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T ii &

MERCHANTS’ MAGAZINE
AND

COMMERCIAL

M A R C H ,

REVIEW

1 8 7 0*

THE LEGAL TENDER DECISION AND ITS EFFECTS.

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/

^ ___' V;

Our Supreme Court has shown great wisdom in the manner in'which1*,
it has approached a decision as to the constitutionality of the Legal
Tender act. Many cases were before the court involving various incidental
questions growing out of the main one at issue, and yet not necessarily
included in it. Had, however, the opinion of the court on these minor
points, if we may call them such, been delayed until after the decision
which has been made this week, the business interests of the country
would to-day be involved in great confusion. Hence, we find the court
approaching the main question with extreme caution, and only after having
made the way so clear that no confusion could result, is the constitutional
issue reached.




1

Ga _

i'U E E

DECISION.

[March

A moment’s reflection as to tbe nature and extent of these previous
decisions will illustrate the truth of what we have said, and show how
slight are the immediate changes in a financial or business way which
this last adjudication necessitates. Already, as our readers are aware, the
court has held contracts, which were by their terms to be discharged by
the payment of coin, valid, and enforced their payment in coin. This
case covered a large class of obligations, permitting the gradual return to
specie as might be desired, and giving notice to the country at large of
what was likely to be the court's final determination on the main question.
B ut subsequently a still more important point was decided when it was
held that a contract made under the Confederate government may be
discharged in Confederate notes— in a word, that a contract must be
executed according to the intent of the parties making it, and that the
nature of the currency in general use is the evidence of that intent,
where the kind of payment required by the terms of the bond or note is
simply dollars. These two decis’ons were enough for all business purposes
and prevented any violent change in the currency. The whole country
is engaged in business on the greenback basis. Innumerable contracts are
made every day to be discharged in currency. Had the court given us
the decision of this week first, everything would have been involved in
doubt; but now, in the light of what had been previously decided, business
will proceed, as heretofore, undisturbed by this latest action o f the court.
And yet it is important for us to see just what has been decided, and
to learn if possible the results, both immediate and remote, which are
likely to flow from it. The question before the court arose on a note
made previous to the passage of the Legal Tender act, and was, in
substance, whether such a contract, promising to pay dollars, could be
discharged by the tender of currency; and the decision was that it could
only be paid with specie. In the opinion of the Chief Justice very many
important questions are discussed, and his views are very fully expressed;
but yet the only point before the court, and, therefore, the only point that
could be decided, was as stated above. A ll the rest is of great interest, as
showing what the majority of the judges think, but not an adjudication.
This distinction is important, inasmuch as the inevitable inference and
•conclusion of the opinion of the Chief Justice is that the Legal Tender act
is wholly unconstitutional, and yet he subsequently places his decision on
the ground that the act, if enforced, would impare the value of contracts
made anterior to its passage, and, therefore, to that extent is void.
Hence, it was unnecessary for ihe court to pronounce upon the broader
question, and it did not do so.
But still, in the disposition which the Chief Justice, and his associates
agreeing with him, have made of this last case, we find apparent the very




m o |

LEGAL TENDER DECISION.

163

same consideration for the public good, which, as stated above, has marked
their course during the whole controversy. The act, they believe, is
wholly unconstitutional— in which view a very large proportion of the
legal talent of the country concurs— and so they indicate that belief very
clearly in the ruling opinion, thereby giving the country one more notice
to prepare for what must necessarily come, while they dispose of the case
in hand without meeting that issue. This feature of the opinion is to us
more important than the actual point decided, and it will be well for the
country if our legislators heed the warning. N ot that wo believe there is
to be any convulsion when the decision of the main point is made,— that
has been avoided and prevented by the principles settled in the cases
already passed'upon; but it is well to remember, as the teaching o f the
case, that specie payments will come inevitably, and so far as we can}
it becomes us to be prepared for that event.
Of course, as an immediate result of the present decision, all outstanding
bonds and other obligations, made prior to the passage of the Legal
Tender act, (and which have not been absolutely or constructively renewed
in currency,) are restored to a coin basis, principal and interest. The direct
influence of this may be important, on the general subject of a return to
a specie basis. Probably not less than three hundred and fifty millions
of state, city and railroad bonds will thus become specie paying. Besides
this, deposits in savings banks, prior to 1862, and as some claim life
insurance policies issued before that date may be brought under the same
rule. Hence, if the applicability of this decision is thus extensive, the
people will be to a greater extent familiarized with a coin currency, or at
least there will be these additional interests drawing in that direction
The cotton trade must soon follow, and after that other departments of
business; especially when the people see that they are only anticipating
the inevitable by a brief period. Another interest we would remark in
passing, which is also likely to be directly affected by this decision, is
railroad companies, whose rate of fare is fixed under old statutes. The
New York Central road, for instance, is restricted by act of the legislature
to two centsper mile for passengers. It is believed that there is no reason
why they cannot now demand two cents in specie if they so desire.
But as we stated above, there are results of the principles laid down by
the Chief Justice, more remote and yet more important to the public at
large; and foremost among them is the necessary conclusion that no future
act can be passed by Congress authorizing new issues of legal tenders.
In other words the minds of the people may now be at rest, so far as the
question of inflation is concerned. If new issues of legal tenders should
be made, no creditor can be forced to accept them. W e consider this
result of the highest importance to the business interests of the country>




164

legal tender decision .

[March,

since it gives us one element of certainty with regard to the future. But
it may be claimed that the inflation process may be continued by means
of bank notes. This we feel is an evil which carries an antidote within
itself. Even during the present season banks in this city have been
forced to consider the propriety of establishing some mode of sending
back country bank notes for redemption, and the time is not far distant
when (if the government does not itself establish a thorough system
of redemption,) the city banks in self defence will be compelled to do
it; and the more of these notes there are the sooner it will come.
In this connection there are one or two other little points which those
who are looking for inflation through bank notes would do well to consider.
W hat is it gives these bank notes their greatest power ? Is it not a certain
legal tender character or attribute which they possess? The act makes
them, for instance, a legal tender in payment of any debt due any National
Bank. In discounting a note the bank may pay out greenbacks, but in
paying the note one can tender national currency of any bank in the
country, and it must be received. On the supposition that the principles
laid down in the opinion of the Chief Justice are correct, banks need
no longer accept these notes for any debt not contracted for them. To
be sure the direct point as to the constitutionality of the legal tender
provision has not been decided, but, as we stated before, the ruling opinion
shows beyond a doubt what the opinion of the court is and what the
court will determine as soon as the question comes before it. It is not
■necessary at this time for us to pursue this idea further. One can readily
see how the principle which underlies this decision has clipped the wings
of bank notes as an inflating power. In view ot this, then, and in view
of a thorough system of bank redemption, which we have shown must
soon be organized, it is evident that the Supreme] Court in preventing
anv new issues of greenbacks has given the final blow to all further
inflation schemes.
B ut more than this, are we not led by this decision towards a gradual
withdrawal of the greenbacks ? Suppose we admit that no new issue of
legal tenders can be made, how, or from whence, can the government
obtain authority to replace withnew notes those that are worn out or
destroyed. This is being done at the rate of several millions per month.
It cannot be said that they are in any sense the same notes as those
destroyed— they have not the same dates, nor the same numbers, nor the
same signatures— in fact they usually differ in almost every particular^
and can lay no claim to being the same notes, but are in every sense a
new issue. W here, then, can the government obtain the authority for
continuing this practice for the future?
Of course what we have said above is based upon the idea that this last




18701

FLOW OF EUROPEAN CAPITAL.

165

adjudication will stand as the law of the land. It is reported by the
daily press that the two new justices nominated for the Supreme Court
bench have expressed an opinion averse to the decision, and the general
conclusion is that it will be overruled. This is hardly possible, as the
Court, however organized, will have to respect its own decisions and
accept them as authority. A n y one, therefore, who is relying upon
6uch uoright, well read lawyers disregarding the first principles of the
profession, and overlooking the very source of all stability in their own
adjudications, will find themselves deceived. Hence we conclude with
entire confidence, that the force set in operation by this decision will
continue to operate, directing us inevitably towards a sound currency,
and the sooner some definite provision is made by legislation to help us
on the road the better will it be for the country.

§TIIE FLOW OF EUROPEAN CAPITAL TO THE UNITED STATES.
The ease in the European money markets is inducing a very active
speculation in American securities. W ithin a few days, Five-Twenties
have advanced at London and Frankfort to close upon pa- in gold, and the
Six per Cents of 1881 have ranged over p a r; prices which, when pre­
dicted a tew months ago, were regarded as altogether utopian. A t the
same time, considerable interest has been taken in our new railroad loans,
and in the bonds of the Central Pacific Railroad, which, being regarded
as a semi government loan, have been sent out in considerable amounts
within late months. Judging from the tenor of recent advices, and from
the character of the securities lately sent to Europe, there is a disposi­
tion, especially in Germany, to divert the course of investment from United
States bonds to our railroad and other corporate bonds, and even stocks.
Considering that, after allowing for the expense of collecting interest,
Governments yield to foreign investors barely 6 per cent, it is not surpris­
ing that, with gthe growing confidence in our ability and willingness to
meet our obligations, railroad bonds, yielding from 7 to 9 per cent,
should attract attention ; and especially as on many of the new bonds
the interest is made payable at London or Frankfort.
In financial circles, the habit of regarding the outflow ot securities to
Europe as but an incident of the war inflation and a dangerous element
in our exchanges, is fast disappearing, and the movement is now viewed
as an established and legitimate curient. of capital, due to two very natural
causes: First, a scarcity of capital at home; and, Second, a super­
abundance of capital in Europe. The first of these causes was a result of
the war.
The loss of labor, and the comparative scarcity of products




166

FLOW OF EUROPEAN CAPITAL.

\March,

resulting from an exhaustive struggle necessitated our supplying our
wants largely in the foreign markets and offering our bonds in payment*
Considering the heavy discount at which Government securities were
then selling, foreigners were not unwilling to accept the terms, at first
regarding the operation rather as a speculation than as an investment.
The bonds taken as a speculation have so largely appreciated in value,
and the material condition of the country and of its finances and credit
have since so rapidly improved, that now the obligations of the Govern­
ment are regarded as a valuable investment, while, as stated above, the
bonds of our prominent corporations are acknowledged as a safe employ­
ment of capital. Since the war, the population of the country has been
rapidly increasing and its productionhas been augmented in a similar
ratio; but the fact of our exports having remained almost stationary
shows that we have had no large surplus of products, and that conse­
quently we have lacked the means for providing the additional transpor­
tation and other commercial facilities called for by our enlarged popu­
lation. Under these circumstances, we have found it convenient and
necessary to borrow freely abroad; though, iu the main, at a heavy dis­
count from the face value of our obligations.
The plethora of capital in Europe has helped to facilitate the supply­
ing of this need of capital at home. The protracted dulness of trade in
England and on the Continent has rendered it difficult to find employment
for surplus eapital in business investments. England’s colonial depen­
dencies have been almost stationary, and have proved unable to command
any considerable amount of capital in the home money m arket; and a
large proportion of the savings of the people have had to find employ­
ment in foreign loans. A similar condition of things too has prevailed
in France and Germany.
Another cause assisting in this movement o f capital is the large emi.
gration, which has of late years not only increased in volume but also
improved in character.
So long as our immigrants consisted mainly
of Irish peasants, whose wants scarcely constituted an appreciable
element in the English markets, the loss of population frojn the United
Kingdom was a matter of little moment to either trade or capital in
that country. During late years, however, we have been drawing from
England her artizans, her operatives, and her clerks, her young and vigor­
ous population. The immigrants from Germany also have been of a
superior class, who in their own country were capable of giving employ­
ment to a large amount of capital. The effect of our attracting large
numbers of this active and productive class of population has been that,
in England and Germany especially, the growth of population has not
kept pace with the increase o f capital: and the yearly savings of capital




1870]

FLOW OF EUROPEAN CAPITAL.

167

not having found hands to afford them adequate employment, capital has
of necessity followed the emigrants. This, the real logic of the move­
ment, has perhaps a more intimate bearing upon the civilization and
commerce of the Old World and the N ew than is generally supposed.
The superior facilities afforded in this country for the acquisition of a
livelihood or of wealth, have been so fully demonstrated, and are becom­
ing so generally understood abroad, that it seems inevitable that we
should steadily drain Europe of its accretions of population. W e main­
tain a perpetual competition with the Old W orld for its brain and
muscle, and are so far successful as to draw here from a quarter to
half a million of people every year. Were that population to remain
at home, they would give employment to an immense amount of capi­
tal ; and on emigrating they leave a corresponding amount of capital
unemployed. If the emigrants can employ their labor here with better
results than in the countries they have left, it would seem that the
capital they have thrown out of employment in leaving may with safety
follow them, and can earn interest here at better rates than could be
afforded at home. So long as this country was in its earlier stages of
developement, and business was imperfect]} organized, and the spirit of
adventure had rendered merchants, bankers, and other large holders of
capital comparatively unreliable, there was good reason why foreigners
should hesitate about placing capital in the hands of our corporations.
But now that our business operations are conducted upon safe and
approved methods, there is nothing to prevent the operation of these
causes in full force.
Besides foreign capitalists are becoming tired of
lending to the debt-burthened governments of Europe, and America
alone, in all the world, stands out as the country whose resources for pro­
duction are unlimited and whose industries can afford to pay liberally for
the use of capital. In this view there is a solid basis for our extensive
borrowing of foreign capital, and the movement is to be regarded
as equally advantageous to ourselves and our European creditors.
The foregoing considerations warrant tL-e onclusion that the influx of
European capital may he in future relied opon as one important
element in our exchanges. The advance in the price of our securities,
so far from proving obstructive of further investments, will be accept­
ed as an indication of our improved credit; and the increased confidence
of holders will compensate for the reduced rate of interest, so that the
time may be expected to arrive when investments yielding only 5 per
cent will be as readily accepted as were bonds formerly which paid 7^-@
10 percent upon their market cost.




168

THB TREASURY AND THE GOLD PREMIUM.

[March,

THE TREASURY AND THE GOLD PREMIUM.
Mr. Goschen, in his admirable treatise on Foreign Exchange, declares
that the market price of gold cannot oscillate more widely than 4 per
cent from perturbation in the foreign exchanges. If this accomplished
British financier could watch closely the movements o f the gold market
here he would probably see reason to change his opinion. The forces
operating on the sensitive market for gold are so numerous, however’
and so subtle, that there is room for the widest divergence of opinion
Just now, in W all street, both sides in the great gold contest acknowledge
that the present condition of the market is unusually anomalous and
irregular, if not full of peril. Several circumstances have transpired
during the week which have had a tendency to bring about a further
depression. The most prominent of these is the announcement that the
Treasury will at discretion take all or none of the gold offered in future,
thus imparting a new element of uncertainty to the market, and uncer'
tainty is notoriously the field in which speculation loves to sport. The
perturbation of the market had scarcely begun from this cause when an
announcement was published from Washington that the balance o f trade
was heavily in our favor, so that within sixty days gold ought to come
this way from Europe. This audacious statement was founded on the
official report of the Bureau of Statistics that during the first six months
of the present fiscal year our imports have exceeded our exports by less
than two millions of dollars. W all street was astounded for the moment
by this unexpected announcement, it being also confidently affirmed that
as forty millions or more of government bonds and railway securities
had during that period been shipped abroad gold could not for a long
time be in demand for export to Europe. The advocates of this view of
the case supported their arguments by pointing to the market for foreign
exchange, which is now more and more depressed. Indeed, for several
weeks sterling bills have steadily declined in rates, so that the bankers
cannot sell bills except at prices which must compete with the quotations
for the large supply of bills drawn against the shipments of cotton,
produce, and other exports.
A s to this trade statement it should be remarked, however, in passing,
that although in any view it is extremely favorable, yet there is added
a credit item on account of freights in American bottoms of over twelve
million dollars (8 per cent, whereas the highest average is only
per
cent), while there is no debit of freights paid in foreign bottoms. Leaving
this item out then, the trade account shows an adverse balance of only
$14,569,000 against $34,139,000 for the same period of 1868, But to
obtain a correct idea of the true balance we must add one-half year’s




1870]

THE TREASURY AND THE GOLD PREMIUM.

169

interest, at an average of 6 per cent, on about $1,200,000,000 of our
bonds and securities held abroad, or say $35,000,000 of interest, and
the total balance against us will be about forty millions of dollars.
Y et even this is extremely favorable, and especially when we remember
that we began the new year with about 150,000 bales more of cotton at
the ports than in January 1869, while the receipts each week since have
been largely in excess of last year, furnishing us the prospect of increased
exports during the present six months.
There is also another point which the more shrewd speculators are
beginning to realize as increasing the temporary glut of gold in the
market. W e refer to the recent action of the Canadian Government in
regard to American coin. Heretofore our outlet into Canada has carried
off large amounts of our superfluous coin. But this drain has received a
sudden check; and if the proposed greenbacks of Canada are not soon
put in circulation, the people of the Dominion will begin to suffer from
the scarcity of currency. The report is, that the Canada banks have
been largely interested, together with influential Canadian capitalists,
in the gold speculations going on recently in Wall street. Whether this
be so or not, it is a singular coincidence that, at this critical juncture, the
action of the Government of he Dominion has been so directed as to
give a more troubled aspect to the financial horizon. A s regards our­
selves, the only important result of this Canadian proclamation is, that
it stops an important outlet through which our specie reservoir has relieved
itself whenever there has been any temporary rise to an undue or unsafe
level.
W e must not omit to notice the forces projected on the gold market
by the perpetual agitation of the Funding Bill, and by the changeful
opinions every day prognosticated as to whether it will pass in this form
or that; or whether, as Mr. Cameron very wisely suggested on Thursday,
it is to be postponed altogether to some future time. So long as the
bill is pending in its present shape, the bugbear of several hundred
millions of foreign exchange will continue to hang over the market, and
under such a pressure it is impossible that our commercial movements
should go on unimpeded.
Such are some of the leading points which are seriously discussed
by the contending speculators on each side of the gold question. Per­
haps, however, the most noteworthy fact of all is the controlling dicta­
torship which is universally ascribed to Mr. Boutwell in regard to the
gold premium. This power is vested in the hands of the Secretary of
the Treasury by virtue of his being the chief if not the only seller of
gold in the market. Other persons sell the gold already in the market,
but he has access to new supplies of the hoarded coin in the vaults of the




1 70

BREAD8TUFFS.

[Mareh,

Treasury, and from these he can pour it forth under his recent arrange­
ment in what quantities he pleases. If the persons who thus argue would
reflect a moment they would see that their statements are not strictly accu­
rate. For so far from the Secretary of the Treasury having an unlimited
aggregate of gold locked up in his vaults, he has less than $20,000,000 all
told. The remainder of the $102,000,000 he reports in the Treasury is
the property either of the holders of gold certificates or of the public
creditors to whom it has accrued as interest on the public debt.
W e offer no opinion as to the vexed question whether gold is going
lower or higher. No human foresight can with absolute accuracy solve
a problem so complicated. W hat is certain is, that a singular concen­
tration of temporary circumstances are just at present acting with depress­
ing force upon the gold market. W hat permanent effects may survive
them, and how far the depreciation of gold itself, to which we referred
last week, may come into activity— all these are questions for the solution
of which we have no trustworthy precedents to guide our decision.
However we may be inclined to argue as to the future, there are few
of us who will deny that now, as heretofore, the Treasury has far too
much power over the gold market, that that power has too often been
used neither wisely nor well, and that it should be sheltered from abuse
by being disconnected from so much of discretionary uncertainty.

BREADSTUFFS.
The prolonged and extreme depression which has prevailedin flour and
wheat, is a subject of solicitude, and its relations have an important bearing
upon the general commercial prosperity of our country. W heat is the
staple p a r excellance of whole communities at the W e s t; it is almost the
only “ cash article’’ which they produce, and upon its price depends their
ability to purchase those articles of necessity, comfort or luxury, which
the importer and the manufacturer have to offer. The severity of the
depression may be briefly exhibited in the statement that No. 2 Spring
sold on the third Monday of August last at Chicago at $1 47 per bushel,
and within the month of January just past at 76c, a fall of nearly 50 per
cent. It were perhaps unprofitable to attempt to develop and explain
all the causes which have led to this remarkable decline. It may be
noted, however, that the fall in gold to 120, gave a great impetus to the
downward movement, by unsettling the confidence of holders, and rendering
it extremely difficult for such as retained confidence to procure the neces­
sary loans to carry wheat. Large quantities were thus forced upon the
market under the most unfavorable circumstances. The great increase of




1870]

BREADSTUFFS.

m

the crop of winter wheat led to exaggerated estimates of the total yield,
which, though by no means borne out by the deliveries at the markets of
the West, have yet had an important influence upon the tone of our
markets, as well as those of Great Britain. But probably the most
powerful influence of all was the undne speculation for a rise, which had
been entered upon and prosecuted in view of the short crops of previous
years. W e showed the folly of the movement at the time, and in what
it would result. Such a speculation must necessarily be followed by a
reaction— a reaction the more severe as the rise is unwarranted. No.
1 Spring at $3 10 per bushel in April, 1867, was not more the result
of undue speculation than was the low price of SI 20, which was paid a
few days since,
There was on the first of January in the principal markets of Great
Britain the apparently enormous aggregate of twenty eight million
bushels of wheat in store— sixteen millions in the British markets, and
twelve millions in the markets of the United States, or about double the
stocks in the aggregate o f the previous January. Thus far this season
the deliveries of the farmers of Great Britain show a large falling off
from last year, and her millers have the enormous stocks to draw upon.
It is therefore a remarkable fact, that with receipts at our Western mar­
kets and the English farmers’ deliveries, during the past three months, as
small as they have been at any corresponding period in the past four years*
prices on a gold basis a:e nearly 50 per cent below the highest point
during that time. To this, and an accumulation of stocks, the result of
the speculation for a rise which ruled our markets from the middle of
May to the middle of August last, may be ascribed this peculiar position
of matters.
W ith this hasty sketch of the state of trade during the past few
months, and the present relation of supplies to the demand, we turn to
the inquiry, what is the prospect of the future ? Here we meet many
considerations, respecting which there may be wide difference o f opinions
among the most intelligent persons.
The stocks in the leading markets of Great Britain and the United
States may be estimated to have been reduced to about 21,000,000 bushs
els on the first o f February, or about 25 per cent during the month of
January. This quantity, though large, (we believe unprecedentedly so,)
need not stand in the way of better prices during the coming spring •
W e are still seven months from harvest. The increased imports into
Great Britain do not more than make good the falling off in her farmers’
deliveries. If her consumption is increased ten per cent by the com­
paratively low prices, her rhare of the stock on the first of February,
about 12,000,000 bushels, will be wholly exhausted long before a new




172

BREADSTUFFS.

[March,

crop will be reached. W ill her imports be increased ? For the present,
she is getting very little except from the United States, (including Califor­
nia,) the Black Sea being closed for the winter. The bulk of supplies
from California may be expected to reach the British markets by the
end of April. The exports of breadstuffs from the Atlantic ports of the
United States have for six weeks or more exceeded the receipts at
the Western markets, and the country consequently has been living
upon the stocks in store and in the hands of millers. There is, at cur­
rent prices, not likely to be any increase of supplies during the next
two months at our principal markets. It follows, therefore, unless our
exports are to be materially curtailed, that a rapid diminution is to take
place in our stocks in store ; so that with the opening of inland naviga­
tion in the north-west, we shall have but half filled granaries.
It is difficult to arrive at any satisfactory solution of the problem of
what is the quantity o f wheat remaining in the hands of our farmers
Our crop of winter wheat, last season, was, as we described it at the
time, the largest and finest ever raised in this country. But the season
was not favorable to spring wheat, and at the time of harvesting and
threshing it, there were heavy rains which inflicted much injury, even
if the crop ripened a full one. It is improbable, however, that the yield
was as large as la-t year. The acreage wras greater but the yield per
acre was not so large. It may be doubted, therefore, whether there is
as much spring wheat in the hands of farmers as there was last Febru­
ary ; then they had considerable stock which they marketed during the
speculative flurry of last summer. The deliveries of winter wheat have
been very free since the middle of last August, but prices latterly have
not been satisfactory, and undoubtedly a large quantity of this description
remains in the hands of the farmers.
Our exports of flour and wheat since the 1st o f September have been
nearly three times as large, as for the corresponding period of last year^
and already foot up a large aggregate. W e conclude, therefore, that unless
the deliveries from our farmers are materially increased soon, we shall
have to reduce our shipments abroad. For six weeks our exports of
flour from this market have been some of the time within two thousand
and all the time within ten thousand bbls. per week as large as the receipts)
and we have a home demand of 60,000 bbls. per week to supply.
Against an advance in prices, is the absence of speculative spirit which
has followod the severe losses of the past few months. A burnt child
dreads the fire. There is also an expectation of very free receipts in
the spring, and possible financial complications growing out of the large
stocks in store. Hence the future of the market remains in doubt, and
we shall have to leave it to the judgment of the reader to determine
tp which side the scale is likely to turn.




1870]

RETENTION OF CURRENCY AT THE SOUTH.

17

RETENTION OF CURRENCY AT THE SOUTH.
The reports of the hoarding of currency in the Southern States to a
large amount, appear to have a good claim upon belief. They are con­
firmed by the testimony of citizens from that section best qualified for
judging upon the matter ; they are rendered probable from the fact that,
while the profits of late cotton crops have been very large, yet there are
few banks in those States for receiving the surplus; while it is a well
ascertained fact that of the many millions sent from this city for moving
the last two cotton crops, the amounts returned here have been quite
nominal, and, thus far, the same is true of the present crop. It is the
opinion of those well informed on Southern affairs, as well as of prominent
bankers in that section, that the amount of currency— including United
States notes, bank notes and specie— retained there, within the last four
years, closely approximates $100,000,000. W hile hesitating to accept
fully this estimate, we are well aware there are reasons for believing that
it does not very greatly exceed the truth.
It would be a manifest error, however, to suppose that the whole of
this money is actually hoarded. A t the close of the war the supply in
the South was almost entively confined to the Confederate currency depre.
ciated very near the point of worthlessness. As the people became
occupied with industry, and labor had to be regularly paid for, a necessity
arose for a large amount of currency, and the demand has steadily
increased as trade and agriculture has improved. The large colored
population, being no longer fed and clothed by the planter with goods
obtained on credit and paid for in cotton, but hired on wages which they
individually expend, now handle a large amount of currency in the aggre­
gate. In fact, nearly the whole business o f the South has been changed
from a system of credit and barter into one o f exchanges of commodities
effected through a circulating medium. This transition requires an
increased supply of currency, and must be regarded as accounting, to a
considerable extent, for the absorption noticed above.
But, after making due allowance for this active use of the detained
circulation, it nevertheless remains that a large amount of the savings
of the South are held in the form of hoarded currency. Considering the
scattered distribution of the population, and their conseqnent isolation
from banking facilities, it appears to be a necessity that their savings should,
to a considerable extent, be thus hoarded away. But, apart from this,
the late experiences of the South have naturally produced a tendency
in that direction. At the close of the war, that section was in a state
of utter prostration and poverty, with no alternatives but work aud
economy, or starvation. W ith a promptness which does them infinite




174

RETENTION OF CURRENCY" AT THE SOUTH.

\Mareh,

credit, the planting classes eschewed all their former habits o f luxury
and ease, and, instead of repining at their fate, gave themselves up to
hard industry and rigid economy. The results of the cotton crop, though
for the two last years ample enough to afford a partial return to former
enjoyments, have been either invested in the improvement of estates and
the extension of planting, or have been laid away in secret places.
Northern merchants, seeing the handsome profits realized upon the
cotton crop, have, each successive season, anticipated a return of the
old-time demand for articles of luxury and refinement; but the Sonthern
trader has still confined his purchases to the classes of goods called for
by a rigid economy of expenditures. Thus the South, from having been
extravagant and luxurious, has acquired a habit of economy bordering
upon parsimony. In a determined effort to recover lost fortune and
position, noLhing is more natural than to resort to hoarding, especially
where there are few opportunities at hand for investing the funds profit­
ably.
W hile it is unfortunate for the South, and the country at large, that
such an amount, of capital should be held absolutely out of use, yet the
economy to which its accumulation is due stands in striking contrast to the
prevailing extravagance of other sections of the country. The whole social
and business habits o f the North have been vitiated by the inflation of the
currency. Instead of economising so as to compensate for the losses of
the war, the people have run into the wildest extravagance of expendi­
tures. W e have demanded handsomer dwellings, more costly furniture,
a more stylish equipage, an 1 a larger suite of servants. The merchant
has become accustomed to the payment of rents in many cases approaching
the amount o f his capital ; and to the payment of salaries which informer
times would have been deemed a respectable profit upon his business.
These things are the natural offspring of inflation, while the present
sluggishness of business in the North is the inevitable after effect; and
yet we find some of our legislators seeking to force upon us another deluge
of paper money. W e believe our people are beginning to see that the
temporary excitement produced by excessive issues of currencey is full of
evil in its consequences ; and those who are thus seeking popularity through
a further inflation will soon learn that they are not on the right roadW hat the North needs at the present moment is economy— voluntary if it
may be, but forced if it cannot otherwise be obtained. The South is
amassing wealth; the North has been for a long time recklessly squan­
dering i t ; and if these diverse processes are long continued, the relative
positions of the sections, so far as respects the power and varied influ
ences associated with wealth must be, in a meaeure at least, changed. The
evidence, therefore, now apparent in the North of a disposition to lessen
business and personal expenses is full of promise




1870]

175

INTERNAL REVENUE RETURNS.

RAILROAD EARNINGS FOR JANUARY.
The principal lines of Railway show a decrease in their January
earnings this year compared with the same month o f 1869. The decline
is of more importance from the fact that it is quite general, than from
any extraordinary difference in the earnings reported. The several
causes which naturally tend towards producing the result here noticed
were commented upon at some length in our remarks upon the earnings
of 1869, and the prospect for 1870 published in the C hronicle of
January 22. An important point to be considered in regard to the
traffic of several o f the most prominent lines, is the increase of mileage
now operated by them. The Chicago, Rock Island and Pacific Road
now operates 608 miles against 520 last year. The Milwaukee and St
Paul road 936 miles against 825 last year, the Central Pacific 690 miles
against 350 last year, and the St. Louis and Iron Mountain 60 miles more
than in 1869.
If the earnings do not fall off materially from these o f the previous
year the roads may generally be considered quite prosperous; and most
of the stocks would probably be well worth their current prices— pro­
vided always, that the earnings are applied according to the best interests
of stockholders.
E A R N IN G S IN JA N U A R Y .

............
Chicago & Northwestern......................... .
Chicago & Rock Island.............................. .
Illinois Cei.tra l..............................................
Lake Shore.....................................................
Marietta & C in cin n a ti..............................
Milw ukee <fc ht. P a u l.. ................ . . . . ...........
Nor.k M issouri..............................................
Ohio & M ississippi......................................
Pac fic o f M o.................................................
...........
St. Louis, Alton & Terre H a u t e .............

1870.
$293,978

337,992
396.171

102,76'J

1869.
$343,181
892,092
333,319
657,439
1,006,998
98,517
384,119
454,590
119,721
180,366
194,112
132,622

$

Inc.
- 29,409

93,380
16,421
6,767

D ec,
$49,203
160,SO)
2,852
75,215
8,340
46,137
58,418

19,770

INTERNAL REVENUE RETURNS FOR SIX MONTHS.
W e have received from Mr. Douglass, Acting Commissioner of the
Internal Revenue Department, the following interesting Statement^
showing the summary of monthly collections of internal revenue in the
United States, for the first six months of the fiscal years, ending June
30th, 1869 and 1870.




176

in t e r n a l

renenue

[March,

returns,

Ju ly to Dec.. , Ju ly to D ec
1868.
1869.

Articles and Occupations.
S P IR IT S .

Spirits, distilled from w hoever m aterials....................................
Spirits di tilled, in bond .luly *20, 18(33...........................................
W ine made in imitation of champagne, &c....................................
D istilleries, per diem, ta x o n ............................................................
Distillers’ special ta x ...........................................................................
Rectifiers and compounders o f liquors..........................................
Dealers, retail liquor............................................................................
De :lers, wholesale liquor....................................................................
Manufacturers o f stil s, and stills and worms manufactured
Stamps, distillery warehouse, for rectified spirits, &c., & c ...,
Total collections from Spirits,

$14,521,603 41 $17,377,564 17
. 1,394,889 IS
520 85
272 99
229,425 03
810,375 65
2,496,665 69
.
*85,211 59
482,772 24
239,074 26
1,532,539 20
. 1,287,627 41
1,004,905 70
624,650 49
5,015 86
3,541 18
388,388 00
.
87,917 75
$19,124,461 75 $24,098,499 50

TOBACCO,

Cig rs, cheroo's, and cigarettes..............................
Manufacturers o f cigars................................................ ............ 16,405
roba< co, chewing, &c., and snuff............................................................
Tobacco, tm ekiiig, all stem s; fine cut shorts, &c..............................
Stamps for tobacco, or snuff, intended for export,...........................
J eaters in leaf to b a cc o ................................
Dealers i< manufac’ured tobacco............................................................
Manufacturers o f tobacco................................ ........................................
Total collections from Tobacco............................

2,220,402 49
37
95
92
25
14
15
06

6,283,373
1,065,297
1,972
48,460
335,694
19,618

2,882,519 99
44,006 56
9,928,677 54
2,306,902 66
28,446 25
97,231,60
370,620 61
16,623 72

$9,991,224 33 $15,675,033 93

F E R M E N T E D LIQ U O R S.

Ferm ented liquors, tax o f $1 per barrel o n .............
Brewers’ special ta x .........................................................

3,005,500 58
82,810 53

2,937,160 26
84,222 15

Total collections from F . rmented Liquors........

$3,088,311 11

$3,021,382 41

GROSS R E C E IP T S .

Canals, ferries, ships, barges, Ac., and steamboats
Express com panies...........................................................
Insuran e com panies.......................................................
Railroads, stage coaches, & c..........................................
All other col.ections irom gross receipts...................

227,491 25
330,299 65
598,043 40
1,788,168 06
272,672 99

287,850
200,091
620,530
2,017,592
396,654

64
45
67
09
35

$3,216,675 35

$3,522,719 19

Brokers’ ...........................................................................................................
194,394 30
Dealers’ ..................................................................
1,928,070 83
manufacturers of articles not otherwise specifically taxed .. . . . 1,728,049 17
All other collections from sa les.................................................................
8",179 14

213,734 71
2,134,9-6 96
2,028,906 02
92,207 61

. $3,930,693 44

$4,469,8:35 30

Total collections from Gross Receipts.
SALES.

Total collections from sales,
IN COM E.

Income over $1,0C0 (from in d iv id u a l).................................................... 8,706,913 28
Bank dividends, profits, & c....................................................................... 1,912,005 22
Railroad companies' dividends, and undistributed profits............... 1,272,092 03
A ll otoer coilec ions f.om incom e............................................................ 1,162,604 21
Total collections from incom e.......................................................... 13,053,614 74
Banks and bankers (special tax, ta x on capital, circulation and
d e p o s it s .......................................... ........................................................ 1,339,065 26
Special taxes not elsew haie enum erated............................................... 3,674,365 99
546,220 17
L egacies......................... ........................... *•................................................
484,054 44
Successions.......................................................................................... ........
341,627 98
Artie es in Schedule A ............................................................ ....................
13,040 00
P assports.........................................................................................................
853,116 21
Sources not otherwise herein enumerated (chiefly manufactures
now exem pt lrom ta x ............................................................................. 1,079,851 98
491,227 34
Penalties, & c.................................................................................................
Stamps, other than those for spirits, tobacco and fermented
7,148,692 00
353,917 95
Salaries o f United Siates officers and employees
Grand total

10,907,043
1,811,303
1,525,479
1,445,751

60
60
65
83

15,689,578 08
1,789,221 07
4,173,276 28
823,603 25
618,373 £6
353,379 01
11,321 00
934,322 72
241,649 72
310,129 26
7,525,505 79
493,146 09

$68,730,160 07 $83,750,976 16

Total gain for the above period in the fiscal year 1870, over the corresponding period in the
preceding fiscal year, $15,020,816 09, or 21 8-10 per cent. The receipts irom July to Decem­
ber, 1869, w ill be increased by the returns Irom tw elve districts not yet received, estimated
at $310,000.




1870]

CENTRAL RAILROAD AND BANKING COMPANY.

177

REPORT OF THE CENTRAL RAILROAD AND BANKING COMPANY OF GEORGIA.
Th» Earnings o f the Road for the year ending on the 30th ultimo have heen......... $2,247,919 73
And of the Bank to the same d ate........................................................................................
71,280 42
For Road and Bank . .......................................................................... .............................
2,325,200 20
E xnenses of 11 kinds for R oad....................................................................$1,323,210 02
20,231 78
Expenses of all kinds for Bank ..................................................................
---------------- 1,313,441 80
Leav ng net.

981,758 40

Of tMs sum there has been expended and appropriated Ihe fol­
lowing am ounts:
In t'T ’St on B o n d s.......... .................................................................................
Dividend in J m e, 5 per cen t...........................................................................
Government Tax on sam e......................................................................... . ..
Dividend tbis dav, 5 pa. cen t................... .......................................................
Government Tax on sam e.................................................................................
Rent A. & .R ailroad .................................. ...............................................
Rent E. B. R a ilr o a d ................................................. ........................................
Paid for Bank in L iquiiat o n ...........................................................................
Pai l for D epot 1 ots and b ig h t o f Way to N ew D epot in the City of
Macon ...................................................
........................................
Paid or Steamboats Julia St. Clair and Bandy Moore,............................
Paid for Co tingent E xpenses................. .....................................................
Appropriated for n a il s ............................................. ............ ............................
Leaving a ba'ance of

$54,950
2 3,340
11,007
2 3.340
11,007
73,0i)
1J,000
14,030

00
00
00
CO
00
00
00
07

134,404 75
50,904 14
19,050 00
124.0U0 00
*745 44

Looking to the completion of other lines, which may not only become com­
petitors for the business heretofore passing over your Road, but seeking to carry
it from our port, the Board have, under an A ct of the Legislature of the State
of Georgia, approved the 22d day of January, 1852, leased the Southwest'rn
Railroad upon the following terms and conditions, viz :
1st. The lease to coutinue during the entire corporate existence of the South­
western Railroad Company.
2d. The Central Railroad and Banking Company of Georgia to exercise all
rights, privileges and control over the Southwestern Railroad, except as to
the organization of that Company, which is to be kept up by the election of a
President, Directors, Secretary a d Treasurer, as heretofore; the expenses
necessary to keep up this organization to be paid by the Central Railroad and
Banking Company ol Georgia.
3d. Poss esion and control of the Southwestern Railroad by the Central Rail­
road and Banking Com, any of Georgia to take effect from and after the 14th
day of June list. Aft>r the 1st day of December, 1809, the commencement
and termination of the fiscal year of the Southwestern Railroad to be the same
as that of the Central, and to that end a dividend of two dollars and fifty cents
per shaie is to be paid to the Stockholders of the Southwestern Railroad up to
30th November, 1869.
4th. Prom and after the 1st day of December, 1869, the Central Railroad and
Banking Company ot Georgia is to pay to the Southwes eru Railroad Company
dividends which shall bear to the dividends declared and paid to its Stockholders
at the rate of eight to fen—that is to say, eight dollars to each share of South­
western Railroad stock lor every ten dollars declared and paid to each sh ire of
i's own stock ; and n o semi-annual dividend to the Stockholders of the Sou hwedern Railroad Company shall be less than at the rate of seven per centum
per annum on the par value of their stock.




2

178

SOUTH CAROLINA RAILROAD COMPANY.

[March,

5tb. Should any additional dividend or division of assets or accumulations
be declared, paid or made, then such dividends, divisions of assets or accumula­
tions shall be made in the same proportion of eight to ten. All dividends to be
paid to the Stockholders of the Southwestern .Railroad Company at Macon and
Savannah, free from tax to the Stockholders.
6th. The Central Railroad and Banking Company of Georgia to pay the
current expenses incident to the working and manugi ment of the Southwestern
Railroad, and all debts and bonds, including the bonds of the Musco le Rail­
road, and interest on said bonds at the times and places specified therein.
7th. The Central Railroad and Banking Company of Georgia are to keep
the road bed, station houses, engines, cars, and everything appertaining to the
interest sf the Southwestern Railroad in as good condition as when received!
and any failuie or neglect to pay any interest on bonds, or bonds at maturity,
or failure to pay dividends within six months after the same may bo due, then
the Southwestern Railroad Company has the right, at its option, to annul the
contract of lease, and enter upon its property as though no lea e had ever been
made.

REPORT OF THE SODTH CAROLINA RAILROAD COMPANY, FOR THE YEAR
ENDING DECEMBER 31, 1869.
The Earnings of the year are stated to have been from all sources $1 382,167,
and are in excess of 1868, $87,205 11. They also considerably exceed the earniugs of any year since the war—a fact full of encouragement lo the owners of the
-property.
A cause of satisfaction is found in the nature of that increase. It is derived
principally from freights moving to the West, beginning in great part at the
great centres North, and indicating by their rapidly increasing volume, the
maintenance of this Line’s hold upon the confidence of the general public.
The operating expenses of the year are $734,425 53 and are 53 13-100 per
cent of earnings.
The N et Earnings, from what has been shown, stand as $647,741 47, and
are 46 87-100 per cent of Gros3. In comparison with the year 1868, there is a
difference of $50,226 98 in favor of this year.
The disposition of this balance is accounted for in the Auditor’s statement, as
follows :
N et earnings as stated................................................................................................................. $647,741 47
Deduct Interest, Damages, and Stock billed......................................................................... 815,910 13
Leaving N et Income o f............. ............................................ ............................................ $831,831 34
Add thereto redaction o f previous balances o f Stock o f Materials, ........................... 19,917 36
Paym ent under the contract w ith the City of Augusta, and the Char otte, Col­
umbia and Augusta Railroad Company.............................................................................. 75,000 00
M a k in g ............................................................................................................. ............... .

$426,773 70

Wh'ch has provided for the follow 'ng: Restoration o f property, including cost
o f New Rail Iron alter deducting sales of old, ($89,607 74)......................................... 133,S15 37
Cars bni t at the Cem.e ny’s Shops, 2 first class and 6 second class passenger, 42
box, 2 platform, and 6 stock cars..........................................................................................
£0,693 64
Sett ement of Confederate Claims, &c., deduiting (sun. ry credits................................
55,603 10
$240,112 01
Leaving a balance o f $186,666 69, which has gone to the reduction o f general indebtedness.




1870]

179

SOUTH CAROLINA RAILROAD COMPANY.

Statement, Showing the Condition of the Scvth Carolina Eailroad Company December
L ii.
31st., 1869.
T o Roadway, Track, Structures, Depots, &c.
Lands.......
...................................................
Cars..... ..................................................................
L ocom otives.............................. .....................
Supply o t afcerials........... ...........................
Counniss ry Stores ........................................
C a sh ................................................. ..............
.Agents........................................».......................
Post office dep irtment ... ...........................
L o u d ' R ece'v ' me, Columbia nd A ugusta,
Radi oad Company............................. ».........
Sundries........................................................
B ills Receivable.................................................

$7,733,996 49
435.378 26
312,973 r,6
. 488,2 <3 CO
58,921 08

.

1 8 , 8 20

------------- $8,681,33 Ofo
25,736 54
9V,936 39
14,657 21
.75,' 00 00
19,961 00
------------ 94,961 CO
...............
5,448 43

St cks ........................................................................

238,739 57
443,212 50

G eenville and t olumbia Ranrua.i Comp toy.
South western Railroad Bank................... ..............

57,398 03
50l,4-i7 10

1 \e s t nents in F irst Mortgage Ponas an • Certificates o f indebtedness of

Cr .
By 'to " k ................................
Bonds P n jable.
Sterling .............
D om estic ..........
B ills Payab e ...................
Transient Creditors____
LecS Transient Debtors

$10,222,127 79
. $5,S19,275 00
$2,342,832 44
; 1 7iH,519 tO
--------------------4,017,351 44
.......................
295,664 39
145,263 38
85,426 42
---------------59,836 95
$10,222,127 79

This pappr briefly, yet explicitly, expresses the Financial c< ndilion ol the
Company at the close ol the year, and when the heavy losses, and still heavier
obligations they have bad to meet, are remembered, it will excite tae dveliest
gratification amongst the Stockholders.
The movement of the principal accounts, “ Bonds P ayable/5and “ Bills Pay­
able,” are thu indicated;
D omestic Bond ebt, December 31st, I860, stnnds at
................................................ $1,704,519 00
D om estic b o n d D ebt, D ecem ber 31 t, 1868, sto o d a t . . , ................................................. 1,555,296 06
Increase in 1S69..............................
$119,222 94
This i crease is ihe result O! : Firet, Irsues o f New Bonds on account of the
8ou hwestern Railroad bank...................................................................... 445,000 60
To retire ast due bonds an" Coupons and for investm ents in Gr enville and Columbia Rai;road bonds.......................... .............................
4,000 00
-------------------- $449,000 00
A cd Iuterest on Past due Bonds to December 31st,............................
1869 ...................................................................................................................
13,651 25
Making together............. ....................................................................................
$462,651 25
Second. A reduction o f past due and unm» Lured B onds............................ 316,025 00
Reduction f Iutertst on Past di.e B onds....................................................
27,h03 31
✓
---------------- $343,428 31
Producing the result as above stated............................................................
Bi Is Payable oa 31st Decemb r, lso9, stands a t ..............................................................
b iils Payable on 31st December, 1868, stood a t ................................................................

$11 ',2.2 94
295,6' 4 39
bt,0G0 60

Showing an increase o f.................................. ......................................................................

$207,603 79

NEGOTIATIONS WITH THE COLUMBIA AND .AUGUSTA RAILROAD,

In the progiess of litigation with that Company, with reasonable assurances of
success, it became necessary to call upon the City of Augusta to perlorm her
obligations under a contract made with this Company, which contract provided?
that no Railroad from the City of Charleston or Columbia should be allowed to




180

SOUTH CAROLINA RAILROAD COMPANY.

[March,

enter Augusta except upon payment to the South Carolina Railro d of the Sub­
scription to the Macon and Augusta Railroad. Th s subscription was based
upon agreements of such a nature, and these agreements were mainly relied on
by the Board in the arrangement of the litigation. But to our surprise we were
not only met with refusals, but with counter demands, if we declined the
proposals jointly submitted by the Charlotte, Columbia and Au. usta R nlroad,
and the City of Augusta, to conform to old and forgolten conditions of Agree­
ments made with preceeding administrations, condemns which had never been
enforced. These conditions involved the sacrifice of the Company’s through busi­
ness—the work of years, of nmney, toil and care.
The Board could not hesitate. They accepted the proposals offered them,
and united in a new Contract whereby litigation was to cease, the rights of this
Company in future to unrestri. ted treight arra gements recognized, and a cession
until January 1st, 1870, to the Columbia and Augusta Railroad ot the use by
their Trains, of this Company’s Bridge accross the Savannah River. In part
consideration of which, the Columbia and Augusta Railroad was to pay in its
Bonds the sura of $75,000.
THE SOUTHWESTERN RAILROAD BANK.

The Stockholders of the Road have from time to time been kept advised of
the demands made by the holders of the Bills of the Southwestern Railroad
Bank for payment. These demands have b en per.-isteotly resisted, and every
reasonable effort made to avoid a responsibi’ity oppressive in its character and
attended with doubts which utterly excluded a ready acknowledgement of our
obligation. Nevertheless, it has always been the opinion of the Board that a
just and judicious compromise of those claims should be sought in the true
interests of the Company, a d to that end the Dinctors have not failed always
to diiect their earnest attention. Litigation however, in this connection assured
an i spect during the summer, which, in conjunction with Legislative en ctuients
referring to Banks Id suspensio n admonished the B ;a d of the danger of del 'ys.
They therefore ! esitated no longer to accept th offers of compromise submitted to
them, and proceeded at once with airangemeuts for the settiemeut of trie out­
standing circulation of the Bank. In that direction they have proceeded, until
now, but a small sum remains unarranged. The settlements were made elm fly in
the six and seven per cent, Bonds of the Company. The Bank, as shown in the
Auditors statements, is indented to ti e Read in the sum ot $501,447.
THE FOREIGN DEBT.

Little is left to ihe Boar-i to say, beyond the announcement of the fact of tlje
teturn of the lion . C. M Furman Irom Loudon, where he has be n in charge
of the negotiation for the past eighteen months of the Company’s First Direct
Mortgage Bonds for the ex hange of past due 5 per cent Sterlings. Teat
measure may be regarded as ace mpli.hed. Mr. Furman reports t e acceptance
of the necessary number of assents, qualified only by the very proper con i tion
that the necessary legislation be had to relieve the Company from the Stale lien
originally imposed to protect the O.d Guarantees. This Legislation has been




1870]

18*

THE PENNSYLVANIA CENTRAL.

applied for as comprehended in the A ct hereto appended, has the earction of the
Governor, and is expected to be in the possession of the Board at an early day,
when it will be transmitted, and the Exchange of Bonds be consumated.

THE PENNSYLVANIA CENTRAL.
ANNUAL REPORT OP THE BOARD OP DIRECTORS FOR THE YEAR

18 )9.

The annual meeting of the stockholders of the Pennsylvania Railroad Com­
pany was held in Philadelphia on Thursday, the 15th inst. There was a la>ge
number of stockholders in attendance. Hon. Daniel M. Fox presided, and
Joseph Lesley, E-q., acted as Secretary.
The twenty third annual report of the Board of Directors was then read as
follows :
O . f i c e o p t h e P e n n s y l v a n ia R a il r o a d C o ., )
P h i l a d e l p h i a , February 12, 1870.
J

To the Shareholders of the Pennsylvania Railroad Company :
Your Directors take pleasure in submitting to you tLe satisfactory results of
the operation of your railways for the year 1869, as follows:
e a r n in g

e.

Passenpers...................................................................................................... $3, £00,071 (6
Emigrant passengers...................................................................................
131,165 93
Mrti s .................................................................................................................
118,961 91
Express m atter..............................................................................................
302,654 54
Gen ral fr ghts ........................................................................................... 12,932,* 56 88
Miscel anoua sources...................................................................................
265,401 41
---------------- $17,250,811 73
EXPENSES.

Conducting t ansportation.................................................................
$3,503,792 57
Motive pow er................................................................................................ 3,679,195 15
Ma ntenance o f c a r s ................
1,464,859 22
Maintenance o f road....................................................................
3,341,568 10
General expenses..........................................................................................
213,852 56
---------------- $ 2,203,267 60
Leaving net earnings for 1869 o f ...................................................

$5,047 544 13

The total amount of revenue compared with last year is:
1S69............................................................................ ................................................................$17,250,811 73
1863................................................... . .................................................................................... 17,233,497 31
Increase..................................................................................... ........................................

$17,314 42

The changes in the sources of revenue are shown below :
IN C R E A S E .

Regular freigh's..................................................................................................... $50,491 5S
E igram s . ...............................................
52,S21 64
M a ts ...................................................................................................................... 18,98 >t6
E xpiess m atter................................................................................................... 10,773 33
------------- $133,067 21
DECREASE.

First class p assergerg..—.................................................................................. $31,832 88
Mi cellancoui sources........................................................................................ 83,919 91,
-------------Increase as above t tated........................ .................................................

115,752 79
$17,314 42

The apparent decrease in first-class passengers, shown above, is explained by
the circumstances that there is included in the earnings of 1868 for military




182

THE PENNSYLVANIA CENTRAL.

\MareTi

transportation, due in previous years $ 113,433 29100, whilst the collections, from
the same source in 1869 were but $5,655 66-100. By adding this amount to the
reported decrease, and deducting the sum from that received in 1868 ($113,433
24-K'O), it will have an actual increase of first class passenger traffic in 1869 over
1868, of $75,944 75-100.
The gross revenues for 1869 are equal to $48,186 62-100 per mile of the
main line of railroad.
The whole number of passengers carried in 1868 was 3,747,178, and in 1869,
4,229 363—an increase in the number carried of 482,185, or nearly 13 per cent.
The average distance traveled by etch p ssenger was 34 22-100 miles, being
1 32-100 miles less than in 1868 ; showing thi3 increase still to be mainly upon
the local traffic of the line.
The number of tons of freight moved, (including 410,966 tons of fuel and
other materials transported for the Company) was 4 992 025—embracing
2,329 358 toDS of coal. The whole tonnage of your railway exceeds that of
last year 270,010 tons, of which increase 264,309 tons is bituminous coal.
0 he average charge per net ton per mile upon freights during the year was
1 718-1000 ag.iinst 1 906-1000 cents last year, and per passenger 2 51-100
cents against 2 71-1 0 cents last year, or an average decrease in freight
charges of 9 9-10 per cent and in passenger charges of 7 4-10 per cent.
THE PHILADELPHIA AND ERIE.

The earnings of the Philadelphia and Erie Railroad in 1869 were :
P a ssen g ers......................................................................................................... $672,964 46
Freights.............................................................................................................. 2,B07,OS2 93
Express m atter.................................................................................................
31,327 51
W alls...................
24.616 67
Mscel, souicen....... .......................................................................................
26»7i3 72
Total (exceeding $11,000 per m ne oi roau/.................................................................... $3,262,705 29

The operating expenses during the same period were :
Conducting trim p ortation............................................................................. $671,600 07
M otive power . ............................................................................................
74u,64l 82
Maintenance o f c a r s ............................................................ .....................
213,546 07
M aint-nance o f w a y .........................................................................................
733,41) 17
$2,368,209 13
T o ^ hich add 30 per cent o f earnings, payable to the Thiladelphia <to Erie Railroad Company............................................ ..............
956,009 12
------------------- $3,324,218 25
Showing a loss to this company in the operating line nnder the
lease (in .addition to interes upon the capital invested in rolhng
8-ock, &c.,) o f................................................................ / ............................
$61,512 96
W hich is $21,601 69 less than in 1868.

The low rates at which the Philadelphia & Erie Railroad Company is com­
pelled to carry its freights, averaging but 3 4-)0 cents per too per mile, and
the small passenger business it can c imrnacd from the sparcely populated coun­
try that its road traverses, added to its gre.ter distances as a through line from
Eastern cities to all points in the West are the reasons that more than 70 per
cent of its receipts are required to meet its working expen-es. The operations
of this railway during the past year have been carefully and economically con­
ducted by A. L. Tyler, Esq., its General Superintendent




1870]

THE PENNSYLVANIA CENTRAL.

183

la this connection it may be stated that owing to some errors in the location
of this line, but mainly from financial sacrifices incurred during its construction,
this railway, with a sing e track of only ‘288 miles in length, laid with lighter
iron rails, and but partiJly bal'asted, cost the Philadelphia & Erie Company,
without any equipment, 819,759,171 92, while the Pennsylvania Railroad, passing
over a much more expensive country to build a railway upon, with a double
track or 358 miles laid with heavy iron and well ballasted, including a third or
single track of 29 miles between Lancaster and Middletown, and branches to
Iloilidiysburg and Indiana of 26 miles, in all equal to 771 miles of single
railway, exc usive of sidings, is represented by $21,346,024 56, a difference of
less than $1,600,000 upon the cost of over 265 per cent more of single track
railway.
These facts are referred to at this time only to show why it is that the share­
holders of one of these fines have received regular dividends, wnile the other
line has been unable to earn them.
PITTSBURG, FORT, WAYNE AND CniCAOO.
The earnings o f the Pittsburg, Fort Wayne, and Chicago Railway, under Its
lease to this company, for t i l . s x mouths ending December 3 1 ,16ti9, w e r e ...
A n i the expenses during the same period w ere................. ............- ........................

$4 14fi,S82 22
2,82H,0M5 92

B a la n ce....... ........................................... ...................................................... ...............
The semi-annual rent, with the interest on the bonds of the company, expenses
ol mHinuining the organization, contribution to sinking fund, a c ., &c.,
amounted t o .......................................................................................................................

$l,32j,7S6 30

Showing a profit in the operation t f the lease o f .......................................................

$30,794 43

1,283,991 87

The revenues of the lines operated by this company, and the amounts paid for
their working expenses, interest and dividends, are as follows:
From the Pennsylvania Railroad and branches.............................. ............................. $17,250,811 73
From th-3 Pitt-burg, Fort Wayne, and Chicago Railway, for ;ix m onths,ending
December 31, ls69
....................................................................................................
4,14" 582 22
From the Philadelphia and Erie Railroad........................................................................
3,262,705 29
A m ount.............................................................................................................................

$24,660,399 24

And the expense of operating these lines were:
Pennsylvania R d ’road............................................................................. $12,203,267 60
Htt.-buig, Fort W*yne, and Chicago Rai way, including rent, &c
4,110,087 79
Phi addphia and Erie i abroad, i eluding 30 per cent due that
com pany............... .................................................................................
3,324,218 25
T tal
................................................................................................
$19,637,573 64
Leaving the net profits from the three railroads for 1869. ------5,022,825 60
From which deduct d videuds declared in May and .November,
w ith the taxes the :con.....................................................................
$3,075,643 24
Ba an e to debit* f interest account and discount on bon ds.. . . .
S8S,375 10
Due for the lease o f lie Harrisburg and Lancaster Kailioad . . . .
135,274 18
Annual payment io the estate o f Pennsylvania on account of inttrest and principal due upon th ; purchase c f her works Letween Pittsbuig and Philadelphia...................................................
460,000 00
---------------4,559,292 52
Leaving a balance o f __

$163,533 09

I d our last annual report the Board referred iu detail to the railway companies
controlled through the ownership of a majority ol their shares; and it is
unnecessary to agaiu mention them, further than to say that they continue to
fulfil the objects this company had in view when this interest was acquired, while
hey )ield a reasonable profit upon the capital invested.




184

THE PENNSYLVANIA CENTRAL.

[March,

The working expenses of the other lines of railway leased by this company, not
ah early referred to - all of which are in Pennsylvania— show a balance of receipts
over expenses
The interest he'd by this company in the Pennsylvania Canal Company is
steadily improving in value, and when the rnlargement is complete it will become
a profitable addition to your investments in othtr works. Its costs stands upon
your books at $1,101,156.
The same reasons that induced this company to become hsee of the Fort
Wayne line, prompted the Pittsburgh, Cincinnati and St. Louis Bailway Com­
pany, in which this company holds a majority of its shares, to take at an earlier
period a lease of the lines owned by the Columbus, Chicago and Indiana Central
Bailway Company. The results of this lease have rot proved so satisfactoryThe railway was found, contrary to expectati ns, to be, to considerable extent,
in an unfinished and dilapidated condition, deficient in depot accommodations,
with a limited robing stock largely out of repair, an i shops entirely inadequate
to place this machimry in good order. These deficiencies had to be su p ied>
and in the meantime its r;ad atid rolling stock could only be placed in condition
for economical service at great extra cost.
U p1n a representation of these facts to the company, modifications in the
lease have been made by it, which will, it is believed, render it acceptable to
the le-ees and to this company, their largest, stockholders.
These several arrargeraeuts still left our connections with Cincinnati, the great
trade centre of the Southwest, incomplete, the business with which has been
steadily increasing since the termination of the late war. To perfect these the
Pittsburgh, Cincinnati and St. Louis Bailway Company has also agreed upon
a lease with the Little Miami Bailroad Company of their line, through whose
railioad our connection with Cincinnati will be made, thus enabling this com­
pany to participate iD the growing prosperity of that city.
The connections of your line with St. Louis, the great city of the Mississippi
valley, are now complete by way of Cres' hue, and nearly so upon the shorter
and more direct route through Columbus, Indianapolis, Terra Haute and Vandalia.
With these arrangements, all of which will be perfected this year, we
will limit our extension-, unless some overruling necessiiy should require us
hereafter lo go further.
We have no interest in any line beyond the Missis­
sippi river.
Unwilling as we have been to enter upon this policy, a careful review of the
subject siDce its adoption leaves no doubt as to its wisdom, under the circum­
stances that have been developed within the past eighteen months.
In our last annual report the dtversiiy of railway guages between the East and
the West was alluded to. Since that period all your immedi ite Western con­
nections have reduced the guages of their lines f ora 4 feet 10 inches to 4 leet
9J inches, which, when their machinery is adapted to it, will be further reduced
to 4 leet 9 inches—the present gauge of the Pennsylvania Bailroad.
Since your last meeting the State of Pennsylvania has cancelled and • isposed
of its lien upon the Philadelphia and Erie Bailroad to the Allegheny Bailroad
Company, accepting therefor a second >ien upon the line that the company is
building between the Philadelphia an I Ede Bailroad audits present road, at




185

LI8AL-TENDER DECISION.

tbe month of the Mahoning; the bonds given to the State being guaranteed
by several railway companies over whose lines the traffic of the new road is
to pass to Philadelphia and Pittsburgh, thus insuring to the Commonwealth the
ultimate payment of its original claim of thieeand a half millions of dollars,
and at the same time enabling the Allegheny Valley Railroad Company to
develop, more promptly than it otherwise c»uH have done, a section of the State
that is rich in minerals and other products— all of which will remain undeveloped
unt'l this highway is constiucted.
The location ol this line has not yet been completed, but the character of
the country, as shown by recent surveys, will re> der the construction of a
railway costly. This route is generally known astt.e “ Low Urade Line” between
the Bast and West, the construction of which will soon be requred to accom­
modate the increasing tonnage between these sections. Its gradients against
the heivy traffic may be confined within tleven feet per mile. About a hal of
a million of dollars have already been expended upon its graduation, ant its
total c st is estimated at about $5,500,000.
SCRIP ISSUES OF MUTUAL MARINE INSURANCE COMPANIES.
Mr. ¥ m . C. Gilman, 46 Pine street, a dealer in marine insurance scrip, has com-”
piled a statement of all the New York companies, Jan. 1, 1 -Tl, from which we
extract the following account of outstanding scrip issues of the Mutual Marine
Insurance Companies of New York :
A TLA N TIC .

S iW

YORK.

1851...............
1862 ...............
;853 ...............
1804...............
1865 ...............
T otal.. . . . $7,773,610 1867 ...............
COM M ERCIAL.
18*8...............
1854.......... ---- 1126,5 JO i809 ...............
1805......... . . . . J03,850 1870 ...............
1800.......
04,030
1807..........
T otal...........
1868......... . . 11 -.44«
BUN.
1889. . .. ___139,020 1863...............
1870..........
1870 .............
1857........ . $1,315,150
I t6 8 .......... . . . 1,915,430
1859 .......... . .. 2,*08,250
1810.......... . . . 2 201,780

T o ta l'..

Total

.$532,130

1 64...................
.......... $138,570 1805..................
........
131,270 1800 ............... 83,410
..........
105.770 IS 9 .................. 6 t.ltlO
. 100,SMI 1870 ............... 63,610
. . .
53,6 0
..........
27,730 T o ta l........... . $983,350
..........
71,3-0
P A C IF IC .
..........
109,6.0 IS ; 6 .................

O R IE N T .

. $64,150 1859 . ..
. 71 310 1600 . . .
. f 0 .7 0 0 1 - Hi . .
121,(60 1803 . . .
. 39,440 1'04 . ..
iS05 . ..
. 37.490 1060 . . .
. 39.010 IS-7 ...
1808 . . .
Total

84, 80

96,820

....... 1,023,88011870................... 178,310

. $67,510
UN IO N .
. 39,900 1861... ........... $177,330

T otal............

___ .$107,119 1SB3... ............ 153,420

LEGAL TENDER DECISION.
The following opinions were delivered in the United States Supreme
Court, February Yth, 1870,— the ruling opinion by Chief Justice Cnase,
and the dissenting opinion by Judge Miller.
IMPORTANT DECISION OF TIIE SUPREME COURT----IIOW DEBTS MADE BEFORE
THE PASSAGE OF THE LEGAL—TENDER ACT SHOULD BE PA ID ----OPINIONS
OF ’H IE C H IE F JUSTICE AND THE DISSENTING JU D G ES.

The questinn pre ented for our determination by the record in this cise, i3
whether or not the payee or assignee of a note made before the 25th of Febru­
ary, 18G2, is obi ged by law to accept in payment United Stat s notes equal in
nominal amount to the sum due accor ting to its terms when ten -eied ny the
maker or other party bound to pay it. And this requires, in the first place, a
construction of that clause ot the first section of the act of Congress passed on
that day, winch dec ares the United -States notes, the issue of which was author­
ized by the statute, to be a legal tender in payment of debts. The entire clause
is in these wot d s : “ And such n e ts herein authorized shall oe receivable in
payment ot all taxes, internal duties, excises, debts and demands of every kind




186

LEGAL TENDER DECISION.

\March,

fine to tlie United States, except duties on imports and demands against the
United Slates, of every kind whatsoever, except for interest upon the bonds nd
notes, which shall be paid in coin ; and shall also be lawful money and a lesal
tender in payment of all debts, public or private, within the United Stat s,
except duties on imports and interest as afiresaid.
(12th United States
Statutes. 345 ) This clau e has already received much consideration here, and
this Court has held that upon a sound construction neither taxes imposed by a
State legislation, (Lane County rs. Oregon, 7 Wallace, 71.) nor demands upon
contracts which stipulate in terms for the payment or delivery of coin or bullion,
(Bronson rs Bodes, 7 Wallace, 229; Butler vs. Hartwiiz, 7 Wallace, 258,) are
included by legislative intention under the description of debts, public and
private. We are now to determine whether this description embraces debts
contracted before as well as after the date of the act. It is an established rule
for the construction of statutes that the terms employed by the Legislature are
not to receive an interp etatioD which conflicts with acknowledged principles of
justice and equity, if another sense, consonant with these principles, can be given
to them. But this rule cannot prevail wh re the intent is clear, except in the
scarcely supposable c ise where a statute sets at naught the plainest precepts of
morality and soc:al obligation. Courts must give effect to the clearly ascertained
legislative interest, if not repugnant to the fundamental law ordained in the
Constitution. Applying the rule just stated to the act under consideration, there
appears to be strong reason for construing the word “ debts ” as having reference
only to debts contracted subsequent to the enactment of the law, for no one will
question that the United States cotes which the act makes a legal tender in
payment are essentially unlike in nature, and being irredeemable in coin, are
necessarily unlike in value. So the lawful money intended by parties to contracts
for the payment of money made before its passage. The lawful money then in
use and made a legal tender in payment, consisted of gold and silver coin The
currency in use under the act, and declared by its terms to be lawful money and
a legal tender, consists of notes, or promises to pay, impressed upon paper pre­
pared in convenient form for circulation, and protected against counterfeiting by
tuitable devices and penalties. The former possess in f insic value, determined by
the weight and fin ness of the material; the latter have no intrinsic value but a
purchasing value, determined by the quantity in ciiculation, by general consent
to its currency in payments, and by opinion as to the probability of relemption
in coin. Both d< rive in different degrees a certain ad liliooal value from their
adaptation to circulation by the form and impress given to them under national
authority, and from the acts making them respectively a legal tender. Contracts
for the payment of money nirde belore the act of 1862 had reference to coined
money, and could not be discharged unless by consent otherwise than by the
tende. of the sum due in coin. Eve y such contract, therefore. was in l°gal
import a contract for the payment of coin. There is a well-known law of cur­
rency, that notes or promises to pay, unless made conveniently or promptly con­
vertible in coin at the will of the holder can never, except under unusual and
abnormal conditions, be at par in circu ation with coin. It is an equally wellknown law that deprtciaticn of notes must iuc eas ■ with the increase ol the
quantiiy put iu circulation, and diminution of confidence in the ability or dis­
position to redeem. Their appie iation follows the reversal of these condi ions.
I\o act making them a 1 gal-tender can change materially the operations of ihese
laws. Their force has been strikingly exemplified iu the history of the United
States notes.
Beginning with a very slight depreciation when first issued, in March, 1862,
they sunk iu July, 1864, to the rate of two dollars and eighty-five cents for a
dollar in gold, and then ro e until recently a dollar and twenty cents in p'per
became equal to a gold dollar. Admitting, then, that prior contracts are within
the intention of the act, and assuming that the act is unwarranted by the (JonsiituiioD, it follows that the holder of a promissory note made before the act,
for a thousand dollars, payable, as we have just seen, according to the law and




1870J

l e g a l -t e n d e r

d e c is io n .

187

according to the intent of the parties, in coin, was required when depreciation
reached its lowest point, to accept in payment a thousand note dollars, although
the thousand coin dollars due under the contract he could have purch ised on that
day for two thousand eight hundred and fifty such dollars. Every piyment since
the passage of the act of a note of earlier date has pre-ented similar
though les3 striking leatures. Now it certamly needs no argument to
prove that an act compellirg acceptance in satisfaction o* any other that stipu­
lated payment alters arbitrarily the tern< of the contract and impairs its
obligation ; and that the extent of impairment is in pro ortim to the inequality
of the payment accepted under the constraint^of the law t the pavm nt due
under the contract. Nor does it need argument to prove that the practical
of such an act is contrary to justice and equality. It follows that no construction
which attributes such practical operation to an act of t'ongress is to bn fvored,
or, indeed, to he admitted, if any other can be reconciled with the manifest intent
of t e Leai-lature. What, then, is that manifest intent? Are we at liberty,
upon a lair and reasonab’e construction of the act, to sav that Congress meant
that the word “ debt,” used in the act, should not ine'ude deb's contracte I prior
to its passage? In the cose of Bronson vs Bodes we thought ourselves wirranted
in ho ding that this word, used in the statute, does not include obligations
created by express c ntract for the payment of gold and silver, whether coined
or in bullion. T' is conclusion rested, however, maiidy ou the terms of the act,
which not only allow but require payments in coin by or to the (Government,
and n ay be fairly con idered independently of considerations belonging to the
law of contracts for the delivery of specified articles as sanctioning special private
contracts lor like p >yment9, without which, indeed, the pr> visions re'ating to
Government payments could hard'y have practical effect. This consideration,
however, does not apply to the matter now before us. There is nothing in the
terms of the act which looks to any difference in its operation* on different
descriptions of debts payable generally in money, that is to say, in dollars and
parts of a dollar. These terms, on the contrary, in their obvious import, include
equally all debts not specially expressed to be payable in gold or silver, whether
arising under past contracts and already due, or arising under such contracts and
to become due at a luture day, or er sing and becoming due und r subsequent
contracts. A strict and liberal construction indeed would, as suggest'd *>y Mr.
Jusiiee Story, in respect tc the same word used in the Consti'utio i (I Story on
Constitution, 921), iimit the word “ debts” to debt3 existing; and i this c nstruction cannot be accepted, because the limitat ons sancti >ne<l by it cannot be
reconciled with the obvious scope,and purpose of the act, it 's c-rtainly conclusive
against any interpretation which will exclude existing debts Irom its >peri lion.
'I fce same conclu ion results from the exception of interest on loans and duties on
imj o. ts, from the efiect of the legal tender clause. This exception affords an
irresistible implication that no description of debts, whenever contracted, ca.. be
wi'h rawn from the effect of the act, if not included within the terms on the
reasonable intent of the exception. And it is worthy of observation, in this
connection, that in all the debates to which the act pave occa ion in Congress,
no suggestion waa ever made that the legal tender clause did not apply as lully
to contracts made before as to contracts made after its passage. These consider­
ations seem to us conclusive. We do not think ourselves at liberty, theref re,
to say that Congress did not make the notes authorized by a legal tender in
payment of debts contracted before the passage of the act. We are thus brought
to th- question whether Congress has poorer to make notes issued under its
authority a legal tender in paymen ot debts which, when contracted, were
paj ab e m gold and silver coin. The delicacy and importance of this question
have not been overrated in the argument. This Court alwiys approiche3 the
con.-iueration ol ques ions of this nature reluctantly, and its constant ru e of
decision has been, and is, that acts of Congress must be regar ted as constitutional,
unltss cl arly .hown to be otherwise. But the Constitution is the finJamen'ul
iaw oi the United States; by it the people have created a Government, defined




188

l e g a l -t e n d e r

d e c is io n .

[Marcht

iis powers, prescribed their limits, distributed them among the different depart
ments, and directed in general the manner of their exercise. N o department of
the Government has any other powers than llio=e delegated to it by the people.
All the legislative power quoted by the Constitution belongs to Congress; but
it has no legislative power which is not thus granted, and the same observation
is equally trae in its app'ication to the executi e and judicial powers granted
respectively to the President and the Courts. All these powers differ in kind,
but not in source or in limitations. They all ari-e from the Constitution, and
are limited by its terms. It is the function of the Judiciary to interpret and
apply the law between parties as they arise from judgment. It can only declare
what the law is, and enforce by proper process the law thus declared But .in
ascertaining the respective lights of parties, it frequently becomes necessary to
consult the Constitution, fo* there can be no law inconsistent with the funda­
mental law N o enactment not in pursuance of the authority conferred by it
can create obligations oreonler rights, lor such is the express declaration of the
Constitution itself, in these words: “ This Constitution, and the laws of the
United States which shall be nude in pursuance thereof, and all treaties made or
which hall be made under the auth iity of the United States, shall be the
supreme law of the land; and the Judges of every State shall be b uni thereby,
anything in the Constitution or laws of any State to the contiary notwithstand­
ing ” N ot every act of Congress, then, is to be tegarded as the supreme law of
the land ; nor is it by every act ol Congress ‘hat the Judges are bound. This
character and this lorce belong to such acts as are “ made in pursuance of
the Constitution. “ When, therefore, a case atis s for judicial deterinioati n, and
the deci-ion depends on the alleged inconsistency of a legislative provision with
the fundamental law, it is the pla n duty of the Court to compare the act with
the Constitution, and if the former cannot, upon a tair construction, be recon­
ciled with the latter, to give effct to toe constitution rather than the statute.
rl his teems so plain that it is impossible to make it plainer by argument; if it
be otherwise the Constitution is not the supreme law. It is neither necessa y
n r uselul in any case to inquire whether or not any act of Congress was passed
in pursuance of it, and tbe oalh which every member of this Court is required
to take, that he “ will administer justice without respect to persons, and do equal
right to the poor and the rich, and faitbfu ly perform the duties incumbent upon
him to the best of his ability-and understanding agreeably to the Constitution
and lews of the United States." ec mies an idle an unmeaning lorin. Tue case
belore us is one of private lights. The plaintiff in the Court be ow sought to
recover ot the defendants a certain sum expressed on the fate of a promissory
note. The defendants insisted on the right, under the act of February 25,1862,
to acquit themselves of their obligation by tendering in payment a sum nominally
equal in United States notes, out the tote bad been executed belore the passage
oi the act, and the plaiuiiff in isted on his right und r the Constituti m, to be
paid .he amount due in gold and silver, and it it lias not teen and cannot be
denied that the plaintiff’ was entitled to judgment according to his claim, unless
bound by a constitutional l,w to accept the notes as coin Thus two questions
were directly pre.-euted : VV'eie the uefendants relieved by the uc from tbe obli­
gation assumed in the contract ? Could the plaintiff be compelled by a judgment
of the Court to receive in payment a currency of a different nature and value
from that which was in the cuiiiempiation of the partits when he contract was
made? The Court of Appeals resolves noth questtous in the negative, and the
deteudauts seek the reversal of that judgment by writ of trror. It becomes our
duty, thereiore, to determine whether the act of Feb. 2 >, 1862, so far as it m ike3
United States notes a leg 1 tender in payment of debts contracted prior to its
passage is couslilulional and valid or otherwise.
Uuder a deep sense of our
obligation to per.orm this duty to the best oi our ability and understanding, we
shall pioceed to dispose of the case presented by the record. We have already
said, and it is geneiahy if Dot universally conceded, that ih; Government of the
United States is one of limiter powers, and that no department possesses any




1810]

LEGAL TENDER DECISION.

189

authority not granted by the Constitution. It is not necessary, however, in
order to prove the existence of a particular authority, to show a particular and
express grant. The design o the Constitution was to est •blish a Government
competent to take direction and administration of the affairs of a great nation,
and at the Fame time to mark by sufficiently definite lines, the sphe.e of its
operations. To this end it was needful only to make express grants of general
powers coupled with a further grant of such incidental and auxiliary powers as
might be required for the exercise of the powers expressly granted. These
powers are necessarily extensive. It has been found, indeed, in the practical
administration ot the Government, that a very large part, if not the largest part,
of its lunctions have been performed in the exercise of powers thus implied.
But the extension of power by implication was regarded with some apprehension
by the wi e men who 'ramed, and by the intelligent citizens who adopted the
Constitution. This apprehension is manifest in the terms by which the grant
of incidental and auxiliary power is made. AH powers of this nature are
included under the description of “ pow r to make all laws necessary and proper
for carrying into execution 1he powers expressly granted to Congress or vested
by the Constitution in the Government, or in any of its departments or officers.”
The same apprehension is equally apparent in the tenth article of the amend­
ments, which declares that “ the poweis not delegated to the United States by
the Constitution, nor prohibited by it to the States, are reserved to the States
or the p ople.” We do not mean to say that either of these constitutional pro­
visions is to be taken as restricting any exercise of power fairly warranted by
the legitimate derivation from one of the enumerated or express powers The
first was undoubtedly introduced to exclude all doubt in respect to the existence
of implied powers, while the words “ necessary and proper ” were intended to
have a “ sense,” to nse the words of Mr. Ju stce Story, “ at once admonitory
and dire tory, and to require that the means used in the execution of an express
power should be bona fide apnropiiate to the end"— (I Story on Constitution
142, par. 1,253.)"
The second provision was intended to have a like admonitory and directory
sense, and to restrain the limited Government established under the Constitution
trom the exercise of powtrs not cleatly delegated or derived by just inference
from powers so delegated. It has not been maintained in argument, nor iudeed
would any one, however slightly conversant with constitutional law, think of
maiutaini g there is in the Constitution any express grant of legislative power
to make any description of credit currency a legal tender in payment of debts.
We must inquire theD whether this can be done in the exercise of an implied
power. The rule for determining whether a legislative enactment can be sup­
ported as an exercise of an implied power, was stated by Chief Justice Mar­
shall, speaking for the whole Court, in the case of McCulloch vs. The State of
Maryland, (4 Wheaton, 41,) and the statement then made has ever since been
accepted as a coriect exposition of the Constitution. His words were these:
“ Let the end be legitimate, let it be within the scope of the Constitution, and
all means which are appropriate which are plainly adapted to that end, which
are not prohibited, but consistent with the letter and spirit of the Constitution,
are constitutiocal.” And in another part of the same opinion the practical
operation of this rule was thus illustrated : Should Congress, in the execution
of its powers, adopt measures which are prohibited by the Coustitution, or
should Congress, uuder the pretext of executing its powers, pass laws lor the
accomplishment of objects not intrusted to the Government, it would be the
painful duty of this tribunal, should a case requiring such a decision come
before it, to say that such an act was not the law of the land ; but where the
Lw is not prohibited, and is really calculated to effect any of the objects
iutrusted to ihe government, to undertake here to inquire into the degree of its
mcrssiiy would be to piss the line which c:rcumscribes the judicial department
and Lead on legislative ground. (Ibid., 423 )
It must be taken, then, as finally settled, so far as jadici d decisions can settle




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LEGAL-TENDER DECISION.

[March,

anything, that the words “ all laws necessary and proper for carrying into
execution ” powers expressly granted or vested, have in the Constitution a sense
equivalent to that of the words “ laws not absolutely neees1n y , indeed, but
a'Dpropria'e and plainly adapted to constitutional and legitimate ends—laws not
prohibited, but consistent with the letter and spirit of the Constitution ; laws
really calcu "ted to effect the objects intrusted to the government.”
The question before u=q then, resolves itself into this : Is the clause which
makes the United States notes a legal tender for debts contracted prior to its
enactment a law of the description stab d in the rule ? It is not doubted that
the pow r to establish a standard of value, by which ail other values m iy be
measured, or. in other words, to det raiine what shall be lawful money and a
legal tender, is, in its nature and of necessity, a governmental power. It is in
all countries exercised by the government. In the United States so far as it
relates to the precious metals, it is vested in Congress by the grant of the power
to coin money.. But can a power to impart these qualities to notes or promises
to pay money when offered iu discharge of pre-existing de >ts be derived from
the coinage power or from any other power ex res-ly given ? It i3 certainly not
the same power as the p 'wer to coin money; nor is it in any rea onable, sa isfactory sense an appropriate or plainly-adopted means to the exercise of that
power; nor is there more reason lor saying that it is implied in or incidental to
the power to regulate the value of coined money of the United S ates or of
fore go coins. The power of regulation is a power to determine the weight,
purity, form and impression of the several eoin3 and their relation to each other
and the relations of foreign coins to the monetary unit of the United States.
Nor i3 the power to m ike notes a legal tender the same as the power to issue
DOtis to be used a currency. The old Congress, under the articles of cnuiederation, was clothed by express grant with the power to emit bills of credit which
are. in fact, notes for ctrcul ttion as currency, and yet ihat Congress was not
clothed with p wtr to make their b ils, a legal tender in paymeut. And this
Court has recently held that Congress under tue Constitution, possesses* the
same power to emit bills or notes as incidental to other puwets, though not
denominated among these expressly granted : but it was expressly declared, at
the same time, that t! is decison concluded nothing ou the question of legal
tenders. Indeed, we are not aware that it has ever been claimed that the power
to i sue bills or notes has any identity with the power to make them a legal
tender; on the contrary, the whole history of the country refutes that notion.
The estates have always been he'd to possess the power to au horize and regu­
late the issue ot bills lor circulation by banks or individuals, subject, as has been
lately determined, to the control of Congress, for the purpo-e of establishing
and securing a national currency, and je t the States are expressly prohibited by
the Consti ution from linking anything but gold and silver coin a legal tender.
This seems decisive o d the poi t that the power to issue notes, and the power to
m ke them a legal tender are not the sitae power, and that they have no neces­
sary connection with each other. But it has been maintained in argutnen that
the power to make United States notes a legal tender in payment of all debts is
a means appropriately and plainly adapted to the execution of the power to
carry o d war, of the power to regulate commerce and of the power to borrow
money. If it is, and is not prohibite l nor inconsistent with the letter or spirit
of the Constitution, then the act which makes them such legal tenders must be
held to be constitutional. Let us, then, first inquire whether it is an appropriate
and plainly adapte: means of Carrying ou war. The affirmative argument may
be tlius stated : Congress has power to declare and provide for carrying on war.
Congress has also power to emit bills ot ciedit, or circulating notes, receivable
lor Govern u ent dies, and payable, so far at least as parties are willing to
receive them, in discharge of Goverument obligations. It will facilitate the use
of lueh notes in disbursements to make them a legal-tender in payment of exist­
ing debts; iherelore Congress may make such notes a legal-tender. It is diffi­
cult to say to what express power the authority to makes notes a legal-tender in




1870]

LEGAL-TENDER DECISION.

the payment of debt3 preexisting in contracts, may not be upheld as incider 'al
upo i the principles of this argument. Is there any power which does cot
involve the use of money? and is there any doubt that Congress irny issue aid
use bills of credit as money in the execution of any power? The powi . to
establish post offices and post roads, for example, involves the collection and
disbursements of a large revenue. Is not the power to make notes a legal tender
as clearly incidental to this power as to the war power? The answer to this
question does not appear to us doubtful The argument, therefore, seems to
prove too much. It carries the doctrine of intplie 1 powt-rs very far beyond any
extent hitherto given to it. It asserts that whatever in any degree promotes an
end within the scope of a general power, whether in the correct sense of the
word appropriate or not may be done in the exercise of an implied power. Can
this proposition be maint ined ? It is said that this is not a question for the
Court deciding a cause, but for Congress exercising the power. But the deci­
sive answer to this i j, that the admission of a legislative power to det-rmine
finally what powers have the described relation as means to the execution of
other powers plainly granted, and then to exercise, absolute'y aud without
liability to question in cases involving private rights, the powers thus determined
to have that relation would complete y change the mture ot American
Government. It would convert the Government, which the people ordained as
a Government of limited powers, into a Government of unlimited powers; it
would obliterate every criterion which this Court, speaking through the vene­
rated Caief Justice, in the case already cited, established lor the determination
of the question, whether legislative acts are constitu iona! or unconstitutional.
Undoubtedly among means appropriate, plainly adapted, really calculated,
the Legislature has unrestricted choice, but there can be no implied power
to use means not within this de-criplion.
Now, then, let it be consideied
what has actually been done in the provision of national cmrency. In July and
August, 1861, and February, 1862, the issue of $60,0011,0011 in United States
notes, payable on demand was authorized. (12 U S. Statutes, 259,313,338.)
They were made receivable in payments, but were not declared a legal tender
until March. 1862, (12 U. S. Statutes, 370,) when the amount in circulation had
been greatly reduced by receipt of cancellation. In 1861 and 1863 (12 (J. S.
Statutes, 3J5, 532, 709) the hsue of four hundred and fifty mi lions in Uuited
States notes, payable, not on demand, but in effect, at the convenience of the
Government, was authoiiz'd, subject to certain restrictions A s to fitly millions
these note - were made receivable for the bonds of the national loans for all
debts due to or from the United States except duties on imports and interest on
the public debt, and were also declared a legal tender. In March 1863, (12 U.
S. Statutes, 711,) the issue of notes for parts of a dollar was authoiiz d to an
amount not exceeding fi ty mil ions of dodars. These notes were not d dared
a legal tender, but were made redeemable under regulations to be prescribed by
the Secretary of the Treasury. In February, 1863, (L2 United States Statutes,
669.) the issue of $300,000,009 in notes ot national banking associations was
authorized. These notes were made r ceivable to the same extent as United
States notes and provision was made to secure their redemption ; but they were
not made a legal tender. These several descriptions of notes have since consti­
tuted, under the various acts of Congress, the common currency of the United
States. The notes which were not declared a legal tender have circulated with
these which were so declared, without unfavorable discrimination. It may be
added, as a pa:t of the history, that other issues bearing interest at various rAes,
were authorized and made a legal tend-1 except in redemption of bank notes for
face amounts, exel sive of interest. Such were the one and two years five per
cent notes, and the thr^e years compound interest notes, (13 Uuited States
Statutes, 218 245.) These noies never entered largely or permanently into the
circulation, and there is no reason to think that their utility was increased or
diminished by the act which declared them a legal tender for the lace amount.
They need not be further considered here. They serve only to illustrate the




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LEGAL-TENDER DECISION.

[March,

tendency, remarked by all who have investigated the subject of paper money, to
increase the volume of irredeemable issues, and to extend indefinitely the appli­
cation of the quality of legal tenders. That it was carried no further during
the present civil war, and hag been carried no further since, is due to circum­
stances the consideration of which does not belong to this discussion. We recur,
then, to the question under consideration. N o one questions the ge eral
constitutionality, and not v ry many perhaps, the general expediency, of the
legislation by which a note currency has been authorized in recent years. The
doubt is as to the power to declare a particular class of tbe;e notes to be a legal
tend r in payment of pre-existing debts The on y ground upon which this
power is asserted, is not that the i-sue of notes was an appropri te and p! .inly
adapted moans (or c nying on the war. for that is admitted, but the making of
them a legal tender to the extent mentioned wa3 such a means. Now, we have
seen that of all ti e notes is u d those not declared a legal tender at all consti­
tuted a very large proportion, and that they circulated freely and without
discount. It may be sa d that their equality in circulation and c edit w sdu' to
the provision mud- by law lor the redea ption of this pi per in legal-tender
notes, but this provision, if all useful in this respect, was of tr fling imp mtance compared with th t which made them receivable for Government does A d
modern history testiBes that in time of war, especially wh-n tax s are augmented,
large loans negotiabd, and I eavy disbursements made, notes issued by the
authority of the Government, and made receivable for dues to the Government,
alwny obtain at first a re dy circulation, and even when not redeemable in coin
on demard are as li tie at d usually les< subject to depreciation than any other
description of notes for the redemption of which no better provision is made.
And the history of the legislation under consideration, is, that it was upon this
quality of reeeivability, and not upon the quality of legal tender that reliance of
circulation was o igin.lly placed; for the receivabili y c'ause appears to have
beer, in the original diaft of th- bill, while the legal-tender clause se ms to have
bten introduced at a la er stage ol its progre s. These fac s cctainly are not
without weight as ev;denee th >t all the useful purposes of Ihe notes w uld have
been fuily answered without niakiog them a legal tender for pre-existing debts.
Is it denied, inde. d, by eminent wi iters that the quality ot legal-tender adds
anything at all to the credit or usefulness of Government notes; they in-i-t, on
the contrary, ihat it impairs both. However this may be, it must be remem­
bered that it is as a means to an end to be obtained by the action of the Govern ment. That the implied power of making 1 otei a legal tender in al payments
is claimed under the Orn-titution, now how far is the Government helped by this
means? Certain y it cannot obtain new sup;lies or services at a cheaper rate,
for no one will take the notes for more than they are worth at the time of the
n w contract
i he price will rise in the ratio of the depreciation and ibis is
all that could happen it the notes were not made a legal tender. But it may be
said that the replication will be less to him wao takes them from the Govern­
ment if the Government will pledge to him its power to compel his cieduo s to
receive them at par in payments. This is, as we have seen, by no means certain.
If the ejuantity issued be excessive, aud redemption uncertain and remote, great
depreciation will take place. If, on ihe other hand, the quantity is only adequate
to the demands of business, and confidence in early redemption is strong, the
notes wi 1 circulate freely, whether made legal tinder or n o t; but if -it be
admitted that some increase of availability is derived from making the notes a
legal tender under contracts, it by no means follows that any appreciable advan
tage is gained by comp, lling creditors to receive them in satisfaction of pre­
existing debts. And there is abundant evidence that whatever benefit is possible
from that compulsion to some individuals, or to the Government, s tar more
than outweigbea by the losses of property, the derangement of business, the
fluctuations of currency values and the increase of prices to the people and the
Government, aDd the long t uiu o: suits which flow Irom the use ui an irredeem­
able paper. It is true that these evils are not to he attribu.ed altogether to




1870]

LE G A L’TENDER DECISION.

103

making it a legal tender, but this increases these evils; it cetainly wid'ns their
extent and protracts their continuance. We are unable top rsu ad e ourselves
that an expedient of this sort is an appropriate and plainly adopted means for
the execution of the power to declare and carry on war. If it adds nothing to
the utility of the notes it cannot be upheld as a means to the end, in furtherance
of which the notes are issued ; nor can it in our judgment be upheld as such, if,
while facilitating iu some degree the circulation of the notes, it debases and
injures the currency in it? proper use to a much greater degree. And these considerati ns seem to us equally applicable to the power to regulate commerce and
to borrow money. Both pow r? necessarily involve the use o money by the
people and by the Government, but neither, as we think, carries with it, as an
appropriate and plain’y adapted means to it? exercise, the power of making cir­
culating notes a legal tender i t payment of pre-existing debt?. But there is
an-titer view which seems to it? d-ci-ive. To wlutever exDress p >w»r the
implied power in question may te reft-md, in the rn'e s*ated by Chief Ju? ice
Marshall, the words ‘ appropriate plainly adapted, really calcul ited, are qualified
by the limitation that the means must be not prohibit!d, but consistent with the
letter and spirit of the Constitution. Nothing so prohibi'e I or inconsistent can
be regarded as appropri -te, or plaiu'y adopted, or really ca'culated me»n? to any
end. Let us inquire when, first, whether making bills of credit a legal tender to
the extent indie ted is consistent with ihe spirit ot the Constitution. Among
the great cardinal purposes of that instrum nt, no one is more conspicuous or
more venerable than the establishm-nt of justice. And what was intended by
the establishment of justice in the minds «l the people who ordained it, is happily
not a matter of disputation. It is not left to inference or conjecture, especially
in its relation to contracts. When the Constiiu iou was undergoing di-cussiou
in the Convention, tee Congress of the Confederation was engaged in the con­
sideration of the ordinance lor the government of the territory northwest of the
Ohio—the only territory subject at that time to its regula ion and control. By
this ordinance certain fundamental articles ol compact were estab'ishrd by the
original States, and the people an! States, of the territory, for the purpose, to
use its own language, “ of extending the fundamental principles of civil and
re igious liberty, whereon these republics,” (the States until under the Confede­
ration] “ their laws and Constitu ions are erected.” Among these fundamental
principles was this : “ And in the just preservation of rights and property it is
understood and declare I that no law ought ever to be mate or have force in said
territory, that shall in any manner whatever interfere with or affect private
contracts or engagements, bona fide and without t'rau!, previously formed.” The
same princip'e touud more condensed exprtssion in the most valuable provision of
the UoDstilution of the United States, ever recognized as an efficient safeguard
against intrigue, that no State shall pass any law impairing the obligation of
contracts. It is true that this prohibition is not applied in terms to the Govern­
ment ot the United States. Congress has txpress power to enact bankrupt laws,
and we do not say that a law made in the execution of any other
express power, which loci lentally only impairs the obligation of a
con ract, can be held to be uncomtitutional for that reason. But we
think it clear that those who framed and th se who adopted the Consti­
tution intended that the spirit of this prohibition should pervade the. entire body
of legis atiou, and that the justice which the Constitution was ordained to
establish was not thought by them to be compatible with legislation of an oppo­
site tendency. In other words, we cannot doubt thata law not mads in pursuance
ol ail express power, which necessarily, aLd in it3 direct operation, impairs the
obligation of contracts, is inconsistent with the spirit of the Constitution.
Another provision found in the Filth Amendment must be considered in this
connection. We refer to that which ordains that private property shall not be
taken for pu lie use with ut compensation. 'This provision is kindred in spirit
to that which forbids legislation impairing the obligations of contracts; but
unlike that, i't is addressed directly and solely to the National Government. It




3

194

LEGAL-TENDER DECISION.

[March,

does not in terms prohibit. legislation which npprop.ria'es the p'ivnie property of
one class of citizens to the use of another ela-s; but i" such property cannot be
taken for the benefit of all without or mperisation, it is difficult to understand how
it can be so taken for the bemfit of a part without violating: the spirit of the
prohibition, But there is another provision in the same amendment which, in
our judgment, cannot have its full ai d intended effect unless ronstrueri as a. direct
prohibition of the legislation which we have b en considering. It is that which
declares that no person shall be dr prived of life, liberty or propeity without due
process of Jaw. It is not doubted that all the pr vi-ior,s or this ami ndment
operate directly in limitation and ruf truint of the legislative powers conf- rrr d by
the Constitution. I he only question is, whether an act which com] els all those
who ho d contracts for the payment >f go'd or silver money, to accept in p yment a currency of inferior value, deprivis such persons of proj e ty without due
process of law. It is quite char that whatever may he the opr ration ol such an
act, due process of law makes no part of it. Does it deprive no person of prop­
erty ? A very large proportion of the proper y of civilized men rxists in the
lorm of contracts. These contracts almost invariably stipulate for the pay ment
of money ; ai d we have already seen that contracts in th- United States prior to
the act under consideration lor the payment of money, were contracts 'o pay the
sums specified in gold and Eiiver coin; and ii is bryor d doubt that the holders of
these contracts were and are luily entitled to the proiection of this constitutional
provision as the holders of any other description of prop riy. But it may be and
that the holders of no description of property are p oiectid by it fiom legislation,
which incidentally only impairs its value, and it may be urged in illustration,
that the holders of stock in a turnpike, a br idee, or a manulacturing corporation,
or insurance company, or a bank, cannot by uuthorz'ng similar works, o, corpo­
rations, reduce its pace in the market; but all this does not appear to imet the
real difficulty. In the case mentioned, the injury is purely contingent and inci­
dental. In the c,se we are considering, it is direct and inevitable. If, in the
cases mentioned, the holder of the stock wa; riquired to convey ic on demand to
any one who should think fit to offer half its value for it the analog? w. ul I re
more obvious. N o one, probably, could be fouDd to contend that an act eu o iing the acceptance of liny or seventy-five acres in satisfaction of a contract to
convey a hundred would not come within the prohibition against a bitrary pri­
vation of prop rly. We confess ourselves unable to perceive any sold di tinction
between such an act amt an act compelling all citizens to accept in satisfaction
of all contracts lor money half or three-quarters, or ary other proportion less
than the whole 01 the value actually due according to their terms. It is difficult
to conceive wlmt act would take private property without the process of law,
if such act would not. We are obliged to conclude lhat an act making mere
promises to pay dollars, a legal tender, in payment of de ,ts previously contracted,
is not a means appropriate, plainly adapted, really calculated to carry into tfleet
auy express power vested in Congress , that such an act is inconsistent with the
spirit of the Constitution, and that it is prohibited by the Constitution. It is
not surprising that amid the tumult of the late civil war, and under the influence
ot apureher-sions for the safety of the Republic, almost universal different views,
never before entertained by American statesmen or jurists, were adopted by many.
The time was not favorable to considerate reflection upon the constirutioual
limits ol iegi lation or executive authority. It po.ier was assumed from patriotic
motives the; assumption formed ready justification in patriotic hearts. Many
who doubted yielded their doubts ; many who did not doubt were silent; some
who were strongly averse to making Government notei a legal tender le t them­
selves constrained to acquiesce in the views of the advocates of the measure.
N t a few who then insisted upon its necessity, or acquiesced in that view, have,
since the teturn of peace and under the influence of calmer times, reconsidered
tLeir conclusions, and l o w concur in those which we have just announced.
These conclusions seem to us to be fully sanctioned by the letter aud spirit of the
Constitution. We are obliged, therefore,, to hold that the defendant in error




1870J

LEGAL-TEADER. DECISION.

195

■was not bound to receive from the plaintiffs the currency tendered to him in
payment of their note made before the passage of the act of Feb. 25, 1862. It
follows that the judgment of the Court of Appeals of Kentucky must be
affirmed.
DISSENTING OPINION.

Susan P Heyburn and another vs. Henry A . Griswold.—Mr. Justice Miller
dissenting—The provisions of the Constitution of the United States, which
have direct, reference to lire function of legislation may be divided into three'
primary classes ; First, those which confer lesislative powers on Congress;
second, tin se which prohibit the exercise ot legislative powers by Congress;
third, those which prohibit the States from exercising certain legislative powers.
The pow rs coufrred on Congress maybe subdivided into the positive and
auxiliary, or, as they are m re usually called, the express and implied power.
As instances of the fora er cla^s, may be mentioned the power to borrow money,
raise and support armies, and to coin money, and regulate thj value thereof.
The implied or auxiliary powers of legislation are founded largely on that gene­
ral prov sion which c'oses the enumeration of powers granted in express terms
by the declaration that Congress shall also have power to make all laws which
shall be necessaiy and ptoper for carrying into execution the foregoing powers,
aid all other powers vested by this Constitution in the Government of the
United States, or in any department or officer thereof. The question which this
Court is called upon to consider is, whether the authority to make the notes of
the Uniteu States a lawful tender in payment of debts, is to be found in Congress,
under either of these classes of legislative power. A s one of the elements of
this questi n, and in ord r to negative any idea that the exercise of such a power
would he an invasion of the rights reserv d to the St ites, it may be as well to
siy at the outset that this is among the subjects or legislation forbidden to the
S- it. s bv 1h» C mstitution. Among the unequivocal utterances of that instru­
ment on tl is su ject of lawful tender is that which declares that no State shall
coin mom y. emit bills of credit, or make anything but gold and silver a tender in
payment of debts, thus removing the whole matter from the dominion of State
legislation. N o such proh bition is placed upon the power of Congress over
this sabjjct, though there are, as we have already said, matters expressly forbid­
den to Congress; but neither this of legal tender, nor the power to emit bills of
credit, or to impair the or ligaiion of Congress is among them, and though it
mu-t e obv'ous that in pro .ibiting this legal-tender power to the States, the
attention ot the Convention must have been directed to the propriety of a
limitation of the power of Congress. On the contrary, Co: gress is expressly
authorized to coin money and to regulate the value thereof, and of foreign coin,
nnd to punish the counterfeiting of such coin, and of the securities of the United
States. It has been strongly argued by mat y able jurists that these latter
clans s, fairly construed, conler the power to make the securities of the United
Sta!es a law ul tender in payment of debts While I am cot able to see in
them, standing alone, a sufficient warrant for the exercise of this poAer, they are
not without decided weight when we come to consider th ■ question of the exis­
tence ot the power as one necessary and proper lor carrying in o execition
other admitted powers of the Government; fur they show that so tar as the
framers of the Constitutio. did go, in granting expnss power over the lawful
money of the country, it was confided to Congress, and not to the States; and
it is no unreasonable inference that if it should be found necessary, in carrying
into effect some of the powers of the Government essential to its succtslul
opera ion, to make its securities perform the payment of debts, such legislation
wcuid be in harmony with the power over money granted ia express terms. It
bemg conceded then, that the power under consideration would not, it exercised
by Congress, be an invasion of any right reserved to the United States, but one
which they are forbidden to employ, and that it is not iD terms either granted or
denied to Gongrtss, can it be sustained as a law necessary and proper, at the




196

LEGAL-TENDER DECISION.

[March,

time it was enacted, for carrying into execution any of these powers that are
expressly g anted either to Congress or to that Government, or any department
thereof ? From the organization of the Government under the present Constitu­
tion, there have been from time to time attempts to limit the powers granted by
that instrument by a narrowband literal rule of construction, and these have been
specially directed to the general clause which we have cited as the chief founda­
tion of the auxiliary powers of the Government. It has been raid that the clause,
so far from authorizing the use of any means which could not have been used
without it, is a restriction upon the powers necessarily implied by an ins'rument
so general in its language. The doctiioe p, that when an act of Congress is
brought to this test of the Constitution, it necessarily must be abso’ute, and its
adoption to the conceded purpose unquestionable. Nowhere has this priue p e
been met with more emphatic denial or more satisfactory refutation than in this
Court. That eminent jurist and statesman, whose rfiieial career of over thirty
years as Chief Justice commenced very soon alter this Constitution was adopteu,
and whose opinions have done as much to fix its meaning as these ot any man
living or dead, has given this particular the clau=e the benefit of his fullust con­
sideration. In the ease of The Uni!ed States vs Fisher (2 Cranch, 358). decided
in 1804, the point in issue was the priority claimed for the United Stabs as a
creditor of a bankrupt over all other creditors. It was argued mainly on the
construction of the statutes, but the power of Congress to pass such a law was
also denied. The Chief Justice said : “ It is claimed under the authority to
make all laws which shall be necessary and proper to carry into execution the
powers vested by the Constitution in the Government, or in any departm nt
thereof.” In construing this clause it would be incorrect, and would produce
endless difficulties, if the opinion sbou'd be maintained that no law was author­
ized which was not indispensably necessary to give effect to a specified power,
when various systems might be adopted for that purpose. It mig t be said, with
respect to each, that it was not necessary, because the end might be attained by
other means Congress must posse ss the choice of means which are, in tact,
conductive to the exercise of the power granted by the Constitution. It was
accotdingly held that under the authority to pay the debts of the Union, it
could pass a law giving p iority for its own debts in case of bankruptcy. But
in the memorable case of McCulloch vs. The State of Maryland, (4 VVhalen,
316,) the most exhaustive discussion of this clau.e is found in the opinion ot the
same eminent expounder o( the Constitution. That case involved, as is well
known, the right of Congress to establish the Bank of the United States and to
authorize it to issue notes for circulation. It was conceded that the right to
authorize it to incorporate or create such a bank bad no specific grant in any
clause of the Constitution, still less the light to authorize it to is ue notes for
circulation as money. But i£ was argued that as a measure necessary to e iable
the Government to collect, transfer and pay out ils revenue, the organizit'on of
a bank with this function was within the power of Gongrtss. Ia speaking of
the tiue meaning of the wotd “ necessary ” in this clause of the Constitution,
he says, “ does it always impart an absolute physical necessity, so sirong, that
one thiog to which another may be termed necessary cannot exist without it ? ”
We think it does not. If reference be had to its use in the common affairs of
the world, or in approved authors, we find that it frequently imparts no mere
than that one thing is convenient or useful or essential to another. To employ
means necessary to on end is generally undeistood as employing any means cal­
culated to produce the end, and not as being confined to those single means
without which the end would be unattainable. The word “ necessary ” admits,
he says, of all degrees of comparison. A thiDg may be necessary, very neces­
sary, absolutely nece sary cr indispensably necessary. This word then, like
other, is used in various tenses, and in its construction the subject, the context,
the intention of the person using them are to b • taken into view. Let this be
done in this case unoer conside. ation. The subj ct is the execution ot those
great powers on which the welfare of a nation essentially depends, i t must^bave




1870]

LEGAL-TENDER DECISION.

197

been the intention of those who gave these powers to insure, as far as human
prudence could insure, their beneficial execution. This could not be done by
confining the choice of means to such narrow limits as not to leave it in the
power of Congress to adopt any which might be appropriate, and which were
conducive to the end. This provhion is made in a Constitution intended to
endure for ages to come, and consequently to be adapted to various crisis ot
human affairs. To have prescribed the means by which the Government shou'd
in all future time execute its powers, would have be n to change entirely the
character ot the instrument and give the properties of a legal co le. It would
have been an unwise attempt to provide by immutable rules for exigencies,
which, if foreseen at ail, must have been but dimly, and which can oe best pro­
vided for as they occur. To have declared that the best means shall not be
use), but those alone without which the power given would be nugatory, would
have been to deprive the Legislature of the capacity to aviil itself of experience
to exercise its reason and to accommodate its legislation to circumstance. I
have cited at unusual length these remarks of Chief Justice Marshall, because,
Ihough made half a century ago, their applicability to the circumstances under
which Congres3 caled to its aid the power of making the securitf s of the Gov­
ernment a lega'-tender, or a means of successfully prosecuting a war which,
without such aid, seemed likely to terminate its existence, and to borrow money
which could in no other manner be borrowed, and to pay the debt of millions
due to its soldiers, which could by no other means be paid, seems to be almost
prophetic. If he had had cleirly be ore his mmd the future history of tnis
country, he could not htve better charactetized a principle which wou'd have
deprived Congress of the capacity to avail itself of experience to exercise its
reason, and to accommodate its legislation to circumstances by the use of the
most appropriate means of supporting the Government in the crisis of its fate.
But it is said that the Gaim under consideration is admonitory, as to the use of
implied powers, and adds nothing to what would have been authorized without.
The idea is not new, and is protably intended for the same which was urg-d ia
in the case of McCulloch vs. the State of Maryland, n.ime'y, that instead of
enlarging the powers conferred on Congress or providing lor a more liberal u e
of ihein, it was designed as a restricti jn upon the auxiliary powers incidental to
every express grant of power in general terms. I hive already cited so fully
from that case that I can only refer to it to say that this proposition it there
cleirly state I and refnted. Does there exist, then, any power in Congre-s or in
the Guvi rnment by express grant, to the execut oa of which this legal-tender
act was necessary and proper in the sense here defintd and under the circum­
stances of its passage? The power to declare war, to suppress insurrection, 'o
raise and s ipport aimies, to provide and maintain a navy, to borrow money oa
the credit of the Uuited States, to pay the debts oi the Union aud to provide
lor the common defence and general welfare are, each and all, distinctly aud
specifically granted in separate clauses i f ihe Gonsti ution. We Were in the
midst ot a war wliirh call d all these powers into exercise, and taxed them
severely , a war, which if we were to tate m:o account the increased capacity
for dfotruc ion introduced by modern science, and the corresponding increase of
its cost, brought imo operation powers of belligereuey rnoie potent and more
expensive than any that the world lias ever known. A ll the ordinary means of
tendering efficient the several powers of Gongre s above mentioned had been
emplojed to ih ir utmost capacity, an l with the spirit of the rebellion unbiok u
with ia ge armies iu the field unpaid, with a current expeudituie of ri2,OOU,UOO
ptr <iay, the ere it ot the Government nearly exhausted aud the resources of
taxation inadequate to pay evtn the interest ou the public dent, Congress was
caled on to devise some new means ol borrowing money on the creuil of the
nation ; for the result ot the war was ecnced d by all thoughtful men to depeud
on the capacity of the Government to raise money iu amounts previous.y
unknown. Tl.e banks had already loaned their means to the Treasury ; they
hail beeu compel!'d lotuspeud the payment of specie ou tneir own notes. The




198

LEGAL TENDER DECISION.

[March,,

coin in llie country, if it could all have been placed within the control of the
Secretary of the Treasury would not have made a circulation sufficient to answer
army purchases and army payments, to say nothing of the ordinary business of
the country. A general collapse of credit, of payments and of business seemed
inevitable, in which faith in the ability of the (government would have been
destroyed, the rebellion would ha e triumphed, (he States wou'd have been left
divided and the people impoverished. The National Government would have
perislifd and with it the Constitution which we are called upon to con true with
such nice and critical accuracy. That the legal-tender act prevented these
disastrous results, and that the legal-tender clause was necessary to prevent them
I entertain no doubt. It furnished instan ly a means of paying the soldiers in
the held, and filled the coffers of the Commissary and Q lartermaster. It furnished a medium for the payment of private as well as public debts, at a time when
gold was being rapidly withdrawn from circulation, ahd the bank currency was
becoming worthless; it 'urnished the means to the capitalist of buying the
bonds of the Government; it stimulated trade revived the drooping energies <f
ti e country, and r<stored confidence to the public mind. 'I he results which
followed the adoption of this measure are beyond dispute. No other adequa e
cause has ever been assigned for the revival of Government credit, the
renewed activiy of trade, and the facility with which the Govern­
ment borrowed in two or three years at reasonable rates of interest, mainly
from i ’s own cit zen’, double the amount of money there was in the country,
including coin, bank n tes and the notes issued under the legal tender acts It
is now said, however, as the calm retrospect ot tho e events, that Treasury notes
suitable for circulation as money, bearing on their face the pledge of the United
S ’ates for their ultimate [ ayment in coin, would, if m t equally effluent, hive
en-'wpred the r qni ement of ihe occasion without, b-ing mrde a Ieml tender for
debts. But what was needed was something more than the credit of the Gov­
ernment. That had stretched to its utmost tension, and was clearly no longer
sufficient in the simple form of borrowing money. Is there any reason to believe
that the mere change in the form of the security given, would have revived this
sinking credit ? On the contrary, all experience shows that a currency not
redeemable promptly, in coin, but dependent on tbe credit of a promissor whose
resources were rapidly diminishing, while his liabilities were increasing, soon
sinks to tbe dead level of worthless paper. As no man would have been com­
pelled to take it in payment of debts, as it bore no interest, as its period of
redemption would have been remote and uncertain. This must have been the
inevitable fate of any extensive issue of such notes. But when by law they
were made to discharge the functions of paying debts, tliey had a perpetual
credit or value equal to the amount of all the debts, public or private, in the
country. If they were never redeemed (as they never have been) tliey still paid
debts at tlieir par value, and for this purpose were then, and have always been,
eagerly sought by tbe people. To say tlien that this equality of legal tender
was not necessary to their usefulness, seems to me unsupported by any sound
view of tbe situation. Nor can any just inference of that proposition arise from
a comparison of tbe legal-tender notes with the bonds issued by tbe Govern­
ment about the same time. These bonds had a fixed period for their payment,
and the Secretary of the Treasury declared that they were payable in gold.
They bore interest which was payable semi-annually in gold by express
terms on their face, and tbe Customs duties, which, by law, could be paid
in nothing but gold, were sacredly pledged to tbe payment of this interest.
They can afford no means of determining what would have been tbe fate of the
Treasury notes designed to circulate as money, hut which bore no fixed time of
redemption, and by law could pay no debts, and had no fund pledged for redemtion. The legal-tender clanses of the statutes under consideration were placed
emphatically by those who enacted them upon their necessity to the further
borrowing of money, and maintaining the army and navy. It was done reluc­
tantly, and with hesitation, and only after the necessity had been demonstrated
and had become imperative. Our statesmen had been trained in schools which
looked upon such legislation with something more than distrust. The debates
of the two Houses of Congress show that on this necessity alone could this




1870]

LEGAL-TENDER DECISION.

199

clause of tlie bill liave been carried, and they also prove, as I think, very clearly
the existence of that necessi ty. The history of that gloomy time is not to be
readily forgoiten by the lover of his country, and will forever remain the full,
clear and ample vindication of the exercise of this power by Congress, as its
results have demonstrated the sagacity of those who originated and carried
through the measure. Certainly it seems to the best judgmentthat lean bring
to bear upon the subject, that this law w-as a necessity in the most stringent
sense in which that word can be used. But if we adopt the construction of
Chief J ustice Marshall, and a full Court over which he presided, a construction
which has never to this day been overruled or questioned in this Court, how
can we avoid this conclusion ? Can it be said that this provision did not con­
duce towards the purpose of borrowing money, of paying debts, of raising armies,
of suppressing insurrection? Or, tiiat it was not calculated to effect these
objects ? Or, that it was not useful and essential to that end ? It can be said
that this was not among the choice means, if not the only means, which was left
to Congress to carry on this war for national existence. Let us compare the
present with other cases decided in this Court. If we can say indirectly that to
declare, as in the case of the United States vs. Fisher, that the debt which a
bankrupt owes the (government shall have priority of payment over all other
debts, is a necessary and proper law to enable the Government to pay its own
debts, how can we say that the legal-tender clause was not necessary and proper
to enable the Government to borrow money to carry on the war. The creation
of the United States Bank, and especially the power granted to it to issue notes
tor circulation as money, was strenuously resisted as without constitutional
authority ; but this Court held that a bank of issue was necessary, in the sense
of that word as used in the Constitution, to enable the Government to collect,
to transfer and to pay out its revenues. It was never claimed that the Govern­
ment could find no other means to do this. It could not then be denied, nor
has it ever been, that other means more clearly within the competency of Con­
gress existed, nor that a bank of deposit might possibly- have answered without
a circulation. But because that was the most fitting, useful and efficient mode
of doing what Congress w-as authorized to do, it was held to be necessary by this
Court. The necessity in the case is much less apparent to me than in the adop­
tion of the legal-tender clause. In the Vpazie Bank vs. Fenno, decided at the
present term, this Court held, after full consideration, that it was the privilege
of Congress to furnish to the country the currency to be used by it in the trans­
action of business, whether this was done by means of coin, or the notes of the
United States, or of banks created by Congress, and that as a means of making
this power of Congress efficient that body- could make this currency exclusive bv
taxing out of existence any currency authorized by the State. It w-as said that
having, in the exercise of undoubted constitutional power, undertaken to provide
a currency for the whole country, it cannot be questioned that Congress may
constitutionally secure the benefit of it to the people by appropriate means.
Which is the more appropriate and effectual means of making the currency
established by Congress useful, acceptable, perfect ? The taxing all other cur­
rency out of existence, or given to that furnished by- the Government the quality
of lawful tender for debts ? The latter is a means directly conductive to the end
to be obtained, a moans which attains the ends more promptly- and more
perfectly than other means can do. The former is a remote and uncertain
meaus in its effect, and is liable to the serious objection that it interferes with
State legislation. If Congress can, however, under its implied power, protect
and foster this currency by such means, destructive taxation on State bank
circulation, it seems strange, indeed, if it cannot adopt the more appropriate and
the effectual means of declaring these notes of its own issue, for the redemption
of which its faith is pledged, a lawful tender in payment of debts. But it
is sa'd that the law is in conflict with the spirit, if not the letter of several
provisions of the Constitution. Undoubtedly it is a law impairing the
obligation of contracts made before its passage ; but while the
Constitution forbids the States to pass such laws, it does not forbid Congress.
On the contrary, Congress is expressly authorized to establish a uniform system
of bankruptcy, the essence of which is to discharge debtors from the obligation
of their contracts. And in pursuance of that power, Congress has three times
passed such a law, which in every instance operated on contracts made before




200

LEGAL-TENDER DECISION.

[March,

it was passed. Such a law is now in force, yet its constitutionality has never
been questioned. How it can be in accordance with the spirit of the Constitu­
tion to destroy directly the creditor’s contract for the sake of the individual
debtor, hut contrary to its spirit to atfect remotely its value for the safety of the
nation, it is difficult to perceive. So it is said that the provisions of that private
property shall not be taken for public use without just compensation, and that
no person shall be deprived of life, liberty or property without due course of
law, are opposed to the acts under consideration. The argument is too fine for
my perception by which the indirect effect of a great public measure, in depre­
ciating the value of lands stocks, bonds and other contracts, renders such a law
invalid, as taking private property for public use, or as depriving the owner of
it without d e course of law. A declaration of war with a maritime power
would thus be unconstitutional, because the value of every ship abroad is less­
ened twenty-five or thirty per cent, and those at home almost as much. The
abolition of the tariff on iron or sugar would in like manner destroy the furnaces
and sink the capital employed in the manufacture of those articles. Yet no
statesman, however warm an advocate of high tariffs, has claimed that to abol­
ish such duties would be unconstitutional, as taking private property. If the
principle be sound, every successive issue of Government bonds during the war
was void, because by increasing the public debt it made those already in private
hands less valuable. This whole argument of the injustice of the law, an
injustice which, if it ever existed, w ill be repeated by now holding it void, and
of its opposition to the spirit of the Constitution, is too abstract and intangible
for application to courts of justice, and is, above all, dangerous as a ground on
which to declare the legislation of Congress void by a decision of a court. It
would authorize this court to enforce theoretical views of the genius of our
government, or vague notions of the spirit of the Constitution and of abstract
justice, by declaring void laws which did not square with them. It substitutes
our ideas of policy for judicial construction on undefined code of ethics for the
Constitution, and a court of justice for the National Legislature. Upon the
enactment of these legal-tender laws, they were received with almost universal
acquiescence, as valid payments were made in the legal-tender notes for debts
in existence when the law was passed to the amount of thousands of millions of
dollars, though gold was the only lawful tender when the debts were contracted.
An equal if not larger amount is now due under contracts made since their
passage, under the belief that these legal-tenders would be valid payment. The
two houses of Congress, the President who signed the bill, and fifteen State
Courts of last resort, being all but one that have passed upon the question, have
expressed their belief in the constitutionality of these laws. W ith all this great
weight of authority, this strong concurrence of opinion among those who have
piassed upon the question before we have been called to decide it, whose duty it
was, as much as it is ours, to pass upon it, in the light of the Constitution, are
we to reverse their action, to disturb contracts, to declare the law void because
the necessity for its enactment does not appear so strong to us as it did to Con­
gress, or so clear as it was to other Cour s ? Such is not my idea of the relative
functions of the legislative and judicial departments of the government. Where
there is a choice of means, the selection is with Congress, not the Court. If the
act to be considered is in any sense essential to the execution of an acknowledged
power, the degree of that necessity is for the legislature, and not for the Court,
to determine. In the case in Wheaton, from which I have already quoted so
fully, the Court says, that where the law is not prohibited, and is really
calculated to effect any of the objeets entrusted to the government, to undertake
here to inquire into the degree of its necessity would be to pass the line which
circumscribes the judicial department, and to tread on legislative ground. This
Court disclaims all pretensions to such a power. This sound exposition of the
duties of the Court in this class of cases relieves me from any embarrassment or
hesitation in the case before me. If I had entertained doubts of the constitu­
tionality of the law I must have held the law valid until those doubts became
convictions, but as I have a very decided opinion upon that Congress acted
within the scope of its authority, I must hold the law to be constitutional, and
dissent from the opinion of the Court.
I am authorized to say that Mr. Justice Swayne and Mr. Justice Davis concur
in this opinion.




1870]

COMMERCE OF THE UNITED STATES.

COMMERCE OF THE UNITED STATES FOR THE FISCAL YEARS ENDING
JUNE 30, 1863, AND JUNE SO, 1860.
From the Report o f the D eputy Special Commissioner o f the Revenue, in
charge o f the Bureau o f Statistics, Treasury Department.
A SUMMARY STATEMENT

OF

FO REIGN

COMMODITIES

IMPORTED

INTO

TIIE

UNITED STATES.
C om m odities.
FREE

O F

/----- Qnantit'es.------ *
June 30,
June 30,
1809.
1808.

DUTY

Articles in a crude state used in dyeing and
t lin ing....................................... .........................
Barill i and kelp................................... . .. lbs.
BoPing cloths..........................................................
Cochineal .............................
lbs.
Cotton, t a w ..................................................... lbs,
cwt.
Dyewood-, n s t ic k s ................
Gold and silver: ....
Gold bullion.......................................................
Silv r bullion...................................................Gold c o i n . ................... — .............. ...............
Sil ei co in ............................................................
Guano, except f ora ' merican isla n d s.. tons.
Gypsum, or plas:er o f Pans, nndergrM. .tons.
Horsehair, used lor weaving, cleaned or u ic earn'd, drawn or undrawn ................... lbs.
Hous h Id and per ona etle't* and w* ari g
appar< 1, old and in use, o f person; arriving
lo r n foreign countries.....................................
In d ig o ................................................................ lbs.
Macder:
Ground or prepared---...............................lbs.
B oot ..............................................................lbs.
Bag8 o f cotton or linen for toe mam.f c:ure
of paper...........................................................lbs.
S lk, raw, or as reeled from the cocoon., .lbs.
Ter a j tpo»i a ar d g tm uier..................... lbs.
Wood, an cabinet, unmanufactured.................
All other articles.................................. ................

143,179
1,082,963

1,137,256

$171 950
12,956
177,040
86 414
259 059
1,092,608

13,329
149,359

44,634
95,322

890,930
70,142
3,311,638
5,352,066
20I.34S
142,624

1.734,536
90/10
6,952,907
5,360,515
1,2 9,159
33,747

5,237,222

3,052,628

1,052,441

579,032

1,565,629

870,164

931,473
1,640,950

912,621
775,751

29,537,047
317,090

14,381,618
402,192

S,507,63S
45,6-0

1,120,8- 6
40,659

75,555,45971 ,173
13,000,177

48,600,500
512,419

2,700.619
3,3 2,733
332,780
631,213
4,0(7,995

1 9C0,349
2,520,404

41,170,1,2

29,379,149

.... .

3,563,603

2,290,679

2,316,978

1,822,498

19,4*2
822 111
295,610

63,675
252.168
243,959

4,957 370
398,633
83,053
191
437,5*52
52,921,200
199,542
224
1,362,112
92,' 61
138,352

3,753,966
45,346
43,143
115
709.953
47,197,801
227,<">U6
222
1,612.572
77,309
194,905

5,616,194
2 ’,'40
69,911
593
276 257
1,326 113
159,8-6
773
1,719.382
455,368
76,134

3,101,111
6,129
30,454
442
3 5,225
1,353,637
236,476
1,035
2,’“'27,559
542,260
120,853

..........

401,801

233.805

591/S3
4,784,‘ 27
33,823,785

1.232.158
2,409.082
23,9*7,753

1.603,913
l,619.7f0
66,789
36 491
812,069

1,502,211
1,400,805
124,614
79,-27
641,641

453,568

3J6.128

857.372
(•22, 58
1,213,056

7?5,769
54 ,036
1,280,824

1,39b,S?3
1,217.045
1,137,221
1,305,940

1,362,523

Total free of duty...........................................
D U T IA B L E .

AniTals, living, o f all k in ds.............. ................
Ar L ies, the g owth, produce, and manufacluio 01 me unue i oiuibs, uiuujjui iuok ..
Argo s, or crude tartar.................................lbs.
B a.-s, - nd manufactures o f................................
Hr adstutfs:
B a rley........................................................ bueh.
Brm-l and buiscuit...............................
lbs.
ludiau corn .............................................b sh.
Ionian m eal............................................. bbis.
o a t s ............................................................ bu -h.
R ice................................................................. 1 s.
Bye
.......................................................bu h.
Bye flour......................................................bbis.
\ \ h ar......................................................... bush.
W heat flo u r............................................... bbis.
Potatoes...................................................... bu h.
JCacaroni, v e m icell', end a 1 <thrr pre ; ra­
tions from breadstuffs u ed ».s f od .........
Books, p mph ets, maps, and engrav.ngs, and
other publications.............................................
Buttons o f all kind-*.............................................
Cordage, ropes, and twines o f all kinds lbs.
Chi' c y, prouud or p epar d. and root lbs.
Chloride of 1 n e o b'e cb ng p wd-.r.. lbs.
Clot in , o c p t w t e n u fr ilc ; ^
Cut h d sew. d togem^r..... ....... ......................
A it cl s o f wear oc specified.......................
Coal, bituminous.........................................tons.




,-------- Values.June 30,
dune 9f,
1869.
186S.
$365,326

691,757

4*5,211
3,05o,7o7

202

,----- Quantities.------ ,
C ocoa................................................................ lbs.
C

[March,

COMMERC3 OF. THE UNITED STATES.

f l f e e .................................................................................. I d s .

C°oTer:................................................ .

Copper ........................
tbs.
Manufactures o f..................................................
Cotton, aud manufactures cf:
Co ton ,raw . .
l s8.
Bleach d and unbleached.............eq yards.
Pri ' ed, p anted, or colored................d o ....
Hositry. shirts, an i drawers........................
Jean*, denim-*, rilli g j. A c ... .sq y rds.
Ma ufactures not s p e c if i-d .........................
Cute h, or c i.te.h u .............
lbs.
Cbem ca s, di u s, and dyes not specified . . .
Et.rih n. st i e. and China w are....................
F an e/ goods, invoiced by d z ee s, gross, or
hundreds ............................................................
F is i, iresh and cured, not of American fishFlax, and ma ufactures of:*1
......... to n s.
Flax, r iw ...................
By y a rd ... ...............
•sq yards.
Other manufactures.
Fruit <f ad kinds................................
Furs and fur s k i j s .. . ............... .....
Glass an G1 iss w ares:
Cylinder, crown, or common wine o w ..lb s .
i yl nder aud cr >wn, po ish ed ... ■tq. f .e t .
Flu e i, rolled, or rough plate
. . d o . ..
Cast polisher! p at \ not silvered. .. . d o . . .
Manufacture^ not specn
Gum s.....................................

J u re a ),
1SG9
S. 8 «,7lil.

254,042,933
123,c53

Jut e SO,
lfcOS.
4,9 24,770
199,538
280.136

---------Valu s -------- *
June 30,
J lie 30,
I f'(59.

1*568.

HO. 791
24,0 0,813

543,402
25,ec:8,45l

468,518

410,669
3 ,534
37,338

6S.4J7

65,444
383.043
20,099,0.7
21,489,2.0

496.532
19,7 1.331)
1(5,394 932

5,917^459

6,182,72i

2,270,977

1,730,551

81/63
8,* 33,033
2 960,1.36
4,003,650
991 0)1
8,9.11,975

112,51H)

7,834,0 9
4,373,954

91,1116
9,793.301
2, 83,423
855,374
11,213,173
103.163
4,5 ,543
4,"07,211

3,038,107

2,815,153

1,972,690

1/81,581

1,933

1,676

669,411
13,990 312
2.54 .',514
7,95 ,6uS
3,045,144

613,412
14,956,941
8,041.323
6. 21.373
2.142,048

34,059.334
S5,U91
101,243
1.294/40
2,305,476

29,977,497
309,857
1, --81,152
880,685
1,300,233

8,612,285
14,009

10,083,6 J6
10,935

1,469.8 4
24,384
2 ,173
72 :,2 9
623,851
1,038,120
1,210,195
7,400

1 ,2 ’6.876
105 236
1 >7.318
344,031
3 * 577
8>8,740
1,085,611
. ,951

Hemp and manufactures o f:t p
18,430
Kaw .............................................
20,456
2,813,496
3 /3 9 .3 1 1
Manufactures of, by yards . . .
19l,s73
1,217,271
1,629,435
.5 ,147
Other m in' f ctures o f....................................
823,083
Hides 8nd skins, other than furs.......................
12,407,000 10,311,831
India rubber and gutta-pe cha:
Unmauu actu ed.................................................
2,505,6 6
2,079.348
M u ufa tur s o f.................................................
003,505
90i,039
Iron and stce‘, and manufactures o f :
Pig iron...........................................
lb s. 806,993,709 251,177,920
2,171,369
1,77.8.977
924,509
C astings....................................................... lbs
32,674
81,110
Bar i r o n ............................
lbs. 169,’.75, "ill 132,700,144
8,675,397
2,900,231
1,215,413
B oil'r iron.................................................. lbs.
1,999,583
31.983
73,221
17,971,055 31,750.792
Ba d, hoop an 1 scroll iron..................... lbs.
672.264
itailm ad bars or rails.................................lbs. £3'>,238,090 450,554,500
7,581,005
4 7*1,575
oheet ron
..............................................lbs.
22,155, 03 31,0 >2,08)
651,087
1.187.644
13 1 272
Old and scrap iron.................................. tons.
1, 81,264
65,097
2,531,*32
H a rd w a re..................... .: ..........................
280,889
135,400
Anchors* cables, and chains o f all kinds,
lbs ....................................................................
10,330,917
8,576,999
381,843
314,508
M a ch in ery.......................... ...............................
750,878
(.0 ,820
Mu Kets. pi tol-, rifles and spirting guns.
2U.8S1
291,440
Ste -1 ingots, bars, sheets and wire ..........
1,7' 5,337
3,190, Gi
Cutlery..................................................................
1,24 >,877
1,5 9 \908
F ile*..................................................... ................
578,941
042, 26
bnws and tools
.............................................
121,990
81,734
Manufactures c f iron and steel not speci­
fied.....................................................................
5,296,097
5,692 427
Jewelry, and other m ir ufactures o f gold and
6ilvir ...................................................................
820,727
6:7,212
Jute and other grasses, and c-coa fiber, and _
ma ufactures o f :+
304,098
Paw
...................................................... tons.
17,547
4.054
1,108.524
Manuf cn res of, by yard
............. y >rds.
73,413
285,330
338,432
49,322
o u u n y c o th and t uany bags, and o her
12,580,825 33,S90,489
manuf c ures of, used for o. ggin r ...lb s.
346,985
1.101.457
Other m
1,245,559
1,617,104

•I n ^ u li- g “ brown hollands, burlaps, canvas, coatings, crash, d'^ner, duck, handVercbiefR,
huckabacks, law s, oaridng-*, ana all like m .n u f c ures of which fl ix, jute, ur hemp shall be
the material o' chief value ”
v tE xcep t articles specified in tha note to “ flax ” and manufacturers of.




1 8 /0 ]

Commodities.
Lead, and mannfactur. s of:
>
ba s. and old....................... . . . . . Ibs.
M anuf ,t tu iv s o ’ ................................................
Le th r a n d ;e ther goods:
L 'tttlnr f l. k in d -................................. lba.
G o / s of ki i and cheveril ___d z. pairs.
All other gloves* o f skin or le a th e r ....d j .
A1 otner m .nulaaures o f ............................
Oils :
Wha’c and fish not o f American fisheries,
palls...................................................................
O ive, 8 la d ,.....................................
palls.
O ive, n t salad ....................................galls.
*11 «ill r fix d o ils ................................. ta ils.
Volatile « r e s s e m ill................................. 1 s.
piuin a d tx tia U o f....................................lbs.
Paints:
Wh to and r d lead, and lith a rg e..........lbs.
W hiting a nl ari- wh te . ...................bs.
All <’ther pai ts und janitors’ colors___ .
Paper, and m nuf cturers o f :
P rim in g p p r.......................................... lb s .
v u iv i

203

COMMERCE OF THE 0 NIT ED STATES,

m jc

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

June 0,
18o9.

intities.----- ,
June 30,
1868.

85,136.220

63,202,553

3,502,798
28,031

2,S5\403
78,871

288,429
149,520

395,3' »5
240,174

4,70 V-SI
1,922,243
593,22 1
587,3:9

3,410,419
1, 64,333
727,863
434,3:15

795,97)
] 70,4-8
300,74(5
1,831,351
3 0,0.7
157,181

358,136
121,649
4.- 413
1,099,3 3
172,, 25
218,386

460,335
Zi .762
258 155
6,465
490,40i
1,086,57 i

69,703
227,821
00,043
- 47,559
31 ,049
US4,5Z3

9. 5 ,410
3,317,346

9,425,473
4,015,717

540,813
l-,i 10
711.(02

557,283
17,914
455,324

... . .

96,1 1
25 .353
169,344

199,496
213,027
482,517

476,9.31
314,677
2,041 933
2,0 2 225
1 , 26: ,0il

1 . 001,355

Papier macheand all othei manufirtu e s o f
pap r, and ii.c uding pirchuieut.............
Perfuin ry
............... ........................................
Precious stoces
...............................................
.... .
...
Provi ions and tallow...........................................
• a t ................................................................. lbs. 587,315(133 623.5 1,735
Sal'pe‘r. (n ifa te o f pota h ...................... lbs.
7,337,554
5,173,1-0
Silk, and >< an factur rs of:
Drt ss and p ece goods
............................ .
Manuf ctures not specified.......................... . .
Hosiery
....................................................
So a. anil -rPs of:
Bicarbo a te .........................................
lbs.
IS,836,319 19,?21,8S3
Ca bonate, -ncluling sal soda and soda
a s h ............................................................ Pis. 148,493,695 l ’8,f83,iri
C w sticso d a
lbs.
14,317,458 1:4,141,603
Nitrate, acelare, sulphate, phosphate, and
all other s Its (if soda ........................lbs.
32,806,730 16,193,029
Spice- of al kind.-, including ginger, pepuer
and m ist r d ......................................... .lbs.
7,612,199
19,982,775
Sng4r<* and m olasses:
B r o w n ...............
lbs. 129,355,443 1,1-5,020 619
14 , 86
R fi » e d ............................................
Ibs.
1.208,9-0
53,175 978 56,408.435
Motasscs ............................... . . ..............gall 8.
Mela o and syrup f sngir cane...........lbs.
5,047,7 7
17,285,301
Carnl, >>nd con feet ion try ................... ibs.
51 93 8
71,' 20
13 59 1
23,194
6a phur or b.im sione. crude or refined.to s.
43,765,004 37,643,612
T ea .................................................................... lbs.
Tin, and mannfactur s of:
86,6°5
In b r-, blocks or p ig s............................ cw t.
77,612
1,2.,8 , (-88
In plates .....................................................cw t.
1,613,459
Ma uf.ictmes o f ...............................................
Tobacco, and manufactures of:
4.3-2,029
Leaf ............................................................lbs.
5,873/91
321.781
429,419
Cig r< ......................................... .
. . . . lbs.
19,821
S n u ff............................................................ lbs.
16,770
Other minufactu-e* .....................................
W atches,; nd watch movements and mate­
rials
.......................................................
W ine-, spirit* and co'dia’s :
1 141,947
1,763,683
Spirits and cordials in casks ....p f .g a ’ls.
18,3)4
31.318
Spir ts and cordials ia bo,t es............. d'»z.
6,582,235
5,154.684
vvinemcMSKs........................ , . . . g l s .
224,675
Wine !n botile . .. ................................dnz.
330,167
Wood, and mannf-ctures cif (except
w otd. nd k pr dace « f f -re- s” • f Mail <*?.
Wool, sh epv ; goa s’ and c.imeis’ hair, and
manufuciii es of:
39,007,975 21,124,803
Raw .nd fl*ece
. . . . . .....................’bs.
i loths a d cassimer s
.............................
W« olen rags, sboi dy, mango, v aste a- d
flocks . .................................... ........... lbs.
832,282
606,040
Mi *wI s ........................................ .......................
B a k e ts...............................................................
C a ip e.s.....................................................yards.
3,80:),S09
2,706,190




,-------- V a ’nee.-------- June 30,
J une 30,
1569.
1868.

x b i^ O J

10,916.915
ll,872.s’8
44,921

2S9,!58
305,373
1,713,4:5
1,383,087
159,043
7,887,697
10,099,764

630,597

591,223

2/52,145
453,679

2,440,019
490,224

676,760

279,259

1,538,762

626,381

59,7 f. 598
93.i S 1
11,990,765
585,60')
12,343
691 251
13,690,3*6

4\2S7,&'3
11,1*3
12,100, 32
lbl,938
15.475
352,062
11,1.1,560

1/39,741
8,730,332
44,496

1.632,194
6,913,683
75,066

1,979,515
1,830,647

1,201,377

6 . 1 '3

8 '7 ,4 1 0
6,<‘40

42,348

14,187

2,44°,O' 9

1,7 7 7 /3 5

1,416.452
91.319
2,464,482
2,23 ,073

1,016,484
00,271
2,044,938
1,515,616

8,252,304

7,511,709

5,597.641
7.003,699

3,792,656
6,956,449

68/03

47.125
1,559 999
28,190
2,706,199

1 ,8 1 6 .2 3 9

14/06
4,136,999

204

\March,

COMMERCE OF THE UNITED STATES,

,

Commodities.

Dress soods ..........................................ya-ds.
Hosiery, shirts and drawers ........................
M anufa' t res not ppecitied............................
Zinc, spe ter, or teutenegue, and manufac­
tu re' o f :
In blocks or F tes..................................... p s In sh eets................................ ...................lbs.
All articles not e n u m er a te ..............................
Total dutiable ......................................... .
Total free o f du ty..........................................

,-----Quantities.------ * ,-------- Ya lues.-------- ,
June 30,
June 30,
June 30,
Jone 30,
1S69.
1S68.
1*69.
1868.
C4,-277,003 65,3*9,889 16,051,203 15,196,233
475,155
5,902,591
6,054.579
13,751,159
9,716,11,9

7,033,103
6,032,432
......

. . . .-

635,497
671.075
16,176,648

329,005
270,832
23,4.0,852

£95,847,309 342.243,659
41,179,172 29,379,149

Total im ports............................. .**-.............

437,314,255 871/>24 80®

Entered for consum ption..............................
Entered warehouse..................................

...........

252,101,392 205.589,531
184,925,149 166,035,277

Propo t’on o f total i-rp-rt entries of cornmod ties brought in Am ricau vessels and
vehicles ..............................................................
Prop rlion o f total import entries o f rommodities brought in foreign vessels and
v e h ic le s ....................................................... .

........ ..

A

SUMMARY STATEMENT

OP

......

_t

COMMODITIES,

133,465,257
800,561,234

THE

GROW TH, PRODUCE, AND

MANUFACTURE OP THE UNITED STATES, EXPORTED PROM THE UNITED
STATES.
,----- Qua: utit;es.------*
June 30,
June 30,
1869.
1808.

Commodities.
Agricultural im plem ents.........
xa im h i m

11

in " , u

u u is. m u a# . . . . . . .

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

Wishes, , o and pearl.................................... lbs.
Breadstuffs:
H aney.....................................
bnsh.
Bread and biscuit....................................... lbs.
Indian c >rn ..................
bush.
Indian m ea l...............................................bbls.
O ats............................................................ bush.
> ic e ................................................................ lbs.
B ye .........................................
bush.
Ity--* flour.................................................. bbls.
W hear........................................................ busn.
Wheat flo u r ......................................
bbls.
P otatoes.................................................... bash.
M ccironi, vermicelli, and all oth r p eparations from bread tuffs use as fo o d ...
Books, pamph ets,m aps a..dengraving*, ai.d
other pub ca ions
......................................
Brooms and brushes o f all kind *.....................
Cordag , rop s and tw ines of all k in d s..rw t
Candles .......................................................... lbs.
Carriages, and parts ot ......................................
Children’s c r iagee, and paits o f....................
Clocks, and p irts o t............................................
Clotning, m i and sewed t o g e th jr ..................
C ool........... .......................... ..................... 'ona.
Coffee, co- o i and sp!ces, including gin er,
peeper and mustard........................................
Copper, and manufictures of:
Copper ore......................................
c ^ t.
Copp r ..........................................................lbs.
Manufactures o f ...............................................

2,998,857

2,491,066

59,077
9,090.409
7,047.132
309,870
482,671
2,223,654
48,751
7,228
17,539,193
2,457,**49
508.147

25,747
8,512,748
11,150,943
335,784
133,696
1,474,500
501.350
1 ',613
15,081,110
2,073,798
308,764

........ .

........ .

94,152
2,535,020

29/03
2,916,789

283,S42

277,068

..........
147,140
1,160,533

74,351
2.576.C56
..........

C otton:
Sea I land..................................................... lb s.
2.735,247
5,8°fi.*83
Upland...........................................................lbs. 680,542,677 777,161,010
ro tto , nv nufact 'e* o f......................................
Drugs and dy s not sp c.fled.




,-------- Va lues.-------- »
dune 90,
June 30,
18bS.
1869.
702,183
1,04 ,474
739,432
879,930
250,076
249,339
46 290
623,333
6,820,664
1,656,273
306,673
145,816
65,207
52.249
24,3 9,638
18,841,415
451,351

25.9S6
619,652
13,068,732
2,064,901
104,821
168.857
836,838
9: ,443
30,341,600
20,801,838
413,025

1S9.254

134,223

381,533
130,752
4-24/0)
433,3 6
897,744
6,0 8
53 '.871
( 8) 508
1,653,115

837,36*
147,495
425,977
533,697
£77,701
4.018
5.7,255
472,64-0
1,513,332

69,072

33,226

240,2'4
231 1S7
121,090

104,533
58 ,453
123,887

2,374,892
3,23«,599
60 2 8.H-0 149.546,211
5,871,912
4.9 9,31C
1,491^13
1,887,128

1870]

205

COMMERCE OF THE UNITED STATES,

^

•------Quantities.------»

Commodities.

Fruits c f all kinds...................................... .......
Furs ar d fur skins...............................................
Glass and glassw are............................................
Uunpowuer.....................................................lbs.
G Id an i silver:
G<)d bullion.......................................................
Silver bullion....................................................
Gold coin............................................................
Silver coin .........................................................
Hides aud skins other than fur........................
Hops ......................... ...................... .. .lbs.
India-rubber a id gutta-percha manufactures
Iron and steel, and manufactures o f :
PU iro n .............................................
cwt.
C a stin g ....................................................... cwt.
B r iron....................................
cwt.
Mai's and sp ik es...................................... lbs.
Railro d bars or rails...............................cw t.
Hardware............................................................
M u-kete, pistols, rides and fportiDg guns.
Machin, ry, oth .r than sew ing m achines..
Ste 1 ingots, bars, sheets and wire; cutle y,
dies, saws and tools............................. _---Mann actures o f iron and steel not specified
Jew e ry, and other manufactures o f gold
and silver............................................................
Lamps................... ...........................- ....................
Leather and leather g o o d s:
Leather o f all kinds...........................................
Boots and shoes.......................................
Boots and shoes, second-hand.............. pair.
............. ..................
Sadd ory and harness
Mauufa.tures of leather not specified.

J une 30,
1809.

J u e 20,
1868.

925,534

991,663

11,259,015

509,290

1,531)
3,416
2,861
4,971,802
4,564

7,331
5,112
3,5S0
6,044,896
139

......

..........

..........
803,506

388,462
4,488

......

583,261
405,525
455,447
44,109
2,992,604
2,733,715
Spir ts turpentine — ............... ...
Raj 851,011
22,7:35
Tar and p.tch............................................ bbls.
Oil cake............................................................lbs.^ 166,667,224 100,266,536
Coal oils and petroleum :

62f,973
954,529
12,948 912
63,4^0,494
2,673,094

Petroleum, refined............................
Whale and fish o ils : ^
Spermaceti oil ..................................
Whale and 1 sh_oD............... ............
Provisions and ta llo w :

........lbs.

Hams and bacon................................ ........lbs.

From m la sse s............. .................
From other materials.....................




galls.

13.584,407
13,523,427
14,858,369
8*9,763
292 391
1,627,248
170,527

23.984,021
12,865,147
44,-58.037
2,508,356
50’, f”8
258,W
144,1!L

4,112
25 129
13,0-8
2l 0,3t0
18,665
2,039,( 08
1,983,886
2,948,165

14,021
18,815
22,515
371,347
1,301
1,190,(123
2.611,778
2,534,326

419,273
1,079,031

229,944
1,94S,7G6

8t,7S3
167,883

48,868
111,854

896,112
475,053
67,014
86,500

593,465
579,8^2
1,160
97,536
139,522

1,590,019
220,396
1,201,221
189,985
4,493,196

1,815,375
232.131
1,626,528
94,470
2,754,311

387,876
839,511
2,808,2 2
27,289,835
445,770

113,073
210,439
1,342,290
39,775’li 8
267,484

717,172
94,365

663,612
701,257

1,361,388
81,860

1,335,190
600,843

27,296,027
1,316,332
39,960,367

21,831,606
2,126,906
51,058,079

90,111
24,228

182,804
24,272

49,238,725
41,887,545
25,174,139
20,533,628

43,913,632
65,073,795
2Ss('34,637
22,461,963

2,429,977
484,091
6,437,806
65,:-'48
898,825
213,455
217,943
7,481,813
7,443,918
3,407.813
2,302,630
220,567

2,697.597
582,025
7,010,188
76,973
598,941
20LS10
124,614
6, 473,445
9,417,958
3,263JSS
2,529,947
189,058

2,885,768
622,252
85,896
7,094,627

£8*9,803
188,038
2,051,681
511,952

$1,185,554
286,441
1,147,433
629,633

001.866
1,212,568
1,020, *41
2,301,056

86.636
638 495
70,917
161,020

3 32,395
521,183
577,739
199,634

2,15?,499
4t 6.490
72,919
5,791,216
Spirits d is 'ile d : ®

837,044
617.379
8,459,767
67,5IS 570
1,513,498

-------- Ya ues.—
June 80,
June 30,
1S69.
1868.
309.289
255,6^0
2,024,076
1,151,060
551,412
5S0,547
236,651
163,001

46,914
1,065,011
6 ,263
1 86 ,018

206

[March,

COMMERCE OF THE UNITED STATES,

Commodities.
Sogers and m olasses:
B row n............................................................Iba.
Refined.......................................................... lbs.

/----- Quantities.------,
June :.0,
June 30,
1869.
1668.
14,357
3,148.766
268.820
19,760

1,776
471.911
133,392
5,430

1,427
315,926
22,691
10,194

181,520,451 199,133,361 20,550,4SO
' 439
1,914
15,519
20,652
2,758,698

22,948,146
71,428
8,650
3,042,238

Molasses........................................ galls.
Candy aLd confectionery........................ lbs.

Tobacco:
L e a f ..............
lb s.
iig a r s ..............................................................M .
Pnuff.......................
lbs.
Other manufactures............. ............................
V essels sold to Foreigners:
S-earner , horse pow er..........................ton s.
Sailing v essels............ ............................. tons.
V halebone.......................................................lbs.
"Wood, and manufactures of
Boards, clapboards, deals, planks, joists,
and scantling............................ .*At leet.
Laths, palings, pickets, curtain sticks,
broom handles, and bed sla ts......... M.
Shingles.......................... . ............................ M.
r o x fahooks...................................................... ..
Otner tho »ks. a n i etaves and headings.. . .
All other lumber.............................................. .
Firewood................................................ cords.
Hop, hoop, te'egraph and other p o les........
L g s , m asts, #p.rs, and other w hole
tim ber...............................................................
Timber, sa w el and h ew n.................M feet.
All other tim ber.................................................
Household furniture.........................................
Boxes, coop red wares, and tu r n e r y ........
All other m>nufactur\s o f wood not
sp e c ifie d ........................................................
W ool, raw >nd fleece........................ .........lba.
V ool. manufactures o f........................................
All other unmanufaciured articles.................
All other manufactu ed articles.......................

13.541
2,158,164
42,764
30,062

,-------- Values.June 30,
June 30.
1869.
1868.

38
1,113
405,396

2,165
1,623
708,588

9,700
37,319
384,435

198,S00
139,694
687,503

132,767

118,164

2,788,057

2,564,860

6,071
87,118

5,177
32,747

9,776

4,532
-------.

25,477
120,937
558,503
5,781,‘2S9
1,038,221
23,347
341,087

11.835
140,223
692,0S0
5,793,5S3
1,316,649
12,675
691,740

47,565

48,157
.. . •

822.310
875,394
316,311
1,203,511
288,722

266,265
908,898
119,488
1,154 345
280,308

444,837

546,533

1,4 9,754
i£3,2>3
160,018
2,671,605
5,543,348

1,0 8 ?35
182,137
20 1,404
2,847,260
8,571,685

___
.......

Sh'pped in American v e s s e ls ...................
Shipp d in foreign v e sse ls......................

.............. * ................. 236,893,580
...................................... 276,975,602
413,961,115 454 301,713

Total dom estic exports.
Total d u tia b le....
'total free o f duty,

30.437,202 11,486,431
{14,692,965 10,70 K07

Total re-exports

25,173,414 22,195,488

From w a r e h o u se ....,
N ot irom warehouse,

9,729,066 10,825,626
15,401,101 11,369,812

Proportion shipped in American v e sse ls..
Proportion shipped iu foreign v essels........

....................................... 35,299,631
....................................... 9,830,536

M O N TH LY SU M M A R IES C O R R E C T E D TO AUGUST

Dec ared Value of Monthly

im p o r t

10, 1869.

Entries into the United Slates.

,--------------- Merchandise.K on’hs.
1867.

Jnly................

A ugust...............
Sep: ember.........

October .........
N ovem ber... .
Dectmb r..........




Free.

Duitabie.

Total.

$1,246,120
1,890,304
1,473,750
1,389,*23
3,463,327
1,226,478

$32,150,461
32,146.233
29,466 807
2e,05*,983
24,155,993
19,370,976

$33,396,596
33,536,537
30,9 U;,557
29,448,813
25,619,320
£0,597.454

Gold and Silver. Aggregate.
$1,208,493
7,179,831
1.199,606
1,862,190
329,2(13
984,925

$31,605,079
34,716.863
32 140,163
30,711,003
25,943,523
21,582,379

1870]

207

COMMERCE OF THE UNITED STATES.

18C8.
,1-inuirv ..............................
F ebru r y ..............................
js a rc h ................................. .
/ p r i i ..........- .........................
M .y ............................... .
J u u b ......................................

20,374,657
26,914,091
35,7S4,3 5
31,559 750
32,6.^3,29 1
£0,939,712

1,0%.97S
1,07 5.31 2
1,249,206
1,3-7,431
1,463,-03
1,636,252

♦Addiiion and dcduct-ons
by i qu d .tio n s .............

V82,754
801,616
2,175..* 84
1,453 563
871,593
1,453,5)1

2*, 254,357
£8,79,019
£9,209 1.5
£L.‘J.jO,744
35,023,11H
34,079,553

£59,706,5-0

1.3,702,928

373.409,443
+1,784,610

16,101,219

313,603,301

+910,433

t l , 359,613

+3,370,OSD

J 185,440

342,245,659

357,435,410

U,133,3C3

371,024,SOS

$33,585,761
ol.86S,712
83,298,519
29,319/32
25,973,135
19,674,081

*35,332,154
33,218,621
33,03-,o;o
31 2 9, *36
27 795.386
£1,116,5J4

$467,762
1.3*1,116
1 4.-8,705
1,038,809
1,107.664
83 .',64 i

$35 819,910
84.5 9,197
34,526,775
3 , 97,515
28,904,550
21,990,176

279^8,85=5
30 892,473
44,854,045
45,405,527
39,015,495
33,944,103

29,610 712
32.533,0 '5
47,223, 92
4 ,099.753
41,007,523
37,983,564

?01,S92
2,537,041
2,958,123
6,142,491
731,702
1,438,061

30,112/34
35,170,726
50,211,720
52,242,244
41,742,-30
39,4*7,223

895,847,369

417,371,765

19,654,776

437,314,255

T otal ........................ 15,190,131
1863.
July........................................ $1,199,893
1.349,9 t9
A ugu t ..................................
1,789,554
Sei-tem c r ............................
1,90). 6.4
O c to b e r ...............................
1,8a.',701
N ovember ...........................
1,412,^70
December ............................
1S69.
J a n u r v .................................
l,6'!t,8S6
1,093,6:2
February................................
M arch...................................... 2,36,1,547
1.694,226
A pril.......................................
Way......................................... 1,9 *2,013
J u n e ....................................... 2.044,461
T otal ..........................

*i,47l,6",3
£7,98 »,43 5
37, 3 .541
3v,897,l8l
34,151,501
31 625,904

21,524,396

Declared Value c f Monthly

domestic expo rts

from the United States.

r - ——•Merchamdise.------- v

A tlantic ports,
currency va.ue.

Months.
1867.
July .....................
Augaet
...........
September...........
October. ............
November .........
December..........
1868.
Janu ary.............
February.............
March...................

April................
*'»y..................
J u n e ....................
T

, .
..

$95,90S,552
20,301,143

. ..

83,934,723

...
, .

34,038,413
36,664,1.0

. ..

35,290,792

o t a l .......... ' . .

18CS.

July................

August - .............
S-ptember..........
October...............
N ovem ber..........
December........... .
1SG9.
January .............
Febru iry.............
March..................
April .................
Way......................
Jun e.....................

..

26,373, 39

..
...
.,

29,190,843
34,470,514
28,393,563

. .
. .

35,213,360
81,326,330

T otal .

/— Specie and ]Bullion — ,
Lac fie
j acific
pO"t.s,
A tlantic p o rts,
p o rts,
g.»li
go.d
gold value.
Value.
Value.
$861,490 $13 417,566
$1,90!,037
1,25),164
1,617,827
1,723,917
1,884 587
1,779,983
1,688,351
1,51-,548
1,652,177
1,104,508
1,019,297
296,764
1.764,503
1,222,433
1,604,541
7,350,519

T otal as reported in cflicial re tu rn s.
u m ed \ a ues
$42,090,335
21,897,081
2!,066,873
30,42\722
37,440,791
44,112,215

1,681,155
1,-4,2,954
901,7*6
7-.6,4 29
637,210
693,249

6,9 3,243
3,877,655
8,323,696
4,bS ’,094
15 610.365
11,312,403

384,519
127,‘.-77
891,6 4
307,127
121,958
499,294

43,007,335
41 932,706
44/02,124
41,2:4.44*
48,608,645
3.',403.473-

14,103,534

73,462,297

10,283,864

454,301,713

676,112
1,407,873
1,686,631
962,789
1,2-5,424
1,233,893

10,129,367
3,989,6:0
1,694,903
1,074,458
1,105,544
1,£92,716

275,S92
657,711
983,916
9 <1,992
706,265
1,098,512

29,107/55
26,049,267
2 <,587 25g
29 392.77837,7-4,411
41,288,983

1,401,254
1,099,490
875,861
681, *12
917,766
782,393

3,135,076
1,174,614
629,43*
271,563
1.183 620
1,234,853

1,-60,615
2,053,417
1,195,338
1,123,279
1,874,275
2,948,333

35.287,"7^3
38,7n8,U6.5
31,594,197
42,607,344
£9,189,021
36,792,4 0

12,911,298

26,915,361

15,430,605

413,961,115

♦ These add t ons and deductions are rendered necessary by the fact th a t the Im ports f r the
year end*-d J u n e SO, 1 8 6 8 , in th is table, are given by m onths, the to al to - th ■ y e a r l i n g
neeessatiiy th e sum of th ;t\v Ive 'm o u n ts. T h e m onthly report.-* for the fiscal y a r l8n7-’63
were m id e b tf »re th e liquidation o f entries bad ta k e n place ; and th e am oants are therefore
generally in execs? o f those given in th e Q uarterly R eturns, rendeie 1 alier 1 quid tion, from
which the Annual S tatem en t is made up. j bis excess or deficie cy it is i.o to f course pos*:i b e
to d istr b u t i am o g th e several m onths. rJ he flhures $371,624,8o8 pive the true am u m o f
Im ports u ring the year. U nder the p resen t sy stem c f retu rn s no tu c h diserei a u u e» requ^w
to he accounted fo r.
tD e c u c ion.
£ Addition,




208

[March,

STATE FINANCES,

Value of Monthly r e -ex po r ts , from warehouse and otherwise, out of the United States.
M erchandise.—
N o t firm
w arehouse.

T otal.

$632,932
958,213
1,083,509
948,682
9 2,577
701,001'

$66,515
82,765
0S,fi38
131.318
40,688
126,557

$699,447
1,040,9‘8
1,152,147
1,080,030
953,265
830,564

$1,578,173
516,396
877,668
524,415
4*2,839
755,827

$2,277,610
5,557,374
2,029,815
1,604,445
1,386,104
1,586,391

817,210
£61,056
1,081,343
871,344
1,067,094
1,154,021

93,587
131,597
83.863
191,684
229,260
80,193

940.827
695,653
1,170.211
1,063,023
1,296,344
1,234,817

849,437
425,400
99 ;,327
1,663,661
583 040
S24,434

1,790,274
1,121,033
2,167.038
2,131,689
1,884,334
2,059,251

.

10,825,626

1,331,685

12,157,311

10,038,127

22,195,438

..

$«81,517
683,152
974 644
844,067
701,378
636,41S

$101,601
9s ,5^0
12 ,844
8 .776
30 111
101,i37

$186,178
781,712
1,< 97,488
931,843
740,519
737,855

$854,492
973,973
422,551
626,535
293,288
601,852

$1,640,670
1,755,685
1,520,042
1,658.3 8
1,033.807
1,642,707

.
.
.

696,778
469,01G
827,395
1,141,201
3,081,89*
1,081,548

70,491
42,916
123,573
70,374
131,376
185,533

677.269
511,992
950,973
1,211.575
1,213,268
1,267,LSI

55<U12
1,715,548
2,3 9,175
1,768,862
2,110,684
1,031,339

1,235.381
2,227,540
3,310,143
2,930,437
3,321,952
2,901,420

T otal .......... .......... .

9,729,068

1,178,687

10,907,753

14,222,414

25,173,414

F ro m w are­
house.

M onths,
1867.
J u ly ........................
A u g u st....................
S ep tem b er.............
O ctober ...............
N ovem ber.............
D ecem ber...............
1S68
J a n u a ry ...................
F e b ru a ry ................
.
M arch...............—
A p iil.......................
.
M ay.........................
J u n e . . , . . — ...................... .
T o t a l ..........
1868.
J u ly .................... ..
A u g u st...................
S epiem ber.............
O c to b e r.................
N ovem ber.............
D ecem ber.............
1869.
J a n u a ry .................
F e b ru a .y ...............
M arch.....................
A p ril......................
M ay........................
J u u e .....................

Gold and
Silver.

A ggre­
gate.

STATE FINANCES.
N orth C a ro lina B o nds . —From the annual report of the Treasurer of the State of
No'th Carolina we find that the amount of “ special tax” bonds issued to railroads
is $11,510,000 ; which is much below the amount generally hitherto supposed. The
issues of the several roads are as follows :
W est m R a ilro a d ................. ............................................... .......................................................
W estern North. C aro lin a...............................................................................................................
W ilm ingt n, C harloite, and R u th erfo rd .................................................................................
W iiliam ston and T arb o ro ..............................
A tlantic, Tennessee, and O hio..................................................................................................

$1,320,000
0,640,000
1,500,000
300,600
1,75),000

T otal...................................................................... .................................................................... $11,510,COO

The Atlantic, Tennessee and Ohio issue are not recognized on the board as a
“ good delivery.” The Treasurer states that there are $3,140,000 bonds in the
Treasury not called for by the roads ; but does not eay whether they are “ special
ta x ” or otherwise.
S outh C arolina F in a n c e s . —The State Treasurer o f South Carolina gives notice
that the interest maturing January 1, 1870, on the bonds of that State will be
paid in gold, on demand, at the banking h use of H. H. Kimpton, financial agent of
the State of South Carolina, 9 Nassau street, New York, and at the Treasury office,
Columbia, S. C. The interest on registered stock of the State will be paid in Col­
umbia only. The whole of the State debt is only $6,100,000, and the Senate has
peremptorily refused to consider the granting o f State aid to rai roads.




PROGRESS O F T H E LIV E R P O O L COTTON M A R K ET DURING T E E T E A R S 1868 AND 1869,
-— American---- ,
1869.
P1S68.
160,(00
117,000
131,000
148,000
130,000
164,000
141,000
148,1.00
105,000
186,090
116,000
200,000
125,000
185,000
145,000
186,000
159,000
207,0(0
163,000
220,000
220,000
169,000
160,0(0
230.000
160,000
250,000
152,000
227.000
220.'00
166,000
153,000
145.000
1S2,000
139,000
196,000
141,000
130,000
18 ,000
139,000
184,000
149,000
131,000
140,000
110,000
80,0(0
74,000
72,000
86,000
47,000
79,000
45,000
80,000
35,000
49,000
33.0O0
26,000
31 000
13,000
14,000
28,000
8,000
20,000
7,000
19,000
20,000
7,000
20,000
3,(X 0
6,000
11,000
4,000
6,000
6,000
6,000
5,000
4,500
6,000
8,000
12,000
11,04.0
20,000
17,000
83,000
22,000
29,000
49,000
68,000
84,000
76,000
65,(00
101,000
69,000
115,000
90.000
78,000
139,000
J78,0<i0
92.000
110,000
151.000
154,000
115,000
m ooo
96,000

,— Past Indian—,
1869.
18(8.
166,000
113,000
179,000
71,000
161,000
83,000
160,000
84,000
172,0( 0
89.000
180,000
107,< 00
175,900
112,000
164 0(0
122,000
188,000
139,0(0
226,000
156,00)
194,(00
170,000
257. <00
177,000
195,000
290,000
194 COO
273,(00
280,000
276,000
298.000
258,000
27V,00 >
£04,000
324,000
388,0(0
400.000
835,000
440,000
393,000
453,1 00
418,000
607,000
403,000
506,000
431,000
4?5,000
519,000
520,0(0
490,000
594,000
599,000
582,000
631,0(0
60',000
740,000
633 000
768 090
783,000
622,000
737.000
647,000
657,000
719,000
660,000
716,000
641.000
706,000
482,000
671,000
676,000
464,000
439,000
678,000
425,000
634,000
566.000
384,(00
489,000
328,000
480,000
3»6,000
420,000
£09,000
271.000
274,(00
255,000
272,010
208,000
237,000
236,(00
185,000
194,000
175,0(0
160,000
153,000
146,000
142,000
150.000
128,000
147,109
93 700
169,700
90,300

,------- Stock------- »
1869.
1868.
419,*00
352,096
431,290
300,540
406140
294,739
396,670
269,240
340,150
256.5(0
288.000
260,390
266,780
277,530
291,750
282,080
326,990
309,970
283,540
344,470
371,030
263,670
258,250
39’,530
312,010
236.130
318,960
356.550
409,870
814,580
466,3(0
362,980
351,540
526,230
542,4(0
361.740
373.910
587,440
382,950
590,570
422,980
620,250
648,820
392,130
435.440
652,740
611.980
428,460
607,3:0
358,480
603. ISO
332,420
501,870
365,800
381,610
553,060
602,500
352,9:10
553.070
316,460
276,930
680,630
577,580
250,300
510,210
227,(90
247,630
461,360
511,8:1)
419,380
419,540
479,790
451,350
459,970
422, m
442,(30
424,180
442,010
427,100
459,2c0
407,000
425,430
408,090
433,670
428,240
445,390
426,810
898,500
405,460
434.800
419,850
380,030
888,(.C0
330,480
867,360
335,030
819,*20
365,000
349,100
354,280
870,410
335,850
852,340
887,760

♦—Price o f M’ddllng
O rleans—*
18C9.
1898.
7>a
n*
ii*
7*
8
11*
11 11-16 8 *
.
8 3-10
12 7-16
12*
8*
10*
la *
9 9-16
1 2*
10
12 *
12 5-16 10*
12 *
1 0*
10*
12*
12*
11*
1 2*
12*
12*
12*
12*
12*
12*
12*
12
12*
12*
ii*
ii*
11*
1 1*
ii*
ii*
11*
12
11*
12 5-16 1 1 *
12*
11*
1*
11*
12*
11*
12 yt
11*
12*
10*
12 15-16 9 *
13 1-16
9*
10*
13*
14
10*
13*
11 *
13 13-16 11*
10*
13*
1 3*
1 0*
10*
13*
10*
12 *
12*
10*
n
1 2*
1 2*
11
12*
11*
12*
11*
1 1*
11 *
11
11*
1 1*
11*
12*
1 1*
12
11
12
10*
10 *
n*
11
n *

209




/---------- Sales---------- .
11869.
1868.
82,480
114,130
211,920
238,910
325.800
312,810
403,250
425,460
542,940
530.670
611,729
644,850
656,330
790,190
713,2:0
811,600
765,190
918,740
832,8S0
1,002,920
886,660
1,082,240
948, S40
1,161,250
1,011,040
1,324,380
1,058,390
1,432,310
1,488,090
1,132,050
1,182,680
1,571.510
1,236,530
1,657,980
1,283,160
1,705,620
1,3:35,140
1,752,690
1,377,390
1,799,260
1,439,640
1,836,630
1,529,790
1,890,430
1,608,070
1,936,280
1,693,950
2,025,050
1,779.010
2.093,640
1,881,210
2,149,210
1,944,570
2,220,060
2,017,870
2,267,480
2,071,800
2,312,030
2,172,940
2,375,090
2,259,800
2,443.540
2,335,290
2,582,600
2,446,480
2,641,630
2,484,790
2,751,520
2,542,410
2,820,710
2,592,430
2,882,220
2,64S,020
2,965,8-0
2,704,250
3.033,210
2,767,430
3,128,120
2,832,220
3.224,130
3,310 520
3,869.150
3,395.860
2,980,110
3,047,160
3, f 14,350
3,153,650
3,635,790
8,203,360
3,700,000
3,277,900
3,742.580
3,343,720
3 &51,660
3,471,540
3,937,110
3,525,070
4,000,840
8,622,840
4,'>57,720
3,681,230
4,138,460
8,760,090
4.396 770

PROGRESS O P THE LIVERPOOL COTTON MARSBT.

/—— Im p o rts------- 1
1869.
1868,
■Week ending
53,699
61, £05
Jn n . 7 . ..
94,782
“ 1 4 ...
156,755
153,553
212,908
44 21 ..
189,426
44 2 8 ...
298,565
245,328
334,424
F e b . 4 . ..
298,475
378,371
“ 1 1 ...
355,617
“ 1 8 ...
448,703
403,538
“ 2 5 ...
519,930
M a rc h 4 ...
473,046
620,825
“ 1L...
500,516
682,927
76S.880
44 1 8 ...
532,054
..
44 2 5 ... . . . . ...»
576,858
826 777
A p ril 1 . ..
603,901
863,127
“
s ...
982,649
727,782
“ 1 5 ...
1,071,126
784,404
“ 22 ...
1,203,756
875,776
44 2 9 ...
1,300,446
907,078
M»y 6 ...
£63,291
1,359,530
44 1 3 ... ............. ........
1,026,094
1,450,587
“ 2 0 ... .............
1,499,196
1,077,788
44 2 7 ... —.. . . .. ........ .. 1,170,573
1,564.225
J r.n e 3 ... . . . . . . .
1,642,349
1,210,691
•i 1 0 . . .
1,088,540
1,320,145
44 1 7 ... ............. ........ .. 1,383,618
1,717,055
“ 2 4 ... ............. ........ .. 1,411,396
1,765,845
«u'y l . . . .............
1,8:6,456
1,437,557
“
8 . .. ............. . . . . .
1.857,736
1,532,833
“ 1 5 ... . . . . . . . .
1,870,846
1,613,916
“ 2 2 ... ............. .........
1,635,533
1,961,347
“ 2 9 ... .............
1,999,599
1,674,828
A ng. 5 . ..
1,705,189
2,075,561
“ 1 2 ... . . . . . . . . . . . . .
2,154,371
1,728,857
•• 1 9 ...
2,173.552
1,768,719
*• 2 3 ... .............. .......... .. 1,827,130
2,211,339
2 325.678
S e p t 2 .. ............... ..........
2,041,267
“
9 ... . . . . . . . . . .. .. .. .. 2,115,255
2,362,860
“ 1 6 ... . . . . . . . • ■• .
2,403,044
2,168,272
“ 2 3 ... ............. ........
2,436,743
2,1*8,452
41 3 0 ...
2,521,487
2.252,187
O ct. 7 . .. ............. ^ . . . .. 2,327,828
2,594,346
44 1 4 ...
2,349,911
2,649,086
44 2 1 ...
2,734,050
2,420,524
44 2 8 ...
2,476,951
2,857,036
........
J7ov. 4 ...
2,520,701
2,897,019
44 1 1 ... ............
2,606,812
2,939,799
44 18. .
2,966,931
44 2 5 ...
2,692,971
3,013,614
E ec. 2 . .. ............ .......
2,732,947
3,110,427
“
9 ...
3,166,(86
•4 2 6 ...
2,868,1S4
3,218,184
... .
44 2 3 ...
2,943,890
3,266,680
■ “ *0 ... ..............
8,326,543
2.995,27

210

COMMERCIAL FAILURES I S

[ M i' h,

1 8 5 3 -0 .

COMMERCIAL FAILURES IS 1S6S-9.
SV ft have tlia following comparative list of failures aud accompanying rem arkt
from the agency of Bun. Barlow & Co., 333 Broadway :
Of f ic e of t h e Merca n tile A gency , January, 1ST0.
W e herewith submit our usual statement of the number of failures and the
amount of liabilities which have been reported during the year 1800, as compared
w ith those in 1808:
F A IL U R E S F O B 1863 <*N O 1 8 6 9 .

13' 8
No. of
Failures.
States.
33
A ^ b 'm a .................................................
A rk in as .............................................
11
Colorado ............................................. ..
C o n ta ct c a t .........................................
X>e aw are ...............................................
D istric t o f C olum bia............................
F lo r d i ....... ..............................................
C e o rti i ...................................................
I b n u is ....................................................
In d a a .....................................................
l o \ a ......................................................
K n as .....................................................
K e iv u ck v ................................................. .
Louisiana. — ................. .......................
M aine ....................................................
M aryland . .. .. ..................................
Muwac, u setts.......................................
M ich ig an .................................................
M u v e w ita ...... ......................................
Mi s s s ip p i.......... ................................
M isso u ri..................................................
M ontana..................................................
N eb: -k •.................................................
F e w Ila m p s t.irc ................................. .
New J e s e y ...........................................
New Y ork (ex cep tN ew Y ork City) . ..
N o rth C arolina.....................................
O h io........................................................
P e n n sy lv a n ia .......................................
lth o d e Island.......................................
{South C sro .in a .....................................
T--in.es e>;.............................................
T t xas ....................................................
V erm o n t.................................................
V i r g i n i i ............. ................................ . . .
W isc o n sin ..............................................

N ew Yo: k City and Brooklyn.................
T otal...................................................... .

7

86

1869.

A m ount of
L iubi iu e s.
$551,000
270,000
112,0 0
1,09 V "0
3*2,0 0
77,000
46,0 0
620,000
1,5*23.0*k)
757.0 0
506,0’0
176 U00
970,000
1,102. 00
6 4,000
691 (09
4,941,000
659,0 0
149.000
421,000
776,(00
31,000
190000
280 0 >0
512,000
2,410.000
277,' (0
4.031.001
3,681,"00
499 000
521,000
1,338,000

No. ot
Failure s.
16
7
4

A mo \ t
L a i) I'ti
$.0l,<«)
53 • <0
593.(.00

61
13
4

1,018.0* 0
*5 .(X))
10 i, 60

30
175
68
62
16
58
17
83
37
258
143
32
11
65

577.0 0
4.27 '. 0)
1, 17 0 0
« 9100)
177 0 0
1,40 : <0“
tx-1.0*
812, ‘t
1,285.6(5
8, SU't*
2,204 00
567. C
383 00?
1,96,00*
199 091
717.0 0
1,018.000
7,135.000
36S.I 00
4,* 68.00 »
7,84 MOO
849.0 0
209,0 0
37S.0
5 9,0 0
720;<X)0
313,' 00
1/06,(00
1,017,000
$5%6S4,0M

91
35

465,0 0
163,000
685,000
475,0.0

15
39
65
309
23
2:1
306
18
19
15
12
19
37
59
61

2,191

$32,120,000

2,381

31,654,(00

418

21,3.0,0 0

$63,714,100

2,799

$75,054,000

253

The results of the year’s trade have not been, on the whole, satisfactory. The
great bulk of business men have added but little to th eir surplus ; some have
barely held their own ; and, with a rigid valuation of assets, th e exception is to
find those who have increased th eir available capital. In the latter category
must be placed those whose interests have laid largely in the Southern States.
The trade in and from th a t section of the country has not only largely increased
in volume, but has become profitable, safe and satisfactory. The reaction in a
w ar devastated, poverty-stricken country, w ith a disorganized state of labor and
an almost hopeless condition, was for a year or two so tardy as to lead to much
disappointm ent; but its very tardiness is a pledge of its stability, and the sub­
stantial results which have been achieved in the South in 1809 are not only
marvelous in themselves, but full of promise for the whole country for the
future. These results, so far as the trade of the year is concerned, have imparted
a silver lining to w hat otherwise would have been a dark cloud. For, turning
fMMU this section of the country, the business of th e year elsewhere, as before




1810 ]

211

BREAD STUFFS.

observed, has not yielded anything like a fair return, in view of the capital
employed, the volume and extent of trade done, or the capacity engaged.
But while there has not been a universal profit, and while there has been loss
in many instances, the disasters of the year have not been nearly as great as
might have been anticipated. The figures we present above, properly inter­
preted, show that neither in number nor amount have the failures of 1869 been
excessive, in view of the dulnessof trade, the depression existing the greater
part of the year, and, above all, the large depreciation in values which the year
lias witnessed. Compared with 1858, 1859, or even 1860, the number or amount
of liabilities in 1869 is not excessive ; and the comparison is still stronger when
it is remembered that the number of persons now engaged in the internal com­
merce of the country is vastly greater than in those ante-war years.

B R E A D S T U F F S.
RECEIPTS AT WESTERN PORTS.

The following will show the com parathe receipts of flour and grain at the
ports of C b i’ago, Milwaukee, Toledo, Detroit, and Cleveland from January 1 to
December 31, in the years indicated :
1869.
6,I29,i 85

1868.
4,373,393

1867.
3,793,907

I860.
4,067,955

1,3*4 396

32,105,124
81.619,869
19,563.304
2,685,907
1,7110,398

29,565,921
32,198,410
14,^05,041
3 011,767
1.721,471

27,987,111
88,228,012
12,757,003
2,294,688
3,356,291

87,764,613

80,705,610

83,623,140'

1868,
2,6i5,677

1857.
2,3f;4,792

2,217,453

Wheat
........... .........
Corn ..............................
O ats ..............................
B riey ...........................
R y e ..............................

23,728,150
12,470,813
13,192,058
2,272,257
1,569,535

24.250,957
13,774,970
10,863,641
1,476,4185
1,159,946

16,860,513
14,988,5'U
4,472,791
1,196,589
1.164,198

Tolal grain ..............

53,227,913

51,523,949

38,712,641

F lour ..................................... b b ls.
W heat....................... ............ ,
Corn ....................................
O ats.........................................
Barley................. ....................
Rye .......................... - ....... .............

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

And from August 1,, 1869, to January 1, 1870 :
1869.

F lo o r .............................

:s6i.

M OVEM EN T A T N E W Y O R K TO R T H R E E Y EA R S .

F lo u r.............. bbls.

' 18,9
3,651,514

W heat ......... b a sh . 23.835,893
354,479
R y e ..........................
B a rle y ......................
2,482,310
O ats...........................
8,738,323
C o rn ......................... 10,547,417
T o t a l.... b u sh .

45,958,422

—R e c e ip ts .1-68.
2,861,664

1867.
2,597,606

' 1869.
1,521,137

- E x p o r ts .1868.
1,003,968

13,072,941
749,098
2,106,198
10,151,724
19,087,265

9,652,537
758,263
2,218,454
7,994,479
11,994,234

18,384,492
151,476
81
60,615
1,683,410

5,702,137
159,993
90
91,207
5,989,225

4,468,774
473,260
8-6,893
114,665
8,147,813

45,161,225

35,507,967

20,275,154

11,945,652

14,121,405

1^67?
871,039

IN STO R E IN N E W Y O R K A N D B RO OKLYN W A R EH O U SES, JA N . 1 .

W h ea t................... .
C o rn .......................................................
O a ts .......................
B arley................... .
R y e .........................
P e a s .......................
M alt.......................

J a n . 1, 1570.
625,911

Total g r a in .. ........ ............ bn»h. 6,037,185




J a n . 2, 1869.
3,375,267
1,574,651
2,966,205
317,292
265,867
65,808
99,627
8,664,717

Dec. 23, 1867. Dec. 31,1566.
1,748,127
7,731,732
1,473.591
2,960,283
2,616,775
2,433,601
191,802
1,567,831
191,330
481,796
7,759
51,16S
88,182
28,578
6,317,566

9,259,989

212

\M<trcK,

RAILROAD PROGRESS IN THE UNITED STATES.
GRAIN “ IN BIGHT ” JAN. 1, 1870.

Wheat.
In store and afloat at N ew Y ork.................bush. 4,386,331
In store at Buffalo. . . . - .....................
867,126
44
Chicago.................................................... 12,937,286
44
M ilwaukee.................... ...................... . 1,681,000
44
T oled o......................................................
374,620
“
D etroit......................................................
50,786
“
O sw eg o ............................................. ..
746,000
44
St. Louis .................................................
269,725
Bail shipm ents from Chicago, Milwaukee, and
Toledo for w eek............... ..................................
35,965

Corn.
672,111
91,800
687,896

Oats.
1,907,059
155,460
663,867

Barley*
857,989
99,86®
331,045

75,067
8,728
155,860
864

71,153
6,972
2,000
4,978

67,655
3,464
53,490
4,410

84,056

16,651

7,626

11,348,839

1,675,392

2,832,290

1,425,553

Total in store and in transit, Jan. 1

IMPORTS OF BREADSTUFFS INTO GREAT BRITAIN.

The follow ng table shows the imports into the United Kingdom for the
eleven moniia • di jg November 30. The returns for the whole year could not
be obtained at toe date of publication.
1868.
Wheat—From Ru eia................................................. ............................... cw t. 9,397,245
“
44 D enm ark..........................................
................................
685,031
“
“ F iu s s ia .................................................................................
4,004,655
“
“ Schlesw ig, Holstein, and Lauenburg...................................
41,528
44
44 M ecklerburg...............................................................................
571,805
44
14 IIanse Towns ............................................................................
645,675
44
44 France ............- ........................................................................
44,936
44
44 T y iia , Croatia, and D almatia..............................
982,634
44
4k Turkey and Waldachia and Moldavia................................. 3,030,128
44
44 E gypt ...................................
3,178,675
44
44 U nited States.............................................................................. 5,513,643
44
44 C h ili............................
1,309,575
44
44 British North America............................................................
437 036
44
44 Other countries...........................................................................
769,927
Total.

3869.
7,761,915
465,164
4,264,520
57.454
573,312
667,994
444.458
1.023,371
2,320,385
902,953
11,086,982
509,002
2,077,850

457,691

30,512,493

32,648,051

Barley....................................................................................................................... 6,490,742
O a ts ......................................................................................................................... 7,660,244
T e a s ................................................................................................
897,584
a n s ....................................................................................................................... 2,463,897
Indian com , o r n n iz e ......................................................
10,560,135
W heatmeal and flour—B anse T o w n s.................................................. cw£.
532,315
44
4*
France...........................................................................
563,111
44
44
U nited State*...............................................................
582,400
44
4*
B ritish North America.....................
159,697
44
44
Other countries..........................................................
926,945

7,068,985
6,350.792
79 ',299
1,663,464
16,044,133
546,644
1,234,870
l,391,86t
429,760
3,048,138

Total
Com—Indian com meal.

cwt.

2,764,408

4,651,273

6,690

5,389

RAILROAD PROGRESS IN THE UNITED STATES.
The R a i l r o a d J o u r n a l publishes its usual annual statement of all the railroads
in the United States, of-which the following is a summary. In the following state­
ment is shown the increase in railroad development in the several sections during
the year 1869 :

Sections.

Gulf and South W est............................
N . Interior...............................................
Pacific and W est....................... ............
T otal................................




1,026 59
185.57
223.45
3,976.55
922.10

Cost of
road and
equipment.
$17,275,764
85,129,307
14,978,130
22,659.653
189,000,824
29,664,000

6,588.37

$358,707,678

r- — M iles of Road.------.
Projected.

Opened.

1870]

RAILROAD PROGRESS IN THE UNITED STATES,

213

The total mileage of railroads built up to January 1 in each year, from 1828 to
the present time, is shown in the following tab le:
T eai.
1828...........
1829...........
1830.........
1831...........
1832...........
1833...........
1834...........
1835...........
1336...........
1837...........
1838............

Miles. Year.
Miles.
1839.........
1840..........
1841..........
1842......... .......... 3,877
1813.........
1844..........
1845.......... .......... 4>22
1846..........
1847..........
1848........
1849.......... .......... 6,350

Y<ar.
1&50.........
1851 ___
1&52.........
1853..........
1854..........
18.55..........
1856..........
1857.........
1858.........
1859..........
1860..........

Miles.

Year.

........ 8,589 1862....
. . .. 11,027 1863..
1864..
1865....
1866
........17,398
1867....
........ 22,625 1868
........25,0)0
1869....
........ 26,755 1870

MilesS
30,596
31,719
.. 32,470
.. 33,862
34,441
35,356
36,892
8%820
42,272
48,860

The following tabulation shows the distribution of mileage and cost to the several
States and Territories:
Cost of
#r-Mile8 of Road.--,
road *nd
States, &c
Total
Open.
equipment.
M aine.............................................................................................. 940.79
67207
$21,183,110
Mew Hampshire............................................................................. 785 32
685 32
92,642,6 0
V erm ont........................................................................................... 653.09
613.09
28,784,926
M assachusetts..................................................................... .......... 1,569.75
1,483.70
74,699,443
Rhode Island................................................................................... 121.47
121.47
5,132,672
Connecticut..................................................... ............................ 80 5.94
698.57
27,359,017
3,636.22
N ew Y ork........ _ ..........................................................................4,735.91
209,001,671
N e w J fr s c y ...........................................................
1,028.65 989.65
74.602,785
Pennsylvania...................................................................................6,878.36
5,011.45
300,556,508
Delaware and East Maryland..................................................... 455.50
292.50
8,773,637
Maryland, other than above....................................................... 7:30.02
493.52
31,814,659
W est Virginia................................................................................ 723.75
364.75
27,869,315
Virginia................... ........................ ............................................ 2,049 11
1,482 94
49,887,481
North Caro'ina............................................................................... 1,5*2.97
1,129 67
29,505,425
South Carolina...................................
1,439.17
1,039.97
27.348,817
Georgia............................................................................................. 2,095.41
1,694.70
36,873,552
F o r id a ...................................................
613.20
440.20
9,SS3,981
Alabama............................................................................
2,039.80
1,036.00
36,421,163
Missies p p i....................................................................................... 900.20
900.20
21,910,504
L ouisiana................................ ...................................................... 928.30
414 50
17,385,223
T ex a s....................................................... ....................................... 2,529.25
672.25
17,006,001)
Arkansas ......................................................................................... 897.00
86.00
4,310,000
T en nessee........................................................................................ 1,876.53
1,435.58
46,918,418
K entucky.....................................................................
1,402.85
849.55
83,511.746
O hio.......................
4,613.96
3,723.89
100,424,507
M ichigan............................
2,293.26
1,198.76
43,793,4 8
Ind ana............................................................................................. 6,331.10
2,977.10
121,162,3)1
Illin o is.............................................................................................. 7,186.45
4,507 95
217,559,542
W iscon sin........................................................................................ 2 770.60
1,490 60
t0,358,723
M innesota.......................
1,800.00
823.00
27.860.000
I o w a .................................................................................................... 8,219.28
2,140.83
85,762.043
Nebraska............................................................................................. 44900
449,00
26.450.0)
0
W yoming T er.............................................................................._ 560.00
560.00
43.300.01)0
M issouri............................................................................................. 3,261.79
1,827.00
8>,372,121
K ansas............................................................ _ ............................ 1,601 50
930.50
39,623,500
C olon d o ..........................................................................................
350 00
150 00
6, 000,000
Utah T er.................- ..................................................................... 365.00
365 00
18,000,000
N evada........... . . . ............................................................................ 390.00
390.00
19.500.000
California.......................................................................................... 2.397 60
810.60
46.650.000
Oregon................................................................................................. 2,019.50
119.50
5,700,000
Total,

5,522.10

1,835.10

$05,850,000

R E C A PIT U L A T IO N B Y S E C T IO N S .

N orth E a st.......................................................................................?V 77.36
Mid tie Ea-t ...............................................
South E ast..................................................................................... 7,749 S6
Gulf and -i. W ............................................................................... .10,573.93
North Interior................................................................................33,095.94
Pacific and W est.................................................................. . . . . 5,525.) 0
Total Jan. 1 ,1S70............................... .................................76,365.33

$179,804,793
4,274 22
652,618.525
14,547.19
10,791.09
154,000,257
5,837.43
180,472,084
5,294.03
949,667,055
20,823.63
1,835.10
16,850,000
48.8G0.55

City Passenger Railroads are not included in the above summary.
total of these is not less than 3,500 to 4,000 miles.




2,212,412,719

Probably the

214

[March

BANK OF ENGLAND RETURNS,

,

N o r have we included in our statement any account of the second tracks with
which most of the leading lines are supplied, nor the sidings and turnouts on all the
lines. These may be estimated at 25 per cent, of th* length of road, and are being
added to yearly. Adding these supplementary tracks to the tabulated mileage we
find th it the total length of equivalent single tr^-ck in me i9 about 61,000 miles, and
if we add to this the eq livalent for the city passenger tr cks to nearly 65,00 * miles.
It is now about forty years si ce we began to build railroads, and in that time, a9
before intimated, we have built a greater length than is to be found in the whole of
Europe. Progress leads but to new demands and new enterprises.

B A H OF ENGLAND RETURNS.
The following are some of the principal items in the returns of the Bank of
England during the year:

6
13
20
27
February• 3
10
17
24
March
3
10
17
24
31
7
April
14
21
28
May
5
12
1!)
26
2
June
9
16
23

January

SO

7
14
21
28
August
4
11
18
25
Sept.
1
8
15
22
19
October 6
13
5.0
27
3
Nov.
10
17
24
1
Dec.
8
15
22
July

2J

Circn'ation.
$•24,447,4 3
2l,6-'fy>.29
2',457, ! 8
24,015,874
24,311,278
23,81)5,330
23,031,:64
23.252,346
23.9S9.821
23,636,5 9
23,185,932
23,-69,394
24,u 0,016
24,452,129
24,-.69,*0
24.1 9.990
33 957.019
24,4 7 824
24.087,157
33,794,353
23,457,081
23.942.7 5
23,3 0,718
23, 23,975
23,1 <8,-96
‘ 3.844,5-1
24,471,351
2 4.420.175
24,334,421
2 ).016,783
24,796,515
24 315,*75
24.198,115
23.75 *,*72
24.103.001
23.918.225
23,710,479
*3,594.931
24 27V 56
24 834, 93
21,816,’19
24.5 6.981
24 180,985
24,680 9 9
21,154,913
23,731,150
2 j,399.405
23,7.e0.7J4
23.406,538
22,90’,.405
23,155.076
23,351,440




Oth*r
securities.
$20,646,496
17,7 7.0)5
17,079,845
16,920,136
16,996,526
16,511,757
16,633,293
16,308,0 7
18.160.879
19,6 8.<33
19,349,3.2
19,124,583
20 1 0.-U0
18,480 653
17,969,894
17.370,006
17,083,1)93
17,582,38-2
19,303,841
18.-c8-’,780
17,906 900
17^81,262
17.33 ,341
16,936.4(0
16,565,' 14
; 0 55?, 209
17,409 58?
15,695,337
15,414,863
15,19 ,*68
14,>94 659
14,014,522
13/90 138
13,801,523
11.35 ,109
15.334,091
11.801.027
15,‘•24.712
16 697.4 .7
16,377.534
15,08-2,133
14,854,-16
11,847 805
15.721 6!6
16,0 >0,129
16.08 ,20 >
15,911/05
16.170,467
16.397.6 H
16. f 77,881
18,088,159
19.781,988

B ese-ve.
$9,4 4.866
9 482.964
9,724,412
10.311,217
9,689,.* 15
10.075,8-5
10,317.015
10.47%935
9,454,207
9,8:7,019
10,398,ls7
10, 98,9‘K)
8.96', 98
8,251.075
8,' 80.737
8,382,201
8.487.HI4
7,576,551
7,945,419
8.471.655
9.35]|4.0 7
9.4fli .478
10.787.398
11,575/ 05
1 .915,5*0
11,387,671
10,814.2 >8
10,83 ,423
11 377,120
11,773,8'8
11, 31,34 !
11.90 MV’fl
12 270,375
12 764. «37
12,378.146
12,217,155
12.138,05
12,116,400
H.154,914
10/212.458
9.910.136
9.8 1,809
1 ,2-28.956
9 531.-’68
9,714,077
1°,253.016
10,740,295
10.340,346
10.894.8o0
11,766,79')
11,578,(577
11,297,6.2

Coin &
b u lio n .
$18,519,36t
18,608 3 >4
1^,70),177
8,-26,C9?
18,511, <05
l-,403 S40
18, (70,930
18,271.215
18,021.457
18 061,934
18,119,122
18.035,225
17,57 %023
17, 25.105
16.968,722
17,0 0,151
16,98), 179
26 582.086
16, 63 389
16 808.910
17,381.231
17.8-1,023
1-83
■9. *'•'5.^60
]
76
I V 0.598
lrt,?«'\838
20.229,110
10.321,193
20.507,047
20,( 99 661
20,957,809
21,032.677
20.961 926
20.60-2.0'0
20,405.220
20,192 835
19,839,984
19,477,923
29,120 691
j 8.8 >3.314
38,789,9 6
18,5^7.058
18,273.257
18.40.5.0 >6
1 8.5L‘5 191
18,518,331
18, 67.6’0
19.167.109
19,233,617
39,198,022

B a-k
rate.
3
3
3
3
3
3
3
8
3
3
3
3
4
4
4
4
4
41

4k
4k

41
4*
4
4
3*
34

H
3
4
3
3
3
2*

2t
2*
S*

H
2*
2*
2J

H
3
8
3
S
3
3
3
3
8

Open
marker.
26 'O 2f
2} to 2}
2* 'O 23
n to 2i
Si to 2f
3
3
3
3
3
2*
2i

:i

31
3*
8*
3i
4\ to 5
4\ to 4 |

4\
4\ to 4f
41 to 4±
3f to 3J

m n

3} to 34
3} to S |
2? to 2i
2* to 2|
2* to 24
2t to 2f
2A to 2*
2 | t • 23
2 i to 2f

24

2* to 2J
21
2i to 2J
2t

2i

2t
2} to 2f
2* to 2*
£ i to 21
3
3
21 to 21
21 to 2J
i i to 32
21 to 2f
21 to |
3
3

IB 70]

RAILROAD ITEMS.

215

RAILROAD ITEMS.
T he B oston , H artford and E kir R ailroad . —The

report of an examination into
the condition of the Boston. Hartford and Erie Railroad. made by General v tark
of New Hampshire, a 'd Colonel Moore, of New Jersey, was submitt1e l to tbe
Massachusetts House on the 26th ult. It appears from it that in rrle rto o p e n
the 225 miles of road between Boston and the Hudson Rivtr, 24 miles remains
to be finished Vel ween Mechanicsville and Williamanin, and 76 miles between
Waterbury and Fish kill. The estimates of the engineers have been found to be
be accurately calculated and sufficiently large for the completion o f'h e work; fcr
the Eastern Division they amount to $4*0,00°, and for the Western Division
$2,102,522, including the cost of 'he rails, Ac. The w rk on th se divisi ns is far
advanced. The termina1grounds, at both ends <f tbe oad, wi 1 require large outlcyef;
these at Boston, inchiding structures and grading, for tbe immediate wants, $2 >0,00 1; three at Fishkiil an i Newburg, including shops, boats Ac., $85 ,000. The
thro th 1usiness, on eo i pletion <f the road, will require an additional equipment of
fifty Icc motives, twentv-five pa-senger car*, ten 1aggage cars, and 1,* 00 freight
earn, ros ing t-b ut $1 6(K'/H)0. The following is the re sum e of requirements: To
ccmjl :e the Eastern Divi i <n, $43<\roO; Western Divi-ion, $1,600,000; iron and
sup rstruc ure, $50 ) 000 ; «xpenditui es in Boston, $ 00.0 0 ; expenditures in Fi-hkill, $ 5 , 00 ; new equipments, $1,6°0,OC0]; to'al, $4,680,00 *. The report says the
importance of the road eannot be over-estimated, and that if comple ed and the
company succeeds in attaining g the average business success of other roads in Massa­
chusetts, the gro*8 receipts would be $7,-00,000; the ruming expenditures
$4,S 0 000, leaving a balance of $2,4( 0,000, or six per cent on the capital of $40,000,0 0.
The following facts in regard to the present condition of the road are also given :
Capital stock authorized..................................................
Number i f sha e- issued
..........................................
Capit 1 stock a d in or is ued (including c ^lateral)
Flouting debt last year.............................. I................ •..
Float i. g debt hi- year................................ ..................
Funded deb last year .. .................................................
Funded d bt this \« a r....................................................
T otal floating ano funded d e b t..........................
Amom t x »end d on eon truction s nee last year...
R n ipt for pass Tigers.....................................................
Receipt* for fie ph t.............................................................
R- reipts for cth r item s....................................................
N et tar* ing*........................................................ .................
Pre. e d amount o f mortgage debts..............— . — .

$25,007,0'0 00
2 0,000

25,0' 0,000
1,067.4 il
7,819.163
14.00 i 3 0

00
85
74
00

21, -100,000 00

28.549,163 74
7,458,376 54
994,385 8 i
£32,025 80
12,795 37
175.724 60
21.818.000 (0

Michigan Central.—The following statement of the income and capital accounts
of this c mpany has been made for the first six months of the current fiscal year, end­
ing November 30, 1869 :
INCOM E

A C eO T N T .

By balance o f income account, per Treasurer’* Report, Jane 4 ,18G9......................
Receipts o f ioau from June 1 to L eceu.berl, 1859.........................................................

$.c03.033 57
2,4 >9,439 49

T t,il....................................................................................................... $3,219,473 06
To dividend paid July 3 . 1%9, 5 per cent in cash
.............................. ........................ $575,110 00
U. S. Gove m nenttax on divid- n d ................................................................ $27,161 75
U. S. Government a x o n r e c ip t s .................................................................
25,991 51
------------53,153 26
Oper ting account, exc’nsive o f interest ana exchange accounts, from June 1 to
j>eceinner 1.1869................................................... .............................................................. 1,519.015 05
24 <.393 65
Into t st and exchange account................................ .............................................................
baJaiue to Ltw account....................................................................... ..................................
788.811 10
Total, as above ................................................................. ......................................... $3,209,473 0
9

The foregoing account shows the net receipts of the road for the s'x months ending
the 1st ult., after deducting, operating, interest and exchange accounts, to be
$617,043 79.
D eluding $53,lt3 26, amount paid for Government taxes the
balance is $563,^90 53. Ac.ding the bilance to the credit of this account,
une 1st, $800,033 57 lees the July dividend, $575,110, the amount to the credit
f income account is $788,814 10.




216

RAILROAD ITEMS.

[2/areA,

The gross earnings show an increase over those of the corresponding six months o f
1868, of $44,003 80; but the net earnings show a decrease of $73,188 84, owing
to the fact that for rive months, from the great competition, westward freight was
carried at less than the cost of transportation.
C A P IT A L ACCOUNT.

The bonded debt having been decreased by the conversion o f bonds to stock,
now amou’ ts t o ................................................................................................................... $4,030,988 89
The c-pitrtl stock having been increased by the said conversions,amounting to
$1,122,600, now amounts to .................................................... ....................................... 12,819,818 00
T o ta l.................................................................................................................

.......... $16,800,8361#

The sum invested in the Sinking Funds amounts to $1,875,593 49, which, take!
from the amount of the bonded debt as above, $4,030,988 89, leaves the net bonded
debt, $2,656,395 40.
The bonds of the company, payable October 1, 1882, are convertible to 6tock upon
presentation at the office of the company on the 1st of January of ary year—accord­
ing to their tenor—and at other times at the option of the buyer.
B oston and M a in e R a ilr o a d . —The report of this corporation for the year ending
November 30th, 1869, shows that it has no funded debt, and the floating debt is
$217,431, an increase of $7,437 during the year. The total cost of the road and
equipments is $5,096,014 54. The amount of assets held by the corporation in
addition to the cost of the road (after deducting the dividend of Jan. 1st, 1810, and
adjusted and unadjusted liabilities) is $875,680 39. The total expense for maintenance
of way has been $276,614 23, and the total for maintenance of motive power and cars,
$210,351 88. The road has 45 locomotives, 71 passenger, 23 baggage, 992 merchan­
dise and 215 gravel and hand cars. The total expense of working the road has
been $1,821,389 80, and the total income $1,871,339 02, making the net earnings
$549,949 22. The dividends (ten per cent.) and taxes amount to $479,471 26, leaving
a surplus of $10,477 96, besides a reserve of $60,000 to meet contingent expenses.
The total surplus now is $1,000,420 41.
L ake S h o r e and M ic h ig a n S o uther n R a ilr o a d . —A subscriber requests informa
tion as to the terms upon which this Company settled with Messrs. Lockwood <fe Co.
We are informed that the terms of settlement were the same as those accepted by the
other creditors of Messrs. Lockwood & Co., namely, fifty cents on the dollar for the
liability of $1,080,000, and that Mr. Lockwood gave the company his bond for the
amouot of $540,000, and furnished as collateral for its payment his residence in Con­
necticut, 500 shares of the stock of the company, and some other securities.
H a nnibal and S t . J o se ph R a ilr oad . —A circular has been issued by the Direct­
ors of the Hannibal and St. Joseph Railroad Company, stating that in order to pro"
vide for the floating debt, and to consolidate a portion of the ontstanoing securities
of the Company, the Directois propose to issue $4,000,000 of 8 per cent fifteen years
mortgage bonds, convertible into stock, and free of Government tax. The proposed
bonds are to be disposed of thus: For payment of floating debt, $1,000,000 ; for
additional equipment, $200,000; to take up 8 per cent notes of the Company,
$1,834,000 ; tbe balance of $966,000 to be held as a leserve until the maturity of the
ten per cent Convertible Bonds in 1872. The directors are sanguine as to the results
of the business of 1871, and estimate the net earnings of that year at $1,720,000.
The Company offer now $1,200,000 of the new bonis to the stockholders at par, in
the proportion of fifteen per cent of the stcck held by them, provided they subscribe
therefor on or before the 15th of February. The directors report the gross earnings
of the road for the past year at $3,000,000, or $500,000 below the amount at which
they were estimated a year ago; while the operating expenses have been $2,100,000,
or seventy per cent of the earnings, which is ten per cent over the rate at which they
were estimated in advance. Out of the net earnings. $900,000, the sum of $708,344
was paid for interest, leaving a eurplua of $191,455. The Company have expended
for improving the condition of the road, $1,674,529 ; the financial items in this ex
penditure being fi r reduction of grades, $234,803 ; sixteen locomotives, $229,500
new and rerolled iron, $201,337 ; freight and platform cars, $167,000, and Kausa
City Bridge, $338,000. As a set off against these expenditures aggregating $1,674,
629, there is the surplus mentioned and a balance of $174,000, the proceeds of sale




1870]

217

RAILROAD ITEMS.

of 8 per cent notes, less $500,000 10 per cent bonds of 1869 paid, which leaves a
floating debt of $1,009,078. The total funded debt is $8,938,000, adding to which
the floating debt, the total indebtedness of the Company is $3,917,078. Applicable
to the payment of (his debt there is $8,497,551 representing capital and interest of
lands sold on credit, and payable between 1870 and 1879, and $1,658,253, the esti­
mated value of 150,750 acres of unsold lands. The receipts due in 1870 and 1871
on land accounts, aggregate $1,117,702. The directors estimate the gross earnings
of next year at $3,750,000, an increase of 25 per cent, and the operating expenses
at 60 per cent, which would leave $1,500,000 net earnings ; deducting from which
$680,000 for interest payments, there would be a surplus of $820,009, or over 10 per
cent on the common and preferred stocks.
M il w a u k ee and St. P aul R a ilr o a d .—The President of the Milwaukee and St.
Paul Railway Company has issued a circular, dated 19th inst., to the shareholders,
in which he says that the directors unanimously recommend the shareholders to
authorize them to increase their capital stock—the common stock 8,289 shares, or at
par $828,000, and to divide the same among the shareholders, giving each share
of the preferred stock three dollars in the new stock, and each Bhare of the common
stock seven dollars in the new stcck, which was the amount of the stock dividend
recently declared on the respective stocks. Hereafter, the President says, the policy
of the directors will be to divide the net earnings in cash to the stockholders.
The earnings o f the Company for 1869 w ere........... ............................................ ............... $7,250,668
Operatmg expenses......................................................................................................................
4,229,882
N et earnings...................................................... —™ ........................................................... $3,020,786
Interest on mortgage debt....................................................................................................... . 1.246,582
Applicable to d iv id en d s.... ............................................................................................ $1,774,204
Amount o f preferred stock.........................................................................................................
9,744,268
Amount o f common slo ck .................................................... .................. ............................... 7,655,104
$17,409,372

Total preferred and common stock................................

The property of the company is represented by
Mortgage bonds..........................................................................
Prefer red stock. . . .
........................... *♦.............................
Common stock........................................................................... .
Proposed increase.....................................................................
936 m iles co st.........

$17,132,500
$9,744.26S
7,665,104
828,900

18,238,272
$35,370,772

or $37,800 per mile.
R ailr o a d s in T exas . —The C e n tr a l J o u r n a l, published at Crockett, Houston
County, Texas, says that “ the following embraces all the railroads now in operation
in Texas or in process of speedy construction
The Bi ffa'o, Brazos and Colorado Railway, from Harrisburg to Columbus; dis­
tance, 85-} miles.
The Texas Centra', from Houston to C alvert; distance, 180 miles.
The Galveston, Houston and Henderson, from Galveston to Houston ; distance, 60
miles.
The Memphis, El Paso and Pacific Railway.
The Washington County Railway.
The Houston and Brazoria Railway.
The Southern Pacific Railway.
The S. A. and Mexican Gulf Railway.
The Indianola Railway.
The Eastern Texas Railway.
7 he Waco Tap Railway.
The Washington 'lap Railway.
The Texas or New Orleans Railroad, from Houston to Orange on the Sabine
River, distance 108 miles ; the Eastern Texas, from Satine Pass to Beaumont, dis­
tance 30 miles; and the San Antonia and Mexican Gulf Railroad, from Port Lavaca
to Victoria, distance 28 miles ; which have heretofore been in running order, are not
now in such a condition. Arrangements are nowon foot, however, to place them
all in better shape than they ever have be3n.”




[March,

RAILROAD ITEMS.

218

R e a d in g R oad . —The pamphlet report o f the Reading Railroad Company for the
year tlmt has just closed, is now published, and we present the following abstract
of its figures:
The coal tonnage reached 4,289,r 00 tons. The earnings of the ioa'I for 1869 were :
From
From
F rom
From

travel
. . . . ....................................... ..................................................................... $1,184 006 33
me chandise freight........................................................................
1,579,022 53
freight on c o al.....................................
8,340,240 15
m iscellaneous.......................................................................................................................
93.51217

Total r e c e p ts............................................................................................................................$ll,20«,S8l !8
Opeiating expense s, includijg renewal fund, cumpage and all repairs.................... 6,809 453 18
N et re~e pts for 1869.......................................................... .............................................. $4.39S,928 00
Interest for 1609........................ .....................................................................$ 184,303 03
Sinking fund.......................................................... . . . . . ............................. 86,600 0J— 55?,903 03
N et earnings, 1869................................................. .................. ........................................ $3,846,0*24 97
New work, br dges, sidings, depots, & c...........................................................................
569,105 78
Dividend far d, 1809 ........................................................................................................ $1,276,919 19
Balance reserve fuLd, :86S............................ ................... ................................................
505,1S1 21
T otal................. ........................................................................ .................................. $?,7S2,100 40
From this monnt tw o semi-annnal dividends o f 5 pe * rent. r**ch one in stocc
ami ih e la s t in ca.*h, have been declared, which, with the United S t.tes tax,
a m o u n e tj............................................................
........................................... .............. 3,158,357 08
Leaving a reserved fund, to be app.ied to utnre dividends . -...........................

$623,743 32

The managers have decided on a policy of cash dividends heieafter, and have
negotiated at par without commission $5,00 *, 00 of bonds to be taken as wanted,
which will supply ail the funds needed for several years to complete the lateral and
other roads now under contract, and to equip the whole line for any demands of the
trade.
T h e E arnings o f E r i e . —The Erie Railroad Company have ju st issued their
annual report to the State Engineer of the State cf New York. The fo lowing figures
are taken from the leport, which is for the ye.*r ending September 30, 1869:
STOCK A N D D E B T S .

Am» un' r f stock snb'cnbed .......................................
Amount wh eh h id been p tid in at lim e c f la&t report
Funded debt as by la t r e p o r t............... ............................
Total a uou t now of fund d and floating debt ...........
Average rate per aaiium on lu .id ei de^t, 7 per cent.

$78,536,910
46,302,210
23,398,800
23 39S,8U0

COST O F ROAD A N D EQ U IPM EN T.

Reeoi t.
For Graduation and m asonry.............................................- .................. $1,510,64 5 11
12,328 52
Telegraph ........... ............. ........ -...........................................................
2,179,7.4 20
feupersuucture, including iro n ..............................................................
849 5:16 3 1
J a&seng«;r and I r e ih t ttatton-% buildings and fixture-..............
1,580,51 G 21
Engine a* d car and mactrne shops, machinery uLd fixtures---335,563 36
Sand, land d mag- s >md fenc*-* ..........................................................
2,672.611 96
Lcoom ot.ves, fixm es a d snow -plow s.............................................
694,818 17
Passenger ana baggage cars...................................................................
2,654,706 77
Freight, and oi her cars ..........................................................................
266,210 48
Pavoi ia an 1 23d street fj r iie s .............................................................
New Y olk and E> ie Kit C o................................................................... 43,738,948 85

By present
i.eport.
$2,30 125 47
12,326 52
3,274,894 79
881,182 93
1,784,018 47
3 0,922 88
3,10i,%7 16
847,1 08 15
3,488,76-1 28
526,962 43
4?,551,94.1 93

$56,486,105 97

$65,131,959 01

Total cost o f road and equipment,
C HA R A C TER ISTIC S O F EO A D .

Length o f road, 459 m iles.
Length of doubletr«ck, 3c0-^ mile3
l,e gtn » i inarches owned by the cm ipary, 364>4 miles.
Len_- li of d* nble track lai 1 on same, 501s' miles.
Number o f eiikinc-housea aLd th. ps, 40.
Numb r o f ei gin* 8, 404.
Number nf !st class p is e e ^ er cars, 213.
Number <t 2d class *nd emig ant cars, 5*.
Number . 1 bagg ge, mai a d express cars, 71.
Number c f freight cars, 7,447.




\ 810]

R A IL R O A D

219

IT E M S ,

AM OU NT O P TR A N S PO R T A T IO N A N D N U M B ER O P M I ES B U N .

Number o f n rles rob by passenger trains........................................................................ 2,837,407 00
N il* her o f miles mn by freight tr iin s ............................................................................... 4,921,172 00
Tot I l umber of pa-*seng r- c a rr ie d ..................................................
2.407,113 00
N im b r of tons o f f eight earned...... ............................................................................. 4,312,.09 00
Average rate of spee of pa sengtr trains. 26 miles i n hour.
Average rate of speed o f ex p :e-s ra ns. .*0 and 40 mil s an hour.
A v r j g e r a t e o f s p e d o f f r i g h i t r a i n s , 1 >m iles a i h o u r .
R a e of fare for p u seugers (o each class) per mLe: Fi. tt class, throngh, 2.C5c.; way, 2.73c ;
emigrant, through, 1 22c ; way. 1:47c.
E xpense o f m-iin'&ii.ing th e ro a d ....................................................................................... $4,248,273 35
Expen e o f re airs, &c ............. : .......................................................................................... 3,132,634 07
Expe se of operat. ng the road..... ...................................................................................... 5,82^,359 18
Of i his sum $1,6;7,708 9U was for passenger transpoitat on, and $1,200,650 28 forfre glit trans­
portation.
TOT i L E A R N IN G S OP T H E ROAD,

From passengers trains.........................................
Fro ii fre:ght trains.............................
From other sources.......................................................................................

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

$1,013,018 82
12,583,793 73
61 657 79

Total .................................................................................................................................... 116,721,500 34
R ECE P T 8.

___

From paseengers............................................
Fro . freight.............................................................................................................................
From other s'urc«.s—
Telegraph......................................................................
Storage....................................................................
Rents'.................................
M ails...................................................................................................................
Pavonia Ferry................... ......................................................................................................

$3,429,629 18
13,U46,8C3 76
33.562
3,710
22,831
150,409
31,523

61
14
76
61
28

T o ta l................................................................................................................................... $10,721,500 43
P A T M iN T S O T H E R TH A N F O R CONSTRUCTION.

Transportation... ..........................................................................................
Hudson River Ferry............................................................................................
Telegroph........................................................... ................................................
Internal revenue T a x ............. ...........................................................................
Loss on Lake Erie Steam ers...................................... ....................................

$13,259 266
184,' 14
107,278
8^1.6
73,161

61
35
£9
44
64

Interest on Mortgage D ebt.............................................................. . -...............................
Rents o f Railroads................... ..........................................................................................

$13 718,085 43
1,763,773 00
824,020 00

Surplus, October 1 , 1S69.......................................................................................................

$16,2 5,878 43
475,621 91

Total ................................................................................................................................. $16,721,500 34
B urlington and M issou ri R iv e r R. R.— C ost
road—280 miles—stands as follows :

of

R oad —The

account for the entire

1. M ort’age Bonds........................................... ................... .................................... ............... $5,200,000
2. Capit-1 Stock
............... ......................................................................................................
1,800,0?0
3. Convertible Bonds.......................... .................. . .................................................................... 3,400,000
Co t o f Eoad,

$10,4 0,000

or, about $37,000 per mile. Deducting from the above $4,000,000 assured receipts
from land rahe, the cost of the load to the owners reduces to alout $6,500,000, a
proper y as cheaply secured (compared with the co-t of most roads) as it is superior
to all but the best of our Western lines in construction and resources. — R a ilr o a d
R eview .
C l ev e la n d and P itt ssu r g h R ailroad . —In Octobpr, the directors ordered an in
crease <f capital stock of fifteen per cent to be distributed to the stockholders on and
after November 6ih, 1869, amounting to $945,071 25. The total capital etock,outstanring at the close of the year is $7,241,475, an increase siuce the close of last year
ot $1.28? 700 , which is accounted for as follows :
Increase of November, 1'69......................................................................... .......................... $940,759 00
ConV’MSiou Mortgage &onrls........................................................ . ....................................... 310,500 00
Exchange ol Fractional Scrip, &c................................................... ...................................
1,450 00
Total




$1,282,700 03

220

R A IL R O A D

[March,

IT E M S .

A labama . —Messrs. Lehman, Durr <t Oo., Financial Agents of the State, make th*
following report of its debt September 30, 1869 :
BONDS.

„
Due.

Amount.

Where.

Bate of Coupons, when
Interest.
payable.

JJ70......................................................
$688,000
London.
.................................
368,000
N ew York.
.............................................................................. 172,300
N ew
473,800
N ew York.
}f^6......................................................
...............................................................................64,800 London.
......................................................................... 82,500
L on'on.
......................................................
1,941,000
New York.
648,000
London.
*SSo............................................................
1^38......................................................
432,000
N ew York.

6
June.
5
May & November.
York. 8
January and July.
5
May & November.
5
January and July.
6
January and Ju ly.
5
May & November.
5
January and July.
8
January and J u ly .

In addition to the preceding debt the State haa endorsed Railroad bonds as follows :
Alabama & Chattanooga Railroad........................................................................................... $1,800,000
Montgomery & Knfaula Rai road................................................................................................
480,000
belma, Mar.on & Memphis Railroad....................... ................................................................
320,000
M ary land . —The Comptroller of the Treasury reports the debt of the State
September 30, 1869, as follows :
5 per cent sterling debt for c a n a ls........................................................
“
Railroads............................................................

£346.900
615,000

Total debt interest payable in London semi-an’ly ............................ £1,361,900
3 per cent currency debt for canals and railroads, quarterly......................................

5

*•

“

“

n

5

“ ,
“
“
semi-amt ually..
6 per cent currency debt for relief of the South, semi-annually...
6
A
“
"
bounty
“
..

$3,764,000 00
2,288,888 88
$6,052,888
269.000
1.250,836
1,938,217
35,204

88
00
51
42
21

100.000 00
94

3,026,191

Total debt................................................ ...................................................................... $12,692,938 96
A S SE TS.

Stocks a^d bonds held by the State upon which the dividends and interest is
promptly paid, were fully shown by^staiement “ I” ............. ...........................
Balance o f debt.........................................................................................................

$7,228,413

21

$5,464,525 74

officially reported to Governor M cClurg

Jan. 1, was as follows :
r.

Series o f bonds.
Pacific Rnil oad................................
Norib Missouri R ailroad...............
St. Louis and I M . R ilroad.. . . ,
Direct 6s in lien o f guarantees__
Platte 0< unt? Railroad...................
< a ro and Fulton hailroad............
Hannibal & St. Joseph Railroad.
C o n s o ls .............................................
8 . W . I'ranch guarantees.............
State debt proper............................
War debt...........................................
T o ta l.

Rate
of
per
cent.
6
6
6
6
6
6
6
6
7
6
6

OutstanJmg
Jan. 1,
1869.
$5,5^0,000
3,0(0,000
2.478,000
1,630,000
543,000
422,010
3,0(0,000
2,883,000
1,589,000
454,000
48,000

Betired
since
Jan. 1.
1869.
$3,000
5,000
3.0(0
16,0 0
3,000

$12,707,000

$113,000

23,000
7,000
48,000

Outstandmg
Jan. 1,
1870.
$5,^07,(100
3,035,000
2,475,000
1,614,000
540,000
422,000
3,000,000
2,655,000
1,589,000
447,000
$21,594,O0O

Of all these outstanding bonds, $21,594,000, the State is called upon to provide for
the interest due upon only $18,694,000, the remaining $3,000,0< 0 being Hannibal
& St. Joseph Railroad Bonds, upon which that road promptly pays the interest. Of
the bonds of this read, the sum of $167,000 is held by the State Treasurer, the interest
upon which is collected by him and paid into the State Interest Fund. The interest
on the State debt proper, $447,000, ai d on $20,000 Pacific Railroad Bon Is held by
the State Auditor in trust for the School Fund, is paid from the Revenue Fund, an
appropriation therefrom having been made for that purpose many years since.
There is, therefore, to be provided semi-annually from th e State Interest Fund th e
sum of $551,755, and the commission to the bank for paying the same, about $1,400.
In addition to this semi-annually accruing interest, there a re $80,270 over-du®
CoupoLS, which must b e provided lor a s they a re p re s e n te d .




1870]

R A IL R O A D

IT E M S .

221

E rik Railway, —'The following statement of earnings appears in the report of
Mr. Gould, President of the Erie Company :
PA SSER G E R T R A F F IC .

During the fiscal year ending September SO:
1869.
Number o f passengers carried in cars ....................................
2,497,113
Number o f passengers carried one m ile .................................
128,445,153
Earnings from passengers.......................................................... $4,043,048 82

1868.
2,194,348
124,312,884
$3,131,503 83

F R E IG H T T R A F F IC .

1869.
Number o f tons ot freight carried in cars ..............................
4,812,209
Total number o f tons carried one m ile....................................
817,829,190
Bevenue from freight....................................................................$12,553,793 73

1868.
3,903,243
595,699,225
$10,780,975 66

S ale of R ailroad S tocks .—The bids for the purchase of the Pacific Missouri
Railroad stocks owned by the city of St. Louis, were opened on January 17th.
The stock was awarded to Capt. Joseph Biown and William Taussig, of that city,
for $356,000, equal to 60J per cent.
R ichmond and D a n v ill e R ailroad . —The annual meeting of the stockholders oj
this company was held in Richmond on the 8th iust. From the report of the Pre­
sident we learn that the receipts of the road for the year ending Sept. 30, 1869,
were $609,402 80; working ex- penses, $352,333 95 ; net earnings, $257,068 85,
an increase of net receipts over 1S68 of $37,978 15.
The entire bond debt of the company is $2,080,700. creating an annual interest of
$124,842. This, with the annuity to the State of $42,000, makes up the regular an­
nual interest liability ef the company.

— The Detroit F ree P r e s s has the following in regard to the Peninsular Railroad
from a special correspondent :
The regular trains on the Peninsula Railroad commenced running to-day, from
Battle Creek to Bellevue, twelve miles. This morning the company gave a free ride
to Bellevue and back to a large number of the residents of Battle Creek. The road
is laid through good agricultural lands and well improved faims.
lh e enterprising "Village of Bellevue has a twelve-foot water power on the Battle
Creek river, which runs a flouring mill with a capacity of S00 horse power per day,
besides doing a large amount of gristing; a saw mill that has cut 700,000 feet of
lumber per year, and a eteam saw mill cf similar capacity. The village has all
the different varieties of mechanic shops, and among a cupola furnace, and a steam
flouting mill. There are two hotels, four dry goods stores, that bring to the market
$150,000 worth of goods per year, two hardware stores, one of them a very large
establishment, and six grocery stores. The resources for building up Bellevue to a
city are the good agricultural and.horticultural lands that surround it, the immense
motive power, and above all the lime quarry that crops out for three miles up and
down the river through the village, and from half a mile to a mile wide on each
side of the river, of the very best quality in the State. An immense quantity of
the stone has been burned at the differentkilns, and the lime wagoned to Marshall and
Battle Creek, and this has given extensive employment for thirty-three years. The
lime burners have in different places worked into lime seventeen feet of surface or
shell rock, and come down to thick layers of hard building stones, that takes a good
polish. It is now valuable, with railroad facilities to place it is wanted on the
line of the Michigan Central Railroad, but would not heretofore pay with the twelve
miles of wagoning. There will always be large amounts of burnt lime and building
stone shipped from Bellevue, and there is an amount that will supply all demands for
a great length of time.
The company bad six cars on the excursion train and all loaded to their fullest
capacity. The cars were similar to those used hy the Michigan Central Railroad
Company, and one of them fully equal to, the celebrated palace car No. 56, that was
luilt and used by the Michigan Central. The road is as well built and ballasted as
any new road in the IState. Their T rail is of the best English iron, fifty-six pounds
to the yard, of the latest improved pattern, with fish plate connections. The company
has 1,800 tons of iron in Detroit and 1,800 tons on the way, all by railroad, to thi*
place. This amount, with what they have on hand, will iron the road to Lansing.




222

RAILROAD ITEMS.

[March,

I t is expected, weather permitting, that the company will ran regular t r i r s from
Battle Creek to Laming in the month of January next. Two first class loco n tires,
equal to (he one they now have, are on the wav from locomotive works at Philadel­
phia. A large amount of cars are now building in Detroit for this company, in
addition to the forty-five cars they now have. This railroad company has some of
the most energetic men in the State who are putting it in operation as fast as men
and money can do it, and all tha ca=h capital is 0 1 hand lhat is needed to do
it. It is expected to be in operation from Chicago to Tort Huron before the close
of the year 1870.
At the annual meeting of the stockholders of the Chicago, Rock Island, and
Pacific Railroad Company, held at Chicago, June 2, 1869, and at which meeting
8 ',288 shares of stock were represented, the following was adopted :
W lic-eas, I appears to the stnckho’ders of the Ch'cago, Rock Island, and Pacific Railroad
Company, hy the repur o f the Board of D irecto r thereof to them this day. th t h re is i ow,
and w uiiia the u x i twelve mon h will he needed, about the sum of $ 1,000,000 lor the pur­
pose- o f said company in the completion and permanent improvement of its line of road,
and tor other purposes ; arid
Wh’T as, Tne Board o f Director? have asked o f the s'ockholders an expression of opinion
as to the bes method o f raising such sum as may be needed, as afores .id ; therefore.
Resolved, 'that ia our opinio i the said Board o f Direct* rs. or the Executive Committee
ths-eot, tli u d raise such sum as m y he needed, a? aforesai t. by the issue and sale of bonds
or stock, or both, as in their judgment tne b est interests o f the company demand.

The ab ve resolution, with the other proceedings of (he meeting, were publi-hed
a short time after the meeting in the f rm of circular, which was uistributed, an 1 we
understand one of these circulars was sent to the Stock Exchange. Whether, ac­
cording to ru!e3 of the Exchange, this is a sufficient notification, is a question to be
determiner!. The committee hav ng in charge the examination in regard to the issue
of the stuck authorized in the above resolution, have as yet held no meeting.—V.
Y . E v g . P o s t.

—The Pensacola and Louisville road w ill in a few days he so fnr advanced
as to connect with the Mobile and Montgomery road. There are now but four­
teen miles to construct, and the road bed is ready for the iron, which is now
being discharged. Mr. Fink and other railroad capitalists engaged in this
enterprise are pushing rapidly to completion all connections necessary to give
an air line to the bridge crossing the Ohio River at Louisville; and, this done,
there w ill be an air line from Chicago to the best, and, in fact, the only harbor
on the Gulf, where at a common depot the heaviest shipping can exchange
freights with our railroads. The Selma and Gulf Railroad, which is to run
from Selma, and connect with the road at its junction with the Mobile and
Montgomery, a dis tance of 100 miles, is all under contract, and twenty-five
miles w ill in a few days be in running order.
_The Richmond, Virginia, D is p a tc h says that the amount of money in the State
Treasury, on the 4th iust., was $756,OUO, of which $250,000 has been pail over to the
Sect-ntl Auditor, with which that officer will pay t( e January interest on the State
debt. The July interest on the foreign debt will also be paid at once.
—Aresrlution suspending the payment of the interest on the special tax bonds
passed both branches of the North Carolina Legislature on the 18th inst.
—The directors of the To'edo, Wabash and Western Railroad Company, at their
meeting held on January 19th, authorized the issue of $2,580,090 new stock, which
each holder of the common stock bast he privilege of taking by paying 20 per cent iu
cash. This will give the company about $500,000 iu cash, which they propose to
expend on the road.
—The Louisville bridge, which was to be open for business exactly a month ago,
met with a seiious accident only two or three days before it was to be opened, which
occasioned this long delay. The requisite repairs are now nearly completed, and we
may expect the btidge to be open for travel in a very short time.
— Track-laying on the Louisville branch of the Ohio and Mississippi Railroad was
completed on Monday night. Regular trains commenced rnoning to Cincinnati by
their new route on Thursday.




1870]

R A IL R O A D

223

IT E M S .

—The President of the Memphis and Charleston Railroad gives the following
statement of ihe expenditures and receipts of the company for the quarter ending
Dec. 81, 1869 and 1868:
If 69.
1H58.
R eceipts fro-n pnss nge b .................................................. $22,154 72
44
“ lreight.......................................................... 21' J76 64
“
“ m ail...............................................................
8,593 U
“ e 'p r e s s ........................................................
12 ,U»’0 (0
44
p n ileges, etc.............................................
6 627 47

$161.7 <1
162,593
8 /9 2
9.0 0
10,16'

40
18
20
00
49

To a rec’ip*B..............................................................$489,551 94
Operating expe s e s ................................................... 26',415 29

$342 145 27
189,151 76

N et earnirgs.............................................................. $227,136 65

$152,993 51

—The L ttle R< ck and Fort Smith Railroad Company have prepared $3,600/00
of first mmtgage bonds, according to agreement with Fisher A Co., contractors, to he
delivery I to them ns the work progresses. The bonds are of 1,000 each, p incipal
and intere t payable in gold. Interest six per cent, payable semi-annually in Boston,
where the financial agency of the c mpany has its office.
—The Toledo, Wabash and Western Railroad Company have given thirty diys*
notice to the New York Stock Exchange of their intended issue cf $1,700, 00 com­
mon stock ; and notice has also been given by the Hannibal and St. Joseph Railroad
Company of the intended issue of $1,200,000 convert.ble bonds.
—The Minneapolis Tribune gives the following summary of the new road con­
struct-d by the Milwaukee A St. Paul Company iu 1809 i
“ During the past year they have constructed in Iowa an 1 Minnesota over 1 0
milep of new road, as follows : From Calmar to Mason City, 76 miles ; from Conover
to Decor, b, 9^ miles; from Austin to State lint, connecting with Cedar Valley road
12 miles; an < from Mendota to Sr. Paul, 6 miles. The latter six miles was built
jointly with the St. Paul A Sioux City road.”
The company now own the following property (as stated in the circular of the
President), amounting to 936 miles of railway, about 85 miles of which were put
in operation late in the year 1869, aver, ging a hout October 1, namely :
Mile*.
Milwflu' ee *o St. Paul via I'ratr'e 8n Chien...... .................. ........................................ 405
Milwaukee to La Crosse, via Watertown........................................................................ 196
Milwaukee t >Portage, via Ho icon .............................. .................................................. 95
Horicon to Berlin >,nd V\inneconne.................................................................................. 58
Watertown to Madison............................................................................................................................. 37
Milton to Monroe .......................-............................................................................................................. 4 i
Calmar to Clear i a k e .................................................................................................................. .............. 84
Conover to uecorah
............................................................................................................................. 10
Mendota to M inneapolis...................................................................................................... .................
9
Total,

936

— The Pennsylvania Railroad Company has at last acquired what it baa long de­
sired, a perpetual lease of the Little Miami and the Columbus A Xenia rai roads.
The Little Miami Railroad extends from Cincinnati north by east 84 miles to Springfield. The Columbus A Xenia runs from Xenia, a station on the Little Miami 19
miles south of Springfield, east by north to Columbus, 66 miles, there connecting
with the Panhand e Line. Together they own a branch from Xenia west by north
to Dayton, 15± miles long, and they have a lease of the road from Dayton west to
Richmond, Ind., 42 miles. This leased road from Dayton to the State line is the
Dayton dr Western ; the six miles in Indiana is the Richmond A Miami. Thus the
whole property will give the Pennsylvania company possession of the line which
unites the Panhandle with the Ci Iambus, Chicago A Indiana Central, and completes
the route to Indianapolis. The Little Miami road gives a route into Cincinnati to
the Cincinnati, Sandusky A Cleveland and the Cincinnati A Zanesville as well as to
the Panhand e Line.
It also gives the only route into Cincinnati to the Central Ohio, on which the Balti­
more A Ohio runs trains to Columbus. But the last named road can send its busi­
ness to and from Cincinnati over the Marietta A Cincinnati road, and make the
Central Ohio useful as a connection with the Sandusky Mansfield A Newark Railroad,
which it has recently acquired.




524

R A IL R O A D

IT E M S .

[March

The capital represented by the two roads leased was about $7,200,000, of which
$5,358,600 was capital stock. Of this $3,572,400 was stock of the Little Miami
Company. This is to be increased by a trifle more than 17 percent and then the
capital stock of the tworoads will amount to 6,000,000. The Pennsylvania Company
will pay a fixed rental of $480,000 for the roads, which will be at the rate of 8 per
eeDt on the capital stock.
The number of miles thus leased is 164, exclusive of the sub-lease of 42 miles from
Dayton to Richmond. Twenty miles of this (on the Little Miami road) has a double
track. The importance of the line is not easily over-estimated. Its control by hostile
parties would shut the Pennsylvania out of Cincinnati; its possession enables that
company to secure permanently a route into Cincinnati for three separate lines.—
Western Railroad Gazette.
— The Cedar Rapids branch (25 miles), of the Burlington, Cedar Rapids and
\ innesota Railroad was opened for traffic on Dec. 16, 1869, and is now running
regularly with, as we learn, gratifying receipts. Over fifty miles of the Burlington
branch is now running, making 75 miles of the road in full operation. It is only
upon thesecompleted sections that the bonds of the company (now being marketed, as
will be seen in another column, through Henry Clews <St Co.), are issued ; so that
the road is in a position to earn the interest upon its mortgage debt from the time
that the obligations are issued. We are ii ormed that the bonds are being rapidly
marketed.
—The total debt of the State of Kentucky, on Oct. 10, 1869, is stated by the
Governor, in his message to be $3,307,177 52, from which should bs deducted the
amount of bonds dedicated to the School Fund and not reieemable $1,648,283 52,
o aking the actual debt of the State only $1,657,894 00. This State is ready to
pay as soon as presented—the Sinking Fund being more than ample to liquidate the
entire indebtedness.
—Last week in East Tennessee the parti es concerned effected the consolidation of
the East Tennessee &. Virginia and East Tennessee ik Georgia railroad companies*
making one road from Bristol to Chattanooga and Dalton, a cistance of 242 miles.
The new management is under Thomas H. Calloway, president ; loseph Jacques
vicepresident, and R. C. Jackson, superintendent.
’
— The last rail has been laid on the section of the Adirondack Railroad under
contract.
—From Messrs. M. K. Jessup & Co. we learn that the earnings of the Columbus
4 Hocking Railway, of Ohio, for the month of November, are $23,008 71 ; the ex­
penses for the month are $11 000. For the first five days of December the earnings
were $5,159 49. The Columbus <£s Hocking Railway is a small internal line in Ohio,
62 miles in length, with a bonded debt of $1,60J,000. These earnings will be increased
when the balance of the road, 14 miles, is completed to Athens. The road is earning
enough to pay the interest on this debt and 6 per cent on the capital stock.
— The total railway debt of the counties of Iowa, which propose to defy the
judgment of the Supreme Court by refusing to pay, is about $10,000,000, a portion
is distributed as follows ; Lee County, $1,650,000 ; Des Moines, $940,000 ; Muscatine,
$700,000; Johneon, $300,000 ; Washington, $200,000; Henry, $300,000; Louisa,
$225,000; Iowa $200,000; Pow6hiek, $150,000 ; Jefferson, $60,000.
— The Missouri River, Kansas City and Gulf Railroad is now built from Kansas
City scuth to Fort Scott, a distance of 110 miles. By the 1st of January it will be
epened 26 miles further. This road is designed to pass through the Indian Territory
through Texas, and find an outlet at Galveston, on the Gulf of Mexico.
— One per cent of the interest on the Virginia State bonds, both coupon and regis.
tered, due Jan. 1, 1870, was ordered to be paid on that day, by order of Gen. Canby.
— The Central Ra Iroad of Iowa has been completed to Marshalltown, there
connecting with the Dubuque and Sioux City and Northwestern lines.
—The Cincinnati, Wilmington & ZaneBville Road was sold on the 1st instant, to
satisfy European holders of $1,300,0C0 bonds with two years accrued interest at
7 per cent. There are one hundred and thirty-one miles of road from Morrow to




i 870]

R A IL R O A D

225

IT E M S .

Zanesville, sixteen locomotives sixteen passenger, seventy-nine freight, cattle anti coal
cars, and real estate worth $200,"0 >. The whole sold at $1,700,000. Thomas L.
Jewett, President of the Pan Handle, was the purchaser, it is supposed for the Penn­
sylvania Central. Charles Moran is the representative of the European bondholders.
R omf, W atertown and O gde ,vsburgh R. R.—The gross earnings of the road
and branches of this company, (including the Oswego and Rome Railroad, leased)
for the years ending December 31, 1868 and 1869, were as follows :
1868.
From passengers...................................................... .
„ freight; ............................................................ .......................
„ mails, e tc ............................................. ..........

65-,143 50

1S69.
$446,473 96
699,475 2>
77,684 84

$1,203,940 75

$1,274,134 05

691,383 54

686,791 70
3 ',000 00
55,3 »1 G6

E x p o se*, viz. :
.......................
Exp nded on new construction................. ........
Taxes paid....................................................................
$779,084 90
Leaving a balance o f............................... ...............
Add income

s nking fund..................................

$772,136
501,997
642,i54
22,515

36
69
12
86

$1,166,597 67

Tota1..........................................................
Thus acc unte * for :
Rent o Home and Oswego R ailroad.................
Coupon- and interest.............................................
Tw o dividends, 5 per c nt each, and tax s .......
Fifry per cent on 4,761 shares n w sto ck .........
Iron crc Ut>*d surplus account, in error in 1888,
Surplus, December 31, 1819............................... ..

50, MO 85
119,090 72
262,500 00
23 ■*,200 00
19,296 29
476,969 81
$1,116,567 67

T otal as above

It will be seen that the earnings exceed those of the previous year $65,193 30,
while the expenses are $6,948 54 less—showing a net increase of $72,141 84.
The report says :
An increase to the cipital stock authorized by a vote of the stockholders to the
extent of five thousand shares, has been mostly issued during the year, having been
divided p r o r a ta among the stockholders, at, $5) per share, a n d n o e o therw ise ,
bringing into the Treasury of $238,200, leaving the difference betw en that sum
and par (or upon wh t has been delivered), the same sum as above, viz. : $238,200,
which h*8 been charged to surplus account, leaving still to the credit of that account
an amount quite sufficin' t for all practical purposes, or for contingencies.
All that bac been used of the rm ney thus received for new stock ha9 been applnd
in pa\ ment of the company. The balance has been loaned on call on the best colla­
terals by instructions of the finance committee, to be used as required in farlher pay­
ment of bends, or otherwise, as the board may direct. If theie has been any
apprehension that this company have fal en ir to the practice, too common nowadays,
of stock d ilu tio n , one simple statement will doubtless be found sufficient to dispel
any such fiar. The stock, bon is, and debts of every description, outstanding, after
applying the surf lus and available means on hand, <o not aggragate a sum equal to
the actual cost of the property by several hundred thousand dollars.
The funde debt has been renuc d $114,000 during the year, leaving the present
am unt of bonds outstanding, $1,439,000.
The company have no floating debt.
Two diviJenTs of five per cent each and Government tax on the same have been
paid during the year, and one of same amount on the 15th January ultimo, which is
the thirty-third <ivi lend in order, and the thirteenth consecutive semi-annual divi­
dend of five per cent and tax, which has been paid by the company.
B alance S h e e t D ecem ber 31, 1869.

Cost o f rond aDd equipm ent.................................................................................................. $4,004,000 f)0
„
additional t*qui m ent..................................................................................................
347.026 62.
„
iitw engine house..........
18,*34 75
,,
new depot a i Watertown and N ew Y ork.............................................................
23,88!) 59




$4,389,291 96

5

226

[March,

RAILROAD ITEMS.

Bond* paid by sinking fund..........................
Bonds paid and on hands............................ .

$354,176 13
206,700 (0

General supplies.................................................
N ew York and Home Transp. Co.................
Woud lands.......................................................

$131,934 49
18,50» f'O
11,O’!9 45
$10,170
23,6 0
37,000
141,570
111,709
61,050

Paid for fractions new sto ck ..........— ............
N ew stock, 236 shares.......................................
Income bonds Oswego and Rome Railroad
Cash loaned on col atera s .............................. .
Cash on hand and in bank....... .....................
D ae from agents and U . S. Government__

00
00
00
00
34
20

560,876 IS

161,513 94

375,108 54
$5,486,790 57

Capital s fo c k ..-........................................................................................................................... $3,000,OCO 00
Fended debt—(of this $351,176 13 is in the sinking fund, and $206,701 in bonds
paidand on h md, leaving but $1,439,124 87 oui sta n d in g )....
............. . . 2,000,000 00
Due sinking fund..................................................................................................
$676 13
Dividends unpaid........................................... ..................................................... 3,63 i 00
J. G r a v r s... ...........................................................................................................
500 00
Finishing account, Oswego and Rome Rai road............................ .............. 4,975 60
Special sinking fund, Oswego and Rome Railroad......... ..............................
30 03
9,820 76
476,969 81
Surplus........................................... .............................................................................................
$5,486,790 57
L o u isv il le and N a sh v ill e R ailroad C om pany . —This important road controls
the great traffic from Louisville to the South and West, and is the chief thorough'fare between the Ohio River and that whole section of country. The importance
of its location and the comparative monopoly enjoyed by it can be seen on a single
glance at the map. The road ha9 been successfully operated for a number of
•years, and, including the Memphis and other branches, has now a mileage of about
600 miles. The following tables snow the earnings and operating expenses of main
stem and branches for the fiscal year ending June 30, 1869 :
Sources.
Main stem earnings—
P assen gers................................

Express...................................

M a il...........................................
F reigh t....... ...............................
M iscellaneous..........................
Total Main Stem.
Bards! own Branch earnings—
Passenger............... ..........................
E xpress................................... .. . . .
M il ........... ..................................
F reight..............................................
M isce Janeous.. . . . ............... .
Total Bardstown Branch.. . .
Knoxville Branch earnings—
Passenger.......................... . . . . . .
E xp ress..................... . . . . ........
Mail ................................................
Freight ..........................................
M iscel.a n eo u s..............................
Total K noxville B ranch.. . .

Gross earnings.
.
.

$673,22138)
74,879 £8 V
29,545 00 )
1,110,483 81
£,193 68
$1,891,323 25
$11,242
1,037
541
12,704
151

141
79
74 ]160 |1
04J

$25,677 31

O perating
expenses.

N et
earnings.

$439,523 46

$338,122 30

574,051 55

536,432 56
?,193 6S

$1,013,574 71

$877,748 54

$31,058 73

$31,058 72 Loss, $5,381 41

$95,376 94 !
10,£44 79 j7,(51 27 1
120.506 76'
541 67
$234,321 73

$80,704 27

$32,568 73

65,954 SO

54,552 56
541 97

$146,65S 47

$87,663 26

Richmon 1 Branch earnings—
P s s-m g e r........................................

E xpress...........................................
►ail ........... ....................................
Freight.............................................
M iscellaneous................................
T o ta l R ic h m o n d 'E ra n c h .




$9,966
767
422
10,556
37

481
69 j
50|
t 4 |1
50 J

$21,750 71

i

$22,643 80

$22,643 80

Loss, $398 09

1870]

R A IL R O A D

IT E M S .

Memphis Branch earnings—
P as en g tr .....................................
E x p ress.........................................
M a il

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

$04,481 57)
t-,5 10 45 V
5 100 0 0 )
99,543 57
399-96

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

■Freight............................ .............
M iscellaneous..............................

$35,929 £-3

63,328 CO

36,214 97
399 96

$203,065 55

$135,521 09

$72,544 46

$2,381,138 55

$1,349,461 79

$1,031,676 76

$711,855 99

$641,939 29

$637,605 80

$389,737 47

Total M :mphis Branch..............
Total

$72,192 49

R E C A P IT U L A T IO N .

Total freight earnings main stem and branchcs$l,353,795 23
T o t 'I p a ^ e n g e r e a r u i n g s ........................................

884,288 511

Total i xpress service................. - ........................

96,070 lu 1

Tota mailfiervice.... .......... .........................

42,660 51

To ai Miscellaneous, v i z .:

R e t s ....................................... - ..................... - .........
T r a in p r iv ile g e s ........................................................
D e te n tio n o l c a rs ,s to r a g e ,& c ............
..

Total

r

5 i l 00 j
2,500 10 |
1,313 0 5 J

$2,381,138 55

$1,349,461 79
$1,031,676 78

N et earnings <43.33 $ cent)

'CONSOLID ATED S T A TEM EN T C P M A IN STEM A N D B R A N C H ES A N D LEB A N O N B R A N C H E X T E N S IO N .

Total co st c f road:
Main St m, B B , L. B ., R . B., and M. B ..........
Lebanon Branch E xtension (south o f Lebanon).
R so u rc es:
Main S ein .................................. - ..............................
L b .non Branch E xten sion ..................................

$10,98^,610 72
2,876,183 54
---------------- $13,859,794 26
3,517,162 U
3,615 05
---------------

3 520,777 59
$17,380,571 85

Liabilities'.
Stock and stock liabilities and suspended stock,.
Main Stem ....................................................................
Bills payab e and loans, main stem ............... —
Bill.** and ay-rolls 'or June and sundries, M. S ..
B iCk and July, C69, divi lends, Main M em .........
Sundry c ntractors and persons, L. B. Extension.
Bonded debt4
Main Stem ....................... . ................. .............
Lebanon Branch E xten sion ........................................

$766,069
235,221
469,487
47.324

30
23
IS
59

$8,780,501 46

1.518,102 30
$4,792,500 00
421,100 00
5,213,500 00
1,868,468 09

Profit a d Loss account, Main S tem ............. . . . . .

$17,380,571 85

A dividend of 7 per cent in cash upon the capital stock of the company was paid
last year, and regular dividends of 7 or 8 per cent per annum have been paid for a
number of years past. The earnings for the last six months of 1869 show a large
inciease over the same time in the previous year; they are as follows, fer six months
from July to December, 1869, inclusive, and corresponding six months of 1868 :
1868.
J u ly ......................................................................... $147,077 96
A nunst................................................. .
182,418 78
Sept m b e r .................................. , ........................
206,083 66
O ctober..................................................................
213, 44 41
N ovem ber.......................................................
2^8,601 79
D ecem ber..............................................................
217,283 82
To a l.................... .........................................$1,175,310 42
Increase, 30 74-100 per cent.

1869.
$195 3 9 :6 5
244 132 61
279,216 15
292.700 75
2 1,055 98
254 140 11
$1,536,638 25

Increase.
$48,3.3 69
6 ,714 84
73,1-2 49
7<?,i-66 34
62,454 19
36,.'56 29
$361,327 84

The Company is <ffering at present a portion of its first mortgage 7 per cent,
bonds at 87£, through the houses ot Messrs. Drexel, Winthrop & Co., J. B.
Alexander, and John J. Cisco <fc Son, bankers of this city; and from the circum­
stances of the road and its permanently established business, these bonds would
eeem to be cne of the best loans now offered in this market.




2 28

ra ilro a d

item s.

[ March,

I owa R kilroads . —The De3 Moines B u lle tin contains the following interesting
record of railroad building in that state during the past year:
A greater length of railway has been built in Iowa this year than in any other
state. At the close of 1865 there were 793 mi'es finished. At the close of 1867
there we’e 1,152 miles finished—an increase of 359 miles in theae two years. One
ye-r later, January 1, 1869, the total completed was 1,451 miles, an increase of 299
miles in 1868
By letters bet ire us, from officers of the sixteen railways in Iowa, we learn that in
the year now closing there will be built a grand total of six hundred and forty-three
miles. On eight of these lines there is some yet to build before this auonot is
reached. But nine-tenths of the work is done. Those that have more to do have
so lit'le that they write it will uvdo btedly be done this year. These eight are
McGregor and Sioux City, Ce lar Falls an I Minnesota, Central Railroad of Iowa,
Burlington and Missouri River, Burlington, Ce ar Rapids and Minnesota, De3 Moine3
Valley, St. Louis and Cedar Ripids, Iowa Falls and Sio ix City.
On the 4th of November the Iowa Fall and Sioux C.ty had built ninety-one and
one-half miles. Between that time and the 1st of January they will have built
twenty more, making a total of one hundred and nineteen and a half miles in
1869. This is the longest stretch made on any one line in the year. The other
large builders are, Burlington and Missouri River, ninety-“ight and three-fourths
miles; McGregor and Missouri River, ninety four and one-third miles ; Des Moines
Valley, eighty-one miles; Burlington, Cedar Falls and Minnesota, sixty seven miles
—a total of four hundred and sixty miles by five companies.
The roads which have bren lengthened out or commenced this year are :
McGregor and Missouri River, Cedar Falls and Minnesota, Iowa Falls and Sioux
City, Central, Chicago, Rock Island and Pacific, Burlington and Missouri River. Sioux
City and Pacific, Burlington,Cedar Rapids, and Minnesota, Des Mcines Valley, Ke.kuk
and St. Paul.
The following table shows the amount of road constructed in the last four y ears:
Miles*
l a 1866 a n d 1867.............................................................................................................
I n i s n a .....................................................................................................................
I i 1S6J...................................................................................................................................................................

369
269
643

T o ta ’............................ ........................................... .......................................................................... 1,601
Add the m iles constructed up to 1866...............................................................................................
793
G iv es a to ta l o f........................................................................................................................................

2,094

miles in operation in Iowa on the 1st day of January, 1870.
T h e M isso u ri P a c if ic , and it s K ansas C onnections . —The Missouri Pacific Rail­
road Company has the terminus of its road at Kansas City. There it connects with
several railroads of importance. The chief of these is the Kansas Pacific, while the
F rrt Scott & Gulf, and the Missouri Valley and the Missouii River roads bring to
that point business from the South and North respectively. But the North Missouri
is a competitor for all freight to St. L uis and beyond, while the Hmnibal & St.
Joseph is finely to take whatever goes to Chicago and beyond, from the Fort Scott
road, which has, substantially, the same managers. Of course it would l ave a sub­
stantial advantage if it coul I control any road beyond Kansas City. So it was rightly
regarded as a wise stroke of policy when it rented the Missouri River Railroad, from
Kansas City to Leavenworth, and afterwards secured the business of the new railroad
from Leavenworth and Atchison, which gives the only direct connection with the
hundred miles of railroad west of Atchison, called the Central Branch, Union Pacific ;
and, naturally, it was considered a severe blow to the road when the flaw in the
lease was discovered which caused it to lose the control of the Missouri River road.
The Missouri Pacific Company has again leased tbs Missouri River Railroad, this
time oubtless, having made a contract which will be legally bind! g. I t is to pay
$67,600 yearly for the use r f the road, which is 27 miles long. The length of the roads
thus leased is 48 miles, the Missouri River being 27 and the Leavenworth, Atchison
& Northwestern 21 miles long. They are important as they are, giving access as
they do the chief cities of northeastern Kansas, and more important for the connec­
tions which they are almost sure to have within a few years at most.— W es'.ern I t .
I i . G azette.




1870]

RAILROAD ITEMS,

T*tir.vyaa

229

E arn in g s of t h e G reat N e w Y o r k L in e s f o r 1869.—From the annual returns
to the Legislature <f Railway Com ponies for the year ending September 80,1869,
the New York T rib u n e makes the following analysis:
Fu n d ed d e b t....................................

,809,320 00

F lo a tin g d e b t . .............. ...................
C a p ’ta l s to c k ....................................$78 536,910 00
F u n d e d d e b t.......................................... £3,398,80000

1,167 00

E R IE R A ILW A Y CO.

Tot a1.............................................. $20,331,187 00
T o t a l............................................... $101,93',710 00 Cost o f road and equip m ent... 19,919,5ol 42
Earnings .
C ost o f ro a d a n d e q u i p m e n t .... 65,131,959 01
ras^ eneeis........................
. . . . $2,269 OSS 07
Earnings.
............... ,, 8,6t'b,8'4 33
P a s s e n g e r s .................................
3,429,029 18 Freight..................
6(5,715 54
F r e g h t ..................................................... 13,016,80376 v. H er so u r c e s ......................................
O th e r s o u rc e s .......................

245,067 40

T otal....... ............

$6,484,457 94

HJrrwr
T o t a l ..................................................... $16,721,500 34
Tran port’n............. ^ ,770 967 51
E x p e n s e s ............... $13,718,085 43
P oa iw a y ,& c............. 1,095,3:2 10
IIt> r e s t ................
1,703, 73 00
Int. eveim e...............
57,375 80
K e n ts ........................
824,020 00
------------------- 4,923,655 41
--------------------- 16,245,878 43

$1,5^0,802 53
Interest....................... $350 829 33
Dividends................... 1,259,363 00
------------------$1,610,192 33
C a p ita l s t o c k ........................................ $28,795,000 00
475, • 21 91

NEW YORK CENTRAL.

F u n e d d i b t ..........................................
11,398.42589
I n te r e s t c . r t i d c a t e s . . . ^ .............. 23,036,000 CO

Deficiency..........................................

449,389CO

N E W Y O P K A N D H A R LEM .

T o t a l.............................................. $63,2i9,4»5 89 Capital etocii.......................................... .$7,000,0^0CO
C o s t o f r o i d .......................................... 37,603,69687 Funded debt.................................... 5,085, ' 0 (.0

Earnings.

P a s s e n g e r s ............................. . . . .
F r e g h t .............................................
O th ^ r s o u rc e s .......... ........................

4,228,470 24
10 457,88 89
900,564 26

T o t a l..................................................$12,(85,9:0 CO
Cofctof road and eq u ip m en t.... 10,1^4,902 19

Earnings.

Passengers............................................. $1,097,«7420
j ,258,542 16
420,678 39

T o t ^ l..................................................... $15,586,616 39 Fr ig h t......................................
E x p e n s e s ..........................................
9,055, 85 18 Dlher sou ces................................

T otal.............................................. $2,776, 90 75
N e t................................................ $6,531,131 21
Trai sportation expenses ........... 1,817, 45 72
I n te r e s t........................ $894,729 87
D iv id en d s................... 2,413,7S0 00
lv e t e arn in g s................................ $959,745 03
Div o n scrip .................1,935,524 0 )
in te re s t......................... .$340,904 89
P e n s ...........................
60,000 00
It t. revenue.................. 27,907 73
In t. reve u e ............... 107,421 77
S in k ’g filed............. 111,182
S8-$5,527,138 02 D iv id e n d s ....................... 589,473 (.8 -$ 9 3 8 ,2 * 6 30
S u rp lu s........................................

$1,003,993 19

S u rp lu s..........................................

$1,458 73

H U D SO N R IV E R .

C apital............................................... $16,020,800 09
C hicago and A lton — N e w S tock . —On March 1st an issue of $3,8CQ,000 of new
capital will be made as follows : the Stockholders of February 10th, will be entitled
to receive at the rate of one share of new stock to two of old, on payment of $102 50
for each two new shares, that is to say, $2 60 at once, and $10 • in four instalments
of $26, payable on the U t of March, June, September, and December, 187f . Onehalf of the new stock will be delivered on payment of the $2 50. The money thus
obtained by the company, is to be applied to the construction of an extension of the
line from Dwight to Lacon, III. The effect of the new arrangement to the present
Stockholders, both Common and Preferred, is a stock dividend of 50 per cent <n the
payment, cr at the average cost of $51 25 per share, or a fraction over one-half its par
value.
M issou ri R a ilw a y P rog ress in 1 ? 6 9 . —The Governor of Minsou i,in his Annual
Message, coDgratu'atea the State that * in the history of railroads in Missouri, no
year in the past will bear favorable comparison wiih 1869.”
In the four years preceding, 568 miles were bu ilt; in 1869 alone the amount was
360£ miles. In January, (869, lines aggregating 609£ miles were under construc­
tion ; at the close of the ye r. the aggregate —in addition to the 860£ miles complettd—amounted to 1,035 miles, while work was preparing on several projected
lines. Among important extensions referred to are the following :
The South Pacific, to run from St. Louis to the Southwest corner of the State to
be continued to the Pacific, is being constructed with great eneigy, which has
already reached the inviting region of which Lebanon, Laclede county, is to be a




230

[March,

RAILROAD ITEMS.

commercial centre, and “ looks restlessly Southwest upon that great mineral an!
agr cultural and grazing region into the very heart of which it will fully penetrate
by next 4lh day of July, when it will have reached Springfield, the future commercial
and manulacturing importance of which I could not by words enlarge.”
The St. Louis & Iron Mountain, which has added 60 miles in 1869, is in operation
210 mi'es S>uth from St. Louis, and opens up to enterprise valuable mines and
some of the best timbered regions of the State, and, by striking the Mississippi
River at Commerce, offers a St. Louis or a S -uthero market.
The St. Louis, Chillicotbe & Omaha has ad led 26 miles ; tbe Missouri Valley, 48 ;
Lexington & Sedalia. 36 ; Lexington & St. Louis, 36 ; St. Louis cfe St. Joseph, 40
Alexandria Nebraska City, 45. A road is contemplated from St. Louis through
Franklin county to run on the South side of the 0 age River to Fort Scott, Kansas ;
also another from Kansas City by way of Springfield to Memphis Tennessee ; two
from Jefferson City, one Southwest and the other West along the O age Valley, and
ODe fr m Ste. Genevieve, on the Mississippi River, Westto Lebanon.
As to the prrepects of these enterprises, Gov. McClurg has no doubt, that they
will be continued, although the S;ate is not at present in a condition to aid them.
I t i3 added while railroaJs cause the more rapid development of resources, at the
8sme time their development causes the building cf roads.
S tock -B rok ers M a r g in s . —The case of Markham v s. Jaudon decided b y the
Court of Appeals in this State, a few weeks ago, is an important one to stock­
brokers an 1 their customers. It was a test case, selected by the Stock Exchange,
and heard as a preferred appeal by special order of tbe Court of Appeals, in
advance of its regular place on the calendar.
The Court of Appeals decides :
1. That when a broker buys stock for a customer and agreees to pay for it and
carry it on receiving a deposit of a margin of money or stock, he hold* the stock so
purchased as a pledge for the repayment of the money h i advances, and cannot sell
it, even if the value of tbe stock tails so as to exhaust the margin, without giving
notice of the time and place of the sale.
2. That evidence i f the custom or usage of brokers cannot be received to
change these rights and relations of the parties to such transaction.
3. That a broker who sells out bis customer's stock after bis margin is gone, b it
without giving him notice of the time and place of t 'e sa e, is liable t> the
customer for the highest price of the stock down to the time of tbe trial, bee luse
be customer owns the stock, and the act of the broker is a wrongful conversion.
R e po r t ov t h e N e w L ondon N o r t h e r n R ailroad C ompany for th e

year e n d in g

December 31st. 1869 :
Ea-nings, Pre g h t,..............[$2‘3,667 76
P assage ................................ 183 113 79
Mai s & E xpenses,..................
17,0S333
R e n ta s ................................
7,810 80
------------- 421,680 59
E xp en ses..............................................$326,860, 88
Dr.

Earnings, 1869.......................................$ 121,6S0 59
“
1868....................................... 404,t46 69
G a in ...................................... ............ $16,833 SO
D v id e id c f J u ly , 4 p e r
c e n t ...............$31,300 00

B alance S heet , J anuary 1, 1370.

Cr .

Construction *ccount....... ............ $1,486,022 72 I Canital S o c k ............................................$858,5fO 00
Second Mortgage and In clin e
Second « lass s to c k ................................... 145,00aOO
B ondj, cancelled,........................
345,455 01 | S ix p e r c e n t Bo d s, 1835................... 300 • <0 00
10.915 31 j S even p e r c e n t B onds, C o n v e rtib le . 291.5(0 90
W ood L>*nd. ....................................
( 0,00 J 0 >
H oi Prop -ity ....................................
12,726 0» | S ev en e r c e it B o n d s, 1S71,............
Material on hand..............................
69,97 ‘ 67 | D u e N ew L o n \ 8 av . d a n k , .............. 87,500 lO
D
iv
id
e
n
d
s
N
o.
9,
11,12,
13,
14,
15,
Sundry Accounts anu N otes due..
3S,* 04 98 |
Cash.....................................................
unpaid.............................................
768 00
11,037 97
D u e c m c i r g R o a d s , a d o th e r
a c c o u n ts ................................................

43,9 1 97

P ro h t a n a L o s s e „......................................
$1,774,982 71

37,72274

$1,774,982 71

— The Mobile and Montgomery Railoroad Company.—The bill endorsing the first
mortgage bonds of this company to the amount of $2,500,000, passed bath houses o f
the Alabama Legislature at Montgomery, on February 24th.




1670]

R A IL R O A D

IT E M S .

231

D e n v er P a c ific R a ilw a y . —The Secretary makes the following report for the
year ending this 31st day of December, 1869.
The following are t^e expenditures for the year as they appear upon the books cf
the Company in this office :
Construction account, including engineering................................................................
Incidental expe Bes.. ... ......................................................................................................
F u r n i.n r e a c c o u n t........................................................................................................

$125,254 48
10,0 0 72
M*5 50

Might <f w> y ana depot grounds........................
Land departm ent.......................................................................................................................

1,702 40
‘528 31

Total amount o f cash expen .itures for the year.............................................................

$137,847 41

The above amount was expended prior to the 4th day of June, at which date
the Company entered into a conditional c ntract with John Evans, which contract
was amended and fully cor finned, and executed on the 3d day of August, with
Messrs. Evans & Carr, contractors, for the completion of your railway.
John Evans, on behalf of Evans & Carr, contractors, has been paid as follows :
C ash...............................................................................................................................................
A rapahoe Oo. b o n d s................... ...................................................................... .......... . .
Share* in the capital stock o f the C o.................................................................................
First mortgage uonds..............................................................................................................

$6,500
300,100
17. 00
1,0.0,000

00
On
00
00

The remaining shares of the capital stock (say 17,491 shares) has all been issued to
John Edgar Thompson, of Philadelphia, trustee, which are held in trust to be trans­
ferred to the contractors, Evans & Carr, when they shall have completed and
equipped your road to the city of Denver.
The remaining $1,500,000 of first mortgage bonds have also been delivered to
John Edgar Thompson, trustee, to be held in trust for the purpose above stated, and
to be delivered to the contractors as they dispose of the eame in order to raise
means to complete your road.
All of which is respectfully submitted.
R. R. M c C orm ick , Secretary
D. P. R. & T. Co.
R a ilr o a d L ands in K ansas . —We condense from the Lawrence J o u r n a l interesting
information in re: aid to lands in Karsas, now of fered for sale or 60on to be placed
in market, along lines of roads in operation or being built.
The Land Department of the Kansas Pacific Railroad, which runs the entire
length of the S ate from east to west, up the valleys of the Kansas and Smoky Hill
Rivers, is located at Lawrence. The company have 2,0 A',000 acres to sell at from
$1 to $5 per acre.
At Atchison are the headquarters of the Lind Department of the Central Branch
Pacifi: Road, which runs west ICO miles from Atchison to the Blue River.
'lhe Galveston Road is completed 50 miles south from Lawrence, and by October
next will be fi ished to th *southern bouuda^y of the State, thus affording prospectors
and explorers an excellent opportunity to see S mthern Kansas.
At Topeka is the Land Department of the Atchison, Topeka & Santa Fe Road.
The road is completed some 4‘J miles south from Topeka. Tuis comp my have very
desirable lands for sale upon reasonable terms.
There are three lm d iffices in the State—at Humboldt, Topska and Junction City
—where filings for pre-emption and homestead settlement can be made,and all neces­
sary information obtained relative to government lands in Kansas. There are about
40,000,000 acres of government land in Kansas, of which upwards of 20,01 0,< 00 acres
have not as yet oeen surveyed.
N e w Y ork C en tr a l R ailroad T ax on S c r ip . — A lbany , March 3, 1870.—The
New York Central Railroad one ye»r ago issued a scrip dividend of eighty per cent
on the capital stock of the road, and h-ving failed to make returns to the Revenue
Office, the company was to-day assessed by Ralph P. Lathrop, United Slates Asses­
sor lor this district, five per cent on the dividend, the tax amounting to $1,152,000.

—The West Wisconsin Railroad has completed its track, and is now running to
Augusta, 70 miles
Forty miles beyoDd Augusta are under contract, and it is hoped
to finish the road to St. Paul during the coming year.




232

TRADE OF THE UNITED STATES.

[March,

—The New York T r ib u n e gives the following item s: The stockholders of the
Michigan Southern Railroad have rejected the proposed consolidation oftnat road with
the Toledo, Wabash and Western. The whole matter went by default; the entire
vote polled was less than 40,U00 ehaies.
—The Burlington and Missouri River Railroad is completed and will be running
on January 1. The roa 1 connects with Omaha and the Union Pacific, and forms a
direct line to the Pennsylvania Central and the Atlantic coast in competition with the
Rock Islaud aud Chicago and Northwestern roads.
—The Texis Central Railroad has its terminus at present at Calvert, 180 miles
north of Ga verston. It has P t the contract for grading 20 miles north of Calvert
and work has been commenced in this section.
—The earnings of the Richmond, Fre lericksburg an 1 Potomac Railroad for the
year ending September 30 h, were $330,904 7, and the expe ses $172,32S *24.
The receipts increased 12 per cent, on the previous year, while the expenses de­
creased nearly 2 per cent.
— The North Carolina Railroad has declared an annual dividend of 6 per cent—
3 per cent payable ls to f April, and 3 per cent 1st of July.

TRADE OF THE UNITED STATES.

The following figures, showing the trade of the United States, came from Wash­
ington by telegraph yester ay. During the first six months of the fiscal year
beginning July 1, 1868, the imports of merchandise into the United States :
Amounted t o ................................................................................................................. ............. $181,889,320
A n d of sp e .ie to ................................................... .
............................ .................................
6,158,250
Making a total o f......... ....................................................................................................... $188,047,587
Hurii g the same period the eyprrts o f merchandise, reduced to the standard of
gold at 39>$ per cent, ihe average premium o f ihe year, amounted t o ............. $1*20,713,682
T he exports o. specie and bn liun w .r e ............................................................................... 23,991*016
Making a total exportation o f .................................... ................................................. $ 144,701,697
Haring the same period the re-exports o f merchandise w ere........................................ $5,1-75,595
And o f sp ecie............................................................... ...............................................................
4,t75,691
T o ta l........................................... .............................................................................................. $9,151,289
Showing th-. total exports o f the country for the first six months o f the fiscal
year 1868-9 to have b een ......................................................................................................$153,85',986
And the apparent ba auce o f trade against th- U nit d States o f.................................... 31,139,601

Of the aggregate trade between the United States and other countries merchandise
was carried in American vessel* to the amount of $125,756,903. Estimating the
freight at S per cent gives $10,060,552 as the amount received for the use of Ameri­
can ships in the foreign trade. This amount, deducted from the apparent balance
against the United States, shows an actual balance against the United States of
$24,129,049.
The merchandise Imported during the six months commencing July 1 , 1S69,
amounted t o ............................................................................................................................ $202,5*20,884
And ol epecie ................................................................................................................................ 11,172,308
Making an aggregate o f imports c f ........................................................ ................. $213,693,192
The exp rts o f merchandise fo< the same period reduced to the standard o f gold
at 31 per cent, the average p emium of the six months, amounted t o ............ .. $165,5 tl,772
The specie and bullion exported during the same period w ere............................ „ ...... 21,282,062
Making An aggrega’e o f ...................... . ......................................................................$186,823,834
The re-exports <f specie for the same period w e r e ..........................................................
5,426,091
And o f m erchandise.....................................................................................................................
6,874,186
M ak in g a to ta l of ex p o rts o f .............................. ......................................................................$199,124,111




1870]

233

PUBLIC DEBT OF THE UNITED STATES.

Showing a nominal balance ag in st 1he United States o f ............................................. 14,569,0S1
Of the entire amount of exports and imports, merchandise was carried in
Amer-can ships to the, am u t • f ........................................................................................ 156,035,318
Estimating th freight at. >• percent, g iv e s............
...................................................
1\490,817
Wh.ch deducted from the nominal balance against the Uniied States o f..................... 14,409,081
Shows a real ba’ance against the United States, for the six months commencing
Jul 1, IS 9, o f..................................................................................... .................................. $1,978,264
For the six mont s c ommencing Ju'y 1, 1863, exports and re exports of pecie
and bullion amounted to . .................................................................................................. $28,066,710
During the sirne peried the imports amounted t o .................................. .........................
6,156,258
Showing a balar ce ng in st the Un'ted States o f
................. ................. ........$21,910,452
The exports o f ?p cie for th i six months commencing July 1 ,1S69, were ...........
$21,2S*2,062
And th i exports of specie and b u llio n .................................................................................
5,426,031
Showing total <f exports .................................................................................................... . $26,708,153
During the same period the imports o f specie amounted t o ........................................... 11,172,308
Ora bal mce ag inst the United States f r the same period o f........................................ $15,535,845
Showing au improv m ent in favox o f the la u r peiiod in tne specie account o f . . . .
6,375,601

TIIE DEBT STATEMENT FOR MARCH, 1870.
Tha following is the oflSeial statement o f the public debt, as appears
from the books and Treasurer’s returns at the o.ose of business on the last
day of February, 1 8 /0 :
D e b t b e a r in g in te r e s t in C o in .
Accrued
Amount
Character
Outstanding. Interest.
o f Issue.
When Payable.
$106. 16 67
$ 20 , 000,000 00
5’a, Bonds...........After 15 years from January 1,1859....
f 8,516 67
7,022,000 00
5’s, B o n d s........ After 10 years from January 1,1861___
184 15 ) 00
18.415.000 00
6’s of 1881............After December 31,1880 .........................
9,450 00
945,000 00
6’s,Oreg.War,’81.Redeemable 20 years from July 1 ,1861.
159.317.600 00 1,S9 ,1 •*'» 00
6’s of 1881........... At pleas, after 20 years from June 30, ’61.
514.771.600 00 10.2lft.482 00
6’s, 5-20s...............20 years from May, 1,1862*.....................
75.0
0,000 00 750,000 00
6’s of 1831............After June 30,1881......................................
194.567.300 i 0 4,S31182 50
5’s, 10-40’s ........... 40 years from March 1,1864+..................
77.650 00
3,882,500 00
b’8, 5-20’s ............20 years from November 1,1864*............
125.561.300 00 2,511,220 00
6’s, 5-20’s ............20 years from November 1,1864*............
203.324,250 00 4,066 545 00
6’s, 5 2i)’s ............20 years from November 1,1865*............
332,998,950 00 3,320,984 50
5’s, 5-20’s ............. 2 >years from July 1, 1865*.......................
379,5 1.800 00 3,795, 18 00
6’s, 5-20’s ............. 20 years from July 1, 1867* ......................
425.393 50
42.539.350 00
G’s, 5-20’8 ............. 20 years from July 1, 1868*.......................
Aggregate of debt bearing interest in c o in ..................................................$2,107.93),650 00 $32,428 295 84
Coupons due, not presented lor payment..................................................................
6 280 0 7 00
$38,708,312 34

Total interest.
D e b t b e a r in g in t e r e s t in L a w f u l M o n e y .
•Vs, Certificates. .On demand (interest estimated)....................................... $45,555/00 00
3’s,Navy pen. Td. Interest only applic. to pay. of pensions............................
14,609,000 00
Aggregate of debt bearing interest in lawful money.............................

$59,555,000 CO

D e b t o n w li i c l i in te r e s t lia s c e a se d s in c e m a t u r it y .
$6,000 CO
6*8, B.onds............Matured December 31,1862 .................................................
13,150 00
6’s, Bonds............Matured December 31,1867.................................................
58,700 00
6’s, Bonds............Matured July 1,1868 (9 months’ inter.)..............................
5’s, Texas indem.Matured December 31,1864.................................................
24’,000 00
103.564 64
Var., Tr’y notes.Matured at various d a tes..................................................
5@5><’s, Tr’y n’es.Matured March 1,1859 .........................................................
2,400 00
6’s, T eas. notes.Matured April and May, 1863.............................................
3,250 I0
30 6 0 00
7 3-10’s ,3 years.. .Matured August 19 and October 1,1864............................
5’s, 1 & 2 years.. .Matured from Jan. 7 to April 1,1866 .................................
276,50! 00
11,000 00
6’s, Certif. of ind.Matu ed at various dates in I860.......................................
6’s, Comp. int. n.Matured June '0,1867, and May 15,1868............................
2,362,77 00
4,5 & 6’s, Temp. 1.Matured October 15, 1866 ....................................................
18 ,76» 00
681,600 00
7 3-10’s, 3 years.. .Matured August 15, 1867, and June 15 and July 15,1868
Aggr’te of debt on which int. has ceased since matur.

$3,973,346 64

$455,550 00
7(',UOO00
$525,5:0 CO
$361 00
789 00
2,641 50
12,100 09
3,069 35
120 ' 0
195 0»
1,113 -2
12,921) 06
6 0 00

457,633 43
7,5 3 86
24,378 40
$524,048 37

* These bonds are redeemable at any time after 5 years from the date here given and pay­
able "leer 40 years.
3 These bonds aic redeemable at any time after 10 years from tbo date here given and payable
after 20 years.




234

[March,

IMMIGRATION STATISTICS.
D e b t b e a r in g n o in terest.

Amt. outstand.
... $101) 978 50
... 356,000.000 00
• l 89,950.039 08
44,382,840 00

Authorizing acts.
Character ofissue.
July IT, 1861 and Feb. 12,1862............Demand notes .. .........................
Feb. 25 & July 11,’62, & Mar. 3, ’63 ..II. S. legal-tender notes..............
July 17,1863...... ...............................Postal currency............................
March 3,1863 and .June 30,1864........ Fractiona currency....................
March 3,1863.......................................Certificates for gold deposited..

,1440,142,857 58

Aggregate o f debt bearing no interest....................................................
R e c a p it u la t io n .
Debt

b e a r in g

I nterest

in

C o in —Bonds at 5 p. cent.............................

Bonds at 6 p. cent.............................

Amount
Outstanding. Interest
$221,58 '.: 00 00
l,8sii,350.350 00

Total debt bearing interest in coin.........................................................$2,107,139,650 CO$38,708,3:2 84

Debt

b e a r in g

i n t e r e s t in

La w f u l M-

ne\—

Certificates at 3 er e n t ........................................................................
Navy pen ion fund, at 3 per cent..... ..................................................

$45,“55,0'‘0 01
14,000. 00 00

Total debt bearing interest in lawful m on ey.......................................
DEBTONWUiC'I INI’. 'AS C iASKO SINCE MATURITY.................................
P K ilT B E A R 'N G N o I.V T P R E ^ T —

$59,*55.000 00
3,973,346 64

Demand and legal tende- notes.............................................................
Postal and fractional cur ency..............................................................
Cen id cates of gold depo-iteu......................................... ....................

$35^.109 9?8 50
39,9'0. 39 08
44,382 840 00

Total debt bearing no interest.................................................................

$410,442,857 58

525.5'0 00
524,048 87

T o ta l........................................................................................................$2,6 i1,910,854 22 $39,757,941 21
Total debt, prin. & int., to date, including coupons due not presented lor rayment. $2,'51.668,795 43
AM uUNT N T1JE 1R ASURY—

Coin...................................................................................................................................
I'urr n c y ..........................................................................................................................
Sinking und in U. s. c in in ’st b’ds, and ncc-’d int. thereon ............................
ether u S. coin int. b’ds purchased, and accr’d int. thereon..............................

$102,400 739 97
10,28C,285 68
27.876,:29 00
72,782,763 61

Total..................................................................................................................................
$213,340,318 26
Debt, less amount in the Treasury................................... •................................................... 2,438 328,477 17
Debt, less amount in the Treasury on the 1st ultimo....................................................... $2,44 l,8i:->.2S8 92
Decrease o f debt during the past month......................................................................
Decrease of debt since March 1, 1869 .............................................................................

6,484,fill 75
$87 134,73a 84

R o n d s is s u e d to tlie P a c ific R a il r o a d C o m p a n ie s , I n t e r e s t p a y a b le in
L a w fu l M on ey.
Interest Interest
Interest Balance of
Amount
accrued
paid by
repaid by inte’t paid
outstanding, and not
Cmted trans.-’iii n by United
vet raid.
States, or "ails,Ac. states.
Union Pacific Co......................................... $27. 75.000 00 $270,750 00 $2,894,087 vl$;,207,58l 50 $1,6-6. 05 71
Ka. sas Pacific, lat U. P. E. D ........... 6,803 000 00 63,030 00 1,023,- C3 <9 63:^ 808 24 £85,094 85
369 4) 144 988 89
Siou <itv and Pacific............................... 1,628,320 00 .6,283 20 145 858 29
“ ----------------00 2'2.905
00 2,491286 44 13^ 913 :5 2.351,372 89
Central Pacific............................................ 2,881,-00
7, .01 12 246,406 34
ot Atchison & Pike’s P ea k ................
1,CO0,C00 00 16,000 00 253,808 26
Ccn'ral Bra cli Union Western Pacific
73,221 67
73,221 67
assignee- Pacific...................................... 1,970,0:0 00 18,573 00
Character of Issue.

Total issued........................................... 64,4,7.3:0 00 637,541 20 6,881,664 96 1,991.074 61 4,837,590 35

IMMIGRATION STATISTICS.

rand Total..




1,044
1,002
2,747
5,175
6,- 2 1
4,9 9
3,396
3, %
4,270
3,758
8,056
1,478

73
Is

17
25
13
1,'>86 131
1,170 87
1,475 142
1,563
1,025 i38
965 126
1,H0 22
5 5 165
4 38 145

131
12
175
229
293
355
238
21 >
363
213
98

c
c;
£.
W
10
11
8
14
21
43
11
2*
30
13
20
5

N

aa

>

0

c3
Et

u

0
K

1
58 72
3
61 14
1
*24 43
637 276 82
437 2 4 1,10 <
300 252 8 4
128 97 P K
154 9 » 5.72
191 31 137
287 88 23)
211 57 263
112 18 Hi

d

X
cj

S
s
0
£
cr
O
51 18
50 31
140 63
1,609 283
6, 81 1,1.7
7,8:36 30)
2,652 417
1,211 93
7 3 75
9>L 57
781 44
363 34
4.

[Italy.

215
245

6

France.

Scotland.

745 3, 33
809 1,778
2,96 1 5,727
8,253 9,456
11,-65 19,5 8
10,766 13,118
9,"57
6.416 7,850
5,764 8,8 5
5, 07 8,297
4,46 • 7,333
1,980 3,793

England.

J an u ary..
February.
M arch.......
April.........
M a y ....__
dune.. ....
•1u 1v ..........
A ugust__
September
October ...
Nove nber..............
December,

Germany.

Month,

Ir.land.

The following shows the number of passengers who arrived from January 1,
186y, to December 31, 1869, at the port of New York.

70

20
87

fO

193
187
1-4
125

'll

2?3
204
113

05,204 90,605 41,000 10,643 1,111 2,79 1 2 0 2,9.9 1,217 3,155 23,453 2,600 1,547

1870]

235

COMMERCIAL CHRONICLE AND REVIEW.

*fcJC 3
£

5 S c
■s £ <

Month.
January. .. .
February...
March........

September..
October......
November..
Dec miber...
Grand Total,

. 60 146 313 119 101 27 15 4 90 376 23 5 7 593 17 38 12 48,463 23^,989

A p ril............

May.............
Ju n e . ____

Julv..........
August......

6
11
53
6
65
31
33
17
64
26
8

-1

2

4
5
15
5
15
20
45
3

5
1
15
15
36
17
5
1
1

5

2
6
3
8
2
1

26
3 23
1
26
34 2
8 11
1 26
37 4
30 4 1 117
59
27
54 4
86
46 1 i 3 4»
36 2
1 71
10
i 2 25
43 1 l
23
12
55

3 3
13 7
3
5 12
2
2
2
4
17
2
4
i 2
27

2,012
5
2, 73
1 4
3 3,-83
1
4
4,2 8
5,246
9 6
9
4,7 8
4
4,'66
4 l 5,123
5,7
9
7
i 1 4,692
3,5-0
2,3.6

5,679
4, HI
1 ,172
27, 30
f 0,173
41,4:7
25,” 0
21,337
21,-b9
21,541
17,4 L

2
2
1
58
14
. 2 31
20
19
4
24
10
1

6,<>s6

lli,-5 ?

2?,'3;
11,0:5

COMMERCIAL CHRONICLE AND REV IEW
Monetary Affii-y—Rates of Loans and D iscounts—Bonds sold at N ew York Stock Exchange
B o'rd—Pric; o f Gover ,raeat Securities at New Y ork—Course o f Consols and A.treric n
S e c u itie s a t New Y ork—' uiening, Highe t, Lowest an i Closing Prices at the New York
Etock Exchange-G eneral Mov -ment o f Coin and Bullion at N ew Y ork-C ourse of Gold
at N ew York—Course of Fore gn Exchange at N ew fo rk .

So far as regards general business, February can ‘scarcely be said to have been
a satisfactory month. The indications connected with the opening of the Spring
business have not been altogether what could be desired. The probabilities have
appeared to favor a good business, taking the season as a whole; but the com­
mencement has not be n characterized by a keen, active demand. In every
department of business there is a cautious holding back ; not so much from any
distrust of the ultimate demand for goods, as from a feeling of uncertainty
respecting the future course of values. An impression appears to prevail, derived
from the general aspect of affairs, that we are drifting rapidly into a sounder
condition of things, and toward a lower range of prices. This impression is
strengthened hy the tone of feeling at Washington. A s discussion develops the
sentiment of Congress, the chances for any further inflition of the currency
appeir to diminish, and the probability strengthens that some plan for re-funding
the debt at a lower rate of interest will be adopted. A s these probabilities
strengtinn, confidence diminishes in the mainten.nce of the gold premium; and
as each successive d efine in gold calls for a reduction in prices there is natu­
rally a disposition to pos'pooe purchases until the gold problem is better under­
stood. These appear to be tin priacipd considerations tending to check the
progress of the spring business.
T il• course of the money mirket ha? been even. The large surplus reserve o f
the banks has been leauce I $8,0< 0,600 within the month. On the 26th ult. the
legal tenders stood at $53,7' 0,000 against $58,3110,000 on the 5th, whi e during
the same period the specie line his fal'en off $3,000.0110. The deposits luve
been reduced within the same three weeks $3,600,000, and the loans stand
$4,< 00,000 higher. This indicates that we have passed the climax of the winter
ease and are working gradually toward a closer condition of the rnaiket. The
supply of money, however, notwithstanding this withdrawal ot funds, has been
ample lor the wants of all classes of borrowers, and call loans have ranged at
4 to 6 per cent, while prime paper has been discounted at 7 to 8 per cent.




236

[March,

COMMERCIAL CHRONICLE AND REVIE W.

The bond market has been unusually dull and irregular, excepting in State
securities, the transactions in which have been double those for the sime month
of last year. In United States bonds the transactions at the Stock Exchange
aggregate only $p3,900,(i00 against $24,306,000 in February, 1869 This remark­
able falling off in business appears to have been due chit fly to the uncertainty
in the public mind as to the i-sue of the funding schemes now i efore Congress ,
and, further, as to the extent to which the price of gold may be fleeted thereby.
Investors have not been disposed to part with their bonds, because they articipate
that in the event of the adoption of a funding measure the 6 per cent bonds
will be worth pir in gold; and, on the other hand, there has been little incli­
nation to buy Five-Twenties for investment when there is a probability that
thiy miy be ear'y called in by the government Speculation in this claas of
securities tas been dull from similar causes, the contingencies alluded to having
been so utterly >ncertain as to afford no basis for such operations. The foreign
market ha- been reuiarkaby firm. While the discussions in Congnss have fore­
shadowed a policy highly favorable to the public credit, the extreme ease in
the loreign urney markets has been favorable to making this circumstance the
occasion lor an active speculation in our securities abroad, and hence FiveTwenties of 1862advanced from 86£ on the 1st to 9l>£ on the 28ib, while the
sixes of 1881 r se tooverpar ingold. This rise in securitiesinduced a decline
in the gold premium, which, in turn, caused a decline of 1$ to 2J per cent in
bonds on the home market.
BONDS S O LD

AT T H E N . Y . STOCK E X C H A N G E B O A R D .

Classes.
1869.
U .S . b o n d s........................................................ $24,318,400
State & city b r id s................... .....................
4,371,000
Company bo-ids.................................................
2,172,009

1810.
$8,921,450
9,22,1,200
8,321,60 1

Total—Febru ry........................... $31,5114,400
Since January 1 ................................................... 61,139,910

$21,466,250
53,490,400

Inc.
$ .........
4,816,209
519,600

D ec.
$15,4 3,950
..........

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

$10,038,150
7,739,510

In the stock maiket there has been an active speculative movement. The
earnings of tne roads have been about equal to those ol February, 1869 ; which(
being bette than was expected, has produced a generally firm Iceling in the
market. A s usual in February, lhere has been an effort by the larger holders
of stocks to put up prices and unload upon the public; but, as we have fre­
quently before noticed, there is but little remaining of the outside eleme-t to
lespoid to Eucli maueuvres; and the transactions have consequently been be-tween
a few large operato.s and speculative b.okers. The sales at the regular board
of the Block Exchange have amounted to only 646,0n0 shares, tor the month ;
but as a iaage amount of business is done in the Long Ro„m of which no
record is kept, the ordinary board transactions are an imperfect criterion of
the aggregate business done in the Exchange building.
STOCKS SO L D AT T U E N E W

Y O R K STOCK E X C H A N G E B O A R D .

Classes.
1869.
Bank s h a r e s ...................................................................
2,456
Railroad “ ..........
797,046
Coal
“ .....................................................................
6,679
M ining
“ ..........................................................................
36,150
Improv’n t" .........................................................................
17,050
Telegraph “ .........................................................................
41,430
Steam ship1* ......................................................................
79,061
Expr’ss& c“ ......................................................................
37,214
e

T otal—February .
.......................................... ..1,017.116
January 1 ......... ................................. ..................... 2,014,933




1870
4,732
541,474
4,929
27,9.7
9,2o0
10,912
20 592
20,248
646,(N'4
1,512,633

Increase.
2,276
' ____

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

Dec
___
249,572
1,750
8,223
7,300
30,518
58,a69
16,996
371,052
1,002 300

1870]

237

COMMERCIAL CHRONICLE AND REVIEW,

The daily closing prices of the principal Government securities at the New
York Stock Exchange Board in the month of February «.s represented by the
latest sale officially reported, are shown in the following statement :
P R IC E S O P G O V E R N M E N T S E C U R IT IE S A T N E W Y O R K .

Day ot
6’s, 1 S S 1 .-^ —
month.
Coup. Reg. 1862.
m * 115%
I ..................................
2 .......................... ........ ..................... 118* 118
118
3 .................................
iis *
115
4 . ........................
..................... 118* m *
115*
5 ..................................
m *
118
115*
7.............................
114*
it s
115
118
115*
10..................................
1 1 ... ...........................
114*
1 2 ................................
114*
14.................................
1 '4 *
15..................................
1ft ...............
115
115
17............................ .
IS ................... .............
115
19................................. ..................... i n * 117* 114
21.................................
115%
oo
115*
24..................................
25.................................. ............
111*
iif
i*
in*
........
26..................................
nu*
.................................
Ill*
O pening..................... ............. .
n s * 117*
H ig h e st...................... ..................... n s * 118
L o w e s t...................... ..................... 115* 116%
C losing....................... ..................... i n * 118*

■6’s, (5-20 yrs.)Coupon-------- —>5’s, 10-40.
’68. C pn.
1864
’67.
1815, new
114
114
115*
lli% 114
115* 114* ........
115%
114
iia *
iis
111%
114* 113* 114,%
........
KH*
114%
112*
115
113* H 4 * 114*
i is
113* 114
1 '3 * 114*
112*
112
114* 114% 113% H S * ii4
114* 113* 113*
in*
iii%
113% 1 » « 114
113* 114
i n * 113% 113* ii2
112*
114* 114% 113* 113%
114
H4% 113% 114
112*
114% 114% 113% 113* 113* 112*
1'3%
m *
114*
113*
m *
114
112*
114* n - . * 113%
115* 114* 11.3* 113* 113* 112*
(Ho yd y).
m *
113*
114* 113
112*
114
114
112% 113
112
113* 114
113
113
112*
112% 112*
113* i t 3 * i n * 112*
iii*

115* 115* 115* 114*
115* 115* 115* 114*
111
113% 113% H I *
114* 113* 113* 111*

114
114*
m *

112*

114
114*
113
113

114
114
in*
in*

C O U R SE O P CONSOLS A N D A M E R IC A N S E C U R IT IE S A T L O N D O N .

Date.
T uesday...............
W ednesday........ ........2
T h u rsd a y ...........
F r id iy ................ ........ 4
Saturday............. ........5
M o n d a y ............
T u e sd a y ............. ........ 8
Wednesday......... . . . . 0
T h u rsd a y........... ....... Id
B'riday ...............
Saturday .......... . ...1 2
Monday............... ....... 14
Tuesday ............. ___ 15
W ednesday.........
Thursday............. ....... 17
F rid a y ................. . . . 18

Cons Am. secur ties.
for U. S. lll.C Erie
mon. 5-20s sh’s. shs.
92%
92%
92*
92*
92*
92%
MK
92 *
3 ■*
91*
91*
91*
92%
92*
91*

92%
S a t u r d a y ............... ..........m i 9 2 *

86*
86*
86*
8?%
81*
87
87
87
87%
81*
87%
87%
87*
87%
88

103*
103*
103%
103%
104%
11)5*
106%
1 9*
113
n*
in
110
110
109*
110%

23*
20
2 *
29*
20*
20
19*
20
•«o
20*
20%
20*
20%
20%
21*

D ate.

Cons Am. securities,.
for U .S.jlll.C . Erie
mon. 5 -20s sli’s. sh’s.

92%
Monday ............
T uesd ay................. .52 92*
'Veines-day............. ..23 »2*
24 92*
Thursday................
Friday ..................
25 92*
S t rday................. ..26 92*
Mo ..d a y ................. . 28 92*

88* i n * 2 5*
89*| t il*
89*1111*
90 112
90* i t *
90* t il
90* in *

22
22
22%
22
22%
22

Low est................
H ig h est............. .
R ange......................
L a st.........................

92* SO* 103* 19*
92% 10* 113
22*
* 3* 9 *
92* 90* 111* 22

L ow ) 0 th...............

92* 86% 99 *
92* 90* 113
ii 4 13*
90* HI*

Hia
88* 1 1 3 * 21*
88* 110% 21* Last

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

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

17
22*

6X
2{

The following table will show the opening-, highest, lowest and closing prices
ot all the railway and miscellaneous securities sold at the N ew York Stock
.Exchange during the months of January and February, 1870 :
latiuary---- ------ , .--------February.-

Open. High. Low. Clos. Open. High. Low. C lose.
Railroad Stocks—
22% 2 2 *
34*
Alton & Terre Ilaut.....................
26
2 5*
25 *
33*
64
56
56
68*
53* 63*
14
“
“ pret........... ............... 5 6 *
67*
Boston, Hartford & E r ic ............ ............
9*
7*
8*
BX
s*
6*
8*
145
146
143
147
149 *109* 109*
Chicago & Alton .......................
144
150
do
do pref.................. ............. . 144
116
146
150 *110% 111




* E x d !videcd,

\_March,

COMMERCIAL CHRONICLE AND REVIEW,
Chicago, Bari. & Quincy.................
do
& Northvvest’n ...* ...........
do
do oref................... ........
82%
do
& Rock Island...................
Columb., Chic. & In i. C.............. ...
Clev . & P ittsburg.......................... .......... w%
do Col., Cin & Ind..................... .......... 78
. . . . 102*
Del., Lack & W estern.................
Dubuque &. Sioux c i t y ....................
E rie.......................................................
do preferred ....................................
H a rlem ...............................................
do pref........................................
Hannibal & St. J o s e p h ................... ..........107
do
do pref................... ..........107%
Ilinois Central ................................
L ik e Sho. & Mich. South.................
Mar. & C in c in .,ls t..........................
do
‘-id............................
Michigan C entral.............................. ____ m %
Milwaukee & S t. P au l..................... .......... 73
uo
do pref................... ..........
Morris & E sse x .................................. .......... 85
N ew J e r s e y ........................................ ..........119
do
C en tra l...........................
N T Cen. & II K. C s tk ................... .......... 80
do
rertif .............................
do
& N . H aven...................
do
do s c iip ................. .......... 135
Ohio & M ississip p i.......................... ..........
do
do
pref....................... .......... 70
Panama. ........... ............................ •.
Pitt 8., 9 \W . & Chi. guar................. ......... ss>r
R ea d in g ........................................... • . . . . 94%
Rome, W. & Ogdensb’ 2 ................ .......... 108
St. Louis & Iron JMoun................... ......... 40
Stoaingrton..........................................
Toledo, Web. & W estern................. .......... 50
do
do
d o p ie t ................... .......... 72%
M iscellaneous—
Amen* an coal....................................
Cumberland C oal.............................. . . . .
24%
Pennsylvania Coal............................
Del. & Hud. Canal ......................... .......... 120
Atlantic M ail................. ............... . .
Pacific M a il........................................ .......... 42%
Boston Water P ow er........... .......... .......... 1 4 *
Brunswick City Land.......................
C an ton .................................................
M ariposa.............................................. ..........
8%
ao
pref.....................................
do
108 certif...........................
Q.uicksilver..........................................
W est. Union Telegraph................... ..........
Bankers & Brokers A ss...................
Build’ll" Material..............................
Express —
Amt r.can M. U n io n .........................
Adams
............... ............................
United States..................... ..............
Wells, Far "0 Co............................. .......... 20

153
75%
flltf
107%
20*
92%
78
107
109%
25
43%
110

150
67
8 iy.
io:%
15*
83%
74
302%
106
22%
37
110

116
105
115
104
142% 135
89% 84

153
7 1*
89
106%
18%
91
74
1(5
109
24 %
40
139
105
105
13 >
84%

118
75
88
87
119
101%
»5%
92%
lay
lo5
26*
70
170
89%
96
109
40%

....
117
71%
85%
8 4*
315%
92
86
81
134%
135
23%
70
157
8«%
93%
108
39%

117.*
71 *
85%
86%
115*
98*
95%
92
134%
135
25%
70
170
88%
96
109
49

65%
73

50
72

53%
72

155
72%
89
118*
18*
91%
74
105
109
21%
43
140
141
105%
105
136%
84%
20
8%
113%
71%
86
86%
111)
99
96
92%
136*
135
25%
68*
175
88%
95%

159%
7 4*
90%
123%
2 %
103
75%
106
110%
28*
45%
150
150*
110
109,%
145*
89%
S;0
8%
124
74 *
89%
87
118*
104
9-%
96%
143
140
31%
70
175
92%
98%

154
69
86
11S%
18%
91%
73%
104
108%
24%
4i
133
141
105
305
13**
o4%
20
8%
118%
62
75
86%
116
97%
94%
92%
134%
135
25%
68%
169%
88
95%

157
69 %
86%
119%
19%
95%
74
104
109%
25%
45%
138
144*
107
106
140
85
20
8%
126%
62
75
86%
118%
101
94%
92%
143
no
28%
70
170
91%
97%

40%
86%
5 %
72%

43
86%
64%
73

40%
86%
43%
71

42%
86%
43%

40
37
35% 32%
225
230
122
119%
25
25
44% 3 8*
18% 15%
8
8%
59% 56%
9*
10%
22% 19%
51
48%
15% 12*
37% 34
113
110%
145
145

40
32%
225
119%
25
39
17%
8%
58%
10
20*
SO
12%
34
113
145

35
35
35
37
3«% 24% 34% 34
215
215
215
230
122
125
120
122
23
27
25
27
4 1*
38% 39% 40
18*
14% 17% 15%
8
E6% 51% 55% 56%
8*
9%
9% 10
19;* 15
19% 20
....
48%
15% 13% u
14%
86
31% 35% 36
110 101 119 110*
145
39%
61%
56

21

32*
60%
40%
19%

38
64
51%

20

37%
64
53
19%

38%
65
53%

22

36%
62
49%
19%

37%
62%
51%
21%

The gold premium has been subject to unusually important fluctuations, the
first price during the month being 121J- and the closing 11SJ. For some time
the price had remained stubbornly at about 121, yielding no response to efforts
to advance it, but showing rather a tendency to decline. A feeling had been for
some time gaining strength that the favorable condition of the public finances,
the prospects of a reduction in taxation, and the probability of some funding
measure beirg adopted, naturally called for a lower premium. 'Ibis feeling pre­
pared the market for responding quickly to any causes tending directly to depress
the price of gold; aod a decline set in with, and steadily followed the advance
in our bonds abroad and the export of securities to Germany. A t this point
the strong clique movement was undertaken, which, lending its force to tie




1870]

239

COMMERCIAL CHRONICLE AND REVIEW.

downward tendency, the price fell from 120 on the 15th to 1 L5-J- on the 28th; not
did the announcement that the sales of coin by the Treasury for the month of
March would be reduced to $2,00 *,000 permanently affect the tone of the mar­
ket. The sales cf gold by the Treasury amounted to $3,880,000; the amount
proposed to be sold by the Secretary of the Treasury,being $4,000,000. The
exports of specie for the month have been quite nominal, the rates ol exchange
having ranged i to f per cent below the figure at which gold could be profitably
shipped.

T u esd a y..................
Wed esd ay..
.. 2
Thursday................. .. 8
Friday.......................
Saturday.................
M md;iy.....................
Tuesday ..................
Wednesday.............
Thursday.............. ..10
Fr.d iy....................... ..11
f'aturday.................. ..lv
M onday...................
T u e sd a y .................
Wednesday............. ..16
Thursday................
Fiid y ..................... ..18
Sat.u 'lay............. ...
19
M onday................
T u e d a y ...................

1 1% 121% i i % 121%
121% 21% 121% 1 :1%
'20%
1.0% 120% 120% 120%
120
120% 12 % 1.0% %
I2L 121* 12 % 120%
2 '% 12U% 1 0% 12"%
120% 12 % 1 0% 120%
12 >* 120% 130% 1203^
12 % 1"'% 1 0% 120%
120% 119% 120% 119%
119% 11 '% 119% lin k
1:9% 119% 120 ll"%
liU 1'9% 12
119%

u a 120% 12 yt

W ed n esd a y ............... 2 ‘
T hursday....................24
F r id a y ......................... 2
S it rday......................26
Monday..................... x8

Feb., 1870....................
“
1S69..................
“
3863....................
“
1867....................
“
1866........... . ..
“
1S65....................
“
1864 ...................
119% 119* 119% 119%
“
1863....................
119 119 1 9% 119%
“
1862...................
119% 11S% 119% 119
“
186......................
118% 118% 1 9k 119
Hoiiiday.
S’ce Jan 1 ,18'0...............

118% 1 7% il-%
117% 116% 1 7%
IP % 116* 1 7k
1 7% ii~%. in%
110% 115% H6%

Closing.

Date.

j Lowest.

3

Openi’g

00

Abfl

Closing.

Lowest.

J

D ate.

•Is.nSffi
1

Openi’g

C O U R SE O P GOLD A T N E W T O R E .

US
116 %
1! 6%
116
li5%

12 % 115* 121% 115*
136% 130% 136% ,13 %
140% 139% 144 141 &
115% 13 % !rl>% 1«%
149 % 13)* 110% 136
201% '96% 216% -"2*
1o7 Xi 157% 161 159*
137% 162% 172 k 172
133% 102% 101% 0!%
100 100
oU UK)
120k 115k 123* 1'6%

The following are the quotat ons of Foreign Exchange:
C O U R SE O P F O R E IG N E X C H A N G E

(60

D A TS) AT N EW T O R E .

London.
Paris.
Amsterdam. Bremen. Hamburg.
B erlin
cen ts for
centim es
cen ts for cen ts for cen ts for cen ts for
Days.
54 pence.
fordollar.
florin.
rix daier. M. banco.
thalers.
1 .................................... 108%@109 51S%@517% 40%@li
TO @79% 35%@36
71%@7l%
t!.................................... 10!) @MI9% 518% «517% 40% @41
7) @79% 85%'n.W
7!%:«.71%
3

................................. 1"8%@109

518%@517%

40% @ U

79

@79% !5% @ J6

4 ..............
10S%@1"9
518%@517% 40Ji@41
79
@79% 36%@86
5 ...............................10S%@109 518%@517% 40%@41
79
@79% 85%@36
7 .................................. 108%@1U9 6I8%@517% 40%@ll
79 @ 9% 85%@86
8 ............................. 1(S%@109
518%@5t7% 4UJf@U
79
@79% 35%@:)6
9 ........................ ....1 0 9 @109% 5tS%@5 7 s 40%@4I
79%@7H% 30 @36%
10 ............................... 109 @109% 518%@517% 40%@4
79%ii.79% 36 @36%
11 ............................ 108%@n 9
518%@517% 40%@41
79%@79% 36 @36%
13 .......................... 108%@109 5!8%@->17% 40%@41
79%@79% 36 @36%
14 ............................ 108;4@10j% 531 @519% 40%@I()% 7r%@19
35%@3f%
15 ................................10S%@ . . . .
518%@517% 40%@4I
7!l @19% 36 @36%
16 ............................ H'8%@ . . . .
518%@517% 40%@40% 78%@79
35%@36
17 ......................... 309 @ . . . . 518%@5I7% 40%@41
79 @79% 36 @ 6%
18 ...............................10S%@100 51S%@51?% 4II%@41
79 @79% 36 @36%
19 ..............................
@101 5 8%@'17% 40%@41
79 @79% 36 @36%
21 ............................ 108%@10S% 51s%@5!7% 4U%@10% 79 @79% 35%@36
22 .............................
(Holiday.)
23 .. ..........................108%@103% 5!S%@517% 40%©4l
7" @ ‘9% 36 @36%
21..................................108%©1U8% 5 9%@5 1% 4"%@I0% 78%@78% 35%@ 5%
25
26

.............................. 10-%@10S% 518%@3l % 40%@4“% 79 @79%
.............................. 10 4(@1 8%
51SV,@)18% 4U%@4t)% 78% @ ,9

28................................. 103%@108%
Feb., 1S70,
Feb., 1309

51'%@518% 40%&49% 78%@79

7!%@7t%

Tl%@71%
71%@71%
11%@71%
71%@71%
71%@71%
7% @71%
7Bi@ 7i%
71%® !%
71%@71%
7 1 % @ li,
TO%@7>%
7'%@71%
71%@71%
71%@'1%
71%@71%
71%@71%
71 @71%

3 i @36%
3 .%@36

71%@71%
7l% @ 7i%

35%ta,86

7.%@71%

•10S%@109% 521%@517% 40%@41 73%@79% 35%@36% 70t;@71%
,108%@109% 520 @514% 40%@41% 7S%@79% 35%@30% 71%@72




240

BOOK

[March,

NOTICES.

JOURNAL OF B A N K I N G , C U R R E N C Y , AND F INANCE
Returns o f the N ew York, Philadelphia and Boston Banks.

Below we give the returns of the Banks of the three cities since Jan. 1 :
N E W Y O R K C IT Y B A N K R E T U R N S .

Date.
Jan. 8 ..........
Jan. 15..........
»i *n. 9 2 ........
Jan. 2!)..........
Feb. 5 ........
Feb. 12..........
Feb. 10..........
Feb. 27 . . .

Loan a.
253,475,451
959, *01,. 06
2 »9,592 75G
250,394,271
964,514.119
2fi.\8H4,fc32
£67,347,368
268,485,'642

Specie.
35.» 64,830
37,514.467
9,454,( 03
40,475,714
38,997,216
38,-=72 184
37,264,387
25,191,289

Circulation.
34,132,280
33,966.823
33.806 721
3,712,282
33,746,481
33,703,572
33,694,371
33,820,905

D eposits.
190.169,261
252 396,931
297,479,8 3
211,150,913
214,739 170
213,19 ,740
212.188,882
211,132,943

L. Tend’s. Ag. noar*g»
48,53 ,735
513,170,114
52.24S.475
596.733,681
54,'>19.4 3
5'0,645.9 1
56 73V 63
519,134.555
58.37 8,384
541,240,204
56 6Q3,» (,0
510,842 824
55.1 4.C66
511,151,875
53,771,824
459,584,815

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

D ate.
Jail. 3 ................................
Jan. 1 0 . . . .
Jail. 17 .................................
Jan. 2 4 ................................
Jan. 3 1 ................................
Feb. 7 .................................
Fell. 11 ................................
Feb. 21..................................
Fob. 28 ..................................

L oans.
51,68-\M62
5,4-2.570
52,0 0.611
5i.o3.%095
61,799,658
51,'28,563
51,373,296
51,281,931
51,523,024

Specie. Legal Tenders. D eposits.
1,2911,096
12,670,198
B8.W90, 01
1,358919
12,092,812
8->,877.189
1,25-1.772
12,994,924
39.835,133
1,(163,406
13,027,515
«>,5u4,792
995.461
13, 52,537
39.53 ,011
957,5'0
18,74',867
39,612,(49
1,090,935
18,819,610
38,831'91
1,202.436
13.236.144
39, 55,165
1,313,173
13,406,61-8
39,279,859

Circulation.
10,568,681
lc,6 6,(29
10.581,606
10,577,215
10,533,468
10,568,181
10,071,383
10,072,973
10.508,905

B O STO N B A N K R E T U R N S .

Date.
L oans.
Jan. 3 ................................ 105,955,214
Jan. 10 ................................ 107,895,263
oan. 1 7 ................................167,"48,017
Jau. 24 ................................ 108 387,<>69
Jan. 31 ......................
107,875,579
Feb. 7 ................................ 109 683,041
Feb. 14 ................................ 1(9,997,027
Feb. 2 1 ...................................109,651,272
Feb. 2 8 ................................ 108,905,859

S p ecie. Legal T enders.
3,765.348
11,574 559
4,977,254
10,941,(25
5,418 001
10,794,851
5,(42.074
10,962 102
5,231,785
10,992,962
5,035,001
10,433,107
4,884,147
9,386, ‘.66
4,634.776
9,3S6,266
4,457,1(3
8,918,129

D ep osits. C irculation.
25,250.893
49.007,225
25.298.365
42.137,6 0
25,191,545
42,377.002
25.255,818
41,593,(68
25,206,094
40 696.0:6
25,161),644
40,063.823
25.212,614
39,918,414
24.230.366
38,47 ,853
25,225,629
87,OSS,843

BOOK NOTICES,
A TREATISE ON THE LAW DELATING TO BANKS AND BANKING.
Morse, Jr., c f tbe Suffolk Bar. Boston: LLtle, Brown & Co. 1870.

B y John B

We have received from tbe publishers, Messis. Little, Brown & Co., of Boston, tbe
volume bearii g the above title, which has just been issued. It is hardly necessary
to remark upon tbe importance of a text-book embodying the laws and judicial
decisions relating to banks and banking in the United States, and it is onlv a matter
of surprise tin t no sufficient or thorough treatise of this character has before been
published in this country. Our limited space foroids a review at length of Mr.
Morse’s hook, but we believe that it is a volume which' every banker, an i in our
commercial cities every lawyer also, will find of great value to keep on bis shelves
for continual reference.
MERCHANTS’ AND BANKERS’ ALMANAC. 1670.

This valuable hand book of information fur bankers has just been i-sued by Mr.
J. Smith Homans, publisher of the B a n k e r s ' M a g a zin e . ’Ihe lists of National and
State Banks and of private bankers in the United States and Canada will be found
of great use to parties having occasion to consult 6ucb lists.