Full text of The Merchants' Magazine and Commercial Review : January 1868, Vol. LVIII, No. I

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T H E

MERCHANTS’

MAGAZINE

k
|

AND

'S

?

COMMERCI AL
JANUARY,

RE V I E W,
1 8 6 8.

ROBERT BOWNE MINTURN.
In the generations of a family an individual frequently arises who seems
to concentrate the virtues, the excellencies and prominent qualities pre­
viously distributed among several. He attains distinction, and we natur­
ally ask was he born great, or did he achieve his own greatness, or was it
0
thrust upon him 1 Too frequently the biographer simply follows his he­
0
roes’ toilsome pathway up the eminence, obliterates carefully his every
footstep, and then calling upon the wondering world points to the
man upon the pinnacle as a prodigy o f Nature, exclaiming to them, in
ki his exultation, “ E cce h o m o !" This, however, does not fulfil the true
tJ object o f memoir. W ith us success in life is not the result o f genius, or
<n of birth, or of a happy chance. It is true that circumstances sometimes
appear to develops noble traits, which in another sphere had, perhaps,
os
\ never been known ; but if we were to examine even those cases we would
find that, though the circumstances were the stepping stones, they were
made such by being turned from their original purposes, and arranged by
0
the minds that used them to suit their own ends. To exhibit, therefore,
these distinctive features o f mind and heart which have served to accom­
plish success, is the true object of memoir. And particularly is it our
VOL. LVIII---- NO. I.




1

10

ROBERT BO W N E

M IN T D R N .

\Januai y,

object in these sketches, seeking, as we do by them, rather to instruct than
simply to interest.
Robert Bowne Minturn was a man whose conduct and character can­
not be indicated by the measuring line which is usually employed. He
united in his own person the ideal of the Christian gentleman and the
republican citizen, exemplifying in his own history what a man can be­
come in American society by properly employing the opportunities o f im­
provement and usefulness as they occurred to him, and conscientiously
performing whatever office devolved upon him without questioning or
ostentation. He was a hero because he persisted steadily in the course
which he thus marked out for himself; he had aspirations, excellent they
were, although seldom tending toward personal distinction, and he bravely
wrought out their fulfilment; he was patiently laboring, and did what­
ever came in his way to d o ; and while many o f his acts had all the ap­
pearance and character o f extraordinary merit and love for his race, he
was performing them purely and solely in the spirit o f an earnest fidelity
to his own convictions. Oberlin, when he gave up a place in which honor
and emolument were awaiting him, turned his back on fame and popular
applause; but his self-abnegation was commemorated by a higher reputa­
tion, and he achieved renown unintentionally in his humble pastorate of
the Waldlacb, inscribing his name among the nobler heroes of the world
whose honor is that they were the helpers of man.
Of the same class and order was Mr. Minturn, as his personal character and
lofty purpose, his innumerable acts o f kindness and unselfishness, abun­
dantly proved. The faults so generally imputed to merchants and other
persons engaged in commerce, such as a want o f patriotism, moral timidity,
unjustifiable neglect of duty to society, he was exempt from, to a remarkable
extent. It is an unanswerable argument against the frequent assertion that
commercial life is hostile to spirituality and patriotism, that Mr. Minturn
was a merchant and descended from a ineage of merchants.
'William Minturn, the grandfather o f Robert, was engaged in business
for several years in Newport, Rhode Island. He transferred his residence
to the State of New York and was one o f the founders of the city of H ud­
son. He was successful, but finding the place too circumscribed, removed
to New York, where his sons entered into business on their own account,
and became prosperous and well-known merchants. His other grandfather,
Mr. Robert Bowne, was a most respected member o f the society of Friends,
and distinguished himself by works o f benevolence and public utility. He
was one of the originators of the New York Hospital, and for near half a
century served as a Trustee in that institution. He bore a wide reputation
for goodness o f heart and active philanthrophy.
The characteristics o f both of these ancestors were inherited by the sub-




1868]

R O B E R T S O W N ! M IS T U R X .

11

ject o f our sketch— the sagacity and enterprise which ensured the success
o f William Minturn, and the unselfish love for his fellow-men which so
nobly distinguished Robert Bowne. Indeed, he bestowed as much atten­
tion upon works of charity and benevolence as though he had been born
the heir of a boundless fortune, and they had been the chief objects for
which he lived.
Yet he was equally assiduous in his business,
not permitting his pecuniary interests to suffer from neglect, and was
always eager for knowledge, never omitting an opportunity for self-cul­
ture. In these particulars he was a model for young men engaging in
mercantile life, or in any branch o f business. He thereby made himself
able to afford a princely liberality, because he wasted nothing, but was
frugal o f time, of energy, and o f his pecuniary resources.
As the most of our readers are aware, Robert B. Minturn was the son
o f William Minturn junior, and his wife Sarah, and was born in Pearl
street, New York, on the 16th day of November, 1805. H e received in­
struction from an early age in the rudiments o f an English education.
When he was fourteen years old his father died, and he abandoned school
with great reluctance, to enter a counting-house. His evenings, however, were
employed in study and attendance upon regular courses of instruction, and a
habit of reading formedwhich continued through life. There were few subjects
in regard to which he was not well informed ; and the clearness and accuracy
o f his views upon all prominent questions were remarkable. He gave con­
siderable attention to the study o f languages, making himself proficient in
French, and acquired an extensive acquaintance with the several depart­
ments o f general literature. Perhaps his being thus early thrown upon
his own exertions was one of the best means that could have been used for
his advancement,
Had he not, however, possessed character and ability
o f a high order, we would have found him either yielding to the discour­
agement that thus surrounded him, or satisfied with attainments which
would simply have enabled him to accomplish his daily duties. Strength
and weakness of character both alike develop themselves under such cir­
cumstances.
The weak look around them for support, asking aid
from others, but the strong look to themselves, and while doing with all
their might what their hands find to do, they are preparing themselves—
by study and application in leisure hours for a position of wider influence
and greater responsibility. Thus young Minturn, while engaged as a clerk
was, though still young, by employing his leisure hours in study, prepar­
ing himself for a higher sphere of usefulness, and at the same time was so
assiduously attentive in the performance o f his duties, that he gained the
entire confidence of his employers. Special privileges and opportunities
for advancement were therefore given him. He was permitted to invest
little sums in commercial ventures, a practice not unusual in mercantile




12

Ro b e r t

bow ne

M iM T U R N .

•

[ January,

houses. Success followed these first efforts, so that he was able to become
himself the owner of a small vessel. He was then in the service o f Mr.
Charles Green, and such was the respect and regard he entertained for
him, and the confidence he had in his fidelity and capacity, that in 1825
he made young Minturn a partner in his business, and placing the exclusive
management o f the house in his hands, sailed a short time afterward to Eu­
rope. All cannot expect to advance thus rapidly, and yet the same persever ­
ing industry not only in ones daily business, but in preparation for a more
responsible position, must make its mark, since Providence is ever wont to
bless such efforts with success. Advancement, however, brought with it
heavy cares; only about one year from that time, when he was but twenty
one years old, occurred the great financial crisis, still remembered as one
of the most fearful periods ever known in commercial history. All through
that terrible season young Minturn was compelled to bear alone the re­
sponsibilities of that extended business. The anxiety which it occasioned,
and the severe tension to which his miod was subjected, hardly experienc­
ing any alleviation or mitigation for many months, taxed his powers o f
endurance to the utmost; and in subsequent years he could never think
or speak of this period of his life without seeming to realize anew the
most exquisite mental suffering.
But his efforts were successful, and the interests which had been en­
trusted to him were safely preserved. He remained, however, in partner­
ship with Mr. Green only five years, and in 1830 entered the firm of
Fish & Grinnell, since known the world over by the title of Grinnell, Min­
turn & Co. The thrift, industry, and unflagging devotion to business
which had characterized him already, now helped to give this mercantile
house, to which he belonged for thirty-five years, its stability and world­
wide reputation. His cares and duties were multifarious, for be would
never permit in himself inattention to any particular of business. He re
frained entirely from “ outside speculations,” but was simply an intelligent,
enterprising, sagacious merchant. The success which attended him and
the firm with which he was connected constitute a part of the commercial
history of New York, and re uire no extended review.
But if as a merchant, simply, Mr. Minturn was worthy o f imitation, as a
private citizen he was doubly so ; for his consistent, earnest, Christian life
served to make all excellencies of character shine with a peculiar bright­
ness. W ith him, Religion was no form— it was a living principle. A
member of the Church of the Holy Communion, while under the rector­
ship o f that eminently benevolent and universally beloved man, the Rev.
Dr. Mullenberg, he was one o f his pastor’s most efficient auxiliaries in
every charitable enterprize. Living under a lively conviction o f his ac­
countability to his Creator, and possessing a heart easily touched by the




1838}

ROBERT

BOW KS

M IN T U R N .

13

infirmities of his fellow-men, it is no wonder that we should find him de.
voting his time and wealth and the best energies of his life to labors of
love. Hence it is that few can know the extent and depth o f the sorrow
his death caused among that large class who had reason to bless him for
the light his bounty and sympathy had shed upon their darkest hours. It
5s easy, out of our abundance, to throw to the importunate beggar a few
pence, or even to give largely in public, that we may receive the praise o f
men; but to spend our time as well as our money, not in seeking our own
pleasure, but in finding out misery and suffering, that we may relieve the
deserving, and pour the oil o f gladness into hearts burdened with the cares
and sorrows o f life, requires a higher principle, a nobler purpose; and
herein consisted the greatest attraction in Mr. Minturn’s character. He
was not charitable to be seen 'of m en; he did not content himself with
giving when it cost him nothing; but there was a nobleness o f purpose, a
purity o f motive, a self-abnegation in all his inner life, that one in thinking
o f him is forced to exclaim— “ Behold an Israelite, indeed, in whom is no
gu ile!”
,
Animated thus, in private life, by his devotion to needy, suffering hu­
manity, we find him also foremost in all public efforts seeking the welfare
o f the poorer classes. He was an active manager in many leading charit­
able institutions. W e have, however, not the space here to refer more
particularly to the various duties he thus assumed, but would simply state
that he was one o f the originators o f the Association, in this city, for Im­
proving the Condition of the Poor, and also was one of the founders of St.
Luke’s Hospital. In fact, as in private, so in public life he appeared to be
ever striving to see how much he could accomplish for the good of his
fellow-men. His sense o f responsibility appeared to increase with his
wealth, till he became almost solely an almoner o f the Divine bountyWith him wealth was simply held in trust as a talent to be improved.
An increase of it he looked upon as a blessing, only because of the greater
opportunities for usefulness it afforded. And yet, with it all, so modest
and unassuming were his effons to seek out and relieve obscure suffering,
that the amount of good he actually performed was rather guessed at than
known.
W ith political parties Mr. Minturn always refused to identify himself
and would never consent to become a candidate for or hold any civil office.
Once, however, in his life he considered it his duty to accept a public
position. The great Irish famine o f 1847 urove to this country an unpre­
cedented number of emigrants in a half-starving and helpless condition.
They suffered fearfully from sbip-fever contracted in the crowded vessels
which brought them over. At New York no adequate provision existed
or their reception. To meet this terrible exigency, the Legislature o f New




14

ROBERT BO W K K

M IN T U R N .

\January,

York passed a Jaw creating the Board of Commissioners of Emigration.
Gideon C. Verplanck, James Boorman, Jacob Harvey, Robert B . Minturn,
W in. F. Havermeyer and Daniel C. Colden, together with the Mayors o f
New York and Brooklyn and the presidents o f the German and Irish Emi­
grant Societies were designated in the act as Commissioners. This was
the only public trust at all approximating a political character that Mr.
Minturn ever accepted. There were then no emoluments, directly or in­
directly, connected with the office, or contracts given out under circum.
stances savoring of peculation.
M r. Minturn consented to become a
Commissioner solely from his extreme regard to duty, because he desired
that the emigrants should be protected from robbery, and that homes
should be provided for emigrant orphans. He was fully aware of the
severe and often repulsive labor that would be required; and he was not
contented to give his name and money, without also bestowing his heart
and personal efforts. W e remember one occasion, when an emigrant
woman lay ill of ship-fever, and neither nurses nor physicians would risk
their lives to lift her from her bed, he quietly took her in his arms and
tenderly carried her to a cairiage. This was but a single instance of that
practical charity he ever exhibited, and from which no fear of his own
safety for a moment deterred him. And yet his sensitive sympathy never
impaired his sagacity, for his heart and mind were in entire harmony.
The practical shrewdness of his counsel equalled his generous impulses;
and he transacted business carefully, unobtrusively, and with scrupulous
fidelity. But the new labor which he assumed seriously injured his health,
and he went to Europe in 1848 for its restoration. Even there be could
not be idle, but sought every opportunity for acquiring information which
could be made of benefit to others, and after his return home abundantly
demonstrated how well his time bad been employed. Among other sub­
jects o f great interest to him at this period was the establishment of the
Central Park. This work wa3 urged by him with so much earnestness
that he was persuaded to become one of the Commissioners; but at the
last moment his characteristic disinclination to accept notoriety in the per­
formance of a public duty or charity led him to decline. A t length, how­
ever, under his multipli-d self-imposed duties, his health became perma­
nently impaired. His friends admonished him o f the consequences of his
restless activity ; it appeared to be of little use. Convictions of duty were
so strong, his sense of the brotherhood o f mankind so vivid, the field which
he occupied was so very large, that he had no opportunity for pausing.
He, however, withdrew his attention from mercantile business, and con­
centrated it almost exclusively upon the pursuits of charity and benevolenceWith regard to his course during the civil war, but few words are n e ­
cessary. W ith him patriotism was a passion; he bestowed his money




1868]

ROBERT B O W S E

M IS T U R N .

15

liberally, and entered with enthusiasm into every movement having for its
purpose the upholding of the Government. His health suffered so severely
that he went once more, though reluctantly, to Europe for its benefit; but
he would not intermit his efforts in behalf of his countrymen. When he
returned he was induced to accept the presidency o f the Union League
Club, and he held it till his death. The condition o f the freedinen very
naturally engaged his earnest attention, and much o f his time was occu­
pied in endeavors for their benefit. This work he continued to be engaged
in till the very last. On the 8th day of January, 1866, he was thus em ­
ployed till a very late hour at night. As he set out for home, he remarked
the sudden coldness of the weather, and expressed his anxiety for the poor
people of the city, to whom it would bring unusual hardship and suffering.
He had gone but a little way, when he was seized «ith paralysis. In a
helpless condition he was conveyed to his home, and at about two o’clock
the next morning, without a pain or struggle, he quietly passed away.
The announcement of his death necessarily produced the deepest sor­
row. His private virtues, his high-toned character, his unbending integrity,
his sound judgment, his conscientious discharge of every obligation— all
positive qualities— added to his kindness of temper, his earnestness and
sincerity, had won from all their deepest respect and affection. A long
train of the poor o f New York, who knew him as their friend, came weep­
ing to his house, asking permission to look upon his face once more. All
tie public bodies to which he belonged held meetings to pay him their last
tribute. W e have not space to give the proceedings o f these various
bodies, but annex the following resolutions passed by the Union League
Club, as embodying the pervading sentiment of the community:
Whereat, It has pleased an all-wise Providence to remove from his apliere o f benign
activity on earth our respected fellow-citizen and beloved associate, R o ber t B. M i n to r n , and whereas he was one of the earliest and most efficient of the founders o f this
club, and its first President, as well as the personal and cherished friend of many oi
its members, therefore
Resolved, That we recall with grateful satisfaction his original co operation in the
national objects and patriotic duties which this association was formed to initiate and
promote.
Resolved, That while we deeply sympathize with his. family in thier irreparable
bereavement, and tender them our sincere confidence, we mourn an honored and be­
loved associate, a generous and genial man, and a true Christian gentleman.
Resolved, That his judicious and unremitted liberality in the benevolent use o f the
gifts o f fortune, and his conscientious discharge of responsible duties as an officer o f
our public charities, render his example memorable and precious.
Reso'ved, That his uniform kindliness and hospitality in social intercourse, his con­
sistency in friendship, his integrity as a merchant, his fidelity as a citizen, his earnest
religious convictions and the daily beauty o f his life, endear and consecrate his
memory to our hearts.

Such is the record o f this New York merchant, the American gentle­
man, the serene Christian, whose life was a public blessing, and whose




16

A C Q U IS IT IO N S

O F T E R R IT O R Y .

[ January ,

death was a universal sorrow. Few purer or more unselfish men have ever
jived. “ The memory o f his character and life survives,” said George W m Curtis, “ and it is a perpetual inspiration o f the noblest action. The death
of such a man, to those who were nearest to him, is a personal loss not to
be measured. But to the community, his influence is so vital and endear­
ing, that it should rather be gratified that he lived so long, than grieved
that he should die so soon.”

ACQUISITIONS OF TERRITORY— RUSSIAN AMERICA.
The apparent hesitation o f the House of Representatives to make an
appropriation for the purchase of Russian America is significant. It does
not mean that the House desires to assert a claim to be consulted in all
foreign treaties involving appropriations and the acquisition o f territory.
Ho such claim could be allowed ; for the House is not a branch of the
treaty making power. Nor is Mr. Washburne’s desire to have “ the
Committee on Ways and Means say whether the Treasury should pay for
that useless tract,” to be construed that he is really willing that, after the
Government has taken formal possession of the territory, and pledged it­
self to pay to Russia a consideration of $7,200,000, the country should
dishonor itself by refusing to sanction the contract o f its appointed
agents. It is not to be for a moment supposed that a majority o f the
House could stultify itself by any such repudiatory action ; and it may
be taken for granted that the necessary appropriation will be ultimately
made.
This reluctance to authorize payment, really means that the House de­
sires it to be understood that it disapproves o f the appropriation o f the
public monies for purchases o f new territory, and especially so in the
present deranged condition o f our affairs. And so for the House reflects
the very general sentiment of the people. The disposition shown to com­
mit the country to other treaties o f a similar character, and involving
large appropriations, makes it the more necessary that Congress should
take its course. The Secretary of State has negotiated a treaty with
Denmark for the purchase o f the Islands of St. Thomas and St. Johns.
A disposition has been shown to treat for the transfer o f Hudson’s Bay
territory, for a large consideration in gold ; and, if recent representations
may be relied upon, advances have been made to Spain for the purchase
of Cuba. A resolution was introduced into the House last week proposing
to purchase from Great Britain the whole of British North America west
o f the 100th parallel of longitude for a consideration o f $6,000,000 in




1868]

A C Q U IS IT IO N S

OF

T E R R IT O R Y .

IV

gold. Whether this proposal is due to efficient inspiration, we are not
prepared to say. These numerous schemes betoken a mania for annex­
ation which it is impossible to justify upon reasonable grounds. The
reasons actuating the Government in these measures are thus laid down
in the late Message o f the President:
In our recent civil war the rebels and their piratical and blockade-breaking allies,
found facilities in the same ports (West Indies) for the work whirh they too success­
fully acc mplished, of injuring and devastating the commerce whicu we are now en­
gaged in re building. W e labored especially under the disadvantage that European
steam vessels, employed by our enemies, found friendly shelter, protection and sup­
plies in the West Indian ports, while our naval operations were necessarily carried
on from our own distant shores. There was then a universal feeling o f want of an
advanced naval outpost between the Atlantic coast and Europe. The duty of ob­
taining such an outpost, peacefully and lawfully, while neither doing nor menacing
injury to i ther States, earne-tiy engaged the at'ention o f the Executive Department
before the d is c of the war, and it has not been lost sight of since that time. A not
entirely dissimilar naval want revealed itself during the same period on the l'acific
coast. The required foothold there was fortunately secured by our late treaty with
the Emperor o f Russia, and it now seems imperative that the more ob ious necessi­
ty of the Atlantic coast shoul I not be less carefully provided for. A good and con­
venient port and harbor c pable of easy defence will supply that. With possession
o f such a station by the United States neither we nor any other American nation
need longer apprehend injury nor offence from any trans Atlantic enemy.
I agree
with our early statesmen that the West Indies naturally gravitate to, and may be
expected ultimately to be absorbed by Continental States, including rur own I
agree with them, also, that it is wise to leave the question o f such absorption to this
process o f natural political gravitation. The Islands o f St. Thomas and St. Johns,
which constitute a part of the group called the Virgin Islands, seemed to offer all
advantages immediately desirable, while their acquisition could be secured in har­
mony with the principles to which I have allurted. A treaty hts ther. fore been
concluded with the King r f Denmark for the cession o f those islands, and will be
submitted to the Senate for consideration.

It is not easy to see bow a naval outpost among the W est India
Islands should add materially to the safety of our coast.
In the event of
war with a foreign power, such a station would be the first object o f the
enemy’s attack; and falling into his power— which from its comparative
weakness and exposure it almost inevitably would— our post o f defence
would become a point d'appui and a depot of supplies to our assailants.
Did St. Thomas, St. Johns or Alaska afford us a Gibraltar, the case
would be different; but wilhout any special natural facilities for defense,
each of these outposts would be rather a source o f weakness than of
strength. In what respect could it be more difficult, or rather, why
should it not be easier, to blockade Sitka or St. Thomas, than to seal up
the ports of our coast? W ith the present appliances of naval warfare,
any work we should be like to erect on these outposts would be a mere
pasteboard protection. W e boast that one result of the late war has been
to demonstrate the superiority o f iron clads, armed with guns of heavy
calibre, to any resistance than can be offered by fortifications ; why then
purchase land upon which to build costly works which we cannot expect
to hold against an enemy ? In times when masonry could withstand




18

a c q u is it io n s

or

t e r r it o r y

.

[January,

ordnance, there might be circumstances under which a naval outpost
could be of service to a country. But even in those now historic times
little reliance appears to have been placed upon this sort of protection,
except instances where nature provided some invulnerable position, as in
the case of Gibraltar or Tangier. Does England rely for the safety o f her
coast upon the Isle o f Man or the Isle o f Wight?
Does France covet
Guernsey or Jersey for the sake o f the protection they would afford to
her frontier ? Both the leading naval powers o f Europe appear to re­
gard their works upon the main land as adequate protection ; and it is
not obvious why our policy should differ from theirs.
Were it, however, unquestionably desirable that, for the imperative
purposes of defence, we should acquire these positions, yet a proper dis­
crimination should be observed in choosing the time for making acquisi­
tions. This is no period of special danger.
The Mexican crisis is past;
and, with the closing o f Maximilian’s tragic career, all European aspira­
tions for aggression upon American territory have been quieted for a
century. Great Britain was never more disposed to cultivate amity with
us, and never before so respected our military and naval power. Our
war record itself is a protection which largely diminishes our liability to
foreign hostilities. W hy then this remarkable anxiety to secure naval
outposts? If it is not because there is danger from the disposition of
foreign powers, are we to conclude that preparation is being made for the
hatching of some scheme o f aggression upon neighboring territory ?
Such a suggestion may seem far fetched; but in attempting to account
for this singular policy we are driven to strange suppositions.
If then, naval outposts are o f questionable utility for the purpose of
defence; and if, even allowing them to be serviceable, there is nothing in
the public situation rendering their immediate acquisition necessary;
what can be said in justification of expending large amounts o f revenue
on these schemes, at a time when every interest in the country is suffer­
ing, and demands all possible relief from Government pressure ? So ac­
customed have we become to large governmental expenditures, that it is
no longer deemed an important element in any proposed scheme that it
involves the payment o f several millions o f the people’s money.
I t is
high time that this demoralization were placed under check.
The G ov­
ernment should be given to understand that the people are not disposed
to have their means squandered upon territorial acquisitions for which, to
say the least, we have no immediate occasion.
The people at large have
no sympathy with these annexation tendencies, and ask that, after the
severe experiences o f the last six years, they be allowed a fair chance
to recuperate, and that no unnecessary burthens be imposed upon them.
It is, of course, well understood that the expenditures upon these outposts




1868]

A C Q U IS IT IO N S

O F T E R R IT O R Y .

19

do not end with the purchase money. The Government of Alaska is
likely to cost us much beyond the revenue it will contribute.
The forti­
fying, garrisoning, and governing o f St. Thomas and St. Johns would in­
volve an outlay beyond the Federal taxation of the islands. These ex­
penditures ought not to be tolerated ; and we trust that Congress on
making an appropriation for the Russian American purchase, will make
it understood that it will vote no^more money for such Quixotic pur­
poses. But these objections come too late so far as Alaska is concerned,
for we have already taken possession of that territory, and bound our­
selves by treaty to pay for it. It becomes o f interest therefore, to enquire
into the nature and value of this new purchase. Under the Russian
dominion this territory was divided into five districts, viz.:
1.
— Atcha, embracing the two western groups o f the Alention Islands,
known as the Andreanouski and the Rat Islands; and also a group about
Behrings Island, not included in the act o f cession.
2.
— Ounalaska, comprising the Fox Islands and that part o f the Pen­
insula of Alaska, west o f the meridian of the Shumagin Islands, also, the
Shumagin and the Prvbelow Islands.
3.
— Kodick, embracing the remainder o f Alaska, the coast westward
to Mount St. Elias, with the adjacent islands including Kodick, Cook’s
Inlet, and Prince William’s Sound, together with the country extending
northward along the coast o f Bristol Bay and that watered by the Nushagak and Kuskokwim Rivers.
4.
— The Northern District, comprising the country of the Kwichpak
and of Norton’s Sound.
5.
— Sitka, embracing the coast from Mount St. Elias, to the parallel o f
54°40' north latitude, with the adjacent islands. The southern part of
this district below Cape Spencer is held by the Hudson Bay Company
under a lease. The capital of all these districts is Sitka.
These new possessions o f ours are not blessed with a very numerous
population, there being only fifty thousand according to the best Russian
evidence. The number actually subject to the Czar, at the time o f trans­
fer, amounted to ten thousand, only about 2,500 being Russians. The
aboriginal inhabitants are in numerous tribes and speak an infinite variety
o f dialects. Scientific men consider a part as belonging to the Esqui­
maux and part to the Indian race of North America. They do not ap­
pear to cherish repugnance to civilized life, but still are not sufficiently en­
lightened or numerous to make it desirable to reconstruct them at
present.
Despite its high northern latitude, the climate is far from being as severe
as has often been supposed. Capt. Cook expressed the opinion that cattle
might exist in Ounalaska all the year round without being housed. A t




20

A C Q U IS IT IO N S

OF

T E R R IT O R Y .

[January,

Sitka the winter is comparatively warm, averaging about 32£ degrees; and
the summer is cool, averaging less than 54 degrees. The atmosphere is
dam p; indeed, wet weather seems to be the rule, often but about forty
pleasant days having been counted in a whole year. Even as far north as
the Aleutian islands, the winter is not so terrible as would be imagined.
Large pine forests are seen everywhere till a little way beyond Cook’s
Inlet. Berries are very abundant, ampng them the strawberry, raspberry,
whortleberry, currant and cranberry. There are also edible plants in
great vai iety ; but the endeavors to introduce the cereals do not appear
to have been very successful. The northern limit o f wheat is several de­
grees south o f this region. Rye and oats flourish better, yet the dampness
of the climate interferes with their successful culture. Barley does betterGarden vegetables, however, generally flourish in all the southern districts'
Grass abounds in great luxuriance, so that it would appear to be a region
where cattle and sheep can be kept to advantage. It is thought that farm­
ing could be carried on as profitably as it is in Canada, Maine, or New
Hampshire.
There are also appearances o f great mineral wealth, particularly coal’
copper, and iron. The country belongs geologically to the tertiary period'
Volcanic rocks and limestone abound near the coast. A t the head of
Kotzebue’s Sound the cliffs contain the bones of elephants and other ex­
tinct animals, as well as of animals still existing in the country. At Cape
Beaufort, near the 70th degree of latitude, seams o f coal have been found>
evidently belonging to the coal measures. Iron o f an excellent quality
exists in the neighborhood of S itk a; and specimens have been collected
on Kotzebue’s Sound. Silver appears also to have been discovered near
Sitka in quantities sufficient to pay for the working. The existence o^
lead has also been reported. Copper has been found in the Copper River
often in masses of forty pounds weight. Traces o f the same ore have also
been discovered at other places. Coal seems to exist everywhere along
the coast, and there are supposed to be extensive beds of it as far north a8
Beaufort. The natives also report that it abounds in the interior; that o f
Alaska the islands, and O unalaska appears to be unfit for the use of steam­
boats. On the Kenarian peninsula a better product is obtained. It has
been repeatedly exported to California, and there used with satisfaction.
The presence o f gold in considerable quantities is not yet fully deter­
mined. A few years ago it was found in the mountains, not far from
Sitka, and miners repaired thither, but were not able to obtain enough to
be remunerative. Doroschin, a Russian engineer, found gold in three d if­
ferent places; the first was in the range of mountains on the northern side
o f Cook’s Inlet, extending into Alaska, and consisting of clay slate per­
meated with veins o f diorite, which is known to be a gold-bearing rock.




1868]

A C Q U IS IT IO N S

OF T E R R IT O R Y .

21

Other specimens of diorite were also procured in the neighborhood of
Mount St. Elias. In 1855 he also obtained it on the southern side of
Cook’s Inlet, in the mountains o f the Kearny peninsula. Having been
convinced that the bank at the mouth o f the Kaknu River is gold-bearing
he followed its course up the valley; and as he ascended the alluvium be.
came more and more auriferous. As the Sierra Nevada also extend into
this country, it is not improbable that the same products which abound at
their southern extremity also are continued at the north.
How rich these products are is a matter for future exploration to deter­
mine. The probabilities are certainly encouraging. The laws which seem
to influence mineral deposits indicate that this region is rich in the ores;
and the outcroppings and other discoveries, as we have already shown, all
seem to demonstrate that there has been no exception made here to the
rule. W e may therefore predict, with good ground of confidence, that as
soon as facilities of travel and transportation shall have been afforded
miners will repair to “ Walrussia” with as much enthusiasm, and expe­
rience as gratifying success as they have achieved in other parts o f our
country which are interrupted by the same mountain ranges and possess a
similar geological constitution.
But since the discovery o f this country by Behring and La Perouse, it
has been most esteemed for the production of furs. The traffic in these
has been monopolised by two companies, the Hudson Bay Company hold­
ing the unsettled territory north and west o f the Canadas, and the Russian-American Company, which held sway in the Russian Provinces,
The transfer of this country will extinguish the Russian Company, and
leave the British Company restricted in futuro to the region held under
their own government.
The animals of this region producing the furs o f commerce are deline­
ated by Langsdorf-as follows: A great variety o f the rarest fox skins—
black, blackish, reddish, silver-gray, and stone fox ; brown and red bear ;
also the black bear, the grizzly, and common marmot or woodchuck ; the
glutton, the lynx, chiefly whitish gray ; the reindeer, the beaver, the hairy
hedgehog; the wool of a wild American sheep, whitish, very fine and lo n g ;
sea-otters, etc.
The profits of this commerce have been greatly exaggerated, but they
are enormous. They were formerly much greater, but the races of furproducing animals are steadily diminishing in number. Van W rangel
states that from 1826 till 1833 the Russian-American Company exported
the skins of the following animals: 9,853 sea-otters with 8,751 otter tailst
40,000 beavers, 6,242 river-otters, 5,243 black foxes, 7,759 black-bellied
foxes, 1,633 red foxes, 24,000 polar foxes, 1,003 lynxes, 559 wolverines,
2,976 sables, 4,335 swamp-otters, 69 wolves, 1,261 bears, 505 musk rats,




22

a c q u is it io n s

of

t e r r it o r y

.

[ . January s

132,160 seals, 830 poods (29,880 pounds), of which line 1,490 poods
(54,640 pounds) o f walrus ivory, and 7,122 sacks of castoreum.
The value of skins at Sitka, in specie, for the last year, was substantially
as follows: .Sea-otter, $50 ; martin, $4 ; beaver, $2.50 ; bear, $4.50 ; black
fox, $ 5 0 ; silver fox, $40 ; cross fox, $25 ; red fox, $2. A New York Price
Current gives them, in currency, as follows : Silver fox, $ 1 0 @ 5 0 ; cross
fox, $3@ 5 ; red fox, $ 1@ 1.50 ; otter, $ 3 @ 6 ; mink, $ 3 @ 6 ; beaver, $ 1 @
4 ; muskrat, 2 0 @ 5 0 c .; lynx, $ 2 @ 4 ; black bear, $ G @ 1 2 ; dark marten,
$5@ 20.
The tables of Capt. Golowin— Russian— piesent the following statement
of furs received from the Russian possessions o f this continent, now trans­
posed to the United States, from 1842 till 1860, inclusive: 25,602 sea.
otters, 63,826 otters, 161,042 beavers, 73,944 foxes, 55,540 Arctic foxes,
2,283 bears, 6,445 lynxes, 26,384 sables (not an American but an Asiatic
animal), 19,076 muskrats, 2,526 Ursine seals, 338,604 marsh-otters, 712
pairs of hare, 451 martens, 104 wolves, 46,274 castoreums, 7,300 beavers’
tails.
Several of the largest fortunes now possessed in this city were obtained
from this commerce. It will, evidently for years to come, be the occasion
of resort to this region by traders, and therefore demands consideration.
When civilization shall have supplanted tho,e denizens of the stream,
forest and sea coast, there will be a corresponding change; but till that
time the common productions o f the country will claim notice.
Fish are taken in great abundance everywhere on the coast, around the
islands, in the bays, and throughout the adjacent seas. Oysters, clams,
crabs, oolachans (a species o f herrings), salmon, halibut, cod, have for cen­
turies contributed to the principal food of the inhabitants, and exist in ap­
parently inexhaustible profusion. Capt. Cook, Portluck, Hears, Langsdorf
Liitke and others bear testimony to these declarations. The evidence on
this subject is cumulative. It may be regarded as certain that the fisheries
of that region, particularly of whale, cod and herring, are destined to form
an important element in the commerce of the Pacific States and territories
of our Republic.
A year ago seventeen vessels left San Francisco for the waters pf the
Behring Sea to engage in the cod fishery. One of them stoppod on better
fishing-grounds south o f Alaska, in the neighborhood o f the Shumagin
islands, and began its work. The weather was stormy, but in the space o f
seventy days, from the 14th o f May till the 24th of July, 52,000 fish had
been taken, 2,300 being caught in one day, and the average weight being
three pounds. Others stopped at the Aleutian islands, and found better
fishing than in the Asiatic waters, for which they had set out.
The report of Mr. Giddings, Acting Surveyor of Washington Territory,




1868]

M R.

SH E R M A N S F U N D IN G

P R O JE C T .

23

made in 1866 to the Secretary of the Interior, says that “ Along the coast
between Cape Flotting and Sitka, in the Russian possessions, both cod and
halibut are very plenty, and o f a much larger size than those taken at the
Cape or further up the Straits and Sound. No one who knows these facts
doubts that if vessels similar to those used by the bank fishermen from
Massachusetts and Maine were fitted out here, and were to fish on the
various banks aloDg this coast, it would even now be a most lucrative
business. The cod and halibut on this coast, up near Sitka, are fully equal
to the largest taken in the eastern waters.”
The market for this product is already extensive. Nine hundred tons
were taken by San Francisco at one time from Okhotsk. The three States
o f Oregon, Nevada and California are expected to be perpetual customers,
and the very sanguine look to the Spanish-American countries extending
southward on the Pacific to the Straits of Magellan, and across that ocean
to the empires of Japan and China, as extensive consumers. Mr. Spinner,
in his address to the Senate, when the treaty was ratified, thus sets forth
the importance o f fisheries: “ The cod fisheries o f the United States are
now valued at more than two million dollars annually. Even they are in­
ferior to the French fisheries, the annual product of which is more than
three million dollars; and these, again, are small by the side of the British
fisheries, whose annual product is not far from twenty-five million dollars.
Already the local fisheries on this coast have developed among the gene­
rations of natives a singular gift in building and managing their small
craft, so as to excite the frequent admiration of voyagers. The larger
fisheries there will naturally exercise a corresponding influence on the popu"
lation destined to build and manage the larger craft. The beautiful baider
will give way to the fishing-smack, the clipper and the steamer. A 11
things will be changed in form and proportion ; but the original aptitude
for the sea will remain.”
Such are the main attractions of our new territory. W e did not favor
the acquisition, but, now that it has been added to our domain with due
formalities, we trust our people will not be long in ascertaining what are
its advantages, and reaping benefit from them.

MR. SHERMAN’S FUNDING PROJECT.
It is to be regretted that in some influential quarters promises continue
to be made o f some comprehensive financial scheme which is to satisfy
every want o f our defective system, and to include contraction, taxation
and the general policy o f the government. W e have had lor years past
numerous prophetic hints o f such panaceas. But so far they have always
disappointed expectation, baffled the hopes o f the projectors and misled




24

I
I

I*
I*

1

hr.

sh e r m a n 's

f u n d in g

p r o je c t

[ January ,

.

those persons who looked to such sources for pressing needed reforms.
The truth seems to be that we must be content to deal with our some­
what troublesome financial vessel as a good sailor behaves at sea. If
his ship springs a leak he attends to that, i f a mast or a sail or a part o f
the cordage needs overhauling, he takes each detail in turn and thus
keeps the whole ship taut and trim. In treating the defects o f our finan­
cial barque, we must deal with them one b y one, correct them one by
one, and, above all, we must learn how to let well enough alone. I f
certain senators had not lost sight o f some o f these simple principles
they would not have introduced into Congress the bill before us.
Last Decem ber Mr. Shfrman,from the Finance Committee o f the Senate,
reported this measure, which is, we understand, to be pressed in Congress
immediately after the holidays. The chief objects o f this measure are
two. First, it applies itself to the Five Twenties and the other obliga­
tions o f the government which are in this country, and offers to exchange
them at par for a new non-taxable Ten-Forty bond, which will give 5
per cent, a year to the holder in coin. Secondly, it offers to foreigners
who hold F ive Twenties to exchange them for a non-taxable bond yield­
ing 4^- per cent, a year, payable in Frankfort and London.
These are the main points covered by the b ill; which has, however,
several subordinate features. The first section provides that the expense
o f funding the home debt shall not exceed 1 per cent. N ow this rate
on 2,000 millions will amount to the vast sum for commissions, &c.,
o f 20 millions o f dollars. This new funding scheme is naturally very
attractive among a certain class of financial aspirants; seeing that it
proposes to distribute business the doing o f which will be so lucrative.
In the negotiation o f the foreign loan the relative gains would be on
a still larger scale; and they would be attended with a control over the
foreign exchange business, the profit resulting from which would be
extremely handsome to the party who were lucky enough to get the
appointment o f foreign agents for themselves and their friends. The spirit
o f retrenchment is, however, too vigilant to allow 20 millions or more
to be thus added to the too heavy burdens o f the national debt.
Another subordinate feature o f the bill is the exemption c f the pro­
posed new bonds from all taxation whatsoever. A t present the United
States bonds are not free from federal taxation. They are only free from
State and municipal d u es; and the aggregate o f these dues throughout
the country is prospectively so small that the exemption is really no
hardship. It has never given rise, we believe, to any bitterness o f feel­
ing except in certain W estern States where scarcely any federal bonds
are held except by the national banks, which are now taxable by the
States without question. The new bill would renounce beyond recall




\

1868]

m r

. Sh e r m a n ’ s

f u n d in g

pr o jec t

.

25

the right o f the federal government to tax United States bonds, and would
make such property absolutely untaxable forever. This is obviously a
very dangerous principle, and is proposed to be introduced now for the
first time into our fiscal legislation. It is an intelligible provision, and
perhaps a wise one, that the federal government which requires such
prodigious revenues to sustain the public credit should appropriate ex­
clusively to itself a certain field for the imposition o f its taxes, and that
local taxation, which is comparatively small, should not trespass on cer­
tain reserved parts o f that field. A t any rate, it always has been and
always should be the law o f this country that no local government shall
tax the bonds o f the general government. But for the latter to give up
the right to tax this kind o f property because the right cannot be shared
by the former is, we repeat, to establish a precedent which may breed
mischief hereafter.
Connected with this subject is the proposition o f section two to pay
the individual States an annual sum as compensation for the taxes which,
as we have seen, the States have no right to impose on Federal bonds.
The Government, which has the right to tax, is to give up the right with­
out compensation, and it is, moreover, to pay over a considerable an­
nual sum to the individual States besides.
If such a preposterous
payment is to be made it. should be voted yearly out o f the taxes
with the other ordinary items o f expenditure. T o resort to the puerile
device o f allotting 6 per cent, interest on bonds, while really paying 5
per cent., and dividing the remaining one per cent, between the sinking
fund and the States is absurd. The sinking fund is provided for by
existing laws. Let Congress enforce these laws. The States have no
right to tax the U. S. bonds; still, if Congress thinks proper, it can vote
to give an annual sum to each o f the States in lieu o f such taxes. But
let the vote be an open, annual vote subject to revision, and distributed
according to some wiser principles than that o f the relative popula­
tion, which would give to some States a good deal more, and to others a
good deal less, than their equitable share.
W e are unable at present to discuss other provisions o f the bill
which deal exclusively with the bonds. W e next pass to the fifth sec­
tion, which takes up the currency and attempts to remodel that, as the
earlier sections have remodeled the funded debt. That we may do no
injustice to the unique plan for reforming our paper money system, we
give the words o f the proposed law which provides : “ That the holder
o f any lawful money of the United States to the amount o f one hun­
dred dollars, or multiples o f one hundred dollars, may convert the same
into a bond for an equal amount, the notes so received to be held in
the Treasury as a part o f the reserve already provided for, and the
2




%

26

m r

. sh e r m a n ’s

f u n d in g

pro jec t

.

[ January ,

holder o f any o f the Five-Twenty bonds, or o f the bonds contemplated
by this act, may demand their redemption in lawful money o f the United
States ; and the Treasurer shall redeem the same in lawful money unless
the amount o f United States notes then outstanding shall be equal to
$400,000,000 ; but such bonds shall not be so redeemable after the re­
sumption o f specie paym ent; and the Secretary o f the Treasury, in
order to carry out the foregoing provisions, is required to maintain in
the Treasury a reserve o f not less than $50,000,000 o f lawful money,
similar in all respects to the United States notes authorized b y law,
provided the same shall not at any time exceed $400,000,000.”
If previous parts o f this bill were designed to please other classes o f
persons, this section is obviously adapted to conciliate the inflationists.
It would introduce into the currency arrangements an element o f discord
and confusion whose disturbing influence in business would probably
recall our worst, experience during the war, when the heavy disburse­
ments o f the Government, requiring five times as much currency as an
equal amount o f ordinary commerce, neutralized some o f the worst evils
o f the immense issues o f paper money and o f the morbid feeling during
the expansion in 1863 and 1864. Once admit the principle o f this
scheme and you will not be able to limit the currency to the authorized
400 millions. A ll our past efforts to reform and contract the currency will
thus have been made in vain. A n era o f speculation and wild perturba­
tions o f value will be inaugurated, in the course o f which it will be well
if we do not plunge into the gulf of national bankruptcy.
M r. Sherman acknowledges that his bill does not provide all the finan­
cial arrangements that are needful.
H e might have gone further and
acknowledged that the bill does not offer a single provision that the
finances of the country really demand. W e have shown that this is so
in regard to the currency and the bonded debt, both o f which it propo­
ses to disorganize and throw into confusion. Let us now turn to the
floating obligations of the Treasury, which, as has been often said, are
now brought within dimensions so limited as to be incapable o f causing
embarrassment. Should this bill or any such measure become a law we
might be compelled to revoke this favorable opinion as to the short
debt.
It consists partly o f compound notes which mature during the
six months M ay 1st and November 1st, and partly o f Seven-Thirties
which fall due next June and July. O f the 43 millions o f Compounds
10|- millions mature on the 15th M ay, 12^ millions on the 1st August,
8£ millions in September, and 3 millions in October.
The SevenThirties amount to 285 millions, about half o f which fall due in June,
and the rest in the following month. The Treasury has thus to provide
for the payment o f 328 millions o f short paper before next Novem ber.




I868J

TH E

REPORT

O N TH E

BA N KS.

27

A lm ost the whole o f th is s u m will be converted into long bonds if
the Five-Twenties remain as now 4 or 5 per cent, above par.
But
a large part of the aggregate will have to be paid o ff in currency
if the Five-Twenties should fall to par or below. H ow long these bonds
would be in descending to par under the depressing influence o f Mr.
Sherman’ s bill it is too easy to predict. In the 4 or 5 percent, premium
on the Five-Twenties lies our safeguard against the dilution and depre­
ciation o f the currency b y the issue o f a vast mass o f new legal tenders,
which M r. McCulloch has the power to emit under existing laws, should
the demand be made for currency by the holders o f the outstanding
Seven-Thirties. In view o f these facts, it is gratifying to find that
the introduction o f the bill into the' Senate did not, as was antici­
pated, depress the Five-Twenty bonds at the Stock Exchange.
That mischievous result was averted b y the general conviction that the
measure could not pass, but would be rejected b y Congress. The belief
is often expressed that the national debt can be hereafter consolidated
into a five per cent, consol, which will command par in gold, at no
very distant d a y ; but premature crude attempts at consolidation will
defeat their own purpose. Alm ost all we can do for the present to
establish the stability of the.national debt, is to fund our short embar­
rassing obligations into long bonds, and to let the existing Five-Twen­
ties alone. It would also be unwise and unnecessary in any future nego­
tiations o f consolidated bonds o f the United States, to give up the
Federal right to tax such bonds equally with other property.

THE RETORT OX THE BANKS.
M r. Hurlburd’ s able report on the banks, the substance o f which we
published last month, is at once gratifying and unsatisfactory. It is grati­
fying because it shows that the vast multitude of banks which have
been created during the past four years are doing for the most part a safe
profitable business ; that very few o f them have failed; and that the new
system is working smoothly and successfully. But, on the other hand,
the report is unsatisfactory, because it is less practical than we had anti­
cipated from the acknowledged efficiency o f the Bureau, whose work for
the past year it professes to record.
The rapid growth of the National banking system is without precedent
in the annals o f finance. The earliest o f the two acts creating these in­
stitutions was passed 25th March, 18G3, and the first bank was organized
20th June following.
Yet, in October, 1864, the number was 50, with
an aggregate capital o f $86,782,802. A t the same date in 1865 the
number was 1,513, and the total capital $393,157,206. In 1866 there




28

TH E

REPORT

ON

TH E

BANKS.

[January,

were 1,643 banks, with a capital o f $415,278,969. This year the number
is reported to be 1,643, and the total capital is $420,073,415. In how
many stockholders the ownership o f these corporations is now vested
M r. Hulburd does not tell u s ; but in his report o f last year the owners
o f bank stock were put down at 200,000.
Although 1,672 banks have been called so suddenly into existence,
730 o f which were entirely new, no more, as yet, than ten o f the number
have failed.
N ever has any country passed through so exciting a
period o f financial inflation with so clean a banking record. F or not
only has the currency o f every one o f the ten broken banks been fully
protected by the Government endorsement, but it is actually selling in
the market at a premium o f two per cen t.; while, as the Comptroller
tells u s, the general creditors of the insolvent institutions will receive on
the average 70 per cent, o f their claims.
O f the 424 millions of capital the 490 New England banks have
145 millions, the 314 New York banks 116 millions, the 203 Penn
sylvania banks 50 millions, the 290 banks in Ohio, Indiana, and Illinois
46 millions, leaving about 67 millions distributed among the other
States. If we turn next to the bank circulation we find that it has
increased from 46 millions in October, 1864, to 171 millions in 1865,
280 millions in 1866, and 293 millions in 1867. O f these 293 millions
o f National Bank notes 104 millions are issued b y New England, 69
millions by New York, 39 millions by Pennsylvania, and 39 millions
by Ohio, Indiana, and Illinois. From this it appears that about three
fourths o f the National Bank circulation and capital o f the United States
is organized in New England, New York, and Pennsylvania.
W aiving for the present all inquiry as to how this distribution o f bank
power first originated, let us to try to find out how far the adjustment
is equitable and adapted to to the convenience o f business. In all
modern commercial nations capital shows a strong disposition to
concentrate itself on the sea-board, at the confluence where meet the
widest currents o f interior and foreign traffic. It is consequently natural^
necessary, and for the good o f the country, that banks and other financial
institutions should concentrate there also. The question is, whether in
our rapid building up o f new financial machinery we have not built too
much in some places and too little in others. To obtain the first crude
elements o f the answer to this question a good method will be to look at
the relative deposits o f the banks. F or where the natural centres o f
financial activity are, thither will the deposits tend b y a law as strong
as that o f gravitation and with a choice as constant as that o f chemical
affinity. The individual deposits o f the banks are thus one o f the best
tests we can apply with a view to discover the growth, utility, and fit




1868]

TH E R E P O R T

ON

TH*

B A N K *.

29

distribution o f the banks. In October, 1863, the deposits were in the
aggregate 8 millions, in 1864 they had risen to 122 millions, in 1865
to 501 millions, in 1866 to 563 millions, and in 1867 to 538 millions.
O f these 538 millions o f deposits New England reported 83 millions,
New York 262 millions, Pennsylvania 72 millions, and Ohio, Indiana and
Illinois 48 millions. It appears, then, that o f the aggregate bank depos­
ts New England, New York, and Pennsylvania hold 417 millions, or
about four-fifths. To make these points more clear we present them in
the subjoined table:
Deposits, Circl’tion. Capital,
millions, millions, millions
Aggregate o f 1,639 banks in United States............................ 538
293
424
Do.
490 do. in New England.......................................... 83
104
145
Do.
314 do. in New Y o r k ................... ......................... 262
69
116
Do. 203 do. in Pennsylvania........................................... 72
39
60
39
46
Do.
290 do. inOhio, Indiana & Illinois........................ 48
Do.
842 do. in other States............................................ 73
42
67

Considering the circumstances under which our banks were most
o f them organized during the financial pressure o f the late war, and
the general inflation o f paper-money credit, it is singular that they
should have been so equably distributed over the States. The relative
amount o f the deposits being taken as indicative of the extent o f the field
for banking enterprise, we see that there is for the most part a harmo­
nious adjustment. A n objector might, indeed, say that in some local­
ities the deposits could be created artificially, or be over-stimulated by
a hot-bed forcing process. This argument does not seem to have much
force. A t any rate it is refuted by the condition o f the New England
banks, which have failed to get more than 83 millions o f deposits)
although they have 104 millions o f circulation. It is also in direct con­
tradiction to the condition o f the New York banks, which hold no less
than 262 millions o f deposits, though they have only 69 millions o f circu­
lation.
This question o f the unequal distribution o f banks is an interesting
one, because on it depends the elasticity and efficiency o f the national
banking system, and perhaps its permanence also. During the last three
months complaints have been very general o f the want o f elasticity in
our currency. Now elasticity is just what a bank note circulation
claims to impart. It is because in this respect and a few others a
bank currency is superior to a government currency, that government
foregoes the profits o f issuing paper money. If our banking system can­
not give us a uniform elastic currency, that system cannot endure, but
must sooner or later give place to something better. W e do not intend
at this stage o f the bank controversy to enter upon an elaborate
discussion o f such questions. W e will, however, suggest that any per-




30

TH E

REPORT

OK

TH E B A N K S .

\January,

son will do an inestimable service to the banks and to the national bank­
ing system, who will show how far the inelasticity o f the currency is
dependent on inequality o f distribution, how far it depends on other
contingencies, and what practical expedients are the best for correction.
O f one thing we may be well assured. A t certain times of the year
the country requires twenty or thirty millions o f currency more than is
required at other times. T o supply this currency is to give elasticity
to the movements o f the monetary machinery during the strain caused
by the m oving of the crops, the fluctuations in the domestic or foreign
exchanges, the disturbances o f credit, the negotiation o f loans, the locking
up o f greenbacks in the Treasury, the preparations for some heavy G ov­
ernment disbursements. The supply o f steam to a locom otive does not
more urgently need a self regulating mechanism than does the supply o f
currency to the financial machinery o f the country through the banks.
A certain degree o f elasticity was one of the redeeming compensa­
tions o f the old State bank system which made that system tolerable. In
time o f pressure for currency the New England banks issued an extra
amount, and were very ready to do so because they gained by the opera­
tion. They issued their notes when the pressure was on, and redeemed
the surplus when the pressure was over. Our national banking system
absorbed these currency “ factories,” as such banks were sometimes
familiarly called. But it stopped the old regulation for expanding or
contracting their currency. The national bank law authorizes a fixed
rigid amount o f notes, makes such arrangements as will give these
notes a forced circulation, and thus keeps them r float as constantly as i f
they were government notes redeemable by no bank and not liable to
be thrown back into its vaults for redemption. Some persons have
proposed to remedy this want o f elasticity b y enlarging the limit o f 300
millions to which the note issues are restricted. But this expansion and
enlargement o f the currency is not to be tolerated. Others would
take away the note-issuing privilege from the banks, and as their cur­
rency is not more elastic than that o f Government notes, let Government
have the benefit, they say, o f the circulation. M r. Hurlburd gives a
good deal o f his space to an argument with Congress that the National
Banks should not be deprived o f the currency privilege. But he fails
to show, as he might easily have done, how the complaints have arisen
against the banks, and how those complaints demand wiser treatment,
and would be aggravated by the rash remedies proposed.
Mr. Hurlburd would have conferred greater value on bis report if he bad
said more of the administrative methods bywhieh so great a measure o f
uractical success has been secured in the working of the system. The only
cans of this kind to which be refers are the stringency of the law, which*




1868

REPEAL

O F TH E

COTTON T A X .

31

in his hands has been very firmly and judiciously administered. One
o f the most valuable safeguards of the solvency o f the banks is, o f
course, the publicity to which their business is exposed. Tuis principle
o f publicity Mr. Hurlburd urges Congress to apply to the banks more
fully by requiring them to make a full report monthly instead o f quarterly
as at present. If such reports were made and promptly printed in the
newspapers instead of being kept in the Department at Washington until
they cease to be o f any great practical use the protective force o f such
a safeguard o f solvency would certainly be enhanced.
There is another precaution o f great importance, which is,we believe,
peculiar to our National banking system. W e refer to the organiza­
tion of the official examiners. These gentlemen are experts o f great
experience and approved integrity, who are commissioned at irregular,
frequent intervals to visit every bank in the country to examine its books,
interrogate its officers, and report on the state of its business. On the
number, functions and efficiency of these officers the report is wholly
silent. This is the more remarkable, as the institutions which have fallen
into bad habits of banking, are said to be more afraid of- the visits of the
examiners, than of any o f the other provisions o f the Department for
keeping them on the straight path o f solvency and sound banking.
Too much of the report is devoted to an elaborate discussion of various
projects which are, and shortly will be, before Congress, for taxing the
banks and for substituting green backs for the National bank notes. W e
regret to see that in discussing the tax question he repeats the singular
argument lately put forth by other writers, that the banks are entitled to
set off the interest on the whole o f their cash reserve as if it were a fiscal
payment to the Government, and exempted them from liability to a certain
amount of taxation.
Stability and elasticity, as we have seen, are the chief requisites o f a
good financial system. It is premature perhaps to claim, as yet, that in
both these respects our National banks have fairly proved their full adap­
tation to the wants o f the country; but the report before us, so far as
it goes, affords gratifying evidence not only o f the general prosperity o f
the banks, but of the efficiency of the system when well managedand of its
capacity for considerable improvement.

REPEAL OF THE COTTON TAX.
The earnestness shown by the House for the repeal o f the tax upon
raw cotton meets with but qualified sympathy in the Senate; and it now
looks as though this very important branch o f industry is destined to re­
ceive tardy relief at the hands o f Congress. It appears difficult for a




32

repeal

of

the

coT T O M

t a x

.

\January,

portion o f our legislators to comprehend that this is, in the broadest
sense, a national question. Some approach it with sectional prejudices;
others think the tax specifically adapted for exacting from the South its
due share o f revenue; others dream that cur advantages for cotton grow ­
ing are so transcendant that a tax cannot debar us from ascendancy over
all other countries ; while few realise the important fact that the com ­
merce o f the whole country and our command over the trade o f Europe
are supremely dependent upon the planting interest being restored to the
relative position it occupied before the war. It surely cannot be too
much to expect o f statesmen that they should give due weight to the
consideration that now, as before the war, the commercial interests o f
North and South are mutually dependent. W hatever tends to diminish
the profits o f cotton growing has its result m the limitation o f Southern
purchases in our markets. Take twenty millions from the South in the
shape of a cotton tax, and so much nutriment is withheld from the man­
ufactures o f the Middle and Eastern States. The impoverishment o f the
South, by persistence in this tax, tends directly to deprive us o f the
commercial advantages emancipation was said to promise. Many antici­
pated that the freeing o f the negroes would elevate them in the scale o f
civilization, and result in their becoming larger consumers o f Northern
manufactures. But, if the planter’s profits are to be severely curtailed
by taxation, he will be compelled to employ the laborer upon terms
which make it impossible to extend the range o f his enjoyments beyond
what he had in a state o f slavery. Even now, with cotton much above
its normal price, the freedmen in many sections o f the South are suffer­
ing extreme want. The planters are unable to employ them upon the
late liberal terms ; and it is anticipated that on the first o f January, when
labor contracts for the year are made, a large portion o f the hands will
be left unengaged, from the sheer inability o f the planters to find them
employment. If this is the condition of the laborer when cotton brings
to the planter 12£ cents, what must be his suffering when the price has
still further declined, as it inevitably m ust? The tax then being ulti­
mately taken out o f the negroes’ wages, the North is thus directly de­
prived, to a corresponding extent, o f a market for its products. A t pres­
ent we say nothing o f the cruel result o f this policy to four millions o f
population who have been removed b y the Government from a condition
in which their physical wants were provided for, to one o f dependence
upon their own efforts. W e desire rather to convey the more practical
moral that the North loses four millions o f customers b y this tax.
But to our manufacturers also, relief from this tax is especially im ­
portant. W e have never been importers o f foreign grown cotton, and
probably never shall b e ; the tax, therefore, so far as it can be added to




1868]

REPEAL

O F TH E

COTTON T A X .

3$

the price, acts as a direct discrimination against our own fabricants, who
can not, like those o f Lancashire, have the alternative o f using the untaxed
cotton o f cither countries.
Dom estic manufacturers are thus being
directly injured by this impost. W ithout the tax, we have an advantage
over Manchester, to the extent of freight charges; continuing the tax,
so long as cotton all over the world can be raised without this additional
charge, we change our relative positions, giving them the advantage.
W hen it is remembered that about $150,000,000 o f capital is invested
in this branch o f industry in the North, and that this taxing policy thus
cuts off the possibility of our manufacturers placing their goods in foreign
markets at the same price British manufacturers can furnish like g o o d s;
and further, when we remember that every individual among ourselves
is a consumer o f cotton fabrics, and must therefore pay this enhanced
cost, we see how important this consideration is.
There appear to be some in the Senate who still insist that this tax is
paid by the consumer, and therefore that we can fix any price we choose
on cotton, and that the repeal will not benefit the planter. Plausibility
has been recently given to this idea, from the fact that the price o f cot­
ton declined to the extent o f the tax when it was reported that Congress
would repeal it. Clearly, however, this fall in the market value was not
the result o f the proposed repeal; for if it had been, why have the quo­
tations continued to give way even after the House has voted not to
take the tax off this crop, and the Senate has shown a disposition to
leave some tax on permanently 1 To those who have watched the m ove­
ments o f the trade this season, it is hardly necessary to add that the
continued fall in price is due to the present necessities o f the planter
at a time when the demand is unusually limited. Cotton to arrive has
been pressed for sale, per cable, considerably under the ruling price, day
after day, and this has forced down the market. But it seems unneces­
sary to argue this point, when it is so palpable a fact that we have lost
our monopoly in the cotton trade. Senator Sprague recently stated in
Congress that the Lancashire spinners could riow use India cotton as
successfully as Sea Island ; and such have been the improvements in the
India staple on the one hand, and in the methods o f using it on the other,
that this assertion is to be regarded as almost literally true. W ithin
the last six years India has gained immensely in her cotton culture, and
will henceforth send to market a far more valuable product than we
formerly had to compete with. On the contrary, the advantages o f the
Southern planter have been seriously diminished. H is capital has been
impaired and his credit is almost gone— a most material consideration,
when it is remembered that the crop is raised almost entirely upon
credit. The war has left behind a condition o f universally high prices,




34

u&p e a l

op the

C O TT O K t a x .

[January

which involves a doubling o f the former cost o f planting and marketing
the crop. Whatever may be the ultimate effect o f emancipation upon
the cost o f negro labor, the result thus far has been to make it much
more costly and also much less reliable. Under such a reversal of the
former conditions o f production, it betrays an utter disregard o f facts to
assert that we have no ground for apprehension in regard to the com­
petition o f foreign cotton. On the contrary, there is every reason for
the most serious misgivings as to our ability to market the former
amount o f cotton in Europe, without a sweeping reduction in the costs
o f growing, and especially o f the costs o f labor.
The planters are already beginning to feel the necessity o f reducing
the price o f labor. A t the current price o f cotton they lose enormously.
Some have been ruined b y the present crop, and all have had their
capital seriously im paired; and this very fact renders it the more dif­
ficult to procure advances for cultivation in the coming season. A
very large proportion, consequently, will either totally abstain from
planting next year or will plant much less. H ow far this may tend to
im prove the price will depend upon the extent, to which the prospect o f
a light crop in the United States induces the growers o f India and
other countries to increase their product. But, in the meantime, what
becomes o f the cotton laborers 1 Thrown out o f employment, with no
reserve means, and with an almost universal notion that somehow they
have a claim to a portion o f the property o f planters, it is clear that there
must be not only great suffering among the freedmen but also much
lawlessness. In short, if Congress persists’ in the collection o f the tax
upon the crop o f this year, it would almost seem to bring upon itself the
necessity o f supporting the negroes, and protecting the whites from
their violence and depredations. The enforcement o f the tax involves
three distinct calamities, each one sufficient to justify its repeal. 1. The
ruin o f the interest from which the tax is collected ; 2. The depredations
of the freedmen out o f employment, with much consequent suffering;
and, 3. The feeding and' clothing b y the Government, o f a large portion
o f the negro population.
W e had hoped from the unanimity with which the House voted in
favor o f the repeal o f the tax, that it was no longer necessary to urge the
discontinuance o f the impost upon these general grounds. The tenor o f
the late discussions in the Senate, however, shows that that branch o f
Congress has been slow to comprehend the economic principles underly­
ing this question. The considerations above advanced hold against the
taxation o f cotton in any degree, and apply as much to the proposal in
the Senate to impose a tax o f 1 cent per pound as to the present more
onerous duty of 2-J- cents. The mitigation o f an evil is a good thing;




1868]

R A IL R O A D

E A R N IN G S

¥OR

NOVEM BER.

35

but its eradication is far better. The present condition o f the cotton
interest, and o f the large working population dependent upon it is such as
to demand the utmost possible relief, and with no unnecessary delay.
So many o f the factors have been ruined b y their late losses, and so
limited are the means o f the planters that it is also extremely important
that the tax should be remitted upon the present crop if the South is to
be placed in a position for planting next year. If the tax is collected
upon the cotton now in the hands o f the growers, many will be inca­
pacitated, b y the consequent losses, from growing a crop next y ea r; with
what result to the negro population, and to the commercial interests o f
the whole nation, need not be stated. Besides, the less needy class of
planters would be apt to hold their present stock until after the repeal
went into effect. They would argue that the injury to planters generally
from the payment o f the duty would so far lim it the next crop as to
keep up the price o f the staple, and that consequently they could safely
hold their cotton until next September, and save the 2J cents duty.
N ot only would this hoarding o f cotton seriously derange its value, but
it would also produce great inconvenience to our foreign exchanges.
If cotton were kept back we should be, so far, deprived o f the means o f
paying for our importations, and the result would be extraordinary ship­
ments o f specie, with all the evils o f wide fluctuations in the gold pre­
mium.
It has been urged in Congress that this immediate repeal o f the tax
would benefit speculators. The objection appears to us to be singularly
devoid o f force. Only about half a million o f bales have been received
at the ports. A large portion o f this has gone into consumption, and
only the balance is held by cotton merchants, or speculators, who have
bought it tax-paid. In the event o f the repeal o f the tax at once, the
holders o f this portion of the crop would probably lose to about the
extent of the tax. Probably about 2 million bales is yet in the hands
o f the planters ; aud upon this the planters and their dependents would
be directly benefited by the removal o f the d u ty ; and the amount saved
would be devoted to the production o f the next crop, the support o f the
negro population, or the purchase o f Northern products.

RAILROAD EARNINGS FOR NOVEMBER.
The gross earnings of the under-mentioned railroads for the month o f
November, 1866 and 1867, comparatively, and the difference (increase
or decrease) between the two periods, are exhibited in the following
statement:




36

FO R

Railroads.
Atlantic and Great
Chicago and Alton.

NOVEM BER.

1S66.

..
,.

Illinois Central
Michigan Southern ,
..
Western Union .

..........................................
T o a l in January

1867.
$446,596
364,196
140,000
1,210,387
415,400
1,421,881
679,160
132,387
412,933
423,341
336,065
679,935
691,005
351,759
75,248
79,431

323,030
136.897

[J an uary,
Increase. Decr’ se.
$50,654
....
41,166
3,103
___
199,495
70,373
5,880
90,941
19,435
i,6?i
6,205
^3,640
11,070
3,071
....
4,183

. $6,676,856 $7,104,541 $427,685
751.581
. 7,497,743 8,249,324
6,668,141 7,767,377 1,099.236
. 6,296,416 6,654,388 '357,972
. 5,558,276 5,431,795
. 6,051,634 5,396,930
. 5,789,201 5,558,049
.. 5,220,095 5,532,680 312,585
44,640
. 5,367,431 5,412,071
. 4,457,007 4,583,978
126,971
. 5,124,960 5,124,027

January—November, 11 months ........................ $64,737,760 $66,815,760 $2,078,000
“
“
average..................................... 5,885,261 6,074,160
188,909

$ .......

156,481
654,704
231,152

333

$•

The gross earnings per mile of road operated are shown in the sub­
joined table o f reductions:
Railroads.
Atlantic & Great Western.............
Chicago and Alton.........................
Chicago and Great Eastern............
Chicago and Northwestern............
Chicago, Rock Island & P a cific...
Erie.................................................. .
Illinois Central.............................. .
Marietta and Cincinnati.................
Michigan Central.................... . ...
Michigan Southern.........................
Ohio and M ississippi......................
Pittsburg, Ft. Wayne and Chicago..
Toledo, Wabash and Western.......
Western Union................................

,— Miles—
1866. 1867.
507
507
280
280
224
224
1,032 1,145
410
450
775
798
708
708
251
251
285
285
524
524
340
340
468
468
521
521
177
177
6,525

Total in October .. .
Total in September.
T"tal in August.......
Total in Ju ly........... .
Total in June...........
Total in May............
T o'al in March...
Total in Februry.
Total in January.

/—Earnings—% Differ’ e—n
1866. 1867. Incr. Dec.
$99
$987 $888
147
1,153 1,300
14
625
611
78
979 1,057
82
923
m
60
1,774 1,834
...
128
831
959
450
527
77
6
1,455 1,449
11
819
808
889
99
988
1,453 1,476
23
689
681
8
449
24
425

5,655 nl,023 $1,G67
1,149 1,231
1,173
6,525 6,620 ■ 1,022
965 1,‘ 05
805
&56
816
927
840
889
800
836
6,525 6,615
853
815
683
693
764
L 785

$44 $ ...
82
151
40
51
11
49
36
38
10
25

6.525 6.620 $9,922*10,093 $171
6,525 6,620
902
918
16

...

October gave the maximum monthly earnings in both years. The No­
vember fall from the maximum o f 1866 was 11.0 per cent., and of 1867
13.3 per cent., indicating a more sudden relapse in the latter year. The
results show, however, an increased business in 1867 o f $44 per mile or
road operated, or 4.3 per cent.
The total gross earnings for the eleven months o f 1867 exhibit an im­
provement over those o f the previous year by $171 per mile, or 1.72 per
cent.
The early coming of winter this year may be prejudical to the




1868]

TH E

TO BA CC O

37

TRADE.

December returns, but any material decline from the earnings o f Decem­
ber, 1866, need not be anticipated. There is some falling off, indeed, in
the weekly statements, but not more than, under the circumstances, might
have been expected.

THE TOBACCO TRADE OP THE UNITED STATES.
(From The Commercial and Financial Chronicle.)

W e present below our first annual statement o f the growth, movement,
and prices o f tobacco in the United States, being for the year ending N o­
vember 1st, 1867. This has been a work o f no little difficulty, owing
to the circumstance that the statistics o f important districts are very im ­
perfectly kept. In fact there are none worth the name, except for the
ports o f New York, Baltimore and New Orleans, which are shipping
and distributing ports rather than the primary receivers. Still the
tables we have furnished in our weekly report through the year indicate,
in the totals we give below, so clearly and readily the entire export
movement o f the country, that the domestic movement is more easily
supplemented than ever before.
A s to the crop o f tobacco for 1867, there appears to have been a
very decided falling off. The following statement indicates the extent
ot the growth o f leaf tobacco in the United 8tates for the last two
years:
Kentucky and the W est.........................................
hhds.
Ohio...................................................................................................
Maryland........ ...................................................................................... “
Virginia................................................................................................... “

1866.
126,;,00
“ 18,000
40.000
45.000

1867.
73,000
10,000
30,000
50,000

Total..............................................................................................

228,000

163,000

“

This remarkable decrease was foreshadowed, in the reports from Ken­
tucky, as early as June last, and immediately led to a large advance in
prices. The export movement, however, notwithstanding the advance,
was very large, and the crop year closed on low stocks o f desirable
qualities.
Of Seed Leaf, the growth for five years was as follow s:
18G3.
Massachusetts and Conn. (cases)..............
“
.............. .......................
Pennsyvania
**
New York
ti
Ohio
it
Western States
Total cases..... ..........

1864.

1865.
25,000
8,000
8,000
12,000
5,000

1866.
30,000
5,0 0
6,0 0
20 000
5,000

186'..
20,000
2,000
l'5vi0
10,000
2,000

80,000

58,000

66,000

35,500

W e have here, also, a marked decrease in the yield, while at the same
time the demand has not been curtailed so much by the high prices asked
as by indifferent assortments.
This decline in the growth o f tobacco this year is due in part to the
unfavorable season, but the principal cause may be found in the very




38

TH E

TO BA CC O

[,

Ja n u a ry

TRADE.

,

high prices and scarcity o f field labor in the Northern and W estern
States, and the disorganized condition o f affairs in the old Tobacco,
growing States o f Kentucky, Tennessee, Missouri, M aryland and V ir­
ginia ; the very high prices hom e by articles o f food, and the smaller
amonnt o f labor required, comparatively, for their cultivation, have also
had an unfavorable effect, serving to divert attention to the growth o f
wheat, &c., in many districts in which Tobacco has heretofore been a
leading article o f cultivation. O f the prospects o f future tobacco crops,
it may be justly said that they are not promising. Labor in the South­
ern States will no doubt be more, instead o f less disorganized during the
next two or three years, and while at the North there may be some im ­
provement in this respect, other crops promise to be more valuable than
tobacco, even at the enhanced prices current.
Our tables showing the export movement during the year present
many interesting features. It will be seen that the total exports o f crude
tobacco from the United States for the twelve months reach 165,799
hhds., 52,675 cases, 32,831 bales and 716 tierces of leaf, besides, 6,801
hhds. and 924 bales o f stems. The shipments o f manufactured tobacco
have also been very large, amounting in all to 8,646,142 lbs. and 15,276
pkgs. Below we give our tables showing at a glance the movement for
the year.
1,1866, TO NOVEMBER 1, 1867.
Cer’s & /— Stems— , Pkgs. Manfd,
Hhds.
Cases.
Bales,
tcs.
hhds. bales. & bxs. lbs.
To
232 614
105 .. . 1,368 1,868,716
Great Britain.......................... ............ 24,889 2,722
*0
..............
8 4,748 924 735
293,450
3 *,570 19,642
13
891
70,171
279
2 1,774
18
17,276
Holland...................... ......... ............27,'310
21
29
49.876
25
99
154
18,215
1,935
.. . 1,029
20
673*028
Spain, Gibralt.&c...................
51
61
72,605
Mediterranean........................
............
14
871 1,273
...
691
178,940
Africa, & c.. . . •.............. ......... ............ 2,053
...
320
2,662
97 ’is
3,142
China, India, & c....................
. . . 2,714 3,995,437
ioo
902
20
50
...
Australia &c............................ ...........
318
194
. . . 6,438
342,733
24
...
973
1,823 3,3.5
714*545
1,411 7,695
3
...
790
852,762
372
76
..............
3
231
4,571
70
236
...
350
10,513
EXPORTS OF TOBACCO FROM THE UNITED STATES FROM NOVEMBER

T ’l since Nov. 1.................

............165,799 52,675 32,831

716 6,801

92415,576 8,646,142

The following table indicates the ports from which the above exports have been shipped :

Tcs.& ^Sterns.—xBxs. & Lbs.
Hhd3. Cases. Bales. crns. hhds. bis. pkgs. manf’ d.
47,248 28,797 425 2,668 924 5,575 8,211,548
4 4,133
142 290,981
65
4,783 3,659
.. . 8,152
4,516
14
..
.
563
.......
........
34
263
8
.......
New Orleans............................... ......... 9,799
47
**31
..............
139,097
65
669
438
San b rancisco............................
222 . . . .
...
467
.......
29
Virginia.................... — ..........
From

Total since Nov. 1 ....................




52,675 32^31

716

6.881

924 15,5768,646,142

1868J

TH E T O B A C C O

39

TRAD E.

W e now subjoin such detailed statements o f the various leading mar­
kets as we have been able to com p ile:
N e w Y o rk .— The year under review was very active in the tobacco trade o f New
lo r k , although since its close business has fallen to a very small aggregate. Open­
ing in Nov., 1866, under a heavy money pressure, prices were sustained in the face
of a large sale of seed leaf to realize. A leading manufacturer took 1,100 hhds.
just before last Christmas, and January opened with some improvement in the better
grades. In February a further advance took place for Kentucky, while a liberal ex­
port demand for Seed Leaf set in. February was also noted for large sales of Havana
and manufactured for export. In the latter part o f the month there was renewed
activity in Seed Leaf. In April the real state o f supply and demand began to be
appreciated, and a decided speculation set in for Kentucky, which carried up prices
l@ 2 c. per lb., in the face o f warlike news from Europe. The announcement of the
French contract in May, caused a large export demand for hhds. with a strong specu­
lation, both in Leaf and Seed Leaf, and prices were further advanced. There was also
some speculation and a good export demand for Manufactured Tobacco. The buoyancy
and activity o f May was continued without an interruption in June andJulyfcr all des­
criptions ; and during the latter month the reports from Kentucky as to the growing crop
began to be very unfavorable. The month o f August was active and excited through­
out—the sales being about 7,600 hhds., 5,200 case's leaf, and 25,000 cases manufac.
tured. In Kentucky tobacco an advance of 2@5c. per lb. from the lowest point
was established the, West participating largely in the speculation. An improved
demand for Spanish tobacco was also noticed. September witnessed the culmination
o f the advance, and closed with sellers disposed to realize. A new rule of the Treas­
ury Department, respecting the storing and bonding of manufactured tobacco, gave
great disatisfaction, and interrupted the operations of the cutters. In October, the
closing month of the crop year, the sales of Kentucky Leaf were very large, but it was
a realizing market; holders meeting buyers freely and prices were scarcely so firm. TLe
interior markets all became quiet, with a downward tendency. The reports of injury
by frost were not tully confirmed. Exporters complained of the indifferent character
of the assortment. The sales of Spanish were very large early in the month.
From this rapid sketch of the Tobacco trade o f New York for a year, it will be seen
that this branch of business has been exempt from the disasters that have overtaken
almost every other. A large manufacturing house failed, it is true, but it was under­
stood to have been brought down by complications having no relations with the trade
W e enter upon the New Year with high prices, moder te stocks, and a slow trade ;
and it will be great good fortune if the successful results of operations in the past
year shall not lead to enterprises o f doubtful wisdom, whereby losses may be incurred.
Gold prices are now fully 20 per cent, higher than one year ago. The recs ipts of
tobacco at New York from Nov. 1, 1866, to Nov. 1, 1867, have been as follows:

r-T ’l sin. Nov. 1___
hbds.
pkgs.
- 9,972
124,052
. 4,725
5.909
3,578
427
63,403
88,902
266
871

From
Virginia........
Baltimore___
New Orleans
Ohio, & c ..
Other............
Total
M aryland

82,111
an d

170,761

O h io .— The following is the annual statement o f the Baltimore

market:
Stock on hand JSov. 1,1866, hhds




30,000

\Janucay,

THE TOBACCO TRAD*,

40

Inspections to £>>ov. 1, 1867—
Maryland.............................
Ohio.....................................
Other sorts.........................

42,504
21,606
700— 64,810

Total hhds......................................................................................................................
Ot which 5,200 bhds. reinspected.
The shipments were—
To Holland................................... —.................................................................... 26,986
To Bremen.......... .............................................................................................. 25,231
To France ............................................................................................................ 12.009
To England...........................................................................................................
1,412
To Spain...............................................................................................................
680
To other ports.......................................................................................................
186
Total foreign.................................................................................................
Coastwis* and for consumption.............................................................................
Ueinspections ......................................................................................................

66,454
7,456
5,*U0— 79,110

Leaving stock Nov. 1,1867
COMPARATIVE

STATEMENT

OF

94,810

15,700
THE

MOVEMENT

AVERAGE PRICES FOR FIV E YE ARS.

1862-3.

Inspection s:
M aryland........................................
Ohio..................................................
T ota l.........................................
Shipments:
Holland............................................
Bremen ...........................................
Other, & c........................................ ..

AND

,

.......

20,681

Total............................................
Price in gold, per 100 lbs.....................

1863-4.

1864-5.

1865-6. 1866-7.

30,214
21,210

25,892
16,736

33,129
15,423

42,504
21,606

51,424

42,628

48,552

64,110

16.677
12,963
18,784

11,717
13,007
20,904

19.634
13,197
8,421

26,664
24,547
20,999

48,424
$7 00

45,628
$7 50

41,252
$6 00

72,210
$5 58

Mr. G. O. Gorter, fr »m whose circular we com pile the above figures, estimates the
crops for the current year at 25,000 to 30,000 hhds. Maryland, and nearly ten thousand
libels. Ohio, both o f fair quality.
Until A pril, the movement was rather 'ight, and prices averaged 5c. per lb. in gold,
since when business has been quite active, until the latter part o f October, prices
averaging 6c., gold.

The stock is some what reduced, but

the speculative demand

has nearly cease 1.
N ew O rleans .— The following is the annual statement for the year ending Sep.
tember 1st:
Stock September 1st, 1866, hhds....................
Receipts for the year to September 1st. 1867.
20,814
Taken for consumption, & c...........................
17,623
Stock September 1,1867, hhds.............
RECEIPTS, EXPORTS AND SALES, FOR

Receipts, 1866-67..............................................
“
1865-66..............................................
Increase......................................................
Decrease
.............................................
Exports, 1866-67..............................................
“
1865-66..............................................

,-------------- Quarter Ending----Dec. 1. March 1. Ju lyl.
8ept 1.
1,342
425
3,808
6,432
2,849
1,258
5,560
5,745
84

687

Total.
12,107
15,412

4,659
293

2.424
3,244
448

1,752
1 953
834

6,524
5,366

3,305
16,380
6,921

1865-66...................................................

4,366
4,300
380

2,796
5,350
520

1,119
2,000
1,470

1,158
5,200
4,350

9,459
15,8?0
6,670

Increase......................................................

3,970

4,830

530

650

9,180

Increase......................................................
“

EACH QUARTER OF TWO YEARS.




1868]

TH E

TOBACCO

41

TRADE.

DETAILED STATEMENT OF EXPORTS,

T o Liverpool...................... hhds.
_ L ondon..................................
Cowes, & c.............................
Havre.....................................
Bordeaux..............................
M arseilles.............................
Amsterdam............................
Rotterdam, & c......................
Bremen..................................
Antwerp,
.........................
Gibraltar, &c ........................
Genoa, & c ............................
Other foreign ports..............
New Y ork.............................
B o sto n ..................................
Other astwise p o rts .........

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

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

1859-60.
8,844
6,208
2,013
2,010

3,212
3,197
1,143
1,735
13,694
4,799
10,848
8,847
6,591
7.392
1,310
746

1860-61.
1,436
3,017
3,011
3,119
328
1,087
*406
5,084
3,087
9,560
7,539
1,816
1,969
213
124

1865-66.
1,509

1S6&-67.
2,497
79
114
288

839
....

....

1,566
753
31
86
2,016
101
20

2,942
785
3,685
100
19
5,826
10
35

RECAPITULATION.

To Great Eritain...................................................
F.ance
.......................................................
North Europe..................................................
South Europe, & c............................................
Coastwise ports..............................................

17,165
8,419
28,322
24,335
9,488

7,464
4,544
6,577
18,915
2.306

1,509
839
1,566
870
2,137

2,497
481
3,727
3,8(4
6,871

Total exports................................................

82,689

39,806

6,921

16,380

The N ew Orleans market shows no im provement in the volum e o f business over
that o f last year.

A considerable effort seems to have been made to restore her

former position in the trade ; but the superior financial and shipping fa d liie s o f N ew
York seem to have oyerlorn e any a Ivantages that N ew Orleans was able to offer.

A

large number o f European orders have been executed the past season on favorable
te rm s; but the assortment has been deficient, and stocks small.

I rices have i d

vanced l @ l c per lb. during the year.
K entucky.— T he follow ing is the annual statement o f the Tobacco trade o f Louis
v ille :
Hhds.
Stock on hand, November 1st, 1866 ......................................................................................... 4,768
Receipts since, to November 1st, 18<>7............................. ................................ ....................... 31,993
Total ..........................................................................................................................
Deliveries..................................................................................................................................

89,761
36,270

Stock on hand, November 1, 1867,............................................................................................ 3,611
Sales f r the year......................................................................................................................... 41,602
Sales last year.................................................................................
34,90a
Tbe value o f the sales for 1867 is set down at $4,434,758 34.
The “ direct” receipts for the year are reported at 30,835 hhds., against 24,141
last year.
The market at Louisville ruled firm and active all the

year, prices gradually

hardening towards the close, as the prospects o f the growing crop became impaired,
and the stocks at leading points becam e reduced by the export demand, leading to
a considerable speculative movement.
V irginia .— T he following is a statement o f the inspections o f tobacco at the prin­
cipal markets o f Virginia, for the year ending Oct. 1, 1867 :
At Richm ond.............................................................................................................hhds.
At Petersburg........................................................................................................................
At Lynchburg........................................................
At Fa meravil e .....................................................................

Sfi.sva
10,2fe
6,436
t/.KJ

Total......................................................... ...................................................................

43,778

We have been unable to obtain for this review the details of the shipments from
these points. The local journals and trade circulars are silent on the subject. But we
have in tbe receipts at New York, Baltimore, &c., and the exports to foreign ports
from Virginia, some indicati in of the direction these inspections have taken. The
Virginia crop for 1868 promises to be an improvement on that o f 1867.




3

COURSE OF TEE NE 7 YORK STOCK EXCHANGE BOARD FOR 1806.

STOCKS.

Januuary.

R R . shares, v iz . :
Buff. N. Y. & Erie .
Buff. & State L ine.. 195 -195
57 - 59
8 3 # - 90
do
pref.
Central of N. J ....... 114 -119
Chicago & Alton .. 103 -1 05 #
do
do pref.. 105 -107
Chic. B. & Quincy.. 109#-114

Chic. & Milwaukee. 60 - 6 7 #
Chic. & N’western.. 27 - 3 6 #
do
do pref.. 5 3 # - 62%
Chic. & Tt’k Inland.. 96#-109%
Clove., Col. & C in..
Cleveland & Pitts ..
Cleveland & Toledo.
Bel., Lac. & W est..

110 -123
7 1 # - 87
103 -113%
149 -158
8 0 # - 93
do preferred....... 81 - 8 3 #
ITan. & '■ff. Jo s.......

February.

March.

April.

May.

June,

July.

August.

Sept.

October. November. December^
85-85

104 -1 07 # 106#-110
83 -1 12 # 84
90#
93 - 96
94#-118
113# 115 115 -117#
4 0 # - 42
58 - 60
2C% - 29% ‘-'5 - 27% 24 - 30#
55J4- 6fl% 52 - 57% 5 2 # - 59%
98 -107 %104%-118% 107 -1 23 #
100 -100
114 -115 111 -115 114#-115
7 6 # - 84#
76 - 82% 7 5 # - 82
99#-105#
105 -108# 107 -113
140 -145 124 -125# 130 -130
71% - 79%
76 - 8 5# 74%- 87
80 - 82% 80
81
113
102
103
112

-114
-119
-120
-112

52#*- 53

80 - 80%

77 - 79

i i o -117
91 - 99
100 -101
113 117
43 - 44
63 - 63
2 6 # - 29%
5 5 # - 61%
89% - 96#

115#-I17
95 - 99
102 -102
116 -121

114 -115
80% - 99
103 --105%
135 -140
5 5 # - 75
74 - 80
30 - 31

116 -118#
80 - 8 7 #
104#-107
144 -147
57#- 65%
72 - 76
32 - 35
50 - 52

<-*

79 - 79% 7 9 - 8 0
116 -12"
98%-105#
104#-106
124 -125

120 -1 28 #
102#-109
105 -109#
129 -130
45 - 45
70 - 70
35%- 37%
2 8 # - 8 i # 30 - 37
58 - 61% 59 - 66% 63 - 68%
91 - 9 5#
102#-110%
110 -113
79% - 88
106#-116#
142 -150
62 - 7(%
7 2 # - 78%
30
37

110 -111#
85%- 88%
115#-117
160 -1 62 #
66%- 74%
72% - 79
35%- 3 6#

i-27 -i29
105 -113%
106%-113#
12S -138%
45-50
34 - 37#
65% - 72#
108#-112%
111#-115
8 5 # - 90
1'4#-123
150 -155
6S%- 8 0 #
75 - 81#
36%- : «%
52 - 53

127#-130
110#-113#
113 -113#
132#-137
^9%- 5 2 #
70 - 70
38 - 60%
7 2 # - 81%
105#-111%
85 - 85
113 -115
87% - 94%
113%-123%
150 -152
8 1 # - 95
7 9 # - 87
38 - 51
54 - 62

128 -1 32 #
106 -113
m > # -i 3 #
131 -1 33 #
30 - 45
79 - 79
37% - 62#
U9%- 82
100 112#

124 -127
108 - n o #
iio % -m
130 -134
33% - 25
68 - 68
42 - 5 5 #
6 5 # - 84%
102 -105%

111 #-113%
8 4 # - 94#
111%-121%
150 -150
7 0 # - 86#
82 - 86%
54 - 60
65 - 69

109 -112
a3#- 9 3 #
111%-126
144#-144#
65%- 74#
82-86
56 - 59
63 x 63

Hart. & N. Haven.. 170 -170
1*5 -175
Hudson River......... 9S#-109# 99 -1 04 # 102#-109# 102%-li0% 108 -113% n o - i i s # 112K-120% 118#-122 119 -125 il8 -128.% i i s - i 2 r # 118#-137
Illinois C e n t r a l . 115 -131% 112#-116# 114#-119# 114 -124 115 -122% 117 -124 l u j i - m x 121# -1 2 4 # 121 ,12::% 123#-129 116 -126% 115#-120
Indianapo. & Cin,..
70 - 70
70 - 76
55 - 55
00 - 70
73 - 7 3
73 - 7 4
75 - 76
SU - 84
84-93
87 - 88




COURSE OF THE NEW YORK STOCK EXCHANGE.

Statement showing the Lowest and Highest Sale-Prices of Shares at the New York Stock Exchange Board in each month'.

course

o r the new tore stock exchange




1868]

Joliet & Chicago
Little Miami.
Long Island
McGivgor Western.
Mar. & C., 1st prf.
do
2d prf.
Michigan Central. .
Michigan Southern.
do
guar
Mil. & P. du Chien.
do
1st pref.
do
2d pref.
Mil. & St. P a u l....
do
pref.
Morris & Essex
New Jersev ..........
New Yor-i Central..
N .Y . & Harlem
do
Pref.
N. Y. & N. Ilaven
Nor. & Worcester..
Panama
Phila. & Reading...
Pitts., F.W ifcChic..
Rome & Waterto’n
St. Louis, A.& T.II..
do
Pref..
Sixth-av, N. Y .......
Ston. (N.Y., P.&B).
T o l , Wab. & West.
do
Pref
Warren
Coal Shares, v iz.:
American .............
Ashburton.............
Butler......................
, Central...................
Consolidated (Md ).
Cumberland
___
Bel. & Hud. Canal.
Lehigh & Sus’ hanna
Maryland Ant’raeite
Pennsylvania.......
Schnylkili ..
Spring Mountain.

M a rc h .

.'piil.
aj

3 - 4%
60 - 60
50 - 50
82%r'97% 9 2 # - 96#
50 - 53% 49 - 5 2 # 44 - 44
37 - 41

Jute.
4 -4 #
53 -5 5

,

4 - 4%
4 - 4# 3 # - 5
53 - 55
5 4 # - 54# 52 -5 7

July.

3 9 # - 40

40 - 40

37 #- 40

105 -105

ox-

OX

« % - 12% l i% 16%- 18% 17%10 5 - 5
40 - 43# 40 -

JUiscel's shares, viz :
Central Am. Transit 15 -2 8
New York Guano... 22 - 12
Union Trust............

ICO -100# ioo -ios

40 - 40

36 -4 0

36 - 37

125 -125

125 -125
150 -150

138 -138

105 -106#

49 - 56# 48 - 52
9% - 10%

9 # - 9#

2 7 # - 33# 28 #- 32
34 #- 51# 33 #- 51# 31%- 30
28 -3 4
30%- 35
31%- 34
8 - S# 8 - 9%
8 # - 10
7#- 8
7%- 8% 7 - 9
5 5 # - 62
5 3 # -:e i# 51 - 55% 51%- 51% 52 - 56# 53%- 57% 44 - 57# 44 - 50#
14 - 14#
12 - 1 4 # 12 #- IS
14 -1 4 % 14 - 1 4
57 - 64
107 -108

51 - 57# 55 - 59# 54 #- 58# 51%- 56% 44 - 53
43 - 50
49 #- 62
96 #- 97# 95 #- 97#
105 -107# 106 -110 102 -103
95 -100# 97 - 98

122#-132# 124 -130 111 -125
225 -225 210 -212# 208 -216
216 -218

112 -115
213 -222

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

20 - 20
95 - 95

97 - 97

100 -100

94 -132
205 -246

109 -111
108#-104# 113 -114

164 -ios

ioo%-ioe%

18 - 18
90 - 92#

Or

47%- 53% 4 7 # - 51# 49%- 54% 54 - 56% 44 - 56
43 - 46#
10 - 23# 23%- 32% 29 - 33% 23 - 29# 21 - 21
8% - 10
9%- 11% 11%- 14% 7 # - 12# 8 # - 8 #

85 -104
99 -105
22 - 22

3%- 4%
63 - 75
55 - 63#

13% 11 - 13% i o # - 12 # i o # - 12# 11 -1 2 % 11 -1 5 % 13%- 14% i2 - 15% 12 - 13
25% 19%- 20% 21 - 26# 22 - 27# 28%- 28% 27%- 35% 27%- 32% 24%- 31
27 #- 32#
10
17%- 17%

Quicksilv r ............ 3G%- 44% 39%- 43
58
Kutland Marble__ 12%- 17%
Smith & Parm, Gold
Improv't shares. viz.
Boston Water Pow.
34 #- 43#
5 # - 6 # 2 * - £»
Brunsw’ k City Land 8 - 8
42 - 4 5 # 43 - 44% 4 3 # - 48# 47 - 57#
14 - 14
Tel'ph shares, viz.:
54 - 70
5 7 #- 69
52 -5 9
West. Union.......... 4 4 #- 53
108 -109 106#-100
do do (Rus. Ext.)
Sl'ms'p shares, v iz .:
108 -135 102 -136 128 -133# 121#-133
180 -210 185 -212 205 -215 215 -227
ICO -203 165 -200 190 -200 190 -209
Union Navigation.. 100 -100
Express shares, v iz :

40 - 40
135 -135

Milting shares, v iz .:

Mariposa G old....... 12%- 15
1 0 # - 13
do
Pref. 10 - 19% 15 - 1 7 #

I August. Septhnhc".i (.’c toh e r |N o vembf r ,Drcember

105 -105

73#- 84
79 - 87
80 - 80

103 -113
160 -174
110# 113#
101 -107#
61 - 7 5 #
75 - 82
70 - 78
2 3 -2 3

105 -105
\JanU

* After November 20 the Pacific Mail Steamship shares were sold, ex-dividend 5 per cent., and stock distribution 33# per cent., from which date to the end oj
the month the sales ranged from 170@190.




COURSE OF THE NEW YORK STOCK EXCHANGE.

118 -118

May.
4 - 6
48 - 52

CT
CO£->
11
2*

i J: nuaiy. February.

i i
tU
00-a

stock*.
ttfilkesbarre..........
W olf Creek.............
Wyoming Valley...
Gas shares, viz.:

1868]

COURSE OF THE NEW YORK STOCK EXCHANGE WARD FOR 1857.
Statement shoicing the Lowest and Highest Sale Prices o f Shares at the Here Y ork Stock Exchange Board, in each month
January.

February.

March.

April.

May.

June.

July.

August.

September

October.

November. Decern tier.

15 - 16
15%- 17
10%- 15%
120 -124 119 -120 113%-119
123 -125 120 122 121%-130%
125 -128 125 -128% 125 -130
126%-137 133 -135 136 -137
15 - 18
20 - 20
Chicago & M'lwan... 8 0 - 8 0
61 - 61
Chicago <&North w’n 32 35%- 39% 32%- 38% 3) - 36% 31%- 36% 33% - 44% 43 - 61X 44%- 50
3S%- 46% 41%- 4S% 46%- 58% 55 - 65%
“
pref.. 51%- 83% 63%- 69% 50%- 65 ’4 56%- 65% 56%- 60% 58 - 65% 64%- 13% 61 % - 11% 63 - 71% 65%- 70
62%- 67% 66 -7 1 %
Chic, TCI& Pacific.. 91 -104% 95 -100% 9l% - 98% 85%- 93% 86%- 92% 81%- 05% 95>6~104
94%- 9?% 9l% - 99%
99&-103?£ 99 -105
94 -104
Cin, Hamil & Dayt’n
80 - 88%
30 - 80
75 - 75
Cleve, Col & Cinc’ ti. 105 -111 100 -105
99 -100
9S%-100
08%-101% 98 -100 100 -101 100 -101% 97 - 99% 98 - 9S% 97%- 98%
97 - 99
159%-15)%
104 -104 102%-102%
Cleveland & Pittsb’g 7o%- 91% 79 - 35% 73%- 83
82 - 83%
75%- 89% ^7%- 83% 8 1 - 8 5
91%- 96
05%- 79% 71% - 75% 75%- 86% &4 - 95
Cleveland & Toledo. 117 -126% 117 -121 116 -122 109%-115 112%-114 113%-122% 119%-125 121%-127% 125%-1311 127%-13A% 100 -104% 97 -104
*101 -107
Delaware, Lack & W
120 -120 112 -112 120 -P25 125 -130 130 -130 118 -121 118 -123 1U9%-113 111 -114 111%—114
“
scrip
11S -122 124%-126 116 -116 113 -118 109 -109 llf‘%-113 112 -112
Dnb’ e & Sci. C. pref.
70 - 70
55 - 56
59 - 60
E r ie .......................
52%- 53
55%- 61% 52 - 61% 53 - 64
ii% 66%- 76% 59 - 71% 63% - 76% 6 '% - 74% 71 - 74%
58%- 65X 53%- 67%
“ p ef.................. 69 - 79
7 6 -8 0
79 - 81
70 - 75
69 - 73
69%- 72
72 - 75% l i % - 78
76 - 79
74 - 76% 75 - 80
11%- 73
Hannib. & St. Joseph 57 -5 7
52 - 52
50 - 50
50 - 50
45 - 53
49 -5 0
51 - 56
6 1 -6 3
62%- 62% 61 - 63
55 - 56
5 3 -6 4
63 - 63
63 - 63
5 5 -5 5
63 - 63
Hartford & N. Hav^n
1 4 -174
\ 135-137%
Hudson Eiver........ 119 -135% 123 -13S% ia5%-140
123%-12G% 124 -133%
|*9Q- 96% 96 -103% 102%-110 109%-122% H9%-125% 124%-139% 125%-133
Illinois Central....... 111 -1171. 114 -117 114 -116 111%—
116 113%-116 117 -122 116%-119% 117%-122% 120 -122 124%-129% 124 -134% 139%-135
Indianap & Cincin.. 8 1 - 8 7
3 4 -8 1
35 - S5
31 - 81%
70%- 70% 68 - 68
CO - 60
79 - 80
80 - 81
95 - 95
93 - 95
102 -102% 103 q02%
1 0 -100 105 -105
60 - 60
Manet. & Cincinnati
12 - 12
4
1st t.ref.. 35 - 33
15 - 16
24 - 26
25 - 25
2 5 -2 5
16 - 17
20 - 24% 24%- 21% 17 - 22% 17 - 18
“
2d prof..
5 - 5




-125
-110%
-112
-132

120
106
112
127

-123
-111
-116
-130%

116 -118
103%-108%
106 -109
129%-132

H-3%-115%
!05 -107
108 -109
130 -135
8 -1 0

115 -118%
107 -108
111%-111%
130 -132
11 - 15

113 -121%
109 -114%
111%-116%
132 -142

121
114
117
141
10

-122
-115
-122
-150
- 10

14%- 15%
121 -121% 122
il l -117 117
114 -120 118
148 -150 124

-123
-125
-128
-126%

course of the new tore stock exchange .

Stocks.

1—R liv'd Share List
Boston, Hart. & Erie
tent o f New Jersey. 124
Chicago & A lton. ... 105
“
pref.. 109
Ch'c , Bur & Q, lincy 129

95% - 98

So - 90

37 - 42% 40%- 49
59 - 63% 60% - 65%
135 —135 132 --134
HI % —115% 113%- -118%
116 - •138
112 - ■112
120 -124% 124%- •140
91 - 92
23% - 6% *25%- -29
72 - 75
69%- - 70
295 -300 29. t --294
95% - 98% 91%- - 96%
95% - 98% 97 --10<%
105 -106 108 --1(8
50 - 50
66% - 67

8 5 -8 5
37%-* 39% 3S%- 43%
61% - 63
6l% - 64

41 - 4 4

43 - 49%

41 - 41
23 - 28
144 -148

27 - 32
114 -148%

.! new York btock EXCHANGE.

i i o ’ '-iio *

2 5 -2 5

[January,




106%-110%|110 -113
7b% - 82 80 - 8f%

course op i h

Michigan Ccntr 1___ 102 -108^1107 -107% 106 -108% 10:%-10 %il0S%-110 jl05 -110% 1C9 -112%|:0»%-112 |108 -111%|108 -110
Michigan Southern. 06 - 83% 70%- 75% W%-'
...... - 74%
“ ...............
65% - 70% 6 7 % - 78% 77%- 84% 77%- 84% 75 - 84% 77% - 85
- " - m 64%
Milwau. & P. du Ch.
40 - 40
“
1st pref.. 66 ' - mo
90 - 90
95 - 95
91 - 91
85-85
87* - 92
“
21 pref .. 90 - ■90
77 - 77
Milwau. & St.Paul.. as -■47
33% - 48% 40 - 47
47% -’ 51
35%-* 4 V 33 33 - 40% 40 - 54
25*‘ - ’ 36** 33%- - 37
pref.. 5*%- ■70% 56 - 6)
60%- 68% 64 J4- 68% 60 - 61% 61 - 68%
47% - 56% 53%- - 57% 54% - 60
50 Morris & Essex. ...
70 67 - - 67
65-65
New Jersey..........
135 -1
149 -■140%
New Y. rk Central
93 -113
%-no% 103%-105% 105%-109% 108 -115%
94%-103% 100%-1
95%-105% 97 -- 99% 98%-104%
Hew York & llarlem
112 -115 100 -100
96 -105 105 -115
93 -- 95
“
pre ..
85 - 85
98 -- 96
110 -115 100 -100
90* - 90 ’ 85* -**
N. York & N. Haven 114 -116 115 -118 116% 1
125 -125 122 -124% 121 -123
119%-123 H5%- -117 iis % -i2 3 ” 17* ” i20
Norwich & W oices..
92 - 92
93 - 93
95 95 -- 95
91 - 91
- 94
Ohio & Mississippi. 23%- •24% 24%-*26% 25%22* * -’ 27% 20% - - 25% 24 ’ -*27% 26 - 28% 26 - 27%
-28% 24%- 27%
“
pref.. 87 -• 89
72% - 74%
65 - 67
70 67 - 69
P naraa.................... 260 - •260% 260* *—261 263 S
254* -258* * 254*’ -260 ’
!56 -260 261 -270 300 ’ -312' 299 -311
Phi adel. & Reading. 99%- ■105% 103%-106% 100% 1
97% 104 102% - 104% 103%-109% 03 -108% 102% 107% 101%-104% 95%-102%
89% - 95% 95 - 98
Pittsb., Ft. W. & Ch. *2% 105% 94%- 99% 92%99%-106% 96%-101%
96% - 99% LOO - j.07 lo3%-107
Rome, W & Ogdensb 95 -• 95
St L., A. & T. Haute 31 - 3S% 32* - 35** 30% -'
3 i” - 35*'
4V ’ - " 2
50*’- ’ si*
-4 0 % 40* - 5*% 6 0 * 5 5 *
02%- 63
60 60 - 61
“
pref.. 60 - 67
67 - 67
65 - 68%
73-83
83 - 84
- 70% 75 - 83
55 60 - 60
Second A venue__
60 - 60
- 55
65-65
Sixth Avenue..........
120 -1
125* -i25
-119
6ton (N. Y , P. & B.)
89 ’ -*98”
80-80
100 -100
Third Avenue..........
130 -180
Toledo, W. & West..
39 - 49% 39 - 48%
•39% 36 *-*39% 33 - 45% 38 - 43%
41% - 47% 46% - 53% ‘46*‘ -*51
66 - 66
61% - 65
“
pref..
62 - 69
61% - 68
69% - 72% 70%- 71
■65
66 - 73
58%Troy, H. & Rutland .
96 - 96
97 91 - 91 166 -io o * ’
W arren.............
2— Coal Shire List.
American.................. 56 - 70
46%- 54
57 - 61
45 - 46
40 - 40
45 - 46
48 - 5 0
45 - 45
45 - 4 9
Ashburton................ 11 - 11
5 -5
6 -6
6 -8
9 % - 10%
Butler....................... 10 - 20%
‘ l6% : *i7%
10% - 10% 15* - 20
Cameron.................. 10 - 12%
Central
...............
45 - 48
43 - 47
40 - 42
44% - 49% *35%-35%
*4i%-*45'
*4i” -*4i
Cnmber’and ......... *35* - 94
ai - S6 25 - 36 26 - 34 29% - 32 30 - 35% 35% - 41% 33% - 37% 29 - 85% 25 - 30
Delaware <fc Hud-on. 139 -156 145 -147 143 -147 143 -146 147%-155 152%-154 145%-152 145 -152 145 -149 146 -148
> aryland..................
7 % - 8%
Penusylvan a .......... 141 -145 145 -i50* 148* -150 i50” -i56’ 150” -i55* 160%-i60% iso "-iso* H5* *-i75* * 175 -175 i~5 —175%
Schuylkill.................
54% - 55%
Spring Mounta n ___ 70 - 75 *65*’ -*65*
45 '“ 45
44 - 45*
United States..........
32%- 38
Wilkesbarre............. *40 ‘ - 6 9
37*” *4i* 36 - 36
25**- 36
31 - 31
*86*- 43* 36%- 40
- 37
35-35
35 - 38
Wyoming Valley. ...
10 -1 0

1868]

8 —Gas Share List
Citiz ns’ (B.ookl^n)
Harlem...............
145 -160

160 -175

130

-130

127 -127X
140 -150

167X-167X

156 ~'l5b

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

4—Minin / Sti. List
Consoli’d Creg’ y g ’ld
Mariposa gold
9 -1 4
*t
pref . IS -3 2 X

a80*"-280*'

10%- 14
11 - 13% 8 X - OX 6 X - 8X 6X - 6X
9 - 10X 8 - 9X 6 X - 8X 6%- 8
6 X - 8X 9 - 1 2
21M- 24
20 - 23X 18 - 22
16X- 21
1I X - 24X 22X- 25
13 - 12
OSX- 41X 30X- 38X 25j|- 33

...............
22 - 80X 24 - s i x

155 -155

160 -160
168 -164
................. ................ 130 -130

9
io% 7% - 9X 8 - 9X 7 X - 8X
»ii- ii
18 - 23X 17 - 20% 13 - J7X 13 - 14% 13 - 15X

100 -100
Hutland marble....... 85 - 4&%
5— La'd & Imp'tSh
Boston Water Power B3Jf- 30
Brunswick Land ..
8 - 9
Canton improvement 41X - 4fl«
Cary improvement.. 11 -1 1 X
6— / degraph Sh's.
Western Union. .. 42X- 47X
“
“ (Rus’ n) 9 5 - 9 7

155 -155

31X - 36X 27 - 33% 24X- 29

................. .................
17 - 26X 15 - 1S% 15 - 22%

16%- 18% 17X- 19X
25X - 2SX 24X- 27X 24X- 32X 26X- 33X 23 - 24X 21X - 24% 19 a 22% 16 - 20X 15X- 20
5 -5 %
5 - 6
5 - 6
4 - 6
8 X - 8X 6 - 8
42%- 45% 42 - 46% 44X- 57
44 - 50X 41%- 40
43X* 48
41X- 44X 42%- 4SX 46X- 53X 40 - 51X 4 3 - 5 0
40 - 45X 40X- 42X 35%- 42

40 - 4 6

40X- 45X 44X- 50X 42 - 47X 36X- 44X 33 - 3 8

s o x - a*x 8SX- 82

rt—St'mship Shares.

Atlantic Mail..........

Union Navigation...
S. Am.Nav. & M .R
8—E xt ress Shares.
Adams ....................
Amer cab................
Merch’sUn., $25p’d.
“
“
30 “
“
«
35 “

79%-105
122 -100
109 -109
115 -113

73 - 91% 76 - 93
117 -132 118 - 78

63 - 75
70 * 80

55 - 67
54%- 60

55 - 61% 55 -6 1
5 5 -0 1
55 - 59
16 - 17

58X- 66X 62 - 80
61 - 71X 61XJ TO
13 - 19
8 - 17X
18X- 20X

66 04 10% 15 -

54 - GO 54 - 62
54 - 67% 05 - 70

62 - 75
0 4 -0 8

0 7 -7 7
04 - 70X

.................
65%- 72
Wells, Fargo & C o ., 07 -7 0
§— 2rust, ins &c Sh's

........
54%- 67
5 4 -7 0




114 -121 115 -121
117 -145.X 10S%-130%

115 -116

Central Am. Transit.
Home Insurance___
United States Trust.

90%-l01% 102 -109X 107 -113% 111 -114 109 -113 112 -118
124X-130 128%-143X 139%-143% 14l%-146% 145%-144% 139%-lSO

95 -110
150 -173
106 -10^X
113X-117X

17 - 17
no

-iio

111 -111

121 -121

62 - 77
6 4 -0 3

10S -108

74%
74%
18
21

100 -160

72
7L
11
16

-

76%
77%
18
19

72%- 78
65% - 08

53 57 10 13 23X55 54 -

75%
73
15
22%
*4%
76
00

55 - 67X 66X- SIX 77 - 84%
55 - 67% 66 -78% 74X- 82%

22%- 30
28 - 44X 36%- 42%
68 - SO 77 - 84%
58 - 69
50 - 67% 47X - 69X 42 - 59

112 -112

113

-iio

COURSE OF THE NEW YORK STOCK EXCHANGE.

Metropolitan.. * »....

12« -130
145 -145

DAILY PRICES OF GOLD AT NEW YORK FOR SIX YEARS.

s.

105)4-10554
105K-10554

S.

10654-10654
106 -IO654
10554-10554
106 -10654
1065-4-10654
10654-10654
S.

10154-10154 10854-108)4
10154-10154 103)4-10354 10654-108

10854-10854
10854-1 854
10854-10954
10954-10954
109 -10954
108*-109*

102)4-10154 101)4-10254 101*-102* 102*-104* 103*-109* 108*-120* 1 1 2 *-lia *

116*-124

October. 'November.
122 -123* 129* -131*
S.
A
122*-123
122* - 122*
130*-131*
129*-131*
122*-123
131*-132*
S.
122*-124* 131*-132
123 -123* 131*-132
124*-124* 132 -132*
S.
125*-126*
127*-129
1S2*-133*
128 -128* 131 -132*
131*-132
S.
129 -129* 131*-132
131 -13.2
131 -133
132 -132* 131*-133
S.
132 -132*
132 -132* 132 -132*
130 -130* 131*-132
S.
130 -131
128*-129* 130*-130*
128*-129* 130*-130*
1:33 -13:1* 130*-130*
132*-133
S.
130*-130*
131 -132
130 -131* 129*-130
S.
129*-129*
130 -131* Thanksg'g.
131 *-1 3 2 * 129*-129*
131*-1 3 1 * 129 -129*
180*-130*
w
129*-130

December.
12 8 *-l 31*
131 -131*
131 -132
133 -134
131*-132*
130*-132
S.
131*-131*
132*-133
132*-132*
132*-132*
1 3 1 *-131*
131*-132

S.

131*-132*
132 -132*
132*-133
132*-132*
132*-132*
132 -132*
S.
132*-132*
132*-132*
132 -132*
Christmas

131*-132
131*-132*
131*-182*
132*-133
133*-133*

122 -133* 129 -133* 128*-134

[ January,

10154-10154 10154-101)4 108)4- 103)4
s.
101 *-1 0 1 * 10154-10154
101*-101* 10154-101)4 104 -104
104 -104)4
10154-10154
10154-10154 10154-10154 103la-104
10154-10154 10154-10154 103)4-103)4
-103*
102 -102 '
s.
10154-10154

10354-10454
104X-10554

July.
August.
September.
108*-109* 115*-U 5* 116*-117
108*-109* 115 -115* 116*-116*
109*-109*
S. <fK 117*-118
Holiday.
1 1 4 * -ll5 ^ 117*-117*
109*-109* 114*-114* 118* -119*
114*-114* 118*-119*
B.
110 -110* 114 -114*
S.
111*-111* 112*-114 118*-119*
113*-116* 112* - 112* 118*-118*
115*-117*
118*-118*
114*-116
U 2*-113* 11S*-11S*
113*-114* 113*-114* 118*-118*
114*-114* 118 -118*
S.
U 5*-116* 115*-115*
116*-117
114*-115* 117*-117*
116*-117* 114*-114* 11G*-117*
117*-118*
116*-117*
119 -119* 115*-115* U 6*-116*
11S*-118* 114*-115* 116*-117
115 -115* 116X-117*
115*-115*
S.
119*-120
119*-120* 115*—
116* 117*-117*
119 -119* 115*-115* 117*-118*
118*-119
117 -118*
114*-116* 115*-115* 120 - 120*
117 -117* 115*-115* 120* - 120*
115*-115* 12.i*-121*
S.
U 6 * - il7 * 115*-115*
121*-1 2 3 *
115*-116* 116 -116
114*-115* 115*-115* 121*-124
S.
<f

YORK.




10154-10154

June.
S.
103)4-10354
103)4-10354
103)4-10354
10354-104
104 -104)4
104 -104)4
S.
10454-104)4
101)4-10454

gold a t n e w

-10354

May.
April. §3
March
102) 4- 102)4
10254-10254 101)4-102
S.
102 -102)4 102)4-102)4
102 -10254 10154-101)4 102)4-10254
S.
101 * - 1 0 2
101i, -101K
103) 4-10354
102 - 10.2
1012-8-102
S.
102)4-10354
102 - 102 )4
102 -102)4 10254-10254 102)4-10254
10154-10154 101 -10254 102) 4-103
s.
10154-101)4 103) 4-10354
10154-10154 103)4-10354
102 -1 0 2
S.
101)4-10154 101)4-102
10354-10354
10154-102
101 * - 101 *
s.
101 * - 101 *
10354-103)4
101 * - 101 *
10154-101)4 103)4-10354
10154-10154 10154-10154 10354-ll'3)4
10154-10154 103 -103)4
s.
101)4-101)4 103 -103)4
1 0 1 * -1 0 1 *
s.
10154-10154 101)4-10154
10154-101)4 10154-10154 10354-103)4
103)4-10354
101 * - 101*
10154-10154 10154-10154 103)4-103)4

op

o:

18 6 2 .
February.
10354-10354
s.
10354-10354
103)4-10354
103*-103*
103*-103*
10354-10354
10354-10354
s.
10354-10354
103*-104
1«'4 -104*
10154-10154
164*-104*
10454-10454
8.
10354-10354
10354-10354
103 -103*
103*-103*
11.354-103)4
103 -103
s.
103 -10354
103 -103*
10254-108)4
102)4-102)4
102)4-10354
... .....

p r ic e s

Day or
month. ^January.
1 ....... & Holiday
2 ........
8 ........
4 .......
5 ........
s.
6 ........
i ........
8 ........
9 ........
1 0 ........
1 1 ........
13........
s.
1 3 ........ 103 -103
1 4 .... ,. 102*-103*
1 5 .... 1 " 2* - 102 *
16........ , 102 * - 102*
1 7 ......., 1 0 1 * -1 0 2
18........ . 10154-103
19........
S.
20......... 102*-102*
31....... .. 102*-102*
2 3 ----- . 102*-102*
23......... 10.154-10354
24........ . 103*-103*
25.........103 -10.154
26........
6.
27........ . 103 -10354
28........ , 103* -1 0 3 *
29....... .. 103*-103*
80....... .. 10354-10354
81____ . 10 .* -1 0 3 *

d a il y

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 1867, embracing a period of six years. From January 1, 1862, to
an6 including June 20, 1864, the prices are based on the daily sales at the New York Stock Exchange, from June 21
1864, to Decem ber 81, 1867, on the quotations 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.

00
05
00

1863.

1..

6..
7..
8..
9..
10..
11 . .
12 ..
13..
14..
15..
16 .
17..
18..
19..
20..
21
22 ..

..

2-3..
24..
25..
26..
27..
28..
29..
39..
81..

February.
March.
April.
S.
156 -157#
y * Holiday.
S.
. 133#-133# 156#-159
171#-171# 153#-157
. 133#-134# 154 #-155# 171 -171# 153 -153#
S.
157 -158# 165 -168
154#-155#
S.
. 134#-135# ir«#-158
157 -15S
151 -152#
. 134 -134# 157#-158# 150 -154
. 134 -135
156#-157# 154#-155# 150 -152#
S.
. 135#-137
8.
145#-147
. 138 -133# 154#-156# 155#-157# 146#-143
146#-149
136#-138# 152#-153# 1(50 -163
S.
152#-153# 457#-158# 150#-152#
,. 140#-142# 154#-154# 158#-160#
,. 142 -144
155 #-156
159 -161# 157 -157#
155#-156
157#-153# 155 -155#
146#-148
152 -154
.. 148#-148#
8.
S.
.. 145#-145# 155#-157# 154#-155# 152 -153#
14U#-147# 158 #-159# 151#-155# 153#-153#
151#-152#
160#-162
153#-155
S.
154#-155#
8.
.. 147#-14S# 161#-164
14S#-150#
.. 147# -148# 162# -163# 154#-155
.. 147#-14-<# 162 -163# 153#-154# 146 -147
145#-147
.. 147#-143#
S.
S.
163#-164# 151 -153# 148#-150
.. 147 -143
167#-171# 145#-159
151#-152
.. 148#-150
J 171#-172# 139#-141# 152 -154
8.
.. 14S#-151# 169#-l 72# 139 -140#
S.
.. 153#-154# 169#-171
140 -140# 150 -153#
.. 152#-154
171#-172# 142#-143# 149#-150#
S.
150 -159#
.. 153 -155#
144#-147# Nat'l Fast.
.. 353 -158#
148#-150
.. 159 -160#

M on th . .1 3 3 # -1 G 0 #




1 5 2 # -1 7 2 #

139

-1 7 1 #

1 4 5 # -1 5 7 #

May.
150#-151#
149#-150#
S.
14S#-150
148#-151#
152# 454
154#-154#
154#-154#
149 -150#
S.
148#-149
14*#-149#
149#-149#
149#-150
149#-150
149#-150#
S.
149#-150
143#-149#
148#-149
148#-150
14S#-149#
143#-149#
S.
145#-146#
143#-145
143#-144#
143#-143#
144#-145#
144#-145#

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#-145#
143#-144#
143 -143#
143#-143#

1 4 3 # -1 5 4 #

1 4 0 # -1 4 8 #

143# 143#
143#-143#
143#-144
144#-145#
144#-145
145 -145#
S.
146#-147#
14G#-14G#

July..
August.
September.
144#-145
129#-129# 126#-127#
143#-144#
S.
127#-128
144 -144# 127#-127# 129#-134#
Holiday. 128#-12S# 133#-134#
S.
127#-127# 131#-131#
138 -139# Thanksg'g
S.
132#-138# 127 -127# 133 -133#
131#-131# 126#-126# 132 -132#
131 #-131#
S.
132#-132#
132#-132# 126#-126# 131#-131#
132#-132# 126#-120# 129#-129#
126#-126# 12S#-129
131 #-131# 126#-127
S.
131#-131# 125 #-126# 130#-131#
128#-129# 125#-125# 331 -132#
S.
131#-132#
126 -126#
125#-126
125#-125# 132#-132#
1.25#-125# 123#-125# 133 -133#
124#-125# 133#-134
123#-125# 124#-124#
S.
125 -127# 125#-125# 139 -139#
124#-125# 124#-124# 137#-138#
125#-126#
S.
137#-13S#
126#-126# 124 -124
136#-137
125#-125# 122#-123# 138 -13S#
S.
1‘2 2#-123# 139 -139#
127#-128
124#-124#
S.
127#-127# 124 -124# 139#-139#
127#-127# 124#-124# 142#-143#
127#-127#
S.
141#-142
128#-129 J 127 -123#

October. November. December.
140#-140#
S.
r 148#-148#
142#-143# 145%-146# 148#-148#
142#-143# 146#-146# 151#-152#
S.
146 -146# 152#-152#
144 -144# 146#-147# 151#-15£
146 -147# 148 -148#
S. t
146#-146# 146#-147# 151 -152#
34S#-149#
145#-146
S.
146#-146# 148#-14S#
146#-147
148#-14S# 145 -145# 14S#-149#
S.
145#-145# 151 -151#
149#-150# 146#-147
150#-150#
153#-155
147 -147#
S.
152#-153# 146#-147
149#-150#
156 -156#
S.
150#-150#
154#-154# 147 -147# 149#-149#
149#-150
147#-14S# 150#-150#
S.
149#-150
151 #-152#
150#-151# 151 -152# 151#-15?
349 #-149# 152#-153#
8.
152#-15-'#
143#-146
153#-154
142#-144#
S.
352#-152#
152 -152#
145#-146# 153 -154
150#-152
151#-151#
146#-147
S.
148#-149
Christmas.
149#-149# Thanksg'g 151#-151#
146 -147# 143 -145#
S.
145#-146# 144#-144# 151#-152#
147 -148
S.
152#-152#
146 -146# 14S#-143 ~ 151#-152#
145#-145#
151#-151#

1 2 3 # -1 4 5

1 4 0 # -1 5 6 #

1 2 2 # -1 2 9 #

1 2 6 # -1 4 3 #

143

-154

1 4 S # -U 2 #

DAILY PRICES OF GOLD AT NEW YORK.

2..
3..
4..

.January.

Or

O

1861.
February.
Holiday.
157%-15754
151%-152
157%-157%
157%-158
Ok s.
158 - . . . .
15154-151 % 15754-158%
151%- . . . .
151%-152%
s.
15134-152% 158%-159%
159%-159%
s.
159%
15254 152% 150%-150%
153%-154% 159 -15034
153%-153% 159%-159%
154% 154%
S.
15554-155% 159%-160%
155%-156% 160%-161
s.
150%-160
159%-159% 159%- . . . .
159%-159% 158 -158%
15834-158% 159%-159%
S.
156%-157
15654-15754 159 - . . . .
156 -156% 157%-157%
s.
157%-157%
15754-157% 158%-158%
158 -158% 157%-15S%
157 - . . . . 157%-158%
s.
157)4-157%
15G%-157% 159 -159%
156%-157%
S.
Jrtnnary.

Months. 15154-159.% 157%-161




March.
159 -160
159)4- . . . .
160%-161
160%-161%
161%-161%
s.
161% -161%
16254-163%
167 -16754
16454- ...
16454-16454
160%-102
s.
160%-160%
162% -l6254
1G1%-162
161%-161%
163 - . . . .
162 - . . . .
S.

April.
166%-168%
166)4-16654
s.
186%-16654
16754-16754
168%-170%
17054-171
169%- . . . .
169%- . . . .
s.

May.
s.
176 -177%
177 -179%
179%-179%
177%-177%
174 -17654
17254-172%
s.
169%-171
168 -168%
174%-176%
173 -174%
170 -173%
172 -172%
S.
173%-173%
177 -178
181 -181%
181%-1S1>4
181 - . . . .
i8 iK - ....
S.
182%- . . . .

June.

July. „
222 -250
230 -250
s.

8.
194 - . . . .

235 -249
248 -261%
262 -273
26654-276%
260 -275
S.
278 -285
271 -282
268%-273
258 -26S
244 -256
248%-261%
S.
254%-261%
258%-268%
261 -263%
256%-260
250%-25754
253%-256
S.
25554-25854
257%-259%
254 -257%
244 -252
250 -253%
253 -253

257%-261%
259%-261%
S.
256%-259%
25234-255%
254%-255%
253%-25654
2553/8-257%
25434-256%
s.
25554-256%
255%-256%
255%-257
257 258
257 -257%
250%-257%
S.
256%-257%
257%-258%
254%-257
254%-255%
253%-256
245 -253
S.
235*4-245
231%-236
234 -243

222 -285

23154-261% 191 -254% 189 -227% 210 -260

Holiday.

........

193 -193%
198%-198%

173%-175
17554-175%
176 -177%
173%-173%
171 -171%
S.
170%- . ...
107 -168
167 -167%
166%-167%
173%-174%
164%-1G5% 17434-177%
166%- . . . .
s.
O'd Frld'y 179 -18234
169%-160% 181%-184%
S.
181 -181%
177%-180%
16554-165%
16354-164% 179%-lSC
164%- . . . .

S.
19554- . . . .

19754- . . . .
197%- . . . .
19654-196%
195%-195%
s.
198 -198%
199 -208
210 -230
205 -223
213 -217
184%-184% 214 -220
183 -183%
s.
186 -186% 221 -240
186 - . ... 234 -240
*
S.
235 -250
245 -250
190 - . . . . .................

159 -169% 139% -niV

168 -190

193 -250

s.

August.
251 -259
256 -258%
256%-258%

September.
243 -248%
248%-254%
236 -243%
8.
235 -243%
240%-242
240%-242%
235%-241
234%-236
218 -228%
S.
213%-225
217%-228
223%-228
228%-229%
224%-228
220%-223%
s,
223%-226%
223 -226%
220 -222
216 -221%
211 -217
200 -212
S.
105 -108%
102%-195
105 -205
194%-202
191 -194%

October.
190 -) 93%
s.
1S9 -191%
190 -192%
189%-191%
192%-197
198 -204
196%-203%
S.
196 -199
198%-20S%
202%-204%
203%-209%
20 8

-21734

213%-220
S.
218%-222%
206%-215
207%-211%
206%-211%
20734 209
209%-213%
S.
212%-216%
214%-218%
212%-217
214%-2!6%
215%-21754
217%-221%
S.
221%-227%

November. December
230 -241*$ 225%-229
229%-246 V 230^-2335s
2*27%-236% 228%-231
231%-23S%
S.
235%-244% 227 -220'
S.
230 -23'
23S%-245% 238%-2-11
245%-249% 230 -2
246 -200 23»%-242
243 -253 234%-->:]
236%-244%
S.
2425$ 245
2325$-23" 1,
S.
23354 -235X
243 -246% 233%-2355$
2c8%-244
23 54-23: 3,
22854-240
233%-2 4 ■
21854-226% 225%-23 %
210

-2 1 0

216 -22554
S.
21754-22154
224 -220
22054-2*23%
Thank<g'g

*216%-221 %
210)4-224%
S.
22654-23’%
232 -236%
227%-233
.................

8.

212%-217 V.
220% .227
22254-2 I'.
221 -2245$
22054-22 %
23(1%-2 2
Chrutmci*
Holiday

216 -218
*216%-224
2v2 -225%
226 -22054
22454-227%

DAILY- PRICES OP GOLD AT NEW

Vay 0 !
month.
1
2 __
3..
4 .......
5 ........
6 .......
7 ........
8 ___
9........
10........
11........
12,,, |
13...
1 4 .......
15........
16........
17____
18........
19..
20........
21.........
22........
23.........
24........
25........
26........
27.........
28........
20........
30........
31........

C
JO

w

212%-243%

3
S
S3

U £ f? /V < Y
'T P

fU

1865«
Day of
month. January.

February.
March.
202#-205# 199#-201
1 .
S.
203#-206
2
....................
Holiday.196#-198
205#-209#
3
.....................
226 -2 29198#-199
#
208#-214#
-200
4
.....................
231 -2 34199
#
S.
..................... 226#-229#
5
S.
6 ........ 227 -2 28 # 212 -214# 198 -199#
197#-199
212#-216#
7
.....................
226#-227#
8
S.
210#-213# 195#-197#
9 ! ! ‘.'.*.!226#-227
211# -2 4
193#-196#
10... ...222#-228# 210#-211# 186#-191#
1S8#-191#
11... ...220 -22i # 2O4K--09
S.
s.
12... ...216#-219#
lS5if-l 91^13... ...218#-222
205#-207
14...
207#-208# 177#-185
204#-206# n . « - 178%
15 ..
170^-17S?£
IK... . 218X-221& 203 -205
203#-204#
160 -169
17...
18 ..
204 -205# 163#-166#
19...
S.
S.
20...
198#-202# 160}f-167%
196
#-199#
154#-159#
21...
22...
Holiday.
156 -149
23 .« ,..197#-202# 19S%-200Jf 150#-157
198#-200# 148>i-152^
21...
25.. ...204#-207# 198 -199# 153X-157X
S.
2 6 ... ...202 -207
s.
l!M^-201Jf 153 -155#
27... ...208#-215
200#-203# 153&-154*
28...
151 -152#
29... . . .
S.
149#-151#
30... .^211 -214#
151#-151#
81...

May.
142#-145#
140#-142#
S.
141#-141#
145#-148
146#-148# 142 -143#
148 -154# 142#-143#
150#-152# 142#-143#
147#-150#
S.
148#-150# 138#-143
135#-137#
S.
143#-145# 121#-135#
146 -147
128#-131#
130#-133#
145#-146
146 -147# 129#-130#
S.
Pres'l assass.
Holiday. 129#-130#
130#-131#
S.
129#-131#
148#-153
146#-147# 129#-131
130#-131#
Holiday,
do
do 130#-131
147#-149#
S.
149#-150# 130#-!31#
131 #-132#
S.
Holiday,
135 -135#
136 -138#
do
do
133#-138
150 #-152
147#-149# 135#-136#
14'i#-148
S.
146 -146# 136 -137
137#-138#
S.
136#-137#

July.
August.
September. October.
Fast Day. 139#-141
143#-145# 144#-145
S.
S.
13T#-138#
144#-145# 144#-144# 144#-144#
138#-140# 144# 144#
136#-137
S.
144#-144#
S.
Holiday.
143#-144# 143#-144# 144#-146#
135#-136# 139#-140# 143#-143# 144#-144# 146#-147#
136#-137 # 139 -139#
S.
144#-145
146#-149
137 -137# 139#-139# 143#-144
144 #-144# 146 -146#
137#-138 139#-140# 144#-144# 144#-144#
S.
143#-144# 144#-144# 145#-146#
S.
137#-138
137#-137# 139#-140# 142#-143#
S.
144#-145#
140#-141# 144#-144# 144#-145#
139#-140
S.
140#-142
138#-141
140#-142
143#-144# 145 -145#
141#-142
S.
140#-143
143#-143# 144#-144#
141 #-143
142#-143# 142#-142# 143#-143# 144#-144#
14 3#-147# 142 -142# 140#-141# 142#-143#
S.
141 #-142# 142#-143# 145 -145#
143#-145#
S.
141#-142#
143#-145# 142 -143
S.
145#-146#
S.
143 -143# 142#-143# 143#-143# 146 -146#
140 -143# 142#-143# 143#-144# 143#-144
146#-147
137#-139# 142#-142#
S.
143#-144
146 -146#
139#-141# 142#-142# 144#-144# 143#-144# 145#-146#
140#-111# 142#-142# 143#-144
143#-143#
S.
S.
141 #-142#
143#-143# 143#-143# 146 -146#
141#-142# 142#-143# 143#-143#
S.
146 -146#
143 -143# 143#-144
S.
143 -143# 145#-146#
140 -141# 142#-143# 144 -144# 143#-143# 144#-145#
143#-145#
S.
143#-144# 145#-145#
141#-142
139#-141# 144#-146# 143#-144# 143#-144# 145#-145#
138#-139# 142#-145# 144#-144# 143#-144#
S.
139 -141#
S.
144 -144# 144 -144# 145#-145#
143#-144# 144#-145
145#-146#

November.
14f:#-145#
146 -!46#
146#-147
146#-147#
S.
147 -147#
146#-147#
146#-147#
146#-146#
146#-146#
146#-146#
S.
146#-147#
147 -147#
147#-147#
147#-147#
146#-147
146#-147
S.
146#-147
146#-146#
146#-147
146#-147
146#-146#
146#-147^

M o n t h .. 1 9 7 # -2 3 4 #

1 4 3 # -1 5 4 #

1 3 5 # -1 4 7 #

1 4 5 # -1 4 8 #




1 9 6 # -2 1 6 #

148#-201 j

April.
151 -152

1 2 8 # -1 4 5 #

June.

1 3 8 # -1 4 6 #

1 4 0 # -1 4 5 #

142 #-1 45

144#-149

December.
148 -14s#
147#-148#
147%-' 48#
14-#-14S.#
146#-148
Thanksgiv

145#-146#
144#-145#
144#-145#
144#-145#
145 -145#
145#-146 #
146#-140#
146 -146#
S.
146#-146#
146#-146#
146 -146#
145#-H 6#
145#-146#
145#-145#
Holiday.

145#-145#
147#-147# !45#-145#
147#-148# 145#-145#
148 -148# 145#-145#
147#-148# 144#-145
S.
1 4 4 # -1 4 8 #

Ct
to

1866 .
March.
April.
May.
8.
125)4-127
135)6-136)6
1:35)6-136% 127%-123% 126%-12S%
133%-134% 127%-1-8% 127%-128%
8.
127%-12% 127%-127%
132%-134% 12-%-127% 127%-12<%
S.
132%- 33% 127%-12S%
133)4-133% 127 -127% 127%-128%
128%-129%
131%-132%
S.
130)6-131% 125 -127% 12S%-129)6
129%-131% 125%-126% 128%-129%
126%-127% 128%-129%
8.
130%-132% 127 -127% 128%-129%
8.
129% 130)6 1 6%-12f
130%-131)6 125%-UG% 130%-130%
129%-130%
S.
130)6-131%
725%-126
130 -130%
13 %-131
129%-130% 125%-126% 129)4-130%
S.
120%-127% 129%-130 %
127)6-129% 126%-127% 130 -130%
8.
127%-128% 12(5%-127%
130%-130%
128%-123% 12G%-127
S.
130%-134%
127%-12S%
126)6-12% 126%-126% 133)6-138%
124%-126% 126)6-126% 137% -l 39%
8.
126%-127% 139%-141%
125)4-126% 1‘27%-12S
138 139%
126%-128% 128%-120%
S.
127%-128% 128%-129% 137 -137%
127%-12S%
S.
137%-138%
G. Friday. 125%-127% 138 -138%
138%-140%
127%-128%

June.
140%-141
140)

M ontU ..136% -144%

124% -136%

137% -167%




135%-140%

125

129%

125% -141%

Angu«t.
July.
S.
148%-149
153%-155% 147%-149%
4-141%
152)4-153% 1H%-148%
S.
Holiday.
146%-148
140%-144
S
143%-146)4 152%-153%
143)4-145% 153%-154% 147%-148
142%-145% 153%-lo4% 147%-148
138%-141%
148 -149
151)6-153% 148%-148%
139%-140
S.
148%-149% 148%-14S)6
137%-130)6 149)6-150)6 148%-149
149%-151%
S.
141)
6-143%
142%-126% 152%-153% 149%-149%
145)4-147% 152 -152% 149%-150 «6
147%-149%
S.
150%-152
148)6-149% 151% 152)6
151 -160
149 -151% 150%-151)6
S.
155)6-167% 149 -150% 14S%-151
8.
149%-154% 150 -150%
151%-153% 149%-150% 148)4-148%
14S%-151% 14S%-150% 147)6-14S%
147% 149%
14S%-149%
151% -153% 150%-151% 1^9%-151
8.
150 -150)6 148)4-150%
152 -153% 149%-150% 146%-148
S.
149%-150
154%-157
149%-150% 146%-148%
154%-156
151%-154
150 150% 14S%-149%
S.
148)6-148%
153)6-155
152%-154
147 -148
147%-148>6
14S%-149% 147%-148
147

-155%

146% -152%

September.
145%-147%

s.

144%-145%
145%-146%
146%-147%
145%-I46%
145%-146%
146%-147%

S.

l'f.% -146%
145)6-146%
145)6-146%
145%-146%

l»4%-!45%
144%-144%
8.

October.
145)6-146%
147%-148%
147) 6-148%
14S%-14-%
148)6-149)6
148%-149%
S.
148)6-149%
148%-149%
149) 6-151%
151 -153%
150%-153%
152%-154%
S.
150%-153%
147%-150%
147%-148%
148%-14S%
147 -149%
145%-147

144%-14n)6
114%-145%
145 -145%
144)6-145%
8.
14 %-144
143%-143% 145%-146%
S.
145%-147%
143%-144% 147 -148%
144 % -l 44)6 146%-148
144%-145% 147 -148%
144%-145% 145%-14 6%
144%-145%
145%-146%

O

S*

143%-147%

S.

November.
146%-14?%
146% -14:%
147%-14S%
S.
147%-148%
147%-14 %
147 -145
146 -146%
146 -146%
144%-146%

December.
140%-141%

143%-144%
l-:4%-145%
144%-145%
143%-145%
141%-143%
141 142%
S.
140 -141%
141%-141%
139%-141%
137%-138%
138%-139%
138%-139%
S. &
138%-141%
140%-144
140)6-143%

137) 4-138%
137%-137%
137)6-138%
137%-137%
S.
137)6-138%
137%-138%
136%-137%
134)6-136%
133)6-131%
132) 6-133%

8.

145%-146% Th' giving.
146 -146% 140%-141%
145%-146%
145% -154%

137% -148%

8.

140%-141%
140)6-141%
138%-140%
138%-139%
I38%-139
137%-13S%

8.

137 -137%
136)6-137%

133)

8.

Christmas.

131%-133%
131%-132%
132 -133%
132%-13-4%

DAILY PRICES OF OOLD AT NEW YORK,

Day of
February.
Month. January.
1 ....... Holiday.
139)6-140)4
2 ... 144%-144% 139%-140)6
143)6-144%
3
....................
,39)6-140%
4
.................... 8 .
142%-143%
P. . . 14224-143)6 139 -140%
6 ... 142%-143
139%-139%
7
S.
___________
139)6-139)6
8 .... 130%-141% 139)6-140%
9 . . . . 13634-139)6 139)6-140%
1 0 .... 138)6-139)4 13S%-139%
11 . . . . .138)6-139)6
S.
1 2 .... .435)4-139)6 138%-139
1 3 .. .139 . -139)6
.
13S%-138%
14..
S.
1c7%-138%
15....... .139)4-130)6 137%-137%
1(5....... 139 -139)4 13 %-137%
17....... .139)4-140)6 137)6-137%
.138)6-140
18..
S.
19..
.137)6-138)6 136%-137%
20..
.138)6-139)4 13(5%-137%
21..
136%-137%
.138)4-130)4 Holiday.
23..
.138)6-139)6 136%-137%
24 . . . . .130)4-139% 135%-137
25
.................... 8.
.139)6-139)6
26
....................
136%-137%
.139)6-139%
2 7 .. .139)6-139%
..
130%-137
28.......
S.
136 -137
130)6-140)6 .................
80
140)4-141)4 .................
81.
139)6-141)6 .................

6-133%

8.

133 -134
131%-141%

si
a

1867
March.
1381-1401
13S%-139%
S.
13S%-139
13G%-138%
1351-1361
1331-1341
1331-1*41
3341-135

April.
133%-13i%
134%-134%
133%-134%
133%-133%
132%-133%
132%-133%
S.
133%-136
) 34%-136
s.
134%-138
136%-i30% 1341-1351 136%-137%
1361-1371 1331-1341 136%-137%
13G%-137% 1331-1341 135%-130
136%-137% 134%-134%
8.
136%-13b% 134 -1341 134%-135%
1341-1341 134%-134%
136 %-137
S.
184%-135%
s.
13654-13054 134 -134% 135%-137%
136%-13i>% 13354-1341 G'dFriday.
1361-1371 1341-1341 137%-139
13?%-13S% 1341-1341
S.
1341-1341 137%-138%
Holiday.
1381-1381 1341-1341 138 -138%
s
s.
138%-141%
13734-13S54 1331-1341 139%-141%
133%-13)% 1331-1341 138%-139%
139%-140% 1341-1341 136%-137%
139%-140% 134%-134%
8.
1341-1 4 1 134%-13G%
1341-1341
135%-136%
® ..........

s.

May.
Jnne.
August.
July.
135 -135% 13 %-i3G% 138 -138% 139%-14u%
135%-135%
s.
338 -13S% 139%-140%
135%-136% 130%-l37% 138%-13$% 140% 140%
135%-13G% 136%-137 %
I I liday.
S.
136%-136% 138%-139% 140 -140%
135%-137% 13654-130% 138%-139% 139%-140%
137%-138% 136%-13(i y
S.
110 -140%
137%-138% 1361-137'
13S%-139
140%-14 %
136%-138%
S.
138%-138% 140 -140%
136%-137% 136.1-1371 138%-138% 140 -140%
135%-136% 13154-137% 138%-139%
S.
S.
1371-13754 339 -339% 140%-140%
135%-135% 137 -137% 139 -139% 140%-141
140%-140%
135%-137% 137 -13754
S.
136%-137% 137 -137% 139%-139% 140%-140%
137 -137%
139%-140% 140%-140%
136%-137% 13744-137% 189%-14°% 140%-141
136%-13-% 1371-138
139%-139%
S.
141 -141%
137%-138% 339%-140
136%-137% 13754-13754 139%-139% 14!%-141%
140%-14l%
137 -137% 13746-137%
S.
140%-141%
137%-138% 13754-138% 139%-140
188%-138%
139%-140
140%-140%
*8.
137%-138% 138%-138% 139%-139% 140%-141%
137 -137% 138%-138% 139%-139%
S.
S.
138 -138% 139%-139% 140%-141%
13G%-137% 137%-13S% 139%-140% 141 -141%
S.
141%-142%
13 >%-137% 137%-138%
137 -137% 137%-138% 340%-140% 141%-142
137%-137%
110 -140% 141%-142%
S.
141%-141%
133%-137%
139%-140

September.
S.
141 -141%
141 -141%
141 %-142
142%-142%
142%-142%
142%-143

S

October.
143%-143%
143%-144%
144%-145%
14J%-1^5%
144%-144%
S.
144%-145%
144%-145%
143 -144%
143%-144
143%-143%
144%-144%
S.
143%-144%
143%-144%
143 -143%
143 -141%
144%-144%
143%-144%
S.
143%-144
143%-143%
143%-143%
142%-143%
141%-142%
141%-142

N. vembpr.
140%-140%
140%-141%
S.
139%-141%
139%-140%
138%-1 9%
138%-139%
13S%-139%
138%-139%
S.
138% 139
139 -189%
139%-140%
139% 140%
140%-141%
139%-140%
S.
139%-140%
139%-139%
139%-140
13 )%-l39%
138%-139%
139%-140%
S.
139%-140%
139%-140
139%-139%

Pecember.
©
S.
136%-137%
136%-137%
137 -137%
136%-137%
137%-137%
136%-137%
S.
136%-137%
135%-136%
134%-185%
133%-134%
133%-133%
133%-134%
S.
133%-134%
133%-135
13 %-134%
13.)%-134%
133%-134
133%-133%
S.
133 -133%
133%-133%

142%-144%
143%-144%
144 -145%
345%-146%
144%-145%
144%-144%
S.
144 -144%
144%-144%
144%-145%
144 -145%
142%-14H%
142%-143%
S.
142%-143%
142%-143
Christmas.
143%-144
133%-134%
143 -143%
133%-134%
S.
143%-143%
143 -143% 142 -142% Thanksgv'g 1>3%-133%
S.
141%-142% 139 -139% J
S.
143 -143% 14i %-141% 137%-138% 133%-134
133%-133%
140%-14J%

Mouths 132%-137% 185%-140% 133%-140% 132%-141% 135 -13S% 136%-13S% 138 -140% 139%-142% 141 -146% 140%-145%

137%-141% 132%-137%

DAILY PRICES OF GOLD AT NEW YORK

February.
135%-135%
1361-13654
s.
136%-137%
1361-1381
1361-1371
137%-139
137%-13'v%
137 -137%

1868]

jjay or
month. January.
1..
2 .. . . . . 132%-133
a . . . . 132%-134
4.. . . . . 133%-134%
6.. . . . . 1331-13454
6.
7.. .. . 13354-135,1
8.. .. . 134 -134%
9.. . ... 13354-1341
10..
13254-1331
11.. . . . . 132%-134
12.. . . . . 13354-134
13..
s.
14. . ... 13454-13454
15.. . . . . 134%-135%
16.. . . . . 135%-136%
17.
.. 135%-137
13.. . . . . 1331- 371
19.. . . . . 1361-1361
20..
s.
21. . . . . 1.361-1361
22.. . . . . 1351-1361
23.. . . . . 13454-1351
24.. ... 1311-13454
25.. . . . . 1331 1361
26.. . . . . 134%-135%
27..
23.. ....1 3 1 1 1341
29 ___134%-134%
30.. . . . . 134%-136%
31.. . . . 13454-1351

The above table o f daily prices show the following monthly changes:

Jan...
F e b ..
March
April.
May..
June..
July..

STATEMENT EXHIBITING THE RANGE
1862.
1863.
1861.
1865.
1866.
1867.
10151-103% 1531-1601 1 5 1 1 - 1 5 9 1 1 9 7 1 - 2 3 4 1 13656-11451 1321-137 %
10251-10451 1521-1721 1571-161 1 9 6 5 4 -2 1 6 1 1 4 5 1 - 1 4 9 1 1 3 5 1 1401
1011-1025! 139 -17151 159 -16951 14S51-201 1241-D 61 13351-14051
10151-10251 H554-157511661-1841 1431-1541 125 -1291 13251-14151
10251-10451
14351-15451168 -190 12351-14551 12551-141)1 135 -1381
103H-1094! 140J1-14851193 -250 13551-14751 13751-16751 13651-13851
10851-12051 1231-145 222 -285 138,^-1405^ 147 -15551 133 -1101




OF PRICES MONTHLY AND YEARLY.
1863.
1864.
1865.
1862.
1121-1161 12254-12951 231>1-261>1 1401-1451
12644-14354 191 -25451 14254-145
116,1-124
122 -13351 14054-15651 189 -22731 14454-149
129 -13351 143 -154 210 -260 1451-14851
1481-15251 21251-241 1441-1481
12851-134

Ang...
Sept .
O c t...
N o t ..
D ec...

Year. 10151-134

12254-1721 1511-285

1866.
14651-15254
1431-14754
145)1-15454
1371-14854
1311-14151

1867.
13954-1 2>1
141 -M654
1401 14654
1371-1411
1321-13754

1281-2341 12454-16751 1321-14654

Or
CO

FO REIG N EXCHANGE A T N E W YORK, ON FR ID A Y W E E K L Y , ISG7.

n o% -n o%

110 -110%
10:)%-110%
110 -110%
110%-1I0%
109%-110%
1C9%-110%
110 -110%

110%-110%

l:0,%-il(i%
110%-11C%
110%-110%

b it ix

51734

51834-51734
51834-51734
51834-51734
520 -51734

520 -51734

520 -517)4
520 -51734
62I34-51&34
52 i =4-520
51734-511)34
520 -51 134
520 -51734
520 - 517%
520 -51734
51834-51634
51614-515
61734-51034
51034-51334

10S34-1 034 100 -110% 522%-511% 517%-508% 522% -:lJ%

Berlin.

520 -518%
518%-51b%
520 -517%
521 -515
51834-51734
51734-515
51B34-51454
515 -512=4
515 -512%
515 -512%
515 - 5 1 %
517%-512%
517%-5!2%
51li%-515
51' 34-515
516=4-515
510%-515
516=4-515
518%-513%
5!7%-510%
51734-51734
518%-5I7%
51S%-517%
518%-517%
L-.'O -517%
520 -517%
520 -517%
520 -5 n %
521%-51S%
52!%-520
517)2-51634
520 -517%
520 -517%
520 -517%
520 -517%
5!S%-51H%
61634-5 5
51734-51634
51634-51)34

30%-30%
8134-3634
30%-3h%
3634-3034
36=4-31*34
30%-3ti%
30%-3B%
3B%-8B%
30%-3B%
30% -30%
30%- 0%
36*4-3034
30%-3' %
36 -30%
36%'-3B%
36 - 30%
35%-30%
80%-3o%
30%-3"%
3034-3634
30%-36%
30%-36%
30%-30%
36%-3 %
30%-36%
36 -36%
30%-3 %
30%-36%
36%-36%
30%-36%
3634-3634
35%-36%
30 -3 %
30)4-3' %
36%- ’0%
3S%-30%
35%-36%
36 -36%
36 -36%
35%-36
35%-36
3 .% -30
35%-35%
35%-36
35%-38

41%^ll%
41%-41%
41%-41%
41%-11%
41%-41%
40%-4I%
41%-41%
41% -4!%
4)%-41%
46%-41%
41% -H %
41% -tl%
41%-41%
41%-41%
41%-11%
41%-4I%
40%-41%
4 % -H %
41%-* %
41)4-4134
4 !% -ll%
41%-11%
41%-41%
41%-4i%
40%-40%
41t%-41%
41%-41%
41% -4!%
41%-11%
41%-41 %
41%-41%
10%-41%
4o%-41%
41%-11%
41 - 4 ! %
40)4-41
40% -tl
41 %—4i%
41 ^ 1 %
40%-11
40%-41

41%-41%
41%-41%
41%-41%
41%-41%
41 -41%
41 -41%
41%-41%
41=4-41)4
41%-41%
4 -41%
41%-41%
41 -41%
41 -41%
41 -41)4
41%—11%
41%-11%
40%-41%
41 -41%
« % -«%
4 1 % -ll%
41%-41%
4 % -4l%
41%-41%
41%-41%
40%-41%
4U%-4!%
41%-41%
41%-41%
41%-41%
41%-41%
4!% -4 %
40%-41
40)4-41
41 -41%
41 -4 %
40)4-41
4 %-41
4!
41%
4'% -41
4ll%-40%
4(l%-40%
40%-tl
40%-40%
40%-41
40%--10%
40%-40%
4 %-ll
40%-4i
40%-40%
40% —
46%
3534-86
40% -tl
4 %-40%
4: 34-41
35)4-30
40%-40%
40%-41
3.)% -30
30 -36% 41%-41% 4. -41%
36 -116% 41%-41% 41 -41%
30 —30% 41%-41% 41 -41%
36%-36% 4 l% -4 l% 4 i% -4 %

7S%-79
79)4-79*4
7r%-79%
79%-79%
7S%-79%
78%-79
78)4-79)4
79 -79%
79 -79%
78%-79
78)4-79
79 -79%
79 -79%
78%-79
781^-79%
78%-79
7S%-19%
7o%-7»
78%-79%
79%-79%
79%-80
79%-SO
79%-79%
79%-79%
78%-79%
78%-78%
79 —79%
79 -79%
79 -79%
79 - 7 %
79 - 7 '%
78 -78%
78%-7 %
78%-7S%
78%-79%
78%-76%
7n%-78%
78%-T8%
78)4-7834
78)4-78)4
78%-7-%
78%-78%
7 %-78%
78%-78%
7S%-78%
78%-7 %
78%-7 o%
78%-78 %
79 -79%
79 -79%
79%-79%
79%-79%

72%-72%
72%-72%
7-'%-72%
72%-72%
72 -72%
71%-72%
72%-72%
72%-72%
72 -72%
71%-72%
72 -72%
72%-72%
72 -72%
72 -72%
72%-72%
72 -72%
7l%-7a%
72 -72%
7 ; -73%
72%-72%
72%-72%
72%-72%
72%-7a%
72%-72%
72 -72%
72 -72%
72%-72%
72%-72%
72 -72%
7-%-72%
7a%-72%
71%-72
7t%-72
72 -72%
72 -72%
71%-72
71 --7 2
7 %-72
71%-72
71%-71%
7134-7 34
71%-72
71*4-7134
71)4-72
71%-72
7*34-72
7 34-72
71%-72
71%-72
71%-72
72 -72%
72%-72%

522%-512%

35)4-36)4

40)4-41)4

78 -80

71%-72%

40%-41%

[ January,

109%-10:<%
low%-109%
109 -109%
10>%-109%
109%-110
109%-109%
1U9%-109%
109%-110
109%-109%
110% 110%

51734-:1034

Swiss.
51734-510*4
620 -51734
517*4-516=4
5J734-515
522.1$-521*4
5223$-521=4
521=4-520
521=4-51834
520 -51
5 234-51834
520 -51734
5 2 • -517%

Yo r k .




107^-109^

110%-1 0%
110% 110%
110% 110%

512%-511%
515 -512%
512%-511%
517%-512%
517%-512%
513%-512%
512%-511%
512%-511%
512%-5I1%
513%-512%
518%-512%
517% 515
517%—
515
51G%-515
51S%-515
518%-515
517%-510%
517%-^-10%
517%-510%
518%-517%
520 -518%
520 -518%
51G%-515%
517%-510%
517%-510%
517%-51G%
517%-510%
510%-515%
515 -51*1%
515 -513%
513%-512%

Antwerp.
517%-5lo%
520 -517%
517%-516%
517%- 515
522%-518%
522%-521%
521%-520
521%-513%
520 -513%
522%-51S%
5 0 -517%
520 -517%
518%-517%
520 -51S%
518%-510%
520 -517%
520 -515
5 0 -517%
517%-5I5
510 >4-513%
515 -512%
515 512%
5 5 -512%
515 -512%
517%-512%
517%-512%
510%-515
510%-515
510%-515
5n»%-515
510%-515
518%-513%

new

. -..

110%-110%

517#-5n%

Short.

515 -512%
513%-512%
513%-511%
513%-51>%
517% -515
517%-Jl5
510%-515
515 -512%
515 -513%
517%-515
513%-51 %
515 -513%
515 -513%
515 -513%
512%-510
512%-5U%
515 -512%
513%-510
512%-510
510 -508%
510 -508%
510 -508%
512%-510
511%-510
512%-510
512%-510
51. %-510
511%-50S%
511%-503%
511%-503%
511%-510
5l2%-511%
515 -513%
515 -512%
513%-512%
515 -513%
515 -512%
515 -513%
b15 -513%
515 -513%
510%-515
51 % -5l6%
517%-510%
5l3% -5i3%
515 -513%
515 -513%
515 -513%
E15 -513%
513%-5lo%
5i2*.-511%
5 2%-511%
511%-510

at

ear

>09%-10*%
109 -109%
109%-109%
10914-109%
109%-109%
109 -lo9%
109%-110%
109%-109%
109%-H 9%
109%-1U9%
110 -110%
109%-110%
110%-110%
110%-110%
110%-110%
110%-110%
110%-110^
110%-110%
110%-110%
110%-110%
110%-110%
11U%-110%

Long.

517%-515
51(i%-5l3%
51G%-513%
516%-515
523 -517%
522%-517%
513%-517%
517%-51G%
517% -510%
522%-517%
51G#-515
517%-51»i%
513%-510%
517%-510%
515 -512%
5 5 -513%
518%-515
510%-512%
515 -512%
512%-511%

vr

-Continental Markets—
Hamburg. Ams’rdam. Frankf’t., Bremen.

exchange

Y

Short.

110%-110%
110%-110%
110)4-111%
110 -110%

-Paris-

t o k e io s

,— London
London.
Long.
Commercial.
Da c.
109%-109%
..
108)6-109
Jan. 4 .........
109%-109%
44 11.........
109%-109%
“ 18..........
109%-109%
44 25..........
108%-198%
Feb. 1..........
44 S.......... . 1U7)4-108X 1(J4J4-10S)*
.
107X-108
m
s^-iosK
44 15..........
108%-109
44 21..........
10^%-109
.
107^-108)4
March 1.......
”
8 .......... . 107)6-108# 108%-108%
“ 1 5 ........ .. 107%-lOS# 109 -109%
“ 22 ......... .. 107%-10S% 10S%-109
“ 29.......... .. 10S%-108% 109 -109%
.. 108 -108% 108Ji-108’4
April 5.
“ 12.......... .. 108 -108% 109%-lo9%
44 19.......... . 108 -108% 109%-109%
44 2f».......... .. 108%-lOW# 109K-in9%
May 3 .......... . 108 -109% 109%-109%
“ 10.......... .. 10>%-109% 109%-109%
“ 17.......... . 109 -109% 109%-109%
“ 24.......... .. 1* S%-1U % 109%-109%
“ 31.......... .. 109)4-1 9% 11.) -110%
June 7.......... .. 109^-109^ 110 -110%
. 109%-109% 110 -110%
44 14......
44 21......... . 109%-109% 10J%-110%
“ 28.......... . 109 -109% KMJJ-UO>4
Jnlv 5 __ ... . 109%-109% n o - 110 %
*V 12.......... . 10.*%-109% iii )>4 -111;%
«■ 19.......... . 109%-109% 110X-110J4
44 20.......... . 109%-109% l:u x -1 1 0 «
Aug. 2 ......... . 109%-109% 10914-il(B4
“
9......... . 109 -10.i% 109%-109%
. 109 -109% 109%-109%
“ 10 ....
11 23.......... . 109%-109% 109)6-109%
44 80......... . 10w%-109% 109^4-109^4
Se^'t. 0 ........ . 109 -109% 109^-110
“ 13...... . . 109 -109% 109%-109%
41 20.......... . I 08 %-io:i% 11)9*4-10934
“ 21........ . 1U8%-1 S% 109%-109%
Oct. 4 ......... , 108%-108% 109 -109%
“ 1 1 ........ . 108)6-1(8% 109 #-109%
“ I S ........ . a08 -108% 108%-108%
41 2 5 ........ . 1U8%-10^% 103%-10S%
Nov. 1.......... . li 9 -109% 10934 - 11)934
109 -109% 109X-10934
44 8 . . . . . .
44 15 ....... . 109 -lu9% 10934-109*4
109 -10.*% 109%-109%
44 22 ____
109 -109% 109%-109%
44 29.........
Dec. G ........ , 109%-109% 10934-11034
44 13........... . 109%-109% i09%-110%
209 -109% 110 - 110%
44 2 1 .......
109 -109% nu % -iio%
44 27...........

Banks^

Corn Exchange..
Croton . . . . r i ..
East R iv e r........
F o u rth .......... .

110*415
106 -106
100 -102

Oriental.........................
Park................................

109J-1101 lOOi-lll

105 -108

112 -115
10» -1. 6
1 0 2 1-103
11 *-119

111 -119
103J-104

11*'*—
114

100 -100 100 -100
105 -107* i 7 - n o
115 -117 113 -113
no -in
111 -113
130 -130
135 -135
118 -118

11» -114

123 -124* 123 - i 26

124-425

116 -116 114 -114
107*-’07* n o - n o
I25j-125* 131 -131

n o -n o
117 -118

106 -106

110 -111

iio - i i i

118 -11$
i i s ’ -iis *

m -ic'3

......... 119 -119

104 ■106

106 -108
114 -114

112 -112
100 -lb 7

112 -112
108 -109

115 -116
1,929

3,425

1068-109

101 -107

103 -104;

105 -106
101 -102

105 -107
101 -102

108i-109

102 -105

140 -142
140
105
114*415
115
105*-107*
110
no
111*-112
109 - n o
106

-n s
-106
-115

145-148
106 -108
115 -116

-110
-in *
-111

11C*-113
n o -1 1 4

120 -1*1

1051-1101 1OS*-109

145 145
117 -117

143 -143

3,518

4.051

3,584

1083-109* 100 -107

10 i -107

1061-108

n o * ii« *

115 -118

118 118 116 -117
lu5*-l 5*

ii7 -117

..............................
.. . ..
106 -106
..............................
119 -110 120 -122

11» -120

118 -i20

135 -135 13* -140
..............................
117 -117 118 -118
............
1'.8 -108

114 -114
.............
116 -116*
...........
.. .......
113 -113
127 -130 130 -131

119 -1 1 9

m * - in *

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

134 -135

130 -133 131 - 31
104|-10 J* 103* 1' 6
107-1.7* 110-110

m * - in *

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

111-111

112 -112

132 -134
108 -108
1 1 7 -1 7

126 -126
106*—107
10 *-106
101 -104

...............................
105i-108* 1 f*-107
106 -107 107 -107
104 -105
104j - 05

106 -106

....

108 -109

100 -HO

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

103 -105

103 -104

102 -101

142
103
120
108

145
105
115
103

-144
-106
-120
-110

-152
-105
-116
-K 4

iio -iio

117 -117

101 -10i*
145 -145

118 -118* ilY -118 116 -117 lOSj-110* 110*117
108 -lu8
1"! -108
105 -103
107 -108*
107*-107* 10 *-109 1C5 -106} 105 -106* 104 -T j7

100 -100

117 -117
111 -111
114*-115

100 -106
102*-103

115 -118

105 -107
no -in
lo t - 106* 102 -105
123 -123 122 1*2

115 -116

i()5*-i65*

107J 108

200 -200

135 -135
135 -1*5
11T - i n
n o -111

111 -114

130 -130

M. Nicholas..................
Seventh W art...............
Shoe & Leather ........
state o f New York....... ......... 106 -108
T en th ............................




113 -116
103 -106
103 -104
119 -119

August. September. October. November. Decemb’r
145 -145 1 1 -111
11 8-li9 113 -119 n o -n o * 113 -113*

136 -13-5* n o - l *o
118 -118
i n * ii8

l f 0 -ICO
102 -105* 103J-101} 104 -105* lOt -105
10S*-108*
n o -n o
112 -112
112 -113* 112 -113 112 -113 109*410
104 -104

Importers’ & Traders’ .
Irving
Leather Manufactures..,
Manhattan..............................................
Manufacturers & Merchants............... .
Market....................................................
Mechanics’ ................................ lifj -116
Merchants Banking Asso.......I l l -111
Merchan s’ ................................ 115 -115
Mechanics’ Excha ge............. I 08 -108
Metropolitan.......................... 123 -123
Nassau...............................................
.National (Gallatin) . . . .
New Y o r k ....................
Ninth.............................
North America..............

Shares so'd....................

112 -114
104*-106
101 -104^
*

July.

April.
May.
June.
135 -135 137*-137*
116 -116* 112J-113 115-118

108*- 109 i 2 -r*
n o -111
io6 11
103J-103J 104 -10

152 -152* 148* 152* 144 -447 144 -114
104 -104 ............
103*-104* 104 -10 i
114 -114
114 -114
n o -1 1 2
103 -104

111.-112*

104 -104*

.........

102 -105

no -no

2,407

112 -113

1,819

105 -105

no -no
110

105 -112
105 -105
113

4,734

10S*-104*

1,886

-iii

3,221

FLUCTUATIONS IN BANK SHARES FOR 1867.

Chatham.
City
..

January. February. March.
135 -135 134 -134
115 -115 115 -115* 115 -115
125 -125
102 -110 109 -111 110 -111
140 -140

1868]

FLUCTUATIONS IN BANK SHARES FOR 1567.
The following summary exhibits the monthly fluctuations in the price of bank shares sold at the New York Stock Exchange Board
of Brokers in the year 1867

112

1Of*-105*
102 -102

13^ -138
106 -106

2,451

Ox

56

[January,

DEBT AND FINANCES OF KING S COUNTS'.

DEBT AND FINANCES OF KINGS COUNTY, N. Y.
The following is a statement of the funded debt o f the county and the
purposes for which the same was created, being the total outstanding July
31, 1867 :
Authority.
For what purpose.
Amount.
Act Man h 6, 1857.. ..Erection o f Penitentiary...............
“ 19, 1862..
............
40,000
u April 17, I860..
“
o f Court H o u se .............. ............
40,0 0
44
44
“
7, 1863..
............
35,0)0
“ 11, )863.. ..
**
“
............ 100,000
tt
“
“
June 30, 1863 .
............ 100,000
April 15, 1853..
“
o f Lunatic Asylum ......... ..........
50,000
u
o f Hospital......................
44
Feb. 1, 1862.. .. Volunteer R e lie f...........................
•k 21,1863.. ..
“
“
............ 465,000
“
9,1861.. .. War Enlistment.............................
44
44
44
............ 500,000
Bearing interest, 6 per cent.......................................
Bearing interest, 7 per cent.......................................

/—When
Year.
1868..
1869..
1870.
1871..
1872..
1873..
1874..
1875..
1876..
1877..
1878..
1879..
1880..
1881..
1882..
1883..

payable--,
Amount.
. $105,000
. 165,000
. 165,000
. 165,000
. 165,000
. 165,000
. 665.000
. 165,000
165,000
. 165,000
.
.
.
.

275’000
250,000
167,000
120,000

Total outstanding, July 31, 1S67........................... _____$3,342,000
In addition to the above, there are temporary loans in anticipation of collection of taxes $301,000
And on account of support o f p o o r ......................................................................... .............
50,000
The treasurer also holds in trust moneys paid into the treasury by ord r of the different
courts ... ........................................................................................................................... 190,056
The total amount of money received by the treasurer during the year from all
sources w a s ................................................................................................................. $3 082,077 89
Amount paid during same p e rio d ..................................... .......................................... 2,753,556 44
Balance, August 1,1867..........................................................................................

$328,521 45

The following is the statement of the treasurer in detail:
Balance, Aug. 1, 1866 ...................... $232,535 85
Sup’ ts oi p o o r ................................
27,851 13
Loans for support o f poor..............
50,000 00
Loans on ta x e s............................... 300,000 O')
INon-attend. militia fin es................
1,761 00
Sale of propen y ...............................
9,200 00
Interest on county bonds................
11,948 90
Sale of coanty bonds....................... 498,750 00
Commissioner o f ju ro rs..................
3,091 50
Court house auction sales...............
511 75
Fines and fees o f county...............
1,890 15
Keeper of penitentiary....................
3,037 37
3,33151
Surrogate..... ..................................
State school apportionm’t ..............
98,156 56
Militia fines.......................
2,244 00
Town ol New Utrecht.....................
30,904 01
“
o f New Lots .......................... 25,690 98
“
o f Flatbush............................
32,914 60
“
ofF lailan ds................... .. .
12,411 65
“
of Gravese n d .......... ............
14,187 62
C. o f Brooklyn (taxes of ’66)............ 1,089,02? 49
“
(arrears)................... 633,727 92
Total....................................... $3,082,077 89

Superintend nts of p o o r ................. $404,064
Certificates rede m»-d ................... 83,151
Temporary loans paid.................... 100,000
Contingencies................................
19,697
Bounty cert ficates red’m’d............ 503,200
County asyl. b’ ds rea’m’ d .............. 122,000
Interest.......
244,742
C. o f B. takes refunded...................
7,579
Coroner............................................
10,000
Commis. o f jurors...........................
13,658
County court h ou se........................
43,041
Judges and dist. attorney..............
39,494
Jurors, & c .......................................
29,606
Jail expenses..................................
77,334
P* netentiary supplies, &c..............
56,450
22,561
Supervisors.....................................
State tax.........
606,310
State school tax.............................
94,489
Metropolitan distri t ...................... 127,600
School mouey to C. o f Bkln............
98,156
“
“
to towns...................
11,428
Sundries..........................................
41,874

50
07
00
60
00
00
08
85
46
66
54
48
51
27
19
17
34
92
80
56
65
71

Total........................................$2,753,556 44

— leaving on hand, August 1, 1867, the sum of $328,521 45.
The assessed valuation of real and personal property in the county in
1866, that on which the taxes collected in 1866-67 were levied, was as
follow s:
City o f Brooklyn .
m _
XTrtiir TTfr
of Flatbush...
ot New Lo s.,
of Gravesend
o f i latlands ..

Real.
$113,941,366
1,905.271
1,451,485
1,398.612
751,422
680,709

Personal.
$22,483,420
289,300
500,950
121.750
142,655
154,355

T o t'l.
$136,421,786
2,190,571
1,952,435
1,520,362
894,077
835,064

$6,187,499

$l,2i 5,010

$7,392,509

Total coun ty.................................................... .. $120,128,865

$23,686,430

$143,817,295

Total towns............................................... .




1868]

D EBT AND

F IN A N C E *

OF

K IN G S

CO U N T Y .

57

The amount o f tax levied on the above valuation for the service of the
year 1860-67 was $1,895,028 75, viz., State tax, $606,310 34, and State
school tax, $94,489 9 2 ; County tax, $1,194,228 49. The distribution of
these taxes to the City of Brooklyn and the several towns was as follows :
State and
School.
City of Brooklyn..............................
To wo o f New Utrecht......................
“ o f Flatbush.............................
“ o f New Lots..........................
“ o f Gravesend....................
“ ofF lat.an ds.......... ............ .......................

4,009 20

County
Proper.
$1,131,637 46
16,189 90
17,417 81
12,024 71
7,421 20
6,934 23

Total
Amount.
$1,795,706 79
28,864 58
27,039 39
20,033 44
11,781 03
11,003 49

Total towns................................

$62,591 03

$99,321 86

Total coun ty..............................

$1,194,228 49

$1,895,028 75

This is about $1 3 l£ on each $100 valuation. The taxes for city or
town purposes are in addition to the above. In Brooklyn they amounted
to $2,674,622 38 ; in New Utrecht, to $345 95 ; in Flatbush, to $2,756 41 ;
in New Lots, to $483 69 ; in Gravesend to $1,278 67, and in Flatlands,
to $796 94. There was also levied on the whole county for the Metropol­
itan Board of Health the sum of $127,609 80. The collectors add to the
tax bills 3 cents on each dollar collected,
Taking Brooklyn separately, we find that the assessed valuation of tax­
able property therein was $136,424,786. The taxes levied on this property
were for the following purposes:
State—general and school..........................................................................................
County proper........................
................... ....................................................
City and local pnrooses..............................................................................................
Board of Health (city’s p irtion)...............................................................................

$6(14,069 33
1,131,037 46
2,671,032 38
120,19U 23

Total City o f Brooklyn taxes.........................................................................
Add 3 per cent, for collection..........................................................................

$4,590,519 40
137,715 68

Aggregate.................... ; .................. ...........................................................................

$4,729,234 98

This amount is equivalent to $3 46 on every $100 valuation; and if
we estimate the population of the city at 350,000 the ratio is found to be
$13 51 per capita.
The support of the general government and maintenance of the public
credit involves an annual contribution from the nation of some $450,000,000
(currency). Brooklyn is the habitat of the one hundredth part of the whole
people, and hence the city’s share of the national revenue is $4,500,000
annually. This added to the State, county and local taxation, as given
above, swells the annual contribution for all purposes to the grand sum of
$9,229,234 98, which distributed among the citizens makes the total taxa­
tion a levy of $26.37 per capita, or five or six times that amount for each
head of a family.
If this result shows nothing more, it at least shows that the people of
Brooklyn are a prosperous and wealthy community.




4

58

NEW

YORK

[ January ,

C E N T R A L R A IL R O A D ,

NEW YORK CENTRAL RAILROAD.
The following analysis of the operations and finances of this company is com­
piled from the report for 1866-7 just issued, and the like reports made for the
three previous years.
The New York Central Railroad is constituted of the following lines and
branches:
Main Line.—Albany to B uffalo................................................................................... 297.75 miles*

f Schenectady to T ro y ............................................................ 21.00
Syracuse to Rochester, via A uburn................................... 104.00
Batavia to Attica..................................................................... 11.00

)

Rochester to Suspension Bridge.........................................
74.75
Lockport Junction to Tonawanda....................................... 12.25
I Rochester Junction to Charlotte . . . ....... ..............................
0.88
Buffalo to Lewiston................................................................ 28.25
Total main, lateral,
and branch
lines owned
by company........................................
[Saratogo
and Hudson
River Railroad...............................
37.87— 593.75
296.00 miles.
“
Second track, 285.24, and sidings, turnouts, and switches, 167.33........................... 452.57 “
Total equivalent single track owned by company...............................................1,046.32 miles.
Niagara Bridge and Canandaigua Railroad (leased)................................... 98.46
hidings, turnouts and switches on sam e.............................................. 3.65— 102.11 “
Total equivalent single track operated by company........................................ 1,148.43 mileB.

The length of track (miles) in use on the 1st of October, 1862 to 1867, both
years inclusive, was as follows:
Specifications.
1862.
Company’ s Lines .................................. 555.88
Second track on same............................. 246.53
Sidings, etc., on same............................. 132 56
Leased lines........................................... 101.09
bidiDgs, etc , on sam e...........................
3.42

1863.
555.88
2J6.50
141.51
101.09
3.42

1864.
555.88
262.S6
145.43
101.69
3.42

Total single track............................... 1,039.48

1,058.40

1,068,68

1865.
555.88
268.71
152.27
98.46
3.42

1866.
555.88
280.51
152.27
136.33
8.74

1867*
593.75
285.24
167 33
98.46
3.65

1,078 74 1,133.73 1,148.43

The equipment (locomotives and cars) on the 1st October, 1863-1867, both
inclusive, has been as shown in the following statement:
Classification.
Locomotive engines..................................................
Passenger cars, first class........................................
Passenger cars, secot d class and emigrant.............
Bagg ge, mail and express c a r s ..............................
Freight cars—w o o d eri b o x ......................................
iron b o x .................
......................
“
platform.............................................
Gravel and other service c irs...................................

1?63.
.............
.............

197
58

............. 2,698
.............
510

1864.
241
188

68

78
2,782
719
1,095
350

1885.
258
206
78
• 82
2,987
717

1,200
850

1866.
276
208
84
83
3 017
693
1,166
360

1867.
28 9
205
92
90
3,19S
691
1,291
350

The “ Doings in Transportation” in each of the years 1863-4 to 1866-7, both
inclusive, are shown in the following table :
Doings in transportation.
Miles run by passenger trains............... ............
Miles run by freight trains....................
Miles run by service trains.................... ............

1863-4.
2,123,580

Passengers carried..................................
Passengers carried one mile................... ............
Tons (2,000 Its.) carried......................... ............
Tons (2,000 lbs.) carried 1 mile..............

3,783,263
3.740,'’ 56
3,618,642
3,447,735 223 229.271 219,311,683 198,985,143
1,557,148
1,275,299
1,602,197
1,667,929
264,993,626 331,075,547 362,180,606
$2:02:6
$2:02:8
$1:98:8
$2:00:6
2:72:0
3:21:1
2:92:1
2:52:2

Earnings, passeng., p, 100 m iles. . . . .. ............
Earnings, tonnage, per 100 miles.......... ............

414,353

Expenses, passeng., p. 100 m iles............ ............
Expenses, tonnage, p. 100 miles............

$1:58:2

Profits per passeng., p. 100 miles............
Profits per ton per 100 miles.................. ............

0:72:0




1864-5.
2,276,888
3-094 565
432,595

1865-6.
2,371,321
3,833,454
402,4S6

1866-7
2,170,731
3,8 0,9; 5
429,764

$1:87:5
2:52:7

$1:88:9
2:07:5

$1:89:0
1:90:0

$0:15:1
0:78:4

$0:09:9
0:84:6

$0:11:*
0:63.

1868]

NEW

YORK

CENTRAL

59

R A IL R O A D .

The following statement shows the gross earnings from operations, and the
expense on account of transportation and repairs, for the same series of year:
Specifications.
1863-64.
Passenger.............................
$3,923,151
Freight........................................................
8,543,370
Mail............................................................
95,790
435,577
Miscellaneous.................................. . . .

1864-65.
$4,521,454
8,778,027
85,790
582,252

1865-66.
$4,360,248
9,671,919
. 95,790
468,827

1866-67
$4,032,023
9,151,750
795,710

Gross Earnings....................................$12,997,889
Passenger...............................
3,960,234
F reight......................................................
6,285,949

$13,975,524
4,1S5,524
6,696,833

$14,596,785
4,143,312
. 6,870,128

$13,979,514
3,783,490
6,870,201

Expenses............................................ $9,346,184

$10,882,358

$11,013,441

$10,653,692

Profits.......... ...................................... $3,651,705

$3,092,166

$3,533,344

$3,325,821

The Income Account for the same years reads as follows :
Specifications.
1863-64.
Balance from year..................................... $3,765,243
Gross earnings, as above............... .'........ 12,997,889

1864-65.
$3,854,867
13,975,524

1865-66.
$3,921,297
14,596,785

1$66-67. |
$4,403,928
15,9,9,514

Total..................................................... $16,763,133
Expenses ..........................................
9,346,184
Coupons and interest...............................
1,026,765
Dividends February................................
1,218,450
Dividends, August....................................
975,400
Dividends, U. S. tax o n ...........................
83,323
Sinking Funds.......................
111,182
Rent N. B. & Can. RR..............................
60,000
U. S. Tax on earnings................
84,959
Balances, charged off...................................................
Balance, September 30 .............................
3,854,867

$17,830,392
10,882,358
974,169
731,730
727,790
73,473
111,182
60,000
338,451
............
3,921,297

$18,518,083
11,613,441
1,046,995
739,230
739,230
73,923
112,102
60,000
322,232
............
4,407,928

$18,383,442
10,653,692
943,880
796 11(
856,110
82,611
111,182
115,066
110,353

17,830,892

18,518,083

18,387,442

T o t a l....,............................................ $16,763,133

4,727*838

The financial condition of the Company on the 30th September, yearly, is
shown in the following abstract from the General Ledger Balance Sheet :
1865.
Specifications.
1864.
Capital Stoek...............................................$24,836,000
$24,886,000
$24,691,000
Funded Debt.............................................. 13,211,341
14,627.442
Bills payable.....................................
52,568
38,000
5,140
5,631
Unclaimed D ividends......................
Expenses (paid in Oct)....................
3S0,824
451,753
349,041
360,492
Interest accrued................................
86,2 5
79,879
U. S. Tax account.............................
Income A ccount................................
3,^54,867
3,^-54,867
3,921,297

1866.
$25,801,000
14,095,804

1867.
$28,537,000
12,069,820

7,066
3S8,284
368,006
56,813
4,407,938

*4*530
278,788
3.6,142
59,418
4,727,885

T o ta l.................................................... $42,275,999
44,075,497
Railroad & Equipment.. ......................
32,879,251
33,701,919
C a s h ........................................................
— —
983,265
956,662
Buff. & State Line R. Stk.................
542,300
542,300
Troy Union RR. Stock...............
62,150
68,950
108,4^5
Hudson R. Bridge Stock.......... . . . .
438,001
Lake Propel er stock.......................
149.041
Erie & Pitt-*. RK. Bunds..................
81,500
Debt Certificates..............................
6,76 ,119
6,995,597
Fu 1 supplies...................................
491,756
1,173,033
150,046
Bills receivable..................................
132,210
Gen. P. O Department....................
23,923
23,947
U. S Treasury..................................
Real Estate........... - .........................
39,212
89,212

44,110,903
24,133,911
551,929
542,300
75,750
578,300
198,4<2
76,080
6,527,438
1,19.1,948
186,395
22,947

Total....................... ........................... $42,275,999
$42,275,999

$44,075,497

46.023,536
36,591,405
672,507
542.300 •
82,550
553.300
229,477
73,350
6,266,954
759,776
192,466
23,947

32,500

*’ *32*500

$44,119,903

$46,023,536

The “ Funded Debt *’ (less Sinking Fund), at the above dates was compos, d
o f the follow in g se cu ritie s:
6’ s Premium Bonds

1864.
........................... ............ $6,917,597

7’ s Bonds for funding...........................
6’s Bonds for B. & N. F ....................... ............
6’ s Bonds for Railroad Stock...............
6’ s Bonds for Lands..............................
7 s Mortages for Lands.........................
(?$
“
“
.........................
7’ s Bonds (convertible).........................
6’ s Bonds (renewal)..............................
Total...................... ....................




78,000

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

663,000

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

190,272
45,550
604,000

____ $1^,211,341

1805.
$6,690,119

1866.
$6,450,438

1867.
$6, It 9,954

100,000
l,3iH,000
78,1.00

100,000
1,398.0 ’0
77,000

l,5i4,0(-0
77,0QJ

634,uOO
165,000
1*3,772
45.5 -0
2.399.000
2.925.000

606,(00
165,000
139,815
45,550
3.189.000
2.925.000

594.000
165.000
176,865
453,000
2,900,000

$14,627,443 $14,095,804 $12,089,820

60

P R IC E S

IN

1867.

[January,

Of the convertible bonds there was converted into stock, in the fiscal year
1862-63, $209,000 ; in 1863-64, $177,000; in 1864-65, $205,000, in 1865-66,
$210,000; and in 1866-67, $1,736,000.
The stock has also been further increased during the last year by an issue of
$2,000,000 in exchange for the stock of the Saratoga and Hudson River R jilroad
Company,
The market price of the stock of the New York Central Company’at New York
(the lowest and highest in each month), for the six4years, as above, is presented
in the following table :
Months.
O c t . ..........................

1863- 64.

1802-63.
102%©107%

Nov ..................................
@ vsy,
D ec...................................... 10 %©104%
J a n .......................................lot @134%
Feb.

..................................... 116X 01.0

March................................. 107 ©118*
April..................................... H3 © l i t
M ay...................................... 106X0133
June................
............ 115%@125
Ju ly...................................... .. 1 0 @ <0
August ............................... 122%@139%

bepL...................................... I*® @140
Y ear............................ .

101 @140

133%@I3S%
130 @ !39%
131 @138
130 @ 87%
132 @138
135X0145
13.1 @ U 4 %
128 @ 1 (5 %
130%@135
t31%@135%
1list, @132
114 @129
114 @145

10. (u.119
102 @118
SO @ 114X
84X@104
86 @104
8SJ«@ 95%
«3 % @ 98
83% @ 93X
92% @ 95%

1865-66.
93X@1U6X
95% @'(!2
95 @ 98X
90% @ 98
86% @ 93
9 0 X @ 91%
90% @ 93%
91 % @ 98%
97 @ 99%
93%@10b%
102% @105%
102 @ 114%

1866-67.
117%@r21%
106% @ ! 28 %
107%@114
96 @113
94% @103%
10(>%@1(16
95%@105%
97 @ 98%
98X @1»4%
105X@110X
101% @105%
105%@1U8%

80 @128%

86%@114%

94%@12:>%

1864-65.
109 @122
119 @128X

112%@l;2%

The lowest in the five years was in March, 1864. (80); and the highest in
March, 1864, (145). Extreme range 65.

PRICES IN 1867.
Having reached the close o f the year 1867, it may be o f interest to
inquire what progress has been made, within the period, toward that
lower level of values from which we departed soon after the commence­
ment of the war. The question is one of great importance ; since a period
of high prices usually produces languid industry and repressive mercan­
tile caution on the one hand, and, on the other, an unhealthy speculation
and a limitation of the engagements of the people at large.
The course of the gold premium during the year has corresponded so
nearly with the range in 1866, that, in comparing prices for t e two
periods, it is hardly necessary to take note of the fluctuations in the precious
metals. At the close of the past year the premium was at the identical
figures of Dec. 31, 1866. In making a comparison with preceding years,
however, the requisite adjustment would require to be made for the diferences in the gold premium, and in the depreciation of our paper currency
which this premium i("perfectly indicates, at the respective periods. The
following gives the wholesale currency prices of leading articles of pro*




1868]

p r ic k s

is 1867,

61

diice at New York, at the opening of January o f each of the last eight
years:
1861. 1862. 1863. 1861. 1865 1866. 18G7. 1863.
$ c
$ c $ c
$ c
8 c $ c
8 c * c
Ashes, pots.............................. ....1 0 0 lbs. BOO 6 25 850 8 50 11 75 9 00 6 50 8 25
P e a rls.................................
6 25 8 25 9 75 13 00 11 00 12 00 10 50
Breadstuff's—
Wneat flour. State............... ........ bbl. 5f35 550 6 05 7 00 10 00 8 75 1100 10 00
Wheat ex Genesee.............. .................. 750 7 50 8 75 11 00 15 00 14 00 16 00 14 50
Rye fl ur,
“
.............
3 87# 5 45 665
900 610 785 6 75
Corn meal, Jersey.................
3 00 400 5 65
8 80 425 5 10 6 15
Wheat, white Gen............... .........bush. 1 45
1 50 1 60 1 80
2 60 2 63 3 10 3 00
White, Michigan ................ .................. 1 45 1 50 1 53 1 83
2 70 2 75 3 05 2 95
Whit , Ohio .......................
1 48 1 53 1 83
2 60 2 63 3 00 3 00
While, Southern . ............
2 75 2 45 2 90 2 95
1 52
Red, W estern.......... . ........
142 1 48 1 57
2 45 2 05 2 60 2 40
Chicago, Spring.................. ............... 118 1 30 1 33 1 48
2 22 1 85 2 45 2 38
Rye, orthern.......................
83
96 1 30
1 75 1 05 1 25 1 75
69
80
Oats, State...........................
62
42
93
1 06
71
65 1 35
Corn, old Western ............ ..................
64
1 90
95
72
82 1 30
Cotton, mid. upian l.................
52
34
16
1 20
85* 68# 82
Mi l. New Or eans............... ................... 12* 36
1 21
53
35
68
161
Fish, dry cod............................
3 50 4 50 6 70
9 00 9 25 8 00 5 50
Fruit—Bunch raisins.............. ............bx. 1 75 3 20 3 50 400
585 4 40 3 85 3 80
Currants................................ ..............lb.
15
13
21
4#
9 13@13# 15
Ray. shipping......................... .......100 lbs. 90
155
75 1 25 1 20
77 H t*5 1 45
Hops ............... ..................... ..............Ib. 25
65
65
40
50
20
23
33
Iron—c cotch pig.................... .......... ton21 00 23 00 33 50 45 00 63 00 52 90 5° 00 36 00
English bar's.......................
90 00 190 00 130 00 105 00 85 00
Lath'
................................ .
1 25 1 45 1 to
2 40 500 3 25 3 00
Lea —Spanish.........................
7 00 8 00 10 50 15 00 10 00 7 00 6 50
Gaiena..................................
5 50 7 12# 8 00 10 50 16 U0
32
23
Leather—hemlock, sole.......... ..............lb. 10# 20 *
42
36
27 30 00
34
38
Oak
................................ ............
28
42
52
39
27
33
Lime, com. Rockland............. ............bbl. IS
1
70
1
85
65
85 1 35
1 15 1 10
Liquors, brandy, cog’ c ............
400 5 25
Domestic whiskey
........ ................... 10* 20* 39
2
24
2
35
94
2 27# 2 38
Molass s, N. Orleans............. ............gal 37
85
90
53
55
70
1 43 1 15
Naval stores Cru ie turpentine.................
9 00 600 3 75
10 00
Spirits turp ntine...............
210 1 05
67
50
1 47# 2 60 2 95
Common rosin. N. C .......... ............bbl. 1 25
6 00 10 50 30 00 24 00 6 50 4 -25 2 75
Oils—Cru ie wha e ...... ............ ............gal. 61
70
48
83 110
148 1 (iO 1 30
Crude, sperm........................
1 40 1 75 1 60
213 250 2 60 215
L in -eed ...................... . . . . .
86 1 27 147
1 50 1 45 134 103
Provisions—
Pork, old mess ....................
14 50 19 50 43 00 28*0 19 25 21 15
Pork, old prime.................. .................. 10 50
8 50 :12 50 1 50 36 25 23 50 47 25 18 50
Beef, city me-s ...................
5 50 :12 00 14 00 20 50 20 00 18 00 15 00
Beef, repacked Chicago...... .................. 9 00 :u oo :13 10 15 00 23 00 24 00 21 00 18 00
Reef hams, e x tr a ...............
18 30 27 00 35 00 34 00 30 00
Hams, pickled......................
6
8
16# 12# 13
11
20
Shoul ers, pickled...............
IS
13
14
13
5*
w
4V.
........................... ..................
Lard.....
19
10
13
23
lit
10
m
H*
B trer, <‘hio.........................
15
22 24
45
30
30
38
Butter, S tate.......................
45
19
22
20
55
48
43
Butter, Orange County.......
22 25 32
45
46
63
50
Cheese
.............................
7
12
15*
20
18# 17# 16
Rice, co .............................
7 00 8 75 10 00 13 00 12 50 9 25 6 50
50
Salt, Liverpool, ground.......... .......... sk. 65
56
86 125 1 85
2 27 2 (0
Liverpool, fine, Ashtons .. .
4 75 4 10 2 70 2 60
1 70 2 15 280
Seeds, clover...........................
14
14
27
7 * 10* 12*
Sugar, Cuba, g o o d .................. ...................
10
K* 10
12
19
13
114
6*
It
Tallow ................................... .................
10# 12
18
11
Vi
i« t
Vi
W alebone, polar....................
225 1 55 1 37
76 1 65 1 (10
Wo 1, fleece .........................
95
75
65
60
50
60
75
American gold.........................
144# 133
1334
Par
133# 152
227

It is not unfrequently the misfortune of great wars that they leave behind
them a general enhancement of prices; and it is in the nature of things
that the return of values to the normal standard should be slow. The fact
that the production of the country is interrupted during hostilities, and
further that the supplying and equipment of the forces involve a very
wasteful expenditure, tend to induce a general scarcity ; and with scarcity




62

p r ic e s

itf

1867.

\Ja n u a ry,

eomea its consequence, high prices. In such cases there can be no return
except so far as there is a recovery o f the former reserve of supplies.
And yet, to this process of re-accumulation, there are obstacles which are
to be overcome only through the operation of tardy causes. The loss of
stalwart producers has to be compensated by the conversion of many
former non-producers into producers; a large amount o f labor has to
be exacted from muscle ; invention has to bring forth its labor— saving
contrivances; and for all these results not months but years are required.
Besides these ameliorating tendencies must be delayed in working out
their remedies. When in addition to the industrial derangements, there
is also a disturbance of the financial arrangements of the country. In our
case this currency question is the one of gravest importance. Other dis­
turbing causes would easily adjust themselves, but our redundant currency
will permit no sudden return to the specie standard ; this can only be
realized as we make our paper dollar approximate to value of the gold
dollar.
But in addition to these causes o f derangement we have suffered
somewhat through the short crops, and also through wars in other coun­
tries. The trade of Germany has sustained injury from a great struggle,
with which the commercial interests of England, our chief customer,
have sympathised. Mexico has been prostrated by an invasion, and ap­
pears to be now on the verge of a revolution. The South American re­
publics are in a chronic condition o f war. The seasons have also been
against us. For the last three years the grain crops of the world at large
have fallen below the average, causing very extraordinary prices for breadstuffs. And when it is considered how directly the price o f bread bears
upon values generally, it is readily apparent how this circumstance has
tended to keep up prices.
W e have referred thus to the causes tending to retard the decline in
prices because we apprehend that some surprise will be felt, on comparing
present quotations with those o f a year ago, that we have not made more
progress in the direction of normal values. The truth is, that the disturb­
ance of our industrial and monetary arrangements is too radical and deep
seated to admit o f anything beyond a slow and protracted recovery;
so that while we have little to fear in the way o f mercantile derange­
ments from a general sudden fall in values, we have little to hope from an
early return to old prices. By an examination o f the above table, it will
be seen that the instances of products being higher than a year ago are
quite exceptional, and are set off by cases where there has been a material
decline. Upon an average, the decline in the commodities above enumer­
ated is about ten percent, within the year. The most important excep­
tions are in cotton, naval stores and iron. The fall of $14 per ton, or 28




1868]

IN T E R N A T IO N A L

63

C O IN A G E .

per cent., in the value o f iron, and 60 per cent, in the value o f cotton are
quite important in those bearing upon the future course of prices; inas­
much as the former is one of the most important materials used in the
various appliances for production, and that the latter enters into the con­
sumption of every family.
The commodities quoted are principally agricultural products. W ere
it possible to give comparative prices of manufactures, we think it would
be found that in that department of industry prices have generally de­
clined more than on the products here instanced. On many kinds of goods
the fall has been so severe as to involve the manufacturers in embarrassing
losses and not unfrequently even in bankruptcy. This inequality between
the manufacturing and the agricultural interests is one of the derangements
bequeathed us by the war.
But the losses in the one branch and the
handsome profits in the other may be relied upon to effect a more even dis­
tribution of labor and capital between the two departments when the values
o f the two classes of products will be equalized.

INTERNATIONAL COINAGE.
REPORT TO THE DEPARTMENT OF STATE BY SAMUEL B. RUGGLES, DELEGATE
FROM THE UNITED STATES IN THE INTERNATIONAL MONETARY C0NFEREN8E
AT PARIS.
P a r is ,

November

7.

S i r — On the 4th of October last, the undersigned transmitted to the

Department of State duplicate copies, duly corrected and verified, of the
proces-verbeaux, or official reports, o f the eight successive seances, or ses­
sions, o f “ The International Monetary Conference,” at Paris, terminating
on the 6th of July last.
The government of France, at the request o f the Conference, undertook
the duty of transmitting to the different nations, through their delegates
in the Conference, copies of these official reports. The general features of
the plan of monetary unification agreed to by the Conference have been
already reported to the Department of State. Briefly repeated, they are
as follows:
1. A single standard, exclusively o f gold.
2. Coins of equal weight and diameter.
3. Of equal quality (or titrc), nine-tenths fine.
4. The weight o f the present five-franc piece, 1612.90 milligrams, to be
the unit, with its multiples. [The weight o f the present gold dollar of the
United States is 1671.50 milligrams. The value of the excess over the
five-franc gold piece, 58.60 milligrams, slightly exceeds 3£ cents. To en­
courage the reduction of the United States half-eagle and o f the British
sovereign to the value and weight o f 25 francs, the Conference unanimously
recommended the issue of a new coin o f that weight and value by France
and the other gold-coining nations. The reduction in value of the half­
eagle would slightly exceed 17^ cents ; in the sovereign, 4 cents.]




64

IN T E R N A T IO N A L

C O IN A G E .

[January,

5.
The coins o f each nation to continuo to bear the names and emblems
preferred by each, but to be legal tenders, public and private, in all.
The Conference further requested the Government of France to invite
different nations to answer, by the 15th of February next, whether ttey
would unite in placing their respective monetary systems on the basis in­
dicated by the Conference, as above stated; and after receiving their an­
swers to convene, if necessary, a new or further conference.
A further resolution of the Conference recommends that the measures
of unifi ation which the nations may mutually adopt be completed, as far
as practicable, by diplomatic conventions.
By these proceedings and official reports, the whole question of monetary
unification is now distinctly presented for consideration and decision to the
governmental authorities of the United States, executive and legislative.
The communication from the Department of State to the undersigned,
of the 30th of May last, empowering him, within the limits therein stated,
to represent the United States Conference, directed him not only to report
its proceedings and conclusions, but to add such “ obseivations as might
seem to be useful.” lie therefore respectfully submits the following ad­
ditional report, mainly explanatory of the grounds taken in the Conference
in behalf of the United States, but embodying statements which may pos­
sibly facilitate to some extent the examina'ion o f the subject by the gov­
ernment.
1.
Ali the independent sovereignities o f Europe, with the possible ex­
ception of some small portions of northern Germany, were represented in
the Conference by delegates duly accredited. The delegates from Frussia
appear on the roll as representing that power only, but from the fact o f
their repeatedly abstaining from voting on certain questions in the Con­
ference without the consent o f the Confederate States,” they were prac­
tically considered as representing all the States and communities of north­
ern Germany, now confederate with Prussia. There were no separate
delegates from the kingdom of Saxony, or either of the Hanseatic cities o f
Hamburg, Bremen, Lubec, or Frankfort. There were separate delegates
from Baden, Wurtemberg, and Bavaria. None of the nations west of the
Atlantic were represented, except the United States of America.
The nations' appearing by delegates in the Conference were entered
alphabetically on the roll, in which order they voted. A co iy of the roll
is hereto subjoined. Including Sweden and Norway as one, they were
nineteen in number, being Austria, Baden, Bavaria, Belgium, Denmark,
Espagne (Spain), Etats Unis (United States of America), France, Great
Britain, Greece, Italy, Pays Bas (Holland), Portugal, Prussia, Russia,
Sweden and Norway, Switzerland, Turkey, Wurtemberg.
Their aggregate population, European and American, a little exceeds
three hundred and twenty millions. The populatiorf of the dependencies
o f these nations in Asia is estimated at one hundred and ninety millions.
There were no separate delegates from any portiou of the West or East
Indies, not even from Australia, which had been separately and conspicu­
ously represented in the International Statistical Congress, at London, in
186C, and which still plays a part so important in furnishing gold to British
India and other oriental countries.
It is, indeed, specially noticeable in the reported discussions of the Con­
ference, how little account was made of that populous quarter of the globe




1868]

IN T E R N A T IO N A L

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65

in estimating the world-wide advantages o f a common money ; and this
omission has become more worthy of remark from the circumstance that
information reached Paris, soon after the adjournment o f the Conference,
that measures were in actual progress at Pekin for striking, for the use o f
the immense population of China, coins of the weight and value respect­
ively o f twenty francs, of five francs, and of one franc, bearing on their
face the head of the Chinese Emperor, thereby assimilating the money o f
the Celestial Empire to that of Europe.
The interesting fact is stated in a historical report (recently published by
a member of the British embassy) of the money of Japan, that it possesses
a coinage of gold and silver, in some essential features resembling that of
France, particularly in a double standard, under which the ratio of silver
to gold is fixed at 13^ to 1.
It appears that, in ignorance of the actual relative values o f the two
metals in our Atlantic world (of 15 or 16 to 1), these Pagan Asiatics had
fixed the ratio at only 4 to 1, which great exaggeration of silver they were
furthermore induced to continue by a treaty in 1858, under which they
were rapidly despoiled of their gold in large quantities by some of the
traders from Christian nations. The partial correction of the mistake, in
1860, by raising the ratio to 13| to 1 (if any ratio fixed by governmental
regulation be admissible at all), shows an advance of intelligence in this
distant region, inspiring the hope that, in due time, at least a portion of
Eastern Asia may be brought within a world-embracing and worldprotecting belt of monetary unification.
The British colonies in Continental North America recently consolidated,
by imperial authority, in the “ Dominion” of Canada, were represented in
the Conference only as a part o f the British Empire by the delegates from
the United Kingdom. That young but rising power, though remaining in
form a colonial dependency, now possesses, under the 91st section o f the
act of the Imperial Parliament of the 29th o f March, 1867, the sovereign
and “ exclusive legislative authority ” to regulate its own “ currency and
coinage,” already much assimilated to the decimal system of the United
States. The deep interest in the success of the pending measure of unifi­
cation manifested by Mr. Bouchett and other intelligent Canadian officials,
who were at Paris to superintend the exhibition o f the products of their
country, affords ground for believing that the general conclusions and the
basis now proposed by the Conference, will command the ready assent
and cooperation of that active and interesting portion of the North American
continent.
O f the Mahommedan nations, the Ottoman Empire was represented in
the Conference by His Excellency Djemil-Pacha, its ambassador extraor­
dinary and plenipotenitary to the Court of France. W ith him was asso­
ciated the Colonel Essad Bey, the military director o f the Ottoman Academy
in Paris, who had, moreover, officially represented his government in the
preliminary “ International Committee on uniform weights and measures,
and coins,” in which body he had manifested a marked desire that the
proposed monetary reform might include the coinage of Turkey. At a
later stage of the Conference His Excellency Mihran-Bey-Duz, member of
the Grand Council o f Justice, and director of the mint at Constantinople,
whose early arrival had been unexpectedly retarded, appeared and took his
seat as a member.




86

IN T E R N A T IO N A L C O IN A G E .

[ January,

The ambassador to France from Persia (sometimes called the “ France
o f Asia” ), a personage of singular intelligence, had also manifested a lively
interest in the proposed monetary reform, but had been obliged to leave
Paris on the eve of the first meeting o f the Conference. It is worthy of
notice that the standard of the gold coin o f Persia is .900 fine, being the
same as that o f the United States, while that of Turkey is still higher,
being .915 fine. The principal gold piece of Persia is worth 22.27 francs;
that of Turkey, 22.48 francs.
2.
There is good reason to believe that the disparity in the representa­
tion of the two continents was not occasioned by any want o f consideration
for the nations of Central and South America, but solely by want o f time
to reach them without formal invitations. The consequence was that the
United States, being the only transatlantic country represented, its delegate
is erroneously mentioned in the official report as the “ sole representative
of the transatlantic countries.” He begs to state that he did not profess
or seek in any way to represent any nation but the United States. The
Conference is repeatedly mentioned in the official report as embracing “ all
the sovereign States of Europe and the Government at Washington
but
if that implies that the United States assumed any authority to speak for
any other of the nations of either of the two Americas, it was not war­
ranted by any act o f the undersigned.
W holly disclaiming any wish to exceed the limits o f his proper author­
ity, he would, nevertheless, venture to suggest, for the discreet considera­
tion of the Government at Washington, whether it would not be desirable
for the United States, either singly or in cooperation with France, to invite
the early attention of the independent American nations of Spanish or
Portuguese origin, now nine or ten in number, to the proposed plan o f
monetary unification, in the hope that the whole o f the western hemisphere
may be brought into line in this onward march of modern civilization.
The long array of States in Central and South America, which for
brevity may be classed among the “ Latin” nations, now embraces in the
aggregate a population of more than thirty millions of inhabitants, enjoy­
ing an oceanic commerce with the United States, Great Biitain and France
(the three great coining nations), exceeding yearly two hundred millions
o f dollars, and, above all, possessing the larger portion o f the grand trunk
of the broad metalliferous mountain range stretching from Cape Horn to
the Arctic Ocean. Our own gold and silver-bearing, snow-clad Sierra
Nevada and Rocky Mountains are only the offsprings and offshoots of the
Sierra Madre, itself a prolongation of the Cordilleras, first ' ielding up
their metallic treasures to the Spanish nations planted by Cortez and
Pizarro. Speaking the language of Spain and Portugal, these “ Latin ”
races o f the two Americas approach, to say the least, in general culture
and intelligence, some o f the Teutonic and Sclavonic races represented in
the Conference.
In view of the continental importance o f securing the early and cordial
cooperation of these neighboring nations, the Government of the United
States will be gratified to learn that the extensive and rapidly improving
Empire of Brazil, so favorably known by its well-directed patronage of
industry and science, although not directly represented in the Conference,
nevertheless enjoyed the opporiunity o f fully participating in the prelimi­
nary examinations of the International Committee on weights and measures




18(38]

IN T E R N A T IO N A L

C O IN A G E .

6?

anJ coins, composed largely o f members selected from the commissioners
from the numerous nations represented at the Universal Exposition. Of
that committee Senor de Porto Allegri, the regularly commissioned repre­
sentative from Brazil, was not only a member, but actually the president
of the sub-commission on uniform coinage. In that capacity he carefully
presided over its deliberations and united in its general resolutions, copies
o f which have been heretofore transmitted by the undersigned to the De­
partment of State, and which will be found to be fully in harmony with
the plan or basis proposed by the Conference.
3.
The clear and comprehensive vision of the far-seeing advocates in
Europe of monetary unification, has fully discerned the grandeur of uniting
the two hemispheres in one common civilization. M. Esquirou de Parieu,
Vice-President of the “ Cons il d 'E tat" o f France, who presided with
evident wisdom and dignity over the Conference at several o f its most im­
portant meetings, declares, in one o f his learned and luminous monetary
essays, now lighting the path o f the older world, that “ a monetary union
o f western Europe and the transatlantic nations would possess an incon­
testable importance. Above all,” he adds, “ it would produce a grand
moral effect.” As if foreseeing, with the eye of prophecy, a continental, if
not a world-wide, “ solidarity ” for the “ dollar,” founded historically on
the past, he adds, “ the Americans can never regard their dollar as a
merely national coin, after having borrowed it from their neighboring
Spanish colonists.”
As a matter of historic truth, Spain itself had borrowed the “ dollar”
from Austria, during their union under the common empire of Charles the
Fifth. The “ Joachim’s thaler,” first coined in the silver mines of the
Bohemian valley o f St. Joachim (or James), is the great ancestor, in fact,
of the American dollar. In purity of origin and length of lineage, it must
surely suffice to satisfy the most aristocratic tastes of modern Europe.
Nor is there any such diversity in the coinages of the Central and South
American nations, or difference from those of Europe or the United States,
as to render the task o f unification seriously difficult on their part. The
gold doubloon or “ doublon” (sometimes denominated in the monetary
tables the “ quadruple pistole") of New Granada, of*Bolivia, and o f Chili,
are each .870 parts fine; that of Mexico, .870.5 ; that o f Peru, .8(38. The
French •* Annuaire” reports that of Eucador at .875. Their money values,
in the existing dollars o f the United States, are reported by the Director
of the Mint of the United States as being, for New Granada, $15.61 ; for
Chili and Bolivia, $15.59 ; for Peru, $15.58: for Mexico, $16.52.
The full and perfect measure of Hispano-American unification would be
attained by increasing the weight o f all these doubloons to one hundred
francs, which would render them at once equivalent to the double eagle
(or $20) of the United States, or to four British sovereigns (when reduced
as now proposed), and current, without recoinage, brokerage or impedi­
ment, throughout the world. This enlarged doubloon, divided in halves
and quarters, would supply the people of Spanish America one convenient
coin, equivalent to fifty francs, or an eagle o f the United States, or two
British sovereigns; and another coin, equivalent to twenty-five francs, or a
United States half-eagle, or one British sovereign. Mexico has already a
gold coin of twenty pesos, finely executed ; and Peru has a gold piece of
twenty soles, each of them being nearly equivalent to the double eagle.




68

IN T E R N A T IO N A L C O IN A G E .

[January,

The twenty “ mil-reis” of Brazil, now worth $10.85, would probably be
conformed to the plan proposed for Portugal, the parent country, by the
Count d’Avila, her experienced and able delegate in the Conference, by
the issue of a gold coin equivalent to twenty-five francs, with such sub­
divisions and multiples as convenience might require.
4. The importance of including the whole of the western hemispheres
in the work of unification is still more evident when we consider its interme­
diate position on the globe, as a connecting link or stepping-stone between
Western Europe and Eastern Asia, and the dominant fact that the two
Americas already furnish the larger portion of the gold and silver of the
world. The comparatively moderate quantities found on the eastern con­
tinent hardly suffice for the necessary consumption in the arts in the popu­
lous parts o f Europe. The mines of Russia yield annually but little more
than fifteen millions of rubles ($12,000 000), of which more than twothirds are painfully extracted from Eastern Siberia, north of the sixteenth
parallel of latitude, in ground frozen eight months o f the year, and far re­
mote from any adequate supply of food. There is no probability of any
large or disturbing influx of gold into Western Europe from that distant
quarter of the globe.
The course of the monetary currents through middle and central Asia is
instructively indicated by recent statistical returns from Russia, showing
that of gold and silver coin sent in 1865 from Russia overland into China,
through the international entrepot of Kiachta, 3,876,184 rubles were in
silver, and only 327 979 rubles in gold.
Of the large gold product o f Australia, exceeding in some years sixty
millions of dollars, portions are sent to Calcutta, Canton, and other oriental
ports, and the residue principally to London. The sovereigns of Australia,
bearing the head of Queen Victoria, finely struck, have recently been made
a legal-tender throughout the British empire.
A portion ot the gold of California and Nevada has now begun to find
its way directly to China, in the Pacifi'c steamers, by a line shorter by at
least 8,000 miles than the circuitous route hitherto pursued by the way
of Panama, the Atlantic Ocean, the Mediterranean, the Red Sea, and the
great Indian ocean. So marvellous, indeed, are the facility and economy
already afforded by this new line, in connection with the land and ocean
telegraphs, that the London banker, with one hand, and within thirty-six
hours, may order his agent at San Francisco to ship gold to Canton di­
rectly across the Pacilic, requiring from twenty to twenty-five days, and
with the other may telegraph to his correspondent in Ceylon to send to
China by the steamer mail from that island, in ten or twelve days, the
necessary advices of the shipment. The “ inexorable law of cheapness ”
will soon render permanent this strange geographical inversion, by which
the money of the Pacific slope o f the western world is sent westward to
find the markets of the east.
5. The proposed unification o f gold will necessarily involve the expense
of recoinage only by the nations not already measuring their money in
francs. N o recoinage will be needed in France, Belgium, Switzerland or
Italy, to which have been recently added the Pontifical States and Greece,
the whole embracing a population exceeding seventy-two millions. Every
other nation hasa different coinage, no two of them being alike. It could
not be reasonably proposed that these united nations, with seventy-two




1868J

IN T E R N A T IO N A L

C O IN A G E .

69

millions of people, should call in and recoin all their gold, to conform its
weight and value to the coinage of any other separate nation, with a popu­
lation much inferior in number, and especially with a much smaller amount
of actual coinage.
On this point it became necessary to examine the statistics, so far as the
United States, Great Britain and France, the three great coining nations,
were concerned. Gathered exclusively from official documents, they will
be found condensed in the “ Note,” or written argument in favor of the
twenty-five franc coin, submitted by the undersigned in behalf of the United
States, and pointed as an appendix to the sixth “ seance” at page 91.
For more convenient reference, the figures are now repeated, as follows:
I.

The gold coinage o f the United States in the tirty-seven years from 1792 to
1849, next preceding the outburst o f gold in California in 1849, was .................
In the next two years, 1849 and 1 50
...................................................................
In the next fifteen years, 1851 to 1866 ........................................................................

$85,588,038
94,590,210
665,35*2,323

Total.............................................................................................
II. The gold coinage o f Great Britain in the thirty-five years from Us reform, in
1S16, to 1855, was £90,021,151, o r ........................................................................
In the fifteen years from 1851 to 1866, £91,041,139, o r ..................... .......................

$815,536,591

Total ......................................................................................................................
III. The gold coinage o f France in fi'ty-eight years, from 1793 to 1851, was, in
francs, 1,622,462,580, o r .....................................................................................
In the fifteen ye-irs under the Empire o f Napoleon III., from 1851 to 1866, in
francs, 4,938,641,490, o r...........................................................................................

$935,341,450

480,105.755
455,235,655

324,492,516
987,728,208
$1,312,220,814

Total
SUMMARY.

Total coinage by the three nations before 1851:
By the United States........................................................................................-..........
By Great Britain .............................................................................................
By France............

$180,’ 84,268
480,105,755
324,492,516

Amount.........................................................................................................................

9S4,782,639

From 1851 to 1806:
By the United States...................................................................................................
By Great Britain..........................................
By f iance.........- ..........................................................................................................

$665,352,323
455,225,695
987,728,208

Amount........................................................................................................................... $2,108,356,316

The preceding.summary does not include the gold coinage of Australia
full statistics of which the undersigned hopes to be able soon to. furnish
The value of the gold produced in the year 1865 in Australia, was $43,686,665 ; in New Zealand, $11,133,370. He also proposes to add to this
statement reliable, statistics o f the gold coinages of the other principal
coining nations of Europe, and especially of Spain, Prussia, Austria, and
Russia; but for the present purpose the preceding comparison of the three
nations may suffice. It points clearly to the following results :
T h e amount coined by the United States having been $845,536,591, if
two-thirds shall be deducted for the portion recoined in Europe or used in
the arts, the amount remaining which would require recoinage would not
exceed, in round numbers, $300,000,000. It is true that a portion of the
coin of the United States exported to Europe is sent without recoinage to
Germany and other continental nations, lor the use of their people emi­
grating to the United Slates. But if we allow $200 per capita (which,
including women and children, would he a large estimate) for 150,000




70

IN T E R N A T IO N A L

C O IN A G E .

[ January,

emigrants, it would amount only to thirty millions of dollars. In view,
moreover, of our large importations of foreign merchandise, with our tem­
porary disuse o f gold for domestic purposes, even the estimate of $300,000,000 may be too: large. The recoinage, however, o f the whole amount
would cost, at one-fifth of one per cent, (the rate ascertained by expe­
rience), only $600,000.
The amount of gold now in actual circulation in France, Belgium and
Italy, is estimated by M. de Parieu and other distinguished economists o f
Europe, at 7,000,000,000 of francs, or $1,400,000,000. The amount in
circulation in the residue of continental Europe would probably carry the
total to $1,800,000,000. To suppose that the seventeen nations, from the
Atlantic to the Volga, would or could unite in recoining such an amount,
and in abandoning every vestige of the monetary portion of the metric
system, merely to adopt the existing coinage of the United States, with
only $300,000,000 outstanding, would be preposterous indeed.
The proportion of the total amount of British gold coinage ($935,431,450 in fifty years) now in circulation, is variously estimated from £80,000,000 ($400,000,000) to £100,000,000 ($500,000,000), mainly in sove­
reigns, many of which are now so much worn as to be reduced in actual
value to twenty-five francs. A considerable amount o f British gold must
have been imported into France to enable her to coin the $987,728,293
in the fifteen years from 1851 to 1866. If $500,000,000 yet remains out
standing in Great Britain, the cost of its recoinage, at one fifth of one per
cent., to effect the proposed unification, would be covered by a million of
dollars.
It will be borne in mind that Lhis expense of recoinage by the several
nations is to be incurred but once for all, while the incessant remeltings
and recoinages under the present system by the mints of different nations
are a constant and needless diminution of the monetary wealth of the
world. The burden principally fells on the nations, like the United States,
which export gold needing to be recoined, the value o f which abroad is
reduced precisely by the cost of its recoinage.
I f the total expense of the necessary recoinage throughout the world to
accomplish the proposed unification were even to reach two millions of
dollars.it would be speedily reimbursed in the saving of further recoinages,
brokerages, and exchange. Without attempting at the present time accu­
rately to estimate these savings in detail (more properly the duty o f an
experienced commercial committee), we may safely assume that they
would amount yearly to several millions o f dollars.
It is stated, by an eminent and experienced banker in Europe, that there
are now scattered through its different nations and along their frontiers at
least 5,000 money changers (including their employes), who gain their
living by changing the gold of the various countries of the world. If there
aie but 2,000, earning, yearly, an average of $1,000 each, it would amount
to two millions o f dollars yearly, which the world ought to save, and
would save by the proposed unification, not to mention the vexatious loss
of time in calculating fictitious rates of exchange, and the large additional
saving in ihe future product of gold.
The estimate o f $1,400,000,000 as the gold circulation of France, Italy,
and Belgium, will not be regarded as exaggerated when we consider the
heavy drain of silver from France during the last fifteen years, in connec-




1868]

IN T E R N A T IO N A L

C O IN A G E .

71

lion with the fact that its silver coinage from 1795 to 1851 had amounted
to 4,457,595,345 francs, or $891,519,069. O f this large amount at least
$750,000,000 are said to have been exported within the last fifteen years,
principally to the East Indies, leaving the amount of silver now in circula­
tion in France not exceeding $150,000,000.
The coinage of silver at the royal mint of Great Britain in the ten years
from 1857 to 1866, both inclusive, was only £3,677,182, or $18,385,910.
The total coinage of silver in France during the reign of the present Em­
peror, in the fifteen years from 1851 to 1866, was only 215,561,101f., or
$43,112,180. The silver coinage of France, Great Britain, and the United
States, from 1851 to 1866, was, in round numbers, only $117,000,000,
against a gold coinage, in the same period, of $2,108,000,000.
So severe, indeed, had become the destitution of small silver coin in
1865, that the treaty o f the 23d of December of that year, authorizing the
issue of silver of denominations less than five francs, reduced its standard
about seven per cent, (from .900 to .835 fine), to prevent it*, further dis
appearance. At the same time it limited the amount to be coined in
France to 239,000,000 francs, or $17,800,000.
Fortunately for France and the commercial world, the surplus gold of
the United States was at hand, during these fifteen years, ready to be re­
coined, Steadily filling the immense vacuum caused by this great ex­
port of silver, it now invigorates every branch of industry in France.
The monetary movement in these fifteen years on the waters o f the
globe signally illustrates the power o f the oceans not to divide but to
unite the continents in a common “ solidarity.” Subdued by steam to the
use of man, they are now incessantly ministering to the wide-spread
monetary necessities of the human race. It needs but a glimpse of their
currents. Within that brief period, only the dawn of the opening auri­
ferous area, we discern a mass o f gold, in the aggregate exceeding $500,000,000, moving across the Atlantic from the United States; another and
still larger volume of $833,000,000 pouring out from Australia upon the
surrounding oriental waters, and at least one-half finding its way to Lon­
don over the Indian Ocean, the Mediterranean, and the Atlantic ; another
golden mass o f $020,000,000 crossing the British channel into France,
while the great countercurrent of $565,000,000 of silver, largely derived
from France, is seen flowing out o f England and up the Mediterranean on
its way to the ever-absorbing East.
6.
While we see the gold of the United States largely diminished by
export to other nations, it should be considered that its present progress
may rapidly and largely increase under the stimulating influence of the
Pacific Bailway and its branches (the main line being now in vigorous
progress), penetrating our metalliferous interior, and greatly facilitating
and encouraging our mining industry by the cheap and expeditious car­
riage, not only of machinery, but of food in large quantities, both from
the Pacific slope and the fertile valley o f the Mississippi. With these
supera lded facilities, our rate of product of gold for the next fifteen years,
to say the least, can hardly diminish. At only $60,000,000 yearly (the
average rate for the last fifteen years), our product in the next fifteen years
will add to the gold of the world $900,000,000. It certainly is not im­
possible, nor very improbable, that this amount may be considerably
exceeded. It was in view of the large and inevitable addition to our gold




72

in t e r n a t io n a l

c o in a g e

.

[J a n u a r y ,

product that the undersigned deemed it necessary to insist in the Con­
ference in behalf of the United States, that the work of monetary unifica­
tion, with its consequent recoinage, must be accomplished “ now or never.”
The interesting theme of the future development of the trade and power
of the two Americas on the Pacific, an ocean as yet almost unoccupied,
would open a field o f view quite too large for exploration on the present
occasion. Confining our examination to their mining industry, it is enough
to say, that by the natural increase of their popuJation, incessantly swelled
by immigration from overcrowded Europe, at least 130,000,000 of inhab­
itants, under governments more or less united or confederated, will be
found, at the end of the next fifty years, in possession o f the whole line of
the gold and silver bearing Cordilleras and their branches from Behring’s
Straits to the confines of Patagonia. Their incalculable masses of treasure,
now comparatively dormant, but then brought actively out to light, will
be counted indifferently by dollars and by francs. W e need but to look
calmly and clearly ahead to perceive and to feel that it has already become
not only the privilege, but the solemn duty of the United States and o f all
the nations of the western hemisphere, custodians, under the irrepressible
logic of events, of so large a ponion of the money of the world, to secure
the uniformity of its coinage, for no narrow “ inch o f time,” but for the
unnumbered ages yet to come.
Above all, let us never forget that the two Americas are Christian mem­
bers of the great family of nations, and that the unification o f money may
be close akin to other and higher objects of Christian concord. W e can­
not wisely or rightfully remain in continental isolation. Integral portions
of the mighty organism o f modern civilization, let us ever fraternally and
promptly take our part in the world-wide works o f peace.
7.
The present heterogeneous condition of the coinages of Europe was
originally and primarily caused by the downfall of the Roman Empire.
The wide-spread rule of Augustus and his successors embraced a popula­
tion of various races, estimated at its zenith at one hundred and twenty
millions. His vigorous arm suppressed the private coinages of the leading
Roman families under the republic. The coin of his government bore
“ the image and superscription o f Caesar” throughout the wide extent of
the empire. Authoritative alike on the Jordan and the Thames, the farreaching imperial edict regulated the money of Judea, and restrained the
rude coinage of the barbarous tribes of Britain.
It is true that the imperial money, subject, like all human things, to the
fundamental law of demand and supply, largely fluctuated in value during
the first four centuries, but its coinage remained directly or indirectly sub­
ject to the central authority until the final wreck and disintegration of the
empire.
By that momentous event, western Europe was strewed with fragments
from the Mediterranean to the Baltic, and the wall of Britain. The
monetary fabric, once so firmly united, shared the fate of the empire.
Petty chieftains, seizing the political debris, built up petty states, lay and
ecclesiastic, by hundreds on hundreds, each o f them claiming, and most of
them exercising, the sovereign power o f coining money. Pre-eminently
was this the case in that portion of Europe now called “ Germany,” which
bears even yet on its motiey political surface, and still more strikingly on
its diversified coinage, the marks of the great di.-integration. Even the




1868]

IN T E R N A T IO N A L C O IN A G E .

73

most powerful of the German emperors seemed unaware of the necessity
of centralizing and regulating the coinage of money. In 910 we find
Otho the Second, of the great and then dominant Saxon line, granting
licenses to the Archbishop o f Strasburg and the bishops in its vicinity to
exercise this high function o f sovereignty.
Nor was this mingling o f God and mammon confined to Germany.
Before the extinction of the Heptarchy, similar powers had been vested in
the Archbishops of Canterbury and York, while France was annoyed for
centuries with the varying coinages, not only of petty feudal sovereigns,
but of abbots and other ecclesiastics of high and low degree, perhaps'quite
as fit for the trust as the ignorant princes at their side. The cabinets of
coins in Europe are filled with the heterogenous issues of mediaival France
and modern Germany.
There may now be seen, at the mint o f the United States in Philadel­
phia, specimens o f the coinages, not only o f the royal houses o f Germany,
but of the secondary dukedoms and minor principalities o f Brunswick,
Nassau, Hesse Cassel, Mecklenburg, Anhalt, Bernburg, Oldenburg, Reuss,
Lippe, Saxe Weimar, Saxe Gotha, Saxe Coburg, Saxe Memingen, Schwartz
burg, Hohenlohe, Hohenzollern, and Waldeck, some o f them ruling popu­
lations of less than 100,000 souls.
8.
For this fragmentary state of things there could be but one remedy.
The disintegrated political and monetary world must be reintegrated ; and
this has been the tedious task of the last ten or twelve centuries. During
this long interval of reconstruction, the scattered members o f the once
united monetary organism have been slowly coming together. Hundreds
o f petty sovereignties have been already extinguished or consolidated,
giving place to large and efficient nations.
The fusion of the seven little kingdoms of the heptarchy in the undi­
vided realm of England ; the conjunction, in Spain, o f the crowns of
Castile and A rragon; the consolidation o f the provinces of France, and
conseqeent extinction of feudal rule and feudal coinage; the union o f the
three kingdoms in the British islands, all becoming centres of monetary
reforms in which discordant coinages have been melted into unity; the
recent conjunction of the fragmentary portions of the Italian peninsula,
incoherent and jarring for centuries; the unifying operations now in
vigorous progress in northern Germany ; and, above all, the advent and
progress of the great Empire o f Russia, emerging from Asia and steadily
moving into eastern Europe, have all converged to one grand monetary
result— the diminution in numbers o f the coining nations, enabling them
all at last to meet face to face in general and friendly Conference, as thev
have just done for the first time in the history of man.
It is true that a cluster of smaller principalities with mimic sovereignties
may yet remain in Germany, portions of a more numerous group, whose
multifarious and multitudinous silver coinages had been so long the an­
noyance and pest of every traveller through central Europe; but recent
events give reason for hope that a confederation, if not the political unitv,
of their intelligent populations, which may utter a common voice for a
common money, will not be much longer postponed.
9.
From the hasty sketch o f the coinages of Europe, we may point with
just satisfaction to the historical contrast furnished by the United States
of America.




( T o b e c o n t in u e d .)

6

PUBLIC DEBT OF THE UNITED STATES.

74

[January,

PUBLIC DEBT OF THE UNITED STATES.
A b stra ct statement, as appears from the books and Treasurer’s returns in
the Treasury Department, on the 1st December, 1867, and 1st January, 1 8 6 8 :
,

D EBT BEARING COIN IN T ERE ST.

December 1.
January 1.
Increase.
Decrease
5 per cent, bonds................................ $205,532,830 00 $-204,029,800 00 $ ............. $6 j3,050 00
6
“
’67 & ’ 68...........................
14,090,941 80
14,690,941 80
....................................
6
“
1881................................... 282,731,550 00 283.676,600 00
945.050 00
............
6
“
(5-20’ s ) ............................. 1,324,412,550 00 1,373,8)4,750 00 49,392,200 00
............
Navy Pen. F ’d 6 p.c...........................
13,000,000 00
13,000,000 00
....................................
T otal......................... . .............. 1,840,367,891 80 1,890,102,091 80 49,734,200 00

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

DEBT BEARING CURRENCY INTEREST.

6 per ct (R R ) bonds.........................
3 - y 'a r s com. int. n’ tes.........................
3-years 7-30 n o te s ..............................
3 p. cent, certificates........ ...............

$18,601,000 00
6 2 ,2 4 9 ,3 6 0 0 0

285,587,100 00
12,855,000 00
379,292,460 00

Total

$20,713,000 00 $2,112,000 00
$ ....... .
4 6 ,2 4 4 ,7 8 0 0 0
............ 1 6 0 0 4 ,5 8 0 0 0
238,268,450 00
............ 47,318,650 00
23,265,000 0010,410,000 00 ..................
328.491,230 00

50.801,230 00

MATURED DEBT NOP PRESENTED FOR PAYMENT.

Total....................................

$2,855,400 00
7,065,750 00
26 ,0 0 00
163,011 64
54,061 64
868,240 00
2,880,900 55
31,000 00

$2,022.950 00 $ ................
9,952,810 00 2,SS7,060 00
257,000 00
................
162,811 64
...........
54,061 64
................
716.192 00 ...............
2,674,815 55 ...............
31,000 00 * ................

11,178,363 83

15,871,640 83$1,693,277 00

$8-32,450 00
3,000
200
152,048'
206,085

88: gg

7-30 n. dne Ang.15,’ 67.........................
6 c. comp. int. n’es.........................
li’ds o f Texas ind’ ty
...................
Treasury notes (old)...........................
]3’ds o f Apr. 15, 1842...........................
Treas. n’ s o f Ma. 3,63.........................
Temporary loan..................................
Certifi.. o f indebt’ ess.........................

D EBT BEA RIN G NO INTERE ST.

December 1.
January 1.
Increase.
Uuited States notes........................... $356,212,473 CO $356,159,127 00
$ .........
Fractional currency...........................
30,929,984 05
31,597,583 85 667,599 80
Gold certi. of deposit ........................
18,401,400 00
20,104,580 00 1,703,1% 00
T o ta l............................................

405.543,857 05

407,861,290 85 2.317,433 80

Decrease.
$53,346 00

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

RECAPITULATION.

$

$

$

$

Bearing coin interest............................ 1,840,367,891 80 1,890,102,091 SO 49,734,200 00
................
Bearing cur y interest............................ 319,292,460 00 328,4^1,230 00 ............... 50,801,230 00
Matured d e b t ........................................
14,178,363 83
15,^71,6.0 83 1,693,277 00
................
Bearing no interest................................ 405,543,857 05 407,S61,290 85 2,317.433 80
...............
Aggregate............................................. 2,630,382,572 68 2,642,326,253 48 2,943,680 80
...............
Coin & cur. in Treas.............................. 138,176,820 93 134,200,603 38 ............... 3,976,217 55
Debt less coin and cur...........................2,501,205,751 75 2,508,125,650 10 6,919,898 £5

.........

The following statement shows the amount of coin and currency separately
at the dates in the foregoing table :
COIN AND CURRENCY IN TREASU RY.

December 1.
January 1.
Increase.
Decrease.
C o in ..................................................... $100,690,645 69 $108,430,253 67$7,740,607 98 $ ..............
Currency.............................................
37,486,175 24
25,770,^49 71
................ 11,71^,825 58
138,17G,820 93

Total coin & curre’ y-

134,200,603 38

............... $3,976,217 55

The annual interest payable on the debt, as existing December 1, 1867, and
January i, 1868, (exclusive of interest on the compound interest notes) com­
pares as follows : .
ANNUAL INTEREST PAYABLE ON PUBLIC

Coin—X> per cents.................... ..........

“
“
“

6
’67 &’ 68...........................
6 “ 1881...................................
6 « (5-20’ s)..............................
o “ N. P. F ..............................

DEBT.

Dec. 1
Jan. 1.
Increase.
$10,276,642 % $10,246,490 00
$ ............
881,456 51
881,456 51
............
16,963,893 00 17,020,596 00
56,703 00
79,164,753 00 82,428,285 00 2,963,532 00
780,000 00
780,0% 00
...

D. crease.
$30,152 50

Total coin interest..............................$108,366,745 01 $111,356,827 51 $2,990,0^2 57
$1,116,060 00 $1,242,7% 00 $126,720 00
“
7.30 “
.........................
20,817.853 30 17,393,5% 85
............ 3,454,261 45
“
3
“
..........................
385,650 00
6 )7,950 00 312,300 00

Currency-b per cents...........................

Total currency inter’ t ............................
Aggregate interest ......................... .

$22,34.*,563 30 $19,33 ) 326 35
130,716,313 31 130,691,154 36

..............$3,015,24145
............
$25,158 95

For the agg.egate of the monthly statements in 1867 see Y ol 57, page 456.




TREASURE MOVEMENTS AT NEW YORK FOR TJIE YEARS 1866 AND 1S67.
In consequence of the method of reporting the treasury balances at the close of each month, and the impossibility of
distinguishing the amount of coin or currency in the reported balances, we have been obliged to vary our usual formula from
that of preceding years, and adopt the following, which omits from the calculation the amount of coin in the hands of the
Assistant Treasurer at this port at the close of each month :
1866.

Year..

$41,431,726 $9,578,029 $48,5:33,493 $99,543,248 $62,553,700 $128,115,742 $190,679,442

1867.
January.... $•2,472,895
1.740,109
•Febriury...
1,890,8 >7
>i arch........
3,149,054
A ’ -r ii........
1,181,1-8
May............
2,568,773
June...........
‘2.002,13)
Julv............
3,907,luO
Augua —
2,011,440
t*ept mber.
2,339,284
October. ...
513,8 ;5
November..
December.. 3,288,102

$125,719 $7,185,945 $19,OSS,559
5.1,831
2,398,432
* 130,491
2,830,526 4,873,250
145,807
27.1, 10
247,628 3,668,990
870.725 16,308,317 17,866,170
499,184
1,237,082 4,305,039
6,006 16,316,374 19, 25,116
640,244
621,067 5,128,411
345,009
2,716,959 5,674,0)8
302,7 9
189.357 2.891,-43)
181,319 16,969,514 17,664,688
233.01i
1 433,7.-3 4,980,931

$2,551,336
2,121,-161
1,891,141
2,281.2o3
9,043,154
6,731,272
13,519,894
1,714,594
2,201,9.38
1,182,031
1,733,2 1
6,354,518

12,198,03)
9,511,075
9,631,697
8,040,114
9.794,404
12,903,740
11,967,824
9,032,983
7,311.934
5,148,244

$........
14,089,180
11,772,358
18.677,851
14,7 4,386
23,314,298
14,618,331
14,169,782
10,265,017
9,038,195
12,302,792

Year..... $-28,391,390 $3,.99,810 $63,8,1,349 $93,562,584 $51,891,953 $116,858,524 $168,660,477




.. . . . . $91,136,194

$1,986,182
11,178,233
9,215,930
8,lo3,3«8
811,681
10,459,347
4,289,182
9,489,923
8,495,714
7,373,587

8*626,493

....... ...

$2,146,547

88,989,647

$3,147,763

t ..........

$5,133,944
6,424,630
6,159,168
6,985,063
8,024,437
3,611,283
5,258.280
8,02),424
10,7*0,282
4,038,588 ’
1,785.233
1,711,940

7,212,756

2,224,508
10*41*,*726

7,U2,S6i

$70,297,913

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

4,753,603
8,056,772
1,118,305

6,848,004
1,466,499
3,334,999
5 600,921*

$2,213,253 J$G7,8S4,66Q

s

I
s

MOVEMENTS AT NEW YORK,

— Reported new Supply and its Sources.----- , ,------Withdrawals rrom Market.------ , Excess o f Excess of ,— Specie in Banks.—n Balance: de*
IncreaseDecrease riv’ d from unM onths . Kec\ tsl'rom Imp’ tsfrom'Inter.on
Total
Export to
Customs
Total
reported
reported
CaUforn a. for'n orts. U.S.b’ds.
Amount for’nports.
duties.
amount. new supply, w ’hdraw’ s. on month, on mouth, rep. sources
$7,847,039 $ ............ $4,394,295
January.... $1,485,314
$72,771 $5,78\686 $7,*98,771 $>,708,338 $13,437,474 $15,143,810 $ ............
$3,452,^44
February...
3,603,003
172,122
430,091
4,203,213
1,807,030
12,018,274
13,815,3)4
............
9,610,091
........
15,853,747
6,243,656
............
5,25 ,738
65,990
March........
3,958,201
235,854
2,653,321
6,902,488
1,',45,039
11,173,165
12,218,204
............
5,315,73s
............
3,686,455
5,964,948
April.......... 1,539,321
181,817
187,2 1
1,883,364
588,875
10,950,897
11,539,772
............
9,651,403
May...........
3,992,143
393,073 13,105,535 17,410,756 23,744104
11,418,492
35,162,686
-----31,286,086
............
17,671,930 13,614,156
............
14,060,875
8,626,976
Juue..........
1,842,271
91,549
826,153
2,742,973 15, -9 ',956
9,559,868
25,450,824
................................. 22,687,851
J u ly ..........
6,751,669
34:,961
5,873,373 12,974,003
5,821,459
11,607,186
17,328,645
1,903,823
........
6,258,465
............
4,354,637
3,319,446
5.514,520
............
8,833,966
August. ...
4,477,659
269,221
356,766
5,103,646
1,587,831
12,349.761
13.937,612
............
2,410,258
1,262,360
.......
3,072,618
September..
*,881,432 5,193,473
2,631,532 10,703,437
834,550
12,284145
13,118,695
1,542,063
.......
7,453,675
. .........
5,911,012
O ctober...
4,902.207 1,434,153
218,)21
6,554,486
1.463,450
11,002,043
12,465,493
5,765,026
............
5,770,384
........
5,358
November..
1,669,391
802,937 14,736,272 17 258,600
3,776,’>90
7,716. 81
11,493,574
................
1,771,735
835,510
December..
4,8*3,023
352,093
1,722,407
6,397, 23
3,297,270
5,707,548
9,004 818
■
2,6 7,295

76

P A C IF IC

[January ,

R A IL R O A D .

PACIFIC RAILROADS.

The condition o f the several works under this general title at the close o f the
working season is very favorable, showing that an immense energy has been
exercised in their construction since the opening o f 1867, and that we are now
considerably nearer the consummation o f the enterprise which contemplates the
union o f the A tlantic and Pacific seaboards by mail than is generally supposedThe latest advices from San Francisco inform us that the track o f the Central
Pacific Railroad has been laid from Cisco to the summit o f the Sierra Nevada
(LOO miles from Sacramento) and through the great tunnel 7,000 feet above sealm d. The first passenger car passed through the tunnel on the last day of N o ­
vember. Twenty-four miles o f the track have been laid on the east side o f the
mountains; and with open weather until the middle o f December the gap o f six
miles (intervening between the completed portions) would be filled up and a con.
nection made, so that the travel aDd traffic would be carried uninterruptedly
into the country east o f the Sierra, a distance from Sacramento o f 130 miles.
N o further progress has been made on the Western Pacific Railroad, or that
portion o f the total line between Sacramento and San Jose, 120 miles.

The

completed portion is the same as last year, viz., 20 miles.
The Union Pacific Railroad is now finished 525 miles west from Omaha
to the base o f the R ocky Mountains, and it is expected that the track will be laid
to Evans Pass, 30 miles further) and the highest point between the A tla n tic and
Pacific Oceans) in January.

The maximum grade from the foot o f the mountains

to the summit is but 80 feet to the mile.

W ork on the rock-cutting on the west­

ern slope will be continued through the winter, so that track-layingmay be re­
turned early in the spring.
The Union Pacific (E. D .) Railroad was opened for business to F ort Hays,
290 miles west from the Missouri River, on the 14th October.

The track is

now laid to the 315th milestone.
The Central Branch (formerly the Atchison and P ik e’s Peak) Railroad is
o’pen a distance o f 60 miles west o f Atchison, where it connects with the Mis­
souri R iver Railroad, a line running from Kansas City to Leavenworth.
The following table shows the total length o f these several routes,the length
completed at the close of 1866 and 1867, respectively, the length opened in 1 867;
and the length yet to be b u ilt:
Lines.
Union Pacific (main line)........................................
“
“
(E. D .)...............................
“
“
(Central ter)......................................
Central Pacific ol'California....................................
Western Pacific (California)...................................

Total
route.
955.7
381.0
100.0
701.3
120.0

Total in miles................................................... 2,258.0
— the whole to be completed by the close o f 1870.

^Completed-^ Opened.Miles to
1866.
1867.
1867. be bnilt.
305
f55
250
400.7
155
315
160
66.0
40
60
20
40.0
93
130
37
571.3
20
20
..
100 0
613

1,080

467

1,178.0

The government bond sub­

sidy to these lines is $16,000 on 1,124 miles ; $32,000 on 834 miles, and $ 4 8 ,000 on 300 miles— total, $59,362,000.
table-land, and mountain divisions.
grant by Congress.




These amounts are issued to the plain#

This is irrespective o f the magnificent land

1863]

COT T ON ------ITS

PRICES

AND

PROSPECTS.

77

COTTON— ITS PRICES AND PROSPECTS.

The Round T/tble o f Saturday, O ctober 12, contains a highly interesting
article on the prices and prospects o f cotton.

The most important points are

subjoined :

rR:css.
Georgia cotton is first quoted in England in 1793, viz. : Is. Id . to Is. lOd
for uplands, with India cotton at lOd. to Is. 4d.

In 1799 Georgia cotton ranged

in price in Liverpool from Is. 5d. to 5?., and India cotton from l i d . to 2s. 4d.
In 1803 the quotations respectively were 8d. to Is. 3d. and 9d. to Is. 2d. Be­
tween 1806 and 1814 the lowest price at which Middling Uplands were sold in
England was in 1811, v iz .: U J d . with Surats at 10-Jd.

The highest prices

known at any period between the year 1800 and the breaking out o f the
Southern rebellion was in 1814, when Uplands were sold in Liverpool at 23d. to
3 7 d .; Sea Islands 42d. to 72d., and Surats 18d. to 25d. Between 1814 and
1834 the lowest cotton year wag 1829, when Uplands were quoted at 4 fd . to
7d., Sea Islands from 9d. to 21d , and Surats from 2|d. to 5|d.

These very low

prices were no doubt caused by the heavy imports o f 1827 and 1828, 452,240
bales being in stock at Liverpool at the close o f the former year, and 405,806
bales at the end o f the latter.

DURING AND AFTER THE WAR.
But, to leave these figures for the present, let us see what was the course o f
prices in this country for cotton during the late war.

The fluctuations in the

article from April, 1861, to J u ly , 1861, at N ew Y o rk , were only three cents
per pound, v i z .: from 12$ cents to 15$ cents.

In September o f that year

Middling Uplands had risen to 22 cents, and in N ovem ber to 22-J cents, in D e­
cember early to 28J cents, and on December 25, 1861, to 37 cents per pound.
These were all gold values, as specie payments were not saspended uatil January,
1862.

The year 1861 closed, however, in N ew Y o rk with only about 15,000

bales on hand.

The article increased in value very rapidly afterward, but did

not reach its maximum price in currency until the 23d to the 25th o f August,
1864, when Middling Uplands were sold in N ew Y o r k at $1 90 per pound.
The statistics of 1864 are curiously interesting, and, at the risk of tiring our
readers, we submit them.

The following table shows the per centage o f premium

on gold, and the actual prices o f cotton in this city at various times in that year.
June 13, 1864,

gold 95 premium, Middling Upland cotton 81 25 currency.

June 18,1864,

gold 96 premium, Middling Upland cotton $1 50 currency.

June 23, 1864, gold 115 premium, Middling Upland cotton $1 47 currency.
June 29. 1864, gold 144 premium, Middling Upland cotton $1 47 currency.
July 11, 1864, gold 185 premium, Middling Upland cotton $1 68 currency.
July 21, 1864, gold 159 premium, Middling Upland cotton 81 63 currency.
July 28, 1865, gold 150 premium, Middling Upland cotton 81 62 currency
A u g . 3, 1865, gold 158 premium. Middling Upland cotton 81 68 currency.
A u g .18, 1865, gold 158 premium, Middling Upland cotton 81 78 currency.
Aug.23, 1864,

gold 158 premium, Middling Up'and cotton 81 80 currency.

Sept. 8 ,1 8 6 4 ,

gold 146 premium, Middling Upland cotton 81 86 currency.

Dec. 30, 1864,

gold 127 premium, Middling Upland cotton 81 18 currency.




C01T0N---ITS PRICES AND PROSPECTS.

78

[ January ,

From this it appears that between the 13th and 18th o f June, 1864, with no
advance in gold, cotton rose 25 cents per ib., and on the llt ii ot July o f that
year, on which day gold reached its maximum o f d o less than 185 per cent, pre­
mium, cotton sold at 22 cents per lb. less than it did on A ugn t 23, 1864, when
gold was 27 per cent, lower.

On July 1, 1865, the gold premium stood at 40

per cent, and cotton 44 cents per lb., and at the end o f 1865, gold stood at 45
per cent, premium and cotton at 46 ceDts.
N ow , while we write, the gold premium is about 45 per cent., aDd middling
uplands are telling at 25 cents per pound, currency, or about 17| cents, gold ;
about the same price as was paid in August 1861. O f course the extraordinary
fluctuations which we have named built up and destroyed many a fortune.
Gains and losses in cotton were enormous, the latter in many well known in­
stances amounting to no less a sum than $700 or more per bale. Many cases
are known o f almost ridiculous hardship, in some o f them equivalent to a total
loss o f the cotton on the part o f the planter, by reason o f charges rnly, where no
advance h?d been made him, other than freight and government dues.

A t this

moment we are credibly informed that an invoice o f about two hundred and
fifty bales o f cotton is offered for sale, in this city, which will result in a loss to
the parties interested o f more than $100,000.
TH E STAPLES.

The best cotton produced in the world is undoubtedly the Sea Island— tin t
is, the islands which fringe our Southern coast from South Carolina to Florida.
'The quantity o f this however, is not important, and indeed, this year bids fair to
be very much less than usual.

But, apart from quantity, the best qualiti s o f

Egyptian rank nearly as high in Liverpool as Sea Island, and the cotton o f
Brazil is nearly all o f long staple and takes rank next to Egyptian.

The Cotton

Supply Association o f Manchester have just held their annual meeting, and
their report statis that Am erican seed has lately been more extensively used in
Turkey, India, the Brazils and elsewhere, and that the result has been the
growth of a better quality, and that cotton from Smyrna and other districts has
realized in Liverpool nearly as high a price as the product of the United States.
THE QUANTITIES.

The quantities o f the ^four principal classes o f long eotton which were im­
ported into England in 1866 are as follows :

Out o f a total import e f 3,749,588

bales there were 1,163,745 bales American, 307,656 bales Brazilian, 200,221
Egyptian, and 1,867.150 bales India. Our Sea Island seed was planted in Egypt
in 1327 and yielded finely. I t is a singular fact that notwithstanding cotton
had been known in E gyp t since the days of Pliny, its cultivation had been
abandoned, and it was not until 1821 that aDy energetic attempt was made to
revive it.

In that year but 60 bags were m ade; in the next year about 50,000 ;

and in 1824 no less than 140,000 bales.

W e have not at hand the statistics o f

its recent growth, but are persuaded that large quantities would be exported
ihence where labor more abundant.
England nearly 414,000 bales in 1865.

E gypt and Turkey together exported to
Egyptian cotton was first imported into

England in 1823, although the cottons o f Brazil were known there as early as
1781.




1868]

C U R IO S IT IE S

OF

TH E

O PIU M

TRADE.

79

T o these facts, it may be addel that the import o f cotton into England from
all countries, was in 1701, 1,985,868 pounds; in 1751, 2,976,610 pounds, and in
1800, 56.010.732.
The first export o f cotton from the U nited States to Great Britain occurred
in 1784, in which year an Americad vessel arrived at Liverpool with eight
bales, which were seized by the custom house authorities upon the plea that they
were not the product o f this country. It was not until 1798 that any consider­
able quantity, namely, 189,316 pounds, was exported from the United States.
T he following table shows the total exports at different periods thereafter :
1769...................................... 6,106,716 lbs.
1811 ....................................61,1 86,084
1816......................................81,747,116

1831................................ 260,979.784 lbs*
1832................................ 822,215,122
1888................ ................595,952,297

The following are the exports to Great Britain alone since 1850, the total
qnantities since 1860 being computed at an average c f 450 lbs. to the bale :
1851...............
1854...............
1856............... ............... 892,127,988
1857...............
1860...............
1861...............
To August 22, 1867..............................

1862............... ............... 32,500,000 lbs.
1863............... ............... 69,500.000
1 8 6 4 .......
1365............... ............... 208,000,000
1866............... ............... 830,00,00
.............447,000,000

These figures show that in but little more than sixty years our exports of
cotton increased from about 6,0000,000 pounds to 1,100,000,000— a wonderful
difference truly.

CURIOSITIES OF THE OPIUM TRADE.

T w o or three years ago, when V ictoria, Vancouver Island, was a free port,
enormous quantities o f opium were taken out of bond in San Francisco and sent
to V ictoria ; and, strange to relate, at the very time the consumption of the drug
among the 6,00 1 or the 8,000 Chinese in the British colonies was so large, the
consumption in San Francisco and vicinity, with a population ten times greater,
fell off in an extraordinary manner.

A seizure was made, and very little opium

went north alter that exposure. It transpired that the opium generally came
back by the very steamer, though not in the same packages in which it went.
The San Francisco smugglers, however, are ingenious, and, being checked in the
Vancouver Island

business, first, by the increased vigilance of the revenue

officers, and afterward driven out o f it by a high colonial tariff, they have sought
another convenient port where there is no duty on the drug. One o f the city
papers gives a hint o f the way in which it is done, saying that during the past
eight months large amounts of opium have been taken from bond and shipped to
the Sandwich Islands; in fact, that more o f this drug has left San Francisco
for the Islands than their inhabitants could consume in 20 years, even though
every fifth person was a consumer.

Until this year the Sandwich Is'ands have

never been known to San Francisco merchants as a maiket for opium ; and it is
pot probable that many o f the statements respecting the enormous consumption
o f the drug by the Islanders may be explained by the hints given above.




80

BOSTON

D IV ID E N D S ,

\Jannary,

BOSTON DIVIDENDS.

We are indebfed to Mr. Joseph G. Martiu, of Boston, for tables of Railroad an d
Manufacturing Dividends payable in that city this month, January, 1868. We have
also added, for comparison, the figures for the previous three years. It will be
noticed that the railroads have had a profitable year, their dividends in many cases
exceeding those of last year, and being considerably in excess of the previous yearThe total amount of the payments in January, 1866, was $2,186,214 ; January, 1867,
was $2,574,429, and January, 1868, $2,751,158.
On the other band, however, the manufacturing exhibit, although more favorable
than we anticipated, shows a considerable falling off, Th« aggregate payments in
January, 1866, reached the large total of $3,384,850; but in January, 1837, the
total was reduced to $2,590,750, and this year, Jan., 1868, it is only $1,120,000.
Still it will be seen that some of the companies continue to divide large profits among
the»,- stockholders.
DIVIDENDS OF RAILROAD COMPANIES.

Payable
Stocks.
Jan.
—... .Berkshire Railroad........................
1... Boston and Lowell..........................
1 .. . Boston and Maine...........................___
. Boston and Providence...............-.. ......
i . . . .bostonand Worcester.................... ......
l . . . .Cneshire, pref........................... .
—... .Cape Cod, (t>ar 60)...........................___
l . . . .Concord and P.rt’hgr’d .......................
l . . . . Conne cticut River......................... .......
l . . . .Pastern..........................................
l . . . .Eastern in N. H............................
i . . . Fitchburg...................................... .
l . . . .Metropolitan.................................. .
i . . . . Michigan Central...........................
l . . . . New Bedford and Taun. ......................
l . . . •Old Colony and Newp’ t................. ......
i ... . Philadelphia, Wil.& Bal...................
1. A•Pittsfl’ h and No.Adams.................. ......
1 - .Providence & Worc’r ................... ...
t ... . Taunton Branch..............................
t... .Vermont & Mass............................
1... . Western......................................... .......
1... .Worcester & Nashua....,..............

,-------Divid[ends.Capitnl. July. Jan. July. Jan.
1865. 1866. 1866. 1867.
334
134
334
4
4
4
4
5
4,155,700 4
5
ft
3 360,m0 5
5
5
4,500,000 4#
5
5
534
—.
—
600,000 3Yt
334
4?,'
3K
350,00 • 3#
334
334
334
4
4
4
1,591,000 4
4
4
4
4
4
4
4
3
5
—
0
5
5
5
5
4
4
5
500,000 4
4,798,300 4
4
4
3
—
5
5
0
3
450,000 3
3
4
4
4
1,700,000 4
4
4
4
2
1J4
l!4
6
5
6,710,800 4
5
$4
$4

-------%
July. Jan.
1867. 1868.
134
134
4*
4
5
5
5
5
5
5
—
3
3*
334
334
4
4
4
4
4
4
4
4
5
5
5
5
4
4
3
3
4
4
3
3
4
4
4
4
0
U4
5
5
$4
a

* Also 3 scrip.
DIVIDENDS OF MANUFACTURING COMPANIES.
------ v
-Dividends.-—
Payable
Stocks.
Capital. July. Jan. July. Jan. July. Jan.
Jan.
1865. 1866. 1866 1867. 1867. 1*68.
20
20
5
5
25
1... .Androscoggin.................................
* .Appleton......................................... .. .. 600,000 5
10
5
5
10
20
0
3
4
3
10
—.... .Atlantic..........................................
5
10
0
0
25
1... Bates..............................................
20
15
8
10
30
1... .Ch copee........... ...........................
* .Cocbeco.......................................... ...... 2,000 sh $20
$50 $50
$40
$50 $.0
4
5
5
5
4
t .. .Contoocook.................................... . . . 140,000 ..
* . nomrlas Axe................................. .
8
5
6
5
10
*
0
0
0
3
3
Dwight M ills.............................. ....... 1,700,01)0 0
5
5
—... .Everett Mills...................................
5
5
io
10
io
1... .Franklin ......................................
3
0
0
5
3
1... .Great Falls.................................
* .Hamilton Cotton............................
5
0
0
0
5
i .Hill Mill.........................................
20
12
20
6
10
« .Jackson Company......................... ___ 600.000 5
5
5
5
3
15
• .Lancaster Mills (par400)— .......... .... 800,000 6# 20
25
25
10
10
* .Langdon Mills................................ .... 225,000 5
25
25
20
10
25
5
5
5
5
5
1... . Lowell Bleachery.............. ........... .... 30),000 5
* . Manchester P. W .........................
4
12
6
6
0
0
0
6
7
1... .Massachusetts Mills ......................
t
* .Merrimack......................................___ 2,500,000 .
15
10
734
7)4
* .Middlesex Mills..............................
5
io
5
5
t5
*
5
3
25
10
10
Nashua.................... .....................
t .Naum-eag
10
12
8
5
10
................................
$05
$35
$50 $70
1... .Newmarket (par 700)...................... .... 6'<>sh. $ 2 1 $ 1 0 0
* .Pacific............................................ .... 2,500.000 10
6
14
12
12
12
5
+5
10
1... .Salisbury........................................ .... 1.000,000 VA 15
734
— _ Salmon Falls (par 300)........................... 600.000 3
0
7
3
0
0
* . Sta k Mills...................................... ...... 1,250. CM0 8
5
5
12
10
5
■j
0
1,650,000 8
10
10
10
Washington Mills...........................
—
♦Payable on demand. tQuarterly. $Not declared




1868]

C O M M E R C IA L

C H R O N IC L E

AND

R E V IE W .

81

COMMERCIAL CHRONICLE AND REVIEW.
Course o f the Money Market—Rates o f Loans and Discounts—Volume of Shires sold at the
Stock Boa d—Bonds sold at the New York Stock Exchange Board—Course of Conso s and
American Securities at London—Price o f Government Securities at New York—Prices of
Government Securities at New York—Prices o f Compound Interest Notes at New York—
C'osirg quotations at the Regular Board—Gold movement—Course of Gold at New York—
Course of Foreign Exchange at New York.

The closing month o f the year exhibited a partial improvement on those imme­
diately preceding. There wag a recovery o f confidence in commercial circles ;
merchants showed less distrust in prices; the traders o f the interior, being ben efitted by abundant crops, came into the markets for a second supp'y o f goods,
and the job b in g houses closed the year with much lighter stocks than appeared
probable thirty days ago.

In monetary circles, also, there has beeD a general

improvement. T he extreme sensitiveness o f credit, and the high rates o f interest
which characterised October and Novem ber have disappeared, and call Ioan3
have ranged steady at 6 @ 7 per ceut., while discounts o f prime paperhave been
made generally at 7 @ 8 per cent., merchants having found no difficulty in pro­
curing adequate accommodation.

The opening o f Congress was anticipated with

fears o f trouble growing out o f impeachment and with doubts lest Congress might
prove strongly in favor o f a fresh inflation o f the currency. These apprehens­
ions have been dispelled; and with a general confidence that Congress will at­
tempt no extreme measures on financial questions, there is a much more healthy
tone in business generally.
*
The assurance given by the Secretary o f the Treasury, that contraction will be
temporarily suspended, has infused a more confident spirit into W all street. Stock
speculation has revived and government securities have become firmer.

It needed

but the removal o f the check imposed by contraction to encourage an active
speculation for 1 igher prices in the share market.

F or sometime the conviction

has been growing that the railroads o f the country are a good investment; the
Urge earnings o f the last few months have strengthened this feeling'; while the
placing of the Harlem, Hudson River, N ew Y ork Central and Erie, virtually
under the control o f one master mind, with the understanding that they shall
be subjected to a rigorous economy in management has done much toward inspir­
ing confidence in this class o f investments.

W ithin the last three months a large

amount o f railroad shares Las gone into the hands o f private capitalists, to be
held as a permanent investment, or to be sold at higher prices; and this movement
has given an appearance of much firmness to prices during December.

The total

sab s of shares at the stock boards for the month amount to 1,760,721 ; which,
though materially below the transactions in December, 1866, is yet fully up to the
average fo r ,the (year.

The total sales for the year 1867 are 21,271,036 shares,

which is about 2£ millions below the transactions o f the previous year.
H ow
far this decrease in stock operations ig due to the enforcement o f contraction is
a question upon which there will not be much difference o f opinion. It will be
seen from a comparision given below that the transactions in bonds show a very
large increase both in December and for the year, upon 1866.

This gain, how­

ever, is apparent rather than real, the difference having arisen from the organiza-




82

c o m m e r c ia l

c h r o n ic l e

and

r e v ie w

[ January,

.

tion o f a board in the Stock Exchange, with three daily sessions, "especially for
Government securities, which has caused a much less proportion o f the business’
to be done at the counters o f the dealers.
The following are the rates o f loans and discounts for the month o f December :
KATES OF LOANS AN D DISCOUNTS.

Dec. 6.

Call lo a n s ...................................................
Loans on Bonds and M ortgage............. . . .
A 1, endorsed bills, 2 m o s .................. . . .
Good endorsed bills, 3 & 4 mos...........
“
“
single names........ .
Lower g r a d e s ............................................

-@

Dec. 13.

7 @—
7
7
7|@ 8
8
8 @12
11 @12
15 @25

Dec. 28.
6 @—

Dec. 20.

7 @—

-@

-@ 7
7 i@ 8
8 @12

11 @12
15 @25

7
7
9
15

7

@ 7}
@ 9
@12
@25

The following table shows the volume o f shares sold at the N ew Y ork Stock
Exchange Board and the Open Board o f Brokers in the three first quarters,
and in the month of December, and the total in all the year 1867 :
VOLUME OF SHARES SOLD AT THE STOCK BOARDS.

Classes.
1st Quarter. 2d Q’rter. 3d Qr’ ter. December.
Tear.
Bank stares............................................
7,815
11 153
9.070
2,451
35,506
Railroad “ ............................................ 5,079,773 4,910,368 4,265,793 1,275,917 18,071,934
Coal
“ ............................................
67,800
25,405
40,568
7,774
149,433
Mining
“ ............................................
123,857
91,188
92,594
28,(30
369,669
Im p r o v 'd " ............................................
81,269
103,435
68,649
37,465
321.138
Telegraph" ............................................
117,973
153,118
281,493
109,036
871,868
Steamship" ............................................
£28,683
215,S73
132,450
172,740
914.802
Espr’ss&c" ............................................
17,674
104,480
117,279
126,708
535 596
AtN . T. Stock Ex. B’d ...................... 2,072,406
At Open Board............... ....................... 3,652,443

2,074,351 2.013,966
3,540,659 2,996,930

743,853
1,016,868

8,310,687
12,960,349

TotallS67 ............................................. 5,724,849
Total 1806 .................. ......................... 6,172,087

5,615,010 5.010,896
5,842,110 4,333,801

1,760,721
2,212,917

21,271,086
23,811,183

The closing prices o f Consols and certain American securities (viz. U. S. 6’ s
5-20’s 1862, Illinois Central and Erie shares) at London, on each day o f the mon.h
ol December, are shown in the following statement :
COURSE OF CONSOLS AND AMERICAN SECURITIES AT LONDON-DECEM BER,

Date.

Cons Am. secnri ties.
for U S. lll.C. Erie
mon. 5-20s sh’ s. shs.

Sunday............... ... 1
Monday............. ... 2 93%
Tues.................. .. 3 93 %
4 93%
Wedne...............
.. . 5 93%
Friday................ ... 6 93
Sat’day............... . . . 7 92%
Sunday............... ... 8
Monday.............. . . . 9 92 %
10 92 %
Tues...............
92%
Wedne...............
Thurs ............. ...12 9374
...13 9*2%,
...14 S2%
.. 15
Monday............. ...16 92%
.. 17 92%j
...18 92%
Thurs................. . 19 9214
Friday................ ...20 92%

Date.

Sat’day.................. ....21
Sunday.................. .. 22
Monday................ ... 23
Tuesdy: . . . . . . ....2 4
... 25
Thurs ................ ....2 6
Friday..................
Sat’d ay................ ....2 8
7 % 83% 47% Sunday.................. ....29
7114 88% 47% Monday................ ---- 30
71% 89% 48% T ub’day................ ....31
71% 89% 48%
71% 89% 48%
48%
71% 90
71 %
71 %
71%
71
70%
70%

71
71%
72' ”
72
•2%

89
89%
89%
90%
89%
89%

89%
89%
89%
89%
89%

48
47%
47%'
47%
47%
47%

50%
49%
49% Hir? I S a .......................
49% |Rng)
.............
49% |Last
............

The amount o f Government bonds and notes,

1867.

Cons Am. securities.
for U S. lll.C. 1Erie
mon. 5-20s sh’ s. jsh’ s.
92% 72% 89% 49%
92% 72% 88
92% 72% 87%
(Ch
(Hol day)
92% 72’ , 8SV
92% 72% 88%

49%
48%
48%
48%

92% 72% 88% 48%
92
7-% 89% 48%
—

-

—

72V 90% 50%
92% 70% 87% 47%
0% i% 2}L 2X
90
96
6
92

67% 72%
75% 90%
7% 17%
72% | 88%

35%
50*%
14%
48%

State and city bonds, and

company bonds, sold at the N ew Y ork Stock Exchange Board m the three first




1867]

C O M M E R C IA L .

C H R O N IC L E

AND

83

R E V IE W .

quarters and in the month o f December, and the total in all the year 1867, 13
shown in the statement which follow s:
BONDS SOLD AT THE N. T . STOCK EXCHANGE BOARD.

Classes.
1st quarter. 2d quarter. 3d Quarter. December.
Tear.
L. S. bonds................................$18,702,6-10
$40,388,360 $43,284,010
$9,667,400 $140,088,450
U. S. notes
.........................
4,702,480
3,347,600
10,321,550
784,650 23.401,330
St’ e & city b’ds..........................
8,8-4,100
7,601,650
7,954,300
2,409,500 34,185,550
Company b’ds..........................
2,216,200
2,367,700
2,184,000
727,500
9,215,100
T o t a l 1 8 6 7 . .....................................$ 3 4 ,5 9 5 ,4 3 0
T o t a l 1 8 6 6 .......................................
3 2 ,6 0 0 ,5 0 0

$ 5 3 ,7 0 5 ,3 0 0
3 6 ,4 1 4 ,3 5 0

$ 6 3 ,7 4 3 ,9 0 0
4 4 ,0 5 0 ,1 0 0

$ 1 3 ,5 8 9 ,0 5 0
1 0 ,5 1 3 ,5 5 0

$ 2 0 6 ,9 8 0 ,4 3 9
1 5 5 ,8 4 3 ,0 9 0

The lowest and highest quotations for U . S. 6’s (5 20 years) o f 1862 at Frank­
fort in the weeks ending Thursday, have been as folows :
Dec. 5.
Frankfort...................................................... 76*

Dec. 12,
75*

Dec. 19.
76 13 10

Dec. 28.

The daily closing prices o f the principal Government securities at the New
Y o ik Stock Exchange Board, as represented by the latest sale officially reporter!
are shown in the following statem ent:
PRICKS OP GOVERNMENT SECURITIES AT NEW YO RK , DECEMBER, 1 8 6 7 .
7 -3 0 .

s, 1881.—.,------- 6 s, (5-20 yrs.)Conpon ------- >5’ s,10-40 2 d sr
Coup. Keg. 1862.
1864. 1S65. new. 1S67 yrs.C’pn. 1S60

/—6

Day o f month.
2 ...................... .......
Monday
Tuesday
8 ......................
Wednesday 4......................
5...................... .......
Thursday
6 ...................... .......
Friday
Saturday
7......................
Sunday
8 ......................
9 .................... .......
Monday
Tuesday
1 0 ...................... .......
Wedner-day 11......................
Thursday 1 2 ...................... .......
Friday
13 .................... .. . . .
Saturday 14...................... .......
Sunday
15 ....................
Monday...
Tuesday... .17...................... .......
Wednesday 18...................... .......
Thursday 19.................... .......
Friday
2 0 ...................... . .. .
Saturday 2 1 ...................... .......
22 ...................
Sunday
Monday
23......................
24...................... .......
Tuesday
Wednesday 25......................
Thurs ay v6 ......................
Fridav
2 7 ....................
Saturday 28......................
Sunday
29......................
Monday
30....................... .......
Tuesday
31...................... .......

First........
L ow est...
Highest..
Range .
Last..........

112 *

i i 2*
112 *

108

107* 105
105#
108
104* 105* 107*
107* 101 * 105* 107*
107# 101 * 105* 1 7 *
107* 107* 104* 105* 107*
107* 107
104* 1 5 * 107*

112 *
112 *
112

in *
in *

107*

io i*
107#
107*
1"7*
107*
107*

in *
in *
112 *
112 *
112 *

io s #
107* .108*
*108*
107* 108#
108* 108#
108*

112 *

io s *
108*
io s *
.......

113*
112 *

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

112 *
112 *

. ...

112 *

I ll*

104*
104*
114 *
101 *
101 #
104*
.....
10 1 *
104*
105
105*
105#
105#

io s *
105*
105*
105*
105

101 .#
101 #
101 *
10 1 *
1 1 *
101 *

105*
101 *
104*
1 4*
104*
101 *

i o - * 107* i o i *
109* 107# 101 *
107* 107* 1 0 1 *
107* 107* 100 ?,
1»7* 107 * 100 #
107*
100 *

101 *
105
104*
104*
104*

1"7*
107*
107*

ios
107# i o i *
105
107*
10 *
105# 108
108
105# 108
108*
108# 108*
105* 108*

105*

id s* io s *
105* 108
Christina- Day.
108*
IOS
105*
109* 105* IOS*
103# 105# 105* 108#
.....
io s * 105* 105* 108#
105* 108*
108*

108
107* 105
108# 108* 105*
104*
107* 107
1
1*
i*
108# 108* 105*

107*
107*

105* 107*
105* 108*
105
107*
0*
1*
105# 108*

100 *
10 0 *
100 *
101 *
101 *
101 *

io i*
104*
104#
1 4#
104*

108*

io i*

104*
104#

108*
108#
108#

1 01 *
101 *
101 *

104#
104*

ios#
108*

io 2
101 *

io 4 *
104*

107*
108#
107*
1*
108*

101 *
102
100 *
1#
101 *

105#
105*
101 .#
0*
104*

The quotations for Three years’ Compound Interest N otes on each Thursday ot

the month have been as shown in the following table :
1867.
Dec. 19.
Dec. 26.
.. .... @ ....
...
117*@117* 117*@117*
116# @116# 116 # @ 16#
115#@116 115#@116
115#@115# 115#@115#

PRICES OP COMPOUND INTEREST NOTES AT NEW YORK, DECEMBER,

Issue of
December, ’ 64...... ...............
May, 1865.
August, 1865.........................
September, ’65......................
October, 1865...... ................

Dec. 12.
Dec 5.
... 119*©119* 119k@ 119*
... 117*@117* U 7*@ 11 7*
... 116^ @116# 116#@116#
115#@116
... H 5#© 115# 115#@115#

The first series o f figures represents the buying and the last the selling prices
at first-class brokers’ offices.




84

c o m m e r c ia l

c h r o n ic l e

and

r e y ie w

,

[January,

The following are the closing quotations at the regular board Dec. 27, com­
pared with those of the six preceding weeks :
Nov. 15. Nov. 22.
27>4
Cumberland C o a l......................
(Quicksilver................................ ............. 16*
16*
canton Co.................................. ............. 45*
Mariposa p r e f...........................
New York Central.................... .............. 112 *
113*
E rie ............................................
71*
123*
Hudson R iv e r.......................................... 126*
Reading.................................................... 98
96*
80
’viichigau Southern.................. ............. 81*
Michigan Central......................
Cleveland and P ittsburg.......... ............. 84*
Cleveland and T oled o............... ............. 1037s;
N orthw estern...........................
57*
64*
“
preferred......... ............. f 5 *
90
Rock Islan d............................................. 9674
97*
Fort W ay n e................................
I Winois C entral......................... ............. 13u
Ohio and Mississ p p i...............

Nov.29. Dec.6 . Dec 13 Dec. 20. D ec.27.
21
27*
33
15
16*
20 *
22
21
48*
51
45*
44*
15
13 *
116* 117* 117*
118*
114*
7274
73*
7174
72*
71*
125* 125* 132* 131* 132
96
95*
96*
95*
9574
S2
S3*
85*
80
8074
10
112^xd.l07^
87*
82
84
8 8 *£
8774
98*
102 *
10 *
10374 102 *
58
58
6374
58*
59
69
67
70*
6674
67*
99*
90
95*
97*
98*
99*
100
97,
97*
9974
131
135
26
26*
....
2774

The go ’ d movement for the month has exhibited features usual in December.
The shipments o f cotton and produce have not, as is usual at the close o f the
year, nearly sufficed for liquidating our maturing foreign obligations, and we have
had to ship from this port $6,843,878 in coin and bullion during the month.
The receip's of treasure from California, however, have increased largely upon late
months, so that our exports have exceeded our California arrivals by only $3,431,799. The total supply from California arrived here, during the year, is only $ 28,391,396, against $41,431,726 in 1866. W e have imported from foreign countries
$3,160,720, making a total supply, from the Pacific and abroad, o f $31,552,116.
Our exports for the year amount to $51,791,283 against $62,563,583 in 1866 and
$30,003,683 in 1865.

The total supply of gold coming upon the market during

the year, that is to say from California arrivals, foreign imports and interest pay­
ments by the treasury, amounts to $98,423,465. The amount withdrawn from
the market, in the payment o f customs duties and foreign exports, aggregates $168,649,807; so that the withdrawals exceed the new supply by $70,226,342; as the
banks have now $2,213,253 less than at the beginning o f the year, there remains
a difference between supply and withdrawals o f $63,013,089, which has been
made up by sales o f coin by the treasury and by arrivals o f which,there is no re­
corded movement.
The teceipts and shipments o f coin and bullion at N ew Y ork in the three first
quarters, and in the month December, with the total since January 1, being
the full aggregate for the year 1867, have been as shown in the following sta te­
ment :
RECEIPTS AND SHIPMENTS OF COIN AND BULLION AT N E W TOR E.

First
Second
Third
Month o f
Tear
quarter.
quarter.
quar er. December. 1867.
Rec’ pts fm California............................$6,109,S61 $6,899,5 5 $9,240,679 $3,238,162 $28,391,396
Imp’ t s fm fo r ’gn ports..........................
409,077
1,147,619
912.519
123,917
3,160,720
Total receipts.........................., ......... $6,518,938 $8,047,174 $10,163,198 $8,412,079 $31,552,116
Kxp’ ts to foreign ports........................... 6,566,958 18,028,709 17,436,446 6,843,878 51,791,283
Excess o f exports..............................
Excess o f receipts.............................. '




$48,020 $9,981,535 $7,263,243 $3,431,799 $20,239,167
.....................................................................

186 ?]

C O M M E R C IA L

C H R O N IC L E

AND

R E V IE W .

85

The following statement shows the receipts and exports in December and for
the seven years 1861 to 1867 :
/—California Receipts—*
1367.................................. $1185,261
1866 ................................... 4 323,023
1865 ................................... 3,346,253
1864 ................................... 2,205,679
1863 ...................................
857,688
1862 ..................................
1,435,627
1861 ................................... 2,681,389

$28,391,366
41,431,726
21,531,786
12 907,803
12,207,320
25,079,787
31,485,949

Foreign Imports—* /—Foreign Exports—>
Dec.
Year.
$'5,843,878 $51,791,283
3,247,270 02,503,700
2,752,161 30,003,683
6.104,177 50,825,621
5,259,053 49,754, 66
3,673,112 59,437,021
893 013 4,236,250

$123?91T $3J6?V720
352.093 9,578,020
127,054 2,123,281
114,976 2,265,622
.116,493 1,525,511
78,316 1,390,277
353,530 37,088,413

The following formula furnished the details o f the general movement o f coin
and bullion at the port for the first three quarters and the month o f December,
with the total since January 1, being the whole year 1867 :
GENERAL MOVEMENT OF

COIN AND BULLION AT NEW YOr K .

1st quarter. 2d quarter. 3d quarter.
Dec
Year 1867.
, $6,109,861 $6,899,555 $9,240,*79 $3,288,162 $28,391,39$;
409,077
1,147,619
942,519
123,917
8,160,72n
10,838,303 17,793,025 19,644,397 1,438.753 66,871,34cJ

Rec’ sfrom California.
Imp’ s fin for’ n pi >rts.
Coin int’ st p’d by U.S.

Total repo’d snp’y ............................ $17,357,241 $25,810,199 $29,827,595 $4,850,832 $98,423,465
Exp. to for’ n ports.............................. $6,566,958 $18,028,709 $17,436,446 «6,S43,878 $51,791,283
Customs duties..................................... 33,170,628 27,185,886 34,665,963 5,448,244 116,858,524
Total withdrawn.............................$39,737,586 $45,214,595 $52,102,414 $2,292,122 $168,649,807
Excess o f rep’d sup’y .........................
Excess ot withdraws...........................
Bank specie increas’d .........................
Bank specie decreas’ d .........................

$ ............ $ ............ $ ....................................................
22,380,345 19,374,396 22,274,819 $7,451,290 $70,220,342
...............................
1,727,167
............
............
4,662,613
753,613
............
5,600,921
2,213,253

Deficit in reported supply, nfiade np
from unreported sources................

$17,717,732 $18,620,783 $24,001,986 $1,850,369 $68,013,089

The course o f the gold premium during the month has been steadily downward.
The defeat o f the impeachment measure, and the unexpectedly conservative tone
o f Congress upon questions of finance have weakened the p r ice ; while the antici­
pation of the payment o f about $30,000,000 o f coin by the Treasury during Jan­
uary has had a still stronger influence in that direction. The unexpectedly large
exports have checked the downward tendency. The price closed at 13 3 f, almost
the identical quotation o f the same period o f *1866.

t-1

Monday...................... 2
Tuesday...................... 3
Wednesday................. 4
Thursday.................. 5
F riday........................ 6
Saturday...................... 7

137*
137
137*
137*
137*
137*

136#
136#
137
1367a
137#
136#

Tuesday...................... 10
Wednesday................11
Thursday................... 12
F rid a y ........................13
Saturday.................... 14

136#
135#
134#
133#
133#

Monday..................... 16
Tuesday .................... 17
Wednesday.................18
Thursday.................... 19
Friday.........................20

134
134#
133#
133#
133#

Date.

s
£
o

Closing.

Openi’g

COURSE OF GOLD AT NEW YO RK — DECEMBER,

O
Q
us
to
s

1867.

Date.

-I-

.9
m
O
O

Saturday.............................. 21133%
133* 133* 133#
Sunday...................... 22
M onday.....................23 133* 133 133* 133#
133* 133* 133* 133#
Wednesday...............25 (Chr is t m as.)
Thursday.
.26 134 133* 134* 131
Friday....................... 27 134* 133* 134* 134
Saturday.................... 28 133* 133* 133* 133#
136# 137# 136# Sunday.'..................... 29
135# 136# 135# Monday..................... 30 133* 133# 1134
33#
134# 135# 134# Tuesday......... . — 31 133* i33#|i33# 133#
133# 134# 133#
137* 132# 137# 133#
133# 133# 133# D ec.... 1867..
“
1866..
133# 134# 134#
Ml# 131# 141 #1133#
14S 144# 148# 145
“
1865.,
“
1864.,
228# 312# 243# 220
133# 134# 134#
“
1863 .
148# 148), 1 -2# 151#
133,# 135 133#
“
1862..
133# 134# 133;e
130# 128# 134 133#
132# 134# 134
132*
132* 146* 133*
S’ce
Dec
1.1867...........
133# 134 133#
137%
137#
137#
137,#
137#
137#

136*
136*
137
1*7
137*
136*

The billowing table shows the course o f Foreign Exchange, daily lor the
month of December :
(60 DAYS) AT NEW YORK— DECEMBER.
Paris. Amsterdam. Bremen. Hamburg.
centimes
cents for
cents for
cents for
for dollar.
florin.
rix daler. M. banco.

COURSE OF FOREIGN EXCHANGE

Days.
2. . ! .
*.!"*. ! .l .
3............................

London.
cents for
54 pence.

i69*© 109* 517*©516* 4 0 * © 4 l"
109*©109* 517*©515
40*©41




78 *© 7 8*
73 *© 7 8*

Berlin,
cents for
thaler.

35*©36 * 7 i* © 7 2 "
35*©36
71*©72

86

JO U R N A L

O F B A N K IN G ,

CU RREN CY, AND

F IN A N C E .

\JanUa11J ,

Days.
London.
Paris.
Amsterdam. Bremen. Hamburg.
Berlin.
4 ........................ 109%@109% 5163*@513% 40%@41
78%@78% 35%@3ti
71%@72
5 ........................... 109%@110
515 @512% 40%@41
7S%@78% 35%@36
71%@72
<1............................ 109%@110 516%@515% 41%©41% 79 @79% 35 @-S% 71%@72
7 ........................ 109%@110 51U%@515% 41%©41% 79 @79% 36 @36% 71%@72
8 ......................................... ........................................................
9 ........................... 109%@10l% 516%@515% 41%@413tf 79 @79% 36 @36% 71%@72
10..........................
109%@10!i% 61G%@515% 41%@41% 79 @79% 36 @36% 71%@?2
U ............................ 109%@109% 516%@515% 41%@41% 79 @7944 36 @36)4 71%@72
12 ......................... 109%@li0
51634@515)4 41%@41% 79 @7934 36 @36)4 71%:u)72
13 ........................ 109%@110 515 @514% 41%@41% 79 ©7934 3 ' @36% 71%@72
14 ........................ 110 @110)4 513%@51J% 41%@4134 79 @79)4 36 @36% 71%@72
1 5 ............................................................................................................... ...................................
16 ........................... 110 @11034 515
@514% 41%@4134 79 @7934 36
@36)4 71%@72
17 ........................ 110 @11034 515
@514% 41 %@U34 79 @79)4 36
@36% 71%@72
@514% 41%@4134 79 @7934 36
@36% 7i%@72
18 ........................ 110 @110% 515
19 ........................ 110 @11034 515
©514% 41%@41% 79 @7934 36
@36% 71%@72
20 ........................ 111! @11034 515
@514% 41%@4134 79 @79% 36
@36% 71%@72
21 ........................ 110 @110% 515
@514% 41%@4134 79 @7934 36
@36% 71%@72
23.............................................................. ..............................................................................................
23 ........................ 110 @110)4 515
@514% 4134@4134 79 @7934 36
@36% 71%@72
24 ........................ 110%@110)4 513%@512% 4134@41% 79%@79% 3634@36% 72%@72%
25 ........................... 110 @11034 515
@514% 41%@41% 79 @79% 36
@36% 71%@72
26 ........................ 110%@110% 515 @514% 41%@41% 79 @7934' 36 @36% 71%@72
27 ........................ 11(>%@110J4 513%@512% 41%@11% 79%@79% 3634@36?„ 72%@72,%
28 ........................ 110%@11034 513%@512% 41%@41% 79%@79% 3U>4@3b% 7j %@72)4
31............................

il0% @ il6% 5is%@512% 41)4341% 79%@79% S6%@36% 72%@7234
liO @110% 513%©512% 41)4@41% 79% @79% 36)4©36% 72%@72)4

Dec...........................
N ov.........................
Oct...........................
S e p .........................
A ug.........................
J 'ly .........................
Ju n .........................
May.........................
A p r .........................
Mar ......................
F eb..................
Jau...........................

109%@110%
109 . 109%
10S%@109%
109 @110
109%@110)4
109%@110%
109%@110%
109%@U0%
108%©10 %
108 @109%
108%@109
108%@ia9%

Since J a m

108 @110% 515 @510

H

,

517%@512%
51‘,%@513%
521%@515
52l%@515
518%@512%
517%@511%
51S%@511%
52J @510
522%©512%
525 @515
522%@515
520 @513%

40%@41% 78%@79%
40%@41% 78%@79
40%@11% 78%@79
4l)%@41% 78)^878%
40%@41% 78 @79%
4i,%@41% 78 @79%
40%@41% 78%@79%
40%@41% 78%©S0
40%@41% 78%@79%
40%@41% 78 @79%
40%@41% 78%@79%
41%@41% 78%@79%
40%@41%

35%©36%
353j@36%
35%@3H%
35%@36)4
35% 36%
36 @16%
36 @36%
36 @16%
35%@36%
35%@36%
36 @36%
36%@36%

71%@7234
71%@72%
71%@72
71%@72%
71%@72%
71%@72%
72 @72%
71%@72%
71%@72%
71%@72%
71%@72%
72 @72%

a5%@38%

71%@72%

JOURNAL OF RANKING, CURRENCY, AND FINANCE.
Beturns o f the New York, Philadelphia and Boston Banks-

Below we give the returns of the Banks o f the three cities since Jan. 1 :
NEW YO R K CITY BANK RETU RNS.

.

.

.

Circulation.
Specie.
Da*c.
32,762,779
•January 5. ... $257,852,4(10 12,794.892
14,013,477
32,825,103
J a n u a r 1 2 ..........
2 5 8 ,9 3 5 ,4 8 8
15,305,207
32,854,928
J a n u a r y 1 9 ..........
2 5 5 ,0 3 2 ,2 2 3
32,957,193
January 2 6 ---- 251,674,80- 10.014,007
16,332,9832,995,347
F e b r u r y 2 ... .
.5 1 ,2 0 4 ,3 5 5
10,157,257. 32,777,- 00
F e b r u a r y 9 ........... 2 5 9 ,2 0 8 ,8 2 5
82,950.309
Febru’ rylO....... 253,131,328 14,79 ,020
Febru’ ry23....... 257,823,994 13,513,450
88,006,141
11,579,881
33,294,433
M a rc i
2 2 6 , '5 6 , 4 3 <>
33,409,811
March 9 ... 202,1-1.458 10, 868, 1^2
3W '-.GS5
March 0 . . . .
263 0 2,971 9,908,722
33,519,401
Marca 23 ...
259,400,3! 5 9, 43,913
33 609,19.5
Marc a 30 ... -55, 82,304 * .52 2,6 9
33,774,573
8,138,813
April
6 254,470,027
88 702,047
April
13....... 250,102,178 8,850,229
7,0*22,535
33,048,571
A p r il
2 0 ..........
- 4 7 ,5 0 1 ,7 3 1
33,001,285
April
27....... 247,737,381 7,404,304
33,571,747
>*rt
4 ........ 250,871,558 9,902,177
33,595,809
May
11 . . . . 253,082,829 14,95 ,590
33,63',301
Mav
18....... 257,901,874 15,567,252
83,097,252
14,083,067
M ay
2 5 .....
2 5 0 ,0 9 1 ,8 0 5
14,017,070
33,747,039
Juue
I 252,791,514
33,719,088
June
8 ........ 250,477,298 15,699,038
12,656,389
33,707,199
June
1 5 ..........
2 -1 0 ,2 2 8 ,4 0 5




Deposits.
202,533,504
202,517,G08
201,500,115
197,952 076
200,511,590
198,241,835
196,072,292
198,420.317
198.018,914
200.2 3,527
197,958J 04
19 ,375.6 ’5
188,48 ',250
183,861,209
182,801,230
184,090,250
187.674 341
195,721,072
200,342,833
201,436,854
193,673.345
190,386,143
184,730.335
180,317,763

Tend’s. A ", clear’ grs
486,987,787
605,132,006
520,040,028
568.822.8 4
512,4-7,258
5 8,825,532
64.042,940
455.833,829
63,153,895
413,574,086
6 .014.195
40 ,534,5 9
64.523.440
544.173,250
62.813 0 9
490.558, 19
60.904.958
472, 02,3 8
459,850.602
62,459,811
59,021,775
531.835,184
625,933,462
60,20 ‘,515
64,096,916
417,814,375
67,9 0.351
440,484,422
70.5*7.407
539.860,11
524 319,76
67,996,039
63,828 501
503,075,79
60.562.440 • 431,732,62
412,075,58
58,459.827
401.734,21
55.923,1 7
67,924,294
460,068,60*

Le! ' 026.121

63,246,370
63.235,380
63.420,559
65,944.541

1867]
Date.
June
22.......
June
29.......
July
6.......
July
33.......
Jaly
20.......
July
27.......
August 3 ___
August. 10.......
August 17.......
August 24.......
August 31.......
September 7..
September 14..
Septemoer 21..
September 28..
October 5 ...
October 12...
October l*>__
October 26___
November 2 ...
November 9 ...
November 16..
November 23..
November 30..
December 7..
December 14
December 21..
December 28..

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

Loan®.
243,640,477
242,547,954
246,361,237
247,913,009
249,580,255
251,243,830
254,940,016
253,427,340
253,232,411
250,697,679
247,877,662
250,224,560
254,160,5S7
254,794,067
251,918,751
241,934,369
247,833,133
247,553,911
246,81 ,713
247,227,488
247,719,175
248,439,814
249,343,649
247,815,509
247,45* >,0S4
246,327,545
244,165.353
244,620,312

Specie. Circulation.
9,399,585
33.633.171
7.768.996
33,542,560
33,669,397
10,853,171
33,653,869
12,715,404
33,574,943
11,197,700
33,5 6,859
8 73 ,094
6,461,949
33,: 59,117
33,565,378
5.311.997
33,609.757
5,920,557
6,028,535
33.736,249
7,271,595
33,715,128
7,967,619
33.708.172
34,015,228
8,1S4,946
34,056,442
8,617,498
34,147,269
9.496.163
34,025,581
9,368,603
36,006,041
9,603,771
7,3:9,010
34,057,450
6.161.164
33,959,080
34,037,016
8,974,5*5
12,816,984
34,069,903
13,734,964
34,13 *.366
34,129,911
15,499,1 0
24,080,792
16,512.890
15,805,254
84,092,202
34,118,611
14,SS6,828
13,468,109
34,019,101
10,971,969
34,134,400

F IN A N C E ,

87

Deposits. Legal Tenrl's, Ag. clcar’gs
179.477,170
62,816,192
442,440,804
70,174,755
186,213,257
493,944,356
191,524,312
71,196.472
494,081,990
197,872,063
72 495,703
521,259,463
399,435,952
73 441,301
491,880,952
200,608 8S6
74,6u5,840
481 097,226
201,153,754
75.098.762
468,021,746
199,408,705
76.047,431
499,863,086
194,046.591
69,473, 93
414,289,517
188,744,101
64,960,030
421,406,037
190,892,315
67,93*,W1
385,591,548
195,182,114
69,657,445
441,707,385
193,086,775
65,1.6,903
5l4,088,7o3
185,603,939
57,709 385
692,142,360
181,439,410
55,991,526
600,688,710
178,447,422
56,853,585
570,187,624
177,135.634
66,114,9*2
5'6,5 2,270
173,438,375
64,345,?<32
5,'8, >62,707
173,064,123
56,381,9 3
611,792,657
178,209,724
57 396,067
481.856,278
177.849.809
55,540,883
515,391,950
177,742,853
54,329,650
495,217,123
51,121,911
174,721,6-3
580,01 5,807
175,686,233
432.724,259
174,926,355
52,595,450
472,956,918
177,044.250
54,954.308
447,000,060
177,632,583
68,311,482
473, .’51,502
173, 13,191
60,657,932
449,140,304

P H I L A D E L P H IA B A N K R E T U R N S .

Dato.
Legal Tenders.
J ami ary 5 .................. ______ $20,209 064
January 12.................. ............ 20,006,255
January 19.................. ............ 13,448,099
January 26.................. ............ 19,363,374
February 2.................. ............ 19,269,128
February 9 ..................
Felirtt’rylS..................
Febru’ry23..................
i ........ ..
March
............ 18,150,657
9 .................. .......... . 17,52 ',705
March
Earch 1 6 ................. ............ 16,955,6 3
March 23..................
March 3 9 .................
April
6 .................. ............ 15,882,745
April
13.................. . ........ 16,188,407
April
20................... ............ 16,582,296
April
27.................. ............ 16,737,v01
4 ............... ............ 17,196,558
May
May
11 .......... ...
May
............ 16,770,491
18............
May
25 .................
June
1................... ............ 16,881,109
June
8 ............... ............ 16,SS0,7-i0
June
15.................. ............ 16,300,010
June
22.................. ............ 15,964,424
June
29.................. ............ 16,105, 61
6 ....... . .......
July
July
1 3 .................. ............ 16,234,914
20.................. ............ 16,608,860
•July
July
27...................
Aucust 3 .................. ........... 16,733,198
August 10.................. ............ 15,909,195
A.ugu-t 17..................
August 24................... ............ 16,882,816
August 31................... ............ 15.717,9119
•September 7........................... 16,249,658
Sept mber 14.............. ............ 16,060,733
f-eptember 21.............. ............ 15,843,482
September 28.............. ............ 15,513,794
October 5 .................. . . . . .. 15.557,404
October 1.................... ............ 15 027,413
October 19..................
October 26..................
November 2 ............ ............ 15,0 9,854
November 9 ............ ............ 14,709,022
November 16..............
November 2 ? . . . . ....... ............ 15,299,173
Novembei 30.............
December 7 ........................... 15,645,205
i ecember 14 .............
December 2 1 .............. ............ 16,h20 383
December 2 8 ...............




Loans.
52,3i2,317
52,528 491
53,458 307
52.168,473
55,35 ,130
52,384,329
52,573,130
52,394,721
51,079,173
51,851,463
50,5 8,294
50,572, *90
50.880.306
50,998,231
51,283,776
51,611,44 •
51,890,959
53,054,267
53,474,388
53,826,320
53,536,170
52,747,308
53,158,124
53,192,049
52,968,441
52,538,963
52,120.272
52,802,352
53,150,569
53 104,475
53,427,840
53,117,569
53.549,449,
53,399,090
53,734,687
53,770,452
53,792,203
53,540,501
53,655,569
53.011,100
52,9-7,(57
53,020,283
52,57 ,552
52,5-4,077
52,236,923
51,914,013
51,159,439
51,213,435
60,971,222
50,676,636
51,029,331
5 ,268,269

Specie. Circulation.
9t&,663
10,388,820
41,308.327
903.329
10,380,577
41,023,421
877,548
10,381,595
30.048,646
880,5S2
10,384,6S3
39,001,779
871,564
10,430,8- 8
39,592,712
873,614
30,449,982
39.811.595
867,110
10,522,972
40,050,717
841,223
I0,5c6,434
38.046.013
816,843
10,5 1.(00
39,367,
832,(55
10,572,008
37,314,672
858^822
10,580,911
3 ,826,001
807,4 3
10,611,987
34,5 1.545
602,148
10,631,532
34,150,285
•64,719
10,651,615
33.796.595
546 625
10,615,367
34,827,683
485,535
10,647,234
85,*26,580
382,817
10,6:18,021
36,234,870
386,053
10,639,695
37,371,064
408,762
10,627,953
38,172,169
402,978
10,630,831
38,230,833
369,133
10,635,520
37,778,7S3
334,393
10,637 432
37,332,144
346,615
10,642,920
37,262,614
318,261
10,046,298
37,174,269
373.308
10,642,224
37,333,279
365,1S7
10.641,311
36,616,847
461,951
10,64 ,201
37,077,45 >
419,399
10,641,770
37,885,226
371,714
10,637,651
38,170,418
333,118
10,633.750
87.!- 29.640
302,055
10,685,025
38 094,543
3(4,979
10,627,761
36,861,477
317,389
10,628,3i0
36,364,$95
314,242
10,628,324
36,459,831
307,658
10,626,856
36,323,355
279,714
10,628,794
36,458,539
252,691
10,632.737
36,263,347
228,528
10,628,744
5,327,21 3
272,535
10,629 976
36,152,605
258,303
10.627,921
36.494,213
246,714
10,628,396
84.3 3,942
237,125
10,6:-5 0*5
34,336,(01
215,746
10 6 4,967
38.53-,405
273,590
10,640,820
38,604, Oi
280,834
10,646,512
3*',"48,076
228,043
10,640,993
3:,.929,7S0
222.324
10,663,298
34,019,2»8
216,071
10,646,8*9
34,817,9.-5
264,041
10.64f.304
34,987,676
202,130
10,642,609
34,009,821
205,142
H'.H
35
34,479,g98
196,747
10,632,599
34,300,235

88

JOURNAL OF BASKINS, CURRENCY, AND FINANCE.

[ January

,

BOSTON B A N K R E T U R N S .

January 7.......... ...
January 14.......... . ..
January 2 1 ........ ...
January 28.......... .. .
February 4 .......... . . .
Febru r y ll.......... . . .
Febru’ rylS..........
Febra’ry25.......... . ..
4.......... ...
March
March 11.......... ...
March IS.......... . ..
Mnrch 5 .......... .. .
April
1 ........ ...
3 .......... ...
April
April 1 5 ........ ..
April 2 2 .............
April 29.......... ..
6 .......... ...
May
13........... , ..
May
20..........
May
27..........
May
June
3.......... .. .
June
10.......... . . .
17.......... ...
June
June
24 ........ .. .
1 ...............
Jr y
8........... , ..
July
15...............
July
...
22
July
29.......... . . .
July
August 5 ..........
August 12..........
August 19..........
August 26.......... .. .
September 2 .... ...
September 9. . . .
Sfptember 16..........
Seutember 23..........
September 30..........
October
7..........
October
14..........
October
21..........
October
28........
November 4 ..........
November 11 ........
November 18..........
November 25..........
December 2..........
December 9 .........
Decern oer 16..........
December 23..........
December 30..........

(Cspital Jan. 1, 1866, $41,900,000.)
Legal
Loans.
Specie.
Tenders.
Deposits.
$97,009,842
1,183,451
17,033,387
40,824,618
93 4 >1,778
16,829. 15
1,334.300
40,246,216
16,59 ,-99
95,298,982
1,078,160
88,679,604
39,219,241
97,891,329
1,058.329
16,816,481
97,742,461
16,394.604
956,569
39,708,053
97,264,162
39,474,359
1 ,103.479
873,396
15,398,333
929,940
38,900,5 0
779,4i>2
95.33 ,900
37,893,963
15,741,046
l:\9-8,103
95,05°,727
38,316.573
953,887
92,078,975
695,447
15,719,479
36,712,052
568/94
16.270,979
93,158,4X6
36,751,733
92,661,060
36,751,725
16,557,905
516.184
91,723,347
435,113
37,056,388
17, 12,423
91,679,519
456.751
37,258.775
16,860,418
91,712,414
376,343
37,218^25
1«,815,355
92,472,815
16,549,598
343,712
38,207.548
92,353,923
16.926,564
329,854
37,837,092
92,671,149
16,571,736
5-9,878
38,721,769
92,42S,114
38,504,761
16,552,421
517,597
507,806
37,874.852
16,499,319
37,132.051
36,883,361
441,072
92,694,925
571,526
17,173.901
37,0 6,894
93,436,167
16.767,854
436,767
36,033,716
36,039,933
35,719,795
93,725,428
511,095
92.951,163
36,521,129
470,544
15,758,396
92,906,703
617,456
36,055,141
37,475,337
94,747,773
38,251,040
915,298
35.065,466
95,646,458
833466
38,640,431
15,397,828
95,096,5 1
38,328,613
15 427,625
65",203
38,548,752
95,594,214
15,543,401
361.878
472,045
33,398,850
15,51 .084
412,217
33,283,576
15,196,701
36,902,686
34,697,154
365,127
96,945,497
35,790,624
15,175,423
396,576
97,019,818
35,810,808
15,296,583
400,680
35,966.160
14,674,569
510,564
97,726,719
13,423,822
97,922,483
453,029
35,193,755
467,016
12,864,108
97,022,;67
34,933,686
452,389
12,9S7,4G8
96,409,055
13,046,359
95,177,109
85,294,823
417,073
478.161
13,5 2,652
94,762,617
35,989,155
444,811
13,603/31
36.836,809
95,385,*48
13,908,546
95,902,146
37,361,818
389,343
34,227,4 3
96,188,408
37,379,191
5 9,128
33,764,548
96,534,562
37,584,264
743,726
13,307,920
95,997,345
755.607
37,384,908
95,918,510
13,606,184
38,392,425
13,984,SS4
524,244
95,009.756
38,115,420
33,381.810
95,369,790
597,906
38.408,595
511,839
95,242,004
13,841,907
509,047
48.453.021
94,988,805
95,178,720
15,162,405
406,400
69,048,165

CONTENTS
NO.

FOR

PAGE.

1. Robert Bowne Mintum...................
2. Acquisitions o f Territory — Russian
America..........................................—
3. Mr. Sherman’ s Funding Project.
..
4. The Report on the Banns....................
5. Repeal o f the Cottoa T ax....................
6. Ra lroad Earnings for November.. 85
7. The. Tobacco Trade of the United States
8 Course o f the N. Y Stocic Exchange.
9. Debt and Finances o f King's County..
10. New York Central Railroad........... 58




n o

------ Circulation—
National.
State.
24.580.367
312.664
24,997,446
311,749
24.275,162
301,911
24,716.597
302,298
•24,691.075
306.014
24,686,663
305,6C3
24,765,420
305,603
24.953,605
303,228
24.675,7f7
301,410
24,346-631
89,5 8
299,133
24,738,722
299,091
24,843.376
206,025
24,851,522
296,011
24,838,819
287.205 ‘
24,852,200
286,701
24,81 ,437
284,982
24.784,332
283,806
24,80^,992
283,514
24,S3S,469
283,491
24,80%860
280,961
24,725,794
279,275
24,804,153
24,771,778
271,048
24,768,947
267,204
24,727,3 3
24,801,823
2C6.494
24,771,683
24,744,291
252 695
24,653,742
24,655,075
263,250
24.670,852
288,672
24,613 921
262,507
24,707,736
261,968
24,734,146
260.577
24,783.967
252,740
24.817,759
259,728
24.801,364
2 9,122
24,860,391
253,5*3
24,855,565
249,299
24,80%209
253,370
24,717,5S4
252,770
24,678,0 6
24,508,409
238, (til
24,662,434
235,916
24,712,735
232,434
24,722,210
2*0,083
24,644,141
219,769
24,763,002
219,425
24,651.278
235,587
24,613,366
224,014
229,223

J A N U A R Y .
.

PAGE

10 11. Prices in 1867.........................................
12. International Coinage...........................
16 13. The Public Debt....................................
23 14. '•reasure Movement at New Y ork.......
27 15. Pacific Railroad.....................................
31 16. Cotton—Its Prices and Prospects.......
17. Curiosities of Opium Trade.................
37 18. Boston Dividends.................................
42 39. Commercial Chronicle and Review___
57 20. Journal of Banking, Currency, and
Finance...........................................

60
63
74
75

76
77
79
go
81

88