Full text of The Merchants' Magazine and Commercial Review : January 1867, Vol. LVI, No. I

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THE

MERCHANTS’ MAGAZINE
AND

COMMERCIAL REVIEW.

J A N U A R Y ,

1 8 6 7.

THE COURSE OF PRICES.
One of the causes to which, with some show of reason, the existing
languor o f business has been ascribed, is the uncertainty which prevails
as to the continuance o f the high prices o f all the necessaries, conveni­
ences and luxuries o f life. The books o f our mercantile firms show, in
many cases, a balance on the wrong side. Business men dare not at
present buy for future sale, lest they should suffer from further anticipated
shrinkage in values, and be unable to dispose o f their goods without
ruinous losses. A partial paralysis is thus developed in not a few o f the
vast distributing agencies which play so important a part in the social
economy o f every great modern nation. Our mercantile classes do busi­
ness from hand to mouth. Prudent men are driven, in self-defence, to
refuse business rather than take the risks. They are, not unnaturally,
getting weary o f the long suspense, which not only diminishes the
government revenue from taxation, but what is more important still,
contributes to the impoverishing o f the people, and to the hampering o f
that unexampled enterprise, energy, versatility and productive efficiency
which are the secret o f that amazing growth in material wealth in which
we rejoice above all other nations in the world. The question, what will
be the future course o f prices, then, is one which is being anxiously
asked, on ’change and elsewhere, b y all classes o f our citizens. In every
counting room, manufactory, steamboat and railroad car, we find farmers,
mechanics, manufacturers, bankers, agitating this problem. And it is one
on the solution o f which the well-being o f all o f us, and the salvation from
V O L. L V I.-----X 0 . I .




1

10

THE COURSE o r

PRICES.

[January,

bankruptcy o f not a few, very much depends. Perhaps it may help some
o f us in such investigations if we glance back at the movements ol'prices
during the past, and endeavor to trace out the reasons for the changes which
have occurred. To facilitate such a review we have compiled a table o f the
wholesale prices of the leading articles of foreign and domestic produce
during the past nine years. This list might have been with advantage
enlarged, but it is sufficiently extended for the purpose we have in
view, which is to suggest a tew practical principles which our readers
can use for themselves, and apply to their own special business— rather
than to deduce from these principles a perplexing multitude o f inferential
details. W e give the prices on the 3d January o f each o f the last eight
years at New York :
I860. 1861. 1862. 1S63. 1864. 1865.
1866. 1867.
$ c
$ c
$ c
$ c
$ c
$ c
$ c
? c
Ashes, p o t s ............................... ....... 100 lbs. 5 12* 5 00 6 25 8 50 8 50 11 75 9 00 8 50
P ea rls...................................... .................... 5 37* 500
6 25 8 25 9 75 13 00 11 00 12 00
Breadstuff's—
Wheat flour, State.................. .............M>1. 430
5 35 5 50 6 05 700
10 00 8 75 11 00
W heat, best ex Genesee___ .................... 7 50
7 50 7 50 8 75 11 00 15 00 14 00 16 0C
R ye flour,
“
___ .................... 4 00 4 00 3 87* 5 45
6 (>5
9 00 610
785
Corn meal, J ersey ................ .................... 3 90 3 15 3 00 4 00 5 65
4 25 500
880
Wheat, white G e o ,................
1 45 1 50 1 60 1 80
2 60 2 63 3 10
W hite, M ich iga n ..................
1 45 1 50 1 53 1 83
2 70 215
3 05
1 45 1 48 1 53 1 83
W hite, O h io........................... .................... 145
2 60 2 63 3 00
W hite, Southern....................
1 45 1 52
2 75 2 45 2 90
Red, W estern .............................................130
1 38 1 42 1 48 1 57
2 45 2 05 2 60
Chicago, S prin g..................
2 22 1 85 2 45
1 18 1 30 133
1 48
Rye, N orthern........................
75
83
96 1 30
1 75 105
1 25
Oats, S ta te............................. ....................
46*
42
62
37
71
93
1 06
69
72
64
Corn, old W estern................. ....................
90
82
1 30
1 90
95 1 15
Cotton, mid. upland.................
35*
68*
82
1 20
34
52
m
Mid. N ew Orleans................. ....................
36
6S
1 21
53
35
ih
m
Fish, dry co d ............................... .............qtl. 4 50
3 50 3 50 4 5(1 6 70
9 00 9 25 8 00
Fruit—Bunch raisins................ .............bx. 2 52
1 75 3 20 3 50 4 00
585
4 40 3 85
Currants...................... ......... .............. lb.
6
4!4 9 13@13 V 15
21
15
13
Hay, shipping............................. . . . 100*lbs. ICO
90
1 45
155
75 1 25
1 7 * 85
25
20
23
33
40
50
65
H o p s ............................................ .............. lb. 16
Iron—Scotch p ig ........................ ........... ton .24 50 ! 21 oo :23 00 33 50 45 00 63 00 52 00 50 00
English bars........................... ....................53 00 i52 00 !57 00 77 50 900 0 :190 00 130 00 105 00
Laths............................................
1 30 1 25 1 45 1 50
2 40 5 00 3 25
Lead—S panish...........................
5 15 7 00 8 00 10 50 15 00 10 00 7 00
Galena........................................................... 5 77V 5 50
7 12 V 8 00 10 50 16 00
Leath er-hem lock, sole ........... ...............lb. 30
2 0 * 27 30 00
42
36
32
m
O a k .......................................... ...................
52
39
34
27
28
33
42
30
Lime, com . Rockland.............. ............ bbl. 75
75
65
85 1 35
1 15 110
170
200
Liquors, brandy, cog’c .......................... gal. 3 26
4 00 5 25
94
2 24 2 27V 2 38
Dom estic w h iskey................
19% 2 0 * 39
Molasses, N. O rleans...............
53
55
70
143
115
90
37
Naval stores—
Crude turpentine.................... ...........b b l. 3 43% 2 75 10 00
9 00 600
Spirits turpentine..................
35 1 47V 2 60 2 95
2 do
1 05
67
Common rosin, N. C .............
....b b l . 1 65 1 25 6 00 10 50 30 00 28 00 6 50 4 25
51
48
83 1 10
Oils—crude w h a le.................... ..............gal. 52
1 48 1 60 1 30
Crude, sperm ..........................
1 40 140
1 75 1 60
213
2 50 260
Linseed ................................... ....................
86 1 27 147
57
to
1 50 1 45 1 34
Provisions—
Pork, old m e s s ......................
1200 :14 50 19 50
43 00 28 50 19 25
Pork, old prim e...................... .................... 1175 :10 50 8 50 :12 50 14 50 36 25 23 50 17 25
Beef, city m ess....................... .................... 9 00 6 00 5 50 :12 i0 14 00 20 50 20 00 18 00
Beef, repacked Chicago......... .................... 9 50 9 00 :l i o o :13 00 15 00 23 00 24 00 21 00
Beef hams, extra....................
14 00 14 50 :15 50 18 30 27 00 35 00
34
Hams, p ickled........................ .............lbs.
9M 8
6
8
20
11
16V 12*
shoulders, pickled................ .....................
4% 5X 8% 18
14
13
5%
6.V
Lard......................................... ....................
23
19
13
10
10% 10#
HK 10
Butter, O hio...........................
14
15
22
24
45
30
30
19
Butter, S ta te ......................... ....................
18
22
29
55
48
20
43
Butter, Orange C ounty....... .....................
22
22
25
32
63
50
24
45
C h e e s e ....................................
10
7
12
15%
20
18% 17i
Rice, g o o d ...........100 lb s........ .................. 4 20 4 00
700
8 75 10 00 13 00 12 50 9 25
65
Salt, Liverpool, ground.............
86 1 25 1 85 2 27 2 00
56
Liverpool, tine, A shtons.......
1 60 1 70 215
2 80
4 75 4 10 2 70
Seeds, c lo v e r ..............................
27
14
14
10%: 12%
IV
Sugar, Cuba, g o o d .....................
12
19
13
10
10
<i%
sv
T a llo w ......................................... ....................
18
14
11
u «
9%
•
jv. 10% 12
Whalebone, p o la r ....................
88
76 165
1 60
25 1 55 1 37
W ool, fleece.................................
95
65
30
50
60
75
75




1867]

THE COURSE OF PRICES.

11

W e have chosen for our comparative exhibit the dull season o f the
opening year, because, for obvious reasons, many o f the perturbing
influences which often derange supply and demand are then more quies­
cent than usual, so' that the normal level o f prices may be expected
to be more nearly reached than at any other uniform periods a year
apart. Let us now see what the review teaches us. And, first, it shows
that with the exception o f wheat, cotton, rosin, iron, and a few other
articles, whose fluctuations in the market are partly due to causes that are
not far to seek, the general course o f prices was steadily upward from
the commencement o f the paper money era, in January, 1862,‘ until the
issues reached their highest aggregate in 1864. This rise in prices,
though often explained, is still misunderstood in some quarters. It was
produced in accordance with the well-known law that “ redundant
money is depreciated money.” W hen a forced issue was made o f paper
dollars, these dollars gradually sunk in value, and o f course prices
were proportionately larger when expressed in such dollars.
T o illus­
trate this, we may suppose that the excessive issue had been carried,
as it was in the rebel States, as well as in the W ar of Independence,
to such a point that the dollars were only worth a dime; then it is obvious
that prices would be expressed in these small depreciated dollars by a
removal of the decimal point, so that $10.00 in coin would be equivalent
to $100.00. All history and all experience proves the uniformify o f this
general law, that prices rise under a depreciated currency, whether the
dilution and loss of value be produced by a debasing o f the coin, as in
ancient Rome under the tribunes, and- in modern France during John
Law’s daring financial manipulations— or whether, as in more recent days,
the same end has been reached by redundant issues of irredeemable paper
money. This last experiment has been tried in Prussia, in France, in
Austria, in England, as well as on this continent, and always with the
uniform result that in proportion as the currency is overloaded and re­
dundant it loses its purchasing power, more of it is wanted to make a
given purchase, or, in other words, prices universally advance. It has
been observed, however, that this advance is not uniform. Some com­
modities rise more rapidly than others, and sooner float on the rising cur­
rent of inflation. The earliest movement is usually in gold, which is the
most sensitive commodity in the market, next follow stocks, and other
easily convertible property; afterwards the various necessaries and luxu­
ries of living, then the wages of labor, and last of all real estate, with other
fixed investments. Such, in brief, is an account of the effects of inflated
currency on prices which was given by one of the leading writers on
finance in England during the paper money period at the beginning of
this century. And it reads very much like a history of what has taken
place among ourselves during the last five years. But, secondly, the phen­
omena of advancing prices which we have endeavored to analyse are not
developed without numerous spasms and violent oscillations. These are
aggravated by the speculative manoeuvres of shrewd men, who combine in
powerful cliques to make gain by the mutations of values, and do not
scruple, with that view, to resort to mischievous expedients that they may
precipitate a fall or “ rig the market ” for a rise. In our own case, other
perturbations of prices, as we have repeatedly shown, arose during the last
three or four years from our excessive and badly adjusted taxation, as well




12

a s o l d ie r ’ s r e a s o n s a g a i n s t e q u a l i z i n g b o u n t ie s .

[January,

as from a number of causes which, during the war, either increased the
cost of production, or gave a monoply to a few persons, or deranged in
some other way the equilibrium of supply and demand.
Let us now turn to the other side o f the picture. As prices rise when
the currency is expanded, so they fall as it is contracted, only with this
difference, that there is very much more danger of the spasms and violent
movements in prices during a season o f contraction, because of the de­
rangement of public confidence and the mischief which is caused in the
money-market whenever the contraction is not made skilfully, slowly and
at the right time. In view o f this fact there are not a few persons
who look for violent fluctuations during the current year in the value
of many speculative commodities, especially of such securities as are the
most speculatively dealt in at the Stock Exchange. As such stormy oscil­
lations in prices offer chances by which a large class o f persons in W all
street and elsewhere hope to make large fortunes, influences are ever at
work to induce the Secretary o f the Treasury, the members o f commit­
tees, and the leading members o f Congress, to propose something which
shall seem likely to unsettle financial affairs, and to provoke alternate
fears and hopes as to the policy o f the Treasury and its effect on the
money market.
The only suggestion we shall offer as a deduction from the whole o f
these facts is that the people need and must have a fixed financial policy.
Congress is held responsible by the country. Let the policy o f gradual
safe contraction, o f wise remission o f oppressive taxation, of publicity in
all the doings o f the Treasury, be settled and fixed so that every man
may know what to expect in the immediate future, and then the descent
from our inflated values to safer and more legitimate prices may perhaps
be so slowly and gradually effected that our public interests will not be
sacrificed nor our public prosperity long interrupted. Or if this is too
much to realize, the present intolerable uncertainty and suspense would
at least be at an end.

A SOLDIER'S REASONS AGAINST EQUALIZING BOUNTIES.
Of course a soldier's reasons have no need o f a preamble.
1st. There is no honest, urgent demand for this measure. One o f the
shrewdest maxims of the Legislature is to follow not lead. It may sutler
some abuses to remain after their due time, but it saves an infinite amount
political romancing and knight-errantry, far more mischievious. W a l­
pole’s principle, Quieta non movere, was sound and ju st; and it was only
his extension of it to oppose an actual public sentiment— probably the
most powerful and unanimous that ever gathered against a British Minister
— which cost him his place and so large a portion of his past fame.
There are two reasons why such a public sentiment should be the con­
dition precedent o f legislation. The first, as expressed by Macbiavelli, is
that, while a people make many mistakes, they make fewer than any indi­
vidual. The second, and of peculiar force in a free Government, is that
upon the acquiescence or support of the people must depend the value or
even safety of such enactments.




18*17]

a s o l d ie r ’ s r e a s o n s a g a i n s t e q u a l i z in g b o u n t ie s .

13

Now, of such a public sentiment there is in the present case hardly a
sign. The parties to it would be two, soldiers, and the citizens at large.
The latter class have no desire to be taxed fifty or or seventy-five millions a
year beyond the present enormous burdens, but are ready, in their gen­
erosity and gratitude, to do anything that seems really necessary or just.
Certainly no strenuous pressure can come from them. Of the soldiers it
may be said that no spontaneous, earnest demand has been made or will
ever be, for the equalization of bounties. The writer went into service as
an enlisted man of an infantry regiment. His acquaintance with all ranks
o f the army is as general as four years of campaigning would naturally
make it,— and yet he never heard two soldiers talking together o f the pro­
posed bounty bill as of something which was right, and should be pressed
through. Nor does he believe that there has been any considerable feel­
ing among the actual soldiers of the republic, at the bottom o f all the
demonstrations that have been made. The whole movement has had its
origin with demagogues, generally in local primary interests, in the hope
o f getting soldiers’ votes. Our simple-hearted veterans have been ap­
proached by these pure patriots with suggestions that they might as easily
as not obtain a few hundred dollars from the public purse, by making a
claim for it. If any conduct was ever litigious in the worst sense, and
deserved all the common law penalties against those who make strife
to profit by it, theirs has been. The whole thing has been “ got up,” and
looks so. The men, who have urged the matter to its present point, are
just as much friends o f the soldier as those disreputable practitioners who
excite lawsuits on shares, are friends o f the community.
2d. The expense of such a donation.
I do not mean the large amount to be so distributed, but the cost over
and above all the soldiers will get. This is the great argument against
all unnecessary assumption by government, either of charity or business
enterprise. Ancient Athens used to bestow on each citizen a largess, on
Theatre days, of two oboli, the price of admission. The political economy
o f that date had not mastered the principle that the two oboli given, cost
the reciptant three or four. The revenue ot the city was derived, say,
from customs taken on the Hellespont, but these raised the price o f wheat
at Athens far more than enough to compensate the gain. It would
probably be a reasonable estimate that every dollar of taxes raisi d by this
nation cost the consumer, in enhanced prices, two dollars. Hon. George
Opuyke, in his treatise on Political Economy,.(p. 211,) makes the expense
of collecting revenue by customs (including the enhancement of profits,
&c\, as merchandise passed through its several stages o f exchange)
“ seventy-seven per cent, on the net amount collected by government.”
But this is only the first effect. The cost of foreign goods thus raised, the
domestic producer, himself a consumer of these, must put up his own
prices somewhat to correspond. Without any attempt to determine ex­
actly what the proportion is, there can be no doubt that the general ex­
aggeration of prices throughout the community would be as great as has
been stated. Now, a raising of prices is a good thing when it results from
an enlarged demand and a widening market; but when it is caused either
by taxation or speculation, its only effect on the healthful and permanent
industries of the country must be evil, and thus continually.
It is, of course, a consideration of no small moment, whether the ad­




14

a s o l d ie r ’ s r e a s o n s a g a i n s t e q u a l i z in g b o u n t ie s .

[ January,

vantage to be obtained from making such a donation to our soldiers will
be at all commensurate with tbe sacrifice to the other interests o f the
community. I may be very glad to give a man a dollar, says Susan Nip­
per, but it does not follow that I shall if it is to cost me two.
3d. Another reason against this ill-timed generosity is, that while it
costs twice as much as the soldiers get, no considerable portion of it will
ever be applied to a useful purpose. This is a matter that appeals to com­
mon observation. If a man gets a gratuity, how does he commonly spend
it? Does he not at once think of some little luxury, elegance or indul­
gence which he has long wanted, but which he never would have paid for
had it come from his daily earnings? What a man has no claim to, and
has not expected, will always be looked at in this light. It is over and
above his estimates of living, outside o f his plans for the year ; and will
be very likely to go for some object, perhaps not hurtful, perhaps even
well enough in its way, but certainly not o f importance to demand that
the laboring class should be more heavily burdened than at the present
grievous times. And not only would the bounties (and they would be
bounties indeed) be taken out o f productive industry, but, in the case o f
each and every person receiving them, there would be a shock to the
Principle of Frugality, which it is so desirable to cultivate, since from it
is to arise the whole future wealth of the country. The same reason which
makes it economically mischievous that a laborer should draw an hundred
dollar prize in a lottery, would prove it injurious that six hundred millions
should be distributed as a gratuity among any class in the community.
This principle applies equally to all, and is true o f the best and most dis­
creet of our soldiers. But we well know that there are thousands and
scores of thousands of our veterans, generous, gallant fellows as they are,
who with three hundred dollars put into their hands by Government,
would imagine they saw the finger o f Providence pointing to a barroom,
and be hurried away into one o f those “ good times” which leave only
repentance and disgrace. Can we afford to spend so much money in this
way, to take a sum so gigantic from our factories and farms, to lavish it
on places of idle or vicious amusement!
The matter of first importance to any people is that wealth shall be ap­
plied reproductively. Upon this depends happiness, security, self-respect.
Do we promote or hinder frugality by equalizing bounties ?
4th. It would go far to render our National debt a perpetuity.
This is the great economical evil before us. If the people can be brought
rightly to regard a national debt, which is always and only a national
curse, it is now entirely practicable by strenuous effort and rigid economy
to remove in a single generation the monstrous incubus which weighs upon
our industry. Then all our interests may develop freely and strongly, po­
litical corruption will be materially lessened, and tbe condition of the lalaboring classes would more and more approach that o f the ideal state.
But a glance will show that the addition of some hundreds o f millions
to the debt would make it far more hopeless, and would greatly di-courage
every effort to throw it off, except, indeed, by that way which ruins good
name and fair prospects at once, repudiation. W e need all the arguments
we can urge, all the incentives we can apply, to bring the people to
submit to »bat severe and painful taxation which alone can save them from
the dismal financial condition of Europe. With such an addition to the
debt as is here contemplated, escape would be almost impossible.




1867]

a s o l d ie r ’ s r e a s o n s a g a i n s t e q u a l i z in g b o u n t ie s .

15

5th. It would bring in other waste of the public money. It would help
every weak and foolish scheme of appropriation. As far as it has been
discussed in the National or State legislatures, thus far, it has managed
almost invariably to associate itself with some other attacks on the Treas­
ury. In Congress, it went through with that savory item by which selfdenying members raised their own pay seventy odd per cent at a stroke.
In the Massachusetts General Court, it took along a comrade through every
stage of the passage. Nor is this association accidental. Wherever it goes
it will have a crowd around. It is the very restoration of the Jews to
every lobby agent in Washington. This is the curse of our polities. One
wasteful appropriation is an argument for another, just as much as rolling
half way down hill is an argument for rolling to the bottom. There is a
league between all that seek the public crib, not the less formidable that
it arises not from contract but from instinct. There is notsoever the relief
competition about it, since logrolling only increases to become more costly.
Every plunderer thinks well of any other scheme for bleeding Uncle Sam.
“ There is honor among thieves” — ten times as much, indeed, as between
honest men— for the interests of honest men may and do lie apart, but the
pleasure of seeing “ kindred and friends agree” may be had at any time for
only looking into the Congressional lobbies.
A t the present time, and with our American polities, a great danger
lies before us. Extravagance and corruption were never more powerful
and threatening than now. All good citizens, all honest men, all sub­
stantial property-holders should unite to condemn and defeat every scheme
of public appropriation that does not show a sufficient and convincing rea­
son for itself, to condemn and defeat their authors, agents and sympa­
thizers at every point in their political career.
W e have accumulated five reasons against paying out so many hun­
dreds of millions for bounties, although we are aware that an influential
weekly of New York has just discharged a new cannon of criticism ; that
no human institution or policy “ is subject to more than two,or,in extreme
cases, three or fo u r sound logical objections.” Five counts, it seems, are
fatal to a scientific indictment. What a relief it would have been to
“ meetin’-goers” in the olden time to have known as much as this, and
choke the minister off at his “ fourthly” with astern “ thus far and no
further.” Live and learn. Meanwhile, our readers may cross out just
which one of our reasons they can best spare, to make up the sacred num­
ber four, and give validity to the remainder.
No ! Let the unbought men of 1861 be content with their proud pre­
eminence among tha soldiers of the Union. To accept a bounty for the
service they have rendered would be to accept something o f degradation,
at least something of derogation. “ Three hundred dollars and a cow”
are not needed to make up their recompense. They bear it about in their
hearts. They shall surely find it in the congratulations o f their country­
men. All that the nation can give without impoverishment and its moral
and social evils should be given, not as bounty, but as pension ; not pro­
miscuously to the discharged, but with discrimination to the disabled and
bereaved. Double, quadruple, if you please, the scanty dole on which the
shattered veterans of the war must subsist, or which only half stops the
mouths of an hundred thousand orphans; but save the country this waste­
ful, purposeless extravagance, having its beginning in the arts of the dema­
gogue, and its end in no good whatever.




1C

TUNNELS.

[January,

TUNNELS.
W hile much which modern research claims as discovery lias proved
to be what the world had long since forgotten, the construction o f high­
ways through mountains and avenues beneath the surface o f the earth
appears to be able to maintain its claim to originality. Former engi­
neering skill conveyed water over chasms by expensive aqueducts ; and
the causey o f King Solomon and the roads o f the Incas o f Peru, are ex­
amples o f the former progress in this art o f makingway over the gulfs
which are sometimes apparently impassable. But the present method is
bolder and more aggressive. Instead o f “ overturning mountains from
their roots,” they are pierced through their very centre. Chicago has
done a greater feat; that o f burrowing under the bed o f Lake Michigan
for a distance o f two miles, to obtain a supply o f water pure from the
contaminations o f foreign matters, and ample for the wants o f the mil­
lions that are yet to make up the population. London has descended
below the surface o f the earth to excavate a thoroughfare, and even
bridged the river Thames from beneath for the purpose. Now, the people
o f Chicago are preparing another tunnel under their river, and the capi­
talists o f England are estimating the feasibility o f a tunnel and railway
under the Channel from Great Britain to France. In a former geological
period the sites o f London and Paris were under the same lake; how
great the contrast i f they should be connected by a subterranean and
subaqueous railway.
Mr. Hawkshaw, one o f the most successful engineers o f the United
Kingdom, has actually employed two years upon an investigation into
the subject o f effecting a submarine passage across the English Chanuel.
Borings have been made in the neighborhood o f Dover, and likewise
between Calais and Boulogue, and also in the mid-channel, to ascertain the
geological structure o f the crust o f the earth, and the practicability o f
the enterprise. W e have not heard o f his conclusions ; but he proposes
the construction o f a tunnel which will communicate on the French side
with the North o f France Railway, and on the English side with the
Southeastern and London, Chatham and D over railways, so that there
will be an unbroken line o f railway communication between London and
Paris. The excavation itself would be made from both ends; also from
shafts in the channel. A t the top o f the shafts powerful steam engines
would be erected for pumping, for drawing up the excavated material,
and for supplying power to the machinery employed.
Mr. Joseph Dixon, o f the city of New York, has patented a mode o f
constructing submarine and underground railroads that deserves favor­
able attention. H is plan is to have a tunnel o f iron cast in parts and sec­
tions, each part and section to vary as circumstances may require. F or
an underground railroad he would excavate the earth from the surface
to the required depth and width; lower the various parts and fit them.
F or loose or watery sc il, or in the case o f a subaqueous railway, the
sections would have closed sides; the arch and sides to be supported by
columns or ribs when necessary, and the joints to be by tongue and groove,
and to have felt or sacking between them, so as to render them water­
tight. In this way both the Hudson and the East river could be traversed




1867]

TUNNELS.

17

from beneath with ease, safety and celerity, which are not practicable with
our present ferry-boats. M r. Dixon is now pressing this mode o f con­
struction upon the members o f th e“ W est Side Association,” and others
interested in the project o f a Broadway Underground Railroad.
The most magnificent tunnel scheme o f the age, if not in the history o f
the world, however, is the Lake Tunnel o f Chicago. W e can think o f no
analogous undertaking to compare with it, except the Cloaca o f Rome,
constructed in the pre-historical period, for the draining o f the lake and
marsh which obstructed the growth o f the city. The tunnel was obtained
by the amended charter o f Chicago, approved February 13th, 1863, and
by act o f Congress, approved January 16th, 1864. A Board o f Public
W orks was created, with power to carry it into effect. The contract
was awarded for $315,139; and the ground selected for the commence­
ment of the work at the foot o f Chicago Avenue. Ground was broken on
the 17th o f March, 1864, with appropriate ceremonies. After sinking a
shaft the required depth, and lining it with an iron cylinder to protect it
from the shifting quicksand, the work o f tunnelling from the shore end
was proceeded with.
From the shore shaft the tunnel extends two miles in a straight line at
right angles to the shore. Its width is five feet, and the height five feet
and two inches; the bottom and the top arches being exact semicircles.
It is lined with brick masonry eight inches thick in two rings or shells ;
the bricks being laid lengthwise o f the tunnel, with toothing joints. It
had been contemplated by the contractors to make the brick for this pur­
pose from the clay excavated by the workmen ; but it was found to be
full o f little calcareous stones, which on burning were transformed into
quicklime, rendering the bricks unfit for use. The bottonf of the tunnel
is 66 feet below water level, and has a gradual slope toward the shore o f
two feet per mile, which enables the emptying o f the tunnel in case o f
repairs, the water being shut off by means o f a gate. The work has been
laid in brick eight inches thick all round, well set in cement. The lower
half o f the bore is constructed in such a manner that the bricks lie against
the clay ; while in the upper part they are wedged in between the brick­
work and clay. This prevents any dangerous reresults from the tremend­
ous pressure, which it has been apprehended might burst in the tunnel.
On the 24th of July, 1865, the crib for the eastern end o f the tunnel
was launched, towed out, arid sunk in its place; Governor Oglesby and
other citizens being present. On the 31st o f December, the workmen
having sunk the shaft, began to excavate toward their fellows, who had
dug their way 4,825 feet from the shore. Their progress has been unin­
terrupted ; and so perfect were the calculations o f the engineers that
when the two excavations met, on the 27th o f November, they varied
but nine inches from a right course, and one inch on the bottom.
W hat now remains is to remove the tramway used by the workmen,
cleanse the tunnel, and arrange for the introduction o f the water. F or
this latter purpose the top of the cylinder at the crib will be covered
with a grating to keep out the floating logs, fish, etc. A sluice will be
made in the side to let in the water, and a light-house built above to pro­
tect the crib from injury by vessels, and at the same time show the way
to the harbor o f Chicago.
The tunnel will deliver, under a head o f two feet, twelve million




18

TUNNELS.

[January,

gallons o f water daily ; under a head o f eight feet, thirty-eight millions,
and under a head o f eighteen feet, fifty-seven millions. The velocities
for these quantities will be 1.4 miles per hour under a head o f two feet;
2.3 miles under a head o f eight feet, and 4.2 under a head o f eighteen
feet. It will be competent, under the latter conditions, to supply a million
o f people daily with fifty-seven gallons each. The cost o f this work has
been about six hundred thousand dollars.
The people o f Chicago have now undertaken another enterprise; that
o f a tunnel under the river. The contractors have agreed to finish the
tunnel for $271,646 04. They propose to complete it in March, 1868.
The tunnel is to be on Washington street, about 1,800 feet long, and
resting on a found ition o f concrete two feet thick. The masonry will be
protected by a heavy sheathing o f lead. That part o f the tunnel beneath
the bed o f the river will be thirty-two feet below low water mark. It
will be constructed in sections in coffer dams, so as to obstruct the chan­
nel o f the river as little as possible. There will be two passage-ways for
trains, eleven feet wide and fifteen feet high, and in the part under the
river will be also a passage way to be reached b y stairs at each end.
The project is the first o f the kind ever attempted in the United States.
In London the tunnelling enterprise has been perfectly successful.
There were engineering difficulties to overcome such as are hardly to be
expected elsewhere, the expansive character o f the clay, the frequent
occuirenee o f beds o f sand and gravel, the sewers and drains— particu­
larly the Great Fleet sewer, the gas and water pipes, the Grand Junction
Canal, etc. But it was done at a total cost o f $14,000,000, or $5,500,000
per mile, including the outfitting and stocking o f the railway. The en­
terprise yields dividends ; 5 per cent in 1863; 6£ in 1864, and 7 per
cent in 1865. The number o f passengers carried in the first six months
o f 1863 was 4,823,457; in six months o f 1864, 5,104,385 ; in six months
o f 1865, 7,462.823; in six months o f 1866, 10,303,305. The revenue
has increased ; in the first six months o f 1863 it was £53,058, and in the
first six months o f the present year, £102,947. These figures would
seem to demonstrate the feasibility o f the proposed tunnel under Broad­
way as a remunerative enterprise.
The excavation o f mountains to permit the carrying through them o f
railroad tracks is now a matter o f every-day occurrence. W e may very
properly denominate this the Tunnel Age. The Appenines of Italy, the
mountains or Provence, the numerous hills o f England and Wales have
been disembowelled for this purpose. The Bergen Tunnel, near Jersey
City, is the admiration o f engineers. The Sand Tunnel on the Pittsburg
and Connellsville Railroad has just been cut through, a length o f 4,700
feet, a thousand more than the long tunnel on the Pennsylvania Central
Railway through the Alleghanies between Altana and Cresson. A tunnel
is projected through the Sierra Nevada in California, a length o f 1,700
feet for the accommodation o f the Pacific Railroad ; and fourteen months
have been assigned for the time to be consumed in the undertaking.
The Hoosac Tunnel, considered by many to be the Massachusetts Folly,
is after all the greatest bore o f the Western Continent. Under the aus­
pices o f Governor Andrew, the State o f Massachusetts has undertaken the
work, and is prosecuting it with energy. The cost has been more than
three millions o f dollars, a pretty serious matter for a little common­




1867]

TUNNELS.

19

wealth o f a million and a quarter o f inhabitants, and as much more will
he required. But it will go through.
The tunnel now in progress under the Alps at Mont Cenis is tlie bold­
est work yet undertaken. Heretofore the iron horse had not been able
to emulate Hannibal and scale this barrier, although this may yet be
done ; but the engineer is fast opening for him a way without filling up
the valley or bringing low the mountain. W hen finished it will be a
lasting monument to the statesmanship o f Cavour.
A t the time o f the
cession o f Savoy to France ten million francs had been expended in the
work ; sixty-five millions being the estimate for the whole. A conven­
tion between the Governments o f France and Italy reserved the right to
the latter country o f completing the tunnel, both countries dividing
equally'the expenditure.
In the event o f the earlier completion of the
work than the time contemplated, France will pay a premium. A short
time since it had reached 7,000 feet on the French side and 11,800 on
the Italian. A thousand workmen are employed at each end o f the per­
foration, divided into three gangs relieving each other every eight hours.
They were making their way through quartz at a very slow rate ; but the
engineers were hoping to reach gypsum, when the work might go on
faster. The entire extent o f the proposed tunnel is 12,220 metres, o f
which on the first day o f January last 6,900 remained to be perforated.
Unless unforeseen circumstances happen, it is hoped that the entire per­
foration will be completed in three years more, and that the tunnel will
be passable from one end to the other on the 1st day o f January, 1870.
There lies an obstacle, however, in the way of the construction o f these
tunnels which bids fair to preclude future undertakings o f the sort. They
are too costly for private enterprise to undertake them. The tunnel
through the Alps would never have been undertaken except for the bold­
ness o f Count Cavour, backed by the treasury o f the Sardinian, afterward
the Italian Government, aided by subventions from France. The Hoosae
Tunnel would have been abandoned by the company undertaking it but
for the aid granted by the State o f Massachusetts. The improvements in
the construction o f railways and rolling-stock enable the ascent o f moun­
tains to be made. A road has already been constructed over Mont Cenis,
and is about ready for travel. A part o f it which has been already
completed on the slope along the carriage road was passed over by a
train consisting o f several carriages at a rate o f 11 miles an hour in as­
cending, and 9] in coming down. The incline sometimes attains 8^ feet
in the one hundred, and some o f the turnings have a radius o f only 133
feet.
Great as the importance o f those projections will be to travel and com ­
merce, there is likelihood that future undertakings o f this character will
be superseded by improvements in railway construction.
It has been suggested by engineers that a railroad over Hoosae Moun­
tain would be feasible, which would, if it did not supersede altogether the
occasion for the completing o f the tunnel, answer for use till that event
should take place. The plan o f M r. Fell for the application o f steam
traction to ordinary carriage-roads would answer this case admirably.
Nevertheless, with all these advantages o f economy o f construction and
earlier completion, our preference remains for the tunnel, wherever it
shall be practicable, as being cheaper in the long run, safer to use, and of
more permanent benefit.




RAILROAD EARNINGS FOR NOVEMBER,

20

[January,

RAILROAD EARNINGS FOR NOVEMBER.
The gross earnings of the following railroads for the month o f Novem­
ber 1865 and 1866 comparatively and the difference (increase or decrease)
between the two months are exhibited in the following statement :
Railroads.
Atlantic & Great W estern..............
Chicago & A lton...............................
Chicago and Great Eastern........... .
Chicago & Northwestern................
Chicago, R ock Island & P a cific...
Erie (incl. Buffalo Division)...........
Illinois Central.................................
Marietta & Cincinnati..................
Michigan Central.............................
Michigan S outhern.........................
Milwaukee & Prairie du Chien----Milwaukee and St. Paul..................
Ohio and M ississippi......................
Pittsburg, Fort Wayne & Chicago.
Toledo, Wabash and W estern. . . .
Western U nion.................................
Total (16 roads)

1865.
$407,250
307,919
112,960
840,364
320,804
1,637,592
643,887
116,146
447.669
495,072
226,840
346,717
412,553
712,362
361,610
61,770

1866.
$614,849
322,749
138,911
1,005,079
331,006
1,417,827
570,485
110,932
414,604
416,099
244,854
327,926
302,426
681,558
354,830
75.248

Difference.
Inc. $117,599
Inc.
14,830
Inc.
25,945
Inc.. 165,315
Inc.. 10,202
Dec. 220,265
Dec. 73,402
Dec.
5,214
Dec. 33,065
Dec. 78,382
Dec. 18,014
Inc.. 18,791
Dec. 110,327
Dec. 30,810
Dec.
6,780
Inc.. 13,478

$7,541,521

$7,330,008

Dec. $211,453

The earnings o f the Erie Railway for November, 1866, do not include
those o f the Canandaigua & Elmira Railroad which, since November 1,
has been operated under contract by the Northern Central Company.
Had these been included the decrease would have been much less than
is apparent.
The earnings o f the same roads for the eleven past months o f the same
years, are shown in the following tabulation :
1866.
$5,297,377
3,392.381
1,186,752
8,392,314
3,119,278
13,542,310
5,900,195
1,113,851
3,851,401
3,703,193
1,885,545
2,405,870
3,098,970
0/04,822
3,430.234
759,563

Difference.
In c.$1,585,577
Dec. 210,886
Inc.
182,440
Inc.
886,329
Dec. 101,930
Dec. 1,433.736
Dec. 763,925
Dec.
33,494
Dec. 324,276
Dec.
70,215
Inc.
9,737
Inc.
41,994
Dec. 409,714
Dec. 1,003,277
Inc.
750,579
Inc.
108.015

$69,S75,011 $67,993,299

Dec.$l,831,7l2

18G5.
$4,882,954
3,6-3,267
1,004,312
7,505,985
3,221,208
14,976,046
6,664.120
1,080,357
4,175,677
3,773,408
1,875,808
2,363,876
3,508,686
7,908,099
2-679,655
651,553

Railroads.
Atlantic & Great W estern.............
Chicago and A lton ...........................
Chicago and Great Eastern...........
Chicago and Northwestern........... .
Chicago, R ock Island & P a cific...
Erie (including Buffalo D ivision).
Illinois Central.................................
Marietta and Cincinnati.................
Michigan Central.............................
Michigan S ou th ern .........................
Milwaukee & Prairie du Chien___
Milwaukee and St. Paul.................
Ohio and M ississip p i......................
Pittsburg, Ft. Wayne and Chicago.
Toledo, Wabash and W estern___
W estern U nion.................................
Total (16 roads)

The aggregate earnings o f these sixteen roads for November, as com­
pared with those o f the previous month, show the following resu lt:
N ovem ber..........................................................
O ctob er..............................................................

1865.
$7,541,521
8,108,623

1866.
$7,330,068
8,284,082

D e cre a se ....
Increase........

Difference.
$211,453
175,459

Decrease in N ovem ber...............................
do
do p. c ..................................

$567,102
6.99

$954,054
11.52

Decrease—
D e c re a se ....

$386,912
4.53

The net aggregate result o f the eleven months shows a falling off from
the same months last year o f $1,881,712, or 2.66 per cent. The decrease
o f Novem ber, 1866, from November, 1865, is 2.51 per cent.




TRADE OF GREAT BRITAIN AND THE UNITED STATES.

21

TRADE OF GREAT BRITAIN AND THE UNITED STATES.
COTTON, BREADSTUFFS,

PROVISIONS, ETC.

The British Board of Trade returns for the month o f October and the
ten months ending October 31, received by the last mail, show more con­
clusively the effect of the recent panic on the trade of the United Kingdom.
A high rate for money is said to stimulate exports and to discourage im­
ports, and the statements now at hand show precisely these results. In
the export trade of that country, there is a very large increase this year as
compared with 1865, viz.: of about twenty-three millions sterling, and the
total for the month of October is £1,600,000 greater than in the corres­
ponding montl in 1865. With regard to imports a decline has taken
place as the year has progressed, viz., from £23,243,701, the highest point
touched in the month of June, to £18,356,015, the total for the month o f
September. Taking, however, the returns as a whole, the trade for the
first ten months was most satisfactory in its extent, but it does not appear
to have been so remunerative as in former years. Many branches, how­
ever, have evidently been carried on at a considerable profit, for unless
large profits had been made we should certainly have heard of more numer­
ous failures from the other side.
The declared value of the exports of British and Irish produce and man­
ufactures during the month of October was £16,895,894, against £J 5,547,225 in 1865, and £12,871,491 in 1864. For the ten months, the aggre­
gate value of the shipments was £158,832,792, whilst in the correspond­
ing period in 1865, the total shipments were valued at £185,264,602, and
in 1864 at £136,275,652. The figures for each month in each of the last
three years are subjoined :
1864.

£

Jan................ 10,413,586
F eb .................. 12,698,121
Mar................ 13,555,674
April................ 13,225,039
May................ 14,176,640
June............ . 13,978,526

1865.

£

10,489,339
11,376,214
13,770,154
12,071,111
13,194,758
13,227,0(i2

1866.

£

14,354,74S
15,116,063
17,520,354
15,366,414
15,870,131
14,630,120

1864.
J u ly ...............
Aug................
Sept...............
Oct.................

S

14,394,364
16,274,269
14,087,942
12,871,491

1865.

1866.

jg

jg

14,113,410
14,158,648
17,316,681
15,547,225

14,957,834
17,450,156
16,671,078
16,S95,894

T o ta l.............. 136,275,652 135,264,602 158,832,792

The computed real value o f the imports of the principal articles of mer­
chandize in the month of September was £10,356,015; against £21,632,731
in 1865 ; and £19,961,633 in 1864. The total for the nine months is
£174,167,605, against £137,303,165 last year, arid £160,974,110 in 1864
The following figures show the total value for each of the first nine months
of the present and last two years:
1864.
Jan.................
F e b ..............
Mar................
Apr................
May................
June...............

S

7,520,356
13,214,541
16,396,928
17,587,565
22,392,601
21,498,185

1865.

1866.

|

1864.

1805.

1866.

6,398,922
9,847,564 July.............. 20,45S,253 18,964.190 19,597,929
12,891,252 16,610,159 Aug.............. 21,944,048 20,997,691 20,940,303
13,005,394
19,891,204 |Sept.............. 19,961,633 21,632,731 18,356,015
13,078,755 22,455,968 I
------------------------------- ----------------14,595,334
23,224,762|T o t a l............. 160,974,110 137,303,165 174,167,605
15,407,688 23,243,701 |

With regard to this country, the following is the total value of the ex­
ports during the nine months ending Sept. 30 :
T o Atlantic ports, N orthern..........................................
Pacific ports .. ..
T o t a l..........................................................................




1864.
£12,859,275
257,196
383,116

1865.
£7,325,990
, 279,030
85,668

1866.
£16,868,044
21,883,970
190,124

£13,499,637

£7,690,678

£-38,942,138

i

22

TRADE OF GREAT BRITAIN AND THE UNITED STATES.

[January,

COTTON.

The imports of cotton in October were 36,000 cwts. less than in 1865,
but from the United States, the arrivals showed an increase of 27,000
bales. The arrivals from Mexico and the W est Indies have now ceased,
and from Egypt only a small quantity of the new crop has as yet been re­
ceived. Our latest advices from Egypt state that the crop had been over­
estimated, the total growth being expected to reach a total o f 400,000
bales, or 2 00,000 bales less than the estimates first put forward. In the
East Indies the crop is said to be looking well. The import of cotton into
the United Kingdom during the ten months ending October 30 was
10.610,271 cwts., against 6,315,565 cwts. in 1865, and 6,146,796 cwts. in
1864. The particulars of these imports are subjoined :
IN NINB MONTH8.
From United States- ........................................................ cw ts.
Bahamas and Bermudas...................................................
M ex ico.................................................................................
B ra z il...................................................................................
Turkey..................................................................................
E g y p t ..................................................................................
British India.......................................................................
China....................................................................................
Other countries..................................................................

1864.
117,726
298,374
185,700
279,906
152,377
892,419
3,355,747
609,136
255,411

1865.
269,215
158,607
303,450
851,630
178,289
1,256,893
3,125,905
309,031
362,545

1866.
4,109,960
6,413
3,145
546,549
84,300
785,686
4,804,234
34,767
235,267

6,146,796

6,315,565

10,610,271

— and the computed real value of the imports for the nine months is as
under:
1S64.
£1,594,4S9
3,422,227
2,261,430
3,373,959
1,565,160
11,354,653
24,862.133
4,945,209
2,955,006

1865.
£1,558,184
1,379,306
2,453,949
2,670,663
895,879
8,946,915
14,181,006
1,449,687
2,651,766

1866.
£30,424,834
46,816
28,591
4,147,497
517,35-1
6,951,304
19,012,950
144,640
1,564,136

£56,334,266

£36,187,355

£62,838,122

F rom United States..................
Bahamas and Bermudas.
M e x ic o .............................
B razil.................................
T u r k e y .............................
E gypt.................................
British India.................
China.................................
Other countries...............
Total

The exports of cotton from Great Britain are about 950,000 cwts. in
excess of last year, all importing countries having taken an increased supply.
The total for the ten months is 3,032,450 cwts. against 2,186,456 cwts. in
1865, and 1,876,040 in 1864. These amounts are thus distributed :
1864.
Russia, Northern p o r t s ..................
Prussia.................................................
Hanover...............................................
Hanse Towns ................................... ...........................
Holland................................................
Other Countries.................................
T o t a l ........................................

439,453

1865.
255,742
36,897
14,673
548,098
351,713
979,333

1866.
370,957
55,597
5,618
698,500
477,268
1,424,510

2,186,456

8,032,450

BREADSTUFFS.

This market has now assumed an important position throughout the
world, and a considerable rise has taken place in prices since the 1st of
September. In England the rise is as much as 17s. 6d. per quarter of
eight bushels, and in other countries the advance is equally important.




1867]

TRADE OF GREAT BRITAIN AND THE UNITED STATES.

23

In England the crop is somewhat below an average; but a considerable
proportion has been harvested in poor condition ; hence, the whole of the
crop is not immediately available for consumption. In the northern
counties this is especially the case, and millers in those districts are there­
fore compelled to go south to purchase the drier and better harvested
wheats produced in that quarter. The French crop is certainly not so
deficient as many persons would have led us to expect, and it is now a cer­
tainty that not only will the cargoes which had been purchased at Black
Sea ports be ordered to England, but that, without these, exports of flour
from French to English ports will shortly take place. Large supplies of
Russian flour have for the last few weeks been received into the eastern
English ports, at the rate of about 25,000 sacks of 280 lbs. weight per
week ; but as the navigation of the Baltic would shortly close, a termina­
tion to these importations would ensue. The Prussian crop of wheat has
certainly been injured by the recent war, for although prices are so high
in England, the imports from the ports of Dantzic, &c., show a considerable
falling off from last year. The accounts we have received from the south
of Russia are confirmatory o f the excellent crop produced in that quarter.
As fair supplies o f wheat and large supplies of flour were expected from
the Baltic prior to the close o f navigation, and as there were about 700,000
quarters of wheat afloat to Great Britain from the south of Russia at the
v ate of our latest advices, there was a decided pause in the wheat trade,
and millers showed no disposition to buy, except at reduced rates. But as
the information at hand from this port was to the effect that very little
produce was being shipped to Europe, holders of wheat and flour were very
firm, and fully the recent advance in prices was demanded. The import of
wheat into the United Kingdom in October was 1,830,569 cwU., against
3,058,269 cwts.; and of flour 258,623 cwts., against 295,396 cwts. last year
The figures for the ten months are subjoined:
WHEAT.

1864.
From Russia...................................................................... cw ts 3,851,120
Prussia............................................................................. 4,165,759
Denmark............................................................
659,833
Schleswig, Holstein, & Lauenburg...........................
241,270
M eck len b u rg ..................................................................
559,176
471,097
Hanse T ow n s.................................................................
France...............................................................................
526,930
Turkey, Wallachia, and Moldavia...............................
430,249
E gypt............................................................................ .
366.860
United States................................................................. 7,577,700
British North Am erica................................................. 1,033,572
Other Countries..............................................................
379,117
Total
FLOUR.

From Hanse T o w n s ...................................................... cwts
France..............................................................................
United States.................. ............................................
British North A m erica.................................................
Other Countiies.............................................................
T o ta l...
B arley.......
O a ts ...........
Indian corn

1865.
6,570,075
4,600,582
525,521
220,957
522,227
3SS,117
1,256,495
542,257
10,0b3
951,943
25)4,316
850,155

1866.
6,439,820
3,522,490
413,104
154,233
658,274
686,484
3,325,975
367,443
20,503
440,290
8,789
2,514,527

2Q,263,2S3

16,732,708

18,551,932

1864.
277,843
1,576,904
1,709,898
396,477
103,452

1865.
195,795
1.997,746
226,964
163,064
140,127

1866.
237,166
3,248,638
225,584
26,822
261,966

4,064,574
4,220,626
4,580,066
4,751,461

2,723,696
6,634,043
6,489,312
5,451,722

4,000,236
6,043,810
7,472,011
13,149,623

PROVISIONS.

The imports of these during the ten months were not materially in excess




24

TRADE OF GREAT BRITAIN AND THE UNITED STATES.

[January,

o f last year. Prices in England continued to rule high, but as the supply
o f pigs in the kingdom was very large, and as the pork season had opened
at very moderate quotations, it was expected that a hill in the value of
salted meats would take place. The imports in ten months are subjoined :
1864.
962,275
258,267
175,566
790,702
599,716
291,597,240
199,323

Bacon and hams, cwts
Beef, salt, c w ts ............
Pork, salt, cw ts...........
Butter, cw ts..................
Cheese, c w ts .............. .
Eggs, num ber..............
Lard, cw ts ....................

1865.
595,075
181,526
13S,375
844,398
648,453
32^,485,440
99,193

1866.
581,584
155,315
153,716
889,142
608,091
387,164,400
220,995

LIVE STOCK.

There has been no abatement in the value o f butcher’s meat in England,
consequently prices remain at a high point. The cattle plague cannot be
said to have died away, for several cases have recently been reported; and
as such have occurred, fears are entertained that in the event of the Govern­
ment modifying or cancelling the present regulations in reference to the
cattle traffic of the kingdom, further serious outbreaks will take place.
Some of the leading farmers, who have even incurred much loss and in­
convenience, are strongly in favor o f an adherence to the existing rules for
a further period of six months. The following are the figures relating to
the imports of live stock for the ten months:
Oxen, bulls and cows
Calves.........................
Sheep and lam bs........
Swine and h ogs.........

1864.
head 120,568
........
41,174
....... 374,710
........
58,928

1865.
170,008
45,625
639,398
99,359

1866.
177,480
25,506
717,888
65,678

EXPORTS OF BRITISH AND IRISH PRODUCE AND MANUFACTURES.

The following table shows the declared value of the exports of British
and Irish produce and manufactures from the United Kingdom to this
country during the first ten months of the present and last two years:
A lk ali...........
Beer and ale.
C o a ls ...........

1864.
£321,947
38,982
117,966

1865.
£356,025
37,852
95,014

1866.
£803,121
60,057
78,194

1,598,851
177,164
366,920
734,281

1,772,488
134,364
346,397
695,765

2,715,794
284,052
6 9,632
1,016,170

104,901
77,902
239,210

115,473
75,876
241,956

260,209
82,450
608,599

C ot t o n M a n u f a c t u r e s —

Piece g o o d s ................ ..
Thread...............................
Earthenware and porcelain.
Haberdashery and millinery.
H a r d w a r e s a n d Cu t l e r y —

Kuives, forks, & c...............................
Anvils, vices, & c................................
Manufactures o f Germaa silver, &c
L in e n M a n u f a c t u r e s —

Piece good s....................
Thread.............................

2,172.648
169,111

2,562.392 3,498,420
118,746
199,592

M etals—

Iron—Pig, & c................
Bar, & c.
Railroad.
Castings.
Hoops, sheets and boiler plates,
W rought___
Steel—Unwrought.

Oi

Salt ..




208,‘ 20
687,222
798,832
13,919
212,841
225.683
435,355
14,240
218,272
47.040
47,074
33,178

128,199
148,948
332,864
3,793
71,900
115,127
256,085
32,612
115,986
43,086
43,086
47,118

250,622
471,585
642,226
16,242
286,759
182,735
547,338
37,5S5
149,176
340,374
340,374
96,890

1867]

25

SOUTHWESTERN ( o A . ) RAILROAD.

Si l k M a n u f a c t u r e s —

Broad piece g o o d s ...................................................
H andkerchiefs.........................................................
Ribbons o f silk o n l y ..............................................
Other articles o f silk o n ly .....................................
Other articles m ixed with other materials........
Spirits, British............................................ ............
W ool . . . .....................................................................

72,199
17,270
27,983
75,189
37,215
10,874
37,242

58,021
1,404
34,907
97,156
34,646
11,682

118,155
8,012
33,137
90,295
74,829
16,263
13,700

691,982
274,530
60,765
1,983,885

398,735
251,845
25,533
2,829,942

880.613
708.613
42,718
3,248,205

11,121

W oolen a n d W o r s t e d M a n u f a c t u r e s —

Cloths o f all k in d s.................................................
Carpets and druggets............................................
Shawls, rugs, & c ....................................................
W orsted stuffs o f w ool only, and o f wool m ixed

SHIPPING.
The following figures relate to the shipping trade between this country
and the United Kingdom for the month o f October and the ten months
ending Oct. 3 1 :
AMERICAN VESSELS ENTERED AND CLEARED INTO AND FROM ALL PORTS.

Entered in October, 1864.......
do
do
1865.
do
do
1866... ..
Entered in ten months, 1864.
do
do
1865.
do
do
1866.,
Cleared in October, 1864.......
do
do
1865.........
do
do
1866.........
Cleared in ten months, 1864..,
do
do
1865..
do
do
1866..

Number. Tonnage.
23,136
38
37,571
18,270
406,159
295,361
375,104
50,633
52,578
51,031
404,154
814,037
461,804

VESSELS OF ALL NATIONALITIES ENTERED AND CLEARED INTO AND FROM
3M AMERICAN PORTS'
PORTS ’

Number.
Entered in October, 1864.........
do
do
1865....... .
do
do
1866.........
Entered in ten months, 1864.
do
do
1865..
do
do
1866..
Cleared in October, 1864........
do
do
1865....... .
do
do
1866....... .
Cleared in ten months, 1864...
do
do
1865...
do
do
1866..,

782

Tonnage
64,641
86,761
77,570
891,182
549,341
1,214,042
82,948
118,769
152,931
1,018,632
878,492
1,280,863

SOUTHWESTERN (G A .) RAILROAD.
The Southwestern Railroad leaves the Central of Georgia (Savannah
to Macon) at Macon, and extends to Albany, giving oft- branches to
Butler (where the Muscogee Railroad commences, and runs to Colum­
bus), and to Eufala and Fort Gaines. The following shows the length
of these several constituents:
Main line—Macon to Albany..................................................................... .................... 106.10 m iles.
Branch—Fort Valley to Butler.............................................................................. 22.00
44
44
Smithville to Eufala................................................................................ 59.08
44
44
Cuthbert to F ort Gaines........................................................................ 21.89—102.97 44
Total length o f road and branches.............................................. ........... .............

209.07

44

The Fort Gaines Branch, from which the iron had been taken dur.
VOL. lvi— no . i.
2




26

southw estern

( g a .) r a i l r o a d .

[ January,

ing the war, was not in use for the fiscal year 1865-66, and hence the
length o f road operated was only 187.18 miles. The relaying o f that
branch, however, has since been accomplished.
The motive power on the road during the year consisted o f 20 loco­
motives, besides which the Company have two others not in use. The
car stock at the commencement ot the year embraced 13 first-class and
7 second-class passenger cars, 8 mail and express cars, 12 conductors’
cars, with 103 box, 53 platform, 4 stock and 3 provision cars. During
the year the Company purchased from the United States Government
32 box and 15 platform cars, increasing the rolling-stock by that number.
The business o f the road in 1865-66, as compared with that o f 1859-60,
shows, as might be expected, a considerable falling off. The total quan­
tity of cotton transported during the year 1865 66 was 87,250— in
1859-60,206,307 bales; a decrease o f 119,057 bales. The quantity
received at Macon in 1865 66 was 29,133 bales; in 1859-60, 32,641; a
decrease o f 3,508. O f this, the quantity from Columbus was in 1865-66,
1,660 bales; in 1859-60, 138 bales; an increase o f 1,522 bales. rlhe
great loss has, therefore, been the receipts from the Southwestern Rail­
road proper; and the general loss on the quantity carried South to
Eufala and Fort Gaines on the Chattahoochee for shipment to the Gulf.
The number o f passengers carried during the year 1865-66 was 115,7S7, being an average o f 317 per day. The average in 1859-60 was
■353. The receipts from traffic, compared with those o f 1859-60, were
more favorable than the material business. The following statement
shows the whole in detail, thus :
Up-freiglit, through........... .
“
W a y ..................
Down-freight, through____
“
W ay............
Up-passengers, through___
“
W a y ..........
Down-passengers, through
“
W a y ....
United States M ail........
Miscellaneous earnings.....................................

1865-66.
1859-60.
Increase.
$114,730 64 $99,604 24 $15,121 40
214,214 98 104,209 51 110,005 47
66,479 72
111,897 66
111,864 14 102,372 41
9,491 73
30,338 20
39,649 65
16,983 85
73,923 36
130,569 20
46,993 18
83,576 02
130,163 25
68,634 11
61,529 14
.................................. 23,08255
$815,343 98 $670,368 67
41,501 62

6,527 20

Decrease.
$ ................
..............
45,417 97
................
9,308 45
56,939 51
................
................
23,08255
$144,715 31

34,974 42

................

T otal............................................................... $856,845 60 $676,895 87 $314,69S 18

$134,748 78

— making a net increase o f receipts in 1865-66 o f $179,949 73.
Total freight earnings in 1865-66, w ere....................................................................................$507,289 48
*fc passenger
“
u
308,054 50
Miscellaneous
“
41
41,501 62
Total re ce ip ts ...................................................................................................................$856,845 60
Current expenses same year.......................................... ......................................................... 513,044 13
Net earnings same year .................................................................................................. . $343,801 47
T o which add new bonds issued for construction.................... .........................................
58,000 00
Making a total sum o f ............................................................................................................... $401,801 47

From this the following were paid, v iz .:
February dividends of four per cent..................................................................$127,936 00
Interest on bonds to d a te ................................................... ................................
73,513 3t
Revenue tax-. ................................................... ....................................... ..............
26,934 85
Bonds paid to date.................................................................................................
60,500 00
Annuity three years to city o f M acon................................................................
3,750 00
Paid lor construction...........................................................................................
40,804 20
Paid for 47 freight cars.........................................................................................
36,598 00
Macon depot...........................................................................................................
60 00-370,096 39
Leaving a surplus o f..................................................................................................................




$31,705 39

1867 J

LIFE INSURANCE----RIGHTS OF SOUTHERNERS.

27

Included in these payments are the bonds due in 1862-3-4—5, amount­
ing to $60,500, which had not been presented as they fell d u e; also the
interest coupons accrued prior to 1865, and retained in the hands o f
holders upwards o f $50,000 and the cost o f freight cars $36,598, being
together an extraordinary addition to charges o f $147,098.
The financial condition o f the company as shown on the general
ledger as o f the 1st August, 1866, is shown in the following statement;
Share ca p ita l.................................. $3,303,400 00
66 00
Funds for extending RM ..............
328,000 00
Bonds (20 yea rs).............................
58,500 00
“
(10 y e a rs ).............................
51,000 00
“
endorsed (20 years).............
21,020 00
Fare tickets is s u e d ........................
Freight earnings since August 1,
513,178 64
1865.................................................
Passenger earnings since Aug. 1,
323,182 32
1865................................................
5.105 63
Due other m a d s .............................
111,550 00
Unclaimed dividends
.............
1,093 57
Premium and d iscou n t.................
12,532 04
Bills p a y a b le..................................
179,919 79
Profit and lo ss .................................
Total

$4,808,552 99

C onstru ction..............
Locom otive engines..
Passenger c a r s ...........
Freight c a r s ................
Macon d e p o t ..............
Tools and machinery,
Lands and negroes ..,

$3,350,605
110,660
24,000
131,598
51.629
10,300
83,185

67
14
00
00
63
00
00

Current expenses ’ 65-’ 6 6 ..
Other payments ’65-’66 . . .
Stocks o f other com p’ ies.
Agents and others...........
Suspense account...............
Dividend N o. 25, p a id ___
Balance.................................

$3,761,978
513,044
104,198
39,173
9,469
99,761
101,908
179,019

44
13
19
66
52
42
00
63

Total

$4,808,552 99

The balance consists o f—
Cash on hand, as per Cash B ook ............. .........................................................$37,641 38
“ deposit at B ank............................................................................................. 18,227 45— 55,868 83
“ (Confederate money) in Central R R. B a n k ................................................................ 102,443 68
Bills receivable................................. .................................................................... - .............. 20,707 12
T otal........... ........................................................................................................... ........... $179,019 63

This is a very fair showing, but only such as might be expected
from such a company which from the first has been conducted with great
economy. The road is a first class one for the South, and was built aud
equipped for cash (chiefly share capital subscribed almost wholly within
the State) at a cost o f $18,000 per mile. On this sum it had never
failed to pay dividends until that o f August, 1866, which was passed
because o f th$ large extraordinary expenses disbursed on account o f
bonds and'coupons past due. F or the future the Board sees no reason
why regular dividends should not be declared and paid to the stock­
holders o f at least eight per cent per annum.” To meet the exigencies
o f the times, however, the tariff o f charges for freight and passengers
has been raised fifty per cent above that of 1860, and this will have
to be maintained until the prices o f labor and material warrant a reduc­
tion.

LIFE INSURANCE— RIGIITS OF SOUTHERNERS WHOSE LIVES WERE INSURED
IN NORTHERN COMPANIES.
A decision was lately rendered by Judge Robertson o f this city in an
action against the Mutual Life Insurance Company o f New York which
defines the rights of Southerners whose lives were insured in Northern
Companies on the breaking out of the war. It seems that the plaintiff,
a resident of the State of Alabama, had a policy on his life for $1,000
i nsured by the defendant. That during the war lie continued to pay the




28

LIFE INSURANCE----RIGHTS OF SOUTHERNERS.

[January,

premium to the company’s agent in Alabama, in confederate currency,
and as soon as practicable after the war closed offered to pay the premium
due in that year to the defendants, who refused to receive it, claiming that
the policy had become forfeited by non-payment o f the premiums for the
four previous years (1861, 1862, 1863 and 1864.) The plaintiff then
tendered, in the year 1866, the amount of premiums for five previous
years, with interest from the time when they became due, which the
defendants refused.
The defendants demurred to the complaint setting forth these facts
assigning for cause: 1. That the court had no jurisdiction of the subject
of the action. 2. That the complaint did not state facts sufficient to con­
stitute a cause o f action.
The questions raised on this demurrer having been argued Judge
Robertson delivered the opinion of the court which was in substance as
follows:— No obligation was imposed upon the plaintiff by the terms o f
the policy iu question. It bound the defendants only to pay to his
representatives a certain sum after his death, upon the performance by
Mm of certain conditions, which were entirely at his option. The only
means they had to secure the performance of such conditions was his own
sense of self-interest, in not losing the advantages of their contract, as
such conditions consisted mainly of periodical payments of certain sums
of money, he was required to relinquish all right to reclaim any money
previously paid by him, in case at any time he should neglect to pay those
payable subsequently.
The rights of the plaintiff under the policy, and by virtue o f his mem­
bership o f the corporation of the defendants, with the exception of his
right to a share of the profits of the latter, and that of his representatives
to the payment of the sum insured in case of his death are so nearly
identical, that they must be governed by the same principles. No case is
made for claiming such share by alleging profits, the equitable allotment
of a share of them to the plaintiff by the Trustees of the Company under
the 13th section o f the charter, or a demand for them and non-payment.
Of course, while the plaintiff is alive, any contingent right of his repre­
sentatives cannot be determined in advance.
I do not see very clearly what or upon what this Court can adjudicate
under these circumstances. I mean make an adjudication; not merely
promulgate an opinion. The objection perhaps does not rank very pre
cisely as one of those to jurisdiction over the subject of action, but it is
rather one to the sufficiency of the cause o f action stated. No account
can be decreed of profits made by the defendants for the reasons already
stated. The Court cannot make a declaiation or proclamation o f its
opinion to the world now, to be of any avail to the plaintiff’s representa­
tives in recovering the amount insured hereafter ; no transfer or vesting or
divesting of rights would ensue from such a declaration, and nothing could
now be decreed to be done as a consequence of such a declaration. Rooke
vs. Ld. Kensington, 2 Kay & J. R „ 753. Grove vs. Bastaid, 2 Ph. Ch.
Ca., 619. Jenner vs. Jenner, Law Rep., 1 Eq., Pt. III., 361, Baylies vs.
Payson, 5 Allen Rep., 488.
Such a judicial declaration appears to be only known to the system of
jurisprudence peculiar to Scotland. Bell’s Principles, &c., §2,252.
If the present complaint were directed to the restoration of any rights




1867]

LIFE INSURANCE----RIGHTS OF SOUTHERNERS.

29

o f membership in the corporation o f the defendants of which the plaintiff
is deprived, this Court could give no relief even as a Court o f Equity, since
the proper remedy is by mandamus to restore him to such rights, o f which
the Supreme Court alone has jurisdiction. So that the only jurisdiction
the Court could exercise would be to order a repayment of, or in other
words, enable the plaintiff to rescind the contract and recover back past
payments made by him, upon the ground that being past payment of an
entire consideration, the defendants have either refused to perform their
part of such contract or thrown such obstacles in the way o f the plain­
tiff’s performance of those conditions which would enable him to claim the
advantage of it, as to entitle him to be restored to the condition in which
he was before it was made.
Even assuming, however, that the policy was an entire contract to insure
for a life time defeasible on non-payment was a condition subsequent arid
entitled to greater favor than a condition precedent, and that the present
is a case of releasing the rigors of the law in regard to performing such
condition. The policy and its acceptance constituted something more
than a contract; they conferred a membership o f the corporation o f the
defendants, and gave the plaintiff a right to a share of the profits of the
defendants, including such very payments.
The defendants were a partnership, whose business it was to receive
compensation for entering into contingent obligations, which either formed
the capital by means of which such obligations were to be discharged, or
profits to the partners, in case they exceeded the amount necessary to dis­
charge such obligations. The plaintiff, by becoming a member, was
adopted as a partner in an existing partnership, agreeing to contribute to
its capital the sums necessary to entitle him to a continuance of the con­
tract which made him a member, which at the same time formed the con­
sideration for such continuance, he receiving back as a member of such
partnership while he continued to contribute a share of the very sums so
contributed by him as profits. But he also agreed that a failure to con­
tinue such contributions should deprive him of his membership and all
right to reclaim as an individual with whom the partnership has made an
unfulfilled contract the sums paid as a consideration therefore. It is
manifest that such a relation stands on an entirely different footing as to
the relaxation of the strict performance of conditions from that of a mere
obliged or obligee. The whole business for which thepartnershipwasfrrmed
mustend, if every one availed himself of obstacles to a performance on his part
to insist on the continuance of the contract. As it was entirely a matter o f
option with the insured to continue the contract of the company, the
latter could not know why he had failed to perform the condition, by
whose performance they were to be notified of such election, and would
be at a loss, in entering into new and similar obligations to know on what
to rely for the means o f discharging them. This would be so entirely sub­
versive of the purposes, mode of operation, and vitality of such a partner­
ship, that such a relaxation of the rule would defeat the whole value o f
the contract and could not be supposed to have entered into the contem­
plation of the parties to it. The waiver of all right to claim such relax­
ation in any event is by implication as much a part of such contract as if
it had been expressly stipulated in it.
But a s s u m i n g this policy to be a mere contract between strangers to




30

LIFE INSURANCE----RIGHTS OF SOUTHERNERS.

[January ,

each other, and that this court could make a decree or judgment available
and binding on the parties, and that unexpected obstacles difficult to over­
come were an excuse for the want o f strict performance o f the condition
subsequent contained in such policy, the question still remains whether the
existing state of war between the Government of this country and the in­
surgents, Confederate States as they termed themselves, was a justifiable
excuse for the non-payment of the premiums in question. Such an excuse
has two aspects— first, the physical impossibility of paying such sums, by
reason of the difficulty o f communication between the two parts of the
country; and secondly, the prohibition of any dealings by the inhabitants
of the loyal States with the rebels, or those inhabiting the country over
which their dominion extended. I do not think the complainant under­
takes to allege that the payment o f such sums was physically impossible.
Its allegations are merely that “ communication was suspended,” a very
indefinite phase, and “ that all payments of premiums were impossible.”
It does not state how or why they were impossible, whether the plaintiff
ever possessed the means to pa}', or whether he made any effort. Possi­
bility too often depends upon the will, the means and the effort to accom­
plish an end, for the court judicially to know that there were insurmount­
able obstacles to a payment, without which it is not to be considered le­
gally impossible. (Beebe vs. Johnson, 19 Wend. Rep., 500.)
The history of the war shows, that however difficult and circuitous the
mode was, such payments were feasible. I apprehend the plaintiff is not
at liberty to substitute his own conclusion as to an impossibility for a
statement of the facts which he considered as producing it so as to ena­
ble the court to judge of the impossibility. A mere state of war does
not necessarily produce it physically, and can only do so when such is its
legal effect.
It is, perhaps, a question not entirely free from difficulties, how far the
performance of conditions subsequent by an obligee to prevent a contract
from being forfeited or rescinded during a state of war, between the Go­
vernment of such obligee and that of the obligor in the country o f the
latter is lawful. O f course no action can be maintained during a state o f
war by an alien enemy, nor while it subsists can any valid commercial con­
tracts be made between the subjects of hostile powers. (Griswold vs.
Waddington, 16 J. R., 438.)
But contracts made before can be enforced after such war, which only
suspends the right of action, has ended. It has been held that it was not
unlawful for a citizen o f the United States within its territory to perform,
during a war with a foreign Power, an act in pursuance o f a contract made
before such war for the benefit of a subject of such foreign Government.
(Buchannan vs. Curry, 19 J. R., 237. How far this would extend to the
act of an alien enemy or his agent within the United States to prevent a
contract for his benefit with citizens of the United States from lapsing, is
perhaps open to discussion. Or although such alien enemy might not be
allowed to perform such acts during such war, perhaps a neutral merely
domiciled in the country o f the enemy m ight; although his goods, equally
with those of an alien enemy, are liable to capture and condemnation by
the adverse belligerent. (Elbers vs. United States Ins. Co., 16 J. R., 128.)
But whatever may be the settled law on the subject, it does not aid the
present plaintiff, who must be held, if he were allowed to tender the




186V]

IN'TEROCE AN IC COMMUNICATION.

31

amount during the war, and was not prevented by invincible necessity
from doing so,.not t> have a sufficient excuse for not doing so; or else if
such necessity was created by the illegality of dealings between subjects
of belligerent governments during the war, he is not entitled to avail him­
self o f a common calamity, which operated equally on both parties. He
could not, in the latter case, be placed in a better light than if the Legis­
lature of the State had rendered the payment and reception o f such pre­
miums illegal, and subsequently repealed such an enactment. In such
cases both parties are deprived of a right in order to meet a public neces­
sity, and although such vis major may excuse the performance of a coven­
ant, it cannot be the performance of a condition which is to keep alive a
contract. It is the State that in such cases, confiscates for and sacrifices
to the public interest, not the other contracting party, who makes, forfeits
all the benefits of the contract, if continued. It has been deemed necessary
even to provide, by express statute, that the continuance o f a war between
the United States and a foreign power should be no part of the Statute of
Limitations, where the plaintiff had been a citizen of the country so at war
with the United States. (2 Rev. Stat., 295, § 32 ; Code of Procedure
§ 103.)
For the several reasons, therefore, that no judgment can be given by
the Courts to affect the rights of parties; that the partnership of the
plaintiff with the defendants was terminated by his non-contribution of
capital or profits, contrary to the terms of the partnership agreement, and
there is no equity which entitles him to be restored; that he has not
stated obstacles to the performance o f the conditions required of by him,
so as to enable the Court to pass upon their sufficiency, and that a mere
state of war between the existing authorities of the country in which he
resided and the United States formed no excuse for not complying with
such condition.
I think judgment should be rendered for the defendants, with the usual
leave to plaintiff to amend.

INTEROCEANIC COMMUNICATION— ATLANTIC AND PACIFIC SHIP
AND RAILROADS.

CANALS

On March 13, 1866, the United States Senate called upon the Secre­
tary of the Navy to furnish, through a report of the Superintendent
of the Naval Observatory, an account o f the various proposed lines of
communication between the Atlantic and Pacific oceans— especially by
Tehauntepec, Honduras, Nicaragua, Panama and Atrato— with a state­
ment of the relative merits of the routes “ as practicable lines for the
construction of a ship canal.” The object was to obtain such accurate
knowledge in the premises as would prevent the waste of money on in­
feasible plans. In response to this call, Rear Admiral Davis has presented
a report which admirably sums up the whole case, and lays before the
country in succinct form a full digest of all surveys and other accounts of
the countries in question. W e give below his account of the more im­
portant routes under their respective heads, in order that the argument




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INTEROCEANIC COMMUNICATION.

[cJanuary,

and objection for and against each may be fairly seen. The route o f the
Isthmus of Darien is praised above all others, and at the^ame time that
the Admiral declares that that route has not been satisfactorily ex­
plored, he still gives it as the result o f all his inquiries that “ it is to the
Isthmus of Darien that we are first to look for the solution of the great
problem of an interoceanic canal.”
At the outset of.the report, Tehauntepec and Honduras are excluded
from consideration because they “ posess little merit as a practicable route
for a ship canal.” Thus the only localities discussed at length are the
last named three, Nicaragua, Panama and Atrato :—
N ICA R AG U A .

There has been a time when the transit from ocean to ocean, on a line
following the river San Juan del Norte, either in its bed or on its banks,
crossing Lake Nicaragua and thence to the Pacific, has enjoyed special
favor and attention. From Greytown to the lake the mode o f proceed­
ing has been the same in most o f the plans. It has included the im­
provement of the navigation o f the river San Juan, where possible, by
excavations in its bed and by the construction o f dams, which, with the
rapids o f the river, were to be passed by the means of locks and canals.
But, from the lake to the Pacific outlet, various branches have been pro­
posed. Three of these pass through lake Managua; a fourth terminates
at B rito; a fifth at San Juan del Sur; a sixth proceeds by the Sapoa
river to Salinas B ay; a seventh, keeping in the southern part of the State
of Nicaragua, proposes to cut from the river San Juan through the State
of Costa Rica to Nicoya gulf. Only two of these routes have been care­
fully surveyed, those terminating in Brito and San Juan del Sur.
There are so many difficulties attending all these routes, which detract
from their “ relative merits as practicable lines for a ship canal,” that I
should feel authorized, under ordinary circumstances, to pass over this
region in a few words ; but so much has been said and written about it
by eminent authorities that I feel called upon to present some descriptive
details.
A variety o f circumstances have concurred to concentrate public opinion
and favor upon this route. I refer particularly to the accidental settle­
ment of Greytown ; to the establishment o f a transit through Nicaragua;
the actual navigation of the San Juan river and of Lake Nicaragua; the
connection of eminent names, including that of the present French Em­
peror; and the agricultural and mineral wealth of the Cliomtales region.
And to these circumstances may he added the advances seemingly made
by nature in offering the water communications of San Juan and the
lakes, which reduce the isthmus to one-tenth of its whole breadth. Ex­
travagant expectations have been fostered, and hasty schemes have been
formed, including extensive plans of colonization— schemes that never
have reached maturity.
The late Admiral Fitz Roy, in the first paper which he presented to the
Royal Geographical Society on the isthmus of America, entered into a
careful examination of this line and its branches, and maturely considered
the value of the statements made by its advocates, and the feasibility o f
the project with reference to the natural difficulties to be overcome. The
conclusion at which he arrived was unfavorable.




1867]

INTEROCEANIC COMMUNICATION.

33

I take the pains to cite the authority of this distinguished hydrographer, because it will be received with the highest respect by all who
are acquainted with his useful labors and great abilities. It is not worth
while to follow him over the same ground; to discuss the statements o f
Mr. Bailey, on the data of the French Emporor, or 10 dwell upon the un­
favorable conditions arising from climate, earthquakes, volcanoes, etc. I
will base what I have to say upon the report of the survey made by
Messrs. Childs and Ray, in the years 1850-’51, for the American Atlantic
and Pacific Ship Canal Company.
The line selected by Colonel Childs proceeds from Lake Nicaragua by
a short and easy route to the harbor o f Brito. It traverses the lake di­
rectly to its outlet at Fort San Carlos; it employs slack water navigation
on the San Juan river for a distance exceeding ninety miles, and then
pursues a canal, independent of the river, to the harbor o f San Juan del
Norte. This plan of operation requires fourteen locks to descend from
the lake to the Pacific ocean, and fourteen locks to descend from the lake
to the Caribbean sea, in which last enumeration are included light locks
at dams on the San Juan. There are seven dams on the river. Costly
improvements, possessing the character o f artificial harbors, will be ne­
cessary at the two points of departure from the lake. The seaports of
Greytown and Brito, at the two ends o f the line, will require costly and
extensive improvements in the way o f excavations, piers, jetties, break­
waters, &c. The total length of the line is a little more than one hun­
dred and ninety-four (194) miles. It may be safely asserted that no en­
terprise, presenting such formidable difficulties, will ever be undertaken
with even our present knowledge of the American isthmuses. Still less
is it likely to be entered upon while such strong and well founded hopes
are entertained by the promoters of the union of the Atlantic and Pacific
oceans of finding elsewhere a veiy much easier, cheaper and more prac­
ticable route for a canal, in every way suited to the present demands of
commerce and navigation. The relative merits of the Nicaragua route as
“ a practicable line for the construction of a ship canal” do not require
further consideration.
I have taken Childs’ survey as a standard. I will therefore mention
that it is regarded by Squier and other competent authorities as the au­
thentic and reliable survey of the Nicaragua route; and, further, that in
March, 1852, his drawings, reports and estimates were submitted to the
examination of Colonels Abert and Turnbull, United States engineers.
Squier’s language in regard to the survey is very emphatic; he says,
“ Childs’ survey is the only one to be accepted as conforming to modern
engineering requirements.” Childs’ report was further submitted by the
Earl of Malmesbury to English engineers, who also questioned its author
personally. They reported that, “ presuming Colonel Childs’ data and
statements to be correct, the harbor of Brito is, in size and shape, un­
worthy of this great ship navigation.”

CHIRIQUI.

The next line in the order o f our enumeration is Panama ; but there
lies between Nicaragua and Panama another isthmus which has been




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INTEROCEANIC COMMUNICATION.

[January,

thought of more than once as a convenient place of transit— the Isthmus
o f Chiriqui.
The best information concerning this route is derived from the examin­
ation made by the Chiriqui commission commanded by Commodore Fred­
erick Engle, United States navy, of which Commander JefFors was
the hydrographic engineer, and First Lieutenant J. St. Clair Morton,
who tell at Petersburg, the topographical engineer. Commodore Engle
describes the harbor o f Chiriqui as “ large, deep and well protected.”
Commander Jeffers confirms the accuracy of the survey of Captain (now
Rear-Admiral) Barnett, royal navy, and adds: “No finer haibors can be
found than those on the Atlantic side, Shepherd’s harbor included. He
says also of Golfito, in Golfo Dulce, on the Pacific side, that “ it is un­
surpassed in natural facilities, * * * three streams, the Golfito, Coisal
and the Canaza enter the harbor and afford an ample supply of fresh
water.” Lieutenant Morton landed at Frenchman’s creek and crossed the
isthmus twice, in doing which he explored a swamp of great extent, and
discovered a hitherto unknown pass through the Cordilleras. His ex­
amination resulted in “ the conviction that it is entirely practicable to con­
nect the harbors by a line of railroad adapted to commercial purposes.”
But since Lieutenant Morton describes his work as a reconnoissance
merely, made with the Schmalcalder compass, and has left no map, jour­
nal or note book in the archives of the W ar Department, I am unable
to trace his route precisely, and have accordingly laid it down on the
general map with a broken line.
Mr. Evans, the geologist of the Chiriqui commission, made examina­
tions to ascertain the extent and value of the coal deposits on the Chriqui
lands. He found “ coal seams varying in quality from lignites to semibituminous and semi-anthracite coals.” * * * “ The supply is abun­
dant.” He found “ gold and ores of iron, copper and platinum, * * a
rich mineral region.”
The plains are described as being fertile and
abounding in timber. Concerning a portion of the province of Chiriqui
known as the Territory of Burica, we have some interesting information
*rum J. H. Smith, o f Panama, a Fellow of the Royal Geographical So­
ciety. I have cited him among my authorities for the convenience of
the future student or explorer, when the region is again brought under
examination.
PA N A M A .

There is no part of the American isthmus with which we are so well
acquainted as the old route o f Porto Bello or Chagres to old or new
Panama, the established line of communication since the year 1532—
that is, since twenty three years after the first settlement in America. The
surveys made by the engineers of the Panama railroad have established
the important fact that the difference between the mean level of the two
oceans is either nothing, or so slight as to present no obstacle to the con­
struction of a canal. The difficulties pertain altogether to the climate,
to the elevation, the nature of the soil and the supply of water.
The harbors which would form the termini of the canal are, on the
Atlantic side Navy Bay, and on the Pacific side the bay of Vaca del Monte.
W e know that Navy Bay is an insecure anchorage at certain periods of




1867]

INTEROCEANIC COMMUNICATION.

35

the year, and the barber on the Pacific is altogether insufficient for vessels
of even moderate draught. M. Garella is obliged to include in his esti­
mates the sum of a million and a quarter of dollars for the improvement
of this harbor. I have entered into these details of M. Garella’s project
because it presents a fair representation of the difficulties to be overcome
in the construction of a navigable ship canal across the Isthmus of Panama
proper; and in order to render this subject still more intelligible to the
general reader, I have added Colonel Hughes’ survey ol the Panama Rail­
road in map No. 6, which contains the topographical features and profile
of the route.
I have spoken of the Isthmus o f Panama proper. Geographers have
given the name of Darien to that part o f the isthmus which is contained
between the Panama line and the province of Choco. On this Isthmus
of Darien, as we shall call it, between the Panama line and the province
of Choco, there are three other lines or places which have always com­
manded great interest, but which have never received the attention they
merit. These three routes are from the Chepo or Bayanos River to San
Bias or Mandinga (also called Gulf o f Manzanilla) bay, from the Gulf of
San Miguel to Caledonia Bay, and from the Gulf of San Miguel to the
southern part of the Gulf of Uraba or Darien, or else to some point orf
the lower part o f the Atrato below the mouth of the Cacarica. I will
take up these three in the order now mentioned.
The first of these lines, from Chepo to San Bias, has always been the
subject of special curiosity on account of the jealous exclusion bv the
Indians o f all strangers from their territory. Our accurate knowledge of
the geography of the coasts on both sides, enables us to determine that
here is the narrowest part of the isthmus. This is o f itself an important
fact, and added to this a rumor or report has been received from the In­
dians in this vicinity that they are in the habit of hauling their canoes on
wooden slides across the Cordilleras from the Mandinga River, and launch­
ing them in the waters o f the Bayanos. This rumor, which is noticed by
many writers, is particularly noticed by Mr. Oliphant, the Secretary of
the Royal Geographical Society, in a paper read before that society on the
24th of April, 1865. The writer of that paper made a journey from
Panama to the Chepo or Bayanos River simply for a reconnoissance, and
he says that the tide of the Pacific extends to within fifteen miles of the
northern coast, and that he saw from Chepo a remarkable depression in
the mountain chain about ten miles distant. He makes the remark, in
which all will concur, that it is a discredit to the civilization of the nine­
teenth century that this part of the isthmus should not have been explored.
This is not owing, however, to a want of effort. Attempts to cross the
isthmus at this point were made by Mr. Hopkins and Mr. Wheelwright.
They were both driven back by the aborigines.
It is very gratifying to have it in my power to say that this discredit to
the civilization of the nineteenth century has been removed by the inde­
fatigable zeal and enterprise o f Mr. Frederick M. Kelley, of New York, of
whom it was justly said by the President of the Institution of Civil Engi­
neers of London, that he “ had produced more intelligible information
towards the solution of this problem, of such vast importance to the com­
mercial and political interests of the world, than had hitherto been given
and .of whom Sir R. Murchison, Vice-President of the Royal Geographical




36

[January,

INTEROCEANIC COMMUNICATION.

Society, also said that he “ heartily wished he might succeed in this great
and philanthropic project, which so deeply interested all civilized nations.”
After having spent a great deal of labor and money upon the examina­
tion of the Atrato and San Juan rivers in search o f a suitable route for
an interoceanic canal across tbe province of Choco, Mr. Kelley and his
friends, in 1864, took up the long deferred, but much coveted, exploration
of the route from the Chepo to Gulf of San Bias. The results of this
exploration are given in the annexed map, numbered 7.
From Mr. Kelley’s plans it will be perceived that the whole length of
the route from ocean to ocean is only thirty miles. On the north there is
the admirable, spacious and deep harbor of San Bias ; and on the south
the channel leading into the bay of Panama has not less than eighteen
(18) feet of water at mean low tide, while the ordinary rise of tide is six­
teen (16) feet. I give these figures from Mr. Kelley’s survey ; but I must
observe that this result of the examination by his engineer of the entrance
of the Chepo is entirely unexpected, and does not accord with the
Admiralty charts. But the most striking feature o f the project, as o f M.
Garella’s, is a tunnel, similar in its length and in other respects, to tbe
great tunnel through the Alps at Mont Cenis, which is nearly one-half cut
through, and in which the progress is so satisfactory that the period o f its
completion can be definitely fixed.
When the tunnel through Mont Cenis, and the still greater one through
Mont St. Gothard, are finished and in use, such undertakings will cease to
be regarded with the aversion we now feel towards them.
It must be observed, however, with regard to Mr. Kelley’s survey, that
owing to its being a private affair it was necessarily accomplished at tbe
least expense and with the utmost expedition. It pursued a single line,
without deviating to the right or left, although the surveyors were satisfied
that they saw evidences of greater depression to the westward of their
course; and there can be no doubt whatever that a deliberate examination,
made under such advantages as would pertain to a governmental survey,
would lessen the difficulties, and, perhaps, lead to the discovery of such a
route through the valleys as would render a resort to tunnelling unneces­
sary. This subject will be resumed in the general remarks and recom­
mendations with which the report will be concluded.
THE GREAT

PRACTICABLE

ROUTE----THE

ISTHMUS

OP

DARIEN---- FROM THE

GULF OF SAN MIGUEL TO CALEDONIA BAY.

The next place in order is the line between the Gulf of San Miguel and
Caledonia Bay. W e have here, at both ends of the line, harbors spacious
and admirable in every respect, and, on the south side, there is a height
of tide suited to the construction of docks for repairs, &c. It is held by
many persons that no line of interoceanic canal merits serious attention
unless it possesses this indispensable requisite of good natural harbors,
requiring no artificial improvements, except those for the ordinary con­
veniences o f commerce, such as wharves and docks. Certainly it will add
very much to the difficulties and embarrassments, as well as to the expense
of this great enterprise, to mix with it any doubtful questions of harbor
improvement.
Tbe greatest interest has always centered in this particular line on other




1867]

INTEROCEANIC COMMUNICATION.

37

accounts. The first settlement in all America was in this vicinity, and
the next settlement on the isthmus was at Ag.a, a few miles inland, on
Caledonia bay. It was through this district of country that the buc­
caneers made frequent incursions upon the Spanish settlers, who had opened
and were working mines at Cona, or Cana, and Espiritu Santo. The his­
tory of the buccaneers furnishes us with many interesting accounts of
their incursions into this region. But since their topographical descrip­
tions are not full enough to be traced on any modern map, it is sufficient
merely to refer to them. It was, no doubt, owing to the success of buc­
caneers that Paterson was induced to settle at Darien with his Scotch
colony. He derived the information on which he acted, in part, from per­
sonal intercourse with the surviving buccaneers. In one of his letters to
the Court of Directors of the “ Indian and African Company,” cited by
Dalrymple in his Memoirs of Great Britain, vol. 2, page 115, he says :—
“ Goid may be gotten in very many places. No mines are worked or
looked after that yield so low as half an ounce per day to the laborer.
Often they yield four ounces per day. The miue of Cana is worked by a
thousand negroes.”
In our own time this line o f communication has received more atten­
tion than any other, except the Panama line. The governments of
Great Britain, France and the United States have each undertaken its
exploration with a singular want of success. One English surveyor, Mr.
Gisborne, entered the country from Caledonia bay, and, after reaching the
summit of Cordillera, turned back. Captain Prevost, of the royal navy,
led the exploring party which ascended the Savannah from the Gulf of
San Miguel to the head of navigation, and thence cut his way through the
woods and swamps until he reached the Cordillera, when he also turned
back. He says in the official report of his proceedings, under date of
January 4, 1854:— “ Although finding ourselves in the centre of the Cor­
dilleras, and, I believe, within a few miles of the object of our search,
yet, having already exceeded the limits of my stay, it became my duty to
rejoin the ship without delay, still feeling confident that had time and our
provisions allowed us, we should eventually have reached the Atlantic
shores, and that easily, by following one o f the several rivers or streams
which appear to exist in this range of hills, forming certain passages to
the sea.”
The expedition of Strain, though it called out a remarkable display of
courage and endurance under the most fearful trials, was even less fruitful
of knowledge than those of Gisborne and Prevost.
I have appended a map, numbered 8, o f the joint exploration of the
two English gentlemen here mentioned, taken from Gisborne’s report to
the Royal Geographical Society. It will be perceived that the routes of
these two gentlemen join on to each other. Sections of both tracks are
given on the map.
The only person in our time who claims to have crossed the isthmus
directly between the two great bays is Dr. Cullen. Dr. Cullen says that
on his first journey into Darien, in 1849, he was totally ignorant of the
existence of the Savannah River until after he saw it, after entering Boca
Chica, “ when,” he continues, “ finding the great depth of water at its
mouth, and that it flowed almost directly from the north, I became con­
vinced that I had at last found the object of my search, viz : a feasible




38

INTEROCEANIC COMMUNICATION.

[January,

route to the Atlantic; and thereupon I immediately ascended it, and
crossed from Canasas to the seashore at Port Ecoces, and b ack ; and sub­
sequently, in 1850, and also 1851, crossed and recrossed at several times
and by several tracks the route from Savannah to Port Escoces and Cale­
donia Bay, notching the barks of the trees as I went along with a machete
or cutlass, always alone and unaided, and always in the season of the
heaviest rains. * * * And I had not the least hesitation in deciding
that that must be the future route for interoceanic communication for
ships.
The principal point of interest in this exploration is, of course, the pas
sage of the Cordillera. Concerning this, Dr. Cullen says:— ‘‘ From the
seashore (Port Escoces), a plain extends for nearly two miles to the base
of a ridge of hills, which runs parallel to the coast, and whose highest
summit is about 350 feet. This ridge is not quite continuous and un­
broken, but is divided by transverse valleys, through which the Aglasemqua, Aglatomate and other livers have their course, and whose highest ele­
vations do not exceed 150 feet. The base of this ridge is only two miles
in width, and from its south side a level plain extends for thirteen miles to
a point on the Savana, called Canasas, which is about twenty miles above
its mouth.”
No language could be more simple, explicit and direct than the lan­
guage of this statement. Admitting it to be literally correct, we have to
go no further ; for the object of our search, the existence o f a practicable
route for au interoceanic ship canal, has been discovered.
Dr. Cullen’s map, numbered 9, of the series appended tq this report,
presents a line of communication which combines all the advantages re­
quired ly the engineer. It possesses the indispensable requisite of har­
bors of perfect security, sufficient depth of water and large capacity at
both termini— that on the Pacific side having a rise of tide which adapts
it to the construction of building and repairing docks, a circumstance the
value of which cannot be overestimated. It cuts the Cordilleras at a de­
pression at least thirty feet below any that has been reported, and several
hundred feet below any that has actually been surveyed, or that has been
approximately determined by trustworthy observers. The course of this
line is direct, free from obstructions, and exceptionally healthy, while its
outlets open upon coasts where violent storms are rarely known. The
plains on each side of the dividing ridge are o f easy slope and readily
penetrated. The Savana River itself would form a part of the canal.
And, finally, accepting the particular statement of Dr. Cullen as fully relia­
ble, a ship canal may be cut on this line without locks, and even without
tunnel, and yet not surpass either in difficulty, in labor, or in the amount
of time or money consumed in its construction, several other monuments
of human genius and enterprise in past times and in our own day.
Thus, for example, the Mexican Desague, of which Humboldt says, “ in
its actual state it is undoubtedly one of the most gigantic hydraulic opera­
tions ever executed by man. W e are filled with admiration when we con­
sider the nature of the ground and the enormous breadth,depth and length
of the aperture. If the cut were filled with water to the depth ot ten
metres (328 feet) the largest vessels o f war could pass through the range
of mountains which bound the plains of Mexico to the northeast.” (Hum­
boldt, New Spain, volume 2d, pp. 110, 111.) “ This wonderful work,”




I
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INTEROCEANIC COMMUNICATION.

39

says Admiral Fitz Roy. “ 200 feet deep and 300 feet wide for nearly a
thousand yards, and above 100 feet deep, through an extent of 3,000
yards, (making altogether two miles of distance, in which that vast exca­
vation would be capable of concealing the masthead of a first rate man-ofwar,) executed within the last three centuries within Central America,
should induce us to listen respectfully to the plans o f modern engineens,
however startling they may appear at first.
A ship canal twenty-six or twenty-seven miles in length, on such a line
as that described by Dr. Cullen (pp. 24 et seq.), with a cut of two miles
only through hard rock, would, in all respects of time, money and diffi­
culty fall far short of that tunnel which is now in progress under the Alps
at Mont Censis, for the purpose of connecting France and Italy by a con­
tinuous railway. The length of this tunnel is seven miles and 1,044 yards.
At Mont Cenis it is, in section, twenty-six feet three inches, and twenty feet
eight inches high above the rails. Throughout the whole line it passes
through rock, and in some places very hard rock. This, by far the great­
est and boldest work o f the kind ever yet undertaken, with its covered
drain throughout, its lining o f masonry, its recesses at the distance of
every fifty metres (164 feet), and its chambers ten or twelve feet square,
at intervals of 1,630 feet, may well spur us on to engage in this enterprise,
which has for its object the union not of two adjacent countries, bat of
remote continents; the promotion, not of interior traffic in one or two dis­
tricts, but of commerce and intercourse between all the people of the hab­
itable globe. I say this because the construction of an interoceanic ship
canal is— to borrow the thought of an eloquent writer on this subject—
the same thing as if by some revolution of our globe the eastern shores of
Asia and the southern continent were brought nearer to us.
Such are the prospects which the statements of Dr. Cullen oft’-r to us.
But it is with extreme reluctance I am compelled to say that these state­
ments stand in Dr. Cullen’s book as mere assertions, unaccompanied by
notes or measurements. I cannot but join with Admiral Fitz Roy in his
regret that Dr. Cullen has not given to the world the journals and details
of his repeated explorations; such, for example, as are given by Gisborne
and Prevost on or about the sain e line. However, it is a great satisfac­
tion to observe that Admiral Fitz Roy gives Dr. Cullen credit for
“ valuable information gleaned from archives, maps, books, oral accounts
and his own personal observation, and for being the first to ascertain the
existence of a low summit level.” R e adds that Dr. Cullen's statement
“ is corroborated by Gisborne
and ascribes to Dr. Cullen the merit “ of
recommending from personal observation the Savana as preferable to the
Chuquanaque on account of its nearer approach to the north coast.”
It is also gratifying to perceive that Airiau, who has made a careful
study of this subject, has arrived at the same conclusion ; that is, that the
proper line for an interoceanic canal is from the Bay of San Miguel up the
river Savanna to its junction with the Lara, and from this point straight
across the plain to the foot of the Cordileras. (Prevost’s route, approxi­
mately.) “ W ith regard to the Cordillera, in proportion as it advances,
proceeding from the base of the Isthmus, it descends a good deal, and is
only, so to speak, a range of hills or isolated peaks, the bases of which are
intersected by ravines which point out to the engineer the true route of
the canal. The Indians in the neighborhood of Caledonia Bay make use




40

in t e r o c e a n ic

c o m m u n ic a t io n .

[J a n u a ry,

of these passages. One o f them is elevated about fifty metres (164 feet),
and is covered with a luxuriant growth of mahogany, palm, ebony and
other trees.”
The same writer describes the country on the north of the Cordillera as
a slope, gradually descending to the water’s edge. No special authority
is given for this description of the Cordillera, though Gisborne and other
travellers are generally quoted; and it is further to be remarked that
Airiau’s estimates— (chap iv.)— are based upon probabilities, not on actual
measurement, and those probabilities are deduced from Garella’s survey,
as from the statements of Gisborne and others.
Besides Cullen and Airiau, there are other high authorities who have
regareed the Isthmus of Darien as the place where we are to look for the
consummation of our wishes. Admiral Fitz Roy, who at the period when
he last wrote, 1853, had made a more careful and accurate study o f the
whole subject than any man then living, and whose opinions no one ex­
perienced in the hydrography of the globe will lightly question, has said :
“ A strong conviction remains on all our minds that Darien should be
surveyed without delay.
The illustrious Humboldt declares himself
thoroughly satisfied that the Isthmus o f Darien is superior to any other
portion of the entire neck for a canal.”
But we can go further back in our authorities. The incursions o f the
old buccaneers, Dampier, Ringrose, Sharp, Wafer and Davis, which can be
followed on the old Spanish maps, have made us strangely familiar with
some parts of this region, abounding in the gold that was the object of
their search. The well known and productive mines of Cona and Espiritu
Santo, partly on account of these very incursions, were long since aban­
doned. W e also follow without difficulty the direct route (1788) o f the
Spanish officer, Don Manuel de Milla Santa Ella, from Caledonia harbor
to El Principe, thence down the Savana river to the harbor of Darien, up
the Tuyra, and again up the Chuquanaque to the sources of its upper
tributaries, whence he crossed to his station at Caledonia Bay. (Cullen,
pp. 192 et seq.)
And, lastly, we mnst adduce the testimony of that very remarkable
man, William Patterson, who crried with him in his settlement at Cale­
donia Harbor ample stores of information collected from the Buccaneers,
who, during his long residence, had leisure and opportunity to make him­
self acquainted with the surrounding district, and who made at least one
journey into the interior, the journal of which is given in his papers. One
hundred and seventy years ago the far-reaching mind o f Paterson had con­
templated the Isthmus of Darien with the same enlightened views as the
statesmen and political economists of the present time. He originated
and partly executed the project of settling a great colony in this then re­
mote region for the purpose o f “ removing distances and drawing nations
nearer to each other.” In one o f his letter* to the Darien Company, he
says (which is as true now as it was then), “ the time and expense o f navi­
gation to China, Japan, the Spire Islands and the greater part of the East
Indies, will be lessened more than one-half, and the consumption o f
European commodities and manufactures will soon be more than doubled
*
*
*
Thus this door of the seas and key o f the universe, with
anything of a reasonable management, will, o f course, enable its proprie­
tors to give laws to both oceans and become arbitrators of the commer­
cial world.”




1867]

INTEROCEANIC COMMUNICATION.

41

This, however, is not said in any narrow spirit of selfishness; for, he
adds, “ You may easily perceive that the nature o f these discoveries are
such as are not to be engrossed by any one nation or people to the exclu­
sion of others.” And he denounced the contrary policy as being no less
ruinous then niggardly.
,
I might extend these and similar quotations almost indefinitely. A
glance at the list of authorities on this subject o f interoceanic communi­
cation, appended to this report, will suffice to show how easy it would be
to so stretch out this paper to any extent by historical, geographical
hydrographical, statistical and descriptive passages and illustrations. I am
however, free from any temptation to do s o ; for I am well aware that I
shall best answer the end of the call under which I am writing by confin­
ing myself as strictly as possible to the actual state of our knowledge o f
the great isthmusses, and to the channels into which new attempts are to
be directed. But I will not forbear to mention that it is interesting to the
American statesman of the present day to see in what light the possession
o f the isthmus was regarded by a British statesman of the latter part o f
the last century. ( Vide Dairymple’s Memoirs, vol. 2 , page 1 1 1 .)
I have still one more exploration in this region to mention, the last one
of which we have any accurate knowledge, but by no means the least in­
teresting and profitable. I refer to the expedition of M. Bourdiol, civil
engineer, who was employed in 1864, by a French society, to conduct a
new exploration on the Isthmus o f Darien. For the greater convenience
of supplies for his party, he found it expedient to begin on the Pacific
side. His expedition comprised twenty-five persons, of whom one was an
Indian and nine were negroes. M. Bourdiol’s course lay from the mouth
of the Lara across the isthmus to the river Chuquanaque, which he reached
at a point a little below the Sucubti. Here he was obliged to turn back,
all the natives having abandoned him through fear of the hostile aborigi­
nes (the bravos) on the northern slope o f the Cordilleras. This expedi­
tion of M. Bourdiol is full o f instruction for the future surveyors of the
isthmus, not only on account of the manner in which it was conducted,
but on account o f its failure to reach the Atlantic shore. M. Bourdiol
had made better preparation than any o f his predecessors. He introduced
into his work, accuracy, zeal and laborious industry. He encountered
great hardships, and yielded only when the obstacles to his progress be­
came insurmountable.
His narrative in the Bulletin of the Geographical Society of Paris
1864, will be attentively read by every one who is to follow in his track
But the principal lessons to be derived from it may be summed up as fol
lows:—
First, The imperative necessity of taking provision in a concentrated
form, on which I dwell more than once in this report, is very clearly
shown. The want o f provisions was one o f the insurmountable obsta­
cles that obliged him to turn back. It appears to have been impracticable
to supply the party from the vessel when they had reached the interior.
The second and equally important lesson is that the proper season is to
be selected. Bourdiol attempted to make his exploration in the month of
May. A tone time he was in clanger of having his retreat cut off by the
enlargement of the streams, and by the torrents created by the abundant
rains. A t another time he was wading up to his waist in water; and, in
3
VOL. L V I.---- N O. I.




49

INTEROCEANIC COMMUNICATION.

[January,

order to make sure of a safe return across an inundated plain, b^left, as
he advanced, his people stationed at intervals like live beacons. But for
this precaution he might never have found his way back ; and, in spite of
it, he came near losing one of his men.
Thirdly, I speak elsewhere o f the necessity o f providing the means of
clearing the way through the dense and matted undergrowth by steel and
by fires. (Pages 18-19.) M. Bourdiol’s experience on this point is ex­
ceedingly instructive. The native may be employed with tbeir machetes.
They are strong, active and enduring, but they are very timid, and not to
be relied upon.
Fourth and lastly. Suitable preparation must be made for encountering
the hosttlity of the Indian bravos who inhabit the Atlantic declivity.
This is the proper place to call special attention to the benefits which
have been conferred upon the world by all previous explorers, whether
their labors have been carried on systematically and to an end, or have
been cut short by accident, hostility, or a want of proper equipment.
Every successful and complete survey, like those o f Tehuantepec, Hon­
duras, Nicaragua, Panama, &c., which has proved the unfitness ©f the
route for an interoceanic communication by canal, has benefited us by
eliminating these points from our consideration, and thus narrowing down
our field of inquiry. Every unsuccessful attempt has conferred a benefit
by teaching us the precautions we are to observe and the errors we should
avoid.
FROM SAN MIGUEL TO GULF OF U RABA, OR DARIEN.

The remaining line on this part o f the Isthmus is that which ascends
the Tuyra and crosses to the valley o f the Atrato. It is satisfactory to
know that a plan for a survey of this route is already on foot. Mr. Gogerza,
a resident o f New Granada, has recently communicated the discovery of a
short and easy transit across the Cordillera at this point. According to
his statement the monntain is depressed to an elevation o f 58 metres (190
feet) above the level of tidewater; the distance between the waters, navig­
able by canoe, on two sides of the mountain is only three miles.
Since the verification of these estimates is about to be undertaken by
competent authority, it is not expedient to say anything further on this
route than this, that it is expressly pointed out by Fitz Roy, and drawn
on his general map, and that it is also mentioned at length by Trautwine.
A regular survey by the government would be desirable, whether the
present private enterprize on foot should make any important discoveries
or not.
THE ATRATO ROUTE.

For many years explorations have, from time to time, been carried
through the valley of the Atrato to various points on the pacific coast, in
search of a suitable path for effecting a union o f the two oceans by a ship
canal without locks. These explorations have, in one respect, been satis­
factory. They have been conducted by able engineers who enjoyed the
confidence o f the public, and they have been given to the world in the
most useful and intelligible form. W e are now sure that we are well ac­
quainted with the region, especially in those particular parts over which
the surveyors have passed. Whoever will take the pains to study the




1867]

INTEROCEANIC COMMUNICATION.

43

maps and reports of Trautwine, Kennish and Col. Micbler, of the United
States Engineers, will be able to form an independent opinion with regard
to the practicability o f finding in this direction the means of fulfilling the
world’s expectation of a passage through the great American isthmus. It
is well known that we are indebted to one gentleman, principally, for all
these trustworthy contributions to our geographical knowledge.
In the year 1852, Mr. Kelley, o f New York, influenced by the early re­
ports of Ilumboldt (who, however, it must be remembered, does not here
speak from his own knowledge, but merely recites what is communicated
by others), and inspired by the grandeur of the object, commenced a
series of surveys, beginning at the mouth of the Atrato River, and cross­
ing the Cordilleras at several points. O f these surveys I will here give a
brief account, in order to show precisely where we stand in regard to this
region. What is here said concerning the early history o f these under­
takings is taken, in part, from a paper communicated to the Royal Geo­
graphical Society of London, by its Secretary, Dr. Norton Shaw, in 1856.
The first expedition, undertaken at the expense o f Mr. Kelley and other
gentlemen, was placed under the direction of Mr. J. C. Trautwine, an en­
gineer of Philadelphia, who had already acquired distinction in Honduras
and in the work of the Panama Railway. Mr. Trautwine surveyed the
mouth of the Atrato, and then ascended the river to Quibdo, examining
several of its tributaries in passing. Above Quibdo he followed first the
tributary Quito, and then the tributary Pato to its source; here he crossed?!
the dividing ridge of the Cordilleras and took a canoe on the river Baudo,
which he traced to its mouth on the Pacific. Returning on his steps, he
turned otf from the Baudo at the mouth of the Pepe, which river he as­
cended to its source, and crossed the mountains on a second track to the
river Surucco, one of the headwaters of the San Juan, and proceeded along
the last-named river on a third track. He crossed from San Juan to
Quibdo, which track leads across the water-shed said to have been inter­
sected by the famous Raspadura Canal. The existence of this canal is
now disproved, if the word canal is intended to signify a practicable arti­
ficial water course constructed and employed for the passage of boats or
vessels.
This route was again traversed by Mr. Trautwine when he returned from.
Quibdo, and navigated the river San Juan throughout its length to the
Bay of Chirambria, on the Pacific coast. Thus it will be seen that Mr.
Trautwine during his expedition crossed the Cordillera at three difl'erent.
places. A copy of Mr. Trautwine’s map is included in the appended series ■
and numbered 10 ; it embraces his plan and elevation of thedividing ridge
between the Atrato and San Juan rivers.
In 1853 another expedition was fitted out by Mr. Kelley, at his own
expense, and placed in charge o f Mr. Lane and Mr. Porter,civil engineers,,
of New York, with instructions to extend and follow up the investigations
of Mr. Trautwine. Mr. Porter pursued the route previously taken by
Mr. Trautwine, ascending the Atrato, and crossing over the dividing ridge
to San Pablo, on the San Juan. His observations harmonized entirely
with those of his predecessors. Mr. Lane, after examining the Atrato to
Quibdo, took the eastern course along the Atrato to the Andagueda,.
whence he crossed the dividing ridge to the San Juan. He also examined
the supposed Raspadura canal. Throughout his expeditions his results
agree with those previously reported by Mr. Trautwine.




r -

44

in t e r o c e a n ic

COMMUNICATION.

[January,

W e may sum up the results of these surveys, so far as the question o f
an interoceanic canal is concerned, in the following declaration:— The ex­
amination of the head-waters of the Atrato, of the intervening water
shed and of the head-waters of the San Juan, satisfactorily proved that
nature forbids us altogether to entertain the idea of a union of the two
oceans in this direction.
Mr. Kelly’s indefatigable spirit o f inquiry took a new course. Hum­
boldt had been told that from the Bay of Cupica eastward, for a distance
of fifteen or eighteen miles, the ground was level and suitable for a canal,
which would terminate on the river Nappi. It was represented to him
that between this part of the coast and the valley of the Atrato the chain
of the Andes is entirely broken, and on this point he quotes the authority
o f an intelligent Biscayan pilot. A number of other authorities are cited
by Fitz Boy, particularly Lieutenant W ood, Koyal Navy, and Captain IIlingsworth (Journal Boyal Geographical Society, 1851, page 178), who
give color to the correctness o f this statement by circumstantial facts,
and, in addition to all this, the opinion is so current in the country that
the native Indians are in the habit o f passing, freely and without diffi­
culty, between the Pacific coast and the tributaries of the Atrato, that it
probably has some better foundation than we are aware of.
Acting upon these reports, Mr. Kelley fitted out two other expeditions
in the year 1854, one o f which, under Mr. Lane, was despatched to the
Truando, and the other, under Mr. William Kennish, was directed to com­
mence operations on the side of the Pacific. Mr. Kelly’s instructions to
Mr. Kennish were drawn up in accordance with the preceding informa­
tion. lie was to follow the coast from Point Garachine southward to 7
deg. north latitude (Cupica Bay is 6 deg. 41 min. 19 sec. north), and to
look for any depression in the range of the Cordilleras which held out
the prospect of an open cut without resorting to locks, and on observing
any such place he was to institute a thorough survey, for which the means
and instruments were provided.
Mr. Kennish, after passing the bold and mountainous region to the
northward of Punta Ardita, met with a rematkable depression opposite
that portion of the coast which lies to the southward o f that point, and
between it and Punta Marzo. Mr. Kennish says in his report: “ In this
interval the country loses its mountainous character entirely', and assumes
the appearance of a gradual rise or slope, with hills o f little elevation in
the distance.”
Opposite this depression o f the Cordilleras he discovered an inlet not
before described, but now known as Kelley’s Inlet, affording convenient
shelter and anchorage, into which the Paracuchichi empties its waters.
Encouraged by these favorable conditions and by the best information
he could obtain from the natives, he determined to cross from that point
to the Atrato by the shortest course. The party, following the course of
the streams on the west of the water shed, crossed the summit at a height
of 540 feet, and descended over a series of falls to the Nerqua. a tributary
of the Truando, along which rivers they proceeded to the Atrato. The
information furnished by Mr. Kennisb’s survey, particularly tending as it
did to strengthen the previous reports of Humbolt and other travellers, was
received everywhere with attention.
In England the subject was taken up by the Royal Geographical Socie-




1867]

JNTEROCEANIC COMMUNICATION.

45

ty and by the Institution for Civil Engineers, and freely discussed in all its
bearings. In the United States tbe government thought it worth while
to ask for a special appropriation to defray the expenses of an expedition
to the same region for the purpose o f verifying Mr. Kennish’s exploratons.
This expedition was placed under the direction o f Lieutenant (now
Brigadier General Michler, o f the engineers, and Lieutenant (the late la­
mented Commander) T. A. Craven, United States Navy ; the hydrographic
work being assigned to the latter, and “ the explorations and verifications
of surveys already made near the isthmus of Darien” to the former. The
reports o f Mr. Kennish were confirmed in all essential particulars; but
beyond this— and what perhaps is more important— General Michler’s
work was conducted with all the advantages which the best instruments
and the most thorough education can confer. His topography and his
levels furnish us with a complete representation of this region, reliable in
all its details, and not subject to any o f those painful doubts which belong
to mere reconnoissance or primary exploration. It is in the highest de
gree satisfactory to know precisely what we are to expect in this part of
the Cordilleras, which has given rise to such ardent hopes in the minds of
numerous writers and explorers, from Humboldt and his native corres­
pondents, who first drew his attention in this direction, down to Kelley
and Michler. General Michler, it is very interesting to know, is struck
with the same promising but deceptive appearance o f the mountain
range when viewed from the ocean. He says:— “ In looking back from
the ocean upon tbe country through which the party recently travelled,
the depression in the Cordilleras becomes plainly visible. It seems, in
reality, to lose the mountainous character entirely, and assumes the charac­
ter of a gradual rise or slope, with hills of a little elevation in the dis­
tance. The dense growth of timber which mantles the crests o f the hills
makes the resemblance to a low flat region still more apparent; and when
beheld from a little distance out at sea the view must be still more strik­
ingly so. One can easily, therefore, conceive why a preference should
have been shown to this section by those interested in explorations o f a
route fora ship canal.” (Report, p. 93, Ex. Doc. No. 9, 36th Congress,
second session, Senate.)
Both Trautwine and Michler have, through their experience, given us
Rome lessons upon the conduct o f expeditionary parties in these regions.
Both of these gentlemen were, in spite of their best precautions, exposed
to considerable hardship and privation. (See their reports, passim.) I
should fail to profit by these lessons if I were not to point out the neces­
sity for providing all future surveying and exploring expeditions with pro­
visions in a concentrated form. This a matter not to be overlooked.
Before concluding this branch of the subject, I must not omit to men­
tion an important point in which Trautwine and Michler fully concur, and
that is, the docile and tractable character of the native Indians. Neither
of them had any difficulty in securing aid, and never failed to receive
from them kindness and good will. “ I never,” says Trautwine, “ in all
my New Granada experience, felt myself to be among ruffians. Among
the Indian tribes through which I passed I laid aside my pistols and armed
myself with a pocketful of cigars. A present of an empty sardine box
was more effective than a two edged sword, and a lump ot sugar to a pa­
poose was a better passport than my government could afford.”




46

[.January

INTEROCEANIC COMMUNICATION,

The following table shows the saving in distance from New York
to the following places, by the Isthmus of Panama, over the Cape
routes:—
D is t a n c e
v ia C a pe
G ood H ope.

F r o m N e w Y o r k to

Calcutta.......................
Canton........................
Shanghai ...................

...

D is t a n c e
v ia C a p e
H orn .

D is t a n c e
v ia I s t h m u s
Panam a.

P a v in g o v e r
S a v in g o v e r
ro u te b y C ape ro u te b y C ape
G ood H ope.
H orn .

Miles.

Miles.

Miles.

1 7 ,6 0 0

2 3 ,0 0 0

1 3 ,4 0 0

Miles.
4 ,1 0 0

Miles.
9 ,6 0 0

2 1 ,5 0 0

1 0 ,6 0 0

8 ,9 0 0

1 0 ,9 0 0

2 2 .0 0 0

1 0 ,4 0 0

9 ,6 0 0

1 1 ,6 0 0

V a l p a r a i s o ...........................

1 2 ,9 0 0

4 ,8 0 0

Callao...........................
G u ja q u il.....................

1 3 ,5 0 0

8 ,5 0 0

1 0 ,0 0 0

1 4 ,3 0 0

2 ,8 0 0

....
....
••••

P a n a m a .................................

1 6 ,0 0 0

2 ,0 0 0

1 4 ,0 0 0

San B i a s ..............................
Mazatlan.....................
San D i e g o ...........................
San Francisco.............
Wellington, N . Z ............. . . .
Melbourne, Australia. . . .

1 7 ,8 0 0

3 ,8 0 0

1 4 ,0 0 0

1 8 ,0 0 0

4 ,0 0 0

1 8 ,5 0 0

4 ,6 0 0

8 ,1 0 0
11600

1 4 ,0 0 0

....

1 4 ,0 0 0
1 4 ,0 0 0

1 9 ,0 0 0

5 ,0 0 0

1 8 ,7 4 0

1 1 ,1 0 0

8 ,4 8 0

5 ,2 6 0

2 ,6 2 0

1 3 ,2 3 0

1 2 ,7 2 0

9 ,8 9 0

3 ,3 4 0

2 ,8 3 0

The following figures show the trade o f the United States that would
pass through the Isthmus canal, if now finished ; taken from the official
returns for the year 1857 :
Conntries traded with.

_

Russiau North American possessions................................
Dutch East Indies...............................................................
British Australia and New Zealand.................................
British East In dies.............................................................
French Erst Indies.............................................................
Half of Mexico.....................................................................
Half of New Granada.........................................................
Central A m erica.................................................................
C hile......................................................................................
P e r u ......................................................................................
Equador...............................................................................
Sandwich Islands.................................................................
China...........................................
Other ports in Asia and Pacific........................................
Whale fisheries..............................................
California to east United States (exclusive of gold dual)

E xports
and imports.

$126,537
904,650
4,728,083
11,744,161
98,432
9,601,063
5,375,354
425,081
6,645,634
716,679
48,979
1,151,849
12,752,062
80,143
10,796,090
35,000,000

Value o f cargoes................................................................. $100,294,687
Value o f ships.....................................................................
92,874,250
Total value of ships and cargoes

$ 1 9 3 ,1 6 8 ,9 3 7

T onnage.

*5,735
16,589
52,105
177,121
3,665
34,673
131,708
86,599
63,749
193,131
1,979
33,876
123,578
4,549
116,730
861,698
1,857,485
at $50 per ton
9 2 ,8 7 4 ,2 5 0

Whale ships and coasting vessels have been estimated generally through­
out this appendix at $40 per ton. The United States and European com­
merce around the capes is conducted in first class ships, which often cost
$80 per ton; $50 have therefore been taken as the fair average value in
the construction o f this table, which does not include coasting trade.
Table showing the trade of England that would pass through the
Isthmus canal, if now finished ; taking from the official returns for the
jear 1856:




1867]

47

INTEROCEANIC COMMUNICATION,

C o u n t r i e s t r a d e d w it h .

E x p o r ts a n d im p o rts .

Half of M exico...........................................
Half of Central America.....................................................
Half of New Granada........................................................
Chile........................................................................................
P e ru .......................................................................................
Equador..................................................................................
China . . . 1
f
Java........ [-Outward; only 40 days saved by canal. ■<
Singapore)
(
Australia and New Zealand................................................
Sandwich Islands.................................................................
California...................................

Tonnage.

$2,776,187
1,244,817
2,487,605
15,486,114
20,473,520
360,015
7,077,390
8,821,410
4,364,070
78,246,095
520,500
2,878,105

$11,833
5,615
10,188
118,311
244,319
1,820
68,630
16,003
16,500
522,426
1,950
11,800

Value of trad e..................................................................... $139,184,834
Value of ships...................................................................
51,464,750

$1,029,295
at $50 per ton

Total value o f trade and ehips

$190,649,584

$51,464,760

Table showing the trade o f France that would pass through the
Isthmus canal, if now finished; taken from the official returns for the year
1857.
Countries Traded With.
Chile.................................................
Peru................................................
Half o f Mexico..............................
Half of New Granada...................
E q u a d or........................................
Bolivia .......................................

California........................................
China, outward only.....................
Dutch East Indies, outward only
Sandwich Islands.........................
Philippine Islands................... ..
Australia..................... ....................

Exports an4
Imports
, $ 10 ,000,000
. 13,160,000
. 2,790,000
. 1,090,000
440.000
100.000
. 2,073,859
. 2,180,000
. 4,440,000
.
2, 000,000
.

1, 000,000

. 19,800,000

Tonnage.
$25,688
35,096
10,004
2,389
1,651
1,000
8,997
2,028
20,400
4,119
1,463
50,000

Value of cargoes..........................................................................$59,073,859
162,736
Value of ships............................................................................... 8,136,759 at $50 p. ton
Total value........................................................ ..............$67,210,609

$8,136,750

Table showing the total tonnage that would pass yeariy through the
Isthmus Canal, if now finished, from official returns :
United States ...........................................................................
England...............................................................................................................
F rance.................................................................................................
Other countries....................................................................................
Total

Tons.
1,867,485
1,029,295
162,735
44,555
3,094,070

Table showing the general results of the foregoing tables :
Tonnage
Tonnage
Tonnage
Tonnage

and trade of
and trade of
and trade of
and trade of

United States.............................................................$193,168,937
England .................................................................... 190,649,584
France........................................................................... 67,210,609
other countries............................................................. 16,802,000

Total trade affected by the canal......................... ...............................467,831,130




48

POSITION OF THE BANK OF ENGLAND.

\Januarij,

Table showing the saving in money to the trade o f the United States
that would result from the use of the Isthmus Canal, according to the
official statistics for the year 1866 :
Insurance on vessels and cargoes saved................. .......................................
Interest saved on cargoes................................................................................
Saving of wear and tear of ships, five per cent............................................
Saving of freight money (by time)..................................................................
Saving of wages, provisions, crew, A c ...........................................................

$3,868,878
3,008,840
4,643,712
11,250,000
18,230,000

Total yearly saving to United States............... ................................ $35,995,930

Table showing the yearly saving in money to the trade o f England, as
ascertained by the official returns for 1856, if the trade passed through
the Isthmus Canal instead o f round the capes:
Insurance on vessels and cargoes.....................................................................
Interest on cargoes............................................................................................
Saving of wear and tear of ships.....................................................................
Saving o f wages, provisions, A c.......................................................................

$1,906,495
1,858,826
2,573,237
3,611,790

Total yearly saving to England..........................................................

$9,950,348

Table showing the saving in money to the trade of France that would
result from the use o f the Isthmus Canal, according to the official statistics
tor the year 1857 :
Insurance on vessels and cargoes.....................................................................
Interest saved on cargoes..................................................................................
Saving of wear and tear of ships.....................................................................
Saving of freight money, estimated by time..................................................
Saving of wages, provisions and outfit of ships............................................
Total yearly saving to France

$753,000
452,084
826,470
276,949
876,427
$2,183,930

Table showing the saving to the trade o f the world that would result
from the use of an Isthmus Canal:
United States..
England............
France .............
Other countries

$35,995,930
9,950,348
2,183,930
1,400,006

Total

$49,530,208

POSITION OF TIIE BANK OF ENGLAND.
One of our London exchanges, in commenting upon monetary affairs in
England, states that since the month of May they exhibit one of the most
striking vicissitudes which that or any country has witnessed. In May
money was not to be had. The banks were even in greater straits for it
than the public. The public had lost faith in the banks and called for
payment of their deposits; and the banks, thus pressed for a supply o f
currency, had (with the exception o f the Bank of England) to contract
their liabilities by stopping their usual discounts and loans.
A glance at the position of the Bank of England immediately before




1SG7]

POSITION OF THE BANK OF ENGLAND.

49

the crisis, during the crisis, and at the present time, will show how great
was the convulsion and how striking luve been the vicissitudes. On the
9th of May, the very day before the first calamity of the crisis, the posi­
tion of the bank was as follows: Note circulation, £ 22 ,344,3 ' 5 ; gold in
both departments, £13,156,140; reserve, notes and coin, £5,811,745 ;
loans and discounts, £20,844,217 ; bank rate, 8 per cent.; private deposits,
£13,515,537.
On the afternoon of the very day after these returns were drawn up the
great firm o f Overend, Gu.ney & Go. suddenly stopped payment, and on
the 11th panic reigned supreme in the city. Mark the consequences in
the next return of the Bank of England (May 1 6 ): Note circulation, £26,120,995 ; gold in both departments, £12.323,805 ; reserve, notes and coin,
£ 1 ,202,84o ; loans and discounts, £30,943,259 ; bank rate, 10 per cent. 3
private deposits, £18,620,672.
Finally, let us show the position in which the bank has been left after
the crisis was over. The bank returns for the 28th o f November were as
follows: Note circulation, £22,486 750; gold in both departments, £18,175,570; reserve, notes and coin, £10.3 >8,918; loans and discounts, £19,186,008 ; bank rate 4 per cent.; private deposits, £13,515,537.
Thus the first effect of the crisis in May was to add 10 millions (50 per
cent.) to the bank’s loans and discounts, fully 5 millions to its private de­
posits, and nearly 4 millions to its note issues. Hence it appears that of
the 10 millions o f advances required from the bank, half o f that amount
was not withdrawn from the bank at a ll; it simply remained at the credit
of those parties who had got the loans. Of the remaining five millions,
£3,776,000 were taken from the bank in the lorm of notes, and £810,000
in coin. It is also to be noted (as shown by the return obtained by Aid.
Salomons) that of the 3 f million of notes thus withdrawn, the greater part
were large notes— not meant for currency, but. either for hoarding on the
part of the public, or for the payment of deposits by the banks.
These facts throw great light on the nature of the difficulty experienced
by the bank in May. The demands upon it were of two kinds : ( 1 ) from
merchants who, owing to the stoppage o f Overend’s and other establish­
ments, and the general cessation o f discounting bv the London banks,
could not get their usual accommodation from the o il quarters, and had
to take their securities to the bank to be converted into banking currency,
or at least into banking credit. But ( 2 ) by far the larger part of the
extra demand then made upon the Bank of England came, not from the
public, but from the other banks. Many of these establishments had to
withstand a “ run” for deposits which they could only meet by suddenly
converting their assets into currency to a much larger extent than usual.
And this could only be done by taking these assets to the Bank of Eng­
land, which is the only establishment which is permitted by law to in­
crease its note-issues. The requirement of the banks was two fold. In
the first place, they had to meet payment of the checks dram upon them
and passed through the Clearing H ouse; and, as the settlements in the
Clearing House are made by drat'tsou the Bank of England, the banks had
to increase their deposits at the bank to meet the exceptional demand to
which they might be exposed. No more currency was required for this,
neither did it involve any withdrawal o f capital from the bank. On the
contrary, as we have seen, the only effect o f this was to add fully 5 millions
to the private deposits in the bank— which doubtless shifted about a good




[.January,

POSITION OF THE BANK OF ENGLAND.

50

deal from one bank’s account to another’s, in consequence of the “ clear­
ing” operations, but the whole of which remained in the bank and strength­
ened its position greatly. But, secondly, while adding to their credit or
deposits at the Bank of England, the London banks had also to meet the
crisis by other means. W hile they had to provide for the extra run made
upon them through the Clearing House by increasing their credit at the
bank, they had at the same time to meet the run for deposits made upon
them “ over the counter” by laying in a much larger stock of currency
than usual. Hence, beside adding largely to their deposits in the Bank
o f England, they had to withdraw from the bank some 3 f millions of
notes and £800,000 in coin.
These operations, by which the banks supplied themselves with currency
during the crisis, were not loans of capital; they were simply temporary
exchanges of capital for currency. The banks took a portion of their ne­
gotiable assets (bills, &c.) to the bank, and obtained a supply of bankingcurrency in exchange, by which they might meet the unusual demand for
cash payments made upon them by their depositors.
Probably at least three-fourths of the increase in the Bank’s loan and
discount business in May came from the London banks ; the remaining
fourth from persons who could not get their bills discounted in the old
quarters (owing to the bank suspensions and and general stoppage o f dis­
counts,) and who accordingly had to apply at the Bank of England.
The effects of this immense increase of business, contemporaneous with
an exorbitant rate of interest, are visible in the large profits made bj( the
Bank during the crisis. The undivided profits at the end of the last-half
year (on Sept. 5) amounted to four millions (£3,987,417,) the highest
point ever reached ; and the net profit on the half-year was £975,655,
the largest ever made by the bank. Moreover, if the weekly gains of the
establishment be examined, it will be found that these were fully twice as
great during the period of monetary distress as in the remainder o f the
half-year. During the fourteen weeks when the rate o f discount was 10
per cent the bank’s profits were £679,000, against only £300,000 in the
other twelve weeks.
The object of raising the bank-rate, we are told, is to check the with­
drawal of gold, and at the same time to attract gold from other countries
But the facts contradict this view of the matter very strongly. During
the months of May, June, and July, specie accumulated steadily and
enormously in the Bank o f France, which charged only 3|- and 4 per cen t;
while the Bank of England, which charged 10 percent, found its stock of
gold no greater on the 2d of August than it had been on the 3d of May :
W e e k : e n d in g ,
ftiay a..............................
“
10..................... .
4i
“

17.......................
24..................................
3 1 .................... ...........

J u n e 7 ..............................
“
1 4 ..............................
“
2 1 ................................
W

July

B a n k o f E n g la n d .

11,300,000
11,430,000
►10

28.......................




per cent
•

5 ..............................

12.....................
(i
19.....................
** 26......................
A u g . , 2 .....................

Bank of

7 per cent.

i
1

21,08n,0u0 )
20,800,000 }• 3-J per cent.
2 1 ,600,000 )
21,480,000 j
23,120,000
24,080,000 |
24,520,000 j
25,080,000 }26,000,000
26,720,(100 1
26,280,000 1
26,880,000 j
27,600,000 1
j- 3-J per cent.
28,270,000 J

1867]

51

POSITION OF THE BANK OF ENGLAND.

The logic of these facts are unanswerable. Here are two great banks,
within twelve hours’ distance of one another— one of which holds 2 1 mil­
lions of specie and lends its currency to the public at 3£ per cent., while
the other has less than 13 millions o f specie and charges 7 per cent.
According to the theories which have so long been held sacred, such a
condition o f things ought to have been impossible. Only a few months
before Baron Rothschild had declared to the French Government Inquiry
that if the Bank of France were at any time to lend its currency at 2 to 3
per cent, below the banks o f other countries, it would forthwith be drained
of its last sovereign. In spite of this dogmatic theorising, at the begin­
ning of May we beheld the Bank of France charging only half as much for
its currency as the Bank o f England, yet no drain at all set in from the
former bank to the latter ! Although within a few hours’ distance, tire
specie remained unmoved at Paris, while on this side of the Channel the
public was forced by the bank to pay 7 per cent, instead of the 3£ in
France.
According to the so-called established theory, such a position of affairs
was an impossibility— but here it was. Moreover, instead of disappearing,
when the bank screw was still further put on, the difference between the
two neighboring banks only grew greater and greater. While the Bank
of England charged 10 per cent, for three months with no result of in­
creasing its stock of gold, the specie in the Bank of France shot up from
21 to 28£ millions sterling, while the charge for its currency was only
from 3£ to 4 per cent. In fact, as is well known, so totally inefficacious
was the raising of the bank-rate, that specie actually llowed from England
to France, although the rate was 300 per cent, higher in the former coun­
try than in the latter.
As a set-off against the enormous gains made by the Bank of England
during the crisis, there has recently been a very considerable reduction in
its business below the ordinary amount. Its loans and discounts, which
usually amount to 21 millions, are at present £l9,63G,741. The bank, in
fact, is quite at a loss how to imploy the money. Owing to the increase
in its stock of gold, the currency which it has the power to issue has in­
creased, whilst the demand for it is much less than usual. In consequence
of this, if the directors had followed their usual course, the bank rate
would have been reduced still lower than it is: but, on the present occa­
sion, instead o f reducing the rate, the directors have invested 5^- millions
of their money in the purchase of Government securities— as shown by
the rise in the amount of these securities in the Banking Department
from £10,694,254 on the 3d of May to £13,011,222.
The following have been the extraordinary changes in the bank rate since
the beginning of May :
May
2............................ raised to
May
8............................. raised to
May 11............................ raised to
May 12............................
raised to
August 16......................... reduced to

7
8
9
10
8

August 2 2 ...
August 3 0 . . .
September 6
September 27
November 7

reduced
reduced
reduced
reduced
reduced

to
to
to
to
to

7
6
5
4i
4

While the bank rate was thus falling, the gold in the bank steadily in­
creased. On the 2d August the gold in both departments was £13,516,140. It is now (Dec. 1 2 ) no less than £18,551,471— a higher point than
lias been witnessed since the similar period of collapse after the crisis of
1857.




Ot
lO

DAILY PRICES OP GOLD AT SE W YORK FOR FIVE YEARS.

...

3 ..

4

254-10254
023

103 -1033*
103 -103>*
1 0 2 2 * -103 >*
102 > **
102 )4 -1 0 2 )4

1023

........ .....
1 0 2 )4 -1 0 1 )4

10154-10254

1 0 3 )4 -1 0 9 )4

2
10154—
10154
101 1013 1013 101
s.

s.

10154—
10154
1013 1013 10134
1015
1 0 1 )4 -1 0 3 )4

10254-104)4

s.

1062*-108
1083*-10S2*
10S3*-1' 82*
10854-109)4
1092*-1093*
109 -109>*
S.
1 0 8 )4 -1 0 9 )4

117X-H73*
1183*-U 9>*
118X-H93*

1123*-1123*

1183*-1193*
1182*-1183*
11S3*-1183*

110 -1103*
1113*-111>*
1133*-116?*
115>*-117>*
114?*-116
113>*-1142*

S.

y

114 -114%
1123*-H4

1123*-1133*
1133*—1143*
1143*-1143*
S.
1153^-1163* 1153*-115%
116M -117
114M-1153*
1162*-1173* 1143*-U43*

117X-11SK
119 -1193*
11S X -1 1 8 *
1192*-120

1193*-120>*

115>*-1153*

114X-1153*
115 -1153*
1153*-1153*
1153*-1163*
115>*-1153*

118X-1183*

S.

115X-11G3*
1143*-1153*
1143*-1153*

116 -116
1152*-1152*

1213*-1233*
1213*-124

1082*-!203*

1123*-11C3*

1163*-1173*

1153*-1153*
1153*-1153*

S.

122J*-1243*
123 -1233*
1243*-1243*
1253*-1263*
1273*-129
123 -1283*

S.

-1293*
-133
-1323*
-1323*
-1323*

S.

1173*-1173*
1163*-1173*
1163*-1173*
1163*-1163*
116% -117
1163*-117>*

1153*-115**
1153*-1152*

S.

1283*-131>*
.131 -1313*
131 -132
133 -134
1S13*-1323*
13u>*-132

1183*-1183*
118 -1183*

117>*-1173*
1172*-1182*
1183*-H 9
120 - 1202*
1203*-1203*

119 -1193*
117 -1183*
1143*-1163*
117 -1173*

December.

1293*-1313*

W%-U1X
s.

S.

1103*-124

s.130*
1283*-1293*
1283*-1293*
133 -1333*
132>*-133
131 -132
130 -1313*

S.

1303*-131)$
1293*-1313*
131 > *-132'*
131.3*-132
1313*—132
132 -1323*

S.

1323*-1333*
131 -1322*
1312*-132
1313*-132
131 -132
1312*-132
S.

132 -1323*
1312*-132
130 -131
1303*-1303*
1303*-1303*
1303*-1302*
S.

S.

130K -1302*
129% -130
1293*-1293*

-133>*

129

S.

1312*-1313*
132 2*-133
132>*-132>*
132 >*-1323*
1313*-1312*
131>*-132
S.

131>*-1323*
132 -132%
132>*-183
132 >*-1322*
1323*-1322*
132 -1323*
S.

1323*-132>*
132>*-132>*
132 -132>*

Christinas'

131 J*-132
130 -1313* Thanksg'g. 1313*-1322*
S.
1313*-1323* 1293*-1293*
1313*-1312* 129 -1293* 13138-1322*
1303*-1303*
s. £ 1322*-133
1293*-130
1333*-! 332*
122

-1333*

128;*-134

[ J a n u a ry ,

-1082*

s.

s.

10154 101

1143*-H5 v
1143*-1142*
114>*-1142*

N ovem ber.

.




0.

10034-13354 10154-101

1032* “ 103?*
103 -103>*
1 0 3 K -1032*
1 '3 )4 -1 0 8 )4
103 -1 0 3

Holiday.
1092*-109>*

O ctob er.

122 -1233*
1222*-123
1223*-1223*
1223*-123

y e a r s

....

103 -1033*
10354-103)4
1 03 >*- 03>*
1033*-10.i>*
10 54-103)4

10154-102
101 4-10154

1163*-117
1163*-1163*
> 117X -113

f iv e

s.

101
1013 101

s.

S ep tem ber.

A u g u st.

115>*-1152*
115 -1153*

f o r

s.
103 -1 0 3
1()22*-1033*
i*
2 0 2 j* -l
*
li)1 3 *-1 0 2
1U12*-102
S.
102K -1023*
102 >4-102)4
lo22 *-1 0 2 3 *
10. >*-1032*
1032*-1033*
103 -1 0 .> *

101 1023
101 4-10154

July.
1082*-1093*
10S% -1092*
109>*-1093*

t o r e

12.
13
14.
25.
16.
17
18.
19.
20.
21.
22
23.
24
£5.
26.
27.
28.
29.
30.
ai

10454-10454
1013*-1042*
1032*-1042*
1042*-105'3*
1053*-105>*
105)4-10554
9.
106>*-1062*
106 -106> *
1 0 5 2 * -!05>*
106 —106 >*
10654-106)4
10054-100)4

10154-102

54

n e w

9.

HI.

n.

1023 102
10254-10254

June.
S.
1 0 3 )4 -1 0 3
1 03 )*-1033*
1033*-103>*
103 >*-104
104 -1043*
101 -1 0 4 )4

a t

......................
S.

5.
6.
7.
8.

M ay.
A p r il. « i
1 0 1 % -1 0 i.
10254—10254
*>*
102 -102>*
1 0 1 )4 -1 0 1 )4
S.
101 5 .-1 0 1 54
1 0 3 )4 -1 0 3 )4
s.
10 2 >*-103>*
1 0 2 )4 -1 0 2 )4 1022*-102>*
* 1022*-103
103>*-1033*
)
1012*-101>* 1033*-1032*
101 % -1 0 2
S.
10354-10354
s.
10354-10354
1033*-1033*
)
li-1 5 4 -lO l 54 1033*-I03>*
101 >*-101 ?* 103 -1033*
'4 101>*-1012* 103 -10354
s.
1012*-101>* 101>*-101>*
101>*-101>* ia i> t f-io i5 4 1033*—103 3*
1 0 l’3 * -i0 1 ?*
1033*-1032*
10134-1013* 1 0 1 )4-101)4 1033*-103>*
54 101 >*-101 % 103 X -1 0 3 5 4
101 >*-101 * 10354-103>4
10354-10354
10154-10154
*>*
S.
> **
10134-101)4 101>*-1012* 104 -1 0 4
104
-104> *
1 0 1 )4 -1 0 1 )4
1037*-104
1013*-1912*
**
? 1032*-103>*
S.
102 -1 0 2 /lT>i03>*-103>*
103>*-103>*
1 0 1 )4 -1 0 1 )4

M arch
1 0 2 )4 -1 0 2 )4
S.
102 -1 0 2 )4
101>*-102
102 -1 0 2
102 -102> *
102 -1023*
i o i k - io i%
s.
102 -1 0 2
101 **-1012*
^ -im ^
1013*-1013*
*>*
101>*-101>*
S.

g o l d

9

a.

1 86 2.
F eb ru a ry .
1 0 3 )4 -1 0 3 )4
s.
1032*-1033*
103>*-103>*
1032*-1033*
1032*-1033*
103)4-10354
1 0 3 X -1 0 3 X
s.
103 2*'-1032*
103>*-104
1**4 -104>*
101)4-10454
1042*-1042*
104>*-1042*
8.

o f

D ay o f
m o n t h . _ J a n u a ry .
1. . . J
Holiday

p r ic e s

The tables which follow exhibit a concise review o f the Gold Market at New York, from the suspension o f specie
payments, at the close o f 1861, to the close o f the year 1866, embracing a period o f five years.
From January
1, 1862, to and including June 20, 1864, the prices are based on the daily sales at the New York Stock Exchange,
from June 21, 1864, to June 30, 1865, on the sales at the Gold Room . This change o f the sources o f information
was rendered necessary by the total cessation o f sales at the Stock Board immediately after the passage o f the Gold
Bill in Congress, and the infrequency o f sales thereat up to the present day.

D A I L Y

P R I C E S

OF

G O L D

F O R

January.
1..
.
.
.
.
133%-135%
2 ..
3 .. . . . . 133%-YAVa
4..
S.. .... 184«-135<<
6 . . . . . L i t -my.
7 .. .. ..1 3 4 -135
8 .. . .. 135%-LiT
9 .. . . . . 138 -1:38%
10.. . . . . 136^-13SX
s.
11..
12.. . . . . 140X-142K
13.. .. ..1 4 2 -144
14.. . . . . 14')%-148
15.. . . . . 14SX-14SX
16 . . . . 14.-.X-145X
17..
18..
S.
10.. . . . . 147K-14SK
20..
21.. . . . . 147X-14-X
22 . . . . 14T*-143>f
23.. . . . . 147 -143
24. . . . . 14S%-I50
25.
S.
26. . . . . 148%-151%
27. . . . . 150%-I5i%
28. . . . . 152%-154
20. . . . . 153 -155%
30. . . . . j 53 -158%
31 . . . . 159 -160X
Mouth. 183X-1K)%




February.
8.
156% -150
154% -155%
157 -158%
156%-153
157%-158%

lm%-15V/,

8.
154%-156%
1 5 « -1 5 3 J i
152%-153%
154% -154%
155%-156
155%-156
S.
155%-lo7X
158%-150%
l.»0%-162
16l%-10i
vnx -lttix
162 -163%
8.
lf>3%-164%
. 167%-17I %
m x -H iM

UV.IX-IUX

1*> »-«*1
171% 172%

152X-178X

March.
S.
171J4-1T1X
171 -171%
165 -168
157 -153 ^
150 -154
154%-155%
S.
155%-157%
160 -163
457X-15SX
158%-160%
150 -161%
157M-15SK
S.
154%-155%
154%-155%
155%-155
151%-155%
154%-155
153% -154%
S.
151 -153%
145%-159
130%-141%
130 -140%
140 -140%
14JX-143X
8.
114%-147%
148%-150
139

-m x

April.
May.
156 -157% 150%-151%
153 %-157
149X-150X
153 -153%
8.
151%-155% 14S%-150
S.
148%-151%
151 -152% 152%-154
150 -152% 154%-154%
145%-147
154%-154%
146 %-143
140 -150%
146%-140
S.
150%-152% 14SX-149
s.
14-iX~t49X
157 -157% lW X-149%
155 -155% 140%-150
152 -154
149%-150
152 -153% 149%-150%
S.
153%-153%
151X-152K 140%-150
14S%-140%
S.
148%-150% 14S%-140
14S%-150
146 -147
143%-149%
145%-147
14SX-150
148%-140%
151%-152
8.
152 -151 -a 145%-146%
S.
^ 143%-145
150 -153% m y.-tu x
149%-150% 143%-143%
150 -150% 144%-145%
Nat'l Fast. 144X-145X
8.
U 5X-157X

143X-154X

June.
146 -147%
146%-I47%
146%-146%
146 -146%
146 -146 %
145%-145%

S.

143 -143
142%-142%
140%-140%
141%-142
141%-141%
142%-142%
S.
144%-146
147%-14S?%
145%-143%
143%-141%
143 -143%
143%-143%
S.
143% 143%
143%-143%
143%-14-t
144%-145%
144%-145
145 -145%
S.
146%-147%
146%-140%
140%-14S%

July.
144%-115
143%-141%
141 -141%

Holidays

S.
133 -130%
132%-13S%
131%-13l%
131 %-131%
132%-132%
132%-132%

August.

September.

S.
127%-127%
128%-12S%
127%-127%

127%-123
12D%-134%
133%-134%
131%-131%
S.
133 -133%
133 -132%
13-%-132%
131%-131%
120% - 120%
12S%-129
S.
130%-13t %
131 -132%
131%-132%
132%-132%
133 -133%
133%-134
S.
130 -130%
137%-133%
137%-138%
136%-137
133 -138%
130 -130%
S.
139%-139%
142%-143%
141%-142

142%-143% 145%-146% 143%-148%
142%-143% 316%-146% 151%-152%
116 -146% 152%-152%
S.
144 -144% 146%-147% 151%-15*>
146 -147% 148 -148%
8. L
14G%-146% 146%-147% 151 -152%
S.
14S%-149%
145%-14G
146%-146% 148%-!48%
140%-147
148%-14S% 145 -145% 143%-140%
145%-145% 151 -151%
S.
140%-150% 146%-147
150%-150%
153%-155
147 -147%
S.
15-%-153% 146%-147
140%-150%
S.
150%-150%
156 -156%
154%-154% 147 -147% 140%-140%
147%-14S% 150%-150%
140%-150
8.
140%-150
151 %-152%
159%-151% 151 -152% 131%-15?
140%-140% 152%-153%
8.
143%-146
153%-154
152%-15'%
142%-144%
8.
152%-152%
145%-146% 153 -154
152 -152%
150%-152
151 %-151 %
140%-147
8.
14S%-140
Christmas.
140%-140% Than/c*g'g 151% -1 5 1%
146 -147% 113 -145%
8.
145%-146% 144%-144% 151 %-152%
S.
& 152%-152%
147 -148
146 -146% 143%-143
151 %-152%
145%-145% .................. 151%-151%

126%-143%

140%-156%

Tkanksg'g

127 -127%
12G%-120%
S.
12G%-126%
126%-126%
126%-126%
126%-127
125%-126%
123%-125%

131%-131%
131 %-131%
12S%-129%
S.
126 -126%
125%-125%
125%-126
12-3%-125% 125%-125%
124%-125%
123%-’l 25% 124%-124%
126 -127% 125%-125%
124%-125% 124%-124%
125%-123%
8.
126%-126% 124 -124
125%-123% 122%-123%
122%-123%
S.
124%-124%
127%-128
127%-127% 124 -124%
127%-127% 124%-124%
S.
127%-127%
128%-U9 ^ 127 -123%
123%-145

October.

120% - 121)% 126%-! 27% 140%-140%

122%-120%

November.

S.

143 -154

December.

Cl48%-14S%

PRICES OP GOLD AT NEW YORK FOR FIVE YEARS,

1863.

143% -12%

c*»
CO

CJ»

D A I L y

T R I C E S

OF

G O L D

F O R

1864.

4 .........

February.
157*-15734
15734-15734
157%-153
158 - . . . .
157%-15S%

M arch.
159 —1*50
159% - . . . .
1G0 % -1 0 1
ioo % - i g i %
101 % - 101 %
s.
16134 16134
162)4-16334
107 -107%
16434- . . .
16434-16434
160)4-102

io o y -io o %
S.
159)4-16034 162%-162%
101%-162
160%-1G1
159%-160
161%-161%
159)4- ■■■■ 163 - . . . .
158 -158% 162 - . . . .
159%-159%
s.
s.
159 - . . . .
15734-15734 iG 4% -i65%
15734-157)4 160)4- . . . .
15S%-158% G'd FH d'y
157%-15S% 169%-169%
S.
157%-158%
S.
159 - 1 5 9 * 165% -i65%
1G3%-164%
10434- . . . .

M on th s. 15134-159)4

1 5 7 * -1G1




S.
15S34-159J4
159%-159%
15934
•■•
159%-159%
159 -159%
159%-159%

s.

159

-16934

M ay.

s.

106%-106%
S.
160%-106%
16734-16734
16834-170)4
170%-171
16934- . . . .
169*- ....
17334-175
17534-17534
170 -177%
17334-173)4
171 -171%
S.
170*- ....
107 -108
167 -1(57%
1«0% -107%
173)4-17434
174 )4-177*

176 -177%
177 -179%
1 7 9 * -1 7 9 *
177)4-17734
174 -170%
172%-172%
S.
109%-171
168 -1(58%
174%-17G%
173 -17434
170 -173%
172 -1 7 2 *
S.
173*-17334
177 -178
181 - 1 S1%
181%-1S1%
181 - . . . .
181)4- . . . .
s.
182)4- . . . .

179 -182%
181%-184%
1S1 -1S1%
177%-1S0%

18434-1S4J4
183 -183%
186 -1S0%
ISO - . . . .

s.

s.

179%-1S0
190
it ;*

- i y-v

s- ....

168 -190

Jun e.

J uly. .
222 -250
230 -250
S.

A u gu st.
251 -259
256 -258%
25G%-253%

Tloliday.
191

S.
- ....

193

-1 9 3 *

19S%-19S%
. .
s.
195 % - . . . .
19734- . . . .
197)4- . . . .
196%-196%
195%-195%

s.

-1 9 8 *
-208
-230
205 -223
213 -217
214 -220
S.
221 -240
234 -240
235 -250
245 -250
198
199
210

193

-250

235 -249
248 -2H1%
202 -273
266%-276%
200 -275
S.
276 -285
271 -282
2GS%~273
258 -208
244 -256
248%-201%
S.
* 5 4 * -2 6 1 *
258%-2GS%
201 -203%
256%-2G0
250%-257%
253%-250
S.
255%-258%
257%-259%
254 -257%
214 -252
250 -253%
253 -258
222

Septem ber.
243 -248%
24S%-254%
236 -243%
B.
235 -243%
240%-242
240%-242%
235%-241
234%-2.76
218 -228%

S.

2 5 7 * -2 6 1 *
259%-201%
S.
250%-259%
252% -255%
254%-255%
253%-256%
s.
255%-257% 213%-225
2.54%-25(5% 217%-228
S.
223%-22S
255%-25R% 228%-229%
255%-250% 224%-228
255%-257
220%-223%
257 -258
S.
257 - 257% 223%-220%
25G%-25?% 223 -22(5%
S.
220 -2 2 2
266 )4-257* 210 - 221 %
257%-258% 211 -217
254%-257
200 -212
254%-255%
S.
253%-250
195 -19S%
245 -253
192%-195
S.
195 -205
235%-245
194%-202
231%-236 ^ 1 9 1 -194%
234 -243
....................

-2S5

231)4-26134

191

-254%

October.
190

-193%
S.
1S9 -191%
190 -192%
1 8 9 * -1 « 1 *
192%-197
198 -204
196%-203%
S.
1 % -199
19834-20334
202%-204%
203%-209%
208 -217%
213%-22U
S.
218%-222%
20C%-215
207%-211 %
2 0 6 * -2 1 1 *
201% 209
209%-213%

S.
212 % - 210 %
214%-218%
212%-217
214)4-21634
215%-217%
21734-221*

s.

N ovem b er.
230 -241 %
229%-24G
227%-230%
231%-23S%
235%-244%
S.
238%-245%
245%-249%
240 -260
243 -253
2-76%-24-1%
242% 215

s.
243 -216%
2“P%-244
228%-210
218% -2 20%
210 -219
21b -225%

S.
217*-221)4
224 -229
220%-223%

Thark-g'fi

216%-221%
219%-224%

-227)4

8

2-"2 *-2 3 7 *
28.';* *35*
23334-235*
23 '*-23734
233% - 2 :4%
225)4-13.34
s.
212%-217%
220%. 227
222%-226
221 -224%
220 % - 222 %
220 % - 2^2

Christmas.

226%-233%
232 -236%
227%-233

Holiday .
-218
210%-224
222 -225%
226 -229%
224*-227)4

210 -260

21234-243)4

s.

221%-227%
189

225%-229
>30% -233 %
228%-231
S.
227 -229%
2:70 -234%
2-78%-24:3
239 -242%
239%-242%
3 3 l* -2 3 9 *

210

[ January,

s ..........i s i j i j - i s i *
6 ..........i s i * 1 ..........15134-15*14
8 ....1 5 1 3 4 - 1 5 2 *
9 ..
iO..........
s.
1 ! .......... 15234-152*
1 2 ..........15334-154*
33 . . . . 15334-153)4
H ........ 1 5 4 * -1 5 4 *
15.......... 1 5 5 * -1 5 5 *
H i.......... 15534-156*
17 _____
S.
1 8 ..........1 50 Jf-150*
1 0 ..
15934-15934
20 .......... 15S34-15S34
21.......... 15634-157
2 * .......... 15634-157J4
23 .......... 156 -15634
24..........
S.
25 .......... 15734-157*
26 ..........15S - 1 5 8 *
27 .......... 157 - . . . .
28.......... 157)4-15734
29.......... 15G%-157%
30.......... 15634-157)4
31..........
> S.

A p ril.
16634- 16834

PRICES OF GOLD AT N EW YORK FOR FIVE YEARS.

*-'ay o i
m onth. January.
1 .......... Iloli'hiy.
2 ........ 1*1*4-15*
* ........ a
s.

1867]

D A I L Y

P R I C E S

OF

G O L D

F O R

M on th ..197 % -234%




196%-210%

M arch.
199%-201
196%-193
198%-199
199 -200
S.
198 -199%
197%-199
195%-197%
193% -196%
186%-191%
1S8%-191%
S.
185% -191%
177%-185
174%-178%
170%-176%
1G0 -169
163%-1G6%
S.
160% -167%
154%-159%
156 -149
150%-157
148% -152%
153%-157%
S.
153 -155%
153%-154%
131 -152%
149%-151%
151%-151%

A p ril.
151 -152
S.
145%-148
146%-14S%
148 -154%
150% -152%
147%-150%
14S%-150%
S.
143%-145%
14G -147
145%-146
146 -147%

M ay.
142% -145%
140% -142%
141%-141%
142 -143%
142% -143%
142%-143%
S.
13S%-143
135% -137%
131% -135%
12S%-131%
130% -133%
129% -130%
Pres't assass.
S.
Holiday. 129% -130%
S.
130% -131%
14S%-153
129%-131%
146%-147% 129%-131
Holiday. 130 % -1 3 l%
do
do 130%-131
147%-149%
S.
149% -150% 1S0% -131%
S.
131% -132%
Holiday.
135 > 1 3 5 %
do
do
136 -13S%
150%-152 138%-lSS
147%-149% 135% -136%
146%-14S
S.
146 -146% 136 -137
S.
137%-13S%
..................... 136% -137%

14S%-201

143%-154%

128%-14o%

Ju n e .

Fast Day.
187% -138%
136%-137
S.
135%-136%
136%-13T%
137 -137%
137%-138
137%-138
137% -137%
S.
13S%-141
140%-143
141%-143
143% -I47%
143% -145%
143%-145%
S.
140 -143%
137%-139%
139%-141%
140%-141%
141% -142%
141%-142%
S.
140 -141%
141%-142
139% -141%
13S%-139%
139 -141%
......................
135%-147%

J u ly.
A u gu st.
Septem ber.
O cto b e r. N o v e m b e r . D ecem b er.
139%-141
143%-145% 144%-145
S.
145%-145% 148 -148%
S.
144% -145% 144%-144% 144% -144% 146 -146%
147% -148%
13S%-140%
144%-144%
S.
144% -144% 146%-147
S.
Holiday.
143%-144% 143% -144% 144%-146% 14G%-147%
147% -)4S%
139% -140% 143%-143% 144%-144% 146%-147%
S.
1 4 -% -]4 8 .%
139 -139%
S.
144%-145
146%-149
147 -147%
146%-148
139%-139% 143%-144
144%-144% 146 -146% 140%-147% Thankrqiv
139%-140% 144% -144% 144%-144%
S.
146%-147%
145%-146%
S.
143% -144% 144%-144% 145% -146% 146%-14G% 144%-145%
139%-140% 142%-143% S.
144%-145% 146%-146%
S.
139%-140
140%-141% 144%-144% 144%-14o% 146%-140%
144%-145%
140%-142
140%-142
143%-144% 145 -145%
S.
144%-146%
141%-142
S.
143%-143% 144%-144% 146%-147%
J45 -143%
142%-143%
142%-142% 143%-143% 144%-144% 147 -147%
145%-14G%
142 -142% 140%-141% 142% -143%
S.
147%-147%
14G%-146%
S.
141%-142% 142%-143% 145 -145% 147%-147% 14G -146%
142 -143
141%-142%
S.
145%-14G% 146%-147
S.
143 -143%
142%-143% 143% -143% 14G -146% 14G%-147
14G%-14G%
142%-143% 143%-144% 143%-144
14G%-147
S.
146%-14G%
142% -142%
S.
148%-144
146 -146% 146%-147
14G -146%
142%-142%
144%-144% 143% -144% 145%-146% 146%-146% 145%-14G%
142%-142% 143%-144
143%-143%
S.
146%-147
145%-146%
S.
143% -143% 143%-148% 146 -146% 146%-147
145%-145%
142% -143% 143%-143%
S.
146 -146% 146%-146%
S.
143 -143% 143%-144
143 -143% 145%-146%- 14G%-147%
Holiday.
142%-143% 144 -144% 143%-143% 144%-145%
S
145%-145%
143%-145%
S.
143% -144% 145%-145% 147%-147%
145%-145%
144%-146%
143%-144% 143% -144% 145%-145% 147%-148%
145%-145%
142%-145% 144%-144% 143%-144%
S.
148 -148% 145%-145%
S.
144 -144% 144 -144% 145% -145% 147%-148% 144% -!45
143%-144% 144%-145
...................... 145%-146% .............................
S.
138%-146%

14Q%-145%

142%-145

144%-149

145%-148%

PRICES OF GOLD AT NEW

1865.
D a y ol
m o n th . Jan uary.
Febru ary.
1 . .
S.
202%-205%
2
.... Holiday.
203%-206
8 ......... 226 -229% 205%-209%
4
... 231 -234% 20S%-214%
S.
5 .......... 226% -229%
(i......... 227 -228% 212 -214%
7
.... 22G%-227% 212%-216%
8
.........
S.
210%-213%
9
... 226%-227
211 % -2!4
10
.....222%-228% 210%-211%
11
... 220 -223% 204%-209
12
... 21G%-219%
S.
13
... 21S%-222
205%-207
14
... 217%-221
207% -208%
1 5 .........
S.
204% -206%
16
_21S%-221% 203 -205
17
... 214%-217
203%-204%
I S ......... 215 -217
204 -205%
19
... 208 -214%
S.
20
.... 201%-207% 19S%-202%
21
... 197%-206
196%-199%
22
.........
S.
Holiday.
23
... 197% -202% 19S%-200%
... 197%-203% 198%-200%
24
25
... 204%-207% 193 -199%
26
... 202 -207
S.
27 ......... 208%-215
199%-201%
... 213 -230
200%-203%
28
29
....
S ...................................
...211 -214% .................... .
30
81......... 202 -211
......................

K
O
a
K
*4
O
to

to
to
*4

&

144%-148%

Cl

D A I L Y

P R IC E S

OF

G O L D

Ctt
Oi

F O R

I860.
M arch.

135%-lSSX

i89j<-i4ox mya-\m%
iS'J^-UOy, 133^-134^
S.

b.

139 -140X
139K-139M
13!)X-139Ji
139^-140X
139X-140X

139%-134«
1S2«-133%
133),'-133X
181X-13SX
130X-131X

133X-139X 129X-131X
S.

S.

138X-139

130X-132X

187X-1.3SX
137X-137X
13 X -1 3 7 X
137X-137X

130X-181X
130X-131X
13 X-131
129X-130X

A p ril.
S.
127% -123%
1 2 7 % -1 '8 %
127%-12<%
12~%-127%
127% -128%
127 -127%
S.
125 -127%
125% -126%
126%-127%
127 -127%

13SX-138X 12!)X 130^ 1*6%-12?

s

124% -136%

S.

137%-138%

125%-127%

138 -13S%
138%-140%

125

125% -141%

129%

137% -167%

S.

147 -148
148% -149%

148%-14S%
147% -148%
147% 149%
149%-151
148%-150%
146%-148
S.
146% -148%
148%-149%
148%-148%
147%-148%
147%-148

147

146% -152%

S.

150% -151%
150 -150%
149%-150%
149%-150
149% -150%
150
150%

S.

-155%

S.

144%-145%
145%-146%
146%-147%
145% -146%
145%--.46%
146%-147%

S.

116% -146%
145% -146%
145%-146%
145%-146%
144% -145%
144%-144%
S.
144%-145%
144%-145%
145 -145%
144%-145%
14:<%-144
143%-143%
S.
143%-144%
144%-144%
144% -145%
144%-145%
144% -145%
145% -146%

S.

143%-147%

O ctober.
145%-146%
147%-14S%
147%-148%
1 4 8 % -1 4 '%
148%-149%
148%-149%
S.
148%-149%
148%-149%
149%-151%
151 -153%
150%-153%
152%-154%
S.
150% -153%
147% -150%
147%-148%
148%-14S%
147 -149%
145%-147
S.
145%-146%
145% -147%
147 -148%
146%-148
147 -148%
145%-146%
S.
145% -146%
146 -146%
145%-146%

N o v em b er. D ecem be*.
146%-147% 140% -141%
146% -14 %
S.
147%-148% 140% -141%
S.
140% -141%
147%-148% 138% -140%
147%—14 % 138%-139%
I38%-139
147 -14S
146 -146% 137%-13S%
146 -146%
S.
144%-146% 137 -137%
136%-137%
S.
143%-144% 137% -138%
1“4% -145% 137%-137%
144%-145% 137% -138%
143%-145% 137%-137%
141%-143%
S.
141
142% 137% -138%
137% -138%
S.
140 -141% 136%-137%
141%-141 % 134%-136%
139% -141% 133%-134%
137% -138% 132% -133%
S.
138% -139%
138% -139% 133% -133%
Christmas.
S.
13S%-141% 131% -133%
131% -132%
140%-144
140% -143% 132 -133%
Th'giving. 132% -134%
140%-141%
S.
133 -134

145%-154 %

137%-148%

131%-141%

1866.
146%-152%

The above table o f daily prices show the following monthly changes :
1864.
151% -159%
157%-161
159 -169%
166% -184%
168 -190
193 -250
222 - 285

1865.
197% -234%
196%-21h%
148%-201
143% -154%
12S%-145%
135%-147%
138% -146%

1866.
136% -144%
145%-140%
'2 4% -136 %
125 -129%
125%-141%
137%-167%
147 -155%

1862.
A u g u s t................ H 2 % -1 6 %
S e p te m b e r ........ 116%-124
O c t o b e r .............. 122 -133%
N o v e m b e r ........ 129 -133%
D e ce m b e r .......... 12S%-134

1863
122% -129%
126%-143%
140%-156%
143 -154
148% -152%

1864.
231%-261%
191 -254%
189 -227%
210 -260
212%-241

1865.
140% -145%
142%-145
144%-149
145%-148%
144% -148%

145% -154%
137%-148%
131%-141%

Y e a r ................. 10!% -13 4

122% -172%

151%-285

12S%-234%

124%-167%

'43%-147%

[ January,




1863.
153% -160%
152%-172%
139 -171%
145%-157%
143% -154%
140% -148%
123%-145

o

.

STATEMENT EXHIBITING THE RANGE OF PRICE MONTHLY AND YEARLY.
1862.
J a n u a r y ............ 101% -103%
F eb ru a ry............ 102% -004%
M a r c h .................1 01 % --0 2%
A p r il.................... 101% -102%
M a y ...................... 102% -104%
J u n e ....................... 103% -109%
J u ly ...................... 108% -120%

2

S

years

135%-140%

....................

8.

130% -130%
130% -134%
138%-138%
137%-139%
139% -141%
138
139%
S.
137 -137%

Holiday.
152%-158%
153%-154%
153% -154%
S.
151%-153%
148% -149%
149% -150%
149% -151%
152% -153%
]52 -152%
S.
148% -149%
149 -151%
149 -150%
150 -150%
149%-150%
148%-150%

S e p tcm b c-.
145%-147%

f iv e

...................

125%-126%
126%-128%
127%-128%
127%-128%
O. F rid ay.
127%-128%

140%-144
143%-146%
143% -145%
142%-145%
138%-141%
139%-140
S.
137%-139%
141%-143%
142%-126%
145%-147%
147%-149%
154 -160
S.
155%-167%
149%-154%
151%-153%
148%-151%
148%-149%
151%-153%
S.
152 -153%
154%-157
154%-156
151%-154
153%-155
152%-154

A u g u s t.
148%-149
147% -149%
147%-14S%
146%-148
S.
147%-143
147%-148
148 -149
148% -148%
148%-14S%
148%-149
S.
149% -149%
149%-150%
150%-152
151% -152%
150%-151%
148%-151

for

s
myB-m %

136%-137
136 -137
...................

S.

126%-126%
126%-126%
126%-127%
127%-128
128%-129%
128%-129%

127%-127%
127%-127%
S.
127%-128%
128% -129%
12S%-129%
128%-129%
128%-12')%
128%-129%
S.
130%-130%
129%-130%
130 -130%
129%-130%
129%-130%
130 -130%

127%-128%

Ju ly.
S.
153%-155%
152%-153%

fork

13SX-137X 127X-128X
136X-137X 128X-128K
Holiday.
127X-128J?
13«%-137X 12BX-12'X
135X-137
124X-126X

Jun e.
140%-141
140%-141%

h ew

136X-137X 127K-129X

125% -126%
S.
J25%-126
125%-126%
126%-127%
126%-127%
126% -127%
126%-127

M ay.
125%-127
126%-12S%

at

M o n th ..l3 6 M -1 4 4 X

F eb ru ary.

139X-140 ii

gold

D ay o f
M on th . January.
1 .. . . . Holiday.
2 . ...1 4 4 i(-1 4 4 X
3 . . . ...1 4 3 X -1 4 1 X
4 . . . ...1 4 3 X -1 4 3 X
P. . . .142% -143%
6 . . . . . . 142%-143
7 ...
S.
8 .. ...1 3 0 % -1 4 1 X
9 . . . . 336% 139X
1 0 ... . 138 X -139X
11 .. . ..138% -139%
1 2 ... ...1 3 3 X -1 3 9 X
1 3 ... ..139 -139%
1 4 . ..
S.
1 5 . .. . . .1 3 9 X -1 3 9 X
1 6 ... . . 139 -139%
1 7 . .. ... 1 8 9 X - U 0 X
1 8 ... . ..138% -140
1 9 ... ...1 3 7 X -1 3 S K
2 0 .. . ..13S % -139%
2 1 ...
8.
2 2 ... . ..1 3 S X -1 3 9 X
2 3 ... . ..138 % -139%
24 .. . ..139 % -139%
2 5 ... . . .139% -139%
2 6 ... . ..1 3 9 X -1 3 9 X
2 7 ... . .139% -139%
2 8 . ..
S.
2 9 . ..
30 ..
3 1 . .. ...1 3 9 X - H 1 X

1867]

VOL.

RATES OF SHORT-TIME EXCHANGE ON LONDON— ISGfi.
being for prime bankers’ paper :
June.

110%-1U

HO -110%
110 -110%

S.

July.

8.

109%-110%
109%-110%

A u g u st.

108%-109%
1 0 8 % -1 0 9 %

September.
10G%-107%
S
106%-107%
10G%-107%
106%-107%
106%-107%
106%-107%
106%-107%
S.
106%-107%
107 -107%
103 -108%
108 -10S%
110%-10S%
107%-108%
S.
107%-108%
107%-10S%
107%-108%
108 -108%
108 -108%
108 -108%

109%-111

10S%-111% f 1 0 8 % -lll

s.

110%-110%
110% - 110%

110% - 110%

110%-110%
110%-110%

110% - 110%
s.
110%-110%
110%-110%

110%-110%
110%-110%
110%-111

iio%-iii
s.
iio%-iii
110%-111
110%-111
110%-111
110%-110%
110%-110%
S.

110%-111
110%-111
110%-111 -

Holiday.
110 -110%
111%-111% 110%-110%
111% - 111%
110%-110%
111%-111%
S.
111% - 111%
110%-110%
111% - 111%
111% - 111%

106%-109%

106%-109%

107%-107%

107%-10S
107%-108
S.
107%-108%
108%-109%
108%-109%
109%-109%
109%-109%
109%-109%
S.
109%-110

November.

s.
110 -110%
109%-110%
io9%-iio
i09%-iio
109%-110
109%-110
s.
109%-110
109%-110
109%-110

109%-110%

110 -110% 109%-110%
110

-110%

109%-110%

December.

110%-]10% iio%7:io%
110%-110% no%-iio%
S.
110%-110%
110%-110% n o -110%
110%-110% 109%-110%
110%-110% 109%-110%
110%-110% 109%-110%
110 110%
s
110 110% 110 110%
110% - 110%

110%- 110%
110%- 110%
11036-110%
110%- 110%
110%- 110%
110% -il0%

110%-110%
110%-110%
110 -110%
110 -110%
109%-109%

s,
109%-110% 109% -110
Xmas.
s.

110 -110% 110 -110%
110 -110% 109%-109%
110%-110% 109%-110
110% - 110%
Thanksgi'g .110 -110%
s
110% - 110%
110%-110%'
110%-110%
110 -110%

110)6 -110%
110% - 110%

8.

107%-110%

109%-110%

109%-110%

1866.

1 1 0 % -1 U

10S%-109%
108%-109%
S.
10S%-109%
10S%—109%
108%-109%
108%-109%
110%- 110% 10S%-109%
s.
I l l -111% 110% 110% 108%-109%
S.
111 - 111% 110%-1U
111 - 111% iio%-iii - 108%-109%
111 - 111% 110%- 110% 10S%-109%
s.
108%-109%
110%-11076
110%7110% no%-iio% 10S%-109%
110%-110% 108 -108%
109%-110
110% - 110% 108 -108%
108%-109% 110% - 110%
S.
10£%-109% 110% - 110% 103 -108%
108%-109% 110%-110% 108 -10S%
109 -109%
s.
103 -10S%
S109 -109% 110% - 110% 108 -108%
S.
109%-110% 107 -108% 108%-108%
109 -110% 109%-110% 107%-107% 108%-108%
108%-109%
110%- 110% 109%-110
S.
110% 110% 109%-110% 107%-108% 109 -109%
109 -109%
109%-110% 109%-110% 107%-108
s.
107%-108
109 -109%
109%-110%
106%-107%
■ S.
109%-110% 109%-110
108%-109
106%-107%

110 -110%

October.
109 -109%
108%-109
108%-109%
108%-109
108%-109
108 -108%
S.
107%-108%
107%-108%
107%-108

L O N D O N -----




107 -109%

May.
109%.110%

110%-110% 110%-111

ON

10S% -110% 103 -110%

A p ril.

EXCHANGE

Ajo^th .1Q9%-110%

March.
109 -110
io9)£-io9%
109)6-109%

S H O R T -T I M E

S.
107%-107%
107 -108
109%-110
s.
s.
107 -108
103%-109% 109)6-110% 107%-107%
109 -109% 109)6-109% 107%-107%
109 -109)6 109)6-110% 107%-107%
S.
109 -109% 109%-110
108
-109 109%-U0% 107%-107%
103
-1C9109%-110% 108 -108%
108%-10S%
S.
S.
108%-109% 109%-110
108%-108%
109 -109% 109%-110
108%-10S%
109 -109% 119%-110
108%-108%
109 -109% 109%-110
S.
109 -109% 109 -110
108%-108%
109 -109% 109 -110
10S%-109
S.
S.
108%-109
109%-110
108%-109% 108%-109
109%-110
108%-109
103%-108%
109%-110
108%-109
108%-10S%
Holiday.
108%-108%
S.
109 -110
108%-1C8% 108%-108%
109
-110 108%-108% 108%-108%
S.
S.
108%-109%
109%-110% 108%-103% 109 -109%
109%-110% 108%-108% 109 -109%
109%-110% 108%-108% 109 -109%
.................. 108 -108%
S.
...........
G'dFHday. 109%-109%
.................. 108 -108%

February.
109%-109%

109% - n o

OF

.Day of
month, January.
Holiday.
1 ..
2 ..
n o % -i0 9 %
3 ..
110%-110%
110 - 110%
110%-110%
110%-110%
S.
110 -110%
109%-11'%
109%-110%
109%-110
109%-110%
109%-11Q%
S.
110 -110%
109%-110%
109%-110%
110 -110%
109%-110%
109% 110%
S.
109%-110
109% 110
109%-110%
i09%-110%
110 -110%
109%-1I0%
S.
109%-110
1 ^% -110 «
,109%-110

RATES

L V I. NO,

The statement which follows gives the daily and monthly fluctuations o f Short-time Exchange on London, the quotations

Ox

GO

COURSE OF THE NEW YORK STOCK EXCHANGE BOARD— 1S66,
The past year, although not marked by the extreme fluctuations in the prices of securities which distinguished the
railroad shares, especially, the quotations show a wide range.

For some of the

In the record below the course of the market through

the year may be readily traced:
Statement showing the Lowest and Highest Sale Prices of Shares at the New York Slock Exchange Board in each month.
STOCKS.

Jan u u ary.

F eb ru a ry.

M arch .

A p r il.

M ay.

June.

J u ly .

A u g u st.

S ep t.

liR. shares, viz.:
N. Y . & E r ie .
& S t a t e L i n e . . 195 -195
57 - 59
8 3 # - 90
do
p r e f.
C e n tr a l o f N. J ......... 114 -119
C h ic a g o & A l t o n . . 103 -105#
do
d o p r e f .. 105 -107
C h ic . B . & Q u i n c y . . 109%-114
& M ilw a u k e e .

& N ’ w e s t e r n .,
&

d o p r o f ..
U*k I s l a n d . .

C lo v e ., C o l. & C i n . .
C le v e la n d & P it t s . .
C o v e la n d & T o l e d o .
Del., Lie.
W e s t ..
E i i e ..............................
H an.

& M. J o s .........




il3
102
103
112

-il4
-119
-120
-112

114 -115
76 - 82%
105 - l a s #
140 -145
76 - 85#
80 - 82%

104 -107# i o 6 # - i i o
S3 -1 12 # 04 - 90#
93 - 96
94#-118
113# 115 115 -1 17 #
4 0 # - 42
5 8 -6 0
25 - 27% 24 - 30#
52 - 57% 5 2 # - 59%
104%-118% 107 -123%
100 -100
111 -115 114#-115
7 6 # - 84#
75%- 82
99%-105%
107 -113
124 -125# 130 -130
74%- 87
71%- 79%
80 ' *81

iio -il7
91 - 99
100 -101
113 -117
43 - 44
6 3 -6 3
2 6 # - 29%
55% - 61%
89% - 96#

19 - TOX 7 9 - 8 0

120 -128#
102#-109
105 -109#
129 -130
45 - 45
70 - 70
35% - 37%
28%- 31# 30 - 37
58 - 61% 59 - 66% 63 - 68%
91 - 9 5 #
102%-110#

115%-117
95 - 99
102 -102
116 -121

116 -120
98%-105#
104#-106
124 -125

114 -115 116 -118# 110 -113
80% - 99
80 - 87# 79%- 88
103 -105% 104%-107 106#-116%
135 -140 144 -147 142 -150
5 5 # - 75
5 7 # - 65% 62 - 77%
72 - 76
74 - 80
7 2 # - 78%
3 0 -3 1
3 2 -3 5
30 *37
50 - 52

iio - l i i #
85% - 88%
115#-117
160 -162#
66% - 74%
72% - 79
35% - 36#

i-27 -i29
105 -113%
106%-113#
128 -138%
45 - 50
34 - 37#
65%- 72%
108%-112#
111#-115
8 5 # - 90
114%-123
150 -155
68% - 80%
75 - 81#
36%- 36%
52 - 53

127#-ISO
110#-113%
113 -113#
132%-137
49% - 52#
70 - 70
3S - 60%
7 2 # - 81%
105#—111 %
85 - 85
113 -115
87% - 94%
113%-123%
150 -152
8 1 # - 95
7 9 # - 87
38 - 51
5 4 -6 2

i28 -i3 2 #
106 -113
1C9#-1 3 #
131 -133%
30 - 45
79 - 79
37% - 62#
f9 % - 82
100 -112%

i24 -127
108 -110%
110%-111
130 -134
33% - 35
68 - 68
42 - 5 5 #
6 5 # - 84%
102 -105%

111#-113%
8*1#- 94#
111%-121%
150 -150
7 0 # - 86#
82 - 86%
54 - GO
65 - 69

109 -112
8 3 # - 93%
!11%-120
144#-144#
G5%- 74#
82 - 86
56 - 59
63 v 63

5 2 # - 53
175 -175
170 -170
il8 -128% 118 -126# 118#-137
98#-109% 99 -104# 102#-109% 102%-110% i08 -113% 110 -113# 112#-120# 118%-122 i io -i25
115 -131% 112%-116% 114#-119# 114 -124 115 -122% 117 -124 115%-123# 121%-124# 121 -123% 123#-129 116 -126% 115#-120
8 0 -8 4
72 - 72
73 - 74
75 - 76
84 - 93
87 - 88
70 - 70
55 - 55
60 - 70
70 - 76

[January,

H a r t. <fc N. H a v e n . .
H u d s o n R i v e r ...........
I l l i n o i s Central........
I n d ia n a p o . & C i n , . .

80 - 80% 77 - 79

60 - 67#
27 - 36# 2 6 # - 29#
5 3 # - 02% 55 # - 56%
90#-109# 98 -107
110 -123
7 4 # - 87
103 -113%
149 -158
SO#- 93
81 - 83#

N o v c in b e r . D e c e m b e r .

8 5 -8 5

Bu ll'.
B u 11'.

C h ic .
C h ic .
do
C h ic .

O ctob er.

COURSE OF THE NEW YORK STOCK EXCHANGE BOARD.

last years o f the war, has, nevertheless, been one o f considerable activity at the Stock Exchange.




95 - 95

110# - 110#
75 - 75
25 -

ioi#-ios# loo#-:
6 0 # - 75#

'66' -97 ’

66# -

-

20
39
18
20
21
1 0 !# -1 0 7 # 106
78 - 90# 77
140 -140
93 - 94
92
95 - 96

-

’io’ ^'io’

101 -104
6 9 # - 83
140 -140
91 - 91
- 98
■9S 9 6 # - 97
8 5 -8 5
■ 88
•46# 4 1 - 4 6

100 -100

95 - 95

60-'e6‘

6 0 -6 0
21# 22 - 22
20 - •28
2 0 -20
- 43
3 9 # - 42
37 - 4 3 # 42#- 46# 4 0 # - 44
- 20
1 9 -2 0
20 - ■ 20# 20 -21# 10#- 20#
-109# 102#-104# 104#- 112# 109#-114 110#-115#
- 8 1 # 7 8 # - 80# 78#- •84# 8 3 # - 87
8 2 # - 88#

68

68

:14*
82 - 85
55 - 59
6 9 # - 75

' 95
85
" 57#
■73#
- 80

*95**-*95**
9 5 # - 9 5# 94#-100
8 4 # - 92# 8 5 - 8 7
£5 - 57# 5 1 # - 55
70 - 73# 6 5 # - 75

42* *-*47" 50 - 59
55 - 58
60 - 75
8 5 -9 1
90 -3 03 # 99#- 100* *88#- 9 0" 7 9 - 8 5
120 -120
128 -128 1 29 # -i29 #
i30**:i30"
145 -145 135 - 135
9 0 # - 9 3 # 9 0 # - 93# 9 1 # - 98# 97 - 99# 9 8 # -1 0 6# 102#-105# 102 -1 14 #
9 0 # - 93
86# - - 93
8 5 -8 5

60 - 60

95’

-iio’ ’

109 -112

60 - 60

. #

*63* - G 3"

99 -100# 100# - 100# 9 7 # - 9 8 #
8 5 -9 0
90-90
5 4 -6 3
50 - 64
* 4 9 # - 56* *
72 - 79
64 - 7 6 # 6 8 # - 7 0 #
85-85

111#-121*
99 - 99

110 -112

80-80

1 0 6 # -i 2 3 # i0 7 # - ii 4 * *

i i o # - i i 5 * 111 -112 iih ‘-iis H 5#-118
-103 103 -105
103# 103#
107 -110 110 -115 115,.—1 15
-243
250 - 2 5 i "
260 ’ -260*’ 250 --260 266’ -260 ’ 260 -265
265' .270
- 102#
9S#-105#
i6s#-iii#
107
-110#
104#111
-117#
9 6 # -i0 3 #
H 2 # -1 1 7 # ii4#-iis# 110#-117#
■111#
95#- -103 102#-106# 103 -108# 106 - 111# 01#-111#
- 95# 8 8 # - 93
88 - 100# 92#-100# 95 -100
90 - 90
96 ■96
- 98
*3 8# -’ 50# 38 ’ -*53*'
29 - 35* 30*’ -*38*’ ’so” - 34# 30 - 32* 31 - - 35 *34* - 4 i ” 3 6 # - 38
- 36
- 61
6
1
6
8
61
66#
6
1
#
63
64#■
66
#
6
7
#
73#
71 - 7 1 # 7 2 # - 78
57 - 67
-136
-110 ios**-io5 ' i 6 6 # - i o i ’ ' i6i” -io9# iio* - i i i ’
i o 9 # - i i o ’ * iii"*ii2” ioo’ ’-ioo’ * 105 -105
39 - 47# 4 3 # - 4 6# 44 - 55
3 1 # - 33
32 - 39
3 3 # - 37# 35 - 36
40 - 5 4 #
- 40
6 7 # - 70
71 - 7 3# 73 - 75
63 - 63
72 - 7 5 #
96 - 97

96 - 9 6#
235 -245
97#-107
91# -1 0 4#

5 5 -6 0

*40* -*44 # 39 V *42* 86* -* 3 S #
1 9 # - 22
20 - 20
20
21
113 -117# 109 -117# 1 0 5 # -1 0 9 #
8 7 # - 93
7 S # - 94
7 9 # - 83#

114 -120
258 ’ -265**
102#-107#
104#-107#

37#- 41**
6 5 -6 5

96 -102 *
4 0 # - 45#
*9i’ * - ’ 9 i ”

G5 - 69
58 - 60# 59 - 66
33 - 14#
13 - 1 4 #
33 - 1 3 # 1 3 # - 16# 15 - 15
4 3 # - 53
4 1 # - 43# 4 0 # - 47#
4 1 # - 47# 4 i # - •45#
134#-139# 133#- -136#
5#-- 5 #
153c- ■15#
167#-170# 155 - 162;
1 3 # - 16# 15#- •17;
55 - 56#

61
5 7 # - 64
■16# 1 6 # - 19#

60 - 60
16 - 19#

63 14 13#51 -

74#
16
20
57

67 - 73
60 - 63
13 - 17
10#- 10#
10# - 21# 17 - 20#
54 - 57
43 - 45# 45 ‘ - ’ 54’ ’ *52 *-*53*'
50 - 50
42’ ’ - ‘ 45* 42 - 44#
36
35
42
’- 4 5 # 4 2 # - 46# 43 ’ -*49
’ 4 6 " ’-* 48# '46 - 56# 5 3 # - 67# 6 4 , 71
64#-*90* ’
4 4 # - 47# *44#-*4l
132#-135# 133 -136 141#-150# 145#-155 140#-15i
150 -155# 151 -154 152#-160 155 -160 152 -155#
4-4#
3 -5
4 # - 4#
15* - ' 17#
141#-150
i55 -iso# 153 -155 is o ’ -iso*
131 -135 140 -146 142 -148 150 -157
8 -8
12 - 16
44 - 45# 42 - 55 * 3 9 # -’ 54'
7 5 -8 0
75 - SI
3 2 # - 39# 38* - 88
61 - 66
12 - 14

60 - 62

COURSE OF THE NEW YORK STOCK EXCHANGE BOARD

Joliet &Chicago
Little M ia m i............
Long Island..............
McGregor Western.
Mar. & C., 1st p r f..
do
2d p r f..
Michigan Central. .
Michigan Southern.
do A
guar..
Mil. & P. uu Chien.
do
1st pref.
do
2d pref.
Mil. & St. P a u l....
do
pref.
Morris & Essex . . .
N ew J e rs e v .............
N ew York Central..
N .Y . & Harlem___
do
P ref..
N. Y . & N. H aven..
Nor. & W orcester..
Panama....................
Phila. & Heading...
Pitts., F.W . &Chic..
R om e & Waterto’ n
St. Louis, A .& T .IL .
do
Pref..
Sixth-av., N. Y .......
Ston. (N .Y., P.& B).
T o l , W ab. & W est,
do
Pref .
Warren .. r* . ______
Coal Shares, v iz .:
American ..............
A sh bu rton ..............
B utler........................
Central....................
Consolidated (Md ).
Cumberland
___
D el. & Hud. Canal.
Lehigh <fc Sus'hanna
Maryland Ant’ racite
Pennsylvania.......
Schuylkill ..
Spring Mountain.

Ct

O

co u rse
st o c k s .

| Jan a y .] February.

gp

March,

April
4% - 7
48 - 48
87 - 41

york

|

STOCK

May.
4 - 6
48 - 52
39% - 40

.—

Continued.

June.
| July.
| August. | Sept.
| October. |November. |Decembcr.
4 - 4 %
4 - 4 %
4 - 4% 4 - 4% 3 % - 4%
3% - 5
53-55
53 - 5 5
54% - 54% 52 - 57
58 - 71% 63 - 75
55 - G3%
40 - 40

37%- 40

40 - 40

40 - 40

36 - 40

i i % - 12% 11% - 13% i i - i 3 % 10% - 32% 10% - 12% i i - i 2 % i i -1 5 % i 3 k - i4% i2 - 15% 12 - 13
16%- 18% 17%- 25% 19% - 26% 21 - 26% 22 - 27% 26% - 28% 27%- 35% 27% - 32% 24%- 31
27%- 32%
10 - 1 0
17% - 17%

Quicksilv r ............. 36%- 44H 39% - 43
40 - 43% 40 - 58
49 - 56%
Rutland M arble___ 12%- 17%
Smith &Parm, Gold
9 % - 10%
Irnprov't shares, viz.
Boston W ater P ow .
34% - 43% 34% - 51%
Brunsw’k City Land 8 - 8
8 % - 10
5 % - 6% 7 % - 12
42 - 45% 43 - 44% 43%- 48% 47 - 57% 55% - 62
14 - 14
12 - 14%
Tei'ph shares, v iz .:
54 - 70
57%’- 09
W ect. U nion........... 44% - 58
52 - 59
57-64
do do (Rus. E xt.)
108 -109 106%-100 107 -108
St'ms'p shares, v i z .:
103 -135 102 -136 128 -133% 121%-133 122%-132%
ISO -210 185 -212 205 -215 215 -227 225 -225
160 -203 1G5 -200 190 -200 190 -209 216 -218
100 -100% ioo -105

48 - 52
9 % - 9,%

43 - 46%
47% - 63H 47% - 51% 49X- 54% 54 - 66% 44 - 56
16 - 23% 23%- 32% 29 - 33% 23 - 29% 21 - 21
8 % - 10
9 % - 11% n%- 14% 7% - 12% 8 % - 8%

27 % - 333/ 2S%- 32
33% - 51% 31% - 36
28-34
30%- S3
31% - 34
7% - 8
8 - S% 8 - 9X
7 % - 8% 7 - 9
53%-S61% 51 - 55% 51%- 5i% 52 - 56% 53% - 57% 44 - 57% 44 - 50%
14 - 14%
12%- 18
14 - 14% 14 - 14
43 - 50
51 - 57% 55 - 59% 54%- 58% 51 % - 56% 44 - 53
49% - 62
95 -100% 97 - 98
96% - 97% 95% - 97%
105 -107% 106 -110 102 -103
124 -130 111 -325
210 -212% 208 -216

105 -106% 100%-106%

112 -115
213 -222

110 -117% 108%-116
219 -222 215 -234
104 -108

18 - 18

20-20

*90 - 92%

91 -132
205 -246

109 -111
10S%-104% 113 -114
85 -104
99 -105

22 - 22

36 - 37

125 -125 125 -125
135 -135 138 -138 150 -150

150 -150

0 % - 0%
Mariposa G o ld ....... 12% - 15
10%- 13
do
Pref. 10 - 19% 15 -1 7 %

Miscel's shares, viz :
Central Am. Transit 15 - 28
N ew York Guano... 22 - 12
Union Trust............

board

105 -105

Mining shares, v i z .:

Union Navigation.. 100 -io o
Express shares, v i z :

|

exchange

73%- 84
79 - 87
80 - 80

103 -113
160 -171
110% 113%
101 -107%
61 - 75%
75 - 82
70 - 78
23 - 23

’ 97 ' - ’ 97” i o o '‘ - i o o " i05 *-i05*' id s' - i o s "

* After November 20 the Pacific Mall Steamship shares were sold, ex-dividend 5 per cen t./a n d stock distribution 33% per cent., from which date to the end oj
the month the sales ranged from 170@190.
?
v
‘ tjg




’ •'

. . ...

i

COURSE OF THE HEW YORK STOCK EXCHANGE BOARD. \JdnUary,

00 - 60
82%- 97 % 92%- 96%
W yom ing V a lley ... 50 - 53% 49 - 52% 44 - 4 4
Gas shares, v iz .:
Citizens.................... 118 -118

new

j

\<o

1 1

ros

Spruce Hill...............

the

'V nS Kti ^

MONTHLY RANGE OF BANK STOCKS SOLD AT THE

Fourth.........................

10

- n ito n ...........................
O a.U tin.........................
H a n ov er........................
Importers’ & Traders’ .
Irv m g .............................
Leather Manufacturers.
Manhattan ..................
Manu . & Merchants .
Market___
Mechanics’
Mecli. li’ k’g A ssoc..
M erchants......................
Mereh nits’ Exchange .
M etropolitan................
a sa il .........................
New Y o rk ........................
Ninth ...........................
N o th America...............
North R iv e r ...................
Ocean.............................
Park ...............................
Peoples’ ............................
Phoenix..........................
R e p u b lic..........................
St N icholas..................
Seventh W ard.................
Shoe & Le »iher...........
State o f New Y o r k ___
Tradesmen’ s ...................
U n io n ...............................

10
1•
12
1)
10
11
10
10




11

10
10
10
10
12
10
TO
10
10
11
8
14
10
8
15
10
10
10
10
15
10

January.
133 -135
110 -113

February.
137 -140
113 -114

107*-10S

108 -109

MONTH OF YEAR CLOSING DECEMBER 3 !, 1866.

March.

V.
110 -114

. r ..

)

ltk - 113*
15 -107

...........
104 -107
103 -105
...........
101 -101
96 - 97* 96 - 97
115 -115

105 -106
100 -101
96*- 97
114 -114

106 -103
103 -103
97 -100

212 -212
97 - 98

97 -100

100J-103

10ia*-104

107 -HO

105 ‘-1674 1073-108
118 - l v i ”
103 -115
113 -114*

96 - 98
150 -150

133 •133
115 ■115
110 -110*
...........

120*-122
110 -112

100 -102

1 3 -114
110 -110
103 -106
120*-122
107 -1' 7
112 -112
103 -108
120 -120

92 - 93
145 -145

96 - 96

97 -100
1U3 -109

100 -103
116-116

c.
s. » :
-103 ->05

ISO -180

95 95
145 ■150

110 —
112

100*-102

102 -106*
118-120

102 -103
108 -108
113 -114

113 - m .1.108 -103
101 -106
110*-113> 114 - I 15 11i *-P a0
106 -107 . -:o o -113 ' 115 -115
120*-12l* 180 -IBS - 120 -1?3
' ___ 1 v .........
112 -113 115*-il6
109 -110 ' 11c - i n
107 -109
110 -ilG -io e - 10 :
102 -102
94*- 96
97*- •nu 100 -102
145 155
150 - a50*
118 -118
93 - 98 103 ■105
96 - 93
109 -109
109 -109
111 -ill*

1001-102

101 -101

108 ■ 111
106 -106
131 -131

110 -110
10S -103
135 -1 %
...........

106J-111

109 -111
109*-110* 110 -114
101 -102 101 - 101* 102 -104
98 -100
97 -100
100 - 10 i
120 -120

110 -110

100 -100
110 -110

Decern.
September. October. Nov<in.
Nov<m.
July.
August. Septembe\
137 -138*
.. - ..
137 -137 138 -139 138*-138*
13 -113* 113*-113* 119 -119
113 -119* 112*-114* 114*—115

7

11(7 -HO
106 -109
...........
115 -115

93*-100

110 -111* 112 -114

108 -112* 112 -113
...........
140 -140
130 -130
...........
118*-120 118 -120

1103—112

103 -103*
...........

102 -103
120 -ISO

llf*-118

111 -115
103J-105
99*-102
119 -119

102*^103
120 -120

103 -106
120 -120

100 -1041 103 -105

105 -107

107 -112

108*-110*

104 -107*

li3 * -ii3 *

111 -111

10S*-109*

107*-110

lis ’-iis

111 -111
116 -117
104 -107

114*-llc*

116 -117
105 -105

135 -135

137 -.3 7

115 -119

110 -110* 111 -111

110 -110

110 -112

100 -100

110 -110
n o -112

110 -110
115 -116
101 -101

li4}-1141

110 -110

110 -110

112 -113

105
110
107
122

111 -111
109 -110
110 -114

107 -103
116 -116

117 -118

111 -111
116 -116*

120 -120
220’-120

114 -114

110 -110

127‘ - i3 i
105*-110

127 -129
108 -109

12S -130
106 -106

105 -105

111 -112 107 -113
106J-106*

115 -115*

118 -119

110 -110

120 -120
112 -112

101 -101* l o i f - io s

106 -107
148 -148

102 -101

103 -105

132 -132

110 -110
114 -114
120 -120

-106
-110
-110
-129

112 -112
110 -110
100 -100

118
106
114
106

-12)
-106
-120
-111

98 -102

120 - 120*

150 -150
104 -104
113 -113
101J-105

100 -106

102 -103

104 -105

105 -108

103 -105

...........

106‘ -106

109 -1101

1101—112
110 -110

111J—
113
114 -114

1174-117*

112 -112

110 -110
1081-109

112 -112

MONTHLY RANGE OF BANK STOCKS

Stocks.
Dividend.
A m erica.......................... 10
American E xch an ge... 10
Butchers’ & Drovers’ .. 10
Central........................... 12
C hatham ........................ 15
Citizens’ ........................ 10
C om m erce .................... 10
Commonwealth............. 11
C ontinental.................. 10
Corn E x ch a n g e ........... 10
East River ..........................
F irst................................ 20

110 -110

1194- 119* 105 -109

........

122 -122

113 -115

110 -110
122 -122

115 -115
1074-109

Ci

62

COMMERCE OF NEW YORK FOR

1866.

\January,

PUBLIC DEBT OF THE UNITED STATES.
Abstract statement, as appears from the books and Treasurer’s returns in the Treas­
ury Department, on the 18t of November, 1st o f December, 1866, and the 1st of
January, 1867, comparatively :
DEBT BEARING COIN INTEREST.

5 per cent, b onds................................................................
“
“
o f 1867 and 1868....................................
“
“
o f 1881....................................................
“
“
5.20’ s .....................................................
Navy Pension F u n d ..........................................................

N ov. 1.
$198,091,350
16,033,742
283,739,750
823 944,01)0
ll,75o,0 0

Dec. 1.
$198,091,350
15,837,942
283,740,000
861,64 ,300
11,750,000

Jan. 1.
$198,091,350
15,783,442
283,740,850
891,125,100
11,750,000

$1,333,558,842 $1,371,068,592 $1,400,490,742
DEBT BEARING CURRENCY INTEREST.

6 per cent, b on d s...........................
3-year Compound Interest Notes ....................................
3-year 7.30 n otes.............................

148,512,140

$10,302,000
147,387,140
699,933,750

$10,622,000
144,900,840
676,856,600

$882,408,440

$857,622,890

$332,379,440

$22,605,794

$16,518,590

$390,195,785

$385,441,849
28,620,249
19,636,500

$380,497,842
28,732,812
16,442,680

$4^8,680 775

$433,698,598

$425,673,334

DEBT ON WHICH INTEREST HAS CEASED.

Various bonds and notes..............
DEBT BEARING NO INTEREST.

United States N otes...................... ....................................
Fractional currency........................
Gold certificates o f deposit...........
>

^

i■ , «

c

t

.

Aggregate debts. . . . . A". ; . . . . . . J...................s... /$*,681830,9^^,684,995.875 $2,6^5,062.505
Coin and Currency in Treasury.*......... '.................... .
: 106,326-^6
-135,364,637
131,737,333
D ebt, le s s c o in and cu rre n cy .? • » . . }

J . . . . ! i . . 5 5 1 , 3 1 0 , 0 0 0 $2,549,631,238 $2,543,325,172

The following statement'shows the amount of coin and currency separately at the
dates in the foregoing table : *
N ov. 1.
$99,413,018
30,913 942

Gold Coin.
Currency..
T otal gold coin and currency......................................

$130,326,960

Dec. 1.
$95,168,816
40.195,821
$135,364,637

Jan. 1.
$97,841,96S
33,895,765
$131,737,633

COMMERCE OF NEW YORK FOR 1806.
W e are able now to publish a full review of the commerce of New York
for the past year, having received from the Custom House the returns for
the last quarter, and revised our 0W11 figures of receipts, exports, &c.
RECEIPTS. IMPORTS AND EXPORTS OF LEADING ARTICLES.

The movement of domestic produce the past year shows considerable changes
over the figures for the previous twelve months, as our readers have probably
noticed in our weekly tables. In the matter of breadstuffs we have frequently
celled attention to the diminished receipts. This is, of course, due in great part
to the falling oft in the shipments East at the West, but in part also to the fact
that the direct shipments to Boston and elsewhere have increased during 1866
Below we give our tables of receipts and exports for the year :




1867]

COMMERCE OF NEW YORK FOR

63

1866.

RECEIPTS OF DOMESTIC PRODUCE FOR 1 8 6 5 AND 1 8 6 6 .

[O f the items left blank in 1865 no record was made.]
1866.
Ashes, p k g s .........................
5,924
Breadstuifs—
Flour, b b ls ........................ 2,730,735
Wheat, bush.................... 5,911,511
Corn................................... 22,696,186
Oats ................................. 8,699,339
B y e.................................... 1,304,799
M a lt...................................
526,818
B arley............................... 4,861,993
Grass seed........................
141,523
Flaxseed............................
66,177
Beans.................................
47,474
P e a s ................................... 414,543
Corn meal, b b ls ............... 195,344
Corn meal, bags..............
272,072
Buckwheat & B. W . flour,
bags...............................
82,039
Cotton, bales........................ 657,383
Copper, b b ls ........................
17,002
C o p p erp la tes.....................
7,312
Dried fruit, p k g s.................
23,461
Grease, p k gs........................
6,581
Hemp, bales........................
2,958
Hides, N o .............................
367,030
Hops, bales..........................
19,289
Leather, s id e s .................... 2,285,251
Lead, p i g s ...........................
6,819
Molasses, hogsheads, and
bbls....................................
23,704
Naval Stores—
* Including barley malt.

1865.
17,210
3,650,490
9,162,680
15,505,905
9,710,625
88S,135
*2,992,785

+280,875

792,675

28,690
2,124,900

Crude turp., b b ls ..
Spirits turp...........
R osin......................
T a r .........................
Pitch ....................
Oil cake, p k g s ___
Oil, la r d ....................
Oil, petroleum .......
Peanuts, bags . . . .
Provisions—
Butter, p k gs.........
Cheese .................
Cut m e a ts ...........
E g g s......................
P ork ...................... .
Beef, p kgs...........
Lard, p kgs...........
Lard, k eg s...........
R ice, p k gs...............
S tarch......................
Stear n e ..................
Splelter, slabs
Su^ar, hhds.& bbls.
Tallow, p k " s ...........
Tobacco, pkgs.........
Tobacco, hlids........
W hiskey, b b ls .......
W ool, bales.............
Dressed hogs, N o ..
Rice, rough, b u s h ..

1866.
36,886
59,002
401,460
48,118
3,162
108,952
4,155
1,057,299
17,914

1865.
29,150
18,462
133,682
19,452

454,049
726,143
102,389
150,401
131,668
70,076
102,956
8,481
4,544
77,720
8,228
3,967
5,591
7,356
167,368
63,624
103,314
119,998
88,652

058,470
615,615
104,505

558,540

218,i20
102,630
100,330

12,580
69,750
136,580

+ Including bags reduced to barrels.

EXPORTS FROM NEW YORK TO FOREIGN PORTS OF CERTAIN LEADING
MESTIC PRODUCE FOR THE YEAR :

1865.
1866.
Breadstuff's
Wheat flour, bbls...............1 ,402,144 914,695
R ye flour, b b ls..................
7,552
2,673
Corn meal, b b is ................
127,600 148,006
Wheat, bush........................ 2,,527,626 522,607
Rye, b u sh ...........................
198,318 20S,503
Oats, b u sh ..........................
94.567 222,129
Barley, bush......................
. . . . 1,,329,842
Peas, bush..........................
SS,899 282,992
Corn, bush.......................... 4,,549,61011 ,147,781
Candles, b x s ..........................
86,287
70,334
Coal, tons...............................
22,539
67.392
Cotton, bales........................
221,069 382,092
Hay, bales.............................
33,053
36,070
Hops, bales...........................
13,674
3,046
Naval Stores—
Crude lurp, bbls................
4,832
12,532
Spi/its turp, b bls...............
939
21,413
Rosin, b bls.........................
51,742 222,084
Tar,
l ar, bbls
D ois................................
8,815
2o,4oU
23,450

ARTICLES OF DO"

I86e._
1865
2,757
1,150
Pitch, b bls........................
20,919
16,809
Oils—Whale, galls................
470,7:45 219,103
D o. sperm, galls...............
28,823
27,403
D o. lard, galls....................
92.081
13,405
Do. linseed, galls...............
Provisions—
92.081
118,865
Pork, b b 's ..........................
55,310
41,910
Beef, b bls...........................
28,749
51,828
Do tes..... ......................
Cutmeats, lb s .....................35,,743,0 >5 29.,478,691
Butter, lbs......................... 9,,718,079 2.,082,723
Cheese, lb s ........................ 41,,66S,21339,,069,500
Lard, lbs .......................... 22, 793,384 28,,306,600
81
83
R ice, t e s ...............................
9,379
19,196
D o. bbls ............................
Tallow, lb s ............................ 16,!,550,55214.,901,800
167,447 104,975
Tobacco,crude,pks...............
Do
manf.. lbs...................4,,155.889 5.,691,557
647,413
284,151
Whalebone, lb s....................
788,957
P
etroleum , ggalls...................14,
a lls .................... 14,593,o&o
,593,5S6333.
3 ,is
Petroleum,

The imports o f leading articles o f commerce for two years may be seen in the
following table :
IMPORTS OF LEADING ARTICLES AT NEW YORK FOR 1865*6.
[The quantity is given in packages when not otherwise specified.]
1865. I
1866.
1865.
186G.
5,770
Buttons....................................
4,0391 Hardware*............................. 13,651
5,670
Coal, ton s..... .......................... 231,029
218,290
312,792
Iron, R 3 . bars ................... 243,238
Cocoa, b a g s........................... 16,*13
6,468 I Lead, p igs............................. 463,577
225 888
Coffee, b ags........................... 724,646
7 4 2 . 1 | 8 pelt,er, lb s ..........................10,217.828 4,781,071
Cotton, bales..........................
2,007
29,819 j Steel........................................ 197,764
95,615
Drugs, &c.
I Tin, b oxes..........................
800,471
621,89o
Baric, Peruvian..................
9,661
5,502 I T in slabs, lbs .................... 6,692,672 7,183,095
Bleaching pow d’ rs............. 24,739
18,931 |Rags
.................................... 44,067
33,419
Brimstone, ton s................. 16,214
8,932 I sugar,hhds,tcs&bDls ............ 375.546
286,875
C o ch in ea l...........................
1,090
2,270 I Sugar, boxes & bags............ 434,003
443,4'7
C. earn Tartar......................
1,248
1,177 I T e a ............................................ 684,118
659,551




G4

COMMERCE OF KEW YORK FOR

W6.

Gam bier.................... ........ 24,098
' urns, crude............. ....... 14.445
Gum, A ra bic............. .......
4,356
In d igo........................ .........
3,478
Madder.................. .
8,196
........
4,234
Oil, O livo..................
Opium ........................ ........
793
boda, bi-earb........... . . . . 141,462
Soda, sal..................
Soda, ash.................. ......... 39,949
9,461
F l a x ............................. . . . .
4.652
Furs............................... ........
Gunny cloth.................
H a i r .......................... ........
4,878
Ilemp, hales............ ..
Hides, <fcc.
Bristles......................
Hides, d r e s s e d ....... ........ 11,564
India rubber................. ........ 26,817
Ivory....... ................... ........
1,308
Jewelry, &e.
J e w e lr y .................... ........
80t
W atches.................... .......
1,208
Linseed......................... ......... 243.562
.Molasses...................... ........ 131,893
Metals, &c.
Cutlery........................... .........
5,600

1865.
4,713
8,361
4,451
6,300
5,094
2,754
37,581
1,094
67,130
16,019
29,604
12,622
6,132
4.698
3,315
83,683
1,494
7,032
26,861
2,532
726
1.023
114,934
147,16S

1866,

[January,

18f6.
1865.
T ob a cco............. . . . .
31.439
W a s te ...........................
12,991
W ines, &c.
Champagne, b k t s ... ....... 112,805
68,0511
W ines........................ ........ 383.103
117.143
........ 57.755
57,515
Articles reported by value.
Cigars........................... ...$1,251,891 $961,372
140,074
Co r k s ........................... ....... 168,828
Fancy good s................. ....4,284,510 3,413,147
F ish ............................... ....... 890, S32
978,643
Fruits, &c.
L e m o n s .................... ....... 520,295
252,715
332,415
Oranges.....................
N u ts........................... ....1,009,202 1,031,985
825,3*23
Raisins....................... ....... 1,152,943
Hides, undressed....... . . . 6,728,819 5,427,761
1,094,949
R ic e ...............................
Spices. &c.
22S,075
C assia........................ ........ 174,008
50,517
50,618
Ginger....................... . . . .
149,12S
230,522
Pepper............ . ...... . . .
107.575
Saltpetre.......................
V oods.
33,911
74,228
F u stic........................ . . . .
196,865
L og woe d................... . . . . 153.919
241,817
Mahogany................. . . . . 120,427

3,218

The following is a detailed import table, showing total imports o f each item
during 1866, which will be found very useful for reference:
I m p o r ts

of

M e r c h a n d is e o th e r t h a n D r y G o o d s
N o w Y o r k l o r th e y e a r 1SG 6.

a t th e

port

(The quantity is given in packages when not otherwise specified.)
Quantity. Value.
China, Glaes & E.
ware—
B o ttle s ............... £68,923
China.......18,328 965,259
E w a re.. 69,004 2,943,521
Glass___441,745 890.685
Glassw’ re.15,840 472,644
Glass p i . . . . 7,3751,590,774
Drugs—
A cid s ......... 2,172 250,044
A lk a li... .5,974 131,369
A sphaltum ........
5,588
A lbum en...........
13,130
A l o e s ............. 41
3,629
A l u m ...........257
77,146
Aluminous cake
9,101
Amm onia, car. 10
365
Amm ouia .. .757 35,400
Ammonia, sal805 58,354
A nnatto......... 63
14,465
A nilin e...............
84.086
Aniline cols. .11 10,787
A rrow root.. .726
8,232
A rg ols ....... 2,276 192,806
Assalbetida.......
2,799
A r s e n ic ....... 207
10,589
Bark, Pcrnv9,660 290,255
B a rytes... 14,748 121.882
B ism uth...........6
7,655
Bleach p’ r.24,739 433,023
Blue galls. . . .
l,-e94
Blue vitrol . .40 11,452
B o r a x ...........175
9,649
B rom ine.............
2 207
Brimstone
(to n s )...16.214 460,161
Castor o i l ..8,377 76,393
Cam phor.. 3,507 105.116
C apsules.........
4,062
Cham’ le flowers
727
Cantharides. . . .
4,446




Quantity. Value
Carmine......... 28
7,112
C h a k ..................
14,800
Colocynith.........
670
Creamtart’rl,24S 235,030
C hickory.. .4,908 104,714
C opperas...........
9,584
Cochineal. .1,090 240,624
C u b ebs...............
6,854
Cudbear....... 475
37,761
C utch.........7,668
50,137
Divi d iv i............
1,003
Ergot o f ry e___
586
E xt o f H yperic..
4,426
E rg ot..................
705
Flor sulphur. 150
4,748
Gelatine.............
1,337
Gambier 24,098 214,124
Gnmarabic.4,356 312,924
Gums,crd.14,445 461.151
Gum, copavi. 809 37,046
Gum cop a l.2,7 9 64,686
G lue...............564 19,595
Gypsum ....... 550
34,559
Indigo .. .3,478 461,071
Io d in e ...............5
8.101
Iodine p o t ...176 29,731
Ip eca c............... 3 13,397
Ipecacuanha___
2,170
Insect p ow d er..
3,651
H erbs..................
1,009
Isiu g la ss......... 2
3.595
Jalap............... 28
9,162
L a ctin e...........10
2.593
\L ac d y e .........540 26,371
L eech es....... ISO
4,369
Licorice r. 33.380 134,791
Licorice, paste..
13,505 399,289
M a d d er.... 8,1961,378,743
M a gn esia .... 917 15,050
Manganese........
1,111

Quantity. Value.
Manna...........113
5,153
M uriatpot’ sh419 54,719
Morphine ...1 3
SOI
Naphtha.............
682
Nitrate s o d a .... 400,146
Nutgalls.............
16,618
Nitrate potash..
6,661
Nitrate lead___
1,438
Oils, uninspect­
e d ...........2,628 202,980
Oil, c o d ....... 951
44,769
Oil, s e a l... 1,551 107,429
Oil, e s s . . . . 4,234 347,432
Oil,linseedl4,2731,330,608
Oil, o liv e ..59,836 404,184
Oxide, co b a lt...
1,195
Oil, p a lm ... .526 33,476
O p iu m ......... 79S 306,426
Orris r o o t __ . . .
1,893
Oxide or z i n c ...
11,875
Orchilla w eed ...
16,582
Paintft................. 1,074 988
Paris white. .166
1.305
Persian berr’ s.51
5,035
Potash, chlo.182
22,773
Potash, bic’m 268 57,793
Potash, hyd.747
34,549
Phosphorous 605 29,014
P lu m b ag o.........
15,835
Pruss. potash4S6 84,180
Q uinine....... 489
60.345
Quicksilver. ..20
41.174
Reg. anti’y.l,S07
79,692
R h u b a rb ___446
58,259
S affron ...............
902
Safflower....... 10
21,107
Santorina.. . . . . 3
9,S40
Saltpetre........... 156,744
Sarsaparillal,454
39,693
Scamm ony.........
2,134
S en n a ............ 10
7,463

of

] 867]

COMMERCE OF NEW YORK FOR 18 6^ .

Quantity. Value.
Shellac.......3,921
84,209
Soda, bicarb___
141,462 564,918
Soda, sal..36,434 254,509
Soda, caus53,543 327,588
Soda, ash .39,9491,314,270
S q u ills ... . . .
790
sponges ...2,994 135,193
Sugar o f lead731
43,733
Sulphur
.......
6,897
S u m a c .... 39,700 189.462
Sulpk cop ’ rl,656 70,955
Sulpli z in c .. .146
3,457
Tarqua beans. 19
1,412
U ltra m a rin e...
5,724
Vanilla beans.70 19,352
3?,938
Verdigris....... 60
V itriol................
5,959
Vermillion ..970 90,725
V itriol o f cop’ r.
15,869
V in e g a r.............
453
W hiting .. .4,077 18,937
W orm seed.
..
2,708
Yellow och.2,100 15,019
Y ellow ber­
ries....................
19,172
Drugs, u n s p .... 361,337
Furs, &c.—
Felting . . . . 686 15,777
F urs........... 4,6522,600,378
Hatters’g d s .. .86 27,509
Fruits—
Bananas.............
50,479
C itron................ 116,750
C urrants........... 342,135
Dried fr u it s ....
48,550
D ates..................
2,497
F ig s ...................
58,811
Lem ons.............. 520,295
N u t s .................. 1 001,202
Oranges............. 311,121
Preserved
ginger...............
29,362
Pineapples........
66,552
Plum s................. 143,350
P ru n es............... 273,461
R aisins............. 1,152,943
Sauces & p r e s .. 312,633
Grapes................
6,700
Other fruits
..
13,567
Instruments—
Chemical......... 2
467
Mathematical.92 19,270
Musical — 3,234 579,574
N autical.........24
7,2.33
O ptical......... 292 104.648
Surgical......... 13
3,244
Jewelry—
Jewelry .. .8,0011,952,684
W a tch es.. .1,2082,387,765
Leather, hides, &c.—
Boots& sho’ s 459 66,861
B ristles... .2,476 674,069
H ides,dresll,564 4,734,735
Hides, un­
dressed........... 6,728,819
H orn s.................
30,65s
Leather............ 1
605
Leather, pat. 116 69,692
Liquors, W ines. & c .—
A le ........... 13,570 132,346
Brandy.. .33.849 730,123
B eer........... 3,001
26,020
Bay water.. .20
1,508
C ordials.. .3,281
21,874
G in ............. 5,494 107,664
Mineral wa­
ters............ 115
346
P orter.......8,445
73.530
R u m ...........1,597
86,403




Quantity. Value.
W h isk ey ... 2,809 88,572
W in es. . . 383,103 3,330,959
Champag­
n e ....... 112,8051,101,182

Metais_

Brass g ood s .308 48,378
B ronzes....... 324
52,344
Chains and
anchors . 8,0S9 318,490
C op p er......... 317 665,309
Cutlery. .. .5,6002,463,207
4,270
Drain p ip es___
Gas fixtures.. 29
5,032
G em s.........3,074 463,647
Hardware 13,6531,821,731
Iron Hoop
to n s ......... 4,073,200,038
Iron, pig,
t o n s .... 52,810 879,733
Iron, R R .,
b a r s... 243,2381,492,633
Iron, sheet,
ton s....... 8,752 606,948
Iron tubes.8,979 45,543
Iron, other,
t o n s .... 46,697 2,200,949
Lead.. . .463,577 2,485.840
Metal g ’ ds.2,303 536,410
N a il s ............917
28,517
N ee d le s ....... 734 304,129
N ick el...........332 180,60S
Old M etal......... 172,113
Plated w are.296 81,446
Piatina...........29
65,603
Percussion
C a p s ......... 678 125,539
Saddlery ....3 8 9 93,528
S t e e l .... 197,7642,949,349
Speltr 10,217,828 452,759
Silver w are.. .41
11,412
T in plate,
b o x .. . .800,4715,692,423
Tin slabs,
l b s ... 6,692,6721,130.722
W ire ......... 1,934 93,007
Zinc,
lb s.. 10,285,212 611,436
Spices—
C a s s ia .............
174,608
Cinnamon.........
1,921
Cloves................
31,858
Ginger................
50,618
M ace....................
9,811
M ustard.............
33,013
Nutmegs ......... 102,13S
P ep p er............... 230,522
Pim ento.............
46,861
Other S p ice s...
6,199
Stationery—
B ook s........ 5,224 851,683
Eugravings. 697 140,212
P aper.. . .36,2151,458,560
Other station­
ery..........4,343 453,481
W ood s—
Brazilian w ood .
81,338
Camphor w ood .
4,189
C edar.................
30,376
C ork...................
80,724
F ustic....... 1,871
33,911
Lignum vita3. . .
24,638
L ogw ood. 28,357 153,919
Mahogany......... 120,427
R a tta n ..............
61,258
R o s e w o o d ........
42,171
Japan w o o d ___
409
W i ll o w .........
68,436
Palm leaf...........
4,281
Other w ood s... . 233,039
M iscellaneou s-

Quantity. Value.,
A la b a ster.........
11,199
A n im a ls ...........
4,828
Baskets ...4,660 198,743
B ags..................
57,742
Bone dust.........
745
B o x e s.................
57,782
B r ic k s ...............
11,380
B lack in g...........
687
Buttons .5,7701,389,383
Building stone.
43,719
36,160
Burr s to n e s ___
C audles.............
11,148
Carriages . . . .2
4,928
C la y ..................
54,585
C heese___5,068 188,841
C ig a rs ................1,251,891
Coal (tns)231,029 553,293
C orks................ 168,828
Cotton ....2,007 157,113
C lo c k s ......... 845 119,028
Cocoa (bg) 16,413 318,380
Coffee bags 778,894 12,808,788
E m e r y ...............
21,305
Fancy goods . . . 4,284,510
F a rin a ___1,660
14,086
Fans...................
3,697
Feath ers........... 136,608
Fire crackers... 183,157
F i s h .................. 890,832
F l a x ......... 9,461 439,453
F lo u r .................
23,425
Furniture .. .153 38,366
G rain .................
17,356
Grindstones.. 2 17,770
G’ nnv clth26,022 628,646
Gutta percha. 66
5,800
Guano........9,522 165.565
G u npow der----2,556
H air........... 4,878 622,336
Hair c lo t h ... 621 3U0,537
H e m p .. .138,289 2,203,287
Honey . . . . 3.241 110,519
H ops......... 7,801 515,673
Hor.-es ............2
2,750
Ind. rub’ r.26,817 1,992,831
Iv o ry ......... 1,308 283,514
Lith stones.......
1.344
Machinery.8,838 561,813
Marble and
mid d o .. .478 174,907
Matches......... 62
2,210
Maccaronil 8,612 49,773
Molassesl31,893 3,616,165
O a k u m ....... 200
678
Oil paintings855 470,462
Onions...............
19,120
Pap hang’ sl,781 117,596
Personal effects
227
Perfumery.3,342 314.095
Plaster...............
17,817
P itch ..................
1,040
Pipes.................. 398,644
Potatoes...........
82,176
Provisions.. 839 164.829
R a g s ....... 44,1671,958,t>25
R ic e .................... 776,470
R o p e .................. 147,814
R o s in ............. 56
289
S a g o ............. 543 19,340
Sago flour.........
13,586
S a lt.................... 4''3,056
Seeds, u n sp e c.. 241,528
Castor s’ dl5,150
55,481
Linseed .243,5621,043,481
Soap . . . . 60,722 187.392
Stationery .. .12 67,967
S ’arch................
36,949
fcugar (hlids, bbls
&‘ tcs). 375,546 16,047,265

6

66

CO M M ER CE

Quantity Value.
Sugar, (boxes &
bags). 434,003 5,533,852
T a r ............... 200
744
T a p io c a ... 1,097 19,617
Trees & plants.
19,213
T e a ........684,118 8,OSS,899

OF NEW

YORK

Quantity
T w in e...........601
T o y s ....... 13,228
T obacco .24,868
T om a toes.........
W a s t e .... 14,823
W halebone..494

FOR

Value.
38.599
597,154
664,132
7,285
615,081
65,452

1866.

\Janw iryt

Quantity Value.
W a x ..................
2,314
W o o l (bls)57,755 5,065,043
Other rn isc.......
64,687
Grand total.$170,S12,300

We now bring forward our figures showing the total foreign commerce at
this port for a series of years.
EXPORTS.

The exports for the year show an increase over 1865, but still do not equal the
figures for 1864. It should be remembered, however, that for the past two years,
and especially the last twelve months, the foreign shipments direct from Southern
ports have been large, so that New York exports do not now represent nearly
as large a proportion of the exports of the country as during the years of the
war. The shipments of cotton alone from the South direct to foreign ports for
1866 amounted to over one million bales. If to this we were to add tobacco,
naval stores, &c., we would discover one reason why we have been able to im­
port so largely the past year without working serious disturbance to monetary
affairs by reason of our foreign balances. The following statement exhibits
the quarterly exports for the past six years. As the shipments of merchandise
are reckoned at their market price in currency, we have given in the same con­
nection the range of gold.
EXPORTS PROM NEW TORK TO FOREIGN PORTS EXCLUSIVE OP SPECIE.

1861

1862

1863

1864

1865

1868

1st quarter............................... 33,4771742 32,07^583 50,614,908 41,429,756 46,710,118 60,972,531
Price o f g old ........................... par
101X104=4 152%-172% 151%-169% 196%-234% 124%-145X
2d quarter ............................33,123,489 29,798,344 41,046,726 48,446,686 24,216,567 46,766,386
Price o f gold ........................... par
101%-109% 140)4-157% 166%-250 128)4-147% 125-167%
3d quarter ............................30,075,918 45,313,299 38,825,537 79,519,134 40,521,493 38,381,202
Price o f g old ........................... par
108M-124 122%-145
191-285 13S)a'-146% 143)4-147%
4th quarter...............................41,917,752 49,747,611 40,221,747 52,426,006 67,173,421 46,009,435
Price o f g o ld ........................... par
1=2-134 140%-156%
189-260 148%-115% 131%-154%
T otal................................... 138,594,901 156,934,822 170,718,768 221,S22,542 178,620,599 192,329,554

We now annex our usual detailed statement showiug the exports of domestic
produce, foreign dutiable and free goods, and specie and bullion, during each
month of the last six years :
EXPORTS OF DOMESTIC PRODUCE.

1861.
1862.
1863.
1S64.
1865.
1866.
January.................................... $10,277,925 $12,053,477 $14,329,398 $11,448,953 $16,023,621$19,784,997
February.................................. 10,263,820 10,078,101 17,780,566 13,662.218 15,042,505 16,768,120
March........................................ 10,580>7
8,985,176 15,137,689 14,410,051 13,898.565 23,291,485
A p ril......................................... 9,255,648 8.002,094 11,581,933 13,263,712 7,220,709 22,526,822
M ay........................................... 10,855,709 9,837,693 13,183,510 11,610,493 7,883,56;') 12,281,623
J u lie ......................................... 10,270,430 10,048,832 14,780,072 17,996,495 8,079,802 9,601,03!!
J u ly ........................................... 9,562,789 14,050,437 15,298,073 26,251,673 12,521,246 13,057,476
A ugust..............
9,652,301 13,046,389 10,666,959 26,617,850 14,500,860 12,646,004
S eptem b er.............................. 9,877,909 14,734,993 11,717,701 15,595.548 12,763,484 1,635,610
O c to b e r.................................... 12,904,850 19,476,947 14,513,454 16.740,404 20,986,986 14.593,664
N ovem ber............................... 14,109,763 14,060,340 11,413,591 12,015,064 22,763,327 13,651,464
D ecem b er............................... 13,661,444 14,805,112 12,846,151 19,218,528 22,562,534 16,S17,615
T o ta l...................................131,235,995 149,179,591 164,249,177 201,S55,9S9 174,247,154 186,655,969




1867]

COM M ERCE

OP

NEW

YORK

1866,

FOR

67

EXPOETS OF FOREIGN FKEE.

January .......................... ........
February........................
March............................. .......
A pril...............................
M ay.................................
June...............................
A ugust........................... ........
Septem ber ......................
O ctob er ............................
N ovem ber......................
D ecem b er ........................ ........

$399,940
100,270

203,325
571965
60,868
'

75,474

T otal ............................ .........$2,154,947

$27,193
49,090
65,3S8
56,350
76.971
43,368
1,117,193
417,100
667,987
179,205
45,538
108,489

$73,111
43,880
213,685
74,949
103,337
49,380
77,232
90,815

$42,232
77,698
72,667
48,461
40,898
75,709
249,404
126,537
848,742
69,965
64,914
425,031

$105,421
74,793
307,221
57,544
54,500
35,417
28,236
45,045
64.003
33,235
109,155
24,165

$38,301
26,605
57,167
130,254
151,393
55,074
27,269
50,720
29,373
32,061
64,001
44,265

$2,853,848 $1,037,212 $2,142,458

$938,735

$706,483

$432,556
633,509
191,927
433,395
3 ’0,210
131,425
262,593
135,172
200,S54
2 2,072
208,091
238,606

$284,909
4OU, ,« j
320,165
654,019
759,857
606.255
401,724
226,786
306,244
186,108
268,600
551,657

56,534
55,555

EXPORTS OF FOREICiN DUTIABLE.

January .........................
February ..........................
M arch.............................
A p ril ..................................
M~ay........... .......................
J u n e ...............................
J u ly.................................
A u g u st...........................
September......................
O c to b e r ........................
N ovem ber ........................

........

$165,978
420,537

........

567,872

.......
........

260,866
176,581

........

404,514

. ...

T o ta l ............................ ........ $5,203,959

$149,493
20S,757
458,917
607,678
752,797
372,561
449,948
256,680
572,572
434,265
284,873
352,902

$668,275
610,009
758,266
375,224
602,254
298,067
448,601
231,774
238.972
850,614
383,948
458,575

$664,485
456,493
t»9,959
558,812
569,S88
1,282,218
5,137,460
2,231,782
2,460,138
1.104,299
1,126,059
1,632,502

$4,901,383 $5,425,579 $17,824,095 $3,440,410 $4,967,102

EXPORTS OF SPECIE AND BULLION.

January .............................. ........ $58,894 $2,658,274 $4,624,574 $5,459,079 $3,184,853 $2,706,336
February ........................... ........ 1,10' 926 3,776,919
3,065,664 3,015,367 1,023,201
1,807,030
March .................................
381,913
2,471,233 6,585,442 1,800,559
1,045,039
A pril ....................................
4.037,675 1,972,831 5,883,077
871,240
588,S75
May.................................
5,164,636 2,115,675 6,460,930 7,255,071 23,744,194
J une....................................
9,867,614 1,367,774 6,5*3,109 5,199,472 15,890,956
J u ly.................................
723,986
8,1 69,337 5,268,881 1,947,329
6,821,459
August...........................
3,600 3,713,532 3,445,261
1,001,813 1,854,398
1,587,851
September......................
3,085,919 3,480,385 2,835,308 2,494,973
834,550
Oc'tobe' . ..........................
6,707,519 6,210,156 2.5i7,121
2,516,226
1,493,4.0
N ovem ber......................
6,213,251
3,776,690
5.43S,363 7,267,662 2 046,180
D ecem b er......................
3,673,112 5,259,053 6,104,177 2,752,161
3,297,270
T otal........... ..................... $4,236,260 $59,437,031 $49,754,060 $50,835,621 $30,003,683 $62,553,700
TOTAL EXPORT S.

January.....................................$11,202,737$14,888,437 $19,693,358 $17,609,749
February.................................. 11,907,2*1 14,113,813 12,400,143 17,211,176
M a rch ...................................... 11,331,384 11,980,714 23,695,082 16,383,236
A pril.......................................... 11,709,679 12,703,797 14,004,940 19,754,062
M ay........................................... 11,782,695 15,832,097 16,002,780 21,682.200
June........................................... 12,067,031 20,332,375 16,495,293 25,887,531
J uly........................................... 10,028,000 23,684,915 21,092,787 33,585,866
A ugust...................................... 9,890,448 17,443,701 14,454,809 20,977,982
September................................ 10,178,846 19,061,471 15,492,518 21,739,826
O ctob er.................................... 13,172,452 26,797,936 21,219,549 20,431,789
N ovem ber....................
14,577,291 20,603,942 17,292,436 20,473.699
Decem ber................................. 15,124,445 18,939,615 18,619,334 27,410,438

$19,746,451 $22,814,543
16,774,008 19,002,547
14,799,626 24,713,856
8,582,897 23,899,970
15,513.346 36,937,067
13,446,116 26,153,374
13,536,061 19,307,928
16,235,474 14.511 361
45,523,314 12.805,773
23,788,469 16,275,283
25,126,753 17,750,755
25,577,766 20,710,807

T ota l.................................142,931,151 216,371,84 ! 220,465,031 272,648,163 208,630,2S2 254,886,254

The exports of specie through the year will be seen from the foregoing to have
been large, owing to the monetary disturbance in Europe and the consequent
return of United States bonds.
TOTAL

IMPORTS.

The imports for the year at this port have been very large, as our readers




68

com m erce

of

n ew

YORK

for

1866.

[J a n u a ry,

already have seen from our weekly tables; in fact the total is without prece­
dent, reaching the enormous sum o f three hundred and six millions o f dollars*
I t should be remembered also that this is the foreign gold value, without freight
or duty being added. There is reason, however, why the imports for the year
should reach so unusual a figure ; and it is to be found in the fact that this port
has been called upon to supply not only the usual portions o f the country which
draw their imports from this point, but to a very great extent the whole Soulfa.
F o r while there has been a large direct export of cotton and other Southern
staples from the South, as we have shown above, the imports have to a very
considerable extent passed through New Y ork.

In the following we classify

the total imports, giving separately the dry goods, general merchandise and
s p e cie :
FOREIGN IMPORTS AT NEW YORK.

1862
ry good s.................................. $56,121,227
en’ l mer’ d ise...........................
117,140,813
p ecie............................................
1,390,277
Total im ports....................

1863
1864
$67,‘<74,547 $71.5S9,752
118,814,219 144,270,386
1,525,811
*,265,622

1865
1866
$92,061,140 $126,222,855
130,5 7,998 170,812,300
2,123,281
9,578,029

$174,652,317 $ 87,614,577 $218,125,760 $224,742,419 $306,613,181

W e now give for comparison the previous years since 1851, classifying them into
dutiable, free, and specie.
Under the head o f dutiable is included both the
value entered for consumption and that entered for warehousing. The free goods
run very light, as nearly all the imports now are dutiable.
FOREIGN IMPORTS AT NEW YORK.

Year.
Dutiable
Free goods. Specie.
Total.
1851 .................................................................... $119,592,264
$9,719,771 $2,049,543 $131,361,578
1852 ..........
115,336,052
12,105,342
2,408.225
129,849,619
1853 ...................................................................... 179,512,412
12,156,387
2,429,083
194,097,652
1854 ....................................................
163,494,98415,768,9162,107,572 181,371,472
1855 ....................................................................... 142,900,661
14.103,946
855,631
157,860.238
1856 ...................................................................... 193,839,646
17,902,578
1,814,425
213,556,649
1857 ...................................................................... 196,279,362
21,440,734 12,898,033
230,618,129
185S...................................................................... 128,578,256
22,024.691
2,264,120
152,867,067
1859 ...................................................................... 213,646,373
28,708,732
2,816,421
245,165,516
1860 ...................................................................... 201,401,683
28,006,447
8,852,330
238,260,460
1861 ....................................................................
95,326,459
30,353,918 37,088,413
162,768,790
1862 ...................................................................... 119,970,415
23,291,625
1,390,277
174,652,317
1863 ...................................................................... 174,521,766
11,567,000
1,525,811
187,614,577
1864 ...............................................................
204,128,23411,731,902
2,265,622
218,125,760
1865 ...................................................................... 212,208,301
10,410,837 • 2,123,281
224,742,119
i860 ....................................................................... 284,033,567
13,001,588
9,57S,029
306,613,184

Below we give a detailed statement showing the receipts from foreign ports
during each month o f the year, for the last six years, both o f dutiable and free
goods, and what portion were entered for warehousing, and the value withdrawn
lrom warehouse :
IMPORTS ENTERED FOR CONSUMPTION.

1861.
January.................................... $8,178,837
F ebruary................................. 7,003,399
M a rch ....................................... 6,700,061
A p r il......................................... 5,393,S09
M a y .......................................... 2,889,588
J u n e ......... .............................. 1,825,563
J u ly ........................................... 3,200,663
A ugust.................................... 3,359,695
S eptem ber............................. 3,106,298
O c to b e r..............
3,638,580
N ovem ber................................ 4,614,982
Decem ber................................. 4,342,756

1862.
1863.
1864.
1865.
1S66.
$6,763,396$S,741 227 $12,422,618$5,217,495 $18,556,726
7,058,174 7,372.539 15,766,601 5,178,774 17,389,505
10,312,689 11,461,572 15,848,425 7,066.126 15,200,809
7,141,197 9,493,830 18.951,700 5,528,57c 13,366,448
8.091,120 7,980,281
7.531,300 6,592.157 13,563,551
7,278.953 6,328,581
5,513,9S5 8,542,271 10,682,723
13,799,505 9,080,210
6,3*2,928 10,175,820 14,304,403
10,289,427 10,004,580
6,603,653 15,903,743 14,560,161
11,800,711 11,203,535
4,390,114 16,748,595 13,228,489
8,462,554 11,885,569
3,770,526 16,357,282 13-812,206
6,565,185 10,326,929
3,363,359 16,655,764 10,688,544
6,831,073 10,498,576
4,443,542 14,500,606 8,447,064

T otal................................ $54,254,231 104,483,984 114,377,429 104,988,811 128,467,155 163,800,629




186V]

COM M ER CE

OF

NEW

YORK

FOR

1866.

69

IMPORTS ENTERED WAREHOUSE

January..................................... $8,560,(180 $8,141,725 $4,482,704 $5,571,986 $4,510,225 $10,241,576
February.................................. 3,751,673
3,370,486 3,657,775 4,991,898 6,568,127 11,626.677
M a rch ...................................... 3,084,187
4,841,846 6,016,901 0,641,408 7,872,555 9,539,100
A p r il........................................ 4,117,678
3,853,218 6,456,208 6,905,540
7,448,371 10,159,657
May........................................... 5,842,313
4,600,920 5,437,404 14,727,176 5,288 049 13,902,407
J u n e ......................................... 3,245,504
3,874,127 5,377,885 16,906,964 7,123,792 10,957,050
J u l y .......................................... 1,769,636
4,502,764 6,057,342 14,954,635 7,845,947 11,301,274
A ugu st.................................... 2,660,457
2,939,721 4,409,S91 10,437,478 7,553,260 8,123,496
September................................ 1,390,766
4,351.084 3,431,310 6,258,568 4,936,209 7,817,045
October ................................. 2,082,381
3,689,806 4,189,457 5,332,928 5,903,993 8,113,860
N ovem ber...................
2,150,561
2,108,009 4,956,415 4,160.532 9.1S4.116 8,345,850
December................................ 2,346,887
4,212,725 5,676,955 4,250,862 10,506,502 10,105,018
Total................................. $41,072,228

45,486,431 60,144,337 99,189,425 S3,741,146 20,232,938

IMPORTS OP FREE GOODS.

Jan uary......................................$2,825,665 $2,552,050 $2,413,649
February................................... 2,312,563 3,281,473
783,561
M a rch ....................................... 2,873,697 3,476,00-1 1,828.806
A p r i l ......................................... 3,351,905 2,232,315 1,328,216
M a y ........................................... 2,730,568 1,410,093
710,021
June........................................... 2,191,513 1,122,092
781,053
J u ly................................
2,972,054
1,831,931
683,880
A u g u st...................................... 1,816,124
982,992
509,781
Septem ber................................ 1,577,885 1,784,804
786,854
October..................................... 2.163,452 1,004,870
741,888
N ovem b er................................ 1,964,644
1,526,496
665.207
December.................................. 2,574,248
1,950,504
834,074

$841,050
797,788
1,072,849
1,025,517
1,056,576
1,258,634
917,694
936,472
832,557
855,079
911,976
1,125,718

*840,129 $1,238,757
620,'63 1,504,253
880,450 1,179.177
961,026 1,152,683
818,818
959,416
953,226 1,002,330
886,431
899,549
836,533
931,877
795,468
810,082
795,508 1,471,951
1,159,248
873,514
913,937
947,999

T otal.................................$30,353,918 $23,291,02, $11,567,000 $11,731,902 $10,410,837 $18,001,583

Januarv .................. ...............$7,262,229
February................. ............... 2,274,0(17
M arch....... ........... ............... 5,516,406
A p r il........................ ............... 1,958,001
M a y .......................... ............... 3,480,812
J u n e ........................
J u ly .......................... ............... 6,996,498
A u g u st.................... ............... 1,049,552
■September...............
O c to b e r ..................
N ovem ber............... ...............
908,825
D ecem b er...............
T otal....................

$163,568
62,007
89,327
26,152
110,388
61,023
219,001
92,703
121,318
256,676
109,708
78,316

$101,906
213.971
128, Cl 6
107,061
197,217
109.997
182,245
113,877
78,231
78,053
103,144
116,493

$141,790
88,150
104,437
285,814
660,092
146,731
128,052
245,858
58.220
129,775
161,727
114,976

$1,390,277 $1,525,811

$52,268
106,904
243,242
236,492
377,085
236,032
253,640
182,072
194,224
77,942
236,526
127,054

$52,771
172,122
285,864
161,817
393,073
94,549
345,981
5,193,473
1,434,158
802,937
352,093

$2,123,281

TOTAL IMrORTS.

January.................................. $26,872,411 $12,620,829 $15,739,576 $18,977,394
February.................................. 16,341,727 13,872,140 13,027,846 21,643,937
M arch....................................... 18,204,351 18,719,866 18,39C,895 23,667,119
A p r il......................................... 14,886,393 13,252,882 17,385,315 26,168,631
M a y........................................... 14,949,281 14,248,521 14,324,925 23,970.144
J u n e ........................................ 12,649,733 12,336,195 12,597,516 23,920,314
July ....................................... 14,938,8^1 20,353,002 16,003,677
A ugu st....................................... 8,885,928 14,304,843 15,038,129 18,223,463
Septem ber................................ 7,305,461 18,047,917 15,499,940 10,539,459
O c to b e r .................................... 8,523,741 13,413,906 16,894,967 10,088,308
N ovem ber................................. 9,639,012 10,309,398 16,045,695 8,597,595
D ecem ber................................. 9,616,921 13,072,618 17,126,098 9,935,098

$10,620,117 $30,109,830
11,473,668 30,092,567
16,012,373 26,204,940
14,174,464 24,840,605
12,876,109 28,818,447
16,855,321 22,736,652
19,161,838 26.851,187
24,475,608 23,884,665
22,674,496 27,079,089
23,134.075 24,832,184
27,235,651 20,710,854
26,048,099 19,852,174

T ota l............................... 102,768,790 174,652,317 187,014,577 218,125,760 224,742,419 306,613,184

J an uary...
February .
M arch........
A p ril.........
M ay...........
J u n e ........
J u ly ...........

August__

September
October . . .
N ovem ber.
Decem ber.
Total.




$2,543,273 $4,856,252 $2,881,531 $4,950,418
5,781,728 3,466,641 2,499,127 5,285,680
5,817,144 3,333,567 3,456,530 5,215,983
1,761,245 4,405,410 4,132,633 14,183,873
1,606,864 3,700,232 9,794,773
659,869
1,963,842 5,054,106 8,830,887 2,544,914
6,622,454 6,102,033 4,227,265 3,386,873
2,614,052 2,386,604 6,429,421 7.867,843
2,938,464 2,715,680 6,942,561 6,852,329
2,518,080 3,103,388 4,858,612 5,594,138
1,987,626 1,914,98:1 4,084,183 5,828,884
3,561,887 1,282,908 3,7 4,294 5,400,974

$7,424,388
7,666,543
7,844,644
8,640,260
9,450,597
8,907,431
9,1184,242
10,530,593
11,091,194
8,789,838
4,249,381 6,126,72.
8,636,662 4.564.836

5,673,619
5,79.5,512
7,880,008
10,277,170
6,346,958
8,612.411
9,661,136
8,042,603

39,717,259 41,563,754 50,851,167 67,480,77880,524,343 100,241,282

10

com m erce

of

se w

york

fo r

1866.

[J a n u a ry,

Below we give in detail the receipts for customs at New York each mouth
of the last five years :
RECEIPTS FOR CUSTOMS AT NEW YORK.

1S62
1863
1864
1865
1866
January........................................$3,351,657 22 $4,127,906 82 $6,180,536 00 $4,231,737 47 $12,437,47416
February.................................... 3,565,063 83 3,590,713 97 7,474,027 93 4,791,247 10 12,008,27374
M arch.......................................... 4,026,862 86 4,554,400 13 7,679,770 47 5,392,099 26 11,173,15492
A p r il...................................... 4,149,952 36 8,957,197 57 13,982,555 60 6,309,994 34 10,950,896 78
M a y........................................ 4,784,924 62 3,873,865 42 3,855,186 46 8,133,433 06 11,418 492 10
J une........................................ 4,064.927 19 3.738,934 06 3,311,148 43 7,837,075 84 9,559,8 8 38
J u ly ......................................... 7,211,817 68 *,912,718 49 3,586,848 44 9,778,276 65 11,507,186 60
A u g u s t.................................. 4,762,531 54 7,296,735 58 6,237,364 17 13,113,689 50 12,349,760 82
September............................. 5,239,045 50 7 270,543 65 4,084,492 64 12,929,615 64 12,284,144 66
O ctober.................................. 4,309,419 87 6,238,943 46 3,670.188 38 10,973,513 01 11,002,048 08
November............................... 3,003,270 23 5 075,846 24 3,455,156 53 9,933,483 96 7,716,883 67
D ecem ber............................... 2,664,593 82 5,248,189 03 3,440,852 67 8,340,750 87
5,707,547 99
T otal.................................... 52,274,116 75 58,886,054 42 66,937,127 51 101,772,905 94 128,079,76160

The total custom receipts for the year amount to §128,079,761, as given in above
table. This is a large increase over previous years, and probably larger then
it will be for some years to come.
D R Y GOODS IMPORTS FOR

1866.

In the foregoing we have classified the imports, showing that the total dry
goods amounted to §126,222,855. We now give a detailed slatemeut of thi diy
goods imports, showing the description of goods and the relative totals for the
previous five years :
IMPORTS OF DRY GOODS AT NEW YORK.

Description
o f goods.
1862.
1863.
1864.
Manufactures—
W o o l......................................................... $25,718,592 $29,703,956 $31,411,965
C otton.....................................................
8,501,612
7,913,957 8,405,245
S ilk.......................................................... 11,568,807 15,534,469 16,194,080
F l a x ........................................................
7,666,946 10,381,059 11,621,831
Miscelian ons dry g o o d s ........................
2,665,370
3,731,106 3,956,630

1865.

1866.

$36,053,190 $50,405,179
15,449,054 21,287,490
20,476,210 24,837,734
15,521,190 420,456,870
4,561,586 9,235,582

Total im ports.....................................$56,121,227 $67,274,547 $71,589,752 $92,061,140 126,222,285

The increase this year has been pretty evenly distributed among the different
classes of goods. We now give a summary of the imports each month, from which
can be seen the course of the trade throughout the year. The returns for the pre­
vious four years are added :
TOTAL IMPORTS OF DRY GOODS AT SEW YORK.

1862.
J annary...............................................$2,965,952
February
............... .............
5,344,514
March.............................
A p r il...............................
May ............................. .................... 2,944,483
June...............................
J u l y ...............................
A u g u st..........................
September..................... .................... 6,185.193
O ctooer......................... .................... 8,865,798
N ovem b er....................
December....................... .................... 8,406,405
T ota l........................

1S63.
$5,2* 0,181
5,027,857
9,204,581
4,384,007
3,612.511
2,901,423
4,713,365
8,316,878
5,892,712
6,509,783
6,071,208
5,371,041

18*4.
$8,184,311
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
1,558,567

1865.
$2,350,635
>,723,690
5,324,509
3,969,706
3.931,468
5,443,062
7,226,238
13,462,265
11,198,257
12,187,331
12.657,937
10,586,951

1S66.
$15,769,091
16,701,578
15,833,273
7,336,564
7,299,112
6,775,244
10,727,463
14,870,338
9,175,675
8,48 -,550
7,259,236
5,989,731

$67,274,547 $71,589,752 $92,061,140 $126,222,855

The above statement shows that about two-thirds of the imports for the year
were during the first six months. As our readers may be interested in seeing the




1867]

71

TH E PR E S ID E N T A N D F R E N C H C O N F E D E R A T E C R U IS E R S .

totals for the anterior period, we annex the following, showing the total imports
of drygoods at this port each year since 1849 :
IMPORTS OP FOREIGN DRY GOODS AT NEW YORK.

Invoiced value.
1855. ....... $04,974,062
1856 .......
93,362,893
1857..........
90.534,129
1858. .. ..
60,154,509
3S59.
I860. ........ 103,927,100

Invoiced valne.
l? 6 t ......... $43,636,689
1862 .........
56,1 1,227
1863 .........
67,274,547
1864
71.589,752
1865 .........
92,066,140
1860......... 126.222.5S5
.

Inyoiced value.
1849 ................ ...................... $44,435,575
1850 ................ ....................
60, 100,371
62,840,731
1851 . . . ......... ....................
1852 ................
1S53................
1S54................

ACTION BROUGHT BY PRESIDENT JOHNSON FOR DAMAGES BY FRENCH
CONFEDERATE CRUISERS.
The Paris correspondent of the Liverpool Express, under date of Dec. 31.
gives an account of a law suit of very great interest, which was heard on the
preceding day in a preliminary stage, before the Civil Tribunal of the Seine
presided over by M. Benoit Champy. The plaintiff is Andrew Johnson, Pre­
sident of the United States ; and the defendants are M. Arman, the great ship­
builder of Bordeaux, a member of the Corps Legislatif, and others. The cir­
cumstances of the case fully appear from the declaration filed by the President
of the United States, which is as follows :—
whereas in the course of the year 1861, several States belonging to the Re­
public of the United States of America took up arms against Federal author­
ity, and attempted to form a separate confederation under the denomination of
the Confederate States of the South ; and whereas the French Government did,
it is true, recognize the said states as belligerents by an Imperial declaration
published in the Monileur Universel, of June 30,1861; but whereas the said
declaration positively prohibited French citizens from taking any part whatso­
ever in the manning or arming of any ship of war or privateer belonging to
either party, and moreover strictly enjoined all French subjects to refrain from
any act whatsoever which, in violation both of the laws of the Empire and of
the law of nations, might be considered as a hostile act towards either party
and contrary to neutrality ; and whereas in defiance of the precise terms of the
above declaration, and of the various laws on which it was grounded, and at the
risk of most seriously compromising French neutrality, a joint-stock company
for the purpose of supplying vessels of war to the so called Confederate States,
was formed in France under the inspiration and direction of the defendant Ar­
man of the one part and the defendants Voruz, Joilet, Babin, Dubigeon and
Mazeline, of the other part; and whereas by verbal conventions agreed upon in
Paris on April 15, 1863, M. Arman contracted with one Bullock, a confederate
agent, as weil to build in his own docks two ships of war for the Confederate
States as to obtain from MM. Yoruz, Joilet, Babin, Dubigeon and Mazeline a
contract for the construction of two other similar ships ; and whereas the price
of the four ships aforesaid was fixed at l,800,000f each, or 7,200,000f in all, the
money to be payable in Paris ; and whereas it being impossible that these con­
tracts could be otherwise than provisional so long as permission for the sailing
of these armed ships was not obtained, M. Arman did, on June 1, 1863, solicit




72

TH E P R E S ID E N T A N D F R E N C H C O N FE D E R A T E C R U ISE R S.

[JaUUarxj,

the Minister o f Marine for permission to take away the ships aforesaid, armed
with from 12 to 14 guns, alleging that they had been ordered o f him for the ac­
count of a foreign merchant, who wanted them for a mercantile packet service
in the Pacific and Chinese seas, and who moreover looked forward to the possi­
bility o f selling them as ships o f war to China or Japan ; and whereas the
Minister of Marine, deceived by the above false and fradulent allegation, grant­
ed the permission required on June 6 ; and whereas, on the very same day, on
the ministerial authorisation being communicated to him, M. Flisell [Qy.? Sli­
dell], who assumed the quality o f Confederate envoy in Paris, confirmed the
contract which had been made by Bullock on the preceding lo th o f A p r il;
and whereas three days after this ratification, and on June 9, M. Erlanger, a
banker in Paris, and a financial agent for the pretended Confederate Govern­
ment. undertook for a commission o f 5 per cent, to guarantee M. Arman the
payment o f the first two-fifths o f the stipulated price for the four ships; and
v/hereas the adhesion o f M M . Y oru z & Co. to the verbal convention o f A pril
IS was obtained by M. Arman ; that Arman and his co-defendants received ac­
cordingly, in the course o f the year 1803, at least two-fifths of the price, i. e.
2,800,000f.; and whereas the French Government being informed by the Am eri­
can Government o f the real destination o f the four ships aforesaid, did, in O c­
tober, 1863, expressly withdraw the permission which had been obtained from it
by fraud and surprise, and upon the faith o f which alone the payments on ac­
count aforesaid were made to Arm an aDd bis co-defendants ; and whereas it ap­
pears from the facts above stated, that Arman and his co-defendants are now
holders, without any lawful right or title, o f the sums o f money handed to them
in pursuance of an illicit contract, and which sums they ought to refund ; and
whereas the Government o f the United States is the only party entitled to call
for the restitution o f the sums o f money aforesaid : and whereas Arman and
bis eo defendants having acted in bad faith in receiving the sums aloresaid, are
bound to refund the same with interest; and whereas the said defendants have
by their conduct done most serious damage to the United States, and in par­
ticular did, so far as depended on them, prolong the duration o f the rebellion by
contributing to accredit the belief that the French Government favored the
cause o f the Southern States, and was even about to recognize in them a dis­
tinct national.ty ; and whereas the Government o f the United States is, there­
fore, justified in sueing the defendants jointly and severally for reparation for the
damage done as aforesaid , and whereas the sum o f 2,800,000f., with interest,
can only be considered an extremely moderate estimate o f the damage so caused
— May it please the court to condemn the said defendants to pay the Govern­
ment o f the United States the sum o f 2,800,000f., with costs o f suit, and with­
out prejudice to any further claim for damages, or for larger sums which they
may be proved to have received on account o f the said ships.
The interlocutory motion made by the counsel for the defendants, was
(savs the correspondent) one simply o f course that President Johnson, as a
foreigner sueing in a French court, should give proper security for costs (judica-

turn solvi is the French term) in case o f his losing the action.

The only ques­

tion before the court was what that amount should be, and upon this the esti­
mates o f counsel on either side differed widely.




On the one part it was con­

1807]

C O M M E R C IA L

C H R O N IC L E

AND

R E V IE W .

tended that registry dues for the transfer o f the various ships in question which
had been sold ought to be provided for by the caution m on ey; while, on the
other, it was said that these dues, being incurred subsequent to a fradulent trans­
action, could in no event whatever be charged to the United States, and that it
would be a great libel on the assumed cheapness o f French law to fix the se­
curity for costs at more than 5,000 francs. The court, however, gave the de­
fendants the utmost sum they asked for, and “ condemned” Andrew Johnson—
condemned being no doubt the matter-of course and appropriate word— to pay
150,000 francs (§30,000) into court.

PRUSSIAN NAVY.

A ccordin g to the publication which has been made in Germany, the merchant
navy o f the new Confederation, o f which Prussia is the head, will be composed
as follow s:—
N o . o f V essels.
P r u s s ia ................................................................................................................. 1,065
H a n o v e r ...............................................................................................................
924
S c h le s w ig -H o ls t e in ......................................................................................... 2,637
>1 e c k le n h u r g -S c h w e rin .................................................................................
418
O ld e n b u r g ...........................................................................................................
650
H a m b u r g .............................................................................................................
530
B r e m e n .................................................................................................................
208
L u b e c k ...............................................................
45
7,077

T on n age.
382,394
123,378
151,767
151,992
66,678
238,140
200,800
15,570
1,336,719

In reality the total is rather larger, the figures here given being only o f the year
1863 for Hanover, o f 1862 for Schleswig-Holstein, and o f 1864 for other
countries. The difference, however, cannot be great. The Germans give the
following as a comparison

o f the mercantile fleet o f the Confederation with

those o f other countries# The figures are not, perhaps, quite exact, but they
are sufficiently so for the purpose s ou g h t:—
N o . o f V essels.
E n g la n d .................... .. . . » .................................
P ru ssian C on fed era tio n ................................
F r a n c e ................................................................
Ita ly (in clu d in g V e n e t i a ) .............................. ..................................... .
H o ll a n d ................................................................
A u stria (w ith o u t V e n e tia )............................ ........................................

17,911
8,132

T onnage.
5,328,073
5,726,081
1,336,719
985,235
718,561
510,152
300,525

I t thus appears that in tonnage the new Confederation occupies the fourth
rank in maritime states, and that it is already superior to France.

COMMERCIAL CHRONICLE AND REVIEW.
B u sin ess fo r D e ce m b e r .—R a te o f In te r e s t.—S p e cu la tio n in G o ld .—C o u rse o f G overn m en ts.—
C on sols and A m erica n S e cu ritie s at L o n d o n .— C o m pou n d In te re st N o te s — C ou rse o f E x ­
c h a n g e .—M ovem en ts o f T reasu re, & c.

The course o f business during December has been unsettled and irregular.
An

currency to the South, connected with speculative tampering

with the money market, have produced a partial stringency in the money
V O L . L V I .-----N O . I .




5

74

C O M M E R C IA L

C H R O N IC LE

AND

[January,

R E V IE W .

market, and the prices o f securities have consequent^ generally declined.

The

rate o f interest has ranged at 7 per cent., and in some instances a commission
additional has been paid.

The high rates paid for demand loans have naturally

checked the disposition to invest in business paper, and discounts o f prime bills
have ruled at 7@ 8 per cent. Owing to the release, at the close o f last week,
o f a considerable amount o f greenbacks held out o f circulation through a
system o f hypothecating them, to aid speculations for a decline in stocks, the
month closed with easier symptoms in the money market, but the rate o f inter­
est was maintained at 7 per cent, up to the close.
The following are the rates o f loans and discounts during the month :
BATES OF LOANS AND DISCOUNTS.

Dec. 7.
Call loa n s.................................................. .
Loans on Bonds and Mortgage............... ........ 6 @ 7
A 1, endorsed bills, 2 m o s ..................... ........ 6 @ Good endorsed bills, 3 & 4 mos............. .........e i @ 7 i
“
“
single names..........
Lower grades ............................................

Dec. 14,
6 @ 7
6 @ 7
6 }@ 6 }@ 7
7 @ 8
8 @10

Dec. 31.
6 @ 7
6 @ 7
6J@ - @ 7
7 @ 8
8 @10

Dec. 28.
7 @ 6 @ 7
7 @ 7 @ 8
8 @ 9
9 @10

Gold speculation has been unusually active, the transactions having probably
equalled the most active months during the w*ar.

The course o f the premium

has been steadily downward. The price opened at 1414, and on the 27th
touched 1 3 1 }, a fall of 1 0 } points. The largely oversold condition o f the mar­
ket induced, during the last week o f the month, an active demand for covering
“ short” contracts, and the price closed at 1 3 3 }.

The following comparison will

show the course o f the premium during December :

o

02

bfl
S

S a tu r d a y ........................ 1 141% 141% 140% 141%
M o n d a y .......................... 3
T u e s d a y .......................... 4
W e d n e s d a y ....................5
T h u r sd a y ........................ 6
F r i d a y .............................7
S a t u r d a y ........................ 3

D ate.

02

•m
S

L o w e st.

a
a>

O pen i’ g

D a te.

C losing.

to

L o w e st.

COURSE OF GOLD AT NEW TORE, DECEMBER.
«c
3
o
5

T h u rsd a y .......... ........ 20 130% 136% 134% 134%
F r id a y ................ . . . 21 134% 134% 133% 133%

U1H 141% 140% 140% Saturday............ ........ 22 133% 133% 132% 133%
140X 141%
u o ? a 140%
m x 139%
138% 138%
138% 138%

140%
138%
138%
138%
137%

137%
137%
138%
137%
138
137%

137
130%
137%
137%
137%
137%

M o n d a y .......................... 10 13 7 #
136%
138as
W e d n e s d a y ....................
T h u r s d a y ........................ 13 137%
F r id a y .................
. . . 1 4 138
Saturday..........................15 137%

140%
139
138%
133%
137%

........ 23
. . . . 24 133% i33% 133).' 133
(Christm as D ay.) %
........ 25
........ 26 133% 133% 131/s 131
131% 132% 131% 132%
........ 28 132% 133% 132*; 133%
........ 29 133
134% 133>6 131%
........ 30
M o n d a y ............ ........ 31 134 134
133% 133%

M o n d a y ............
T u e sd a y ............
W e d n e s d a y ....
T h u r s d a y ..........
F r id a y ...............
Saturday............

137
137%
137%
137%
137% D e c . . .
“
137%
“
“
M on d a y ............................17 137% 138%' 137% 138%
“
T u e s d a y .......................... 18 138% 138% 137% 137%
“
W e d n e s d a y .................... 19 137% 137% 130% 136%

.1S66___
1 8 6 5 ....
1 8 6 4 ....
1 8 6 3 ....
1862 . . .
1 8 6 1 ....

131% 133%
144% 145

141%
148
228%
148%
130%

141%
148%
243%
153%
134

148% 151%
128^ 133%

100

1 00

100

212% 226

100

The decline in gold has materially affected the value o f Government securities
The price o f Five-twenties on the 1st was 10 8 }, or equal to 7 6 } gold ; and on
the 28th 1 0 5 }, equivalent to 8 1 } gold ; so that although there has been a fall
in price o f only 3 } during the month, yet the gold value o f the bonds has im ­
proved 4 }. The price o f F ive twenties abroad has advanced, in sympathy with




1867]

C O M M E R C IA L

C H R O N IC L E

AND

75

R E V IE W .

this improvement in the gold value o f 1he bonds, though not to a corresponding
extent— the price having opened at 70-J-, while the highest price reached was
72J, a rise o f 2 f per cent. This improvement in the value o f bonds abroad is a
gratifying evidence o f the growing favor with which our securities are regarded
by foreign investors. The following comparison show3 the price of United
States securities on each day o f the month :
PRICES OP GOVERNMENT SECURITIES, DECEMBER, 1866.
D ay o f m on th .
Saturday
1 ..................
Sunday
2 ..................
M on d a y
3 ..................
T u esd a y
4 ..................
W ed n esd a y 5 ...................
T h u rsd ay
6 ..................
F rid a y
7 ..................
Saturday
8 ..................
M on day
1 0 ..................
T u esd ay
1 1 ..................
vv ednesday 1 2 ..................
T h ursday
13..................
F riday
14..................
Saturday
15..................
Sunday
16..................
M on d ay
1 7 ................
T u esd ay
18..................
W edn esda y 19..................
T h u rsd ay 2 0 ..................
F riday
2 1 ..................
Saturday
2 2 ..................
Sunday
23..................
M onday
24
..........
T u esd ay
25..................
W ed n esd a y 26..................
T h ursday
27..................
F rid a y
28..................
Saturday.. .29..................
Sunday . . . 30..................
M o n d a y ...

..

/— 6’ 8,1881.— *
C ou p.
R eg.
13
........

..1
..
..

..

.

3

........

io «%

107”

108%
108^
........

108%
107%

106%

113
113

11%

H 2%

.

I ll*

..

110 %

..

110 %

..

11()%
110 %

100
100 %
100 %

........

108%

io o %

::::

107%
107%

100

107%
107%
' 107%
10 S X

99%
. ...
106

107%
107%
107%
106%
106%

106%
106%

113

99%
99%
99%

99%

1' 5%
105%
105%
105%
105

« ...

105%

99%

105%
105%
105
101 %

99
99
99%

104%
104%
104

100
100

99%
99%

105%

(C hristm as D ay.)
105%
105
105%

109
109
105%
105%

108%
108%
105
106%

99%
99

99%

106%

F ir s t ..........
H ig h e s t . . .
L o w e s t ___
L a te s t........

105%
105%
106%

108^

112

..... ..

/—5’ s, 10-40 y r s .—, 7-30’ s.
C ou p.
K eg.
1S67.
99%

113%

.. 112%
■ 112 %
.

/—6 ’ s, 5-20
C ou p.
108%

107
107
106%
106%

100
100 %

99
99%

io 5 %
99%
99%
99
99%

105%
105%
104
105%

Illinois Central and Erie stocks have advanced at London to an extent about
equivalent to the decline in gold ; the former opening at 77 and closing at 80
and the latter opening at 451, advancing to 4 8 f, and closing at 46J. The fol­
lowing are the quotations for American securities at London, and for consols :
COURSE OP CONSOLS AND AMERICAN SECURITIES AT LONDON —DECEMBER, 1866.

Cons A m . securities
for U .S . Tll.C. E rie
m on. 5-20s sh’ s. shs.

D ate.
Saturday................
S un day....................
M o n d a y .......... ..
T u e sd a y .................
W e d n e s d a y ........
T h u r s d a y ..............
F r i d a y ....................
S atu rd a y................
S un day....................
M on d a y ..................
T u e sd a y .................
W ed n esd a y............
T h u r s d a y ..............
F r id a y ..................
Saturday ................

....
....
....
....

1
2

3
4

.... 7
.... 8
... 9
. . .11
....1 2

. .. .1 3
....1 4

___ 16
M o n d a y .................. ...1 7




D ate.

|Cons A m . secu rities.
U .S. UI.C. j E rie
'm on. 5-20s sh ’ s. Ish’ s.

I for

T u e sd a y.................. ... .1 8 89% 71%
W e d n e s d a y .......... . . . . 1 9 89% 71%
89% 71%
s s % 70 % 76% 45% T h u r s d a y ..............
90
'12%
X8 V 70% 77% 4«% F r id a y ....................
S
atu
rda
y................
S9%
72%
8S% 70% <7^ 46%
S u n day................... . . . . 2 3
77% 47
8 8 % 71
(llo li
83% 71
77% 46% M o n d a y ..................
88 % 71
7 7 * 46% T u esd ay.................. . . . 25 (Chri stm a
W e d n e s d a y ..........
90
72%
72%
T h u r s d a y .............. . . . . 2 7 90
88 % 71
77% 47
.
.
.
.
2
8
90% 72%
F
r
id
a
y
..................
88 % 71
77% 4 7 ^
88 * 71
77% 47% S a t u r d a y ............ . . . . 2 9 90
72%
88 % 71% 77%' 47% Sunday ..................
88=1 71% 77 % 47% M o n d a y .................. . .. .3 1 89% 72%
—
—
88 % 71% 77% 47%
89%

70%

77

45%

78
77%
78%
78 ^
79

clay.)
s Da y.)
78% 46%
78% 46
79% 45
79% 45
80%
—

90% 72% 803^

89

71%

77%

47%

L o w e s t................................

8 S%

70%

47%
48
4!)
48%
46%

76%

46%
49
45

c o m m e r c ia l

c h r o n ic l e

and

r e v ie w

[ J a n u a ry ,

.

The following are the closing quotations o f the leading stocks on Friday o f the
la s t seven w eek s :
N o v . 23.
C u m b erlan d C o a l..............
(Q u ic k s ilv e r ........................
» nnton C o ............................
M ariposa p r e f ....................
N ew Y o r k C en tra l............
K r i e ........................................
H udson R i v e r ....................
R e a d in g ................................
M ichigan S o u t h e r n ..........
M ichigan C en tra l..............
C leveland and P itts b u r g .
C levelan d and T o l e d o ___
N o r t h w e s t e r n ....................
“
p r e fe rr e d ..
R o c k I s la n d .........................
F o r t W a y n e ........................
Illin o is C e n tr a l..................

N o v . 30.

66

46
45X
24X
109%
72)4

44)4
27
113
71X

122

112X
84X

liiX
81)4
112)4
&5
113)4
45
73
104%
105)4
119

111

83)4
112

41)4
70)4
102X
103
119

D e c. 7. D e c. 14. D e c. 21.
65)4
65X
44
48)4
45X
46
46
45)4
31X
30 X
Six
110)4
110)4
11 OX
69
71)4
71)4
122X
nox
109% x .d . 103%
nox
80%
7» X
81X
112 x . d. 107X
110X
90%
85X
84 X
124X
H 2X
113X
47
51X
5 4X
7SX
7 0X
76X
103%
103%
102 )g
105
104%
104)4
128X
117X
ilex

D e c. 28.
SI
44X
4 OX
S IX

nox

68)4
123X
105)4
82X
108
87X
124%
44X
80
103%
107%
118X

Jan. 4*
45
49
32
110 %
67%
132
104)4
82)4
107)4
S8 X
124)4
45X
82
103X
104X
121

The quotations for Three-years Compound Interest N otes on each Thursday o f
the month have been as follows :
D e c. 6 .

Issu e o f —
J u n e , 1S64.
Ju ly, 1864.
A u g. 1864.
O ct. 1864.
D ec. 1864.
M ay, 1865.
A u g ., 1865.
Sept., 1865.
O ct., 1865.

ii6% @ iio%
115% @116%
11 5 % @ U 5 %
114%@114%
113%@113%
in % @ iii%

no%@no%
110 % @ 110 %
109% @109%

D e c. 18.
116%@116%
115%@116
115% @115%
114% ®114%
113% @113%

D e c. 20.
316% @116%
115% @ 1I6
115% @115%
114% @114%
113% @113%

D e c. 27.
116 @ 116%
115% @115%
115 @ 115 %
114 @ 114 %
113 @ 113 %

111%@112
110%@111

111 % @ 111 %

111% @ 111%

110% @110%
110 @ 110%
109%@110

@ 110%
109% @109%
109% @106%

110 @ 110%
109% @110%

110

The course o f foreign exchange has been unusually steady, prime bankers’
sterling have ranged at 1 0 9 @ 1 09 f

The remittances o f importers have been

quite im portant; but the increased exports o f cotton have sufficiently supplied
the market without recourse being had to exports o f specie, although some
moderate shipments o f gold have been made. The following comparison shows
the rates for foreign bills on each day o f the past month :
COURSE OF FOREIGN EXCHANGE FOR DECEMBER AND TEAR 1866.

D a y s.
1 ................................

2
3
4
5

L on don.
P a ris.
A m sterd am .
B rem en .
ce n ts fo r
ce n tim e s
c e n ts fo r
ce n ts fo r
54 p e n ce .
fo r dollar.
florin.
r ix daler.
10 9 X 0 1 0 9 )4 5 1 8 X 0 5 1 3 )4
41
@ 4 1 # 78% © 79X

H a m b u rg .
B erlin .
c e n ts fo r
c e n ts fo r
M . b a n co .
tbaler.
3 6 X 0 3 6 X 72 @ 7 2 #

.....................................................................................................

............................. 1O 9X01O9X 5 1 7 X 0 5 1 3 )4 4i
@ 4 1 )4 79 © 7 9 X
3 6 X @ 3 6 X 72 @ 72)4
............................. 1O 9X01O9X 515 @ 513)4 4 1 X 0 4 1 )4 79
© 79X 36X 036X 72X 072X
............................. 1 09 X 010 9)4 517 )40 513)4
4 1 X 0 4 1 X 79 @79)4'
3 6 X © ?6 X 72 @ 7 2 )4
6
............................. 109)4@109% 515 @ 513)4 4 1 X 0 4 1 X 79
@ 7 9 )4 3 6 X 0 S 6 X 72)4@ 72)4
7
............................. 109 @ 109)4 517)4@515
4 1 X 0 4 1 X 79 © 7 9 X
3 6 X 0 3 6 )4 7 2 X 0 7 2 X
8
............................. 109 @ 109)4 518)4@513)4 41
© 4 1 )4 7 8 X 0 7 9 X
3 6 X 0 3 6 X 72 @ 7 2 )4
9
.....................................................................................................................................................................................
10
............................. 1 0 9 x @ 1 0 9 )4 518)40513)4 41
@ 4 1 )4 7 8 X 0 7 9 X
3fi)4® 36)4 72 @ 7 2 )4
11
............................. 109X@109>4 515
@ 512)4 4 1 X 0 4 1 X 79
© 7 9 X 3 6 X 0 3 6 X 7254@72)4
1 2 .............................
1U 9X@ 109X 515 0 5 1 2 X 4 1 X 0 4 1 X 79
@ 7 9 )4 3 6 X 0 3 6 X 7 2 X 0 7 2 )4
13 ............................. 109)4@109)4 515
@ 512)4 4 1 )4 0 4 1 )4 79
@ 7 « !4 3 6 X @ 3 6 X 7 2 X 0 7 2 ) .
14 ............................. 109X@ 109)4 517X@51.D 4
4 1 X 0 4 1 X 79 @ 7 9 )4
3S% @ 36)4 72)4@72>4
15 ............................. 109)4@109)4 51 7 X 0 5 1 3 )4
41
@ 4 1 X 7 8 X @ 7 9 )f
3ti)4@36)4 72 @ 72)4
16 ......................................................................................................................................................................................
IT .................................. 109)4@109)4 517)4@513)4 41
@ 4 1 )4 7 8 )4 @ 7 9 X
3 « X @ 3 6 )4 72 @ 7 2 )4
18 ............................. 109)4@109)4 518)4@517)4 41
@ 4 1 )f 7S X @ 79X
? 6 X @ 3 6 )4 72 @ 7 2 )4
1 9 ............................. 10 9 X 0 1 0 9 )4 516X @ 515
41X 041X 78X 079X
3 6 X @ 3 6 X 72 @ 7 2 X
2 0 ............................. 1 0 9 X 0 1 0 9 % 5 1 6 X 0 5 1 5
4 1 )4 0 4 1 )4 7 9 X 0 7 9 X
3 6 X 0 3 6 )4 7 2 X 0 7 2 )4
-21 .................................. 108)40109
517X0516X
4 1 )4 0 4 1 )4 7S X @ 7 9
3 6 X 0 3 6 X 72X @ 7 2 )4
22
............................. 108)4 © 1 0 9 X 5 1 6 X 0 5 1 5
4 1 X 0 4 1 X 7 8 )4 0 7 9
3 6 X 0 3 6 X 72 @ 7 2 X
23 .....................................................................................................................................................................................
2 4 ............................. 108)4@ 109X 5 1 6 X 0 5 1 5
4 1 )4 @ 4 1 X 7 8 )4 0 7 9
3 6 X 0 3 6 X 72 0 7 2 X
25
........................
(C hristm as D a v—H o lid a y .)
26 ................................ 109 © 1 0 9 X 5 1 6 X 0 5 1 5
4 1 X 0 4 1 X 78X @ 79
3 6 X 0 3 6 X 72 @ 7 2 X
27 ................................ 109 0 1 O 9 X 516)40 5 1 5 X
4 1 X 0 4 1 X 7SX 079
3 6 X 0 3 6 X 72 @ 7 2 X
28 ................................ 109 0 1 O 9 X 5 17 X @ 513 X
4 1 X 0 4 1 X 7 8 )4 0 7 9
3 G X 0 3 6 X 72 @ 7 2 X




1867]

C O M M E R C IA L

CH R O N IC LE

AND

77

R E V IE W ,

2#..................................

109

@ 109X

517X@ 613«

41X @ 41X

78X @ 78X

36% © .% X

3 1 ..................................

109

© 109X

516X@ 518X

41>4®41X

78X @ 79

36X@ 36X

518X @ 512X
2 35 X @ 511 X
535 @ 5 1 3 X
545 © 5 1 8 X
545
@ 517 )4
525
@ 507)4
205 @ 507 )4
520 @ 510
537 )4@ 5 17X
530 ® 618)4
532X@ 517X
528)4@515

41 @ 41%
40«® 41 X
39X@ 41X
39 @ 4 1 )4
39 @ 41
40 @ 4 2
40 @ 4 2 X
40X @ 42X
S9)4@41
40 @ 41
40X @ 41
40)4@ 41

78X@ 79X
78% @ 79X
76X @ 79X
75X@ 78X
75 @ 7 9
77 @ 7 9
77 @ 8 0 )4
78X @ 80
7 l> X @ 7 «X
77 @ 7 8 )4
77 @ 7 9
78 @ 7 9 )4

3BX@36J£
36 @ 3 7
35 # 3 7
35 @ 3 6 )4
34)4@ 37
36 @ 3 7 )4
35>4@3T)4
36 @ 3 7 )4
35 @ % > i
85)4@36>4
3 5 )4 @ 3 6 X
36 @ 3 6 )4

D oc.................................... 1 08 X @ 109 X
N o t ....................................108X @ 109%
O c t ..................................... 106 X © 109 X
S ep ................................... 105 X O 108X
A u g.................................. 1 0 5 )4 @ !0 8 X
J u ly ............................. .107)4@109)4
Ju n e .............................. 107X @ 110
M ay ...............................108X@109J£
A p r .................................. 106X @ 108)4
M ar.................................. 106)4@ 108X
F e b ..........................
107)4@108J4
J a n ...................................108 @ 109 )4
Y ea r.................................105)4@110

545

@ 507 )4

39

@ 42%

75

@ 8 0 )4

34)4@ 37)4

7 1 )i© 7 2 %
12

@72X

7 1 X @ 7 2 ).
7 I«@ 7 8
70 @ 7 3 X
68 @ 7 2
68 @ 7 «
72 @ 7 5 )4
73 @ 7 5
71 @ 7 4
69X @ 71X
7 0 X @ 71)4
7 0 )4 @ 7 1 X
71 @ 71)4
68

@ 7 5 )4

The transactions in coin and coin notes at the Sab-Treasury, and the re­
ceipts and payments at the Assay-office N ew Y ork for the year 1866, monthly,
and the amount o f coin in banks at the end o f each month, are shown in the
following statem ent:
INTERNAL MOVEMENT OF TREASURE AT NEW TORE.
C o in n otes
issu ed.
.) a u ..............
F e b ..............
M a r c h ........
A p r i l ..........
M a y ............
J u u e ............
J u l y ............
A u g ............
S e p t ...........
O c t ..............
N o v .............
D e c ...............

...
...
...
...

13,958,040
6,542,180
17,520,500
20,124,140

...

12,981,120

...
...

10,606,420
10,998,880

Y e a r ............

R e ce ip ts
fro m
cu stom s.
$12,469,865
12,018,659
11,153,954
11,093,212
11,456,769
9,707,930
11,617,980
12,700,094
12,474,077
11,507,698
8,087,584
5,934,075
130,221,887

C oin in
,----- A ssay-office.— , ban ks Sat.
C o in paid
R e c e ’ d com P a id c o in nearest end
fo r
& b u llio n . & b u llion . o f m onth.
interest.
$364,611
$13,106,759
$5,738,686
$7S4,206
17,181,130
430,091
1,323,879
876,647
2,658,321
1,598.S35
1,289,172
11,930,392
1,526,340
2,156,273
8,243.937
187,231
1,289.199
381,856
21.858,093
13,105,535
491,565
540,231
7.797,218
826,153
641,311
517,576
9,701,046
5,873,378
2.234,S69
1,488,046
6,381,600
356,766
4,241,882
2,704,005
2,630,532
7,643,960
1,925,145
2.464,971
7,848,239
218,121
1,844,391
14,786,272
1,341,050
14,957,007
2,136,541
13,185,222
1,722,407
972,727
48,533,493

18,424,513

16,710,815

13,185,222

The following is a sfatement o f the amount o f treasure received at N ew Y ork
*rom California and foreign ports lor each month, and for the year 1866, and also
o f the export to foreign ports, with the excess o f supply or export for the
months respectively. I t will been seen that we have exported for the year only
$4,452,478 more than we have received from the above mentioned sources, a
showing not anticipated when the drain to Europe in May and June is taken
into consideration. In this reckoning the treasure brought overland, which has
become considerable, is not taken into the account. The statement also com ­
pares the aggregates o f the last eight years :
EXTERNAL MOVEMENT OF TREASURE AT NEW YORK.
,----------------N e w S u p ply .--------------,
M onths, &C.
C a liforn ia.
F o r e ig n .
T o ta l,
J a n u a r}'........................................ $1,4S5,314 $72,771 $1,558,087
F eb ru a ry.....................................
3,603,000
172,122
3,775,122
M a rch ...........................................
3,958,291
285-854
4,244,145
A p r i l .............................................
1,539,321
161,817 1,701,138
M a y ...... ........................................
3,992,148
393,073 4,385,221
•lane ......... ................................
1,842,271
94,549
1,936,820
J u ly ................................................
6,754,669
345,961
7,100,630
4,477, G59
269,221
4,746,880
A u g u s t.........................................
S e p tem b er........................ ..........
2,S84,432 5,193,473
8,077.905
O c t o b e r ........ ...............................
4,902,207 1,434,158
6,336,365
N o v e m b e r ..................................
1.669,391
802,937 2,472,328
D e ce m b e r ...................................
4,323,023
352,093 4,675,116
Jan -D ec.
do
do
do
do
do
do
do
do
do
do
do
do
do
do

E x p o r ts t o
for. ports.
$2,706,336
1,807,030
1,045,039
588,875
23,744,194
15,890,956
5,821.459
1,587,851
834,550
1,463,450
3,766,»90
3,297,270

,------- E x ce s s o f ------- ,
Supply.
E x p o r t.
$ ............... $1,148,249
1,968,092
..............
3,199,10»
...............
1,112,263
................
.............. 19,358,973
.............. 13,954,136
1,278,171
..............
3,159,029
...............
7.243.355
..............
4,872,915
..............
...............
1,294,362
.................
1.377,846

’ 06.................................$ t l , 411,726 $9,578,029 $50,989,755 $62,553,700 $ .............. $11,563,945
’ 65............................... 21,531,786 2,137,011
23,668,797 30,0 >3,683
...............
6,834,886
’ 64..................................12,907,803 2,265,522 15,173,325 50,803,122
.............. 35,629,797
’ 63............................... 12,207,320 1,52S,279 13,735,599 49,754,056
............... 36,018,457
’ 62............................... 25,079,787 1,390,277 26,470,064 59,437,021
.............. 32,966,957
’ 61............................... 34,485,949 37,0SS,413 72,573,362
4,236,250 67,337,112
'60............................... 34,58',271 8,852,330
43.432,601 42,191,171 1,241,430
’ 59................................ 39,592,720 2 816,421
42,409,141 69,715,866
27,306,725




78

JO U R N A L O F B A N K IN G ,

CU RREN CY, AND

F IN A N C E .

[ January,

The Treasure Movement at N ew Y ork weekly, and the amount in Banks at
the close o f each week since January 1, has been as follow s:
TREASURE MOVEMENT FOR
1866.
w eek
elid in g
Jan . 6 ..............
“ 13.......................
2 0 ............ ..........
u 27..............
Pal). 3 .............. ........
“ 1 0 .............. ........
“ 17..............
“ 24. . .. ...........
M ar. 3..............
“ 10 .............. ..........
“ 17.............. ..........
“ 24.............. ..........
“ 31..............
ADr. 7..............
“ 14.............. ..........
“ 21 .............. ..........
“ 28..............
M ay 5 .............. ..........
“ 1 2 .............. ..........
“ 1 9 ..............
“ 26 .......... ........
J n n e 2 .............. ..........
“
9 .............. ..........
“ 16..............
“ 23..............
“ 30..............
J u ly 7 .............. ..........
“ 14.............. ..........
“ 2 1 ..............
“ 28..............
A u g . 4 .............. ..........
“ 11 ..............
“ 18..............
“ 25.............. ..........
Sep. 1 ..............
“
8 ..............
“ 15.............. ..........
“ 2 2 ............ ..........
“ 29..............
O ct. 6 .............. ..........
“ 13.............. ..........
“ 2 0 .............. ..........
*• 27..............
N o v . 3 .............. ..........
“ 1 0 ............ ..........
“ 1 7 ............
“ 5 4 ..............
D e c 1 ..............
........
“ 8
“ 15.............. ..........
“ 2 2 .............. ..........
“ 29 .......... ..........

1866.

, In h a » l »
R e c e ip ts . E x p o r ts .
------ Su b -T rea su ry—
fro m
to fo re ig n C u stom s In terest /—G o ld C ertificates—> at c lo s e
Californ ia. c o u n trie s , r e c e ip ts , ipayments.
issu ed . returned. o f w e e k .
$552,027 $2,107,341 553,597,240 $3,122,440 $1,34,8832 $*15,778, M l
640,503
2,334.694 1,130,789
3,206.180 1,578.194 1G,852,568
$685,610
685.894
2,706,403 1.928,641 15,2«6,8W
799,706
2,754,369
574,162
656,812
279.842
3,226,040
2,598.400 2.137,048 13,lC6/«60
292,568
914,878
33347,422
115,204
2,081,280 2,221,423 10,937,474
1,449,(174
4*3,409
3,251,734
120,179
1,916,700 2,376,735 10 , 129 / e #
445,489
2,893.008
94,828
2.992,900 2,158,009 10,308,758
560,198
1,209,048
2,608,796
119,879
5,893,280 1,995,706 14,213,351
3,386,934 1,183,343 2,125,000 2,664,934 17,1 SI,1*3#
75,453
556,284
1,409,286
2,297,836 882,712
2 , 101,000 1,706,835 16,563 237
1,425,353
236,671
2,464,482 328,593
1,498,400 1,919,483 15,015^242
170,297
2,509,419 174,911
3S9,S37
361,280 1,886,419 13,945,651
3,500
2,451,345 225.414
673,615
1,376,000 1,895,334 11,930,392
216,842
63.140
3,016,840 2 , 120,100 11,436,295
2,863.010
122,628
2,857,704
729,862
49,800
5,038,460 2.274,704 11,035,12#
117,312
35,169
809,459
2.535,568
4,200,000 1,971,568
9,495,404
73,880
2,246,307
40,506
4.137,140
1,700,307
8.243,937
1,318,271 1.247.249
2,711,181 7,061,900
4.658,000 2,227,181 10,914,997
2.417.391 2,648,000
3.110,000 1.943,391 13,970,402
1,072,820 1,064,496
8,763.295
2.842,0n0 2,069,814 13.505.465
2,542,814 1,702,000
2,358,455 940,100
9.177.000 1,929,454 19,376,929
1,276,505 9,421,766
324,562 6,870,997
2,182,395
70 500
1.327,000 1,911,395 28/58,003
2.626,000 1,863,087 15.821,668
949,906 4,220,756
2,141,0S6 283,800
2,071,621
6,055,743
67,000
3,719.000 1,788,621 11,217,305
1,408,286
8.504,096
2,209,676 106,134
2,793,000 1,809,676
550.574
2,002,265 298.748
3,232,000 2,309*264
7,797,218
2,47!,626 3,964,634
4,174,000 2,081,626
9.865,266
1,617,899 1,630.730
2,486,296 1.267,600
1.429,833 2,239.270
3,614,400
2,182,226 12,451,684
2,480,149
2,187,149 10,860,140
416,013
324,100
2,452,000
2,54 ,884
2,926 884 217.044
2 . 120,000
9,70’ .547
1,515.446
2,100,653
9.448,900
1/55,481
530,174
2,794,658 l.’ 5,500
1.8*9,000
61,400
152.375
2,676,332
970,000
2,328.331
8,424,290
7,545,513
50,300
2.064,000 2.145,876
117,990
2,461,877
6,884,« 75
3,091,601
7S7.312
3,069,893
60,987
2,188,000
2.545,893
2.858,168
303,912
3,199.168 241,000
2.265/00
6,381,607
3.222,266 1,935,108
3,005.000 2,766,265
7.455,910
157.062
1.669,359
197,236
3,105,457 262,000
1.494,000 2,807,457
7,357,360
7,662,619
1,215.073
2,399,2 0
95,400
3,973,000 2,148,270
112,500
7 643,961
2,876,777 281,706
1,701,000 2 /5 0 ,7 1 7
38,240
1.924,334
2.266.334
270,000
2.382,000
6,203,690
1,109,537
224,385
1,135.093
198,050
2,546,361
198,050
2,362,001) 2,175,361
5.576,008
66,202
1,428,705
2,629,828
7,371,482
66,202
1,692,000 2,361,829
523,198
2,460,886 458,198
2,S77,140 2,223,886
7,848,237
9,186 629
947,44 \ 2,262,774 8,285,000
7,283,000 2,084,774
1,228,869
2,055,292 3,712.000
4.170,000 1,S ol,292 19,145,8
£55,776 1,037,850
:
3
526,385
1,964,529 1,643,('00
2,094,000 1.721.530 15.511.12!
1.621,7(14 1,080,301
1,113,615
781.865
2,280,000 1,450.705 :15,2(.2,861
1,685,000 1,042,546 :14.057 007
636,571
1,173,246 1*7, 00
1/27 ,8 8 5
580.596
1,900.000 1,487,206 14,582,050
1,41»,236 555,6 0
1.1*8,316 1,483.063
393,000
1 , " 10,000
1,323 200 13,991.100
1,471,200
2,209,' 00
1, 09,363
239.978
1,057,950 301,000
949,950 :13,231,917
617,459 1,095,173
1,332,920
13,185,2 2

JOURNAL OF BANKING, CURRENCY, AND FINANCE
N ationa l B a nks an d C o n g re ss.—R e tu rn s o f tk e N e w Y o r k , P h iladelph ia, and B o s to n B a n k s N a tion a l B anks.

The opinion has been actively discussed for some time past, and is evidently
gaining ground in the country and in Congress, that the National Bank currency
could be assumed by the Government without a danger to any business interests
of importance, and with manifest relief to the burdens o f the people.

It us ar-

argued that the banks gain at present the whole o f the profits arising' from the




186V]

J O U R N A L O F B A N K IN G , C U R R E N C Y , A N D

F IN A N C E .

V9

issue o f the currency, while the country at large suffers the loss which iis issue
has caused in the depreciation o f the currency and the consequent disturbance o f
values. The interest on the 330 millions o f bonds deposited by the banks as se­
curity for 300 millions o f circulation is estimated at 18 millions o f dollars in gold.
This sum, under the proposed plan would be saved to the Treasury, while the
notes would be cancelled and their places supplied by greenbacks.

This scheme

has been attracting the more attention in consequence o f the opposition raised by
the banks against the redemption o f their notes in the metropolitan centres. W e
publish below a copy o f a bill for this purpose, which was introduced into the
H ouse of Representatives by Mr. S. I . Randall on the 7th January, and referred
to the Committee oh Banking and Commerce:
Be it enacted by the Senate and House o f Representatives of the United States
o f America in Congress assembled, That the Secretary of the Treasury is hereby
authorized to issue, on the credit of the United States, such sums as may be necessary
for the purposes set forth in this act, not exceeding in the aggregate amount three
hundred millions of dollars, o f treasury notes, not bearing interest, of such denomina­
tions as he may deem expedient, not less than five dollars each, which said notes
shall be lawful money and a legal tender for debts in like manner as provided in the
first section of an act entitled “ An act to authorize the issue of United States notes,
and lor the redemption or funding thereof, and for funding the floating debt of the
United States,” passed February twenty-five, eighteen hundred and sixty-two. And
the provisions of the sixth and seventh sections of said act are hereby re-enacted
and applied to the notes herein authorized.
S ec. 2.
And be it further enacted, That the amount of said notes issued in any
one fiscal year shall not exceed one hundred millions of dollars, aud the same shall
be used only in exchange for notes issued by the national banks under the authority
o f the United States, in conformity with the laws regulating the same, and for the
purchase of such portions of the national indebtedness as may be necessary to carry
out the true intent of this act.
S ec . 3 . And be it further enacted, That the s.iid national bank notes so received in
exchange for the treasury notes authorized by this act, 6hall be by the Secretary of
the Treasury forthwith cancelled in like manner as though they had been returned
for cancellation by the banks respectively issuing them, and the certificates of national
indebtedness, and bonds on deposit for the security of said notes, shall be transferred
to the commissioners of the sinking fund, which is hereiu established, at market prices,
to the amount aud extent that the several banks whose notes have been thus re­
turned would be entitled to receive the securities therefor.
Stc. 4. Aud be it further enacted, That the Secretary of the Treasury, the A t­
torney-General, the Secretary of the Interior, the Treasurer of the United States, and
the Comptroller of the Currency, shall be the commissioners o f the sinking fund, who,
or a majority of whom, shall receive the evidences of debt and bonds purchased in
accordance with the provisions o f this act, and forthwith stamp upon each, so as to
make it uufit for further use, “ Belonging to the sinking fund of the United States,’
and shall cancel the signatures thereon. They shall hold said evidences of debt and
bonds until their respective maturities, and until then all accruing interest shall be
paid and is hereby appropriated to the said commissioners, who shall purchase other
evidences of debt and bonds, to be used and held as herein provided for, and so from
time to time as money may be received from such sources.
S e c . 5 . And be it further enacted, That immediately after the close o f each fiscal
year the Secretary of the Treasury shall publish an account of the condition of the
said sinking fund in at least one newspaper published in the cities of Washington, Bal­
timore, Philadelphia, Boston, and Hew York, and he shall, at the first meeting o f Con­
gress thereafter, report the same to each branch thereof.
S ec . 6 . And be it further enacted, That s o much o f any law or laws, as are incon­
sistent herewith shall be, and the same are hereby repealed.
A s our appreciation is well known o f the important part the national banks
play in the finanial affairs o f the country, we need scarcely say that we disapprove




80

JO U R N A L

O F B A N K IN G , C U R R E N C Y , A N D

F IN A N C E .

[January,

o f the plan set forth in the foregoing bill, and think it likely, if adopted, to cause
serioes commotion in monetary and industrial affairs. F or the present, and until
the nation shall have recovered from its financial troubles, the more o f steadiness
and stability we can confer on our banking system the better. Until we have
funded our vast floating debt, thoroughly absorbed the disbanded soldiers into
the disciplined army of peaceful workers, and restore the equilibrium o f our tot­
tering, overstrained financial machinery, it would certainly not be wise to run
the risk o f causing further disturbance by closing any o f the banks.

W e have

never objected to making these institutions pay their fair share o f taxation ; but
in the present financial situation we do strongly ob ject to so sweeping, dangerous
and revolutionary a change as that contemplated by M r. Randall and his friends.
W aiving all considerations o f the overwhelming objections o f a political and
financial character which oppose the plan o f increasing the volume o f the G ov­
ernment legal tender notes, Congress has a sufficient argument for rejecting the
scheme in the fact that it would unsettle and weaken that financial stability
which every motive o f patriotic and enlightened statesmanship combines to lead
them to strengthen and support.
Below we give the returns o f the Banks o f the three cities for the past year :
NEW TORK CITT BANK RETURNS.
D ate.
L oa n s.
Jan. 6,1866.. . $233,185,059
“ 13............ . 234,938,193
“ 20............ . 239,337,726
“ 27............ . 240,407,836
F e b . 3 ............ . 242,510,382
“ 10............ . 242,608,872
“ 17............ . 243,068,252
“ 24............ . 239,776,209
M ar. 3 ............ . 235,339,412
“ 10............ . 233,068,274
“ 17............ . 233,517,378
“ 2 4 ............ . 234,500,518
“ 3 1 ............ . 237,316,099
A p r. 7 ............ . 242,643,753
“ 14............ . 244,009,839
“ 21............ . 242,067,063
“ 28............ . 245,017,692
M av 5 ............ . 2)3,974,134
“ 1 2 ............ . 257,621,317
“ 19............ . 255,690,463
“ 2 6 ............ . 257,969.593
Ju n e 2 ............ . 250,959,022
“ 9 ............ . 249,538,959
“ 16............ . 247,301,547
“ 23............ . 248,436,808
“ 30............ . 250,884,168
J u ly 7 ............ . 257,534,833
“ 14............ . 259,133,434
“ 21............ . 255,965.018
“ 2 8 ............ . 256,612,071
A ug. 4 ............ . 256.808.717
“ 11............ . 258,263.063
“ 18............ . 261,951.924
“ 25............ . 265,901,065
S e p t . l ............ . 265,399,607
“ 8 ............ . 26',941,668
“ 15.......... . 270,806/04
“ 22............ . 272,177,166
“ 29............ . 269.807,383
O ct. 0 ............ . 274,210,161
“ 13............ . 276.443,219
“ 2 0 ............ . 279,135,796
“ 27 .......... . 274,725,456
N o v . 3 ............ . 271,790,4:15
“ 1 0 ............. 275J98,288
273,318,390
“ 1 7 ..........
“ 2 4 ............. . 267,920,415




S pecie.
C ircu la tion .
$15,778,741
$18,588,428
16,852,568
19.162.917
20,475,707
15,265,327
13,106,759
20,965,883
10,937,474
21,494,234
10,129.806
22,240,469
22,983,274
10,308,758
14,213,351
22.959.918
17,181,130
22,994,086
16,563.237
23,033,237
15,015.242
23,303,057
13,945,651
23,243,406
11,930,392
23,736.534
11,486,295
24,127,061
11,035,129
24,533,981
9,495,463
24,045,857
8,243,937
25,377,280'
10,914,997
25,415,677
24,693,259
13,970,402
13,595,465
25,189,864
19,736,929
26,223.867
26,244,255
21,858,093
25,967,253
15,821,663
25,887,876
11,217,305
26,585,394
S,504,096
7,797,218
26,706,622
27,296,530
9,865.266
27,804,172
12,451.684
27,579.020
10,860,147
9,701,046
27,249,812
27,311,549
9,448,900
8.424,209
27.528.522
7,545,513
27,796,904
27,958.464
6,8S4,077
27,807,834
6,381,600
28.506,288
7 45 .910
29,360,371
7,357.369
28,770,.381
7,662.611
29,213,950
7,643,960
6 20:1698
29.302,358
30,176,908
5,576.002
30.415,240
7,371.487
7,84 ,239
30,243,437
30.466,207
9,184,623
30,968,940
13,145,381
31,233,502
15,511,121
15,202,565
31,361,418

D e p o sits. L ega l T e n d ’ s. A g . c le a r ’ g*
$370,617,625
$195,482,254 $71,617,487
197,766,999
608,082,837
73,019,957
538,949,311
198.816.245
72,799.892
516,323,672
195,012,454
70,319,146
508,569,123
191.011.695
68,796,250
493,431,032
188,701,463
68,436,013
471,886,751
189,777,290
64,802,980
497,150.087
183,241,404
61,602,726
526,539,959
181,444,378
58,760,145
594,204,912
180,515,881
64,341.802
68,402,764
579,216,509
185,438,707
503,448,S64
69,496,033
185.868.245
529,240,641
188,554.592
72,158,099
602,315.748
71,445,065
189,094,961
193,153,469
73,910,370
578,537,853
77,6<>2,6S8
535,834,773
196,808,578
202,718,574
545,339,608
80,589,022
210,373,303
81,204,447
603,556,177
85,040,659
523,093,5:88
217.552.853
579,342,483
217,427,729
85,710,107
713,575,144
208,977,905
73,829,947
713,575,444
198.127,289
69.188.992
202,503,949
74,628,674
633,056,381
79,179,304
613,698,301
202,415,673
696,447,630
201,969,288
80,840,578
568,842,490
81,882,610
204.357,272
205.799,611
511,182,914
79,541,638
637,655,787
207,160,043
75.541,977
598.705,726
213,049,079
80.524.992
430,324,808
214,582,926
84,705,814
523,2.0,814
214,156,705
86,235,079
86,861,834
491,810,975
214,232,263
554,655,346
214,310,576
84,800,071
617,950,320
218,119.450
86,283,483
586/64,052
225,191,282
9 2 / 22,808
591, 0 ’,135
90,194,254
225,107.991
567,299,212
90,773,232
< 4,844,647
605,290,424
90,428 189
224.394.663
223,336,785
87,826.* 21
829,‘081,759
85,339,679
228,484,780
770,359 90*
83,189,422
226,858,897
824,721,933
78,625,469
221.083.853
762,264,011
223,840,572
'8,064,925
761,^34,435
71,990/42
224.811.695
71,512,495
776,604,339
226,325,-17
842,575,299
63,120,361
221,892,504
917,436,876
213,414,984

1867]

JO U R N A L

D ec. 1 ..............
“ 8 ..............
“ 15 ..............
“ 22 ..............
“ 29 ..............

263,011,668
260,620 027
258,452 330
258,255,514
259,354,761

OF

B A N K IN G ,

14,957,007
14,582,050
13,991,200
13,231,917
13,185,222

CU RRENCY, AND

31,393,849
31.794,653
31,797,665
32,433,429
32,664,526

F IN A N C E .

203,889,177
203,676.822
206,458,271
202,029,877
200,811,290

61,485,458
60,946,857
63,994,309
64,816,962
63,000,687

81
G49,0$l,442
647,315,736
556,150,833
587,150,839
515,917,939

PHILADELPHIA BANK RETURNS.
D ate.
L ega l T en ders.
Jan . 2, 1SG6................
*• 8 ..........................
• 15.......................... ..................
17,267.412
“ 22..........................
“ 29..........................
Feb. 3 .......................... ..................
16,481,005
“ 10.......................... ..................
16,852,737
“ 17.......................... ..................
16,777,175
“ 2 4 ........................ ....................
17,282,602
Mar. 3 ........................ .....................
17,447.635
“ i d ..............................................
17,292,534
“ 1 7 ..............................................
16.375,608
“ 24..............................................
15,969.814
“ 3 1 ..............................................
15,954,832
A p ril 7 ........................
- 1 4 ........................ ..................
18,323,759
“ 2 1 ........................
“ 2 8 ........................ ...................
18,949,719
May 5 ................ . . . ..................
19,144,660
“ 1 2 ........................ ..................
19,646,263
“ 1 9 ........................ ..................
19.648,232
“ 2 6 ........................ ..................
19,715.093
Ju n e 2 ........................
“
9 ...................... ..................
21.568,085
“ 1 6 ........................ ....................
20,568.591
“ 2 3 ........................ ..................
21,105,316
“ 3 0 ........................ .....................
21,455,836
J u ly 7 .........................
“ U ........................
“ 2 1 ........................
“ 2 8 ...................... .....................
20,902,374
Aug. 4 ...............................................
20,393,826
“ 11........................
“ 1 8 .......................... ..................
19,S63,685
“ 25.......................... ....................
20,419,323
Sept. 1..........................
** 8.......................... ..................
24,134,918
“ 15..........................
“ 22.......................... ..................
24,906,925
“ 29..........................
O ct. 6 ..........................
“ 13..........................
“ 20.......................... ..................
23,631,130
“ 27..........................
N ov . 3 .........................
•• 10 ........................
“ 1 7 ..............................................
23,452,466
“ 2 4 ......................... ....................
21,S50,41'»
D ec. 1 .......................... ...................
21,057,313
“ 8 ..............................................
20,488.385
“ 15........................ .....................
20,115.704
k i22..........................
“ 2 9 ........................

L oa n s.
$45,941,001
4G.774,150
47.350,428
47,254,622
47,607,558
47,233,661
47,249,383
46,981,337
46,865,592
46,604,752
46,546.878
46,690,788
46,642.150
46.043,488
46,028,641
45,114,699
45,762,733
46,832,734
48,006,654
48.236,256
48,336,567
48,036,984
47,564,996
48,118,897
48,616,145
48,166,814
48,266,904
48,892,594
49,493,405
49,009,316
48,935,067
49,682,529
49,164,321
48,530.454
48,591.763
50,095.890
50,320,068
49,889,015
50,787,371
51, <’37,567
51.242,282
51,316,490
51,474.948
50,973,584
50,655,176
54,189,217
51,681.866
51,897.969
54,549,367
51,250.352
51,256,937
51,536,821
51,709,705

S p e cie . C ircu la tio n . D e p o s it s .
$35,342,306
$7,226,369
$890,822
36.618.004
7.319.528
983,685
36.947,700
1,007,186
7,357,972
36,214,653
7,411,387
1,012,980
35,460,881
7,432.534
1,008,825
34,681,135
7,668.365
1,000.689
34,464,070
7,819.599
996,312
33,926,542
7,843,002
953,207
33,052,252
7,732,070
1,026,408
32,835,094
8,161,049
1.041,392
32,504,508
1,055,694
8.248,100
8,438,184
32,102,427
1,026,068
8,580.200
32.144,250
981.932
8,666,230
32,257,653
990,630
32,762,250
946,282
8,720,270
8,743,396
34,640,861
949,116
8,761.213
35.448,955
936,876
36,032,862
890.241
8,779,1(56
8,794,348
3(5,987,007
912,023
33,414.588
896,741
8,930,420
37,296,845
8.918,938
897,913
8,988,742
37,078,418
S67.094
38,189,5156
890,121
9,022.553
33.326,9C1
9,007,515
859,633
897,381
9,219,553
36,972,476
899,999
9,290.094
36 715.308
863.454
9.325,475
37 242.979
9,431,664
866,981
38,275,783
852,783
9,442,146
37,707,667
9,427,3(53
849,770
37,575,560
9.382,473
826,090
37,270,8-5
825,978
9,516.724
37,244,034
9,543,472
36,639,220
835,15S
9,566,783
811,230
36,942,311
9,575,5:34
36,025,288
807,071
9,589 574
806.815
41,162,627
9.608,410
826,345
41,604,903
802,022
9,605,817
41.093,120
793,395
9,601,273
42,83(5,971
7S3.024
43.693,875
9,51)8,497
9,631,863
769,272
43,800,423
770,676
9,639,176
43,152,028
791,<18
9,631,498
43,345,80 '
799,652
9,648.655
43,953,737
9,659,086
824,184
44,385,162
9,665 040
847.458
44.217,308
43,45"\0°6
852.095
9,67 ,236
9,851.089
893.0(>0
42,622,0(50
9.615,9«>
876,751
42.102,289
851,915
41,452.53:»
10,021,527
10,1(51,601
854,9S9
40,728,802
10,257,544
360,111
40,411,158
10,325,154
39,706,052
867,047

BOSTON BANK RETURNS.
(C apital Jan . 1, 1866, $41,900,000.)

J a n u a ry 1 ........ . . .
“
8 ........ . . .
“
1 5 ......... . .
“
2 3 ...... ..
“
2 9 ____ . . .
F eb ru ary 5 ____ . . .
“
12......... . .
“
1 9 .... . . .
“
2(5 . . . . . . .
M arch
5 ____ . . .
12____ . . .
;w
1 9 .... . ..
“
20____ . . .

L oa n s.
$91,421,477
92,245,129
92,959,364
92,665,111
92,877,783
94,578,358
94,083.827
95.250.429
93,539.090
92,990,512
90,705.159
91,902,811
91,931,236




S p e cie .
$801,415
1,031,327
1,029,105
1,040,114
1,008,013
805,237
632.591
508,428
521,292
556,856
623,938
606,992
513.153

L ega l
T e n d e rs.
$19,807,300
19,914,0(55
20,438,014
20,750,098
20.544,830
20,568,1*5
20,412,589
20,418,909
20.262,177
20.031,9(53
19,905,120
20,470,018
20,913,521

D e p o s its .
$38,451,794
41.718,132
40,939,870
40,300,6-9
39,153,816
40,436,163
33,768,019
38.494,696
36,398,481
35,581.876
35,297.498
36,696,321
35,887,368

,--------- C irculation
N ational.
State.
$ 21 ,497,354 $1,404,721
21,80(5,180
1,323,793
21,946,595
1,273,94*
22,0:44,(542
1,215,675
21,899,318
1,157,844
22.325,428
1,125,728
22,348,638
1,057,823
22,602,531
1,033,891
22.887,971
1,048,022
22,606,835
1,006,719
22,730,329
721,809
910,740
24.01S.916
901,629
23,019,887

82

C o n n e c t ic u t

A p r il

2 ............
9 ............
10..............
23............
u . 3 0 ............
M ay
7 ............
14............
u
2 1 ............
“
28............
June
4 ............
11............
*1 8 *..........
“
25............
10............
•July,
2 3 ............
3 0 + ..........
A u g u st 0 ............
1 3 ............
2 0 ............
“
2 7 ............
3 ............
Sept.
1 0 ............
■
1 7 ............
2 4 ............
O ct,
1 ............
8 ............
“
1 5 ............
2 2 ............
2 9 ............
N ov.
5 .............
1 2 ............
19
. ...
20 ...........
D ec.
3 ............
1 0 ............
“
1 7 ............
,
“
2 4 ............
**
31

11

**

u

u
u

92,351,979
92,142,975
91,250,882
80,120,897
80,723,001
90,309,569
90.328,554
89,034,804
91,833,402
92 287,048
89,878,993
87,508,533
94,330.170
90,047,000
95,995.800
95,002.69S
90.072,749
95,771,749
94,915,075
91,819,253
95,387,808
94.878,709
94,7SS,268
93,825,073
93,070,888
94,708,912
95 039,3 5
95,404,225
95,381,855
95,720.044
98,537,998
99,022,700
99,898,50 J
99,440.106
99,062,041
99,127,027
93,95S,672
99,033,073

532.556
487,455
457,048
411,093
401,113
570,150
501,013
472,172
430,391
503,991
374,906
371,596
323,335
453,000
441,0S9
363,776
318,779
295,241
333,070
323,083
204,868
314,204
328,830
310,771
277,806
250,038
240,417
219,302
250, 10
4 2,309
443,892
480,104
509,205
001.502
580,304
597,902
582,112
589,137

r a il r o a d s

20,761,014
20,334,570
19,002,647
39,309,145
19,549.014
21,415,710
22,402,522
22,973.509
23,058,956
20,148,078
25,470,920
24,420,749
25.019,430
21,010,000
22,786,738
•-2,242.059
22,482,317
21,101,481
20,817,159
21,088,693
22,071,251
21,580,730
20,303,416
20,977,954
21,037,880
20,012 639
19,801,819
19,'. 00,205
19,054,336
19,889.005
19,140,829
18,035,(14
17,008,703
16,640,798
10,088,280
10,561,288
17,038,272
18,090,512

* N o returns lro m N ation a l B ank o f R e d e m p tio n .

[J a n u a ry,

.

36,697,227
37,420,500
37,000,GOO
30,940,182
38,396,210
41,205.270
42,021,970
41,01 <,149
41.031,746
42,992,749
42,858,980
41,992.820
42,587,020
40,407,000
40,935.853
39,770,303
40,549,379
39,192,020
38,019,847
39,028,518
39,850,550
39,149,497
38,357,208
40,014,189
42,095.214
43,098,520
43,330.220
44,303,573
44, *9-1,104
44,117,030
44,954,474
43,543,251
42,047,99 i
41,039,005
40,958,922
41,042 003
40,971.613
41,801,490

23,087,093
23.200,042
23,035,043
22,409,488
22.850,056
23 510,330
23,551,579
93,195,90S
23,722,277
23,079,0 5
22,910,559
21,845,977
23,033,008
24.145,000
24,057,705
23,804,526
24,116,795
24,104,937
24,290,816
24,202,817
24,240,925
24,295.S75
24,345,328
24,844,545
24,238,047
24,329,124
24,3--9,75*1
24,459,495
24,443,519
24,511.200
24,402,311
24,410,151
24,033,970
24,593,237
24,050,482
24,071,197
24,054,346
23,660,860

869,32S
830,009
777,198
744,041
744,425
719.088
695,527
601,819
044,053
009,371
480,594
544.941
507.371
413,000
401,544
355,804
380,98*1
202,734
308,103
303,405
344.773
350.078
351,401
330,405
343,408
340,977
837,650
334 172
332.453
830.2 5
328.319
324 435
523,070
320,804
318,409
310,242
315,140
313,502

+ N o returns from the T rad ers1 Bank.

The course o f the National Banks has been as follows :
D ate.
M ay 5 ........
M ay 12 . . . .
M ay 19........
M ay 26........
Jun e 2 ........
J u n e 9 ........
J u n e 16........
J u n e 2 3 . .. .
J u ly
J u ly
A u g.
Aug.
Aug.
Aug.

....
..
•••
..
...
...
...
...
___
7 ........ . . . .
14........ . . . .
..
4 ........ . . . .
11........
18........ . . . .
25........ . . . .

B ’ k s. Capital.
C irculation.
1,650 $ .................... $271,262,165
1,650 ................... 272.878.895
1,650 ................... 274,053,195
1,050 414,921,479 270,540,510
1,650 ................... 277,379,000
1,050 ................... 278,905,075
1,653 ................... 280,203,890
1,653 ................... 281,234,400
1,053 ................... 282,555,440
i;65 3 ................... 283,027,005
1,054 ................... 284,500,075
1,055 ...................
1 ,6 5 6 $ ................... $286,895,545
287,04S,950
1,«56 ................... 288,403,775
1,658 ................... 289,021,085

D ate.
Sept. 1 ........ . . . .
S ept. S ........ . . . .
Sept. 15 . . .. . . . .
Sept. 22........ . . . .
Sept. 29........ . . . .
O ct. 13 . . . . .. ..
O ct. 20........ . . . .
O ct. 27........ . . . .
N o v . 3 ........ . . .
N o v . 10........ ..
N o v . 17........ . . . .
N ov. 24........ . ..
D e c. 8 ........ . . . .
D e c. 2 2 ........ . . . .
D e c. 29........

C ircu lation .
B ’ k s. Capital.
289.510,820
1.053 .................
1,059 ................. . 291,179,045
291,'851,315
1,«59 .................
292,214,720
1,659 .................
293,032,903
1,659 .................
.
294,072,059
1,659 .................
1,659 ................. . 294,377,304
1,059 ................. . 294,030,689
1,059 .................
295,254,85 *
290,086,104
l j i 9 .................
297,005,059
1,659 .................
29 ,199,009
1,059 .................
299,880,981
1,649 ................
298,307,509
1,049 ................
293,613,519

CONNECTICUT RAILROADS.

W e compile from the official returns to the Legislature the following statistics
relating to the railroads in this State, and their operations in the fiscal year 1865.
The capital account presents the following in relation to stock, bonds, &c.
a n d the cost o f the several works ;
M iles
C ost o f
C om pa nies.
..
H artford & N ew H a v e n .................................. . .
H artford, P rov. & F is h k ill............................ . .
H o u s a to n ic .......................................................... . .
..
N e w B ritain & M id d let’ n ..............................
N . H „ N .L o n d . & S to n g t’ n ..........................
N e w n a v e n & N orth a m p ’ n ..........................
N e w L on d on N o rth e r n ..... ............................ . .
N . Y o r k & N . H a v e n ...................................... . .
N . Y o r k , P rov. & B o s t o n ..............................
N o rw ich & W o r c e s t e r ....................................
R o c k v i l l e ........................................................ .




Share
capital.
$300,900
3,000,000
2,037,910
2.000,000
1,100.009
75,000
700.000
2,980,839

F u n d ed
debt.
$100,000
927,000
1,930,740
202,500
295,000
766,000
02-,800
132,300
2,0.0,000
500.000
580,000
33,000

F lo a tin g
debt.

$150,347
34,005
9,443
12,925
110,871
9,262
45,088

of
road.
23.80
71.00
122.40
74.00
57.00
2.47
50.00
85.00
86.00
62.25
62.00
59.40
4.80

ro a d and
e q u ip m ’ t.
$412,282
3,498,319
4,204,866
2,439.775
1,465,639
117,470
1,454,04(1
1,787,565
801,135
6,315.232
2,568,000
2‘ 613,694
171,858

1867]

E R IE

R A IL W A Y

83

E A R N IN G S .

The earnings, expenses, &c., o f these several companies for the fiscal year
sum up as follows :
G ross
O peratin g
N e tt ^ -D iv iden ds—,
earnings,
exp e n se s, earnings. A in ’ t. R ate.
$103,333
$32,747
$20,586
$9,092
3
1,459,'711
912,377
347,334
237,438
12
................
644,725
478,539
160,ISO
478,095
390,032
81,4*3 (on prf. s tk 8.)
419,409
202,547
150,922
110,000
10
(In clu ded in H artford & N e w H a ve n .)
110,302
(L o ss)
07,143
132,893
88,704
221,057
380,700
4
250,709
49,998
20,352
2.141,896 1,774,934
300,962
253,425
7
12
025,641
450,154
188,359
109,487
445,002
208,395
221,904
9
714,057
15,094
4
28,102
12,408
2,400

C om pa n ies.
D an bu ry & N o r w a lk ..............................
H artford & N ew H a v e n ........................
H artford, F r o v . & F i s h k i l l ..................
H onsat o n i c ................................................
N a u g a tu ck ................................................
N ew Britain & M id d le to w n ................
N . H aven, N . L o n d o n & S to n ’ tcn —
N e w H aven & N o rth a m p to n ..............
N e w L o n d o n N o rth e r n ..........................
N ew Y o r k & N e w H a v e n ......................
N ew Y o r k , P r o v . <fc B o s t o n ................
N o rw ich & W o r c e s t e r ...........................
R o c k v il le ....................................................

There are also tw o horse railroads in the State, v iz .: the Fairhaven and W estville, six miles, which cost $150,000, and the Hartford and Wethersfield, nine
miles, built at a cost o f $200,000.

ERIE RAiLWAY EARNINGS.

Earnings and cash receipts and payments of the Erie Railway for the year ending
September 30 :
EARNINOS.
F r o m p a s s e n g e r s ...
F r o m fr e ig h t..........
F rom oth er sou rces
T ota l

1S06.
$3,593,906 20
11,011,023 01
107,820 35

1865.
$ 4,450,209 CO
10,720.204 33
124,100 92

$15,372,809 56

$15,300,574 85

The above to be stated without reference to the amount actually collected.
RECEIPTS.
F r o m p a s s e n g e r s ........................................................................................ $ 3,593,906 20
F rom freig h t ............................................................................................... 11,011,023 01
O ther sou rces—s to r a g e ..............................................................................
2,212 95
T ele g r a p h ....................................................................................
19,055 11
R e n ts .................................................................................................................
17,922 99
M a i l s ................................................................................................................
122,115 47
P a von ia F e f c y ..............................................................................................
0,513 83
T o t a l......................................................................................... $15,372,809 56

$ 4,450,209
10,726,204
5.952
15,003
1,193
101,352

CO
33
20
00
02
04

$15,300,574 85

Payments other than for construction :
T ran sp ortation e x p e n s e s .........................................
H u d son R iv e r F e r r y ........ .....................................
O perating teleg ra p h .................. ............................
H ire o f c a r s ..................................................................
Internal revenue t a x e s ............................................
Total.
In terest on m ortg age d e b t ..............................
R en t o f R a il w a y ................................................
In terest, & c ..........................................................
Balance o f d iv id en d s pa id to D e c. 31, 1S05

$11,151,540
205,842
110,354
29,415
580,744

67
88
04
36
45

19,188 0 ?
05,709 37
17,009 77

$12,083,898 00

$11,630,780 10

1,036.382
077.345
222,079
429,744

80
77
05
89

1,279,783 00
569,495 00
1,840,952 13

T o t a l......................................................................................................$15,049,450 57
S u # l u s ............................................................................................................
323,358 99

$15,293,336 23
7,238 62

T o t a l..................................................................................................... $15,372,909 56




$15,300,57415

84

D EBT

OF

ALABAM A.

[J a n u a r y ,

D EBT OF ALABAMA.
Below is a copy of the official report to the Legislature o f Alabama of Mr. John
Whiting, Commissioner and Trustee of the State :
Office of C ommissioner and T rustee, )
M ontgomery, N ov. 12, 1866.
j

To the Senate and House o f Representatives:
The outstanding indebtedness of the State on bonds originally issued for the capital
o f the State Bank and branches, was at the time o f the surrender as follows, v iz .:
Payable at New York in 1863, with 6 per ceDt. interest, $1,889,000; interest paid
on 1st of May and 1st of November.
Payable at New York in 1865, with 5 per cent, interest, $52,000; interest paid 1st
of May and 1st of November.
Payable in New York in 1872, with 5 per cent, interest, $168,000 ; interest paid 1st
of May and 1st of November.
Payable in Lon 'on in 1866, with 5 per cent, interest, $648,000; interest paid 1st of
January and 1st of July.
Payable in London in 1870, 6 per cent, interest, $688,000; interest paid 1st of June*
Total, $3,445,000.
The annual interest payable in New York amounted to $105,450. In London, $73,6S0
The semi annual instalments of interest payable in New York were regularly paid
up to, and including, the one due the 1st of November, 1861.
The interruption of the war prevented remittances from being made to New York
after that date, and notice was given through the public journals that coupons payable
in New York would be paid on presentation at the Bank of Mobile.
The annual and semi-annual instalments of interest payable in London were paid as
they became due up to, and including the one of 1st of January, 1865. The interest
over due on the bonds, payable in New York, as follows, viz.: Instalments due 1st of
May, 1862, $52,725; instalments due 1st of November, 1862, $52,725 ; instalments
due 1st of May, 1863, $52,725 . instalments due 1st of November, 1863, $52,725; in­
stalments due 1st of May, 1864, $52,725 ; instalments due 1st of November, 1864,
$52,725 ; instalments due 1st of May, 1865, $52,725 ; instalments due 1st of Novem­
ber, 1865, $52,725 ; instalments due 1st o f May, 1866, $52,725 ; instalments due 1st
o f November, 1866, $52,425. Total, $527,250.
O f which sum there was paid, at the Bank of Mobile, $53,400. Leaving due and
unpaid, on the 1st of November, 1866, $473,850. The interest over due and to ma­
ture on the 1st of January, 1866. on the bonds payable in London, is as follows, viz.:
Installments due 1st of January, 1865, $41,280; installments due the 1st of July,
1S65, $16,200 ; installments due the 1st of January, 1866, $16,200 ; installments due
the 1st of June, 1866, $41,280 ; installments due the 1st of July, 1866, $16,200 ; in­
stallments due the 1st of January, 1867, $16,200. Making amount overdue^ 1st of Jan­
uary, 1867, $147,360.
A t the last session of the Legislature an act was passed entitled “ An act to renew
and extend the term of payment of certain State bonds therein named,” approved 13th
January, 1S66. This act authorized the extension of the bonds due in New York in
1863, by the substitution of bonds of a similar kind, payable in 1883. In pursuance
of this act, new bonds were prepared and notice given through the papers in June last
o f the readiness of the State to make the exchange, at my office, in the City of Mont­
gomery, and at the banking-house ol Duncan, Sherman <fe Co., New York, who had
been appointed by Gov. Patton the Financial Agents for the State of Alabama in the
City of New York. The renewal i9 progressing satisfactorily, and a9 rapidly a9 could
be expected from the scattered localities of the bondholders. At the same session of
the Legislature an act was passed, entitled “ An act to provide for the payment of the
interest on the bonded debt of the State of Alabama,” approved 13th February, 1866.
This act authorized the payment or funding of the interest due and to mature 1st
January, 1867, on all the bonds payable in New York, as well as those payable in
London, with bonds having twenty years to run, anil bearing the same rate of interest,
and payable at the same places as bonds upon which the interest is to be paid or
funded, accrued ; and under its provisions bonds were prepared and notice given to
holders at the same time and in the same manner as was given to holders for extension.
This is also progressing satisfactorily so far as the interest payable in New York is




1867]

HURON

AND

O N T A R IO

S H IP

CANAL.

83

concerned. The Legislature overlooked the bonds due in London in 1866, and made
no provision for their extension. Quite an extensive correspondence has been carried
on with the Chairman of the “ United States and Corporations Arrears Committee”
of London, and with the manager of the Union Bank of London, on the subject of the
bonds due there this year and the interest past due. At the first they required that
the bonds to be given for the interest overdue and to mature on the 1st of January
next should be of short date, or that an accumulative sinking fund should be provided
for their redemption.
On the oth of September last I submitted the distinct proposition to extend the
bonds due in this year, with bonds of a similar kind, having twenty years to run, and
to pay or fund the back interest—including that due on the 1st of January next, with
bonds having twenty years to run. A public meeting of the bondholders was called,
through the London Times, and I am now informed by the Chairman of the Committee,
under date of the 18th of October, that at the next meeting resolutions were adopted
accepting the proposition, and appointing the committee, in conjunction with the Union
Bank of London, to represent the bondholders in the exchange. To carry it into effect,
and thereby complete the extension of the matured bonds and the funding of the over­
due interest, it becomes necessary for the Legislature to pass an act, authorizing the
extension—which should be done at the earliest possible day, as it requires much time
and labor to prepare the bonds. The funding of the over-due interest will add to
the interest-bearing bonded debt $621,210.
The regular payments of interest will begin again on the 1st of May. 1867, on the
bonds in New York, and on the 1st o f June, 1867, on those payable in London. Es­
pecial care should be taken to guard against the possibility of a failure, or the re­
covered credit o f the State will be irreparably injured. It must be borne in mind that
the interest in London is payable in sterling money, which is now about 60 per cent,
above our national currency. The bond issued to the Bank of Mobile, for $16,388.18
o f gold, was paid in August last, and the note for $40,000, given for a loan to the State
in September, 1865, at twelve months, was paid at maturity. There remain in my
office seventy-five of the old Virginia bonds (6 per cent.), of $1,000 each, worth in the
market about 46 per cent
Respectfully submitted,
J. W h i t i n g ,
Commissioner and Trustee,

DEBT OF MICHIGAN.
The funded and fundable debt o f Michigan is thus reported by the State Treasurer :
Sault Canal b o n d s, s ix e s , due January 1 ,1 8 7 8 ..............................................................................
R en ew a l loan b on d s, s ix e s , due Jan uary 1 ,1 8 7 8 ..........................................................................
T w o m illion loan b on d s, 7’ s, due Jan uary 1,1868.....................................................................
T w o m illion loan b on d s, 6’ s, due Jan uary 1,1873 ....................................................................
T w o m illion loan b o n d s, 6’ s, due January 1, 1878 .....................................................................
T w o m illion loan b o n d s, 6’ s, due Jan u ary 1, 1883 .....................................................................
W a r loan b o n d s, 7’ s, d u e Jan uary 1 ,1 8 8 6 ......................................................................................
W ar b o u n ty b on d s, 7’ s. due M ay 1, 1890............................................................ .............................
A d iu sted b o n d s, p ast due .................................... ............................................................................
F u ll paid five m illion loan , past d u e ..................................................................................................
W a r loan b on d s, called in January 1, 1866......................................................................................
$125,000 o f u n re co g n ize d five m illion loan b on d s, p ast due, and adjustable a t ..............

$100,000
216,000
250,000
500,000
500,000
750,000
1,111,500
463,000
4,000
12,000
1,100
72,321

T otal b o n d e d d e b t ......................................................................................................................
$3,979,921
D ed u ct d eb t o f J an u ary 1, 1861 ..........................................................................................................
2,388,842
S h ow in g n et in crea se o f b o n d e d d eb t du rin g past s ix y e a r s.................................................. $1,591,078

HURON AND ONTARIO SHIP CANAL.

About 300 gentlemen, including delegates from several boards o f trade from the
States, joined with the directors of the Huron and Ontario Ship Canal Company at
Toronto last Wednesday in a grand banquet.




86

huron

and

On t a r io

s h ip

c an al

.

[January,

Lieut.-Gov. Bross, of Illinois, was the chief speaker, from whose address we give
a few extracts, as follows:
The extension of our railways during the last eleven years, in spite of the financial
crash of 1857-8, and four years of desolating war, furnish an important illustration of
the progress of the Northwest, and then our people were rejoicing in tha fact that our
lines had at length reached the Mississippi at Alton, Burlington, Rock Island, Fulton
and Dubuque. Then we had only about 2,000 miles of railway in Illinois and running
north and west from Chicago. Since then we have added at least 2,710 miles to those
then in operation. Now, with steamboat navigation on Green Bay, the Northwestern
and Peninsular roads connect Chicago directly with Marquette, on Lake Superior, some
400 miles from Chicago. With only a break of 40 miles between La Crosse and
Winona, soon to be completed, our railways connect us directlv with St. Cloud, in
Minnesota, on the Mississippi, at Sauk Rapids, 640 miles northwest of Chicago. Next
week the little gap of 20 miles connecting the air-line of the Northwest road with
Council Bluffs will be finished, when Chicago will have a direct railroad to the south
fork of the Platte, 795 miles west of the city, and the directors of the Union Pacific
Railway promise to have their line 800 miles further west, reaching the Rocky
Mountains, 2 t Denver, by the 4th of July next. To the southwest, the Burlington and
Quincy, the Hannibal and St. Joseph, and the connecting lines, reach Fort Riley or
some point beyond it, some 650 miles from our city. All these great extensions of
our railways, I repeat, have been made in spite of war and financial disaster during
the last eleven years, and now with peace to bless the land, there can be little doubt
that the great Pacific R ilway will be completed within the next five years, and there
will be such a development of the vast fertile country west of Lake Michigan, in
wealth, population and power, as will confound the evil forebodings of all chronic
croakers, and more than ever astonish the civilized world.
Referring especially to the proposed canal enlargement, Lieutenant-Governor Bross
said:
Build this canal and enlarge the lower St. Lawrence canals so as to pass vessels of
a thousand tons burden, and in five years from the tune it is completed the teeming
West will as easily furnish the hungry millions of our race with a surplus of a hun­
dred millions of bushels of cereals as she now does half that amount.
The necessity of this enlargement is manifested by the enormous profits of the great
railways, and the extravagant rates of transportation, showing that the quantity to be
carried forward is so vast that carriers command their own terms. The warehouses
and the mammoth elevators of the latter towns for the last two yeais have been
crushed with freight; everything which could be made to float on the lakes and canals
has been taxed to the utmost, and proved insufficient to carry to market the products
o f the West.
The canal would lessen the distance between Chicago and all the cities on the west­
ern shores of Lake Michigan and New York and Liverpool some three hundred miles.
The entire distance between the Georgian Bay and Toronto is only one hundred miles,
less than forty of which would be close canal navigation. There can scarcely be a
doubt that a vessel could reach Toronto by the time it could get to Detroit. By it the
navigation on the St. Clair River and the Lake, including, of course, the flats, the
Detroit River, Lake Erie and the Welland Canal would be saved.
Mr. Bross concluded as follows:
The opening of this canal will make Toronto one of the largest manufacturing cities
of the Continent, besides the great advantage it would be to her mercantile interests.
As to Montreal and Quebec, they would inevitably become rivals of New York, for in
these cities assorted cargoes of goods would be made up for all the lake cities which
could hot trade directly with Europe It needs but a proper appreciation of the vast
importance of this work to the permanent progress of the cities on Lake Ontario and
the St. Lawrence, and to Canada generally, to New England and to old England, and
to the great West, to secure its construction as fast as men and money can do it. It
has become an absolute necessity to the commerce of the continent, and therefore that
it will be built within the next decade I regard as certain as anything can be in the
no distant future.
Mr. Capreol, President of the H. and O. Canal, promised that within seven years the
canal would be fully constructed and opened to the world.




1867]

S P E C IE

PAYM ENTS AND

TH E L E G A L TE N D E R

CU R R E N C Y .

87

TAX ON BANKS AND BANKERS.

The following decision of the Commissioner of Internal Revenue is just issued :
T r easu ry D epartm ent,
O f f ic e o f I n t e r n a l R k v e n u k ,
W a s h in g t o n , D. C., Nov. 12, 1866.

Under the provisions of the act of June 80, 1864, the license taxes of bankers were
based upon the amount of capital used or employed. The Solicitor o f the Treasury
has given it as his opinion that the surplus earnings of an incorporated bank are no
part of its capital within the meaning and intent of that part of said act which relates
to license taxes, and that the license tax of said bank should not be assessed upon a
sum greater than its chartered capital.
Whenever, therefore, a sum greater than the chartered capital has been made the
measure of such a tax for the current year, the excess will be abated upon an applica­
tion made in proper form to this office.
E. A. R o l l in s , Commissioner.

AN ACT TO AMEND THE NATIONAL CURRENCY ACT.

On Wednesday of this week the Bank bill was reported to the House by Mr. Hoo­
per, Chairman of the Committee on Banking and Currency. It is entitled an act to
amend an act to provide a national currency, secured by a pledge of United States
bonds, and to provide for the circulation and redemption thereof, and is, in all its
main features, similar to the bill reported last year, as an amendment to the act of
1864, and for which thi3 is a substitute. First, it limits the circulation of any one
bank to §1,000,000: second, redemption in New Y ork; third, reduction of the circu­
lation of existing banks §31,000,000 by scaling down the circulation of all banks who e
capital exceeds §300,000 ; fourth, distributing $30,000,000 of this circulation equally
among State banks yet to be converted into National banks, and to new banks in
States that have heretofore received the least ratable proportion of circulation ; fifth,
fuller and more complete returns to the Comptroller of the Currency ; sixth, more
power to the Comptroller to close up defaulting banks; seventh, more severe punish­
ment for counterfeiting.

SPECIE PAYM ENT AND THE LEGAL TENDER CURRENCY

The following interesting correspondence between Hon. E. G. Spaulding and the
Secretary of the Treasury has been sent us for publication :
MR. SPAULDING TO SECRETARY M’ CULLOCH.

of your report and accompanying documents. I have only seen a synopsis of it, but
it seem9 to me that you understand the situation, and have stated it with force and
ability. I congratulate you on the favorable exhibit o f the public debt, which is in a
great measure due to your discreet and prudent management of the national finances.
You have no doubt now, to a large extent, control of the finances of the country, and I
think that you will, o f necessity, contract moderately, so a9 to preserve a tolerably
easy money market, in order to be able to fund the compound 6Ts and the 7-30*8 into
long gold-bearing bonds, between this and the 15th of July, 1868. There may be
occasional spasms and t:ghtness for money with the speculators, but generally I shall
look for plenty o f money for legitimate business for at least a year to come. If the
speculators should get some check it would be a good thing for the country, a d all
men engaged in industrial pursuits would not complain.
1 hope you will be able to reach the specie standard with atTeast §250,000,000 of




S P E C I E P A Y M E N T S A N D TH E L E G A L T E N D E R C U R R E N C Y . [ January,

88

plain legal tender United States notes still outstanding. The amount o f gold and sil­
ver coin now available in this country is so small that it constitutes a very inadequate
basis on which to rest the largely increasing volume of business to be transacted, and
unless we can have legal tender in some form, other than gold and silver coin, I think
we will hereafter be very much exposed to panics and revulsions, to the injury o f
legitimate business, and, consequently, diminished revenues. If we can maintain
$250,000,000 of the paper tender at the specie standard, in addition to the supply of
gold and silver, I think the business of the country would in future be much more
steady and uniform.
Yours truly,
Hon. H u g h M c J u l l o c h , Secretary of the Treasury.
E. G. S p a u l d i n g .
SECTBTABY m ’ o ULLOCH’ s REPLY.

T reasury D epartment.
)
W ashington, Dec. 7, 1866. j"
D ear S ir .— Your favor of the 4th instant is received. You will receive a copy of
my report through the Comptroller of the Currency. It was very hastily written, but
is, I think, sound in doctrine.
What we need is an increase of labor. If we could have the productive industry of
the country in full exercise, we could return to specie payments without.any very
large curtailment of United States notes. My object has been to tlie\market
steady, and to work back to specie payments without a financial cdHapse. ' ^ shall act
in future as I have in the past, with great caution, and attempt nd ii^practicabfeVhing.
I am, very truly, yours,
pH .
Hon. E. G. S p a u l d i n g , Farmers’ and Mechanics’ Bank, Buffalo^ N. Y .
i

J

CONTENTS

FOR

PAGE
NO,
9
1. T h e C ou rse o f P r ic e s ..................................
2 A S oldiers R ea s o n s against E q u a liz in g
the B o u n tie s .............................................. 12
T u n n els...........................................................
16
R ailroad E arn ings fo r N o v e m b e r .......... 20
T rade o f G reat Britain and the U . S . . . 21
Sou th w estern (G a.) R a ilio a d
............. 25
L ife Insurance—R ig h ts o f S outherners
w h os e liv e s w ere in su red in N orth ern
C om p a n ie s .................................................. 27
I n te ro ce a n ic C om m u n ication — A tlan tic
and Pa cific Ship Canals an d Railroads
9. P o s itio n o f the B ank o f E n gla n d . ..
10. D a ily P rices o f G o ld at N e w Y o r k fo r
F iv e Y e a r s ......................
.................. 52
11 R a tes o f S hort-tim e E x ch a n g e o n L o n ­
d o n —1866 ....................................................
12. C ou rse o f the N ew Y o r k S to c k E x ­
change Board—1866 ............................
58
13. M on th ly R a n ge o f B a n k S to ck s so ld at
the R eg u la r B oa rd each m o n th o f

.

.

JANUARY,
year c lo s in g D e ce m b e y jft,
P u b lic D e b t o f the Un'iteflpBt,
C om m erce o f N e w Y o r k fo r 1866,
A c tio n b ro u g h t b y P re sid e n t J o h n so n
fo r D am ages b y F re n ch Confederate
C n r s e r s .......................................................
P ru ssian N a v y ...........................................
C om m ercia l C h ro n icle an d R e v ie w ___
Jou rn a l o f B a n kin g, C u rrency, and
F in a n c e ........................................................
C on n ecticu t R a ilr o a d s ................................
Erie R a ilw a y E a rn in g s ..............................
D ^bt o f A la b a m a ..........................................
D e b t o f M ich iga n
................................
H u ron an d O ntario Ship C anal................
T a x o n B a n ks and B a n k e rs......................
A n A c t to am end the N ationa l C urrency
A c t ....................................................
S pecie P a ym en t and the L egal T en der
C u rrency......................................................

71
'3
73
78
82
83
84
85
85
87
87
87

The following advertisements appear in our advertising pages this month:
MERCANTILE.
F o w le r & W e lls —389 B road w ay.
M arshall’ s P ortra it o f A b m . L in c o ln —T ic k n o r
& F ie ld s .
L . Pran g & C o.—B o s to n and N e w Y o r k —H o l­
id ay P u b lica t o n s , etc.
H ow a rd & C o. — 619 B ro a d w a y — D iam on d s,
W a tch es , H olid a y G ifts, etc.
M erca n tile L ibrary— C linton H all, A s t o r P lace
and E ig h 'h St.
F erd in an d K o rn — 191 F u lto n St. — E a n de
C ologn e.
L e w is A u d en d ried & C o .— 110 B road w ay— A n ­
thracite an d B itu m in o u s Coal.
G rov er & B a k er—495 B road w ay— S e w in g M a­
chines.
A . B. Sands & C o .—139-141 W illia m S t.—D ru gs
W m . D uryea, a g e n t—166 F u lto n S t.—M aizena.
J . W . Bradley—97 Cham bers S t.—H o o p Skirts.
C h ick erin g & S o n s —632 3 r o a d w a y — P ian os.
BANKERS & BROKERS.
T e n th N ationa l Bank—836 B roadw ay.
B a rstow , E d d y & C o .— 26 B road St.




L o c k w o o d & C o.—94 Broadw ay.
Y e r m ily e & C o .— 44 W a ll St.
E u gen e K e lly & C o .—36 W all St.
D e w i t t , K ittle & C o .—88 W a ll St.
S im o n D e V is s e r —52 E x ch a n g e P lace.
D uncan, Sherm an & C o .— C or P in e & N assau.
L. P. M o rto n & C o .— 35 W a ll Street.
R o b in s o n & O gden —4 B road St.
H o w e & M acy—30 W a ll St.
G ilm ore, D unlap & C o .— C in cin n ati.
L e w is J o h n so n & C o., W a sh in g to n .
N in th N ational B a n k —863 B road w ay.
INSURANCE.
F id e lity In su ran ce C o .— 17 B road w ay.
M arine— A tla n tic M u t ia l Ins. C o .—51 W all St.
M erca n tile M ut. Ins. C o .—35 W a ll St.
O rien t M utual In s. Co.
Sun M utual In s. C o .— 49 W a ll St.
G reat W e s te rn Insu ran ce Co.
F ir e — H o p e F ire In s. C o .—92 Broadw ay.
G erm an ia F ir e In s . C o .— 175 B road w ay.
-(Etna Insu ran ce C o .— H artford.
U. S. L ife Insu ran ce C o.— 40 W a ll Sk