiscal year 1865-66, become reduced by $640,000, and the annual interest by $38,400. This last sum is equivalent to an annual dividend of three per cent on the company’s Btock, and was appropriated to the payment of the first dividend ever declared by the company in June last. The business on the canal was largely increased during the period of the late war, and the general result of the four or five last years has been the placing of the company on a sound financial basis, which insures for the future regular interest on the debt, and as the principal of the debt is reduced, a corresponding increase in the rate of dividends' The balance 6heet o f the Company, as of May 81,1866, gives the following figures : Capital Stock, including united, new, old and $303,000 o f stock issued under the mortgage o f 1856 ............................................................................................................. $1,575,963 50 Mortgage L o a n .. ................................................ .................................................................... 2,356,509 58 T otal.............. ................................................................................................................. $3,932.473 08 Cost o f Canal (incl. o f feeder $110,925).............................................................................. 3,135,917 44 Sinking F un d .................................................5 ........................ .............................................. 240,511 03 Contingent Fund...................................................................................................................... 37,050 00 Dividend F ond (incl. $303,000 stock )........................................ ...................................... 518,994 61 T otal.................................................................................................................................... $3,932,473 08 The following tables will show the business done on the Canal yearly for the ten years ending May 31, 1S66 :— VESSELS PASSED THROUGH THE CANAL, ETC. 1856185718581859186018611862186318641865- 57...................................................... 58 .................................................... 59...................................................... 60...................................................... 61...................................................... 62 .................................................... 63... .................................................. 64 ..................................................... 65..................................................... 66...................................................... ,----- V essels Going----- , W estward. Eastward, 7,348 7.280 6,535 6,328 6.021 6,113 6,411 6,299 5,6.83 5,664 5,750 5,963 6,813 7,840 7,.30 8,187 5,780 7,031 5,216 6,280 Total. 14,628 12,863 12.134 12,710 11,347 11,713 14,293 15,417 12,811 11,496 Tonnage. 616,174 563,510 496,100 623,150 596,294 501,389 67 * 305 782,670 916,973 729,918 Tolls. $229,081 207,006 202,350 216,255 195,946 231,555 293,124 869,113 4 2 4 ,3 1 2 350,940 P R IN CIPAL ARTICLES CAR RIED . 1856- 57 ......................... 1857-58...................... . . . 1858- 59 ......................... 1859- 60 ......................... 1860- 61......................... 1861- 62 ......................... 1862- 63......................... 1863- 64......................... 1864- 6.5......................... 1865- 66......................... Lumber. sq. ft. 65,144,450 52,541,100 35,648,230 58 832,882 55,079.998 32,211,495 59,600,480 57,740,400 33,597,000 28,665,370 Timber. cubic ft. 2,899,700 2,903,800 2,151,540 3,142,530 3,184,971 4,148.053 4,023,985 5,309,272 7,037,060 4,722,870 Grain. bushels, 1,908,359 1,896,177 1,06.5,422 1,645.589 1,277,114 2,350.006 2,882,807 1,340,646 866,409 706,685 Coal. tons. 202,933 177.862 175,144 193,404 194,680 150,385 176,773 217,948 360,781 268,387 Flonr. Groceries. Dry Goods, bbls. pounds. pounds. 201,391 36,641.696 14,755,419 154,657 34,192,622 16.978,834 100,510 34,358,372 26,812,->65 147,630 43,071,816 31,802,765 198,226 43,800,534 31,591,894 117,207 69,069,S61 31,654,723 180,101 59,884,730 20,155,800 207.005 76,470,500 19,997 709 167,850 67,419.400 14,671,."00 121,523 61,057,440 17,573,700 146 Financial and Commercial Condition o f Chile. [August, The amount of tolls received from the several kinds o f vessels and from timber passed during the two last years is shown in the following statement 1865-60............................... 1864-65............................... D eer............................... Steamboat. Sailing Vessel. Barere. $154,244 65 $75,703 6 8 $65,983 38 167.255 70 80.779 27 96,262 78 $13,011 04 $4,985 59 $30,279 40 Timber. $54,913 22 80,014 84 Total. $350,939 94 424,312 69 $25,096 62 $73,372 65 The expenses of maintaining the Canal in 1865-66 were I lS T ^ S 08, leaving net earnings amounting to 1223,271 86, from which were paid interest, <tc. TOLLS IN DETAIL FOR SEVEN T E A R S. 18)9-60. 1860-61.1861-62. 1862-63. 1853-64. 1864-65.1865-66. Baltim ore............................................ $79,153 $70,690 $95,674$118,953 $147.09.3 $169,766 $167,759 Havre de Grace ................................. 38,379 37,959 25,324 37,988 34,’ 60 25,146 24,189 Port D e p o s it...................................... 34,573 37,406 40,078 42,506 60,816 82.645 57,052 Norfolk, & c ......................................... 5.880 4,925 .... 1,116 613 1,577 9,808 Dist’ t o f Columbia............................. 9,742 9,608 34,750 60,015 80.462 85,812 44,104 Canal Levels........................................ 1,713 1,642 2,077 2,153 1,934 2,492 3,111 ® f W o o d ........................................ 10,627 9,302 4,370 2,769 4,328 3,479 4,373 g. ■ I O v s t c r s .................................... 12.405 3,655 5,203 8,964 15,035 13,076 11.123 S e < [F is h ........................................... 2.214 2,304 1.377 1,110 378 789 1,251 I Merchandise............................. 19,264 16,836 20,731 14,691 19,889 33,787 25,164 O [E m pty V ess.............................. 2,165 1,559 1,964 2,858 4,404 5,743 4,406 T otal............................................. $216,255 $195,946 $231,555 $293,124 $369,112 $424,312 $350,910 FINANCIAL AND COMMERCIAL CONDITION OF CHILE. A t a time when the republic is attracting the attention and sympathies o f the world by her dignified attitude in defending herself from the aggression of Spain, the following information regarding her financial and commercial position will be found interesting. It is extracted from the report o f the Minister o f Finance, presented in August o f last year to the Congress then in session. From that report, it appears that the public debt o f the country as at 1st of January, 1806, would s and thus : INTERIOR DEBT. $2,359,514 Consolidated three per cen ts............................................................................................. Floating debt bearing interest at 7.90 per cen t............... $220,000 Floating debt bearing interest at 7.75 per ce n t.......................................... 143.000 Floating debt bearing interest at 7.50 per cen t.......................................... 34.000 542.159 Floating debt bearing interest at 8 per cen t............................................... 139,159— 2,116.000 M eiggs’ bonds, bearing interest at 6 per cent., with 4 per cent, amortization — 3,000,000 Loan o f 1865, bearing interest at 8 per cent., with 3 per cent, am ortization........... Total.................................................................................................................................. Average interest, 5.99 per cent, per annum. $8,017,673 FOREIGN DEBT. English loan o f 1822, at 3 per cent, interest............................................. $2,361,500 English loan o f 1822, at 6 per cent, interest.................... ...................... 1.213.500 English ioan o f 1858, at 4% per cent, interest.......................................... 7,193,500— Average interest, 4.34 per cent., on a total o f............................................................ Grand to ta l...................................................................................................................... —the average interest upon which is 5.5-100 per cent. 10,768,500 $18,786,173 O f the floating debt, a sum of $200,000 was paid off in February last, and the balance will become due and be paid iu August o f this current year, except a sum of $7,377, due only iu 1867 for balance o f purchase o f shares in the Central Railroad, now the exclusive property o f the Government. TIIE ENGLISH LOAN OF 1858. was negotiated through Messrs, Baring Brothers and was inten -ed for the con struction o f the railways from Valparaiso to Santiago and fro m Santiago to 1866] Financial and Commercial Condition o f Chile. 147 San Fernando. But in consequence o f some political troubles in 1859 the funds proceeding from that loan were not immediately applied for the purposes gen erally contemplated, but were partly used by the Government for the pressing exigencies o f the time in quelling the revolution, and partly loaned out in haciendadoes (farmers) and others, so as to be gaining interest during the time the revolutionary troubles lasted, and the works on the railways were suspended. This diversion of the funds from their legitimate object has been the fruitful source o f all the financial troubles o f the Government since that period, involv ing as it did, the payment o f part o f the railway contract for the completion o f the road to Santiago in bonds instead of cash and causing deficits in the national balance sheet which culminated in the necessity for a loan o f 553.000 ,000 , which was negotiated in 1865. The railways, however, were completed, and good faith was and has been kept with the English creditors. The contractor, Mr. Henry Meiggs, was paid partially in bonds, bearing interest at six per cent, per annum, and this explains the item o f “ Meiggs’ bonds” in the interior debt. The Government is now the sole proprietor o f the valuable line o f railway from Valparaiso to Santiago (called the Central Railway), two-thirds owner o f the line from Santiago to Sanfernando, and sole owner o f that (not yet completed) from San Fernando to Curico ; and the value o f these railways would be more than sufficient to pay off the entire national debt o f the republic. REVENUE AND EXPENDITURE IN TIME OP PEACE. In the memorial o f the Finance Minister, he estimated the total income for the financial year at $11,198,839, and the expenditure at $10,065,087, leaving a surplus o f $233,752. But in consequence of the war with Spain, the blockade o f the Chilean ports, the suspension o f the Custom House duties, the necessity of purchasing ships, guns, arms, and munitions o f war, and all the other expenses and outlays incident to the equipment of fleets, augmentation of the army and prosecution o f an active war, these calculations will now be altogether wide of the mark, and instead o f surplus the Government will again have to contend with deficits, and ere the war is ended and peace restored the national debt will have increased by at least $6,000,000 or $7,000 000. IMPORTS AND EXPORTS. The imports o f the country in 1864 amounted to $18,867,345, which, although less than those o f 1863 by $1,420,152, were in excess o f the average o f last four years by $552,902, aud $2,191,051 in excess of the imports for 1861. The exports in 1864 amounted to $27,242,853, of which the principal items w ere: Copper in liars................................. Copper regnlus................................. Copper ores...................................... $9,606,957 |Flonr................................................... 4,714,912 W heat................................................. 1,268,588 |Bar silver.......................................... $2,821,000 1,039.071 1,638,272 A s compared with 1861, the exports for 1864 give an increase of $6 893,219. The wonderful increase o f the public revenue during the last forty years is demonstrated in the following proportion : 1833. 1843. $1,770,761 I 1853..................................................... 3,001,230 |1863..................................................... $6,552,485 6,700,659 The revenue o f the custom houses, which, at the time o f the breaking out of Financial and Commercial Condition o f Chile. 148 [August, the revolution o f independence, geve only a monthly yield o f §12,000, is ex hibited in its uninterrupted increase by the following data : Years. 1833.. 1843.. Net . . product. $1,025,386 1,735,432 Propor. for each inhab. $1 01 1 60 Years. 1853.. 1803.. . . N et product, $3,358,540 4,259,534 Propor. for each inhab. $2 35 2 51 THE COASTING TRADE, being now thrown open to vessels o f all nations, has increased to almost 60 per cent, in three years, as shown by the following statistics : In 1861 it amounted t o .................. In 1862 it amounted t o .................. $16,696,921 I In 1863 it amounted t o .................. 23,919,972 |In 1864 it amounted t o .................. $25,003,789 28,896,783 These data show the rapidly increasing commerce and prosperity o f the coun try. Indeed, it may be said o f Chile that she is only standing on the threshold of her developments. W ith the railways made and now making, leading from the seaboard to her mines and rich agricultural districts, the limit to her progress can be bounded only b y the supply o f labor. STABILITY OP THE REPUBLIC. A nation whose exports are always in excess o f its imports, whose mineral and agricultural wealth and unbounded resources are assiduously developed by an industrious and enterprising people, whose Government, institutions, and legislation guarantee that people in the peaceable possession and enjoyment of the fruits oi their industry, and secure them that full freedom which ennobles a man and dignifies a State, must become progressive and occupy a position of stability, solvency, and endurance, from whatever quarter assailed, or from whatever quarter molested. THE W AR W ITH SPAIN. Chile has been forced into a war with Spain and has accepted the issue of a conflict at a time when her people so little thought of war and were so much oc cupied with the enterprise o f peaceful commerce that they had neither ships, guns, nor men to oppose to the formidable fleet sent to her ports by the enemy ; but firm in the consciousness o f the integrity o f her own conduct and justly of fended at the arrogant menaces and pretensions o f the Spanish Admiral, she had no alternative but to vindicate her own dignity by an appeal to the grand arbi trament o f w a r; a war which will probably involve the expenditure o f many mil lions o f dollars, but which will be cheerfully borne by the Government and people, in order to be done at once and forever with the overbearing and intolerable in solence and pretension o f a power which at one time they had pride in speaking o f as the mother country, but which now they despise and detest with a strength o f hatred which is beyond expression. THE LAST ENGLISH LOAN— THE STOCK AT A PREMIUM. F o r the purpose o f placing funds at the disposal o f the Government agent in Europe, a loan o f £450.000 was negotiated in London in March last on terms rather onerous, the Barings (the Government bankers) having declined to lend aDy money for war purposes. The terms of the loan were 90 per cent, issue, 8 per cent, interest, and the capital payable one-half in eighteen months and the other half in twenty-four months from the 15th o f March last. Eight times the Taxing the Sales o f Bankers. 149 amount required was tendered for on the terms mentioned, and the bonds have since gone up to a considerable premium on the London Stock Exchange. It is to be regretted that the urgency o f the compromise for which the funds were necessary in Europe—being, no doubt, for purchase of ships or war material— gave so little time to the Government agent for negotiations that he was obliged to accept the best terms offered him at the moment. The loan, however, is o f small amount, has been taken for a short term, was required for important pur chases, and the difference o f interest is trifling compared to the object gained ; hence the nation is satisfied, but would be unwilling that such onerous terms should be considered as an index to the state o f the national credit abroad. TAXING THE SALES OF BANKERS. OPINION OF JUDGE NELSON. The fallowing i9 the opinion of Justice Nelson, of the United States Supreme Court, on the question of taxing the sales of bankers, while acting as both bankers and brokers for their own account: UNITED STATES CIRCUIT COURT. B efore Judge Nelson. Clarke, Dodge & Co. vs. the United States and S. Shook, Collector, and S. P. Gilbert, Asses sor. In June last a m otion was argued by Mr. John E. Burrill, C ounsellor Clarke, Dodge & Co., to continue an injunction to restrain the collection o f taxes claimed by the Collector o f In ternal Revenue to be payable on sales o f stocks and securities. In the bill plaintiffs stated that they were bankers, duly licensed as such, and that their trans actions were as fo llo w s : 1. They receive such securities for sale and discount, and in such cases make sales. 2. They lend and advance on such securities, and in such cases sell to reimburse themselves. 3. Tney buy and sell such securities on their own account. 4. In the fourth paragraph o f the bill they stated that they received orders to buy, ami in such cases bought in their own names and transferred to their principal on repayment, and in case o f non-payment sold to reimburse themselves. The Commissioner o f Internal revenue claimed that plaintiffs were liable to pay taxes on all sales made by them in the classes o f transactions above enumerated, and also that even if they would have been exem pt from taxation on such transactions had they confined themselves to the business o f bankers, the fact that they did business as brokers deprived them o f that e x emption, and subjected them to taxation in regard to all their sales, in the same manner as if they were not bankers. In support o f the application, affidavits were read, showing the course and custom o f dealing in New York. In opposition to the m otion, Mr. S. G. Courtney, United States District Attorney, read an opinion o f the Attorney General, and the instructions from the Commissioner o f Internal R ev enue to the Collectors and Assessors. The Counsel for Clarke, Dodge & Co. made substantially these p oin ts: 1. The tax imposed by the 99th section o f the Revenue A ct is im posed upon brokers, and not on bankers. 2. The 79th section o f same act expressly authorizes bankers to “ receive stocks and securi ties for sale or discount,” and to “ lend and advance on such stocks and securities,” and this necessarily carries witn it the right to sell the same, either to reimburse themselves or to dis charge the duty to sell imposed by the receipt o f such stocks for the purpose o f sale. 3. That the transactions m the fourth sub-division o f the bill m entioned were equally exempt because: * (a.) N o tax is imposed cn the purchase o f stocks and securities, but only on the sales. (b.) When the purchase is made, no tax or duty is payable until the banker sells. (c.) In such cases, no sale is made unless by order o f the principal or to reimburse the amount paid by the banker on the purchase; and, in either case, the transaction is within the catagory o f “ stocks received for sale, or on which loans or advances are made.” 4. That the distinction between the banker and the broker is clear and well defined, and that even if it should be that the transactions above mentioned were such as a broker might engage in, this did not convert the banker into a broker, or deprive the banker ot his exemption. 5. That, even if the transactions in the fourth or other o f the sub-divisions should be decided to form part o f a broker’ s business, and taxable as such, this did not render the plaintiff tax able in respect to transactions which formed a part o f the business o f bankers. 6 . That, by com bining the business o f a banker and broker, the banker did not lose the exemption to which he was entitled as banker. 7. That, even if the plaintiffs were taxable in respect to transactions had on account o f others, this did not render them taxable on transactions made on their own account. 150 T a xin g the S a les o f B a n k ers. [A u g u s t, 8. That the Supreme Court o f the United States, in the case o f Fisk & Hatch, decided that bankers were exem pt from taxation upon all transactions as bankers. 9. That, in the case o f Catting, that C'our, decided that a broker doing business under the 9th paragraph o f section 79 was liable to pay taxes on all transactions specified in that paragraph. 10. That the Supreme Court had -not d cided that a banker licensed under the first sub divis ion o f section 79 was liable to pay any tax on the business for which he was so licensed, nor that where bankers engage in transactions on which brokers likewise engage, that they thereby lose such exemption as brokers. The District-Attorney controverted these p rop ositions; and. in addition to the oral argument, filed a printed brief, in which the questions were thoroughly discussed. The following is the opinion o f Justice Nelson, which was filed in the case : The bill is filed in this case against the defendants, who are the assessors and collectors o f the Thirty-second Collection District o f New York, under the internal revenue laws, for the purpose o f restraining them from the assessment and collection o f a tax claimed to have accrued against the plaintiffs as bankers, doing business as brokers, within said district, under the follow ing circum stances: The plaintiffs have a license as bankers, and have from time to time received at their bank ing-house stocks, bonds and bullion for sale, and also have, during the same tim ■, re eived bills o f exchange and promissory notes for discount and sale, and did discount and sell the same on and for the a c o u n t o f the parties f<ora whom received, and charged the customary compensa tion as bankers; and also, during the time aforesaid, did, at their banking-house, lend and ad vance moneys to various par ies, on stocks, bonds and bullion, and, after such advance and loans, did sell said stocks, bonds and bullion, on account o f the parties from whom the same were received, and to whom the m oneys were lent and advanced, deducting from said sales the m oneys so loaned and advanced, with the interest and customary charges as bankers; and also bought and sold stocks, bonds, &c., on their own account, and no on com m ission or for others. The tax claimed as having accrued out o f the above dealings is l-20th o f 1 per centum, monthly, on all the sales of the stock, bonds, &c., un d jr the 99th section o f the act (13 U. S. St. p. 273) which imposes the tax on brokers, and “ bankers doing business as brokers.” The questionm the case is. whether or not the plaintiffs in carrying on the aforesaid business under a bankers license, are to be regarded as bankers doing bu?-ine->8 as brokers. The 1st subdivision o f this 7'.'th section (p. 251) enacis that bankers employing capital, not exceeding $50,000, shall pay $100 for a license, and two dollars for every thousand over this amount—and then defines the term banker:—“ Every person, firm, company, *fcc., having a place o f business : (1) where cred its are opened by the deposit or collection o f money or currency, subject to be paid or remitted upon draff, check or order; (2) where m oney is advanced or loaned on stocks, bonds, bullion, bills o f exchange or promissory n otes; (3) where stocks, bonds, bullion, bills o f exchange, or prom issory notes are received for discount or sale, shall be regarded a banker under this act. Besides the license fee exacted, the banker, under the 110th section, (p. ‘*77,) pays a tax o f 1-24 o f 1 per centum monthly upon the average amount o f deposits—1-24 o f I per centum monthly upon the average amount o f the capital o f his bank beyond Ik amount invested in United Slates bonds—1-12 o f 1 per centum monthly on the average amount o f circulation if issued by any bank—and in addition, 1-0 o f 1 per centum monthly on the amount o f circulation beyond 90 p e r centum o f the capital. The license fee and the above tax are the burdens imposed on the banker for the privileges conferred. N ow among these is the privilege o f doing the business set forih in the bill o f complaint, and to which we have referred at lar^e ; and yet, it is claimed, the plaintiff’s are liable to the additional tax as brokers specifi d in the 99th section o f the act. A ccording to this construction the license or privilege o f the banker would be o f little value. He might, indeed, receive deposits and pay them out, advance or lend m oney on stocks, bonds, &c., but in case o f default o f repayment, he must not sell the pledge to reimburse himself—tie may receive stocks, bonds, &c., for di-count or sale, but is not at liberty to sell. I f he does, it is insisted he instantly becom es a broker, and liable to the broker’ s monthly tax, in addition to the banker’ s, which he has already paid. W e cannot agree to this view o f the act- On the contrary, we are satisfied the banker is both, by express terms, as well as by necessary implica tion, empowered to carry on the business, authorized under his license, to its practical and useful results. That, when he is authorized to lend or advance money on stocks, bonds, &c., he has the rignt, in case o f default in the repayment, to convert the security into money by way o f reimbursement—and, when authorized to receive stocks, bonds, &c., f r sale, he may sell the same witho t, in either instance, making him self a broker. The United States vs. Fisk et al., decided at the last term, carried the privileges o f the banker far beyond the present case; for it was there held that he could purcha e and sell stocks, bonds, &c., for him self and on his ow n account, under his license—a business not specified in the definition o f a banker. That case, in effect, decided that any business which a banker could carry on, as such, did not fall within the ninety-ninth section o f the act. The case o f the plaintiff’s, as set forth in the fourth paragraph o f the bill, is in substance as fellow s; That, in carrying on their business as bank ers, they purchase stocks, bonds, Ac., for others, but make the purchases in their own name, and advance their own money, and take the transfers in their own name, and hold the stocks as security for repayment by the persons for whom purchased; and, on receiving such repay ment, interest and customary charges, delivers the stocks, bonds, &c., as per agreement—or, in default o f repayment, they sell the same to reimburse themselves. This buisiness is not only outside the business o f a banker, as defined by the act, but comes directly within that o f a broker, and subject to the tax under the 99th section. But it is urged that if the plaintiffs, in any of their dealings in stocks, bonds, &c., are brought within the category o f bankers doing business as brokers, their whole business, as bankers, is thereby brought within it, and subject to the brokers’ tax : and this extraordinary proposition is supposed to be decided in the case above referred to. The 9th subdivision (p. *252), declaring w ho shall be a broker, is as follow s: “ Every person, firm, or company, &c., (except such as hold a license as a banker) whose busi ness it is as a broker to negotiate purchases or sales o f stocks, bonds, &c., shall be regarded as a broker.” The exception takes the banker out o f the category o f broker, and, to make it m ore clear what was intended by the exception, a proviso is added, “ that any person holding a license as a banker shall not be required to take out a license as a b roker;” meaning, obvi- I8 6 0 ] Stock S a les o f P h ila d elp h ia . 151 ously, that he may do business as a broker under his license as a banker. But, surely, there is nothin® in the provision which thus permits the business both o f a banker and broker to be carried on under the bankers’ license that suggests the idea, or gives any countenance to it, that dealing in both capacities merges the banker into the broker, so as to subject all his deal ings to the broker’ s tax. The fair and natural inference would seem to be the other way, namely, that the broker is merged in the banker. But, we suppose, the reasonable a d proper conclusion is, that alth >ugh the license o f banker authorizes him to do the business o f a broker without further payment o f money, yet, so far as he may do that business, he is to be regarded as a broker, and must pay the broker’ s tax. This, we think, is not only the n itu n l conclusion and fair 1-gal effect from the provisions o the law referred to, but is confirmed, as will be seen, by the language o f the 99ch section, im posing the tax on brokers, as follows : ••That all brok ers and bankers doing business as brokers shall be subject to pay the follow ing duties.” & c .; clearly enough implying that the banker, beside carrying on his own business, may also eng -go in business as a broker; but in such case, and as respects the busiuess done as a broker, he mu-t pay the tax imposed over and above what he has already paid as a banker. This view « f the statute was taken in the case o f the United States vs. Fisk et al., and is stated in the opin ion in a few w ords; “ Now, a banker,” says Mr. Justice Grier, “ pays a much higher licensetax than a broker, and is perm tted to prosecu e "r carry on the business or profession o f a broker without p ing any lurther license; but, if he prefers, he may not com bine that busi ness with his ow n .” W ithout pursuing the case further, an injunction m st issue in con formity with tha above opinion. I f any difficulty arises in the settlement o f this order, it can be referred to me. John E. Burrill counsel for Clark, Do ge & Co.; S. G. Courtney, U. S. D. A ., tor defendants The Court also rendered decisions and opinions in another case submitted at the same time as fo llow s: Lewis Einstein et al., vs. Sheridan Shook.—Nelson, C. J .—There is <me question in this case not involved in the case o f Clark and others against Gilbert and Shook, nor in any case here tofore before t h s Court; and that is, whether or not a banker, who purchases and sells stocks, bonds, &c , for others, and, therefore, falls within the category o f a banker doing business as a broker, but who sells the stocks, bonds, &c., through intervention o f a broker, is liable to pay the broker’ s tax under section 99. The* argument is that the tax on the sides has already been paid by the broker called in and who actually made them As this case came b ef re the Court on short notice, at the close o f the sitting, we will hear a re-argument on the point, and at the same time an explanation by affidavit, by either party, as to the m ode and mannei o f conduct ing the business thus claimed to be exem pt from the tax. STOCK SALES AT PHILADELPHIA. We have compiled the following table from the official lists of sales at the Phila delphia Stock Board for the first six mooths of the current year, showing the lowta and highest prices paid for each stock: It. J t.S t o k s . Jan. Feb. March. April. May. Cam. & A m boy.. 125%@127 116%@ 21 115%@1>0 HC=S£@120Jtf 120%@130 Pennsylvania.. . 53% @ 57 54 % @ 5 7 54% @ 56% 55% @ 57 53% @ 54% Reading............... 49 @ 53% 4S%@ 51% 93 @ 93% 49% ® 53% 52% @ 55% North Penn....... 29 @ 38 36% @ 38 35 @ 37 35 @ 40 38 @ 38 Lehigh V a lle y ... 61 @ 62% 60% @ 63 62 @ 03 61% @ 62% 61 @ 62% Mmehill & S’kill Haven.............. 54% @ 55 51% @ 54% 5-1 @ 54% 54% @ 56 55% @ 56% N orristow n........ 54 @ 55 54 @ 54% 51% @ 54 52 @ 55 53% @ 55 Phila. & E rie ___ 28% @ 31% 29% @ 31% 27 @ 3 2 % 31 @ 3 5 30 @ 34 Catawissa........... 20 @ 3 1 23% @ 25% 22 @ 2 8 % 30 @ 40 , . . . @ ... do prefe’ d 30% @ 46% 32 @ 38 27% @ 31 26% @ 32% 28% @ 32 Little Schuylkill. 29 @ 33% 31 @ 32 28 @ 30 29 @ 33% 31 @ 40 N. Central........... 44 @ 45 43% @ 44 44 @ 44% 44% @ 46 43% @ 44% Williamsport and Elmira............. 2t @ 27 26 @ 26% 27 @ 27 27 @ 80 28 @ 28 do prefe’ d 39 @ 39 39 @ 40 40 @ 40 41 @ 4 3 ....@ .. . Long Islan.d .. 35 @ 35 — @ ------- 37% @ 37% _____@ @ _ Phila. & Trenton . . . . @ . . . . 1 1 3 @114 . . . . @ . . . . 1 1 3 @114 125 @125 Phila., W ilm ,, & Baltimore____ . . . @ ----- 55% @ 55% ___ @ ____ 55% @ 55% , . . . @ _ C an al S to ck s. Delaware d i v .. .. 31 @ 32 31% @ 35% 33 @ 4 5 % 46 @ 5 0 % 51 @ 5 4 Wyoming Valley. 56% @ 57 ....@ 59 @ 59 58% @ 60 70 @ 7 0 Lehigh n a v .... 52% @ 55 B l% @ 52% 51% @ 52% 52% @ 55 52% @ 54% Schuylkill nav. .. 21 @ 2 4 52% @ 23% 21 @ 2 2 % 22 @ 2 8 % 26% @ 2s do prefe’ d 27% @ 30 28% @ 30 28 @ 29% 28% @ 35% 33 @ 33% Morris, consoli’ d 75 @ 75 95 @ 95 70 @ 78 67 @ 75 76 ® 77% do prefe’ d 114%@114% 114 @114 Ii5 @115% 115 @115 Union.................. 1 % @ 3% 2 % @ 3% 2 @ 2% 2% @ 3 2 % @ 2% do prefe’ d 2 % @ 5% 4% @ 6 4 % @ 4% 4% @ 5 Susquehanna.... 8 % @ 10% 11% @ 14% 11 @ 1 3 % 13 @ 1 6 % 15 @ 1 6 % West branch................... @ ...............@ ..................@ ................. @ ___ 25 @ 2 5 June. 129%©134% 54% ® 55% 51 @ 55% 38% @ 39 62% @ 63% 5 6% © 56% 55 @ 5 5 h 30% © 32% ...,@ .... 23% © 35% 38% @ 40 43 @ 43% 30 @ 30 ....© .... ...@ .... 116 @116 58 © 58 53 @ ...,@ 5 i% @ 26% @ 33% @ 80 @ 55 .... 58% 27% 34% 88 120 @ 120% ....@ .... -- @ -- 15 @ 15% 29% @ 29% The great bulk o f the above stocks are quoted on half shares— the Camden and Amboy Railroad, Philadelphia and Trenton Railroad, and Morris Canal shares alone being full or 4100 shares. 152 S ta le D eb t o f N o r th C arolin a. [August, RECEIPTS FOR CUSTOMS DURING TEAR 1865-66. The receipts for duties on imports at the four principal ports of the United States during the fisal year ending with June 30, 1866, were as follows : July, 1865..................................................... August, 1865................................................ September, 1865........................................ October, 1865............................................. November, 1865 .......................................... December, 1865.......................................... Total for six m onths............................. January, 1866............................................. February, 1866 .......................................... March, 1866................................................. April, 1866................................................... May, 1866..................................................... June, 1866 ................................................... N ew York. Boston. Philadelphia. Baltimore* $9,778,176 66 $1,366,666 24 $471,810 92 $401,850 32 13,113,689 50 1,665,894 32 456,275 66 356,663 86 12,929,615 64 1,597,600 23 534.686 70 271,878 00 10,973,518 01 1,225,395 80 496,141 95 190,700 53 9,933,488 76 1,547,688 32 435,612 59 272,052 43 8,348,750 31 953,048 85 349,058 79 190,694 81 $65,067,233 $12,437,474 12,008,273 11,173,164 10,950,896 11,322,150 9,563,539 87 $8,356,192 76$9,742,586 16 $1,003,005 22 $508,513 74 1,548,073 33 340,198 62 1,824,796 21 693,318 78 1,469,278 09 947,435 10 1,683,988 54 757,890 38 1,407,652 28 635,328 61 $1,683,839 95 78 $310,462 61 26 822,549 83 53 318,085 01 48 268,839 98 22 441,078 89 21 831,176 68 Total for the fis. year............................. $132,522,722 65 $16,792,987 43 $6,616,271 09 $3,676,032 85 It will be seen that the grand total of the receipts from all four ports for the fiscal year ending June 30, 1866, was $159,608,014 02. STATE DEBT OF NORTH CAROLINA. The North Carolina State Convention has adopted the following ordinance, making provision for canceling a portion of the debt o f the State, by exchanging the stocks die., of railroad companies held by the State in such manner as will satisfy the public creditors: A n Ordinance f o r Exchanging the Stocks q f the State f o r Bonds issued before the year one thous and eight hundred and sixty-one. Whereas, The destruction and depreciation o f taxable property in North Carolina, arising out o f the late unhappy war, has greatly increased the proportion borne by the public debt to the means which the State possesses for its paym ent: and, whereas, the people o f North Carolina are solicitous fully to discharge their just obligations at the earliest possible mo ment, in any manner that shall be acceptible to their creditors ; whereas, further, the stocks, liens, and other claims upon the railroad com panies, and other corporations, are proceeds o f the bonds o f the State, issuedin great part before the twentieth day o f May, in the year one thousand eight hundred and sixty-one, and now outstanding ; and, whereas, due regard being had, as well to econom y and other grave public interests, aj to the rights o f public creditors, it were good policy to exchange for the principal o f such bonds, the stocks, and other property above mentioned, if such exchange can be made at p a r; therefore, S e c . 1. Be it ordained by the delegates o f the people ot North Carolina, in convention assem bled, That the Public Treasurer shall advertise, in such newspapers as he may select, and invite proposals for an exchange o f the principal o f any bonds issued by the State prior to the twen tieth day o f May, one thousand eight hun red and sixty-one, for certificates o f stock And other interests held by the State in various corporations ; such bids shall be opened by the Treasurer upon some day (of which he shall^give due notice to them) in presence o f the Governor o f the State and the Comptroller o f public accounts, and it shall be his duty to accept those terms which may be m ost advantageous for the State : Provided, That in no event shall any o f the said stocks or other property be exchanged for less than their par value ; and any premiums which may be obtained upon such exchange shall be applied either to the extinguishment o f coupons or other interest (if any) due upon the particular bonds accepted in exchange, or to a further discharge o f the principal due upon other such bonds, or interest, it may he, as an al ternative, at the discretion o f the Treasurer, be paid in currency into the Treasury and charged to the public fund. S e c . 2. A s soon as may he practicable after the acceptance o f any bid, the public Treasurer shall receive the bonds offered in exchange, and in the presence o f the Governor and Comptroller shall cancel the sam e; it shall also be his duty to transfer the stocks and execute such convey ances o f the other interests hereinbefore mentioned as shall be deemed necessary; such con veyances to he in a form approved o f by the Governor and the Attorney-General: Provided, however, T at the interest to be acquired by any such purchaser or assignee o f any stock now held by the State shall not be other than that o f the holders ot a like amount, in the general stock o f the several and respective* orporaiions in which the State n ay be a corporator. S ec . 3 It shall be the duty o f the Comptroller to take a minute o f what may be done by the Public Treasurer in the premises, and to make therefrom such entries in the hooks o f his offi< e as may secure a ju st accountability on the part o f the Treasurer because o f the transactions hereinbefore m entioned. S ec . 4. The Public Treasurer shall make special reports upon the subject o f this ordinance to the General Assembly at every session, and this ordinance shall be subject to repeal or mod ification by the General Assembly. [Ratified in Convention the 16tli day o f June, A .D. 1866.] E d w in G. R e a d e , President. J a m e s H. M o o r e , Secretary. R. C. B a d g e r , Assistant Secretary. I do hereby certify that the foregoing is a true copy o f the original on file in this office. Given under my hand the 27th day o f June, A .D. 1866. R . W. B e s t , Secretaryof State. 1866.] 153 T h e U n ited S ta le s D eb t. THE UNITED STATES DEBT. W e give below the statement o f the public debt, prepared from the reports o f the Secretary of the Treasury, ror May 1, June 1, and August 1, 1866 : DEBT BEARINU INTEREST IN COIN. Denominations. 6 per cent, due December 31,1867.......................... ......... 6 do July 1,1888......... .................................... ......... January 1, 1874....................................... ......... 5 do January 1.1871 .................................... 5 do December 31,1880................................. 6 do June 30,1881........................................... ......... 6 do J line 30,1861, exc’ d for 7.30s................. 6 do May 1, 1867-82 (5.20 years).................... 6 do N ov. 1, 1870-85 (5.20 years)................ ......... 6 do Nov. 1, 1870-84(5 20 y e a r s )................. 6 do 5 do March 1,1874-1904 (i0.40s).................. ......... 6 do July 1, ’ 81 (Oregon w a r )...................... ......... 6 do June 30,1881 .......................................... May 1. $9,415,250 8,908,342 20,000,000 June 1. $9,415,250 8,908,342 20,000,000 7,022.000 18,415,000 50,000.000 139,314,560 514.780,500 100,000,000 80,734,500 171,219,100 1,016,000 75,000,000 50,000,000 100,000,000 171,219,100 1,016.000 Atlg. 1 $9,415,250 8,908,342 20,000,000 7,*'22,000 18,415,000 50.000,000 139,303,100 514,780.500 100.000.000 127,549,150 171,219,100 1,016,000 75,000,000 Aggregateof debt bearing coin interest...........................$1,180,236,342 $1,195,825,192 $1,242,62S,442 DEBT BEARING INTEREST IN LAWFUL MONEY. 4 per cent Temporary Loan ) 131.497,854 $124,561,486 5 do do >10 days’ n otice................... 5 do do i 6 do Certificates (one year).......................... 62,620,000 43,025,000 6 do One and two-years’ n o t e s ................................... 6,036,900 6 do Three years’ com . int. n otes............................... 167,012,141 162,012,140 6 do Thirty-year bonds, ( ent’ l Pacific R .) ........... 2,362,000 2,362,000 6 do do (Union Pacific R. E. D iv.) 2,272,000 2,130,000 7.20 do Three years’ treasury notes, 1st series .. . ) 7.30 do do do 2d s e r ie s ....... 818,044,000 812,221,600 7.30 do do do 3d s e r ie s ....... J $118,665,470 156,012,140 J- 6,042,000 798,949,350 Aggregate o f debt bearing lawful m oney interest........$1,188,313,545 $1,147,222,226 $1,079,668,960 DEBT ON WHICH INTEREST HAS CEASED. Debt on which interest has ceased......... ............................ $877,730 $4,900,430 $4,670,160 DEBT BEARING NO INTEREST. United States N otes ............................... ............................ Fractional currency................................. ............................ $415,164,318 28,192,017 $402,128,318 27,334,965 $400,361,728 26.684,139 Currency...................................................... ........................... Gold certificates o f deposit..................... ............................ $443,350,335 9,036,420 $429,463,283 22,568,320 $427,045,867 16,403,180 Aggregate o f debt bearing no interest.. ............................ Amount in Treasury— C o in ........................................................ ............................. Currency................................................... ........................... $452,392,755 $452,031,603 $443,449,047 $76,670,407 61,310,622 $50,678,958 79,011,125 $61,322,127 75,995,206 $129,691,083 $137,317,333 Total in Treasury..................................... Debt bearing interest in c o in ................. Debt bearing inter'st in lawful m oney. Debt on which interest has ceased___ Debt bearing no in terest....................... $1,186,092,842 $1,195,825,192 $1,242,628,442 1,1S8,313,545 1,147.222,226 1,079,668,960 877.730 4,900,430 4,670.160 452,392,755 452,031,603 443,449,047 Aggregate debts o f all kin d s.................. $2,827,676,872 $2,709,479,451 $2,770,416,609 137,987.029 129,691.083 137,317.333 2,689,689,S43 2,670,288,368 2,633,099,276 Cash iu treasury................................. . Amount o f debt, less cash in Treasury LEGAL TENDER NOTES IN CIRCULATION. One and two years’ 5 per cent n o t e s ............................. United States uotes (currency)........................................ Three years’ 6 per cent com pound interest n otes___ Aggregate legal tender notes in circulation. VOL. LV.---- NO. II, 11 $ .... 402,128,318 162,012,140 $ .... 400.361,723 156,012,140 $5S8,213,359 $564,140,458 $556,373,S68 $6,036,900 415,164,318 167,012,141 154 Commercial Chronicle and R eview . [August, COMMERCIAL CHRONICLE AND REVIEW. Atlantic Telegraph—Rates for loans and discounts—Prices Railroad and other Stocks—Course o f Exchange—Prices o f Governm ents—Price o f Gold each day—Treasure Movement. V e ry little business has been done the past month, the city exhibiting the usual midsummer quiet. The great feature o f interest has been the completion o f the A tlantic Telegraph, and although the messages that have as yet passed over it are few, enough has reached us to convince even the most scepiical that the cable has been successfully laid and is working admirably. That this subAtlantic-wire is to work a decided change in commercial transactions with the Old W orld must be admitted, but the “ revolution” that is predicted will be gradual in its coming, and only be fully developed when other lines are laid. The single cable now thrilling beneath the waves of the N orth A tlantic can never be relied upon to keep up full and continuous telegraphic communication between the New W orld and the Old. Still, the fact has been demonstrated that a line can be laid and made to work. Although the fall trade has not begun, manufacturing for that trade has been a ctiv e ; in most branches o f business the supply o f goods is ample. Towards the close o f the month the representatives o f the Southern markets arrived in the city in numbers, indicating the probability o f a comparatively liberal trade being transacted with that section. In the meantime the money market has been easy and below are the current rates for each week : KATES OF LOANS AND DISCOUNTS. July 6 . Call lo a m ................. Loans on Bonds and M ortgage........... A 1, endorsed bills, 2 m o s ................... Oood endorsed bills, 3 <fe 4 mos............ <( it single names . . . . Lower gra d es......... July 20. July 13. 5 @ 6 6 @ 7 5 @ 6 <a 7 64@ - 6 6 @ 7 7 @ 8 6 10 (3)12 @ @ Pi 7 (3) 8 10 @ 12 July 27. @ 5 4 6 5 6 7 10 @ 7 @ 5i @ 7 @ 8 @15 I t is worthy o f note that fewer new firms were established at the beginning of last month than has been usual at that period. The times are not encouraging to new enterprises. The country is still in an unsettled condition ; the public finances have yet to undergo changes, which may affect business ; w e are far from a specie basis ; and, above all, prices range so high that a decline in the value o f every species o f property would seem inevitable. It is, therefore, not surprising if, at present, there is a prevailing indisposition to establish Dew business enterprises. The quiet o f general trade has, however, afforded an opportunity for stock speculation. The bank deposits have increased ; a large amount o f currency has been paid out o f the Treasury on account o f the redemp tion o f Certificates o f Indebtedness, and the July coupons on Seven-thirty notes ; and money has, consequently, been easily available to stock dealers at 4@5 per cent. The month which ordinarily is dull, above all otheis, has this year been one o f very unusual activity in railroad speculation. The unexpectedly large traffic o f the roads since the suspension o f the military transportation connected with the war, and the reopening o f the Mississippi, have very much strengthened confidence in railroad stocks as an investment. This improved tone o f feeling 155 Commercial Chronicle and Review, 1866] has been turned to account by the brokers, and the result has been a general and large advance in the price o f stocks, the following are the closing quotations each week for leading stocks ; June 15. Cumberland C oal............. Q u ick silver...................... i an ton Co.......................... Mariposa p r e f.................. New York Central........... E rie .................................... Hudson R iv e r .................. Reading............................. Michigan Southern . . . .. Michigan Central............. Cleveland and P ittsburg. Cleveland and T oled o___ N orthw estern.................. “ preferred.. Rock Isla n d ...................... Fort W a y n e ...................... Illinois C entral................. 60 24 98% 61 i f no% 109# T9* 109 82 105 30% 59X 94 97% 122 June 22. June 29. July®. 45 45% 47% 47% 50X 59 54X 5SX 22% 23% 23 98 % 98% 99% 68 if 61% 59X 'l l # 109% x d l0 7 % 108% 79 80 78% 108 x d 105# 82if 83i f si % 108% 106% 106% 29X 80 31% 58% 61X 59X 9(> 95 94 98% 98% 97X 120% 121 121% Jnlv 13. 46 51 23 99 74% 114% 106# 81% 84% 109% 34% 63% 96% 98% 122% July 20. July 27. 46 50 .... 53 62% 26% 22% 104% 194% 65% 64% 116 120 m% 110% 83% 82% 110 84% 84% 110% 112% 85% 35% 64% 61% 97% 99% 49% 101% 124% xd.120 In anticipation o f the war in Germany, we expressed a confidence that hostilities would, ultimately, cause an increased demand for our bonds in Europe. That result has already appeared. During last month, the exports o f Five-twen ties were on a very large scale, the amount sent to Europe being probab.y much in excess o f the total returned in anticipation o f the war. The heavy shipments of bonds have aided us in adjusting our balances with Europe, which, with ina. turing obligations largely in excess o f the current exports, would otherwise have caused a severe drain o f specie, with material fluctuations in the premium on gold. A s a consequence o f this movement there has been a steady decline in the rates o f foreign exchange, the month closing with quotations for bankers’ sterling bills, 60 days’ sight, at 1 0 7 i@ 1 0 8 i— a rate about 1J- per cent, below the present specie shipping rate. The following table shows the daily fluctuations o f ex change (long) on London, Paris, Amsterdam, Bremen, Hamburg, and Berlin at New Y o r k for July, and the total range for the first seven months o f 1866 : COURSE OF EXCHANGE FOB JULY. London. cents for 54 pence. Days. 2.................... 3.................... 4 ................... 5 .................... 6.................... 7 . .................. 8 .................... 9.................... 10................... 11................... 1 2 .................. 13................... 14 .. 15 .. 16................... 17.................. . 18................... 19.................. 20................... 21................. 22.................. 23.................. 24.................. 25.................. 26................ 27.................. 28.................. Paris. Amsterdam. Bremen. centimes cents for cents for for dollar. florin. rix daler. 39 ©36% 86 @ 3 6 # 74 @75 74 @73 36#@ 37 36%@37% 36%@87% 74 @73 74 @75 74 @75 40%@41% 78%@79 40%©41% 77 @79 40%@41% 77 @79 40%@41% 78#@ 79 4Q%@41% 77 @79 40%®41% 77%@79 86% @ 87X 36%@37% 36% @37% 86%@37% 36% @37% 86%@37% 74 74 74 74 74 74 77%®79 77%@79 77%@79 78# @79 77%@79 78#@ 79 36%©37% S6%®37% 36%©87% 86%@37% 36%@37% 86%@37% 74 @75% 74%@T5% 74%@75% 74 @14% 73%@75 74%®74% 78%@79 78% @79 78% @79 78#@ 79 77% @ 9 77%@79 37 @37% 73%@74 37 ©37% 73 @74 37 @37% 73 @74 86%@37% 73 @74 36%@37% 73 @74 86%@37% 73 @74 516#@ 508# 517#@ 508# 517# @ 5 08# 515 @ 508# 517#@ 507# 517#@ 507# 517#@510 40%@41% 517#@510 40%@41% 517#@510 40%@41% 40%@41 515 @510 517%@511% 40%@41% 516%@511% 40%@41 108#@109 Berlin. cents for thaler. 40 @ 4 1 # 77 @79 40 @41% 77 @79 (National Holiday.) 517#@510 40#@ 42 78 @79 517%@512% 40%@41% 78%@79 517#@ 512# 40%@41% 78%@79 520 @ 5 1 2 # 520 @ 5 1 2 # .... Hamburg. cents for M. banco. 517%@513% 520 @515 520 @515 520 @ 5 13# 520 @ 5 13# 520 @ 5 1 3 # 40 @41 40%@41 40X@41 40 @41 40 @41 40 @41 @75 @75% @75% @75 @75% @75% [August, Commercial Chronicle and Review. 156 29 . 30 . 31.................. 72X@73 ' 72% @73 40 @ 4 0 * 40 @ 4 0 * 77 @78 % 77 @79 36%@37% 36% @ 37 J u ly ............... ........... 1 07 *@ 10 9 * 525 @ 5 0 7 * 40 @42 Ju n e............. ............. 107* @110 205 @ 5 0 7 * 40 @42% M ay............... ........... 1QS%@109% 520 @510 40%@42% A p r.............. ........... 106% @108% 5 3 7 *@ 5 1 7 * 3»%@41 Mar ........... ........... 1 06 *@ 10 8 * 530@ 518* 40 @41 F e b ........................... 107%@lo8% 5 3 2 *@ 5 1 7 * 40*@ 41 J a n ................ ........... 10$ @ 1 0 9 * 523* @515 40*@ 41 77 @79 77 @80% 7 8 * @80 7034 @78% 77 @78% 77 @79 7$ @ 7 9 * 36 @37% 72 @75% 35%@717% 73 @75 30 @ 3 7 * 71 @74 35 @ % * 69%@71% 35%@36% 70%@71% 3 5 * @ 3 6 * 70%@71% 30 @30% 71 @71% 5 2 2 *@ 5 1 6 * 125 @520 Military operations in Germany have been attended with an almost total sus pension o f the drawing o f bills on Frankfort. ; aod, for a time, transactions with Bremen and Hamburg were United from the same cause. A t the beginning o f the month, the apparen* possibility that France might become involved in the struggle, caused increased remittances to Paris. Below we give the sale prices at the N ew Y ork Stock Exchange o f governm eat s e c u r it ie s r e p i e s e n t e d b y t h e e l o s i n g s a le each d a y d u r in g th e m o u th o f J u ly , 1 8 6 6 : PRICES OP GOVERNMENT SECURITIES, JOIV, 1866. I>ay o f m on th . S u n d a y ----- 1 M o n d a y ___ 2 T u esd ay . . . 3 W edn esda y 4 T h u r s d a y .. 5 F r id a y ........ 6 S a t u r d a y ... 7 Sunday........ 8 M o n d a y ___ 9 T u esd a y .. .10 W ed n e s d a y 11 T h u rsd a y . .12 F r i d a y ........ 13 S a tu rd a y .. .14 S u n d a y........15 M o n d a y ... 16 T u e s d a y .. .17 W e d lies day 18 T h u rsd ay . .19 F r id a y ........ 20 S a tu rd a y .. 21 S u n d a y ___ 22 M on day — 23 T u esd a y .24 W ednesday 25 T h u rsd ay . .26 F r i d a y ........ 27 Saturday .. .28 S u n d a y ........ 29 M o n d a y — 3t> T u e s d a y .... 31 O p e n in g ......... H ig h e s t ......... L o w e s t ........... C lo s in g .......... ,----- 6’ s, 1881.----- 1 C ou p. B eg. 106% ^-6’ s r 5-20 y r s .^ Coup. B eg. io i% /—5’ s, 10-40 y rs .—» Coup. K eg. .... .... 97% 7->30Ts, 1867. 103 .... B o a r d n o t m session . N a t io n a l H o li d a y . iOTJtf 108% 108% 109 1(19% 109% 109% 109% 109* 109* 109% 108* 1J9 109% 109% 109% 109% 109* 109% 109* 109% 109* 199 109 109 109% 110 100* 110 100% llu 105% 105% 105% 97% 98 98 106 100% 106% 107 106* 106% 98% 98* 98% 99 99 98% .... 99 99 .... 99 98% 98% .... 107% 107* 107 107 106* 106* 100% 107 106* 106* 107% 107% 108% 108% 108* 109% 108* 109* 104* 108% 104% 108% 106 105 106* ..... 105 105 105% 106* 105 105% 98% 98* 97% 98% 98% 98% ___ 98% 99 97% 99 97% 99 1 y rr c e rtif. ...» 103% 7071% 103% .... .... .... .... .... .... .... 103* 1073% 1071% 103% 103% 104% 104 103* 103* 103% 103% 103* 10:1% 101% 103% 103% .... .... .... .... .... .... .... .... 93% .... 98% 98% .... 104% 104% 103 104% 103 104% ... .... .... .... The gold premium has been comparatively steady during the month, in part owing to the diversion of speculation from the Gold R oom to the Stock Ex change. The continued export o f specie, and a large demand for the payment o f duties on goods withdrawn from bond, upon the expectation that the addi tional duties imposed unler the new tariff would apply to goods in warehouse, have sustained the premium against influences otherwise tending to depress it. The highest price reached during the month was 155 , and the lowest 147, the closing quotafon being 149. The following table gives the opening, highest^ lowest and closing prices for each day o f the month, 15 7 C om m ercial C hronicle and R eview , 1885] Monday.................. Tuesday................ Wednesday........... Thursday.............. F rid a y ......... . . . . Saturday ............. .... 1 154% 155V 153% 154% . . . . 3 153 153% 152% 153% .. . 4 Indep' ndence D y. . . . . 5 152%| 153% 152% 153% 154# i154# '53% 154% . . . . 7 154# 1154# 153# 153# M onday................ Tuesday................ W ednesday.......... Thursday............. Friday.................... Saturday.............. . . . . 9 153%'153% 151% ....1 0 149# '149# 148# 143% 150% 1411% ....1 2 H 9 # 151% 149% ....131153# 153% 152% ....1 4 152 152# 152 15 M onday............... ....16|148# 149% 148% Tuesda''-................ ....1 7 149# 151# 149 W ednesday........... 150# |149 Thursday............. ___19 150# 150# 150 Friday ............... ....2 0 Saturday............. ....2 1 .. .22 M on da y............... ....2 3 Tuesday............... W ednesday......... Thursday............. ....2 0 Friday.............. .. 27 Saturday.............. . ..28 ..29 M onday............... T u esd a y.............. . . . .31 152% 149% 150% 151% 152% 152% July, “ “ 148% M 150# “ 149% 1511% “ 1866......... 1865....... 1864......... 1863......... 1862 ....... 18 1....... Closing. ft Date. j Low es# tc *2 <u O 1 H lgh’ st. Closing. High’ st. Date. Lowest. COURSE OP GOLD FOR JULY. bD '2 0) ft o 150# 150% 149# 149# 149 150# 148% 150# 151% 150 150 149% 149% 150# 151% 150% 150# 150 150% 150% 150% 150 149% 149% 119% 150 1 0% 150% 150 140% 151% 150 147 141% 147 147% 148% 149% 148% 149 154% 141 222 144% 109 100 155# 140% 285 145 120# 100 147 138% 222 123# 108% 100 149 144 255 128% 115 100 The Treasure Movement at N ew Y ork weekly, and the amount in Banks at the close o f e*ch week since January 1, has been as follow s: TREASURE MOVEMENT FOR 1 8 6 6 . 1856. R e c e ip ts . w eek fro m e n d in g C a liforn ia, Jan. ft............................................. “ 13........................ $685,610 “ 20........................ 799,706 “ 27............................................. F eb . 3 ........................ 944,878 “ 10. ..................... 1,449,074 “ 17 ............................................. “ 24.......................... 1,209,048 Mar. 3............................................... “ 10.......................... 1,469,286 “ 17.......................... 1,425,353 “ 24.......................... 389,837 “ 31......................... 673,615 Anr. 7............................................... “ 14.......................... 729,862 “ 21.......................... 809,459 “ 28............................................... M ay 5 .......................... 1.318,271 “ 12.......................... 1,072,820 “ 19.......................... .... “ 26 .................... 1,276,505 J n n e2 .......................... 324,562 “ 9 .......................... 949,906 “ 16 ............. “ S3.......................... 892,365 “ 3 ) .............................................. July 7 .......................... 1,617,899 “ 14.......................... 1.429,833 “ 21.......................... 2,051, 56 “ 2 8 .............................................. 1,655,431 E x p o r ts . ,---------------------- Su b -T rea su ry----------------------- , In ban k* to fo re ig n C u stom s In te re s t /—G o ld C ertificates—% a t c lo s e c o u n trie s , re ceip rs. paym en ts, issu ed, returned, o f w eek . $552,02? $2,107,341 $3,507,240 $3,122,440 $1,34,8832 $15,778,741 640,503 2,334.694 1,130,789 3,206,180 1,578,194 16,852,568 685,894 2,754,369 574,162 2,706,400 1,928,641 15,265,37# 655,812 3,226,040 279,842 2,598,400 2,137,048 13,106,75# 292,568 3*347,422 115,204 2,081,280 2,221,423 10.937,474 4 *-3,409 3,251,734 120.179 1,916,700 2,376,735 10,129,80# 445,489 2,893,008 94,828 2 992,900 2,158,009 10,308.758 560,198 2,608,796 119,-79 5,893,280 1,995,796 14,213,351 75,453 3.386.934 1,183,343 2,125,000 2,664,934 17,181.130 556,284 2,237,836 882,712 2,101,000 1,706,835 16,563 237 236,671 2,464,482 328,593 1,498,400 1,919,483 15,015.242 170,297 2,509,419 174,911 361,280 1,886,419 13,945,651 3,500 2,451,345 225,414 1,376,000 1,895,334 11,930,392 216,842 2, *63 010 63.140 3 .16,840 2,120,100 11.436,295 122,028 2,857,704 49,800 5,038,460 2,274,704 11,035,12# 117,312 2.535,568 35.169 4 ,09,000 1.971,568 9,495,4ft* 73,880 2,246,80 7 40,506 4,137,140 1,760,307 8,243,937 1,247,249 2,711,181 7.061,900 4,658,000 2,227,181 10.914,997 1.064,496 2.417,391 2.648,000 3,110,000 1,943,391 13,970,402 8,763.295 2.542,814 1,702,000 2.842.0 0 2,069,814 13,595.465 9,421,766 2.358.455 940,100 9,177.000 1,929,454 19,376.929 6,870,997 2,182,395 70 500 1,327,000 1,911,395 28. 58,093 4,220,756 2,141,086 283,800 2.6 6,000 1,863,0-7 15 821,663 6,055,743 2,071,621 67,000 3,719.000 1,788,621 11,217.305 1,408,286 2,209,676 106,134 2,793 000 1,809.076 8,504,0lfft 550 574 2.002,265 298.748 3,231,000 2,309‘264 7,797,218 1,630,730 2,47 ,626 3,964,634 4,174,000 2,081,626 9.865,266 2,23-,270 2,486,296 1.207,000 3,614,400 2,182.226 12,451,684 416,013 2,480,149 324,100 2,452.000 2,187,149 10.860,140 1.515,446 2,926 884 .......... 2,120,000 2,543,884 9,701,547 (th is am ount arriv ed Ju ly 31.) S ince Jan 1.............. $23,175,016 51,291,597 7S,037,848 ................... 93,216,140 69,811,110 $ .......... The following table, compiled from the records for the past seven months o f the current year, and for the same months o f the previovs seven years, shows the general results o f the import and export o f treasure at this port : Months, &c. January....... February___ March........... A p r il............ /--------- — N ew Supply.-------------- , Exports to California. Foreign. Total. for. ports. $1,485,316 $72,771 $1,558,087 $2,546,236 3,603,000 172,122 3,775,122 1,787,029 3,958 290 285 854 4,244,145 1,035,039 1,539,321 161,817 1,701,138 554,654 ,------ Excess o f— Supply. Export, $ ............. $988,149 1,98*,093 ........ 3,209,106 ............. 1,146,484 ............. Journal o f Banking, Currency and Finance. 158 May. June July. 893,073 116.952 101,003 Jan.July, do do do do do do do do do do do do do do 4.060,669 23.833,873 ............. 2,283,775 6,855,672 5,801,459 1,054,213 [August’ 19,773,205 13,452,532 ’6 6 ............. .............*33.175,015 *1.303,592 *24,478,6 8 *51,294,597 * ............. $26,815,989 6 5 ............. ............. 10.035,127 1,319.163 11,354.290 18.630,745 ............. 7.276,455 ’64.............. ............. 6.534.216 1,555,066 8,089.282 31.099,450 ............. 23.010,168 ’63.............. ............. 8,022.940 1,036,013 9,058.953 25,900,850 ............. 16.841,S97 ’ 62.............. ............. 13,943,535 730,556 14.674, 91 36.034,688 ............. 21,360,597 ’ 61.............. ............. 21,175,405 32,906,166 54,081,571 3,260.458 50,S21,113 '60............... ............. 19.810,150 756,182 20,566,332 28,242.826 ............. 7.576,494 ’ 59............... ............. 21,144,739 1,301,082 22,445,821 43,248,391 ............. 20,802,570 It will be seen from this compilation that the receipts o f California gold du r ing July have reached the very extraordinary total o f $6,7.i4,6(i9. The exports to foreign countries have been 5.801,459, against $15,736,307 in June, and *23,833,873 in May. The excess o f receipts over exports is thus $1,054,213. F or the first seven months o f the year, the exports show an excess o f shipments over receipts o f *26.815,989, which Is nearly ten millions more than the average excees o f exports for the same period of the preceding four years. JOURNAL OF BANKING, CURRENCY, AND FINANCE. N ew Y ork City Bank returns—Returns of the Boston and Philadelphia Banks. W e give below the bank returns o f the three cities. Those for Boston are incomplete again, since the Traders’ Bank failed the last week o f the month to make returns in season. NEW YORK CITY BANK RETURNS. Loans. Date. Jan. 6, 1866.. . $233,185,059 “ 1 3 ............ . “ 2 0 ............ . “ 27............ . F e b . 3 ........... . “ 10............ . “ 17............ . “ 24............ . Mar. 3 ............ . “ 10............ . “ 17............ . “ 2 4 ............ . “ 31 .......... . Apr. 7 .............. “ 14............,. “ 21............ ,. “ 28.............. May 5 ........... . “ 1 2 .......... . “ 19............ . 26 ............ .. .. “ 9 .......... . “ 1 6 ............ . “ 23............ . “ 30............ . J uly 7 ............ . “ 14............ . “ 21............ . “ 28............ . 234,938,193 239,337,726 240,407.836 242,510,382 242,608,872 243.068,262 239,776.20© 235.339,412 233,068.274 233,517,378 234,500,518 237.316,009 242,643,753 244,0o9,S39 242 067.003 246,017,692 2 3,974,134 257,621,317 255,600,463 257,909,593 250,959,(.22 249.538,959 217,301,547 248,436,808 250.884,168 257,534,833 259,133,434 255.965,018 250,012,071 Specie. $15,778,741 16,852,568 15,265,327 13,106.759 10.937,474 10.129,806 10,308,758 14,213,351 17,181.130 16,563.237 15,015 242 13,945,651 11.930,392 11,486, "65 11,085,129 9.495.463 8.243.937 10 914,997 13,970,402 13.595,465 19,736,929 21,858,093 15,821.663 11.217.3* *5 8,504.096 7,797,218 9.865.2*16 12,451.684 10,860.147 9,701,046 Circulation. $18,588,428 19,162,917 20,475,707 20,965,8S3 21.494,234 22,240,469 22,983.274 22.959,918 22,994,086 23,033.237 23.303,057 23,243,4*16 23,786.534 24.1.7. Oil 24,533,981 24.045.S57 25,377,280 25,415,677 24,693,259 25.189,864 26,223.867 26,244, 55 25.967,253 25,887,876 26,585,394 26,706,6v’2 27,296,630 27/04,172 27,579,020 27,249,812 Deposits. Legal Tend’ s. A . g. clear’gs $195,482,254 197,766,999 198,816,248 195 012,454 191,011,695 188,701,463 189,777,290 183,241,404 181.444,378 180,515,881 185,438,707 185,868,245 188,554,592 189,094.961 193,153,469 196,808/78 202,718,574 210,373,303 217.552.853 217,427.729 208,977,905 198.12 ,289 202/03,949 202,415,673 201.969,288 204,357/72 205.799.611 207,160.043 213,049,079 214,582,926 $71,617,487 73.019,907 72,799,892 70,319.146 68.796,250 68,436.013 64.802,980 61,602,726 58,760,145 64,341,802 68,402,764 69,496,033 72,158,(99 71.445.0 5 73,910,370 77,602,688 80,589,022 81,204,447 85,040,659 85,710,107 73.829,947 69,188,1 92 74,628,674 79,179,304 80.840,578 81.882.640 79,541,638 75.541,977 80,524,992 8*1,795,814 $370,617,o23 608,082,837 538,949,311 516,323,672 508.569,123 493.431.032 471,886,751 497,150.087 526.539,959 594,204,912 579,216,509 593,448,864 529,240,640 602.315.748 578,537,853 535,834,778 603.556,177 523.098,538 579.342,483 713.575.444 713.575.444 633,656.381 <13,698,301 696,447.630 568,842,490 511,182,914 637.655,787 598.705,726 430,324,808 T he returns o f the Philadelphia Banks have been as follows : PHILADELPHIA BANK RETURNS. Legal Tenders. Jan. 2 ,1 8 6 6 .. ‘ 15 .......... “ 22............ .. $17,181,229 17,236,320 17,267,412 17,052.559 Loans. $4 >,941,001 46,774,150 47,350,428 47,254,022 Specie. Circulation. $890,822 983,6S5 1,007,186 1,U12,9SQ $7,226,369 7,319.528 7,357,972 7,411,337 Deposits. $35,342,306 36.618,004 36.947,700 36,214,65* 1866] A rm y and Navy, etc., o f Austria and Prussia, etc. “ 29.. Feb. 3 .. “ 10.. 44 17.. “ 24. Mar. 3. 44 10. 41 17. 44 24. 44 31., A p ril 7 . 44 14 . 44 21 . 41 28 . M ay 5 . •* 12 . “ 19 . “ 26 . June 2 . 44 9 “ 18 . “ 23 . •4 30 . July 7 . “ 4 . 44 21 . 44 28 . 16,244,277 16,481,0)5 16,852,737 16,777.175 17,282,602 17,447.035 17,202,534 16.375,008 15,969,814 15,954,832 16,622,233 18,323.759 18,660,513 18,949.719 19,144.660 19,640,203 19.648,232 19.715.093 21,154 909 21,568.0,85 20.503.591 21,105.310 21,455,836 20,516,095 2 >,311,608 21.312, *05 20,9)2,37* 47,607,558 47,233.661 47.249,383 46.981,337 46,865,592 46,604,752 46,546,878 46,690,783 46,042.150 40,013,483 46,028.041 45,114,099 45,762,733 46,832,734 48,000,054 48,230.256 48,336,567 43.036,934 47,561,996 48,118,897 48,610,145 48,100,814 48,200.904 48,S92,594 49,493,405 49,009,310 48,935,007 1,003,825 1,000,689 996,312 953,207 1,026,408 1,041,392 1,055,694 1,026,068 981,932 990,630 946,282 949,116 936.876 890.241 912,023 896,741 897,913 867.094 890,121 859,633 897,381 899,999 863.454 860,981 852,783 819,770 826,096 7.432,534 7,668.365 7,819.599 7,843.002 7,732,070 8,161,049 8.218,100 8,438,184 8,580,200 8.666,230 8,720.270 8,743,396 8,761,213 8,779,166 8,794,348 8,939,420 8,918.938 8,988,742 9,022.553 9.007.515 9,219,553 9,290.094 9.325,475 9.431,664 9.442,146 9.427,36* 9,382,473 159 35.460,881 34,681,13* 34,464,070 33.926,542 33,052,25* 32,835,094 32,504,50* 32,102,427 32,144,260 32,257,65* 32.762,280 31,640,864 35,448,955 36,032,862 36,987,007 38,414,588 37.296,645 37,078,41* 38,189,566 38.326,934 36,972,476 36,715,308 37.212,979 38,275,788 37.107,667 37,575,560 37,270,8S5 The returns o f the Boston Banks are as follow s : BOSTON BANK RETURNS. January 1 .. . ........ 44 8 . . . ........ 1 5 .. ........ 44 2 2 .. ........ *4 2 9 .. Febru ary 5 .. ......... 12.. ........ 1 9 .. ........ 20 . ........ March 5 .. ........ “ 12.. ........ 1 9 .. ........ 44 2 0 ... ........ April 2 .. ... u 9 .. ......... 1 0 ...-----“ 44 23 .. -----“ 30 .... . . M ay 7 ... 1 4 ... . . 21 .. -----2 8 ... . . . . June 4 . .. ........ “ 1 1 ... . . . . 1 8 *..-----2 5 . .. . . . . July 1 0 ... ____ “ 2 3 ... ___ 3'Jt.. . . . . “ 44 44 44 44 44 44 (C apital Jan . 1, 1866, $41,900,000.) L ega l L oa n s. S p e cie . D e p o s its . Tenders. $38,451,794 $01,421,477 $801,415 $19,807,300 92,245,129 19,914,065 41,718,132 1,031,327 92,959,364 20,438,014 40,939,870 1,029,105 92.605,111 1.040,114 20.750,698 40,300,6 9 39,153.816 1,008,013 20.544.S30 94,578,358 805.237 20,508,195 40.436.163 632.591 38,768,019 94.083.827 20.412.589 95.250.429 38,494,696 508,428 20,418.909 93.539.0U0 36.398,481 521.292 20,262.177 35,581.876 92.990.512 556.856 20.031.968 90.705159 623.938 19,005,120 35,297.498 91.902,811 36.696.321 606.992 20,470.018 91.931.236 20.913.521 513.153 35.887.368 92.351.979 532,556 20,761,014 36.697.227 37.426.560 92.142.975 487.455 29,334.570 91.250.882 37,006.696 457,648 19,902 617 36,946.1^2 86.120.897 411,693 19.309,145 80.723.001 38,396.210 401,113 19,549.614 90,360,569 41.205.276 576,1*0 21,415,716 90.328.554 42.021.976 501.013 22462,522 89,634,864 41.61 .149 472.172 22,973,509 91.833,402 436.891 23.658.956 41.631,746 92 287.648 503.991 42.992.749 20.148,678 42.858.986 89.S78.993 374.960 25.470.926 87.508.533 21.426.749 41.1*92.820 371,596 94.336.170 42,587.020 323.335 25.019.436 96.047,000 21.610.000 40.4'17.000 453.600 95.995.860 22.786.738 40,935 853 441.089 95,002,693 363,776 i. 2,242,659 39,710,363 * No returns lrom National Bank o f Redem ption, ,---------C ircu lation --------- » State. National. $21,497,354 $1,404,721 21,806,180 1,32^,793 1.273,948 21,946.595 1,215.675 22,034,642 1,157,841 21.899,318 1.125.72* 22.325.4°8 1.057,32* 22.348.638 22.602.531 1.033.391 1.0J8.022 22.887,971 22,606,835 1,006.719 22.730.329 721.809 24.018,916 910.740 9H1.620 23.019.887 23,087.693 869,324 23.266 612 &30.069 23,635,043 777,198 22,469.488 744,041 22.856,656 744,425 23 516,330 719.688 23.551,579 695,527 661,819 23.195,968 23.722.277 644,658 23.679.0 5 609,371 22.916,559 480.594 544.941 21.8-15.977 23.633.008 507.371 24.D5.000 413.000 401,544 24.057.765 23,804,526 355,864 t No returns from the Traders4 Bank. ARMY, NAVY, AND POPULATION OF AUSTRIA, PRUSSIA, AND THE GERMAN CONFEDERATION. The World publishes a resume of the military power and population of Austria Prussia, and the German Confederation, from which we have prepared the following: TIIE A U STR IAN EM PIRE. A R M Y OP A U S T R IA . The Austrian army is eom nosed as follow s, the conscription in tim e o f war, however, bring ing the strength o f the army to a much higher ligure : 160 A r m y and N a v y , etc., o f A u stria , P r u s s ia , etc. [A u g u s t , Men, Men. | Infantry.................................................. 442,003 |Engineers. Cavalry................................................... 57,759 Pioneers .. A rtille ry ................................................ 54,881 Totals .................................................................................... 8.968 6,416 570,027 THE AUSTRIAN NAVY. F ir-t cla ss................ Second class........... Third class............... F rig a te s .................. C orvettes................. G u n b oa ts................. Y a ch ts ...................... Total . Horse V esHorse V essels. Guns, power. sels. Guns. power. 1.590 16 37 2.400 Sailing and despatch boats 9 — — — 91 2,150 ........... 3 56 ........... 2 1,000 Total steam vessels and 639 11,730 191 1,800 iron-clads........................... 39 64 1,710 Sailing ships o f war o f dif........... 7 145 34 ........ 8 960 Rrent classes.................... 20 5 420 — —— ........... 2 59 784 POPULATION, E lC ., OP AUSTRIA. Population o f Austrian E m pire........................................................................................... Area o f territoryin Austrian square m iles......................................................................... Average population to each square m i l e ........................................................................... Revenue of Austrian empire, 1865 ..................................................................................... Expenditure o f Austrian Empire, 1865 .............................................................................. 35,019,05® 11.252 3,114 £51,490,545 52,288,820 THE AUSTRIAN MERCHANT MARINE. Number o f vessels. .................. 9,643 I T onnage........... 331,288 TH E KINGDOM OF PRUSSIA. THE PRUSSIAN ARM Y. N o. o! Men. Infantry, field troops. .......................... 253.506 Garrison Cavalry, field troop s................................ 36,013Gar ison Artillery, field troops ............................. 80,554 Garrison N o. o f Men. troops, cavalry.................... 600 troops, artillery................... 16,200 iroops, pioneers.................. 1,950 Total strength o f army...................... Total field troop s............................... 370,073 Garrison troops, in f n try.................... 116,232 Reserves (Landwehr)........................... Total, including reserves.......................................................................................................... 609,699 104,414 714,113 THE PRUSSIAN N A VY. No. Horse No. Horse Vessels. Guns. Power Vessels. Guns. Power 2,400 4 140 Steam corvettes.................... 4 132 1,60(1 Steam frigates, iron-clad.. . 4,000 4 64 4 200 Light corvettes...................... 800 Iron-c a d s.............................. . — — Flush deck corvettes............. 2 28 200 10,800 39 660 Gunboats, 1st class.............. 6 36 T o ta l.................................. 600 Gunboats, 2d class................ 15 60 1,2U) POPULATION, ETC., OF PRUSSIA. Population o f Prussia............. Geographical area in sq. miles .. .18,482.743 Revenue, 1865 .................... 5,080 Expenditure, 1865............... PRUSSIAN MERCHANT MARINE. No. o f vessels. ............. 1,441 |T onnage............. THE KINGDOM Army, infantry and cavalry................ 25,000 Artillery, gu ns........................................ 50 Reserves................................................... 10,000 Population............................................... 2,225,240 Bavarian arm y.............................. Population o f Bavaria................. Army o f Hanover. R eserves................. Population............. 187,0C0 OF SAX O N Y. Area in square m iles............................. 6,777 Revenue. 1865 (thalers)...................... 12,356,352 Expen iture, 1865..................................12,360,842 KINGDOM OF B A V A R IA . 105.757 I Revenue (six years), florins.............. 46,720,597 4,689,S37 |Expenditur (6je a n -),flo rin s...............46,720,597 THE KINGDOM 23,614 3,144 1,888,070 OF H AN O VER. Area in English square m iles............... 14.846 Revenue, thalers..................................... 19.627,506 Expenditure, thalers........................... 19,858,359 TH E GERMANIC CONFEDERATION. W e give the resources o f the smaller States which v te in the German Diet held at Frankfort, and are members o f the Germanic Confederation. W e give their populations, and the nun her o f men that they are required to furnish as their continge*t6 to the aimy o f the Geiman Con federation. Contingent Area in to Federal English army. sq. miles Population. 12.802.994 158,(37 75,822 Austrian States o f the Confederation 133,769 71,698 Prussian States o f the Confederation 14,138,804 161 T h e B o o k T ra d e. 18 56] B avaria...................................... S axony...................................... H a n over.................................. W urtem burg........................... Baden ...................................... Hesse-Oassel............................. Hesse-Darmstadt.................... Holstein and Lunenburg....... Luxemburg and L im bu rg___ B4unswiek................................. Mecklenburg-Schwerin......... . Nassau........................................ Saxe-Weimar........................... Saxe-Meiningen...................... . Saxe-Altenburg...................... . Saxe-Cobug-Gotha.................. Mechlenburg-Strelitz ........... Oldenburg................................. A nhalt.................... .......... Schwarzburg-Sondereliausen Schwarsburg-Rudolstadt....... Lichtenstein............................. Waldeck ................................. Reuss-Greiz............................... R euss-Schleiz........................... Schaum Dourg-Lippe................ L ip p e-D etm old .................... . Hesse-IIoinburg....................... Lubeck........................................ Frankfort................................... Bremen .................................... H a m b u rg................................. . 4,689.837 2,225.240 1.888,070 1,720.708 1,309.291 738,854 846,907 594,566 421,088 2-2,400 548,449 457.571 270,252 172.341 137,883 159,431 99,060 295,242 181.824 64,895 71,913 7,150 58,604 42,130 83,360 80,744 108.513 26,819 49,482 87,518 98 575 221,941 59.334 20,000 21,757 23,259 16,667 9,466 10.323 6,000 2,7^6 3,493 5,967 6.109 3,350 1,918 1,638 1,860 1,197 3,740 2,038 751 899 91 866 1,241 350 .350 1,202 333 670 1,119 748 2,163 29,638 5,766 14,776 7,675 5,851 3,858 3,243 3,710 1,886 1,526 4,834 1.862 1,421 933 509 816 997 2,417 869 318 340 64 466 148 297 212 445 106 127 43 106 148 RECAPITULATION. Total population o f the States o f the Germanic Confederation...................................... Army o f the Germanic C onfederation Infantry......................................................................................................................................... Cavalry.......................................................................................... Artillery........................................................................................................................................ 45,013,034 T otal........... ....................................................................................................................... Geographical area in English square m iles.......................................................................... 503,072 242,867 TH E BOOK 391,634 60,758 50,680 TRADE. The Principles o f Biology. B y H erbert S pencer , author o f the “ Moral Prin ciples of P sychology,” “ Illustrations of Progress," “ Essays, Political and Esthetic,” “ First Principles,” ‘ -S ocia l Statics,” “ Education,” etc. V o l. I. New Y o r k ; D . A ppleton & Oo., 1866. The aim o f this author is declared to be to set forth the general truths o f biol ogy, or science o f life, as illustrative o f and as interpreted by the laws o f evolu tion ; the special truths being introduced only so far as is needful for elucidation of the general truths. H is work is hardly intended for popular reading; the diction is so highly charged with technical terms, as to make it necessary for his apocalypse itself to have an interpreter to make it intelligible to the ordinary reader. An introductory work, the “ F irst Principles ” was prepared by Mr. Spencer some time ago, and published in England, which was received by a large body ol readers with great satisfaction. Similar favor has attended upon the reprint given to the American public by Messrs. Appletons. be welcomed by the same class. The present volume will Part I. treats o f the Data o f Biology • Part II. of the Inductions o f B iology ; and Part II I . of the Evolution o f Life. Beginning with a cursory allusiou to the 162 The Book Trade. [August, p h e n o m e n a o f o r g a n ic m a tte r , th e a c t io n o f fo r c e s u p o n it a n d it s r e a c t io n s u p o n fo r c e s , h e p r o c e e d s t o c o n s i d e r t h e s u b j e c t o f L i f e it s e lf, w h ic h h e d e fin e s a s t h e “ c o -o r d in a t io n o f a c t io n s .” A f t e r e x a m in in g th e a fte r w a r d d e c la r e s c o r r e s p o n d e n c e b e tw e e n life a n d i t s c i r c u m s t a n c e s , h e t h a t li f e is t h e c o n t i n u o u s a d ju s t m e n t o f i n t e r n a l r e l a t i o n s t o e x t e r n a l r e l a t i o n s ; a n d t h a t i t v a r i e s a s d o e s th e c o r r e s p o n d e n c e . H a v i n g m a p p e d o u t t h is s u b j e c t , th e a u t h o r t io n s , th e c o n c lu s io n s t o o r g a n ic w h ic h i t le a d s . p roceed s to T h is iu v o lv e s g r o w t h , d e v e lo p m e n t, fu n c t io n , w a s te a n d a l i t y , g e n e s i s , h e r e d i t a r y , v a r i a t i o n , c l a s s i f ic a t i o n c o n s id e r its t h e w h o le in d ic a m a tter o f r e p a ir , a d a p t a tio n , in d iv id u an d d is tr ib u tio n — t o ea ch o f w h i c h p h e n o m e n a a n e n t i r e c h a p t e r is d e v o t e d ; t h e d i s c u s s i o n b r i n g i n g u s fin a lly t o th e p u r p o s e o f th e w o r k . “ W hat H e th u s se ts fo rth th e e n q u ir y . i n t e r p r e t a t i o n w e p u t o n th e f a c t s o f s t r u c t u r e a n d f u n c t io n in e a c h l i v i n g b o d y , d e p e n d s e n t i r e l y o n o u r c o n c e p t i o n o f th e m o d e in w h ic h l i v i n g b o d ie s in g e n e r a l h a v e o r i g i n a t e d . p r o v is io n a l T o p r o v e so m e co n c lu s io n if n o t a p erm a n en t r e s p e c t i n g t h is m o d e — a c o n c l u s i o n — m u s t , t h e r e f o r e , b e o u r fir s t s t e p . W e h a v e t o c h o o s e b e t w e e n t w o h y p o t h e s e s — t h e h y p o t h e s i s o f s p e c i a l c r e a t io n a n d th e h y p o th e s is o f e v o lu t io n .” H e p ro c e e d s a c c o r d in g ly t o a d e m o n s t r a t io n th a t th e t h e o r y o f s p e c ia l c r e a tio n is w o r t h le s s , m ora l w a n t. aud w i t h o u t e v i d e n c e , n e it h e r s a t i s f y i n g a n i n t e l le c t u a l u e e d o r a “ T h e b e l i e f t h a t a l l o r g a n i c f o r m s h a v e a r is e n in c o n f o r m i t y w it h u n if o r m l a w , is a b e l i e f t h a t h a s c o m e i n t o e x i s t e n c e in t h e m o s t i n s t r u c t e d c la s s , liv in g in t h e s e b e t t e r - i n s t r u c t e d t im e s .” S p e n c e r p r o c e e d s in s u c c e e d i n g fr o m c l a s s i f i c a t i o n ,” ‘ 'a r g u m e n t s o l o g y .” a n d “ a r g u m e n ts fr o m q u e s tio n , “ H o w H a v in g ch ap ters fr o m to a n sw ered arra y in e m b r y o lo g y ,” d is t r ib u t io n .” He is o r g a n i c e v o l u t i o n c a u s e d ? ” its t h is p o s it io n , “ a r g u m e n ts fr o m next M r. s u p p o r t “ a rg u m e n ts p roceed s m orp h t o a n s w e r th e l i e d is c a r d s a s u n p h ilo s o p h ic a l t h e a s c r i p t i o n o f it t o s o m e a p t i t u d e n a t u r a l l y p o s s e s s e d b y o r g a n i s m s , a n d se ts a s i d e t h e t h e o r i e s o f D a r w in a n d L a m a r c k , a s o n l y r e m o v i n g t h e d i f f ic u l y a s te p fu r th e r b a c k . A f t e r a r e c o n d i t e a r g u m e n t o f h i s o w n , h e f in a lly a r r i v e s a t t h e fo l lo w in g c o n c lu s io n : “ W e fin d p r o g r e s s i o n t o r e s u lt , n o t fr o m a s p e c i a l , in h e r e n t t e n d e n c y o f l i v i n g b o d i e s , b u t f r o m a g e n e r a l a v e r a g e effect, o f t h e i r r e l a t i o n s t o s u r r o u n d i n g a g e n c ie s . W h ile w e a re n o t c a lle d on t o s u p p o s e t h a t t h e r e e x i s t s in o r g a n i s m a n y p r i m o r d i a l im p u ls e w h ic h m a k e s t h e m c o n t i n u a l l y u n f o ld i n t o m o r e h e t e r o g e n e o u s f o r m s ; w e s e e t h a t a l i a b i l i t y t o b e u n f o ld e d a r is e s fr o m t io n s b e t w e e n o r g a n i s m s a n d t h e i r f l u c t u a t i n g e n v i r o n m e n t s . th e a c t io n s an d rea c A n d w e s e e t h a t th e e x is t e n c e o f s u ch a c a u s e o f d e v e lo p m e n t p r e s u p p o s e s th e n o n -o c c u r r e n c e o f d e v e l o p m e n t w h e r e t h is f l u c t u a t i o n o f a c t i o n s a n d r e a c t i o n s d o e s n o t c o m e i n t o p l a y .” T h is h e e x p la in s b y th e c o n s t a n t e ffo r t o f a ll o r g a n is m s u n d e r a lt e r e d c o n d i t i o n s o f e x i s t e n c e . w h ic h w e s e e p r o d u c e d , a n d t o a t t a i n e q u i l ib r i u m “ T h e s p e c i a l i t i e s o f n a t u r e , c h ie f l y m e n t a l, w h ic h a r e s o r a p id ly p r o d u c e d t h a t a fe w c e n t u r ie s s h o w a c o n s i d e r a b l e c h a n g e , m u s t b e a s c r i b e d a l m o s t w h o l l y t o d i r e c t e q u i l i b r i u m .” T h e s e h y p o t h e s e s d o n o t a g r e e w i t h t h e t h e o r y o f c o s m o g o n y a n d c r e a t i o n u su a l l y r e c e iv e d ; y e t h a s b e e n e n t e r t a in e d w i t h m u c h f a v o r a m o n g t h e le a r n e d , w h o w ill lo o k fo r M r . S p e n c e r ’s s e c o n d v o lu m e w ith m u ch in te re s t. A lt h o u g h his a r g u m e n t s m a y n o t b e c o n s i d e r e d a s a l w a y s c o n c l u s i v e , t h e s u b j e c t is t o o i m p o r t a n t n o t t o b e t r e a t e d w it h c a n d o r a n d a t t e n t i o n . i f i t is s u s t a in e d , m u s t a c c o m p l i s h a T h e r e s u lt s o f t h e h y p o t h e s e s , r e v o l u t i o n in t h e w o r l d o f o p i n i o n . 16S The Book Trade. 1868] Asiatic Cholera; I t s O r ig in a n d S p r e a d in A s i a , A f r i c a a n d E u r o p e ; I n t r o d u c t io n i n t o C a n a d a , R e m o t e a n d P r o x i m a t e C a u s e s , S y m p t o m s a n d P a t h o l o g y , and th e V a r io u s M o d e s o f T r e a t m e n t A n a ly z e d . B y R . N elson, M . D . , H e a l t h C o m m i s s i o n e r d u r i n g t h e fir s t t w o i n v a s i o n s — 1 8 3 2 , 1 8 3 4 ; P r e s i d e n t o f th e M e d ic a l T ownsend , B oard fo r th e D is t r ic t o f P u b lis h e r. T h is litt le w o r k 1866. M o n tr e a l. N ew Y ork: VV m . A . P p . 201. is n o t s o m u c h a h i s t o r y o f c h o le r a a n d a n a l y s is o f t h e s u b je c t , as an o u t lin e s k e tc h a n d d u r in g t h e p e r i o d w h e n a s ta te m e n t o f o b s e r v a tio n s m a d e b y th e a u th o r h e w a s th e E x e c u t i v e O ffic e r o f th e M e d ic a l B o a r d fo r M o n t r e a l , a t t h e t im e o f t h e fir s t v i s i t a t i o n o f A s i a t i c c h o l e r a . O f th e co n ta g io u s ness o f th e e p i d e m i c , h e h a s n o t a d o u b t ; w h e r e v e r i t a p p e a r s , s o m e i n f e c t e d p e r son o r s u b s t a n c e h a s b e e n ; h e n c e th e c o m m o n o b s e r v a tio n th a t it tra v e ls o n th e th o r o u g h fa r e s o f c o m m e r c e . B u t h e d e c la r e s , c o n t r a r y t o th e e x p e r ie n c e o f m o s t, t h a t it p a y s l i t t l e r e s p e c t t o l o c a l i t i e s , v i s i t i n g th e c le a n a n d a p p a r e n t l y w h o le s o m e a b o d e a s r e a d i l y a s th e f i l t h y , a n d e v e n s p a r i n g t h e d r u n k a r d t o a t t a c k h is te m p e r a te n e ig h b o r . D r . N e ls o n d e n ie s t h a t A s i a t i c c h o l e r a is a tu rb a n ce a n d le s io n s ; fo r h is a p erson a tta ck e d fo r m e r s t a t e o f h e a lt h w i t h r e a d i n e s s . e r a ic p o i s o n is i n t r o d u c e d disease p r o d u c i n g m o le c u l a r d i s b y it, and n ot overcom e, recovers A c c o r d in g t o h is h y p o t h e s i s , a c h o l in t o th e s y s te m , p r o d u c in g n o d is e a s e , b u t in s t e a d a c a t a l y s i s o r l i q u e f a c t i o n o f c e r t a i n e le m e n t s o f t h e b o d y . T h e liq u id s o fo rm e d h a s a s t r o n g a n d r a p i d t e n d e n c y t o r e a c h t h e s u r f a c e o f t h e s k in a n d t h e in t e s t in e s , o o z i n g t h r o u g h t h e i n t e r v e n i n g t is s u e s w i t h o u t a t a ll e m p l o y i n g t h e f u n c t i o n s o f a b s o r p tio n , c ir c u la t io n a n d s e c r e t i o n — a ll S a lin e s u b s t a n c e s h a v e b e e n in j e c t e d of w h ic h are a b s o lu te ly su sp en d ed . in t h e v e i n s , a n d e s c a p e d in t h e s a m e w a y T h is c h o le r a ic m a t t e r c o n s t itu te s th e c o ld s w e a t a n d th e r ic e -w a t e r e v a c u a tio n s s o w e ll k n o w n . T h e b o d y t h r o u g h o u t is c o l d , m u c h c o ld e r th a n th e a tm o s p h e r e , o w in g t o th e fa c t t h a t th e a ir b r e a th e d e r a ic p o i s o n t r a n s m u t e s c e r t a i n h a s n o a c t io n o n th e b lo o d . c o n s titu e n ts o f th e b o d y in to a T h e c h o l s p e c ia l liq u id , h e r e t o f o r e u n k n o w n , a n d a l s o c h a n g e s d e p o s i t s , t h e r e s u lt o f d is e a s e , in lik e m a n ner. T h e seru m o f th e b lo o d , th e ju ic e s co n ta in e d in t h e m u s c le s , t h e fib r in o f th e b l o o d , a r e a ll d r a i n e d a w a y ; t h e fat. is r e m o v e d , y e t n o n e o f th e s e c a n b e d etected in t h e c h o l e r a i c d i s c h a r g e s . The flu id o f d r o p s ie s , a b c e s s a n d f l u c t u a t i n '; b u b o u n d e r g o e s t h e s a m e c h a n g e . D r . N e l s o n , b e i n g s o m e w h a t “ o l d - f a s h i o n e d ,” h a s l i t t l e m odern not to re m e d ie s be H is dependence g i v e n , h o w e v e r , t il l t h e is o n p u re v o m it in g c o n f id e n c e in t h e m o r e d r y o p iu m , a g r a in s h a ll have at a t im e , e n t ir e ly ce a s e d , le s t s h o u ld l o c k c h o l e r a i c m a t t e r in t h e s t o m a c h a n d p r o d u c e s p e e d y d e a t h . q u ie t u d e is a l s o n e c e s s a r y . m an , e x p e r i e n c i n g barrel o f H e s a y s little o f c o ld a p p lic a t io n s , e x c e p t th a t a p o o r th e s e n s a tio n w a ter, and m a n ’s p r e s c r i p t i o n o f th en of h e a t, im m e rs e d h im s e lf tw e lv e h o u rs g o t o u t n e a r ly r e c o v e r e d . ic e t o th e s p in e . In th e even t T h is o f not fa v o rs t h in g t h a t c a n fa tig u e , w a s te , o r q u a n titie s c o r d ia ls m a y b e used ; a ls o s u p p ly m o is t u r e to th e e x h a u s t th e th a t te p id p a tie n t. th e s to m a c h b a th s, o r s y s te m , a n d have an can G iv e in a C hap under th e A v o id e v e ry n u t r im e n t a s t h e m a ster. s p o n g in g D r. fa ilin g a tt a c k , th e tr e a tm e n t d u r in g c o n v a le s c e n c e s h o u ld b e e x p e c t a n t . a p p e t i t e p r e f e r s , in it A b s o lu te L ig h t fr e q u e n tly . a n o d y n e e ffe ct w in e s T h is or w ill T h e s e h in ts a re v a lu a b le , a n d d e s e r v e c o n s id e r a t io n . The Wyclijfites, kav o r E n g la n d in t h e F i f t e e n t h C e n t u r y . , a u tn ores8 o f “ T h e F a m ily R obert C arter & B rothers , at H e a t h e r d a l e ,” By e t c ., M rs. C o l o n e l M a c etc. N ew J o h n W y c l i f f e , a s o u r r e a d e r s k n o w , liv e d in t h e fo u r t e e n t h c e n t u r y . Y ork : 1866. A m ong The Book Trade. 164 [August< h i s fr ie n d s w a s J o h n o f G a u n t , D u k e o f L a n c a s t e r , t h e s o n o f t h e T h i r d E d w a r d , and fa th e r o f H e n r y I V . p le d n o t t o p e r s e c u te B u t th e th re e k in g s o f th e H o u s e o f L a n c a s te r scru * t h e d i s c ip l e s o f lo v e d an d p r o t e c t e d . o f M a r c h , w a s e n a b le d t o e x p e l o c c u p ie d it th e m an w h o m th e ir g r e a t fo r th ree fro m g e n e r a tio n s . T h e r e l i g i o u s e le m e n t is p l a c e d th e E n g lis h th ro n e th e fa m ily th a t h a d c o n s p icu o u s ly in t h e f o r e g r o u n d , s o a l m o s t as L a d y d e C li t l o r d , k i n s w o m a n o f t h e c e l e b r a t e d k i n g m a k e r W a r w i c k , is a p a r t is a n Y ork. had T h e p r e s e n t s t o r y is t o l d o f t h is p e r i o d . t o b r e a k t h e c u r r e n t o f t h e n a r r a t i v e , a n d t o m a k e i t t e d io u s . L a n ca ste r, p r o g e n ito r H is t o r y , h o w e v e r , h a s its r e t r ib u t io n s ; a n d E d w a r d , E a r l w a t c h in g h e r o p p o r t u n i t y t o t r a n s fe r H e r e ld e r s o n H o w a r d is a d i s c i p l e o f W y c l i f f e , a n d w i t h h e r i n t h is d e s e r t i o n o f t h e c a u s e o f K i n g H e n r y . I V . b e in g in v it e d t o o f th e H o u s e o f h e r a d h e s io n t h e C a s t le o f th e C li f f o r d s , to has th e no p a rty of sy m p a th y T h e o c c a s io n o f E d w a rd le a d s h im t o r e s o l v e u p o n e x i l e . H e le a v e s E n g l a n d , l e a v i n g b e h i n d h is b r o t h e r a n d f a m i l y , a n d a n a ffia n c e d b r i d e , J u l i e P i e r r e p o n t o f P i e r r e p o n t M a n o r , a l s o a W y c l i f f i t e , o n h is j o u r n e y h • r e s c u e s Q u een M a rgaret and h is son fr o m a rob b er. B o th A ym er d e C l i f f o r d , h is b r o th e r and H e n r y P ie r r e p o n t , th e b r o th e r o f J u lia , e m b r a c e th e ca u s e o f E d w a r d . J u lia v is its L o n d o n , a n d , a tt e n d in g a c o n v e n t ic le o t t h e L o l l a r d s , is a r r e s t e d a n d k e p t a s a p r is o n e r b y th e A r c h b i s h o p o f C a n t e r b u r y . S h e is r e s c u e d b y h e r b r o t h e r ’s c o n fe s s o r , n o w On becom e e ffo r t o f Q u e e n M a r g a r e t, a id e d C liffo r d b e a r s a p r o m in e n t a V V ic liffit e . b y W a r w ic k to p a rt. He v is its r e c o v e r th e th r o n e , H o w a r d de and m a r ru s J u lia P ie r r e p o n t, and f o r a s e a s o n is h ig h in t h e c o n f id e n c e o f th e Q u e e n a n d P r i n c e o f th e b a t t le o f T e w k s b u r y c o m p le te d o v e rth ro w De C li f f o r d is w o u n d e d aud a n d h is l a d y b e i n g i n f o r m e d L e a r n in g th a t K in g s o l i c i t s h is l if e . to th e th e c a r r ie d o ff th e h ow ever, t h e o c c a s i o n o f th e fie ld by t h a t h e is s t i l l a l iv e , j o i n s E d w a r d is a t G l o u c e s t e r , W a le s . o f th e h ou se o f tw o d ev oted h im in fo llo w e r s ; h is h i d i n g - p l a c e . sh e m a k e s h e r w a y th ith e r aud I t is r e l u c t a n t l y g r a n t e d ; h e a f t e r w a r d t r a n s fe r s h is a l le g i a n c e H ou se o f Y o r k , and r a t iv e d r a g s ; a n d a s a n th e s to r y e n d s . i l lu s t r a t io n o f th e T h e p l o t is e x c e l l e n t , b u t th e n a r p ie ty , d o ctrin e s a n d p ra c tic e o f L o l l a r d s , t h e p r o g e n i t o r s o f t h e P u r it a n s o f E n g l a n d , i t c o m e s fa r s h o r t . n ot m ake a good But H enry V I . re lig io u s b ook nor q u it e c o m e up th e I t does t o t h e c h a r a c t e r o f a w e ll w r it t e n r o m a n c e . The Boys al Doctor M urray x. Boston : G raves & Y o u .n o . F o r a c h il d r e n ’ s s t o r y b o o k A S to ry of School Life. t h is is g o o d . A B y G race G a y l e r u . fr ie n d le s s la d W i l l e t t H o w t h , is f o u n d g u i l t y o f s t e a l i n g , u p o n w h ic h G r a n t W e s t e r l y , a f e l l o w p u p i l , r e s o lv e s u p o n b e fr ie n d in g l im . H e o b ta in s c e i v e h im w i t h o u t a o n w h ic h o c c a s io n ta u n t. young h i s f r i e n d , b u t f a ll s s i c k . h is p a r d o n , and p ersu a d es A l l is w e ll t il l a t e m p o r a r y H o w t h , b e in g W e s te r ly in t h e s c h o o l a r e f i n a l ly r e s u m e d . m a k e s a c h a n g e in h is p r o s p e c t s . s lig h t e d , n u rses A h im fo r g o tte n t h e o t h e r p u p i l s t o re absence ru n s a w a y . t e n d e r ly , a n d u n c le W e s t e r l y ’s g u a r d ia n o f W e s te r ly , H e is fo u n d b y t h e o l d r e la tio n s o f W i l l i a m a p p e a r s , and lo s e s h is p r o p e r t y , u p o n w h i c h t h e H o w t h s m a k e p r o v i s i o n f o r h im t o fin is h h is e d u c a t i o n a t t h e i r e x p e n s e . T h e s t o r y is w e ll t o l d , m a i n t a i n i n g it s in t e r e s t a n d p r e s e r v i n g t in c t v ie w till th e c o n c lu s io n . its m ora l i n d is 1866.] 7 The B ook Trade. 165 he American Annual Cyclopaedia, and Register o f Important Events o f the year i 8 6 0 . E m b r a c in g P o litic a l. C iv il, M ilita r y , an d S o c ia l A f f a i r s ; P u b lic D o c u m en ts ; B io g r a p h y , S ta t is t ic s , C o m m e r c e , c u lt u r e , a n d M e c h a n ic a l I n d u s tr y . F in a n c e , L ite r a tu r e , S c ie n c e , A g r i - V o lu m e Y . Y o r k : D . A pplrtun N ew & C o m pa n y . A p o r tr a it a n n u a l. o f P r e s id e n t L in c o ln e m b e llis h e s t h e f r o n t i s p i e c e I t w a s e n g r a v e d fr o m a p h o t o g r a p h o b ta in e d fio m o f th is v a lu a b le Mr L i n c o l n in 1 8 6 1 b y H o n . R . C . M c C o r m ic k , n ow G o v e r n o r ot A r iz o n a ; an d w a s ta k e n ju s t b e fo r e th e la te P r e s i d e n t le ft h is h o m e a t p r e fe r r e d S p r i n g f i e l d f o r t h e la s t t im e . M r. L in c o ln t h is p h o t o g r a p h a b o v e a ll t n e o t h e r s w h ic h h a d b e e n t a k e n o f h im . T h e p r e s e n t v o l u m e e m b r a c e s t h e fin a l m i l i t a r y o p e r a t i o n s o f t h e la te c i v i l w a r , t h e d i s b a n d m e n t o f t h e a r m ie s , a n d w ith o u t d is t u r b a n c e , a n d s t a b i li t y o f t h e th e m o ra l s tr e n g th o f th e p e o p le , a n d th e G o v e r n m e n t o f th e U n ite d S ta te s. a d m in is t r a t io n M r. J o h n so n th e r e d u c tio n o f fle e ts , e v e n ts a c c o m p lis h e d illu s t r a t in g o c c a s io n e d b y th e m u rd er o f M r a r e c a r e f u l l y d e l in e a t e d , tog eth er T h e ch a n g e o f th e n a t io n a l L in c o ln , a n d th e a c c e s s io n w it h th e of m e a s u r e s e m p lo y e d f o r r e -e s ta b lis h in g th e S t a t e g o v e r n m e n t s a n d t o r e s to r e th e F e d e r a l a u t h o r it y . N o y e a r in t h e p o l i t i c a l h i s t o r y o f a n y n a t io n w a s o f s o im p o r ta n t a c h a r a c te r . th e a lm o s t u n a n im o u s T h e in s titu tio n con cu rren ce o f th e e v e r m e r e f u ll o f i n c i d e n t s o f s la v e r y h a s b e e n b lo tt e d o u t b y S t a t e s ; in d u s tr y in th e S ou th ern S t a t e s h a s b e e n , t o a g r e a t d e g r e e , r e h a b i l it a t e d o n t h e n e w b a s is ; a n d a h w i t h o u t r e s o r t t o s u c h c o e r c i v e m e a s u r e s a s w o u ld h a v e e r n m e n t. b e e u r e q u i r e d in a d e s p o t ic g o v A l l t h e s e m a t t e r s a r e t r e a t e d f u lly , a n d e v e n e x h a u s t i v e l y . T h e s c ie n t ific p a p e r s a re e la b o r a t e ly p r e p a r e d . a p p li c a t i o n s o f s c ie n c e p le tn e s s a n d a ccu ra cy. to T h e u e w d is c o v e r ie s , a n d th e u s e fu l p u r p o s e s , a r e p u t f o r t h w it h r e m a r k a b le c o m - The d i s c o v e r i e s in ch e m is tr y and a stron om y a re a ll r e c o r d e d , a s w e ll a s t h o s e a s c e r t a i n e d b y g e o g r a p h i c a l e x p l o r a t i o n in a ll p a r t s o f th e g l o b e . A m ong th e t r e a t is e s A s i a t i c c h o le r a , o f g rea test p resen t th e c a t t le p la g u e , a n d in te r e s t p r o b a b ly a re th o s e o n th e t h e d is e a s e o f s w i n e ; t h e y a r e fu l l y des c r ib e d , w i t h t h e d iffe r e n t m o d e s o f t r e a t m e n t a n d t h e r e s u l t o f t h e la t e s t i n v e s t i g a tio n s . W e n o t i c e t h a t t h e w r it e r o n c h o le r a d e s c r i b e s t h e t r e a t m e n t g i v e n b y th e m is s io n a r ie s a t C o n s t a n t i n o p l e w i t h f a v o r ; a llu d e s b r i e f l y t o D o c t o r C h a p m a n ’ s r e m e d y o f i c e a p p li e d t o t h e s p i n e t o c o n t r o l th e s p a s m , a n d d e c l a r e s t h a t d u r i n g th e p r e v a l e n c e o f th e c h o le r a t h is t im e in E u r o p e th e h o m c e o p a t b i e m e t h o d p r o v e d s u c h ja f a il u r e a s t o b e s tr o n g ly rep rob a ted by th ose who “ has w e r e fo r m e r ly fa v o r a b ly d is p o s e d t o i t . ” A n i n v a l u a b l e fe a t u r e o f t h is r a t iv e . The c h r o n o lo g y v o l u m e is t h e c o m p l e t e n e s s o f t h e h i s t o r i c a l n a r o f th e w a r is fu ll and a c c u r a te ; th e h is to r y o f th e e v e n ts t a k i n g p l a c e in t h e c o u n t r i e s o f E u r o p e , in A s i a a n d A f r i c a , a s w e ll a s o n th is c o n t i n e n t , a ffa ir s o f is b r o u g h t d o w n th e t o p r e s e n t y e a r ; t h e d e t a ils o f t h e in t e r n a l t h e U n i t e d S t a t e s a r e p r e s e n t e d , e m b r a c i n g c o m m e r c e , fin a n c e , l e g i s la t io n . p o l i t i c a l m o v e m e n t s , a s d e v e l o p e d in &c ; t h e r e l a t i o n s o f t h is c o u n t r y t o t h e f o r e i g n o u r d ip lo m a t ic in te rco u rse a r e fu l l y p r e s e n t e d , d o cu m e n ts, su ch as m essages, ord e rs, d e sp a tch e s , a n d h a v in g b e e n in s e r t e d e n t i r e . T h e t it le s o f a ll im p o r ta n t The books w o r ld of n a t io n s a ll i m p o r t a n t l e t t e r s fr o m o ffic ia l p e r s o n s li t e r a t u r e is r e m a r k a b l y t h o r o u g h . a r e g i v e n , w it h a n o u t l i n e o f th e ir s u b je c t s . B r i e f s k e t c h e s a r e g i v e n o f th e d is t i n g u i s h e d m e n w h o d ie d d u r i n g l a s t y e a r . b i o g r a p h y o f M r . L i n c o l n is a d m i r a b l y t o h is c h a r a c t e r . w r it t e n , a n d a n The a p p r o p r ia t e t r ib u t e p a id 186 The Booh Trade. [August, T h e r e a r e t w o i n d e x e s , o n e o f s u b je c t s o f w h i c h t h e r e a r e 2 4 5 , a n d o n e o f c o n te n ts o f th e v o lu m e , v e r y c o m p le te th e a n d e l a b o r a t e , s h o w i n g t h a t t h e e d i t o r is fu lly a w a r e o f th e v a lu e o f t h a t fe a tu r e o f a w o r k . T h e p r e s e n t v o l u m e is i n C y c lo p e d ia has b ecom e n o m a n n er in fe r io r t o its p r e d e c e s s o r s . A p p l e t o n ’s n e c e s s a r y in e v e r y p r i v a t e l i b r a r y , a f f o r d i n g , a s i t d o e s , a c o m p le t e h is t o r y o f th e w o r ld , a rep ertory o f s c ie n c e , a n d r e c o r d o f th e p r o g r e s s m a d e in t h e w o r ld o f l e t t e r s . E ssay on Diamonds. By an A m a te u r. N e w -Y o rk : 1 8 6 6 . T h i s v o l u m e is p e r h a p s b e t t e r a d a p t e d f o r a n E n c y c l o p e d i a t h a n f o r c i r c u l a t i o n as a sep a ra te tre a tis e . I t is w r it t e n in c l e a r s t y le , a n d b r i n g s t o g e t h e r a la r g e D u m b e r o f in t e r e s t i n g ( a c t s in r e l a t i o n t o i t , w h i c h e v e r y i n t e l li g e n t p e r s o n o u g h t to know . O f a ll t h e p r e c i o u s g e m s t h e d i a m o n d h a s r e t a in e d t h e m o s t u n ifo r m v a lu a tio n . T h e i r p o s s e s s io n , a s w e a l t h y o f a l l c o u n t r i e s , in fr o m H in d o s ta n , w h e re r iv e r s . Jam eson a ll k n o w , every th ey have h is to r ic a l seem to be been co v e te d p e r io d . b y th e g r e a t and T h e r i c h e s t s p e c i m e n s a re g e n e r a l ly o b t a i n e d a l o n g t h e s h o r e s o f s a y s t h a t t h e y a r e in t h e c o a l f o r m a t i o n o f t h a t c o u n t r y . d i a m o n d s a r e fo u n d in a ll p a rts o f t h e w o r l d , in R u s s i a a s w e ll But as B r a z il, and u n d e r c ir c u m s ta n c e s in d ic a tin g th a t th e y a re o f c o m p a r a tiv e ly re c e n t o r ig in . is n o w 4 1 0 years s in c e L u d w in th e m w ith th e ir o w n p o w d e r . von B ergen in v e n te d It t h e m e t h o d o f p o l is h i n g I t w a s th e fo r m e r p r a c t ic e t o c u t th em a c c o r d in g t o t h e i r f o r m in o c t o h a e d r o n a l p la n e s ; h u t c u t t e r s n o w u s e t h e lo r m s k n o w n b y t h e te rm s b r illia n t s , ro s e d ia m o n d , t a b le d ia m o n d a n d b r illio e t t e . a r in , o f t h e r e ig n o f L o u i s X I V .. C u t t in g g r e a tly w e ig h t o f red u ces th e C a r d in a l M a z- is s a id t o h a v e b e e n t h e f i r s t w e a r e r o f b r il li a n t s . th is g e m , th e K o h iu o o r a n d S o u t h S ta r d i a m o n d s , w h ic h l o s t c o m p a r a t i v e l y li t t l e , h a v i n g b e e n r e s p e c t i v e l y r e d u c e d fr o m 1 8 6 i t o 8 2 } ca ra ts, an d fr o m 2 5 4 | t o 1 2 4 1 . T h i s l i t t l e b o o k fu r n is h e s m u c h i n f o r m a t i o n o n a l l t h o s e p o i n t s , in t h e h i s t o r y o f p a r t i c u l a r d i a m o n d s , g r o u p i n g t o g e t h e r m u c h t h a t i s i n t e r e s t i n g a n d u s e fu l. G ail H amilton B oston , a h a s in t h e p r e s s o f h e r n e w v o lu m e s p e c ia lly a d a p te d t a k in g t it le o f “ S u m m e r R e s t .” M ost p u b lis h e r s , M e s s r s . T ic k n o r & F ie ld s , to of sum m er r e a d in g , a n d th e a r t ic le s in f o r t h e fir s t t im e p r in t e d , a n d w ill b e b r illia n t essa ys. H a l i c a r n a s s u s a p p e a r s a g a i n o n t h e c a r p e t ; a n d h is e x p l o i t s in th e w ay G a il o f g a r d e n in g a n d H a m i l t o n is never oth er d u ll. fo u n d d o m e s t ic P ossessed equal to b e a r i n g th e t h is v o l u m e a r e n o w m atters a n y o f th e a u t h o r ’s m ost are o f a sh a rp and m ade v e r y a m u s in g . rea d y w i t , s p e a k in g b o l d l y , a n d t h a t t o o u p o n t o p i c s w h e r e in w o m e n h a v e b e e n s u p p o s e d t o h a v e b u t little in te r e s t, s h e h a s a lr e a d y g a t h e r e d a b o u t her an a u d i e n c e , w h i c h , b y its h e a r t y a p p r e c ia t io n o f h e r w r it in g s , a tte s ts th e tr u t h o f m a n y o f h e r c o n v ic t io n s . T h e s u c c e s s o f h e r v a r io u s v o lu m e s o f e s sa y s h a s b e e n w it h o u t a p a r a ll e l ; in fa ct s h e i s t h e m o s t s u c c e s s fu l w r i t e r o f t h e d a y . The Civil W a r in A m erica : k in , M arshall & C o . A n A d dress b y G oldwin S mith . L ondon : S imp- P r o f e s s o r G o l d w i n S m i t h o f t h e U n i v e r s i t y a t O x f o r d h a s e a r n e d t h e g r a t it u d e o f e v e r y fr ie n d o f t h e U n i t e d S t a t e s f o r h is s y m p a t h y d u r i n g t h e i r la t e s t r u g g l e , w h en every govern m en t in W e ste rn E u r o p e d e s ir e d t h e i r d e s t r u c t i o n . I f we d o n o t c o n c u r in e v e r y s e n t im e n t o f h is a d d r e s s t o t h e M a n c h e s t e r U n i o n S o c i e t y , w e c a n n o t w it h h o ld o u r a c k n o w le d g m e n t o f th e g o o d w ill o t its a u th o r . bad had m ore su ch f r i e n d s in E n g la n d d u r in g w o u l d h a v e b e e n b r i e f e r a n d le s s s a n g u i n a r y . I f we t h e la t e c i v i l w a r , t h e c o n t e s t 1860 The Book Trade. 16Y P r o f e s s o r S m i t h m o s t j u s t l y d e n ie s t h e t h e o r y t h a t t h e w a r a r o s e fr o m a d i v e r g e n ce o f c o m m e r c ia l i n t e r e s t ; th a t it w a s a s tr u g g le b e tw e e n o n o n e s id e a n d p r o te c tio n is t m a n u fa c tu r e r s on d e c la r e s , w a s i n a d e q u a t e t o p r o d u c e t h e e f f c t . m a n ife s t o o f t h e s e c e d i n g S t a t e 5. fr e e -tr a d e p r o d u c e r s th e o t h e r . S u ch a cau se, he N o m e n t io n is m a d e o f it in t h e H e c o n s i d e r s fr e e C h r i s t i a n i t y t o b e a t t h e b o t t o m in t h is c o u n t r y a n d i t s i n s t i t u t io n s , a n d ony o f N ew t h a t in t h is E n g la n d , w a r i t h a s tr iu m p h e d . th e little P u r it a n T h e W estern S ta te s are a c o l s e t t le m e n t l o s t in a g r e a t n a t i o n . In A m e r ic a n C h r is te n d o m a re t w o th in g s g o in g o n ; th e d( c lin e o f c le r ic a l a u t h o r it y , and th e b r e a k i n g u p o f s e c t a r ia n r e c o n c ilia t io n o f th e c h u r c h e s . b e ca u s e th e flo c k a re w it h t h e i r p a s t o r . m ore d o g m a s , w ith T h is in d ic a te s th e c o n s e q u e n t a p p r o a c h n o d e c lin e o f r e lig io n s n e a r l y o n a l e v e l, b o t h of a fe e lin g ; i n t e l le c t u a l l y a n d s p i r i t u a l l y , A m e r ic a has p ro d u c e d n o n ew t h e o lo g y , b u t she has p r o d u c e d r e l i g i o u s l i b e r t y , f r o m w h i c h , in t im e , b e t t e r t h i n g s w ill s p r i n g . T h e r e la tio n s b e tw e e n th a n in E n g l a n d . th e e m p lo y e r and e m p lo y e d are s o u n d e r a n d k in d lie r S t r i k t s w e r e r a r e t ill t h e d e r a n g e m e n t o f p r i c e s , c a u s e d b y t h e L e g a l T e n d e r a c t , p u t t h e w o r ld co m e rs , r a th e r th a n r a is in g w a g e s . P r o fe s s o r S m ith o f in d u s t r y o u t o f j o i n t . th e n a t i v e A m e r i c a n p r o c e e d s in t h i s t e m p e r t h r o u g h A m e r ic a n s fr o m th e im p u ta t io n E v e n th e n th e n e w w o rk m e n , re so rte d t o v io le n t m od es o f h is e n t i r e l e t t e r , d e f e n d i n g o f b e i n g s la v e s t o m o n e y , d e f i c i e n t w a n t i n g in filia l a f f e c t io n a n d l o v e o f h o m e , e t c . a n d u n iv e r s a l s u ffr a g e , d e c l a r i n g t h a t A m e r i c a n in s t i t u t i o n s l o c a l, a r e g o o d . in cou rtesy , H e s c a n s th e e v i l s o f d e m o c r a c y so fa r a s th e y are W h a t P r o v i d e n c e in t e n d s in t h e N e w W o r l d a p p a r e n t ly is n o t a r e p r o d u c t io n o f th e E u r o p e a n n a t i o n s o n a c o l o s s a l s c a le , b u t a g r e a t d e v e l o p m e n t o f h u m a n i t y , f o r w h ic h F e d e r a t i o n , w i t h it s in fin it e p o w e r o f e x p a n s i o n , its m u lt ip lie d c e n t r e s o f i n d e p e n d e n t life , i t s fr e e d o m o f l o c a l a c t i o n s e e m s t o b e t h e d e s t in e d m o u l d . “ T h e g r o w t h w ill b e t h a t o f p e a c e f u l e x p a n s i o n a n d a t t r a c t i o n ; n o t o f f o r c i b l e a n n e x a t i o n , o f w h i c h , I b e l ie v e , n o c o n s i d e r a b le p a r t y a t t h e N o r t h d ream s o r has ev er d rea m ed . t im e , a n d p r o b a b ly a t n o v e r y The B r itis h N o r t h A m e r ic a n C o lo n ie s d i s t a n t t im e , u n it e t h e m s e lv e s w ill in p o lit ic a lly t o th e g r o u p o f S t a t e s , o f w h ic h t h e y a r e a l r e a d y b y r a c e , p o s i t i o n , c o m m e r c i a l t ie s a n d th e c h a r a c t e r o f t h e i r i n s t i t u t i o n s a p a r t . S t . L a w r e n c e a n d d o u b t t h a t in t o d o it o f t h e ir o w n fre e w i l l .” N o o n e c a n s t a n d b y t h e s id e o f th e th e e n d th e y w ill d o t h i s ; b u t th e y w ill b e le ft A f t e r a r e v i e w o f t h e p e c u l i a r in flu e n c e s w h i c h le d t o t h e s e t t l e m e n t a n d d e v e l o p m e n t o f s o c i e t y in t h e t w o d i s t r i c t s o f t h e U n i o n , M r . S m i t h g i v e s a n o u t lin e o f t h e h i s t o r y o f t h e w a r , f a v o r a b l e o f c o u r s e t o t h e G o v e r n m e n t . T h e reor- g a n iz a tic n o f s o c i e t y a t t h e S o u t h h e d e c l a r e s t o b e t h e m o s t t r e m e n d o u s p r o b l e m o t a ll. ‘ • J a m a i c a t e lls u s w i t h t e r r i b l e e m p h a s is w h a t a r e t h e p e r ils o f a c o m m u n it y c o m p o s e d o f t h e e x s l a v e o w n e r a n d t h e e x - s l a v e .” K i n d n e s s , f a ir w a g e s , and e d u c a tio n he s u g g e s ts as m ean s. T h e o b j e c t o f t h e M a n c h e s t e r U n i o n A s s o c i a t i a n w a s “ t o c o n f ir m t h e G o v e r n m e n t o f E n g l a n d in n e u tr a lity , a n d see t h a t it w a s a re a l n e u tr a lity a n d n e u t r a lit y o f A l a b a m a s ; ” to a v e r t a d e a d ly r u p t u r e b e tw e e n th e t w o fr o m a p r i m a r y r e g a r d t o t h e g e n e r a l in t e r e s t s o f h u m a n i t y . w o r d s o f th e A s s o c ia t io n w h ic h e n d s its S la v e r y is d e a d e v e r y w h e r e a n d f o r e v e r .” not a n a tio n s , “ B e t h e s e t h e la s t c o u r s e to -n ig h t, (J a n u a r y 2 2 , 1 8 6 6 ) The Glory and Shame o f England. B y C . E dwards L ester. T w o v o lu m e s , d e m y o c t a v o . B artram & L ester , P u b l i s h e r s , In 12 B ook s, N ew Y ork. T h i s b o o k fir s t a p p e a r e d s o m e t w e n t y - f i v e y e a r s a g o , a n d b e c a m e q u i t e p o p u . lar. I t h a s b e e n w r it t e n a n e w , b r in g in g i t d o w n to 1 86 6 M r . L e s te r d e p ic ts fo r c ib ly th e s o c ia l c o n d it io n o f E n g la n d a n d Ir e la n d , th e c o lo n ia l s y s te m a n d fo r e ig n p o l i c y , c o n c l u d i n g w i t h a le n t h o s t ilit y “ tow a rd v e n i e n c e .” a g a in s t th e t w o c h a p te r s o f w h a t h e te rm s p r o o fs o f th e p r e v U n ite d S ta te s. “ She a ll s t r o n g n a t io n s t o s u i t t h e h o u r — t o w a r d s h ift s h e r p o l i c y , ” h e s a y s , w e a k o n e s t o s u it h e r c o n W e c a n n o t a g r e e w i t h a ll o f M r . L e s t e r ’ s c o n c l u s i o n s o n t h is o r o t h e r p o in ts, b u t h a v e do d o u b th e w ill n o w , as h e r e to fo re , find h osts o f a d m ir in g re a d e rs. [A u g u st, T he B ook T rade. 168 The Com-ernon o f the Northern Nations. d e l iv e r e d u t t h e C hapel N ew Y o r k : A ppleton & T h e e i g h t le c t u r e s i n c l u d e d in D T h e B o y le L e c t u r e s fo r th e y e a r 1 8 6 5 , R >yal, W h i t e h a l l . C harles M errivale , By B. D. C o ., 1 8 6 6 . t h is v o l u m e a r e a c o n t i n u a t i o n o f t h e p r e v i o u s c o u r s e d e l iv e r e d o n t h e C o n v e r s i o n o f t h e R o m a n E m p i r e . T h e y t r e a t u p o n th e r e v e l a t i o n o f C h r i s t in t h e p h i l o s o p h i c a l a n d t h e p r a c t i c a l v i e w , s e t t i n g f o r t h t h e p e c u l i a r v i e w s t a k e n b y M r . M e r r i v a l e , w i t h r e f e r e n c e s t o t h e w r i t i n g s o f i’e r t u l ' lia n a n d O r ig e n , A t h a n a s i u s a n d A u g u s t i n e o f i l i p p s . I n th is m a n n e r lie b r i n g s t h e s u b je c t t o th e p e r io d o f th e d e c a d e n c e o f R o m a n a n d G r e c ia n c iv iliz a t io n , w h en C h r is tia n a ls o ph ers. id e a s w e r e a m a lg a m a t e d w it h t h o s e o f t h e h e a t h e n p h i l o s o H e e v id e n t ly c o n s id e r s th e tru e C h r is tia n r e lig io n tra n s fe rre d fr o m as h a v in g now been A s i a . A f r i c a a n d S o u t h e r n E u r o p e t o t h e k e e p i n g o f th e G o t h i c a n d G e r m a n n a tio n s o f th e N o r t h . h a v e d e r i v e d o u r C h r i s t i a n i t y .’ ' In d e e d , he d e c la r e s th a t t h r o u g h th em “ w e A g a i n , — •* W e m ay tra ce in t h e p a r t ic u l a r s o f t h e i r b e l i e f a n a p p r o a c h t o m u c h w h ic h w e t r u s t w e h a v e le a r n e d f r o m t h e s o u r c e o f tru th m o r e d ir e c t ly o u r s e lv e s ch aos, fa ll S u ch a re th e fo r m a tio n of t h e o r a t i o n o f m a n , h is p r i m i t i v e s t a t e o f i n n o c e n c e o f h is g o d lik e n a tu re, w h ic h th e and w o r ld out of h a p p in e s s , t h e th e y a s c r ib e d t o m in g lin g w ith th e a c c u r s e d g ia n t s , th e e x is te n c e o f a S p ir it o f E v il a n d o f a T r e e o f L i f e .” A t t h e e n d o f th e R o m a n w o r ld , t h e c h u r c h s t o o d b y its d e a t h - b e d w it n e s s i n g t h e b i r t h o f t h e n e w p e r i o d , “ a c c e p t i n g c h a n g e s t e r r i b l e t o th e w o r l d , b u t f u ll o f c o n s o l a t i o n t o h e r s e lf.” H e r g r o u n d o f h o p e l a y in t h a t s p i r i t o f in d e p e n d e n c e and in d iv id u a lity w h ic h c h a r a c t e r is e d w h o m h e r fu t u r e w a s c a s t . s o c i e t y f r o m t h e fir s t. th e ra ces of N orth ern E u rop e, am on g I n d i v i d u a l i t y w a s s t r o i f g l y m a r k e d in t h e C h r i s t i a n T h e g r e a t c o m p l a i n t o f th e P a g a n s w a s t h a t t h e y r e p u d i a t e d t h e s u p r e m a c y o f th e S t a t e , o f c o m m o n in t e r e s t s , o v e r [t h e m a n a n t lu s p e r s o n a l in t e r e s t s . te r is tic M e d ia s v o l fa ith a p p r o v e J fe a t u r e s t h e a n d g r o u n d i n g it s i t s e l f in it s m o s t s t r i k i n g a n d c h a r a c e x p re ss c o n tr a d ic tio n of Pagan n a t u r a lis m . I n a s s e r t in g p r i n c ip l e s , m o r e g e n e r a l y , m o r e e n d u r i n g l y th a n e v e r b e f o r e , t h e c h u r c h o f t h e N o r t h e r n n a t i o n , t h e c h u r c h o f t h e m id d le a g e s , f in a lly t r i u m p h ed. T h e w o r ld w a s t h e n c o n v e r t e d in d e e d . T h e e m p i r e , a n d t h e w o r ld b e y o n d t h e e m p ir e , is s u e d o n i t s c a r e e r o f C h r i s t i a n d e v e l o p m e n t ; b u t P a g a n i s m , i n c l u d i n g b o t h th e m y t h o l o g i e s a n d t h e p h i l o s o p h ie s o f t h e c l a s s i c a l w o r l d , a s a s p i r it u a l c r e e d , w a s n o w fin a lly a b o l i s h e d t h r o u g h t h e s p e c i a l fitn e s s o f t h e N o r t h e r n na t io n s f o r im b ib in g th e g r e a t p r in c ip le s o f C h r is tia n T h e o lo g y . I t is M r . M e r r i v a l e ’ s o b j e c t t o a s c r ib e t o th e c h u r c h o f th e G o t h ic p e o p le a s u p e r i o r r a n k t o t h a t fo r m w h ic h e x i s t s a m o n g w h a t a r e s t y le d t h e n a t io n o f the L a tin race. s io n , a n d H i s r e a s o n i n g a n d i l lu s t r a t io n s a il t e n d i r r e s i s t i b ly t o t h a t eu tsclu h e fi n a l ly i n s t i t u t t s a c o m p a r i s o n b e t w e e n t h e t w o , s l i o w i u g in a r i g h t m a s te r ly m a n n e r lh e e x c e lle n c e o f th e fo r m e r , w e ll b e e x p r e s s e d b y 't h e id e a th u s e l u c i d a t e d m ay th is f o r m u l a : P r o t e s t a n t i s m , t h e C h r i s t i a u i t y o l N o r t h e r n E u r o p e , is t h e g e n u i n e a p o s t o l i c fa it h . CONTENTS No. OF AUGUST Page. 1. Legislative L ob b yin g............. 89 2. Our Railroads.......................................... 93 3. Money and Banks................................... 95 4. Trade with British Provinces............. 1U4 5. The Bank o f England........... ........... 117 6 . Foreign Trade at IS’ ew Y ork for May 120 7. Trade o f G n a t Britain with the United S ta tes......................................................... 122 8 . Analyses o f Railroad R ep orts............... 126 9. Chesapeake and Delaware Canal......... 144 10. Financial and Commercial Condit on o f C h ile ..................................................... 146 N o. 11. 12. 13. 14. 14. 15. NUMBER. P age. Taxing the Sales o f Bankers................ 149 S lock Sales at Phil delpliia.....................151 State Debt o f North Carolina ..........152 The United States D eb t.......................... 153 Commercial Chronicle and R eview ___154 Journal o f Banking, Currency, and F inance........................................................148 16. Army, Navy, and Population o f Aus tria, Prussia, and the German Confed eration ..................................................159 17. B ook Trade............................................... 161
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