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NEW Y O R K : W ILLIAM B. DANA, PUBLISHER AND PROPRIETOR.
Nos. 79 & 81 William St., New York.
London :
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an d T r it o n * * ' *
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AND
COM M E R C I A L
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E DITED BY W ILLIAM B. DANA.
Price $5 per Annum.
PUBLISHED ON THE 12 t h OF EACH MONTH.
C O N T E N T S
OF
F E B R U A R Y
M A G A Z I N E .
N orfolk and N e w Y< re in P ast T im es .......................................................................................
81
T he E dmunds’ R esolution....................................................................................................................
94
P roposed G overnment T elegraph S ystem ..................................................................................
97
A lbany and S usquehanna R ailroad .........
............................................................................ 101
I nternal R evenue R eceipts . . .
C ommerce of N ew Y ork for 1 8 6 8 ...............................................................................................
1 6
I mports of Merchandise other than D ry G oods at the P ort of N ew Y ork ...........
113
T he W ater P ower ok Ma in e ..............................................................................................................115
A W ay of R eturn to S pecie P ayments ....................................................................................... 120
R ailroad E arnings for 1868
........................................
.........................
.........................
129
R ailroads of O hio ................................................................................................................................. 1 ;0
T he T axation of L oans as C apita l ................................................................................................ 184
C ur N ational Bank S ystem ...........................................................................................................
137
T he S outh and the N ext C otton C ri p ....................................................................................... 189
T hnnel R ailroads for N ew Y o r k ....................................................................................... . . .
142
N ational Banks of E ach S tate........................................................................................................ 141
P rogrebs of the L iverpool i otton Market in 1868 ............................................................
ISO
P ublic D ebt of the U nited S tates ................................................................................................ 151
T rade of G reat B ritain . . . . ............................................................................................................. 152
C ommercial C hronicle and R e v ie w ................................................................................................. ] 55
J ournal of B anking , C urrency and F inance ............................................................................ 160
T £ 1 F,
ME R C H A NT S ’ M A G A Z I N E
. AND
C OMME R C I A L
F E B R U A R Y ,
REVI EW
1 8 6 9.
NORFOLK AND NEW YORK IN PAST TIMES— WHY ONE GREW AND WHY TflE
OTHER DID NOT GROW UNTIL NOW
BY ROBERT W . HUGHES, SECRETARY OF THE CONTENTION.
The Convention just held in the city o f Norfolk will constitute an
eventful epoch in her commercial history, and be remarkable as dividin '
a stagnant past from a prosperous future. A day o f brilliant promise
has dawned upon that c ity ; and one of the most cheering auspices attend*
ing its advent has been the assembling o f several thousands of intelligent
and enterprising citizens from many quarters of the country, to aid in
promoting the high destiny to which she aspires.
The occasion naturally suggests a retrospect into that long night of
monotony and non-growth which for many years marked the career of
Norfolk, and whieh has been made the subject o f constant reproach, not
only to herself, but to the Commonwealth o f Virginia. It is a task as
easy as it is grateful to vindicate both from reflections having their source
in ignorance, or prejudiced disregard, o f the real causes which hare de-
82
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[ February ,
prived them of commercial prosperity, and which have had no reference
to the character for industry and enterprise of the people o f either.
A s indicating the sort of reproach which has been visited upon Virgi
nia, in connection with the non-growth of Norfolk, the following passage
is quoted from a recent able letter of an influential citizen o f Southern
Illinois, the Hon. J. B. Turner, in which he urges the completion o f that
great work, the James River and Kanawha Canal. The passage is this:
“ Norfolk was always the natural outlet o f the commerce of the continent; and
had it not been blocked up by want of local enterprise, would have assumed that
position long ago, instead o f New York. But it was for a time blocked up by the
peculiar agricultural interests, or supposed interests, of Virginia, while New York
dug out and let the commerce of the West and the world in ; in other words, New
York did what Chicago and the Ncrth are now dcing ; they woke up to the inevita
ble necessities of trade and commerce. But Virginia did what Southern Illinois is
now doing— she went to sleep and dozed over politics and partisan triumph’ , and
office-seeking and Fresident making, and discussed all imaginable two-penny issues
on the stump, till her more adroit rival ran away with the trade of the world, and
the crack o f final doom began to resound about her ears. W e trust that she will
wake up now, and unite with her W eBtern friends in securing both her own and our
mutual interests.”
The charge is hackneyed enough. It has been in the mouth o f friend
and foe for half a century. But the reproach is undeserved. New York
has outstripped Norfolk in trade, population and wealth by the operation
o f causes having no relation to the character of the people of the respect
ive localities.
NETT YORK HAS HAD THREE ERAS OF P R O S P E R IT Y ; NORFOLK BUT ONE.
The history o f Norfolk presents a marked contrast with that of the
great Northern seaport. New York has had several eras in its corporate
life. It had, first, the colonial or provincial era, when it enjoyed no trade
except from the narrow region of country between the seaboard and the
mountains. It had afterw°rds the canal era, when the great Erie canal,
constructed over a route which opposed not a single mountain, nor even
a respectable hill, in its entire course, like an exhaustless cornucopia,
poured a mighty volume of trade into the lap o f the city. A nd then it
had accumulated upon this prosperity from the canal,
“ *
*
*
*
Risen on mid-noon,
like another morn,
*
*
*
*,’ '
its era of railroad prosperity, w hen railroads came to be constructed par
allel with the canal, to hasten the transit of the more light and valuable
commodities of commerce, and to relieve the plethora of superabundant
freights which were gorging the canal to congestion.
Norfolk has had but one o f these eras ; that is to say, the provincial
era— the era during which she has enjoyed only the trade of the country
18G9J
NORFOLK AND NEW YORK IN TIMES PAST.
83
east of the mountains. She is but just now passing beyond that pristine
stage of her commercial life ; and is making her advent into the railroad
era, during which she is to enjoy, besides the local trade that has been
hers for a long time, the enriching trade from the great region o f country
beyond the Alleghanies, which will be commanded by her consolidated
line o f railroad, reaching now with a long and powerful arm to Memphis,
and destined soon to reach also, by another and stronger arm, by its
rio-ht arm, to Louisville and St. Louis. But Norfolk will not have re
ceived her full fruition o f trade and of prosperity even when this com
manding line of railroad, though directed by the genius o f Gen. Mahone,
shall have done its utmost in her behalf. The full measure o f her great
ness will not be reached until she, too, like New Y ork , shall have re
ceived a mighty volume of W estern trade from over the great line o f
water transit, between W est and East, marked b y the route of the James
river and Kanawha canal. This canal is necessary to the completeness
of the railroad system of Virginia. It is needed for carrying bulky min
erals and heavy products o f agriculture, at rates and in quantities beyond
the capacity of railroads; relieving the railroads of the unprofitable and
cumbrous classes of transportation, and giving that volume, quantity and
variety to the trade coming to our seaport which are necessary to build
it up to the dimensions o f a great emporium. And this canal will be
completed. Ere many years from now the friends o f Norfolk will be convocated a second time, not merely to celebrate the success of her railroad
system, hut to celebrate also her advent into the most important era of
her history— into the canal era ; when the favorite and long-cherished
water-line of Virginia shall have been carried through the mountains to
the Ohio ; and shall, as a second inexhaustible cornucopia, be pouring an
unceasing current of trade into the lap o f the Virginia seaport.
THE PR OVINCIAL PE RIO D.
There was a period in the history o f the seaboard cities when there
was no W est; and when the Alleghany mountains formed the frontier of
settlement and agricultural production. During that epoch the seaboard
cities, North and South, grew in proportion to the extent and fertility of
the country in their rear ; and as Maryland, Virginia, the Carolinas and
Georgia were more productive in staples valuable, to commerce than the
colonies north of them, the cities o f Baltimore, Norfolk, Charleston and
Savannah enjoyed a greater trade and experienced a larger growth than
those on the northern seaboard.
Thera was another cause which then operated to restrict the growth o f
all our seaboard cities, to the resources of the country back of them. The
navigation laws of the mother country, which were designed to suppress
84
N o r f o l k a n d n e w Y o r k in t im e s p a s t .
[ February ,
all commercial enterprise in tlie colonies, and to confine their industry
to agriculture, had the effect o f giving more rapid development to South
ern cities, having an extensive and productive back country, cultivated by
numerous slaves, than to Northern cities, which stood in front o f a coun
try incapable o f growing the exportable products of agriculture, where the
climate was more rigorous, and the number o f laborers more restricted.
A t a time when there was no W e s t; during a period when each city had
no country tributary to it but the narrow slope east o f the mountains.
and while England was enforcing laws hostile to colonial commerce, it
was natural that the Southern cities o f the seaboard should outstrip
Northern cities in a mere provincial prosperity and importance.
But a new class of influences began to operate at the close of the revo
lutionary war. It is hardly necessary to say that the period o f that war
was a blank in commerce and commercial growth. Nor did there occur
any physical event having the effect to open up to the seaboard cities a
wider extent o f back country than that lying east o f the Appalachian
chain, until after the close o f the second war with Great Britain. There
were political causes, however, which operated, during this period, to the
advantage of Northern, and to the disadvantage o f Southern cities. For
six years after the Revolution the several States were at liberty to provide
for their public indebtedness by levying duties upon foreign commerce.
The Southern States, and probably all the Northern States, except New
York, made use of this expedient, and laid import duties on their foreign
trade. But the City of New York remained a free port during all that
period, attracting a larger trade; and thus obtained an advantage over
other cities, in the infancy o f American commerce, which it never lost.
Then occurred the great wars o f Europe, in which every one of the
Powers was, more or less, constantly involved. Their effect was to make
American shipping and American seamen common carriers for the whole
world. But the Southern people, who had been exclusively agricultural,
for a century before, derived little advantage from this state of affairs.
The advantage fell to those portions o f the American population which
had inhabited regions unfavorable to agriculture, and who had been
obliged to depend upon sea-faring occupations for support. It was the
fishermen of New England, and the mariners o f New Jersey and nether
New York who became common carriers, in vessels sailing under the
American flag, for the militant nations of Europe. New England especi
ally had been chiefly settled from the Eastern and Southern counties of
Old England, from a population that had followed the seas for many gen
erations. It is claimed by the native historians of New England, that the
passengers on the Mayflower, and other emigrants who landed at Plymouth,
Salem and Boston, came across the ocean for the sentimental purpose of
18691
NORFOLK AND NEW YORK IN TIMES PAST.
85
securing civil and religious freedom ; but cotemporaneous history impar
tially studied, teaches the fact that they came for the sensible and practi
cal object of pursuing their hereditary avocation of catching fish ; which
they did in the far-famed and inviting waters off Cape Cod and Newfound
land, near which they settled. Even if they had come, however, on a
religious, and not on a practical errand, it is certain that they did enter
largely into, the business of fishing for cod and whale in the waters of the
North Atlantic. They thus, in the course of years, became accomplished
mariners. They did not confine themselves to the fisheries. They engaged
largely in the coasting trade o f the Continent and the W est Indies; and
they extended their enterprise to the shores of Africa, doing an active
trade and amassing great capital in the dark business o f the “ middle pas
sage.” Accordingly, when the great wars o f Europe broke out, in the
first decade of the present century, they were prepared, by education and
and habits, to enter extensively into the carrying trade o f the world, and
made large profits by their enterprise ; gaining a capital which power
fully stimulated the growth of Boston and New York through all their
after history. These two cities were the principal beneficiaries of the
impulse thus imparted to the shipping of the Northern States, and the
augmentation thus given to their capital by the wars of Napoleon. The
agricultural South, however, made no gain from those calamitous conflicts
of mankind.
But aside from these maritime circumstances, Boston and New York en
joyed another advantage over Norfolk. Four of the New England States
concentrated their trade upon Boston ; the rest of New England, and New
York and New Jersey combined in supporting New York. But Norfolk
failed to command even the undivided trade of Virginia. She failed to
do so for causes which were lucidly detailed in 1857 by Gov. W ise, in
his well-remembered letter, on direct trade, to M. Lacouture, in the fol
lowing passages:
“ Looking at the map of Virginia, you see the whole Atlantic low-lands watered
l y the Potomac, the Rappahannock the Piankatanb, the rivers of Mohjack Bay, the
York, vhe James, and the Roanoke ; streams rising in the great Appalachian chain of
mountains, and running a few miles only apart from each other in parallel lines, from
West to East, and all of them, except the last, emptying into the grand reservoir of
the Chesapeake Bay, whieh entirely cuts off the main astern peninsula. Thus all
the eastern and first settled part o f the territory was found naturally divi led into no
less than seven distinct peninsulas, separated from each other by eight considerable
bodies of navigable waters. CJp all these streams the t nnage of Great Britain
came and found facilities for shipment everywhere, deep water, wharfage, accessibility
to navigation up to the very steps of the Blue Ridge of the Alleghanies.
“ This also tended to diffuse population and capital, and prevented the concentra
tion o f either at any one point to form a city for purposes of commerce. Every
p antation found a landing at its own fields, or near its neighborhood, and but a ship
load had to be collected at any one loc ility; such was the convenience to and from
ma ket of the earliest settlements iu Eastern Virginia.
“ Again, when population moved Westward, it crossed the Blue Ridge mountains
N o r f o l k a n d n e w t o r k in t im e s p a s t .
86
[ February,
into a rich and beautiful valley, running North and South, which has no natural outlet
tut at its northern terminus in our limits, and it had to pour its products out of our
marts into those o f the adjoining State c f Maryland, at the head of Chesapeake
Bay. And when it crossed the next and parallel ridges of the Alleghanies, it settled
upon rivers flowing westward into the great basin of the Mississippi, and had to send
its products by the Mcnongahela, and the Guyandotte, and the two Kanawhas, and
the Sandy, to float on the Ohio, to build up Pittsburg and Cincinnati and New Orleans
— cities of Pennsylvania, Ohio and Louisiana.
“ Thus, by geographical and geological cause, were our people segregated with
separate communities, and divided from each other and all mutual commercial
dependency.”
THE ERIE C AN A L
ADVANCES NEW YORK
INTO HER SECOND ERA O F
PROSPERITY.
It is now time to speak of the circumstances which enabled New York
soon after the second war with Great Britain, to enter a second epoch in
her career, that in which she was enabled tc draw to herself a vast trade
from the W est. This she has been doing forty years, while Norfolk is
but just beginning to command trade from that prolific quarter at the
eleventh hour.
W h ile much too little attention is given in our schools to tbe-study o f
geography, none at all is given to that o f topography. Mountain ranges
are, indeed, laid down, but nothing is taught of those grand features of
continents which give rivers their courses, fix the great channels o f trade»
and determine the industries and the character o f populations. Really
and practically, the earth’ s surface is taught to be “ f l a t a n d so gross is
the popular ignorance of, or inadvertance to, the topography o f our own
country, that even now it is the current opinion in the United States that
Virginia could, if she had possessed a proper enterprise, have constructed
a canal across the numerous ranges which constitute the Alleghany
mountains, on the line of the James and Kanawha rivers, where the low
est of several summits to be surmounted is two thousand feet, as expedi
tiously and as cheaply as K ew Y ork constructed the Erie canal, across
the level country which stretches from the Hudson River, by impercep
tible ascent, to the banks o f Lake Erie, over levels which never reach the
height of the surface o f the waters of that lake, except until approaching
its banks. W hat could be more unjust than a popular opinion which
assumes that the Switzerland o f our continent affurds as inviting a field
for the construction o f canals as its Holland ?
It m ust n o t be forgotten that, in the infancy o f internal im provem ents on
this con tin en t, canals were lo n g deem ed the on ly p ractica b le means o f outlet fo r W e ste rn tra d e; and that railroads w ere n o t b rou g h t in to efficient
success until late in the d ecad e o f 1 8 3 0 - 4 0 .
T h e sequel has proven that
railroads m ay be carried o v e r any d eg ree o f elevation ; b u t it w ould have
been a b o ld en gineer w h o w ou ld then h ave h eld that canals co u ld be
1869]
NORFOLK AND NEW YORK IN TIMES PAST.
87
constructed across the Appalachian chain on any route that might be pre
ferred by commerce.
Yet is a fact that Virginia formed the determination to construct a
canal across the mountains in her territory, at about the same time that
N ew York began to make a canal across the level plateau o f country
which stretches out between the Hudson and Niagara rivers. The task
of New York was as easy as that of Virginia was difficult. The surface of
Lake Erie is only fire hundred and sixty-four feet above tide-water, and,
except the elevation forming its eastern shore, is higher than any o f the
ground between the Lake and the Hudson river. Between the Seneca
and the Mohawk rivers, a plateau of country extends for sixty miles,
along which not a single lock was required in constructing the canal.
Nothing was needed to be done, in fact, but to cut through the eastern
shore of the lake, and lead the outflowing waters down along a gradually
descending country to the sources of the Mohawk, and with the course of
that stream, to the Hudson. So favorable was the topography o f the
route that the cost of making this channel, three hundred and sixty-three
miles long, was estimated at only $5,000,000, and did not actually
exceed $7,000,000, on the plan on which the canal was first com
pleted. W as it a very great venture, and did it furnish evidence of
any extraordinary enterprise in the people o f N ew York to under
take a canal that was at so small a cost o f capital and labor to sup
ply the only outlet for the commerce of the great Lakes. The trade o f
that Lake valley was dammed up by the high cliff which occasions the
Falls of Niagara. The question whether the canal should be made, was
simply the question, whether New York would invest in an interest pay
ing enterprise five millions of dollars for the trade of a vast country, which
she believed would become, and which has become, the granary o f the
world. The wonder was, not N ew York acted so early as she did, but
that the canal was not made, on so easy a route, long before it was
actually constructed. Steam navigation had been successfully applied on
the Lakes and the W estern waters as early as 1817 ; and yet, the Erie
canal was not completed until the Fall of 1825. This canal was neces
sarily to be the only outlet for a great triangle of country, embracing the
Valley of the Lakes, the valley o f the upper Mississippi, and the valley of
the Ohio. The moment that trade began to find an artificial outlet from
Lake Erie to the Hudson, that moment were canals across the low divides
between the waters o f Lake E ;ie and the Ohio, and Lake Michigan and
the Upper Mississippi, undertaken. It required lockages of only five
hundred and sixty-nine feet to reach the elevation of Lake Erie from the
Hudson ; between Lake Erie and the Ohio, the elevation to be surmount
ed was only nine hundred and fifty fe e t; while that between Lake Michi-
88
nobfolk
and
new
y o r k in
t im e s
past.
\February,
gan and the Mississippi was only six hundred and ten feet. New York
plainly saw that, by first constructing her own canal, and then aiding the
States of Ohio, Indiana and Illinois in constructing other canals over these
easy summits, she would obtain command of the trade o f a country em
bracing half a million of square miles, as fertile as the Delta of the Nile.
W h ile New Y ork had only these three inconsiderable summits to sur
mount, in order to reach beyond the Lakes to the Mississippi and the
O h io; what were those which Pennsylvania, Maryland and Virginia had
to overcome in simply reaching the Ohio ? Pennsylvania had a range of
mountain country seventy miles in breadth to penetrate with her canah
and a summit of one thousand eight hundred and ninety-nine feet to sur
mount with locks. Maryland had a series of mountain ranges a hundred
miles broad to traverse, and a summit level of three thousand seven hun
dred and fifty four feet to lift her canal over. Virginia had a like series
of elevations, a hundred miles in breadth, to cross, and a summit o f two
thousand feet to overcome.
Y et, nothing daunted by barriers which would be appalling even to the
enterprising spirit o f our own time, these States went boldly forward with
their respective canals. Pennsylvania spent 820,000,000 in making a
water-line, broken by inclined plains and pieced by portages ; and found
her treasury bankrupted before she could succeed in accomplishing its
completion. Maryland, aided by Virginia, spent some ten millions of
dollars on the Chesapeake and Ohio canal, in carrying it no farther than
the foot of the Alleghanies, and then, dismayed by the difficulties still be
fore her, gave up the water line, and devoted her resources to the Balti
more and Ohio railroad. Virginia undertook her canal as courageously
as the rest; and, after spending $12,000,000, found she had carried it only
to the western base of the Blue Ridge. The works in which these three
States had been engaged were so arduous, expensive, and tedious, that, be
fore they could be completed, the growning preference for railroads, and
the success of those works, produced a division o f popular sentiment on
the subject o f the proper improvements to be constructed, and caused a
suspension o f the canals. Owing to the favorable route enjoyed by N ew
York, and the rapidty with which the Erie canal was constructed. New
York had completed her great work before the popular preference for
railroads had supervened to suspend that work. She pushed it through
to early completion ; secured, also, the construction of the Ohio and
Illinois canal; and thus completed a grand system of inland navigation
reaching more than a thousand miles into the heart of the W est, before
being called on to embark in railroad enterprises. Pennsylvania, Mary
land and Virginia were forced to change their system of improvements,
after having crippled tfceir finances on unfinished canals; and to engage in
1869]
NORFOLK AND NEW YORK IN TIMES PAST.
89
the construction of railroads, without the aid o f the trade which had been
expected from the canals. W h a t they lost, especially what Virginia lost,
by failing to complete their lines o f continuous canal, is best shown by
describing the effect upon New York of the completion of the Erie canal.
The Superintendent o f the Census justly comments upon the momentous
event, as follows :
“ The opening of this work was the commencement of a new era in the
internal grain trade o f the United States. To the pioneer, the agricul
turist, and the merchant, the grand avenue developed a new world.
From that period do we date the rise and progress of the Northwest, as
well as the development o f the internal grain trade.” And Professor De
Bow, alluding to the effect of this canal, graphically declared, that, “ the
bold, vigorous, and sustained effort of the North has succeeded in rever
sing the very law of Nature’s God, rolled back the tide o f the Mississippi
and its ten thousand tributary streams, until their mouths, practically and
commercially, are more at New York than New Orleans.
The effect was, indeed, to give another mouth to the Mississippi. It
opened to market a vast region, which otherwise could have presented but
limited attractions to immigration. The fact that the high Lake country,
of bleak climate and rigorous winter, has undergone a more rapid develop
ment than any part o f the West, is due to the Erie canal. It brought that
country within readier and cheaper access to market than any other por
tion of the W est. The long and tortuous channel o f the Mississippi river,
the dangers o f the Gulf and coast navigation, and the damaging effects
upon grain of the hot, humid climate of New Orleans, rendered the Lake
route preferable to that o f the river and Gulf, even for the trade of locali
ties which would otherwise have preferred the southern direction. On
the other hand, the Falls of Niagara, the rapids o f the St. Lawrence river,
and the fogs of the St. Lawrence gulf, frightened trade away from that
line of ice and storms, and drove it into the Erie canal. The completion
of that work, and of its auxiliary canals in Ohio, Indiana and Illinois, was
followed, in a few years, by railroads parallel to them. These roads were
all, in the first instance, constructed as feeders to the Erie canal; which
was the parent work and grand trunk line o f the whole system. After
the system of canals and railroads, o f which the Erie canal was the base,
had stimulated an unprecedented development o f population and produc
tion in the West, the Erie canal was found incapable o f discharging the
immense trade which it had created ; and then it became necessary to
enlarge its capacitv, and to construct as many auxiliary works as possible,
at d’ fferent distances, parallel with it. Hence the New York Central,
the New Y ork Erie, the Pennsylvania Central, and the Baltimore and
Ohio railroads. But it may be said with truth, that, but for the stimulus
90
N o r f o l k a n d n e w t o r k i n t im e s p a s t .
[ February ,
given to production in the Northwest by the Erie canal, these great
works would not have become necessary for many years; and but for the
capital and credit created by the trade o f the Erie canal, the means for
building these costly railroads could not have been obtained at all.
Thus, did the completion of the Erie canal decide the question of com
mercial supremacy, for at least a century, in favor of New York. Until
that event, even Philadelphia was the more populous, more wealthy, and
more flourishing city of the two. B ut as soon as the canal began to pour
its immense trade into the warehouses of Manhattan Island, New York
began to bound forward in every department of successful commerce.
Its receipts o f products from the W est began to he counted by millions
o f tons, and its imports and exports to he valued by hundreds o f millions
of dollars per annum.
Such were the advantages which N ew York gained by the timely com
pletion of her canal; such the advantages which Virginia lost by failing
to complete her similar work, in consequence of the difficulties of the
route. The well-grounded appreciation of railroads which gradually grew
into a railroad mania, while Virginia was yet manfully toiling at her
great labor, operated for several years to turn public favor away from
artificial water-lines o f transportation. The Virginia canal, owing to the
great cost o f the work (which is now estimated, for the entire line when
finished, at $52,000,000), did not reach completion before the railroad
fever had taken possession o f the public mind ; and it has had to look for
its consummation to that returning appreciation, which is now again felt
in behalf of cheap water transportation. It offers now a channel of transit
between East and W est shorter than any other, cheaper and more central
than any other, and which will be more free than any other from obstruc.
tions arising from climate or a public enemy. W hen that canal is con
structed, we shall have broken the back-bone of the obstacles which nature
has so long interposed against the prosperity of Virginia, and against the
advancement o f Norfolk to the first rank among the cities of the world.
But a brighter day is already dawning for Norfolk and Virginia. For
many years the cheapness o f transportation on the Eire canal gave a per
manently Northeastward tendency to the trade of the whole West, above
the parallel of St. Louis. B ut the perfection to which railroad construc
tion has been brought, and the increasing cheapness and rapidity of rail,
road transportation, have given to W estern trade a strong and growing
tendency to cross the country on lower latitudes and shorter routes.
Hence the vast business that has sprung up on the Pennsylvania roads,
on the Baltimore and Ohio road, and on our own Norfolk and Memphis
line of road ; and hence the earnest solicitude which is expressed by the
public for the completion o f our connection from Bristol to Louisville,
and for the making of the projected road from the Ohio River to Richmond-
1869]
91
NORFOLK AND NEW YORK IN TIMES PAST.
The growing preference of Western trade is for Southern lines; not
only because they are more exempt from the frosts of the Northern cli
mate, but because they are on the shortest routes from the centres of
Western production and population, to the centre of the American sea
board. It is this tendency o f trade, it is this necessity of trade, that has
so powerfully turned public attention, of late, to Norfolk as a great seaport
city, and given so much credit to the lines o f improvement proposed for
connecting the great Virginia seaport with the leading cities in the central
W est. Norfolk has got through her period of monotony and non-growth.
That day has closed forever; but it has closed in brilliant promise.
«
“ The weary sun hath had a golden set
And by the bright track of its fiery car
Gives token of a goodly day to-morrow.”
W H AT PENN SYLVAN IA COAL HAS DONE FOR NEW YORK.
Mention must also be made of another most important element in the
prosperity of New York : In 1825, the very year of the completion of the
Erie canal, the coal fields o f Pennsylvania came into use, affording to the
two cities near them cheap fuel for domestic use, cheap fuel for manufac
turing enterprise, cheap fuel for propelling the machinery employed on
their railroads and river, coasting and ocean steamers; cheap fuel for
driving the vast machinery used in their manifold departments of varied
industry. The coal beds o f Pennsylvania, lying in close proximity to
New York, have contributed full as much to its growth as even the trade
of the W est. This element o f power, wealth and prosperity has always
been wanting to Norfolk. It will, ere long, be supplied in unlimited
abundancy, and at the cheapest prices, by the extension o f the James
River and Kanawa waterline— a work not second in value to any enterpriss whatever— not inferior in importance to the Pacific railroad, or to
the Erie canal, or to the navigation o f the Mississippi river itself, or to
the Atlantic cable, or to the great canal of Suez, or to the ship canal
which is to be cut through volcanic Cordilleras across the Isthmus of
Darien, or to any undertaking ever projected, in any age, on the habitable
globe.
TERMINI OF
THE OCEAN
PASSAGES, BEFORE THE ERA OF
OCEAN STEAM
NAVIGATION.
Looking from the land to the ocean, reference must now be made to
the maritime phenomena which tended to make New York the great
port of entry and clearance for the mercantile marine o f this continent.
These are best explained in the language o f distinguished writers whoso
N o r f o l k a n d n e w Y o r k in t im e s p a s t .
[ February ,
opinions are of the highest authority on this subject. The following sen
tences are taken from the able and suggestive letter o f Gov. W ise to M.
Lacouture, already referred to. He says: “ A great oceanic cause com
pelled the concentration of commerce at New Tork, as long as scn7shave
been the motors o f the sea. The icebergs o f the A rctic, and the trade
winds of the Tropics, and the Gulf stream, have made currents of air
and water so defined in their course and limits, that whether a ship sail
from Florida Cape or Barnaget, from Chesapeake Bay or Newfoundland
Banks, she has to take the same offing and pursue the same track over
the seas, to make the quickest trip to Liverpool or Havre. If she veers
a fraction of a degree too far North, she is in mists and storms and
floating ice ; and if too far South, she is in baffiing currents of air and
water, to delay and endanger her passage. The great turnpike over the
the Atlantic is about a degree and a half in breadth, with New York at
the western and Liverpool at the eastern end of the way. The laws of
insurance and time, in trade, made New York the importing and export
ing point o f the Atlantic front o f the American continent, until steam
has interposed to defy baffling airs and currents. A steamship can now
lay straight across, south of the old sailing line, in latitudes compara
tively much safer, from Norfolk better than New York. But I am speak
ing of the past; and in the past there was no competition from this
cause with New York.”
In corroboration of these lucid and sound views o f this luminous
statesman of Virginia, the following extract is also adduced, from an in
teresting letter, recently addressed to the writer by the highest of all
authorities on maritime questions, Commodore Maury. In the course
of his letter, this eminent man says :
“ The chart of the North Atlantic ocean constructed in the Tower o f London by
old Captain Folger, for Dr. Franklin, had the effect i f turning trade from Charleston
and ports South, to New York and ports North. It marked the course of the Gulf
Stream, taught navi rators how to avoid the force of the currents one way, and to
take advantage of them the other.
“ Moreover, in those days, vessels app-narhing the offings o f New York and other
Northern ports, were often met, as they are now, by Northwest snow storms. In
su h cases, then, they ran down to the ports o f the South to get thawed, spend the
winter, and wait till spring or summer before making another attempt io enter.
From this chart they learned how, by running off a fe v miles, they might enter the
warm waters of the Gulf Stream, there wait, and so, as soon as the gale abated,
‘ try again,’
“ Thus Charleston and Norfolk ceased to be half way houses betweeH New and
Old England.”
Thus, there is a double tendency of trade to pursue lower lines of
latitude than New York, both on sea and on land, in its transit from the
great trade centres of our own continent to the maikets beyond the
Atlantic. Hence it is that Norfolk, both from the ocean side and from
the interior country is becoming in public estimation a leading point in
1869]
N0RF0KK AND NEW YORK IN TIMES FAST.
93
the great movement of the world’s trade. It needs only that she shall
perfect her railroad connections with Ohio, the Mississippi, and the
Pacific; that the great Virginia canal shall be completed to the W est,
and that she shall build up a steam marine proportioned to the magni
tude o f the interests tending to centre in her noble harbor— to become
in a few years, second only to New York among the cities of this hernifj
phere, and in the course of time prominent among the first cities o f the
world in wealth, population, capita! and commerce.
EFFECTS OF THE LATE W A R .
Last among the leading causes which have tended to retard the progress
of Norfolk and Virginia, whilst stimulating the prosperity of New York
and the North, must be mentioned the late war. It found Virginia with
an unfinished water-line, and with a considerable aggregate length of
railroads which were laid out without system, inharmonious in plan and
action, and depressed in their finances. The war wore out and destroyed
the railroads, leaving them, at its close, physically prostrated and bank
rupt in ciedit. H ow different was the effect of the conflict upon the
public works of the North ! It threw upon their railroads a vast busi
ness; it poured immense earnings and receipts into their coffers ; and it
left many o f them the richest and most powerful corporations in the
world.
But, even the disasters of defeat and subjugation did not dismay our
people. In the midst of the desolation which the war had spread over
her whole surface, Viiginia, with bold heart, addressed herself to the task
o f repair and restoration. Happily for Norfolk, there was a man o f the
Southside as bold o f heart and resolute of purpose as the great Common
wealth o f which he is a favorite son. The heavy business which uow
pours into this city over a line of railroad which three years ago was in
ruins, is literally the creation of the genius and energy of this one man.
Here is the sort o f one-man power which we may admire, cherish and
promote, even at a period when liberty is felt to be the most desirable o f
all earthly possessions. Nor is this Southside interest alone that is
reviving in Virginia. The ruin which has overtaken our people, has only
served to impart new energy and sterner purpose of retrieve throughout
the Commonwealth; and no State, either in the new world or in the ol d
either in modern or ancient times, has ever exhibited a more rapid recu
peration from utter prostration than she has displayed during the last
three years, under the most appalling political discouragements that
could depress the energies o f a fallen State.
Virginia has emerged from the war poor, mainmed and desolate; but
with the unconquerable will which has characterized her in all her past
94
th e
Ed m u n d s ’ r e s o l u t io n .
[February,
history. She still has left that self-respect and pride of character, ■which
nerve and console under every calamity, and which befit dignity and
worth under any misfortune. She has lost none of that energy, none of
that enterprise, which she has always possessed, however, clamorously it
may have been denied to her. And though her destitution may he
extreme, and however much the troubles she has suffered may have sad
dened her spirit, still she claims and intends to achieve a prosperous and
honorable future; not only for herself as Virginia, but for her cities and
her seaport, as cities and the seaport o f Virginia.
“ Like some tall cliff that lifts its awful form,
Swells from the vale, and midway leaves the storm,
Though round its breast ti e rolling clouds may spread,
Eternal sunshine settles on its head.”
THE EDMUNDS’ RESOLUTION.
It is not difficult to conceive that, in anticipation of the elections,
there might, have been political reasons strongly influencing both parties in
Congress against committing themselves definitely upon the question of
the payment o f Five-Twenty bonds in coin.
But now that the election
is passed, it does appear that the national creditors have a right to expect
an unequivocal expression of sentiment upon this very important issue.
The usefulness o f such a declaration arises rather from the sacredness
of national chaiacter than from its practical bearings.
No nation
can afford to deal equivocally with its creditors. Upon its good faith
and honor depends its credit; and, in the history of every nation, there
comes a time when, upon its credit, hangs its very existence. During
the war, we borrowed at a heavy disadvantage, because, among other
reasons, our willingness to be taxed upon a large scale had never been
tested. The test is now being applied; and if the event should prove
that we are disposed to avail ourselves of a quibble for depriving our
creditors o f what they conceive to be their just rights, we must expect
to have to pay the penalty o f our bad faith the next time we become bor
rowers. The faintest savor o f repudiation inflicts irreparable injury upon
the credit of a Government; and when that Government is popular in
form the damage is the more incurable; for the taint is attributed to
the heart and morals o f the people. Assuming that it were feasible
to pay off the Five-Twenties in greenbacks and issue bonds at a lower
rate of interest, the consequent stain upon the credit o f (he Government
would cling to us through all our future history, and, forever after, we
should have to borrow at a corresponding discount. Tn the matter o f
national finance, therefore, honesty the best policy.
1869]
TIIE EDMUNDS* RESOLUTION.
95
Besides, in a very important sense, republican institutions are on their
trial in the determination of this question. N o nation has been able
long to conduct its affairs without borrowing. Every Government has
had its crisis, when without loans it must have succumbed to its enemies.
And it has been urged b y publicists in favor o f absolute governments
that, being least dependent upon the will o f the people in the imposition
o f taxes, they were most to be trusted as borrowers. It now devolves
upon us to determine before the world whether the moral instincts of
a free, Christian people are as much to be trusted as a despotic Govern
ment. If the issue be determined in the negative, then we prove that
republics lack one of the indispensable elements of resistance to danger ;
and the struggling cause o f the people, the world over, is weakened. If
the issue be decided affirmatively, then we demonstrate that a free people
m aybe trusted to defray fully an enormous indebtedness incurred for
the preservation of their government; and that question being estab
lished, the liberal thinkers and statesmen of Europe are furnished with
a complete demonstration o f the stability o f free governments.
The
determination o f this issue is thus closely identified with the cause o f free
government everywhere, as well as with the interests o f our own people.
Let the essential honesty o f the American people be fully established, and
thereafter we may count upon being able to borrow at all times upon
the most favorable terms; a fact which of itself would be the surest pos
sible protection against external encroachments upon our honor and
rights, our good credit thus being in a most important sense an economy
of expenditures for protection.
Besides, what is the actual saving proposed to be effected in behalf of
the people at large, by this quasi repudiation ? Assuming that the diff
erence between payment in coin and in greenbacks were one-third the
value of the bonds; that, upon a total of $1,602,000,000 obligations, would
amount to $534,000,000 ; which, distributed over a total of 40,000,000
people, would be just $13 35 per head. Are we prepared to sacrifice our
honor and our credit for all time for such a paltry consideration ?
W e have taken this course of remark, not so much because we appre
hend that the Five-Twenty bonds will ever be liquidated in paper cur
rency, as from a fear that Congress may shrink from disclaiming the
dishonest principle involved in the negation of Senator Edmunds’ resolu
tion. It is easily demonstrated that the real issue is between, coin pay
ment and blank repudiation. Let it be supposed that Congress declare
the bonds to be payable in the irredeemable notes o f the Government, and
that, at the expiration of the five years option, the Treasury call in the
bonds. In order to provide the means for taking up the old securities,
the Treasury must be in a position to rely upon being able to sell an equal
96
THE EDMUNDS’ RESOLUTION.
[February,
amount of new ones. W ho, then, are to be the takers of the new loan?
Can it be assumed that the holders o f the old obligations, disappointed
and incensed at the refusal to pay them in coin, would again trust the
Government and invest in its securities ? The supposition is contrary to
all experience and probability. And what reason have we for supposing
that other investors would have so much better opinion o f the credit
o f the Government than the old bondholders as to exchange their invest
ments for the new bonds ? The fact of their having preferred other
investments, before the Government took a course so injurious to its credit,
is a conclusive reason for assuming that they would not invest in United
States obligations when the dishonor was an accom plished fact. The
holders of the present securities, foreseeing the liability o f the scheme to
miscarry from this cause, and that nothing could be done in the matter
of redemption if they refused to take the new bonds, would at once con
clude that the Government was at their mercy. They would therefore gen
erally wait until the fact was announced by the Treasury that it could not
procure the necessary funds, and that the old obligations must therefore
be allowed to run. It is thus clear that the payment of the bonds in
greenbacks is impracticable, and that consequently Congress is shut un to
the alternative of paying them according to the views o f right enter
tained by the bondholders, or repudiating them altogether. I f this be
the position in which the Government stands to its creditors, what is
there to justify Congress in casting a needless 6tigma upon the public
credit by hesitating o take the ground assumed in Mr. Edmunds’ propo
sition ?
The Senate has already committed itself, by formal resolution, to the
position that the form o f the debt cannot be changed until we have
resumed specie payments. This conclusion appears to have been based
mainly upon the considerations we have just advanced, and can be but
confirmed by examination and experience. W hen coin or its equivalent
become the currency of the country, the bonds could be paid in no other
form. Their payment would then be in no sense offensive to the bond
holders, but a full rendering of their rights; and the credit of the Gov
ernment being thereby vindicated, bonds could be easily issued at a lower
rate o f interest, for the purpose of taking up those now outstanding. The
declaratory resolution is thus nothing more than an affirmation that the
bonds shall be paid in the only way in which they can be paid.
W e repeat the question, then, why should there be any hesitation in
adopting the Edmunds’ resolution ? Under this plain necessity for pay
ment in coin, the hesitation suggests surmises seriously damaging to the
national credit and calculated to needlessly exaggerate the prevailing finan
cial uncertainties. When Congress is plainly shut up to the payment of
1869J
PROPOSED GOVERNMENT TELEGRAPH SYSTEM,
97
the bonds in coin, and yet refuses to say that they shall be so paid, the
world naturally asks what then does it propose to do ? and as the answer
does not come always from friendly quarters, reflections are liable to
be cast upon our honor, which, though not likely to be ultimately justi
fied, yet in the meantime injure our reputation and cause an unneces
sary weakening of public confidence. W e cannot but think that, should
the resolution be at present rejected, it will be adopted when Congress
more fully comprehends its entire accordance with the logic of the situ
ation.
PROPOSED GOVERNMENT TELEGRAPH SYSTEM.
There appears to be a determined effort in Congress to place the tele
graph system of the country under government control. Last year, Mr.
Washburne took the initiative by introducing into the House a bill pro
viding for the building of a government line from Washington to New
York, to be worked in connection with the Post Office, the enterprise
being designed as an experimental step toward the ultimate monopoly
of the whole business o f telegraphy by the Government. Some doubts
o f the ability o f such a line to compete with private companies appear to
have been entertained, and that scheme may perhaps be considered as
having little chance o f adoption.
The Postmaster General, however,
profiting by the experience o f his predecessors in the movement, now
comes forward with a scheme for blending a telegraph service with the
Post Office, not through the government building or purchasing lines, but
by the organization of a company which shall contract with the Govern
ment to transmit messages at fixed low rates. H e proposes that the
company be authorized to construct lines on the post roads and routes ;
that its capital be fixed at $200 for each mile of wire ; and that its wire s
be multiplied or extended at the will o f the Postmaster General. Offices
are to be established in connection with the Post Offices in every city
and village of 5,000 inhabitants and over, at railroad stations, and at
such other places on the line of the wires as the business o f the country
may require. The maximum rate to be charged by the company for the
transmission of messages is fixed at 20 cents for twenty words, for each
500 miles or part thereof, to which is to be added five cents for poitare
and delivery. Provision is also made for the prompt delivery o f mes
sages and for the remittance of money by telegraph, as now through
the money order office. This scheme has been suggested to the Postmas
ter General by parties at Boston, and apparently in connection with an
offer to organize a company upon the terms suggested. It is not proposed,
however, to contract with the new company if any other should offer to
do the business upon better terms.
2
93
pro po sed
governm ent
telegraph
STSTEM.
[February,
There is a certain seductiveness about M r. Randall’s scheme which
is quite likely to secure its favorable consideration. H e very adroitly
evades some of the more prominent objections against the Government
meddling with public enterprises. His scheme, it may appear, involves no
outlay in lines and little risk by the Government, both being thrown upon
the company with which the Postmaster-General may contract; nor does
it grant exclusive privileges to either the Government or the company i
while it proposes to furnish telegraphic facilities at very much cheaper
rates than are now charged by private companies.
It is not necessary to go through the mass of intricate and uncertain
details connected with the main question, to arrive at the conclusion that
there are fundamental blunders in M r. Randall’s scheme. Much reliance
appears to be placed upon the assumption that a large economy in the
management of the business would be effected, as compared with that o f
the existing companies. Is it safe to take this very important item in the
calculation for granted ? There is, perhaps, no branch o f corporate busi
ness conducted with greater economy than telegraphing, so far as respects
appearances and accommodation. Compared with our banks, insurance
offices and railroad depots, the telegraph offices are unpretending— not to
say mean looking— and crowded, an immense business being frequently
done in basements or in secluded corners rented in private stores or
offices. Every one familiar with the pay o f employes of the present
telegraph companies knows that they receive poor compensation for hard
work. W e do not believe it will be pretended in any quarter that there
is extravagance, or more, that there is not the strictest economy, in the
management; which, o f course, necessitates a corresponding conservatism
in the control of competing companies.
Now, it is most important that the Postmaster-General should have
shown wherein the economy in the Post Office management o f this busi
ness would exceed that o f the present Companies ; but, on this very essen
tial point, we have not a word of explanation. So far as respects offices,
it may be assumed that, in the smaller towns and villages, the existing
Post Office buildings would, in many cases, afford scope for the added
telegraph business. But this is far from being true of the larger cities^
where the bulk o f telegraphing is done. The mail business has, in most
instances, outgrown the old buildings in which it is transacted, and mail,
ing operations suffer from lack o f adequate accommodation; a fact to
which the Postmaster-General’s annual reports bear ample testimony.
Does Mr. Randall suppose that the crowded quarters in Nassau street, or
the new office to be some day erected elsewhere, will afford accommoda.
tion equal to that given by the present 74 telegraph offices in this city,
with their 375 employes? W ith 35 offices in Philadelphia and 211
1869]
PROPOSED GOVERNMENT TELEGRAPH SYSTEM.
99
employes; 24 in Boston and 156 employes; 22 in Chicago and 86 em
ployes; 21 in Cincinnati and 93 employes; and with other cities in like
proportion ; the Government would evidently find it necessary to lay out
large sums in extending its Post Offices and building new ones and
furnishing them; which would no doubt be profitable to politicians, but
would be poor economy of the public funds. In addition, therefore, to
the capital to be laid out by the proposed Company, in new wires, the
public would be taxed to provide capital for the requisite accommodations
in the postal department. This certainly is not the sort o f response the
public expect to their earnest demand for public economy.
N or is it any clearer how any economy is to be effected with respect
to employes. I f the Post Office Department is properly managed, the
hand' in the offices of all towns or cities of 5,000 inhabitants and over
(to which it is proposed to extend the system) are already fully employed ;
none of the employes of the post offices, excepting the carriers, would be
available for the new business ; and a wholly additional staff would the
refore have to be employed. N or would there be any economy to the
public in the carriers being available for the delivery o f messages, inasmuch
as it is proposed to charge five cents on each message for delivery ;
which is probably more than the present cost of delivery to the private
companies. The effect of the proposed arrangement, therefore, would be
to increase largely the capital and the labor employed in telegraphy, wit! out correspondingly augmenting the business done. This certainly is not
economy. W e can easily understand how the proposed company should
undertake to send dispatches at much lower rates than are charged by
private companies, when the Government undertakes to provide buildings,
furniture and stationery, and to meet expenses of repair, lighting, & c.; but
it would be a great mistake to suppose that, under such an arrangement^
the public had paid in full for their messages when they had bought
the stamped paper on which they were written; a large balance would
remain to be paid in taxation to defray the expenses o f the new depart
ment. It is singular that M r. Randall, in urging the argument o f eouuomy, should have failed to show what would be the probable outlay aM
the annual cost to the Government o f his scheme. W e presume there
are good reasons for his reticence.
But even after this large outlay on the part o f the Government, it does
not by any means follow, because there are parties now ready to organize
a company and to make a contract, as the Postmaster-General proposes,
that they would long continue to send telegrams at the reduced rates
offered in this scheme. Suppose that the contractors, after a convenient
period, should announce their inability to do the business at the rates
agreed upon, what would the Government do ? No other company wguld
100
PROPOSED GOVERNMENT TELEGRAPH SYSTEM.
[ February ,
be likely to take up the contract, for the failure of the new organization
would deter them. The Government would therefore have the choice of
taking the whole affair into their hands or of submitting to a higher
tariff. The latter course would be an acknowledgment of the failure of the
scheme ; and the former would be, in every sense, an unmitigated evil,
an abuse of the functions of Government, a substitution o f political
management for business enterprise and an extension of the political
corruption connected with bureaucracy. The company which Mr. Ran
dall proposes to associate with the Post Office would thus virtually hold
the Government at its mercy ; and having the same motives to exact the
highest possible rates as influence other companies, we have no sort of
assurance that the corporation would not, after having used the Govern
ment to bring it into existence and give it prestige, yield to inducements
from private companies and demand an advance upon the proposed
schedule. This view will commend itself, we think, forcibly to all ac
quainted with the management o f corporate interests.
In addition to these objections to Mr. Randall’s scheme specifically)
there are others against any and every form o f Government interference
with the business o f telegraphing. It is essential to the protection of the
public that the parties who do its telegraphing should be responsible
for delays, errors, neglect or the divulgence of secrets. Without such a
stimulus, the best managed companies would be apt to transact their
business carelessly and the public would suffer inconvenience and loss.
The Government would be exempt from all such liabilities; and in the
absence o f this motive to care andenergy its business would be less ef
ficiently transacted than that o f private corporations. The history o f
telegraphing proves that its progress depends entirely upon scientific re
search and experiment, and the promptness of competing companies to
avail themselves of each successive improvement in processes and instru
ments. State Bureaus are notoriously slow to recognize the results O f
invention. Officials too frequently refuse to move in the adoption of im
provements until won over b j a douceur; and provided such an induce,
ment be offered, they are apt to recommend or adopt inventions irre„
spective of their merits, always ready to make the interests o f their
department subordinate to perquisites. The Government is in no position
to command the services of the most efficient agents. O f necessity, it
pays a fixed salary to its officers, which is less than really talented experts
can command at the hands of corporations; and it is thus o f necessity
distanced in enterprise by private parties. Any governmental system o f
telegraph would pay less regard to public convenience than is afforded by
the existing companies. The present companies carry their wires into the
hotels, railway and other corporation offices, and in this city to the Stock
1869]
A LBA N Y AND SUSQUEHANNA RAILROAD.
101
Boards, Gold Room, Produce Exchange, and every place where an im
portant amount o f telegraphing is transacted, thereby effecting a most
material economy of time and expense in the conveying of messages. The
Government scheme proposes to do nothing of the kind; and from this
very neglect Mr. Randall’s telegraph would fail to draw from the existing
companies the most material part of their business. These are but a few
o f the many weighty objections that might be urged against the Govern
ment attempting this form o f interference with private enterprise.
ALBANY AND SUSQUEHANNA RAILROAD.
The twelfth day of the current month will witness the interesting
ceremony o f the formal opening of the Albany and Susquehanna R a il
road to public travel and transportation.
This line, which has a total length o f 140 miles, connectsby a broad
gauge road the State capital, on the Hudson, with Binghamton, on
the Susquehanna, and is intended to furnish a great coal carrier from
the anthracite regions o f Pennsylvania to the upper Hudson River, and
make Albany the distributing point for the North and East, Canada and
the New England States. It also gives Albany a broadgauge line via
Binghamton and the Erie Railway to the Great W est. W hen com
pleted to Troy and Whitehall, as intended, the line will become the
highway between the anthracite districts of Pennsylvania and the district
of which Montreal is the centre.
That part of the State traversed by this road has hitherto been entire
ly destitute o f raiload facilities. Not a single railroad crosses its course
or in any way connects with it except at the extreme termini. It is
nevertheless an important and wealthy section, and one which will afford
a large local business, as the extraordinary prosperity from the opera
tions on the unfinished line have proved. T o accommodate localities
branch roads have been constructed, while others are in progress and
many more are projected, with the prospect that their completion will
not be delayed beyond a reasonable term. The branches already in
operation are the one from Central Bridge to Schoharie Court House, 12
miles; and the other from Collier’s Station to Cooperstown, about 16
miles. It is also determined to construct immediately a railroad from
Cobbleskill to Sharon Springs, 14 miles, and thence to Cherry Valley, 6
miles further. Through the Delaware and Hudson Canal, which the road
meets at Ninevah, communication is is now had with the coal region,
and preparations are being made to carry the track on to Scranton. The
railroad of the N ew York and Pennsylvania Canal Company will tap
the line at W averly.
102
[ February,
Al b a n y a n d bu sq u e h a n n a r a il r o a d .
The total cost o f constructing and equipping the Albany and Susque
hanna Railroad is less than $6,500,000. Towards the realization of the
enterprise State legislation has been favorable, and at various times con
siderable amounts have been appropriated in furtherance of this enter
prise. In all, we believe, about $1,000,000 have been thus donated to
the company, the last $200,000 o f which became due on the comple
tion of the road to Bifighamton.
The company owning the line was formed under the General Railroad
Law of the State, the articles of association having been filed on the
19th of April, 1851. The capital was fixed at $1,400,000. In 1852
(laws, cap. 195) Albany was authorized to loan the company $1,000,000. In 1859 (laws, cap. 884) the capital was increased to $4,000,000.
In 1863 (laws, cap. 10) an act to facilitate the construction of the road
was passed and $500,000 appropriated, and in 1864 (laws, cap. 399) an
act authorizing a State tax for this purpose. In 1867 (laws, cap. 164)
another act was passed in aid o f the enterprise; and acts have been
from time to time passed, authorizing cities and towns to take stock in the
company, and extend the time for completing the road, &e.
The construction o f the road was commenced in July, 1853, and con
tinued to August, 1854, when it was suspended. W ork was re-com
menced in September, 1858. The progress o f completion by sections was
as follows:
T oSchoharie..............
CobbleskiU.............
R ichm ondville....
W o rce s te r............. ....... 62
Scbenevus............. --..6 7
Oneoiita................. ....8 2
Oiego ............. ..
“
“
“
.Sept. 16,1863
.Jan. 2, 1865
.June 1, 1865
.July 17, 1865
.A ug. 7, 1865
.A ug. 28, 1865
.Jan. 23, 1866
T o—
Unadilla...............
Sidney Plains....
ainbridge.........
A ft o n ..................
Ilarpersville........
B inglum pton. . . .
... 103
....1 0 8
*
1
....1 2 0
. . . . 140
‘
‘
. Oct.
..J u ly
..N o v .
..D e c .
..D e o .
2 \ 1866
10, 1867
11, 1867
25, 1867
30, 1S68
U p to the 30th September, the close of the official year 1867-68, the
cost of the construction and equipment (including interest and dis
counts, $521,137 02) had been $6,387,455 94. Of this amount about
$800,000 was donated by the State, and remainder raised : on stock, $1,841,393 1 3 ; on bonds and loans, $2,802,000; on floating debt, $560,0 0 0 ; and from surplus income, $401,829 82. The equipment of the
line at this date consisted of 17 locomotives, 15 passenger cars, 17 bag
gage, mail and express cars, and 182 freight cars. The road has 11.15
miles of sidings. The iron laid weighs 53 to 56 pounds to the yard.
The regular business operations of the first division of the road were
commenced with the official year 1863-64, and hence trains have been
running for the five years ending September 30, 1868. The general re
sults are as given in the annexed statement:
1863-64. 1864-65.
A yer, length op era ted ................................
(35 m )
(4Sm)
MileB run by trains.....................................
29,828
6i,472
Passengers carried.......................................
59,633
105,818
Mileage o f p i-st-ngers............................... 1.745,681 3,198,.93
T o -a o f freight m oved ...............................
17,310
20,348
Mileage o f fr e ig h t ........... ............
569,885
790,63-3
1S65-66.
(92 m)
191,672
204,548
5,860.553
39,509
2,311,397
1866-67.
1867-68.
(10i m)
(118 m)
191,639
327,101
225,345
.
6,872,741 7,081,364
57,611
. . ..
3.590,619 4,250,199
809]
103
INTERNAL REVENUE RECEIPTS.
The fiscal results from this business was yearly, as shown in the fol
lowing abstract:
Passenger...................
Freight.......................
Expiess......................
Mail............................ ..........
Miscellaneous.............
1861-68.
1864-65.
1865-66.
1866-67.
$88,002 01 $111,554 74 $196,920 06 $208,822 10
73,627 16 151,540 32 21 .668 14 248,091 00
50,492 15
65,061 81
9,955 98
58,979 43
8,826 02
7.74? 75
5,959 17
80**9
1,737 59
4,1*1 38
2,652
48
4,912
81
2,406 39
1863 64.
^ross earnings............. ......... $97,861 07 $175,729 13 $385,198 86 $484 228 19 $535,822 64
Expense ......................
92,789 56 195,734 37 264,013 70 308,003 85
Nett revenue............................$42,378 80 $S2,939E7 $189,464 49
$220,214 49 $227,818 79
W h ich was disbursed on the following accounts :
Interest....................... .........
$ .......
U. S. taxon ear’s
__ .. ........ 1,6C0 40
Carr cdto surpl’s
fund................ .. ............ 40.76S40
$ .......
4,875 56
7S.064 01
$ ....... $159,112 03 $174,467 25
6,069 9-3
5,387 75
9,462 71
1S4,001 78
55,714 71
47,280 92
The follow ing is a statement o f the capital account (so far as recorded
in the annual report to the Stale Engineer and Surveyor) at the close
of the five fiscal years, ending September 30, 1868:
1864.
^
1865.
1866.
^
1861.
^
Capital stock ...................................... 1,347,192 57 1,604.145 50 1,675,138 70 1,774,824 35
Funded deb ......................................
816,739 55 1,016,739 55 2,114.000 00 2,486,000 00
Floating d eb t.....................................
26,350 00
173,721 81
19,043 28 239,767 53
Surplus in c o m e .................................
40,763 40
118,S32 41 298,834 19 354,548 90
1868.
$
1,861.39313
2,802,00000
560,00000
401,829S2
L iabilities........................................... 2,231,050 46 2,913,439 27 4,107,616 17 4,855,140 78 5,625,222 95
Per contra : charges
O on the following
O accounts :
C on stru ction ...................................... 1,907,125 13 2,977,291 43 3,868,361 16 4,532,9S169 5,317,861 52
E q u ip m en t..........................................
122,846 95
19S.8U8 84 343,098 24 437,845 81
547.85735
Interest & d isco’ ts ............................
126,185 78
205,765 18 417,232 08 445,102 OS 612,737 07
Cost o f road, & c................................. 2,156,158 51 3,381,865 42 4,628 691 48 5,415,929 58 6,387,455 94
INTERNAL REVENUE RECEIPTS.
Table showing the aggregate receipts o f internal revenue for the
several fiscal years 1865, 1866, 1867, and 1868 ; the amount derived
from the principal specific sources ; and the per centage o f the amount
derived from each specific source to the whole, for 1868:
Articles and
iccn u tions
M anvfocCs & Product'*,
Boots and shoes . . . .
.................
Br ndy « ade from grapes.....................
B ullion.......................................................
Candles............................... ....................
O- rriagee, railroad ca’ S, & c .................
Chemical p rod u ction s...........................
Chocolate and cocoa ........................
Cigars, cigarettes, and c h e ro o ts ....... ..
C lock-, clock-m ovem ents, A c .............
Cloth, otner than cotton cr w o o l .. .
Cloth, p inteu, & c ............................... .
C lothin g....................................................
Coffee, roasted & trou d, & substit’ s.
Co; feet * n e r y ..........................................
C otto fabric's, yarns, thread, & c .......
C otton, ra w ..............................................
R eceipts
lor fiscal
year 1865.
Receipts
R e ce ip 's
for fi-cal
for fiscal
year 1866: year 1867.
P^r ct.
Hfice’pta ( f the
foi" fiscal whole
y ear 1868. tec pis
$3,280,6^7 $6,516,814 $2,943,420 $1,946,963
44,741
10,546
258.8 6
13,070
379,518
4SSe337
441.340
323,602
230.659
326.583
392,822
29 ',502
880,021
1,576,662
1,606,762
559,214
317,383
534,780
219.892
183,640
17,980
36,437
34,453
24,067
3,087,421
3,476,237
3,661,984
2,951.675
93,838
80,963
71,885
353,697
595,728
376,672
1,517,883
123,153
If 0,286
269,719
312,924
213,722
6.820,937 12,027,697
3,IDS,742
204,201
8 5.984
1,240,106
284,070
22', 5*8
272,665
251,833
569,474
995,795
764, 2 >
592.062
7,331,1 8 12,421,931
9.229,468
6,4-8,855
1,772,983 18,409,655 23,76 ’,079 23,500,943
1.019
.083
.169
.124
.292
.101
.013
1.544
.0 8
.064
112
107
.132
.310
3.394
11,767
104
\February,
INTERNAL REVENUE RECEIPTS.
Receipts
Receipts
lor fiscal
for fiscal
year 1865. 3ear 1866.
Cutlery.......................................................
84,1*8
150,762
Furniture and m anufdc.ureslof wood.
4,540,140
2,783,348
F u r s . . .......................................................
222,559
356,503
Gas, illuminating
............................
1,842,643
1,34J,325
Glass, manuractu’ s o f ............................
585,430
922,318
G »M manufactures, jewelry, diam ds,
& c ...........................................................
543,430
640,602
G1 l e ......................................... ...............
44.517
78,147
G in p ow d er. .........................................
248,376
250 669
Ind a rubber/manufactures o f .............
555,842
635,976
lio n bloom s. & c .............. ......................
52,. 58
52,258
“ advanced neyond blooms, & c . . . .
665,102
457,622
“ band,hoop & sh’ t...........................
319,142
566,860
“ bar, rod, & c ................ .......... .........
30,475
55,388
“ plate..................................................
150,292
234,916
“ r a ilr o a d ...........................................
284,783
399,669
“
“
re-rolled.............................
376,265
668,988
2,555,893
1,484,383
“ castings............................................
1,367,825
798 2<>2
“
“
(stoves & hollow w are)...
211,849
297,632
“ manufactures o f ................ ..........
5,410,181
3,944,380
“ cu tn ails& spikes...........................
382,940
725,146
“ rivets, nuts, & c.............................
101,401
£6,498
Lead sheet, lead pipes, and s h o t...........
227,610
125.096
“ w h it e ...............................................
102,413
52,067
Leather o f all descrip’ s ..........................
4,337,266
5,381.813
Liquors, distilled .................................
15,995,702 29,198,578
“
ferm nted.................................
3,657,181
5.115,140
Machinery, steam engines, & c ...........
772,360
1,1S9,4S5
Marble m onum’ ts, & c.............................
170,419
329,217
M olasses....... ............................................
90,851
54,972
Musical instrum ents.............................
259,884
418,544
Oil, coal, refi’ d petroleum, & c .............
3,047,213
5,317,396
607,225
4* lard, linseed, & c ,............................
414,547
P a o e ro fa lld e 8 crip * s .............................
1,082,476
1,172,115
Pickles, preserved fruits, & c ............
172.3'4
193,860
v in s............................................................
i 2 4,802
37,993
Pottery ware, & c......................................
93, m
161,857
Salt
.................. ............................
335,349
456,101
Screws, w o^ d ..........................................
122,693
226,590
Ships and other vessels.........................
347,218
355,478
216,189
445,766
Silk, manufactures o f .............................
59,768
128,522
S ilverw are................................... ............
283,352
69^,174
Snuff...........................................................
791,416
S o a p ...........................................................
1,326,025
112,230
Starch.........................................................
61,233
174,052
212,662
S t e e l............................................... .
711,211
549,767
steel, manufactures o f ..........................
323,790
567,531
Sugar, brow n or r a w .............................
2,337.405
1,720.613
Sugar, refined..........................................
8,017,020 12,339,922
T obacco, manufactu’ d ...........................
8,462
248,178
Turp ntine, spirits o f. ........................
229,491
111,147
1 mbrellas & parasols. ......... .............
149,981
2' 1,227
V arnish......................................................
43,216
66,118
W in e ............................. .............................
7,947,094
8,S14,101
W oolen manufactures............................
11,381 800 17,692,357
Miscellaneous articles............................
■Articles and
occupations.
Per ct.
Receipts
Receipts o f the
for fiscal
for fiscal whole
ye r 1867. year 1868. rec’ pts
158,849
108,336
.057
2,150,480
1,010,469
.529
415,023
1,834,674
1,902.082
995
479,102
242,912
.127
3*5,652
55,419
180,934
391,003
383,548
.206
131,418
249,772
.069
.131
526,344
454,344
150,992
1,061,414
304,475
2,584,764
741,265
713,851
213,053
3,069,838
677,623
.371
.111
.551
.354
365,437
173,824
!099
3,445,167
29,151,340
5,819.345
2,104,655
121,702
98,759
425,594
4,004,762
1.587,746
14,331,845
5,685,664
1,661,606
88,568
*.831
7.390
2.974
.869
348,Or0
4,281,891
Ash
2.210
743,077
340,398
.*176
31,391
88,307
253,306
172,5 3
2\827
loio
73,783
039
274,890
88.616
798,365
727,164
132,9’ 2
58,330
745,308
411,239
070
031
390
215
500.2'.’6
2,065.105
15,245,478
423,593
372,930
1,436,394
14,947,108
417,015
.195
.751
7.818
.218
151.450
2,761
5.405 426
12,741,396
4.120
3,065.786
6,736,093
.002
1 603
3.523
.016
17/06
T ota l................................................... 104,379,609 178,356,661 146,223,674 101,274,508 52 451
Gross Receipt*.
288,010
227,530
290,605
A dverfis m ents........................................
75,269
108,136
115,461
53,563
.028
Bridges & toll roads............. ..................
92,421
99.268
45.283
9,886
Canals........................................................
.005
529,276
615.769
55- ,359
671,950
.351
E xpress com panies.................................
48,764
137,240
132,653
126,133
.068
F erries......
........................................
1 326,014
.674
805,992
1,169,722
1,288,746
Insurance com panies...........................
74, 84
29,249
78,072
65,127
.034
Lotteries and lottery-ticket dealers...
7,614,448
4,128.255
5,917,293
3,134,337
1.640
R ailroads....................... ...........................
4,877
431,210
39,3 -2
44,268
.023
Ships, barges, & c.....................................
572,519
136,586
09.8
469,188
241,297
Stage coaches ............... ...........................
638,812
84,8>6
91.805
.139
263.450
S eam boats.............. ...............................
308,438
239,595
214,699
215.050
.112
Telegraph com panies.............................
191,039
140,142
202,521
214,704
.112
Theatre^, operas, circuses, A c ...........
T ota l...................................................
Rates.
A uction...... ............................................
Brokers, cattle.........................................
9,697,866
11,262,430
7,444,719
6,280,069
3.284
410,176
503,252
240,249
6.7,674
186,727
110,859
.C98
.053
.......
1869]
105
INTERNAL REVENUE RECEIPTS,
Receipts
Receipts
Articles and
for fiscal
for fiscal
occupations.
year 1865.
year 1866.
Brokers, gold, & c .........................
852,801
1,046,704
Brokers, merchandise............................
596,474
870,080
Brokers, stock .........................................
2,202,793
1,582,247
Dealers, fin excess o f $50,000...............
...........
M iscellaneous............... ........................
...........
T otal..................
Special la ze s, (Licenses.)
Apothecaries........................................
Architects and civil engineers_____ . . .
A uctio i, eers...............................................
Bankers.....................................................
Billiard ro o m s . - .......................................
B ow ling alleys........................................
Brewers........... .........................................
B ro k e rs .....................................................
Builders.....................................................
B u tch ers...................................................
Claim a g e n t ..................................
Conveyancers & reahe statem en ts . . .
Deale s, w holesale.........................
Dealers, retail..........................................
Dealerj , wholesal, in liqu or................
Dealers, retail liqu or...................
D entists................
D is tille r s ..................................................
Eating houses..........................................
Hotels ..........
H orse d ea lers..........................................
Insurance agents ...................................
L a w y ers ..................................................*
Livery stable keepers..............................
Lottery-ticket dealers............................
M anufactures..........................................
P e d d lers...................................................
Photographers..........................................
Physicians & surge’ n s ............................
Rectifiers. ..............................................
Stallions and ja c k s .................................
Theatres, museums, exhibition s,|&c..
T obacconists............................................
M iscellaneous..........................................
R eceipts
for fiscal
year 1867.
Per ct.
Receipts o f the
for fiscal whole
year 1868. rec’pts
415,170
286,433
.150
2,4S4,3S3
906,599
4,244,647
9,229
2.220
.005
4,062,244
4,002,283
4,114,075
4,837,900
2.531
32,872
10,411
80,545
816.687
54,025
13.490
77,747
581,450
82,273
152,421
56,782
33,510
3,543,105
1,606,778
400,693
2.205,866
84,475
59,898
36,538
415,279
40,160
21,610
190,377
65,211
43,490
635,115
459,299
74,608
£02,847
48,781
277,166
26,143
13,579
90,258
43,713
12,136
89,724
1,262,849
103,929
19.749
105,412
673,260
131,178
224 465
70,637
84,442
5,428,345
1,949,017
801,531
2,807,226
47,149
101,534
50,603
580,022
27,566
104,867
264,837
90,180
54,427
1,043,031
679,014
93,186
425,597
61,301
306.854
1,662
316,675
252,180
55,447
15,805
98,085
1,433,716
124,711
20,353
238,155
59S,855
117,531
217,394
84.627
99,595
3,880,281
2,047,861
982,135
2,966,684
59 461
253,587
53,157
763,656
25,635
148.648
357,648
100,856
77,686
1,296.487
708,113
79 170
519,369
80,470
381,032
31,S93
5 ',321
279,020
58,377
15,650
97,448
1,490,384
136,993
19,603
270,205
538,417
82,234
225,077
63,150
97,855
1,854,388
2,163,632
592,046
3,242,915
63,663
115,687
54,8:35
656,795
23,203
152,143
88^,031
101,760
70,0:0
1,427 669
724,210
53,102
280,566
87,770
395,124
48,555
86,004
292,046
.031
.008
.051
.780
.072
.010
.141
.282
.043
.118
.033
.051
.970
1 132
.309
1.696
.033
.113
.029
.344
.013
.078
.200
.053
.039
.746
.379
.023
.303
.045
.206
.026
.045
.152
T otal............................
Income.
From individuals.....................................
From other s o u rce s ................................
From banks, railroad com panies, & c.
12,613,479
18,038,098
18,186,446
16,364,547
8.559
20,570.596
169,855
......
60,547,882
524,050
57,040,641
32,027,611
16.752
7,943,796
8,384,426
4.385
T o fa l .............................
Articles in Schedule A .
Billiard tables...................... . - ................
Carri g e s ..........................
P ia n ofortes..............................................
Plate, o f gold..........................................
Plate, o f silyer.........................................
W a tch es ...................................................
Other articles .........................................
20,740,451
61,071,932
64,984,437
67,754
322,720
7,752
126
117,987
9.139
254,788
17,353
624,458
403,572
84
216,490
426,527
4,609
20,761
183,856
23,422
224,605
163
287.679
619,063
1,005,152
218
252,345
605,789
27,961
780,266
1,693,123
2,116,674
1,134,340
T o ta l...................................................
Total Feceipts.
From manufactures & productions . . .
Slaughtered animals...............................
Gross re c e ip ts .........................................
Sales...........................................................
Special taxes (licen’ s) ..........................
I n c o m e .....................................................
Salaries ....................................................
Legacies & successi’ s ...........................
Articles in schedule A ...........................
Passports, & c .........................................
Banks, railroad c mpanies, & c ...........
Penalties, & c ............................................
Sale o f s ta m p s .........................................
Ppecial incom e t a x .................................
C o lectors o f custom s, special treaty
agents,& c....................................., . . . .
Aggregate.
101,379,609 178,356,661
1,291,570
1,261,357
9,697,866
11,26?,430
4,002,283
4,062,244
12,613,479 18,038.098
61.071,932
20,740,451
3,717,395
2,826.333
1,170,979
546,703
1.693,123
780,26 >
31,759
29,538
12,109,420
13,579,594
932,619
520,385
11,162,302 15,044,373
28,929 812
...........
2.184,342
40,412,037 21.137
.013
.118
.001
....
.132
.312
.016
.593
146.223,674 100,274,508 52.451
6,031
.034
262,211
6,280,069 3.285
7,444,719
4,837,96!) 2.531
4,114,075
18,186,447 16,£64,5 47 8.559
64,984,437 40,412,037 21.137
1,029,992
1,043,561
.546
2,823,411
1,865,315
1.477
2,116.674
1,134,340
.593
28,217
28,280
.015
2,046,562
.976
1,886.746
1,459,171
1,256,882
.658
16,094,718 14,852,252 7.768
64,262
211,129529 310,906,9S4 265,920,474 191,180,564 100.
106
COMMERCE OF NEW YORK FOR
1868,
[.February,
COMMERCE 0if NEW YORK FOR 1868.
W e bave delayed this year publishing our usual annual review of the commerce
o f New Y o rk in order 1hat we miyht revise some o v the figures. Having, how
ever, now received the Custom House statement, and brought down our own
tab es to the 31st o f December, we are able to present the trade o f the port in
full.
r e c e ip t s , im po sts a n d
There
is no marked
variation
e x p o r ts of l e a d in g a r t ic l e s .
in the receipts o f
the leading articles of
domestic produce except in breadstuffs and a few other articles.
O f wheat the
total this year reaches 13,472,940 bushels against 9,6"2.537 bushels last year
and 5,913,511 bushels in 18C6, while in flour the figures are about the same for
the three years. In corn ihere is a very decided increase this year, the total
being 19,087,265 bushels against 14,944,234 bushels in 1867 ; and yet this total
does not equal the receipts in 1866 when they reached 22,69^,186 bushels. The
explanation of the small receipts in 1867 m aybe found in the early and unex
pected closing of the canals. Below we give our t «ble ol receipts for two years:
RECEIPTS OF DOMESTIC PRODUCE FOR 1867 AND 1868.
186S.
1S67.
A sh es, pKgs..............................
7,648
6,008 Spirits tu rp ............... .
R o s i n .........................
Breadstuffs—
Flour b bls............................... 2,761,664 2,597,60* T a r .............................
W heat, bush ....................... 13,472,940 9,652,537 P itch ...........................
Corn ..................................... 19,087,26514,944,234 Oil cake, p k g s .............
O a ts............................................11,154,724 7,994,479 Oil, la rd .......................
R y e ...........................................
740,098 758,263 O il,petroleum ............
M alt...........................................
778,846 458,783 Peanuts, b ag s...........
B arley....................................... 2,1' 6,198 2,218 454 Provisions—
G rass s e e d ...............................
90,959 72,057! Butter, p k g s .............
F la x seed .....................
76,857 145.622 C h e e s e ......................
B ea n s........................................
107,713 46,343 Cut m eats..................
P eas...........................................
380,457 713,274 E gg s............................
C.m eal, b b ls .............................
26,910
69,182 P o r k ...........................
C .m eal,bags............................
308,862 300,209 Beef, p k gs.................
B uckw heat & B .W .flour,pk
59,624
23,752 Lard, p k g s ...............
C otton, b ales.............................
671,3S1 666,411 Lard, k e g s ...............
C opper, b bls..............................
22.869
12,368 Rice, p kgs...................
C opper, elates........... ..............
12,736
17.005 Starch..........................
D r’ d fru it,p k g ...........................
32,494 17,713 S te a rin e ......................
Grease, p k g s .............................
4,334 33,454 Spelter, slabs..............
746 11,046 8ugar, hbds. & b b ls .
Hemp, bales..............................
Hides, N o ..................................
557,882 322 95" Tallow , p k g s .............
H ops, b a les ...............................
70,620 30,620 T o b a cco ,p k g s ...........
Leather, sid es........................... 1,901,300 2,295,250 Toba< co,h h d s........... .
Lead, p i g s ...............................
16,555
14,49s W hisky, b bls.............
M olasses,hhds& bbln...............
29,000 23,001 W ool, bales ...........
Dressed b o g s , N o ___
Naval St )res Crude trp .bbl.............................
10,601 14,242 R ice, rough, b u s h ..
1868.
1877.
61,414 61,428
451.C81 364,427
33.8S6
23,681
9,638
5,713
83,222
91,918
8,652
4,198
674.699 1,017,735
59,985
22,780
518,429 555,861
1.181,251 1,284,143
' 85,392 105,811
226,185 223,664
126,424 156,779
85.752 103.887
95,144 151,603
37,870
13,403
15,716
4,653
192,283 216,017
12,131
8,995
2,801
2,909
1,844
7,277
8,366
85,635 169,027
47,322
92,220
49,810 146,640
108,757
88,264
21,293
88,653
1,000
3,964
In the exports for 18C8 the changes are not very material; and yet the corn
movement is a little remarkable
It will be noticed that although the r ceipts
have been over five mill on bushels in excess o f 18 >7, the shipments have been
three million bushels 'ess. Below we give our table, showing the total exports
o f leading articles for the two years :
EXPORTS OF LEADING ARTICLES FROM NEW YORK FOR 1868 AND 1867.
A rticle4.
Breadstuffs—F lour...............
Corn m eal___
W heat.............
R ye..................
B «rley...........
O a t s ...............
C ora...............
P ea s...............
.. bbl -.
bush.
.bu h.
.bush.
bush.
,i ush.
.bush.
X-B8.
1,( 03,908
191,011
5,762, 37
152,993
9)
91,2i-7
5,989,225
189,226
1867.
871,089
151,6t9
4,468,774
473,260
886,893
144,665
8,147.813
0S0.763
1869|
COMMERCE OF NEW TORE FOR
1868.
107
1863.
74,1-20
Candles.................
lioxes.
60.746
C o il.................................................................................................... tons.
46,681
C o ffe e .....................
bugs.
Cotton .......................................................................................... bales.
328,230
D o m e s tics .......................................................................................b iles.
26,658
D r u g s ................................................................................................pkgs.
47,376
31,705
Haiti ware...................................................................................... cises.
18,3%
H o p s................................................................................................. ba’es.
18,044
Naval stores—Spirits T u p e n in e .............................................. bbls.
344.796
R o s in ...................................................................... b b ’s.
9,842
T a -.............
bbls.
Oil c a k e .............................................................................................. 100lbs. 818,888
50,549,923
Oi s —P etrolen m .......................................................................
200,182
W hale© il......................
„
443,760
S erm o il........................
galls.
Lard o i l — .........................................................................ga Is.
139.000
83,402
Provisions—P o r k .............................................................
bbls.
76,66>
B e e f................................................................bbls. & t s.
Bacon .................................................................... 100 lbs.
320.0 2
9,951
P u tter..............................
100 lbs.
Cheese........................................................................... 100bs. 412,672
432,552
L ard.................................................
1U0 lbs.
T a llow ................................................................................................... 100lb«. 132,483
T e a . . ............................................................................
pkga.
27,584
T ob a cco L eaf.............................................................................. hh s.
41,640
T obacco.................................................... bales, cases, &c.
41,5 4
7,372,760
do Manufactured............................................... lbs.
W halebone........................................................................................... lbs.
675,189
1867.
6*,sM
72,529
44.664
447,647
13,644
51,884
23,852
3.532
38.115
£39.124
639.045
32,886,960
377.605
675,982
186,407
86,254
56,361
93,177
44,056
537,543
528,693
184,986
17,737
79,032
71,551
7,393,725
600,536
Below we give the value exported to each conutry (exclusive o f specie) during
1867 and 1 8 6 8 :
1863.
$78,837,494
9,021,857
5,002,105)
18,264,043
1,616.768
2,175,305
6,23),870
101,029
3.7)8,879
3,376,462
4,938,517
7,165,390
1,**08,708
8,153 590
1,831,120
4,550,409
650,815
1,394,011
3,480,781
3,532,136
1,481,414
To
Great Britain...................... .
F rance.....................................
Holland and B elgium ...........
Germany ...........................
Other Northern Europe ...
►pain.......................................
Other Southern E urope___
Eas: Judies............... ............
China and Japan........:. . . .
Australia.............................. ..
B i.is h N A Colonies...........
Cuba........................................
Hayr.i .....................................
Other W est Indies...............
M e x i c o ................................
“N e w G ia n a d a ......................
Venezuela..............................
British Guiana......................
Brazil......................................
Oth< r S American ports
All other ports........................
1867.
$100,547,843
1 ,470,683
6,434,558
20 497,615
1,385,116
1,495,119
7,294.556
11,331
2,454 004
2.896,099
3,895,249
6, *42 357
1,371,17U
7,122,005
2,133,758
3,146,464
679,721
1.111,329
3,060,591
3,562, 63
3,122,977
W e now bring forward our tables showing the total foreign commerce at this
port for a series o f years, and for that purpose use, with a few changes, the
figures given by the Journal o f Commerce several days since.
It will be seen
that the exhibit for the past twelve months is less satisfactory than last jearthe exports being less, while the imports are about the same.
EXPORTS.
The exports from N ew Y ork for 1868, exclusive o f specie, reach a total o f
§164,006,102 acai st §186,790,025 last year. A s we stated last year, however*
it should be remembered in receiving these figures and using them as a basis
upon which to est mate the trade of the country, that the exports from t e South
have been large each year since the close o f the war, while the iinpor s have
tern m n i ; so also duriDg the past tw o years Calilornia has exported an
uuusua! amount o f breadstuffs.
F or these reasons, the figures show irg the com
108
com m erce
of
new
York for
1868.
[ February,
merce o f N ew Y o rk do not bear the same relation to the trade o f the country
as form erly, that is to say, the exports do not now represent ne ;rly as large a
proportion o f the total exports from the United States as during and previous
to the war, while 'the imports represent a larger proportion o f the total imports.
The shipments direct to foreign countries o f cotton alone from the South, during
1867 and 1868, reached about one milhon bales each year, while the total
amount of naval stores, tobacco, &c., sent direct from that section was also
large, and yet foreign imports for the South have been to a very great extent
received through N ew Y o rk .
W e think, therefore, when the figures for the
whole country are made up they will show a less unfavorable balance.
The
following statement exhibits the quarterly exports, exclusive o f specie, for the
past six years from this port. A s the ehipmeats o f merchandise are reckoned
at their market price in currency, we have given in the same connection the range
o f gold.
EXPORTS FROM NEW YORK TO FOREIGN PORTS EXCLUSIVE OF SPECIE.
1st q m r e r ...............................
Price o f G old ...........................
2nd quarter........................ .
Price ol G old...........................
f i d q u T 'e r ...............................
Price o f g o ld ...........................
4th quarter.............................
Price o f g o ld ...........................
1863.
1864.
1865.
50,614.908
1554-1751
41,046 756
1404-1574
38,825/87
1214-145
40,223,747
1491-1561
41,450,756
1511-169*
48,446,686
166i-25’>
70,519,134
191-285
52,426.966
l»9-260
46.710,118
1961-2341
24,216,067
1284-1471
40,5.1,493
1381-1464
67,178,421
1441-149
$
S
$
1866.
“8
60,975,531
1241-1454
46,766,386
125-167}
38,381,202
1434-1474
46,800,435
1314-154}
1867.
1868.
40,376,379
1351-1401
46.270,201
132}-141*
38,292.663
133-146#
52.214,722
1324-145}
42,033,366
1334-144
41,381,068
1^7-1414
36,549,086
1404 150
44,101,982
132-1404
$
$
T ota l................................... 170,718,763 221,822,542 178,126,599 192,329,554 186,790,055 164,066,102
W e now annex onr usual detailed statement showing the exports o f domestic
produce, foreign dutiable and fr. e goods, and specie and bullion, during e ch
month o f the last six years :
EXPORTS OF DOMESTIC PRODUCE.
1863.
1864.
1865.
1865.
1867.
1868.
January.................................... $14,329,39S$11,418,953 $16,053,621 $19,784,997 $12,911,689 $13,766,496
February................................. 17,780,583 13,662,218 15,i 42,505 16,768,120 14,615,'4 l 13.543,<>74
March ................................... 16,’.37,689 14,410,051 13,808,565 23,291,485 19,670,955 15,882,808
A p ril........................................ 11,581,933 13,263,712 7.220,709 22,526,822 16,979,3S3 13,076,76:
S la y ......................................... 13,183,510 14,610,493 7,8S3,565 12,281,623 12,615,022 14,207,029
J u n e ........................................ 14,780/172 17,096,495 8,079,802 9,601,089 14,346,769 10,634/44
July
................................... 15,298,003 26,251,673 12,521,246 13,057,476 13,626,698 1 0,538,848
A u g u st..............................
10,666,959 26,617,850 14,500,860 12,646 004 12,116,096 12,7511,918
Septem ber............................... 11,717,761 15,505,548 12 763,484 1,635,610 11,102,100 11,316,402
O ctober.....................
14,513,454 16,740,404 20,986,916 14,593,664 16,670,510 13,954,602
N ovem b er............................. 11,413,591 12,015,064 22,763,327 13,651,464 20,056,540 13,881,126
D ecem b er............................... 12,846,151 19,243,528 22,562,534 16,817,615 13,442,177 14,532,230
Totals ............................. $164,249,177 201,855,9S9 174,247,154 186,655,969 178,510,409 156,075,578
EXPORTS OF FOREIGN FREE.
J a n u a r y ................... .............
F bruary..................
M > rch ...................... .............
A p iil ...................... .............
May ......................... .............
J u n e ............... .......... .............
July .......................
A u gu st..................... .............
S eptem ber............... .............
O ctob er.................... .............
N ovem ber................ ...........
December................. .............
Totals....................
$73,111
213,685
74,949
103,337
49,380
90,815
55,400
149,325
56,534
55,555
$42,232
77,698
72,667
48,461
40,898
75,709
249.404
126,537
848,742
69.955
64,914
425,031
$105,421
74,793
307,221
57,544
54,500
35,417
28.486
45,045
64,003
83,235
109,155
24,165
$38,301
26,605
57,167
130,254
151,393
55,074
27,269
50,720
29,873
32,061
64,001
44,265
$114,207
36,803
31,133
38 389
23,492
43,214
20,168
24,096
9,498
4,446
8,515
82,694
$12,680
36,387
24,761
113,489
183.986
32,946
37,975
IS,192
80,593
10.822
9,163
39,330
$93S,735
$706,483
$436,655
$650,924
1869]
1868.
COMMERCE OF N EW YORK FOR
109
EXPORTS OF FOREIGN DUTIABLE.
1863.
January..............
February . . .
M a rch ................. ...........
A p r il...................
M a y ....................
J u n e ....................
J u l y ....................
August................ .............
Septem ber......... , . . . .
O ctober..............
N ovem ber.......... ...........
D e c e m b e r . . . . ...........
610,009
758,266
231,774
238,972
383,948
458,575
Totals.............
1864.
$661,485
456,493
599,959
558,812
569,838
1,282,218
5,137,460
2,231,782
2,46 1,138
1,104,299
],126,059
1,632,502
1865.
$432,556
633,509
191,917
433,395
320,210
131,425
262,583
135,172
200.854
222,072
203,091
238,606
$17,824,095
$3,440,410
EXPORTS OF SPECIE AND
J a n ...............................
F e b ...............................
March..............
A p ril.............................
M ay...............................
J a n e .............................
July...............................
A u g ...............................
Sept...............................
O ct.................................
N o v ...............................
D e c ...............................
$4,624,574
3,965,664
6,585,442
1,912,834
2,115,675
1 367,774
5,268,881
3,465,261
3,480,385
6,210,156
5,438,363
5,259,053
$5,459,079
3,015,067
1,800,559
5,883,077
6,460,930
6,533,109
1,917,329
1,001,813
2,835,398
2,517,121
7,267,662
6,104,177
1866.
$284,909
400,7.v2
320,165
654,019
759,857
606.255
401,724
226,786
306,244
186,108
268 600
651,657
1867.
$422,751
800,663
764,138
845,824
665,034
713,137
382 595
717,161
890,851
797,235
610,460
533,115
1868.
$669,151
441,528
655,881
648,960
852,544
61V 09
444,735
558,078
8^3,‘.55
740,477
517,907
415,675
$4,967,102 $8,143,961 *7,389,600
BULLION.
$3,184,853
1,023,201
381,913
871,240
7,255,071
5,199,472
723,986
1,554,398
2,494,973
2,516 226
2,046,180
2,752,161
$2,706,336
1,807,030
1,045,039
588,875
23,744,094
15,890,956
5,821,459
1,587,851
834,550
1,463,450
3,776,690
3,297,270
$2,551,351
2,124,461
1,891,141
2,261,283
9,043,154
6,721,272
13,519,891
1,714,594
2,201,953
1,182,031
1,733,261
6,S54,54S
$7,349,825
4,203,825
3,694,912
6,095,179
15,936,231
11,823,029
10,584,558
4,690,989
1,954.723
1,608,739
1,181,085
1,717,905
T o ta l............................. $49,754,066 $50,825,621 $30,003,683 $62,563,790 $51,801,948 $70,841,59
TOTAL EXPORTS.
J a n ................................. $19,695,358 $17,609,749 $19,746,451 $22,814,543 $15,999,99S $21,798,152
F e b ................................. 12,400.148 17,211,176 16,774,008 19,002,587
17,676,967 IS,225,414
M arch.............................. 23,695,082 16,383,233 14,799,626 24,713,856
22,366,367 17,258,362
A p ril............................... 14,004,940 19,754,062
8,582,897 23,899,970
20,124,879 20,83* 319
M a y................................. 16,002,780 21,682,200 15,513,346 36,937,067
22,340,699 31.269,79(1
June.............................
16,495,293
2o,8S7,531 13,446,113 26,153,374
21,827,391 23,182,527
July............................... 21,092,787
83,585,863 13,536.061. 19,307,928
27,588,755 21 60n 110
A u g ................................. 14,454,809 20,977,982 10,235,474 14.511,361
14,571,947 18,018,177
Sepi................................. 15,492,518 21,739,826 45,523,314 12,805,773
14.204,407 14,155,063
(Jet ................................ 21,219,549 20,431,789 23,788,469 16,275,283
18,663,251 16,314,640
N ov .............................. 17,292,436 20,473,699 25,126,753 17,750,755
22,408,716 15,5814,881
D e c................................. 18,619,334 27,410,438 25,577,766 20.710.S07
20,912,534 16,705,190
T o :a l.................... $220,465,031 $272,648,163 $203,630,282 $254,8S3,254 $238,591,973 $234,907,701
The shipments of specie during 1868 will be seen to be about 4 millions less
than last year.
TOTAL IMPORTS.
In 1866 the imports reached the large total of $306,613,184 Compared
with those figures there is, this year, a falling off of about 55 millions; but, com
pared with years previous to 1866, the total still continue large, lu the fol
lowing we classify the total imports giving separately the dry goods general
merchandise and specie :
FOREIGN IMPORTS AT N E W YORK.
Dry g o id s .....................................
Geuer 1 merchandise..................
S pecie..............................................
Total im ports.......................
1864.
$71,589,752
114,240,386
2,265,622
1865.
1866.
1867.
1868.
$92,1*1,140 $126,222,855 $88,532,411 $80,905,834
130,557,9(48 170,812,300 160,7(9,725 168,202,611
2,123,281
9,578,029
3,306,339
7,085,389
$218,125,760 $224,742,419 $306,673,184 $252,618,475 {251,193,834
We now give, for comparison, the previous years since 1851, classifying
them into dutiable, free, aud specie. Uuder the head of dutiable is included
110
com m erce
of
new
tork
for
1868.
[ February ,
both the valoe entered .or consumption and that entered for warehousing.
free gools run very light, as nearly all the imports now are dutiable :
The
FOREIGN IMPORTS AT NEW TORE.
Year.
Dutiable.
1851....................................................................... $119,59-1,264
3852.................'................... ................................ 115,336,052
1853 .................................................................... 179.512,412
3854..................................................................... 363,494,9S4
1855..................................................................... 142,900,561
1'51..................................................................... 393,839,646
196,279,362
1S57... ............................................
1S58..................................................................... 128,578,056
1859 ........................................
213,640,373
1860 ................................................................. 501.401,683
1861.....................................................................
95,326 459
1862. ....................................
149,970,415
1863 .............
174,521,516
1864 . ............................................................... 504.128,236
1855 ..................................................................... 212,208,301
1866 ..................................................................... 284,033,567
1867 ................................................................... 238,297,955
1868 ...... .......................................................... 232,314,418
Free goods.
Specie.
$9,749,771 $2,049,543
12,205,312
2,408,225
12,158,387
2,419,083
35,768,916
2,507,572
14,103,946
855,631
17,902.678
1,614,425
21,440,734 12,898,033
22,024,691
2,564,120
28,708,732
2,816,421
28,006, '47
8,852,430
30,358,918
87,0*8,413
23,291,625
1,390,277
11,567,000
1,525,811
11,731,902
2,265,622
10,410,837
2,123,281
13,001,588
9,578,029
11,044,181
3,805,339
11,764,027
7,0e5,339
Total.
$131,361,578
129,849,(19
191,097,652
181,371,572
157 866,538
213,656,649
230,018,129
152,'67,067
245,165,516
238,26 >,469
162,708,790
174,<55 >,317
187,614,577
218,125,760
211,742,419
306,613.184
252,648.475
251,193,834
Below we give a detailed statement showing the receipts from foreign ports
duiing each month of the year, for the last six years, both of dutiable and free
goods, end what portion were entered for warehouseg, and the value withdrawn
from warehouse:
IMPORTS ENTERED FOE CONSUMPTION.
Jan ary........................
F e b u . r y ...............................
M arctt.....................................
A i.r il......................................
M a y .........................................
4 u n e........................................
J u v ........................................
All. u s t ...................................
Sept raber.............................
•a tnber..................................
Novell.ber..............................
Decem ber...............................
T ota l.............................
18f3.
1864.
$3,741,227 $12 422,618
7,372,539 15,766,601
11,461,572 15 843,425
9,493,830 18,901,700
7,989,281
7,531,300
6,328,581
5,51 >,985
9,080,210
6 382,928
10,001,580
6,603,953
11,29.3,635
4,390,114
11.885,509
3,770,526
10,026,929
3,303,359
10,448,576
4,143,542
1865.
18 6.
1867.
18'8.
$5,217,495 $18,556 726 $11,046,856 $7,t53.f30
5.178,774 17,389,505 13.364,912 10 3 6,051
7,066.126 15,209,809 11,373,974 11 999,520
5,5-8,075 13.866,448 10,800 747 9,652,649
6,592,157 13,593 551 9,438,747 10 244,3 8
8,542,271 10,682,723
8,94 ,379 8,780.471
10,175,820 14,301,403 11,036,9 0 12,193,56.9
15,903,743 14,560;101 13,547.834 14,005,112
16,748,595 13,2*8,480 13,149.846 14.152,546
16,357,282 13,812,206 10,224,505 11,294,439
16,655,764 10,6.38.544
8,193.013 9.707.521
14,600,606 8,447,064
6,410,343 7,458,905
114,377,429 104,98S,8U 12S,467,155 163,600.620 127,641 016 127,737,013
IMPORTS ENTERED WAREHOUSE.
Ja> na-y.................................
» . binary........ ....................
March......................................
A pr 1........................................
M a y...................................
June ......................................
J a y ........... .............................
A ugu st.....................................
Sei t-m b e r ..............................
October ...............................
N ovem ber...............................
D ecem ber...............................
T ota l................. .............
$4,4*2,794 $5 571,936$4,511,225 $10,211,576
3.657,775
4,991,398 6,568,127 11,020,677
6,016,901
6,011,408 7,872,555 9,539,100
6,456,208
5,'. 05,540 7,448,371 10,159,657
5,437,404 14,727,177 5,288,049 13,902, >07
5,377,885 16,900,964 7,123.791 10,957,050
6,057,342 14,954,635 7.845,947 11.301,274
4,4119 891 10,437,478 7,563.2e0 8,123,406
3,431,310
6,25',508 4,936,209 7,817,045
4,189,457
5 332.928 5.90 ,993 8,113,869
4,956,415
4,160,532 9,184,116 8,315,859
5,076,955
4,250,862 10,500,502 10,105,018
60,144,337 99,139,425 83,741,146
$9,087,702
11,411,014
9.009,756
13,321,831
10 890,075
10,47 ,305
11,226,514
9,340,292
6,676,107
7,196,411
6,414,009
5,931,115
$4,047,871
9,297,632
lv ,891,956
10 780,66s
10,541,079
10,003,867
10,573,083
8,280,601)
6,804,610
6,850,498
7,05C,229
5,325,232
20,232,938 110,750,933 104,607,405
OF FREE GOODS.
$840,129 $1,238,757
$841,050
797,788
62u,063
1,504,253
1,(72,849
830.450 :,179,1'7
1.025,517
961,028
1,152,683
1,056,576
S18,81S
959,416
1,258,634
953,226 1,002,330
917,694
886,431
889,549
936,472
836,533
9 1,877
795,468
840.082
882.557
855,079
795,'08
1,471,951
87H.514
91 ',976
1,159,248
947,999
1,125,718
913,937
IMPORTS
January....................
February................ .............
M arch...................... .............
April .................... .............
M ay..........................
J u i e ......................... .............
J Lllv.......................... _______
August
............. .............
Sep'eraher..............
October...................
N ovem ber............... .............
D ecem ber.............................
783,561
1,328,^06
1,32.8,210
781,0 3
083,880
509,781
665,207
834,074
$717,810
9 8,864
923,377
1,232,997
1,140,103
1,043,040
766,7S6
844,664
854.987
754,8S1
1,082,066
765,106
$178,296
71^,777
821.6-2
964,488
8&7 657
783,149
1,094,543
828,188
1,421,652
1,294,991
1,323,254
647,350
T otal............................... $11,567,000 $11,731,902 $10,410,837 $13,001,588 $11,044,181 $11,764,027
1869]
COMMERCE OF NEW YORK FOR
1868.
I ll
IMPORTS OF SPECIE.
January.................................
February...............................
M arch....................................
A p ril......................................
M a y .......................................
J u n e ......................................
J u ly ........................................
A u g u s t .... .........................
September...........................
O ctob er..................................
N ovem ber.............................
D ecem ber.............................
T otal..............................
1863.
$101,906
213,971
123,616
107,061
197,217
109,997
182,245
113,877
78,231
78,053
103,144
116,493
1834.
$ ’.41,790
88,150
1(4,437
285,814
680,092
146,731
128,052
245.853
58,220
629,775
1«1,727
114,976
1865.
$52,263
106j!04
243,242
236,492
177,085
236,032
253.640
1S2,072
194,224
77,942
236,526
127,054
1866.
$52,771
172,122
285,854
161,817
398,073
64,519
345,961
269,221
5,193,473
1,434,158
802,937
352,093
1867.
$126,719
136,491
145,867
271,710
876,725
499,1S4
56,606
540,244
845,669
362,789
181,319
263,016
1868.
$136,574
415,879
1,299,776
871,079
477,485
838,111
126,442
846,821
906,558
554,862
220,316
891,490
$1,525,811 $2,265,622 $2,123,2S1 $9,578,020 $3,306,339 $7,0S5,3f9
TOTAL IMPORTS.
Jan uary...
F eb ru a ry ..
M arch.......
A p r il.........
May .........
J u n e .........
J u ly______
A u g u s t ....
September.
October . . .
N ovem b er.
December..
Total..
$15,739,576 $18,977,394 $10,620,117 $30,109,830 $20,979,087 $15,418,571
13,027,846 21,643,937 11,473,668 30,692,557 25,0)0,781 20.818,337
18,390,895 23,667,119 16,012,373 26,204,940 21,512,974 26,512.934
17,383,315 26,168,631 14,174,464 24,840 605 25,633,293 22,268 8S4
14,324,925 23,970,144 12,S76,109 28.818,447 21,852,250 22,150,639
12,597,516 23,926,314 16,855,321 22,736.652 20,967,908 20,471,598
16,003,677 22,381,299 19,161,838 26,851,187 23,080,866 23,987,657
15,088,129 18,223,463 24.475,6 8 23,884,665 24,273,034 23,960,721
15,499,940 10,539,459 22,674,496 27,079,089 21,027,209 23.2S5.396
16.894,967 10,088,308 21,134,675 24,S32,1S4 18,438,486 19,994,790
. 16,045,695 8,597,595 27,235,651 20,710,854 15,871,008 18,3 1,320
17,126,098 9,915,098 26,048,0:99 19,852,174 13,375,580 14,023,087
187,014,577 218,725,160 224,742.419 306,613,184 252,648,475 251,193,834
WITHDRAWN FROM WAREHOUSE.
January.................................. $2,881,531
2.499,127
February................................
M arch....................................
3,456,530
A p ril......................................
4,182,683
M ay........................................
9,794,773
J u n e ......................................
3,830,8S7
J u l y .......................................
4,227,265
A ugust...................................
6,429 421
September.............................
6,912,561
O ctober.................................
4,858,512
N ovem ber.............................
4 084,183
December..............................
3,704,294
T otal...............................
$4,950,418 $5,053,554 $7,454,383 $9,380,481 $6,731,624
5,285,680 5,673,619 7,666,543 11,794,146 9,049,339
5,215,993 5,795 512 7,844 644 13,318,411 10 296,124
14,183,878 7,880,008 8,640,260 8,838,610 10;!40.834
659,869 10,277,170 9,450,597 9,245,943 9,015,351
2,544,914 6 346,953 8.967,431 6.910,287 6,6 8,943
3.386,873
8,612 411 9,084,242 7,56 1,396 6,829,796
7,867,843 9,661,136 10,530,593 10,490,050 9 676,657
6,8 2,329 8,042,603 11,091,194 9,928.411 10935,659
5,504,138 4,699,323 8,789,338 7,728.761 8,892,665
6,828,884 4,249,381 6,126,725 6,378,248 6,104,542
5,400,974 3,636,662 4,504,836 5.202,-.39 5,675,429
50,851,167 67,480,778 80,524,342 100,241,282 106,776,056 100,036,963
Below we give in detail the receipts for customs at New Ycrk each month of
the last five years :
RECEIPTS FOR CUSTOMS AT NEW YORK.
1S64.
1865.
1866.
1SG7.
1868.
Janu’ ry ............. ............. $6,180,536 00 $4,231,737 47 $12,437,474 16 $9,472,248 48 $7 133,4 8 42
Febru’ r y ........................... 7 474,027 03 4,791,247 10 12,(08,27 ) 74 11,466,418 42 9.696,752 39
M a rc h ................................. 7,679,77047
5,392,099 26 11 173,104 92 11,977,418 19 11,195,861 S3
A p i t .................................. 13,982,555 60
6,309,994 34 10,950,896 78
9,372,701 43 10,023,019 37
May .'................................... 3,805,18646
8,138,433 06 11,418,492 10 9,340,766 73 9,723,476 45
J u n e .................................... 3,311,14843
7,837,075 8 4 9,559,808 38 7,725,135 60 7,578,200 69
J u l y ..................................... 3.586,84844
9 778,276 63 11,507.186 60 9,505,432 9 4 9,237,920 50
A u g u s t ............................... 6,237,86817 13,113,689 50 12,349,7(0 82 12,623,300 45 11,99.3,596 18
S e p t ..................................... 4,0S4,4!!254 12,929,615 64 12,2(3,144 66 11,742,104 78 12,916,782 29
O c t....................................... 3,670.18838 10.973,513 01 11,002,048 08 8,682,S89 05 10,059,277 34
N o v ..................................... 3,455,15658
9,933.483 96 7,716,883 67 6,931,212 90 7,309,086 8S
D ec...................................... 3,440.85267
8,340,750 37 5,707,547 99 6,276,301 32 6,327,300 78
T otal........................... 68,037,127 51 101,772,905 94 128,079,761 60 114,085,990 34 113,296,712 62
The total custom receipts for the year amount to $113,296,712 62, as given
in above table. Thu is a decrease of about one million dollars on last years
total, and about fifteen millions less than the total of 1866, bat larger than aoy
year previous to 1866.
112
com m erce
of
new
tork
FOR
DRY GOODS IMPORTS FOR
1868.
[ February ,
1868.
It will be seen in the foregoing table classifying the imports, that the total
imports of dry goods the past year amounted to $80,905,834, against $88,582,411
for the previous year, and $126222,855, for 1866, a decrease of about 46 millions
on the total for 1866, and of 8 millions on the total for 1867. We now give a
detailed statement showing the description of these goods, and also the relative
totals for the proceeding five year?:
IMPORTS OF DRY GOODS AT NEW YORK.
Description o f good s.............................
1SG4.
1865.
1866.
1867
1868.
M a n u fs —W ool.......................................... $31,411,965 $36,053,190 $t0,405,179 $33,676,601 $25,753,436
Cotton.................................
8,405,245 15,449,054 21,287,490 15,800,894 13,561,001
b i l k ........................................ IK,154,(80 20,476.210 24,8?.7,734 18,565.817 21,7(8,801
F la x ........................................ 11,621,831 15,521,190 20.456,870 12,949,561 12,501,157
Mtscellan’ s dry goods.............................
3,956,630
4,501,5S6 9,235,5S2 7,569,538 7,381,439
Total im ports.....................................$71,589,752 $92,061,140 126,222,855 $88,582,411 $80,905,834
The decrease during this year has been principally on woolen goods, while
in silk there has been an increase. We now give a summary of the imports
each month, from which can be seen the course of the trade through the year.
The returns for the previous four years are added :
TOTAL IMPORTS OF DRY GOODS AT NEW YORK.
1864.
$8,184,314
9,437,454
12,635,127
5,220,245
6,081.136
4,801,703
6,762,750
7,529,800
4,107,449
2.996,100
2,235,107
2,558,567
Jan uary...
F ebruary...
March.........
A p ril...........
M a y........... J u n e .. ..
J u ly ...........
A ugu st—
September,
O c to b e r ....
N ovem ber.
D ecem b er.
1865.
1868.
1866.
1867.
$2,350,635 $15,769,091 $12,928,872 $5,119,359
3,723,690
16,701,578
1»,7S6,615 8,574,770
5,S24,599 15,833,273 10,227,579 9,361,654
7,336,564
5,274,455 4,8'. 6,418
3,969,706
7,299.112
5,825,994
3,931,468
5,436,451
4,564,079 4,181,629
5,443,062
6,775,244
7,226,283
10,727,463
6,532,575 6,971,547
13,462,265
14,870,338 12,608,019 12,853,606
11,198,257
9,175,675
7,351,223 8,457,768
12,187,331
S,480,550
5,382,793 5,702,189
7,259,236
12,657,937
4,397,398 5,514,392
10,586,951
5,989,731
3,092,350 3,516,508
T o t a l................................................ $71,589,752 $92,061,140 $126,222,855 $88,582,411 $80,905,834
I q the foregoing table we have indicated the extent of the imports each month
since January, 1864. As our readers may be interested in seeing the totals for
the anterior period, we annex the following, showing the total import3 of dry
goods at this port each year since 1849 :
IMPORTS OF FOREIGN DRY GOODS AT NEW YORK.
1849.
1850.
1851.
1852.
1853.
1854.
1855.
Invoiced value.
......... $44,435,575 I 1856.
......... 60.106,371 | 1857.
......... 62,846,731 1858.
.......
61,654,144 1859.
....... 93,704,211 186).
......... 80,842,936 1861.
.......... 61,974,062
Invoiced value.
Invoiced value.
....... $93,362,893 1S62.......................... $56,121,227
....... 90,534.129 1863
............ 67,274,547
....... 60,154,509 1864
............ 71,589,752
........ 1)3,152,624 1865
............ 92,066,140
....... 103,927,100 1866
............ 126,222,585
........ 43,636,689 1S67.......................... 83,582,411
1868.......................... 80,905,834
1869]
113
IMPORTS OF MERCHANDISE,
IMPORTS OF MERCHANDISE OTHER THAN DRY GOODS AT THE PORT OF N.Y.
The following table shows in detail the imports of merchandise other
than dry goods a t this port for the year 1 8 6 8 . In the M a g a z i n e for
February, 1868, page 1 3 4 , will be found the figures for 1867 :
[The quantity is given in packages when not otherwise specified.]
Qaan ity. Value.
China,Glass A E'rthnware
B ottles............... $33,063
China ....11,625 57.>,470
Earth’ w ’ e. 50,7371,8 ;0,849
Glass
.363,923 82 -,708
Glasswa’ e 24, 03 840,872
Glass plate.7,137 947,306
S ton ew a re .......
17,505
Other..................
4,357
Drugs—
A c d s ......... 2,101 206,363
Acetate of
li m e .........3,299
55,135
A lk a li....... 6,7S4 117,« 0>
Asphaltnm .485
8,238
A lb u m e n ... 49
7,3 5
A lizarine.
12
7,563
A lo e s ......... 951
16,870
Alum ....2 ,0 2 4
12,574
Alum CAke ..458
10,657
Amm onia eul423 2 ,205
44
carb9l5
49,4:37
“
muri’ e4
224
44
sal. 11'
9,143
A lam l’ msul.^TS
3.283
Annatto ...3.899 83 744
Aniline, crudclO
664
44
ar ’ el52
10,615
44
oil . M
1,209
44
p o w d .l
3o9
44 cliloate9
871
44
col’ s 465 87,5-' 6
44
dyes .. 1
631
Antim ony ...100
5,754
A n iseed . . . . 272
8,555
Arsenate tolin
cline............. 30
1,899
Anine ........... 1
222
A rrow root2,351
14,696
A ssafcetida.. 113
5,090
A rsenic ..2,313
19,832
A rg o ls .. . . 2,181 208,225
Ba.sain tolu 2)
1,122
“
Peru . 6
510
Bark, re d ....... 12
619
Bark, Peruvian.
13,313 352,950
B a ry tes....... 497
3,066
“
sulph.13
120
44
car. *.495
2,732
B ism u th ....... 32
25,516
‘ snbsti’ c 2
253
Blea powd3J,445 482,709
Blue ga’ls
39
2,185
Bor’ te o f lime 65
786
B o ra x ........... 35
698
Butt’ro fco c o a l5
348
Burguudy pitch
200
824
Buchu ’ eav s.72
1,593
B r im s to n e ,
(tons) . .10,273 269,158
Castor oil
509 12,< 09
Cal a mas io o t .ll
446
C alom el......... 70
2,570
• amphor 2,247 60,678
Cham >mile . .10
144
44 fl.»wers2S6
8.354
Cant.harides . .68
6,968
Cardamoms .111 23,433
Quantity.
C a rm in e ....... 56
44 ot indigo9
Chlo^odyne. .17
C h a lk .................
C o b a lt ......... 21
Colcotbar .. . 85
Colocvn h .. 231
C re js o te ........ ’ 7
Cream tar. 1,733
Crystal tartar 10
C hico-y .. 6.056
C olom bo ro’ t2i4
Cochineal .5,161
Casionon ........4
C ubebs....... 109
C u d b ea r.... 342
Cutch . . . 9.478
D iv id iv i ..1,177
Dunging sal s67
Dragon’ s bloodS
E r g o t ............. 41
E^g album en.50
Esparto
.25:
Ergot o f rye .9
E xt. o f mad e 14
E xt. o f i’ di.go281
E xt o f fustic 72
E xt. o fd y c w ’ d.4
Flour sulphui'50
Gentian root 222
G ela tin e....
Gambier. 20,942
Gamboge .. 167
Cum A i’ bic3 4-7
44 a m b er... 2
44 c r u d e ...505
44 benzont.10
44 anine
.86
44 benjamin49
44 copaivi.856
44 cam ’ r 1,883
44 kow r el2865
44 gedda. 1,303
44 gu i’ cuml02
14 copal .2,083
44 m a s t i c ...9
44 k e n o ....... 9
44 t a l c . . . . 875
44 myrrh .118
44 alib iin h23
44 mogadoro 6
44 tr<g>Tml50
44 seoegal.114
44 s e n a r i...l0
44 sen’ kimloO
“ substit’ teSS
*4 to u .......65
44 sahdrac .22
“ scamm’ nv4
G lue....... 8,339
Glycerine 1,3 >9
Gypsum . ...bT4
Iceland m o ss .10
In d ig o ....... 4,567
I o d i n e ......... 5S
Iod iuer, e-u b . .7
Iodide, pot .307
Ipecac ........... 68
Ipecacuanha .6 )
Insect powdr233
3
Value.
17,789
833
1,227
10,062
3,848
480
3,040
532
318.542
2,2*1
128,543
1,623
829,928
112
699
35,538
69,271
1,6>1
3,857
532
4,059
8,503
655
629
3,947
20.055
382
480
257
1,958
35,011
153,712
10,767
42,885
1,135
27,171
924
8,349
2,483
28,065
42,546
269 184
53,S43
1,444
72,080
1,432
135
32,785
2,565
399
400
19,586
5,725
865
10,636
4,530
2,996
1,273
710
333,994
26,375
7,243
103
834,596
58,217
1,8 '0
56,i l l
8.985
9,4 >4
9,050
Quantity. V alue.
5.99o
I s ln g a s s ....... 14
J 'l a p ............. 145 15,482
Lac d y-s ....8 7 9
3S,94(j
Laurel leaves.50
34i
Lac s u lp h ........5
20g
L e e ch e s....... 326
7,224
L ic’ rice r’ tl4,463 42,96i
44 i astel5,32S 445,06s
Locust be’ s2,159
2,692
L ogw ood ext 70
l,79n
M adder. ..13,299 3,480,144
M aguesia.. . . 703 12,10s
Magne3ia,carb52
76a
M -n n a ........... 47
l,73i
Nitrate lead.661 14,80;
N itro benzole 10
l,04i
>utgalls .. 91
5,09s
N ux vomical548
4,07s
Oils un p e c.457 19t06o
44 a n is e ___ 4 )
4,911
“ anis ed .131 15,303
44 a lm o n d s.S3
5,89a
44 cod .. . 1,754 53,8?Q
44 berg’ m ’ t655 120,867
44 C a s s ii.. 184 13,294
4* cecoanut635
25,20o
44 cajiput .13
43n
44 cu beb s___ 2
26i
44 citro n ....... 7
l,13o
“ cloves ....8
267
44 ciironella-227 11,047
44 croton ..11
765
“ fusil...........5
41k
“ fi^ h ........... 5
14«
“ c o r n ........38
2, 8:33
44 carraw’ yedSi
4.25o
“ Haarlem.399
2,214
“ juniuer ..15
70i
“ geranium 21
2,335
4‘ lavender i04 14,419
“ la u r e l___46 . 5,04;
44 lem on .1,014 69 699
44 lem on g i s l 8
1,408
44 neroby----- 2
709
44 ora n g e.. 158
5*333
44 iriga n i’ m76
3,967
44 ne’ tslootl40
827
“ ess’ ntial 570 27,168
44 L ins’ dl,236 119,784
“ O ive.42.065 216,361
44 Palm . .930 68,992
44 Poppya’ d 11
6I 9
44 Portugal .10
409
" Rosem ary 14
49o
44 N u tm e g ...3
283
*4 L hodium ..3
53s
44 S e s a m e ..92
2,8i'8
44 Rapeseed23
2,611
44 S m d a lm e.3
82s
44 Saudalw’ d 2
53l
44 Whale 333 92,12a
44 Seal.........30
2,106
44 S p e rm ..815 225,115
44 R o s e ........3
5,692
44 K’ dThyme7I 3,02i
44 W orm w 'd .l
253
O pium .......1,113 620,149
O rchil'a W ’ d747 19,014
44 L iquor. 46
3,861
Orris r o o t .. .. 19
674
IMPORTS OP MERCHANDISE.
114
Quantity.
O xide Cobalt. 13
“ Z in c ..5,640
Paints................
PariBWhitel,288
Per. Berries. 102
P itch ..................
Potash orom i’ e9
44 b ic. 1,341
“
benox.20
44 chlo.1537
44 man. 647
44 byd 196
44 mur 4461
“
prus .291
44 refindl03
“
sulph..11
Phosphorus 591
P lu m b ag o.9,825
P utty.............. 25
Quinine
.740
•4 sulph. .293
Quicksilver .300
R ed th ym e.. .21
R eg. antiml233
Rotten ston e.53
R h u b a r b .... 733
Saffron........... 19
St.John’ s br 280
S a lt .................29
Salffow er.. . . 225
44 e x t ...127
Santonia__
7
Value.
3,065
71,962
671,737
5,478
7,980
543
5^7
95,034
9 0
45,372
1,357
27,082
54,7*7
42,3^9
4,S47
302
23,052
242,817
946
73,3 5
2S113
10,092
b74
76,050
1,067
47,862
6,021
777
156
27,985
18,651
2,340
S a g e ....
878
3,180
Saltpetre .17,981 113,236
S e u litz pd'S .7
627
Sarsap’ il'a 2,268 57,118
S cam m ony___ 3
1,303
S enna...........4t0
11,202
S m a lts ......... 125
1,097
S h e l la c ... 4,391 134,115
Soda.arscnatel3
679
“ biearll9,443 389,972
44 silh cate..l8
389
44 sal .. .40,536 179,108
44 ca n s..11,294 224,564
a s h ...37,5581,057,103
hypo-sul283
2,823
44 hyperial.146
1,212
4* nitrate56372 303,*86
S pon ges.. .1,893 55,068
Squills......... 120
693
Sugar o f Lead 9
642
44 o f m ilk ... 16
1,482
Sulphur........200
1,463
S to r a x ..............8
361
Sum ac .. .52,v77 300,717
Sulph copper862 28,793
44 a l u m ....100
1,163
44 antim ony.2
2)4
Sulphuric eth.40
294
T on q beans.220 26,796
T u rm eric.. 1,250
3,935
Ultra m ar..1,372 43,051
Valarian root 63
1,839
V arnish....... 170
21,725
V a ’ illabe*nsl22
48,344
V enice turp.252
3,080
V e rd ig ris .. .59 16,642
V erm illion 1,471 122,767
V itriol oil o f ..30
229
W h itin g....... 400
461
W orm seed. 115
3,‘’ SI
Y e l. ochre.4,643
16,997
44 b e rries..684 21,190
Drngsunspfd. .. 162,881
F urs, A c P eltin g. ...1,483
44,361
F u rs.........6,434 2,525,090
Hatters’ Gdsl25
90,862
Fruits—
Bananas........... .. 93,427
Quantity. Value.
C itron................ 125,500
Currants............ 218.285
Dried fru its. . . .
96,003
D a t e s .................
16,730
F igs ..................
75,672
L em ons............. 438,210
Lentils...............
16,078
N u t s .................. 869,284
Oranges............. 571,194
P e a s ..................
3,801
Pres’ vtd gin ger
14,302
Pine apples..". . 104,591
Plum s.................
95,725
P runes............... 614.040
Pa’ sin s.............. 1,565,342
Tamarinds.........
963
Sauces & pres.. 301.594
G rapes...............
32,424
Other................
271
Instruments—
Chemical .. .29
2,894
Mathematical 60 14,597
M u sica l....3,134 489,063
N a u t ic a l......... 5
2,170
O ptical......... 354
85,033
Philosophical.47
6,245
Surgical___ 19
3,712
T elegraphic.. .2
1,872
Je *elry, & c —
J ew e r y . . . ?,4221,908,107
W atches. ..1,-83 1,904,272
Leather, Hides, &c—
B la d d ers...........
447
B jots& sh jesllS
17,956
Bristles ..1,383 461,373
Hide?fdrs’ d9,254 4,034,447
Hide9.undressed7,072,256
H o rn s ................
5,092
Leather, p a t.. 69 48,023
Mfsofleather765 169,067
Liquors, &c—
A le ........... 12,218 118,977
Arom atic bit430
3,708
B r a n d y ....7,380 452,084
B eer........... 5,905
55,745
C ordials....... 791
17,092
Cherry ju ic e .. 68
2,886
G in ............. 6,682 160,568
C ider............... 12
206
Min. water.2,703 12,649
L i’ oricejuice238
4,634
P orter........6,098
52.668
R asp, syru p.133
1,340
R u m ...........2,339
66,468
W ) iskey. ..2,266 98,190
W ines .103,2561,342,885
Ch’ pagne 92,663 960,275
A lcoh ol.............3
318
Metals—
A n v ils ....... 4,159
45,556
Brass goods 403 66,834
Bronzes . . . .840 133,617
Chains and anch ra .. ..4,134 164,416
C opper...............
27,558
44 o r e ..............
15,824
Cutlery ...3,5551,322,671
Gas fixtu res..32
5,817
G u ns......... 1,9 >2 247,802
Hardware 5,367 837.175
Iron,hoop(tons)
111,340
Iron , p ig (tons)
34,221 501,704
41 E R bars,
696,2574,094,509
44 sheet (tone)
3,954 350,643
41 tubes 35,836 90,544
44 other (t o n ')
93,8652,558,712
\Februaryy
Quantity. Value
ead. pig427,689 2,286,238
Metal g ’ ds.7,- 29 7v5,477
N ails...........484
16,447
N e e d le s ....... 690 3:8,313
N ic k e l.........282 107,703
Old m e ta l......... 184,240
Plated ware. 171 53,689
P latina...........56
97,234
Percus. caps 703 88,88
S ad d lery.. .292 58,806
Steel___25R,236 3,382,500
Spelter 7,363,867 338,146
Silverware . . . 61 18,638
S ilv e r............... 3
266
T in plate, bxs,
854,4035,140,119
44 slabs, lbs.
4,358.390 883,640
W i r e .... 14,777 141,167
Z i n c ... 3,332,002 187,511
Spices—
Cassia
........ 205,547
C in n a m o n ........
35,277
C lo v e s ...............
13,354
G inger...............
44,894
M ace........... —
24,912
Mustard...........
83,076
N utm egs........... 105,727
P epper............... 264,278
P im e n to ...........
23,888
O th ers...............
539
Stationery, &c—
B o o k s ....... 9,905 1,111,115
E ngravings..759 187,277
P a p e r ........8,597 619,759
Other sta’ y.2,465 245,657
W ood s—
A s h ....................
911
B am boo ...........
795
B oxw ood . ..
5,495
B assw ood.........
2,240
Ba^wood...........
6,231
B razilwood....... 157,744
C am w ood. . . .
20,496
C ed a r.................
81,696
i :< r k .................. 144 579
D yew oods.........
9,332
E b o r y ...............
8,877
F u stic
. 5,524 129,9;)2
L im a w o o d ........
31,743
Li.numvitce ..
16,139
L ogw ood 45,051 241,319
M a h og an y........ 114,965
R a t a n ...............
28,501
R osew ood......... 118,222
Sapanwood . . .
36,072
Satinw» od. .. ,
1,628
R ed w ood ...........
35,885
Sandal .............
5,014
W illo w ...............
35,269
Pairoleaf...........
1,118
O th e r ............. , 190,880
Miscellaneous—
Alaba?t’ rorn681
26,956
A n im a ls ...........
52,7itl
Baskets ...7,435 369,256
B a g s .................. 211,913
B e a d s ....... 1,321 135,079
B eans...............
22,402
B one dust.........
5,450
B o x e s.................
46,920
B la ck in g ...........
3,501
B r ic k s ...............
9.965
Buttons ...6,8211,590,313
Building ston e.
74,521
Polishing stone.
1,075
Burr stone........
64,077
C audle*......... 29
5,477
Carriages ..* 3 2
39,850
Clay..................
43,500
C h e e s e ....6,197 233,018
1869]
115
THE WATER POWER OP MAINE,
Quantity. Value.
C ig a rs ............... 676,190
Coal, tons 29,912 8 9.195
C o r k s ................. 177,271
ConfectioneryGO
5,084
C otton,ble.l,547 113,521
C locks....... 1,220 13',093
Cocoa,bg8l9,505 316,053
Coffee, h ge,
1,143,41815,925,976
36,804
Em ery....... 2,563
E g g s ..................
6,176
Fancy g o o d s ... 1,463,240
F ans................... 300,1*5
Feathers .......... 174.980
Fire crackers...
86.485
F i s h ................... 546,450
F a x ......... 1,844 234,576
F lin ts.................
541
F o u r ........... 200
5,838
F urniture.. .90J 67,104
G r a in .. . . . . 232,198
G rin d ston es....
22,421
Guuny cloth,
12,621 218,506
Ground flint. 112
3,352
Gutta Perchall5
9,914
G u a n o ...............
19,613
H air...........7,7‘ 5 9 >S,357
Hair cloth ..349 165,918
H e m p .. .134,1932,732,:J66
H on ey.......2.711
9,392
H ops . . . . 7,963 590.089
Ind. rub’ r 31,2851,902,691
Quantity. Value.
Iv ory ......... 2,149 200,357
J u t e ........28,349 231 432
“ b u tts..6,191 16,669
“ cuttingl,485
4,455
Lith. sto< es. .36 14,017
Machinery.6.103 387,877
Marble & m f. . . 308,624
M alt...........3,103
30,164
Matches . . . 34
1,200
Macarroni25,t53 44,290
M o a seat? 5,117 5,090,436
Oil Pair.t's.l,035 492,002
Oakum ___ 800
1,9-9
O it m eal...........
2,851
O n ion j ...............
62 413
Paper hang’ s 867 67,812
Pe rl barley. 40
263
P arl s h e lls ....
24.176
Perfum ery.2,630 257,028
P la ste r...........36
52,187
Piassara....... 706
1,061
Pipes.................. 276,869
Potatoes
....
92,899
Pum i e s to n e ..
263
Prov s io n s .......
93,089
P a is ....54,8921,403,510
R ic e .................... 836.277
R o p e .................. 239.783
S a g o ......... 1,883
10,881
S agofl ur..5,715
21,837
S a lt.................... 422,942
Seeds, u n sp___ 216 063
Castor seed8,015 33,157
Quantity Value.
Coriander seed
226
Carsaway s’ d2 :0 20,238
C a n a ry..............
4,400
Linseed .535,4272,369,025
Sea ro o t........... 8
454
S oap.........54,649 177,747
S tatuarv........... 141.925
S hells.................
40,143
Slate r o o fin g ...
1,2C4
Sug-r, hhds and
bols 391,04! 22.163,835
Sugar, b x s . and
bags ..608,014 6,027,320
339
T a r.............. 49
Tapioca .. .2,762 21,695
Trees & plan 's..
7-,437
T e a .......765,05510,837,755
T w in e .......... 166
17,224
T oys
..9,867 425,915
T obacco. .54,6921,694,406
Turtle s h e ll...
1,114
Tom atoes
..
26,388
W aste....... 1,440
50,86
"Vt h i s s ............. 5
303
W ha ebone.......
22,022
W a x ...................
2,655
W ool, bales,
23,23S 1,954,537
W o o d .................
2,986
Other m iscel.. . .
39,481
Grand to ta l.. $168,202,611
THE W ATER POWER OF MAINE.
BY WALTER WELLS, SOPT. I1YDROGRAPHIC SURVEY OP MAINE.
Maine does not lack for lumber, granite or ice, but ber strength and
glory are her Water Power.
Look at the facts o f the case :
WATER POWER MATERIAL.
31,500 square niles of territory planted by the sea, with an exposure
maritime on the east, and purely oceanic on the south ; located in the
rain draft from the Gulf o f Mexico— the vast steaming caldron— at the
same time, at the northeast angle o f the continent, and so swept by rain,
condensing winds from off the cold ocean current on this part of the con
tinental frontier; and further, with every east and southeast wind,
bathed in the vapor3 of Newfoundland, originating in that great tropical
torrent, the Gulf Stream.
Hence the annual rain of Maine sums 42 inches in depth, over three
trillion cubic feet in mass, and o f this at least 35 per cent is poured back
into the ocean through the rivers, or considerably over a million million
cubic feet,— the annual sum o f Maine’s water power material.
The Ohio carries off only 24 per cent of the 41 inches yearly de
posited in its basin, the Mississippi only 25 per cent o f its 30 inches, the
Upper Mississippi (above St. Louis) 24 per cent of 35 inches, the Missouri
116
THE 'WATER POWER OF MAINE.
[February ,
15 per cent of 21 inches, the Arkansas 15 per cent o f 29 inches, the Red
River 20 per cent o f 39 inches— not one o f them receiving so much
downfall as Maine, or disbursing anything like a proportionate river dis
charge.
IIOW FAR IT FALLS.
Water-power is water plus gravitaiion. To give out power water must
fall; the greater the fall the greater the power. Now look at Maine.
W here is the W hite Mountain Highlands ? In New Hampshire ? Not
at all. It is in Maine. The W hite Mountain “ peaks” are in New Hamp
shire; but they are rimply a terminal focus, a ganglion of mountain ele
vations. But the huge hulk o f uplands upreared upon the' shoulders of
these granite Titans, discloses its mass to the northeastward in and across
Maine.
Hence the lakes that serve as the fountains and feeders o f the rivers of
Maine are upheld at an altitude really astonishing in view of their prox
imity to the ocean. The Umbagog lakes,from 1,300 to 1,600 feet above
tide; that inland sea, Moosehead, 1,023 feet; Chamberlain Lake, 926
feet; Pomgocwahem, 9 1 4 ; W ood and Attean Lakes, 1,094 and 1,142
feet respectively, and so forth for scores and hundreds.
Thus held, their waters are immense repositories of power. Conceive
a stream of water, suitably confined, falling plumb 1,200 feet! What a
blow it would strike! Conceive the whole surface o f Maine flattened to
a plane, the sides perpendicular, and then conceive the 1,000,000+1,000,000 cubic feet o f water pouring from the brink 650 feet into the ocean!
Such is the gross power o f the moving waters of this State— 2,525,000
horse-power— a power that operates day and night without cessation from
one century’s end to the other, a power equal to the working force of
well-nigh five million ordinary horses laboring for the whole twenty-four
hours, or the force o f thirty million able-bodied men, likewise working
without intermission.
This stupendous power— of which, at least, 1,000,000 horsepower can
be made available— burns up no fuel, eats no hay or oats, no flour or
m eat; all it asks for is wooden overshot wheels or iron turbines, and
intelligent workers to guide its mighty energies to economical results.
NATURAL STORAGE BASINS.
The power in question is furnished with natural reservoiis o f such im
mense capacity that it can be controlled, made constant against both
drouth and freshet, and so equal to the demands of the most extensive
manufacturing. Sixteen hundred and fif y lakes within the boundaries
of the river basins, and twenty- <ur hundred square miles of locustrine
surfaces, not counting in the hundreds of minor ponds and pools, o f which
almost every school district has one.
1 8 6THE
9 ] WATER POWER OF MAISE.
117
Upon these lakes an average depth of eight feet of storage can he held
by dams, as is demonstrated by the facts collected in the Hydraulic Sur
vey of the State, in charge of the writer. Hence the rivers can be made
to operate with full power even through the severest drouths. Think of
eight feet of storage on a lake 120 square miles in surface, at the head of
a river that falls 1,023 feet to the tide, as the Kennebec ; or o f 77 square
miles with 11 feet of storage, at the head of a river that falls 1,256 feet
to the tide, as the Androscoggin. Even the little Union river that
drains not over 650 square miles, commands already seven feet of storage
on thirty five square miles of lakes, and can have several feet more. The
St. Croix, though draining not over 1,175 square miles, has reservoirs
not inferior to those of the Merrimac draining 5,000 square miles. In
fact, the Kennebec has more lakes connected with it than the Oronoco,
and the Penobscot more than the gigantic Amazon or than all the rivers
in Africa so far as known.
These great natural reservoirs give the water-power of Maine a vast ad
vantage over the power in any other part o f the United States, as Vir
ginia, the Carolinas, Georgia, etc. Minnesota ha., immense lake surfaces,
and lakes held far above the sea. But the fall from lake to sea is not ac
complished in her borders, nor, indeed, short of thousands of miles o f
horizontal run, and o f course is not mostly available for power.
Unquestionably, the use o f these grand reservo s will add one hundred
and fifty to two hundred per cent to the natural low-run power o f the
rivers of Maine.
COOL
CLIMATE.
The climate of Maine is singularly exempt from oppressive heat of more
than a day or two’s continuance. B y consequen :e, workers in mills and
factories can accomplish more than in the more southern and interior
districts of the country. The fraction of excess is set by manufacturers
o f large experience at fully ten per cent. It cannot be otherwise, while
in the interior and further south the artisan labors for months in a heat
that enervates him, in Maine net over ten days in the whole summer can
be called h o t ; and for much the greater part of the time cool sea winds,
all the way from southwest through south and east to northeast, make
work a pleasure rather than a burden.
This low temperature is attended with far less waste o f the streams
than is experienced at the hot season o f the year in other parts o f the
country, and hence the low run o f the rivers in Maine is naturally unu
sually large. During August, when evaporation is elsewhere conducted
most vigorously, in this State it is reduced to almost nil by the cool fogs
before noticed, which are regarded a most agreeable feature of the cli
118
th e
w ater
pow er
of
M a in e .
[ February ,
mate, bringing refreshment to man and beast, and clothing vegetation
with most luxuriant ore 'nness.
The low temperature in question has the further effect o f retarding the
melting of snow in spring, and hence the prodigious freshets that, further
down the Atlantic slope, as in Pennsylvania, Virginia, Tennessee, etc.,
spread wide havoc and greatly impair the value o f water power, are un
known in Maine. The dense evergreen woods that cover from 15,000 to
20,000 square miles o f the State surface, coupled with the cold sea winds,
delay the melting of the snow and ice in the woods until late in May,
and hence the mean rise on the lower sections o f the larger rivers is from
six to ten feel only, instead of ten to twenty, as further south.
UNIFORM DISTRIBUTION OF RAIN.
In Minnesota the rainfall o f one quarter of the year exceeds that o f
another fivefold, in Wisconsin three to fourfold, in Oregon elevenfold, at
San Francisco over a hundredfold; whereas in Maine the receipt of
moisture is almost the same for each quarter, or ten and t half inches each
three months. In such a State the streams never can run extremely low.
In such a State only can extensive manufacturing by water power be
judiciously undertaken, where large capital is to be invested, numerous
hands employed, and where the intermission of a few days from dearth of
water would prove ruinous. In such a State, as the streams never run
very low, so neither do they ever run excessively high, flooded by the
torrents of periodical rains. In such a Stale accordingly the mills can
be placed on low levels to use and enjoy the full head of the falls, without
the risk of being carried off or swamped by inundations.
MILL PRIVILEGES.
In the portion of the State thus far explored in the hydraulic survey,
about 3,000 mill privileges have been found, some just large enough to
run spool machines, last machines, a shingle saw, and some large enough,
upon improvement of reservoirs, to run twice the machinery of Lowell,
or Lawrence, or Fall River. These privileges will foot up, when devel
oped, at the lowest estimate, 600,000 horse power, four times the power
employed in Great Britain, in 1856, in cotton, woolen, silk, flax and
worsted manufacture; a power the preparatory equipment of which, if
operated by steam, would cost not less than $90,000,000, and the annual
cost of which for fuel, etc., at ordinary New England rates for steam
power, would be at least $40,000,000.
The proportion of this power yet put to use is utterly insignificant.
Forty thousand horse power on the Penobscot, in the twelve miles above
Bangor, run only a few though giant saw-mills; the “ Piscataquis
1869]
THE WATER POWER OF MAINE.
119
Rips,” on the same river, with at least 8,000 horse-powers, operate noth
ing at all; likewise the “ Rumford Falls,” on the Androscoggin, 163 feet
fall and 20,000 horse-power, the river bottom and banks and the adjacent
land perfectly adapted to improvement; “ Livermore Falls,” “ Lisbon
Falls,” and the “ Pejepscot Falls,” on the same river, each summing from
6.000 to 8,000 horsepow er; also the “ Ticonic Falls,” on the Kennebec,
8.000 horse-power.
The “ Madison-Bridge Falls,” “ Norridgework
Falls,” “ Carstunk Falls” 5,000 to 7,000 horse power each— single cases
out o f dozens— operate either nothing at all, or next to nothing, as com
pared with their full capacity.
Circumstances have been all the way along against Maine.
The
“ Northeastern Boundary” controversy for years discouraged immigra
tion and kept matters in a turmoil. The political party that formerly for
so long a period held the ascendant in the State, opposed with blind
fatuity the combinations o f capital by which alone power of such magni
tude could be improved; and lastly the State neglected to ascertain her
resources of power and make them known— known to the benefit o f the
whole country as well as o f herself. Hence the powers are not improved,
and their owners have not the means for their improvement. For this
reason property o f this sort is to be had in Maine at prices merely nom i
nal. Some proprietors stand ready to give outright privileges first class
in all respects to responsible parties who will improve them.
The policy of the State is now to the last degree favorable to manu
facturers. Towns are permitted to exempt from taxation for a period of
ten years all manufacturing capital invested therein, and the towns
themselves are ready and anxious to do this, and have already done it or
voted to do it, in many cases. The State statutes are most favorable in
the matter of flowage, every advantage being placed in the hands of the
manufacturer. The people o f the State generally are anxious to have its
vast resources o f power pet to use, and stand ready to co-operate to the
full measure of their ability.
ACCESSIBILITY.
It is not to be left out o f sight that the water-power of Maine, in point
of access to the world at large, and the great trading centres of this
country in particular, is most favorably located. The great steamship
route across the Atlantic leads close along the coast of the State, and
indeed, already makes one o f her ports an important point o f access and
departure. A ny railway across the Continent, built so as to accommo
date trans-Continental traffic, must pass through Maine. On the Saco,
river 20,000 horse-power in its lower section, on the Androscoggin
80,000, on the Kennebec 80,000, on the Penobscot 60,000, are already
120
A w a t o f r e t u r n t o SPECIE p a y m e n t s .
f February,
by rail within four to twelve hours of Boston. A t lea^t 75,000 horse
power more are located immediately upon navigable waters, so that ves
sels could load and unload direct from and into the mills. The great
tides of the coast o f Maine keep the borders clear of ice to a remarkable
extent, and coasting steamers could thus, or do now, bring these privi
leges within fifteen hours of Boston and thirty of New York.
A W AY OP RETURN TO SPECIE PAYMENTS.
A pamphlet was published in New York some months since bearing
the title ‘‘ A Plan for the Gradual Resumption of Specie Payments.” It
stated that the views it presented had met with hearty “ approval ” from
“ business men qualified to judge.” A nd this gives me ground for notic
ing it. It proposed that after April 1st, 1868, gold shall be paid for legal
tender notes at the rate “ one dollar in gold for one dollar and thirtythree cents in said notes : ” after July the rate to be 130, and so decreas
ing until January, 1874, when the paper would be at par with gold. All
gold coin received by the Treasury to be retained— 1st, for payment o f
interest on the public debt— 2nd, to redeem the greenbacks. Some other
provisions looked to exchanging the national bank notes for greenbacks
and to the disposal of the redeemed paper.
A bill offered in the last session of Congress by Mr. Broomall, of Penn
sylvania, had, in part, the features of the “ plan.” It proposed to stop
contraction and to substitute the redemption of notes when presented in
sums of less than 100, at 140 per dollar of gold during the first monthi
139£ during the second, and so on until gold and notes became o f equal
value, which would be in six years and eight months. The good point
in both these plans is that they looked to an early resumption o f specie
payments. This, in any reasonable way, will be a great gain. Simply
establishing a price for gold would be of immense value, because its fluc
tuations diffuse uncertainty through all branches o f business. To be
relieved from the uncertainty that besets even the immediate future now,
so that no one knows what an hour may bring forth— to be able to see
wbat gold will be one month, six months, even two or three years ahead
— what unspeakable gain ! "What prices would be paid for such knowl
edge now ! W hat fortunes might it not make or save from loss 1
O f the two modes, Mr.Broomall’s seems much the better. The decline
in gold should be as uniform as possible, and the variations reduced to a
minimum— for this would beget an equally gradual change in prices to
conform to the gold standard. The slight changes in value would also
promote uniformity in the rate at which paper would be presented for
18691
A WAY OF RETURN TO SPECIE PAYMENTS.
121
redemption— for the gain from holding would make the interest only
enough to prevent its being parted with unnecessarily, yet not enough to
induce hoarding or to bring it into competition with the usual gains o f
money or profits of business.
The variations in the gold rate being so small would offer no induce
ments to speculation, and thus one of the chief disturbing causes in the
market would be removed. Mr. B.’s rate of reduction is perfect in its
way, approaching closely the equable changes that follow the grander
operations of the laws of Nature. The time it would require would not
protract unduly the ills o f a transition state, nor enforce changes too
rapid to be safe: they would be so minute as to be scarcely perceptible
from day to day. But our chief concern with both the plans lies in the
objections to them.
The first is, the utter uncertainty in which the Treasury would bo left
as to the amounts of paper against which it must provide gold, at any
one time, and the want o f any sufficient provision by which theTieisury
is to be supplied with gold enough to meet a very uncertain, but pos
sibly very great demand. Mr. Broomall simply says : “ Less than $100
must be presented at one time.” The New York plan has not even this
limit; it only requires that the exchanges shall bo made in New York.
A t the outset will 5 or 10 or ICO or more millions be wanted ? W h o
can tell how little or how much ? And in this doubtful case a maximum
and not a minimum supply of gold must be provided before the Treasury
doors are thrown wide open to all comers. For the Treasury must be
placed in the position o f a bank with an equal circulation. It will have the
same responsib'lities, and be exposed to the same risks. In fact the average
demand for gold o f such an Institution, at the commencement of specie
payments, would probably be largely exceeded— a risk to guard against
which a large supply o f gold must be secured.
W hen the Bank of England resumed specie payments, its paper was,
in round numbers 96 millions of dollars— its gold over 58 millions— a
proportion of i to 1. Its common average is one third o f gold in pro
portion to its notes— at times more than one-half. A ny such proportionate
supply for us would take some millions o f gold— and, certainly not much
less than that amount should be held, beyond what the interest on
the public debt calls for. IIow is this to be obtained except by hoarding
the gold revenue? Strong complaints are made now because the Trea
sury keeps so much gold locked up in its vaults.
Will not these complaints have more emphasis as gold accumulates!
If we cannot bear the abstraction of 100 millions— how are we to endure
that of 300? For as the Treasury becomes surfeited— the community
will be depleted and gold becoming scarcer will grow dearer.
As it
122
a
w ay
OB'
return
to
s p e o is
paym ents.
[February,
rises— other things will follow in its wake. Business will revive— specu
lation become more active— the general prosperity will seem to increase
— the bubble rising higher and higher until it bursts— and burst it must.
For all this will go on in the face of preparations for resuming specie
payments. The doubtfulness o f the future favors the gambler and oper
ations for a “ rise,” will be engineered, even in view of a speedy decline.
But the first day o f changing paper into gold would bring a downfall in
prices rapid and ruinous in proportion to the inflation, and we should find
our brief prosperity dearly bought b y aggravated loss and depression.
Adam Smith thought that a bank could be carried on as specie paying,
with gold as 1 to 5 o f its paper. A nd Mr. Ricards thought gold as 1 to
8— would answer. And we know that many of our “ W ild Cat” ma
chines were “ run” with a much smaller proportion than that. W e know
also what has so often been the merited end o f such arrant shams.
B ut our Treasury Bank must have nothing of the “ W ild Cat” in its
composition. It must bo pre-eminently safe— and, like Caesar’s wife,
above all suspicion. It must, as absolutely essential, keep an ample sup
ply of gold beyond the demands for interest on the public debt.
For doubts of the prompt payment o f that, would be ruinous to the
National credit, at home and abroad. Bonds would decline, and forced
back on the home market, would further drain away our gold— and the
end would be renewed suspension. Risks that might ordinarily be run
by a bank cannot be adventured by the Treasury. For every uneasy
throb would vibrate through the whole community— every slur upon its
credit would be a national injury.
W e have now a sufficient reserve kept in the Treasury to inspire con
fidence in the regular payment of interest on the Bonds. But let us
begin to pay the Greenbacks in gold— with only a small addition to that
reserve— and what could be more absurdly fatuous ? How long would it
take, with nearly 400 millions o f paper afloat to draw every dollar out of
the Treasury ? W e say most emphatically we must not run any such
risk. The Nation’s credit, and honor, and welfare alike forbid itl
Let us not count on the forbearance of the people in keeping back the
paper money— and so facilitating the work of government. When no
man can tell what his neighbor will do, what inducement is there to sac
rifice his own interest or convenience when it may only profit others
without helping the Government? The Public Treasury is a very fine
pigeon to pluck, and judging.by the common readiness to engage in that
operation, we should look for little self sacrifice in its behalf. It must
expect the common fate. W hile its means are seen to be ample its credit
will be good— its work easily done. But let its soundness come in ques
tion, and its credit will suffer, and its gold be drained in the usual fashion.
1869]
A W AT OF RETURN TO SPECIE PAYMENTS.
123
W e think these are most weighty objections to the Treasury being made
to fulfill the functions o f a common bank. It should bear no such char
acter. In resuming specie payments, we want, so far as the government
is concerned— simply to enable it to pay its now dishonored obligations—
to do that speedily and rapidly, leaving to other more appropriate agen
cies the task o f supplying and regulating the monetary concerns of the
community. The Public Treasury should be merely the depository of
the public monies, and the payer of the nation’s debts: and in that
capacity it should be able to show to the whole world, that at any and
every time its means on hand are ample for all known and probable de
mands. This position is essential to full and entire confidence in our
ability to pay every debt when it matures. Now, the banking function,
if added to it, instead of giving strength to the Treasury, would only be
an element o f weakness and uncertainty, a prolific source of doubts and
fears ; an agency ever afFected by the changing aspects of commercial
life, liable to be abused for political ends, and requiring the wisest and
most steadfast management to keep it unharmed, amid the storms and
trials of monetary crises which are sure to arise in the unknown future.
A second objection to the plans is that they would much retard the
very first object to be gained by specie payments, viz., the diffusion o f
coin among the people at large as currency instead of the paper trash
now in use.
It is mainly— indeed almost entirely— for the small daily trade of the
community, that coin is required as a safe currency. But let specie pay
ment be resumed with no limitations beyond those proposed, and what
would result? That all parties needing gold for foreign account, or for
home transactions of any magnitude, would be among the first to avail
themselves of the change ; and they would offer for redemption bills of
the largest denominations, because attended with the least trouble. The
small bills and fractional currency, being more widely scattered, would
come in slowly. Thus, while the large bills would be readily absorbed,
the smallest would be the last to go out of circulation, exactly the reverse
of what ought to occur.
Another objection is the prevention of any reduction of the volume of
the curiency. The New York “ plan,” “ approved by business men qual
ified to judge,” even proposes to increase it, and would, if we understand
it, permit the present amount to be doubled under certain circumstances.
The bill of Mr. Morton, o f Indiana, recently offered in Congress, providing
for return to specie payments, differs from the plans already noticed; but
is liable to the great objection that it defers specie payments for two years
and a half, and requires the continued withdrawal of gold from the com
munity until enough is accumulated to resume payments in full, and it
124
A w a y o f r e t u r n to s p e c ie p a t m e n t s .
[ February ,
subjects the Treasury to the anomaly of a banking function with all the
risks and uncertainties thereto attaching. Mr. Morton also objects to
legalizing coin contracts— a measure, which we think, could do no possible
harm, because the matter would be one entirely of individual choice—
while so far as the practice was adopted, it would be resuming specie
payments. In my judgment, contraction o f the currency is essential to
permanent improvement in our financial affairs. W e have more money
to do our business with than any other people in the world, using the
word money to denote all that passes by courtesy under that name or is
allowed by law to assume its function, in addition to the gold and silver
in the Treasury and in circulation, and held in private hands. W e have
more than France. And while hers is almost all specie, four-fifths at
least of ours is almost wholly paper, the most mobile and active o f all
currencies. W e have about twice as much as England, and yet she has
about three times the amount of our foreign commerce, and more than
twice our wealth— 36 thousand millions to our 16. And over 11 thous
and millions o f our total are to be credited to real estate, the least mobile
o f all forms o f wealth and demanding the least currency to represent it ;
while England has about $6 50 o f paper money per capita of popula
tion, and France $5 50, we have about $1 20. W e have ten times as
much money as explained above per head now as we had in 1790, and
three times as much as we ever had previous to 1850. Not merely three
times as much money, but three times as much per head of the whole
population. N o currency in the world shows such excessive and con
tinued increase. W ere it a genuine measure o f our added wealth, we
might well rejoice; but it is now a mere evidence o f debt, and might well
be taken rather as a sign of poverty than o f riches.
In the decade from 1850 to 1860 we had experienced the full effects o f
California gold in raising prices and augmenting the currency. W e had
increased our paper circulation 52 millions and the gold in the
banks 35£ millions— the two items rising from 203|- to 2 9 0 i
millions, an increase approaching 50 per cent. In addition to this was
the specie held outside the banks not far from 175 millions, the total of
specie being estimated in the Finance Report for 1861 at 275 millions.
This certainly gave us an ample currency sufficient for our wants
for years to come. And yet it amounted to but $14 50 per head of
population, including all the gold and all the paper. To-day should we
add the gold lying latent in the community and that in active use to our
paper, we should more than double that amount. And yet to-day we
are, as a nation, much poorer— witness our debt and our last war, to speak
o f nothing else— than we were in 1860, and, therefore, ought to have
less money instead of more !
1869]
A WAY OF RETURN TO SPECIE PAYMENTS.
125
W e are suffering now, not from scarcity, but from plethora of money.
Our prices show a large general advance beyond those o f 1860, and the
result is, that we cannot compete with other nations, and our industries
on all hands are suffering and declining. This rise in prices is due be
yond any peradventure to the inflation of our currency, and the remedy
for these high prices and the evils flowing from them lies in reducing the
currency to a more normal amount, and not in adding to it, as some c f
our public men demand.
I cannot at present pursue this argument further, nor notice other
points of objection, as I desire to present a plan o f resumption, that
appears to me feasible.
A ny plan, to be sufficient, should secure the following points :
1. A definite and very gradually declining price in gold.
2. An early commencement of specie payment.
3. Precision and certainiy and consequent safety in the steps taken by
Government for that end.
4. Immediate provision o f a metallic currency for the smaller business
transactions, and common wants of the people.
5. A reduction of the volume of the currency.
6. A gradual decrease of the national debt.
7. Release of the Government from its anomalous position as issuer and
controller of an irredeemable paper currency.
When, in 1819, “ Peel’s B ill” was passed, providing for return to specie
payments by the Bank of England, it established a price for bullion from
February 1st, 1820, to October 1st, and a lower rate from October to
May first, 1821. After that its notes were to be redeemed in bullion at
the old mint price, a still fuither reduction, and 2 years from May it was
to pay its notes in co in : resumption being thus completed in about three
years. But the Bank, being largely provided with gold, began to pay ip
out in 1821,
The feasibility of establishing a sliding scale o f decline for gold is proved
by this instance. The same theoretic a-priori-objections existed then that
may be supposed to exist in our case, and yet, once begun, the desired end
was gained, maugre all objections, and sooner than any one expected.
An improvement in the mode wou d be to adopt M r. Broomalls scale
o f decline of per cent per month, as better adapted to secure gradual and
uniform changes in all business affairs. But merely enacting a law wil(
not make a price for gold. That can only be done by the Treasury’s
being p p re i to pay in gold at the appointed rate. And its disburse
ments, in carry i g out the other features of this plan, will be ample to
completely control the gold market, and so will make the law a vital fact.
Return to a gold s', ndard is so desirable that it cannot be too soon com
menced.
126
a
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ot
return
to
specxe
paym en ts.
[February,
N o single step could place the national credit on so good a basis—
would do so much to enhance the value o f our bonds, or to place business
on a sound foundation, or to restore prices to their proper level. The
mere commencement o f the process would be full o f hopeful augury for
the future. It would sweep away a cloud of doubts and uncertainties
that seem to overhang us now. It would mark a definite policy, which,
once known, would be readily conformed to. But the end we must gain
step by step. W e cannot at once meet the demand from 400 millions of
paper without incurring too many risks ; but we can, without difficulty,
find gold for 30 or 50 millions of paper.
The Bank of England began to pay specie in 1817. It-offered coin>
first, for all the £1 and £2 notes o f a certain date. Finding the demand
small, it extended its payments to all notes issued previous to a certain
date. This was done according to the report o f the Lord’s Committee,
“ in the hope that the complete resumption of cash payments would take
place gradually, and, as it were, insensibly.”
A n unforeseen drain of gold prevented this plan from being completed
at that time. Let such a gradual method be adopted. Let 30 or 50 mil
lions of gold be provided by the requisite taxation, annually, with which
to make payments in specie, W ith so small an amount to provide, this
could commence almost so soon as an act could be framed for the pur
pose. And the Treasury, knowing beforehand just what it must provide,
all uncertainty and risk would be taken from its operations.
A nd let the first step be— redemption of the fractional currency.
The 2d, absorption of the $1 notes, followed by the 2’s, 3’s, 5’s, and soon
__the largest denominations being cancelled last; such portions of each
issue only being taken as the appropriation will provide for. A nd to
ensure the speedy destruction of the currency and small notes let them
cease to be received after a certain date.
W hile the smallest paper money o f England is §25 and o f France §20,
we, with the greatest gold producing country in the world can pay even
3 cents in paper 1 It would be a lasting benefit to change this trash into
silver and gold. And probably the change never could be so easily ef
fected as now, when the measure would have nothing local or sec
tional about it, but would be a common blessing to the whole com
munity, and the Government itself would be the agent in effecting it.
W ith the gold premium at 40, and a declining rate o f % per cent a
month, the average reduction in a year would be 3 per cent, making
paper exchangeable the first year at 37. A t this price 50 millions o f gold
would retire §68,500,000 . f paper; the 2d year §65,500,000, and so onj
until in 5 years 300 millions of paper will have been cancelled, at a cost
of 237 millions of gold, which sum would then constitute the amount of
1869]
A WAT OP RETURN TO SPECIE PAYMENTS.
127
our specie currency— nearly the same amount as existed in the country in
1860. O f course beginning with a lower price for gold the same result
will be gained more quickly, 100 millions or less of legal tenders would
still remain. Let these be funded, and in such a way as to make the re
duction of the currency uniformly 2 millions a month. B y the 6rst pro
cess indicated $68,500,000 of paper will have given place to 50 millions
o f gold, making a reduction of 18^-millions. But each succeeding year
the reduction will be less by 3 millions. Let funding proceed on the op
posite ratio. Beginning with
millions, to make the total for the first
year 2 millions per month, let 3 millions more be added each year. A t
the end of 5 years, when 300 million will have been changed into gold
5 7 i millions will have been funded. Any residue could be retired at the
same rate until all the legal tenders ceased to exist. W e should then
have 237 millions of gold and 300 millions of notes o f the national banks
— 100 millions mere than we had in 1860. This seems to me an excess
to that amount; but once our currency is largely metallic, and specie
payments are restored, and the natural laws that should govern the quan
tity of currency are left to operate freely, if an excess, it would gradually
drop out o f use. A change in our law b y which the banks should be
made to follow the rule of the Bank of England in issuing notes would at
once regulate the quantity by the public need and give greater security
to their issues.
The Bank o f England can issue but fourteen millions sterling on the
basis of government securities. Beyond that sum, every note must have
its equivalent o f gold in the bank vaults. On this basis, her note oircu.
lation varies so little, that in 1821— 47 years ago— it was almost exactly
the same as now. And yet, since then, she has grown steadily in popu
lation and wealth, increasing her numbers from 12 to 30 millions and
her foreign commerce 500 per cent; still money was never so abundant
there as during the past year. Let our banks issue 100 millions on the
basis of national bonds; but beyond that let them be obliged to hold
$1 o f gold for every dollar of paper issued. Then, if it were found that
200 or 300 millions o f paper were required, they could be emitted ; and
yet, whatever the amount, the public would be amply protected.
But while the Treasury is absorbing paper and substituting gold, what
will be the effect on the national bank issues? They will not be affected
differently from the legal tenders which are not called in. They will have
just the same relative value in the market as they have now. If the legal
tenders, not subject for the time to be called in, appreciate in value, as
they assuredly will, the national notes also will appreciate, and for similar
reasons. Simple diminution of the quantity of paper money would
enhance the value of what remains. Moreover, as gold will abound more
128
A W AY OF RETURN TO SPECIE PAYMENTS.
[FtbrUdry,
and more in the community every year, a fund will thus be provided from
which the banks can draw, to resume cash payments. Their own interest
would prompt them to do this so soon as possible ; should that fail to
move them, it could be made compulsory.
The initiative in specie payments seems evidently to lie with the
Treasury.
It alone has, through the government it represents, the
requisite control over the supply and disbursement o f gold. It can, if
necessary, collect more revenue in gold. It can, by the conversion of 50
or even 30 millions annually, entirely control the price of gold, in
conformity with any rate o f decline that may be adopted, and thus can
secure that uniformity of reduction that is almost as essential as the
reduction itself. And there is gold enough in the country to admit of
the course suggested. In 1800, we had, according to the Director of the
Mint, who was aiming to show, not how much we had, but that we had
not so much as had been supposed— 285 millions. Tables show, since
1860, o f imports and home production, an addition above exports o f some
180 millions. Allowing 55 millions of error— no small mistake— and
we have 400 millions * But let it be only 300, and that is ample to
carry out this plan. Government’s action would take nothing away—
would not leave the nation one cent the poorer— but make it all the richer
in good money and good repute. It would merely call into activity what
now lies latent. It would convert what is now only merchandize into a
most stable and valuable currency.
A nd the work can be commenced at once, just as well as ten years
h en ce; ten or twenty years hence, the objections to a government
accumulation of gold enough to commence cash payments on an unlim
ited scale, would have the same force as now. Some gradual plan seems
the only course left open to us. And there is nothing to prevent some
well digested method from being adopted at once, if didering views can
only be sufficiently reconciled.
To sum up briefly the advantages of the plan proposed:
It ensures a fix- d and gradually declining rate for gold, and thus gives
steadiness and security to business.
It makes possible an almost immediate return to specie payments.
s It secures entire safely to the Treasury in the operation.
It will reduce the currency moderately, and yet allow it, if found neces
sary, to expand with entire safety to the communi'y.
It will reduce the public debt annually 24 millions, and, while doing
that, will rid us of an irredeemable paper currency, and substitute a
sound metallic one.
• W e have shown in a previous number o f the M a g azin e th t the writer is in error on this
point o f the Gold Supply.—E J. H unt ’ s M ebchan ts ’ M a g a z in e .
1869]
RAILROAD EARNIKGS FOR
1868.
129
It will free us from the anomaly and discredit of our government’s
keeping a bank o f the “ wild cat” order, whose issues represent, not value
in hand, hut debt that cannot be paid.
And if, in addition, the banks are put on the solid specie paying basis
suggested, we shall have a safer and better currency than ever before.
And all this will be done so gradually, and uniformly, with so little
jar and disturbance, that, almost insensibly, we shall get rid of a currency
representing debt and poverty, and find ourselves established on the solid
basis of silver and gold.
H. L am bert.
RAILROAD EARNINGS FOR 1868.
The past year has been one o f increased prosperity to our railroad interest.
This is due in great measure to the abundant crops, which have supplied
the necessary through freight east, while the fuller development o f the
surrounding country is adding greatly to the local business, and giving
the roads a more permanent value. From the returns of fourteen roads
it appears that there has been an aggregate increase in the gross
earnings the past year o f $4,627,661, or over seven per cent.
The fol
lowing are the gross earnings of these companies for December, and
also for each of the last two years:
'
,-------- D ecem ber-------- ,
R ailroads.
1867.
1868.
A tla n tica n d G re a tW e s te rn .................................... $350,837
$350,000*
C hicago and A lto n ..................................................... 350,169
3-%073
C hicago and N o rth w e s te rn ..................................... 918.088 1,001,8112
C hicago, R ock Island & P a cific.............................. 351,600
881,400
I llin o is C en tra l............................................................ 613,330
702,618
Marietta and C incinnati............................................ 123.383
121,408
M ichigan C e n tr a l....................................................... 330,373
390,671
426,313
M ichigan Sonth. & N orth. In d ................................. 370,757
Milwaukee and St. Panl..........................................
438,325
468,796
O h io and M is s is s ip p i.......................................
272,053233,861
Pittsburg, F t. W . & C hicago ................................. 573,726
730,278
St. I oui . Alton & Ter e H aute............................ 171,499
157,379
T oled o, W abash and W e s t e r n ................................ 307,948
320.726
W estern U n io n .............................................................
54,718
45,470
T o ta l...........................................................
...$5,206,806
$5,719,915
.— T w elve Months— ,
1867.
1868.
$5,094,421 $4,724,816
3,892,861
4,544,133
11,712,248 13,429,534
4,105,'03
4,487,791
7,16 ‘,991
7,823.463
1,258,713
1,294,095
4,371,071
4,570,014
4,618,743
4,934,468
5,683,609
6,517,562
3,459,319
2,964,039
7,242,126
8,007,768
2,207.930
1,923,862
3,783,820
3,952,(67
774,657
764,971
$65,360,912 $69,188,573
It will be noticed that a large portion o f the increase has been over
roads running through newly settled country. The Chicago and North
western, for instance, shows an increase of $1,717,286, indicating the
profit which is flowing to the company from the new country developed
by it. On tbe Milwaukee and St. Paul there is a gain of $833,953, but
there has been an extension of mileage on this road from 735 miles to
825 miles. For the purpose, therefore, o f indicating the actual earnings
on each mile of road, we have prepared tbe following table, showing
* Estimated.
4
130
RAILROADS OF OHIO.
[February,
the length o f each road, and the gross earnings per mile during each
o f the two years :
Le gth m.—v/—Earnings p m.—, r-D iffe ’ ce—,
Railroads.
1867.
18i.7. 1868
1868.
In c. D ec.
Atlan tc and Great Western......................
$729
507
507 $10,048 $9,319 $ . . . .
Chicago and Alton*...... ........................
431
280
13,903 12.801
1,101
Chic igo, Burlington & Quincy..................
400
400
15,306 15,386
"so
.
Chica o and Northwestern
..................
1,152 1,151
10,262 11,657
1,395
442
9,237
Chicago. Rock Island and Pacific..............
9,884
597
454t
708
10,114 11,050
Illinois Central....................... .......
708
930
5,015
Marietta a d Cincinnatti...........................
251
251
5, 56
141
•..
Michigan Central.. .. ................................... 329 329
13,288 13,924
636
524
524
8,805
.........
Mich gan Southera & North. Ind
9,71 3
898
815
7,732
Milwaukee andf*t. Paul............................
735
7,900
108
1,455
Ohio and Mississippi................................
340
340
10.173
8,718
Pittsburg. Ft. Wa\ne & Chicago...............
408
468
15,474 17,175
l 'i o i
210
210
10.514
9,161
St. L'mi-, Alton & Terre Haute................
1,353
521
'322
521
Toledo, Wabash and Western...................
7,262
7,5S4
61
180
180
4,305
4,244
We-tern Union............................. ........
In the absence o f any returns showing the operating expenses, the
foregoing table will be o f decided interest, as the expense account must
be in a great measure dependant upon the length o f road operated. As
some test o f the relative value o f the stock, we give the following state
ment o f the total stock and bonds o f each company, with the earnings, for
a series o f y ears:
Total'etocK
and bo ds ,---------------- Earnings for---------------- ,
Eailroads.
Dec. 31’68. 1%8.
1S67.
1866.
1865.
Atlantic & Great Western....................... $63,060,656 $4,724,816$5,091,421 $5,476 276 $5,8/5,835
Chicago and Alton.................................. 10,255,982 4,544,133 3,892,861 3.695,162 3,840,092
Chic., Buri’gton & Quincy...................... 17.762,780 6,154.617 6,083,13S 6,175,553 $6,000,OCO
Chicago and Northwestern...................... 48,985,363 13,429,534 11,712,248 9,424,450 7,976,490
Chic., Kock s. & Pacific........................ 22,271,500 4,487.791 4,165,103 3,466,9/2 3,3:3,-514
Jilin, is Central..................................... 35,988,704 7,823,463 7,160,961 6,646,741 7,181,203
Ma-ietta * Cincinnati........................... 20,620,865 1.294,1)95 1,258,7)3 1,201,239 1,224 058
M chigan Central................................... 15,446.354 4,570,. 14 4,371,071 4,'.60,125 4 520,550
Michi. Soutri. & North.Iod...................... 20,787.980 4 984,458 4.613,743 4,!5 >,32S 4,-26,727
Milwaukee & St. Paul............................ 30,454,275 6,517,662 5,683.609 4,552,549*4,000,000
Ohio and Mis«isa p i ............................. 27,150,00) 2,964,039 3,459,319 3, 80,583 3,7 3, 05
Pittsb., Ft. Wavne & Cbi...................... 24,063,000 8,007.768 7,242,126 7,4 ,5,2 ) 8 8,489,062
St. Louis, Alton <fcT Hante...................... 11,040,It 0 1,923,862 2.207,930 2,251,525 2,210,744
Toledo, Wabash & West........................ 20,000,000 3,952,067 3,783.820 3,694,75 2 924,543
Wes era Union......................................
5,863,093
764,»71 774,952 814 036 1 89 383
Total............................................... 373,750,552 76,143,220 71,444,04567,057,672 60 844,711
From these statements it will be seen for instance, that the Chicago and
A lton has earned the past year 84,544,133 on 431 miles o f road, (the
first six months o f the year only 280 miles were run,) and that its total
stock and bonds reach 810,255,982 ; that the Chicago and Northwestern
has earned 813,429,534 on 1,152 miles o f road, and that its total stock
and bonds reach 84 8,98 5,36 3; that the Chicago and R ock Island has
earned 81,487,791
on
454
miles o f road, and that its total stock and
bonds reach 822,271,500, and so on, for all the roads given above.
In
this manner we obtain a pretty fair idea o f the results o f the year.
EAILROADS OF OHIO.
The Hon. George B. W right, Commissioner of Railroads and Tele
graphy, has favored us with an early copy o f his second annual report
relating to the public works of Ohio. An analysis o f his first report
was published in the M a g a z i n e April, 1868, and we then referred
* Since June, 1868, the earnings o f m e Jacksonville Branch are include r i n < h ion o and
Alton returns.
t The Chicag and R ock Island R oad the last 4 m onths has been £06 m iles.
X Estimated for 1865.
RAILROADS O r OHIO,
131
to the energy and industry the compiler has brought to bear on his
work, and of the readable method adopted in the presentation of his fig
ures. There were certainly faults in the report, but only such as further
experience in office would correct, and there were deficiencies which we
could not but deplore. The improvements in the present report, however,
are apparent and much to our liking. The work contains, besides the
reports as sent in by the several companies, extensive tabulations, aggre
gate and comparative, which will be o f great value to the publicist. It
also reproduces the general laws o f the State relating to railroads and
a series of well-written sketches of the rise, progress and present condition
of the several lines of railroad, with essays on railroad economy generally,
railroad management, free passes, competition rates, taxation, &o. On
the whole, the report is an able exhibit of the great interest it embraces,
and demands of us a more than usually extended notice. W e have
therefore prepared the following statement showing the length of the
several railroad lines within and without the State separately ; the stock
of engines and cars in use on the whole of each line, and the number of
persons employed in operating railroads in Ohio on ihe 30tli o f Junet
1868:
r-M iles o f R. com ple’ d—n
r-N o. o f (8 wheel) car—. a ®
0Q
O
,----- Total----- v
© CD oS
©£
©
a
a. O
a
© © «: 52 bu
©
£
a -h
o
a to u r? a
CQ
0.3
0
a
fc
X
L
1
*
*3
Q
.S
'Si
*
e
o
a
a
Railroads.
'3
ca
ss
Eh
H Pi ^=3 E-i
<
38.66 251.68
Atlantic & G. W est........................
155 86 40 3,229
82 3,437 2,114
79.50
Clev. <fc M ahoning.......................... . . . 79 50
1 1 1
1
2
5
12 00
12
137 08 40 20 25 299 189 513 1,298
81
.
.
.
00
09
34
13
482
60.00
427
Cin. Ham. & D a »t o n ........................
11
757
27.20
Cin. & Ind (leaded)...................... . . . 2 '. tO 6.70
213
70
6.00 36.00
6 3 3
i
C n. R ich. & h i e ..........................
77
54
16.00 171.00 1 26
20 9 m
90 614 562
20.00
Springfield & •. o .........................
2 273 386
15 11
6 259
Cin.
Zanesville............................ . . . 132.13
132.13
Clev. Col. Cin & I —
1-8.40
36 22 10 554
586 499
Bell fontaine...............................
50.66 187 88 47 26 10 771
Clev. C ol. a\c i n . . ....................
9
816 1,210
66 37 2 > 1,223 31 1,319 1,137
Clev. & P l'tsh u rg...........................
32.00 182.00
60.75
5 6 4 151
Clev. Z in .sv. & Cin........................
161
122
Col Ch'c. & In d C en ......................
136.00 116 55 25 1,700 500 2,280 1, 020c
Col. & llo ck . V a ley, (75 m iles) . . . . 11 00
Dayton & M ich g tii.
............. . . . 142 00
8 3 362 io 383 57L
14 !.116 21
6
31 81
4 4
3
56
69
Dayton & U n i o n ..........................
SO
4 2 ..
18 88 11'8-.
13.10
i r o n .................... ............................... . . . . PH. 00
48
Junction (Cin & I n
. ........... . . . 93 00 25.00
20 01 14 12 5 ISO 30 227
fit
L. Erie & Louisville (175 m iles). . . . 37.00
3 2 1
25
28
37 00
50
-.Lake sh ore—
Clev P & A sh t.......................... . . . 95.53
70.00
68 31 1,956 107 2,162 2,ts a
Clev. & T oledo ..........................
43! 86 156.57 ■ 84
. . . 84 00
84 0j
Co . & X en ia ...............................
54.64
...
Little Mi <&Co . & X ..................
45 40 24 723
787 1,090
“
X . & Belfon.................... . . . . 15.26
15.26
“
and W cjI’ ii ......................
3S.o0
574 1,437
Marietta & C m ............................. . . . 190.80 86. CO 276.80 52 24 10 540
Mich. outh. & N In ...................... . .. 512.38
8 >.30 99 80 24 1,570
1,674
440
13.0 •
13.00
1
e ew Lisbo . (3T.58)........................
1 1 1
3
12
4 1,966
19.53 79 39 22 1,201
Ohio & Mies.......
......................
.45
72 3' 15 781
Pit s. Cin. & >t,. L ......................
70 891 1,144
7.50 124.90
H it-. F|. W . & C hic...................... .. . 408.30 32.20 259.70 179 121 54 2,584 108 2,86'< 1,664
10 11
4
San Man & Newark.
116.25
190
<15 32575.50 105 47 30 1,144 892 2,113
Toledo W ab. & W e s t ..................
46.00
643
Total (5,890.67 m .) ..........................
3255.98 1323 808 397 20,512 2,234 2395119,884
132
RAILROADS OR OHIO.
[February ,
The total length o f railroad, main line and branches, completed and in
progress, and reported in the above table, is 5,890.67 miles. O f this
length 5,274.17 miles o f main line and 389.92 miles of branch line,
making a total of 5,664.09 miles, were completed, and leaving out the
Columbus and Hocking Valley Railroad, 11 miles, which had not been
brought into use at the close o f he trailroad year, the total lengih in
operation in the year 1867-68 was 5,653.09 miles. Included in this
aggregate is 2,408.16 miles of road within the limits of the States adjoin
ing Ohio east and west.
On the 5,653.09 miles of railroad in operation in the year 1867-68,
there were in use 1,323 locomotive engines and 23,951 cars of all kinds.
This averages to each hundred miles o f railroad 23.4 engines and 423.7
cars. The proportion o f each kind of cars to the whole number was as
follows: passenger 808, 3.37 p e rce n t; express and baggage 397, 1.66
per cent; tonnage or freight cars 20,512, 85.64 per cent; and others
(not specifically described) 2,234, 9.33 per cent. These averages and
proportions o f course vary on the several lines.
The length o f railroad in operation in Ohio alone, excluding the Col
umbus and Hocking Valley Railroad, was 3,244.93 miles. Of this 148.99
was double-guage road, in connection with the Atlantic and Great W est
ern. The lenth o f second track on six roads was 8,828 miles, and the
length o f sideways on the roads, in the aggregate, 445.89 miles. The
total length of track in use within Ohio was thus 3,928.09 miles. The
number o f persons engaged in repairs and operations on these roads
was 19,884, or about five to each mile of track.
These statistics,
applying only to the railroads within the State, are o f great value, and
ought, if possible, to have been given in like manner for the portions o f
lines beyond the State limit, the cost and operations of whichare embraced
in the returns.
The total cost o f the 5,890.67 miles o f main and branch railroad
(including 226.58 miles not yet completed) amounted to $288,269,958,
and the equipment (engines and cars) in use on the same roads amounted
to $14,299,916, making an aggregate cost of $302,569,874. For the
total mileage this is about $51,361, or for completed roads alone, $53,470
per mile. The cost o f the 3,255.93 miles o f railroad in Ohio, and the
equipment thereon, amounted on the latter average to $173,935,520.
j his cost is represented by paid up share capital $172,047,542, funded
debt $133,111,294, and floating debt $8,194,466, or a total capital of
$313,653,302. The proportions o f these several classes are: Shares
54.85 per cent, bond 542.44 per cent, and floating debt 2.71 per cent.
This exhibits a strong financial position, and indicates a general pros
perity not anticipated. More than half o f the floating debt reported is
RAILROADS OP OHIO,
1869]
133
returned for the Pittsburg, Cincinnati and St. Louis Railroad Company,
and consists o f debts not yet brought into the recent consolidation.
The statement which follows exhibits in detail the amount of stocks,
bonds and debts o f each company, and the cost of the property owned by
them severally:
Railroad ,----- Stock, bonds and d ebt----- */—Cost o f P rop’ y—*
ConiCapital
Funded F loa tin g Aggregate Cost
pleted. stock.
debt.
debt.
amount, p.m ile,
Railroads,
A t. & Qt. W e st........................
C lev. & M ahoning..................
Carrol ton & Oneida......... .
Central O h io ............................
C in .,H a m . & D ay.................. .
Cin. & Indiana........................
C in ., R ich. & C h ic .................
C in ., band. & Clev..................
Springfield & o l ..................
Cin. & Zanesville............... .
CJ. Col. t i n . &Lu—
Bellefontaine..........................
Cl. ( ol & C in ......................
Clev & Pittsburg..................
C l., Z m es. & Ci i....................
Col., C h. & In d . C en .............. .
Col. & H ocking Val........... . .
Oayton & M ichigan,................
Dayton & U n io n ....................
Iro n ............................................
Junction(C in.& I n ).............
L. Erie & Louisville...............
Lake Shore—
Cleve. P . & A sh.................
Cieve. & T oled o..................
f Little M iam i......................
| <-ol. X en ia ........................ .
Lit,. Mia . & C . & X ............... .
I D .,X .& Bel’fu e ...............
[D . <fc W estern . ............. .
Mar & C in cin n a ti...............
M ich . S . & N . In d ..................
N ew L is b o n ...........................
* la . & M ississip p i.................
Pbg., C . & bt. Louis...............
P b g .,F . W . & C hic.................
San. M ans.& N ew ’ k
.........
T o l., W ab. & W ’n ..................
S
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
$
$
$
$
426.16 29,598,695 30,00',000 963,514 59,723,834 117,800
79.50 2,056,750
1,355,800
3,320,326 48,120
.............
2,00)
103,500 8,625
12.00
101,000
137 08 3,000,000 2,500,000 11,200
5,511,209 30,930
60.00 3,500,000 2,032,01)1 389,563 5,271,949 87,866
27.20
500,000 2,0«K),000
....
1,894,478 92,414
42.00
374.100
560,000 15,258
939,385 26,(94
171.00 3,228.150
2,397,000
5,700.000 36,774
20.00
(sunk in sale)
..........
346,000 17,300
132. CO 1,669,361 1,>.00,000
....
2,969,361 22,474
20*.60
187.88
225.00
60.75
594.50
11.00
142.00
31.81
13.00
123.00
37.00
4.420,600
1,624,000
6,000,'00
40",000
5,957,825 4 191,0*0
(sunk).
253,000
11,100,00) 14,469,524
412,"88
262,500
2 392,761 3,650,500
76,000
527,445
132,411
35,010
1,726 750 3,526.700
1,211,700
500,000
....
....
....
....
919,444
..........
282,500
12,769
26,400
370,034
9,000
5,679,312
4,S88,530
10.3:35.190
1,575,081
24,488,963
51 ,944
6,250,492
59 >,684
314,879
5,624,085
1.720,700
27,977
26,003
51,9:35
25,927
44,148
46.544
44,018
18,858
24,221
45,724
26,330
.
95.53 8,947,650 2,500,000
....
9,744,874 102,578
.
156 57 6,250.000 3,149,185
....
8,191,592 72,492
.
84.00 3,572,400 1,589.000
....
3,775,757 44,950
.
51.69
1,786 200
248,000 ..........
1,482,84 > 26,961
................................................................................................ 951,5154,855
.
15.26
412.580 27,086
42. CO
.............
738.000
..........
1,087.779 25,S99
.
276.80 14,620,866 6.306,000 483,970 19,303,112 09,737
. M2.38 11,812,600 9,038,610
......... 18,812 667 36,716
13.00
...........
1,000,000
.........
693, 16 5<.332
.
340.00 23,500,000 3.S8S,000
.... 27,388,000 80,5^3
.
200 50 5,000 OdO 4.0O8.000 4,750,«00 13,758,000 71,285
.
500.50 11,500,000 12,563,000 158,200 22,099,736 40,145
. 116.25
900,225
2 154,(00
8,050,235 26,239
.
521.(0 6,700,000 14,449,000
...
21,149,000 40,5)2
T o ta l.................................................. 5,664.09 172,047,542 133,111,294 8,494,466 302,569.874 53.420
P roportion for Ohio ...................... 3,255.93 98,891,000 76,519,256 4,8S3,895 173,935,520 53,420
The mileage o f trains on the same roads at 71,597,786, which is
equivalent to 12,500 trains over each mile of road. This is evidently
an error, and is explained by the Commissioner, who states that in several
instances car mileage is returned instead of engine mileage. The total
number o f passengers carried was 9,436,416, and the tons of freight
moved was (through 4,773,007 and local 6,040,528) 10,813,535. In the
transportation of these passengers and this tonnage 622,872 cords of wood
and 264,463 tons of coal were consumed. The gross earnings amounted
to $47,118,722, of which $14,861,784 was from passengers, $29,001,212
from tonnage, $2,305,959 from mails and express, and $936,158 from al
other sources. The total expenses for operating amounted to $32,920,034*
and the nett earnings to $14,198,688. From this amount was paid
$6,963,726 for construction and new equipment and $3,801,291 for diri-
134
the t a x a t io n
op l o a n s
as
c a p it a l .
{February,
dene!?. Included in expenses are taxes (State $1,087,270 and national
$557,105) $1,644,375. The ratio expenses to earnings was 61 per cent)
and the gross earnings per mile o f road operated $8,997.Di'idends were
paid on $63,444,825 o f stock, leaving a ba ance of $108,602,717 stock
without any dividend. Tbe amount of iron laid down to replace worn
out rail on the Ohio lines, during the year 1867-8, was (new 197 and
le-rolled 325) 522 miles, or on the average the renewal was equal to one
mile in every 6^ miles in use. The same rate would thus relay the
whole system in 6£ years.
The following table shows the earnings of the several lines and the
results as to dividends :
R .ilroads.
Atlantic anrl Great W estern...............
Cleveland and Mahoning ...................
Carrol ton and Oneiua........... .............
Central O h i o ..........................................
C nci< naii, Hamilton and a yton ____
Cinci natt and Indiana......................
Cincinnati, Richm ond and Chicago
Cin , s* nd’ y and Clevt 1 n d ..................
Springfield and Columbus.................... .
Cine nnati and Zanesvil e ...................
r*
n p. t ( Belleiontai e .,.............
r*
° * M Clev. c o l . & in .......
Cleveland and Pittsburg
................
• e v ., Z m« sviiie nd Cincinnati.........
Col , Chic, a n d ln d . Central...............
C olum bia and ocking Val e y ...........
Dayton ano iMichigan.............................
Daytt n and Ui ion ..............................
Iro ............ ..
......................... ........dun t o n (Cin. a n d l n d .) .................... .
Lake Erie /. nd L ou isvi le ........................
Toi , . ch rru i ’ lev ., P. & A sht’a. ...
Lake Shore ( cleve)an d& o e d 0 i ,
(L ittle Miami .........
j Col. & X e ia ...........
Little Miami & Columbus & X -------I Day X . & 1 elft’n . . .
( Day ton & W est’ l l . . . .
Marietta and Cinein a ti............. . . . .
M ich. . & N. Indiana..........................
Ne
L isb on .............................................
Ohi an M ssis ippi '8 m o s .).............
Pitts urg, t in. and St. Couis.............
Pittsbu g , Ft. Wayne and Chica o . ..
Sandusky, Mansfield and * ew ark.......
T oledo, Wabash and W estern.............
T otal...................................................
Proportion in O h io..........................
Miles
operated.
,----------Earnings----------*
Gross.
Nett.
$1,902,813
4q t'lo \
12 00
137.08
60.00
27.20
42.00
171.00
20.00
132.00
202. *0
187.88
225. CO
60.75
594 50
$4,973,955
4,123
1,025,545
1,256,087
204,063
158,042
717,498
13,tU8
355,954
1,475,900
1,776,490
2,243,188
165.361
2,036,696
142.66
31 81
13.00
1 2 '. 00
37.00
’ "987,692
118,420
64,611
156,376
46,035
4,399 deficit
li,47il
8,944
58
1,076
156.57 f
B.°03(i18
3,540,30!-I
84.0,r|
54.69 I
....
Y 1,898,814
15.26 |
42 00 J
276 80
1,305,475
512.38
4,862,221
13.00
12,543
340 00
1,996,198
200 50
2,338,5 1
500.50
7,721,301
116 25
416,916
521.00
3,782,910
.5,653.09
3,244.93
$47,118,722
27,047,075
1,687 deficit
51,921
“
308,463
99,697
13,507 d< ficit
273,727
3,936
17,676
5*2, 5 i
510,780
815,485
21,999
706,733
Dividends.
i 8
6
14
10
7
8
5
7
7
4.2
4 .‘2
260,833
195,169
1,986,564
2,7 9
363,784
6)46,46 >
2,9' 1,676
124,540
1,036,712
i<
‘ i.
io
$14,198,6 8
8,151,440
THE TAXATION OP LOANS AS CAPITAL.
The Assessor of the Thirty'Second District has made a very extra
ordinary demano upon the bankers o f his district. Section 110 of the
Act of Congress of July 13, I860, imposes upon bankers a tax of 1-24 of
1 per cent on the capital employed in their business. The Assessor
construes the term capital as meaning not only the capital proper o f the
banker, but also any amounts he may borrow in the ordinary course of
his business. In a circular recently issued, he says: “ According to the
1869]
THE TAXATION OF LOANS AS CAPITAL.
135
ruling of the Commissioner o f Internal Revenue, money borrowed or
received by a bank or banker and employed in his business must be
considered capital, and taxed accordingly. All money, therefore, thus
borrowed or received and used in banking, not in brokering, as margins
upon which tax is paid by stamps, is required to be included in monthly
returns of capital.” As further illustrating the position taken by the
Assessor, the following suppositious case was stated by him recently
before the representatives of the boards o f brokers; “ Suppose A is a banker
doing business as a broker. B, a customer, orders him to buy, for his
account and risk, say 100 shares o f stock o f a market value of $100 per
share, at the same time depositing as ‘ margin,’ ten per cent, or $1,000.
A, not having the necessary capital himself, borrows o f C, the remaining
ninety per cent, say $9,000 (leaving as collateral security in his hands the
certificates for the 100 shares of stock), thus making good at the bank bis
check for the whole amount o f $10,000, which he pays to D for the
stock. Now, what capital has the broker ‘ employed in his business’
in this transaction ? It is the whole $10,000 for which he gave his
check to D.”
The singular position thus assumed appears to us to involve some very
obvious misconceptions. In the first place, the Assessor confounds the
business of brokering with that of banking. In the case here supposed,
A, the banker, does business as a broker; the money he borrows fertile
purchase of the stock, he borrows as a broker; in short, he performs no
other functions in the transaction than such as belong to the broker and
do not pertain to banking.
Where then, under the terms of the lawf
does Assessor Webster find his right to tax such a transaction as that
of a banker? In fact, in the above quoted circular, it will be seen that he
explicitly excepts the money borrowed in “ brokering” from liability to
the tax. It is inconceivable how an officer charged with the collection of
revenue at the great financial centre of the country should have attempted
to give such a forced construction of a statute. His claim amounts to
nothing less than a tax upon the whole transactions of Wall street in
stocks, gold, bonds, and foreign exchange, averaging $150,000,000 per
day, and aggregating about $500,000,000,000 per annum, the proceeds
of which would exceed $20,000,000 per annum.
W e are willing, however, to believe that the Assessor, in his super,
serviceable zeal, has overstated his own actual purpose, and that he aims
to collect the tax only upon capital used in banking. This supposition
is consistent with the language o f liis circular, though wholly incompatible
with his oral representations. Tlte question then arises, what does the
law conmplatete in the phrase, “ capital employed in business?” Does
t mean the banker’s own capita), or, in addition to that, capital he
136
th e
t a x a t io n
of loans as
c a p it a l .
[February,
may borrow ? In the ordinary acceptation, the term, when applied to
persons, firms or corporations, represents the amount properly owned
by them and employed as the basis of their business. Indeed, in the
ordinary usage, capital, so far from being Regarded as synonymous with
borrowed money, is used in contradistinction from loans. The borrowed
money of a firm,instead of represent ing its capital, represents its debts;
and, in this view, there is a most obvious impropriety in taxing borrowed
money. W e can easily understand how a firm should be taxed upon what
it possesses; but to tax it upon what it owes is a most remarkable inven
tion in the science o f taxation.
Moreover, even supposing it were
allowable to tax borrowed money, it would be a gross injustice to impose
the same rate upon it as upon capital actually ow ned; for the obvious
reason that the profit upon the borrowed capital is nominal compared
with that upon capital proper.
Again, ihe Assessor’ s claim involves a repeated taxation upon the
same capital. The money borrowed by the banker is borrowed, say from
another banker, who pays the tax upon it as a part of his capital; or it
is borrowed from a bank which pays upon it the usual tax imposed on
deposits.' The banker borrows it, say at 5 per cent, and lends it again to
a second party, say at 6 per cent, who also has to pay the ta x; the second
borrower -pays the money in liquidation o f the claim o f yet another
banker, who again lends the money, the receiver being required to pay
the tax. These repeated transfers may occur within two or three days,
the same actual capital being assessed each time it changes hands; at
which rate it would be compelled to pay 1 per cent in every twenty-four
days, and 13 per cent per annum. Under such a system as this, tem
porary loans would be banished from W all street usage; and bankers
to obviate the repitition o f such a ruinous impost, would be compelled
to borrow for long periods, with consequent inconveuience to themselves
and increased risk to lenders.
Moreover, if all the capital a banker employs in his business is to be
subjected to this tax, his deposits must be included in the liability, in
addition to the tax specifically charged upon them ; and we a r e a ta
loss to conceive why, upon the Assessor’s construction of the law, he
has overlooked this important mine o f revenue.
This extraordinary claim needs but to be examined to show its
preposterous and utterly untenable character. Its enforcement would
involve, *to a large extent, the suspension o f banking, and the injurious
limitation of oredits in the larger financial operations o f the countryThe surplus capital which always gravitates to this centre and finds here
tempmarary employment in rapid transfers leaving but a fractional per
centage o f profit, yet keeping the whole financial machinery in active
1869]
OUR NATIONAL BANK SYSTEM.
137
motion and sustaining values, would under such an impost remain
stagnant, depressing the rate o f interest and repressing the spirit o f
enterprise everywhere. Whatever tends to prevent capital from passing
into the hands of another who can use it to better advantage than its
present holder tends also to limit its productiveness, to the serious
detriment of the whole network o f national interests.
W e have little doubt that the Assessor finds in his district many
attempts to evade the payment o f the legal tax upon bankin g capital;
and with such cases he is justified in dealing according to the powers
invested in him by law. But unjust returns afford no excuse for an
attempt to exact taxes which have no warrant in a fair construction o f
law-, and which, moreover, are opposed to common sense and justiceThe case has been referred to Commissioner Rollins by the board of
brokers; but the Assessor, instead of awaiting the decision o f his
superior in office, is embarrassing the tax-payers by demanding the
surrender of their books and papers for examination. Mr. W ebster’s
action is a fair illustration of that official disregard o f the public con
venience and that zeal for forcing a construction o f the law against the
interests of the tax payers which in all countries have, sooner or later,
made taxation odious.
OUR NATIONAL BANK SYSTEM.
So far as their statistics are published, the quarterly statements o f our
National Banks for the first Monday in January offer, on the whole, a
sati-factory view o f the position of these institutions. The most promi
nent question before the public in regard to our banks refer to the ade
quacy of their reserves. The law requires that all banks situated outside
of the great financial centres shall protect their liabilities by a reserve of
fifteen per cent. The banks to which this rule applies are 1,408 in number.
Their liabilities amount to 406 millions, so that the reserve required
would be 61 millions. The banks actually hold 93 millions, or fifty per
cent more than the lawful minimum. Turning now to the banks in the
fifteen principal cities, exclusive of New York, we find that the 164 banks
have liabilities to protect amounting to 220 millions. Their reserves as
required by law must be twenty-five per cent on this sum, or 55 millions.
The reserves actually held amount to 71 millions, and are consequently
almost thirty per cent in excess. Lastly, we come to our New York city
banks, which are fifty six in number, having liabilities o f 208 millions,
requiring twenty-five per cent in legal tenders, or 52 millions, as the
aggregate o f protecting reserves. Our banks actually hold 71 millions,
or thirty five per cent more than is demanded.
In these compendious statistics there is abundant evidence to support
138
our n a t io n a l b a n k
[February,
system *
*s i
■2 « >+»
0
COOJ j? u
w O L °•£ 0
.» ,s .c 0
• Oj • .
o -c j?
- | ? s
00
'O
a
0
73
fcs
Q>
p e c ie .
H
(m ou n t re
q u ir t d as
reserv e.
our position that the Banking system established under our national cur
rency law is stable and firm, and that it fulfills its design of giving us an
organized chain of Banking institutions whose soundness and solvency
will compare favorably with those of any other country in the world. The
details of the report are summarized as follows :
a
■gists i « « | *
oS«S
| s § s
g ? e S £
O^i-CTJ
P.G t- O
0) <
■
P
CO
.^62 $12/59,758 $1/28,964 !$ 1,132,775 $48,659 $30,430
, 40
6,4 0 416
45.*,375
5)70.567
75.600
35.077
, 40
8,032 339 1.204 8.51
635,183
67.704 120 1 0
921,051 1.744,088
.160 52/75,612 7,811.312 4,235/34 469,047 2(3,000
. 6 - 18,972,971 2,8-15 946 1.435,18 (
47,013 145,3,0
. 81 80,0! 2,560 4,513.884 2,2 3,690 145,4:0 3; 7,3 )0
.236 79, .57,694 11,8'8,6*)4 6.155,088 526/21 1572.510
23,58/659 3.537,519 2/7 3 ,0 (5 114,404
.151 4 ,912,835 6 / 86.925 4,714, 26 116,890 914,110
. 11
2,403.594
D e la w a r e .
360,539
2 2,949
6,t 37
67,560
316,071
(03.217
. 19
4,208,405
492,1:3
631 261
58,118
51/30
860,973
963,054
105,891
1
15 884
18,434
163
30
2 1 /3 3
40,160
V i i g i n i a .....................
820,Sv2
. 17 5.512,144
551,787 89,887
lO.f 80
401,747 1,054,001
W e s t e r n V ir g in ia ..
. 15 4,55)6,4i 8
(89,461
462,064
41,406
75,210
364,996
943,676
N o r t h C a r o lin a ___
. 6 1/40,743
247.U11
261/33
33,706
60
84,768
380,172
1,6s 1,086
1891,454
252,163
780 683
361,21-7 25,022
G o rg ia .
. 8
8,919/43
587,531 1.041,349
56,621
25,000
879,856 1,505.326
820,335
123,050
189,297
58,905
31,733
279,935
M is s is s ip p i................................
(N o b a n k s .)
T e x a s ......................................... 4
1,353,108
202.966
154,902 173.971
358,077
686,950
A r k a n s a s ................................... 2
725,613
41,156
108,842
..........
8,290
49,327
93,773
K e n t u c k y ................................. 11
3,061,896
4 9.734
423,911
9,509 15 520
763,133
314,'93
753.045
T e n n e s s e e ...................................12 5,020,299
........
37,8V5
1.060
807.b2>
............
511,788 1,858
058
O h io ............................................. 121 29.567,071 4.435,061 3,537/48
89.905 416,-90 5,462.077 6,506,180
I n d i a n a ......................................... .. 18,814/-0_ 2 822,109 2,563,010
97,520 147,990 1,151,224 8/79,774
111 n o i s ...................................... 70 14,802.601 2,220 390 1,8 6,124
126.219 12U.750 1 554,142 8 /5 7 235
—
6,788,723 1,018,: 08
Michigan............................ 38
911,387
34.427 55,1(0
6 3 /(1 7 1 639,931
■Wisconsin................................29 4,461,505
6 9,226
6 6,2i5
50,126
55,450
460,282 1,22 / 2 3
lo w a .............................................44
9,963 967 1,494.51)5 1,410,9 5
8 8 /5 0
32 80)
■567,571 2,366,386
Min esota........................... 16 8,456,926
460,995
518, 39
17.074
219,694
5,300
709,063
M is s o u r i..................................10 2,623,733
354,026
3 ,544
14,6-0
39 V 60
282.007
681,857
K a n s a s ....................................... 3
84 461
563,123
72,067
(4,894
5.662
50
142/73
Nebraska........................... 4 2,573,121
120
Nevada............................... 1
273.674
41,051
19,01:5
52.243
8,126
79,404
Oregon .............................. 1
265,747
39 862
76,514
24,616
101,130
Colorado............................ 3 1,180,768
177.115
....
114.731
1C3.707 23,(89
801,527
M o n t a n a .................................... 1
157,8 4
23,611
5.(59
56,250
11,174
72,483
1
U tah ..........................
33,393
3 4 /3 0
1 /2 0
5,835
222,6'2
42.185
I d a h o ......................................... 1
96,809
27,081
14,521
876
2,037
30,044
N e w H a m p s h ire .
V e r m o n t _____ . . .
,408 406,128,844 60,919,326 40,644,021 2819,665 4895,620 44,601,095 92,960,401
20 7-10
23 9-10
21 7-10
23 3-10
19 6-10
20 9-10
22 1-10
23 3-10
22 2-10
251-10
22 9-10
37 9-10
19 1-10
20 5-10
23 1-10
46 4-10
88 4-10
341-10
50 1-10
12 9-10
24 9-10
271-10
21 9-10
21 2-10
2 4 7-10
24 2-10
27 4-10
23 2-10
20 5-10
25 9-10
25 8-10
29
33
25
45
18
81
1-10
5-10
9-!<>
9-10
22 9-10
-Item s o f reserve-
co
• $ as
Boston ................................ 46
A lb a n y............................... 7
Philadelpia..........................80
Pittsburg........................... 16
Baltimore.............................13
Washington........................ 3
New Orleans..................... 2
Louisville........................... 4
Cincinnati........................... 6
SS-S
$
71,188,788
18,105,232
47,137.458
15,349,761
17,113, 84
3,187,414
2.175.627
1,4: 6,213
7,9(6,057
C levelan d.............................. 5 5/03,541
Chicago................................ 13 17.071,4*56
D etroit............................... 4 4.036.897
M ilw au k ee............................ 5 2,636,756
6t. Louis............................. 8 11,389,474
964,115
Leavenworth..................... 2
T otal,. ..
New York.,
17,797,197
3,276,808
11,781,3-9
3, 37,4 0
4,278.471
796,854
543.907
859 ( 53
1.976,-19
1,3.*5,885
4,267,867
1,(09,224
659.189
2,847.5)63
241.029
tc
o
*
7,738.809
1,314,253
6,6*4,916
1,871.862
1,966,590
121,075
466,:-22
282.194
1,2(2.364
508,099
3,328,561
612/97
448,007
1,807 /8 3
153.440
$
$
3050 374 5 3 '5 / 00
32,791 680,000
452,7'8 €575,0*0
120 317 751,000
36 ,640 1245.000
40,9 >4 590,000
98.017 ..........
11,795 10,000
47.665 224/00
55,4 2 300,930
95,990 411,240
1.682 180,-00
24.017 35,000
121 385 627,210
1,760 10,000
.
$
6,674,262
3,490,939
1/07,149
1.753.136
1,711.535
159.297
“
“
2,088,343
500,995
46-7,860
667,259
44,848
,.164 220,002.723 55,000,680 28,496,772 4517.657 17044600 21,087.194 71.1-16,223 32 3-10
. 56 203,307,938 52,076,9 5 18,972.697 22289430 30260550
* Available for the redemption o f circulating notes,
t Available for the redemption o f circulating notes.
P
£
o5)ot2 u VO
£
o c - - rP"
a
c
cn O
Q
.............. 71,522,617 S i 3-10
1869]
THE SOUTH AND THE NEXT COTTON CROP.
139
W e regret that the reports before us have not been made out by the
Comptroller in such a form as to show the aggregate circulation side by
side with the other statistics. There is, however, this reason for their
present form : The public interest has heretofore centred more in the sol
vency of the Banking institutions than in their efficiency as issuers o f
currency. The controversies which have arisen as to the unequal dis
tribution o f the circulation are however assuming an activity which
threatens to eclipse fo* a time all the other topics o f banking importance.
These difficulties we hope will be adjusted without any attempt to increase
the circulation of the banks beyond the 300 millions authorized in the
law.
W e have assumed in this article that the sworn statements of the
banks, from which are taken the figures we have cited, are faithful and
impartial records of their average condition.
This is not strictly
so. The banks are known to “ prepare” ffir the quarterly statements.
That is, they take care to have a strong statement to show, and they gather
in greenbsyeks and make other dispositions of their assets so as to accom
plish the purpose in' view.
How far this abuse might tend to give g false impression of the posi
tion of the banks we have often pointed out. The broad margin of excess
in the reserves of some o f the banks may be due in some measure to this
cause. But there is still ample evidence o f the strength o f our banks, as
Mr. Hulburd, the Comptroller, assures us. Congress, we trust, will adopt
the suggestion we have often made, and prevent the banks from “ pre
paring” for their quarterly statement, by requiring it always to be made
for a past day, just as was formerly done under our New York State bank
system. If the banks do not know beforehand for which day their state
ments will be required, they will be under constant pressure to keep
their business in a sound, equable condition, and the average state of the
banks will much more nearly correspond with the report.
THE SOUTH AND THE NEXT COTTON CROP.
The approach of the planting season in the South, and the policy to be
pursued with regard to the next crop, are matters o f more than local i nlerest. In fact to the whole community, North and South, everything con
nected with the cotton crop of 1869 is a subject o f the highest importance.
N or is this interest confined to our own country. The cotton manufac
turers and consumers o f Europe and the cotton producers in India,
Egypt, and other places will find their indu-try seriously affected for good
or ill by the prospects and results o f the coming season. “ King Cot
140
the south a n d th e
n ext ootton
crop.
|February,
ton,” for a dethroned monarch, still exercises a decided and positive
influence in the world; and this influence seems to be increasing rather
than diminishing. A t no former period have the prospects o f this staple
elicited a deeper or more general concern.
The action, therefore, o f the South in reference to the new crop is o f
the first importance. No backward step should be taken, but the same
intelligent course which has produced such remarkable results the past
year should be continued the coming season. It has abundantly demon
strated the vitality of the South and the possibility o f raising cotton
more successfully by freed labor than by slave labor. All that is needed
now is that the lessons o f the past three years be not lost, in order that
the South may retain the vantage ground it has gained, and enter upon a
new career of social and industrial development and prosperity.
A t the close of the civil war the single element of labor was about the
only means remaining in the South of recovery from the industrial pros
tration in which that section was left. But even this resource was sadly
deficient. The freedmen were badly demoralized, insubordinate and pre
tentious ; and, at the same time, the white population was exhausted,
angry and jealous. A ll classes were utterly broken down in spirit, while
there was no money or credit anywhere. In this extremity the planters
turned to cotton as their only hope. Prices had been high, and it was
thought that they would continue so, and on the basis of the then ruling
rates contracts were entered into and plans made for the year. It is
scarcely necessary to repeat the disasters o f that and the succeeding
seasons. The result of the policy pursued was, tnai, during the winter
o f 1867, a cry of famine arose from the most fertile districts of the world,
and the little remnant the war had left appeared to have been lost.
R elief was sent, and the danger passed away, leaving a severe experience,
which has resulted however in the grea'est good to that section o f our
country; enabling them, in fact, to raise a crop of cotton at about ten cents
per pound, and to sell it at more than twenty cents. Over two hundred
and fifty millions of dollars will pass into the South from cotton alone
this season, placing the planters in a position o f comparative independence.
In tracing the causes of the success o f 1868, as contrasted with the
disasters of the preceding years, we find the clearest indications of what
should be the policy o f the South in the immediate future. Failure at
first was not the result of deficient crops, but rather of the acts of the
freedmen and the planters themselves. Capital, to be sure, was shy and
distrustful, and could only be obtained with difficulty and at high rates
o f interest or on extremely unfavorable terms. Labor also was demor
alized. In very many cases the freedmen, having newly tasted the sweets
o f liberty, refused to work, or, if they worked it was with a great lack o f
1869]
TI1E SOUTH AND THE NEXT COTTON CROP.
141
energy and efficiency. They could not see the necessity for work, and it
required the bitter hardships of the winters o f 1866-67 to bring them
to their senses. The planters, too, needed a certain kind o f experience.
They had seen cotton at high piices for a long time and concluded it
was to remain so. Consequently they bid high for labor and put into
the gronnd nothing but cotton. W hen, however, they began to market
the staple, as prices had fallen to a decidedly lower level, it was found
that it did not return them the cost of raising it. Corn and wheat they
had neglected, and it was the bitter experience they then passed through
as a consequence of this neglect which showed them its folly and led
them to a wiser course the past season. Thus suffering and an iden
tity of interests brought all classes together as they never before had
been, showing the freedman if he would eat he must work, and the
planter that he could not depend upon exorbitant figures, but must hire
his labor so that he could raise his crop at a reasonable figure, and must
give up a portion of his time and land to food products. If this crop of
cotton had cost as much as the previous ones, or if the South had raised
no food, they would have been compelled to force the staple upon the
market to get themselves out of debt or to provide the necessities of life,
and very little benefit would have resulted to them from the improved
rates. On the contrary, the planter is now clearing over ten cents per
pound, and the South is making millions of dollars, placing them, as we
have before stated, in a position of great strength for the new year.
W e have, then, in the experience of the past, an unmistakable indi
cation of the course that should be pursued by the South in order that
the advantages she now possesses may be maintained. First, then, it is o f
the highest importance that the planter should not be led by present
prices to contract with the freedmen at exorbitant rates. The crop must
be raised economically and cheaply, for there is no wisdom in supposing
that it can be marketed except at a figure very much below present quo
tations. It must be remembered that the prices now obtained act as a
premium for the cultivation o f cotton throughout the whole world.
Largely increased supplies are likely, under this stimulus, to be raised in
India, Egypt, Brazil, and other places, and although the consumption is
steadily increasing, a decided reduction in the rates must be the result
o f this eager competition in production. W e notice that there is some
indisposition among the freedmen to contract for last year’s wages.
This is right where he is worth more ; but for the planter to agree now to
pay an exorbitant rate, just because cotton at the moment is high, would
be only to ensure for both parties disappointment and loss— in fact, to
check the prosperity which the past year has begun to develop through
out the South. Then, again, it is of the greatest importance that as
142
TUNNEL RAILROADS TOR NEW YORK.
[I% ruary,
much wheat and corn and provisions be planted as was planted the past
year. It is desirable that cotton should be the leading, but not the only
production. A disregard of this idea was the error of the first years
after the war, and short breadstuff, crops in Europe put up the prices
of corn and wheat to figures which resulted in the fearful distress of the
winter of 1867-8.
W e think a little caution now on these points would be of inestimable
value to the South for years to come. Not that we desire a small crop
of cotton to be raised,— foi we believe the true interests of the cotton
States demand a large crop and low prices, which will drive out competi
tion__but simply that the greatest economy in production be used, no
contract for labor based on present rates for cotton be made, and a
sufficient supply of food products be put in to make that section indepen
dent of others for their daily bread. The observance of these precau
tions will ensure a prosperous year tor the South, and do much towards
imparting activity to the industries of the whole country.
TUNNEL RAILROADS FOR NEW YORK.
Until within the past few weeks, it was generally believed that the
work of tunneling Manhattan Island, for the purpose of establishing
underground railway communication between the different sections of the
city, was soon to be begun. The charter granted by the last Legislature
to a company formed for that purpose, conferred the necessary authority
to undertake the work; and as the corporators were well known as
responsible and wealthy citizens, it was confidently predicted that the
work would be fairly inaugurated before the close of 1868. It appears,
however , that in the enabling actthere were several unnecessary condi
tions and restiictions, which prevented the complete organization of the
company, so that the act itself was allowed to expire by limitation on
the first of January. The subject, however, is again before the Legisla
ture, in the form of an application for an extension o f the charter, unre
stricted by those conditions with which the organizers of the original
company— though we believe acting in good faith and with a determina
tion to carry the undertaking through— found it impossible to comply.
In view o f the great value of such a work to both city and State, the
Legislature should promptly grant the request thus made, or adopt at
once some better plan for an underground road, so that the work may
be begun and completed as rapidly as circumstances will permit.
It is impossible to overestimate the importance of this long needed
improvement. W e have frequently referred to it in these columns, but
it is a subject of such vital interest, not only to the residents o f the city
but to tne commerce o f the whole country, that it cannot receive too
frequent attention. As a means simply o f rapid transportation of pas
sengers between Mew York and its outlying suburbs, it is becoming
almost indispensible. The necessarily slow rate of speed permitted on
surface roads, renders a passage o f even a few miles a tedious and disa-
1869]
TUNNEL RAILROADS FOR NEW YORK.
143
greeable ride ; [and in consequence o f the time lost in going back and
forth, many are cut off from the privileges and advantages which the
better air and cheaper rents o f the outskirts of the city afford. This,
perhaps especially affects the laboring classes, whose necessarily early
hours require them to spend the least time possible in going to and
from their homes. Hence they are compelled to seek accommodations
where they are scarce and rents are high, and where their children are
surrounded by associations debasing and ruinous. But aside from the
moral aspect o f the question— which is by no means to be overlooked
or forgotten— the deprivations suffered in being cut off from low rents
is very serious, and in fact reacts very seriously on every branch of
business into which their labor enters ; for the increase in the cost of
living must really be paid by the employer. Besides, under existing
arrangements, an equally burdensome tax, as we have already stated,
is laid cn the time and comfort of the entire community, making evident to
the minds of all that the present mode of transit is totally inadequate
to the requirements of this rapidly expanding city.
But this is merely a local view o f the advantages of the tunnel load.
The commerce of the whole State, and, in fact, o f the whole country, is
directly interested in the completion ot this great public improvement.
It is unnecessary to dwell upon the importance o f New York to the
commerce of the State and country. The vast trade that has centered
here the volume of produce which is daily brought to our wharves from
West and South, to be distributed to all parts of the world, sufficiently
indicate this importance. Now, however, all this freight, or all that is
brought overland— and the proportion thus carried is increasing every
year— must be carted through the city and trans shipped once or twice,
making the cost of transferring merchandise from one side of the city to
the other about as great as the freight charges from Buffalo to New
York. How easily and quickly a tunnel road would change all this. As
soon as a central tunnel is constructed through the entire length of the
city, branch tunnels will be added, a bridge suspended over the Hudson
Biver, by which all the main lines of travel and freight transportation
may be brought to Manhattan Island, and the freight thus collected
be sent rapidly and cheaply, without breaking bulb, tl.rough the city to
the wharves along our river fronts. All this would necessarily and
materially diminish the cost o f transportation, benefitting the producer
and consumer equally, and thus materially increasing the volume ot freight
flowing through New York— which the lower rates would attract—
and benefitting our canals and railways.
There is also every reason to believe that such a tunnel road will be
constructed as soon as the Legislature grants the proper charier rights
and privileges. There are no good grounds for supposing that the work,
if properly undertaken, could not be carried through and made completely
successful. It is true that the peculiar topography of the island, includ
ing the vein of quicksand extending from Worth to Canal streets, the
low, wet, marshy section immediately north of it, and the hills o f solid
rock that extend from Thirtieth street to Fort George and Washington
Heights, present many engineering difficulties that will only be overcome
at considerable expense of money and labor; but they are by no means
insurmountable. The necessary energy and capital can and will be pro
vided as soon as legislation is obtained authorizing the work.
NATIONAL BANKS OF EACII STATE— THEIR CONDITION JANUARY 4, 1869.
W e are indebted to the Comptroller o f the Currency for the following reports o f the National Banks o f each State
and redemption city for the quarter ending the first Monday o f January, 1869. A s will be seen we have grouped them
together in the following order :— First, the Eastern States, next the M iddle States, then the Southern States, and last the
W estern States followed b y the returns from the Territories.
K lt S U U t l U & S .
t Exclusive of the cities of New York and Albany.
[February,
* £ xclusive of Boston.
state.
Total,
eaoh
LIABILITIES.
Capital s trck ;........................ $9,185,000 00 $4,785,000 00 $6,585,012 50 $36,982,000 00 $ 42,500,000 00 $20,364,800 00 $24,624,220 (0 $37,072,241 00 $71,557,700 00
8,730,585 62
'641,544 56
7,647,904 25
1,397,414 59 4,162.224 17
8urp.us fund ........................
1,255;4'2 48
531,817 01
5.464 065 72 ' 38 959>27 17
399,518 60
3,331,924 79
3,302.476 54
1,025,786 61
1.143,848 35
Undivided profits................
66t,737 06
601,411 42
4,516,586 96
7,388,221 37
N a’ l banknotesoutstand’g.
1,467,174 00 4,25\565 00 5,706,741 00 30 950,640 00 26,6:0,875 00 12,425,867 00 17,345,491 00 29,24!,47*» 00
35,239,5 j2 00
31,315 00
312,394 00
135,652 00
. 284,981 00
S 'a tc b‘ k notes outstand’g.
52,210 0J
34.210 00
178,616 00
507,481 00
26 <,223 00
47,578.214 11 222,033 39 . 82
Indi vidua1 e p o sitf.............
4,992,065 08 1,823,560 64 2,091,545 10 20,038,727 62 38,605,057 96 5,698.929 72 12,305,48.5 99
174,719 34
215,172 08
188.6>9 08
981,176 63
427,124 28
16’ ,891 89
U S. deposits.......................
4:35,590 72
1,282,215 91
1,085,314 25
40,243 74
lu7,091 93
119,149 75
45,384 24
105,068 12
5,992 48
129,929 57
Deposit* U. .Dis’ gOfficers.
245,191 62
31,60 i 92
429.903 39 12 7 58,043 86
3.005,669 61 55,461,126 94
D u e to ' ationalb inks . . .
691,670 05 1,830,453 79
334 47
171,031 21
1,472 014 75
308,32i 5‘i
41,269 96
422,931 44
1,427,581 31
Due to other b V s & b’ kers.
117,917 74
15.876.095 36
of
$24,181,871 47 $12,289,910 82 $15,826,584 29 $100,950,770 01 $134,561,835 01 $42,404,151 04 $62,451,614 07 $130,225,455 19 $430,869,225 91
banks
Total,
n a t io n a l
N. Hampshire. Verm ont.
B oston.
Maine.
Massachut’ s.*
Rh. Island. C onnecticut.
N ew Y o rk .t City o f n . Y .
Loans and discounts........... $10,312,986 96 $4,234,624 70 $5,588,064 10 $42,887,654 80 $64,0a.S16 55 121,392,893 02 $27,754,584 41 $50,750,297 01 $163,5'8,311 60
217,009 40
O v c 'd r a ft s .............................
32,423 38
4,776 49
14,837 09
42,433 09
41,289 60
7,961 49
46,139 96
301,010 74
4,843,000 00 6,487,500 00 35,218,850 00 29,654,650 00 14,198,600 00 19.749.000 00 33,369,450 00 42,4>2,450 00
U. S. b ’ ds to secure circu’ n.
8,440,750 00
825,900 00
2,926,4' 0 00
1,850,000 00
U .3 . b V s to secur; deposits.
643.000 00
410,000 00 1.107.000 00
3.596,450 00
4,059.000 00
795,000 00
3,237,400 00
3,435,100 00
U. S. bonds & sec. •n band.
687,850 00
2S4.3C0 00
627,750 00
276,150 00 2,126,590 00
9,843,750 00
3,075.500 00
Other st’ ks, b’ ds & m rt’ s.
243,227 65
105.000 00
999.994 91
365,043 60
£67,127 76
r.50,925 50
4,776,243 20
78,200 00
3,103,582 03
6,674,261 98
1,004,109 32
2,108.5.9 51
3,597,232 41
Due Tin A pp'd R ed’ m Agts.
1,445,919 14
921,050 96
7,174.972 29
9.220,539 43
Due from .National B an k s..
57,598 69
437,618 23 2,438,919 21
15*-,802 82
133.700 68
749,476 21
2 810,377 60
2,912,977 25 11,521 ,509 54
1,491, 550 00
1'9,502 22
Duo I’ m other b ’ ks & bkrs.
16,951 ! 8
3,321 55
14.194 58
227,457 05
40,943 96
331.750 22
594.409 37
752,311 03
R eal Estate, furniture, & c ..
1,290,070 50
577.002 99
244,969 56
112,475 22
149.800 30
823,860 82
7,019,,179 91
1,720,137 45
306,4‘ 8 09
73,554 86
624,.217 55
Curre> t exp en ses.................
15,093 42
23,542 00
28,103 39
137,480 S7
68,383 87
313,749 65
21,942 53
P rem iu m s..............................
8,296 67
11,583 13
20,953 36
9,833 54
28,459 49
617. 196 99
3,332 95
204.614 69
602,902 47
732,159 60
Check*
other cash item s.
305,026 40
117,910 50
576,505 56
6,042,988 72
259,976 62
1,688,988 15 111,302.,951 72
107,299 00
1,562,976 00
204,516 00
B ills of N ition a l B a n k s....
309,684 00
146,632 00
781,001 00
1,531 .923 00
413,441 00
961,396 00
1.109 00
11,946 00
B ills ot i the. ban ks.............
650 00
350 00
1,025 00
310 00
14. 240 00
116 00
14.280 00
10,509 17
307,>16 03
25,132 49
18S.448 47
176,724 67
50,0 5 90
f2,S9(» 64
Fractional currency.............
27,072 35
203,654 80
67.704 07
S p e c ie .....................................
48,658 81
15,076 93
469,047 29
3,056.373 94
47,043 28
145,449 74
520^20 62 22,289.,429 97
Ley-al tender n otes...............
1,132,7 5 00
452,375 00
635,183 00
4,235,534 00
7,738,809 00
1,435,184 00 2,233,690 00
6,195,088 00
18,972,,697 00
1.430 00
13.000 00
150 00
310 00
Com pound in ten st n o t e s ..
100 00
2,300 00
32,510 00
15,,550 00
120.000 00
250,000 00
5,345*0()0 CO
Three per cent.certificates.
35,010 00
75,000 00
145,000 00
305,000 00
1,540,000 00 30,245,.,000 00
1869]
RESOURCES.
to
$4,393,072 03 $7,321,494 79 $32,051,345 03
$226,367 95
00 $1,498185 00 $2,398,217 50 $10.391,9a5 00
22
30>,3 )5 0»
34.440 52
1,512,691 27
24
138,917 03
22--,510 61
605,243 90
0)
1.189,453 00 1,772,033 00
7,074,521 00
00
19,224 00
25.4>1 00
171,944 00
66 1,111,410 00 2,358,896 36
10.569,54 ) 97
01
35,831 07
25, -03 6 J
296,649 £9
5l,9n6 96
688,490 60
103,453 42
1,799,684 70
153.514 31
218,999 90
10,0 J7 57
23,984 79
237,573 20
$100,00 ■> *
! ,457 56
16,83) 21
88,940 10
LIABILITIES.
Capital s t o c k ........................ $2,650,000 00 $1',483.350 00 $23,905,,240 00 $16,517,15) 00
2,364,798 0L 4,463, 226 25
Surplus fun d.........................
950,000
6,133,457 88
1.101,894 07 1,552, 141 75
Undivided profits................
325 610
1,373,33» 01
9,231,163 00 20,420, 795 00 10,971,960 00
N at. ban* notes ontsta’ ing
1,882,539
146,884 10
207, 391 00
26,606
96 256 00
Mate b tnk notes outsta’ ing
14,064,615 66 22,587, 96S 31 40,?66,S>0 60
Individual d ep osits............. 10,079,981
848, 248 82
95,178
245,779 42
United St-tes deposits. ..
662,457 65
42,100 57
D epos of U S di.-b g officers
55,,823 65
29,602
962,230 17 1,522. 503 34
Due to National banks.......
1,943,938
5,791,021 15
87,626 26
257,:241 89
D ue to other ba’ ks & ban’ i s
553,552
1,010,815 03
$9,000,000
2,0lo,lS3
655,493
6,709,256
92,607
8,868,54S
95, 52
$4,393,072 03 $7,321,492 79 $32,659,845 03
1Exclusive of the cities of Philadelphia and Pittsburg.
X
E x clu s iv e o f
the
16,951 40
2,1S8 73
$226,367 95
C ity o f W a s h in g to n .
145
+ Exclusive of the City of Baltimore.
0
NATIONAL BANKS OF EACH STATE.
Loans »nd d iecou n ts...........
Overdrafts................
....
TJ S bonds to secure circ’ on
U S bonds to seenre dep s.
U S I'O1ds & se ur s ou h'd
Other stocks, bond* & mort
Due from app’d red’ m ag’ ts
Due from National banks..
Due from otln r b’ k s & b’ ers
R al estate, furn’ e & fixt’ s
Cunent ex p e n se s ................
P rem iu m s.............................
Checks & o her cash items.
Bills o f National banks —
Bills o f other b n k s.............
Fractional c u rre n c y ...........
Specie ..................................
Legal t nder n o t e s .............
Compound interest n otes..
Three per ceut certificates.
N . Jersey. Pennsylvania.♦ Philadelphia.
Albany.
Pitt-burg.
Delaware.
Maryland, t
Ba’ tim ore.
I ) l ‘ . o f C o’ .*
$7,090,486 67 $18,SM),13i 45 $31,0!) 4,556 24 $35,041,425 56 $13,021,551 63 $1,994,549 42 $2,835,6 »7 37 $13,811,795 38
i 23,975 58
14,466 22
23,511 96
144,282 37
21,423 IS
36,143 92
28,531 72
3,1--7 38
: 0,949 26
3,717 21
2,145,000 00 10,5'6,650 CO 23,241,900 i 0 13,049,700 DO
7,702,000 00 1.34V201) 0 ' 2,0'»8,2:0 00
8,007.590 00
lOO.CUO 00
200,000 00
731,5- 0 00 2,304,000 00
1.860.00 i 00
200.0(H) 00
495.000 00
o.O 00
800 000 (;0
44l,iG0 00 3,0 5,400 00
194,050 00
1,41)11,300 00
229, *50 00
386,100 00
80,'i.' 0 00
£50 00
313 436 20
782,8:6 43
916 394 02
1.380 814 56
208,795 *1
77,65 • 00
721,412 *8
258,317 75
2,949,203 06 4,009,260 49
3,490,938 89
1,753.135 84
1,807,148 95
31 ,.071 39
3t0 973 38
1,711,531 75
21.533 03
845,666 99 1.057,845 44 2,100,722 07
2,276,092 04
536,083 88
6 ‘,554 27
596.974 36
21,294 18
215,870 l 0
265,197 85
624,495 77
2 0,722 95
532,713 32
114,447 87
34,242 78
39,-18 15
172,111 97
4.264 97
665.579 34 1,081,425 36
1,542,537 80
190,301 82
6,0,912 10
110,999 93
118,1,05 58
580, 77 71
14,928 63
99,044 67
226,447 90
43,614 84
207.357 54
20,663 11
16,166 42
34,SOI 54
30,113 90
23,414 04
60 45
106,390 39
60,811 73
3,634 13
30,603 10
40,518 75
5 82
508,494 22
9.218,495 83
926 148 60
601.357 35
724.116 36
44,117 79
SO, 203 10
2,163. *78 05
13,273 82
141,049 03
45;*,429 00
184,733 00
135,186 CO
651,502 00
20, -44 00
70.341 00
325,181 00
3,941 00
7,29 s 00
8,861 00
1,591 00
4.205 00
1,363 00
1,847 00
2,228 00
2,3:8 00
152,944 10
8,292 38
36,787 76
80,837 55
144,693 -5
50,043 43
14,873 73
7,871 41
236 81
32,791 05
114,404 39
116,889 62
452.768 17
120, •■'76 51
6,636 51
58,! 18 30
361,6(0 17
1) 2 95
212,949 00
1,314,253 09 2,073,005 00 4,714,726 00
1,871,862 00
6,674,916 00
492,138 00
1,966,590 00
18,434 00
730 00
9,110 00
1.000 DO
2-',020 00
2,560 00
1 n30 00
30 00
630.000 00
365,000 00
6.535.000 00
65,00) (.0
905,UU0 00
750.000 00
60,000 0J
1,215,000 CO
146
- esccr£e;.
50,000
31,733
4,812
60,626
14,282
00
44
95
57
03
“ ’ *5*66
90,856 50
14,849 00
44 500
124,899
157,034
127,5V5
262,335
22,906
61 000
644,742
16,3(J3
00
36
35
64
46
63
00
48
00
47*2,106*66
200,000 <0
700
41,141
358.077
63,785
40,330
17.332
15,770
00
07
14
26
91
95
87
6*944*43
61,527 00
$2,656,585 70 $6,188,376 60 $1,338,205 46
$4,545,584 18
$2,040,279 09
$400,000 00
13.073 15
56,934 70
264,S8C 00
$1,300,000 00
(.2,000 00
3 (4,9V4 88
1,058,815 00
$525,000 00
36,7^0 00
94,014 89
391,995 00
555,4*54 *7*2
.............
.............
33,595 07
13,467 82
1,757,439*42
...........
.............
91,914 90
100,439 98
720/67*97
36,3'5 21
204,489 9a
18,984 43
12.421 64
$2,656,585 70 $8,188,376 60 $1,338,205 46
$4,545,584 (8
$2,040,27^09
LIABILITIES.
Capital stock..................... $1,050,000 00 $2,150,0C0 00 $2,216,400 00
Surp us fund..........................
Undivided profits.................
National bank notes outst’g.
State bank notes outstand’g
Individual deposits.............
U . S. D e p o s its ....................
D ep’ ts fU S.disbur. offi’ rs
Due to National B anks. . . . .
Due to other banks. & bkrs.
Total............................
235,000 00
76,959 64
762,734 00
l.‘ 8,S97 60
183 559 01
1,827,390 00
1,561.985 19
907,976 65
3,097 24
243,391 25
6,423 73
3,251,'461 01
139,529 89
250.944 02
303,747 87
74,225 30
230,995 83
158,825 68
1,978.604 00
1,038 00
2,483,137 91
112,557 67
22,128 80
60,299 85
71,625 73
$4,847,567 70 $8,339 754 70 $7,335,613 47
$683,400
40,902
54,716
315,025
00
25
(18
00
976.478*i3
141,899 03
145,638 56
322,769 73
14,940 57
$2,495,769 35
$685,500
51.326
117,6*2
145,535
00 $1,600,000 00
01
141,681 40
70
303,495 40
00
1,232,000 00
1,535,*550*54
.............
.............
107,417 25
13,624 20
2,48*2*59*3*95
82,164 20 •
122,784 59
300,764 53
122,890 48
[ February,
2,561 7i
173,971 02
154,902 00
state.
6/83*23
93,016 75
466,322 00
each
4,61*1* 75
58,904 76
189,297 00
op
$2,495,769 35
“ 550*66
T exas.
$431,134 73
banks
T o t a l.......................$4,847,567 70 $8,339,754 70 $7,335,613 47
Alabama.
New Orleans.
$506,548 95 $1,308,381 48
627 36
2,133 80
310,500 00
1,208,000 00
n a t io n a l
Loans and d isc o u n ts...
Overdrafts......................
U . S. bonds to secure circ
U . b d s . to sec. deposit
U. S. bds & secur. on h <n
Oth. stocks, bds. & mortg
D oe trom app’ vd red'g ag
Due from National Banks
Due from other bk-* & bkr
Beal estate, furniture, &c
Current expen ses...........
Prem ium s.........................
Checks & other cash item
Bi lls o f National Banks
Bills o f other ban k s___
Fractional cu rren cy.. . .
S p e c ie .............................
Legal tender n otes.......
Com pound interest nrtes
Three per cent certificate
W ashington.
Georgia.
Virginia W estVirginia.No:rthCaroMr.o.So :iVnVarohna.
$1,260,506 39 $3,669/68 93 $2,518,509 62
$942,071 15 $1,181,615 78 $2,281,478 42
10,205 13
6,022 49
34,244 25
19,484 93
7,117 03
1 536 74
1,003,000 00 2,073,500 00 2,243,250 00
l,3 ; 3 /0 0 00
401,000 00
204,000 00
300.000 00
250,000 00
300,000 00
200 000 00
200,001) 00
392,600 00
4,100 00
319,500 00
95,000 00
“ 300*66
12,887 93
39,188 62
171,450 00
151 336 82
74,963 80
25/36*67
401,7$6 93
159,297 14
364,996 48
391,454 37
379,356 09
84.767 76
154,842 45
347,48? 93
17H,194 76
17,051 48
28,635 54
231,417 48
73,304 11
263,790 97
50,981 82
52,956 03
1(1,526 50
109,790 28
245,027 67
251,453 44
30,253 22
89,463 30
215,959 08
67,1-88 15
36,221 94
28,944 63
15,118 92
39,951 21
29,312 83
7 /0 7 75
14,239 95
21,440 50
14,954 94
7,316 60
2,516 31
24,745 18
103,738 08
290,909 75
174,588 12
21,006 93
13,300 05
3,407 30
158,906 00
210,559 00
326,506 00
161,9?7 00
44,977 00
118,933 00
12,807 00
5,806 1)0
23,873 00
2/43 i5
20,883 96
1*398 26
26,270 84
23,888 02
33.674 49
40,933 81
41,405 91
25,022 07
56,621 38
89,887 46
33,705 70
462,064 00
121,075 00
551,787 00
261,638 00
861,*-07 00 1,044,349 00
580 00
2 1 0 00
60 00
590,ooo' 00
10,000 00
75,0G0 00
25,*666 *66
18691
RESOURCES.
S p e c ie
..............
....................................
Le a tender n otes...................................
Compound m erest n o t e s .....................
Three per em t certificates....................
$990,895 IS $5,347,4 38 OS $2,023,474 30;$7,335,572 36 $49,041,403 87 $13,963,211 77;$8,784,614 41 $34,8S3,4:9 34 $23,557,863 75
T otal .................................................
LIABILITIES.
cap ital stor1’ ............................................
*'urp us Juml.............................................
U noivid d p ofits....................................
Nati nal haul- noies outstanding.......
w nf<- b nk not. s outstanding...............
Individua depos ts ...............................
U. S d ep osits..........................................
Deposits o ' l ;
. disbursing officers..
Dae to ' ati nal Ranks ........................
Due to other bank and bankers.........
T otal .
200,000
34,760
17,6 4
170,417
350.862 70
20,7 5 04
174,537 80
12,848 39
.............
00
37
37
00
1,317,255 26
194.751 <0
10,740 98
45,833 84
97,311 86
$950,00 1 00 $1,925,300
142,535 01
110/77
27,278 99
176.500
710 242 tO 1,143,894
496,706 83
37,556 73
94,343 65
84,811 06
0C $15,454,700 00 $3,500,000 00 $2,300,000
663,969 49
641,69-.
15 2.520.S10 49
885,411 49
285,0S9 40
81
113,399
00 12,997,774 00 2,876,380 00 1,846,102
80 690 00
10,733
3,599.23' 31 15,551,571 14 -3,591,862 59 3,332,851
1S6.055 66
91 ,833 72
720,338 40
201.11-0
72,392 46
91,118 06
37,166
6,286 34
329,493 66
181,592
1,93^872 02
37,759 03
SO 1.231 91
392,699 87
116,341
00 $12,617, 000 00 $6,630,000 00
33 2,269, 489 17
1,332,189 92
79
'947, 553 H
066,593 65
00 10,860 498 00 5,414,374 00
8. 20 < 00
1,737 00
7,384 006 03 8,751,812 83
4S6, 894 95
486,650 67
83, 260 76
1’ 9,763 03
120,540 92
56,499 15
105 973 02
68 218 45
. $990,S95 18 $5,347,638 03 $2,623,474 £0 $7,335,572 36 $19,041,408 87 $13,963,211 77 $8,784,614 41 $24,883,419 34 $23,557,868 75
* E xcl give o f the city of Louisville.
00 $1,885,000
!8
114,4>0
03
110,016
00 1,542,148
NATIONAL BANKS OP EACH STATE,
Loans and disco ; t i ............................
Overdrafts
..........................................
U. S bonds ;o a« cure circulation.........
U. S. b nds 10 secure deposits.............
U . S. bonds and secuiitics on hand.
Oth< r stocks, bonds and mortgages ..
Due ire m approved ride ming ag- nts.
.1 u •from Ka iona' Ranks.............. . . .
Due f om ot <r I anks and bankers . . .
Real est t •f ruit-ire and fixiuri s .......
Cu re> t expenses
...............................
Premiums .....................
.................
Check* and other c.H«h item s................
Bills o fN -tio n a ' Ranks.........................
Bil 8 o f oih. r banks.................................
Fractional currency............. .................
Arkansas. Kentucky.* L ouisville. Tennessee.
O h io .t
Cl ve'and.
Indiara,
C ircinniti.
Illinois :t
$343,413 90 $2,225,235 19 $9 -5,802 27 $2,208,533 77 !£20,206,254 49 $3,475,411 95 $3,446,580 83 !£14/01,742 36 $ 9,7 i 8.703 93
26,742 73
136,411 17
1,240 84
14,000 64
1,014 95
10.270 71
36,690 61
15,4*3 37
94,664 19
200,000 00 1,76 1,900 00
90.\000 00 1,442 7 i0 00 14,722/00 00 3,412,000 00 2,034,000 00 12,399.550 00 6,352,250 00
150,090 00
161, 0G 00
V 0,000 00
2,061.50) 00 1,290,500 00
460,000 00
5 i 5,000 00 1,135,000 00
831.000 00
10,400 00
65,300 00
34,750 00
321,'50 uo 1,433,800 00
595,400 00
59, 00 00
325,100 00
37^,850 00
271,093 43
16.000 01)
34.437 51
17,50J 00
17,30) 00
262.883 80
4,850 00
213 517 16
323.110 09
31 ,191 32
49,226 7<C
128,725 20
69
2,462.076
768.063 32
5 1.737
97
759,882 93
1,171,223 66 1,554,112 24
43,722 16
v9.91s 80
27,985 53
277,441 21
1,I7S,655 57
173,318 19
196,106 83
486,334 87
633,067 37
3,098 84
104,738 05
156,803 94
525,140 07
107,189 17
169,772 71
3% 726 c5
79,530 26
161,553 66
37,610 28
162,696 51
108,462 10
26,296 33
705 433 27
174,629 45
148,579 82
590.186 21
504,620 56
7,957 14
9,009 05
41,583 46
121 7 8 13
6,348 76
44,414 64
14,942 57
110,333 27
113,986 1°
1 014 46
3,300 46
654 13
9,693 70
41,118 76
31.338 94
9,120 95
6,766 82
367,990
69
4, 63 92
2,051 39
f 6,908 40
230,066 64
214.073 76
152,000 58
267,?45 £0
4,161 00
54,367 00
399,214 00
22,678 00
491,002 00
658 143 00
229,312 00
233.027 00
424,151 00
13,903 00
4 63 00
14,848 00
1,840 00
5,8‘>9 00
2,753 00
999 26
7,846 5>
105,312 53
65,795 95
2,S05 70
19,010 45
10 580 3
28,7 8 53
65.999 62
9,509 10
3,290 11
55,431
1 1,795 31
37,885 01
89,965 j9
47 665 80
97
97.520 28
126,2)8 62
42 ',911 (10
SU7,325 00 3 537,448 CO 1,202,364 00
41,156 to
282,194 00
508,099 00 2,563.010 00
1,856,124 00
1 690 00
520 00
4,200 00
93 00
1,060 00
2,9.<0 00
750 00
15,000 00
415,000 00
10,000 00
220.000 00
300,000 00
146 000 00
ISO,000 00
t E xc’ usive o f the cities o f Cincinnati and Cleveland.
X Exclusive o f the city o f Ch’ csgo.
*-T
CO
RESOURCES.
Chicago.
M ichigan.*
Detroit. W isconsin + Milwaukee.
St. Louis.
Iow a .
Minnesota.
M issouri X
........... .. $11,709,224 03 $5,012,233 85 $3,130,893 61 $2,5 >6,277 47 $1,494,247 94 $6,021,918 56 $2,357,894 21 $1,4:5,104 St $9,159,898 81
41,767 16
45 599 SO
8,! 07 38
22,854 20
11,121 21
1 *.286 50
46,089 31
80.2 9 60
b , 73 92
U . i*. bond? to se<u e circulation .
3,25 .900 00 1,09 ,800 00 1,"46,650 00
4,S25,700 0)
791,?00 CO 3,614,750 00 1,682,200 00
797.000 00 3,926.150 fO
TT. S. bonds to s- cure d e p o s it s ........
170,(100 (0
2: 0.0 0 CO 250,000 00
£0(‘.0* 0 CO
485.000 00
379,000 00
150.000 00
400 OOU 00
256,000 00
U . S. bonds and securities o» band,
249, -.00 00
7.200 00
54,5f 0 00
172.9(10 00
304,5 0 00
170.0 00
187,350 00
438.800 00
o th er stocks, hords an-t m< rtgages.
204,926 92
10 1,935 04
64.076 56
105.640 01
31,102 72
18 659 14
197,7* 0 12
238 941 37 1,660.665 70
2,088,312 79
500,994 82
Due from >pproved redee’ ii g agents
639,016 82
400.281 85
407,860 25
767,77! 32
219,604 43
282,607 82
667,25 > 65
Due from National b a n k s ..................
411,411 71
284,911 18
73,471 15
327,362 21
94,5 5 0 a
675,704 72
106,083 62
316,068 92
98,6 6 97
Due f om o her banks and bankers..
60,218 20
58.439 21
82,591 32
1*9.653 49
170,401 64
28,446 06
7.026 64
66,135 64
178,650 53
109 826 17
Real estate., furniture and fixtures..
444,792 05
273,455 02
203,397 24
40,124 56
81,418 93
326.328 95
66.629 39
125,278 09
Current exp en ses...............................
34,144 85
105,945 83
12,941 16
£0.011 87
42,785 87
12,976 40
8,873 63
11,257 13
15 031 83
P rem iu m s..............................................
16,989 13
52,597 40
10,(00 00
5,365 42
15,689 62
14,318 46
20.886 29
Ch cks an i other cash item s.............
107,481 62
26,526 81
379,374 48
2,703.03! 30
205.056 53
6 ‘ ,153 45
229,446 88
72,251 67
158,505 ^0
201,976 00
440,054 00
Bill o f National ban ks......................
162,977 CO
60,977 00
410,670 0)
811,061 00
133,027 00
43,940 00
72,025 00
B Jin <f other banks.............................
172 CO
2.349 00
5 121 00
4,144 00
ISO 00
190 00
101 01
30,461 17
Fractiona* currency..............................
39,870 03
17.479 93
40,033 01
5.580 40
48,55! 83
46,663 05
n.T(H 04
11,503 J-6
Sf e c i e .....................................................
24,046 86
88,849 <6
34,427 41
1,682 31
37.0 3 51
30,544 03
121.885 01
95.990 38
50, 25 55
Legal tenner n o t e -...............................
656.265 00
3,328,561 CO
911,387 00
466.095 00
851 025 00 1,807,583 00
612,097 CO
448,107 00 1,476.9 5 CO
Compound int-rest n otes...................
1,240 0)
1*0 00
4.680 00
2,210 00
150 00
2,800 00
800 CO
'ih ree per cent certificates.................
8(i,010 00
625.000 00
460 000 00
55,0(0 00
180,000 00
£5,(00 00
5.000 00
65,000 00
10.0C0 00
Loans*and discounts..
Overdrafts ..........................................
X Exclusive o f the City oi St. L ouis.
[ February,
t Exclusive o f the City o f M ilw aukee.
state.
T o t a l................................................ $27,727,943 82 $11,527,993 85 $6,541,963 67 $6,919,780 H $4 022,796 83 $14,922,487 71 $5,630,896 39 $3,977,460 91 $20,119 9.6 09
* E x c’ usive o f the City o f Detroit
eaoh
00] $3,710,000 00 51,550,010 00 51,860.000 00 $850,060 00 $3,757,000 00 ^1,714.2 0 CO 51,000 000 CO $6,810,300 CO
373,‘ 59 72
669 444 89
734,917 19
371,753 78
D 0,452 til
6S1.331 60
86
478.13> 33
SOt.501 88
41,439 21
252,196 50
373,3* 5 78
373.515 12
598 810 47
10
60,699 40
205,490 92
148,013 93
664,144 00 8,421,317 «0
947,071 00 1,629,690 00
693,250 00 8,108.104 00 l,44l,4M CO
00 2,859,701 00
1.087 <0
905 00
2,7>9 00
2,345 00
38, 82 00
265 00
6,600,596 M) 1,890.973 72 l,90V,i 14*72 6,601.625 63
11,673,80 * 59 8,822, 41 17 2,793,435 02 2,745.896 40 1,633,020 34
155.545 87
87,465 96
242.518 37
70,551 61
363.763 OS
40 173 22
57,474 68
127,361 67
49,355 33
19,315 16
218,09? 38
91.503 05.
15,367 69
120.760 55
81 592 81
164,921 99
13,029 61
971.093 70
2,541 !6l6 57
29,* 95 90
222,790 45
i 5.000’ 79
48,120 99
4 5.077 77
1,728,935 37
11,977 97
86.174 13
124,612 80
36,310 87
7.4-3 07
878,500 73
8,000 16
95,914 35
$5,450,000
1,716 333
335,281
4,233,217
on
LIABILITIES.
Cap'tnl s t o c k .........................................
Surplus fund..........................................
Undivided p ro fits .................................
National bank notes outstanding . . .
6 ate bank not s •u tsta n d in g..........
Individual dep s it s .............................
United ta'esdep* s*ts........................
Deposits o f . ?s disbursing officers
Due to National ban s .................. ..
l u e to ether bauks and b a n k e rs ....
banks
$27,727,943 82 $11,527,998 85 $6,541,953 67 $6,919,780 17 $4,022,796 83 $14,922,481 74 $5,630,896 89 $3,977,460 91 $20,119,956 09
n a t io n a l
Total
18691
RESOURCES.
Loan« and discounts..........................
Overdraft-.................... .............................
U. . bo da to secure circulation........
U. S. bonds to secure deposit-*...........
U. S bond* ard securities on h a n d ...
Other s ocks, bonds and m ortgages...
Due from app ov d redeeming agents
Che ks and other ca-h item s................
Bill o f national banka.............................
K.aeti nal currency.................................
Legal tender n otes.................. ...............
Compound interes notes. ..
....
T h ice p ercen t certificates..................
Total.
M on‘ ana.
$91,524 89
2,932 50
40,900 00
20,000 00
3,750 00
30, 6 * 46
14,945 00
Colorado.
$521,223 79
12,373 66
297,- 00 00
160 600 50
19 700 00
74,676 32
114,730 80
157,455 03
26,011 19
97,744 00
35,209 41
14,874 86
18,6! 0 65
24,416 00
61
32
45
18
31
00
286 45
6,224 S8
7,7 -18 93
10.003 57
, 4,373 49
3,200 0J
1,104 07
24,615 96
TO,514 00
10,799 93
23 089 19
163,707 00
633 CO
11,173 50
56 250 00
1,520 CO
34,830 00
Oregon.
$45,012 60
4,614 36
100 000 00
60,000 00
13,800 00
28,367 20
8,5 0 64
2,704 28
1.313 43
5,058 76
13,519
18,142
8,363
5,243
1,607
3,922
Utah
$160,499 73
3 092 94
150,00J 00
Idaho.
$67, U 47
2,lUl 80
75,000 00
14,950 00
” *'5,834'97
* 876
664
r-,702
13,474
4,214
3i
66
22
69
32
5,944 73
1,235 00
157 45
2,C86 09
27,081 00
ib‘oco‘66
$S0J,713 15 $1,310,674 61 $3,290,0S7 90
$164,888 55
$401,010 57 $1,761,476 83
$279,734 55
$101,555 01
$317,057 74
$i50,rco
'12,000
10,617
13),561
$100,000
16,413
3,835
('3,500
LIABILITIES.
00
08
52
00
$155 COO 00
5.580 00
30,634 13
131,615 00
$100,000 00
85 1,824,034 86
7 ,552 42
61
48
446,441 •<8
1,430 83
90
199,044 91
81
142,029 42
48,718
686, 9
60, 74
6,131
$804,713 15 $1,310,674 61 $3,290,037 00
$161,888 55
00
13
94
00
Capital stock .......................................... $200,000
6,378
Surp us fund.................................. .........
31 228
Undivided profits............................. ..
159,351
National bank notes ou tsta n d in g ....
St: te bank otes outstanding.............
377,774 96
Individual deposit*...............................
U >. dep s i's ..........................................
25,9:7 07
D eposits o f U. S. disbursing officers.
Du.: to na ional ba ks ........................
1,421 27
2,561 78
Due to other tanks and bankers.......
Total..................................................
457.700
24 3 ?2
3( 6,437
18,2J*
29,799
00
4?
79
00
$400,000
16,742
154.M1
168,010
32,731 62
8 ^ 6 5 00
$350,000
63,000
93.462
254,000
00
00
17
00
$100,000
10,000
11.822
35,9.0
43
23
*0
74
850,428
64.6*0
11,7*9
74,246
47
12
42
65
91,01
13»
£0,6*3
103
$4 j4,610 57 $1,761,476 S3
.......
00
00
20
00
..
90
59
69
07
$279,731 55
00
00
44
00
80,505 83
00
33
83
00
33,3C8 £3
6,059 74
1,820 95
$401,555 l l
$217,157 74
149
* Exclusive of the city of Leavenworth.
$2C 0,000
59,790
35,501
179,010
N ATIONAL BANKS OF EACH STATE.
Due from other banks and bai k e r s ...
lteal estate, furniture and fix tu res....
Nevada.
Kanra?.* Leavenworth. Nebraska.
$236,654 01 $;33.»80 w7 $890,712 81 $187,375 94
7,079 17
2.386 67
9,993 01
155,000 00
182,* 00 00
235,CO •00
200,00 l 00
350 000 00
450.* 03 « 0
5O.0J0 00
68,500 (0
19,6 )0 00
67,603 00
102.050 09
34,037 89
c9,633 45
8,125 90
64,894 38
4 1,848 32
834,106 24
5S6 49
67,982 U3
131,941 40
61,100 0 5
13,472 29
12,080 43
8,211 20
4,766 11
23,418
81
25,391 97
95,024 73
49,613 56
13,074 45
17 04
9,*-81 35
4.923 10
2,845 75
12,5?7 47
5,560 96
30 > 04
44,742 35
8,293 33
5,-80 52
6,691 00
88,142 00
16,1U3 00
55,229 00
33 00
34,687 00
10 00
2,393 86
13,640 66
52,242 90
18,333 90
243 575 00
19,035 00
72,067 00
153,440 00
50 00
12J 10
PROGRESS OP THE LIVERPOOL COTTON MARKET IN 1848, COMPARED W ITH 1867.
2,633.240
2,742.010
2/30 ,7 1 0
2,454,5260
,----------------Cotton at aea---------------E x p o rt----- ,
-A m erican -Eaetlnd an—,
1867.
1868.
1867.
1S68.
1868.
1867.
17,473 25,211 115,0'0
70.000 96,003 115,000
26.121
90.000 91.000 122.000
33,719 120,000
30,570 4!.200 1-25/00
90.000 73.000 147,000
53,075 47,000 1 10 /(0
90.000 87.000 131.003
73,660 56,0*7 135.000 100,000 103 000 127,000
95,485 67,155 140.000 110.00C 103,000 148,000
108,850 81.220 140,000 120,000 138,003 173.003
120,581
81.220 115.000 120,000 122.0(0 168.003
1*4,3.80 113,792 115,000 130.000 115,000 185.000
152,629 124,610 125,000 180.000 156,000 243.000
100,105 138 >16 140.000 21V,000 149.(00 254.003
173,420 149,071 150.000 170,000 1*2,00 1 296,0(10
18'.218 162,023 200/100 160,000 182,(100 309,000
19S.870 174.303 185 000 160,090 19 >/()0 352,000
204,316 187,121 165.000 150,0'0 183,000 850.000
2 1,357 19o,l77 90,000 110,000 251,440 414,000
216,136 207,142 90 000 125.000 23/000 426,0 0
224 211 219,220
96.000 115.000 317,000 53'.000
238,253 234,247 90.000 115/00 310 0C0 497,000
246,270 262,662 90.0 KJ120.000 382,000 577,000
251,3*4) 294, °9 ( 90.00) 100.000 422,00) 542,000
259,078 320,306 94.0) 0 70.000 413,000 537,000
264.696 317.373 74 000 76 000 413 COO 556 00)
271/99 3 -9,859 71.000
73,<M)0 490,572 572,000
280,108
,0’»5 3 ',5 0 73.00 ) 499.700 530.300
210,758 415,011
36.000 8 )0 )0 573,090 622,000
3 1'.061 436,092 25.000 75.000 687.000 655.000
308 468 451,156 21.0»0 55.000 (>92,000 641.000
318,785 463,512 13.000 54,040 768.000 716.000
-----333,1*7 479,070
14.000 64/03 783.000 7 6,000
60.00) 759.000 639.000
342 4)2 495,218
8 ,0 0 )
35»,S19 713,603
48.000 710,0' iO 634,000
6 /6 0
---------- 532/21
2 l.OOO 716.000 531,000
6.500
363,745
21/'00 70h,000 497,000
383/60 552/13
3.000
492,203 573/16
2.500 16 0 >0 670.000 4°1.000
34.000 676,090 417,000
591,109
429,626
.................
2.500
443. 41 612 664
13.000 64 ,00» :*5*;.,000
2/100
10/00 642,000 307,000
460,365 633,725
3,200
474,371 650/67
6.000 10.000 575,(00 323.000
49 ',172 670.562 11.000 14.000 500,000 308 000
507,979 692,814 17.000 14.090 4:5 000 252 000
532,336 70*, *83
20.000 414.000 2:-0,000
22.000
21,000 2S6 009 224.000
550.161 726,160 29/00
25.000 249.000 213 000
570,327 746,226 35.00)
59\4S3 76 >.‘,62
42.000 236,900 216,0( 0
55.00)
617,906 775,336 69.000 49 00 > 243.000 206.000
----------639,996 786.457 9H,C00 65,0j0 396.000 2: 9,00!
651,028 795,729 78/00
92/00 176,000 190,000
664/52 806,033 95.000 100/00 143,000 163,000
'
815,9:38 110.000 103,000 145,000 137/00
---------- -------6S0.557
694,102
703,527
826,1S1
8*5,511
115.000
105.000
122,000
ISO.CM 0
154,000
100,000
r-P rice o f
------ StockM id. Up—,
1868.
1S67. 1868.1867.
419,200 529,010' 7)4 11%
4*4,290 501.320
7)4 14)4
406.140 478,390
1% U %
396 670 5?8.8S0< V x 11%
340,150 579.770 716-16 14)4
288.000 565,500
S X 14
266.78) 556/40 M % 13)4
29',750 570,6 0 9)4 13)4
326.9 0 53 ? / ’0
344,470 497 220 1 $
371.0 0 467.770 in* 13H
391.530 644,310 i ny. M X
312,040 667,930 v x
MX
356,550 712,340 11 % 12
409 870 795,820 li% 11%
486 3 0 826,110 1v/t 1 0 *
526 230 716,740 n x 11X
512,400 813,0)0 i<% 11
587,440 826,120 12
11)4
590,570 773.810 l ' - X It
62') 250 810/20 11)4 W i
64S,820 852,950 1 1 * 11%
6^2.740 861,490 11
11%
611,980 824,450 H * 11%
607,330 748,610 11 * l l
60 *.180 738 20 ) M X M X
581,870 748.700 11)4 M X
553.000 729.810 11 *
6 >2,500 f.97.39 i l a y . 1 0 *
553/70 675.800 a x M X
5b0,630 733,690 a x 1 0 *
577,580 680,180 id
10)4
5K‘,210 766,640 10* 10X
461,360 793,560 it
10>4
571.83» 786,23 ) MV . 10
479,790 817.580 1 0 *
9)4
9)4
452,350 836 650 M X
422.140 8/0,520 10
»%
424, ISO 795.680 1 0 *
8)4
427,100 737.0J0 10)4
8X
407.000 718.090
8%
408,090 678.200
445.390 627,55)
SK
426,810 571, 00
405/60 528,040
8#
380,030 4S3/10
330/80 46~,82)
867,360 431,690
365,000 443/60
854.280 460,370
124,0(0 335, S59 472,610
127/CO 352,310 447/60
S3
i
1868
_
-H o m e co n s ’ p’ n 1868.
1867.
90,130
74,150
161,340
101,410
2*2,210 133,600
313.200
IS’ ,700
801,060
212,970
460.740
255.700
540,280
204,680
575.200
332,0'. 0
627.550
5 <3,830
6'9,180
421,070
7 6.280
468,470
763,540
506,610
864,320
532.700
034.550
5 4.6 0
967.230
608,890
961.520
648,120
716,740
1.013,530
1,048,520
768,310
826,030
1,080.830
1.118.3-0
•74,920
1,145,57»
930,160
1,189,550 1,0''1,330
1,226,630 1,043,610
1,280,860 1,030,6)0
1,131.470 1 3*4,260
1 s : i i m 1,175,310
1,430.2*0 1,218/90
1,466,400 ,277,710
1,497,100 1,329,330
1,541,430 1,370,010
1,501460 1,413,620
1.659.6 0 1,434;530
1,732.2:0 -----1,522,690
1,80*,850 1,5">8,340
1,849,59) 1 607,890
1/91,250 1 /5 * , 170
1,945,300 1,797.3'0
1,993.010 1,751,580
2/61,86) 1,802,640
2,116,000 1/50,300
2,173.110 1 /1 6 /9 0
2,232,680 1 99 >,190
2,300,6°0 2,037/20
2,339.520 2,090.619
2,3S1.290 2439,150
2 413.430 2,188,210
‘ 2,4S7,950 2,23
'
\ 890
2,536,900 2,293.230
2,582,600 2,345,800
2,629/20 2,401,260
PROGRESS OF THK LIVERPOOL COTTON MARKET IN
_
T
From January
,-------Im ports------,— Total gale?—•»
1, to—
1868.
1867.
1868.
1867.
Jan. 9 . . . . bale?.
61,805
87,826
111,130
105, *270
“ 16.................
156,755
101,811 211,920
146.000
“ 2*................. 212.003
121.272 3i2.810
1^9.110
“ SO ............... 20S.565 236.5! 9
425,460
257.790
F e b . 6.................
330.424
3(8.614 530.610
300,750
“ 11.................
3'8.371
356,312 614,850
36’ ,0-0
M ................. 44S 703 400 496
790.190
418.770
“ 27................. 510,030
4-64.537 841,600
47!,5 0
M ar. 5 ................
620,825 4 0,0H
918,74.)
526,720
12................. 682.9 7
510,279 1,002.0>*
580.4 0
“ 19 ...............
768,8C0
540,741 1/82.240
657.000
“
26..............
82 ;,777 715,4 1 1,1.1,250
707,380
-April 2 . , ............. 863/27
815/92 1,324,3*0
767,320
“
*»................
9S2,640
01-2,613 1,432/10
825,200
16................ 1.071/26 1,04 .062 1,488,090
875 8! 0
“
23............ 1,203 756 1,121 530 1,571,510
9*1,370
30............... 1,300,416 1,198,030 1,057,980 1,030,050
May 7 ................. 1,359,536 1 /51,3 -3 1,705,6 0 1.103,200
‘ ‘ 14................. 1,450,587 1 337,9S3 1,752/00 1,211,620
“
21 .............. 1.409,19 i 1,361,*-58 1,700 260 1,2 1.130
_
28................. 1,561/225 1,485.497 1,836,639 1,362,900
June 4 ................ 1,612,349 1/25,006 1,800,430 1,458,460
‘ ‘ 1 1 .... . . .
1.68 ,510 1/02,571 1,036,280 1,519.420
18 ............. 1 717,055 1,735,016 2,025,050 1,584.630
‘ - 5 ................. 1,765.845 1,76 >,767 2,093,34 • 1.615,450
- -J aly 2 ................. 1,816,156
1,706,137 2,149,210 1.600,180
“
9
1.857.736 1.87",683 2.220,0(10 1,755 53)
‘ 1 6 ................... 1,879,846 1,926,061 2,267,4"0 1,832,270
*-<3................ 1,941,*47 1, 57,18 * 2,312,030 1,9:)4.740
“ 30................. 1,909,599 1,901,837 2,375,090 1,9«1,430
-Ang. 6 ................ 2,076,561
2 109,463 2.443,540 2.027,220
“ 13 ............... 2,154,371 2,145.173 2,532,'00 2 423,920
*0................ 2,173,552 *2,288,106 2,641,630 2,183,269
‘ 27 ................. 2,211,339 2,370.980 2,74,520 2,235,3*0
feept. 3 ................. 2,325.673 2,433.613 2/29,710 2,30 ,290
“ 10 .............. 2,362 360 2,-530.899 2,882.2,0 -------2,371,890
“ IT................ 2,403,044 2.6-22,440 2,965,850 2,417,13
“ 24................ 2.436.743 2/71.471 8,03%270 2,513,0*0
O ct. 1 .................. 2,521.487 2,71 1,426 3428,120 ~~ 0 1 '0
“
8 ............... 2.591,316 2,722,950 3,2 4,1*0 2 658.870
44 15 .............. 2.649,1 >86 2,792,354 3,310.520 2,754,120
“ 22 .............. 2.731.030 2,841,588 3,395.360 2,869,700
“
29 ............ 9,8 7,036 2,*55,590 3,514,350 2,938/50
N ov. 5 .. .
2 897.019 9,872.555 3,6 i ,790 8,01 ',' 70
“ 12.........
2,939,799 2,89!,2 6 3.70o,0"0 3,0 1.040
“ 10................ 2 966,931 2,910,467 3,742/80 3,1:4.650
‘ l 26 ................ 3,013,614 2,954/70 3 /51 660 3489,100
Dec. 3 ......... . 3,110,427 2,984,153 3,937.110 3,262.5>0
41 10................. 3,166,086 3,058,794 4 /0 0 810 3,330,370
44 17................ 3,218,184 3,141,078 4,057,720 3,398,900
44 24...................8,266,680 3,193,010 4.138,460 3.4*9,540
“ 31................ 3,326,543 3,323.276 4.225,770 3 /7 1 ,5 3 0
151
PUBLIC DEBT OF THE UNITED STATES.
1869]
PUBLIC DEBT OF THE UNITED STATES.
Abstract statement, as appears from the books and Treasurer returns in the
Treasury Department, on the 1st of January, and 1st of February, 1869 :
D E B T B E A R IN G COIN IN T E R E S T .
January 1.
February 1.
5 per cent, b ond s................................... $221,589,300 00 $221,589,300 00
6
“
1881......................................
283,677,400 00 283.677,400 00
6
“
(5-20’ s ) ............................... 1,602,568,650 00 1,602,533,350 00
Increase.
Decrease
$ ..........
$ .............
....................................
14,700 00
.............
T o t a l................................................ 2,107,835,350 00 2,107,850,050 00
14,700 00
D E B T B E A R IN G C U R R E N C Y IN T E R E S T .
6 per ct. (R R ) b on d s...........................
3 p. cent, certificates....................
Navy Pen. F 'd 3 p .c .............................
Total
$50,097,000 00
55,865,000 00
14,000,000 00
$52,017,000 00 $1,920,000 00
57,410,000 00 1,515,000 00
14,01X1,000 00
..
$
119,962,000 00
123,427,000 00 3,465,000 00
$
........
M A TU R ED D E B T NOT PR E SE N T E D F O R P A Y M E N T .
7-30 n. due A ug. 15, ’ 67, J ’ e & J ’ y
15,’ 63...................................................
6 p.c. com p .int. notes mat’ d June 10,
July 15, Aug. 15 Oct. 15, Dec. 15,
1867, May 15, A. g. 1, fcept. 1 & 15,
and Oct. 1 <fe 16.1868
.................
B’ ds o f Texas ind’ t y ............. ..........
Treasury notes (old).............................
B’ ds o f Apr. 15, 1812, Jan. 28,1847 &
Mar. 31, 1848 .......................................
Treas. n s o f M a.3,63...........................
Temporary loa n .....................................
Certifi. o f indebt’ e s s ............................
T o ta l..................................................
$2,174,900 00
$1,977,150 00
3,87S,290 00
256,0: 0 00
148,561 64
3,599,170 00
256,000 00
148,411 64
349,950 00
44\4 <2 00
197,310 00
13,000 00
278,400
445,492
193,313
13,000
7,463,503 64
00
00
00
00
$197,750 00
.
.
.
279,120 00
.
71,550 00
‘iso’66
3,997*66
.
6,910,936 64 $ .
$552,567 00
D E B T B E A R IN G NO IN T E R E S T .
United States n o te s ..............................
Fractional currency......................
.
Gold certi. o fd e p o sit............................
T otal ..............................................
$356,021,073 00 $356,021,073 00
$ .............
34,215,715 64
35,511,127 54 1,295,411 90
27,036,020 00
32,659,520 00 5,623,500 00
$
417,272,808 64
$
424,191,720 54 6,918,911 90
........
R E C A P IT U LA T IO N .
$
$
$
Bearing coin interest............................. 2,107,83 *,350 00 2,107,850,050 00
14,700 00
Bearing c u r y interest............................. 119,962,000 00 123.427,000 00 3,465,000 00
Matured debt .........................................
7,463,503 64
6,910 936 64
.................
Bearing no interest ............................... 417,<:72,8u8 64 424,191,720 54 6,918,911 90
$
552*567*66
Aggregate.................................................. 2,652,533,662 23 2,662,379,70 18 9,846,014 90
.................
Coin & cur. in T reas...............................
lll,8 2 i,161 03 106,174,049 10
................. 5,651,41193
D ebt less
coin and cnrrency........... 2,540,707,201 25 2,556,205,658 0815,49S,456 83
.................
The following statement shows the amouot of coin and currency separately at
the dates in the foregoing table :
COIN AN D CU RREN CY IN T R E A S U R Y .
C o in .........................................................
C urrency.. ............................................
$08,763,363 91
13,063,092 12
$88,732,716 44
.............$10,030,652 47
17,44 ,332 66 4,378,240 54
.................
T otal coin & cnr’c y .............................
111,826,461 03
106,174,049 10
.................
5,652 411 93
I he annual interest payable on the debt, as existing Juuuary 1, and F eb lu .ry 1, I t 69, compares as follows*
ANNUAL INTEREST PAYABLE ON PUBLIC DEBT.
(join—5 per cen ts...................................
6 “
1581...................................
“
6 "
(5-20’ s )........................ .
January 1.
February 1.
$11,079,46 > 00 $;l.079,4o5 00
17,U20,64 4 00 17,020,614 00
96,154,119 00 96,155,101 00
Total coin in terest............................. $124,254,223 00 $121 25% U 0 00
Currency—6 per cen ts...........................
$5,005,820 00 $3,121,020 00
“
3
“
............................
2,695,950 00
2,142,300 00
Total currency inter’ t.........................
Increase.
Decrease
$ .............
$ .............
....... ..............................
882 00
.............
$832 00
115,200 00
46,350 00
$5,101,770 00 $5,263,820 00 $161,550 00
$
152
TRADE
OP
GREAT
\February,
B R IT A IN ,
TRADE OF GREAT BRITAIN,
Annexed is a statement showing the exports of the principal descripions ot colonial
and foreign produce to the United States during the eleven months ending Novem
ber 30, I86S, compared with the corresponding period in 1867 and 1866 :
1866.
1,630,353
14,7(6
131,210
0
CO
1867.
o
Alkali, c w t ............................................................
Beer & ale, b b ls . ......................................
Coals, tons .. ................................................... *
C otton M amjfactures :
Piece i oods, yds. ............................................
Thread, lb ........................................
...........
Barth iiware and Porcelain p k g s ....................
Haberdash ry an i Mil inery value................
H a r d w a r e an d c u t l e r y :
Kuiv s. torks. &c., value . .........................
Anvils, vi. es, saw*. &c , value......................
Manufactures o f German silver, value.........
L inen M anufactures :
Piece good , y d s ...............................................
Thread...................... ..........................................
M etals —
Iron—Pig, &c., t o n s ....... ........................ . . .
Bar, & c., tons. .....................................
Railroad, t o n s ........................................
Castings, t o n s ........................................
Iloop s, sheets and boiler plates tons.
W rought, ton s........................................
Steel Unwrought, t o n s ...................................
Copper, wrought, cw ts ....................................
Lead, pig, &c , to n s ........................................
Tin plates, cw ts ................................................
O ilseed, galls.........................................................
Salt, tons ..............................................................
S il k M an ufactu res —
Broad piece goods, & c.. y a rd s ......................
Handkerchiefs, sc rfs, &c., dozens...............
R ibbons o f silk onl , lbs.................................
Other articles of silk only, value..................
*•ilk m an uf’ s m ixed w i;h other materials..
Spirits, British, gal.s............................................
W ool, lbs.................................................................
W oolen an d W orsted M an ufactu res —
Cloth o f all kir ds, yards.................................
Carpets and druggets, yards........................
Shawls, rugs, & c., num ber.............................
W orsted stuffs ar w aistcoitings, y a rd s...
17.020
115,1.8
1868.
1,449.558
17,130
99,498
102,194,882 83,985,742 68,805,263
1,306,301
1 360,97)
1 600.537
112,760
91.970
84 938
£1,015,140
812,20b
667,321
£284,890
95,599
661,757
£211,403
91,021
453t996
£151,475
80.747
334,158
109,679,084 80 031,785 76,543,414
1,852,501
1,298,265
1,203,379
82,679
61,050
96,8'4
1,516
28. *87
9,973
18.799
9,332
8,t ,4
1,015,077
2,226,657
155,092
17,715
3,6 63
6,737
1.008,238
1,328,411
1o3,609
83,101
3 *,739
248,246
1,103
15,882
4,273
14,983
2,016
6.591
1,164 468
167,354
142,733
587,167
5,772
25,821
£ 9 i .34 1
£78,108
143,307
180,640
324,396
2,i 81
15,018
41,418
74.837
89,126
11,656
320,000
1,256
10,269
509,878
78,400
129,186
419.590
114,271
41,224
157,335
1,159
28.921
6 ,6 6 8
4,808,000 3,146,958 2,347,156
3,199,50q
4,333,675 3,53,117
96,2 23
132.38
110,546
70,520,667 48,540,896 65,850,756
Although no activity ha* been apparent, there has been more firmness in the
trade fcr wheat this week, and prices have improved— English produce having ad
vanced Is. to 2s„ and foreign about 1e. per quarter. Millers, however, do not ap
pear to be disposed to operate with any degree of freedom, and hence, notwith
standing that prices have advanced, sales have progressed slowly, and no great
amount of business has been transacted. The fall o f rain in December was very
heavy, and in spite o f the protracted drought during the summer months, the
rain-bill in 1868 was heavier than that of 1867. This year the fall of rain has
already been considerable ; but the accounts from the agricultural districts, respect
ing the condition o f the winter wheat plant, are ve y favorable. In most districts
the wheat is healthy and strong, and bide fair to lead to an encouragin r result. The
impoits o f wheat in November w ere‘2,847,285 cwt., against 8,903,760 cwt. in *be
corresponding month in 18b7, and 1,995,106 cwt. in 1866. In the eleven months
the imports of wheat an i flour were as follows :
WHEAT.
Russia................................cwt.
Prussia................................... . .
France .................................
Illyria, Croatia and Dalm atia..
Turkey, Wallacliia & M oldaiia.
E g y p t ..............................................
United S ta te s ...............................
C h ili. . . .
..................................
Total, including other countries.
1866.
7.7M5.SOT
3,776,641
3,3 4,594
1,309,267
426,494
32,643
475,443
205,843
80,547,038
1867.
18,186,521
6,232,779
586.224
488,375
2,044,970
1,134, 26
3,013 860
1,906,418
30,877,923
1868.
9,397,245
4,004 655
44 936
982,614
3,030,! 18
3,178,675
5,513.643
1.309 575
30,512,493
18691
TRADE
OF
GREAT
153
B R IT A IN
FLOUR.
Pause T o w n s ............................................................
F ra n c e ........................ ..............................................
United States.............................................................
277,751
3, 80,582
219,418
392.763
1,159 841
392,774
532.315
553,111
582.4C0
Total, including other countries
4,003,133
3,010,350
2,751,463
The following is the official statement of imports from the 1st o f September to
the close of November in each ot the three la t seasons:
W h e a t ...........................................................................Cwt.
F lour......................................................... ..............................
B a r c y .......................................................................
....
O a t ..........................................................................................
P eas..........................................................................................
B e a n s ....
..........................................................
....
Indian corn ............................................................................
1866.
5,017,739
765,485
2,270.4'8
1,899,551
116,925
638,875
3,426,843
1867.
9,816,276
772,-18
1,366,5.6
2,065,413
130 602
625 6)3
1,557,163
1868.
7,753,328
94', 1)90
2,042,826
1,870,407
333,251
925,S75
3,268,556
The highest average for English wheat last year wa3 for the weeks ending April 25
and May 9, in both of which weeks it was 74s. 7d. per quarter. Last Week it was
60s. 6 1., so that a fall o f 24s. has taken place.
The annexed statement shows the magnitude of our imports of cereals in December
and during the twelve months ending December 31. It may, however, be observed
that so far as last year is concerned, the December statement embraces a period of
o n ly 28 d a y s :
IM P 'R T S IN D ECEM BER.
1865.
5 V h e * t ................. c w t ............ ........................ 2 , h0*>,6'2
B a r l e y ........................ ............... ........................
7 1 8 ,4 'il
O a t ............................................
.................
726,622
P e a s ..........................
..........
B e a n 8 ........................................
I n d ia n c o r n .............................. ..........................
872,587
F l o u r .......................................... .
1866.
2 ,6 )9 ,2 9 1
1,380 ,410
827,295
202, 78
306,639
386,364
5 6 9 ,14 7
18 67.
3,76 7.6 4 6
368 ,59 1
7 ^ 9 ,115
304,183
126,030
4 5 3 ,1 1 7
5 5 2 ,6 19
1868.
1,7 4 9 ,12 6
805,036
5 2 ,17 4
19 5 ,1 5 5
190,970
79 2,459
296,738
34,645,569
5,68 3,72 1
9,40 7,136
1,5 8 6 ,12 9
1,9 8 2 6 15
8,540,429
3,592,969
30 ,512 ,4 9 3
6,490,742
7,669,244
84-7,584
2,463,897
10 .5 6 0 ,13 5
2 ,7 6 4 ,4 6 8
IM PORTS IN T W E L V E MONTHS.
W h e a t ......................................... ..................... 20,96 ,963
O a ta
..............................................................
P e a s .............................................. .....................
B e a n s .......................................... .....................
I n d ia n c o r n .............................. .....................
F lo u r
................................. .....................
2 3 ,156,329
8,433,863
8 ,8 4 1,5 8 3
1,2 1 1.8 3 5
1,3 2 4 ,17 3
14,322 ,8 63
4,972,28 J
7,714 ,2 30
78 ‘ ,13 5
95^,352
7,096,033
3 ,9 ,4 ,4 7 1
For the current and for last season, the statement relating to the impo ts and ex
ports of wheat and flour into and from the United Kingdom is subj .lined :
W HEAT.
,----------- Im ports-----------,
1867-8.
1868-9.
cw t.
cw t.
Sept. 1 to r ec. 26. ....................
W eek ending Jan. 2 .................... .
T o t a l.........................................
--------- Exp orta--------»
1867-8.
1868-9.
cw t.
cw t.
3S9,4'0
128,853
9,118
576
10,336,499
398,578
129,429
1,221,193
79,648
23,156
311
15,690
443
1,303,S46
28,467
16,133
FLOUR.
Sept. 1 to D ec. 26..........................
W eek ending Jan. 2....................
T o t a l.................. ................... ....................
5,390,6115
As regards cotton the returns show th it our recei^ ts were only about equivalent to
those in 1867 :
IMPORTS OF COTTON IN DECEMBER.
1865.
c»t.
A m e r ic a n ................................................
B r a z i'ia n ................................................
East Indian.................... .......................
E^ym iau.................. ...............................
M itcellaucoua.........................................
Total, including other kinds. . . » .
1S6H.
cw t.
407.409
47,726
263,793
241,015
80,362
1867.
cw t.
499,436
61,860
440,852
187,464
2',120
1868.
cw t.
437,092
61,867
217,791
129,727
11,928
1,040,315
1,119,733
921,403
154
[February,
TRADE OF GREAT BRITAIN.
IMPORTS IN TWELVE MONTHS.
A m erican ..........................................................
Brazilian.......................................................................
E -fit In d ia n ..................................................................
Egyptian ....................................................................
M iscellaneous..............................................................
1,212.790
494,671
3,981,765
1,578,912
1,463,901
Total, including other kinds.......................... . 8,731,919
4,643,370
611,803
5,493,770
1,055,900
490,955
4,715,733
628,761
4.449,259
1,127,541
351,357
4,930,333
854,326
4,075,718
1,040,725
263,717
12,295,803
11,272,631
11,214,819
The following statement shows the exports of the principal descriptions o f cotton,
linen, silk and woolen goods to the United States and to France in eleven months :
TO THE UNITED STATES.
1866.
Cotton piece good s...................................................... y d s .102,194,S82
Cotton thread............................................................... lb s.
1.306,301
Linenpiece g o o d s ..............................
.................yds. 109,679,'84
Linen thread.................................................................. lbs.
1,852,501
Silk p ece g o o d s ...........................................................y s .
587.167
W oolen c l o t h ................................... .......................... yd s.
4,808.000
Carpets and druggets.................................................. yds.
4,333,515
Shawls, rug*. &c. ................................................numb r.
132,389
W orsted stuffs.............................................................. yds. 70,520,607
1867.
83,985,742
1,360,970
80,031,785
1,298,265
324,306
3,146,958
3,533117
110,546
4S,540,896
1868.
68,805 263
1,6U0,537
76,5 3,414
1,203,379
330.006
2,347,156
3,H9,509
96,223
65,850,756
T ota l..................................................................................295,414,446
222,332,585
219,976,24
4,638,719
39,166,; 60
60,822
3,091,673
4,665,786
19,639
3,372.850
7,156,297
459,572
19,179
17 745,5S3
2,873,447
34 091,820
128,131
2,716,092
3,294,258
28,205
6,632 578
1,713,873
875,334
1S.687
14,123,947
80,396,GS0
66,496,373
TO P R A N C E .
Cotton yarn......................................................................lbs.
3,715,663
Cotton piece g o o d s .....................................................yds. 50,666,872
Cotton th ead.............................................................. lbs.
123,025
Linen yarn....................................................................... lbs.
2,101,170
Linen piece goods
.............................................. yds.
5,023,985
M k piece good ......................................................... yds.
38.903
W oolen ya rn ................................................................. lbs.
l,75i,638
W oolen cloth ................................................................. yds.
4,3 6,243
Carpets and druggets...................................................yd s.
717,55*
Miawls, rugs &c ....... ......... ............................ numb 'r,
4,907
W orsted stuffs..............................................................yds. 53,683,400
T otal................................................................................
92,163,363
In a financial point of view, the more prominent feature during the year which
has just closed is the uninterrupted cheapness of money. For the gieater part of
1868 the official min mum was at 2 per cent and it was not until the 18th of Novem
ber that a rise to 2£ was decided upon. On the 2n of December it was resolved to
further advance the official minimum to 8 per cent, and at the close of the year the
lowest rate of money was at that point. Had it not been for the numerous Russian
railway loans which were brought forward, and the other foreL n loans which were
introduc d on ourmaiket, it is not improbable that an advance in the rates would
have been uncalled for. The trade of the c untry, although increasing, has not im
prove 1 to an extent calculated to have much effect upon the money market. It
w’as clear, ; owever, that there was some inc t-as^, and that circumstance, com
bined with the fact that it was necessuy to give a check to foreign government
loans, justified a rise ; an«~ the event has proved that it was neede.l and has been
beneficia', inasmuch as it has corrected the exchanges and checked the outflow of
gold. Ou stock of bullion, which o i the 24 .h of June was £22,96 ’ ,981 (the largest
amount held at any one time dming the year), declined on the 9th of December to
£17,841,669, but since that period it has been increased to £18,445,858. Below* we
give a statement show ng the conditi n eac * week of the Banks r f England and
France during the year. It will be seen that the largest amount of bullion held by
the Bank of France was on the 26th of August, when it was £52,395,708 ; the lowest
amount of discounts being £15,518,701. As state! above, only two alterations were
COMMERCIAL CHRONICLE AND REVIEW,
155
made in the Bank o f England rate of discount, viz., from 2 to 21, and from 2 } to 3
per cent. The Bank o f France rate was at 2J- per cent during the whole of the year :
,----- ^nnk o f England.----- v
W eek ending
Bullion.
Oth. securit s.
January 1 ................................. .............£-’ 2, 61,723
£20,125,012
8 .................................
is,30o,not
15.................................
17,396.823
22........... ...................
16,810.986
“
16,616,358
February 5.................................
16,443,736
“
12.................................
16.499,309
it
19.................................
16,265,356
“
2b...............................
16,205,515
4 .................................
M u ch
17,511,714
11.................................
17,572,261
it
13............... . ...........
17,777,440
25.................................
19,039,838
April
1.................................
*0,693,418
it
8 .................................
18,715,640
it
15.............................
17 798,Pal
ti
22.................................
17,832,818
it
29.................................
18,083,775
6 ................................. ............. 20,40.-,M2
1 ,238,404
May
ii
19,390 487
1 3 ...............................
ti
20.................................
19,364.724
il
27.................................
19,27 2,316
3 .................................
June
19,292,13)
it
10................................. ............. 22,*04,815
18,850,214
17.................................
13,413,635
ii
2 4 ... ........................
18,160,273
July
1.................................
20,451,631
8 .........
................. ...........
18,412,785
22.551,; 42
it
15.................................
36,904,426
ii
22................................. ...........
16, 00,413
22,077,334
ii
29...................... ........
16,070,304
5 .................................
August
10.29 .',387
12................................. ...........
16,149,757
20.8 ;0,729
ii
19.................................
16,174,185
“
15,597,073
26.................................
Septemb’ r2.................................
16,239,930
“
9 ............... ...............
16,2 5 856
“
16.................................
16,124,0 0
“
23.................................
15,998,695
*i
30.................................
16,366 692
October 7 ................................. ............. 20,707,945
16,054.128
ti
14 ...............................
15,822.238
“
2 1 ............................ ............. 19,347,174
15, 81,648
2s .................................
. . . . 19,844.861
15.71 5,423
JNoveinb’ r4. .............................
15,728,291
11.................................
16,317, 65
18.................................
16,873.88)
25.................................
16 662.110
Decem b’ r 2 .................................
17,193,3.9
“
9 .................................
17,378,559
“
16.................. ..............
17,494.9.8
‘j3................................. ............. 1',291,621
18,339,395
30................................. .............lc ,445,858
20,780,8x9
,------ B « k o f France.-------»
Discounts.
Kullion.
£22.06',372
£39,^23,288
22,038.436
39,311,448
21,013.624
39,994,356
20, 65,^05
41,084,652
20,759,000
41,707,120
1' *,079,424
42,553,943
18,744,704
43,432,816
1st,216 688
41,360,400
17,816,481
45,078,2)2
17.567,852
45,264,092
16,963.876
45,67S,020
36,612,708
46,424,404
16,625,500
46,762.400
17 <182,252
46,068,860
17,542,832
45,318,008
17,411,240
45,123.556
17,039,4-4
45,469,472
19,440,801
45,00V 0 4
17,576,508
46,158,556
17,792,556
46,310,556
16,831,148
47.087,064
17.00\900
47,910,844
16 731,748
48,369,444
16.391,916
48,2*!,1‘ 0
16,484,252
48,528,900
16,576,008
48.809,148
17,371-792
48,767.544
17,20!,812
48,170,333
16,525,068
48,156,600
16.630,888
48,738.264
17,616, 76
49,043,128
15,518,701
49,814,708
19,847,052
61, 80,984
22,159,960
52,092.464
50,793,056
52,895,708
19.4S9 892
52,571,948
18,537 881
52,072,035
17,983
818
51,959,510
17,776.852
51,901,988
17,657,628
50,948,808
17.840,700
50.949,795
18,505,300
49.172,248
17,732,736
43,903,069
18
081,580
48,259,782
IS.768,520
47,677,285
18.610-800
46,956 121
18,527.380
46,506 626
1 ,853,520
46 225,115
19,599,661
46,736,558
19,489,568
46,201,553
19 19',888
45,761,006
19,731,456
45,573,356
44,309,472
25,638,733
COMMERCIAL CHRONICLE AND REVIEW.
A ctiv ly in Financial Affairs—Transactions for the month at the two Boards—United States
—Bo <v sold a the h e w York Stoca Exchange Boar-1— Prices o f Government Securities at
N ew Ynr
Course o f Consuls and American Securities at Lo d on —Railway end M iscel
laneous Securi ies— Movement o f Coin and Bullion at New Y ork —Course o f Gold at N ew
Y o rk —Course o f Foreigu Exchange at New Y o jk .
January has been churacteri ed
by considerable activity in financial aff.irs
Instead o f the expecled reaction from the extreme stringency in money toward
the close o f 1868, there has been a steady, healthy leeling in the loan market,
with 7 per cent as the general rate on call transactions, and 7 @ 9 per cent, on
discounts o f prime paper.
Money has not began to return from the South, being
apparenlly required more thaD in former years for tie growing retail businesg
o f that section; nor has the reflux o f currency from the W est been so abundanj
as usual at the season.
It is main'y due to those circumstances that the banks
156
c o m m e r c ia l
c h r o n ic l e
and
[February ,
r e v ie w .
o f this city heir] at the c'ose of January only $57,700 000 legal tellers, against
871,700,000 at the same period of last y->ar. Values on the stock market having
ranged unusually high, there has been in that fact an occasion for a large demand
f< r loans from brokers. So diffieult ha» it been f r this class o f borrowers to
pn cure money, that negotiations have been made for the 1 carrying” of large
amounts of stocks in thfe European money markels for a fixed period, which
loans have the dcuble advantage to the borrower of not been liable to disturb
ance, and of a lower rate of interest than would be paid on this side. The fact of
the market constantly verging upon a state o f inconvenient stringency has
induced parties car-ying stocks with a view to realizing higher prices, to borrow
considerable amounts on time, so as to protect them against probable derange
ments connected with the A pril quarterly bank statement ; thege transactions
being generally done at 7 per cent, with a full “ commi s on” added.
The took market has exhibiled unusual activity and firmness. The prospect
of the completion o f the Pacific Railroad has given rise to schemes for con
necting the Erie and N ew Y ork Central roads with the new enterprise through
alliances with Western Hues; and in the prosecution o f these plans enormous
amouuts of Weste n stocks have been bought up by c iques, partly for the |urpose o f controlling the roads, and paitly <n the resumption that the stocks will
be made more valuable through the new connections.
Towards the close o f the
month a check was put upon the upward movement through the action of the
Western legislatures looking to the reduction of fares and f e’ghts, and to coun
teract!,' g the efforts o f Eastern specu lator to secure a protracted control over the
roa s o f the West.
Tnere i--, however, a large arneunt of street capital employed
in the support of these schemes, and it is perhaps improbable that prices will be
pi r.i itied to fall materially until the plans are worked out.
This lias been the
main stay o the market and has encouraged a strong feeling in stocks not
directly affected by the raaia cause.
The total transactions for the month at the two boards have been 1,527,917
si a es, against 2,553,889 shares for the corre p nding month last year.
Classes.
1863.
I860
Increase.
Bank s h a r e s .....................................................................
3,7 8
3,610
Railroad “ ..................................................................... 2,144,182
1,317,019
Coal
“ .....................................................................
15,100
6,553
M ining
“ .....................................................................
4 ,512
31,375
....
Im prov’ nt “ ..............................................................
68,430 31. It
..................
Telegiapli “ ....................................................
6i,309
4-2,176
S team sh ip" ........................................................................
139,540
4-,349
E xp r’ s s& c" ............................................... .....................
84,698
53,624
...
T otal—January ......................................................... 2,553,689
1,627,911
........
D ec.
208
857,163
8,047
14,137
37,119
19,133
88,191
31,074
1,025,672
Cubed Stat s bonds have made an advance of from 1 to 2£ per cent, on the
vaiious is-uea, within the month. The large demand in January, for the reinvest
ment o f interest, is usually attended w.th a larger rise than has occuried this
year, esptcialiy in Sixty-Sevens, which is pre-eminently the home investment
bond. Th s departure from the usual course has been due mainly to the p er
sistent opposition of some lear'ii g dealers to any upward tendency o f the market,
based apparently up n the fact of their having neglected to sto k themselves
with bonds in anticipation of the special January demand.
There has been a
disposition in son e quarters to keep “ short” on the m r k e t io antic pation o f
Congress refusing to adopt tie deelaiatory resolution in favor o f the payment of
Five Twenties iu coin ; toward the close of the month there was less inclination
1809 ]
COMMERCIAL CHRONICLE AND REVIEW,
to operate upon that expectation.
157
A t London the course o f Five-Twenties
has been steadily upward, the price having advanced 1 per ccDt. witbiu the
month.
The <otal transactions o f
the month of
all classes o f bonds amount to
$29,635,510, against $26,066 850 for the corresponding month o f 1868.
BONDS SOLD AT THE N. Y . STOCK EXCHANGE BOARD.
Clashes.
18fi8.
U. S. b o n d s ........ .............................................. $18, 20,400
U. S. n o t e s ..........................................................
2.853,550
St’ c & c i t y b ’ d s ...................................................
3,014,500
Company b ’ d s ..................................................
1,148,400
T otal—January...................
......... $26,066,850
1869.
$20,812,050
.........
5,054,900
2,868,560
$29,635,510
Inc.
$2,391,650
....
2 /1 0 4C0
1.120.160
Dec.
$ ...........
2,853/ 50
$3,568,660
The daily closing prices o f the principal Government securities at the New
Y o rk Stock Exchange Board in the month o f January, as represented by the
v.test sale officially reported, are shown in the following statem ent;
P RICES OP GOVERNMENT SECURITIES AT NEW YO R K .
/—6’ s, ie>Sl.->^-6’ s, (5-■20 y rs/) Coup on------- —
5’ p. io -4
Coup. Reg. 1S62. 1863
l8t 5, new . :
(Holiday )
107X 108X 107
1I1X
107X 107% 106
m x io iix i l i x 107X 108X 107 X 10 X
105%
109
111
m x
10TX 107X 10«X 10«X 107% 105%
111X 109% m x lot-x 108% 1 '7 X 107X
106%
11IX n o x 1 Is’ X 105% 109X 108% 1083,' 108X 106%
109% 108
i n % u v x 112%
10-X 108% 106%
112
m x
109
199X H « x
106%
m x
112
112* ios% 109X m a x 108X 108T< 106%
10-},' I08X 106%
n a x 108X 109X 108
H IM
i l u x 112X 1083. 309X
10SX 10SX 107%
10 x 109% 108X 10.-X 10834 107%
119X 111% m x
l l a x 109X 109% l l - x 108% 10SM 107%
11 a x 111
112% 109% 110
108% 108%
n i x 113X 109X n o x 108X 108X 109
107%
112 % m x
1 1 - x lO'.'X 1103,' 101-X 108% 109
107%
l i s x n i x n a x 109.X 110
108X 108X
107%
113
109X 110
108X 10SX 109
107%
308
n ; x i n % H 2X 109X n o x 108% 108X 1 9
10SX
108
109X n o x
U S X m % 113
m x m % n a x 10 x n o x 10 X 10 x 10«X 10SX
112,%
113% 109% n o x J08X 109
109% 108%
m y , n i x 113% 109% m i x 1USX 10-X 10 J x
m x
112X m x n s x 109X
1 0'X 108X
nay,
m i x n o x J0S.X l'i-% 109X 10SX
109% n o x
108X 109
n ix
10SX
Day o f
m onih.
1...........
2...........
4 .......
5 .......
6 .......
7 .....
8 .........
9 ...........
11...........
12...........
13 .........
14 ......
1 5 .. .
16...........
18...........
19 .......
20 ......
21...........
22
23...........
25 .......
26 .......
27
28 .. ...
29..........
36...........
......
.......
F ir s t...
L ow est .
Highest
R ange .
Last.......
m x
111
H vX
IX
112X
109X
109
m x
ax
n ix
m x
m x
118«
ax
113X
107% 108% 107
101% 101% 1 («X
109% n o x 10SX
2
2X
ax
109X n o x 10SX
107X
U 6X
109
2X
108X
I 0 7 « 106
107X ■U'5%
10' vr 109X
2X
2X
109
108X
COURSE OP CONSOLS AND AMERICAN SECURITIES AT LONDON.
Date.
F r i d a y ...........
S a tu r d a y ......
M onday...........
T u e s d a y .........
W ed ney...........
T h u rs..............
F riday..............
Saturday....... .
M onday......... .
Tuesday..........
W ednesday ..
T h u rsd a y ___
F riday............
Saturday . . . .
Monday ........
T u ’ sday...........
W ed n esd a y..
Thursday........
Cons| A m . securities
for U. S.jlll.C .I Erie
mon. 5-20s sh’ s. shs.
(HO iday.
7»% 95% 25%
74% 95% 25 V,
74% 95% 25%
74% 95% 25%
74% 95% 26%
95% 2 %
9 '■% 75
92% 75 95% 26%
92% 75% 96% 26
93
75% 96% 26
92% 75% 96% 26%
92% 75 xd 93 26%
26%
9i% 75%
26%
93
75% 93
26%
..
<?%
9*% 75%
26%
75% I 93
93% 75% 92% I 26%
93% 75 V; | 92% | 26%
92%
92%
9v%
92%
92%
9
Date.
Cons Am . securities.
for U .S. Ill.C.I Erie
mon. o-2Us sh’ s. sh’ s.
F rid a y ............................22
Saturday. ................. ,.23
M onday.......................... 25
T uesday.........................26
W ednesday................... 27
Th. rsday ..................... 28
F r id a y .......................... 29
Saturday........................30
93% 15% 93
93% 7SX 93
93% 75* 93X
is X 9234
D SM
75x 9-'X
m
75X 92>4
H3M
. . 75X »■-'«
93X 75% 9234
L ow es t..
H ighest.
R a n g e ...
L ast........
93?',
93X
X
9334
Low ) o ^ .
n y , 74 x 9SX
933, 77% 96>4
4
IX
%
95X 77% 92X
His hSg.
ILast.
74 y,
75X
IX
77%
92X
9HX
4
V2%
158
c o m m e r c ia l
c h r o n ic l e a n d
REVIEW.
[ February ,
The closing prices o f Five-Tw enties at Frankfort in each week ending with
Friday, were as follows :
Dec. 4.
79%®79%
Dec. 11.
78%
Dec. 18.
78%
D ec 25.
Christmas
Month.
78%©79%
The following table will show the opening, highest, lowest and closing prices
ol all the railway and miscellaneous securities quoted at the N ew Y o rk Stock
Exchange during the months o f December, 1868, and January, 1869 :
-D ecem b erL jW. Clos.
Railroad Stock®—
A lton & Terre Hant..............................................
•*
•*
“
p ref............................ 6>
Boston, Hartford & E rie ........................... 26
Chicago & A t on ....................................... 146
do
do pref................................... 146%
Chicago, Burl. & Q.uincy........................... 17J
do
& Gt Eastern......................................
do
& Northwest’ n ........................... 66
do
do pref............................. 87%
do
& R ock Island......................
1U7M
Cin., Ham & Dayton..........................................
Columb .C h ic .& ln d . C . . . ........................ 86X
C lfV .. & P ittsb u rg..................................... S1*f
do & T o le d o .......................................... 100X
do C ol.,C in. * I n d ............................... 7i
Del., Lack & W estern............................... 131
Dubuque & S ioux c i t y ................ .............. 97
do
do
pref............................ 96
E r i e ................................................................
do pref......................................................... 60
H a rle m .......................................................... 125
do
p r e f................................................. 120 y,
Hannibal & St. J o s e p h .............................. 90
do
d o pref.............................. 9.'X
Hudson R iv e r .................... .........................132
do
do scrip ........................
. . . . 93
Illinois C entral............................................ 144
Joliet & hicago...................................................
Long Isla ed ...........................................................
Lake S h o r e ...................................................100
Mar. & Cincin., 1st p ref............................. 25
“
“
2d “
Michigan C en tra l...................................... 118#
...
a H J r ■
------do
S. & N . Ind. .
70%
Milwaukee & S t. Paul.,
89
.to
do pref.
90
Morris & E ssex..............
133%
F e w J e r s e y ....................
115
do
Central
N ew Y ork Central........... ........................ 128%
do
& N . H aven............................. 140
N orw ich & W orcester............................... 91
O ilC re h & Alleghaney.............................. 89
Ohio & M ississip p i..................................... 31%
do
do
p r e f............ .......................
Panama ....................................................... 330
Pittsb., Ft. W . & Chica.......................... . 111%
R ea d in g ......................................................... 98%
Renssalaer & Saratogo............................... 93
R om e & W atertow n................................... 113
Stonington..................................................
83
Toledo, W ab. & W estern........................... 58
do
do
d o p i e f ............................. 70%
Miscellaneous—
A m erican..................................................
....
C n tra l. ..................................................................
Cumberland C o a l......................................... 39%
. . . 131
Del. & Hud. Canal C oal..............
Pennsylvania C oal.................................................
Spring Mountain Coal...........................................
A t antic M ail................................................ 21
Pacific M a il................................................. 118
B oston W ater P o w e r ................................. 15
C a n ton .........................................................
50%
Brunswick C ity...........................................
M a rip osa ........................
5%
do
p r e f................................................ 21
uicksiWer. ............................................
23%
anhatt&n G as........................................... 2 0
S
65
26
147
146%
175
60%
26
140
138%
170
*86%
88%
118
*74%
15%
105%
*41*
83%
102%
*35%
82
96%
74%
125
97
96
37%
69
120
12 %
90
90
124%
90
140
....
ri7
131
97
96
41
65
128
120%
91
93%
135%
93
144%
....
101
25
95
22%
129*
11*5
84%
89%
63
70%
89
n%
95
85
133% 132%
11?
110%
159% 123%
140
140
91
91
80
80%
34%
29%
340*
114
98%
93
115
83
69
?0%
327%
109
96%
93
113
83
53%
70
----------JanuaryOpen. High. L ow .
41
42%
61 * 61
69%
23
26
27
151
147
147
148
150
145
190
200
175
43
4884%
*«i*
81
84%
92
81%
118
118% 135%
77
77
45
59
4 i”
84%
84
98%
100% 107
101
75
74
74%
119% 120%
125
94
97
97
96
*40%
38% *38*
63
64
65
125 125% 142%
320% . . . .
90
110*
90
90
91% 110
135% 135% 137%
93
140
142% 144%
.... 92
92
46
.... 46
99*
99
103
22%
*9*
*9*
115
121
*116
96
87%
88%
69
77%
68
89
96%
80%
86
87%
87
128
130
133
115% 116%
115
159% 166%
159
139
140
1«0
95
100
91
7r
77
80
39
24%
34%
77
77
348
340*
843
n % 113% 124%
93
98%
9S
....
93
115
83
80
*80*
59
59%
67
78
70%
74
‘ 38
61%
125
'&sk
63
135
*90
91%
130
iio ”
108
135%
139*
92
45
99
139**
92
45
162
’ *9
114
87%
68
87%
85%
128
112%
154%
139
95
77
32%
77
340
112%
93
*9*’
120
96%
77%
94
87
130
113
163%
155
97
77
39
7?
344
124
97%
*80*
59%
73
80 *
65
78
48
48
48
50
64
5)
39
36* * 36 * 38
37
130
125%
130% 130% 132
215
222
215
4i
40
40
....
....
2i
21
21
21
22
21
120% m x 118% 119% 123% 317%
14%
13%
16
13%
13%
50%
49%
47*
62
49%
49%
10
10
9%
*5% " j k
*5*
6
6
8%
20
2)
25%
21% 19
20
23
23%
10%
22
26
22
230
S3U
230
230
230
230
39%
334
Clos.
42
39
63
69%
27
2?%
147
150
148
150
185
188
43
46
o4%
81
91
83%
117% 133%
77
77
43%
57
82%
95%
100% 105%
73
73
119
119%
94
97
48
64
38%
126
222
40
22 •
12’*
16
61
10
7%
24
24%
230
COMMERCIAL CHRONICLE AND REVIEW.
1869]
W est. U nion Telegraph............................. 36% 37%
33
3 %
Bankers & Brokers A s .............................. 100
100
100
100
N ew Y ork Guano................................. .....................................................
E xpress—
American....................................................... 45
46
42
45
American M . U n ion ................................... 42
42
42
42
Adams ......................................................... 50
50
43
48%
United States................................................ 46
46%
45
46
Merchant’ s U n io n ....................................... 18% 18%
14%
14%
W ells, Fargo & C o....................................... 20
26%
25
25%
34
100
5
159
39%
101
5
33%
100
5
38%
101
5
................................................
38%
45
38
45
48%
65
48
64%
43
69
43
65%
14%
18%
12%
17%
24
30%
23
80%
The following formula will show the movement of coin and bullion during the
month o f January, 1868 and 1869, respectively :
GENERAL MOVEMENT OF COIN AND BULLION AT NEW l'OBK.
1868.
1869.
Increase. Decrease
In hanks, near fi r s t ................................................... $10,971,969 $20,736,122 $9,764,153 $ .............
Receipts from California............................................
1,941,109
1,808,523
132,586
Im ports o f coin and bullion.....................................
124.720
169,905
45,185
.....................
Coin interest paid........................................................ 11,577,951
18,513,458
6,933,502
.....................
Redem ption o f loan o f 1847-’ 4 8 ...............................
4,464,550
25,500
4,443,050
T otal reported supply..........................................$29,084,299 $41,233,503 $12,169,204 $ .............
E xports o f coin and bullion..................................... $7,330,131 $2,251,472
.............$5,078,659
Customs d u t ie s ...........................................................
7,204,590
9,702,415 2,497,825
T otal w ith d ra w n ..............................................
$14,531,721 $11,933,887 S .........
$2,580,834
E xcess o f reported supply................ .................... $14,349,578 $19,299,716 $4,750,138 $ ...............
Specie in banks at en d .............................................. 23,935,820 27,784,923 8,7.9,603
..........
Derived from unreported s o u r c e s ..........................
$9,405,742
$1,514,793
$ ...........
$7,S90,949
The course of gold has been a disappointment to perhaps a majority of operators.
I t appeared to be taken for granted that, as usual, after the p a m en t o f the
January interest the premium would advance, and tba' the rise would be stimu
lated by a considerable export o( specie ; and, under this idea, large amounts o f
gold were bought earlv in the month and held through. E xc ange, however,
notwithstanding a scarcity of cotton bil s, ruled low, and the export o f specie were
only $f,250,000, against ST 330,000 in the same month o f 1868 ; this course
o f the foreign exchange?, together with a pacific settlement o f the Eastern ques
tion, produced a fieling of di-appointment, with a consequent larse amount o f
selling, and the month closed upon a weak market. The main cause o f the light
ness o f the exp o'ts o f bullion appears to have beeu that a considerable amount
o f bills were made agaiost loans negotiated in Europe upon stock collaterals and
against European purchases o f stocks, especially Northwestern preferred and
Kock Island, on this market. The arrivals o f treasure from California have
been about the same as last year. The payments o f coin interest at the Su bTreasury were $7,(100,000 in excess of those o f January, 1 8 6 8; while the cu-toms
payments have been $2,500,000 above that period, the result being that, at the
close o f the month, we have $3,730,000 more specie in the banks than a year ago.
F rid a y ........................... 1
Hoi* iday.
Saturday.......................2 134% 134% 135% 135%
Monday........................ 4 135% 135% 1 3 % 135%
T uesday...................... 5 135% 134% 1135% 134%
W ednesday................. 6 135 134% 135% 135%
Thursday................
7 135% 135% 135% 1:35%
Friday ........................ 8 135. 134% 135% 134%
S aturday.......................9 135% 135% 1135% 135%
M onday........................It 135% 135% 135% 135%
Tuesday .....................12 135% 135% 135% 135%
W ednesday................. 13 135% 135% 135% 135%
Thursday.....................14 136% 136% 1:56% 136%
F rid a y ..........................15 136% 136% 136% 136%
Saturday.......................16 136% 136% 136% 136%
M o n d a y .......................18 136% 13-3% 136% 1351,
T u e sd a y ...................... 19 135% 135% 135% 1135%
W ednesday................. 20 135% 135% 135% 135%
Thursday.....................21 135% 115% 135% 1135%
F riday.......................... 22 13’ % 1135%|135%l '35%
136
136%
136%
136%
136%
136V
136%
135%
136%
136%
136%
136%
136%
136
136%
136%
136%
186%
136%
136%
136%
Jan.. .. 1369..
1868..
1867..
1866..
1865..
1864..
1863..
1862 .
134%
133%
li-'%
H l%
228%
161*
138%
100
134%
133%
132%
136%
197%
151%
133%
100
186% 136%
142% 140%
13.% 135%
144 H39X
4*34V. 210%
159% |157
l"0% il60%
103% 1103%
S 'ceJ a n 1,1869.'
131% 134% 136%! 136%
I
^H igh’ st.
Saturday ....................23
Monday ...........
25
T n sday.......................26
W ednesday................. 2;
Thursday. . . . ___,...2 S
F r id a y .................
29
S aturday..................... 30
Date.
■L o w est
Date.
Openi’g
COURSE OF GOLD AT NEW YORK.
tc
.9
at
O
O
136%
186%
136%
136%
136%
136%
136%
[February,
COMMERCIAL CHRONICLE AND REVIEW.
160
Tbe following exhibits the quotations at N ew Y o rk for banker 60 days bills
on the principal European markets daily in the month ot January. 1869 :
COURSE OF FOREIGN EXCHAN GE
(60 D A T S ) AT NEW YO RK .
Days.
..........................
2
..........................
4 . . . . . ......................
..........................
5
6
........................
7
..........................
S...............................
9 .............................
11 ..........................
12 ...........................
13
..........................
1 4 ..........................
15
..........................
16 .............................
18
..........................
19
........................
20
..........................
21
..........................
22
.........................
23
..........................
25 ........... ..............
26 .............................
27
..........................
28
..........................
29
..........................
30
..........................
10!l%@109%
m x& m y.
10»%@10fl%
10»%@109%
)0 3 % @ .......
10!l% @.......
1(6)4@109)4
109)4@
.
10!)%©109%
109% @ Lfl%
109%@10!l%
10:J)4@109)4
199% @ ........
1 0 ‘%@1('9%
109)$@109%
109%@ li 9%
109%@109%
Ift9*@109%
10934@!0'.t%
109%@i00%
109%@109)4
109%@109)4
109%@l'l9)4
109%@109%
Amsterdam. Bremen. H amburg.
B erlin,
cents for
cents for cents for
cents for
florin.
rix daier. M . banco.
thaler.
(Holiday.)
51fi%@........ 41 @41% 78%@78% 56 @36% U % @ 7 t%
5 1 6 J ( @ . ...
41 @41 %
78%@7S% 34 @36)4 71%@71%
5:6%@515%
41 @ 4 '%
78% @ -8% 58 @36)4 71%@71%
f>16%@515%
41 @41 %
7S%@76% 34
@3614 7i% @ 71%
516)4 @515%
41 @41%
78%@78% 36 ®3t>% 71%@71%
516)4@516% 41 @ 4 %
7S$(@78% 36 @36)4 7!)4@71J4
516%©51S% 41 @41 >4 78%@7SI% 34 @36)4 D % @ H %
516% @515% 41 @41)4 78)4@76?4 36 @36)4 71%©71%
516%@515
41 @ 4 )4
78%@7!-% 36 @ 3 ) 4 7I?4@71%
516)4@515
41 @41)4
78%@78% 36 @86% 71%@71%
515%@515
41 @41)4
78%@7S% 36 @36)4 71%@71%
515%@515
41 @41)4
78%@7S% 36 @16)4 7 1* @71%
515)4@515
41 @41)4
7S%@78% 36 @3(1)4 7i)4@71J4
515%@515
41 @41%
78%@78J4 36 @:-6% 71t.@71%
516)4@515)4
41 @11)4
78%@78% 36 @36% 71J4@71)4
516)4@515%
41 @41%
78%@78% 36 @36% 71.%@71%
51(i%@515%
41 @ 4 l%
7S%@18% 36 @ n % 71?4@71%
516% @514%
41 @41% 78%@78% 36 @36% 7:% @71%
516%@515
41 @ 4 .% 7»%@7S% 36 @36% 7!.%@71%
515 @514)4
41 @11% 7S%@78% 33 @36% 7I% @71%
515 ©513% 41 @41% 79 @79% 86%©3H% 71%@72
515 ©613% 41 @41% 79 @19% 86%@3li% 71%@72
515 @513)4 41 @41% 79 @79% 86%@30% 7l% @ 72
515 @513)4 41 @11% 79
@79% 36%@36% 71?»@72
516%@515
41 @41% 79 @79% S6%@36% 71%@73
Jan., 1869... .........
J a n , 1 8 6 S „ ...........
109%@109%
109%@110%
516%@513% 41 @41%
517%@512% 41%@41%
1
L ondon.
cents for
54 pence.
Paris.
centim es
for dollar.
78%@79%
78%@79%
36 @ 36%
36%@36%
7 )4@72
71%@72%
JOURNAL OF BANKING, CURRENCY, AND FINANCE.
Returns o f the N ew York, P h ila d elp h ia a i d B oston Banks.
Below we give the returns o f the Banks o f the three cities since Jan. 1 :
NEW YO RK C IT Y BAN K RETU RNS.
Date.
L ot ns.
January 2 . . . . $259,1-90,057
January 9 . . . . 258 792.502
January 1 6 ... 262,338,831
January 2 3 ... 264,954,6*9
January 3 0 ... 263,171,'09
February 6. . 206,511,732
Specie.
$20,736,122
27,381.730
29,258,536
28,864.197
27,784,923
27,939,404
Cirrnl 1 on.
$34.379,<09
34,3 4,’ 56
34.279.153
3 1,2* 5,9.6
34,231,156
34,246,436
Deposits
$180,490,445
187,908,539
195,484,843
197,101,163
196.985,462
196,602,899
L. Tend's. A g. c’ ear’gs.
$18,896,421 $585,:-0L799
51,14 ,128
7 0 7 *’2,051
675,71*5,611
52 927,033
67:,231,542
54,022, i 19
6 )9,36 ,2 6
54 747 569
670 329,470
53,424,133
PHILADELPHIA BAN K RETURNS.
Date.
Januaty 4.
January 11
January 18.
Janu ry 25.
Feb uai y 1.
February 8.
Loans.
$51,716,999
51 642,237
52,122,733
52,537,015
52,632 813
53,059,716
Specie. Legal Tenders.
$352,483
$13 210,397
544,691
13,49^,109
478,462
13,729,498
411 837
14,054,870
3 2,781
14,296,570
13,735,595
337,0,1
Deposits.
$38,121,023
38,768,511
39.625,158
i 9,5S5,462
29,677,943
40,030,399
Circulation.
$10,593,719
l.),59 <,372
10,596 560
10,593,014
10,599,351
10,586,552
D ep osits.
$37,5:18,767
38.032.89t
39,717,193
39 55!,747
40,218,462
39.603,8o7
Circulation.
$J5,151,345
25,276,667
25,243,823
25,272,300
25,312,917
25,2.-2,057
BOSTON BAN K RETURNS.
(Capital Jan. 1, 1866, $41,900,000.)
Date.
Jnnm-ry 4 ...
January 11.
January 18.
Janu ry 25.
Fcbrutny 1..
Febiuary 8..
Loans.
$98,423,644
1; 0,727,0 ;7
102,205,209
102,959,942
103,09bJ 53
101,342,425
S pecie.
Le.-a Tenders.
$',203 4>1
$ 2.9 8,332
3,075.844
12.8 -4,700
2,677,688
12.9 *2,327
13,228,874
2,394,7: 0
2,161,284
12,964 225
2,073,908
12,452,795
M A R IN E
OFFICE
IN S U R A N C E.
OF
THE
SUN MUTUAL INSURANCE COMPANY,
IN C O R P O R T E D M A Y 22, 1841,
2TO.
52
W A L L
S T R E E T .
Gash Capital paid u p . . . . . . . . . . . . . . . . . . . . . $500,000 00
Surplus 1st Jan, 1869 - - - . . . . . . . . . . . . $531 (67 17
Total assets, - - . . . . . . . . . . . . . . . . . . . . . $1,031,167 17
N e w Y o r k January 23, 1 8 6 1
The follow ing statement o f the >flairs o f this C m pan yon the 31st o f Decem ber, 1»68, is publish
ed in co. tormi y with the requl em ents «*t the lOih Sect ou o f the A rt o f its in corp orit on :
n e n iu m s on U nex ir e d R s k s , Lee. 31,1867.......................................... .............................................$222,591 f4
Ireminm* received during the year endiLg December 31, 1868:
On Mad e Ki k s ....................................................................................................................... $624,680 87
i n 1 1 and R isks
................................................................................................................. 14,707 97
--------------- 639,388 84
Total Premiums .................................................................................................................................. _ $851,980 38
M irk- d off as earned d ring the year 1863............................ .................................................................. $636,574 79
Re'ura Premiums <uring^ear............................ ..... .............................................................$'6,815 63
i os-es incurred during the ye -r (including estimates for all dieaste s reported):
On Marine R isk s.................................................................................................... $314,294 99
On lulat d R isk s.......................................................................................................
2,118 43
---------------316.413 42
Expense*, Reinsurances, Taxes, Comm issioi s. Abatements in 1 eu o f Scrip, «* c — 10u,723 39
$493,957 44
The ASSETS o f the Compa y on the 31st D e c ., 1868, w ere s follow s.
U. S. 5 0 bonds....................................................................................................... ............. $340,400 00
U. S. 10 40 bonds............. ................................... .................................................................... I'i4,6(i0 00
$505,000 00
11.752 00
28,0' 0 00
62,292 62
---------------$605,044 62
Premium Notes and Bills Receivable not, m atured................................................................................ 154,9'.4 91
t-ubscr'Ptio" N otes........................................................................................................................................ 111,166 35
Cash Prem ums in course o f collection and accrued interest on Loans andS to c k s ................... 2 ’ ,168 25
Sundry Salvage, Rein urance and other c aims due ihe Company, t stimated a t ..................... 138.813 04
City Bonds and other S ock ....................................................................................... . .
Bonds and Mo tgag s ............................................................................................................
Cash on depo it, and loans on dema’ d, secured by Bonds and Srocks.......................
T o a l a-sets remaining with the Company on t ie 31st D eccm be , 13C8............... ........................ $1,031,167 17
No Fire Risk* have been taken by the C om p iny during the year, except in conn itio n with Marine
R sks.
In view o f the fore o ir g result the B r-ard o f Trustees have this dny.
rtesolv d. That a HR ’F IT DIVJDENi* » lF F oU K P E R C E N *', in Cash, be paid t o ’ he stockholders on
demand, ♦ ee o f Government Tax, in addition to the in tere-t Dividend ot e-even per Cent, *aid in
July and J .nuary.
a Is \ hat a &CQIP D IV ID E N D O F T ' E N TV PR3R CENT, fr^ eof Gover< m e»t Tax, b3 declared on
the net parm d premiums entitle • to participa ion for the year 1868, for which ^eitifica es may be is
sued on and after the 1 st day o f April Lex .
Ey order o f the Boa d,
ISAAC H . W A L K E R , Secretary.
Moses H Grinnell,
.Tolin P. Paulison,
John E. Devlin,
Louis ''eBebian,
William H. Macy,
Fred. G. Foster
Richardson T. Wilson,
John H. Macy,
Henry Forster Hitch.
Elias Ponvert,
Simon De Visser,
Wm. R. Preston,
ISAAC H. WALKER, Secretarj
TRUSTEES:
Isaac A. Crane.
A. Y2naga del Valle,
John S Wright,
Wm. Von Sachs,
Philip I'ater,
Wm. I'oel,
Thomas J Slaughter,
Joseph Gaillard, .Jr.,
Alex. M. Lawrence,
Isaac Bell.
JClliot C. Cowdin,
Percy R. Pyne,
Samuel M. Fox,
Joseph V. Onativla,
Edward S. .Jaffray,
William Oothout,
Ernest Caylus,
Frederick Chauncey,
George L. Klngsland.
James F. Penniman,
Frederic Sturges,
Anson G. P. Stokes.
MOSES H. GRINNELL, President.
JOHN P, PAULISON, Vice-President
Mittal
n . 'i t t r a t t r r
1| i t n t p a t t i j .
(pRGANIZED IN 1842 .)
Office, 51 "Wall St., cor. of William, New York,
1 3 5 9 ,
Hus now Assets, accumulated from its business, o f over Thirteen
and one-half Million Dollars.
V IZ . :
United States and State o f New York Stock, City, Bank and other
Stocks,
................................................................................. $7,587,435 V
Loans secured by Stocks and otherwise,
2,214.100
Premium Notes and Bills Receivable, Real Estate, Bond and Mortgages
and other securities,
3,453,795
Cash in Bank, 405,545
*\
'J
(\
f
$13,600,875
Insures against MAMIM and IM A M )
Navigation Risks.
W/ic U’ltOlC JJVOfit oj/ die /oory'tany icvetfe lo t/ie
anc/ t'i c/iuic/cc/ nnnuaUij teuton tic ^iicmtmnd
teiimneiiee/ c/uliny d e yeeti ;
anc/ j/ot. aj/tid ceitc^ica/oi air
0
aiduec/, kariwg in ta c t unit/ lec/eemec/.
TRUSTEES
y\ J. D. JONES,
(I
if
•)
CHARLES DENNIS,
W. H. H. MOORE,
HENRY COLT,
Vi WM. C. PICKERSGILL.
( % LEWIS CURTIS,
W CHARLES H. RUSSELL,
f\ LOWELL HOLBROOK,
R. WARREN WESTON,
ROYAL PHELPS,
CALEB BARSTOW,
f ) A. P. PILLOT,
WILLIAM E. DODGE.
V
DAVID LANE,
JAMES BRICE,
DANIEL S. MILLER,
WM. STURGIS,
HENRY K. BOGERT,
DENNIS PERKINS,
JOSEPH GAILLARD, Jr.
C. A. HAND,
JAMES LOW,
B. J. HOWLAND,
BENJ. BABCOCK,
ROB’ T. B. MINTURN.
GORDON W. BURNHAM,
:
FREDERICK CHAUNCEY,
li. L. TAYLOR,
GEORGE S. STEPHENSON.
W ILLIAM H. WEBB,
PAUL SPOFFORD,
SHEPPARD GANDY,
FRANCIS SKIDDY,
CHARLES P. BURDETT,
ROBT. C. FERGUSSONL
SAMUEL G. WARD,
WILLIAM E. BUNKER,
SAMUEL L. MITCHILL,
JAMES G. DE FOREST.
0
li
JOHN I ) , JONES, President.
Jf
CHARLES DENNIS, Vice-President. ^
W . H. H. MOORE 2nd Yice-P res.
jf
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J. H. CHAPMAN,
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