Full text of The Merchants' Magazine and Commercial Review : November 1866, Vol. LV, No. V

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THE

MERCHANTS’ MAGAZINE
AND

COMMERCIAL R EV I E W,
*

NOVEM BER,

1 8 6 6,

THE EVENING ST A R -D E F E C T S IN VESSELS IN DDR COASTING SERVICE.
W e notice that a daily paper refers to the commander of the steamship
Evening Star, which was lost off the coast of Florida on the 3d of October,
as an unqualified and inexperienced navigator. So far from this being the
case, we know him to be one of the best men in the service, who, for his
personal qualities and nautical skill, was held in very high esteem. The
Evening Star belonged to the New York Mail Steamship Company, and
is said to have been the favorite vessel of the lice. Captain Knapp had
the entire confidence of the company, as he has of this community, and
the disaster which occurred cannot in any degree be imputed to omission
or incornpetency on his part.
Just at the present time, however, it must be remarked, disasters
to vessels employed in the coasting trade have been unusually numerous.
W ithin the brief period of ten days, we notice among others disabled or
lost, the Evening Star, the Daniel Webster, the Andrew Johnson, the
Sheridan, the Santiago de Cuba, and the Starlight. It is evident that
there must have been some cause other than bad weather to be charged
with so much shipwreck. W e are aware that there have been of late
severe storms and gales, and so there are each fall and winter, and those
of the present season furnish little excuse, for our vessels should be able to
encounter the ordinary storms successfully, and would be in most cases if
there were not radical defects existing in the vessels themselves.
Our coasting service is one of great difficulties. The storms which pre­
vail at certain seasons of the year on the Atlantic seaboard are the most
severe of any occurring in the usual routes of navigators. The liabilities
of foundering at sea or of being driven on shore in a gale are very great
unless the vessel is not only seaworthy, in the usual sense of the term, buj
VOL.

lv .— n o .

v.




22

330

Dejects in Vessels in our Coasting Service.

[November,

especially adapted for the exigencies of the service. The first requisite is
great strength of construction. On no other route is this so necessary.
One may cross the ocean safely and ride through very severe storms in a
vessel which should not be engaged in the Southern trade during the fall
or winter months. Remembering this, what shall we say of the Andrew
Johnson, which was lost oft’ Currituck beach, a gunboat during the war,
well known to our readers under the name of the State of Georgia, suffer­
ing badly in several engagements ? This is not a solitary exception. A
majority of the steamers now engaged in the coasting trade are nothing
but altered over Government vessels, many of which have been almost
wrenched to pieces by broadsides fired from them. Are these old hulks
fit for the fall and winter coasting trade ?
W e are aware that the Evening Star cannot be included in this cate­
gory. She was built for the merchant service, and had been employed
in it several years. Leaving out of the question whether she was well
constructed or not for ordinary service, she was certainly too large, if to
be used in running to New Orleans, unless she had the strength of solid
iron. She was particularly liable to ground on the bar at the mouth of
the Mississippi on account of her great capacity. This bar, every navi­
gator is aware, effectually excludes vessels of heavy burden from the
navigation of that river. Time and again the Evening Star has been
caught in this mud when heavily laden, and dragged over it by steam
tugs only with great difficulty. The result of this naturally was to strain
and weaken her at important points where her timbers joined together.
It is said to have been perceived months since that she would not be
likely to outride a violent storm. Many did not consider her entirely safe
in an ordinary voyage. A few weeks since she ran into difficulty at P ic­
kle Reef, off the coast of Florida, and $30,000 were paid for salvage on
that occasion. In a gale in January last she barely escaped foundering,
and her passengers at the time severely blamed the company for the
peril to which they had been exposed. In a word, it was not the storm
that destroyed h er; she broke to pieces simply because she had become
unfit for the service by being wrenched and weakened in the manner
stated. Whether a vessel of that size could be made strong enough not
to suffer harm under the circumstances mentioned, is a question we do
not here propose to raise. The only fact of importance for us to know is
that she was not, and that any ordinary vessel could not be. W e conclude, therefore, that steamers for the coasting trade should be
constructed expressly for tins branch of service, of small size, and the
most strongly built of any that are employed in commerce ; and passen­
gers and. shippers should especially avoid a vessel in this trade with an
alias attached to its name. In fact, legislation ought to require that
every vessel to be employed in coast navigation should be made to con­
form to some approved style, and to undergo rigid inspection both when
first placed on service, and at stated periods thereafter. The changing
of the name should not be allowed. Whatever unpopularity may have
been acquired from unseaworthiness or other unfitness should not be es­
caped, and so men be induced to place their lives in hazard, by reason of
having been deceived as to the reputation of the vessel to which they
entrusted themselves. Several vessels now employed in the merchant
service would have been “ hauled off” long ago but for having been dis­
guised under a new name and a different exterior.




/ ' $/
1866]

Defects in Vessels in our Coasting Service.

331

Perhaps the necessary legislation will not be easy to obtain. The attempt
eight years ago was unsuccessful. The United States Mail Steamer Cent­
ral America had foundered at sea on the 27th ot December, 1857. The
New York Board of Underwriters appointed a committe, consisting of
Commodore Perry, Charles H. Marshall, John D. Jones, F. S. Lathrop
and others, to investigate the cause of the disaster. The Central America
was not “ substantially new but had already, under another name, and
with different owners, acquired a fame and reputation not calculated to
make her popular among those that navigate the sea. The committee,
after eliciting what they could in relation to the unfortunate-occurrence,
pushed their inquiries in the direction of amendments to the navigation
laws, and the necessity and means of improvement in the construction,
equipment and internal organization of ocean steamers. A bill was framed
by them, and after receiving the approval of the Board of Underwriters,
was introduced into Congress, where it met with favor. But adverse in­
fluences proved too strong, and the measure was finally put to sleep. If the
present excitement on account of the catastrophe of the Evening Star shall
cause action to be resumed in relation to this subject some good will have
grown from it. Neglect in these matters will continue until the legislative
authority compels the necessary attention. I t is probable that if Congress
had done its duty in 1858 in regard to this matter, without deference to
interested capitalists, the fearful slaughter of the Evening Star, and many
other similar cases, would never have taken place; nor would it have been
the province of the journalist to record the series of disasters to coasting
vessels which have occurred within the past few days. It is too late to
save the hundreds of lives that have been thus recklessly imperilled and
destroyed, but it is yet time to do something to prevent the recurrence of
such catastrophes.
W hat is wanted is vessels compactly built, so as not to be liable to
spring a leak in a storm, and sufficiently small and light to go over bars
without requiring to be hauled over. In addition, it should be compul­
sory on all owners of vessels to equip their property with life boats, &c.,
especiaily to do away with that evil which is, we fear, but too common,
namely : the want of proper organization in regard to the relative author­
ity and duties of the officers and crew, each department apparently inde­
pendent of the other, instead of being properly subordinate and respons­
ible to the captain.
The Cunard steamers navigate the ocean apparently with the same
safety as would prevail if they never left port. This is attributable
to their perfect construction, their admirable management, the respons­
ibility laid on each man in the crew, and the ambition which is encouraged
in them. In all these respects these steamers are totally different from
the vessels employed in the American coasting trade. One could cross
the ocean on every trip of a Cunarder with less peril than he could under­
take one short voyage in the waters of the United States. We trust that
our merchants and other citizens having an interest in the safety of our
coast navigation will give Congress no rest till its whole duty shall have
been done in this matter.




232

The BanJc of England.

[November,

THE B A M OF ENGLAND.
BY

MERCATOR.

(C ontinued from page 260.)

We now come to 1710, when, by various stratagems and numerous ne­
gotiations with the minister, the Directors succeeded in having the capi­
tal. increased to £6,577,34 0 17s. 10d., and in obtaining an extension of
their privileges until the 1st of August, 1732. From their persevering effoitsto achieve the latter object, we may reasonably conclude that they
found banking for the nation not a bad trade; but during this year the
Government observed that its monetary friends in the city, who had derived
so much advantage from a lengthened connection with it, were beginning
to imitate “ little Moses” in the School for Scandal, and bleed reluctantly, '
and, moreover, that they had been guilty of some other naughty practices,
it therefore resolved to apply both spur and rein, and a bill was in­
troduced and passed to compel the Bank to exchange bills on demand fo r
ready money, and to prohibit any person becoming Governor, DeputyGovernor or Director of the Bank of England and of the East India Com­
pany at the same time.
In taking a review of the progress of the Bank, we are struck with the
continuous exertions upon the part of the Directors and successive admin­
istrations, the one side ever desirous to prolong its monopoly, and the
other equally anxious to sell its favors at the highest possible price. Thus
in 1713 we observe there was another bargain, and the charter was re­
newed until the 1st August, 1742, by the Statute 12 Anne, cap. 2, which
provided that if it should be determined at the expiration of that period to
withdraw the privileges, twelve months’ notice of the intention to do so
would be necessary, and the debt due to the Corporation should be paid
in full. This favor was acknowledged by the Bank agreeing to advance a
further sum of £1,300,000 at the rate of three per cent, per annum, and
an additional sum of £8,000 per annum until all the current Exchequer
bills were paid olf. To enable the Directors to act in this generous man­
ner, they were allowed to call upon the proprietors for additional capital.
W hile all was going on thus prosperously and harmoniously, another
storm arose in 1714 in consequence of the declining health and ultimate
death of Queen Anne, and the stock of the Bank fell from 126 to 116, and
a sharp run for gold was again experienced ; but it was of brief duration,
as the old Queen was soon forgotten, and when George I. ascended the
throne and the rebellion of 1715 was quellen, the privileges of the Bank
were again extended, for which it agreed to cancel £2,000,000 Exchequer
bills at five per cent., and to accept an annuity of £89,751 7s. lOd. in
lieji of £186,501 13s. 5d. for Exchequer bills previously cancelled.
The year 1720 was a most unfortunate one for the Bank, as the South
Sea Company, encouraged by the Government, entered into competition
with it, and outbid it in an offer to take all the redeemable and irredeem­
able assets of the Exchequer and the Bank. The proposal of the South
Sea Company was accepted by Parliament, and its stock rose to 850 p6r
cent. But the bubble, though supported by leading statesmen and other
influential persons, was fated shortly to explode. In September, 1720, its




1868

The Bank of England.

333

stock had fallen to 1*75, and its bonds were at a discount of 25 per cent.,
and it soon blew up with a crash worthy of a gigantic swindle. When
the schemes of petty rogues are denounced, let us not forget, the South
Sea bubble, which owed its existence to the patronage and support of
ministers of the crown, members of both Houses of Parliament, and per­
sons moving in the highest ranks of society. The result of this explosion
was a run for cash upon the Bank of England and the private banks,
many of which stopped, thereby reducing thousands from splendor to
abject want. Numbers of these unfortunate persons, it is related, died
heart broken, and others left the country never to return.
In 1742 there was another renewal of the charter until 1764, by the
Act 15, George II, Cap. 13, for which, as usual, a quid pro quo, or bribe
was given by the Governor and company agreeing to lend the Govern­
ment a further sum of £3,200,000, at three per cent., which was secured
by the Excise. The debt, which, when James II. abdicated, only amounted
to £664,263, now had increased to £10,700,000, which in future years
was to be enormously augmented by the aid of paper money. In 1745,
Charles Edward Stuart, known as the pretender, made another abortive
attempt to obtain the throne of his ancestors, and penetrated into England
as far as Derby, at the head of a body of enthusiastic Highland followers.
The event caused the funds to descend to 49, and the customary run on
the Bank took place, when, to avoid bankruptcy, it has been stated it was
necessary to have recourse to a curious stratageme.
Parties were employed to present notes at one door, which were paid in
small coin to gain time, and to re-enter by another with the cash they had
received. Francis in his “ History of the Bank,” jocularly observes that
by this device, “ the bona fide holders o f notes could never get near enough
to present them." The employment of such an artifice, though creditable
to the ingenuity of the Directors, proves that the Bank in 1745 could
not have been in a very solvent condition.
Having thus far traced the career of the Bank, we must pass over an in­
terval of several years, in which the old system was not departed from of
receiving money for national purposes, by prepetuating a monoply, and
come to that period when Mr. P itt “ the heaven born minister,” as he has
been called, swayed the destinies of his country, and produced, by a very
simple process, an extraordinary revolution in its financial affairs. Arehemides asserted he could have moved the world if he had only possessed
a fulcroum ; but William Pitt really performed wonders through the in­
strumentality of an immense issue of inconvertible paper. He never looked
upon the Bank of England as an institution formed to promote commer­
cial enterprise; but as an engine to assist him in his aggressive policy. A
war with France, he knew, was the only chance of maintaining his influ­
ence with an obstinate and preverse sovereign and a reactionary party in
the country; and he was well aware that money could alone enable him
to gratify the passion which his patron and supporters cherished.
It was in 1796 that, finding himself inconveniently pressed for sup­
plies, he made the modest proposal to the Bank that it should hand over
to the Government £547,000 of unclaimed dividends. This demand ex­
cited the astonishment of the Directors, and it is creditable to them that
they remonstrated against so disgraceful a breach of faith, and even sub­
mitted to a sacrifice to prevent it. Pitt, however, was soon to be iminort-




334

Bank o f England.

[November,

alized by taking a higher flight; and perhaps there never was a bolder
measure proposed by an unscruplous Minister in the most despotic country
than that by which the Bank was enabled to defy its creditors, and break
its solemn promise to them, by refusing them gold for its notes.
Political causes had, in 1792, produced much discontent; and this oc­
curring in a season of general commercial distress, a panic of no ordinary
violence was the result. The Bank of England had become more jealous
than ever of its rivals, and the private bankers, who had greatly increased
in numbers and influence, regarded it on the other hand with feelings of
intense hostility. An obstinate and severe struggle proceeded for a length
of time upon both sides, during which the commercial interests of the
country seriously suffered,, but the crisis ultimately arrived, when, upon the
19th of February, 1793, the Bank returned the paper of Lane, Son & Co.,
jtrivate bankers, who stopped payment next morning for nearly a million
sterling. Universal distrust now spread abroad with the rapidity of light­
ening ; every man doubted his neighbor, mercantile relations which had
subsisted for years to the mutual advantage of both parties, were suddenly
snapped asunder, and credit was almost irretrievably destroyed. If an
invading army had traversed the country it would not have inflicted more
injury upon the cnuntry than a monetary corporation established under the
pretence of promoting its interests, had, by a single false and foolish step,
produced. It is melancholy to, even now, pause to relate that by this ap­
plication of the “ screw,” upwards of one hundred country banks were
compelled to suspend, with ample and valid securities at their command
which could not he realized.
The Government became affrighted, and, perceiving the extent of the
peril, acted for once with promptitude and segacity. The merchants and
bankers, who had begun to feel the shoe pinck, assembled at the Mansion
House and drew up a petition, complaining of the contracted state o f the
circulating medium. Mr. P itt directly proposed an issue of Exchequer
bills on good security for £5,000,000, which had the effect of restoring
public confidence and diminishing the pressure. It is worthy to be noted
that of this sum not more than £2,000,000 was required to be advanced ;
and, unlike the Loans given to successive British Sovereigns and Govern­
ments, every shilling of it was repaid.
The period we are now approaching was, perhaps, one of the most im­
portant and eventful in the history of England. From 1793, when France
declared war against Great Britain and Holland, which caused a great
drain of gold, Mr. P itt’s difficulties as Financial Minister were gradually
increasing, and it was not without great and constant pressure he was
able to obtain the accommodation he required from the bank. In 1795,
the Directors, who had never before been obliged to issue notes for less
than £15 or £10, were compelled, in consequence of the inadequacy of
the circulation to supply the demand of the public, to issue £5 notes.
This, for a time, afforded relief, but the malady was of too formidable a
character to be more than temporarily subdued by so mild a remedy.
Ultimately, every expedient failed to establish an equilibrium between the
metallic resources of the bank and the vast amount of paper money which
it had forced into circulation. W hat was to be done in circumstances so
grave and alarming ? Make a call on the proprietors for a fresh capital ?
Such a demand at the time would have been like calling spirits from the




1866]

Bank of England.

"335

vasty deep, and would have been disregarded. One course, was alone left
open, namely, to apply that “ term” to a powerful minister which had
recently been employed with such tremendous effect upon the pnblic
tl) rough the sides of a legion of unfortunate private bankers. The court
of chartered money-changers assembled, therefore, in Threadneedle street,
on the 28th of January, 1796, when the following report and resolution
were passed :
“ The Governor having informed the Court that notice was this morning brought
from the Treasury that certain bills drawn on the Commissioners of the Treasury,
amounting to the sum of £201,000, would fall due on Wednesday, the 30ih of Feb­
ruary, and were directed for payment at the bank, and that the sum now advanced
on Treasury bills is £1,157,000,”
“ Resolved, unanimously, That the Governor give direction to the cashiers not to
advance any money for the payment of the bills, nor to discharge any part of the
same unless money shall be sent down for the purpose, in which case such money
shall be exclusively appropriated to these bills.”

Here, then, we behold that institution styled the Bank of England, vir­
tually declaring the British Government bankrupt. The Directors of the
Bank, however, were masters of the situation; they knew that in the end
they must triumph, and with confidence they dispatched the Governor and
Deputy-Governor to Mr. P itt to present him with a copy of the above
resolution. He took the document, and when he glanced at its contents,
his countenance betrayed his agitated feelings, and he tremulously replied
that “ he would look into the situation o f his affairs.” W hat a reply for
a “ Heaven-born minister ” at such a crisis !
Affairs could not have long remained in this state, as the refusal of the
Bank to accommodate the Government in its pecuniary embarrassment
was the topic of conversation in every circle, and excited the utmost alarm.
Simple folk could not well comprehend how Mr. P itt and his colleagues
were to get on in Downing-street without money, and we fancy the
Minister himself was equally puzzled upon the subject. In every crisis the
merchants and bankers within the sound of Bow Bells, and adjacent to
Change Alley, were to be found assembled in some quarter iu the city, re­
monstrating about these grievences, and complaining in unmeasured terms
of the numerous sins of omission and conmission with which the Bank
stood charged. Who could have thought that the Bank which had been
patronised by successive governments— which professed to be a national
institution—which enjoyed a monopoly upon the assumption that it had
rendered long and valuable services to the commercial interests of the
country—should have been deserving of the censure which the cream of
the mercantile classes of London cast upon it in the following resolutions,
passed at a meeting held in the London Tavern:
“ That it is the opinion of this meeting that there has existed for a considerable
time past, and does exist at present, an alarming scarcity o f money in the city of
London.”
“ 2. That the scarcity proceeds chiefly, if not entirely, from an increase in the com­
merce of the country, and from the great decrease of commercial discounts, which the
Bank of England has thought proper to introduce in the conduct of the establishmt nt
during the last three months.”

P itt now hit upon a bold plan to extricate himself, the Bank, and— w j
suppose we must add— the country, from difficulty and danger. It was




336

Breech-loading Arms— Their Invention and History. [November,

simply this:—The Bank had promised to pay gold in exchange for its
notes when demanded; but to have pressed it to do this would have re­
duced it to insolvency. This would have placed the Government and
him in an unpleasant position, as it owed an enormous debt to the Bank,
and it would have been extremely awkward for it upon future occasions,
when its necessities might compel it to seek further accommodation in the
shape of loans. To prevent, therefore, a stoppage of the Bank and the
cutting off of supplies, which were absolutely requisite to enable the
wheels of Government to keep in motion, P itt requested the king to come
from Windsor, upon a Sunday morning, to be present at a privy council
at W h itehall; and immediately afterwards another meeting was held in
Downing Street, which was attended by the Ministers, the Governor, D e­
puty Governor, and the Directors of the Bank, when the following order
was issued;—
“ Upon the representation of the Chancellor of the Exchequer, stating from the re­
sult of the information he has received, and of the enquiries which it has been his
duty to make respecting the effect o f the unusual demands fo r specie that have been
made upon the metropolis in consequence of ihe ill-founded or exaggerated alarm in
different parts of the country, it appears, unless some measure is immediately taken,
there may be reason to apprehend a want of a sufficient supply of cash to supply the
exigences of the public service that the Directors of the Bank of England should
forbear issuing any cash in payment, until the sense of Parliament can be obtained
on that subject, and the proper measures adopted thereon for obtaining the means of
circulation, and supporting the public and commercial credit of the kingdom at ibis
important conjuncture. And it is ordered that a copy of this minute be transmitted
to the Directors of the Bank of England, and they are hereby required, in the exi­
gency of the case to enforce thereto, until the sense of Parliament be taken as afore­
said.”
[Signed,]
W il l ia m F a u k e n e b .

Mr. P itt bad now obtained bis object, and by stepping between the
Bank and its creditors, had established a precedent for any British Minis*
te r, who might find himself embarrassed committing an act of gross dis­
honesty and injustice.
W hen Parliament assembled, he was indemnified for his conduct, and
through his influence, the celebrated British restriction act was passed on
the 3d May, 1797. It continued in operation until the 2d July, 1619,
when the memorable statute was passed to provide for the gradual re­
sumption of cash payment, and to permit the exportation of gold and
silver.
(To he continued.)

BREECH-LOADING ARMS— THEIR INTENTION AND HISTORY.
The recent war in Germany having resulted in the success of Prussia
(an event that was deemed very doubtful at the incipiency of the contest),
the Powers of the world have unanimously decided that to the breech­
loading rifle alone belongs the honor of having humbled the power of
Austria. This rifle, the zundnadelgewehr or needle-gun, as it is called, was
the weapon used by the Prussian armies, and, although it is in reality a
very inferior arm, its superiority over the muzzle-loading musket and rifle
was made apparent in the battle of Koniggratz and on all of the battle­
fields in Bohemia. The brilliant successes achieved through its instru-




1866]

Breech-loading Arms— Their Invention and History.

337

mentality have occasioned much apprehension and activity in Europe, and
all the prominent European governments are preparing to furnish their
armies with either this gun or with some description of breechdoading
rifle deemed superior in finish and effectiveness.
THE INVENTION OR BREECH-LOADERS.

Precisely 326 years have elapsed since a breech loading firearm was in­
vented. In the year 1540 Henry II. of France conceived the idea of
loading musketoons at the breech, and (so far as can be learned) his in­
vention was tested on several occasions. In a curiously-written description
of the manner in which the gun was loaded, we ascertain that the barrel
opened on hinges and exposed the breech, into which the load was de­
posited. But this is evidently an obscure description. No doubt the gun
was made to work in the following manner: The band hung upon a hinge,
say three inches from the hammer, and in those three inches the load was
deposited, and the barr.l then closed down over it, being fastened at the
side opposite the hinge by an iron pin. Of course, such a weapon was not
as effective as the muzzle-loaders. The escape of gas through the aperture
would have been sufficient to destroy its effect, did no other obvious ob­
jections interpose. A gun of the above description, with some 50 or 60
of other patterns, are now in the Museum of Paris, thus proving beyond a
doubt that the invention of the French monarch was not entirely lost to
the world, but was the subject of many attempts at improvement. In­
deed, we are made certain that breech-loaders long attracted the attention
of military men, from the number of guns bearing the names of prominent
officers. Among the breech-loaders which were made, and of which
nearly all failed to be serviceable, were the fusils of Marshal Saxe, Tourette
of St. Etienne Pauli, Robert, Le Roy, Lef&ucheux, Charroi, J. L. Montigny,
Pierre Montigny, the Norwegian and Swedish fusils, the Prussian needlerifle, Clerville, Treuille, Thomas, Riera, Prince’s ; Musketon Lepage, Gilby’s,
Gillet of Liege, Potet and Chassepot, with others whose names are lost to
history.
FO REIGN BREECH-LOADERS.

Of the above-named arms, but few have ever been regarded as worthy
of practical attention. Pauli’s was invented in 1809, and tested in the
presence of the great Napoleon. It proved a decided failure on account of
its mechanical complications. In the hands of an expert the weapon
would have been of some value, but to an army of soldiers it was utterly
useless. The present famous needle-gun is but an improvement upon
Pauli’s'—a decided one, it is true, but still greatly inferior to nearly every
one of the breech-loading rifles made inf this country. There is no sim­
plicity whatever about it. It is complicated, and should there be the
slightest injury to the sere the weapon would be utterly useless. In ap­
pearance the needle-gun differs in external appearance from every other
firearm. The engravings that have reached this country represent it to
be a rifle, without a hammer, and with a small iron knob directly in the
rear of the breech and in front of the barrel. This knob is a portion of
the breech, which can either be turned in the cylindrical breech receiver
or be made to slide longitudinally. The breech being opened, the cart
ridge is inserted, when it (the breech) is again closed, and ready for firing




338

Breech-loading Arms— Their Invention and History. [November,

Here, now, we have a complication. According to the American Artisan,
into the front part of the breech is screwed the needle tube, through which
the needle slides freely. The needle is attached to the needle bolt, which
slides within the lock, and this latter slides within the breech. There is
an air chamber in rear of and in communication with the cartridge cham­
ber of the barrel, around the front part of the needle bolt. The main
spring, by which the needle is shot forward, is of spiral form, and coiled
around the needle bolt in rear of the collar. This collar forms a catch for
the sere, and thus keeps the bolt drawn back when the hammer is cocked.
In the same piece, with the sere, is the sere spring, at the end of which is
the trigger. To load and fire this gun the following motions are required :
First, pulling back the knob to withdraw the needle from the breech ;
second, opening the breech; third, inserting the cartridge ; fourth, closing
the breech; fifth, turning the knob, so as to bring it in front of the shoul­
der; sixth, firing the piece. It must be remembered that these are only
the motions connected with the machinery of the gun ; if we include the
“ lowering” of the piece, handling of the cartridge, raising of the piece,
aiming, &c., we have not less than thirteen to fifteen motions. But it is
of the piece itself that we write, and its defects may be stated as follows :
First, the presence of the handle on the side of the barrel, which must, to
some extent, destroy the accuracy of the aim ; second, the necessity of
pulling back the knob before loading, and the danger of a premature dis­
charge in consequence thereof. (It is stated that the needle bolt can be
drawn back by a handle attached to the lockspring independently ; but
this only further complicates the gun, and renders it more objectionable.)
Third, the extreme nicety of its mechanical construction, by which the
slightest irregularity will render it useless; fourth, its inability to fire with
sufficient rapidity; fifth, the tendency of the needle to break. All that is
known about it is, that the passage of the needle through the powder
creates a friction which sets fire to the fulminate as soon as the needle
reaches it. In making this last objection it must be remembered that we
are treating solely of breech-loading guns, and judging each by its actual
merits or defects. That the needle-gun has merits is undeniable; but as a
breech-loader it is perhaps the most inferior of its kind now before the
world. Its merits are simply th e s e F ir s t, the construction of the cart­
ridge, and second the zundspicgel, or igniting material. In the first the
use of copper is rendered unnecessary—the cartridge being encased in
paper. The powder is first placed ; then follows a compressed paper sabot,
which cleans the bore of the gun, and in which is fitted the bullet. The
fulminate is placed in front of the gundowder, and between it and the
sabot. When the gun is fired the needle first pierces the gunpowder, but
does not fire it until it enters the fulminate, when the explosion instantly
takes place. And this brings us to the zundspiegel, which, translated,
means igniting glass. This is a secret known only to the inventor, and
whether the power of ignition lies in the needle alone, or by contact with
the fulminate, cannot be told. By this we mean that it is not stated
whether the fulminate could be ignited by other means than by the needle.
From all that can be ascertained, it is evident that no other ammunition
than that expressly made for the gun can be used, so that the only conclu­
sion to arrive at is that the fulminate possesses some secret power by means
of which ignition takes place the instant the needle is brought into con-




/
1S66J

Breecli-loading Arms— Their Invention and History.

339

tact with it. The mere passage of a needle through the fulminate of one
of our metallic cartridges would fail to explode it, a sharp blow from a
solid front being required. As this article progresses we will compare the
needle gun with many of our own make.
p r i n c e ’s ,

i

\

i

L i n d n e r ’s a n d s n i d e r ’s .

The first-named of these breech-loading rifles was experimented with at
Brussels in 1856, and favorably reported on. Its recoil was found to be
less than that of any other gun in Belgium, with a charge of 70 grains of
powder and 4Y0 grains of lead ; the length of the ball being 1.18 inch,
length of cone double that of the cylinder, and the diameter 0.59 inch.
A t a distance of from 1,640 to 1,986 yards it was claimed by the inventor
that the bullets would carry with sufficient force to inflict a dangerous, and
often mortal wound. The gun was, however, never adopted, because of
its being too complicated for the use of any others than experts in the use
of firearms. The Lindner gun is merely the conversion of a muzzle-loader
into a breech-loader, and it contains so many objectionable features that it
can never be adopted as a military arm. The conversion is as follows:
The breech piece of the muzzle-loader is cut away, and the barrel lengthened over the small of the stock. In this lengthening piece is a bolt,
which, when moved backward opens the breech, and when moved forward
closes it. At the near end of the bolt is a handle, which moves it longi­
tudinally, or turns it, as the case may be. The bolt is threaded internally
and a portion externally, so as to enable it to work freely backward and
forward. On the front end of the bolt is a loose conical piece, from which
projects a pin, forming a claw for extracting the sabot of the cartridge.
On the front end of the bolt is a screw pin, which enters a slot provided
for the purpose, and thus prevents it from coming out of the lengthening
piece of the barrel. To open the breech the bolt is turned to one side for
the purpose of freeing the threads, and then drawn back the required dis­
tance. By reversing the movement the conical piece is tightly screwed
up and the breech thoroughly closed. The lock is of the old pattern, and
the cartridges are encased in paper, a cap being placed upon the nipple of
the gun to discharge it. Altogether, the Lindner “ converted” rifle is even
inferior to the needle gun, by reason of the length of time required to
load and fire a charge. The Snider rifle is also merely a conversion from
a muzzle-loader, although it is a much more effective weapon than either
of the guns already described. The upper part of the barrel is cut away
at the breech for a length of about two inches, for the purpose of forming
a breech receiver. Into this a solid breech block is fitted, the same swing­
ing on a hinge to the right side of the barrel. As this block is thrown
open the shell of the cartridge is partially ejected by the backward movejnent of an attached spur. The cartridges are metallic, and the firing is
effected by the hammer striking upon a sliding pin, which transmits the
blow to the fulminate. Notwithstanding the fact that the British Govern­
ment is converting large numbers of its Enfield rifles into this arm, and
the claim that the rifle has been fired 13 times in a minute, it can never
become a prominent weapon. The breech block is nothing more than a
“ trap door” (as it is generally termed), through which the gas can escape
in such quantities as to quickly foul the gun. All weapons of this descrip­
tion are necessarily unreliable, from the fact that they present no solid




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Breech-loading Arms— Their Invention and History. [November,

front to the fulminate. In addition, to load them requires almost as much
trouble as the muzzle-loaders. Taking the Snider as an example, we have :
First, opening the breech, which requires two motions ; second, turning the
gun to permit the exploded shell to fall o u t; third, introducing the cart­
ridge ; fourth, shutting down the trap, which requires two motions; fifth,
cocking the piece; sixth, firing. W e thus have eight positive motions with
the machinery alone.
THE FUSIL JARRE AND THE CHASSEPOT R IFL E.

Of these recent French inventions we know but little, the inventors,
either from patriotic motives or in obedience to the orders of the im­
perial government, keeping a profound silence in regard to their construc­
tions. The Fusil Jarre is claimed to be the most destructive firearm in
the world, it being capable of firing fifty shots per minute. This, how­
ever, is very doubtful; but, if even true, no mortal man could sustain the
fatigue which would necessarily result from so rapid an operation. The
Chassepot rifle is less pretentious, and therefore most likely to be the best
weapon. It can be fired twelve times per minute without material fatigue.
On what principle it is constructed none others than the French govern­
ment and those engaged in the construction of the rifle can tell. It is
more than likely, However, that it is an improvement on the Prussian
needle gun. The Chassepot has been adopted by the French government,
and the monster foundries of St. Etienne are engaged in manufacturing
the rifle for the use of the French army.
AMERICAN BREECH-LOADERS.

Turning from foreign to American breech loading firearms, we discover
that they are of two descriptions. One is a single loader and the other a
repeater, so called because of its having a magazine either in the stock
or under the barrel, by means of which a number of shots can be fired
without stopping to load at each shot. The objects of our inventors have
been to make a weapon which would unite simplicity with effectiveness;
and the attention which has been paid to breech-loading firearms within
the past six years has resulted in the inventions of several which, for effec­
tiveness, have no equal in the world. And this assertion is not merely a
boast. It is perfectly true that no European inventor has yet exhibited a
weapon which for rapidity of firing, superiority of finish and simplicity of
construction can equal the “ Spencer,” “ Ballard,” “ Henry” or “ Peabody”
breech-loading rifles. While to Europe belongs the honor of having in­
vented the arm, to the United States must be credited the having made
such improvements as renders a formerly complicated contrivance into a
dangerously effective weapon.
Not that American breech-loaders are.
without defects—for there is still a wide room for improvement— but that
we will, in the following descriptions of a few, prove that our own weapons
are in every respect superior to the needle-gun, or any other European
breech-loader, except, perhaps, the “ Chassepot,” of which no minute de­
scription has ever been made public :—
THE BURNSIDE AND SPEN CER R IFLES.

In the year 1857 several breech-loading rifles were by order of the Uni-




1866]

Breech-loading Arms— Their Invention and History.

341

ted States government experimented with at W est Point. Of some fifteen
or twenty different kinds the “ Burnside” rifle carbine was declared the
best, and was recommended for adoption. The principle on which this
weapon is made is th is:—It has a movable chamber which opens by turn­
ing on hinges. The aperture through which the gas would escape if left
open is covered by an embossed portion of a thin brass cartridge case, and
thus cuts off the escape of the gas. The gun has the same objection as
Lindner’s— viz.: the trap door— and it soon gave way before the Spencer
and other breech-loading rifles of superior construction. With regard to
the Spencer, much can be said in its favor, blit it is still open to serious
objections. The construction of the gun is simpler than that of the nee­
dle-gun, but is still very complicated. The breech is formed of two pieces,
one of which is the breech pin and the other the block on which the car­
tridges are carried. The breech pin is attached to the lever, which forms
the trigger guard, and the carrier block is pivoted into the breech receiver
by a pin which is situated below and in rear of the hinge of the lever.
Between the block and the breech pin is a pin which presses the latter
upward, and behind the breech pin is a curved piece of steel, which guides
the cartridges to the breech. This guide is worked by a spring situated
near the hammer, and in front of it is the shell ejector, which also works
by its action. On the left side of the breech pin is a slide upon which
the hammer strikes to fire the priming. The magazine is situated along
the entire length of the interior of the butt stock, and is composed of a
stationary outer tube and an inner tube which slides in and out. The
inner tube is simply a steel box, with a spiral spring for pressing the car­
tridges forward to the barrel as soon as the breech is opened. To operate
the gun the following motions are required :—Supposing that the maga­
zine is already filled with the cartridges (of which there are seven) and se­
cured in the butt stock by turning the handle .to a longitudinal position
with the hammer. First, the lever is pulled down, which first throws the
breech pin below the chamber of the barrel, and then makes the carrier
pin and block slide back, ejecting the exploded shell and enabling the
fresh cartridge to pass over the breech pin ; the cartridge being, of course,
pushed forward by the spiral spring, which becomes relieved from con­
finement the moment the lever is pulled down, and the block and breech
pin swung backward. The cartridge is then directly in front of the cham­
ber of the breech, and as soon as the lever is moved back it is forced in­
to the barrel by the breech pin, which presses it up from the rear. The
chamber and magazine are thus effectually ciosed by the block and breech
pin, and it only remains to cock the hammer and draw the trigger. While
this gun has been successfully used in the United States army, it is un­
deniably unfit for adoption as the regular arm. Like the needle-gun it is
entirely too complicated, the construction is too nice, and the dangers of
injury too many. It contains too many delicate springs which are liable,
and indeed exposed, to injury at every moment. If we take the spring
which works the cartridge guide, for instance, it will be seen that there is
a danger of its slipping from beneath the guide at any moment, and thus
preventing the gun from working. Again, the shell extractor, or ejector,
is a delicate piece of steel that can be snapped with the finger. 1 ids is
exposed every time the lever is pulled down, and if not broken a few
grains of dirt falling into the vacuum left by the backward movement of




342

Breech-loading Arms— Their Invention and History. [November,

the block and breech pin would render it inoperative. So far as the
merit of the gun is concerned as a repeater we shall consider that here­
after.
THE BALLARD R IFLE.

This gun (and the Peabody, which will be next described) is one of the
simplest and most effective of American breech loaders that we have
seen. It is made of four pieces—the hammer, mainspring, trigger and
double spring—the mainspring being encased in the lock, and thus pro­
tected from being broken.
The principle on which the gun is made is
simple, and but for one defect, which shall be mentioned, it would stand
the equal of all competitors. The lever which protects the trigger being
pulled down, the lock, including the hammer, falls below the breech,
leaving the chamber of the barrel exposed. Under the chamber and
about two inches from the breech is a small knob attached to a spring,
which, being pushed towards the breech, ejects the exploded shell entirely
from the piece and leaves the chamber free for the insertion of another
cartridge. When the lever is pulled down the hammer is half cocked
by the action, so that on the lever being drawn up and the breech effec­
tually closed all that remains is to complete cocking the hammer and to
lire the gun. In addition to its adaptability for metallic cartridges the
Ballard rifle can be fired with paper cartridges and purcussion caps.
Directly in front of the hammer, and on the breech block, a nipple is
fixed, so that in the event of metallic cartridges giving out the old system
can be followed, still loading by the breech. As will be seen by the
above description, the weapon is free from all complicated machinery and
can be fired with great rapidity. Experiments with this gun have been
made on several occasions, with various results. As manv as twenty shots
per minute have been fired from the carbine, and the inventors claim that
in the hands of an expert twenty-five shots can be fired. Last year fiftyone breech loading rifles were examined at Springfield by order of the
United States government, and of this number five were selected as being
the best adapted to army use. The “ Ballard,” “ Peabody,” “ National”
and “ Berdan” rifles, with two others, were the ones selected. Notwith­
standing the many merits of the Ballard rifle, it still has one defect. As
the gun is made at present the ejector and the lever require two motions
to work them. By attaching them together, and thus causing the shell of
the cartridge to be ejected, the instant the lever is pulled down and the
breech is opened, the last fault in the weapon would be removed. It is
understood that this improvement will be made, and when it is, the rifle
will be a most dangerous arm in the hands of a well drilled soldier. The
Ballard rifle is well made and elegantly finished, possessing groat strength,
united with lightness. The carbine weighs about seven pounds, and the
army gun, when made, will weigh about nine pounds. A t a distance of
1,200 yards, with a load of forty-five grains of powder and 285 grains of
lead, the rifle is very accurate, retaining its initial force throughout that
distance.
THE PEABODY R IFL E.

This weapon is constructed upon the same principle as the Ballard gun,
with the exception that the opening of the breech and the ejection of the
exploded shell take place simultaneously. The breech block is a solid




1866]

Breech-loading Arm s— Their Invention and History.

343

piece of steel, hollowed out at the top to receive the cartridge. When the
lever is pulled down this block falls below the chamber, and exposes the
breech ; the cartridge is then inserted, the lever pulled back and the breech
closed. And here is the only objectionable feature in the Peabody rifle.
Unless the cartridge is inserted into the chamber, flush up with the breech,
there is great danger of a premature discharge from the sudden contact of
the breech block with the fulminate. As it uow stands the utmost care is
needed in loading the piece. It seems to us that by giving the end of the
breech block a slight incline the danger would be removed, for if even the
cartridge was not shoved home, instead of a sudden shock there would be
a gradual pressure which would force it into its proper position. While
the Peabody rifle is undeniably an excellent weapon of warfare, there is a
lack of finish about it which requires correction. Like the Ballard rifle it
can be fired twenty times per minute.
b e r d a n ’s

b r e e c h -l o a d e r .

For converting muzzle loaders, Colonel Berdan’s invention is perhaps the
best before the public. The manner in which the conversion is effected is
as follows: About three inches of the upper part of the barrel in front of
the breech pin is cut away, leaving the breech pin intact, so that it may
form the recoil bearing for the breech. The breech is composed of two
pieces of steel, one being in front of the other. The front piece constitutes
the breech piece proper, and the rear one a brace which sustains the breech
piece against the recoil, in firing. The breech piece is hinged to a band
which is clamped around the barrel, and a brace is hinged to it. The rear
end of the brace and the recoil bearing are so formed that the breech can­
not rise until the brace rises by a movement in the hinge. In opening the
breech for loading, a knob on the right hand side of the brace is pressed
upwards with the finger, thus relieving the brace from the recoil bearing,
against which it was pressed by the force of the recoil. The brace is lifted
up from the recoil bearing until a stop upon it comes in contact with a
stop on the breech jdece, above the hinge. The breech piece and brace
are then moved together from their position, and thrown forward in the
direction of the muzzle, thus exposing the chamber of the band. The fir­
ing pin is made of two pieces which meet at the hinge joint, so that the
pin does not prevent or interfere with the opening of the breech, which it
would assuredly do were it constructed of one piece. To eject the exploded
shell, there is a small spur upon the hinged part of the breech piece. This
catches hold of the end of the fulminate, and as soon as the breech piece
is thrown forward, the shell is thrown completely out. For the purpose
of preventing the escape of gas into the breech piece, from the charge,
after it is fired, there is a projection upon the right hand side of the brace,
behind the knob, so arranged that the hammer must pass over it as it de­
scends. This is an excellent arrangement, for should the brace not be in
its prop' r place, the head of the hammer slides over the projection, forcing
the brace down, and effectually closing the breech. The description of
Berdan’s rifle as given here is taken from drawings published in the
American A'tisnn, and prepared under the personal supervision of Colonel
Berdan, tne inventor. As we slated before, the gun possesses considerable
merit, and if the breech piece could be so improved as to simplify it, and
thus do away with a portion of its mechanical arrangement, the weapon
would become more valuable.




344

Breech loading Arms— Their Invention and History. [November,
THE REMINGTON R IFL E.

Much has been said about this weapon, and the inventor has been
assiduous in his efforts to convince the public that his rifle is the most
effective firearm extant. But an examination of the weapon proves the
fallacy of this claim. That it is simple in construction is quite true, and
before going any further we will describe the gun. Unlike most of the
other breech loaders, the breech block works backward and forward with
the hammer, thus necssitating a full cocking of the gun before the piece
can be loaded. The breech block is a solid piece of steel pierced by a
tiring line and acting in conjuncting with a tumbler attached to the ham­
mer. At the lower part of the chamber of the barrel, is a spur for eject­
ing the exploded shell, which is connected with the breech block by a
spring. The mode of operation is as follows : The hammer is first cocked
to its fullest extent, then the breech block is pulled backward to the ham­
mer which catches it by a nip, and thus keeps the breech open. On the
cartridge being inserted, the block is pushed forward, and the breech
closed. Nothing then remains but to fire the piece. The defects in the
gun are these: In the first place, unless the breech block is kept thoroughly
well oiled, the greatest difficulty is experienced in pulling it backwards
with the fingers. Now as in active service soldiers have no time to take
out the block and “ grease ” it every day, it will be seen that a great delay
in loading must ensue. In the next place the spur or shell ejector is en­
tirely too small, and will not eject the shell unless it (the shell) is also
thoroughly well greased. In the presence of the writer one of these guns
was operated with, and the result was that even with the shell well greased
the spur failed to eject it oftener than once in five times. A great deal of
trouble was experienced in forcing back the breech block, in consequence
of the inability of the spur to eject the shell. When the block was at
last forced back it was found that the spur had merely cut through the
metal without ejecting the shell. We are thus minute in mentioning the
defects of the Remington gun because of the claim for superiority made
by the inventor. IIow the defects can be remedied it would be difficult to
explain. The breech block is really the stumbling block. Without a
shell in the chamber, it is pulled back with comparative ease ; but with
the exploded shell resisting the forward action of the spur it requires a
finger of uncommon strength to operate it. So far as the “ greasing” of
the cartridges is concerned the statement that such greasing is a necessity
only renders the gun more objectionable. In nearly all of the other
breech loaders now prominently before the public it is immaterial whether
the metallic cases of the cartridges are well greased or not, the spurs
possessing sufficient width and bottom to eject the exploded shells entirely
from the chamber of the barrel. It is stated that the Austrian govern­
ment has adopted this weapon ; but the statement has no foundation in
fact. Austria has not yet adopted any particular breech loading firearm
for her army.
c o c h r a n ’s

b r e e c h -l o a d e r .

This weapon does not rank among the first of American inventions, but
it contains merits which are peculiarly its own. The housing is light, but
strong, and into this the barrel is screwed. The breech block, having a




1866]

Breech-loading Arms— Their Invention and History.

345

rolling bearing at its rear end, is fitted to the housing, with a pin inserted into
the bearing for the purpose of keeping the breach block in its proper place.
The front of the breech block against which the cartridge rests, when the
breech is closed is a spherical convex, and is so positioned with^the barrel,
that the pressure of the shell aids in keeping it firmly locked. The oper­
ating lever of the breech block forms the trigger guard, and is somewhat
similar in appearance to the Ballard rifle. There is one feature in it, how­
ever, which no other breach-loader’s lever possesses. The end of the lever,
instead of resting near or on the stock, is turned up and enters the stock,
so that when the breech is open there is no possible chance of its lever
catching against anything. The piece in the stock is elastic and has a
kind of hook at the top, which catches hold of a notch (in the stock) and
serves either to keep the breech effectually locked or to prevent the lever
from coming out of the stock entirely when the breech is opened. The
lever being pulled down the breech block is forced upward by the action
of the hinged end of the lever against the rear end of the lever against the
rear portion of the block. The breech is thus exposed and the cartridge
is inserted into the barrel, under the breech block, or, if not under, the
gun must be turned over. This is a very awkward manner of loading, and
notwithstanding its originality, is the most objectionable feature of the
gun. It is true, that to facilitate loading, the under part of the breech
block is made hollow, but this only weakens the block, while it does not,
to any great extent, facilitate loading. It is urged by the inventor that
one of the advantages arising from this method of loading is, that should
there be a premature discharge, the powder will escape downward, and not
upward, so as to injure the face. This is very doubtful, inasmuch as that
all explosions have an upward tendency, and the result of a premature dis­
charge of the cartridge would be the blowing out of the breech piece di­
rectly toward the face of the soldier. The shell ejector is, perhaps, the
best feature in the gun, although it is not equal to the ejector of the Pea­
body rifle. It consists of a straight piece which slides on a guide formed
between the lower portion of the barrel and the breech receiver. A rod of
steel connects it with the operating lever, which is contained in the breech
receiver, to the right of the block. On the lever, or trigger guard, being
pulled down the rod is pushed backward, carying with it the ejector and
consequently the exploded shell. On the lever being liberated, the spring
at the end of the ejecting rod straightens itself, throwing the ejector for­
ward and drawing the lever back to its proper place. By means of a notch
under the breech receiver the ejector can be operated with the finger and
independently of the lever ; but as this would only increase the time re­
quired for firing it will seldom be used. Should the connection with the
lever become destroyed it would then be of use, but not otherwise. As
stated before, the Cochran rifle possesses merits, but as a military arm it
can scarcely become a favorite. The difficulty, or rather discomfort, of
loading from beneath the breech block is a most serious objection.
THE HENRY AND W INCHESTER R IFL ES.

Almost every reader of this paper has heard of the Henry repeating
rifle, and the fact that it contains a magazine under the barrel, into which
sixteen cartridges are stored at one time. It is merely the Spencer rifle
23
VOL. LV.----K O. V.




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Breech-loading Arms— Their Invention and History. [November,

reversed, and as a repeater has the same objections. The magazine is com­
posed of a tube running under the barrel, from the breech to within five
inches of the muzzle, and is partially open along its entire length, at the
bottom. At the top of the magazine and up to the muxzle is a tube
which moves on hinges to one side, exposing the chamber of the magazine,
so as to admit the cartridges. This tube contains a follower, which is
pressed forward by a spiral spring, thus forcing a cartridge into the breech
as fast as the lever is pulled down. On entering the breech the cartridge
is forced into the barrel by an upward movement of the main spring.
The shell is ejected by a spring catch, which seizes it by the rim and
ejects it, room being left in the barrel for it to rise over the rim. An im­
provement on this rifle has been recently made, and the new weapon is
called the “ Winchester.” Instead of the magazine being partially open
it is entirely closed up, and instead of loading from the top the cartridges
are inserted into the magazine from the breech, thus enabling the gun to
be used as a single loader or as a repeater. By this manner of loading
the cartridge last inserted is the last one fired. The cartridges are inserted
in the magazine through an opening in the side of the frame, back of the
lower block. Aspring lid, grooved on the top, and of a length to corres­
pond with the size of the cartridge, opens inward by a slight pressure of
the cartridge, which is then pushed forward, and as it drops in its place is
held there by a shoulder, the lid then rises to its place and closes the aper­
ture. If the Henry rifle was condemned for its complications, the “ W in­
chester” has certainly not improved the defects. However terrible both
weapons would be in the hands of experts, they are totally unfit for mili­
tary service. The charm of being able to fire sixteen rounds of ammunition
without cessation would be quickly dispelled by the slightest injury to any­
one part of the delicate and complicated machinery contained in the Henry
and Winchester rifles.
s h a r p ’s , b e r g ’s ,

a l l e n ’s

and

s t a r r ’s .

Lack of space will compel us to abstain from elaborate descriptions of
the above named firearms. They have in reality almost gone out of use,
having been found unequal to their promises. Sharp’s, it it true, still re­
tains some prominence, but the “ trap door” system, so universally con­
demned, will prevent its ever being adopted as a military arm. l'he Berg
gun is too complicated for effective use, and requires too much time to op­
erate it. To load it the barrel has to be thrown over the shoulder, after
having been released from the stock. Priming or percussion caps and
paper cartridges are used with this gun. The Allen gun is also on the
“ trap door” system. To operate it the hammer is first half cocked ; the
lever is pulled down and the breech exposed, the shell being ejected at the
same time. The cartridge is then introduced, the breech closed, and the
hammer being pulled back to a full cock, the gun is ready for firing.
Starr’s rifle is on the trap system, and is so made that much dificulty is
experienced in inserting the cartridge.
<
OTHER BREECH-LOADERS.

Within the past four years a large number of breech-loading firearms
have been invented in the United States, and it will not be exceeding the
actual figures when we assert that between $150,000 and $200,000 have




I860]

Breech-loading Arms— Their Invention and History.

347

been spent during that time for the manufacture of models. Of the large
number which have been invented, not more than six or eight have risen to
prominence. Among those which may be considered relics of the past
are the Warner, Montstorm, Cosmopolitan, Gibbs, Gallagher, Josselyn,
Allyn, Maynard, and Burnside. Some others, such as the Merrill (revolv­
ing), Bell’s (repeater), Burke and General Roberts, have not yet been
brought sufficiently before the public for their merits and defects to be
pronounced upon.
POULTENEY BREECH-LOADING MUSKET.

Through the kindness of Colonel S. Crispin, the efficient Ordinance
Officer of this State, the writer has been enabled to furnish a description
of the above-named weapon. It is of recent invention, and although not
yet known to the public at large, promises to become one of the most
popular firearms in the United States. While the gun is made on the
principle of rotation, it is almost devoid of mechanical work. The breech
block consists of a solid piece of steel, connected with the lever, which
forms the trigger guard, and swinging on an axis. Attached to the lever
is the only spring about the gun, and it is merely the lock which keeps
the breech block properly closed up against the chamber of the barrel.
Attached to the block is a spur, which ejects the exploded shell entirely
from the breech simultaneously with the pulling down of the lever. The
block, as stated before, swings upon an axis, but instead of falling down­
ward when the lever is pulled down, it moves backward, thus exposing the
breech. This system of operation is very superior, for should the shell
not be pushed into the breech sufficiently, as soon as the lever is pulled
back the face of the block comes in contact with the cover o£ the cartridge
and shoves it home, without the slightest danger of a premature dis­
charge. Another source of safety in the Poulteney rifle is that by the
opening of the breech the hammer is half-cocked, thus preventing an ac­
cident. W hen fired, the hammer strikes against a pin which runs
through the block, and the blow is transmitted to the fulminate. The
gun is light, but immensely strong, and is well finished. The following
is the mode of operating i t :—First motion, pulling down the lever, and
by so doing expose the breech aud eject the cartridge; second, inserting
a fresh cartridge; third, pulling back the lever, and effectually closing the
breech; fourth, cocking the ham m er; fifth, firing. The only defect in
this gun is that the spur or shell ejector is not quite wide enough to in­
sure a positive certainty of ejection, should the metal of the shell be of in­
ferior quality.
s m i t h ’s

c a r b in e .

This weapon has been largely used in the IJnited States cavalry ser­
vice, and there is a likelihood that it will be permanently adopted for that
branch of the army. The carbine is composed of two parts, oue being the
barrel, and the other the stock, with the lock attached. These are se­
cured by an axis of rotation, or hinge, with a locking spring of great
strength on the top of the barrel, and a catch in the rear of the hammer
to retain it in its proper position. Attached to the axis of rotation is the
spur, which is under the chamber of the breech, so that as soon as the
barrel is thrown forward the shell is ejected. The method of operation is




348

Breech loading Arm s— Their Invention and History. [November,

as (billows :—The barrel of the carbine is thrown upon the left arm, near
to the axis of rotation, and the catch in the rear of the hammer being
pressed down with the finger, the locking spring is released, and the bar­
rel falls downward, and thus exposes the breech. A slight motion of the
right hand on the stock brings the barrel and it (the stock) on a level,
and the locking spring is instantly fastened to the catch. All that then
remains is to cock and fire the piece. The Smith carbine is very simple
in construction and possesses considerable strength. The great merit it
undoubtedly has, is the ease with which it can be loaded and fired. Any
ordinarily drilled soldier can, at a full gallop, load and fire it six or eight
times per minute, and still guide his horse with the left hand. Although
as a cavalry arm it is a very superior weapon, it is very doubtful if it
would be effective for infantry. The method of loading, which would ex­
pedite the cavalryman, is very likely to delay the infantry soldier.
THE LAIDLEY CARBINE.

This breech-loader is the invention of an officer of the United States
army, and is of recent date. It is made on the same principle as the
Remington gun, the only difference being that the breech block and the
hammer are pulled back together, whereas in the Remington they are
pulled back separately. Another slight difference is in the locking of the
hammer after it is cocked. This is done by a catch at the side of the
stock, instead of by the breech block, as in the other mentioned arm. It
does not appear, from the description given, that the Laidley carbine is
any better arm than the Remington. There is the same objection, viz :—
that the distance from the axis of rotation to the finger ears or top of the
breech block are not long enough, and the difficulty of opening the
breech when the exploded shell is resisting the action of the block re­
mains the same.
THE NATIONAL R IFL E.

Breech loading rifles are made on several principles, such as the swing­
ing block, sliding block, &c. W e only name these two principles or
systems on which they are constructed because they are the only ones
which possess any Iona fide merits. The national breech loading rifle is
constructed on the sliding block system, and is made as follows : In the
.rear of the breech-block and below it is a recoil bearer, composed of iron,
in the shape of a three-sided parallelogram. In front of this and above
it is a solid breech block attached to tire lever. On both sides of the lower
portion of the front of the block is a spur which enters a small cavity on
either side of the chamber of the barrel, and these spurs eject the shell
completely from the breech when the lever is pulled down. The lever
forms the trigger guard, and is secured in its place by a spring attached to
its fore part, which enters the stock, and rests under the ffreech block.
The lock is contained in a solid chamber and has no connection with the
breech block, as in many others of recent invention. Through the upper
portion of the breech block is a pin upon which the hammer strikes, and
which transmits the blow to the fulminate of the metallic cartridge. The
manner of operating the rifle is as follows: The lever being pulled down,
the recoil bearer falls sufficiently low to permit the breech block to slide
over it, and the shell is rapidly ejected. As the breech block slides back-




1806]

Breech-loading Arms— Their Invention and History.

349

wards the hammer is forced to a half cock by the action, thus insuring
absolute safety in loading. The breech being now open, the cartridge is
dropped into the open space between the chamber of the barrel and the
block ; the lever is pulled back, and the face of the block pressing against
the rim of the cartridge forces it into the barrel. The gun is then fullv
cocked and fired. The National rifle is very simpledn its construction, and
its principal merits are that it has no dependence upon springs, levers,
fulcrums nor circular bearings for resisting the discharge. The resistance
is obtained by perfectly square, solid blocks, which move at right angles.
Again, there is not the slightest danger of a premature discharge, so well
arranged is the breech block to the chamber. The weapon is light, but
possesses immense strength. In the presence of the writer, several charges,
consisting of 100 grains of powder and 1,848 grains of lead, were fired
from the shoulder, with but little or no recoil. As a military arm (and it
is only intended for such) the National rifle must eventually hold a high
position. The only defect it has is in the danger of the lever spring dying.
Should this occur on a battle field the soldier would be compelled to tie
the lever to the stock, for the purpose of keeping the breech closed. But
this objection is perhaps equally applicable to all breech loaders. The
National rifle has been fired with ease sixteen times per minute.
RAPIDITY IN F IR IN G OF AMERICAN BREECH-LOADERS.

The following table will show the average number of shots per minute
which have been fired from several breech-loading rifles of American in­
vention and manufacture :
N am e of rifle.

No. o f shots. Yards.
500
500
15
500
18
500
18
500
17
500
15
600
10
500
16
500
16

Henry (repeater).......
Spencer do ........ . . .
Berdan, (single loader] . . .
Ballard,
do
...
Peabody,
do
...
Remington, do
...
Cochran,
do
...
National,
do
...
Poulteney, do
.. .

Name o f rifle.

No. of shots. Y ards.
14
500
12
500

Smith, (single loader) . . .
Sharp’s,
do
...
Berg,
do
Allen,
do
. ..
Joslyn,
do
Starr’s
do
Maynard,
do
Merrill, (revolving)..

8

14

8

6
7

600
600
500
500
600
500

REPEATERS VERSUS SINGLE LOADERS.

While the Spencer rifle proved its superiority over the muzzle loader
during the recent war, it did not satisfy our leading ordnance officers that
it was the most effective of military arms. Looking upon it merely as a
mechanical contrivance we admit its power; but taking a practical view
of its merits and defects, we are compelled to conclude that the single
loading breech loader is not only a superior arm, but is, in every respect,
better adapted to warfare. In the first place, the mechanical portion of a
repeater is too complicated; the danger of injury is too great, and the
waste of ammunition too excessive to admit of its being placed in the
hands of a private soldier. Soldiers are proverbially careless, and during
the war many Spencer rifles were picked up on the battle fields with car­
tridges in the magazine the reverse position to what they should have oc­
cupied. Of course it would have been utterly impossible to fire the gun as
soon as a cartridge thus inserted had entered the breech piece ; it would
never have been able to enter the barrel, and the result must have been to




350

Breech loading Arms— Their Invention and History. [November,

break or otherwise injure the internal machinery. The mistake here
mentioned arose either from the carelessness of the soldier or from his
hurry when filling the magazine. But, in addition to this, with the
knowledge that his gun contains seven loads, each of which can be fired
without reloading, until every cartridge is exhausted, the soldier indulges
in a reckless waste of ammunition without doing any material damage to
his enemy. The same rule that applies to the Spencer rifle is applicable,
and with double force, to the Henry or Winchester gun. Repeating
rifles of the last-named pattern are entirely too complicated for the use of
an army. In the hands of experts they will, it is true, become terrible
weapons of warfare ; but nine out of every ten soldiers are not experts in
the use of firearms, nor do years of active service render them such. In
addition to requiring rapidity of fire, strength and durability are neces­
sary. To an army the Henry and Winchester rifles wonld then be use­
less, and simply because they possess neither strength nor durability.
They are delicate, complicated weapons; and besides, neither they nor
the Spencer rifle can be fired as rapidly as any good single grade, such as
the Berdan, Ballard, Peabody or Cochran. Experiments with the Spencer,
Peabody, Ballard and Berdan have been made for one hundred shots with
the following result:—
Spencer— 100 shots in eight minutes and a half, being an average of a
little less than 12 shots per minute.
Peabody— 100 shots in seven minutes, or 14.02 per minute.
Ballard— 100 shots in six minutes and a half, or about 15 per minute.
Berdan— 100 shots in six minutes, or 16.04 per minute.
Better averages than the above have been made with these guns, which
are among the first of American manufacture ; but the experiment only
proved that the length of time taken to fill the magazine of the Spencer
rifle neutralized its merits as a repeater. The assertion of inventors that
the immobility of prejudice on the part of ordnance offiers, has been the
cause of repeating rifles not being adopted by the government for the use
of its army, is simply ridiculous. Patient investigations and experimental
tests have proven the superiority of single loaders over the repeaters.
And facts, which are always incontestible, have influenced a judgment in
favor of the former. B ut admitted even that the repeating rifle can be
fired oftener than the single loader, what benefit arises from such excessive
rapidity ? To fire twenty-five or thirty shots per minute would render
the arm of the soldier utterly useless before he had fired fifty rounds. If
an average of eight shots per minute could be fired during a battle, the
effect and slaughter would be frightful. This the single loader can be
made to perform with the utmost ease ; and as it unites simplicity of con­
struction with immense strength (qualities which the repeater does not
possess), the hypothesis must naturally be that it is the most effective arm
and better adapted to warfare.
CONCLUSION.

Humanitarians welcome the progress of science in the invention of
breech loaders, as rapid strides toward obviating the dread alterna tive of
war. But a moment of reflection will prove that they'are mistaken in
their suppositions. The science that invents a breech loading rifle of fear­
ful destructive power will also be directed to the invention of means




%

1866J

Trade of Great Britain and the United States.

351

whereby such powers can be lessened. The idea of preservation of life has
been a foremost one to scientific men ; and if weapons are made that can
destroy fifty thousand lives in ten minutes (provided the owners are un­
protected, or rather garbed in penetrable material,) science will also in­
vent bullet-proof clothing, and thus carry out the first dictate of nature.
After all, and in view of this possible contingency, it is doubtful if the
invention of breech loaders will be of as sterling value to the world at
large as it is now popularly believed.

TRADE OF GREAT BRITAIN AND THE UNITED STATES.
\

COTTON, BREADSTUFFS, PROVISIONS, ETC.

The British Board of Trade returns now begin to indicate the effect
of the panic rate of discount on the trade of the country, the official
statement of imports and exports for the month of August and the eight
months ending August 31, just received, showing a very large diminu­
tion in the import trade of the country, whilst, on the other hand, the ex­
ports exhibit a considerable increase.. A high rate for money has a ten­
dency to encourage exports, but to operate as a check to imports, and
this is the great feature of the statement recently issued by the British
Board of Trade. As regards exports, it appears that the declared value
of the shipments of British and Irish produce to all quarters, in the
month of August, was £17,450,156, against £14,957,834 in the previous
month, and against £14,158,648 in the corresponding month last year.
The total for the eight months is £125,265,820, against £102,400,696
last year, and £108,716,219 in 1864. The figures for each month from
January to August, inclusive, in each of the last three years, are as
under :
J a n u a ry .....................................................................
F e b ru a ry ...........................................................................
M arch....................................................................
A p r il................................................................................
M ay....................................................................................
J u n e ...................................................................................
J u l y ..........................
A u g u s t..........................................................
T o t a l......................

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

1864.
£10,413,586
12,698,121
13,555,674
13,225,039
14,176,640
13,978,526
14,394,364
£108,716,219

1865.
1866.
£10,480,339
£14,354,149
11,376,214
15,116,063
13,770,154
17,520,354
12,071,111
15,366,414
13,194,758
15,870,131
13,227,062
14,630,120
14,113,410
14,957,834
16,274,26914,158,64817,450,156
£102,400,696

£125,265,820

The return of imports embraces a period of seven months, viz. : from
January 1 to Ju ly 31, inclusive. In Ju ly the computed real value of
the principle articles imported £3,650,000 less than in the previous
month, the figures for June and July, respectively, being £23,243,701
and £19,597,929. The particulars of imports for each month in the
year are subjoined :
J a n u a ry .............................................................................
F e b rn a ry ..........................................................................
M arch .................................................................................
A p ril...................................................................................
M ay....................................................................................
J u n e ...................................................................................
J u l y ...................................................................................

1864.
£7,520,356
13,214,541
16,396,928
17,587,565
22,392,601
21,498,185
20,458,253

1865.
£6,398,922
12,891,252
13,005,394
13,078,755
14,595,334
15,407,688
18,964,190

1866.
£9,847,564
16,610,159
19,891,204
22,455,968
23,224,762
23,243,701
19,597,029

T o t a l .........................................................................

£119,068,429

£94,305,062

£134,871,287




*

352

Trade of Great Britain and the United States.

[November,

'/ 7 ,

The ttade of Great Britain and the United States, during the seven
months ending July.31, was to the value of nearly ten millions sterling
greater in the department of British and Irish produce and manufactures
than in the corresponding period in 1805. In those periods, and in
1864, the declared value of the exports of British and Irish produce, &c.,
was as follows:
To A tlantic ports, N o rth e rn ..
“
S o u th e rn .
Pacific p o r t s ..............................
T otal

1864.
£12,669,886
77,402
661,487

1865.
£7,469,882
34,755
342,274

1866.
£16,268,977
643,820
426,142

£13,408,775

£7,846,861

£17,338,939

COTTON.

The imports of cotton into the United Kingdom in August were about
200.000 cwts. less than in the preceding month, the falling off being
almost wholly confined to the produce of this country. Egypt shows a
decline ; but as regards India, there is a slight increase. The total for
the eight months, however, is nearly 4,800,000 cwts. in excess of the
corresponding period in 1865, the imports from the United States show­
ing an increase of 3,720,000 cwts., and India an augmentation of
1.500.000 cwts. nearly. In the receipts from Egypt, however, there is
a diminution of nearly 270,000 cwts., but it seems probable that dur­
ing the ensuing season, owing to the favorable accounts respecting the
new crop in that country, the arrivals from Alexandria will be on a
much more extensive scale than during the present year. The imports
of cotton into Great Britain for the eight months ending Aug. 31 were
as und er:
F ro m U nited S ta te s............................................................... cw ts
Baham as an d B erm udas.....................................................
M e x ic o ...................................................................................
B ra zil.......................................................................................
T u r k e y ...................................................................................
E g y p t..........................................................................
B ritish In d ia .........................................................................
C h in a .......................................................................................
O th er co u n trie s....................................................................
Total.

1S64.
108,670
218,848
163,769
234,147
147,932
845,212
2,213,270
537,965
200,187

1865.
109,863
158.604
275,550
294,820
166.604
1,005,454
1,941,401
301,509
307,235

1866.
3,834,000
6,413
3,145
495,883
83,930
735,460
3,439,087
17,949
193,734

4,670,000

4,561,040

8,809,601

The exports of cotton from Great Britain, owing to the close of the
German W ar, are steadily on the increase, the shipments in August
being 403,214 cwts., against 333,440 cwts. in July. F o r the eight
months there is a balance in favor of this year of about 700,000 cwts.
The statement of exports for eight months is annexed :
,
T o R u ssia ........................................................................ cw ts
P ru ss ia .................................................................................
H an o v er..............................................................................
H an se Tow ns ..................................................................
H o llan d ...............................................................................
O ther C o u n tries...................................................... . . . .

1864.
195,848
9,628
40,937
370,762
312,233
597,508

1865.
163,716
22,782
14,011
395,360
262,216
727,909

1866.
248,835
42,089
5,618
516,477
347,S65
1,127,323

T o t a l , . . . .......................... .......................................

1,526,916

1,585,994

2,287,607

The computed real value of the cotton imported in seven months,
from January to July inclusive, was as follows:




A-V Trade o f Great Britain and the United \Siat$sr '

1866]

V

*

"

A

A otf

V

1864>«. ’ - :W <j£^«<*'T866.
F ro m U n ited S tates ...................................................................... £1,345,047
'SBoTKISra £28,004,469
Baham as and B erm udas.....................................................
2,505,379
1,354,736
43,484
M exico.....................................................................................
2,C72‘438
2,085,012
28,591
B ra z il......................................................................................
2,873,296
2,139,306
3,618,768
T u rk ey .....................................................................................
1,442,123
768,119
509,225
E g y p t...................................................................................... 10,192,905
7,591,833
6,168,031
B ritish In d ia ......................................................................... 17,816,147
7,460,795 13,905,053
C h in a.......................................................................................
4,216,584
1,*10,885
58,258
O ther c o u n trie s.....................................................................
1,928,197
1,574,102
1,233,805
T o ta l................................: ......................................................

44,392,716

24,5 4,839

53,569,684

BREADSTUFFS.

As might have been anticipated, the return relating to the imports of
"Wheat and F lour into Great Britain presents many features of great
interest, and so far as this country is concerned, the figures in one
sense, viz. in the diminished exports from most continental coun­
tries, Russia alone excepted, are favorable. There is a slight increase
in the importation of W heat and Flour from this country, the total
of those two articles in the month of August being 40,692 cvvts,
against 12,214 cwts. in the previous month. The total importation
of W heat and F lour in August was 600,000 cwts. less than in July.
Prussia exhibits a considerable decline, the falling off in the import
of W heat being 340,000 cwts. The following is the statement of im­
ports of W heat, Flour and Indian Corn for eight months :
WHEAT.

1864.
F rom R u ssia.........................................................................cw ts 2,144,753
P ru ssia .........................................................................
3,089,589
D enm ark....................................................
555,914
Schleswig, H olstein, & L au en b u rg............................
208,078
M ec k le n b u rg ....................................................................
421,707
H anse T o w n s...................................................................
438,663
F ran c e .................................................................................
465,409
T urkey, WaUachia, an d M oldavia..................... ........
326,2S2
E g y p t...................................................................................
366,856
U nited S ta te s .................................................................... 6,137,894
B ritish N o rth A m erica...................................................
621,735
O ther C o u n tries................................................................
280,653
Total.

1865.
4,336,307
3,092,508
345,204
171,367
361,769
301,831
862,052
457,962
664,023
222,067
750,3S3

186$.
4,610,396
2,898,506
354,108
141,078
545,365
620,37S
3,305,024
329,738
11,769
345,750
8,789
2,358,398

15,057,536

11,5135,473

15,529,299

1S64.
228,921
1,445,550
1,337,313
266,228
77,063

1865.
154,401
1,550,369
194,561
130,061
97,306

1866.
181,232
3,078,740
11)3,051
15,818
168,S07

3,355,080

2,12 ,704

3,637,648

FLOUR.

F ro m H anse T o w n s...........................................................cw ts
F ra n c e .................................................................................
U nited S ta te s ............................,......................................
B ritish N o rth A m erica...................................................
O ther C o u n tiies..............................................................
Total

BRITISH AND IR ISH PRODUCE AND MANUFACTURES.

The total of these for the eight months is £23,000,000 greater than
in the corresponding period last year. W ith this country, a large busi­
ness has been done, of which the following are the particulars :
A lk a li.......................................
B eer and a le ............................
C o a ls ........................................

1864.
£275,017
33,313
87,245

1865.
£261,443
26,461
70,714

1866.
£615,117
45,544
62,095

1,484,160
159,302
297,866
702,188

977,600
75,259
248,636
476,789

2,446,194
241,353
514,340
929,090

C o tto n M a n u f a c t u r e s —

Piece g o o d s.........................
T h rea d .................................
E arthenw are and porcelain.
H aberdashery and millinery.




354

Trade of Great Britain and the United States.

H a rd w a res

and

Cu t l e r y —

K nives, forks, &c............................................. ..
A nvils, vices, saw s, & c.........................................
M anufactures o f G erm an s ilv e r.........................

92.141
69,530
218,929

L in e n M a n u f a c t u r e s —

Piece g o o d s. ..........................................................
T h read .......................................................................
M eta ls—

Iro n —Pig, & c..........................................................
Bar, & c..........................................................
R ailro ad .........................................................
C astin g s........................................................
H oops, sheets and boiler p la te s .............
W ro u g h t........................................................
Steel—U n w ro u g h t.................................................
Copper, w ro u g h t....................................................
Lead, p ig ..................................................................
T in p la te s ............................ ...................................
O ilse e d .........................................................................
Salt .................................. ..........................................
Sil k M a n u fa c tu r es—

Broad piece g oods..................................................
H andkerchiefs, scarfs, & c....................................
R ib b o n s ....................................................................
O ther articles o f silk o n ly ....................................
O ther articles m ix ed w ith o th er m aterials___
S p irits, B ritish ............................................................
W ool ...........................................................................
W oo len

and

[November,
78,096
53,490
155,660

1,905,040
151,597

1,619,106 2,785,326
87,364
167,170

203,064
654,496
767,134
13,082
203,639
209,326
391,093
12,982
181,864
570,087
46,692
26,307

70,851
193,988
104,767
366,992
231,369
507,809
3,023
12,242
43,496
214,265
90,196
151,004
184,109
435.451
21,203
31,793
50,398
96,931
545,384 1,018,4S4
2,144
200,733
22,116
78,765

67,936
17,022
27,538
73,393
34,227
10,140
37,242

38,760
1,295
17,571
75,443
20,576
2,754
10,132

96,626
7,088
29,332
84,214
58,782
10,360
9,300

682,836
262,890
59,473

290,548
157,113
18,028

745,034
547,953
36,436

1,869,191

1,711,453

2,727,118

W orsted Ma n u fa c tu r es—

C loths of all k in d s .................................................
C arpets and d ru g g e ts........................................... .
Shawls, rugs, & c....................................................
W orsted stuffs of wool only, an d of wool m ixed
w ith o th er m a te ria l.................................................

190,773
68,827
461,207

PROVISIONS.

The imports of butter, cheese and eggs have increased; nevertheless,
the value of these articles continues to rule high throughout the United
Kingdom ; and there seems to be no prospect of a return to even a
moderate range of prices for some time to come. The imports for eight
months w ere:
Bacon and ham s, c w ts ..............................................................
Beef, salt, c w ts ...........................................................................
P ork, salt, c w ts.........................................................................
B atter, c w ts.................................................................................
Cheese, c w ts ...............................................................................
Eggs, n u m b e r.............................................................................
L ard, c w ts ................
LIVE

1864.
898,607
243,472
162,835
596,886
440,284
242,339,280
142,979

1865.
509,909
161,558
123,< So
659,861
456,102
267,984,810
87,677

1866.
531,119
148,363
141,162
671,510
406,610
326,331,840
217,076

STOCK.

The cattle plague in the United Kingdom has almost entirely died
out, the cases reported by the authorities being always less than one
hundred per week. The stringent regulations enforced by the Govern­
ment have not been modified, and as a large number of sheep infected
with small pox were recently imported, it is expected that some time
will yet elapse ere the cattle traffic of the United Kingdom will resume
its normal position. Much attention appears to have been directed to
the production of sheep since the cattle plague first broke out, and the
supply of sheep in England has greatly increased during the last
twelve months. Meat is still very dear in Great Britain ; but there
is a tendency to lower prices, and it is now stated that butchers’ meat
has seen its highest point. The ports of Rotterdam and Amsterdam
are still prohibited from sending beasts, sheep, lambs and calves to Eng­
land. The imports of cattle, &c. for eight months were as follows:




Cotton Crop Jor 1865-’66.

1866]

3 65

IM PO R TS O P LIV E STOCK IN T O G R EA T B R IT A IN .

1864.
O xen, trails an d c o w s ...................
82,447
C alves...................................................................................................
29,373
Sheep and lam bs'................................................................................... 256,694
Sw ine and h o g s........................................................................................ 87,630

1865.
119,323
35,553
427,439
64,559

1866.
122,6C3
19,851
590,549
47,0rt6

SH IP PIN G .

In the month of August and the eight months ending Aug. 31, the fol­
lowing number of American vessels entered and cleared at ports in the
United K ingdom :
E ntered in A ugust, 1866..............................................................................................
do
1865...................................................................................................
do
1S64...................................................................................................
E ntered eig h t m onths ending Aug.31,1866 ..........................................................
do
do
do
1865............................................................
do
do
do
1864 ...........................................................
Cleared in A ugust, 1866 ................................................................................................
do
1865....................................................................................................
do
1864....................................................................................................
Cleared eight m onths ending Aug. 31,1866...........................................................
do
ao
do
1865............................................................
do
do
do
1861...........................................................

N um ber. T onnage.
52
57,700
45
49,125
35
37,612
314
324,845
195
212,952
287
320,940
44
43,301
39
41,206
48
49,837
382
376,699
212
212,764
291 .
318,344

The following stater&ent shows the number of vessels of all nation­
alities entered and cleared at ports in the United Kingdom from and
for the United States in the above periods :
N um ber.
E n tered in A ugust, 1866..............................................................................................
166
do
1865
62
do
1864..................................................................................................
124
E n tered eight m onths ending A ugust 31,1866....................................................... 1,162
do
do
do
do
1865 ...................................................... 354
do
do
do
do
1864.....................................................
769
Cleared in August, 1866................................................................................................
107
do
1865
92
do
1864...................................................................................................
92
Cleared eight m ouths ending A ugust 31,1866 ......................................................
962
do
do
do
do
1865 ...................................................... 536
do
do
do
do
1864...................................................... 825

Tonnage.
136,308
70,655
94,107
1,044,481
406,637
715,365
120,969
106.367
100,115
1,008,568
624,092
S50,919

COTTON CROP FOR 1865-66.*
W e are now able to give our figures showing the total crop and
movement of cotton in the United States for the year ending Septem­
ber 1,1866. It will be seen that the receipts for the twelve months
reach in the aggregate 2,241,222 bales : to which if we add the receipts
from the close of the warf to the first of September, 1865, we have the
aggregate receipts 2,662,222 bales. Estimates differ with regard to the
amount of the old crop still in the South not brought forward. W e
put it at 150,000 bales, which gives us 2,812,222 hales as the total cot­
ton supply of the South since the war closed. W e thus see that the
highest estimates made were more nearly correct than any others.
Below we give our table showing the total receipts and exports the
* T his article w as prepared and m ost of th e figures in type before we had seen th e state­
m ent of th e crop w hich has been issued by the Shipping L ist of this city, w ith in a day or
tw o. Our figures differ rso m ew h at; b u t we believe tho?e we give can h e relied upon, as we
have k e p t the record w ith the g reatest care from w eek to w eek.—E d . C o m m e r c ia l a n d F in a n ­
c ia l

C h r o n ic l e .

t W e take the estim ate given by N eil B rothers of the receipts before the first of Septem ber
1865 as we k ep t no record a t th a t tim e.




350

Cotton Crop fo r 1865-’66.

[November,

past year, to which we have added the export figures for 1860-61 for
comparison. In the last column will be found the total stocks, August
31,1866.
R e c e ip ts a n d E x p o r t s o f C o tto n (b ale s) f r o m Sept. 1, 1865, to Sept. 1,
1866, a n d S tocks at la tte r date.
Ports.
F rom Sept. 1,
Received .—E x p o rted since Sept. 1 ’65, to—\
Stocks,
’65, tojSept. 1,
since
G reat
O ther
E xp o rts Sept. 1,
1866.
Sep. 1, ’65. B ritain. France. for’gn.
Total. in 1860-6. 1866.
N . O rleans*............... ............. 711,629
358,878 134,510 22,800
516,188 1,783,673 102,082
M obile.......................... ............. 429,102
1,579
229,171 40,184
270,934
456,421 29,009
C harleston t ............. ............. 110,761
46,952
6,050
822
53,824
214,388
5,535
Savannah..................... ............. 265,026
1,492
91,413
92,905
302,187
8,144
T ex as ..........................
59,435
1,739
3,214
64,388
63,209
7,605
N ew Y o rk J ................. ............. 234,461
413.927 38,618 42,917
495,462
248,049 88,642
F lo rid a ........................ ............... 149,432
37,977
37,977
28,073
162
N. C arolina................. .............
64,653
21
21
ins'!
V irg in ia .......................
8101
....
B oston..........................
11,759
255
12,014
2,035
P hiladelphia...............
....
2,035
f §4e-°°°
B altim ore.....................
6,709
6,709
3,545 I
O ther ports. 1............. .............
62,000
...,j
....
2,241,222

1,258,277 222,593

71,817 1,552,457 3,127,568 281,179

It will be seen from the foregoing that the exports from all the ports,
for the year, were 1,552,457 bales. If we average the bales at 400 lbs.,
we find that the value, in gold, of our cotton exports was over 230 mil­
lions of dollars. W hat stronger argument than this mere fact could be
used to show the impolicy of fettering the cultivation of this staple with
regulations and taxes which may discouruge its cultivation. F o r the
convenience of our readers we give in the table below the portion of
these exports which were shipped directly from the South. The total
thus shipped will be found to be 11,036,237 bales, leaving 516,220 bales
as the exports through the Northern ports :
T otal
F lo r­
S outh’n
N ew
Charles- SaOrleans. Mobile, to n . vannah. T exas. ida. N. C. ports.
L iverpool................................ .......... 858,878 228,016 46,952 91,413 59,435 37,977 21 822,69 4
O ther p o rts ............................
1,155
T o t a l, G. B r i t a i n ___
H a v re .......................................
.............

229,171 46952 91,413 59,435 37,977 21 823,847
40,184 5,952 1,492 1,739
766
98

T o t a l, F r a n c © ........... ........... 134,510
Brem. & Hanov. &c ........... ...........
3,721
St. P etersburg, & c............... ...........
1,701

40,184

6,050

1,492

1,739

270

3,014

5,422

270

3,014

.............
Genoa, G rieste, & c............... ...........
M exico, & .c............................ ............

16,454
'286
638

1,268

T o t a l, o t lie r ..................... ...........

17,378

1,309

T o t a l, N . E u r o p e .....
O porto, Spain, a n d .............

T o t a l e x p o r t s ............

41

..

183,975

8,706

510
312
200
822

200

..

19,709

270,934 53,824 92,905 64,388 37,977 211,036,237

Below we give our own detailed statement of the movement of cot-*§

* In th e N ew O rleans receipts, w e deduct receipts from Mobile, M ontgom ery, Florida, and
T exas (in all 75,757 bales), as they are counted in the receipts of those ports respectively,
t F rom th e receipts a t C harleston, w e deduct 945 bales received from Florida,
t T hese are the shipm ents from Tennesee, K entucky, &c., n o t otherw ise counted.
§ E stim ated. || The receipts included under th is head are the estim ated am ount manufac­
tu re d in V irginia, th e W est, &c., to g eth er w ith th e am o u n t burned in N ew Yoi«_




1866]

Cotton Crop fo r 1865-’66

357

t.on through the year, and, for comparison, bring forward the figures for
the year 1860-61, as published in the Shipping L ist at that time :
L o u is ia n a .
-------- 1S65-66, 516,188
252,355

,------- 1860-611,783,673
132,179
3,276
102,082— 870,625
10,118— 1,929,246

E x p o rted from N ew O rlean s:
To foreign p o rts .....................
T o coastw ise p o rts .................
B u rn t a t N ew O rlean s.............
Stock close o f y e ar................... .
D e d u c t:
Received from M obile...........
R eceived from M ontgomery,
Received from F lo rid a ...........
Received from T e x a s .............
Stock beginning of y e a r........

36,483
4,378
. 12,785
. 32,111
. 83,239— 158,996

T o tal p roduct for y e a r ..,

711,629

48,270
11,551
13.279
30,613
73,239—

117,647
1,751,599

A la b a m a ,
E x p o rt from M o b ile:
To foreign p o rts ..................................
T o coastw ise p o rts ............................
M anufactured in M obile......................
B u rn t a t M obile......................................
E xported to N. O. from M ontgomery,
Stock a t close of y e a r............................
D educt stock beginning of y e ar.........

. 279,934
. 142,764
6,307
4,378
29,0 0— 453,392
24,290

T o tal product for y e a r............... .

456,421
127,574
2,000

liSsi

2,481—

429,102

600,027
41,6-2
558,345

T exas.
E x p o rt from G alveston, & c .:
To foreign p o rts ...................
To coastw ise p o rts .............
Stock a t close o f y e a r.............
D educt stock beginning year,

64,388
115,943
8,511— 188,922
13,857

63,209
84,254
452—

175,065

T o tal product for y e a r ..

147,915
3,168
144,747

F lo rid a .
E xported from A palachicola, S t. M ark, & c .:
To foreign p o rts ................................................................
T o coastw ise p o rts............. ...........................................
B urn t a t St. M ark s................................................................
Stock a t close o f y e a r..........................................................
D educt sto ck b eginning o f y e a r........................................

37,977
123,943
162— 162,082
12,650

T o tal pro d u ct for y ear. ............................................
G e o r g ia .
E x p o rt from S a v a n n ah :
To foreigu p o rts—U plands...............................................
Sea Isla n d s.........................................
T o coastw ise p o rts—U p lan d s............... ..........................
Sea Islan d s....................................
Stock in Savannah end o f y e a r............................................
Stock in A ugusta, &c., end o f y e a r....................................
D e d u c t:
Received from F lorida—Sea Is la n d s ............................
—U plands....................................
Stock beginning of year—S avannah............................
A ugusta.....................................

28,073
85,953
150
7,860—

121,172

149,432

88,313
4,592
161,056
5,113
6,632
9,558— 275,264

4,005
6 ,233-

10,238

122,036
864

293,746
8,441
170,572
11,512
4,102
5,991—

494,364

1,033
6,188
4,307
5,252—

16,780

265,026 • 477,584

T o tal product for year.
South. C a ro lin a .
E xpo rts from C harleston an d G eorgetow n :
To foreign p o rts —U plands..........................
Sea Isla n d s.....................
To coastw ise p o rts—U plands .................
Sea Isla n d s.............
B u rn t a t C harleston...........................................
Stock in Charleston end of y e a r......................




51,619
2,205
50,884
3,435
5,535

113,678

199,345
15,043
121,663
8,355
564
2,899—

347,869

[November,

Pacific Railroad of Missouri.

358

D e d u c t:
R eceived from F lo rid a and S av an n ah ............................
—Sea Isla n d s.......................................
945
U p lan d s...........................................................
Stock in C harleston beginning of y e a r..............................
1,972—

2,917
110,761

T o tal product for yeaj.

N o r t li C a r o lin a .
E x p o r t:
To foreign p o rts ....................................................................
21
T o coastw ise p o rts ............................................................... 64,632— 64,653

255
2,378
8,897-

11,530

336,339

195
00,156—

56,29

V ir g in i a .
E x p o r t:
T o foreign p o rts ..................................................................................
To coastw ise p o rts ................................................. .......... 37,643
M anufactured (taken from p o rts)......................................... N o account
40,893
3,250
Stock end o f y e ar.....................................................................
1,800
D educt sto ck beginning o f y e ar...........................................
T o tal product for y e a r.................................................

810
61,129
10,993
2,0002,800

80,932
78,132

39,093

T en n e ssee , A: c .
S hipm ents from M emphis, N ashville, Columbus, H ick­
man, Kv., & c............................................. ......................... 275,158
3,466— 278,624
Stock end of y e a r......................................................................
D educt:
33,132
Shipm ents to N ew Orleans, & c........................................
Stock beginning o f y e ar..................................................... 10,831— 44,163
T o tal p roduct for y e a r...................................................

392,428
1,671—

393,499

196,366
1,709-

198,075
195,424

234,461

PACIFIC RAILROAD OF MISSOURI.
The Pacific Railroad of Missouri consists of a main line extending west
from St. Louis to the Kansas State line, 283 miles, with a branch from
Franklin to Rolla, '77.5 miles, to be continued to the southwest corner
of the State. The main line is the connecting link between the eastern
roads and the Union Pacific (E. D.), now open to Fort Riley and Junction
City, 140 miles into the very heart of Kansas
It also connects at Kansas
City with the Missouri River Railroad, extending thence to Leavenworth.
The branch points toward the Southern Pacific Railroad and any railroad
that may be constructed to Galveston on the Gulf of Mexico. The com­
pany is one the great Land Grant and State-Aid Corporations of Missouri.
It was chartered February 12, 1849, and organized January 31, 1850.
In June, 1S50, surveys for the lines were commenced, and July 4, 1851,
the formal breaking of the ground took place. The main line was com­
pleted through so as to admit of trains being run over it September 20,
and regular operations were commenced October 2, 1865. The construc­
tion of the road has thus being going on (with interruptions) through
nearly fifteen years. The following statement gives the dates at which
the several portions of the main road was brought into u se:—from St.
Louis to
C h elten h a m ....
K irkw ood.........
F ran k lin ...........
W ashington....
H e rm a n n -----Jefferson City.
California.......
T ip to n .............
Syracuse.........
O tterv ille........
S m ith to n ........




5.90
13.00
37.00
54.00
81.00
125.00
150.00
103.00
168.00
176.00
181.50

Dec. 23,1852
May 9, 1853
Ju ly 20, 1853
F eb . 11, 1854
Aug. 7, 1854
M ar. 13, 1856
May 14,1858
J u ly 26, 1858
Aug. 1, 1859
Aug.^4, 1860
N ov.12,1.860

Sedalia..................................
D re s d e n ..............................
K n o b n o ster........................
W a rre n sb u rg .....................
H o ld e n ...... .......................
K eysvilie.............................
P leasan t H ill......................
Independence.....................
and to—.............
K ansas C ity........................

159.00
196.00
207.50
218.00
232.25
237.00
2^8.50
272.60

F eb. 1,1861
May 10, 1863
M ay 2, 1864
Ju ly 3,1864
May 28, 1865
Jn n el4 , 1865
Ju ly 26, 1865
Sep. 1 9 ,1S65

283.00

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

Pacific Railroad of Missouri.

359

— the road between Independence and Kansas City having been in opera­
tion some months (since July) previous to the cgmpletion of the road to
Independence.
The Southwest Branch (which, as projected, will have a length equal to
that of the main line) was opened to Staunton, 28 miles from Franklin, in
1857, to Harrison, 47 miles, in 1859, and to Kolia, 77£, in 1861. This .
branch, on account of default in paying interest on the State loan was
last Spring taken possession of by the Governor, and has been recently
sold to a new organization, which have undertaken to complete it within
a given time. A t the date of the last report it was being operated by
State commissioners. The following statement describes the rolling stock
owned by the company at the commencement and close of the last fiscal
year:
Pass. T . C.—.
B. &
E ng. P a ss. exp. Mail.
M arch 1,1865 ....................................... 42
26
8
6
F e b . 28, 1866 ........................................ 48
81
17
7
In c re a se ................................................
6
5
9
1
D e crea se ......................................................................................

,------F reig h t T ra in Cars.------,
CaT otal
Box. hoose. Stock. F ia ts. O th. cars.
184
20
98
218
4
E64
239
23
183
211
15
676
55
..

3
..

35
..

...
7

Ill
.. J

112

The number of miles run by engines on the total road was, in 1864-5,
698,977 miles at a cost of $232,395 17 ( = 33£ cents per mile;) and,
in 1865-6, 831,433 miles at a cost of $348,942 54 ( = nearly 43 cents
per mile.)
A full history of the road from its inception in 1849 to the close of the
last fiscal year is given in the current Report. It is particularly interesting
in its details of the raids by which it has several times been interrupted,
and also of the relations of the company to the State government. The
report can be obtained from the office at St. Louis.
O PERATING ACCOUNTS----EAKNINGS AND EX PEN SES.

The gross earnings from operations, and the transportation expenses for
the fiscal years ending March 1, 1862-66, both inclusive (with the aver­
age length of road in use) have been as shown in the following state­
ment :
Main line of Railroad.
Sources o f
1861-62.
revenue.
(189 m .)
P a s se n g e rs .................................. $380,942
F re ig h t....................................... ‘294,833
M ails............................................
28,350
K ents, & c ..................................
2,180

27
51
00
71

1862-63.
(189 m.)
$253,029 67
396,589 74
2S,350 00
1,986 65

T otal earn’g s ............................ $706,306 49 $679,956 06
T ran s, e xpe’s ............................ 353,978 53
452,557 58
N e t e arn in g s............................ $352,327 96* $227,398 48

1863-64.
(194 m .)
$315,790 41
560.744 59
28,350 00
3,860 95

1864-65.
(214 m.)
$453,880 41
609,272 14
30,487 50
5,127 64

1865-66.
(252 m.)
$831,2*15 41
924,075 86
37,996 25
1,039 00

$906,745 95 1,097,967 69 1,794,356 g
546,161 99
886,483 23 1,393,530 08
$360,583 96

$211,484 46

$400,826 14

Southwest Branch Railroad.
Sources o f
1861-62.
1862-63.
1863-64.
1864-65.
1865-69.
R evenue.
(113 m.)
(113 m .)
(113 m.)
(113 m .)
(113 m.)
P a sse n g e rs......................................... $94,863 97
$88,22S 97 $ 5,114 15 $84,204 07 $69,923 61
F r e ig h t............................................... 82,663 48 149,452 85 160,792 25 107,902 30
82,501 34
M ails..................................
..
3,799 97
3,800 00
5,614 60
5,775 00
5,775 00
R en ts, & c...........................................
..........
.............
.............
12 00
..............
T otal earnings
..................... $180,327 42 $ 2 4 ,4 8 1 8 3 $25’,5£1 00 $197,713 38 $158,199 95
T ran sp o rta tio n E x ........................... 10,470 70
112,595 58 150,882 00 195,849 47 201,866 70
N e t e arn in g s..................................$109,856 72 $128,886 25 $100,668 99
$1,863 91 $ . .............
Loss on op eratin g Southw est Branch 1865-06........................................................................... $43,676 75




360

Pacific Railroad of Missouri.

[November,

Main Line and Southwest Branch together.
1861-62.
1862-63.
1863-64.
1864-65.
1865-66.
(30 im .)
(302 m.)
(307 m .)
(327 m .)
(365 m.)
Gro«s E a rn in g s................................ $886,633 81 $021,437 89 $1,158,296 95 $1,295,681 07 $1,953,556 17
O perating E x p en.............................. 424,449 23 565,153 16
6 7,444 00 1,082,332 70 1,595,496 78
N et e arn in g s.................................. $462,184 53*356,284 73

461,252 95

$213,348 37

$357,149 39

In the transportation expenses are included the cost of extraordinary
repairs, etc., caused by the damages sustained at the hands of the rebels,
and hence are no criterion by which to estimate the future ordinary ex­
penses.
The following statement shows the gross earnings on the main line
in each fiscal year from the commencement of operations :
$108 15 18571853 (3 days)........
41,3-23 29 18581853 .......................
97,176 39 1859-60.
185455 (14 in.)_____________
330,222 21 1860185556........
426,2S5 97 1861-62.
1855-57....................

58.
59.
61.

$668,346
674,248
648,600
683,644
706,306

59
95
00
25
49

186218631864-

R2.......... $679,926 06
64........ 906,745 95
65......... 1,097,967 69

1865-

66....... 1,797,356 22

and

When it is recollected that these earnings have been made on a road
only opened through last October, these figures are certainly very encour­
aging, and promise well for the future, when thoroughly equipped, and
its extension to the Pacific Ocean accomplished.
CONDENSED BALANCE SHEET. MARCH

1.

The financial condition of the company, as exhibited on the Balance
Sheet at the close of each of the last three years 1864-65 and 1866 is
$hown in the statement which follows ;
Main Line o f Railroad—March 1.
Capital Stock p aid in . . .
S tate B o n d s .......................
M ortgage C o nstruction...
St. Louis County B onds..
Land G rant S a le s .............
“
“
R en ts.............

Bills payable...................
Audited accounts uupaid.
Transportation Receipts.
T otal............................

1864.
1865.
1866.
................................................. $3,493,715 73 $3,497,08545 $3,581,598 78
................................................. 7,000,000 00
7,000,00000 7.000,000 00
.......................................................................... 1,314,000 00 1,500,000 00
..........................................................................
12,350 00
700,000 00
.................................................
108,963 01
111,21597
131,039 38
.................................. . . . . . .
155 40
216 90
255 90
.................................................
48,144 80
241,20921
911,683 16
......... ..................
75,908 74
408,00302
238,754 66
................................................. 5,567,957 77
6,645,30015 8,461,010 75
................................................. 16,294,845 45

19,229,38070 22,524,347 63

Against which are found charged as follows, viz :
C onstruction—E a s t ........................................................
“
—W e s t........................................ ..........

91

15

27

D iscount on C onstruction an d an ticip atio n s-------- .........
C om m ission on p u rc h a se s...........................................
In terest, discounts an d com m issions........................ . . . .
........

73,026 61
8,860 00
1,137,994 03
219,148 D9

M aterials on b a n d ..........................................................
u

“

ot fund c o m m issio n ers......................
. ..

T ran sp o rtatio n expenses .............................................
T otal




5,357 77

1 1,259 68
17
75
76,110 21
8,860 00
00
17,375 75
75
28
953,297 97
S9 1,238,933 13
09
43,518 18
169,629 91
122,569 35
139,403 29

133^635
75,062
8;860
17,375
750,241
1,141,078
21.1,148

21,724
3,155
5,362
5,502,631

05
31,578
35
9,893
43
6,044
29 6,896,161
61,968

05
00

33
«7
12

16,294,845 45 19,229,330 70 22,524,347 63
* Less State o f M issouri by $9,240 80, no t allowed.

The Memphis and Charleston Railroad.

1866]

361

Southwest Branch Railroad.

Total

1865.
1866.
33
$70,513 33
$
00 1,268,000 00 i,2H8,666*
00 3,243,000 00 3,282,01 0
83
20,(555 83
20,655
24,328
94
04
24,328 94
55
960,610 20 1,151,718 40
95 00
61,968 12

333

1864.
$70,513
1,2(58,004
3,232.000
20,655
24,328
767,809

Capital Stock paid i n ........
S tate B o n d s ........................
C onst action B onds..........
Sales of Lands
.............
R en t of Granby M in es___
T ran sp o rtatio n receipts ..
A udited A ccounts unpaid
Balance due Main L in e __

5,385,307 65 5,576,138 30 5,758,706 29

Against which are found charged, viz:
C onstruction........................................................................
R olling S to c k .......................... .........................................
Office "expenses....................................................................
Commission on p urchases................................................
C on tin g en ces.......................................................................
In te re st on B onds................................................................
M aterials on hand ............................................................
C ash ........................................................................................
D iscounts and C om m issions...........................................
E xpenses of Geological Survey, & c..............................
T ran sp o rtatio n e x p e n s e s .................................................
T otal

$3,098,253 22 $3,098,939 84 $3,099,574 84
116,926 86
116,926 86
119,737 87
34,370 61
41,912 61
46,650 50
2,140 93
2,140 93
2,140 03
24,129 17
24,166 92
28,696 92
567,321 94
567,321 94
577,321 94
49,781 56
.......................................
..................................31,99261
1,028.539 59 1,032,97559 1,032,765 59
42,020 22
42,309 16
42.309 16
421,823 55
617,66184
819,538 54
5,3S5,307 65 5,576,138 30 5,75S,766 29

THE MEMPHIS AND CHARLESTON RAILROAD.
The Memphis and Charleston Railroad, from its geographical position
and direction, and from its eastern connections, continuing it to the great
Atlantic ports, from Alexandria to Savannah inclusive, is evidently one
of the most important lines of transit in the States south of the Ohio
river. Commencing at Memphis, it traverses southwestern Tennessee,
then passing south into Mississippi, striking Corinth, and thence eastward
through Alabama, via Tuscumbia, Decatur and Huntsville to Stevenson,
where it connects with the Nashville and Chattanooga Railroad, a distance
from Memphis of 272 m iles; thence it is continued to Chattanooga by the
latter road a further distance of 37 miles. As is well known this latter
point is the most important between the Mississippi and the seaboard,
being a grand centre of converging railroads, which come in from Alex­
andria, Richmond, Charleston and Savannah. A t Memphis the road is
connected with the Memphis and Little Rock Railroad, nearly com­
pleted to the capital of Arkansas. A t Moscow it gives off the Somer­
ville branch of 14 miles. A t Grand Junction, 52 miles east of Mem­
phis, it is crossed by the Mississippi Central R ailroad; at Corinth, 93
miles east, by the Mobile and Ohio Railroad ; and at Decatur, 188 miles
east, by the Nashville and Decatur Railroad, etc. There is also a branch
from Tuscumbia to Florence. Thus, in whatever direction, whether look­
ing east, west, north or south, we find the road connected or intersected by
the most important lines of the country, reaching with their combinations
from the lakes to the Gulf, and from the Atlantic to the far interior.
Such a line cannot be without'a vast significance in the railroad system
both of the present and the future, and hence its affairs, in a financial as
well as a physical sense, must command the attention of all men interes­
ted in the development and progress of the vast country traversed by it,
and over which it throws its wide-spreading arms.
vot.

ly — n o .

V.




24

362

The Memphis and Charles ton Railroad.

[November,

The report of the President to the stockholders giving a complete
statement of the transactions of the Company for the five years ending
June SO, 1866, covering the period of the war, has been sent to u s; and
from it and previous reports we compile such statements as will best
illustrate the eventful history and present condition of the company and
their road. W hen the last annual report was published for the year
ending June 30, 1S61, the country was engaged in a civil war which had
changed and disturbed every channel of trade and commerce, and utterly
destroyed all natural and healthy business, leaving the railroad depend­
ent for support on a precarious war-created traffic. This road, however,
continued in the hands of the company, though subject to military con­
trol, until April 11, 1862, when a large federal army suddenly appeared
at Huntsville, Ala., capturing the road, offices, rolling stock, material,
etc., belonging to the company. Only five days previous to this capture
the bloody battle of Shiloh had been fought near the line north of Corinth,
and the western division fell into the hands of the Confederate army.
The seige of Corinth succeeded and continued through the remainder of
April, and to May 30, when on the withdrawal of the Confederate forces
all the moveable property of the company within their reach was ordered
to bo taken down the Mobile & Ohio and the Mississippi Central Railroad.
The destruction of property in these migrations was immense. Locating
at Marion, Miss., temporary shops were erected for putting the machin­
ery in o rd e r; but as fast as an engine and car was completed it was
ordered away by the m ilitary authorities. This enterprise was, on this
account, soon abandoned, and the agents of the company were then allow­
ed to hire out their rolling stock to needy roads, and receive therefor
stipulated rents, « hich during 1863-4-5 constituted the chief source of
income to the company. In the fall of 1862 the eastern division of the
road between Stevenson and Decatur was evacuated by the Federals, and
the company resuming possession, rebuilt and repaired the road suffi­
ciently to bring that portion of the line into use again. Operations,
however, were soon interrupted, and on the 1st of July, 1863, the Con­
federate commander forced the company to evacuate the line and carry
the rolling stock South. From this time until the close of the war, the
property, or most of it, remained in the hands of the Federal army, but
subject to frequent raids by the Confederates. The contest over this
section of the country, indeed, was so hot that neither party had been
able to operate the road through after it was first cut in April, 1862.
Subsequently to the surrender of Lee, the company applied to the Pres­
ident to release their road ; and, after some necessary forms of procedure,
they succeeded in obtaining the transfer. On the 11th of September,
1865, the western division was surrendered, only seventy-four miles of
which (Memphis to Pocahantas) were in running order, the remainder
114 miles (Pocahontas to Decatur) being almost entirely destroyed,
except the road-bed and iron rails, and these in a very bad condition.
W hat little machinery the war had left was scattered over the South,
and had been run for four years with little or no repairs. To supple­
ment this, the company purchased of the United States military author­
ities sufficient rolling stock to operate the open portion of the line, for
which they gave bond to pay $401,920 68 on the 1st of January, 1867—
this bond to be credited with all service performed by the company for




I860]

The Memphis and Charleston Railroad.

363

the Government. The Government also turned over to the company
eighteen locomotives that had been captured in the early part of the war,
which added largely to their ability to prosecute repairs and do such
business as was offered on the line.
The work of construction, equipping, and reorganizing the road was
prosecuted with all the vigor and energy that the means of the company
and the condition of the country and its labor would admit. It was
operated as fast as repaired, and on the 6th of November, 1865, trains
were run over the entire main line, except the single break at Decatur,
where the bridge over the Teunessee had been destroyed. This bridge,
however, was eventually restored, and trains passed over it on the 7tli
of July, 1866.
From the above it would appear that the road in all the five years
covered by the report, has been in the hands of the company but a few
months at most. After April 11, 1862, and to September 11, 1865, it
was in possession of, or interrupted by one or both contesting armies.
After the final release in September, 1865, and for two months thereafter,
a large part of the line was in no condition for use, and that even at the
close of the five years on the 30th June last, the bridge at Decatur was
not yet finished. These facts are the necessary key to the company’s ac­
counts, and as such they are given in this connection.
In the following tables we give an analysis of the earnings from operar
tions and other sources of income for the five years ending J une 30, 1866,
and the disbursements for ordinary expenses, interest, dividends, &c., for
the same period of time, with the final disposal of net revenue and the
balance to debit of this account. In this statement will be found all the
elements necessary to the understanding of the financial operations of the
company from 1861 to 1866, and which in connection with the foregoing
historical resume, and the general balance sheet (which is given here­
after,) will suffice to illustrate the consequences of the hostilities which
made the M. & C. E E . and its vicinity the chief field of operations:
P B O F IT A N D LOSS ACCOUNT— 1S61-G6.

P assen g er.................

Freight.....................
M ails..........................
E x p re s s ....................
R e n ts .........................
Suspense acco u n t..
M aterials.................
D raw b ack s.............
O th er so u rces.........
RR. m at. on hand
In te re st & ex ch ’ge
T otal resources

1861-62.
1862-63.
1863-64.
1864-65.
$931,305 11 $76,810 IS $ ...............
$8,307 65
946,696 70 79,825 SI
27,5‘JO 55
43,358 11
4,703 35
58,466 84
238,738 70 477,562 45 703,411 65
138,903 31
301,953 77 69,215 79
24,127 16
4,279 09 28,119 79
37,386 19

1865-66
$582,157 64
589,916 62
20,506 43
51,092 50
29,933 91

1,9S4,105 85 $567,101 14 $841,020 37 $S0S,525 04

1,439,61313

700 00
6,750 91
158,555 12

Against which are charged as follows, v iz :
R oad e x p en ses.................................... $031,002 31 $105,126 31 $40,310 53 $60,850 46
In t. on S late b o n d s............................
64,S60 00 64,680 00 -64,740 00
04,740 00
Int. on Co’s b o n d s............................ 103,530 00 88,585 00
90,930 00 90,580 00
C ash d iv i'd (6 p. c .)............................
212,509 00 212,509 00
...................................
Stock div. (334 p , c) ......................... 1,330,841 67
..........................................................
In t. and exchange.........................................................................
52,944 68 197,23155

$650,104 93
...............
90,580 00
............
............
............

T otal disburse’n ts .............................. 2,342,743 01 $470,000 21 $257,925 21 $413,402 01

$740,744 93

The balance to credit of profit and loss remaining over on the 1st July,
1861, am ounted t o .....................................................................................................................




$993,198 53

3G4

The Memphis and Charleston Railroad.

[November,

To which add—
Incom e and resources, 1861-62, as above. .■.........................................
$1,084,105 85
do
do
1862-63do
..................................................
567,101 14
do
do
1863-64do
..................................................
841,029 57
do
do
1864-65do
..................................................
808,525 64
do
do
1S65-66do
................................................. 1,439,613 13— $5,640,375 43
T otal resources, including balance

$6,633,573 86

From which deduct—
Cash dividend, No. 5, Sept. 30, 1861
D isbursem ents, as above, 1861-62...
do
do
1862-63..
do
do
1863-64...
do
do
1864-65...
do
do
1895-66...

$152,501
$2,342,743
540.900
257,9*25
413.402
740,744

00
01
21
21
00
93— $4,378,216 37

Balance to be accounted fo r.................................................................
$2,255,357 49
107,900 77
D ue by C onfederate States charged off....................................................
Coupon Bonds. (Tenn. W ar, repudiated and Confederate S ta te s ...
91,850 00
C onfederate M oney on hand and in hands of A gents, charged off .
41,396 57
Loss on Cotton ; purchases m ade in C onfederate and sales in Fed­
eral currency.................................................. ..........................................
313,131 S9
D eductions made on R ailroad and Individual A ccounts, reducing
them to Federal c u rre n c y .......................................................................
287,156 03
B ank of Tennessee deposit, C. S.currency—w orthless ........... ......
63,577 50
Prem ium Shelby Iro n Co.’s stock, purchased in Confederate m oney
50,600 00
A gents for C. S. accounts, and money on hand, in th eir hands, and
reducing same to F e eral currency ...................................................
21,122 41
Railroad Supply Co. in v estm en t in Confederate currency; assets
24,056 50
received in gold....................................................... ................................
W . B. V incent, tobacco l o s t ................. ........................... .....................
1,089 14
J . F . Pride & Co., (Negro h ir e ) ..................................................................
1,253 33
Sundry accounts on B ooks, (E. D .) reduced from C onfederate to
Federal c u rren cy ....................................................................................
7,240 70
In te re st paid the S tate of T ennessee in Confederate money, which
she repudiated, and in te re st accruing 1st J a n ’y, 1866, in p re sen t
liabilities, paid in currency................. ...................................................
162,330 00
Losses to construction accounts. Road M aterials and equipm ents
by the war, and charged off so as to show the value of the prop­
erty a t the close of the w ar..................................................................... 1,195,166 7 9 - $ 2,367,271 72
Balance against account Ju ly 1st, 1SS6.

$111,914 23

The following shows the loss and damage to roadway, materials, roll­
ing-stock and other property of the Company by the war, from April 11,
1862, to July 1, 1865 :
Bridging and tre stle s...........................$223,683
D epot buildings..................................
58,700
42,000
D ivision houses, sheds, &c...............
T o o ls......................................................
4,000
R oad.viz., gravel;w recking,& c., cars 23,250
M iscellaneous...................................... 245,941

00
00
00
00
00
79

F reig h t cars (593)..........
Passenger and baggage,
Shop m achinery.............
Locomotives (48)......... .
Railroad m aterials........

$299,450
81,500
36,642
150,009
30,100

00
00
00
00
CO

$597,592 00

$597,574 79
T otal am ount o f loss and damage (as charged above).

$1,195,166 79

Tne table which follows shows the changes effected in the construction
account from July 1, 1861, to June 30, I860 :
C ost o f road, D am ages to E x p ’itn res C ost of road,
e v e ., lu

A t’ney’s fees & court costs.............
—
Ba la stin g ..............................................................
B ridges and tre s tle s ...........................................
Cross tie s ................................ ...........................
Depoi buildings, cotton platform s, and road

crossings...............................................

D ivision and tool h o u ses..................................
Engineering & conting’cies..............................
Florence b ra n c h ..................................................
F e n c in g .................................................................
F reig h t c ars..........................................................
G ading, m a-onry, clearing, g ru b b in g .........
Sal d ries.................................................................
Iron spikes, castings, &c..................................




lU iii i, c u u .,

in

ic u

1 'i i u g ,

Ju ly 1 ,’61.
1861-65.
1865-66.
$13,431 42 $ . . . . ,
. .. . $ .................
6,232 51 .................................. ...
416,246 70
156,783 00 136,473 42
201,960 28
18,700 00 18,700 00
235,270,39
25,041 83
153,732 01
220,627 17
4,047 58
408,214 02
1,920,261 *27
57,005 75
1,936,481 78

O u L ., u u i y 1 ,

1866.
$14,241 27
6,232 51
400,017 85
201,960 28

58,700 00 44,016 91
230,378 91
20,000 00 15,668 70
22,788 45
.........................................
156,678 68
66,900 00 ................
153,727 17
.........................................
5.098 42
315,800 00 190,7S0 96
283,881 S5......................................... 1,946,441 51
.................
57,005 75
71,700 00 68,480 21 1,944,709 61

1860]

The Memphis and Charleston Railroad.
453,697 79
115,6S8 42
47,542 65
115,194 71
39,618 75
18,885 67
67,072 52
236,305 09
24,696 82
72.747 65
21,653 81
199,696 26
2,242 18

L ocom otives..........................................
M achine shops anti engine hou-es
M achinery for sh o p s............................
Passenger & baggage c a rs .................
R igh of w a y .......................... - ............
R oad and h an d c ars.............................
Real estate ....................................
T ra c k -la y in g .........................................
C ontingent e x p en ses............. . ...........
M ood and w ater sta tio n s...................
Com m issions .......................................
D iscount on Co.’s b o n d s ...................
Stationery and p rin tin g .....................

365

150,000,00 184,750 00
.........................................
36,642 00 33,174 73
81,501) 00 40,140 00
7,100 00
9,683 75
.........................................
81,541 79 81,541 79
...................
59 23
22,000 00 15,617 53
.........................................
.........................................
.........................................

467,947 79
116,014 97
43,775 38
71,434 71
46,393 00
21,019 42
64,169 82
236,607 11
24,756 05
68,568 57
24,653 81
199,696 26
2,290 18

$7,016,625 03 $1,087,166 79 $839,087 23 $6,810,4S8 83

T otals

The cost of road, &c., in 1866, includes some permanent work and
equipment, added in 1861-2, to the amount of 841,943 36.
BA LA N C E S H E E T — JU N E

30, 1866.

The financial condition of the company, as shown on the general bal­
ance at the close of the last fiscal year, is seen in the following statem ent:
C apital stock...........
Company bonds---S ta te o f Tennessee,
Floating d e b t.........
(H untsville office*..
R eceipts, 18b5-6___
Total.

00
20
10
22

391,970 I j.

W hole line.
$5,312,725 00
1,294,000 OO
1,591,990 00
1,402,314 37

$0,204,090 48

$4,889,795 11

$11,093,891 59

$3,083,741 5G
237,973 78
469,470 07
................
34,5^9 00
...............01,003 04
1,002,949 10
................

$5,043,501 74
322.643 32
844,283 77
740,744 93
448,922 44
1,380,000 00
909,703 81
............... )
804,031 52

$3,S86,840 01

$11,093,891 59

W e s t’n div.
$ 1,98b,900 00
120,000 00

1,591,990
1,070,344
1,002,949
1,432,802

E a s f n div.
$3,323,825 00
1,174,00j 00

1,432,862 22

Against which are charged, viz.:
C onstruction p ro p e r............................................... $2,559,820 18
Incidental to co n stru ctio n ....................................
84,609 54
E q u ip m en t.................................................................
374,807 10
740,744 93
In te re st and expenses.............................................
Stock, property, & c.................................................
414,332 78
Coupon bonds on hand...........................................
1,380,000 00
O ther a sse ts..............................................................
848,039 53
(M emphis office*......................................................
................
Profit and lo ss..........................................................
804,031 52
T o ta l................................................................

$7,207,045 58

The profit and loss debit, 1804,031.52, was reduced by the entries for
1865-66, made July 1, to $111,914.23, as shown in the account previ­
ously given.
The changes made in the stock and bond account since July 1, 1864,
have been as follows: at that date the capital stock amounted to $3,812,525, and was increased by the stock dividend 33 1-3 per cent ($1,330,841.67, less $10,641.67 fractional paid in cash), and the conversion
of 180 bonds ($180,000) to $5,312,725. The company bonds, July 1,
1861, amounted to $1,569,000, and were reduced by conversion ($180,000), and by purchase with Confederate money ($95,000), leaving the
present amount at $1,294,000. The debt to the State in 1861 was
$1,080,000, and in 1866 $1,-591,990, having been increased by a new
loan of $300,000, and the funding of coupons of the old debt from Jan.
1, 1802 to Jan. 1, 1866, $259,200, making the debt $1,640,200, less sink­
ing fund which was paid previous to the report of 1861 $48,210.

* T his account b etw een th e M em phis and H untsville offices does not, of course, enter the
a g g reg ate account.




366

The Memphis and Charleston Railroad.

[November,

The aggregate floating debt §1,402,314.37 (in 1861 only §259,634.11)
is made up thus: bills payable §231,111.25, bills payable to United
States §491,920.08, due individuals §219,422.09 and sundries (chiefly
current) §127,889.04.
On the other side of the account there appears an item headed “ cou­
pon bonds on hand ” §1,380.000. These consist of Tennessee 6’s $1,050,000, Selma and Meridian Railroad 1st mortgage bonds §200,000, South
and North Alabama Railroad 1st mortgage bonds §100,000, and Mobile
and Ohio Railroad 1st mortgage bonds §80,000.
The assets of the Company other than the bonds as above consist of
bills receivable $122,782.73, individual dues §154,328.98, due by agents
§14,939.30, due by connecting roads §46,9761.92, due by United States
§72,447.26, cash on hand §09,443.68, and cotton unsold §6,000—total
as above §909,703.87.
Commenting on these matters the President’s Report to the stockhold­
ers says : “ One of the largest items increasing your liabilities since last
report (1S61) as will be seen by the Treasurer’s Balance Sheet and profit
and loss account is—
A ccrncd in te re st to th e State of T en n essee.................................................................................$287,779
“
“
on Company b o n d s............................................................................................ 464,205

—total $761,984. This includes all interest to May 1866 on company
bonds and to July, 1866, on State bonds.
*
The President states in his report that the holders of past due coupons,
have shown no disposition to embarrass the company by pressing their
claim s; but some arrangement should be made at an early day to take
up these coupons and resume the payment of interest on the company’s
bonds as it falls due. This, the Board thinks, can and should be done by
May next. They are of opinion that the holders of these coupons would
be willing to surrender them and take the company’s notes for them with
interest from a given time, payable during the fall and winter of 1867.
This done, it is thought that the company could resume payment of
interest by May 1st next.
On the subject of dividends the President say s:
“ The question has often been asked me, When do you expect to pay a dividend l
This :s a very hard question to answer definitely. I sai i when the road was turned
over to the company in September, 1865, that it would take two years* receipts to
rebuild the road and restore its buildings and equipment. I have seen no reason
for changing: this opinion, and without some arrangement to fund a large portion of
your floating debt, dividends cannot safely be counted upon before the fall of 1867 ;
and I am of opinion that it will be wise policy to use the receipts of the road to
reduce this debt to a basis that it can be carried along with ease without interfering
with dividends before any dividends are paid. By this means you can also use a mil­
lion of dollars of your assets to reduce your funded debt, and you then have your
road and its liabilities in a condition that you may rely with certainty upon always
realizing your dividends every six months which will give permanence and stability
to the value of your stock and greatly enhance its market value—objects so desir­
able, in my judgment, as to convince every stockholder of the wisdom of the policy.**




I860]

Railroads and Canals of New Jersey.

367

RAILROADS AND CANALS OF NEW JERSEY.
We have compiled the following statement from the reports to the State
Legislature for the year ending Dec. 31,1865, and other official sources. I t exhi­
bits the financial condition of each work at that date, and also the earnings,
expenses, &c., of each during the year then closing :
Cost •
Share Bonded Floating Miles of work
Titles of Companies.
capital. debt.
debt, of w’rk. & equip.
Belvidere Delaware................................................ $997,112 $2,193.000 $259,473 64.20 $3,425,878
Burlington County..................................
177,750
60,000 16,750
7.12
~ "
254,500

Camden and A m boy..................................................... 4,543,S00)
Delaw are and R aritan C an al..................................... 2,298,400j 10,169,472
Camden and A tla n tic .................................
1,062,743 1,034,776
Cape May and M illville.............................................
447,000
200,000
C en tral............................................................................10,685,940 1,509,000
Freehold and Jam esbnrg A g ric..............................
230.845
150,011
F le m in g to n ......................................
99,500
H ackensack and New Y o rk ......................................
94,100
40,000
Je rse y C ity and Bergen P o in t ............................
200,000
H ibernia M in e ............................................................
25,250
Lodi B ranch.................................................................
20,000
L ong B ranch and Sea S h o re .................................... 176,277
Long Dock and T u n n e l............................................. 500,000 2 ,000,000
M illstone and N ew B ru n s w ic k ..............................
102,365
M illville and G lassboro............................................. 368,200
3,750
860,715
M orris C anal.............................................................. 2,000,000
M orris and E s s e x ....................................................... 3,199,050 3,084,775
N ew ark an 1 B loom field...........................................
103,890
N e w J e r-e y ................................................................... 5,000,000
805,000
N o rth e rn .......................................................................
158,800
260,000
O range and N e w a rk ................................................... 281,550
305,950
Paterso n and H udson R iv e r..................................
630,000
Paterso n and Ram apo ............................................. 248,000
100.000
P e rth Amboy and W oodbridge..............................
57,200
100.000
R arita n and D elaw are B a y ...................................... 2,520,700 3,498,000
Rocky H ill....................................................................
45,345
Salem ............................
180,550
100,000
S outh B ranch...............
388,300
S u s s e x ......................
192,625
200,000
V incenttow n B ranch.,
50,000
W arren
600,000
_____ ____ 1,408,300
400,000
W est Jersey........................................................... 588,400

1.20 9,476,363
175,000 j110
i 65.50 4,315,143
143,352 60.22 1,885,941
659,603
13.552 39.00
73.08
11.50
230,332
369,250
119,739 12.00
4.88
154,416
10.00

15,000

8,749
176
108,104

4.00
0.78
9.00
2.88
6 63

22.30
101.00

90.00
6.00

64,521

664,885

5,074
388,000

33.80
21 27
17.00
14.50
15.12
6.50
81.00
3.50
16.00
16.00
12.00

4.50
21.04
38.05

200,000

40,250
20,000

176,277
2,4SO,000
111,114
433,303
3,093,627
6,537,292
112,575
4,641,335
467,561
599,414
630 000
350,000
214.582
3,975,4S9
45,006
262,565
408.582
397,699
49,833
2,0OS,30O
1,588,483

Total............................................................. .'.39,132,503 25,623,93S 1,982,375 994.5S 62,869,950

From this it appears that the average cost of road and canal per mile is $63,212.
The Central cost $178,082, the New Jersey $137,318, the Warren $95,633, and
the Camden & Amboy $91,119. Exclusive of these the average cost was $43,922 per mile. The'Delaware & Raritan Canal cost $65,880 and the Morris
Canal cost $72,636 per mile. The least costly of the roads, are those of the
South and West parts of the State. The Cape May and 1NJillville cost less
than $17,000 and the Salem less than $16,500 per mile.
The earnings, expenses, profits, &c., of the same roads are given in the fol­
lowing statement :
Railroads and Canals.
Belvidere Delaware......................
Burlington County......................
Camden «ft Amboy...................... .
Delaware & Raritan Canal .........
Camden & Atlantic ...................
Cape May & Millville...................
C entral..........................................
Freehold & Jamesburg Agric. ..
Flemington....................................
Hackensack & New Y ork.......... .
Jersey C. & Bergen P’t (dummy).
Hibernia M ine..............................
Lodi Branch..................................




Earnines.

Expenses.

$589,057
66,570
5,146,650
1,128,007
283,638
81,322
3,03*,390
49,839
15,402
47,394

$436,88S
68.838
4,254,726
317,578
189,571
70,038
1,748,434
32,610
17,123
41,624

18,880

14,867

(No return)

(No return)

Profits.

Dividends.

$143,169

(Loss)
891,924 5&5 in stk.
810,429 5&5 in stk.

94,067
11,284
1,287,956 10&25 ext.
17,199 5

(Loss)

5,770
4,013

68
Long Branch & Sea Shore . ..
L on" Dock (T unnel)...............
M illstone & New Brunsw ick
M illville & G lassboro.............
M orris C a n a l............................
M orris & Kssex........................
N ew ark & B lo o m fie ld ...........
New Jersey ................................
N o rth ern .....................................
Orange & N ew ark...................
Paterso n & H udson R iv e r...
P aterso n & R am apo...............
P erth Amboy & W oodbridge.
R aritan <& Delaware B ay........
Rocky H ill..................................
S a le m .........................................
South B ran ch ............................
S u ssex............................ ..........

Yincenttown Branch..............
W arren....................................
W est J e rse y ..............................

Finances of Iowa.

[November,

(Not in operation a t date)
(Leased by Erie)
7
12,947
8,110
4,387 ...................
S3,302
32,430
20,920 6
590,033
298,742
297,301 10
080,450
513,780
100,070 7 cash& stk
40,049
33,592
7,050 3%
1,875,981
1,072,05s
803,323 10
385,032
158,158
20,874 ....................
105.357
75,899
29,458 ....................
(Leased by E rie)
............. 8
(Leased by Erie)
.............. 5
12,160
11,808
352 ....................
320,024
351,586
(Los-) ....................
(No return)
.....................................
37,469
20,919
10,550 0
...................
(Included in Central)
53/54
30,706
16,348 ....................
(Included in B urlington County) ............. .
272,695
149,983
122,732 5%
255,593
199,000
------

The above dividends were paid on an aggregate share capital of $2 9,983,675 ;
the amountjof non-dividend paying capital was $9,143,288.

FINANCES OF IOWA.
The population of Iowa in 1865 was, as stated in a late issue, 754,732,
being an increase in the five years then ending of 79,989, or 11.95 per
centum.
The assessed valuation of taxable property in the State, according
to the lists for 1859 and 1805, compare as follows :
Taxable land, a cres.............
V alue o f taxable la n d ........ .
“ o f tow n p ro p erty __
“ of personal property,
Total v alu atio n .....................

1859.
26,949,871
$133,283,903
31,359,105
33,174,282
197,807,350

l c65.
28,041,051
$140,001,205
27,481.397
51,578,116
225,120,713

The taxes levied in 1859 averaged
mills on the dollar yielding
$296,735; in 1865 they were 2 mills on the dollar, yielding $430,126.
The receipts from ail sources and disbursements of the Treasury for
the two years ending October 31, 1839, and for the two years ending
October, 1865, are thus stated ;
R eceipts (including balances).................................................................
D isbursem ents on all a c c o u n ts ..............................................................
Leaving a surplus of.

Tw o years,
1858-1859.
$777,033 87
751,403 13

T w o years,
1804-1865.
$977,827 10
952.739 42

$25,630 74

$25,087 98

In the accounts for the two years 1864 1865, are included the expend"
itures of the W ar and Defence Fund, amounting for the term to $207,'
266, so that the actual expenses for State and other objects appear to
have been less in the last than for the first financial period.
The indebtedness of the State is limited by the Constitution to $250,000, except in cases of rebellion or invasion. W hen the war com­
menced the amount outstanding was $200,000. It is now $622,295 75,
constituted as follows :
Io w a 7 p e r cent, bonds, pajrable in New York, Jan u ary 1,1868, issu ed under chap­
te r 7, acts o f 1858...................................................................................................................... $200,000 00
Bonds sold under C hapter 16, acts of E x tra Session 1801, for W ar and Defence
F u n d ............................................................................................................................................
300.000 00
One bond to th e School Fund, d ated N ovem ber 12, 1864, payable a t p le a su re .........
122,295 75
T o tal State debt,




$622,295 7

Analyses of Railroad Reports.

1866]

369

The resources of the State for' the financial period I860 and 1867
aje stated in the following table :
Balance of revenue in State T reasu ry ..................................................................................
Balance of S tate revenue due from co u n tie s.......................................................................
Balance o f Insane H ospital dues, from c o u n ties...............................................................
H ue from Council Bluff B an k .................................................................................................
T ax of 1865 for th e service o f 1866........................................................................................
T ax of 1866 for the service of 1867 ("Stim ated)...................
Bal nee of federal tax due from c o u n tie s............................................................................
R ailroad ta x (estim ated) for 1866 and 1867..........................................................................
B alance due from U. S. G overnm ent (estim ated )....................

$25,087
286,172
53,570
1,052
430,126
450,000
34,092
30,0..0
300,000

T otal resources for p e rio d ........... ......................................................................................

68
68
50
78
83
00
19
00
00

1,611,002 87

Not more than one-half of the above amount will be needed for
ordinary expenses so that the balance, when collected, will more than
cover the whole state debt. This debt is less than one dollar to each
inhabitant of the State and in relation to the taxable value of property
is so insignificant that a tax of three mills upon the total assessment
would pay the entire amount.
The statements given above are compiled from the Auditor’s Reports,
which contain also the details of the School Fund and a full review of
the financial affairs of the State. It is not our purpose, however, to
enlarge upon this subject, the above being sufficient to show the status
of this young and flourishing commonwealth, lightly burdened and
singularly free from vexatious taxes, and which has no impediment to
interrupt its future. Already there are a thousand miles of railroad in
the State and these avenues for locomotion are being daily increased
giving access to the whole surface of a rich agricultural region and
ensuring its rapid development.

A N A L Y S E S OF R A I L R O A D

R E P O R T S . No.

15.

OGDENSBURG AND LAKE CHAMPLAIN RAILROAD.
(fo rm e rly N orthern Railroad.)

This line of railroad, stretching across the northern portion of the State
of New York from Ogdensburg to Rouse’s Point, forms a connection oetween the railroads of Canada and those of New England. The follow­
ing are it s constituents :
Main line—Ogdenstiurg to R ouse’s P o in t........................................................................... US'OO m iles
Branch line—Summit, to Gravel B eds....................................................................
1*25
“
“
Champlain to R iver J.anding............................................................
175
“
“
P otsdam to Lum ber M ill.............................. ..................................
100— 4’00 “
T otal length of m ain and branch lin e s ............................ .......................................
Second tra c k 'a n d sid in g s.........................................................................................................
E q u iv alen t single tra c k ................................................................ .....................................

122’GO “
1S*00 “
140-00

“

This road connects at Rouse’s Point with the Montreal and Champlain
ana the Vermont Central and Canada railroads ; at Moore’s Junction
with the Montreal and New York Railroad; at Potsdam Junction with
the Rome, W atertown and Ogdensburg Railroad, and at Ogdensburg,




370

Analyses of Railroad Reports.

[November,

by fen y, with the Grand Trunk and the Ottawa and Prescott railroads
of Canada.
B
E Q U IP M E N T — E N G IN E S A N D C A E S .

The number of engines and cars owned by the Company on the 80th of
September, yearly, has been as follows :
’56. ’57. ’58. ’59. ’60. ’61. ’62. ’63. ’64. ’65.
E n g in es....................................................................... 27 28 28 28 28 23 28 25 25 26
C ars—P assen g er....................................................... 16
8
S 14 14 14 14 14 15 17
“
Baggage, m ail, & c.......................................
9
9
9 10 10
9
fl
9
7
S
“
F re ig h t............................................................ 615 615 608 568 563 441 441 441 441 353
T o tal c a rs .......................................................... 640 632 625 592 692 464 464 464 463 378

—all rated as eight-wheel cars.
O P E R A T IO N S ON T H E L IN E Y E A R L Y .

The tabulation which follows exhibits the mileage of engines hauling
trains, the number of passengers and tons of freight carried, and the
passenger and freight mileage for the ten years ending Sept. 30, 1S65 :
Fiscal
Y ears.

/—E ngine mileage—x ,---- P assengers-----*
Passenger. F reig h t. N um ber. Mileage.

185556.............
18565 7 . . . . ......
1857- 58............................
1858- 59 ..........................
1859- 60...........................
1860- 61 ..........................
1861-62............................
1862-63..........................:
1863 64.....................
1861-65...........................

105,890
131,920
100,248
146,971
155,366
125,028
87,165
110,372
152,246
124,872
E A R N IN G S

201,240
222,429
211,156
200,829
239,762
233,432
254,539
301,027
306,065
275,048

73,160
S2,320
71,764
73,184
79,668
67,756
69,787
92,402
141,680
147,500

/— F reig h t (tons)— »
N um ber. Mileage.
160,838
177,528
150,432
137,427
166,675
166,530
187,647
211.024
230,201
203,781

3,314,647
3,859,874
2,767,920
2,778,677
3,228.596
2,674,727
3,089,553
3,734,311
5,846,234
5,49S,317

14,604,687
16,242,825
13,210,357
11,477,361
15,611,653
15,. 59,949
19,157,715
19,815,427
21,154,384
1S,S34,478

AND E X P E N S E ACCOUNT.

The current earnings and expenses for the same years are shown in
the following statem ents:
.--------------- G ross E arnings-------------- , O perating E arn.gs

Fiscal years.

Pass’gers. Freight.

1855- 56 ...........................................
1856- 57 ..............................................
1857- 58 ...............................................
1858- 59 ...............................................
1859- 60 ..............................................
1860- 61..............................................
1861- 62 ..............................................
1862- 63.............................................
1863- 64..............................................
1804-65...................................................

$93,818 $343,S57
89,962
362,999
71.599
323,S66
74,961
-92,736
77,367
362,597
69,366
318,424
77,569
392,364
100.206
454,178
159,565
547,444
178,116
508,297

Other.

Total,

$40,008
54,463
15,342
15,235
18,948
17,847
22,500
19,128
19,335
21,108

$477,677
507,424
410.807
3S2/ 32
458,912
425, 37
402.433
573,512
726,344
707,521

expenses, less exp.

$340,883 $136,794
344,031
163,393
294.827
115,980
320,822
62,110
341.859
117,053
338,132
87,505
305,004
187,420
377.594
195.918
494 204
232,140
649,932
57,589

The following reduced from the above shows the average earnings per
mile (cents) for passengers and tonnage :
’56.
2.83

P a sse n g e r..........................
F r e ig h t..............................
— e a rn e d a t a co st

’57.
2.33

’58.
2.22
2.45

59.
2.70
2.55

’6 b
2.40
2.32

’61.
2.22
2.81

62.
2.51
2.05

’63.
2.68
2.29

’G4
2.73
2.59

’G53.22
2.70

2.64
1.68

3.07
2.05

2 93
1.58

3.41
1.53

2.41
1.20

3.29
1.29

1.26
1.66

3.47
2.46

a s f o llo w s , v iz .

P a sse n g e r.......................... ........
F reig h t
................... ........

2 92
1.67

2.15
1.61

These figures show that the road has been constantly loosing on
its passenger traffic and that even its freight traffic has been con­




1866]

Analyses of Railroad Reports.

3*71

ducted without adequate profit. The result has been that the Com­
pany has not been able to pay interest on any but the first mortgage
bonds since April, 1854. No dividend has been declared in the whole
history of the Company.
STOCK, B ONDS,

&G—

COST O F P R O P E R T Y .

The following statement shows the amount of stock, bonds, &c.. and
the cost of the road and its equipments yearly for the ten years ending
September 30, 1845 :
T e a rs.
C apital
ls tm o r t.
2d m ort. F lo a tin g
Sept. 30
stock.
lronds.
bonds.
debt.
1850......................................$1,710,138
$1,496,900 $3,077,000 $317,484
1857 .........................................................
1,494,900 3,077,000
1858 ..........................................................
1,494,900 3,077,000
1859 ...........................................................
1,494,900 3,077,000
1860 ............................................
1,494,9003,077,000
1861............................................................
1,494,900 3,077,000
1862.............................................................
1,494,900 3,077,000
1853........................................
1,494,9008,077,000
1864.............................................................
1,494,900 3,077,000
1835 ...................................... 3,677,000
1,494,900
..................................

T otal
C ost of
capital.
property.
$6,661,522 $4,734,795
4,571,9004,741,487
4,571,9004,188.791
4,571,9004,799,2S7
4,571,9004.809.856
4,571,9004,816,751
4,571,9004,819,979
4,571,9004,588,509
4,571.9004,644,056
4,571,900
4,681,624

As before stated the Company had failed on their 2d mortgage since
April, 1854.
On the 21st October, 1856, the property ivas sold on
foreclosure of this mortgage and was bid in by the trustees for the benefit
of those they represented. The sale was made subject to the 1st mort­
gage for 81,500,000. The original capital was thus wiped out, as also
the floating debt, and for the succeeding years until August 1st, 1865,
the property rested on the bonded indebtedness, the trustees under the
2d mortgage managing affairs. A t the last-named date the road with its
equipments was by an order from the Supreme Court and by agree­
ment of parties, transferred from the trustees aforesaid to a new Com­
pany styled the Ogdensburg & Lake Champlain Railroad Company,
an organization created by the law of the State, passed April 8, 1864.
The cost of the property as appearing in the table does not include
interest paid to stock-holdeis and discount on bonds during construction
($758,021); nor after 1862, several large items which had heretofore
had a place, together amounting to $241,738.
R E C A PIT U L A T IO N S A N D

D ED U CT IO N S.

In the following table are recapitulated the cost of the road, the gross
earnings and expenses, and the earnings after expenses, yearly, for the
last ten years :
Fiscal
Year.
1855185618571858185918601861186218631864-

Cost of
Hoad, &c.

Gross
Earnings.

56..............................................................*....$4,734,795
57 .................................................................... 4,741,487
58 ..................................................................... 4,758,791
59 ..................................................................... 4,799,287
60 ..................................................................... 4,809,856
01 .........................................................
4,S16,751
6 2 ......................................................
4,819,979
63 ..................................................................... 4,588,509
64 ..................................................................... 4,644,056
65 ..................................................................... 4,681,624

$477,677
507,424
410,807
382,934
458,912
425,637
492,433
573,512
726,344
707,521

Operating Earnings
Expenses. 1’s expen’s
$340,883
344,031
294,827
320,822
341,859
338,137
305,004
377,694
494,204
649,932

$136,794
163,393
115,980
62,110
117,053
87,505
187,429
195,918
232,140
57,589

The cost Of the road (as stated in the reports), the gross earnings, ex­
penses, &c., per mile of road (118 miles), the rate of expenses to earn­




3V2

Proposed Reduction in Taxation.

[November,

ings, and the rate of net earnings to the bonded debt ($4,571,900) are
shown in the following table :
Fiscal
C ost of
Y ears.
road &c.
1855-50........................ .........................$40,135
1856-57 ........................ ........................ 40,182
1857-58 ........................
1858-50 ........................ ......................... 40,672
1850-60 ........................
1860-61 .............. .........
1861-62 ........................
1862-63 ........................
1863-94 ........................
1864-65 ........................

—A m ount per m ile--------------- , E xpenses N et
Gr.-ss O perating E rn ’gs less i
to earn’gs to
earnings. expenses. expenses. earn’gs. b n ’d d b t.
$4,048
$2,838
$1,160
71.34
2.99
2,915
4,300
1,385
68.02
3.57
2,408
3,481
1,983
71.76
2.53
2,710
3.245
526
1.35
83.79
3,880
2.807
902
74.46
2.56
3,607
2.805
742
79.43
1.91
4,173
2,585
1,588
61.94
4.10
4,860
3,200
1,660
65.84
4.23
6,155
4,188
1,967
68.04
5.07
5,996
5,592
404
93.26
1.26

PROPOSED REDUCTION OF TAXATION
It is stated, with how much truth we do not know, that the Revenue
Commissioners appointed by the Secretary of the Treasury will recommend
to the next session of Congress further reductions in our internal tax list,
and a corresponding decrease in our tariff duties. These reports are received
in business circles with evident gratification, showing how important the
measure is regarded. All classes appear to be anxious that Congress
should take up the subject without delay, and act upon it in a manner
calculated to meet the necessities of the country.
It is evident that legitimate business is languishing at the present time,
very many departments of industry failing to be remunerative. There are
several causes for this ; chief among them, however, is, we believe, the bur­
den of taxation which we are now laboring under, resulting as it does in
high prices and restricted consumption. It is customary to impute the pres­
ent increase in the cost of living to an inflated currency. We would by
n j means underestimate the influence of this agency to derange values;
but, at the same time, while we are intent on curing this evil, we should
remember that even a resumption of specie payments would not bring
rates back to the standard of 186Q.
The impolicy of unnecessary taxation is apparent in many ways. All
know that high prices are a positive evil. They compel the consumers to
limit their supplies; and this, of course, reacts adversely on production.
With less production, there is necessarily less wealth; and, with that, less
ability to pay taxes. A Government that succeeds in teaching its people to
dispense with articles not of absolute necessity has weakened private energy
and deprived itself of the ability to resist oppression. It has only created
the Indian’s standard of wealth, “ while white men have labored and made
many things that are useful and convenient, we, Indians, have learned not to
want them.” A statesman of a civilized country would hardly wish to
bring about such a state of things; and yet this is what our heavy burden
of taxation must necessarily produce.
We are perfectly conscious that the requirements of the war and the
debt that war has left have been the occasion and necessity for an enormous
revenue. The two and a half to three thousand millions of dollars which
we owe must be provided for principal and interest. No good citizen is
willing to impair the public credit. But it is not necessary for this pur­




1866]

Proposed Reduction in Taxation.

373

pose to pay the debt at a period so brief as to overstrain the capacity of
our people. We have expended our energy and treasure to carry on the
■war, and it is not wise to hasten the liquidation of the debt, before we
shall have had opportunity to recuperate. Yet, it appears to us, that this
is precisely what our present Bevenue System is doing. For the fiscal year
ending on the 30th of June last, the receipts into the Federal Treasury
amounted to more than $>556,000,000, as follows; customs, $5179,040,630 64; sale of lands, $5665,031 03; direct tax, $1,974,754 12: internal
revenue, $309,226,812 81 ; miscellaneous sources, $65,125,966 46. It
has been computed that they will, at the present rates, amount for the cur­
rent fiscal year to about $050,000,000. Such an extraordinary sum drawn
from the productive industry of the country close upon its exhaustion from
war, must, if persisted in for a long' period, seriously check if not arrest its
prosperity. Certainly it ought not to be done unless the necessity for it
shall bo imperative.
This, we are happy to say, is not the case. The civil and foreign service
of the country requites only an expenditure of about forty millions of
dollars. The W ar Department will require an equal amount, and the
Navy perhaps as much more. The pension and other charges will be about
twenty millions in round numbers. The interest on the public debt will
not exceed one hundred and forty millions, making two hundred and eighty
million dollars in all. If, then, to this we add a sinking fund of only
$520,000,000 annually, we would have sufficient to pay all the yearly
charges against the government and be able to liquidate the whole amount
of the debt in the lifetime of a generation.
It is practicable, therefore, for Congress to reduce the aggregate of our
taxes to three-fifths, if not one half, their present volume, and still main­
tain the public credit and meet honorably all engagements. Whatever
amount is raised more than is necessary for these purposes is extortionate,
and must bear upon the taxpayer with undue severity. Instead of build­
ing up the industries of the country, it wrests from the producer the very
means of subsisting himself and paying any tax whatever. The agricul­
turist disposing of his land to liquidate his debts, instead of occupying it
and providing for them with the income, is no inapt picture of a Govern­
ment prosecuting such a policy. Let there be delay till our people shall
have begun to prosper again, and then we shall be able to repay all with
ease.
No legislation can be more popular; but the reductions must be made
with care. The ruling principle should be to retain direct taxes and to
remit indirect taxes. We notice the suggestion to modify the rate o f the
income tax by reducing it to three per cent., and exempting all incomes
less than $1,000 a year. This, we think, is not sound policy. No tax is
collected so economically as this, and with so little injury to the taxpayer.
It is the body of indirect taxes that are especially productive of evil. They
cost the Government, in many cases, more than the amount of the lax to
collect them, and they are the excuse for saddling a still larger burden by
the producer upon the consumer. The manufacturer who pays three per
cent, to the Government will charge his customers ten per cent, to reim­
burse himself.
Then, again, another principle which should govern, is the relieving from
taxation of all our productions. We cannot compete with other countries,




3T4

The Wool Trade under the New Tariff i?fyw?aA'oKS.[November,

when we put burdens on the producer that the foreigner does not labor
under. Thus, in taxing manufactures, we are shutting out our manu­
facturer from foreign markets. In taxing cotton we are putting a premium
on foreign production, which, under this stimulus and the present difficul­
ties our own planters experience, bids fair to seriously cripple the planting
interest.
But we have not space at present to note special cases of liardsl ip.
Every consideration of sound political economy dictates that the tax bur­
den should be at once diminished, and so divided as to lender it as easy as
possible to carry. We are .at this moment the most heavily taxed ot any
people; and our patience, so exemplary and deserving, should not be over­
borne. W e acknowledge, we insist on the importance and imperative duty
of maintaining the faith of the nation. But we do not lose sight of the
fact that the.debt was created in the first instance because it was supposed
to be impossible to raise immediately by tax the amounts of money re ­
quired. For the like reason the same principle should be applied in the
matter of its payment. The liquidation should by no means be so accelera:ed as to operate prejudicially to the enterprise and best interests of the
people. Give time to recover from the shock and depression occasioned
by the war, and then there will be greater ability to endure taxation.

THE WOOL TRADE UNDER THE NEW TARIFF REGULATIONS.
Few things are illustrated so plainly in the history of governments as
the impotence of legislation to control commerce and to regulate prices.
Yet, strange to say, there are few results to which our recent legislation
has been so largely directed. During the last five years we have had
numerous efforts made to regulate the price of gold, and no less than four
important changes in the tariff, designed to enhance the prices of foreign
products, in favor of the home producer. The heavy duties imposed upon
foreign woolen fabrics, under the tariff of 1864, excited a certain feeling of
jealousy among the wool growers, who argued that the producer of raw
material should be “ protected ” equally with the manufacturer. The ques­
tion of enhancing the dutieg upon wool was freely agitated, and after a
severe struggle, Congress at its last session was induced to adopt a measure
which, though not ostensibly intended for the wool growers, yet really had
the effect of increasing the duties upon imported wools from twenty-five to
thirty"per cent:
Our readers may remember that, in anticipation of this legislation, we
showed that the highest prices for domestic wools had prevailed under the
lowest tariffs, and that with each successive advance of duty American
wool had declined in value, thereupon affirming that antecedents were
against the supposition that wool-growers would be benefitted by the pro­
posed legislation. In our remarks, at the time referred to, we staled that
“ The wool-grower is obviously interested in supplying the manufacturer
with raw material at rates which will enable him to compete with foreign
fabricants ; for, without that condition, domestic manufactures must droop,
and the demand for home wool be curtailed and its value reduced. This
proposed tariff, however, is an attempt to increase the price of wools




I860]

The Wool Trade under the New Tariff Regulation.

375

about twenty-five per cent. It is unnecessary to inquire what would be the
effect of such a rise in raw material, for it is capable o f demonstration that
no such advance can really be permanently established. The course o f prices
under past tariffs proves that the duties upon foreign wools are powerless in
regulating prices. The tariff of 1846 imposed a duty of thirty per cent., ad
valorem, upon wool costing eighteen cents per pound or under. In 1857
that class of wools was made duty free; and in 1861 the duty upon that
grade was fixed at five per cent., ad valorem, and so remained until 1864.
The course of prices after the change of duty from thirty per cent, to five
per cent, is illustrated by the following comparison showing the average
prices of Ohio, Mestiza, Cuba and Mexican wools, for the two years 1855
and 1856, and for the two years 1862 and 1863, when the lower duty was
in force, the prices being given for the latter years in gold :
Average 1855-56 .........................................
do
1862-63 .........................................
Advance............................. ..........

Ohio f, hi.
fleece.
cents.
45 ©47%
4S%@51%
3%© 3%

Mestiza
Cape,
No. 1,
unwashed,
cents.
cents.
1U%@19%
2fl%@32
19 @21%
22%@‘2S
2%© 2%
7%@ 4

Hex. meet,
washed,
cents.
22&@25%
3%@ 3%

“ It thus appears that, under a reduction in the duty from thirty per
cent, to five per cent., upon this particular grade of foreign wool, the price
of the imported staple, instead of declining, so as to depreciate domestic
wool, actually advanced, upon an average, about fifteen per cent., and was
attended with an important rise in the home product, Ohio fleece averaging
cents higher in the years 1862-03 than in 1855-50. Here, then,
it is clearly shown that low duties upon foreign wool arc more favorable
than high to domestic growers." These remarks were made by us in Febru­
ary last, while the proposed change in the tariff on wool was under discus­
sion in Congress.
W e have now to test the act of last summer, by the condition of the
wool market under its operation. The act provides that the value upon
which duties are to be assessed shall include, in addition to the invoice
price, all the costs of importation, comprising export duties, freight, insur­
ance, commissions, &c. This, upon the wools most largely imported, is
equivalent to an addition of fully twenty-five per cent, to the previously
existing high duties. To have realized the expectations of the authors of
this measure, the price of the leading descriptions of foreign wools should
have advanced, and the value of domestic should have proportionally im­
proved. No such result, however, has followed. As in parallel cases of
ihe increase of duty, the value of domestic wool has fallen, while the
price of foreign has not been advanced. For the purpose of indicating
the value of foreign and domestic wool under the present tariff, as com­
pared with periods anterior to its operation, we present the following quo­
tations for wool at New York, on the 31st of October of each of the last
seven re a rs :
1850. 1881. 1862. 1S63. 1804.
1S65.
A m cr., Saxony fleece, $ B>...............
54-58 45-48 60-62 15-80 95-1.01 T0-,'5
do
lull blood M erino.................................. 48-52 41-48 60-03 70-12 85- 94 65-70
do
}.i and % M e rin o .................................. 34-46 38-44 62-65 63-69 80- 90 60-65
E x tra, p u lled .......................................................... 42-46 31-40 58-60 70 72 1.00-1.05 67-70
Superfine, pulled................................................... 37-40 36-40 66-60 68-70 SO. 90 65-67
No. 1, p u d e d ........................................................ 28-30 32-34 48-50 5 -55 70- 75 50-55
California, u n w a sh e d ......................................... 24-32 27-32 38-47 50-52 55- 65 37-40
do
common d o ..................................... 10 20 12-.. 20-83 40-42 30- 50 20-25
do
p u lled .......................................................................... 40-60 50-62 78-1.05 35-65
T exas, u n w a sh e d ...................................................................................................................................
S. A m . M estiza, un w ash ed ................................ 16-25 16-20 25-30 30-32 50
55 32-37
do common u nw ashed............................... 10-13 14-17 18-23 15-20 30- 45 18-23
S, A m erica C o rd o v a ........................................... 21-22 21-25 35-40 38-40 65 - 70 43-48




1868.
62-87
52-58
45-50
52-57
47-50
85-40
33-40
£0-25
30-45
27-33
32-37
18-23
43-48

3*76

The Wool Trade under the N~ew Tariff RegulationslJTowemhsT,

Peruvian, u n w ash ed ............................
V alparaiso, un w ash ed ........................
Donslcoi, w ashed...................................
P e rs ia n .....................................................
African, w a s h e d ................................ .
do
u nw ashed............................
M exican, u nw ashed..............................
Sm yrna, un w ash ed ...............................
do
w ashed.....................................

12-13 13-15
...................
....... , ........
16-28 '20-30
0-18 16-20
11-14 12-14
11-18 17-18
22-28 20-20

20-23
35-40
35-40
40-50
28-35
25-35
20-28
40-45

23-..
35-38
30-15
40-45
20-35
22-23
22-28
40-50

47- 50
38- 42
70- 75
38- 40
60-1.00
40- 65
4.’- ..
45- ..
65- ..

35-45
26-27
45-50
26-30
35-45
15-25
20-25
22-25
35-45

32-33
27-30
42-45
25-30
35-45
15-25
20-25
22-25
35-45

W e thus see that so far from the new tariff having enhanced the value
of American wool, Saxony fleece is now 7a8 cents lower than a year ago ;
the lower qualities of Mexico, 15 cenfs; superfine pulled, 17 to 18 cents,
and No. 1 pulled, 15 cents. Thus, on home-grown wool there is a decline
of 10 to 30 per cent. So much for the antioipated’effect of the new tariff
in enabling home wool growers to realize a higher piice for their clips.
Nor has the tariff been successful in making img •rted wools dearer. Of
the twelve classes of foreign wo11 above quoted, nine are selling at the
same price now as on the 31st October, 1865; l wo are lower, and Val­
paraiso alone is a fraction higher, the exception in that case being attribut­
able to the interruption of the supply by war. Cmdd facts more strongly
demonstrate the folly of attempting to benefit the wool growers by special
legislation? They have had protection granted to the full extent of their
demands, yet each successive grant of supposed privileges has placed their
interest, in a worse condition.
It is not to be overlooked that, during late months, the woolen manu­
facturers have suffered severe losses from an over production of goods ;
which have probably induced a contraction of purchases of raw material.
The amount, of wool received at tide-water from opening of navigation to
the 22d of October, lias been only 441,600 lbs., against 488,600 lbs. for
the same period of last jear, and 1,016,500 lbs. for the corresponding
time in 1864—a movement which would seem to indicate that wool is being
held in the interior instead of coining forward for consumption. The
imports of foreign wool at this port from Jan. 1st to Oct. 17th, have been
53,227 hales, compared with 47,083 bales for the same period of 1865,
and 107,298 bales for the corresponding period of 1864. If it be argued
that the price of domestic wool has been depressed by a failure in the
demand, the same reasoning can be applied to foreign wool, especially as
the foregoing figures show that there hits been no offset in a diminished
importation. Yet we find the price of foreign wool sustained, while
domestic lias declined heavily.
How is it then, it may be asked, that the recent advance in duties has
allowed home wools to fall so heavily, while the imported staple has
remained stationery ? The change in the duties has tended, among other
things, to bring about the very embarrassment in the woolen trade which
is now exhibiting itself in a diminished demand for wool. The experience
of the wool-growers under the new tariff adds new force to our former
assertion that—“ their true policy is to accord to manufacturers every
facility for getting the cheapest raw material the world produces. By
that course our manufactures will be extended; our enlarged purchases
of raw material in foreign markets will increase the price of wool there,
which will have the two fold effect of enhancing the cost of the European
fabrics brought here to compete with domestic goods, and further, of cor­
respondingly increasing the value of home grown wools, so that both
manufacturer and grower would be protected by a natural and always
reliable process.”




1866]

American Manufactures and Emigral

AMERICAN MANUFACTURES AND E M IG R A L ... •
While we are not the advocates of special legislation on the part of our
Government for the purpose of planting among us particular blanches of
industry, especially such as are not well adapted to our country, or to the
genius of our people, we cannot refrain from taking deep interest in the
development of manufacturing enterprise. Perhaps there is no vacation or
department of labor more essential to national greatness. We may culti­
vate the soil, and render it sufficiently productive to nourish the inhabitants
of other countries. W e may dig the precious ores in quantities ample to
supply every nation ; we may produce the fibre for every spindle and loom ;
but so long as we require from other countries the principal manufactured
wares necessary to our comfort, we lack a necessary element of indepen­
dence. Our commerce, which ought to be a reciprocal exchange of values
created by industry, is rendered, to a large extent, an agency to place us
under a form of vassalage; for the taking of the products of the soil and
mine abroad for manufacture, is but an element of dependence which tends
to enfeeble a nation. Such a country is liable, upon the sudden recurrence
of a war, to find itself in a pitiable condition indeed, deprived as it is, to a
great degree, of the means of defence.
So conscious of this have the governments been that have held countries
and colonies in subjection, that it was long the practice to discourage, and
even to prohibit, the people of such colonies engaging in manufactures.
W hen Porsena conquered Itome he forbade the working of iron in that
State, compelling it to depend upon the forges and furnaces of Etruria.
The Phillistines, when they overrun the country of the Israelites, permitted
no smith to work among them. The European nations of modern times,
so far as lay in their power, carried out a like policy. The Dutch Gov­
ernment made manufacturing a penal offence in the colony of New Netherland ; and the British Parliament enacted laws against slitting mills and
other branches of industry in their American provinces. But it is unne­
cessary to multiply instances. It is evident that a state of dependence is
not one of power.
This subject is invested with new interest by the events of the present
period. Up to this time England has been able to retain her manufactur­
ing supremacy, and the products of her looms now fill the markets of the
world. Hitherto, her mills have produced at so low a price as to preclude
successful competition. It was more profitable for the planter to raise cot­
ton, and the farmer wool and breadstuffs for the manufacturing towns of
England than ter erect factories at home to convert the raw fibre into
cloths, muslins and other articles of prime necessity. Statesmen often
sought to change this condition by special legislation, not being sufficiently
far-siiriited to perceive that they were attempting to set aside the omnipo­
tent laws of trade. They have always failed, of course, to take away from
England her supremacy. It was not legislation which could remedy the
matter, but a law higher than man could devise.
Agencies are, however, now in operation, which are almost certain to
modify this condition of things, and to give our people greater importance
among manufacturing nations. We place no dependence upon the re­
markable declaration of Mr. Gladstone in regard to the exhaustion of the
VOL. LV .----N O . V.
25




378

American Manufactures and Emigration,

[November,

coal beds of England. It is a contingency too remote to be taken into
calculation, while science and commerce can both be pressed into service
to obviate the difficulty. But there is another agency at work, more rapid
in its influence and more sure to accomplish the result. W e refer to the
equalizing movement now going on in the emigration that is taking place
at prodigious and constantly increasing rates.
The supremacy of England as a manufacturing country lias been due
to the cheap prices of labor. Her dense population has produced manu­
factured goods at rates low enough to enable the merchants to undersell
Americans even in our own markets. As long as this condition could be
maintained we were dependent upon that country for our supplies. But
there has been a change taking place for several years. The wages of
English operatives have been steadily increasing. W ith this improvement
in their circumstances comes, naturally, the acquirement of more expen­
sive habits. Better food has been obtained, better clothing worn; not
only has the importation of breadstufis been continued as heretofore, but
other articles, like beef and the products of the dairy, have been added to
the requirements of the laboring population. The European supply of
these products is annually falling shorter, and the demand is at the same
time increasing rapidly. This necessarily tends not only to keep up the
rates of wages, but to make it necessary to increase them, and is telling
upon the manufacturing enterprise of the country. Thus, while the better
classes of operatives— the more skillful laborers—are swelling the multi­
tude of emigrants that are coming weekly to the United States to better
their condition, those who remain are demanding, and must receive, a
large increase in their rates of wages.
The cheapness of labor has enabled England to control the enterprise
of other countries. She could import cotton, wool, and other raw mate­
rial for her factories, and breadstufis for the operatives, and, by reason of
the low price of work, could keep ihe price of manufactured goods lower
than they could be afforded where labor was better remunerated. But
this is impossible when a considerable increase of wages shall have taken
place. Of course, we predict no immediate violent change. The in­
fluence of this movement, however, which is even now being felt, will
gradually work out the result indicated, enabling our manufacturers to
successfully compete in foreign maikets. In all particulars, except the
one of labor, our advantages have ever been greatly superior. We pro­
duce the raw material for most classes of manufacture, not only cotton
and wool, but the most important metals; our country is an immense
coal field; almost every State in the Union abounds with waterpower
enough for all the mills and forges of the world, and generally running
waste; we produce all the food required for laborers. W ith the enor­
mous influx, then, of population, we will have the last impediment re­
moved to successful competition with every other country.
This does not involve the necessity of reducing the price of labor as
low as the rates in Europe. To be sure whenever values shall become
properly adjusted, there will be important modifications in that particular.
But another element in computation will exist of which our laborers'will
have the principal benefit. While the operatives in England require
that both material and food shall be shipped to them at enormous waste
of capital fur transportation, our workmen will have all these supplied at




1866]

Prices o f Breadstuffs.

379

their hand from our own fields. The importance of this fact can readily
be perceived.
Another important consideration is the fact that a few years will give
to the United States the control of the commerce of China and the other
countries of the East Indies. The Pacific Railroad when finished will,
with its collateral routes, make a speedy transit from ocean to ocean ; all
Asia will thus be brought into communication with the United States in
a period of time many days shorter than can be effected with anv com­
mercial town of Europe. We thus not only gam this eastern trade, but
have the facility for easily distributing our products aud manufactures
in the East, giving us a tran-it to an extensive market, cheaper because
nearer, than any other country possesses. Hence we see that emigration
— this equalizing movement— must in the end necessarily work out a
change which will be hastened and rendered more certain and complete
by other agencies now or soon to be at work.

PRICES OF BREADSTUFFS.
The prevailing high prices for flour and grain naturally excite consider­
able interest, not only in commercial circles, but among all classes. In
most branches of trade there is a stubborn dullness of business, which is
interpreted as foreshadowing a reaction from the general high range of
values ; and, at sucl^a period, it is a m atter of no little consequence that
the prices of breadstuffs— which have a direct bearing upon the price of
labor, and therefore upon the cost of products generally—should have
suddenly advanced to the present extraordinary quotations. If there be
substantial grounds for the current high rates for flour and corn, there is
undoubtedly reason for moderating the prevailing anticipations of a gen­
eral fall in prices. It is, therefore, of the first practical consequence to
the industrial interests of the country that correct views should prevail
upon the question of the real value of breadstuffs.
In no previous year has the price of cereals ranged so high during the
fall months as at present, not even excepting the autumn of 1864, when
gold was 82@100 points above its present premium. Eor the purpose
of illustrating the comparative prices of flour we present the following
quotations at New York for the several qualities, at the close of October
for seven y ears:
18(56.
Superfine S ta te ............................................... $10 25
E x tra S ta te .................................................... 12 00
E x tra W e ste rn ......... .................................... 11 50
B ound Hoop Ohio........... ............................. 12 50
St. L o u is.......................................................... 14 00
Southern C om m on....................................... 13 50
Southern E x tra ............................................. 16 75
Price o f G old...................................................
148

1S65.
$7 25
8 00
8 25
8 80
9 25
10 00
14 00
146

1864.
$9 75
10 25
10 75
11 00
12 25
11 75
13 50
223

1863.
$5 75
0 25
7 25
7 25
8 00
6 90
7 50
145

1802.
1861.
1860
$5 90 $5 00 $5 25
6 40
6 80
5 45
6 50
6 00
5 75
7 00
6 00
5 75
8 00
6 50
6 25
6 80 6 00
5 75
8 00
6 50
6 25
130
.....................

I t will thus be seen that the quotations for flour range from 45 to 50 per
cent, above those of one year ago on all except the Southern qualities, which
are 20 to 30 per cent, higher. Compared with the same date of 1863,
when gold was at about the same point as now, present prices are 60 to 125
per cent, higher, “ extra State” showing an advance of 95 per cent., and




Prices o f Breadstvffs.

380

[November,

“ Round Hoop Ohio ’’ 73 percent. Reducing the currency quotations to
gold, the following would represent the gold value of the latter grade of
flour on 31st of October, for the past seven years :
1866
1865
1864
1863

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

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

$8
6
4
5

56
03
89
00

1862....................
1861................. ............
1860 .................. .............

6 00
5 75

It will be seen, from this comparison, that this particular brand of flour
is now 42 per cent, higher than at the same period of any of the six last
years, and 75 per cent, above tire price of two years ago.
The principal conceivable conditions warranting such extraordinary prices
are, either a deficient harvest, a bad condition of the wheat crop, a short
supply of some other food product, or an extraordinary foreign demand.
It would be difficult to show, however, that any one of these conditions has
any actual influence in the present case.
It is fair to conclude, not only from the general tenor of Western reports,
but also from the statistics furnished in the last report of the Commissioner
of Agriculture, that the wheat crop of the country is fully up to the average
in amount, and beyond the average in condition. The corn crop is uni­
versally acknowledged to be unprecedentedly large ; the report of Com­
missioner Newton placing it at the remarkable figure of one thousand
million bushels, or 65 per cent, in excess of the liberal crop of 1860. This
fact is of importance in estimating the value of w heat; inasmuch as any
deficiency in the latter crop is readily compensated by a substitution of
corn. The large volume of grain and flour moved to market since the har­
vest is also against the supposition of a deficient supply. The imports of
flour and grain into Buffalo by Lake and Grand Trunk Railroad, for the
month of October, compare with those of the same mouth of the five pre­
ceding years as follows:
1866................................................
1865................................................
1864................................................
1863................................................
1862................................................

F lour,
bbls.

G ra'n,
bush.

270,414
291,963
229,048
454,041
390,710

7,879,424
7,885,690
4,731,044
7,121,913
9.777,654

Grain, including
flour, bush.

9,231,494
9,345,505
5,876,284
9,392,118
11,731,504

In the receipts of flour at Buffalo, there is a falling off to the extent of
about 22|- per cent, compared with an average of the same month for the
four last years. This, however, is to some extent to be accounted for by
the limitation of the receipts via the Grand Trunk Road, consequent upon
the abrogation of the Reciprocity Treaty. The imports of grain lor the
month are equal to an average of the last four years. The receipts at Chi­
cago for the expired portion of the year show a very large gain upon those
for the same period of last year, as will appear from the following comarb o n :
F lour, bbls. W heat, bush.

Fro"U January 1 to Oclober 2 0 ,1 8 6 6 ..................
“
“
1865....................

Increase




1,678,040
94S.298
424,742

8,984.210
7,318,934
1,605,285

C om , bush.

29 898,887
23,339,924
6,563,963

Prices o f Breadstuffs.

381

The following will show the comparative receipts of flour and grain at
the ports of Milwaukee, Chicago, Toledo, Detroit and Cleveland, from Jan.
1st to Nov. 3, for 1865 and 1866 :
18G6.

1865.

Flour, bbls........................ .

3,309,061

2,841,180

Wheat, bush.....................
Corn, b u sh ........................
Oats, bush..........................
Barley, bush.......................
Rye, bush........................r

23,363,637
36,496,858
11,863,419
1,578,130
1,933,048

23,216,278
26,240,226
11,894,151
1,457,776
1,203,523

Totals grain.................. .
Increase flour, bbls.............
Increase grain, bush.........

75,234,092

64,011,954
468,780
11.222.138

It would certainly be difficult to discover in the foregoing statistics any
evidence of a short supply of wheat or corn.
Nor can the current prices of breadstuff's be sustained upon the pretence
of an unsound condition of the crops, or a failure in some other food pro­
ducts, calling for an increased consumption of flour. For the stormy
weather in August and September which, it was feared, would injure the
growing crops, was found to leave them unscathed ; while the root crops
are generally ample in yield and exempt from disease.
The export movement has not yet proved large enough to justify any
material advance in prices. The shipments of flour to Great Britain, our
chief foreign market, have been somewhat larger than last year, but the
increase has been nearly compensated by a largely diminished export to the
continent of Europe. We annex a statement of the exports of flour, wheat
and corn, from all ports to Great Britain and the Continent, from Septem­
ber 1st to the dates next to the close of October :
F lour,
bbls.

W heat,
bush.

Corn,
bush.

21,147
200

716,419

2,089,832
172

............. 21,347
............. 14,395
............. 31,951
............. 278,997

716,419
305,759
1,046,496
3,256,528

2,089,904
1,545,797
56,938
239,459

Great Britain............... .............
The Continent,............... .............
Total
Total
do
do

1866.................
1865.................
1864.................
1863.................

Thus, the exports of flour and wheat for the last two months are seen to
be less than the average for the same period of the last two years, and are
quite nominal as compared with those of 1863. There is, therefore, nothing
whatever in the export demand to account for the prevailing high prices.
Nor does there appear to be anything in the condition of the foreign mar­
kets to justify the supposition that the demand from that source will be such
as to warrant extraordinarily high prices for American breadstuffs. From
the latest accounts, it appears that the deficiency of the British wheat crop
is not very considerable, and the probability is that the importation into
the United Kingdom will not range materially above the average. The
impQrtations, however, cannot be drawn from France to the important




382

Prices of Breadstvffs.

[November,

extent of late years, owing to the deficiency of the French crop ; and hut
small supplies can be expected from Prussia, the war having materially
checked agriculture in that country. The chief European dependence of
Great Britain, under these circumstances, must, therefore, be upon Russia,
which has of late years improved the quality and increased the amount
of her wheat crop. The importation from Russia during the first eight
months of the current year was 4,600,396 cwts., or about 30 per cent, of
the entire receipts from foreign countries. The crop in Eastern Europe ap­
pears to he excellent, and unusually large supplies from that source are
anticipated. It appears probable, therefore, that the deficiency in the sup­
plies from France and Prussia mav be fuhy compensated by the increased
amount derivable from Russia, Hungary, Gallicia, Moldavia and Wallachia. In the English markets, however, it is anticipated that the drain upon
these resources will be so close as to produce a comparatively high range of
prices, and hence the advance in prices since the middle of August, indi­
cated by the following comparison of quotations :
E nglish red, olfl...................................... .. per qr. o f 8 bush.
do
n e w .......................................................................
E nglish w hite, o ld ......................................................................
do
n e w ...................................................................

Aug. 25.
45s'to 50s
48 to 52
48 to 52
50 to 54

Oct. 20.
54s to 58s
53 to 58
58 to 64
58 to 63

Advance*
7s to 8s
5 to 6
10 to 12
» to 0

Nor is it to be overlooked that California has recently so largely in­
creased her surplus of wheat that the shipments thence to England are
assuming important proportions. The Report on Agriculture for October
estimates that the quantity available for export this year will amount to
about 10,000,000 bushels. Under all these circumstances, it would appear
that the necessities of Great Britain will not be such as to compel her to
pay extraordianarily high prices for Western breadstuff's. And it would,
therefore, result that there is nothing in the condition of the foreign mar­
kets to afford any reason for the prevailing high prices in our markets.
But, although there may be no facts to warrant the present extraordinary
prices for breadstuff's, there is yet undoubtedly a cause for the advance.
I'bat reason appears to centre in a speculative mania. For reasons best
known to themselves, the Western dealers are holding back their produce;
and the result may be seen in the following receipts of flour and wheat at
tide-water from the opening of navigation to the close of October:
18(56.
F lour, bills.................................................................................... 213.700
W ueat, b u s h ............................................................................... 3,893,900

18(55.
650,700
6,707,800

1S64.
9i0,100
13,026,000

W ith such light receipts at the seaboard, and within two or three weeks
of the close of navigation, it is not surprising that the idea of a short sup­
ply for the winter months should foster an extravagant speculation in this
market. The course of the Western holders, however, is, we think, unwise,
and, what we have already said, demonstrates that it can but result in com­
pelling Great Britain to obtain supplies from Europe which otherwise she
would have bought here at full prices, and to place our present surplus at
her disposal next year at much lower values.




1866]

Canals of New York,

383

CANALS OF NEW Y O R K *
The canals of New York for administrative purposes are divided into
three divisions, viz.: the Eastern, the Middle and the Western, which are
under the charge respectively of Division and Resident Engineers.
EASTERN DIVISION.

The Eastern Division embraces the Enlarged Erie Canal, from Albany
to the Oneida Canal, at Higginsville, the Champlain Canal, and the Black
River Canal and River improvement, as follows:
E nlarged E rie C anal............................................................................................................. 133.58
A lbany B asin .......................................................................................................77
P o rt Schuyler and W est Troy Side C u ts.....................................................35
Pond above Troy D am ............................................................................... 3.0J—
4.12— 137.70
Cham plain Canal............................................................................................................. . . 60.00
Glen’s Falls F eed er (7 m .) an d Pond a b o v e........................................ 12.00— 12.00— 78.00
Black River C an al.................................................................
35.33
B lack R iver F eeder and Pond a b o v e.................................................... 12.09
D elta F eed er................................................................................................... 1.38— 13.47— 48.80
B lack R iver im provem ent................................................................................................. 42.50— 42.50
T otal len g th in m iles................................................................................................ 307.00

307.00

The other feeders and reservoirs (not navigable) are shown in the fol­
lowing table:
RESERVOIRS.
Surface:
N am es.
acres.
W oodhull...................................... .............................. 1,236
N orth B ranch..............................
S outh B ra n ch ..............................
T o tal....................................... ..............................

2 ,m

A verage:
acres.
1.118
277
372

D e pth:
feet.
18
28
26

C apacity:
cubic feet.
876,550,000
810,000,000
421,190,000
1,667,740,000

1,767

FEEDERS.
M owhaw k Feeder, a t R exford F la ts ................39 M ohawk, south side, a t L ittle F a lls ............... 19
Schoharie C re ek ....................................................63 M ohawk, n o rth side, a t L ittle F a lls ...............60
M ohaw k, a t R ocky R ift................................ 3.92 M ohaw k, a t R om e................................................ 05
T o tal length in m iles

5.68

The supply of water for the Eastern Division of the Erie Canal is
derived from the sources named in the following table:
•
Sources.
Cham plain Canal, from M ohaw k R iver, a t Cohoes D am ........................
M ohaw k River, a t R exford F la ts .................................................................
Schoharie C reek .................................................................................................
M ohaw k River, a t Rocky R ift.......................................................................
M ohaw k River, a t L ittle F a lls ......................................................................
IIlion C reek .....................................................................
800 cubic feet 1
Chenango Canal, a t U tic a ...........................................
911 “
“ *
B u tt’s Creek, 2>£ m. east of R o m e.......................... 1.400 “
“ {
M ohaw k and Black R ivers, a t R o m e........................ 11,766 “
“ f
B ack R iver Canal, a t Rome. .................................... 1,294 “
“ |
W ood Creek, a t R om e...................................................
125 u
“ J

D istance
supplied.
7 mile.
20 “
25 “
27 “
9 “

Cubic feet
$ m inute.
6,570
10,979
6,800
10,602
12,643

48 “

16,296

T otal distance an d supply....................................................................... 136 “

63,890

* A n n u aiR ep o rt of th e State E ngineer and Surveyor on the Canals of N ew Y ork for the year
ending S • ptem ber 30, 1865, prepared by lio n . W illiam B. Taylor, w ith m aps, &c. A lbui y , C.
W e n d a £ l , 1866. 1 vol., pp. 135.




384

Canals of New f ’orle.

[November,

Tbe water supply of the Champlain Canal, from the junction with the
Erie Canal to one mile north of Waterford, is from the Mohawk River,
at Cohoes, five miles; thence' to the crossing of the Hudson River,
mile south of Fort Miller, from the Hudson River, at Saratoga Dam, 24
miles; and from Saratoga Dam to Whitehall, the supply is from Glen’s
Falls Feeder and Wood Creek, 35 miles.
The supply of water for the Black River Canal is as follows : From
Rome to lock No. 9 at Mohawk Aqueduct, 7 miles,from the Delta Feeder;
from lock No. 9 to lock No. 34, 10 miles, from Lansing Kill Feeder ; from
lock No. 34 to foot of lock No. 102, from Black River Feeder, and from
lock No. 102 to lock No. 109 from pond above dam at Lyons’ Falls.
The water furnished by the reservoirs, drawn only in the very dry sea­
son of the year, is passed down through the natural channels of Black
River and Woodhull, about 20 miles each, to the pond above the dam at
head of Black River Feeder; thence the necessary quantity is taken into
said feeder and passed to the sum nit level at Boonville. From the sum­
mit the Canal is supplied both ways. The remaining water, which is de­
signed to supply the Erie Canal, is passed off at the south end of summit
by a waste-weir into the Lansing Kill, thence into the Mohawk River, and
taken into the Erie Canal by the feeder from Mohawk River at Rome.
MIDDLE DIVISION.

The Middle Division includes the enlarged Erie Canal from Higginsville
to the east line of Wayne County; the Chenango; the Oneida Lake ;
the Oswego; the Baldwinsville; the Cayuga and Seneca, the Crooked
Lake and the Chenango canals; the Oneida River Improvement; the Seneca
River Towing Path, and the Cayuga Inlet, the lengths of each being as
shown in the following table:
Enlarged E rie C anal...............................
Lim estone F e e d er..............................
B u tte n iu (Orrville) F e e d e r ...........
Cam illus Feeder ................................
Oneida Lake C a n a l................................
Oswego C anal.........................................
Cayuga and Seneca C anal...................
C roon d i ake Canal ............................
Chem ung Canal and F e e d er.................
Chenango ( a n a l .....................................
On* ida Kivgr Im p ro v em en t...............
Seneca R iver Tow ing p a th ..................
Baldwinsville Canal (purchased 1840)
Cayuga In let.......................................
T o tal length in m ile s .....................

68.581
.80
1.55
1 . 00 -- 3.35J
6.00

38.00
22.77
8.00

71.93
6.00

38.00
22.77
8.00

39.00
97.00

39.00
97.00

20.00

20.00

5.00

5.00

1.0 0
2.00

1.0 0
2.00

310.70

310.70

Of this length, 155.35 miles are navigable for boats of the largest
class, and the remainder for smaller ones.
There are also upon this division, for the supply of water to the several
canals, the following works, viz.:
Reservoirs—Erieville, Cazenovia Lake, De Ruyter, Skaneateles Lake,
Madison Brook, Woodman’s Pond, Leland’s Pond, Bradley Brook, Eaton
Brook, Hatch’s Lake, and Kingsley Brook.
Feeders.— Oneida Creek, Cowassalon, Chittenango, Carpenter Brook,
Jordan, and Weedsport, and the feeders connecting the several reservoirs
with each other and with the canals.




1866J

Canals o f New York.

385

W ESTERN D IV ISIO N .

Tbe Western Division embraces the enlarged Erie Canal from the east
line of Wayne County to Buffalo, together with the Genesee Valley Canal,
as described in the following table:
Enlarged E rie Canal .........................................................................................................’ 148.50
Genesee R iver Feeder a t R o ch ester.........................................................
2.25—
2.25— 150.75
Gene ee Valley Canal, R ochester to M illg ro v e.......................................
110.50
D ansville Branch, Shakers to D ansville.....................'...........................
11.00
Genesee River F eed er a t O ram el..............................................................
.75— 11.75— 125.25
T o tal length in m ile s ..............................

14.00— 276.00 -

276.00

The canals in this division are supplied with water from the following
sources:
Erie Canal.—Lake E rie; Tonawanda Creek at Pendleton ; Oak Orch­
ard and Tonawanda Creek Feeder at Medina; Genesee Valley Canal at
Roches.er, and Genesee River at Rochester.
Genesee Valley Canal.— Allen’s Creek at Scottsville; Genesee River
near Mount Morris; Caneseraga Creek Feeder, two miles north of Dans­
ville; Mill Creek at tbe head of Dansville Branch in Dansville; Wiscoy
Creek Feeder; Genesee River Feeder at Oramel; Rockville Reservoir in
Belfast; two branches of Black Creek on Sum m it; Oil Creek Reservoir
on Summit, two miles north of Cuba ; Champlain Creek at Cuba on Sum­
m it; Griffin Creek at Cuba on Sum m it; Isehua Feeder from Isohua Creek,
connects with south end of Summit; Haskell Creek, near Weston’s Mills;
Dodge Creek at Portville, and Oswayo Creek south of Portville, all on ex­
tension, and Alleghany River, at head of Canal at Millgrove.
RECAPITULATION.
L ength of Canal, &c., in E astern D ivision................................................................
“
“
in Middle D iv isio n.................................................................
“
“
in W estern D iv isio n ...............................................................

307.00 miles.
310.70
“
276.00
“

T otal length o f Canal and R iver Im p ro v em en t......................................................

8S6.70 miles.

LOCKS AND LOCKAGE— SIZE OF BOATS.

The following statement gives the length of each canal, the quantity of
rise and fall in feet, the number of locks, size of chambers, and the size of
p ris m .
Canals.
Enlarged E rie C anal................. . . . .
Cham pla n C anal........................
G lens’ Falls F e e d er........... . .
Black R iv er Canal
.............
“
“ Im provem ent.___
“
“ F e e d e r s ...............
Oneida Lake C a n a l...................
Oneida Kiver Im p ro v em en t...
Oswego C a n a l............................
C a\ nga & Seneca C anal...........
Cayuga I n le t............................... .
Crooked Lake C anal.................
Chem ung C anal..........................
F e e d e r...................................
Chenango Can 1........................ .
Genesee Valley C anal...............
Dansville B ran ch ........................

L e n g th :
miles.
350.50
66.00
7.00
35.33 )
4 '. 50V
10.50
6.00
20.00
38 00
22.77
2.00
8.00
23.0 i
97.00
113.50
1 1 .0 0

R ise & No. c f
fall: ft. locks.
654.80
71
179.50
20
132.00
13
1,082.25

109

60.25
6.25
154 50
83.50
70.64
277.83
490.75
40.00
1,015 33
1,074.42
82.60.

7
2
17
11
11
27
49
4
316
104
8

Size of
cham bers.
110x18 feet.
116x18 “
110x15 “
90x15 “
90x15
120x39*
110x18
90x15
110x18
90x15
90x15
9i'xl5
90x15
96x15
90x15

“
“
“
“
“
“
“
“
“
“
“

Size of
prism s
70 & 56x7 feet.
50 & 35x5 “
50 & 35x5 u
42 & 2Sx4 It
40 & 26x4
80 & 60x4*
70 & 56x7
40 A; 26x4
70 & 56x7
42 & 26x4
42 it 28x5
41 & 26x4
40 & 28x4
42 & 26x4
42 & 26x4

41
44
44

U

“

44

“

Boats navigating the enlarged canals are built 97* feet long, and 17




386

Canals of Nev) York.

[November,

feet 8 inches wide; and, by resolution of the Canal Board, are restricted
to a draft not exceeding six feet below the surface of the water. Their
heights above water are likewise regulated, so that no part of the boat or
load shall exceed 1 feet above the surface of the water.
Boats navigating the old canals are built 78 feet long and 14^- feet
wide, and ar^ restricted to a draft of 3|- feet below the surface of the
water, no part of the load or boat being allowed to exceed 9 feet above the
surface.
The heavier built boafs on the Erie canal weigh 75 tons, and the boat
and cargo of the largest class 290 tons. The scow boats on the Genesee
Yallev and other non enlarged canals weigh about 30 tons, and the boat
and cargo some 110 tons.
AUTHORIZATION, COMMENCEMENT AND COMPLETION.

In the following table will be found the dates of the authorizing acts,
the dates of commencing and completing each work, and the cost as esti­
mated by the engineers, and the actual cost, with the average annual cost
of repairs per mile :
Canals, &c.
Erie, (old)
do (en la c ed )
C ham pla’e <fe F.
Black Riv, Can’l
Oneida Lake C’l
do Riv. Im p
Oswego (o ld )...
do (enlarged)
Cayuga & Sen’a.
Cayuira In le t .
Crooked Lake C
Chem ung & F
Chenango Can'l
G enes. V. C. &c

A uthor
ized.
April 15, 1ST7
May 11, 1835
April 15, 1817
A pril 19, 1830
M ar 22, 1832
April -,9, 1839
April 20, 1825
A pril 15, 1854
A pril 20, 1825
M ay 25, 1836
Aptil 11, 1829
A pril 15, 1829
Feb. 23, 18315
May 6, 1836

— D ates-------Comm enced.
Ju ly 4, 1817
A m', 1836
July, 1817
J a n , 1838

April, 1830
July,

1834

Completed.
Oct. 26, 1825
Septem . 1862
............. 1822
............. 1S49
............. 1836
............. 1850
Dec. 10, 1828
Septem . 1862
Nov. 15, I s28
Septem . 1862
Oct. 10, 1833
Septem . 1831
O ctober, 1835
Decemb. 1S61

Cost, of Cc>nstr’tion->Av. an’l
E stiAc- c’s to fre tual. p a’sp .m .
m ated.
$4,926,738 $7.143,7S9
$725
23,402,863 32.008,851
400
1,746,662
850
3,157.296
255
40,000 | purchas' d. I 502
50,000 j 110
100.049 f
610
227,000
565,437
1,926,339
2,511.992
525
660
214.000
150.000
811,188
1,133,149
540
119,198
156,776
720
331,224
314,395
1,960,456
270
2,316,186
380
2,002,285
5,663,183

The Genesee Valley Canal was completed to Dansville November 1,
1S42'; to Olean, November 1, 1856; and to Millgrove Pond, December,
1861. The Champlain Canal, between Fort Edward and the Lake, was
opened November 24, 1819, and the whole completed as above in 1822.
TOLLS RECEIVED AND COST OF REPAIRS.

The total amount of tolls received on all the canals from 1821 to the
close of 1865 has b e e n ................................................................................................................. $93,943,120
C ost of repairs, 181-665................................................................................................................. 21.035,519
Tolls, 1821-65, less co st of rep airs.....................................................................................$72,907,602

The amount of tolls received and the cost of repairs annually for the
twenty years ending September 30, 1865, are shown in the annexed
summary table:
Fiscal
year.
1846....................
1 8 4 7 ............... ........
1848 ............... ........
1849................... ........
1850................... ___
1851................... . . . .
1852................... ........
1853................... ........
18^4................... ........
1855................... ........

Am ount
of tolls.
3.460.976
3,153,614
3.377’784
3,390.477
2,702.070
3. 73,212
3,161,425
2,980,140
2,631.491

1816-55.......... ........ $ 0,839,333




2,379,534
3,353,169
4.790,518
5.02S 431
4,303,781
3,516,949

Cost of
repairs.
$606.93.2
762,043
890.042
629,600
378,2S6
367,606
428,089
520.971
812,813
1,595,672

1836-65.......... ........ $32,479,398

$6,992,954

Cost of 1 Fiscal
repairs. | vear.
$509 511 11856.................... .......
493,157 | 1S57................... .
687,793 | 1858 ................. .. . . .
528,371 | 1859....................
560.846 i 186
........
682,599 | 1861.................... .......
809.452 1 1862...........................
778,847 | 1863...................... ..
969,398 1 1864.................... ........
805.655 | 1S65.................... . . . .
$6,825,62^1

A m ount
of tolls.
$2,719,926
2,529,366
2,045.443

186G]

Collision at Sea.

38V

This shows the average rate of cost of repairs to amount of tolls in the
the ten years, 1846-55, was 22.13 per cent., and in the ten years, 185665, only 21.53 per cent. The ratio for the last decade would have been
much lower but for the extraordinary expenses in 1865 to repair the
damages done by the spring freshets.

COLLISION AT SEA.

Collisions between steam vessels have lately been of frequent occurrence, as
well as attended by fatal and disastrous consequences, demonstrating either the
existence of grave defects in our maritime code, or gross dereliction of duty on
the pan of these in charge of these vessels. In some of these instances the cul­
pability has been fixed, but in others the responsibility remains undetermined.
I t is of the highest importance that the official regulations for the prevention of
collisions with steamers should be efficient beyond all bounds of doubt That
there is, however, a prevailing belief that the code of directions is imperfect, is
evident from the opinions of several eminent nautical men, and may justify the
publication of the views of one whose nearly half-a-century’s nautical experience
entitles him to treat on this subject. We refer to Mr. E. C. Rutter, a retired
officer of her Majesty’s Postal Packet Service, now residing at Dover, who not
only points out the defects in our maritime code, but suggests modified regula­
tions by which he contends collisions may always bo avoided, and he adduces as
evidence of their practical value his successful working of the system for more
than thirty years in the navigation of the narrowest and most crowded part of the
British Channel. His suggestions have also found favor with several naval offi­
cers and members of Parliament to whom they have been explained, and they
have undertaken to bring the matter before the Board of Trade, the marine au­
thorities of which will doubtless investigate them, with the view, if they are
found practicable, to their official promulgation.
Mr. Rutter states, that of six “ situations ” of steamers set forth in the Ad­
miralty directions (1847), only the last one provides a correct and safe rule for
preventing collisions, viz.: “ that when two steamers meet end on to each other,
both are to put their helm3 to port.” No. 1 gives directions to one vessel only,
and that to lead to collision when the vessels are near, and to incur risk when
much apart. No. 2 represents two vessels at right angles, already safe, being
half across each other, but makes no rules for their courses being right-angled
instead of their hulls, which is a position of danger. N 03 . 3 and 4 represents
vessels approaching each other in direct opposite but parallel courses, where the
vessel would pass each other if continued so, but omits to provide for the con­
tingency of their being transverse, which is not indicated by the side lights that
are of the same color in both vessels in either of these cases. If the latter hap­
pened, it would be likely to cause accident by one vessel crossing the other, and
therefore a rule ought to be provided for both commanders to act by, though
none is given, it being merely stated that the vessels are passing each other to
starboard or to port, because the side lights are of corresponding colors to each other.
No. 5 represents two vessels approaching each other on oblique courses, but gives




388

Collision at Sea.

[November,

a rule to one commander only, and that, too, for him to put his helm the very
way most likely to produce collision ; while no direction 13 given to the other
commander, who is left to chance, in what is often a critical emergency, requir­
ing correct and prompt action in both officers.
The object wanted for the security of lives and property is that both officers
of steam vessels meeting each other in the night should have a rule of action
prescribed and known by both, so that each might know with certainty how
the other was going to put his helm, so as to act himself with confidence ac­
cordingly. Mr. Rutter has drawn a set of seven diagrams, which he says com­
prises every possible case of contingent difficulty between steamers, and from
these he deduces four clear and safe practical rules for universal guidance in all
cases.
The first case to be provided against is two vessels coming end on to each
other on the same line of track, when each will see the three lights in a triangu­
lar form on board the other, in which by both putting their helms to port they
will pass on the portside of each other.
The next case is when coming in opposite directions, but in different and
parallel lines of track, in which position each will see only one side-light of the
other, but both will be of the same color. In this case both vessels must go
clear of each other while their lights are kept of the same color, the only dan­
ger being in altering the helms, for if one put to starboard and the other to
port a collision would be inevitable.
The third case is when two vessels are steering across at right angles, or
directly athwart each other, but showing themselves ahead, in which position
the relative lights will be of different colors; that they are approaching in a
right angle direction will be manifested by rapidly changing the bearing of each
other’s lights; for, as the direction one is coming in having no relation to the
speed of the other, in consequence of its point-blank progress towards the oth­
er’s broadside, it seems like a fixed light to the other, whose speed alone causes
the rapid alteration of the bearing ; consequently, if an officer sees another steam­
er’s lights thus rapidly altering when not more than two points before the beam, he
knows she will quickly be abaft it, and there is no danger of collision. He could,
however, bring the light abaft the beam immediately by putting his helm the oppo­
site way to the other vessel’s light. The principal danger begins in proportion as
an opposite vessel’s light bears more than two points before the beam, except when
about two points from right ahead, because the rapid change of bearing is pro­
duced by the speed of the other vessel, which will as quicly cross the bow as
she would be abaft in the former case; only in this instance a change of helm
would be highly dangerous, for the officer must point right at the other vessel
before he could get under his stern, and unless he had considerable space to do
it in, collision would be certain. In all cases of such bearing, the only safe and
sure way is for both to put their helms hard over opposite ways, as indicated by
opposite lights, and to stop their engines, or at least, to have only sufficient way
to draw their heads round till their broadsides come abreast of each other, which
precaution is especially necessary when the vessels are i:: close proximity. The
vessels must be very close for a collision to happen at a ll; but, oven if it did
occur, the vessels thus coming in contact sideways the collision could not be a
serious one.




1866]

New Orleans and Her Material Interest.

389

The last case is of two'vessels approaching in oblique directions, eilher of
obtuse or acute angles differing from a right angle ; the course will then repre­
sent two sides of an angle rapidly converging toward apex or collision if obtuse,
and gradually so if acute. In this the same rule applies as in that of the rightangled one, viz.: that, as different colored lights indicate transverse courses,
putting the helms opposite ways, as guided by the contrary colored lights, must
avoid collision, because both vessels combining in turning their heads from each
other, a double effect is produced in the steerage.
From the above Mr. Rutter deduces two plain and certain rules which he be­
lieves quite as infallible as the one laid down by the Trinity Board against two
vessels coming stern on to each other, and might be equally efficacious to pre­
vent collisions if promulgated by official authority.

NEW ORLEANS AND HER MATERIAL INTERESTS.

We take the following from the NewOrleans Price Current of the 7th Nov.—
In an article on the trade of “ New Orleans and the Great West,” which was
published in our issue of the 3d of February, 1865, we referred particularly to the
importance of establishing lines of tug-boats, which, owing to their smaller cost
and greater capacity for transporting freight, would enable us to compete more
effectually with the lines of railroad running east. A t the time we wrote the
article referred to, we hardly expected that the tow-boat system which we had
so highly recommended would be so soon adopted ; for only a short time, com­
paratively speaking, had elapsed before one of this new class of boats, with many
freight barges in tow, reached our levee. This one was followed by others of
the same class, and the result is that a regular line is now established between
here and St. Louis under the name of the “ Mississippi Valley Transportation
Company.” These tow-boats are capable of transporting in barges, in tow, from
two thousand to three thousand tons of produce down stream at a trip, and from
six to nine hundred tons up stream, according to the stage of the river, and at
rates of freight much lower than those usually charged by the costly constructed
passenger boats. The success which has attended the starting of this line has,
we are glad to say, encouraged others to embark in the business. In a short
time there will be a line in operation between Cincinnati and this port which
will be styled the “ Ohio Valley Transportation Company.” For these addi­
tional facilities for increasing the commerce of our city we are, it is true, indebted
to the enterprise of others, who are, of course, to be the greatest gainers ; but, as
we failed to take the lead, either from lack of energy or means, we have no right
to complain. It is not too late, however, for ns to enter the lists of competition,
for the field is a wide one ; but it will be necessary not only to build boats and ships,
but railroads also, if we wish to retain anything like a fair proportion of the West,
ern or even the Southwestern trade. Our reliance on the advantages of our natural
position has already lost an immense amount of business which was once ours, and
which it will be difficult to recover again. Already lines of steamers have been
placed on Red River, the Arkansas and White Rivers, and in the Memphis trade, by
our competitors in St. Louis, Cincinnati and other Western cities, and if we expect




390

The Suez Canal.

[November,

even to share with them hereafter, wo must no longer remain inactive. Besides
the competition of these lines of Western boats, we have further to contend
with numerous and efficient lines of railroads, and these, notwithstanding that
New Orleans is the natural outlet for the produce of the Southwest, will every
year draw largely from the trade of the lower Talley of the Mississippi. This
we may as well make up our minds to expect; and yet, in fact, it should afford
no real cause of discouragement to those interested in building up the trade of
our city, if they will view the subject calmly and go to work in earnest. What­
ever may happen, we will always be sure of a considerable portion of the trade
cf the whole Mississippi Talley, and this, with the trade of the exten.-ivc and
prolific region of country west of us, the trade of which can be ours with but
comparatively little effort, and despite of all opposition, if we are true to our­
selves, will always assure us a fair share of prosperity. The important question
is, have our people got sufficient foresight, and energy, to avail themselves of
the wonderful opportunities which are open to them for adding to their own
wealth, and increasing at the same time, the material prosperity of our city. If
we should judge from the little public spirit which has been manifested hereto­
fore, when it was proposed to build railroads leading from the city into the in­
terior, and particularly in a direction to secure the Texas trade, we must confess
that we would feel much discouraged ; but we trust that a different feeling pre­
vails now, and that our large property holders in particular, who are really the
ones to be most benefitted, will no longer hold back, but, on the contrary, be
the leaders in every movement that is calculated to promote the general wel­
fare. Let them, as a beginning, have the short gap between the Opelousas road
and the Sabine completed in a brief space of them, so that we will have rail­
road communication wilh Houston and the several roads leading from there
further into the interior of Texas. This accomplished, let the next move be to
extend a road into Northwestern Texas which is not only a cotton, but also a
superior grain and stock raising region. By the building of these roads our
trade with Texas would be increased even at the present time to a very large
extent, and before the lapse of many years our business would grow to an almost
incalculable amount.

THE SUEZ CANAL.

A letter from Alexandria of the 6th of October, says : “ The cutting of the
maritime canal of Suez, in the section from Suez to Clmlouf, which was the last
commenced, is being carried on with great activity. This section, is divided into
three parts—one that of the quarantine at Suez, the other in the plain of Suez
at a distance of four miles, and that of Chalouf, ten miles distant. The number
of cubic metres (the metre is about 3 feet 31 inches) to be removed in these dif­
ferent points of the canal is 15,907,246. Since the commencement of the works
202,542 cubic metres have been extracted. There consequently remain to remove
15,704,704 metres cube. The number of laborers employed on the whole line is
2,200, of whom 1,500 are at Chalouf, 350 in the plain of Suez, 350 at the quar­
antine. The extraction is made at Chalouf by means of several inclined planes




A N ew Textile.

391

with locomotives, which present the advantage of greatly assisting labor. Eighty
miners and 200 laborers are occupied in blowing up the rock, which in this place
is in the line of the canal, and of which the volume is 24,393 cubic metres. A t
the present moment 13,85G metres have been removed, so that there remain
10,539. The average monthly work done on this rock being 2,100 cubic metres,
five months will stiil be necessary before it is completely finished. The earth­
works in this place are, so to speak, insignificant compared with the rock; they
amount to 113,566 cubic metres, of which 87,915 have already been taken away.
For some time past the recruiting of Arab laborers has been made with facility,
and the engineers have succeeded in inducing them to use wheel-barrows instead
of couffins, which are much more convenient. If no obstacle should arise to
disturb the recruiting, the preparatory works may be finished before the period
originally fixed. The works of the Quarantine, and those of the Plain de Suez,
consist in cutting two parallel trenches, which will give access to the first dredg­
ing machines. These trenches are 20 metres wide and nearly 90 centimetres deep,
and are designated as Trench of Asia and Trench of Africa. A t the Quaran­
tine these trenches are 4,100 metres in length, and the banks of the Maritime
Canal are thus indicated for all this length, with a trench on each side to receive
the dredging machines. In the Plain of Suez the Trench of Africa is executed
to a length of 2,400 metres, and that of Asia of 1,400. Certain modifications
have recently been made in the line to be followed in the environs of Suez. A
mass of rock, of 300,000 metres cube, instead of being cut through, is to be
turned, and this will constitute a saving of abont 10,000,OOOf. (£400,000) in the
original estimate. By a recent decision of the directors, the width of the canal
is to be 102 metres in those parts in which it lies below high water.”
A NEW TEXTILE,

The last discovery which comes to us from Nevada is agricultural rather than
mineral, but very important. It is of a new textile, such as was eagerly sought
when the rebellion broke out, but unsuccessfully. The plant now discovered
has its home in the Plumboldt Valley, where it grows in large quantities, and
can, of course, be made to grow more thriftily by cultivation, while if it has the
values which are ascribed to it, it will soon be removed to other fields and pro­
pagated among regular crops.
The plant is said by the discoverers to be superior to any textile now in use.
Though styled hemp, it is so called on account of its closer similarity to that
than any other grow'th. It has a stronger and finer fibre than the proper hemp,
and a much longer staple. In proportion to the wood, too, the fibre is much
more abundant. It can be more easily separated than flux or hemp, and can be
stripped clean from the stalk without preparation.
Nevada, lies between thirty-seven degrees and forty-two degrees north. This
corresponds with the !altitude of Northern California, of San Francisco, Balt
Lake City. Indianapolis. Columbus, and Philadelphia. The Humboldt River,
along which the new hemp grows, runs from the mountains of that name west­
ward, through a mountainous country. If, therefore, experiment proves what is
now claimed for this textile, it can be prolonged in its cultivation from its
original habitat to our own doors, and will "enhance the value of the hemp har­
vest in those States where it is now an important feature.—Phila. Gazelle.




392

Report of the Secretary of the Treasury.

[November,

REPORT OF THE SECRETARY OF THE TREASURY FOR THE FISCAL YEAR END­
ING JUNE 30, 1S66.

The following is the report of Secretary McCulloch for the fiscal year ending June
;
"Washington , Thursday, Oct. 11, 1866.
\
The fiscal year ending on the 30th of June, 1866, was one of great material pros_
perity to the Treasury Department. The respective balances for the commencement
and conclusion of the year were as follows :
S O , 1866

Cash on hand J u n e 30,1865 ............................................................................................
Cash on hand Ju n e 30,1866.............................................................................................

$858,309 35
130,669,815 19

N e t g a in .......................................................................................................................

$129,811,506 O4

If the gold in the national vaults, estimated in the foregoing figures at par, were
expressed in currency figures, it would show a balance on hand at the conclusion of
the year of over $160,000,000.
The receipts and expenditures of the United States for the fiscal year are as follows
E X P E N D IT U R E S .

R E C E IP T S .

F rom C u sto m s:
O uart’r end. Sept. 30.. .. . . . .
do
do Dec. 31......... . . . .
do
do M arch 31___ . . . .
do
do J u n e 30........ . . . .

03
39
83
39

F irst quarter.................. ........ $10,571,460 99
Second q u a rte r.............. ........
9,377,132 25
Third quarter.........................
9,248,033 17
Fourth q u arter.............. .......
11,853.339 55

T o ta l.........................
Pensions and Indians:
F irst q u a rie r.............. . . ..
Second q u arter.............. ........
175,245 56
Third quarter................. . . . .
180,175 21
Fourth q u a rte r.............. .
176,719 63

T o t a l.............................
F r m i Public L a n d s :
F ir s t q u a r te r .....................
Second q u a rte r.................
T h ird q u a rte r....................
F o u rth q u a r te r .................
T o ta l.............................
From D irect T a x :
F ir s t q u a r te r .....................
Second quarter...................
T h ird q u a rte r.....................
F o u rth quarter...................
T o ta l............................
Internal R e v e n u e :
F ir s t q u a r te r ....................
Second q u a rte r..................
T h ird q u a rte r.....................
F o u rth q uarter .................

Civil, foreign, and m iscellaneous:
$17,009,583
39,216,338
46,645,597
46,175,151

$665,031 03
$31,111
368,843
1,086,163
488,636
....

30
31
44
07

$1,974,754 12

$6,024,24 1 86
1,437,62 • 52
5,808,127 04

Total ........................
War:
F irst q u a rte r................. ........ $165,369,237 32
Second q u arter.............. ....... 68,122,541 65
Third quarter................. .......
38.213,900 16
Fourth q u arter...............
Total.........................
N avy :

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

$96,618,885
82,597,156
66,153,031
63,857,738

65
93
31
93

F irst q u a rte r................. ........ $16,520,669 81
Second quarter...............
Third quarter............ .
7,438,932 28
9.218,474 44
Fourth quarter............... ........

T o ta l............................. . . . . $309,226,812 82
Total......................... ....... $43,519,632 21
M iscellaneous:
Interest :
F irst q u arter................. ........ $36,173,481 50
F irst q u a rte r....................
Si cond q u arter.............. ....... 30,721,527 37
Second q u a r te ...................
T h ird q u a rte r..................... . . . .
10 ,("74,024 30
Third quarter................. ....... 39,024,447 51
18,342,516 66
Fourth q u arter...................... i6,155,2S0 89
F o u rth q u a r te r ................. . . . .
T o tal..............................

From these figures it appears that the
66 wire as follows :
R E C E IP T S .

Total.........................
:e ip ts a n d e x p e n d itu re s o f th e y e a r 1 8 6 5 E X P E N D IT U R E S .

F rom custom s.. ................. ........ $179,046,630 64 I Civil, foreign and m is...................$11,049,9(55
665,031 03 I P ensions and Indians ............... 16,253,300
F ro m public la n d s........................
1,974,754 12 | W ar................................................. 284,449,701
From direct t a x ............................
From in tern al revenue ............. 309,226,812 81 N a v y ............................................. 43,519,632
65,125,966 46v In te re s t.......................................... 133,074,737
F ro m m iscellaneous.....................
T o ta l............................................. $556,039,195 06




96
44
82
21
27

Total .............................................$518,347,337 70
T otal re c e ip ts ............................... 556,039,195 06
T otal ex p en d itures...................... 518,347,337 70
E x c e s s o f r e c e i p t s .................... $37,691,857 36

The United States Debt.

1866.]

393

But this excess of thirty-seven millions of receipts does not show the capacity of
the country to pay off its debts, for it all occurred in the last few months. The war
expenses of the first quarter were $165,000,000; during the last quarter they had
dwindled to $12,000,000. The expenditures of the War Department during the
coining jear would be over $240,000,000, less than that of the past year, were it not
for the Equalization Bounties Bill.
As compared witl^the fiscal year ending June 30,1865, we find in the past year an
increase of receipts from Internal Revenue of $100,000,000, and of customs of $95,000,000; while there has been a diminution of expenses for war of over $750,000,000, and for the Navy of $8^,000,000. The year ending December 31,1865, sh >wed
a deficiency of $619,000,000 : six months after that time, the year ending June SO
1866, showed an excess of receipts over expenditures of nearly $37,000,000.

PUBLIC DEBT OF THE UNITED STATES.
Abstract statement, as appears from the books and Treasurers’ returns in the
Treasury Department, on the 1st of September, 1st of October and the 1st of Novem
ber, 1866, comparatively :
D E B T B E A R IN G C O IN IN T E R E S T .

5 p er cent, b o n d s..................................................................
“
“
o f 1867 and 1808...................................
“
“
of 1881.....................................................
“
“
5.20’s .......................................................
Navy Pension F u n d ............................................................

Sept. 1.
$198,091,350
18,323,592
283,734,800
773,422,800
11,750,000

Oct. 1.
N ov. 1.
$198,091,350 $198,( 91,350
18,3-23,592
16,(33,742
283,738,750 2&3,739,750
798,162,250 823 944,000
11,750,000
11,751,0.0

$1,2S8,322,542 $1,310,005,94. $1,333,558,842
D E B T B E A R IN G C U R R E N C Y IN T E R E S T .

6 p e r cent, b o p d s..................................................................
Tem porary L o a n ....................................................................
3-year Compound In te re st N o te s ......................................
3-year 7.30 n o te s ...................................................................

$8,202,000
45,538,0' 0
155,512,140
769,518,900
$1 079,668,960

$8,922,000
22,500,000
155,512,140
743,996,050

$9,882,000
.
148,512,140
724,014,300

$930,930,190 $882,408,440

D E B T ON W H IC H IN T E R E S T H A S CEA SED .

V arious bonds and n o te s ....................................................

$4,670,160

$23,302,372

$36,988,909

D E B T B E A R IN G NO IN T E R E S T .

U n ite d States N o tes..............................................................
Fractional cu rren cy ..............................................................
Gold certificates o f d eposit............. ................................

$399,603,592
26,483,998
15,480,220
$141.410,047

27,029,273
11,057,640

$399,165,292$390,195,785
27.588,010
H ',896,980

$437,252,205 $428.680 775

A ggregate d e b t.......................... ..........................................$2,728,314.836 $2,^01,550,709 $2,681 616,966
Coin and Currency in T r e a s u rf.......................................
132,631,668
128,213,767
130,326,1*6
D ebt, less coin and currency............................................... $2,595,683,168

$2,573,338,941$2,551,310,006

The following statement shows the amount of coin and currency separately at the
dates in the foregoing table :
Sept. 1.
$76,333,918
56,297,750

Gold C oin.........................................
C urrency...........................................

T o tal gold coin and cu rren cy .............................................. $132,631,668

V OL. LV — N O . V.




<W|

Oct. 1.
$86,259,909
41,953,858

Nov. 1.
$99,413,018
30,913,942

$128,213,767$130,326,960

Commercial Chronicle and Review.

394

TREASURY DEPARTM ENT,-INSTRUCTIONS TO

[Nov3inber,

CORRESPONDENTS.

As the regulations of the Treasury Department relative to United States securities
are imperfectly understood by the public, a revision of these regulations has just been
made by the Register of the Treasury. New instructions are added, and forms are
furnished which will render easy the correspondence with the Department on the
various subjects growing out of this now world-wide interest. The exchange, the
transfer, the conversion of bonds, the payment of interest, the assignment of stocks by
heirs, by executors, <fcc., and this in foreign countries and in various tongues, require
that the rules and forms adopted for security of both holder and government should
be known. We copy from it the instructions to correspondents with the Treasury
office:
“ Letters relating to redemption of public securities, the conversion of 7 3-10 Trea
surv notes, or the exchange of coupon bonds for registered certificates, should be ad"
dressed to the Secretary of the Treasury. Letters relating to the transfer of registered
stock, or payment of interest on the same, should be addressed to the Register of the
Treasury. The transfer books are closed for thirty days previous to the day for pay­
ment of dividends, and stockholders desiring the place of payment changed must give
notice to the Register one month at least before the day of payment. When bonds
are sent for transfer state where interest is to be made payable, and always inclose
stock of different loans in separate letters. When specifying the different loans, or
referring to the interest, name the amount of stock, and describe the loan by the date
of the act of Congress authorizing it. Powers of attorney for the assignment of United
States stock, and assignments, must be properly filled before transmission to the Re­
gister, as no blanks can be filled in his office. Powers of attorney to draw interest
should be addressed to the First Auditor of the Treasury.”

COMMERCIAL CHRONICLE AND REVIEW.
Public d eb t statem en t—D ebt should n o t be paid too rapidly—Speculation in W all-street—Un
essences in com m ercial circles—C ourse o f gold—T reasu re m ovem ent—P rices of governm ents
—E ailro ad earnings, etc., etc.

The November statement of the public debt, which has just been issued, is a
very satisfactory one in many respects ; but it is of especial interest as bringing
prominently forward the two important questions respecting it—first, its con
solidation, and second, its pressure.
First, as to consolidation. The obligations of the Treasury, as the report
shows, amount to 2,551 millions. Of these more than half are consolidated into
long bonds, the aggregate of which is 1,343 millions. The rest consists of 411
millions of currency, not redeemable; and about 926 millions of short obliga­
tions, which are redeemable at various times, 50 millions being due on demand,
200 millions in the summer and autumn of 1857, and 326 millions in June and
July of 1868. I t is with these 926 millions of short-date paper that we have
chiefly to deal in carrying on the work of consolidation, and the entire mass will
have to be got out of the way in one year and eight months from this time.
After this general survey, it is superfluous to say that an immense financial task
spreads itself out before us. The amount we have to fund is greater than was
ever funded in the same interval by Great Britain in the most expensive period
of her wars with Napoleon ; it is far greater than was ever funded in two years
by any nation in the world. Could we not look back on the last year of the
war, and remember that we then raised 1,800 millions, we might well be appalled




1866]

Commercial Chronicle and Review.

at the prospect before us. But with such past proofs of what we can 60 and
bear, with our experience o f the vast recuperative expansiveness of our resources
we need have no fear as to our success in the work of providing for our maturing
obligations in the next 18 or 20 months.
Second, as to the pressure of the debt on the resources of the country, this
might arise from its absorbing floating capital, and thus preventing this capital
from becoming productive in the industrial activity of our people. In the fund­
ing of our floating debt, however, this cannot occur, as the process involves
merely the changing of the form of the obligation, and the converting of one in­
vestment into another. There are, however, other ways in which the public debt
might exert an undue pressure on the capital of the country. For example,
there are cases where over-taxation is resorted to to pay off a public debt. To
the farmer it is impoverishment, if not ruin, to consume his seed-corn. But the
active capital of any country is, as it were, the seed corn of the field of finance ,
it is the germ which will fructify and bring forth crops of future capital. To
take from a farmer, or a manufacturer, or a merchant, by taxation, such a part
of his annual returns as impairs bis working capital, is to mutilate his wealthproducing faculties, and the process, if extended over an entire country, will ne­
cessarily check its growth in wealth. Thus a small aggregate of excessive taxa­
tion may in a short time deslroy ten times as much capital as it brings into the
Treasury. Let us not be misunderstood. We do not object to the liquidation
of our debt as quickly as possible. The point on which we insist is, that it is
very bad policy to tax ourselves for this purpose so heavily as to paralyse or
maim our productive powers, to depress any of our great industrial interests, or
to diminish the volume of any of those streams of capital which the mighty pro­
ductive springs of wealth are constantly pouring into the reservoir of the na­
tional resources. From what has been said it is evident that we do not regard
with much favor the extravagant predictions which are current, of our paying
off the debt in one or two decades of years. We can never enrich a nation by
impoverishing its individual citizens, but we can as truly diminish the pressure
of a burden, when we give more strength to the shoulders that bear it, as when
we lessen the burden itself. It has been well observed, that the pressure of a
national debt is not to be estimated by the aggregate amount of the principal,
but by the annual interest which has to be paid upon it, and by the proportion
these payments bear to the aggregate incomes of the whole people. In this point
of view we have always regarded the annual interest of our debt as a matter that
should on no account be ever omitted. For some reason, which we are at a loss
to discover, the omission has been allowed for a few months past, and it has justly
given rise to some very natural public complaints.
In the report of the debt for last month, as our readers will see by consulting
it, there are several particulars of a very gratifying character, such as the can­
celling of nearly 16 millions of greenback and compound legal tenders, the dis­
appearance of the temporary loan from the schedule, the emission of a new series
of long bonds intended to form the nucleus of our consolidated debt, and the
vigor with which the conversion of Seven-thirties into long bonds has been con­
ducted by the financial agents of'the Treasury. On these and other related topics
we may have something to say hereafter. A t present we will only call attention




396

Commercial Chronicle and Review.

[November,

once more to the needless enlargement of the coin balance in the Treasury. A
considerable part of this gold might be disposed of with equal saving to the
Treasury and advantage to the people.
The leading topic of discussion in Wall-street is the current speculation in the
stock market and elsewhere, which as yet shows very few immediate signs of
abatement. Its causes a;e still so active that we can scarcely forecast the time
when the inevitable reaction will set iu. Among the chief of these causes we
may mention the efforts of the cliques of capitalists which control and manipu­
late almost all the leading securities on the list, after having bought up for that
purpose a large proportion of the outstanding shares ; secondly, the mischievous
and morbid ease in money, which permits these cliques to raise on favorable
terms the immense sums they require to carry out their projects ; thirdly, the
presence of a large number of outside speculators eager to purchase, consisting
of men from the West, the South, and indeed from almost all parts of the country,
most of whom are intent on buying stocks, in the full confidence that what is
bought to-day will sell at a higher price to-morrow. A t present, as the money
market is tranquil and no adverse forces oppose the current of popular opinion,
the tide of inflation and of advancing prices tends continually towards that cul­
minating highest point at which the reaction will begin. The following are the
rates of loans and discounts during the month :
B A T E S O F LO A N S A N D D ISC O U N T S.

Oct. 5.
Call loans.................................................. ........ 4 @ Loans on Bonds and Mortgage.............. ........ 6 @ 1
A 1, endorsed bills, 2 mos......................
@Good eudorBed bills, S & 4 mos.............
@ 6
“
“
single names..........
@7
Lower grades...........................................
@12

Oct. 12, Oct. 19.
4 @- 4 @ 5
6 @7 6 @7
4|@ - 5 @ 5 @ 6 H@ 6
6 @7 6 @ 7
9 @12 9 @12

Oct. 2G.
4 @ 5
6 @7
5 @5J@ 6
6 @7
9 @12

The most notable feature of the business of the month has been the develop­
ment of a vague feeling of apprehension in mercantile circles. I t would be
difficult to account for this new phase of affairs upon any definite grounds.
Perhaps it may be traceable chiefly to a disappointment which has certainly
been experienced among merchants in the interior as to the character of the fall
business. The purchases of the Western jobbers during the early part of the
season were quite liberal, based upon an expectation of a good demand resulting
from a"plentiful harvest. They now report that the demand from the retail
dealers is limited ; and that owing to the high prices at which they have to offer
merchandise, they find it impossible to do an average amount of business. A t
the same time, there are complaints of difficulty in making collections, the re­
sult of which has appeared in the interior jobbers having to request renewals
of their maturing notes. The obvious explanation of these symptoms is that the
high prices of goods are at last compelling a sharp curtailment of consumption.
This phase of business has not been unanticipated among merchants and manu­
facturers. On the contrary, its appearance has been looked for with anxiety, as
the period at which the inevitable test of the soundness of the present condition
of affairs mu3t be applied. They have taken the very rational view that so long
as consumers would take the ordinary amount of goods at the current prices




1866]

Commercial Chronicle and Review.

397

there could be no material change in values; but have ako foreseen that, so
soon as the community found it necessary to economise consumption, it would be
impossible, with the current large production, to sustain the present high rate
of values It, therefore, is not surprising that these signs of the times should
produce a certain degree of anxiety among our city merchants.
The uneasiness suggested from these causes has been heightened by the failure
of a la"ge manufacturing firm at Cohoes, involving the suspension of a well
known commission house in this city, and by the suspension of two firms en
gaged in woolen manufacturing in New England. Owing to these circum­
stances October closed with a feeling of great depression in *the dry goods mar­
ket and also in the wool trade.
As yet, these influences have scarcely produced any tangible effect upon the
discount market. There is less disposition to buy pap er; but this is perhaps
chiefly attributable to the banks being able to get higher rates upon call loans
and to their anticipating a still further advance in the rate of interest during
November. There is no reason for supposing that any paper hitherto negotiable
would be now refused at an advance of one per cent, in the rate of discount.
The speculative movement in stocks, during the month, has exceeded in
volume anything in the history of Wall street. The large amount of idle capital
held by the banks has been available to the brokers at 3@5 per cent, on call,
and without stint as to amount—a circumstance quite sufficient to induce spec­
ulative combinations of great influence and to create wild fluctuations in the
prices of securities. The immense transactions of this character have produced
an amount of banking transactions which in ordinary times wou’d have been
deemed impossible of realization. For the four weeks of October, the exchanges
a t the Clearing House aggregated S3186,427,641; which is more than equal to
five months transactions six years ago.
The following statement shows the transactions in securities at the regular
and open boards, daring October :
Shares, sold a t R egular B oard.................................................................................................
“
“ a tO p e n B o a d .......................................................................................................

1,421,880
1,652.220

T otal sold a t b o th boards . . .
G overnm ent Bonds so ld ...........
“
N o tes “ ...........
S tate an d City B onds “ ...........
R ailroad and o .b e r Bonds sold.

3,074,106
$10,282,300
2.7 3,250
2,793,300
1,234,700

T o tal Bonds and N otes sold

$17,012,550

The following are the closing quotations of the leading stocks on Friday of the
last seven weeks:
C um berland C oal.............
Q u ic k silv e r.......................
Canton Co..........................
M ariposa p r e f ...................
N ew York*Central...........
E r i e .....................................
H udson R iv e r...................
R ea d in g ..............................
M ichigan S o u th e rn .........
M ichigan C en tral......... ..
Cleveland and P ittsb u rg .
Cleveland and T o led o___
N o rth w e s te rn ...................
“
p re fe rre d ..
R ock I s la n d .......................
F o rt W a y n e .......................
Illin o is C e n tra l.................




Sep. 21.
43
54
33%
106#
75 %
120#
115
85%
118
87
11754:
35%
67%
111
105#
131%

Sep. 28.
■■5%
53>4
54%
30%
11114
7914
1 2 !«
116%
85%
89%
121 #
37%
71
112
107%
123%

Oct,. 5.
53%
55%
30%
118
90%
122%
116%
89%
114
89%
122%
42%
73%
107%
108%
123

Oct. 12.
58
54%
55%
30%
11S%
83%
122%
116%
80%
117%
93%
127%
46%
75%
108%
109%
123

Oct. 19. Oct. 26.
5 8#
(il
55%
56
53
2 9#
31%
1'9%
120
84
83%
125
115#
115%
90%
92%
91%
120
51%
76
108%
109%
127

9 2#
12»
57%
80%
109%
109%
125#

N ov. 2.
67%
55 #
65%
31
119%
8514
125%
117
93%
116%
94
120%
58%
80%
111%
111%
120%

398

Commercial Chronicle and Review.

[Nov e mber,

The gross earnings of 'he undermentioned railroads for the month of Sep­
tember, 1865 and 1856, comparatively, and the difference (increase or decrease)
between the two years are exhibited in the following statement :
R ailroads.
A tlantic & G reat W este rn ...............
Chicago & A lton................................
Chicago and G reat E a s te rn .............
Chicago & N o rth w e stern .................
Chicago, R ock Island & P a c ific ...
E rie (incl. Buffalo D ivision)...........
Illin o is C en tral..................................
M arietta & C in cin n ati...................
M ichigan C en tral..............................
M ichigan S o u th e rn ..........................
M ilw aukee & Prairie du C hien___
M ilwaukee and St. P a u l...................
Ohio and M ississip p i......................
P ittsb u rg , F o rt W ayne & Chicago
Toledo, W abash and W estern . . . .
W estern U n io n ..................................
T o tal (1G roads)

1865.
$540,537
401,280
106,389
946,707
389,489
1,435,285
739,736
125 252
460,661
486,SOS
228,020
300,841
350,348
795,938
379,981
75,677

1866.
$526,959
318,549
103,037
989,053
396,050
1,411,347
551,021
108,338
429,160
429,191
150,989
275,906
278,701
661.608
349,117
84,462

DifferenceDec. $13,578
Dec. 82,731
3,352
Dec.
Inc.. 42,346
6,561
Itic..
Dec. 23,938
Dec. 188,715
Dec. 16,914
Dec. 31,501
Dec. 57,617
Dec. 77,031
Dec. 24,935
Dec. 71,647
Dec. 134,330
Dec. 30,864
8,785
Inc..

$7,762,949

$7,063,488

Dec. $099,461

The earnings for the first n'ne months of the years as above are shown in the

following table :
Railroads.
A tlantic & G reat W e ste rn .............
Chicago and A lto n ............................
Chicago and G reat E a s te rn ...........
C licago and N o rth w estern ...........
C licago, Rock Island & P acific...
E rie (including Buffalo D ivision).
Illin o is C entral..................................
M arietta and C incinnati.................
M ichigan C entral........................
M ichigan S o u th e rn ..........................
M ilw auace & P rairie du C hien___
M ilw aukee and St. P a u l.................
Ohio and M iss is sip p i.......................
P itrsburg, F t. W ayne and Chicago.
Toledo, W abash and W este rn ___

1S66.
$4,141,038
2,722,541
920,844
6.175,981
2,366.148
10,644,721
4,690,515
852,771
3,043,217
3,386,871
1,354,558
1,661,606
2,485,782
5,466,179
2,639,339
584,017

D ifference
Inc. $352,455
Dec. 214,849
Inc. 143,490
434.6S6
Inc.
Dec. 167,991
495.494
Dec.
Dec. 687,129
37,745
Dec.
Dec. 194,098
68,215
Dec.
17,148
Inc.
40,026
Inc.
Dec. 237,733
Dec. 871,055
096,757
Inc.
86,958
Inc.

$54,338,917 $53,136,128

Dec.$l,202,789

1865.
$3,788,583
2,937,390
777,354
5,741,295
2,534.139
11,140.215
5.377,644
890,516
3.237,315
3.455,086
1,337,410
1,621,580
2,723.515
6,337,231
1,942,5S2
497,059

Western Union...........................
Total (16 roads) ..................

The aggregate earnings of the same roads in September, as compared with
those of August, show the following result:
S eptem ber..........................................................
A u g u st................................................................

1865.
$7,762,949
7,182,414

1866.
$7,088,488
6,584,861

Increase in Sep tem b er....................................
do
do p. c ...................................

$580,535
8.84

$528,627
8.09

D e c re a se ....
D e c re a s e ....
D e c re a s e ....
D e c re a s e ....

Difference.
$699,461
647,553
$51,908
8.94

This shows that the increase of business for September has been very nearly
equal in the two years, and certainly is more favorable for the current year than
could have been anticipated. The aggregate decrease for the nine months from
the figures of 1865 is now $1,202,789, or 2.21 per cent. I t is evident from this
showing that the business of the country has not been falliug off, since many of
the leading companies have been carrying freight at reduced rates. I t may also
be assumed that labor and materials have cost less in 1866 than in the previous
year, while expenditures for repairs and new rolling stock have not been as great,
and hence that larger net earnings have probably been made. These consider­
ations point to a continuance of dividends, except in special instances, as with
the Erie Company, where earning3 have been diverted from their legitimate uses.
The course of the gold market has been comparatively steady. The impor­




Commercial Chronicle and Bevievj.

1866]

399

ters and professional operators appear to have discovered the folly of keeping
the market constantly oversold, thereby producing a chronic scarcity of gold,
sustaining the premium, and playing into the hands of strong combinat:ons for
forcing up the price; and there has consequently been a marked falling off in
the amount of “ short” transactions, while the rate of interest on borrowed coin
has been nominal. The anticipation of the disbursement of about $24,000.000
of gold upon the November coupons has had much less effect upon the premium
than might have been expected, the price at the close of the month being about
the same as at the opening. This circumstance appears to be due chiefly to
the unsettled condition of home politics and to the new diplomatic aspects sug­
gested by the reported adjustment of the Mexican question. The highest price
touched during the month was 1531, and the lowest 1451. We annex the daily
quotations for the month :

M o n d ay ...
T uesday__
W ednesday.
T h u rsd a y ...
F rid ay .........
Saturday . ..
S un d ay ........
M o n d ay ___
T uesdav. ..
W ednesday.
T h u rsd a y ...
F r id a y ........
Saturday ..
S un d ay ........
M o n d ay ___
T uesd ay ___
W ednesday
T h u rsd a y ...
F rid a y .........

W
11146

145%
147%
147%
148%
148%
148%

146%
148%
141%
148%
149%
149%

8 149% 149% 14S%
9 149 149% 148%
.10 149% 151% 149%
11 151 153% 151
12|150% 153% [150%
13 153% 154% 15'2%
.14
15|l53% 153% 150%
16,149% 150% 147%'
.17 148 148% 147%
181148% 148% 148%
19|148%[1<9 147

149%
149%
150%
152%
153
153

146%
147^ 148%
3 14S>£ 148%
4 148% 148%
5 148% 149%
0 i m 149%

150%
148%
148%
143%
147%

147
S u n d a y ........................211.
146%
T u e s d a y ...................... 23 n -'-\
W ednesday..................24 117%
T h u rsd ay ..................... 25 146%
F rid ay ...........................20 148
Saturday.......................27 140Jg
Su n d ay......................... 38
M onday....................... 29 145%
146%
146%
146
141%'
192
149%
i«i%
10

Oct’r.,.1866..
“
“
“
“
“

1805..
18(54..
1803..
18(52..
1861..

OQ
Tfl
a

Closing

D ate.

Lowest.

D ate.

Openi’g

COURSE O F GOLD F O R OCTOBER.

147

146# 146%

146%
147%
148%
148
148
140%

145%
145%
147%
140%
*47 %
145%

14656*
147%
117%
148
147%
140%

145% 146 140%
140% 140 140%
146% 146% 140%
154%
149
237%
15(5%
133%
100

145%
141%
189
140%
122
100

140%
1465*
223%
140%
130%
100

The movement of treasure at this port has resulted in an excess of supply over
export amounting to $5,202,207. The movement for the last four months
shows a gain of nearly 1G millions ; for the first ten months of the year, however,
the exports exceeded the combined imports from California and from foreign
ports by §11,293,135. The receipts from California are again assuming large
proportions, the receipts for the ten months being larger than for the same period
of any of the last seven years* This is, to a considerable extent, due to the large
arrivals of treasure at San Francisco from Nevada, the receipts for tne first
nine months of the current year having exceeded $11,009,000. The following
figures will show the movements of treasure at this p o r t:
M OVEM EN T O F T R E A S U R E A T N E W

M onths, &c.
J a n u ary ........
F e b ru a ry ....
M arch...........
A p ril............
M a y ...........
J u n e .........
J u ly ...............
A u g u st.........
S e p te m b e r..
O ctober.......




/------------- N ew Supply.------------,
California. F o reig n . T otal,
$1,485,314
$72,771 $1,558,087
3,(503,000 .172,122 3,775,122
3,958.291
285-854 4,244,145
1,539,321
1(51,817 1,701,138
3,992,148
393,073 4,385,221
1,842,271
94,549
1,93(5,820
0,754,009
345,901 7,100,030
4,477,059
209,221 4,716,880
2,884,432 5,193,473 8,077,905
4,902.207 1,500,000* 6,402,107

YORK.

E xp o rts to ,------ E xcess of------,
for. ports.
Supply.
Export.
$2,70(5,33(5 $ ............. $1,148,249
1,807,030 1,9(58,092 .............
1,015,039 3,199,10> ........
588,875 1,112,203
...............
23,744,194
19,358,973
15,890,95(5
13,954,130
5,821,459 1,278,171 ...............
1,587,851 3,159,029
.........
834,550 7.243,355 ...............
1,200,COO* 5,202,207
...............

Commercial Chronicle and Review.

400
Jan.
do
do
do
do
do
do
do

[November,

Oct. ’60.............................$35,430,313 $8,488,841 $43,918,155 $55,520,290 $ .............$11,298,135
do
do
do
do
do
do
do

’05............................. 10,232,838 1,773.401 18,000,239 25.180,342 .............
’64............................ 9,719.908 1,988,919 11,708,827 37,432.083 ............
’63............................. 10.037.211 1,306,174 11,943,385 39.056,152 ............
’62............................. 20,992.949 1,201,253 22,194,802 49,541,658 ............
’61.............................31.217,21S 35,826,058 67, 43,270 3,294,852 63,74S,424
’60............................. 28,208,791) 2,236,405 30,445,255 41,562,770 ............
’59............................. 33,025,558 2,463,700 35,489,258 61,270,019 ............

7,180103
25,723,266
27.113,267
27,347,456
............
11,117,515
25,780,761

* E stim ated.

From San Francisco the combined exports of treasure and merchandise during
the first nine months of the current year compared with the same period of
1864and 1865, were as follows:
1864.
M erchandise e x p o rts........................................... $9,528,513 00
T reasure e x p o rts ................................................. 43.712,669 00

1865.
$10,105.919 31
33,111,365 37

1806.
$12,171,63100
34,688,432 85

T otals .............................................................$53,301,102 00

$43,217,284 68

$46,860,003 85

The receipts of treasure from ail sources at San Francisco, through regular
public channels, during the same nine months of 1866-, have been as follows:
F rom California, N o rth ern M ines..................................... .....................................................118.711,783
F rom California, Southern M ines....................................... ....................................................
3,418,430
From N evada..................................... ....................................................................................... 11,068,218
F rom C oastw ise P o rts, Oregon, & c........................................................................................
4,416,010
Im p o rts, Foreign, B ritish Columbia, & c...............................................................................
2,031,801
T otal ......................................................... ........................................................................... $39,641,248

The Treasure Movement at New York weekly, and the amount in Banks at
the close of each week since January 1, has been as follows:
1866.
E x p o rts. ,-------------------S u b -T reasuryto foreign C ustom s In te re s t
Gold Certificatescountries, receip ts, paym ents, issued, returned.
$552,027 $2,107,341 $3,597,240 $3,122,440 $1,34,8832
640,503 2,334,694 1,130,789 3,206,180 1,578,194
574,162 2.706.400 1,928,641
685,894 2,754,369
656,812 3,226,040
279,842 2.598.400 2,137,048
115,204 2.081.280 2,221,423
292,568 S’347,422
4^3,409 3,251,734 120.179 1,916,700 2,376,735
445,489 2,893,008
94,828 2 992,900 2,158,009
560,198 2,608,796 119.879 5.893.280 1,995,596
75,453 3.386,934 1,183,343 2,125,000 2,664,934
556,284 2,297,836 882,712 2,101,000 1,706,835
236,671 2,464,482 328,593 1,498,400 1,919,483
361,280 1,886,419
170,297 2,509,419 174,911
3,500 2,451,345 225,414 1.376.000 1,805,334
216,842 2,863 010
63.140 3,(16,840 2,120,100
122,628 2,857,704
49,800 5,038,460 2,274,704
35.169 4, b00, COO 1,971,568
117,312 2.535,568
40,506 4,137,140 1,700,307
73,880 2,246,307
1,247,249 2,711,181 7,061,900 4.658.000 2,227.181
1.064,496 2,417,391 2,648,000 3.110.000 1,943,391
8,763.295 2,542,814 1,502,000 2,842,000 2,069,814
9,421,766 2,358,455 940,100 9.177.000 1,929,454
50 500 1.327.000 1,911,395
6,870,997 2,182,395
4,220,756 2,141.086 283,800 2.626.000 1,863,087
67,000 3.719.000 1,788,621
6,055,743 2,071,621
1,408,286 2,209,676 106,134 2.793.000 1,809,676
550 574 2,002,265 298.748 3.232.000 2,309‘261
1,630,730 2,471,626 3,964,634 4.174.000 2,081,626
2,239,270 2,486,296 1.267,600 3,614,400 2,182,226
416,013 2,480,149 324,100 2.452.000 2,187,149
1,515,446 2,926 884 277.044 2.120.000 2,54 ,884
530; 174 2,594,658 1.15,500 1,8*9,000 2,J00,65S
152.375 2,676,332
61,400
970,000 2,328.331
117,990 2,461,877
50,300 2.064.000 2,145,876
64,987 2.188.000 2,545,893
787,312 3,069,893
303,912 3,199,168 241,000 2.265,600 2,853,168
157,062 3 222,266 1,935,108 ‘-',005.000 2,766,265
197,236 3,105,457 262,000 1.494.000 2,807,457
95,400 3.973.000 2,148,270
112,500 2.399,2 0
38,240 2,876,777 281,706 1.701.000 2, 50,717
224,385 2.266,334 270,000 2 382,000 1.924,334
198.050 2,546,361 198,050 2,362,00!) 2,175,361
66,202
1,692,0' 0 2,361,829
66,202 2,629,828
523,198 2,460,886 458,198 2,877,140 2,223,886

TR EA SU R E M OVEM ENT FO R

I860.
R eceipts.
w eek
from
ending
California.
J a n . fb ................................... .
13....................... $685,610
799,706
“ 20 .......................
“ 27..........................................
Feb. 3 ......................
944,878
“ 10....................... 1,449,074
“ 17...........................................
“ 24......................... 1,209,048
Mar. 3.........

1,4

“ 10. .. .

“ 17.........
1,425,353
“ 24..........
389,837
673,615
“ 31.........
Anr. 7.........
“ 14.........
729,862
809,459
“ 21.........
• 28..
M ay 5 ........................ 1,318,271
“ 12......................... 1,072,820
“ 19........................
....
“ 26 ...................
1,276,505
J u n e 2 .....................
324,562
“ 9 .........................
949,906
“ 16 ..........................................
“ £3........................
892,365
“ 30...........................................
J n lv 7 ........................ 1,617,S99
“ 14........................ 1.429,833
“ 21......................... 2,051,-56
“ 28............................................
.Atig. 4........................ 1 J 55,481
“ 11...........................................
“ 18...........................................
“ 25........................ 3,091,601
Sep. 1 .................
“ 8 .........................................
“ 15......................... 1.669,359
“ 22......................... 1,215.073
“ 29.........................................
Oct. 6 ........................ 1,109,537
“ 13......................... 1,135 093
“ 20........................ 1,428,705
*• 27.........................................
Since J a n 1

In b a n k s
a t close
of w eek.
$15,778,741
16,852,568
15,265,37*2
13,106,759
10,937,474
10,129,806
10,308,758
14,213,351
17,1S1,130
16,563 237
15,015’242
13,945,651
11,930,792
11.436,295
11,035,120
9,495,468
8,243,937
10,914,997
13,970,402
13,595.465
19,376^929
28,v58,093
15.821,663
11,217,305
8,504,096
7,797,218
9.865,266
12,451,684
10,860.140
9,70 ',547
9,448,900
8,424.290
7,545,51*
6,884,' 77
6,381,600
7,455,910
7,357,369
7,662,611
7 643,960
6,203,(98
5,576,002
7,371,487
7,848,239

$34,210,410 54,703,233 113,746,895 31,977,008 122,078,280 101,033,155 $




Commercial Chronicle and Review,

I8 60]

401

la addition to the receipts of gold from California as given above, there was
received on the 31st $1,228,869, making the total to the end of October
§35,439,313.
The steadily augmenting amount of idle capital at this centre has cause! an
increased demand for public securities; at the same time there has been a con­
tinued outflow of Five-twenties to Europe; and, under these influences, the
prices of bonds and Treasury notes, though fluctuating, have oeen generally
firm. Five-twenties of 1862 have touched the extraordinary figure of 115J—-an
advance of 3f upon the price at the opening of the month. We present a record
of the daily quotations of leading Government securities during October ;
1866.
/—G’s, 5-20 y rs.—\ r—5’s, 10-40 yrs.—s7-30’s,
Cou p.
Coup.
Reg.
1867.
Keg.
106#
HO*
in *
9
9
#
106
9
9#
in *
0 0*
9 9*
106*
in *
112
99#
106
10«*
90*
112*
106#
0 9*
99*

T R IC E S O F G O V ERN M ENT S E C U R IT IE S , OCTOBER,

/— 6’s, 1881.—»
D ay of m onth.
Coup.
Reg.
M onday
1 ................. ................ I l l *
Ill#
Tuesday
2 ................. ............... i n #
W ednesday 3 .................
T hursday
4 ..................
F rid ay
5 .................
in *
Saturday
6 ................................. 112 *
Sund ty
7 ................. .
M onday
8 ................. ............... 112*
Tuesday
9 ................. ................ 112*
■Wednesday 10................. ............... 112*
112*
T hursday 11................................. 112*
112*
F rid ay
12.................
Saturday
13................. ............... 112*
113
Sunday
14.................
M onday
15................. ............... 113*
113
Tuesday
16.................
112*
W ednesday 17................. ............... 112*
113
T hursday 18 ................
112*
F rid ay
19.................
113
isatu relay
20.................
113*
Sunday
21.................
M onday
22 ................ ............... 113*
113*
Tuesday
23................. ............... 113#
W ed in sd y 24................. ............... 113*
113*
Thursday 25................. ............... 113#
113*
Frio ay
26................. ............... 113*
113#
Saturday 27.................
Sunday
28.................
M onday
29.................
Tuesday
80.................
W ednesday 31.................
O pening....... ................. ...............
H ig h e s t...........................
L o w e s t............................. ...............
C losing.............................. ...............

Ill*
1U *
113*

in *
113*
111#
113# .

113*
113#
113#
113*
113*
113*
113*
113#
114
114#
115*
115
114*
114*
114#
114#
114*
114*

103*

90*
9 9*
no*
90*

9 9*

89*
106

106

98 *
00*
9 9#
99#
00*
99*

9 9#
99*
« 9*
100
100

100
ioo
100
100

100

106
106
106*

100#

106

100

114*
114*
114*

106

9 9*
30)
io o *

111*
115#
111#
114*

105*
106#
105*
106

99*'
100#
9 9*
100*

106*
106#
1' 6 *
106#
106#
106#

106#
106*
107
106*
106*
106#
106*
106#
101)#
106#
106*
106#
106#

99*
lo o *
99*
100#

106*
107
106
100*

The following shows the range of daily closing prices for government securi­
ties, monthly and for the first ten months of the current y ear:
Jan u a ry .. j n i g h e s t ---- . . .
H ig h e st___ . . .
F ebru ary . ■]i Low
est — ...
j
H
ighest — . . .
M a r c h ___ * j Low
s t ....... ..
ig h e s t---- . . .
A pril. . .. ■j/ H
L o w e s t---- . . .
ig h e s t. . . . . . .
M a y ........ ■ \j H
l.o we s t . . . .
j
H
t---- . . .
J u n e __ _ • | L oigwheesst___
. ..
j
H
i
b
e
s
t
. . . . ..
J u l y ........ ' i L o w e s t---...
j H ig h e s t___ . . .
A ugust .
) Low est .. . . . . .
S ep tem b er.
...... . . .
....
j
H
ig
h
e
s
t...
...
O c to b er.. * | L o w e s t. . . . ....




/---- 6s 18S1-----v -----63 (5-20s)-----1 ,— rs(10-4 s)— * 7-3°s C ertifi
Coup.
1-67. Cftes
Keg.
Coup. Reg.
Coup.
Keg.
104*
93*
9 9*
104*
105
■0-*
S3*
9 8*
103#
101#
93
98#
98#
9 2#
103*
101#
0 9#
9 8#
104*
9 4*
9 1*
103#
103#
104*
99*
9 3#
103*
103*
102#
98*
1 3*
9 1*
91
9 1*
105
105*
101*
301
92*
101*
9.1*
9 8*
104*
90
90*
101*
1(3
103
9 6*
90*
108*
10 #
106*
102*
100*
101*
io n *
1114*
91 *
91#
99 *
103
106*
100*
06#
102*
100#
96#
109*
102*
109#
1 0 .*
0 4*
94*
101#
100*
iOS
100#
101*
100#
104*
9 6*
107
10^#
103 *
110*
91*
9 6#
96#
102*
1U9*
102
100*
105*
1 2*
99
109#
9 8*
106*
104*
110
108*
98*
103
...»
108*
104*
105
9 1*
106*
98*
109
103*
101*
112
113#
113*
99
9o*
104
108#
105#
10 *
109*
99
107#
112
103#
99 *
Ill
112*
105#
111
1"8
Ill
91*
9 9#
111*
100* 107
106# 100*
113*
113*
11 «
106
105#
9
9*
99*
111*
Ill*
H I*

402

Commercial Chronicle and Review.
104%
113%
103%
113

lo t*
nsx
M3 %
113

105
115%
101%
114

93%
100%
90
99

102%
109
101%
10G

[November,
93%
100%
90%
99

MX
107%
9SV
106

98%
100%
98%
100%

The course of prices of American Securities at London has been very even,
as will appear from the following daily quotations :
COURSE OF CONSOLS AND AMERICAN SECURITIES AT LONDON - OCTOBER, 1866. *
Cons Am. SCCU1 Hies
Cons Am. secur itiesfor U. S. Ill.C. Erie
D ate.
for U S. Ill.C. Erie
mon. 5-20s sh’s. shs.
mon. 5-20s sh’s. sh’s.

Date.

M onday................. . . . . 1
Tuesday................. . . . . 2
W e d n e sd ay .......... . . . . 3
T h u rs d a y .............
. 4
F r id a y ................... . . . . 5
Satu rd ay *............. . . . . G
Sunday................... . . . . 7
M onday*............... . . . . 8
Tuesday*............... . . . . 9
W ednesday * ........ ....1 0
T hursday * ........... .. 11
F r id a y ................... ....1 2
S a tu rd a y ............... ....1 3
Sunday.................. ....1 4
M onday.................
___1G
W ednesday........... .. .17

89 X
39 X
89 V
39 V
89%
89*

77V
77 X
78
78
78 V
73X

-19V
.01V
51V
51
51V
51X

89 v 70X 78
89V 11
78V
71% 78%
89 If 71X 7SV
39 M 71V 78 V
89V 70X 78X

50V
40
4SV
48
48 V
49X

70V
TO*
70*
709;
70V
TOX

Thursday * ........... ___18j
F r id a y ................... ....1 9
S a tu rd a y ............... . . . . 20
Sunday................... ....2 1
M onday................. ....2 2
Tuesday................. ....2 3
W ed n esd ay ......... ....2 4
T h u rsd a y ............. ....2 5
F r id a y ................... ....2 0
S atu rd ay............... ....2 7
Sunday.................. ....2 8
M onday................. ....2 9
Tuesday.................
W ed n e sd ay ......... ....3 1

89X TOX 78X 40%
S«X 6 3 * 7SX 49
S9X 68V 78V 50V Low est...................

89 V 6SX 78V 50V
89 V G9
78 V 50X
78V 60X
89X G9
89%
89V
89 V
89V
89%
89X

69
68V
68V
68 V
68V
68V

78%
78%
77V
77%
77V
77V

50V
50V
50V
50 V
50V
E0V

89V 68V 77 V 51
89 V 68V 77
60 V
89V GO
77V 51X
S9X 71V 78% 51%
48
89V 68V 77

Foreign Exchanges have fluctuated widely during the mouth, sterling 60 day’s
bills having.ranged between 106 J and 109-J. In the early part of the month,
the supply of bills was augmented by shipments of Five twenty bonds ; subse­
quently, however, the supply of produce bills and of Southern cotton bills com­
bined was within the limits of an ordinary demand, and the rates steadily ad­
vanced ; but less from actual purchases than from the expectation of a large
demand for bills for remittances against November coupons. The ease of
money in London, and the comparative facility with which our capitalists at
present command credit there, has, no doubt, induced importers to postpone re­
mittances for their Fall purchases to an important extent, in expectation of a
decline in the premium on gold after the payment of the November coupons i
and these deferred obligations are quite likely to keep the rates of exchange
high for some time to come. The daily quotation for exchange has been as fol.
lows :
Days.

COURSE OF FOREIGN EXCHANGE FOR OCTOBER.
London.
P aris. A m sterdam . B rem en.
cen ts for • centim es
cen ts for cents for
54 pence.
for dollar.
florin.
rix daler.

H am burg.
cents for
M. banco.

B erlin,
cents for
thaler.

1 ‘.............................. 108%@10S% 521%@51S% 40%@40% 78%@79
35%@36% 70%©71%
2
..............107%@108% 525 @521% 40 @4»% 78%@78% 35*@36
70%@71%
3
..............107%@108% 522 @521% 40 @40% 78%@78% 35%©3G
70%@71%
4
..............107)6@108
525 @521% 40 @40% 78 @78)6 35%@30
70%@71%
5
..............107>6@108
525 @521% 40 @40)6 7S ©78)6 35)6@' 6
70%@71%
(3................................107%@107% 525 ©521% 40 @40)6 77%@78
35)6@35% 71 @71)6
7 .......... : ...................................................................................................................................................
8.
..........................106%@107% 535 @525
40 @40% 77 @78
35 @35% 70 @71
9 .. ......................... 100%@107% 532%@525
39%@40% 76%@77% 35%@35% 70%@71%
10
............... 10G%@107
532)6@525 39%@40% 70%@77% 35%@35% 70%@71
11
............... 10G%@107
535 @527% 39%@40% 7G%@77% 35 @35% 70%@71%
................................... 1U0%@107% 530 @525
39%@40% 7fi%@77
35 @36% 70%@71%
13.. ..........................106%@107% 530 @525
39%@10% 7G%@77
35 @35% 70%@71%
14
....... .......................................................................................................................................
............... 107%@107% 526%@523% 39%@40
77 @7S
35%@35% 71 @71%
15
1G............................... 108 @108% 525 @523% 39%@40% 77%@7S% 35%@3G
71 @71%
17
............... 108 ©108% 525 @523% 39%@40% 77%@7S% 35%@3G
71 @71%
18
............... 108%@10S% 523%@520
40 @41
78 @79
35%@3G% 71 @72%
19
............... 108%@t08% 522%@520
40%@41% 78 ©78% 35%©3G% 71%@T2
20
............... 108%@10S% 521%@5i8% 40%@41% 78%©79
35%@36% 71%©72%




* Our London corresp o n d en t’s statem ent.

No report.

1866]
21.

22.

23.
24.
25.
26.
27.
23.
29.
30.
31.

Journal of Banking, Currency, and Finance.

4$3/

;
I""i68%@i09% m 'u @ s i 7% 4o%@ii% re%@79%

........ion @109% 520 @516%
----- .100 @109%
520 @516%‘
------100 @109% 020 @515
........109%@109% 518%@515
........109%@109% 517%@513%
.109%@109%
109%@’09%
,109%@109%

40%©41
78%@79%
40%@41
78%@79%
40%@41%
7S%@79%
40%@41% 70 @79%
40%@41% 79 @79%

516%@513% 40%©41% 79%@79%
617%@513% 40%@41% 79 @79%
517%@513% 41 @41% 79 @79%

3fi @36%
38 @86%
36%@36%
36%@36%
36%@3G%

TO @72%
72 @72%
72%@72%
72%@72%
72 @73

8fi%@37
86%@37
36%@37

72 @73%
72 @73
72 @73

35 @37
35 @38%
34%@87
36 @37%
35%@37%
86 @137%
35 @36?,'
35%@36%
35%@36%
36 @36%

70 @73%
68 @72
68 @73
72 @75%
73 @75
71 @74
69%@71%
70%@71%
70%@71%
71 ©71%

O ct................ ................106%@109%
Sep................. ...............105%@!08%
A ns?............... ...............105%@108%
J u ly ........... ............... 107%@109%
Ju n e ........... ............... 107% @.110
May ...........
A pr................
M ar............... ............... 106%@108%
F e b ................................107%@l:i8%
J a n ................. ...............108 @109%

535 @513%
M5 @518%
545 @517%
525 @507%
205 @507%
520 @510
537%@517%
530@ 518%
532%@517%
523%@515

10 m ............................ 105%@110

545 @507% 39 @42% 75 @80% 34%@37% 68 @75%

39%@41% 76%@79%
89 @41% 75%@78%
39 @41
75 @79
40 @42
77 @79
40 @42% 77 @80%
40%@42% 78%@80
39%@41
7G%@78%
40 @41
77 @78%
40%@41
77 @79
40%@41
78 @79%

JOURNAL OF BANKING, CURRENCY, AND FINANCE
Speculation—M oney M arket—N ew Y ork, B oston, a n d Philadelphia B ank re tu rn s —N ationa *
Banks.

The course of monetary affairs has not varied materially during the month.
Owing to the activity of stock speculation, there has been a very large demand for
call loans, under which the rate of interest has been somewhat firmer ; there is, how­
ever, still the same plethora of idle funds which has prevailed for some time, and
the condition of the market is one of extreme ease. During the month, the con­
dition of the Western banks was such as to allow them to keep considerable
deposits in the banks of this city, where their funds draw interest, and the same
rule applies to other sections. The general quiet of business throughout the
country naturally causes money to rest in the banks of the respective localities ;
and the banks, in turn, allow their balances with their New York agents to ac
cumulate, the allowance of interest by our banks having a special tendency to
encourage such accumulations.
N or is it to be overlooked that the stagnation of trade in England, consequent
upon the panic, and the severe commercial reaction on the Continent, following
the late war, have a similar tendency to produce an accumulation here. The
banks there have large amounts of idle capital, which they are willing should be
made available for American importers—the firmness with which we withstood
the effects of the London panic having doubtless fostered this disposition—and
as the late high premium on gold has beeu unfavorable to remittances abroad,
this disposition to extend credits to our merchants has no doubt resulted in the
deferring of payments for an important proportion of our fall importations.
Such a movement naturally results in the importers having large deposits in the
banks. This is probably a much more important element in the prevailing
plethora of capital tfcao is generally supposed. A t the same time, this considera­
tion indicates that, when the importers pay off this back indebtedness, we may
anticipate a permanent reaction from the prevailing extreme ease in money ; and




Journal of Banking, Currency, and Finance. [November,

404

the same remark applies to the Western demand for currency for moving the liog
crop, a movement which is just at hand.
Below we give the returns for the month of the Banks of New York, Boston,
and Philadelphia. It will be seen that the legal tenders held by the New York
banks, have decreased about ten millions, and the loans about four millions, while
the other items remain about the same.
N E W Y O R K C IT Y B A N K R E T U R N S .

D ate.
Ja n . 6,1866...
“ 13.............
“ 29.............
“ 27.............
F eb . 3 .............
“ 10 .............
“ 17.............
“ 24 .............
M ar. 3 .............
“ 10.............
“ 17.............
“ 24 .............
“ 31.............
Apr. 7 .............
14.............
“ 21.............
“ 28. ..........
M ay 5 .............
•

12

• 19.
• 26.
J u n e 2 . .. .
“ 9 ........
“ 1 6 ....
“ 23........
' 30.
J u ly 7 .............
“ 14.............
“ 21.............
“ 28.............
Aug. 4 .............
“ 11.............
“ 18.............
“ 25.............
S e p t.l.............
“ 8 .............
“ 15 .............
“ 22.............
“ 29.............
Oct. 6 .............
“ 13.............
“ 2 0 ,...........
“ 27 ...........

Loans.
Specie.
C irculation.
$233,185,059 $15,778,741
$18,588,428
16,852,568
19,162,917
234,938,193
15,265,327
20,475,707
239,337,726
13,106,759
20,965,883
240,407.836
212,510,382
10,937,474
21,494,234
10,129,806
22,240,469
242,608,S72
10,308,758
22,983,274
243.068,252
14,213,351
22,959,918
239,776,200
17,181,130
22,994,086
235,339,412
233,068,274
16,563.237
23,033,237
15,015 242
23,303,057
233,517,378
13,945,651
23,243,406
234,500,518
11,930,392
23,736.534
237,316,099
11,486,295
24,127,001
242.643,753
11,035,129
24,533,981
244,009,839
9,495,463
24,045,857
242 067.063
8,243,937
25,377,280
24 >,017,692
10,914,997
25,415,677
2 )3,974,134
13,970,402
24,693,259
257,621,317
13,595,465
25,1S9,864
255,690,463
19,736,929
26,223.867
257,969,593
21,858,093
26,244,255
250,959,022
15,821,663
25,967,253
249,538,959
11,217,305
25,887,876
217,301,547
8,504,096
26,585,394
248,436,808
7,797,218
26,700,622
250.884,168
9,865,206
27,296,530
257,534,833
12,451.684
27,804,172
259,133,434
10,860,147
27,579,020
255,965,018
9,701,046
27,249,812
256,612,071
9,448,900
27,311,549
256,808,'17
8,424,209
27,528.522
258,263,063
7,545,513
27,796,904
261,951.924
6,884,077
27,958,464
265,901,065
6,381,600
27,807,834
265,399,6i>7
7 45 .910
28,506,288
26 ,941,668
7,357 369
29,360,371
270,806, 04
7,662.611
28,770,381
272,177,166
7,643,960
29,213,950
269,807,383
6,203,698
29,30-,358
274,210,161
5,576,002
30,176,908
274 443,219
7,371.487
30,415,210
279,135,796
7,81 ,239
30,243,437
30,243,437
274,725,456

D eposits. Lesral T end’s. Ag. clear’gs
$195,482,254 $71,617,487 $370,617,023
608,082,837
197,766,999
73,019,957
538,949,311
198,816,248
72,799,892
516,323,672
195 012,454
70,319,146
508,569,123
191,011,695
68,796,250
493,431,032
188,701,463
68,436,013
471,886,751
189,777,290
64,S02,980
497,150.087
183,241,404
61,602,726
526,539,959
181,444,378
58,760,145
594,204,912
180,515,881 64,341,802
579,216,509
185,438,707
68,402,764
593,448,864
185,868,245
69,496,033
529,240,640
188,554,592
72,158,099
189,094.961
71.445,0 5
602,315.748
193,153,469
73,910,370
578,537.853
196,SOS,578
77,6 2,0.88
535,834,778
202,718,574 80,5S9,022
545,339,068
603,556,177
210,373,303
81,204,447
217,552,853 85.040,659
523.093,538
217,4*7,729
85,710,107
579.342,488
208,977,905
73,829,947
713.575.444
198.12-,289
69,188,'92
713.575.444
202,503,949
74,628,674
633,656,381
202,415,673
79,179,304
613,698,301
201,969,2S8
80,840,578
696,447,630
204,357,272
81,882,640
568,842,490
511,182,914
205,799,611
79,541,638
637.655,787
207,160,043
75.541,977
213,049,079
80,524,992
598.705.726
214,582,926
84,705,814
430,324,808
523,2-;0,814
214,156,705
86,235,079
214,232,263
86,861,834
494,810,975
554,655,346
214,310,576
84,800,071
218,119,450
86,283,483
617,950,320
586,^64,052
225,191,282
92, 22,808
591, 0 ,135
225,107.991
90,194,254
567,299,212
2 4,844,647
90,773,232
605,290,424
224.394.663
90,428 189
223,336,785
87.826. 21
228,484,780
S5,339;679
829^081,759
226, S’8,897
83,1^9,422
770,359 9( 8
225.0S3,853
78,625,469
824,721,93
223,840,572 • 58,064,925
762,264,041

The Philadelphia Banks returns for the month are as follows ;
P H IL A D E L P H IA B A N K R E T U R N S .

Leg al T enders. Loans. •
D ate.
$17,181,229 $45,941,001
J a n . 2, 1806
46,774,150
“ 8 ........................
17,267,412
47,350,428
‘ 15..................... . .................
47,254,622
“ 22.........................
47,607,558
“ 29.........................
16,481,005
47,233,661
Feb. 3 .......................... .................
16,852,737
47,249,383
“ 10........................ .................
16,777,175
46,981,-337
“ 17......................... .................
17,282.602
46,865,592
“ 2 4 ........................ ...............
17,447,635
46,604,752
Mar. 3 ......................... .................
17,292,534
46,546,878
“ 10......................... .................
16.375,608
46,690,788
“ n ........................ .................
15,969,814
46,642.150
“ 24........................ .................
15,954,832
46,043,488
“ 31........................ .................
46,038,641
16,622,233
A pril 7 ....................... .................
18,323,759
45,114,699
“ 1 4 ....................... .................
18,660,513
45,762,733
“ 2 1 ....................... .................
46,832,734
18,949,719
“ 2 8 ....................... .................
48,006,654
19,144,660
May 5 ............... . . . .................
19,646,263
48,236,256
“ 12 ....................... .................
19.648,232
48,336,567
“ 1 9 ....................... .................
48,036,984
19,715,093
“ 2 6 ....................... .................
.................
21,154 909 • 47,564,990
48,118,897
21,568,085
“ 9 ...................... .................




Specie. C irculation. D eposits.
$890,822 $7,226,369 $35,342,306
7,319,528
"983,685
36,618,004
7,357,972
1,007,186
36,947,700
1,012,980
7,411,337
36.214.653
7,432,534
1,008,825
35,460,881
1,000,689
7,668.365
34,681,135
7,819.599
996,312
34,464,070
7,843,002
953,207
33.926,542
1,026,408
7,732,070
33,052,252
1,041,392
8,lCl,049
32,835,094
1,055,694
8,248,100
32.504,508
8,43S,1S4
1,026,068
32,102,427
981,932
8,580,200
32,144,250
990,630
8,66(5,230
32.257.653
94(5,282
8,720,270
32,762,280
949,116
8,743,396
31.640.861
8,761,213
936,876
35,448,955
890.241
8,779,166
30.032.862
912,023 . 8,794,348
36,987^007
896,741
8,930,420
38,414,588
8,918,938
897,913
37,296,645
8(57,094
8,988,742
37,078,418
38,189,56(5
890,121
9,022,553
38,320,1.3
859,633
9,007,515

1866]

J o u r n a l o f B a n k in g ,

“ 16 . . . . ..................................
“ 23 . . . . ..................................
30 .. ..................................
Ju ly 7 * ....
“ '4 . . . .
“ 21 . . . .
“ 2 8 . . . . ..................................
Aug. 4 ........ ..................................
“ 11....... ..................................
*■ 1 3 ...
“ 25........ ..................................
Sept. 1.......
“ 8....... ..................................
“ 15........
“ 22....... , . t ............................
“ 29.......
Oct. 6....... ..................................
“ 1<. . ..
“ 20.......
“ 27.......

20,568.591
21,105,316
21,455,836

20,9 *2,374
20,393,826
20,060.536
20,412,323
24,134,918
24,906.925
24, 11,480

C u rre n c y , a n d F in a n c e .
43,616,145
48,166,814
48,266,904
48,892,594
49,493,405
49,000,316
48,935,067
49,682.529
49,164,321
43,530,454
48.591,763
50,095.890
50,320,068
49,889,015
50,787,371
51,' 37,567
51 212,282
51,316,490
51,474.948
50,913,584

897,381
899,999
863.454
86'*,981
852,783
819,770
826.096
825,9'8
835,158
811,230
807,071
806,815
826,345
802.922
793,395
783.024
769,272
770,676
791, 18
799,652

9,219,553
9,290.094
9.325.475
9.431,664
9,442,146
9.427,36 \
9.382,473
9,516.724
9,513,472
9,566,783
9,575,534
9,589 574
9.608,410
9,605,817
9,601,273
9,598,497
9,631,863
9,689,176
9,631,408
9,648.655

405
36,972,476
36,715,303
37.212,979
38,275,788
37.707, .*67
37,575,560
37,270,8v'5
37,244.034
36,639,226
36,942,311
36,025,288
41,162,627
41,(J04,903
41 093,120
42.836,971
43.6'»3.S75
43,800,423
43,152,028
43,345,800
43,953,737

The footings of the weekly statement of the Boston Banks in some respects
show a stronger condition than previous statement, loans having decreased and
deposits largely increased. The private deposits now reach $44,694104, which
is the largest amount reported during the present year.
BOSTON B A N K R E T U R N S .

Loans.
J an u a ry 1 ........ .. $01,421,477
8 ........ ..
92,245,129
“
15........ . .
92,959,364
“
22........ . .
92,665,111
29........ . .
92,877,783
F e b ru a ry 5 ........ ..
94,578,358
12........ . .
94,083,837
“
19........ ..
95,250,429
26....... . .
93,539,0<'0
M arch
5 ........ ..
92,090.512
12........ ..
90,705,159
“
19....... ...
91,902,811
“
26....... ..
91,931,236
A pril
2 ........ ..
92,351,970
9 ........ ..
92,142,975
16...........
91,250,882
23......... ..
86,120,697
3 0 .... ..
86,723.001
M ay
7 ........ ..
90,369,569
14___ . 90.328,554
21........ ..
89,634,864
28........ ..
91,833,402
June
4 ...........
92 287,648
11........ . .
S9,87S,993
1 8 * .... ..
87,568,533
25........ ..
94,336.170
July
16.......
96,047,000
2 3 ........, ..
95,995.866
30+___,..
95,002.698
A ugust 6 ....... ,..
96.672,749
1 3 .......
“
2 0 ....... . ..
94,915,075
“
2 7 ....... . ..
94,819.253
Sept.
3 ___ . . .
95,387,808
10 . . . . . . .
94.878,709
94,788.268
1 7 ___ . . .
2 4 ___ . . .
93.825,673
Oct.
1 .... ...
93,676,888
“
8 ....... . . .
94,708,912
. “
15 . . . . . . .
95 039,3 5
**
22 . . . .
u
29 . . . . . . .
95,381,855

T enders.
Specie.
D eposits.
$801,415 $19,807,300 $38,451,794
19,914,065
41,718,132
1,031,327
1,029,105
20,438,014
40,939,870
1.040,114
20,750,698
40,300,6 9
1,008,018
20,544,S30
39,153,816
805,237
20,568,135
40,430,163
632,591
20,412,589
33,768,019
508,428
20,418,909
38,494,696
521,292
20.262,177
36,393,481
556,856
35,581.876
20,031,968
623,938
19,905,120
35,297.498
606,992
20,470,018
36,696,321
20,913,521
513,153
35.887,368
20,761,014
532,556
30,697,227
487,455
37,426.560
20,334,570
457,648
19,902.647
37,606,696
411,693
36,946,132
19,309,145
401,113
19,549.614
38,396,210
576,lfO
21,415,716
41,205,276
22.462,522
42,021,976
501,013
472,172
22,973,509
41,01 ,149
436.391
23,658.956
41.631.746
503,991
26,148,678
42,992,149
374,966
25,410,936
42,858,986
24,426,749
371,596
41,992,820
323,335
25,019,436
42,587,020
453,600
21,610.000
40,4*17,000
441,689
22,786.738
40,935 853
363,776
2.242.659
39.770,363
31S,779
22.432,317
40,549,319
295.241
21.101,481
39,192,620
20,817.159
333,670
38,619,847
323,083
39,028,518
2 ,688,693
3(14,863
22,071,251
39,856,550
314.204
21,580,730
30,149.497
20,303,416
38.357,208
328,880
40.014,189
316,771
20,977,954
42,095.214
277,806
21,037,880
43,098,520
250,638
20,612 639
240,417
43,330.226
19,801,819
44,303,573
219,302
19,-00,205
44,694,104
250,'16
19,654,336

* No retu rn s from N ational B auk o f R edem ption,

N ational.
$21,497,354
21.S06.180
21,946,595
22,034,642
21,899,318
22,325,4v8
22,348,638
22,602,531
22.887,971
22,606,835
22,130,329
24,018,916
23,019,887
23,087,093
23,266.612
23,635,043
22,469,4S8
22.856,656
23 516,330
23,551,579
23,195,968
23,722,277
23,679,0 5
22,916,5:9
21,845,977
23,633,008
24,145,000
24.057,765
23,804.526
24,116,795
24,104,197
24,290,816
24,262,817
24 240,925
24.295,875
24,345,328
24.344.545
24,238,047
24 329,124
24, 81/51
24,459,495
24,443,519

State.
$1,404,721
1,32-8,193
1,213,948
1,215,615
1,157,843
1,125,128
1,051,323
1,033,391
1.048,022
1,000.119
521,809
910,740
901,620
869,329
830,069
777.198
744,041
144,425
719,OSS
695,527
661,819
6-44,653
609,311
480,59)
544,941
607.371
413,000
401,544
355,864
380,980
202,134
368,168
363,405
3(4,773
356,015
351,401
336,465
313,408
340,917
337,656
334 172
332,453

t No retu rn s from the T raders’ B ank.

No new National banks were organized during the month, but the circulation
has been increased, until now, it amounts to $294,036,089.
The following
com parison shows the progress of the National Banks since May 5, in respect
to number, capital, and circulation.




Georgia State Bonds.

40G
Date.
May 5 ....... . . . .
May 12___
May 19....... ••••
M ay 26....... ..
J une 2 ....... . ..
J u n e 9 ....... . ..
J u n e 16.......
J u n e 2 3 ... . . . . .
J u n e 30....... . . . .
J u ly 7 ....... . . . .
Ju ly 14....... . . . .

B’lts. Capital. C irculation.
1,650 $ .................. $271,262,165
272,878.895
1,650 .................. 274,653,195
1,650 414,921,479 276,540,510
1.650 .................. 277.379,660
1,650 .................. 278,905,675
280,263,890
1.633 .................. 281,234,460
1,653 .................. 282,555,440
l.«53 .................. 283,627,605
1.654 .................. 284,501,675
1.0 5 5 ..................

D ate.
Aug. 4 ....... . . . .
Aug. 11.......
Aug. 18....... . . . .
Aug. 25....... . . . .
Sept. 1 ....... . . . .
Sept. 8 ....... . . . .
Sept. 15 ... . . . .
Sept. 22....... . . . .
Sept. 29.......
Oct. 13.......
Oct. 20.......
Oct 2 / ___ . . . .

[N
INovemuer.
B ’ks. Capital. C irculation.
1,656 $ ................ . $286,895,545
. 287^48,950
4,656 ................ . 288,403,775
1.658 ................ . 289.021,0S5
1,653 ................ . 289.510,820
1,65!) ................ . 291,179,045
1,659 ................ . 291,851,315
1,659 ................ . 292,214,720
. 293,032,903
. 294,072,059
. 204,377,304
1.659 ................ . 294.636. G89

The following is a synopsis of the q urterly reports of the National banks
of the United States, 18GG :
L IA B IL IT IE S .

RESO U R CES.

Ju ly 1, 1866.
Oct. 1,1866.
Capital paid in ............ $414,170,493 $415,278*969
N otes iu circulalation 267,778,078 2S0,129,558
Old c i r c u l a t i o n as
19,996,163
9,S19,719
S tate b a n k s .............
Profit and lo ss...........
79,437,251 85,942,606
D ue banks and b an k ’rs 122,448,455 137,411,762
D ue T reasury of Uni­
ted S ta te s.................
39,105,077 33,400.776
D ue d ep o sito rs............ 533,290,265 563,510,570
M iscellaneous.............
40,495
................

Loans and discounts. $548,216,206 $601,23S,808
D ue from b a n k s.......... 110,674,660 119,734,408
R. estate, furniture,&c 16,725,533 17,122,117
Specie and legal tend. 214,035,S70 213,941.477
Cask ite m s ...................
96,077,134 103,676,648
U nited States bonds,
7-30 n otes, & c ......... 447,536,300 442,544,840
Bills o f b a n k s .........
17,891,722 17,437,699
E xpense account........
3.030,440
5,298.376
2,111,238
2,008,695
O verdrafts....................
M iscellaneous.............
19,964,774
2,490,892

Total lia b ilities... $1,476,260,8771,525,493,960

Total re so u rc es.. ..$1,476,266,8771,523,493,960

The volume of National Bank circulation has increased in three months nearly
thirteen millions ; while the old issues as State banks have diminished ten mil­
lions. The loans are fifty-three millions more than in July last; and the private
deposits thirty millions.
GEORGIA STATE BONDS.

The following order of the Governor of Georgia, and notice of the Treasurer in refer­
ence to the Georgia State Bonds, are just issued under the act passed in March last
by the General Assembly :
E x ecu tiv e D e pa r t m e n t , M il l e d g e v il l e , Ga., Oct. 13, 1866.
In conformity with an act of the General Assembly, approved 12th of March, 1868
numbered 10, it is ordered :
1. That all bonds and coupons of the State of Georgia now due, and which were
not issued in aid of the late war, wheresoever made payable, may be funded on pre­
sentation at the Treasury of the Stale, in mortgage bonds of the State, bearing
seven per cent, interest from the 1st of July, 1S66, that being the day of their date.
2. That all coupons payable in New York or in London, now duJ, and embraced in
the descriptive list furnished the Agency by the Treasurer, may be funded in bonds
described above, on presentation at the National Bank of the Republic, New York.
8. That all coupons funded in New York be marked paid, and returned to the
Treasury, with a descriptive list of bonds issued in funding them.
4. That the Treasurer endorse, or cause to be endorsed, on each bond funded, the
name of the person presenting it, and that a registry of all bonds issued in the funding
process be kept in the Treasurer’s office.
5. No interest is allowed on binds or coupons after maturity.
C har les J. J e n k in s , Governor.
T reasury o f G e orgia , M il l e d g e v il l e , Oct. 13,1866.
Holders of over-due bonds and coupons of the State of Georgia are hereby notified
that, in accordance with the above order, they can receive for them, on presentation
at this Department, new bonds of the State, dated 1st of July, 1866, due twenty,
years after date, bearing interest at seven per cent, per annum.payable semi annually,
in January and July, and secured by mortgage on the Western and Atlantic Railroad.
The bonds being in sizes of $500 and $1,600, holders must present their bonds and
coupons in multiples of these sums, or make up their deficiency in currency.




«

1866]

Transportation o f Cotton.

407

No provision for payment of interest after maturity of bonds or coupons having
been made by the i egislature, it cannot, of course, be allowe 1 at this Department.
Persons sending bouds in under the above order are requested to wiite their names
legibly on the margin, to guard against mistakes in their entry on the records, as or­
J no . J ones , Treasurer.
dered above.
THE JVEXT WORLD-G RDLF,
P R O G R E S S OF T H E R U SSO -A M K R IC A N T E L E G R A P H .

The San Francisco Bulletin of Oct. 17 gives the following details concerning the
progress of the Russo-American Telegraph enterprise : The Western Union Telegraph
Company’s bark Ciara Bell has arrived from Glujiga Bay, at the head of the Okhotsk
Sea. Her outward voyage wa3 performed by way of Petropolovski, where she found
orders to proceed to Ghijiga, which had been selected as the base of operations on
the coast of the Ochotsk Sea. The Company’s steamer GeorgeS. Wright, carrying
Col. Bulkley, the Engineer-in-Chief, arrived at Petmpolov.-ki on the 24th of July, and
sailed on the 6th of August for Anadyr Bay and Norton Sound. The Russian corvette
Variag, seventeen guns, which had been assigned to the service of the Telegraph
Company, was at Petropolovski on the arrival, of the Wright, and her captain reported
at once to Col. Bulkley for orders.
The Variag sailed on the 6th of August for the mouth of the Amoor by way of
Ghij'ga and Oc oisk, having on board Count P. Anossoff Russian Commissioner to the
Telegraph Company, and Thomas W Knox, American journalist with the expedition,
who proceeds overland from Nikolaeffsk to St. Peter.-burg. The Variag reached
Ghijiga on the 15th of August, and sailed four days later for Ochoisk.
Major S. Abasa, Chief of the Asiatic Division of the Russo-American Telegraph,
has established his headquarters at Ghijiga. During the past winter he explored in
person the route between Ghijiga and Uehotsk, and determined the position of the
lines for that distance. Capt. Mahood explored the route from the mouth of the
Amoor to Ochotsk, and joined Major Abasa at the latter point. At the same time
Capt. Kennon made a survey from Ghijiga to the Anadyr Bay, and located the route
of the telegraph. Thus the whole distance from Behring Sea to the terminus of the
line at the mouth of the Amoor has been explored and th e route selected.
In the region around Ghijiga working parties are busy in the preliminary w< Xj
and will have a considerable quantity of poles ready by the end of Summer. From
Ghijiga and the mouth of the Amoor the line mostly follows the valleys behind the
coast range of mountains, but iu some places follows the thor *s of the Ochotsk Sea.
Timber is abundant on the most of ihe route, except in some places where mountain
ranges are crossed and in the region immediately around Gh jiga, where poles must
be cut on the Ghijiga River and ruf'ed as near as possible to the places where they
will be used. Along the whole route, wherever laborers could be procured, they
have been engaged in the work begun.
The Government officials have beeu prompt in affording every assistance to Major
Abasa and his subordinates, without waiting directions from St. Petersburg!]. Count
Auos3dff has issued orders to all the officials to render any desired service that may
assist the completion of the line. As soon as the necessary material is received and
distributed, the work will be pushed with great rapidity.
TRANSPORTATION OF COTTON.
The Treasury Department has just issued additional regulations concerning the
transportation of cotton in bond, to the following effect:
It having been represented that much hardship and inconvenience are entailed upon
the sms*Her planters and farmers in the interior ~~unties of the cotton producing dis­
tricts, or in consequence of the enforcement of recent reguiatious concerning the
removal of cotton in bond, and that additional and mi cli needed facilities would be
offered by allowing bonds for securing payment of the tax upon delivery of the cotton
at the point of destination to be taken by the collector of the receiving distiict, instead
Of the collector of th* district whence the cotton is shipped, as provided by regu­
lations, series 2, No. S', issued from this office under date of July 31, 1866. 'Ihe
following additional regulations upon the sul ject have been adopted for securing the
payment of the tax, au t as affording the measure of relief sought for :
Parties desirous of bringing cotton to seaports or other places for shipment from
other districts, will be allowed to do so upon executing and delivering to the collector
0f the di«hict where such seapoit or place is situated, a bond with two or more




♦

408

Transportation o f Catton.

[November,

sufficient sureties approved by the collector receiving it conditioned for the payment of
the tax upon all cotton for which permits may be granted by the assessor of the disti ict in which such cotton may be grown. This bond must be executed in a penal sum
equal to double the amount of the tax on the quantity of cotton intended to be re­
moved and in transitu at any one time during its continuance, and assessors will be
careful not to grant further permits upon any bond when the tax upon the quantity
already permitted amounts to one-half of the sum named therein, until certificates of
payment of the taxon the whole or a portion of the cotton transported under former
permits are received from the receiving collector, when additional permits may be
granted ; but in no case must the tax upon the quantity under permit and accounted
for exceed one-half of the penal sum of the bond. Thus, if the bond is .given in
a sum securing the tax upon 500 bales of 400 pounds each. When this limit is reached
no further permit should be granted except upon the receipt of delivery and payment
as hereinafter ptovided Immediately upon the execution of this bond, the collector
to whom it is delivered will transmit it, retaining a copy thereof in his office, to the
assessor of the distiict whence it is intended to remove the cotton, who will thereupon
be authorized to grant permits for the removal of the cotton upon application being
made by the principal or his agent. Upon receiving this application the assessor will
grant permits* The circular concludes with instructions to the assessor and collector
and it is stated that if the cotton has not been weighed before removal by a dulyappointed weigher, the amount of tax named in the permit will be based upon the
weight, as certified by the owner or the proprietor of the gin house. In order to
arrive at the true amount of tax to be paid on the cotton removed under these condi­
tions, it must be marked upon its arrival in the receiving district by the officer
appointed for that purpose, to whom a fee of 25 cents per bale will be paid for this
service, and upon whose certificate of the weight the tax shall be collected. These
regulations are to beconsidered additional to, and as not superceding those contained
u series 2, No. 5, or the additional regulations published under date of Sept. 25 1866.

CONTENTS
NO.

FOR
PA G E

NO.

1. The Evening S tar—D efects in V essels
in o ur C oasting S e rv ic e ..................... 330
2. The Bank of E n g lan d .................................332
3. Breech-loading A n n s—T h eir In v en tio n
and H istory ......................................... 336
4. Trade o f G reat B ritain and th e U. S . . . 351
5. C otton Crop for 1865-66........................... 355

14.
1 >.
16.
17.
18.
19.
20.

NOVEMBER
PAGE

P rices of B readstnffs................................ 379
Canals • f N ew Y ork ............................... 383
Collision a t S e a .......................................... 3S7
N ew O rleans and h er M aterial In te re sts 389
The Suez C a n a l.......................................... 390
A N ew T e x tile ............................................ 391
R eport oi the Secretary of the T reasury
6. Pacific Rai road of Missouri................. 35S
for fiscal year ending J u n e 30, 1 8 i6 .. 392
7. T he M emphis and C harleston R ailroad 361 21. Public D ebt of the U nited S la te s........ 393
8. R ailroads and C anals o f New Jerse y .. 367 22. T reasu ry D epartm ent—I n s tr u c tio n to
9. F inances o f I o w a ...................................... 368
C o rre s p o n d e n ts ..............................
394
10. A ua'yses o f R ailroad R eports ........... 36'J 23. Commercial C hronicle and R ev iew __ 394
1 1 . p rop *sed R eduction of T a x a tio n ........372
24. Jo u rn al of B anking, C urrency, and
12 T he Wool Trade under th e N ew Tariff
F in a n c e ................................................... 403
R egulations
..................................... 374 25. Georgia S tate Bonds .........................
4 6
13. A m erican M anufactures an d Em igra­
26. T ran sp o rtation of C o tto n ......................... 407
tio n .............................................................377 27. T he n ex t W orld-girdle............... ! .......... 407
T h e follow ing a d v e rtis e m e n ts a p p e a r in o u r a d v e rtis in g p a g es th is m o u th :
M ER C A N T IL E .
' Eugene K elly & Co.—36 W all St.
M arshall’s P o rtra it o f Abm. Lincoln—Ticknor Do W itt, K ittle & Co.—88 W all St.
We Is, F arg o & Co.—84 Broadway.
& Fields.
L. P ran g & Co.—B oston and N ew Y ork—Hol­ Sim on De V isser—52 E xchange Place.
iday P u b licat ons, etc.
Duncan, Sherm an & Co.—Cor. Pine & N assau.
H ow ard & Co. — 619 Broadway — Diamonds, L. P. M orton & Co.—35 W all Street.
Watc* es. Holiday Gifts, etc.
J . J . Cisco Su Son—33 W all St.
M ercantile Library—C linton Hall, A stor Place Robinson & Ogden—4 Broad St.
Howe & Macy—30 Wall St.
an E igh h St.
F erd in an d ' K orn— 191 F n lto n St. — E au de Gilmore, D unlap & Co.—C incinnati.
Lew is Jo h n so n & Co., W ashington.
Cologne.
Lew is Audendried & Co.—HO Broadway—An­ N inth N itio nal B an k —363 Broadw ay.
thracite and B itum inous Coal.
IN SUR ANC E.
Grover & B iker—495 Broadway—Sew ing Ma­
M arine—A tlantic M ut m l Ins. Co.—£1 W all St.
chines.
A. B. Sands & Co.—139-141 W illiam S t.—Drugs
M ercantile M ut. Ins. Co.—15 W all St.
W m. Duryea, a g en t—16:5 Fulton S t.—M aizena.
O rient M utual Ins. Co.
,7 . \ v . Bradley—97 Cham bers St..—H oop S kirts.
Sun Mutual Ins. Co.—49 W all St.
C hickering & Sons—632 Broadway—Pianos.
G reat W estern Insurance Co.
F ire—n o p e F ire Ins. Co.—92 Broadway.
B A N K E R S & B R O K ER S.
M orris Fire and Inland Ins. Co.—31 Bine.
G erm ania F ire Ins. Co.—175 Broadway.
B arstow , E ddy & Co.—26 Broad St.
Lockw ood & Co.—94 Broadway.
gEtna Insurance Co.—H artford.
U. S. Life Insurance Co.—40 W all St.
V erm ilye & Co.—44 W all St.