Full text of The Merchants' Magazine and Commercial Review : October 1867, Vol. LVII, No. IV

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cccxxxx

AND

COMMERCIAL REVIEW
EDITED BY

VV I L L I A M B . D A N A

1-rice $5 per Annum.
PUBLISHED MONTHLY,

N E W YORK : WILLIAM B. DANA, PUBLISHER AND PROPRIETOR.
Sos. 60 William St., New York.




THE

M E R C A N T IL E

Mutual iasuraase Company,
O F F IC E ,

N °.

35

N E W

W ALL

STREET,

Y O R K .

Assets, jan. i, 1867 - 11,261,349.
O R G A N I Z E D ,

A P R I L ,

1844.

During the past year this Company hag paid to its Policy-holders

IN

Q A S H ,

a rebatement on premiums in lieu of scrip, equivalent in value to an average
•scrip dividend of

T W E N T Y

P E R

C E N T .

Instead o f issuing a scrip dividend to dealers, based on the principle .rat all
classes o f risks are equally profitable, this Company makes such cash
abatement or discount from the current rates, when premiums are paid, as
the general experience o f underwriters will warrant, and the nett profits
remaining at the close o f the year, will be divided to the stockholders.
This Company continues to make insurance on Marine and Inland Navigation
and Transportation Risks, on the most favorable terms, including Risks on
Merchandise o f all kinds, Hulls, and Freight.
Policies issued making loss payable in Gold or Currency, at the Office in New
York, or in Sterling, at the Office o f Rathbone, Bros. & Co., in Liverpool.

trustees
James Freeland,
Samuel Willets,
Robert L. Taylor,
William T. Frost,
William Watt,
Henry Eyre,
Cornelius Grinnell,
Joseph Slagg,
Jas. D. Fish,

Geo. W . Hennings,
Francis Hathaway,
Aaron L. Reid,
Ell wood Walter,
D. Colden Murray,
E. Haydock White,
N. L. McCready,
Daniel T. Willets,

L. Edgerton,
Henry R. Kunhardt,
John S. Williams,
William Nelson, Jr.,
Charles Dimon,
A . W illiam Heye,
Harold Dollner,
Paul N. Soofford.

ELLWOOD WALTER. President.
CHAS. NEWCOMB, Vice-President.

C. J. DKSPARD, Secretary.




THE

MERCHANTS’ MAGAZINE
AND

COMMERCIAL R E V I E W ,

O C T O B E R ,

1 3 6 7.

CAUSES OF FLUCTUATIONS IN THE BANE OF ENGLAND RATE OF INTEREST.
Nothing is more certain than that we cannot make money easy and
enforce a low rate o f interest b y legislative enactment; still one o f the
important necessities o f modern commerce is a moderate equable inter­
est for money borrowed, and i f we can secure this to any country we
shall confer a benefit which it is not easy to overestimate. Napoleon I.,
therefore, was not so far wrong when he said that the chief use o f a great
National Bank, and almost the only excuse for its existence, was that
it should lend money at a low steady rate o f interest. There is no
doubt that in our times, under the existing methods o f organizing indus­
try, severe and sudden fluctuations in the price exacted between bor­
rowers and lenders of floating capital, are likely to inflict heavy losses
on individuals, to check the growth o f national wealth and productive
power, as well as to become the fruitful cause o f disappointment, bank­
ruptcy and suffering to the industrious and enterprising classes o f the
community. It is one o f the proud characteristics o f the Bank o f France,
th-it whatever else may be said to its disparagement, its rates o f interest
have been raised very little and very seldom from the average o f four
per cent, during the present generation, and it is one o f the most grave
and damaging charges which has ever been brought against the Bank o f
England and against the British system o f financial machinery, o f which
the Bank forms a controlling part, that its minimum o f interest has
fluctuated from 2 to 10 per cent, with a frequent violence which has
VOL. I.VII—

no

.

iv.




11

250

FLUCTUATIONS IN THE BANK OF ENGLAND.

[October,

baffled all forecast; and that ever since 1844, when the present Bank
Charter was passed, such spasmodic anomalies have been much more
remarkable than ever before. On this account that charter has been
held responsible for all the mischief. The arguments post hoc ergo
propter hoc is an easy one to urge, and too often a difficult one to refute.
The general expectation has been that the British Parliament would
appoint a commission for taking such evidence as the panic o f 1866
might evolve to throw light on the increase o f monetary stringency
by the operations o f the Bank. It is to be regretted that in the reform
agitation which has convulsed England during the past session, these
financial questions have been crowded out and forgotten. Meanwhile,
valuable facts are fading from sight. The memory o f such events soon
becomes confused, and the evidence conflicting. Theories dominate facts,
and at some future time, when the inevitable inquiry is to be made, we
shall come to it in a cooler and more judicial temper, perhaps; but with
a less vivid recollection and a less adequate view o f the evidence to
guide us to right conclusions.
W e have said that it is impossible to regulate the rate o f interest by
act o f Parliament. I f we were to go further, and affirm that the Bank
Charter A ct o f 1844 is not responsible in any direct manner for the
perturbations o f the money market which have followed it, we should
not concede that an inquiry into the operation o f the act would be un­
necessary or fruitless. The bank charter is one thing, and the action
o f the Bank directors under that charter is a very different thing. The
former may be good, while the latter may be more or less bad. The fact
is that all the legislation o f the English Parliament relative to the
Bank since the celebrated Currency A ct o f Mr. Peel in 1819, has
avoided intermeddling with the rate o f interest, and has been directed
to a totally different object— namely, the preservation o f the nation from
the currency troubles which were so serious during the first two decades
o f this century.
W hat that legislation has aimed to accomplish is to keep the currency
o f England at par with gold, and to prevent its bank notes from ever
again depreciating or falling to a discount as compared with coin. The
object has been fully secured for nearly half a cehtury, and it has been
done by the application of the safeguard for whose virtue and efficiency
this journal has always contended in regard to our own currency.
The safeguard is founded on the principle that the amount o f the cur­
rency afloat in any country regulates the value or purchasing power of
that currency. It being acknowledged that i f more currency is afloat
than the business o f the country requires on a par basis, the value o f
the currency will fall below par, the currency-issuing institutions o f
England are put under stringent restrictions. And the only increase that
currency car. receive beyond a fixed amount must be issued to repre­
sent gold coin or bullion actually in the vaults o f the Bank, and ready
to be paid out on demand. The great aim o f the Parliament then has
been to prevent depreciation, or, as it is sometimes expressed, “ to
secure the convertibility o f the n o t e a n d this aim, we repeat, the suc­
cessive legal enactments have fully accomplished for fifty years during
which they have been in force. This point has indeed been urged as
an argument against further investigations b y parliamentary commis­
sions. in addition to those which have taken place in past years.




1867 ]

FLUCTUATIONS IN THE BANK OF ENGLAND.

251

Another argument against the appointment o f an investigating com ­
mittee at present, is that similar researches and inquiries o f former
Parliaments have been so full as to preclude the necessity for anything
further o f the same sort.
But this reasoning is evidently faulty.
Former inquiries have not led to a remedy. The evils o f a treacherous
money market are too appalling tor us to conclude that they are incura­
ble. And the only hope o f cure lies in inquiry and examination. There
are, moreover, various well-known features in the panic o f 1866 which
differ from all other financial revulsions which have been known in
England. These facts, when brought into a fuller light, may perhaps be
suggestive and useful as factors for the solution o f the problem. F or
these and other reasons the long agitated Bank investigation will doubt­
less be made next session. A t this distance it is not our intention, nor
have we the requisite control over the sources o f information, to venture
to point out the directions which the future inquiries may take. There
are twp points only which we will suggest.
The first is the action o f the Bank o f England under a drain o f gold. It
is well known that when, from any cause, the gold reserve o f the bank
falls there is but one remedy applied, namely, to raise the rate o f in­
terest. The evil which has caused the drain o f gold may be in its
nature either financial or political, it may arise from foreign complica­
tions, or from internal or domestic causes— but no matter. The remedy
which the directors apply is always one and the same. They know o f noother method to attract gold into their vaults than b y checking the
activity o f business, and giving in this way a turn to the foreign ex­
changes. Now, the act o f 1844 does not prescribe any such method o f
replenishing the gold reserve. The Bank o f France has on several occa­
sions made up its failing reserve b y other methods than this. Such
methods are, perhaps, more costly to the bank, but infinitely less costly
to the nation. W e do not say they are capable o f adoption in connec­
tion with the gigantic foreign trade o f England, but we do say that we
expect the report o f the Parliamentary Commission will give us more
explicit and exhaustive information on this special point than-any of the
previous blue books that have been issued.
The only remaining question we shall raise connects itself with the
Joint Stock banks. Since 1834, when the first o f these institutions open­
ed its doors, they have received a prodigious increase o f power, and
the doubt is whether that power does not need regulation. W e have
before pointed out that the chief trouble in respect to the sudden varia­
tions o f the rate o f interest dates from 1844. And it is a noteworthy
fact that these institutions have grown up during the same period. In
1835 the joint-stock deposits were only £266,000, in 1845 they aggregat­
ed £10,053,000, in 1855 they had increased to £29,109,000, in 1861
to £50,783,000, and now they amount to £68,609,548.
From these
figures it is easy to see that the relations o f these institutions to the Brit­
ish money markets have undergone a complete revolution since the bank
act o f 1844 was enacted. Then their operations were comparatively
small. They had only 10 millions to use besides their own capital.
Now they have nearly 70 millions o f borrowed money which they
control, or more than three times as much as the individual deposits o f
the Bank o f England. The joint-stock banks have therefore been justly




252

THE SUEZ CANAL.

[ October,

pointed out as probable sources o f some o f the trouble we are investigat­
ing. W e do not under-value the usefulness o f these institutions, or
the high reputation some o f them deservedly enjoy. But the evidence
against them is confirmed by several facts, amongst which are the follow­
ing : First, their earnings are too large not to suggest doubts. D ivid­
ends o f twenty-two per cent., or twenty-five per cent., or even twentyeight per cent, a year are not to be made without more risks than are
consistent with safe, legitimate banking, especially as the rate o f interest
being 2 per cent., 1 per cent, is bid by the banks for deposits. Secondly,
to enable themselves to pay such large dividends, the paid up capital is
kept very small in proportion to the risks incurred and the business
done. The aggregate paid up capital o f the 7 banks is only £6,609,804,
while the deposits are £68,609,548. Including surplus they have thus
78 millions sterling to use, o f which only nine millions is their own
money. On these funds they do the following business. They hold o f
government securities 8 millions, and o f private securities 67 millions,
and to guarantee their solvency they report 12 millions o f cash reserve,
o f which nearly 3A millions are in a single bank, which says that this
sum includes cash “ in bank, at Bank o f England,” and at call.
If, leaving the aggregates, we examine the individual banks, we shall
find ample room for the expectation that in case o f any flurry in the
money market these institutions, b y their alarm, and by their efforts
to strengthen themselves would be likely to increase the trouble. Take,
for example, the London and County Bank, which is regarded as one o f
the most respectable. Its paid up capital is £880,864, while its deposits
are £12,033,334. It has thus some 13| millions sterling to employ with
a view to make dividends on a paid up capital of considerably less than
a million. These funds are invested in government securities to the ex­
tent o f £968,796, while in other securities £10,334,328 is invested, and
a cash reserve is kept o f £3,284,352.
It will be observed that we do not question the stability and ultimate
solvency of these joint-stock banks.
T o discuss that point is foreign
to the object we have in view, and would lead us away from the
point we have raised, which is simply the behavior which might
be expected from them in time o f sudden pressure, and the results o f
that behavior on the course o f the money market.
W e may recur
to the subject hereafter, and will do no more in this place than sug­
gest that institutions having so vast an aggregate o f funds continually
flowing into and out o f their vaults, should be compelled to keep a larger
reserve o f cash in hand, and should be placed under more obligations of
publicity, by being required to publish a weekly statement, like that re­
quired o f the Bank o f England and the Bank o f France.

THE SDEZ CANAL.
This great work, “ a connecting link between two worlds,” appears,
according to the last report o f the company, just made public, to be pro­
gressing satisfactorily. One after another the difficulties which have
been denominated insurmountable by the faithless and doubting, have
been met and overcome, until now it is thought thatonly about two years




1867 ]

THE SUEZ CANAL.

253

more will be required before what has so long existed as a grand idea
only, may become an accomplished fact. This favorable opinion is at
present not only expressed b y those pecuniarily interested in the work,
but widely known English Engineer’s, who have hitherto been so skept­
ical, admit at length its feasibility, and profess confidence in its speedy
accomplishment.
It is difficult to estimate the importance o f this work to commerce
and civilization.
Bringing, as it does, Europe into immediate and
direct communication with Asia and Africa, it cannot but exercise an
incalculable influence in disseminating western civilization among the
teeming population o f the East, while at the same time it furnishes to the
immense trade with those countries, the stimulus o f a rapid and econo­
mical means o f transit. The Mediteranean Sea, as our readers well
know, is separated from the gulf o f Suez by a narrow isthmus o f land
only seventy-five miles wide. That gulf gradually widens into the Red
Sea and Sea o f Arabia and, finally, into the great Indian Ocean, which
lies between the Western coast o f Africa, India, China and Aus­
tralasia. The present channel for commerce between Europe and those
countries embraces a wide circuit o f the navigable globe around the
Cape o f Good Hope, and occupies from five to seven months. But the
direct route even over that, extensive course cannot be taken, since
ships leaving Europe or the American Atlantic ports for India, China or
Australasia must make immense detours b y the Canaries or Azores in
order to get into or avoid the monsoons or winds that blow steadily in
one direction for months, and promote or retard their passage.
Hence
it is evident that if vessels could cross direct from the Mediterranean to
the Gulf o f Suez the distance to India would be shortened nearly threefourths with a corresponding saving in the cost o f transportation, while
at the same time the dangers attending a voyage round the Cape o f Good
H ope would be wholly avoided.
Under these circumstances it can be easily understood how the opening
o f such a channel between the Mediteranean Sea and the Gulf o f Suez
should have long enlisted earnest attention, and still more earnest efforts
for its accomplishment.
In the early days o f Egyptian civilization a
canal was commenced b y Pharaoh Necho, and finally completed b y D a ­
rius,^the remains o f which still exist. It was destroyed during the fierce
wars o f Mahommedan conquest, and has since to such an extent been
choked up by the shifting sands o f the desert, as to be so utterly worth­
less that the new canal now in progress does not even follow the orig­
inal route. The restoration o f this ancient work was among the earlier
plans o f the First Napoleon, who projected it as a means o f counteracting
British ascendancy in India, and gaining for France a portion o f the com ­
merce o f the East. The project has been frequently revived since his
tim e; but it was reserved for M . Ferdinand de Lesseps, the celebrated
French engineer, to initiate the work, and carry it, as he probably will, to
a successful termination. The difficulties in the way would have deterred
a less ardent and earnest man. H e had to overcome the apathy o f some,
the active opposition o f others, and provide the capital requisite for the
undertaking.
It was in 1852, we believe, that this French enthusiast, as some
then called him, first attempted to form a company for the construe-




254

th e

Su e z c a n a l .

[ October,

tion o f the canal. H e enlisted the Pasha o f E gypt in the undertak­
ing, and in 1855 obtained from him a firman granting the necessary
assistance and powers. Engineers were employed to survey the
route, who reported that there were no insurmountable difficulties in
the w a y ; so that in January, 1859, the “ Universal Company of the
Maritime Canal o f Suez ” was organized, with a capital o f 200,000,000
francs (840,000,000,) and soon after the work was commenced. Nine­
ty miles was the length o f the cut to be made, the shorter and more
direct route not being selected on account o f the greater difficulties it
presented. The depth determined upon was twenty-six feet below the
low water level o f the Mediterranean, and the width three hundred and
twenty-seven feet on the surface. T o obtain the low water level o f the
Mediterranean, the actual depth o f the canal must average from twentyfive to thirty-five feet.
The chief engineering difficulties were those arising from the sandy,
shifting nature o f the soil, and the want o f a good port on the Mediter­
ranean side. The country is remarkably level, the greatest elevation be­
ing not more than from 30 to 45 feet above the adjoining seas, gener­
ally the soil is only five or six feet above the sealevel, and in some
places it is so low that it is covered by swamps or marshes, and small
lakes.
W ith respect to the present condition o f the maritime canal, the r e ­
port states that nearly half the distance between Port Said and Lake Timseh, about 40 miles, is already dug to the full width o f 100 metres
(327 feet) on the water line. A bout one-fourth o f the route, or 20 miles,
the full average depth o f 26 feet from the surface has been reached, the
sides sloping at an angle o f 45 degrees. On the remainder dredgers o f
great capacity and novel construction are at work, and so decided are
the improvements made in these dredging machines that excavations are
being carried forward with greatly increased rapidity, and it is expected
that this portion o f the work will be entirely completed by the close o f
the present year.
The second half o f the canal extends from Lake Timseh to Suez, and
comprises the more ridgy or elevated part o f the route. Lake Timseh
is now filled with water from the Mediterranean to the level o f the two
seas. Through the Salt Marsh, or Bitter Lakes, as it is called, the
land being at some points below the level o f the G ulf of Suez, it was
necessary to make the embankments by excavations o f earth transported
by lighters from other portions o f the work. Fifteen hundred millions
o f cubic metres will be required for this purpose. The waters o f the
Mediterranean now extend about fifty miles into the desert, and in ten
months they will be conducted to the Bitter Lakes. The dredgers are
now in active operation on this portion o f the route, and extract month­
ly a mass equal to from 25,000 to 30,000 cubic metres.
Simultaneously with the work on the canal, the process o f improving
the harbors on the Mediterranean and Suez sides is in active progress.
On the Suez side there is no particular difficulty, there being a very fine
harbor easily adapted to the wants o f the new commerce. The road­
stead o f Suez is, however, being improved and cleared o f obstructions,
and a wet dock is in process o f construction for ocean steamers. But
on the Mediterranean side, at Port Said, the engineering difficulties are




1867]

THE SUEZ CANAL.

255

greater, owing to the fact that sands impelled by the tides and winds
obstruct the mouth o f the harbor. On this account it is necessary to
construct jetties or breakwaters, extending on either side nearly two
miles into the sea. These jetties range from a depth in the sea o f
from eight to fifty-two metres. The Western jetty is already entirely
raised above the water, with the exception o f about a quarter o f a mile,
and one-half o f the eastern jetty has been made in water fifty-two me­
tres deep. This work is substantially done, and is almost as extensive
as the great breakwater at Cherbourg. The fierce gales and heavy seas
which prevail in this portion o f the Mediterranean have had no effect
thus far upon the huge blocks forming the jetties, and promise a secure
refuge for the largest vessels. The sand has been dredged to a depth
o f fifteen feet in the inner port, comprising a space o f sixty acres. By
the end o f the present year it will have been still further dredged until
it reaches a depth o f twenty-four feet, furnishing access to all descrip­
tion o f trading vessels.
Another scheme undertaken b y the company, and to a certain extent
independent o f the maritime canal, is the “ fresh water canal.” It is
not, however, intended to be navigable as the term canal generally im­
plies. It is better described as a large trench or cutting, for the pur­
pose o f conveying the water o f the Nile from Cairo northward, curving
to the east, through a tract o f land purchased by the company, to Lake
Timseh, before mentioned, and then southward to Suez. Before this
was completed all the fresh water to be obtained at Suez was brought
from Cairo by the railway. Large trains, conveying iron tanks filled
from the river, were constantly passing along the line that conveyed
the passengers by the overland route, from sea to sea. The whole line
o f the Ship Canal, from Suez to Port Said, runs either through the two
salt water lakes on the Isthmus, the wide expanse o f Menzaleh on the
seacoast, or the soil o f the Desert, “ a barren land, where no water is.”
Labor is, o f course, impossible without a certain and abundant supply
o f this element. This aqueduct was, therefore, a work o f necessity, and
has proved a success. It is also employed to irrigate such portions o f
the soil through which it passes as may be worth cultivating, and this
secondary purpose has been fully answered, as may be seen in its fertil­
izing effects on the country along its route.
It is estimated that the entire cost o f this great work, including the
canals, harbor improvements, and material o f traction for the passage
o f large vessels, will amount to 385,000,000 francs ($77,000,000).
This is about double the original estimates. The capital o f 200,000,000
francs was increased b y a loan o f 100,000,000 francs, and a call for
another 100,000,000 has been made, which has been favorably received
by the stockholders. The instruments o f labor worked by steam and in
use on the Isthmus represent a total o f 17,768 horse power, at a consump­
tion o f 12,219 tons o f coal per month. The company has in its employ­
ment 13,000 laborers and artezans, of whom 6,388 are native Syrians
and Egyptians, and the balance are Europeans. The distance between
the two seas has become a continuous line o f work shops; and numerous
villages and towns have sprung up in the desert to accommodate the
workmen, and the traders and laborers who supply their wants. The
port o f Said, situated on the spit o f land that separates Lake Menzaleh




256

RAILROAD

EARN INGS FOR AUGUST.

[ October,

from the Mediterranean has increased from a wretched population o f
a few hundred to 8,000, with warehouses and buildings to accommo­
date the increased business and population. There is every indication
that the termini on either side of the canal will become the sites o f great
cities, and centres o f commerce.
It is evident that the completion o f this canal will mark a new era in
the history o f commerce. There can be little doubt but that an im­
mense portion o f Eastern shipping will follow this new and shorter
route. The only drawback is the want o f sufficient guarantees that the
canal shall be free to the commerce o f all nations. This consideration
led England to oppose the undertaking until it became apparent that
further opposition would be useless. It has secured some privileges,
but the work will be under the control o f France, and that country can
hardly fail to derive immense benefits from it. A s for ourselves, how­
ever, we possess in the Pacific Railroad, now speedily approaching com­
pletion, the means for an active competition for the Eastern trade in­
dependent o f the Suez Canal. W e can still turther increase our facili­
ties by the construction o f the Panama Ship Canal, which offers fewer
engineering difficulties than are being successfully encountered at Suez.
This is a matter deserving the attention o f capitalists here, and it is to
be hoped that they will not be indifferent to the great issues which it
involves.

RAILROAD EARNINGS FOR AUGUST.
The large increase in the giain crops has naturally induced an expecta­
tion of a corresponding gain in the earnings o f the railroads. This result
has followed ; and yet not to the extent perhaps which might have been
expected. During the five weeks ending August 31st, the receipts o f
wheat at Chicago, Milwaukee, Detroit and Toledo aggregated 3,883,002
bushels, against 1,796,499 bushels for the corresponding period of 1866 ;
and the combined arrivals of other kinds o f grain and of flour show a pro­
portionate increase. It might reasonably be expected that, with a doubling
of this very important class of freights, the earnings o f the roads would
furnish a very favorable exhibit. The tabulated results presented below,
show, however, a gain for the month o f August of only $353,578 in a
total of $6,973,228, being only a trifle over 5 per cent. W e think, however,
that the explanation may be found in the fact that the breadstuff's shipments
are as yet mostly confined to certain Western roads, or to the canals and
lakes. By examining the returns this is made very clear, as will be seen
from the Angust earnings of the Chicago and Alton, Chicago and North­
western, Chcago and Rock Island, Illinois Central, Michigan Central, and
Michigan Southern roads ; but the roads connecting with the seaboard, as
yet, compare poorly with last year. The gross earnings o f the under­
mentioned railroads for the month o f August, 1868 and 1867, compara­
tively, and the difference (increase or decrease) between the two periods,
are exhibited in the following statement:
Railroads.
Atlantic and Great W estern
Chicago and A lto n ................
Chicago and Great Eastern..




1S66.
$528,642
387,269
107,052

1S67.
$475,257
421,484
94,867

Increase. Decr’ ee.
$ ....
$53,385
34,215
....
12,185

1867 ]

RAILROAD EAR N IN G S

Railroads.
Chicago and N orthwestern...............
Chicago, R ock Island and Pacific ...
E r i e ........................................................
Illinois C en tra l....................................
Marietta and Cincinnati....................
Michigan C en tra l............................... .
Michigan S ou th ern ...........................
Milwaukee and Prarie du C hien.......
Milwaukee and St. Paul....................
Ohio and Mississippi ..........................
Pittsburg, Fort Wayne and Chicago
Toledo, Wabash and W estern...........
Western U n io n ............................. — ,

257

FOR AUGUST.
1867.
1866.
797.475 1,038,824
404,600
340,657
1,295,400 1,239,024
684,377
578,253
114,716
106,921
359,645
398,995
384,401
423,762
113,404
116,266
207,068
205,436
305,454
313,165
602,069
648,201
396,248
364,723
60,698
73,525

Increase. Deer’ e.
241,349
63,943
106,*124
7,795
89,350
44,361
7‘j i i

• . .

2^862
1,632
46,182
31,525

12!827

Total in A u g u st..
Total in Ju ly.........
Total in J une........
Total in M a y .......
Total in A pril.......
Tot^l in March. ..
Total in February
T oia l in January..

$6,619,650 $6,973,228 $353,578
5,967,856 5,754,795
6,706,446 5,815,741
6,402,287 5,907,650
339,611
5,473,127 5,812,738
5,593,523 5,639,601
46,078
4,664,525 4,798,978
134,453
5,378,441 5,413,437
34,996

January-August, 8 months

$46,805,355 $46,116,168

213,061
890,705
494,637

$689,687

It is also necessary, in making these comparisons, to keep in mind that
the grain movement last year, owing to short crops, was very limited, and
that, consequently, the railroad receipts were less than the previous year.
The earnings of August, 1866 were about 8 percent, below those of the
same period of 1865 ; and the receipts of last month averaged 3 per cent,
less than those of two years ago, the total for August of 15 of the above
roads being in 1865 $7,096,559, and this year $6,878,361. Here, how­
ever, again an explanation may be found in the comparative breadstuff's
movement during the two years 1865 and 1867. For instance, nearly all
the grain that came forward during August last, was this year’s product,
while in 1865 there was a large surplus on hand of the old crop, so that
tbe weekly receipts at the West during August, 1865, were in excess of
this year’s receipts, and hence the railroad earnings were larger than at
present. It is also stated that the charges on the roads have, in some
instances been reduced, and confirmatory evidence of it is found in tbe
disproportion between the increase o f traffic and that of earnings. This is
certainly a change much needed for the agricultural welfare of the country.
W e have no statistics showing the net earnings o f the roads; were they
at hand, however, it would probably be found that the working expenses
have been somewhat reduced, warranting a decline in the rates. The
country cannot afford to pay the high prices for transportation which have
been in force; and unless commerce is to be impeded, the roads must
steadily reduce their charges, at the same time economizing their expendi­
tures correspondingly. This policy alone can place the traffic upon a
basis insuring a steady growth.
It will be seen from the above statement that the earnings of the sixteen
roads enumerated show a decrease in the earnings for the first eight
months of the year amounting to $689,687, or about l j per cent.; the
past month therefore shows an improvement upon the business of the
year.
The gross earnings per mile o f road operated for the same month o f the
two years, are shown in the table w’hich follows:




258

[ October,

THE PINCH IN THE MONET MARKET.

,— Miles o f road—
Earnings—, /—Differ1e—,
Railroads.
1866 1867 1866. 1867. Incr. D ec.
Atlantic & Great W estern ...............................................
507
507 $1,042 $937
$105
Chicago and A lton ......................................................... .
280
280 1,383 1,505
122
Chicago and Great E astern..............................................
423
224
224
477
54
Chicago and Northwestern.............................................
135
1,032 1,145
772
907
Chicago, R ock Island & P acific...................................
410
830
986
156
410
775 1,023 1,598
798
25
966
Illinois Central.................................................................
149
708
703
817
Marietta and Cincinnati...................................................
251
426
457
31
251
Michigan Central..............................................................
285
138
285 1,262 1,400
Michigan S ou th ern ..........................................................
524
818
85
524
733
Milwaukee & Prairie du Chien......................................
496
484
12
234
234
Milwaukee and St. P aul...................................................
739
275
745
6
275
Ohio and M is siss ip p i.......................................................
340
921
23
898
340
Pittsburg, Ft. W ayne and Chicago.................................
99
46S
468 1,385 1,236
Toledo, Wabash and W estern ......................................
521
521
760
700
60
W estern U nion.................................................................
72
343
415
177
177
T otal in A ugu st.........................................................
Total in J u ly.........................................................
Total in Ju n e...............................................................
Total in M ay..............................................................
Total in A p ril..............................................................
Total in March............................................................
Total in Februry.........................................................
Total in January.........................................................
January-A ugust: 8 m onths........*.......... .................

$941
848
953
912
778
795
663
764
.

$978
808
816
829
816
791
673
760

7,034 7,124 $6,054 $6,473

$37

$ ...
40
137
83

38
4
10
4
$

.

$1S1

The earnings o f the New York Central in August, 1866, were (654
miles) $1,286,000, or $1,966 37 per mile, and in 1867 (692 miles)
$1,374,000, or $1,985 55 per m ile; increase, $88,000, or $19 18 per
mile.

TIIE PINCH IN THE MONEY MARKET.
The recent easy and plethoric condition o f the loan market has sud­
denly passed off, and money lenders, instead o f being glad to get 3 o r
4 per cent., demand twice as much, or 7 per cent, for call loans, and often
get it too. T o these persons, as well as to others, the change no doubt
is a very gratifying one. It certainly is so to the shrewd speculators
who have profited b y the resulting disturbance of values at the Produce
and Stock Exchanges. Outside of a very narrow circle, however, such
spasms are not regarded with so much satisfaction. The few may gain
b y them, but the many lose. Business languishes under a sensitive
money market. The activity o f commerce, the progress o f material
prosperity, the development of productive power, the force o f industrial
enterprise, every thing which makes the country rich and great, is fos­
tered by monetary ease, and suffers from such spasmodic jerks as have
briefly disturbed the money market during the last few days.
The effects o f this sharp convulsion, it has been affirmed, have only
been to punish a few speculators who richly deserve it. This view o f
the case is founded in error. E verybody knows that speculators are the
very men to profit b y such a catastrophe. They welcome fluctuations
in the markets; because b y these they live and b y these they grow
rich. A ccordingly it is a significant fact that not a single failure took
place at the Stock Exchange by the fall in securities, which was one o f the
minor symptoms o f the nine days’ W all street scare. The money lenders,
the stock operators, the speculators o f all classes— these are the men




1867 ]

THE PINCH IN THE MONEY MARKET.

259

who gather their profits in such a spasm. Investors, men o f business,
the owners o f securities and other property, find in it nothing but loss.
The latter are sacrificed that the former may make money. The many
lose that the few may gain.
This being so it is no wonder that the report has been current,
and has been widely credited, that the whole trouble was the work o f
these persons, who had so much to gain b y it. Certain money lenders,
it is said, were disgusted at not being able to get more than 3 or 4
per cent, for their money. Speculators were disgusted that, in the long
dead calm o f the money market, stocks neither went up or down, and
the mercurial values dealt in on ’Change were so stationary that no
money was to be made by “ b u ll” or “ bear” tactics. To these
men, or to a clique o f them, it is claimed a bright idea suggested itself,
and was successfully worked out. They would put up gold by a bold
speculative venture. The political difficulties at Washington and other
circumstances were favorable at home and abroad. They would then
appeal to the Secretary o f the Treasury, who was presumed to be nerv­
ously sensitive to the fluctuations o f the Gold Room , and would get him
to sell gold and Five-twenties to put down the premium on coin, and
check the speculation themselves had raised. From such government
sales a good profit could be made, as the “ ring” could buy back cheaper
the coin that they had sold at high figures. Moreover, the consequent
locking up of currency in the Treasury b y such sales at this time o f the
year, when the bank reserves are drained by remittances to the W e s t;
and the public, the bank officers, and the bank inspectors keep an anxious
eye on the greenback reserve, was calculated to produce further trouble in
the money and stock markets which might, b y shrewd manoeuvering
and W all street strategy, be made productive o f large profits. Our read­
ers, we suppose, are quite willing to admit that this marvellous story is
too complicated, too subtle, too ingenious, and in many o f its details too
improbable to be accounted a fair history o f the origin o f the recent flurry.
Discussion t>f its truth or falsehood, however, is irrelevant for our
immediate purpose, which is rather to trace out practical lessons
than to dispute facts not immediately available for future use. It is
probable that such rumors never would have been put in circulation
but for one unfortunate circumstance. On the 10th September the SubTreasury balance in this city was reduced to 111 millions, and 9 days
later it stood at 124 millions, having risen 13 millions in nine days.
This unhappy locking up o f idle greenbacks was certainly to be regretted
at a time when greenbacks did not seem to be wanted for any important
Treasury emergency, and when they could be ill spared from the banks,
and in fact could not, except temporarily, be spared at all in consequence
o f the turn in our interior exchanges, which caused a general rush for
greenbacks. It seemed unfair to the banks while they were struggling
with the difficulties incident to the fall drain for money to move the
crops, to put upon them at an unlooked for moment this sudden burden.
But in reply to all this it is properly urged that the increase o f the
Treasury balance was only temporary, and was perhaps unavoidable.
Moreover, the past record o f the Secretary of the Treasury forbids
the belief that he could for a moment favor the designs o f speculators,
one o f whose chief objects was to depress government securities, and to




260

THE PINCH IN THE MONET M ARKET.

[

October,

prevent the progress o f the work M r. McCulloch has most at heart at
present— the consolidation o f the floating public debt into long bonds.
When the real causes o f the late short panic come to be known two things
no doubt will be satisfactorily proved. First, that whatever artificial
causes have been at work to precipitate the advance in the rate o f inter­
est, and to develop that advance under the pressure o f a monetary
spasm there was no concert o f action o f which Mr. McCulloch was con­
scious between the Treasury or any o f its officers, and the investments
o f speculators or money lenders, or any other interested persons what­
ever. Secondly, it will probably appear that the increase in the Treas­
ury balance was made up to a much less degree than was supposed
by the accumulation o f greenbacks, and that the timely disbursements o f
the government, especially during the last eight or ten days, has done
much to relieve the pressure which the Treasury has been unjustly
supposed to have intentionally contributed to bring on.
The main question, however, is as to the money market o f the imme­
diate future. W ill the rates o f interest work easy during this fall, or
are we to have a series o f spasms and panic 3, or will there be a sharp,
well sustained 7 per cent, steady market? In answer to these questions
we are pointed first to the supplies o f capital, which are already ample
and which the high rate o f interest attracts hither, not only from our
domestic sources o f supply, but from the money markets o f Europe,
where money cannot be employed except at meagre rates o f interest.
W hile money rules at 2 per cent, in Lombard street, and W all street
offers 6 or 7, in these days o f international activity and telegraphic com­
munication it is easy to see the result.
But to make these stores o f capital accessible, the state o f the cur­
rency should be exempt from perturbation. It is to this point that the
chief attention o f the public turns. If our currency suffers contraction
at this critical time, the effect o f the contraction must inevitably be
seen in the movements of the money market. T o prevent tjie mischiefs
o f any such trouble, Congress authorized at the close o f its last session
the issue o f 50 millions of three per cent, legal tender certificates,
to take the place o f the compound notes held by the banks as reserve.
Congress, also, in the law of April, 1866, left it optional with the
Secretary o f the Treasury to omit contracting the greenback issues when
such contraction was inexpedient or unsafe.
Congress therefore is
exempt from blame if the money market should be disturbed from any
undue, ill-timed contraction o f the currency. The responsibility rests
with the Secretary o f the Treasury. And if such trouble should occur,
the result will inevitably be to add to the force, and to play into the
hands o f the inflationists, who are averse to all contraction whatsoever,
who wish to dilute the currency and to shake the foundations o f our financial
fabric by further issues o f paper money. Under these circumstances
it is believed that M r. McCulloch will omit the four million contraction
o f greenbacks until it can more safely be made, and that he will issue
certificates to the banks in exchange for the 20 millions o f compounds
which mature next month. F or obvious reasons it is also probable
that he will not give out those certificates in exchange for Seven-thirties
as he has been recommended to do. F or by this he would virtually
convert the Seven-thirties into a bank reserve. This course would




1867 ]

RAILROADS AND CANALS NOR FREIGHTS.

261

partake o f the nature o f inflation. It could he justified only b y an
emergency such as has not yet arisen, and such as, with judicious man­
agement, is not within the hounds o f reasonable probability.
If these anticipations prove correct as to Mr. McCulloch’s manipula­
tions o f the currency, and if the course o f the money market be kept free
of perturbation from currency irregularities, then there is good ground
for believing that the predictions o f stringency or panic will be disap­
pointed, and our Fall business, on which so much depends, will not
suffer decay or paralysis from this cause.
There are, however, other quarters from which apprehensions may
arise. Public confidence is as important a condition for an easy money
market as is an abundance o f disengaged capital, and a stable financial
machinery by which the movements o f that capital may be facilitated
between the lender and the borrower. H ow far this public confidence
may be shaken by political causes and b y foreign complications is a
question which is well worthy the examination o f every man whose bus­
iness enterprises or speculative projects call for large monetary accom­
modation, or are tempting him to venture beyond his depth. For pru­
dent conservative men, however, it is an advantage to be assured that, so
far as the Treasury is concerned, nothing is doing, and nothing is likely
to be done, that will tend to produce stringency; for the progress o f the
funding operations, which must be carried on up to June and July next,
when the Seven-thirties mature, require, as an indispensable condition,
that the money market should be steady and free from trouble.

RAILROADS AND CANALS FOR FREIGHT.
F or some time past the comparative advantages o f railways and
canals in the transporting o f freight have engaged public attention, and
the Constitutional Convention, which has been in session at Albany
through the summer, has occupied a long period in the discussion o f
the subject. This discussion has arisen out o f the general question o f
canal enlargement, with regard to which great diversity o f opinion has
been developed, as is evidenced in the diverse reports presented to that
body. F or instance, the majority report o f the Committee on Canals
proposes an immediate enlargement o f the locks together with certain
improvements o f the channel, as does also the minority report made by
Hon. Israel T. Hatch, from the Committee on Finance. The majority,
however, o f this latter committee takes decided ground against any im­
mediate enlargement, and proposes a modification o f the financial article
o f the constitution, which will effectually preclude the undertaking of
any such work for the next fifteen years; and a single member o f the
committee makes a special report to show that the canals o f the State
o f New York have already passed the period o f their greatest useful
ness, and that henceforth we must depend upon railroads to meet the
increasing wants o f our internal commerce.
On a former occasion we submitted our reasons for deeming it inju
d iju - s 10 oouuiiit tne State by constitutional provisions to either policy
It is very probable that during the present period when taxation, nation




262

RAILROADS AND CANALS FOR FREIGHTS.

[

October,

al, State and local, is pressing heavily upon the people, the general senti­
ment will preponderate against such an increase o f the State debt as
would probably become necessary in case o f enlargement. Neverthe­
less, it seems to be settled that the canals shall not be sold— the goose
furnishing too good plucking to permit it to be done.
In such case it
is apparent that either the enlargement must be carried forward as
soon as it is prudent, or some other avenue through the State must be
furnished, to accommodate the carrying trade o f the W est. A t the
present time, the current o f traffic sets strongly in the route across the
State o f New York, and our interests as well as our duty to sister
States demand that we shall not obstruct this channel; that either the
State must act, or the whole matter must be thrown open to private
enterprise, regardless o f its influence on our canal revenue.
And just
in this connection the question of freight railroads becomes o f import­
ance. If these are to supersede canals to any considerable extent,
enlargement is entirely unnecessary. T o our minds such an event ap­
pears possible, though we are aware o f evident practical objections which
must be first overcome.
Yet as there is this possibility, and little
probability o f immediate enlargement, we see additional reason for reit­
erating our opinion that a public policy should be adopted which con­
templates such a contingency and the State not be committed in its
fundamental law to any fixed plan.
W ere this question between canals and railroads one simply o f rapid­
ity o f transportation, the railroads would certainly take the preference.
The round trip from New York to Chicago and return is now accomplished in about twelve days b y r a il; while by water, thirty days more
are required between this port and Buffalo. Even if steam should be
introduced into the navigation o f the canals this difference in time
could not be diminished sufficiently to obviate the advantage in favor
o f the railroads. Then, again, the canals are closed and their navigation
suspended during four or five months, while the railroads continue open
the entire year. Besides, there is more or less danger o f injury to breadstuffs from dampness, heating, etc., while making the slow journey by
-water, which is almost entirely obviated when they are carried by rail.
On account of these advantages our dealers in breadstuffs, to a large
extent, even now supply the facilities afforded by railroads. They can
often meet their orders in the city o f New York in time, by bringing
grain and flour at call from the entrepots o f the W est, Toledo, Chicago
and Milwaukee, and not be absolutely dependent on the supply already
brought forward. The effect has been to diminish, to a remarkable ex ­
tent the amount annually carried on the canals, while the railroads have
steadily increased their business.
The following table is compiled from
the official documents, and show's the number o f tons o f breadstuffs trans­
ported on the Erie Canal and on the New York Central and the Erie
Railroad for the past eleven 3 ears :
Year.
.............

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

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




Erie Canal. Central Railr’ d. Erie RR.
283.027
148.943
203,141
275,941
120,617
301,507
154,534
249,751
112,721
343.872
197^233
441,562
243,959
469,885
261,824
405,380
22S,632
461,511
215,986
349,103
212,677
453,668
397,963

1867]

RAILROADS AND CANALS FOR FREIGHTS.

263

These figures present the remarkable circumstance that our railroads
are gradually but surely supplanting the canal for this species o f freight,
in spite o f the fact that the transportation by railway is attended by disad­
vantages o f a serious nature, many o f which, however, could be obvi­
ated on a freight road. The freight cars are unsuitable, and the'waste,
therefore, in carrying breadstuffs is computed by shippers as high as l j
per cent. There is great negligence also on the part o f the persons
employed by the railroad companies in respect to keeping all the cars
together on freight trains, and so bringing them through to their place
o f destination. Indeed forwarders declare that in every shipment one or
two cars are sure to be left somewhere on the way, putting them to
great annoyance, expense and loss o f time by such inexcusable careless­
ness. Then there are other difficulties or disadvantages not so easily
obviated. A single canal boat, for instance, will carry eight thousand
bushels o f wheat, which is equivalent to the load o f twenty freight ears.
And what is o f even more importance, lighters must be employed at con­
siderable extra expense to take the freight brought by railroads to the
part o f the city desired, whereas canal boats can land at any point.
Then, again, there is the difficulty o f loading and unloading the immense
number of cars which would bo needed for this freight business. A s
at present managed, more extensive accommodations would be re­
quired for the purpose than any road can furnish. But we think that
when the question is reduced to that point, some way will be found o f
obviating the difficulty. W hatever success has in the past attended rail­
roads in competing with canals has been in spite o f these disadvantages.
A s to the charges for transportion b y water, they increase as the season
advances. A t the present period the cost o f bringing a bushel of wheat
from Chicago to New York, including changes at Buffalo, is, we believe,
about twenty-nine cents. They may advance ten or fifteen cents before
the close o f navigation. I f we assume forty cents as the possible cost
before navigation closes, the cost o f carrying a ton o f wheat b y water
from Chicago to New York would be between thirteen and fourteen
dollars. Even this extreme price, however, is less than the charges
by rail; and with freight trains always made secondary to those carry­
ing passengers, and compelled to give way to them, we cannot expect
much improvement. A s throwing light upon this question, we have pre­
pared the following table showing the business done by the Erie Railroad
— the earnings, expenses and profits on freight— for the six years ending
Sept. 30 in each y e a r :

Y c ir .
1860.......................................
1S61 ....................................
2^02......................................
3863 ......................................
1864 ......................................
1865
.....................

Gross
earnings
Tons
per ton
carried
per m ile
one
Gross
in mills
mile.
earnings. & d ec’ ls.
214,084,306 $3,884,343 18.14
251,350,127 4,351,404 17.34
351,092,255 6,642,915 18.92
403,670,861 8,432,234 20.89
4 2,013,644 9.855,OSS 23 34
3SS,557,21310,725,264 27.61

Profits
Expenses
per ton
Gross
per ton
per mile
expenses, in mills. Profits, in mills
$2,143,524 10.01 $1,700,819
8 13
2,336,934
9.30 2,414,530
8*04
3,35S.346
9.56 3,284,569
9 80
3,893,981
9.64 4,538,252 11 25
6,147,831
14.57 3,707.257
s ’ 77
7,718,542
19.87 3,047,7227^74

By this table we perceive that, in the year 1861, the actual cost to
the railroad o f transportation was less than one cent a mile for carrying
a ton o f freight; and that the average for six years, notwithstanding
the extraordinary expenses o f 1865, was twelve and six-tenths mills,




264

COTTON MOVEMENT A N 0 CRO P.

[ October,

or about a cent and one-fourth. This includes, it should be kept in
mind, all interest on capital, repairs o f cars, track, etc., o f which the
company charge more than the proper share, we think, to the freight
traffic, since the wear o f express passenger business is so much greater
than the freight business. Besides, as the freight trains must give way
for passenger trains, they are sometimes kept waiting at stations for hours,
and this loss must be made up in extra speed, which increases the ex­
pense many times.
It will therefore be perceived in a moment, that b y the employment
o f a railroad exclusively for freight, these disadvantages would be general­
ly obviated, and expenses o f transportation would be greatly reduced.
Cars suitable for the business would then be employed, and there would
be good reason to expect no such vexations as leaving off one or two
cars from a train at places along the route. There would be no neces­
sity for a speed exceeding ten miles an hour, which would obviate to
a great degree the wear o f cars and track, and yet make headway as
fast as is now the case at fifteen miles. One express train wears more
than ten freight trains. N o time would be lost by waiting at stations,
but the trip could be a continued one at a slow rate o f speed from point
to point.
It is thought that on a railroad built substantially for the purpose,
from fifty to one hundred cars can be drawn b y a single engine, and,
of course, very many o f such trains could be placed on the road every
day, if necessary. This would enable it to do all the transportation that
would be offered; and it is obvious that it could be at cheap and yet re­
munerative prices. A s shown above the cost for wear o f cars and track,
and for other expenses, ought to be largely reduced from the present
rates. It would appear, therefore, that i f the average cost o f the last
six years o f one and one-fourth cents per mile should be received for
every ton o f freight, a fair proportion o f that amount would be net profit.
A t that rate the total charge from Chicago to New York would be about
$13.75 per ton for wheat, which is but little more than is charged for its
transportation b y wrater.
Imperfect as the estimates are which we have displayed, they seem
to indicate sufficient uncertainty with regard to freight transportation, to
make us hesitate before inserting a provision in the Constitution, com ­
mitting the State to any certain fixed policy with regard to our canals.
W e would approve o f leaving that instrument open, however, so that
the Legislature, in case o f any contingency, may have the power to
act as necessity may require. The people do not desire a hide-bound
policy, which will not allow them to take advantage o f future develop­
ments or improvements.

COTTON MOVEMENT AND CROP FOR 1S65-7.
(Taken from the Comjieboial and F inancial Chronicle, Sept. 21.)

We are now able to give our figures showing the total crop and movement o^
cotton in the United States for the year ending September L, 18G7. The
teceipts, as will be seen, very nearly approximate those of last year, the 1 1




1867 ]

265

COTTON MOVEMENT AND CROP,

reaching 2,019,271 bales, against 2,193,987 bales for the previous twelve months,
indicating a decrease in the receipts this year of only 174,716 bales. It would be
impossible to state with accuracy what proportion of this aggregate was the
product of the last year, estimates differing so widely with regard to the amount
of the old crop not brought forward at the close of 1865-6. We think, how­
ever, we may safely take this old surplus at 300,000 bales, and shall then have
left about 1,700,000 bales as the total product of the past season. The new
year begins with an unusually small stock in the interior, and we must therefor g
look almost entirely to the new crop for our receipts during the coming twelve
months. We now bring forward our table showing the total receipts for each of
the last two years, and the foreign exports the past year. In the last column
will be found the stocks August 31, 1867 :
R e c e ip ts a n d E x p o r ts o f C o tto n (bales) f r o m S ep te m b e r 1 , 1 8 6 8 , to
S ep te m b e r 1 , 1 8 6 7 , a n d s to c k s a t la tte r d a te .
r-R e c’p tsy ’ rend—,^-Exported year end Sep.1,’ 67 to-^Stocks
S e p t.l, Sept. 1, Great
Other
Sept. 1
1867.
1866. Britain. France. F ’ reign. Total. 1867.
702,131
711,629 403,521 160,852 54,567 618,940 15,256
239,516
429,102 145,566 4,352 3,506 153,424 3,714
162,217
112,462
75,547 3,524 1,825
80,896 1,228
248.601 258,798 111,592
959 1,550 114,101
(533
186,495
175,065
60,751
16,173
76,918 3,233
57,451
149,432
3,019
3,109
5
38,623
64,653
534
534 . . . .
127,867
39,093
13,011
13,011 2,589
119.601 141,659 375,206 28,460 66,002 469,668 41,497
33,462
21,066
16,624
390
17,014 10,000
58,556
52,728
3,155
3,155 3,000
2,721
3,300
7,820
155
7,975 2,000
................... . .
103 ........
, ...
103 . . .
............................................ 23
23 . . . .

P orts.

New O rleans....
Alabama.............
South Carolina..
Georgia..............
Texas ................
Florida..............
North Carolina..
V irgin ia .............
N e^ Y o r k * .., .
B o s to n * .............
Ph'ladelph a * ...
Baltimore*.........
Portland Maine,
San Francisco..,
Shipp’d to m annf’ s
from Tenn., &c*

.

42,000

35,000

T otal...............................................
2,019,271 2,193,987 1,216,472 198,147 144,168 1,558,787 83.155
Last year.......................................... 2,193,987
1,258,277 222,593 71,817 1,552,457281,179
Increase this year............................................................................................ 64,325
6,330
___
Decr’ se this year.............................
174,716
41,805 24,446
198,024

The following is ou>- detailed statement of the receipts of cotton through the
year (or as it is called, the cotton crop for 1866-7), and for comparison we
bring forward our figures for 1865-6 :
L o u is ia n a .
Exported from N ew Orleans :
T o foreign ports.....................
T o coastwise ports...............
Stock at close o f year............

--------1866-7--------- ,
. 618,940
. 248,376
. 15,256— 882,572

Received from M o b ile .........
Received from Montgomery
Received from Florida.........
Received from T exa s...........
stock beginning o f year. . . .

. 36,676
. 10,792
. 11.810
. 19,081
. 102,032— 180,441

Total product for the year

702,131

Deduct:

,--------- 1865-6 --------- ,
516,188
252,355
102,082—
870,625
36,483
4,378
12,785
32,111
83,239—

158,996
711,629

A la b a m a ,
Exported from M obile:
T o foreign p orts...........................
T o coastwise p o r t s .......................
T o New Orleans from M obile—
Burnt at M obile............ ...................
Stock at close o f year.......................
Deduct stock at beginning o f year.

. 153,424
. 98,158
. 10,792
..
2,437
.
3,714— 268,525
29,516

Total product for year.............

239,516

270.931
142,7H4
4,878
b,307
29,009—

453,392
24,290
429,102

* These are the shipments from Tennessee, &c., the total being 256,340 bales, as may he
seen more fully in a subsequent table. The amount shipped to manufacturers is estimated.




12

266

[October,

COTTON MOVEMENT AND CROP,

T exas.

Exported from G alveston:
T o foreign p orts................................................................. 76,918
T o coastwise ports............................................................ 113,936
Stock at close ol year............................................................
2,233— 194,084
Deduct stock at beginning o f year....................................
7,589
Total product for year...................................................
3,019
54,156

188,922
13,857
175,065

186,495

F lo r id a .
Exported from Apalachicola, St. Marks, &c.:
T o foreign ports.................................................................
T o co tstwise p o r t s ............................................................
Burnt at Apalachicola ....................
Stock at close o f year........................
Deduct—
Stock beginning o f year...............
Recovered o f burnt cotton ...........

64,388
115,943
8,511—

37,977
23,943

5 -

58,269

162
656-

162—

162,082

12,650

Total product for y e a r ...............

G e o r g ia .

818

12,650

57,451

149,432

E xp orted :

Burnt at S avannah...................................
E xported from Darien to N orth’n ports.
Stock at Savannah close o f year...............
Deduct—

106,670
7,431
136,113
6,062
51
743
633— 257,703
5,862
3,240—

a.

9,102

4,005—

262,808
4,005
258,798

51,619
2,205
50,884
3,435
1,701
5^535—
945
1,972—

115,379
2,917
112,462

152,247

N o r th C a r o lin a .

21

534
38,0 8 9 -

35.623

Total product for year.....................................................
V ir g in ia .
E xp orted :
T o foieign p orts.........................
13,011
T o domestic p o r ts .............................................................. 105,233
Manufactured (taken from Petersburg).............................
8,000
Burnt at N orfolk.....................................................................
2,500
Stock Sep., 1, ’ (>7, at Petersburg. 1,089...........................
2,589
“
N orfolk & c ................ 1,500
Deduct stock Sept. 1, 1866.........................

64,632—

38.623

29,294
6,333
131,333
3,466

3,466

226,896
82,459
1,431— 310,786

39.093
39,093

127,867

T en n essee, . c .
Shipments
From Memphis ...............................................................
J*rom Nashville, Columbus, Hickman, Ky., & c .........

489
3,240—

248,601

E xported from Charleston:
T o foreign ports—Uplands.................................
. . . . 72,909
7,9S7
“
“
—Sea Island..........................................
T o coastwise p orts-U p la n d .......................................... 80,942
“
“
—Sea Island......................................
8,766
E xported from Georgetown, Port Royal, &c., to North­
ern ports..............................................................................
1,552
Burnt at Beaufort and Hilton H ead...................................
45
Stock at Charleston end o f y e a r........................................
1,228— 173,429
D ed u ct:
5,647
Stock at Charleston beginning o f year.
5,535— 11,182

ESXDO
xp orted :
T o foreign ports .................................................................
T o coastwise ports
.....................................................

88,313
4,592
161,056
5,113

218,504
70,000
10,831—

299,335

Deduct
42,000
43,615
10,831Shipments to N ew York, Boston, & c.

96,446

+214,340

35,000
33,132
12,450-

80,582
218,753

* This estimate o f shipments direct to manufacturers from Tennessee, &c., includes not only
the amount so shipped to points on the Ohio, but throughout tbe whole North.
t This is the amount received from Tennessee, &c., at New York, Baltimore, Boston and
Philadelphia, as follow s:—Received at N ew York, 119,601 bales; at Baltimore, 2,721 bales; at
Boston, 33,462 bales; at Philadelphia, 58,556 bales—as may be m ore fully seen in our previous
tables.




1867 ]

267

COTTON MOVEMENT AND CROP.

Add shipped to manufacturers, as above...........................

42,000

35,000

Total product o f the year, except amount shipped to New
Orleans...................................................................................

256,340

253,753

Prom the foregoing it will be seen that the total crop of the United
States for 1866-7 was.................... - ........................................
Total exports from the United States for 1866-7.....................• .
Below we give the total crop each year since 1820 :
1865-6...........
1861-5...........
1860-1...........
1859-60.........
1858-9. ........
1S57-S...........
1856-TU........
1855-6......... ..
1854-5...........
1853-4...........
1852-3...........
1851-2...........
1850-1...........
1849-50.........
184S-9...........

Bales.
. . . . . . . 2,193,987

............. 3,851,481
............. 3,113,962
............. 2,847,339
............. 2,930,027
............. 3,262,882
.............3,015,029

1847-8.............
1846-7.............
1845-6.............
1844-5.............
1843-4.............
1842-3.............
1841-2.............
1840-1.............
1839-40...........
1838-9.............
1837-S.............
1&36-7.............
1835-6.............
1834-5.............
1833-4.............

Bales.
......... 2,347,634
......... 1,778,651
......... 2,100,537

........... 1,634,945
......... 2,177^835

2,019,271
1,558,787
Bales.
1,1.70,438
987,477
1,038,848
976,845
870,415
727,503
957,281
720,027
569,249
509,158
495.000
455.000
430.000

1832 3.
1831-2.
1830-1.
1829-30
1828-9.
1827-8.
1826-7.
1825-6.
1824-5.
1823-4.
1822-3
1821-2.
1820-2.

........... 1,254,328

The crop of Sea Island the past year has jbeen as follows : Florida, 12,632
bales ; Georgia, 7,646 bales; South Carolina, 12,060 bales—total, 32,328 bales,
the particulars of which are set out below :
F lo r id a —Bales
t i e o rg la —Fxported F oreign

12,622

................................................................. 7,431
Dom estic ports.................................... ....................................... 6,062
122— 13,615
Stock end o f year......................................................................
Deduct Received from from Florida.............. ........................... ......... 5,522
Stock beginning o f year......................................................................... 447—
5,969

Total Sea Island and G eorgia.................. .....................................................
7,646 — 7,646
S o n t l i C a r o l i n a —Exported foreig n ..................................................... 7,987
“
dom estic p orts...................................... 9,403
Stock end o f y e a r .................................................
194— 17,584
Deduct received from Florida.............................................................. 5,389
Stock beginning o f year.........................................................................
235— 5,624
------11,960

T o t a l C rop o f Sea I s l a n d s ......................................................................

3 2 ,2 2 8

The crop of Sea Islands during former years has been as follows ;
1553-4................... bales
1554-5 .............................
1855-6 .............................

39,6S6 11856-7....................bales
40,841 1857-8______________
44,512 1 1858-9 ............................

45,314 11859-60.................bales 46,649
40,566 |1860-66 .......................No record
47,592 1

The total exports for the year reach as above 1,558,787 bales, which is an
increase of 6,330 bales on last year’s total, when the figures were 1,552,457 bales.
If we average these bales at 450 lbs., and the price received at 12d. per lb., the
value iu gold of our cotton exports for the year was 170 millions of dollars.
These figures very forcibly exhibit the impolicy of cotton regulations and taxes
which fetter production. For the convenience of our readers we bring forward
the exports of previous years, giving in the table below the foreign movement
for five years :
T o t a l E x p o r ta o f C o tto n to F o r e ig n P o r ts fo r F iv e Y e a r s .
,— — Exports to foreign ports for year ending Ang. 31— ■—
From —
1859.
I860.
1861.
1866.
1867.
New O rleans........................... bales. 1,580,581
2,005,662
1,783,673
516,188
618,940
M obile.................................................
514,935
659,481
456,421
270,934
153,424
South Carolina...................................
339,924
386,770
214,3S8
53,824
80,896*
* Authorities differ as to the amount raised during the war period. Some estimate it as low
as 3,300,000 bales for the four years, and others as high as 7,600,000 bales.




268

\0sl6ber,

COTTON MOVEMENT AND CROP,

3,259
203,028
9,694
292
257

1861.
302,187
63.209
28,073
195
810
248,049
23,225
3,793
3,545

495,462
12,014
2,035
6,709

i,774,173

3,127,568

1,552,457

P rom 1859.
Georgia................................................
262,041
T ex a s..................................................
79,534
40,852
F lo rid a .. ..............
North Carolina.....................................................
V irginia.................................................................
N ew Y o rk .....................................
182,460
8,257
B oston .................................................
Philadelphia......................................
1,715
Baltim ore............................................
104
Portland, Maine...................................................
San F rancisco......................................................

1860.
337,755
111,967
59,108

Total lrom the United S ta te s .... 3,021,403

1856.
92,905
64,388
37,977
21

1867.
114,101
76,918
3,019
534
13.011
469,668
17,014
3,155
7,975
103
32
1,558,787

In the above table of exports we have omitted, for obvious reasons, the figures
the period during the war. The home consumption of cotton the past year
has been as follows:
for

C o n s u m p tio n .
Total crop o f the United States, as above stated..............................................
Stock on hand commencement o f year, Sept. 1, 186 6 In Southern p orts.....................................................................................
In Northern ports.....................................................................................

2,019,271
162,836
120,856— 283,692

Total supply during the year ending Sept. 1, 1867........................... ..........
2,302,963
O f this supply there has been
Exported to foreign ports during the year............................................................ 1,558,787
Burnt at N ew Y o rk .................... ................................................................................
5,068
Burnt in the South.......................................................................................................
6,122,
N ow on hand (September 1,1867)—
In Northern p orts............................................... ...................................
56,497
In Southern ports.....................................................................................
26,658—1,653,132
T otal consumed in the United States during the year ending Sept. 1,1867. .
Estimated consum ption in the Southern States.................................................

649,831
70,000

Consumption in the Northern states for the year..................................................

579,831

This as will be seen is equal to a consumption in the Northern states of abou*
11,000 bales per week. The total consumption in the United States each year
since 1847, has been as follows :
Tear.
1S47-8................b a le s
1848- 9 .........
1849- 50 ....................
1850- 1.......................
1851- 2 ......................
1S52-3........................

Total,
U. S.
616,044
642,485
613,498
485,614
699,603
803,725

Total,
Year.

1853-4.......
1854-5........
1855-6.......
1856-7....... ...............
1857-8....... .
1858-9.......................

u . s.

Year.
1859-60
1860-1..
1861-5..
819,936 18651866-

927,651

Total,
U. S.
972,043
843,740
......... no record
667,292
6.. .........
649,831
7.. .........
.bales

Iu connection with the figures we have given above, the following indicating
the imports of cotton at Liverpool for the year ending August 31, 1866, and
1867, and the stocks at that port and on the Continent August 3L of each year?
wiil be of interest:
I m p o r t s o f C o tto n a t L iv e r p o o l f o r y e a rs ending: A u g u s t 3 1 , 1 8 6 7
a n d 1 8 6 6 , a n d S to c k a t d a t e s .J

A m erican......................
Brazilian........................
Egyptian, Smyrna, &c.
V? est In d ia n .................
East Indian..................
China and Japan.........

.--------- Imports.--------- ,
Year endi’g Year end’g
Aug. 31,1867. Aug. 31,1866.
.bales 1,239,614
1,260,709
.........
397,983
449,670
.........
203,293
262,409
.........
101,226
107,701
......... 1,159,426
1,558,838
.........
4,616
14,832

T otal............................................................ 3,106,158
8,654,179
Stock at L ondon.....................................................................................
“
at H avre.........................................................................................
“
at other ports (estimated)..........................................................
Total stocks in Europe




,----------Aug. 31,
1867.
313,550
128,190
48,500
27,900
273,850
1,570

793,560
96,6S0

■Stocks.-------------- »
Aug. 31, Aug. 31,
1866.
1865.
334,010
29,980
109,330
34,480
38,540
56,150
23,120
13,820
423,310 245,870
7,830
31,460
936,140
93,259
180,000
25,000

411,760
61,460
36,000
20,000

1,022,240 j 1,231,153

529,220

102,uoO
30,000

1867 ]

269

CLEVELAND AND TOLEDO RAILROAD,

To complete our record, we give below a table showing the price of middling
uplands at New Yerk and Liverpool once a week during the last two years :
P r ic e s o f C o tto n a t N e w Y o r k a n d L iv e r p o o l t w o y e a r s.
.-1866-7—.
,_4

.—1865-6—

£
£
©
&

£
►
£

Date.
Sept.
“
“
“
Oct’r
“
“
“
N ov.
44
“
“
44
D ec.
41
“
44
Jan .
“
44
44
F eb .
44

7 ........................
14 ......................
21.......................
28........................
5 ........................
12....................
19........................
26........................
2 ........................
9 ......................
16........................
23 ......................
30........................
7........................
14........................
21........................
23........................
4 ........................
11........................
18........................
25........................
1 . . ..................
8 . . . . ................
“ 15........................
44 22........................
March 1........................

h
>

©

cts.

d.

32
3314
35V
38
39 V
40
42
39
39
37
33
34
83V
33 V
34
34 V
33V
35 V
84V
35
33
33V
33
33
32
32

13
13V
13V
la #
14'X
15
1 5#
15
15
14V
14
14
14
14
14#
14V
14V
153i
14V
14V
14V
14V
14V
14
13V
13V

—1866-7—
_r
M

M
Oi
>
©

Date.

3

cts.

a.

44
45
45
44#
49
59
57
58
56
51
51
52
49
49
49
51
51V
51
50
51
47
48
46

18V
..

44
45
44

P*
>

£
£
55

©

cts.

19
24
24 V
23#
22 "
20V
20 V
19V
20V
21
20 V
19V
19V
19 V
18V
19V
19
18V
18V

March 8 .........
44 15.............
44 22...........
“
29...........
April 5 ...........
“
12...........
“
19...........
“
26...........
May 3 ....... .
“
10...........
44 1 7 .........
“
24...........
“
31...........
June 7 ...........
“
14.............
44 21.............
44 28...........
July 5 ...........
“
12.............
“
19.............
*• 26...........
M ig . 2 ...........
“
9 ...........
“ 16...........
“ 23...........
" 30...........

......... 3 i v
......... 30V
......... 30
......... 27V
......... 25
......... 2 6 #
......... 2 7 "
17
......... 27V
......... 27
......... 26V
......... 26V
......... 26V
......... 27
......... 28

—1 865-6-

th
&
55

$
>

©
1-4

a.

cts.

d.

13V
13 V,
13V
13#
12V
12
11#
10#
11V
11
nv
11

40
41
40
40
38
37
36
31
33
34
35
40
38
37
39
37
37
35
35
36
36
36
34

18V
19V
19V
19#
18'
15 V
14#
15#
13V
12V
lv V
12
13V
13
14
12V
18V
14
14
13V
14
14
18V
13 V
13#
18V

nv
nv

11#

nv
li
10V
10V
10V
10V

l« v
........ 28
10V
........ 2SV 10v
........ 28V 10V
......... 27
10V

84
33
32

CLEVELAND AND TOLEDO RAILROAD.
This road extends from Cleveland to Toledo, 112J miles, forming a link in the
great lake-shore line of railroads from Buffalo westward. A lateral line also
extends from Cleveland to Sandusky, 60 miles. Until last year a section of
the Cleveland, Columbus and Cincinnati Railroad, from Cleveland to Grafton,
25 miles was used by this company, but the new line between Oberlin and
Elyria having been opened on the 10th September last, the use of that road was
discontinued.
The fiscal year of the company closes on the 30th April.
The stock of engines and cars on the road at the commencement of 1862-63,
and at the close of each succeeding year was as follows :
May 1, ’62. 1863-63. 1863-64. 1864-63. 1665-66. 1866-67
L ocom otive engines......................................... 32
32
37
37
37
40
Passenger and mail cars............................... 61
Freight ca rs....................................................... 393

56
479

54
636

54
638

58
810

53
866

Cars o f all k in d s..........................................454

535

690

692

868

919

— not including working and gravel cars.
The operations on the road yearly are shown in the statements which fol­
low, viz.;
1. Passenger traffic:
(T h r o ’ ........
G oing E a s t . . . . 4 W a y .........
( T o t a l.......




1862-63.
64,043
98,096
162,739

1863-64.
82,063
142,009
224,672

1864-65.
142,008
146,067
286,075

1865-06.
85.356
185,219
270,575

1866-67.
79,551
172,S39
252,390

CLEVELAND AND TOLEDO RAILROAD.

270

1863-64.
1862-63.
(T h r o ’ .......
60,79 <
93,130
Going W est. . . . - ( W a y ........................... 100,327 146,546
( T o t a l......................... 161,120 239,676
Passengers both w ays........................... 323,859 464,848
28,498,362
Miles travelled........................ 20,650,278
Earnings per m il e .................
$2 73
$2 75

18*5-66.

October,

1864-65.
134,772
165,325
300,097
586,172
38,133,340
$2 88

136,504
200,407
336,911
607,4S6
37,263,769
$3 28

1866-67.
111,648
176,484
288,132
540,522
32,121,284
$3 27

159,913
104,036
263,949
90,983
55,469
146,452
410,401
34,791,292
$2 89

229,109
71,757
300,866
116,203
54,154
173,357
474,223
44,328,972
$2 63

337,353
90,108
427,461
150,808
72,682
223,490
650,951
61,206,114
$2 35

2. Freight traffic.
( Thro’ ......................... 201,385 187,019
Tonnage East . •< W a y ........................... 73,068 97,772
) T o t a l......................... 274,453 284,791
l Thro’ ......................... 71,387 92,725
Tonnage W est. •< W a y ........................... 37,963 54,901
( T o ta l......................... 109,350 147,626
Tons b oth w a y s ......... ........
333,803
432,417
Miles transportation........... . 35,510,471
37,644,347
$2 41
Earnings per m il e ................
$2 24

[

The earnings and expense accounts yearly for the last five years are thus reported :
Passenger.
F reig h t....
M a il.........
E xp ress...

1862-3.
$564,536 82
j- 797,000 44

Total gross
earnings $1,361,537 26
OD’g exp ’ s $544,432 49
IT. S. tax’ s -)
State tax’s I
R e n ts... . |
Exchange, y 372,203 11
disc’ , &c
Inter’ t on
bonds. . J
Expenses
<teintes’ t
Dividends.
Surplus.. .

1863-4.
$784,059 41
907,206 42-

$1,691,265 83
$729,272 54

1864-5.
$1,028,476
979,553
25,849
70,219

47
01
98
18

1865-6.
$1,140,986 81
1,139,781 84
25,849 98
82,249 39

$2,104,098
$1,080,756
53,872
48,015
59,577

64
04
64
65
93

$2,388,868
$1,117,074
69,454
61,535
65,823

376,947 87-

02
50
34
83
96

1866-7.
$937,129 15
1,415,444 97
25,000 00
113,790 IT

$2,492,214
$1,384,837
37,369
54,482
61,641

89
55
47
56
73

27,095 82

19,5S0 88

21,386 33

179,869 22

172,636 22

202,577 66

$916,685 60
133,752 00
311,099 6S

$1,106,220 41
337.522 00
247.523 42

$1,449,187 30
492,642 10
162,269 24

$1,525,786 77
637,022 00
226,059 25

$1,762,295 35
728,918 40
1,001 14

T o t a l . . . $1,361,537 26

$1,691,265 83

$2,104,098 64

$2,388,868 02

$2,492,214 89

Besides the dividends above noted there was paid in August, 1864, an extra 10
j-er cent, dividend ($491,326) from accumulated surplus income.
The results of the business of the company from September 1 1853, yearly
to April 30, 1867, are given in the following summaries. The receipts and expenses have been as follows :
Year
Passenger.
ending—
May 31,1854*. .$409,522 29
' 1855.. 573,303 79
1556.. 681,702 fO
Aol.. 30,1857+. 677,417 86
'
1858.. 588,370 41
1859.. 485,537 45
1860.. 424,223 87
1861.. 453,2o4 66
1862.. 427,285 25
1063.. 564,536 82
1864.. 7S4,05 » 41
1865.. 1,098,695 65
1866.. 1,223,236 20
1807.. 1.050,919 92

•Gross Earnings
F ’ght & M7iil.
$88,048 08
207,516 63
279,768 85
378,488 93
341,882 05
312,618 20
409,047 49
466,716 42
576,o52 17
797,000 44
907,206 42
1,005,402 99
1,165.631 82
1,441,294 89

Total.
$797,570 37
780,820 42
961,471 15
1,055,906 79
930,252 46
798,155 65
833,271 36
919,97 - 08
1,003,637 32
1,361,537 26
1,691,265 83
2,104,098 64
2,388,868 02
2.492.214 89

Operating
expenses.
$219,089 15
375,046 92
465,009 09
516,019 91
496,462 01
383,699 73
867,736 51
426.015 40
460,149 22
544,482 49
729,272 54
1,080,756 94
1,1 7,074 50
1,384,837 55

Earn’ gs less
expenses.
$278,481 22
405.773 50
496,462 06
539,886 8S
433,790 45
414,455 92
465,534 85
493,955 63
543,4>8 10
817,054 77
961,993 29
1,023,342 60
1,271,793 52
1,107,377 34

The disposition made of the earnings less expenses (profits) in each year, is
shown in the following statement:
I n t., profit
& loss, ex*-------Residuary.---------*
Years
traordinary ,— Dividends.— ,
Cred itor.
ending
expenses, & c. Amount.
Rate. D ebtor.
$78,323 37
May 31, 1854*............................................$67,478 32 $132,679 37
5
5,561 55
276,018 75
10
“
1855............................................ 124,193 00
102,990 06
“
1856............................................ 152,297 00
241,175 00
8
* Sept. 1,1853, to May 31, 1854—9 months.




1867 ]
Years ending
April 30, 1857*
“
1858..
“
1859..
“
I860..
“
1861..
“
1862..
“
1863..
“
1864.,

“
44
“

271

CLEVELAND AND TOLEDO RAILROAD,
Expenses,
. . . 322,287
. . . 380,463
. . . 375,863
. . . 389,425
. . . 365,321
. . . 360,490
. . . 372,203
. . . 376,947

&c.
93
76
89
93
30
77
11
87

Am ount.
267,097 00

Debtor.
49,498 05
305,404 93

100,314
133,752
337,522
492,642
. . . 368,431 26-j 491,326
637,022
. . . 408,712 27
728,918
. . 377,457 80

1865.
1866..
1867..

Rate.
8

00
00
00
10
00
00
40

3
4
8
10
10
13
14

Creditor.
53,326 69
38,592 03
76,108 92
128,634 38
82,683 33
311,099 66
247,523 42
162,269 24

491,326 00
226,059 25
1,001 14

Since the commencement of operations eighteen dividends have been paid on
the stock of the company, being 93 per cent, on the issues at dates, and
amounting to $3,838,466 62. The balance to credit of income at the close of
1866-67, amounted to $640,944 12.
The financial condition of the company, as exhibited on the yearly balance
sheet (made up to June 1), is shown in the following statement:
1863*

$

Capital s tock ............3,526,800 00
Bonded d eb t............3,667,595 00
Construction, and
iron f u n d ................................
Bills p a ya b le........................... ...
Accounts current.. 30,53711
May earnings col­
lected ....................
63,489 06
Incom e balance . . . . 522,417 37
T ota l.................. 7,810,838 54

1864
$
4,654,800 00
2,439,990 00

1865.
$
4,690,600 00
2,614,810 00

1866.
$
4,841,600 00
2,746,280 00

5,000,000 00
2,872,185 00

117,528 00
4,989 20
46,739 68

136,389 33
53,741 90
62,000 23

3,741 90
33,224 77

a3,943 08

73,019 66
769,940 49

72,454 77
440,883 73

73,029 26
666,942 98

99,691 61
667,944 12

8,369,819 41

8,673,703 81

8,107,007 61

8,070,88001

1867.

$

Against which are charged the following, viz :1
R oad and property.6,700,495 52
U nion depot, Cleve­
land ..........................................
E quipm ent............... 530,727 50
Stocks and bonds .. 55,025 00
Real estate.................
34,21068
Fuel and materials. 106,013 64
Bills receivable. . . . .
61,303 21
Cash on hand........... 126,381 59
A ccounts current. . . 119,469 38
Sinkiug fund contri­
butions .................. 137,21202
T otal.................. 7,810,838 54

6,699,373 33

6,699,57333

6,672,156 75

6,901,816 01

18,572 95
693,257 50
55,025 00
41,564 86
226,120 47
36,891 04
136,462 81
26,948 76

.............
724,44889
56,73675
39,01486
222,70194
25,51448
39,01164
66,08723

868,769 42
35,115 10
57,317 16
812,001 40
17,501 43
178,612 27
6,554 99

974.601 42
21,744 25
50,140 60
347,645 43
10,201 43
91,738 02
26,085 26

172,790 89
8,107,007 61

197,79089
8,070,880 01

221,790 89

249,790 89

8,369,819 41

8,673,763 81

The following is a comparative statement of the bonded indebtedness of the
company as given in their last five annual reports:
1, 1863-67.
1863.
1864.
1865.
1886.
1867.
$439,000
$3,000
$9,000
? .......
s ........
176,500
66,150
250
288,000 286,000
12,235
. 126,410 123,560
2,805
2,180
575
2S0
185
284,000 244,000 229,000 213,000
27,000
6,000
, 25,000
6,000
6,000
6,000
. 164,d00 161,000 159,000 146,000 126,000
.2,677,000 1,802,000 2,205,000 2,081,000 2,021,O''0
300,000 692,000

BONDED INDEBTEDNESS— JUNE

1st mortage (T. N . & C.), 1863....
2d
“
(
“
>, 1 863....
Incom e o f 1853 (C. & T .), 1863 . . .

tt

IRSid(

Dividend bonds( (C.& T .), 1865*.*.*.*
Dividend certifies C. & T), 1865.
1st mort. (Junct’n ls tD iv .), 1867.
Incom e o f 1857 (C. & J.), 1870...
let mort. (Junct’ n 2d Div.), 1872.
Sink’g fund bds. (C. & T .), 1885..
Mortgage bonds (
“
), 1886.

Outstanding at date............................................ 248,865 2,633,990 2,614,810 2,746,280 2,872,185
Redem ption funds...................................................... 4,581,270 194,000
............................................
T o t a l.......................................................................3,667,595 2,439,990 2,614,810 2,746,280 2,872,185
In hands o f Sinking Fund Com m issioners......................... 276,575 324,000 370,869 420,508
* June 1,1856, to A pril 30, 1857—11 months.




272

PUBLIC LANDS OF THE UNITED STATES.

[ October,

The market value of the company's stock, as indicated by sales at the New
York Stock Exchange (lowest and highest in each month,) is shown in the
following compilation from the records :
1868-3.
J u ly ...................................... 45 @ 49%
A u g u s t................................. 46% @ *4%
Septem ber........................... 52% ® 69%
October................................ 67% @ 73
N ovem ber............................ 65% @ 70%
D ecem ber............................ 66 @ 72%
January................................ 77% @ 97
February ........................... 86% © 96%
M a rch ................................... 93% @ 98%
A p ril..................................... 92%©106%
M a y ...................................... 108 @117
June......................... .. ..........105 @116%
Y e a r ..................................

45 @117

1S63-4.
107 ©117
113 @123
112 @121
114 @120
113 @119%
109 @121
120 @141
136%@149%
142 @151%
135 @157
145 @154%
135 ©151%

1864-5.
131 @144
125%@134
108 @126
95 @116
108 @114%
107 @112%
108 @122
114 @115
90 @109
92 @103
95 @108
98 @105

1865-6.
101 @104
96%@102
102 @109
110 @111
102%@105
102%@115
103 @113%
105 @108%
107 @113
99%@105%
103 @105%
104%©107

107 @157

90 @144

96%@115

1866-7.
106%@116%
1I5%@117
114%@123
113%@123%
111%@121%
111%@126
117 @126%
117 @121
116 @122
109%@115
112%@114
113%@122%
106%@126%

The range in July and August, 1867, was 119£@126, and 121f@127f. The
contemplated consolidation of the company with the Cleveland, Painesville and
Ashtabula Company has had a very favorable effect on their stock.

PUBLIC LANDS OP THE UNITED STATES.
(Concluded from page 216, vol. 67.)
LEGISLATION IN REGARD TO MINERAL INTERESTS.

The mineral interests in the public lands have been the subject of legis’
lation during a period of eighty-one years. The ordinance of 20th May>
1785, reserved one-third part o f all gold, silver, lead, and copper mines *
the act of 3d of March, 1807, dealt with lead mines; the enactment
3d of March, 1829, authorized their sale in Missouri; the pre-emption ac*
o f 4th of September, 1841, excluded from its provisions known salines or
mines; the act of July 1, 1864, requires coal lands, which, as mines, are
excluded from the pre-emption of 1841, to be offered at twenty dollars
minimum, making them pre-emptible at that rate.
In the case of the United States vs. Gear, 3 Howard, 1845, it was held
that it was not intended to subject lead mines to ordinary sale o r pre­
emption in certain districts created by act o f 26th of June, 1834.
In Attorney General’s opinion, dated April 18,1846, respecting mineral
lands on Isle Royal, in Lake Superior, it was stated that “ salines, gold,
silver, lead, and copper mines” were reserved for “ future disposal of Con­
gress.”
The act of July 11, 1846, required the lead mines in Illinois, Arkansas,
Missouri, and Iowa, to be offered, interdicting pre-emption until after
offering, and then at a minimum o f $2 50 per acre, but if not taken at
private entry within a year of the public sale to be subject to sale as other
lands.
The act of 1st of March, 1847, in creating the Lake Superior district,
aud directing geological survey, authorizes the sale of lands containing
“ copper, lead, or other valuable ores,” with $5 per acre minimum.
The act of 3d of March, 1847, for organizing the Chippewa district,
Wisconsin, and also authorizing geological survey, awards the privilege o f
purchase, at [$5 per acre, to occupants at the date of the law, the super-




1867 ]

PUBLIC LANDS OF THE UNITED STATES.

273

vision of mines, by act of 3d o f March, 1849, having been transferred to
the Secretary of the Interior.
In opinion of 28th of August, 1850, the Attorney General held that
lands containing “ iron ore merely” are not the “ mineral lands” referred
to in the 2d section of said act o f 1st March, 1847.
By the law of 26th of September, 1850, mineral tracts in Lake Superior
and Chippewa districts were to be disposed of as other public lands.
The act of September 27, 1850, creating the office of Surveyor General
of Oregon and making donations, excludes “ mineral lands” or reserved
salines. By the treaty of 1851 with Peru, Peruvians are allowed to work
for gold in California; the third section of act March 3, 1853, for the
surveys in that State, allowing only “ township” lines to be extended over
lands mineral or unfit for cultivation; the sixth section excepting mineral
tracts from pre-emption.
The act of July 22, 1854, establishing the offices o f Surveyors General
of New Mexico, Kansas and Nebraska, excludes from the privileges it
concedes to individuals “ mineral or school lands, salines, military or other
reservations.”
The Attorney General’s opinion of February 14, 1860, states that Con­
gress had not then made any provision concerning mineral lands in Cali­
fornia, except reserving from pre emption and donation.
The act of July 1, 1864, for the disposal of coal land and town pro­
perty, allows coal lands not liable under past legislation to ordinary pri­
vate entry to be taken or pre-empted at $20 minimum per acre.
The act of July 4, 1866, giving authority for varying surveys in Nevada
from “ rectangular form to suit the circumstances o f the country,” re­
serves from sale “ in all cases lands valuable for mines of gold, silver,
quicksilver or copper.”
The last and most important expression o f the public will in these
respects is found in the act of Congress approved July 26, 1866, chapter
CCLXII, which declares that “ the mineral lands of the public domain,
both surveyed and unsurveyed,” are “ to be free and open to exploration
and occupation by all citizens of the United States, and those declaring
their intention to become citizens, subject to such regulations as may be
prescribed by law,” and “ subject also to the local customs or rules of
miners in the several mining districts, so far as the same may not be in
conflict with the laws of the United States.”
In the second section it stipulates “ that whenever any person or asso­
ciation of persons claim a vein or lode o f quartz, or other rock in place,
bearing gold, silver, cinnabar or copper, having previously occupied and
improved the same according to the local custom or rules of miners in the
district where the same is situated, and having expended in actual labor
and improvements not less than $ 1,000,” such claimants, where there is
no conflict, after filing in “ the local land office a diagram of the same,”
according to local laws, customs, and miners’ rules, can “ enter such tract
and receive a patent therefor, granting such mine, together with the right
to follow such vein or lode with its dips, angles, and variations to any
d e p t h t h e other sections o f that law prescribe with speciality the mode
of consummating individual rights; also in reference to conflicts; in re­
gard to the right of way ; to the priority “ o f possession ;” of rights to the
use of water for mining, agriculture, manufacturing, or other purposes; to




274

p u b l ic

lands

op

th b

u n it e d

states.

[ October,

homesteads existing prior to the date o f the act, which are used for agri­
culture, on which valuable mines are not discovered, the law conferring
authority on the Secretary o f the Interior for setting apart, after survey,
the agricultural lands so as to subject them to pre emption and sale.
Such is a brief outline of the principles asserted in legislation at different
times respecting the minerals in the public domain, in regard to which it
will be seen that, by recent legislation, important duties are devolved both
upon the local officers and the department.
LANDS, SWAMP AND INUNDATED.

Legislation, in this respect, had its origin in the purpose of providing a
land fund wherewith to enable the beneficiaries, as grantees o f the United
States, to construct levees for checking devastating floods like those which
break over the banks o f the Mississippi, submerging the regions o f the
St. Francis and Arkansas. The grant further contemplated the making
of drains in swampy places, so that all such lands might not only be re­
claimed and laid open to cultivation, but be relieved from pestilential
malaria.
The original act of 1849 was restricted to Louisiana. The act o f 1850
extended to all the States having lands o f this character, and the act of
1860 added to the number of grantees.
The interests claimed under these grants have grown to immense pro­
portions, the aggregate selected to 30th June, 1866, amounting to fiftyeight million six hundred and forty-nine thousand two hundred and seven­
teen acres, of which forty-three million two hundred and four thousand
seven huudred and seventy-four acres have been actually patented and
titles vested.
In the disposal, under general laws, of the public lands, numerous indi­
vidual sales and locations were made falling upon tracts claimed as swamp,
thereby creating conflicts and controversies. Congress thereupon inter­
vened the act of March 2, 1855, confirming individual titles, and allowing
to the States indemnity in cash where cash was paid to the United States,
aud in other lands where the premises disposed o f were taken by bounty
land or other locations. This law was extended by act of March 3, 1857.
The original decision and practice o f the General Land Office rejected
all selections as the basis of indemnity unless such selections were made
and reported prior to the passage of said act of 1857.
The late Attorney-General’s opinion of April 20, 1866, overruled that
decision, and held that in cases o f sales or locations prior to the act of
March 3, 1857, tne right to swamp indemnity exists, even though the se­
lections were made and reported subsequent to that statute.
The aggregate indemnity granted up to the 30th o f June, 1866, was, in
cash, $597,201 37, and in lands, 478,036.93 acres.
The act of March 12, 1860, extending the grant of 1850 to Oregon and
Minnesota, only allows selections to be made from lands undisposed of, ex­
cluding indemnity, and, in regard to surveys made thereafter, fixes a pe­
riod of two years within which selections must be made, that period to
date from the session of the legislature next ensuing official notice of the
completion of surveys.
It is suggested that the time for making selections o f lands hereafter to




1 .8 6 7 ]

PUBLIC

LANDS OF THE UNITED STATES.

275

be surveyed shall be limited to two years from the reception o f the official
plats at the district office, and, in consideration o f the indefinite character
of the grant, and the various views held by different functionaries in the
administration of it, supplemental legislation is recommended, so as to
define the purpose of Congress in the matter as to make certain the path­
way of the Executive in executing the laws, and at the same time order­
ing formalities to be observed, after notice, in establishing these interests
similar to those provided in the adjustment o f pre-emption claims.
The provisions of the act of Congress approved July 23, 1866, “ to
quiet land titles in California,” have been carefully examined, and instruc­
tions communicated to the surveyor general and registers and receivers in
that State, in order to give full and summary effect to its provisions re­
specting swamp and other interests.
TIMBER ON THE PUBLIC LANDS.

Its protection is an incident to the land administration. In 1817 Con
gress passed the first act for the preservation of live oak and red cedar for
naval purposes, with penalties for cutting and destroying trees.
The Attorney General in 1821 decided— referring to 3rd Wheaton,
page 181— that, independent of positive legislation, the United States had
the same civil rights and remedies as individuals for protection of pro­
perty, real or personal.
In 1831 another act was passed, extending the interdict against spolia­
tion.
The Supreme Court of the United States— case, United States versus
Briggs, 9 Howard, page 351— construed this statute as authorizing the
protection of all timber on public lands, and punishment for trespass.
In 1845 the Attorney General considered it the pre-emptor’s privilege
to destroy and use any trees on the tract claimed as might be necessary,
in order to clear and enclose with a view to cultivation and the making of
a home.
In 1855 the management o f the timber interest was transferred to the
General Land Office, which has employed the registers and receivers,
without additional compensation, to prevent the mischief.
The means thus used have been generally successful, not only without
cost, but with profit to the treasury.
Where trespass has been committed by timber dealers, stumpage is
exacted, or the timber seized, sold, and the proceeds paid into the trea­
sury.
Where there has been trespass through ignorance, and with no purpose
of spoliation, the actual entry o f the land is required with payment o f
costs; but in all cases, pre-emptors and parties entering under the home­
stead are protected and secured in the privilege of using trees on the land
claimed, for clearing, fencing, cultivation, the construction of a house to
live in ; also for ordinary domestic purposes ; and if sanctioned by the
head of the department, it may be extended, under reasonable limitations,
to interests under act of July 26, 1866, which confers the right of mining,
where the extension may not be beyond individual necessities, nor amount
to waste or spoliation.




276

PUBLIC LANDS OF THE UNITED STATES.

[ October,

IMPORTANCE OF PROMOTING THE PLANTING AND GROWTH OF TREES.

The earliest settlements began in the timber region, and where the
felling of the forest was a necessity to make way for the plough.
W e have now reached a period when the demand for timber is rapidly
on the increase, and the supply diminishing. Settlements, too, are ap­
proaching the treeless regions of the plains.
By what agency the western prairies and the country beyond have been
denuded, it is useless to speculate. Experience has established the fact
that those regions, by protection from fire and proper care, may be covered
with a growth equal to the wants of settlers, and may be continually re­
newed for all time. In fact, it is known in places in Ohio and Illinois
that where the land is protected from fire and other causes destructive of
culture, there is a spontaneous growth of timber.
The demand, however, as stated, is undoubtedly increasing to an enor­
mous extent, the States which appear to have at present an abundance in
higher latitudes being those bordering on Lake Superior and Lake Erie,
comprising the northern parts of Michigan, Wisconsin, and Minnesota;
yet even there the supply is so diminishing as to be a matter of serious
concern.
Projects have been suggested for planting and rearing forests ; and yet,
while all descriptions o f timber are becoming scarce in settled communi­
ties, and more expensive, it is nevertheless the conviction that the evil
may be lessened by proper effort in all the States east of the great plains,
and even in those plains the grand forests of the Cascade region will fur­
nish supplies, until the science of arboriculture may clothe such treeless
localities as are not appropriated to cereal cultivation.
A modern writer of eminence ventures the assertion that, with proper
care and protection, even inarable territory and sandy deserts, as in Arabia
and Africa, might in places be covered with forests, the theory not being
inconsistent either with experience or the deductions of science. In fact,
many acres in the Scioto and Miami valleys, in Ohio, are to-day covered
with a thrifty timber growth sufficient for fuel and fencing, which thirty
years ago were entirely destitute. It is stated that timber is becoming
sufficiently abundant for domestic uses in that State, where the land at
the period of first settlements was without trees, and in the ordinary par­
lance of the times was known as “ the b a r r e n s t h e process of timber
cultivation being now in fact silently going on in the States o f the west
as well as those in middle latitudes.
The process of fostering this interest might be encouraged and advanced
by so amending the homestead law as to require settlers in localities
where there is a scarcity of timber to plant on each homestead tract a few
hundred trees, as part of a system of cultivation necessary to complete the
settler’s title, to be shown in proving up the claim at the end o f the five
years’ settlement now exacted by law ; and further, by making it obliga­
tory upon United States surveyors to plant midway between each pit and
trench the seeds o f trees adapted to the climate, the fact o f planting and
kind of seed to appear in the field-notes of survey, the duty to be enforced
under penalty of forfeiture of part of the money agreed to be paid under
the surveying contract. In our instructions to surveyors general and
deputies this proceeding was recommended, but could not be enforced in
the absence of legal stipulations, and has accordingly fallen into disuse.




1867]

PUBLIC LANDS OF THE UNITED STATES.

277

The system might farther be extended by ordering the experiment at
military posts and Indian agencies, requiring a number o f acres to be en­
closed and planted, or at least by stipulations that a limited area at such
places shall be so protected as to leave them to the spontaneous action of
nature. Facts could in this way be accumulated which might ultimately
develop a general system, and lead to advantageous results in connection
with this interesting and important subject.
The method of planting and rearing trees is reduced to a science, the
peculiarities of localities best adapted to different species having been
ascertained. It is known that the pine and fir tribe are generally grown
on sandy, shallow surface soil; other trees are natives of swamps; while
the oak, hickory, chestnut and others of hardier and more solid growth,
exist in natural and better soils suited to their several peculiarities.
Such is the case with wild fruit trees, which have been changed into
improved fruit-bearing orchards through the teachings of vegetable an­
atomy and physiology. The homestead settlers, or other parties upon
whom the legislative department may lav its injunctions, can select seed
or young growth best adapted to the soil in baud, littl labor being re­
quired for forest or ornamental trees which naturally grow in wild and
uncultivated territory. The variety of soils existing in the public lands
affords ample opportunities for encouraging this culture, and, under the
requirements of law in the interests contemplated, may lead to valuable
results in causing the product o f cultivated forest to make good the de­
ficiency created by the rapid advance of settlements and necessarv destruc­
tion of the forests of the wilderness; also supplying timber wants in tree­
less territories.
DONATION CLAIMS.

Under the act o f Congress, approved September 27, 1850, creating the
“ office of surveyor general of the public lands in Oregon, and to provide
for the survey, and to make donations to settlers o f the said public lands,”
and the several acts supplemental, there were granted to individuals arriv­
ing in Oregon and Washington before December 1, 1855, and commenc­
ing residence and cultivation prior to date, the quantity of 640, 320, and
160 acres to the several classes respectively mentioned in these laws.
Under these statutes there have been returned to the General Land
Office by the registers and receiver* in Oregon and Washington for patent
4,524 certificates, covering by estimate 1,637,688 acres, and patents have
issued on 3,311 certificates, embracing l,282,423T£ f acres.
There is a class of donations in Oregon and Washington where settle­
ments were made prior to the extension of the lines o f the public surveys,
in which claimants under existing legislation may defer indefinitely their
applications for survey by failing to come forward and pay for the same.
It is recommended that in all such cases a limitation by law be im ­
posed, say twelve months, within which, if the surveys are not applied for,
it shall be the duty of the surveyor general to fix the location according
to the regular legal subdivisions.
It is the duty of the General Land Office, in all cases where Indian
treaties stipulate that titles shall be given, to issue the patents for reserva­
tions, generally with a condition that a sale cannot be made by the re-




278

public lands op the united states.

[ October,

servee without the consent o f the President or o f the Secretary of the In­
terior ; yet in some cases unconditional grants are ordered.
For the year ending June 30, 1866, there have been issued twelve
hundred patents, including two hundred and ninety-eight thousand two
hundred and fifty-six (298,256) acres of the following:
Sacs and Foxes of the Mississippi, Wyandotts, Stockbridges, Pawnee
and half-breeds, Ponca half-breeds, Winnebagoes, Sacs and Foxes of Mis­
souri, Pottawatomies, Kansas Indians, Ottawas, and Chippewas.
The range of our operations heretofore in this branch of the land service
has embraced reservations under treaties with the Pottawatomies, Ottawas,
Miamies, Wyandotts, Creeks, Chickasaws, Choctaws, Pawnees, Delawares,
Sioux, Shawnees, Omahas, Ioways, Ottoes, Kaskaskias, Peorias, Piankeshaws, Weas, and Appalachicolas.
Thousands of patents under treaties with Indians of those tribes have
heretofore been issued, and cases are from time to time arising requiring
the action of this office in conveying title.
By the seventh section o f the second article of the treaty concluded
September 30, 1854, with the Chippewas, it is declared “ that each head
of a family or single person over twenty-one years of age at the present
time, of the mixed bloods belonging to the Chippewas of Lake Superior,
shall be entitled to eighty acres o f land, to be selected by them, under the
direction of the President, and which shall be secured to them by patent
in the usual form.”
The Secretary of the Interior, on the 17th of September last, upon
review of the question as to the admissibility on unsurveyed land of cer­
tain scrip which had been been issued under said treaty, has rendered a
decision declaring that, according to the terms of the treaty, selections are
to be made under the direction of the President, but the selections cannot
be effected until the surveys are made and plats officially returned ; that
such plats must be the basis o f selection, and consequently locations on
unsurveyed lands of Chippewa scrip are not legally admissible.
Accordingly, a general circular has been issued to give full effect to
that decision.
The United States in the earliest period of our history adopted the
principle recognised by the English colonies and Government, o f extin­
guishing by purchase the possessory right of the Indians. That policy
was disclosed in the proclamation of October 7, 1763, by the King of
Great Britain, which declared that no private person should make any
purchase from the Indians of any lands reserved to them within those parts
of the colonies where settlement was allowed, but that “ if at any time any
of the said Indians should be inclined to dispose of the said lands, the
same shall be purchased only for the Crown.”
Our relations in regard to the Indian possessory privilege are fully de­
clared in the case of Johnson vs. McIntosh, 8th Wheaton, in which it is
maintained that the United States hold the legal title, with the absolute
right to extinguish the Indian claim to occupancy.
The principles thus recognised have obtained to the present date, and
under their operation the process of extinguishing the aboriginal title has
been pursued so as to meet the demands of advancing settlements, and as
the Indian passes away before the onward wave of civilization, it is the
province of the surveying department to extend the lines of the public




1867]

PUBLIC LANDS OF THE UNITED STATES.

279

surveys; and further, when by treaty or otherwise it is found necessary
to mark out portions of territory for the concentration o f Indian bands or
tribes, or otherwise for Indian uses, the 7th section of the act o f 8th April,
1864, requires that the “ surveys shall be under the direction and control
of the General Land Office, and as nearly as may be in conformity to the
rules and regulations under which other public lands are surveyed,” a
power which has been exercised in accordance with the expressed require­
ments of the Indian Office and under departmental orders.
FOREIGN TITLES.

The United States, in the enlargement of national territory, have
assumed obligations under the public law, and by treaties, to recognise all
titles which had lawful inception prior to the transfer of sovereignty and
soil.
A primary and important duty required the separation o f private from
the public property. “ The people change their sovereign. Their right
to property remains unaffected.” 9 Peters, page 133.
Therefore Congress have established boards of commissioners, opened
the United States Courts for the adjudication of foreign titles, and in nu­
merous cases have awarded confirmation by special legislation.
These titles are in minu„e parcels in the form o f lots, in Spanish towns,
in rural claims of inconsiderable extent, rising to grants of over a million
of acres, which is the case in the Forbes title in Florida, that grant being
larger than the State o f Delaware, and nearly twice the size of Rhode
Island.
The early routes o f conquest and civilization may be traced in the old
settlements from the St. Lawrence to the Gulf of Mexico, diverging east
and west o f the Mississippi.
The titles we have dealt with are French, Spanish, British, and Mexican,
depending for validity on the colonial laws of European sovereignties, or
of Mexico. In some very few instances they were direct from the Crown,
although usually made through the instrumentality of the governors
general, intendants, sub-delegates, and military commandants.
The property which it is thus incumbent upon us to protect embraces
every species of right, inceptive to complete, including “ those rights
which lie in contact— those which are executory, as well as those which
are executed.” 4th Peters, page 511.
There is no one branch o f jurisprudence where greater research and
extent of legal erudition have been displayed by the judicial tribunals than
in the determination of the intricate questions which in this connection
have arisen, been discussed and judicially determined.
Upon final confirmation it is necessary to have these titles traced out
and fixed, by survey and re-survey, on the earth’s surface, according to
the peculiarities of the ultramarine or other system of the Government
from which they originated, whether in claims of English measure, or
according to the perch of Paris, or the Spanish lineal arpen, or the
“ sitios” o f California, ordinarily called leagues, and yet differing from the
Spanish league of 7,056 arpens= 6,002Ts!r05- acres, in the proportion which
that number of acres bears to the “ sitio de ganado mayor,” the ordinary
California ranch, e mbracing the quantity of 4,4381<ylff acres. These foreign
titles are necessarily interlocked with the public surveys. The limited




[ October,

PUBLIC LANDS OF THE UNITED STATES.

280

number yet to be passed upon should be brought summarily to final de­
cision as suggested in regard to New Mexico and Arizona, so that the
public property everywhere may be cleared of shadowy or groundless
titles, and the national obligations met upon the basis o f equity.
This has been the policy of our Government, which has hitherto done
so in good faith upon the acquisition of new territory, and that, too, in a
spirit of enlarged liberality. The confirmations have been followed by
surveys in thousands o f instances, and by complete patents from the United
States in favor of the original grantees or their legal representatives.
These proceedings have generally relieved the public land from such antagonistical claims, thereby enabling the Government to dispose o f the
soil without hazard of conflict, and hence the assurance in the public mind
as to the absolute reliability of United States titles. With such assurance
settlers and other purchasers will progressively advance upon the unsold
soil, in which the Territories alone (yet to be organized into States) com­
prise a surface large enough to make ninety-seven States, each the size of
Maryland, exclusive o f the “ Indian country,” which covers 68,991 square
miles, or 44,114,240 acres. Then, too, notwithstanding the past immense
disposal by sales and otherwise, there yet remain undisposed of in these
Territories, and unsold in the land States, acres enough to accommodate
over five hundred and thirty-nine million three hundred and eighty-eight
thousand inhabitants, according to the number of persons to a square
mile in England and Wales, and that, too, in a country, according to a
recent British writer, which is a “ boundless mine o f wealth,” its “ re­
sources inexhaustible,” with “ climate varied and delightful.”
H is to r ic a l and S ta tistica l T a b le o f the U nited S ta tes o f N o r th A m e r i c a .

N ote—[The w hole area o f the United States, including water surface o f lakes and rivers, is
equal to three and a quarter millions square miles.
The thirteen original States.
N ew Ham pshire......................................................
Massachusetts...........................................................
Rhode Island.............................................................
Connecticut................................................................
N ew T o r k ...................................................................
N ew Jersey................................................................
Pennsylvania.............................................................
Delaware............................................................... .
Maryland........................ ..........................................
Virginia, East and W e st.........................................
N orth Carolina..........................................................
South Carolina.........................................................
Georgia.......................................................... - ..........
States
admitted.

A ct organizing
Territory.

K entucky...........
V e r m o n t ...........
T en n essee.........
O h io.................... ___Ord’ ce o f 1787
Louisiana........... ...M a r. 3,1805

United
States
Statutes.
vol. page.

.......
2

Area in
sq. miles.
9,280
. 7,800
. 1,806
4,750
. 47,0 0
. 8,320
. 46,000
2,120
. 11,124
. 61,352
. 50,704
34,000
. 58,000

United
Act
States
admitting
Statutes.
State.
vol. page.
Feb. 4,1791
1 189
Peb. 18, 1791
1 191
June 1,1796
1 491
April 30,1802
2 173
331 April 8,1812
2 701

P o p u la tio n 1860.*
326,073
1,281,066
174,620
460,147
3,880,735
672,035
2,906,115
112,216
687,049
1,596,318
992,622
703,70S
1,057.286

tArea in
sq. miles.
37,680
*10,212
45,000
39,964
*41,346

Popu­
la t io n 1860.*
1,155.684
315,098
1,109,801
2,339,582
708,002

* The total population o f the United States in 1860 may be set down, in round numbers, at
thirty-one and a half m illions In 1865 it is estimated that the population was thirty-five and
a half millions, including the inhabitants o f the Territories, estimated at 360,000 persons on
January 1,1865. In 1870, according to existing ratios, the population o f this country will he
over forty-two and a quarter millions.
t The areas o f those States m .rked with a star are derived from geographical authorities,
the public surveys not having been completely extended over them.




1867]

States
admitted.
Indiana...........
M ississippi. . .
I llin o is ...........
Alabama.........
M aine..............
M issou ri.........
Arkansas.........
M ichigan.........
Florida.............
Iow a ..................
T exa s..............
W iscon sin ____
California........
M innesota.......
O regon.............
Kansa*.............
W est Virginia.
Nevada..............
Colorado...........

PUBLIC LANDS OP THE UNITED STATES,

A ct organizing
Territory.
May

7,1800
7,1798
3,1809
3, 1817

United
States
Statutes,
vol. page.
2
58
1
549
2
514
3
371

4,1812
2, 1819
11, 1805
30, 1822
12, 1838

2
3
2
3
5

April 20, 1836

5

10

9
9
10

403
323
277

. Jan.

.Mar.

743
493
309
654
235

May

3, 1849
14, 1848
30, 1854
2, 1861

12

209

.F eb.

28, 1861

12

172

30,1854

10

277

Nebraska.......... *§

Acts
organizing
Territories.
N ew M e x ico .................. ....S e p t . 9,1850
Utah...............................
Do.
W ashington....................
Dakota.............................
A rizon a ..........................., ...F e b . 24,1863
Idaho................................
M ontana.......................... ...M a y 26,1864
Indian T e rrito ry ...........
District o l Columbia . . . ...J u ly 16,1790
March 8,1791
Territories.

Act
admitting
State.
Dec. 11,1816
Dec. 10, 1817
Dec. 3,1818
Dec. 14, 1819
Mar. 3, 1820
Mar. 2,1821
June 15, 1836
Jan. 26, 1837
Mar. 3,1845
Do.
Dec. 29, 1845
Mar. 3,1847
Sept. 9, 1850
Feb. 26,1857
Feb. 14, 1859
Jan. 29, 1861
Dec. 31,1862
Mar. 21, 1864

....

United
States
Statutes,
vol. page,
3 899
3 472
3 536
3 608
3 544
3 645
5
50
5 144
5 742
5 742
9 108
9 178
9 452
166
11
11 383
12 326
12 633
13
30

281

tArea in
sq. miles.
33,809
47,156
*55,410
50,722
*35,000
*65,350
52,198
*56,451
59,268
55,045
*2*4,356
53,924
*188,981
83,531
95,274
81,318
23,000
$81,539

13

32 *104,500

13

47

75,995

Popu­
lation
I860.*
1,350,428
791,305
3 711,951
964,201
628,279
1,182,012
435,450
749,113
140,425
674,948
604,215
775,831
305,4.39
173,855
52,465
107,206
§6,857
110,507
§34,277
112,261
23,841

Area
in square
Population.*
miles.
121,201 The estimated popu­
1106,382
lation o f these Ver69,994
ritories on Jan240,597
uary 1, 1805, as
**126,141
above
indicated,
90,932
was 360,000.
143,776
68,991
130) 10 miles sq.
214 f

United States
Statutes.
vol. page.
9
446
453
9
10
172
239
12
664
12
12
808
13
85
i
l

....

* The total population o f the United States in I860 may be set down, in round numbers, at
thirty-one and a half m illions. In 1865 it is estimated that the population was thirty-five and
a half millions, including the inhabitants o f the Territories, estimated at 360,000 persons on
January 1, 1865. In 1870, according to existing ratios, the population o f this country will be
over forty-two and a quarter millions.
t The areas o f those States marked with a star are derived from geographical authorities,
the public surveys not having been completely extended over them.

X The present area o f Nevada is 81,539 square miles. Should the portion o f Utah be detached
and also that o f Arizona, as above suggested, there w ill be added 30,550 square m iles, thereby
making the area o f Nevada 112,0S7 square miles.
§ W hite persons.

i! Indians.

The present area o f Utah is 106,382 square m iles. By act o f Congress o f May 5, 1866, this
area is liable to be lessened by detaching a portion on the west side o f Utah to the extent o f
one decree o f longitude, equal to j.8,325 square miles, to be added to Nevada, on the latter
consenting by act o f Legislature. Should such act be passed, the area o f Utah w ill be 88,057
square miles.
** By said act o f May 5, 1866, Arizona, which now contains 126,141 square m iles, is proposed
to be reduced, by detaching from the northwestern part a tract equal to 12,225 square miles,
to be added to Nevada, the Legislature o f that State consenting. The effect, in ihat event,
will be to reduce the area o f Arizona to 113,916 square miles.

N evada.—Enabling act approved March 21, 1864; Statutes, volum e 13, page 30. Duly ad­
mitted into the Union. President’ s proclamation. No. 22, dated October 31, 1864; Statutes
volume 13, page 749.
Colorado.—Enabling act approved March 21, 1864; Statutes, volume 13, page 32. N ot yet
admitted.
Nebraska.—Enabling act approved April 19, 1864; Statutes, volume 13, ipage 47. N ot ye
admitted
That portion o f the District o f Columbia south o f the P otom ac river was retroceded to
ginia July 9,1846; Statutes, volume 9, page 35.
VOL. LV II---- NO. IV,




13

282

[ October,

PUBLIC LANDS OP THE UNITED STATES,

T a b u la r sta tem en t s h o w in g the n u m b er o f a cres o f p u b lic la n d s su rv ey ed in the
f o l l o w i n g la n d S ta tes a n d T e r r ito r ie s u p to J u n e 30,1865, d u r in g the last
f i s c a l y e a r , a n d the total o f the p u b lic la nd s su rv eyed u p to J u n e 30,1866, and
a ls o the tota l a rea o f the p u b lic d om a in r e m a in in g u n su rv ey ed w ith in the sa m e.

O

gs
MP

Land States and Ter
tones.

ob
DO o
©+■»

o£
r©>
I to3
P
W iscon sin...................
Io w a ...........................
Minnesota....................
Kansas..... ...................
Nebraska Territory..
C'aliiornia....................
N evada*...............
O regon.........................
Washington Territory
Colorado T erritory ...
Utah T erritory}.........
Arizona Territory}:. .
N ew M exico Territr’ y
Dakota Territory.......
Idaho Territory.........
Montana T erritory...
M issouri......................
Alabama .................
M ississippi................
Louisiana...................
Arkansas.....................
F lo rid a ........................
O h io.............................
Ind iana........................
M ichigan.....................
Illin ois.........................
Indian Territory.......
T ota l............

to ' T3©
P.2 >»p

'C gs o-g
05 ft
<o

IB

' c >■

to

rE
in'i-t
P <P CD S3
ft
CO o
bfi-'
>,
c a
"C2 to

t->g a>

o ’l ’i l
© ©2 s
6 p p a

p U 0).h

ft eo

«« P ©
O -g P

tn5
wnb3
oc3 £ PM

t« ,Cr3

££,a
o ©a
as®
P til

e© > b

33,375,333 356,888 779,139
35,288,800
... 81,322 509,743
21,454,802
14,762,581 231,072 1 178,123
390,831
13,170,301
27,008,317 194,716 477,652
57,809 218,903
451,407
5,448,866 279,365
1,955
15699 181,074
3,333,902
10,421 414,509
1,197,321
2,425,239
2,293,142
1,744,881
41,824,000
32,462,080
30,179,840
23,461,440
33,406,720
26,631,520
25,576,960
21.637,760
36,128,640
35,462,400

Area o f the land
States and Terri­
tories.

P O ©Ho

,2 o

CO
« a)
■2 P
£2 P
£
©©

_ t-,
o

O ^ -p ®
•r
■© *
S 5

p.

ft> S r©
©

rP

P

© "£

o

© ft
o 53
teg
©

g g-C og
P c3
g 2 tx fp

..

_o2s-oSc
Psr
poa

34,511,860
35,228,800
22,045,867
16,171,776
13,561,132
27,680,685
728,119
5,730,186
3.530,645
1,622,251
2,425,239

34.511.360
53,924
35.228.800
55,045
31,413,973
53.459,840
83,531
35,871 744
52.043.520
81,318
35,075,668
48.636.800
75,995
93,267,155 120,947,840 188,981
51,456,841
52.184.960
81,539
55,245,174
60.975.360
95,274
41,265,515
44,796,160
69,994
65,257,749
66,880,000 104,500
65,659,241
68.084.480 106,382
80,730,240
80.730.240 126,141
77.568.640 121,201
2,293,142 75.275,498
115,108 1,859,989 152,122,091 153,982,080 240,597
58,196,480
58.196.480
90,932
92,016,640
92.016.640 143,776
41,824,000
41,924,000
65,350
32,462,080
32,462,080
50,722
30,179,840
£0,179,840
47,156
23,461,440 3,000,000
26,461,440
41,346
33,406,720
33,406,720
52,198
26,631,520 11,300,000
37.931.520
59,268
25,576,960
25.576.960
39,964
21,637,760
21,637,760
33,809
30,128,640
36.128.640
56,451
35,462,400
35,462,400
55,410
44,154,'240
44.154.240
68,991

.468,666,252 1,227,262 4,267,037 474,160,551 991,308,249 1,465,468,800 2,2S9,795

* The State o f Nevada was enlarged by adding one degree o f longitude—detached from the
west part o f Utah—11,728,845 acres ; also by the addition o f that portion o f Arizona lying b e­
tween the 37th degree o f north latitude and Colorado river on the south, and the 37th degree
o f longitude west, to the eastern boundary o f California, amounting to 7,823,936 acres, which
w ill increase the area o f Nevada to 71,737,741 acres. This is, however, subjeet to the approval
o f the legislature o f Nevada, o f which this office has not been advised at the date o f this report.
Per act o f May 5, 1866.
t A strip o f one degree o f longitude being taken from Utah on the west, for the purpose o f
adding to Nevada, equivalent to 11,728,845 acres, the area o f Utah thus diminished w ill be
56,355,635 acres. Vacated Indian reservations in Utah (77,225 acres) were surveyed during the
fiscal year ending June 30,1866, but as this area forms part o f that formerly surveyed as the
public lands, and is included in 2,425,239, the area is not repeated.
+ The area o f Arizona being diminished by the cutting off the northwest corner and adding
to Nevada, amounting to 7,823,936 acres, its area will be 72,906,304 acres.

General L an d Office , October 2, 1866.




-------

1867}

283

FUBLIC LANDS OF THE UNITED STATES,

S ta tem en t e x h ib itin g la n d c o n cessio n s by a d s o f C o n g r e s s to S ta tes a n d C o r p o r a ­
tio n s fo r r a ilro a d a n d m ilita r y w a g o n roa d p u r p o s e s f r o m the y e a r 1850, to
A u g u s t 1,18 6 0 .
03 « 03 O
r& 03 fcjCCJ
CJ W pi
cj.2 aS
o
r , O CJ SO
-M ile lim itsName o f road.
Date o f laws.

o S S S ’l
fiO'Ofa

. S-. 0J&C- .S is'S g
£8 5 -3 8 s &.S § &

Sept. 20,1850 Illinois Central.................... 6 and 15.............) „ ™ . n-o m
.........d o..........M obile and C hicago............ 6 a n d l 5 ............. f 2,oao,uod u u ....
State o f M ississippi.*
Sept. 20,1850 M obile and Ohio R iv e r.. . . 6 and 15...............
737,130 2 9 ...
Aug. 11,1856 Southern railroad............... 6 and 15................. 171,550 00...
......... d o ...- .G u lf and Ship Island R R .. 6 and 15— — *..............................
State o f Alabama.*
Sept. 20,1850 M obile and Ohio R iv e r .. . . 6 and 15 ............... 419,528 4 4 ...
May 17, 1856 Alabama and Florida......... 6 and 15................. 394,552 9 9 ...
. . . . d o........ Alabama and Tennessee... 6 and 15...............
440,700 1 6 ...
June 3, 1856 N ’ theaetern & S’ thwestern 6 and 15 ............... 239,535 5 8 ...
......... d o ......... Coosa and Tennessee.......... 6 and 15 .................
67,784 9 6 ...
......... d o ......... W ill’ s V alley........................ 6 and 15................. 171,920 51...
......... d o .........Mobile and Girard................ 6 and 15................. 504,145 86...
....... d o ........... C oosa and Chattooga.......... 6 and 15..............................................
......... d o .........Tenn. & Alabama Central. 6 and 15.............................................
Aug. 11,1856 N o map filed................. .. 6 and 15............................................
State o f Florida.*
May 17, 1856 Florida railroad.................. 6 and 15...................
281,984 17..
......... d o ......... Alabama and F lorida.......... 6 and 15.................
165,688 00..
......... d o ......... Pensacola and G eorgia .. . 6 and 15................ 1,275,212 93..
......... d o ......... Florida, Atlan. & Gulf C en...................................
37,583 29..
State o f Louisiana.*
June 3, 1856 V icksburg and Shrevep’ t . . 6 and 15 ................ 353,211 70..
......... do......... N .O., Opelousas & G’ t W ’ n 6 and 15................
719,193 75..
Aug. 11,1856 N o map filed............... ......................................................................
State o f Arkansas
Feb. 9, ia53 Memphis and Little R o c k .. 6 and 15................. 127,238 51..
July 28,1866
Do.
d o............A ddit’ al
5
........................
Feb. 9,1853 Cairo and F u lton ................ 6 and 15................... 1,115,408 41..
J uly 28,1866 Cairo and F ulton................A ddit’ al . . . 5 .................................
Feb. 9, 1853 Little R ock and Ft. Smith 6 and 15................. 550,520 18..
July 28, 1866 ___d o .................... d o ....... A ddit’ al . . . . 5 ................................
State o f Missouri.
June 10, 1852 Hannibal and St. J osep h .. 6 and 15................
493,821 3 5 ...
..........d o......... Pacific and S.west. Branch 6 and 15................. 1,158,073 54...
Feb. 9,1853 Cairo and F ulton................ 6 and 15.................
63,540 11..
July 2^, 1866 .............d o..............................A ddit’ al . . . . 5 ................................
July 4,1866 Iron Mountain (from Pilot
Knob to Helena, A r k .).................... 10 and 20..........................
State o f Iowa.
May 15, 1356 Burlington & Missouri R . . 6 and 15........... .
20
June 2, 1864 . . . . do....................... d o ........................
May 15, 1856 Mississippi and M issouri.. 6 and 1 5 ... . . .
20
June 2, 1864. .. d o ........................do........................
May 15, 1856 Cedar Rapids & M o. River 6 and 15...........
20
June 2, 1 8 6 4 .... d o........................do........................
( Dubuque & Sioux City )
May 15.
•< Au’ ed change o f route V 6 and 15........... .
Jane 2, 1864 j fr. Ft. Dodge to Sioux j
May 12.. 1864 McGregor and W estern....................10 and 20.
..........do.......... Land granted to State for
rai!road from Sioux City
to the south line o f the
State o f Minnesota “ at
som e point between the
Big Sioux and W est Fork
o f the Des Moines river.” .............. 10 and 20.

287,046 34.

48i,774 36!
’ 775,717*67’

1,226,163 89,

1,595,053 00
1,004,640 00
404.800 00
652.800 00
230,400 00
419,520 00
481,920 00
691,840 00
132,480 00
206,080 00
840,880 00
150.000 00
576.000 00

442,542
165.688
1,568,729
133,153

14
00
87
99

610,880 00
967,840 00

438,646
865.539
1,100,067
966,722
550,525
458,771

89
00
40
00
34
00

781,944 83
1,161,235 07
219,262 31
182,718 00
1,400,000 00
948,643
101,110
1,144,904
116,276
1,293,739
123,370

66
67
90
70
(-0
00

1,226,163 05
1,536,000 00

256,000 00

* Grants to M ississippi, Alabama, Florida, and Louisiana, under acts o f May 17, June 3,
and August 11,1856, having expired, application will he made to Congress to extend the time
for the com pletion o f the railroads in said States.




284

ao-ag
pM
S2

ft 2
Date o f laws.

[ October,

TU B L ie LANDS OF THE UNITED STATES.

Name of road.

-M ile limits-

P co

* tc3
V * g
*; —
°§

©IS a©' g S S g g
6,468 68.................
30,998 75 .................

312,384 32
355,420 19

719,386 23................. 1,052,469 19
511,425 90 .................
629,182 32 .................

586, S28 73
629,182 62

...
...
...
216,919 19 .................
................ 46,086 45

531,200 00
218,880 87
128,000 00
309,315 24
243,200 00

174,020 41................

208,062 59

162,044 46................

188,507 24

.

State o f Michigan.
June 3, 1856 Port Huron andM ilwaukie 6 and 15.............
......... do. ........D etroit and M ilw aukie— 6 and 15...............
A m boy, Lansing, a n d )
......... do.
July 3, \o"RV Traverse B ay................ V 6 and 15.................
° Tim e extended 7 y e a rs .. )
June 3 1856 Flint and Pere M arquette.. 6 and 15.
.
. . . . ..d o. ....... Grand Rapids and Indiana 6 and 15...............
June 7, 1864
____________d o d o
from Ft.
W ayne to Gd. R ap id s,& c.)................
20
June 3, 1856 Bay d’ N oquet & Marquette 6 and 15..............
March 3, 1865 ___ d o ........................do......................... 200 eec’ t
June 3, 1856 Marquette and Ontonagon 6 and 15..............
March 3, 1865
d o......................d o ......................
20
June 3, 1856 Chicago, St. Paul, & Fond
du Lac (branch to On­
tonagon) .......................... 6 and 15...............
......... do. ....... Chicago, St. Paul, & Fond
d u L a c (branch to Mar­
quette).............................. 6 and 15...............
July 5, 1862 Peninsula, from Marquette
to the mouth o f the Men o m o n ie r iv e r ...,........... 6 and 15...............
March 3, 1865 Peninsula ra ilroa d.............................
20

IS ?!
^ i r ej
s is - S '
“ sac

218,881 10.

375,680 00
188,800 00

State o f W isconsin.
3,1856 Tomah and Lake Superior 6 and 15 ................. 324,943 38 .................
894,907 81
(formerly La Crosse and
M ilw aukie).....................
May 5, 1?64 Tom ah and Lake Superior............. 10 and 20.
...................... — . . . .
675,000 00
June 3, 1856 St. C roix & Lake Superior 6 and 15.................
524,718 15 ............... 524,714 95
May 5, 1864 — d o ....................... d o ........................10 and 20.. ...................................
350,000 00
June 3, 1856 Branch to Bayfield............. 6 and 15 . ..........
318,740 80................
318,737 74
May 5, 1864
.. . d o ............................................ 10 and 20..
...................................
215,000 00
June 3, 1856 Chicago and N .western. )
211,143 02..
600,000 00
April 25, 1862 Changes line o f route . . . j 6 and 15................
May 5, 1864 From Portage City, Berlin,
D oty’ s Island, or Fond
du Lac, in a northwestern
direction to Bayfield and
thence to Superior.......... ............. 10 and 20.
1,800,000 00
State o f Minnesota.
660,000 00
March 3,1857 St. Paul and P acific........... 6 and 15................. 466,566 14.
March 3,1865 .............d o................................ ........... 19 and 20.
500.000 00
March 3, 1857 Branch St. Paul & Pacific 1 6 and 15................
438,075 38.
750.000 00
March 3, 1865 ___ d o ....................d o........ J-, .............10 and 20.
725.000 00
July 12, 1862 Author’ d change o f route )
March 3,1857 Minnesota C entral.........
353,403 09
174,074 81................
6 and 15
March 3,1865 ...........d o...............................
290,000 00
.10 and 20. ......................................
232,183 75 .................
720,000 00
March 3,1857 W inona and St. P eter........ 6 and 15.
March 3,1865 .............d o...............................
690,000 00
.10 and 20. ......................................
269,708 74................
860,000 00
March 3,1857 Minnesota V alley............... 6 and ^5.
May 12,1864 .............do...............................
150,000 00
.10 and 20. ......................................
May 5, 1854 L.Superior & M ississippi "i
July 13,1866 Authorized to m -k e up |
deficiency within thirty j-,
.10 and 20.
800,000 00
miles o f the west line
o f said road.................. J
July 4 , 1S66 F rom Houston, through
the counties o f Fillmore,
Mower, Freebom e, ana
Faribault, to the western
boundary o f the state.......
5 and S
735,000 00
..........d o .........From Hastings, through
the counties o f Dakato,
^cott, Cower, and M c­
Leod, to the western
boundary o f the state.......
550,000 00
5 and 20.
State o f Kansas.
March 3, 1863 Provides for tw o roads and
tw o branches (no map
. 2,500,000 00
.10 and 20.
filed)....................................
. 1,700,000 00
.10 and 20.
July 23,1866 St. Joseph and Denver C ity.
. 2,350,000 00
.10 and 20..
July 25, I860 Kansas and Neosha Valley.
June




A

PUBLIC LANDS OF THE UNITED STATES.

1867]

285

no ' ® ©

Date o f laws.

Name o f road.

-M ile lim its-

1| “J

* « a )’

.§ P
1 da H
a n«

(B P V , P tfl

State o f California.
July 25,1866 Calfom ia and O regon........................10 and 20.
July 13, 1866 Placerville and Sacramento
V a lle y ...............................................
10

K o 'O s=co

h

K c

3,200,000 00
200,000 0 0

CORPORATIONS.

July

1, 1862 U nion Pacific railroad, 1
with branch from Oma-1
ha, Nebraska, from |
Missouri river to Paci-1
fic ocean........................
10 ................
July 2,1864 Central Pacific to eastern
boundary o f California,
thence to meet Union
Pacific; act 1864, p. 363 I ...............
20
......... d o.. . . . . Northern Pacific railroad'
(from SnperiortoPugct
May

7, 1866 Extends^ the time for j"*® an^
.................
com m encing and com-1
pie ting said road 2 yrs. j
July 27, 1866 Atlantic and Pacific, from
Springfield, Missouri, to
the Pacific..........................................10 and 20.

....... 45,810 54 35,000,000 00

. 47,000,000 00

. 17,000,000 00

WAGON ROADS.

March 8,1863 From Fort W ilkin s, C op­
per Harbor, M ichigan,
to Fort Howard, Green
Bay, W iscon sin .............. 3 and 15.................
March 3, 1863 F rom Fort W ilkins, Cop­
per Harbor, Michigan,
to Fort Howard, Green
Bay, W iscon sin .............. 3 and 15..................
June 20,1864 From Saginaw City, Mi-1
chigan, by the shortest
ana m ost feasible route
to the straits o f Macki..........d o ......... n a w ...............................
From Grand Rapids,
°
................
through Newaygo,Tra­
verse City, and Little
Traverse, to straits o f
M ackinaw .................... .
July 2, 1864 From Eugene City, b y way
o f Middle Fork o f W illa­
mette river, and the most
feasible pass in the Cas­
cade range o f mountains,
near Diamond Peak, to
the eastern boundary of
the state...........................
3
.................
July 4,1866 From Corvallio to the A cquinna B ay......................
3
................
July 5, 1866 From Albany, by way of
Canyon City, and the
m ost feasible pass in the
Cascade range, to the
eastern boundary of the
state.......... ........... ....
3
.................




.

250,000 00

.

221,013 27

, 1,497,600 00

768,000 00
76,800 60

460.000 00

286

[ October,

PUBLIC LANDS OF THE UNITED STATES,

RECAPITULATION .
Estimated
Number o f acres
Estimated
number oi acres
certified under the number o f acres
granted for wagon
grants.
granted.
roads.
2.595.053.00
2.595.053.00
908,680.29
2.062.240.00
2,288,138.50
3.729.120.00
1,760,468.39
2.360.114.00
1,072,405 45
1.578.720.00
1,793,167.10
3,040,271.63
1.815.435.00
3,745,160.21
2,77-*,702.26
6.751.207.98
2,718,413 49
5.327.930.99
1,379,545.35
5,378,360.50
7,783,403.09
1,580,608.82
6.550.00
.00
3,400,000.00

States.
Illin ois.......
Mississippi,
A labam a. . .
F lorida.......
Louisiana..
A rkansas...
M issou ri. . .
I o w a ...........
M ich igan...
W iscon sin ..
M innesota.
K ansas.......
California..
Corporations—Paeiflc railroads
W agou roads—W iscon sin ...........
Michigan.............
O regon...-...........
G e n e r a l L a n d O f f ic e ,

N o.

14 .—

.\J\J
1,718,613.27
1,305,600.00

3,274,213.27
September 4, 1866.

55,201,581.40
99,360,000.00
........... .
.................
3,274,213.27

20,728,128.19

157,835,794.67

S ta tem en t e x h ib itin g la n d c o n c e ss io n s b y a cts o f C o n g r e s s to S ta tes f o r
c a n a l p u r p o s e s f r o m the y e a r

States.

20,682,617.65
45,510.54
.................
.................
.................

Date o f laws. Statutes.

In d ia n a ....

2,1827
Feb. 27, 1841
Mar.
3, 1845
h io ........... .
2, 1S27
June 30, 1834
May 24, 1828
(5th sec.) May 24, 1828
I llin o is ____
2,1827

W iscon sin.., .June
April
M ichigan...
Mar.
July
July

4
5
5
4
4
4
4
4

Page.
236
414
731
236
716
305
306
234

1827

to A u g u s t

1,18 6 6 .
T otal no.
o f acres
granted.

Name o f canal.

j- Wabash and Erie canal..........................

Miami and Dayton canal........................
General canal purposes..........................
Canal “ to connect the waters o f the
Illinois river with those o f Lake
Michigan” .............................................
18,1838
5
245 Milwaukie and R ock river canal........
10, 1866..,
.Breakwater, harbor, and ship ca n a l...
26,1852
10
35 St. Mary’ s ship canal.............................
3,1865
13
519 Portage Lake and Lake Superior ship
canal.......................................................
3,1866 Printed laws, a. 92.............d o............... d o............... d o ..........
3, 1866 Printed laws, a. 91Ship canal to connect the waters o f
Lake Superior with the lake know n
as Lac La Belle...................... ...........

266,585
333,826
500,000
290,915
125,431
200,000
750,000
200,000
200,000
100,000

RECAPITULATION.

In d ia n a ...,
O h io .........
Illin ois___
W isconsin
M ichican..
Total,




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

quantity granted.
1,439,279
1,100,361
290,915
325,431
1,250,000
4,405,986

1867]

THE THREE PER CENT. LEGAL TENDER CERTIFICATES.

287

THE THREE PER CENT. LEGAL TENDER CERTIFICATES.
In obedience to the law o f 2d March last directing the issue o f these
securities to the amount o f 50 millions for the redeeming o f compound
notes, M r. McCulloch has published the requisite notice, and is now
giving out the certificates in exchange for the October and December
compounds, the aggregate o f which will probably absorb the whole
issue. It is very much to be regretted that the Secretary did not
earlier announce this intention ; for, perhaps, he might have diminished
the shock which the money market suffered from the sudden locking
up o f 13 millions o f greenbacks at a critical moment, in the New York
Sub-Treasury] Nothing can more impressively illustrate the varying
sensitiveness o f the money market than the events o f the past few
days. The withdrawal o f greenbacks and compounds during the month
o f August was heavy, but it failed to make the slightest ripple on the
stagnant surface o f the money market. A month later M r. McCulloch
acted as if he thought he could still with the same impunity withdraw
greenbacks from the circulation. H e ventured to lock up a few m il­
lions, but no one knows how many millions because the Treasury
balance published daily puts together in one aggregate with the green­
backs on hand, national bank notes, compounds and even gold certifi­
cates, as well as redeemed Seven-Thirties. It is enough to know that
large amounts o f greenbacks were daily taken out o f the circulation
and stored away in the government vaults. In nine days the withdrawal
was arrested, and the reverse process began, and seems to have con­
tinued with little interruption ever since. But it was too late. It was
a critical time. The money market had received the shock, and the
mischief was done. The Treasury balance has since been depleted from
133 millions to 107 millions, but to little purpose, so far as the m ov e­
ments o f the loan market are concerned. F or yesterday money was
extremely active, and indeed b y some persons was declared to be more
stringent than at any previous time since the flurry set in.
The truth probably is that the worst o f the pinch was over several
days ago in the money market itself, but the resulting effects at the
Stock Exchange are only partially developed. These effects are various.
A t first there was a general fall in the more mercurial securities, govern­
ment bonds standing firm. The next phase was a reactionary rise in the
former, while the latter fell, and are still falling, to the great injury o f
holders o f Five-Twenties and other bonds throughout the country. D o
we then suppose that the fall in Governments is due solely to the
monetary pinch 1 By no means. There are other well-known causes
at work, and the speculators are very busily exaggerating them. But
those causes, we think, would not have had the depressing power they
have— they would perhaps have had no such power at all— had not
public confidence received that unhappy previous shock through the
money market, which we regard as the chief bringer-on o f the existing
depression.
It has been rumored about that some o f the speculative advisers who
were most anxious that M r. McCulloch should tighten the money market




283

THE THREE PER CENT. LEGAL TENDER CERTIFICATES. [

October,

towards the close o f September, set before themselves as the end o f their
scheme a fall and a subsequent rise in gold. If this were so the object
has been accomplished. Gold has been down to 142^, but has risen
again above 145. These persons are also credited with the desire to put
down railroad and government securities. Here also they have not
failed. Railroad shares, before they “ touched bottom ” and rallied
again, suffered some 6 or 8 per cent, depreciation, and government
bonds, though previously so low in comparison o f their intrinsic worth,
are down 3 per cent., and appear to be going lower.
This fall in securities has, no doubt, given an impulse to speculation,
has attracted money into the pockets o f the money lenders, and ha3
ripened a rich harvest for operators in stocks and in gold. But what
real solid good has it conferred upon the country ? Or, rather, who can
measure the evil which so sharp a monetary spasm may not have
done? W e repeat now, as we said last week, that there is an entire
absence o f evidence that M r. McCulloch had an idea that any such
mischievous consequences were imminent. H e had, it must be believed,
no design or intention to produce such disasters. But if they have
really been induced, and if they are the effects flowing directly from the
causes specified, then it is o f the gravest moment that the truth should
be pointed out in so distinct and luminous a way, that a similar error
may never be made again by M r. McCulloch, or by any future Secretary
o f the Treasury, or by any other official having power to increase or
diminish the currency, when the fall drain sets in from the W est.
Now, with regard to the certificates. They will bear the uniform
date o f 15th October, and will be o f the denomination o f $5,000 and
810,000. Alm ost the only questions, however, which the public care
to ask about these securities, are, will they give ease and steadiness to
the money market ? W ill they undo the evil that has been caused?
The most conflicting opinions prevail on these points. Alm ost all
parties agree, however, that the certificates will afford temporary relief
i f they put an end to the feverish suspense and incertitude as to the
action o f the Treasury, which is at present regarded as the chief dis­
quieting force in operation.
Besides this, however, the certificates
will doubtless place the banks in an easier position b y enlarging the
amount o f floating paper available for bank reserves.
O f the 50
millions o f October and December compounds which will be transmuted
into certificates, a part only are held by the banks. The rest are in
the hands o f private individuals, and the aggregate, when exchanged, will
pass into the banks and make these institutions more easy in point o f
reserve than they have been for some time. So confident are some per­
sons of experience that this will be the way in which the certificates
will work, that they predict the issue o f 50 millions more as a conse­
quence o f the efficiency with which they will perform the functions for
which they were authorized b y Congress.




The closing o f the Croton National Bank o f this city a few days since,
and the troubles in some other institutions o f equally small import­
ance in various parts o f the country have produced no prejudicial in­
fluence whatever outside o f a very narrow circle. These events have
rather a reassuring than a depressing effect. F or they show that the
Internal Banking Law is so vigorously administered that the weak mem­
bers o f the sisterhood o f banks must be strengthened or they will be re
moved. N or is there any prospect that this vigor will be relaxed. On
the contrary, some further improvements in the law are demanded for
the stability o f our financial system, and for the safety o f those great pub­
lic interests with a view to which the banks exist and are endowed with
their special privileges. Few real friends o f .the banks will object to
such an improvement, for instance, as we contended for last week in the
redemption o f the National Bank notes in New York. W e are glad to
see that the newspapers are beginning to agitate this measure o f reform,
for which there is so urgent a pressure o f public opinion that its enforce­
ment is a mere question o f time. Some well-informed men are so san­
guine as to affirm that it will be adopted by Congress at the ensuing
session. This opinion is ably advocated by the Washington Intellig­
encer, which on the 2d October, made upon the subject the following
very pertinent observations:
“ The projects before Congress last winter in reference to the modifications o f the
national Bank system entirely failed, and they will, no doubt, be revived at the
coming session. The experience o f the last few months has enjoined the necessity o f
some modification o f the system. The recent prostration in the money market, the
sudden rise o f the rate o f interest, and the fall in stocks m ay be ascribed in a great
measure to the want o f a uniform mode o f reducing the national bank issues. Cur­
rency was abundant everywhere in the summer when it was not w a n U d ; but in
the fall, when wanted for moving the crops, and other business operations, it became
scarce. The Comptroller o f the Currency recommended to Congress, as a measure
that would meet this and other difficulties appertaining to the present system, a plan
for the redemption o f national bank issues at some one or more central points. The
Committee on Banking and Currency reported a bill for that purpose, which was
not acted upon, and, meanwhile the banks in the interior manifested much op ­
position to it. It is now contended that such provision for redemption N ew Y ork
would give elasticity to the currency, rendering it abundant for all occasions when the
activity o f business should require it. N ow it is abundant for speculation, at a low
rate o f interest, at seasons when it is not wanted for regular business The in­
equitable distribution o f the national bank currency is another source o f evil and
has given rise to much complaint in the South and W est. The opposition to the
banking system has been manifested in some quarters upon this ground alone, and
strong combinations w ill at some time be made against it, unless the defect be reme­
died. Several remedies w ere proposed in the last Congress, but not adopted. A n
increase o f the currency for the purpose o f effecting a m ore equitable distribution
was recommended on one hand, and another proposition was made to scale the
shares allowed to the North and East and distribute this excess in the South and
West.”

Those who are opposed to reforms in our banking law urge that it
is unsafe to confer so much financial power as the National Bank A ct
places in the hands o f certain officials o f the Government. This argu­
ment might be valid if no such institutions as our 1,600 National banks




290

_

reform s

in

th e

n a t io n a l

banks.

[October,

had been organized, and if no such law had ever been passed to collect
the banks o f the country into one great organized community. But
having so organized these banks, the country is bound to make the sys­
tem under which they act as perfect and as safe as possible. Our banks
m ay object to various requirements o f the law. Some may find irksome
the searching reports exacted o f them as to their condition at the close o f
every month, every quarter, and every half year. Others may be rest­
less under the obligation to keep on hand 15 or 25 per cent, o f legal ten­
ders as reserve. And a third class may find fault with what they call
the inquisitorial visits o f the official Examiners, who periodically in­
vestigate and report to Washington the sthte o f their business as it ap­
pears on the face o f the bank books.
But these objectors must remember that a bank is not a close corpo­
ration. It is a public institution. It plays an •important part in the
monetary machinery o f the country. Its functions are not primarily to
make money for its owners, but to fulfil certain high functions with a
view to the public, good. That public good requires that our banks
should act under the fullest light o f publicity. Such is the demand where
a bank does a simple banking business of receiving deposits and making
discounts or loans. But when, as has been usual in this country, the
banks are permitted to issue notes to circulate as money, the need o f
publicity is infinitely in creased. If a bank fails now, its failure interests
a vast multitude o f persons scattered far and wide through the country.
Hence the safeguards and preventions against bad banking need to be all
the more efficient and large.
It will be remembered that at the spring session of the Legislature
o f this State, the objections to National banking were discussed in con­
nection with a proposed “ enabling act ” to permit our city and State
banks to withdraw from the National organization, and to bank under
State laws. This law was passed 20th April, 1867, and as it is of some
special interest at the present moment, we copy its chief provisions
as follow s:
•
S ection 1. W henever any banking association, organized and doiog business under
the act o f Congress, shall dissolve its organization as such national banking associ­
ation, it shall be lawful for a majority o f the directors o f such dissolved organization,
upon the authority in writing o f the owners o f two-thirds o f its capital stock, to exe­
cute the certificate o f association required by section sixteen, chapter tw o hundred
and sixty, laws o f eighteen hundred and thirty-eight o f this State.
S eo. 2. Upon the execution and proof, o f acknowledgment o f such certificate, as
required by section sixteen, aforesaid, which certificate shall further declare the
authority derived from the stockholders pursuant to the provisions o f the first section
o f this act, and upon filing a co| y thereof in the office o f the superintendent o f the
bank department, with proof that the original is duly recorded in the office o f the
clerk o f the county where any office o f such banking association shall be located, such
association shall be held and regarded as a banking association under and in pursuance
o f the laws o f this S ta te; and there upon all the assets, real and personal, o f the
said dissolved national banking association, shall immediately, by act o f law, and
without any conveyance or transfer, be vested in and becom e the property o f such
State banking association; and the directors o f the dissolved organization at the time
such dissolution, shall be the directors o f the association created in pursuance hereof,
o f until the first annual election o f directors thereafter.
S eo . 3. Nothing in the banking laws o f this State shall be conBtrueda3 requiring
any banking association or individual banker to issue circulating notes.— Laws of
1867 - Chap. 475.




1867J

CENSUS OF RHODE ISLAND, 1 8 6 5 .

291

In connection with the forgegoing law we may remark that there are two
or three points which have probably escaped the attention of its projectors.
First, it does not appear that any considerable number of our sound influ­
ential banks are so dissatisfied with the national system as to be desirous
to leave it in a body, and except such a desertion were headed and sup­
ported by banks of undoubted position the withdrawal might be so inter­
preted by the public as to injure the credit o f the institution. This loss of
credit actually happened as the result of such a movement and of other co­
operating circumstances in the case of the Unadilla Bank, and the
Farmers and Citizens’ Bank of Brooklyn.
Secondly, a bank retiring from the national system loses, of course, its
right to issue currency. The country having once shaken off the curse
of a multiform state-bank currency can never again allow the extinct sys­
tem to revive. All further changes which the currency of this country
undergoes will rather tend to unification than to multiplicity. Accord­
ingly the law we publish above distinctly recognizes the loss of the cur­
rency-issuing powers by converted banks.
Thirdly, the persons who have been so sanguine as to the ease with
which they could effect the process of converting a national bank into a
State bank will do well to study th6 provisions o f the National Currency
Act. They will find from that law that the difficulties of the conversion
will be considerable, will probably necessitate the liquidating of the banks
altogether, and in any case will occupy a period of several months.

CENSUS OF RHODE ISLAND, 1865.
In the M er c h a n t s ’ M a g a z in e for July we gave an analysis o f that
portion of the census o f Rhode Island relating to persons. Our present
paper will refer to the industries of the State, viz., its agriculture, fisheries,
manufactures, &c. In reading these it must be kept in mind that Rhode
Island is the smallest State in the Union as to territory (1,055 square
miles) ; its population in 1865 was only 184,965, but this enumeration
makes it the densest portion of the whole country.
For many years Rhode Island has derived its chief importance from its
manufacturing interests. Its fisheries and agriculture have flourished in
the home markets created by these. Reciprocally acting on each other,
every interest of the State has progressed; population has increased ; and
wealth aggregated beyond precedent. Indeed, Rhode Island, in proportion
to its territory and population, is now the richest spot in the New W orld.

II.

AGRICULTURAL CENSUS.

The statistics collected in the tables which follow refer to the 1st day
of June, 1865, and the year then ending.




292

[ Ocioier,

CENSUS OF BHODE ISLAND, 1 8 6 5 .

The returns by counties stood at date as follow s:
Land:
“
“
“

plow ed..........................
m ow ing.........................
pasturin g.....................
unim proved..................

Bristol.
2,168
3,563
4,275
2,286

Kent.
5,542
14,120
23,451
39,444

N ewport. Providence. W ash’ ton. State.
7.810
12,304
9,932
37,786
14,813
41,896
26,851
101,243
20,626
49,636
54,469
152,457
9,582
94,977
54,801
201,090

12,292
82,557
52,S61
198,813
146,053
492,576
Total acreage....................
Cash v a lu e-fa rm s.................. $1,607,130 $2,569,855 $5,436,087 $10,931,701 $3,844,469 $24,389,242
122,155
315,667
5S0.853 1,047,151
600,662 2,666,488
“
s tock ...................
“
im p le m e n ts....
48,803
90,477
113,726
339,954
124,167
717,127

The following table compares tlie aggregate returns of the State census)
1865, with the U. S. census of 1860 and 1850 :
1865.
Land—im proved..............................................
“
unim proved..........................................
Total average reported...........................
Cash value o f fa rm s ........................................ .................... $24,389,242

1860.
335,128
186,096

1850.
356,487
197,451

521,224

533,988

$19,550,553

$17,070,802
1,532,637
497,201

“
“

o f live s to c k .................................
o f tools and im plem ents...........

2,042,044
586,791

“

o f farms, stock, tools, &c ........

22,179,888

19,100,640

Farms o f 3 acres and over............... ...............
Farm ers..............................................................

5,364
10,385

N o return.
8,398

A slight examination o f these figures will be sufficient to show that the
agricultural interests of Rhode Island comprise no unimportant portion of
the industrial pursuits of the State. An industry which has $27,7*72,857
invested in farms and stock, and which employs 10,764 persons, is cer­
tainly not an insignificant showing for a State o f little more than 1,000
square miles of territory.
The following is a statement of the live stock owned in the State and
o f the products thereof, according to the State census returns of 1865 and
the federal returns of 1860 :
Stock.
H orses................ Number.
Asses and m u le s .... “
M ilch co w s .............. “
W orking o x e n ......... “
Other cattle............... “
Sheep......................... “
Sw ine......................... “
P oultry............................ ..

1860.
7,121
10
19,700
7,857
11,548
32,624
17,478
$69,642

1865.
11,133
71
17,518
6,133
8,143
40,717
16,269
$129,187

Products.
1860.
Milk so ld ......... - . . .. ■gals. 1,297,753
B u tter.......................
1,021,767
Cheese....................... .. “
181,511
Cattle sold or killed
$711,723
W o o l..........................
90,699
Eggs and p o u ltry ...
$173,416

1865.
2,223,272
857,466
136,130
$758,463
114,781
311,794

The cereal and other food crops for the same two census years aggre­
gate as follow s:
I860.
W heat................................ bush. 1,131
E y e ....................................... “ 28,259
Indian corn ........................ “ 461,497
O a ts ..................................... “ 244,453
Barley.................................. “ 40,993
Buckwheat.........................
“
3,573

1865.
753
29,161
466,633
175,944
46,500
2,369

1860.
Irish potatoes........
542,909
Sweet potatoes___ ........ “
948
n a y .........................
82,722
Clover seed.,...........
1,221
Other grass seed..
4,237
W in e ...................... ........... gals
507

1865.
710,627
284
75,894
4,712
2,404
3,401

Value o f orchard products .............................................................................$83,691 $143,5S5
Value o f market garden products................................................ ................ 140,291 341,831

Also, in 1865, tobacco, 33,548 lbs.; honey, 14,834 lbs.; hops, 679 lbs.;
flax, 245 lbs.; peat dug, 9,522 cords; manures bought, $111,219.




186V ]

CENSUS OF RHODE ISLAND, 1 8 6 6 .

293

The census of 1865 states in detail the principal products o f market
gardens, viz., onions, 152,603 bushels ; carrots, 99,020 bushels ; beets,
25,600 bushels; turnips, -202,480 bushels; green peas, 14,077 bushels ;
string beans, 7,631 bushels ; garden seed, $12,917 ; strawberries, 66,942
quarts ; &c.
The tables of agricultural statistics show the average yield per acre in
Rhode Island and Iowa (for 1865) of the crops named below :

Hay............... .................................................

r----------------- Rhode Island------------------» A verg. per
A cres
Aver, per
acre in
planted.
Products.
acre.
Iowa.
101,243
75,894 tons. 0.75 ton.
0.84 ton.

Wheat,
........ ..........................]
53
R y e............................................................................. 2,634
C om .........................................
16,518
Oats.................................................................
6,308
Potatoes..........................................................
7,602

753hush. 14.2 bush j g ' ® 15?.51120,161 “
11.1 “
AZ.5 “
466,633 “
28.2 “
28.0 “
175,944 “
27.9 “
27.5 “
710,627 “
93.4 “
67.9 “

The tables of agricultural statistics of the census of Rhode Island in
1865 contain many items which it would be interesting to examine, and
the examination of which would be of utility to the interests of agricul­
ture in the State. But the full investigation of the subject would require
too much space, and besides, it would be better done by. those whose
familiarity with the subject renders them better qualified to do it justice.
W e commend the study of the tables to such practical minds.
\

III.

FISHERIES AND SHORE CENSUS.

The statistics supplied under this heading are a novelty in census re­
turns in this country. Though of great importance in some States no
account of them has been obtained by the national census. Their import­
ance in Rhode Island induced the “ R. I. Society for the Encouragement
of Domestic Industry” to make an attempt in 1860 to obtain some returns
relating to them. The results were presented in a report to the Legis­
lature in 1861, and from this we make the following extracts:—
“ While the continental shore-line of Rhode Island is only 45 miles, it
has 3,20 miles of shore washed by the ebbing and flowing tides. Five
out of the thirty-two towns that compose the State are situated on islands.
The bays embraced within the State abound with fish, many kinds of
which are fitted for food, while others are only used for the manufacture
of fish-oil and for manures. The shores and shoals of these bays and of
the extensive salt-ponds near the southern coast abound with shell-fish.
Besides this, every ebbing tide leaves on almost every portion of these
shores a rich and valuable deposit of sea-weed and drift.
“ The annual value of the product of those salt waters has never been
ascertained. The committee deemed it worth an attempt to procure it.
These products are of great value and importance. They are secured at
an outlay of time and labcr, very small compared with their value. Many
families derive a large part of their support from them. The amount of
fish exported for food is very large, while other varieties are exported in
larger quantities for manure or to be manufactured into special manures,
which are returned to the State under long and learned names, as special
ertilizers.




CENSUS o r RHODE ISLAND, 1 8 6 5 .

294

[ October ,

“ To ascertain the value and amount of the various products of these
salt waters, the committee instituted inquiries.
*
*
*
*
They regret to report that the returns made are not so full, nor, as they
believe, so accurate as they desired. Some of the assistant marshals con­
strued the queries to extend only to the quantities taken and sold. Others
have almost entirely omitted all returns on the subject. The committee,
however, are satisfied that they have commenced the enquiry. They did
not expect full and accurate returns, but they have obtained enough to
show the great importance of the enquiry and thereby to secure future
attention to it.”
The plans and purposes of the committee in 1860 were adopted with
some modifications and additions in the census of 1865. The results ob­
tained in the latter year, though incomplete, are fuller than the original
returns. These statistics must, from the nature of the case, depend to
some extent upon estimates. For example, the clamps or clams on the
shores are free to all the inhabitants of the State who choose to dig them.
Persons come to the shores from all quarters, and oftep from distances of
several miles, and dig as many clams as they choose, to eat or to carry
home. Nothing can be exactly known of the quantities thus removed.
The only estimates which could be made were from the opinions of the
owners of shore farms. Much care and caution were used in obtaining
the estimates, and it was the general opinion of the marshals that the
quantities stated were less than the truth.
The following statement shows the results o f the enquiries in 1865 as
compared with those made in 1860:
1S65.
3,631
Salt marsh....................acres.
“ hay........................... tons.
2,116
“
“ value......................... $18,545
Sea drift. . . .............. cords.
34,146
“
“ value........................ $38,083
Fish seined for manure and
o i l ..................................bbls. 154,468
Value o f same..........................$126,035

1860.
1865.
I860.
1,379 Fish caught for food.:too lbs. 24,624 not stat’ d
$121,094
24,187
1,540 Value o f sam e...........
31,697 not sta’ d
12,320 Clams dug..................
9,241
34,927 Quahogs....................
9,653
“
37,604 S ca llop s.................... .
72,895
Oysters.......................
118,611 Lobsters.....................
42,900
$118,655 $11,693
27,817 Value o f all shell fish

Total value o f fisheries, &c., as above,

$422,412 $113,620

These statistics, though imperfect, are sufficient to show that the fisheries
and shore products in Rhode Island are of considerable importance, and
deserve the attention and care of the State. That they might be in­
creased in quantity and value is certain, and in a short time become the
basis of industry little if at all inferior to the agricultural interest. The
bays and arms of the sea, and the nature of the coast generally, are favor­
able to the artificial production both of fish and shell-fish.
IV.

CENSUS OF MANUFACTURES.

The total value o f manufactures for the year ending June 1, 1865, was
8103,106,395, which was equal to $557 for each inhabitant of the State.
The capital invested in manufactures at that date amounted to $32,646,603,
eaual to 8176 for each inhabitant.




1867]

CENSUS OE RHODE ISLAND,

295

1865.

The following shows the results of the State census o f 1865 as com­
pared with those of the United States census taken in 1860 :
Capital invested....................................................

Value o f materials used........................................

U. S. Census.
$24,278,295

“ o f products for year........................................
Manufactures ...................................................... N o
Hands em p loy ed .......................................................

19,858,515

40,711,293
1,191
32,490

State Census.
$32,645,603

63,861,552

103,106,395
1,459
36,993

Increase.
$8,368,308

44,003,037
62,395,097
26S
4,503

The enormons increase in the value of raw materials used in 1865, aud
in the total value of the products o f the same year, is partly owing more
to the great advance in prices than increase in quantity as between 1860
and 1865.
The following table, taken from the alphabetical list o f products for
1865, gives certain details in relation to capital, cost, & c.;
Establishments—,
Capital
N o.
Hands.
invested.
16,049
$15,716,900
Cotton manufactures...................... 142
Iron
“
...................... 182
6,263
5,182,865
W oolen
“
.......................
83
6,595
E,233,100

Value o f
materials.
$39,574,082
4,494,397
10,788,567

Value of
products.
$55,478,510
9,650,562
21.172,151

407
All other m anufactures.................... 1,052

2S,907
8,086

26,132,865
6,513,738

54,S57,046
9,004,506

86,301,223
16,805,172

Aggregate...........................................1,459

36,993

32,646,603

63,861,552

103,106,395

From this table it appears that of the $32,646,603 invested in manufactures in 1865 no less than $26,132,865 were invested in the three
leading interests; of the sum of $63,861,552 paid for raw materials,
$54,857,046 were paid by the same, and of the value of products, viz.,
$103,106,395; the value of cotton, woolen, and iron goods produced was
$86,301,223. The particulars o f these interests in 1860 and 1865 are
thus given in the Rhode Island census report for 1865 :
----------Cotton— ------,
1860.
1865.
Establishments...............
170
142
Hands ..............................
15,900
16,049
Capital invested............. $11,367,500
$15,716,900
Value o f materials . . . .
6,590,025
39,574,082
“
o f products...........
15,168,681
55,478,510
Cotton used, lb s .............
41,614,797 28,959,626
W ool used, lb s...............................................................
Cloth made, yards......... 147,652,300 104,865,978

,-----------W o o l----------- , ,-----------Iron-----------,
1860.
1865.
1860.
1865.
59
83
134
182
4,239
6,595
3,942
6,263
$3,176,000 $5,233,100 $3,620,200 $5,182,865
4,077,914 10,78S,567 1,769,377 4,494,397
6,929,205 21,172,151 4,689,115 9,650,562
3,056,200
1,461,813
............................
6,832,600 13,348,228
.................................
19,343,600 14,625,477
.................................

These comparisons show that in cotton manufactures there was an
enormous increase between 1860 and 1865 in the value of materials used
and also in the value o f products, though there was a large decrease in
the quantity of both material and product. In the woolen and iron
manufactures there was a great increase both in the quantity and value o f
the materials used and of the goods produced.
The table which follows is given to show the distribution of the total
manufacturing interest to the several counties in 1860 and 1865 ;
Counties.
Bristol.........
K en t.............
N e w p o rt....
Providence.
Washington
State




E stablish-H ands
Capital Cost o f maments. em ploy’ d, invest’ d
terials.
1860
62
975
$824,650 $1,621,960
1865
69
1,300
1.058,980
2,379,091
3,779
1860
73
2,766,760
1,667,1S3
1865 111
4,731
8,303,675
G,900,418
1,224
1860
85
799,100
548,193
1865 129
987
890,500
777,430
17,961,985 13,655,956
1860 894 23,76.’
1865 1,038 27,143 25,021,098 48,156,274
2,743
1860
77
1,925,300
2,365,223
2,832
1865 112
2,370,350
5,648,339
1860 1,191
1865 1,459

Valwe o f
«rodnota
$2,692,092
3,132,6S3
3,601,141
10,250,052
1,213,625
1,675,519
29,211,478
78,538,135
3,992,960
9,510,006

33,490 $24,278,295 $19,858,515 $40,711,296
36,993 32,646,603 63,861,552 103,106,395

296

cen su s

of

ehode

is l a n d ,

1865.

[October,

'liie following list comprises the greater portion of the products of
manufactures in Ehode Island, as reported by the census of I 860 for
the year ending on the 1st June of that year:
Ale & lager beer.bbls.
4,250 Cott’ n cloth pr’ ted,yds95,814,863 Paper cap tubes, lb s ...
Am bro types, & c.......
57.500
bleached & dyed
P lanes...........................
200
Articles o f jewelry, gr
50
yards .............. 30,867,518 Photographs.................
16,800
Artificial teeth sets..
2,310 “ yarns & twine,lbs2,725,950 Picture frames.............
4.600
Assortments o f hard­
“ warps, yards . . . 3,875,000 Printing presses.........
346
60
ware................. doz.
Pyrolineous acid, gals.
“ shoe and corset
95.000
A w nings......................
150
lacings, gross . 800,000 Rifles and muskets .
81.000
A x e s .............................
200 Corsets..........................
600 Refined iron, ton s.......
5.000
Bags.............................
30,200 Cut nails, casks...........
80,000 Hear sights for m usk’ s 60,000
Balmoral skirts.........
30,000 Dresses
8,780 Sabers ...........................
13,500
Barrels and casks
85,350 Dyewoods ground, ton
500 Salt, ground, bushels.
10,000
B askets........................
2,660 Envelops
500.0 0 Screw machines...........
105
B lock alphabets, sets
300 F iles.............................. 540.000 Scythes.......................... 118,000
B lankets..................... 159,144 Fire engines. ...............
3 Sewing m ach in es....
10,000
Bobbins & spools, grs 433,161 Flax picking, lb s .........
184 Shoddy, lb s .................. 134.000
B ook clasps.............
126,600 Grain ground, b u sh ... 624.400 Spermaceti, lb s .........
20,000
B oards................. feet 4,912,742 Gravest’ s & monum ’ ts
5,316 Steam boilers...............
157
B oots & shoes, pairs. 272,423 Guano, t o n s ..............
engines .............
144
2,825
B rick s .........................12,100,000 Haircloth, yards.......... 1,271,500 Snaths............................
1.000
B ox es.......
197,500 Hand rakes...................
3,000 Sashes, blinds & d ’ rs.
8,130
Brushes......................
14,000 Horse rakes.................
200 Shawls...........................
43,359
B onnets.......................
13,665 Handles for cutlery gro
150 Sheep skins..................
64.400
Boats and ships.........
261 Harness....... ...............
1,187 Shingles.........................2,,636,000
Butt hinges. . . . dozen 277,598 Hats & Caps
6,000 Staves..............................2!,269,008
Buttons ...........gross.
7,000 Hemp rope, to n s .........
11 Soap, l b s ....................... 5.,515,440
C alfsk in s....................
5,100 Hoop skirits................
39,750 Soft soap, b b ls.............
2,358
Candles, lb s ............... 106,000 Hoop skirt braid, lbs.
83,200 Spirits...........................
6,000
Candy, lbs ................. 118,000 Harness hames, pairs.
2,500 Stoves ...........................
5,270
Cards, cu t.................... 1,507,790 Horse shoes..................3,026,000 Sugar, refined, lb s ___4. ,984,008
Cartes de visite......... 222,500 Horse shoe nails, lbs. 407,100 Syrup & molasses,bbls
13,710
Cartridges................. 15,000,000|Illuminating gas,*c. f.91,222,000 Short & kindl’g w ’d, c
12,850
Chain cable, t o n s .. . .
1,000Iron castings, to n s .. . .
710 Straw hats....................
14.000
4,000 Toys, s e t s ....................
Charcoal, bushels___ 580,800,Iron s in k s ...................
1,200
“
gro ss..................
Cloaks and mantillas.
4,000 Lacing leather, d oz
250
4.000
Cigars.......................... 8,844,970 Leather belting, feet.. 263,182 Tobacco pipes, gro ss..
12
Coal tar, bbls.............
3,222;Leather, sides...............
29,650 T ru n k s..........................
2.600
32.400
Coke, bushels............. 321,900Loom pickers, d ozen..
21,949 Valises and bags.........
35,533
Coal mined, ton s..
11,338 Lumber planed, feet . 1,050,000 V ests......................
Coffins..........................
2,705Lime, casks.
1.000
29,487 Wire rod, ton s.............
23,200 Linen lines, dozen
,652,748
Coffin trimmings, gro
662 W ood screws, gro ss.. 3,1
C oats...........................
14,314 Marble tops & mantl’ s
1,075 W oolen cloth, yards..14,1,625,47?
“
hoods, dozen,
8,400'Marine engines.
15.000
Carv. knives.
14
hos’ry, p ’rs, dz
Cotton cloth, yards. 104,865,978 Mattresses..................
1,500
10.000
thread, spools,dzl,565,OOOjMarket hands, sets..
7,100
15,000 W ool carded, lb s .........
“
sn
n o lp fl sp
«r» 720,000Newspapers
'.SO O fim V ftw snjm prs r»rintp/4
16,7S0
spooled,
printed.. 5,410,000 W eav’rs’ ham ’ ses, s’ ts
reeds ...........
Nail keg s......................
49,553
7,200
rope, lbs.
lines, d o z ...........
13,500 Oil, gallons................... 226,976 W ine, gallons..............
2,400
1,300 Waehi’g & wring’gm a
1,644
tapes, yards____ 2,380,400 Pails and buckets.......
37,094 Wat6r elevators...........
500
braid, balls, doz 200,000 P a n ts............................
wicking, lb s ___ 183,880 Paper b o x e s ................ 467,711 W orsted braid, &c, yds 9,,747,600
“
g ross.. 150,000 Plows & cultivators...
565 W oolen yarn, l b s ____1,1,047,000

The preceding list is by no means complete for all the articles manu­
factured in the State. In some establishments a great variety of articles
is made, and while it is comparatively easy to obtain the total value of
the products, it is difficult and sometimes impossible to obtain the exact
number or quantity of all the different articles manufactured.
The same remarks are true, and to a still greater extent, in relation to
the articles used in the various manufactures. Almost every important
substance known in the animal, vegetable, and mineral kingdoms is used,
and of some of them the quantities required are very great. From the
returns we select only a few of the substances used during the year
I864-G5, and the average daily quantity, reckoning 300 working days in
the year:




1867]

CENSUS OF RHODE ISLAND, 1 8 6 5 .

Year.
Daily.
C otton................................lbs. 30,434,989 101,350
W ool.................................. “ 13,343,228 44,477
Coal..................................tong
42,566
142
Iron ................................... “
41,498
138
Steel................................
lbg. 634,617 2,115
Brass................................
257,000
857
Copper............................... “
66,097
226
Lead................................... “
1,212,002 4,040

T in ....................................lbs.
T ob a cco........................... “
T a llow ............................. “
P o t a s h ............................ “
R osin................................ “
H a i r ................................ “
Pearl shells.................... “
Leather............................ “

297
Year.
Daily.
164,000
547
189,595
632
752,500 2,508
81,600
272
1.7,500
392
34,334
114
12,000
40
163,540
445

Let us apply the same method of illustration to the products of the
manufactures. W e have already given the quantities manufactured. The
following shows the quantities produced daily of a few of the articles
mentioned :
Cotton cloth..................
Cotton yarn and twine
Cotton th rea d ...............
Calicoes printed...........
F iles...............................
H aircloth.......................
Rifles and muskets . . .
Horse-shoes..................
T ap e..............................
W ood screws................
B lankets........................

...ya rd s 349,553
.............
9,086
.. spools 62,600
...y a rd s 319,383
number
1,800
. . . yards
270
...............
270
.number 10,087
...ya rd s
7,933
...g r o s s 12,176
.number
530

Horse-shoe nails............
Out nails....... ...............
Hoop skirts....................
Shoe and corset lacings.
Butt h inges....................
W oolen cloths................
Balls o f braid..................
W orsted braid................
Shawls.............................
S tockings........................
W oolen yarns.................

.......lbs. 1,357
... . “ 26,667
number
132
___doz. 32,000
___ “
925
...ya rd s 48,750
............ 8,000
...y a rd s 82,490
.number
145
__ pairs
400
....... lbs. 3,492

It' we call the working day ten hours the production o f cotton cloth in
the State was equal to 583 yards per minute, of calico 532 yards per
minute, of woolen cloths 81 yards per minute, and o f wooden screws 2,922
per minute, during all the working hours of the year. The total produc­
tion of cotton and woolen cloths was 67,893 miles, and o f calicoes 54,440
miles. The total o f cotton and woolen cloths and calicoes would circle
the globe five times, or be equal to 1,164 yards for every man, woman
and child in the State. It would nearly cover a surface 10 miles long by
7 miles wide.
These illustrations will give to some persons a clearer idea o f the magnitude of the manufactures o f the State than the simple statement of the
quantities of the articles made.
It should be remembered that during the year ending June 1, 1865,
the amount of products of some of the most important branches of manu­
facture was much less than it was five years previous. This was especially
true in relation to manufactures of cotton. The high prices and difficulty
of obtaining the cotton during the war, caused the suspension o f .several
of the mills and reduced largely the quantity of the products. Several
other branches of manufacture were also much depressed at the time the
census was taken in the summer of 1865.
With relation to the spindles, looms, and other machinery used in the
manufacture of textiles in Ehode Island June 1, 1865, we give the follow­
ing:
Cotton cloth ....................................................................................... 839,695 spindles and 16,548 loom s
Woolen cloth ................................................. 8.S66 spindles, 2,756 loom s, and 381 sets o f machinery
Hair-cloth..................................................................................................................................... 585 loom s'
Braid, lacings, &c...................................................... .......................................................1,180 braiders.

The number’ of steam-engines in use in the manufactures of the State,
as reported by the census of 1865, was 263, with 726 boilers, and with a
total horse-power of 16,092. In addition to these three caloric engines
with 11 horse-power were reported in Providence. Only 9 wind-mills
were reported, but it is well known that several others were in operat on.
In 258 manufacturing establishments water-power was used ; in 828
manufactories labor was the power used, and 104 used hired steam-power.
14




298

[ October,

THE PUBLIC DEBT.

The following table shows the power used in each county :
Comty-

B ristol...............................................................
K en t..................................................................
N ew p ort...........................................................
P rovidence......................................................
“
C ity.............................................
W ashington...................................................
W hole State.....................................................

15
12
23
89
145
19

•Steam--------------- * r-Establishm ’ ts using—,
H-power. Boilers. Water. Horse. Manual.
47
980
1
1
61
?9
44
856
33
1
4
2
784
51
93
4
6,952
282
151
158
5,831
270
1
11
447
689
43
62
5
25

263

16,002

Sitoes .

726

258

24

828

In conclusion, we may repeat that the population of the State on June
1, 1865, was 184,965. The ascertained value o f the products of the State
for the year then ending was as follows :
Value o f the products o f agriculture...................................................................................
“
“
o f the fisheries, & c............................................................................
“
“
o f manufactures......................................................... ......................

$7,590,079
422,412
103,106,395

Total value o f products........................................................................................... $111,118,886

This shows a production o f 1601 to each inhabitant of the State as per
census of 1865.
In Massachusetts, the State census for the same year shows a popula­
tion o f 1,267,239, and the value of all products for the year was
$517,240,613, equal to $408 per capita. In the Massachusetts census
there are large sums for whale, cod, and mackerel fisheries, coastwise
freights and other items, which are not found reported in the census of
Rhode Island. Relatively, the last-named State is the most productive,
as it has long been the wealthiest, State o f the Union.

THE PUBLIC DEBT.
The statement o f the National debt, which we print on another page,
offers some very suggestive aggregates. One is the net total, which now
stands at 2,495 millions, against 2,492 millions a month ago. Since the
debt reached its highest point two years ago, we have become so accus­
tomed to see the aggregate diminish month by month, that some feeling
o f disappointment is apt to spring up when we find that the process of
liquidation has been even temporarily arrested. In the present case the
amount of the increase is small, and does not quite reach 2 J millions
o f d./liars. It must be remembered, however, that, in a practical point
o f view, the present pressure o f a National debt upon the resources of
the people does not depend so much upon the nominal aggregate o f that
debt, as upon the amount o f the annual interest it calls for, the methods
o f taxation used to collect the amount, and the sacrifices which these
taxes entail b y the interruption o f the industry o f the toiling masses of
the population.
I f we are rightly informed, there are two causes for last month’s in­
crease o f the debt— heavy disbursements and diminished revenue. A l­
though 1hi ordinary payments incident to the carrying on o f the Govern­
ment are being reduced by economy and retrenchment at Washington
to an extent which the public is not fully aware of, the extraordinary
disbursements for the W ar Department, and especially for the payment
o f bounties, mount up to a very large sum. And when Congress voted
the extra bounties it was pointed out as inevitable that the donations to
our soldiers must be made by borrowing, and by a consequent increase




1867]

THE PUBLIC DEBT.

299

of the public burdens and the public debt. A s to the diminished re­
venue, that is a result o f the more equable adjustment o f our internal
taxation, which in 1865 and 1866 was found so galling and oppressive as
to paralyze industry, to fetter the productive powers o f the country,
and to take out o f the pockets o f the people much more than it brought
into the coffers o f the Government. F or these reasons, and for others
which are waived for the present, we are not surprised to see that the
tendency o f the public debt is to augment rather than to diminish. But
when our crippled industries have had time to gather vigor, when the
organization o f labor and capital is no longer dislocated in the South,
when the productive energies o f the whole country are revived and set in
full harmonious activity— when, in a word, the giant strength o f the na­
tion is recuperated and disenthralled, the pressure o f the debt will be
infinitely less onerous, less severe, and more manageable.
The second suggestion from the debt is the satisfactory progress o f the
funding operations, in which the progress has been so steady and suc­
cessful for two years past. W e had been prepared to expect that Mr.
McCulloch would have been compelled to relax the activity o f these
funding movements, and that after the vast efforts lately put forth to get
relief for the Treasury from the prodigious aggregate o f compounds and
other floating short-date securities which mature this Fall, he would have
left the Seven-Thirties that mature next summer, and would not be able
to make any effective arrangements at present to diminish the amount
out-standing. One is gratified, however, to find that no less than thirtyfive millions o f these Seven-thirties were redeemed and cancelled during
the month o f September.
The aggregate now out is thus reduced to
365 millions, of which some 225 millions mature in June next, and 140
millions in the following month. The aggregate o f these two issues was
originally 530 millions. Although it is matter for regret that these
notes were so issued originally as that such vast amounts o f them should
mature together, still they are now brought down to such narrow limits
as to be easily manageable, and to suggest little ground for anxiety. The
discovery on Thursday last o f a dangerous and unusually well executed
counterfeit o f the June Seven-Thirties has caused some consternation
among the holders of these securities, and will probably exert no small
influence in stimulating the funding o f both series into long bonds. Indeed
we shall not be surprised if these clever forgeries, together with the fre­
quent losses o f bondholders b y fire and robbery, by shipwreck and other
causes should tend to induce more preference than has heretofore been
shown for registered bonds. It is worthy o f being generally known to
the public that registered bonds may be had from the Treasury without
delay. The conversion is facilitated b y act o f Congress, which permits
coupon' bonds to be exchanged without expense into registered bonds ;
and holders for investment throughout the Eastern States are availing
themselves o f the privilege so rapidly that we shall not be surprised if
the greater part o f the gold-bearing issues held in this country should
before long be transmuted into registered bonds which offer complete
safety.
W e have only space to notice one more point in the debt statement,
namely, the contraction o f the greenback currency. In the exercise of




300

[ October,

THE BEEADSTUFFS MAKKET.

the discretion confided to him b y Congress in the act o f April, 1865,
M r. McCulloch has seen fit to withdraw currency to the amount of
four millions, which is the maximum the law allows. H e evidently be­
lieved that the relief to the money market which would be caused by
the issue o f the Three per cent. Certificates would countervail any
tightening or stringency which might be caused b y the maximum
amount o f legal contraction. A s Mr. McCulloch is an old banker, and
on the whole a very discriminating and judicious thinker on ^practical
finance, it is not improbable that he may have calculated aright this
time. Indeed the present indications confirm our opinion as expressed
last week, that the monetary pinch caused b y locking up currency sud­
denly in the Treasury, and aggravated b y popular apprehension or by
the machinations o f speculators, has completely passed off for the time
being. Still the Secretary o f the Treasury incurs so much odium in
consequence o f his being the depository o f the power over the currency
that it has been proposed as a great relief to him that this control
should be deposited in a Board like that which governs the Bank of
England, all whose deliberations and doings shall be completely public,
and should be known b y the press to every one. Whether this project
can be carried out or not may, perhaps, be doubted : as, also, whether
it would work well, if adopted. But we may be well assured that the
duties o f the Secretary o f the Treasury are quite heavy enough, and
multifarious enough, without this additional burden.

TDE BREADSTIJFFS MARKET.
It was very generally anticipated that one o f the early consequences
o f the abundant harvest throughout the entire country would be a de­
cline in the value o f breadstuff’s. The high prices o f cereals for several
months past were attributed to the deficiency o f last years crop s; and it
was naturally concluded that, with our unusually abundant harvest, prices
would rule low. That result, however, has not followed. On the con­
trary, as will be seen from the following comparison, the quotations now
are little changed from those current at this time last year, when the de­
ficiency o f the crops was generally understood :
Flour, Superfine, f l b b l...........................
Shipping K. hoop O h io.........................
Double Extra Western and St. Louis
Southern, fancy and extra..... .............
Wheat, Chicago Spring, per b u sh el...
Milwaukee Club,..........................- ___
B ed W inter............................................
W h ite......... ............................. ............
Corn, W estern M ixed .................. ..........
Southern W h ite......................................
B y e ..............................................................
Oats, W estern cargoes.............................
B a rle y ........................................................

Oct. 10,1867.

$S 65© 9 80
10 75@11 40
12 25®16 50
12 00@15 00
2 30@ 2 50
2 80® 2 50
2 65@ 2 76
2 80© 3 10
1 80© 1 35
1 40® 1 42
1 56© 1 65
76® . . . .
1 40© 1 55

Oct. 5,1866.
[ .... @
11 50@12 00
13 00@16 60
13 50@16 00
1 80© 2 60
2 00@ 2 25
2 70© 2 80
2 80© 3 10
94@ 96
96® 97
1 10© 1 40
53@ 61

i ania 1 Kn

This apparent anomaly in values is not to be accounted for by any
disappointment at the result o f our harvest. In some sections com­
plaints are made o f the yield falling considerably short o f anticipation.
But such cases are the rare exceptions, the rule for the whole country




1867]

THE BREADSTUFFS MARKET.

301

being all that could he expected from an increased average under crops,
a fine season for planting and growing, and propitious weather for har­
vesting. W e have the best possible confirmation o f this view in the
large amounts o f grain now pressing towards the markets. Exclusive o f
corn, the receipts at the grain ports o f the W est show an enormous in­
crease upon those o f last year. The arrivals at the ports of Chicago,
Milwaukee, Detroit, Toledo and Cleveland, from August 3 to October 5,
compare as follows with those for the same period of 1866 :
Flour..............................................................................bbls.

1867.
1,024,989

1866.
196,026

W heat.......................................................................... bush.
Oats........................................................................................
Barley.........................................
B ye..........................................................................................

12,164,265
5,292,236
1,593,071
726,583

7,377,973
1,922,150
703,797
451,817

T otal............................................................................
C om .......................................................................................

19,776,155
7,701,473

Increase.
228,963
4,786,292
3,370,056
889,274
274.766

10.455,737
9,320,41
10,544,723 Dee. 2,843,25

The receipts o f wheat show an increase o f 65 per cent., and o f oats,
175 per cent.; while with the total o f wheat, oats, barley and rye there
is an increase o f 90 per cent. In corn there is a falling off o f 2,843,250
bushels, or about 37 per cent.
In accounting for the anomaly o f such immensely increased receipts be­
ing coincident with high prices, it is necessary to keep in view the con­
dition o f stocks both here and abroad before the harvest, and the sup­
ply of the European grain countries. A t the close o f the last crop
year the stock o f breadstuff’s in all parts o f this country was low, almost
beyond precedent. The stock of wheat was so far reduced that a few
weeks more consumption would have found us without flour for large
masses o f population. The early supplies have thus been required for
stocking the millers ajid meeting the immediate wants o f consumption,
while the surplus receipts have been readily taken for exportation. A
similar condition o f stocks prevailed in Europe. Taking the average
o f European countries, it may be affirmed that they have now had de­
ficient harvests for two successive years, and the past summer found
them in a condition closely verging upon famine. There, as here, the
millers, owing to the high prices o f grain, had worked upon the lowest
possible stocks, intending to replenish after the harvest; and the con­
sequence has been an unexpectedly large early demand for grain, and a
general advance in prices. W ere there behind this active fall demand
an abundant supply o f grain, it would be reasonable to conclude that
the present high rates must ultimately yield; but the general tenor o f
European advices tends to a different estimate o f the result o f the
harvest. It is now generally conceded, with reference to Great Britain,
that, although the harvesting weather was moderately propitious, yet
the cold, heavy rains during the maturing o f the crops did seriou sinjury,
so that the yield o f wheat may be estimated at 20 per cent, below the
average. The imports o f wheat into the United Kingdom for the first
two weeks o f September were 1,521,000 cwts., against only 596,000
cwts. lor the same period o f last y e a r ; which indicates a conviction
among grain merchants that the country will require unusually large
foreign supplies. Undue importance seems to have been attached to the
fact that France has bought somewhat freely in the British markets, the




302

COTTON GROWING AND THE COTTON TAX.

[October,

purchases having been chiefly o f red wheat, intended for seeding, and
being after all comparatively nominal in quantity. It is very generally
conceded, however, that the French crop is as short as that o f Great
Britain, and that France will have to be an importer o f breadstuffs to a
considerable extent. In Belgium the crop is short; the harvest o f P o­
land is p o o r ; Spain is deficient, and has begun to import from M ar­
seilles ; and in Algeria the crop is so inadequate that urgent assistance
will be required from France. On the other side o f the account, South
Russia is reported to have a fair crop ; Turkey, and the countries bor­
dering on the Danube, have a full average; Egypt will have more than
its late surplus; Hungary and Banat have overwhelming crops ; while,
as to the countries on the Baltic seaboard, there is as yet no definite in­
formation. It will thus be seen that while many o f the grain countries
have about an average yield, yet the number deficient far outweighs
those having above an average. Taking Europe as a whole, then, it
must be concluded that its harvest is short. Still we do not consider the
actual foreign yield below that o f last year ; and yet, taken in connection
with the very light stocks at the beginning o f the year, the inference
is plain, and it appears to us beyond reasonable question that the Old
W orld will require all our surplus to make up its deficiency. This fact,
however, does not warrant famine prices. W heat enough has certainly
been raised to supply the world’s demand. And yet, since it is our sur­
plus that determines the value o f our crop, and as that surplus is needed
for meeting the European deficiency, it is not easy to see how the prices
o f breadstuffs in this country can rule otherwise than high until next
harvest. In the event o f the yield proving better than is expected in
countries from which the advices are not conclusive, or o f our own crop
proving even more abundant than present estimates, this conclusion may
be to some extent modified ; but even in that case, it would be too much
to expect comparative cheapness in breadstuffs.

COTTON GROWING AND THE COTTON TAX.
Am ong those best acquainted with the details o f cotton growing, it
has long been a matter o f doubt as to how far we should be able to
compete with the growers o f other countries under the new condition
of affairs inaugurated in the South. The experience o f the planters
during the last two years has been far from encouraging, notwithstand­
ing the high prices realised upon their product; but as that has been a
period o f transition, it would be unfair to regard it as fully illustrating
what may be expected to obtain permanently under the new order o f
things.
The recent decline in the price o f cotton is forcing this question upon
the serious attention o f the cotton trade. Thecurrent price o f the staple
at Liverpool is equal to about 20 cents, currency, for low middling,
which may be taken as representing the average crop ; but out o f this
20 cents the planters receives only about two-thirds, or 13|- cents; for
iheremust be deducted 2A cents tax, and
cents expenses, including
loss o f weight on account o f the damp condition o f the cotton; which




1867]

COTTON GROWING AND THE COTTON TAX.

303

brings down the price to 14 cents, without any allowance for the cost o f
carrying the article from the plantation to the interior towns. A ccord­
ing to one o f the most trusted authorities in the New York cotton trade,
this price is really below what it now costs to grow cotton ; and a brief
consideration will show the entire credibility o f this assertion. Before
the war the cost o f cotton to the grower was understood to be 6 cents
per lb. Now, however, every item o f cost is enormously advanced. A s
a rule, prices average about double those o f 1860. This rule applies to
draft animals, to agricultural implements, to buildings, to the appliances
for transportation and to gins, repairs and labor. The negroes live
more expensively than when in a state o f slavery, and require com­
paratively higher wages, while, owing to the high prices o f breadstuff's
and provisions, it costs much more to feed them than formerly. It
may, therefore, be quite safely estimated that for a given amount o f
labor the planter has to pay fully twice as much as in former times. H e
is dependent more than formerly upon the factor for advances to culti­
vate his crop, and, as his greater dependence is attended with increased
risk to the lender, his interest charges become a very heavy item o f
cost, the present rate upon factor’s loans being about 2$ per cent, per
month. Taking into consideration all these circumstances, it is readily
perceived that the cost o f growing cotton now is more than double
that o f years before the war.
Yet, to these items o f increased cost must be added the tax o f
cents per pound, the climax o f the planter’ s difficulties, placing him, as
it does, in a position in which it becomes more than doubtful whether
he can continue to compete successfully with the growers o f other
[countries. W hatever may be said o f the duty o f the South to pay its
share o f the Federal burthens, it is very clear that the enforcement o f
this impost must end in sapping that section o f its vitality and fatally
prostrating its chief industry, and thus depriving the country o f one o f
its principal sources o f wealth. When cotton was selling at 35 to 45
cents per pound the duty appeared comparatively harmless; but now
that the price is steadily descending to its old level, the question o f
the tax becomes a matter o f life or death to the cotton interest. W e
can ill afford to allow sectional influences to render us in any degree
indifferent to the necessary result o f such a policy. The whole country
is deeply concerned in maintaining our old ascendancy in the world’s
cotton trade, for it has not only hitherto been a chief element in our
national power, through the foreign demand which always exists for
this staple, but the interests o f Northern commerce and manufactures
are also bound up in the maintenance o f this supremacy. If England
can supply herself with cotton cheaper than ours, she at once gains an
important advantage over our cotton manufacturers. But the really
grave fact to be contemplated, in the event o f our being outdone in
competition as cotton growers, is that the South itself would be com­
paratively rumed— a mere grain growing country competing with the
W est— and in that case what becomes o f the large Southern demand
for Northern manufactures and W estern breadstuff's! It is a short­
sighted policy which aims to relieve the burthens o f the North by the
imposition o f this tax. Just so far as the tax injures the South does it




304

COTTON GROWING AND THE COTTON TAX.

\October,

injure Northern trade; so that although we may escape the impost,
yet we do not escape its effects.
That there is real danger o f our losing permanently our former as­
cendency in the cotton trade is evident from a comparison of the imports
o f American cotton and o f that o f other countries into Great Britain
before the war and since. The following figures will illustrate this
p oin t:
BEFORE THE W AR (GREAT BRITAIN).

American.
..........................
1850
1851
..........................
1852
........................
1853
..........................
1854........................................
1S55........................................
1 8 5 6 .................................... . .............................
.......................... ...............................
1857
1858
.......................... .............................
1859
..........................

165,181,803
210,122,528
243,846,288
314,560,848
201,104,400
264,281,808

Total.
663,576,861
757.379.749
929,782,448
895.278.749
887,333,149
891,751,952
1,023,886,304
969,318,896
1,034,342,176
1,225,989,072

842,145,808
857,072,496

977,97S,2SS
1,377,129,936

2,393,470
1,866,544

3,65',179
3,106,158

Other countries.

780,040,016
654;758;048
833,237,776

SINCE THE W A R (SE EAT BKITAIN).

1865......................................
1S66................................. .

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

135,832,480

AT LIVERPOOL ONLY.

Year ending A ug. 31st.
1866........................................
1867........................................

F or the ten years preceding the war the imports o f American cotton
amounted to 7,127,500,000 pounds, and o f the cotton o f other countries
to 2,161,000,000 pounds; the proportion of the whole imports consisting
of American being 77 per cent., and of all other countries 23 per cent.
In 1865, the proportion o f American was 14 per cent, and o f other
countries 86 per cen t.; but, owing to the continuance o f the war during
the first four months o f the year, that period must be regarded as
exceptional. In 1866, when planting in the South had been resumed,
the receipts from the United States were 38 per cent, o f the whole, and
from other countries 62 per cent. Taking the receipts at Liverpool, for
the two last cotton years (ending August 31, 1866 and 1867), we find
the proportion in bales has been 37 per cent, o f American and 73 per
cent, o f other countries. These statistics show that we have lost ground
immensely, and should be regarded as affording a conclusive reason
why the Government should relieve this interest o f its burthens.
W h ile we are now raising cotton without profit, India cotton is
selling at 7d. per pound at Liverpool, or about 60 per cent, above its
value before the war. In other words, the India growers can afford to
have the price o f their staple reduced 2jrd. per pound before they are
placed in their former position of competition with the United States.
Can w’e afford a proportionate reduction in the priee o f our staple!
If not, how are we to compete with Eastern cotton ? That the planter
should be able to pay the tax under such circumstances is clearly
impossible.




1867

MOUNT CENIS SUMMIT RAILWAY.

305

MOUNT CENIS SUMMIT RAILWAY.

The line of railway which has been in the coarse of construction for the last
eighteen months over this pass, and which follows in the main the great road of
the F irst Napoleon, was successfully traversed on the 21st ultimo over its whole
length of 48 miles by a locomotive engine. A train composed of an engine and
two carriages left the St. Michel station at 6:30 a . m . There were present the
Duke of Vallambrossa; M r. F e ll, the inventor of the system , Mr. Brogden, a
director of the company; M r. Brunlees, the engineer, and his assistant, M r. Bell;
Mr. Blake, the agent of the company ; Mr. Alexander and Mr. Barnes, locomo­
tive engineers ; Signor Copello, chief engineer for the Modaue section of the
tunnel ; Captain Beaumont, B . B . , M r. James Drogden, Mr. Jopling, Mr. Mor­
ris and Captain Tyler, R . E ., on the part of the British Government.
Mr. F e ll’s system consists of the application of a central double-headed rail
placed on its side in the middle of the way and elevated about fourteen inches
above the ordinary rails. There are four horizontal driving wheels on the engine
under the control of the engine driver, which can be made by pressure to grasp
the central rail so as to utilize the whole power of the engine, and so enable it to
work up incredible gradients without slipping. The carriages, also; have four
horizontal wheels underneath, which, with the central rail, form a complete safety
guard. In addition to the ordinary break there are breaks upon the central railI t would appear, therefore, impossible for the engine carriages to leave the rail s
where the central one is laid.
The morning was admirably adapted for the trip, the sun shining with great
brilliancy upon the Alpine peaks and the numerous glaciers which are visible in
the different parts of the route. After leaving the deep valley in which St.
Michel is situated, the line passes by a gradient of'one in thirty to the Pont d e
la Denise, where an iron bridge spans the river A rcq near the site of that which
was carried away by the inundations of last year. A s the little train passed the
village of Fourneau, the workmen of the Grand Tunnel of the A lp s turned out
en m a s s e, and, as at all other parts of the route, they were observed stooping
down, and even endangering their lives for the purpose of inspecting the unusual
mechanism of the engine for working on the central rail. The first very steep
gradient of one in twelve was seen in passing Modane, and, foreshortened to the
view, appeared on the approach as if impossible to surmount; but the engine,
the second constructed on this system, had already proved equal to the task on
the experimental line, and, clutching the central rail between its horozont a
wheels, it glided quickly up, under a pressure of steam not more than 80 lbs. to
the square inch, without apparent effort. The progress was purposely slow, be­
cause no engine or carriage had previously passed over the line, and also to give
opportunity for examining the works. The damages to the road on which the
line was chiefly laid were found to be substantially repaired by the French gov­
ernment, The magnificent scenery around, and the waterfall near Fo rt Sessaillon were much admired, as the sharp curves afforded different views while passing
on the edges of the deep ravines. The train entered Lanslebourg station under
a triumphal arch, having accomplished 24 miles of distance, and attained an ele
vation of 2,100 feet above St. Michel.*

Digitized for *FRASER


806

grenville and

Columbia (s. c . ) railroad .

[October,

From this point the zigzags of ascent commence, and the gradients over a dis­
tance of four miles were for the most part one to twelve. Looking down from
the train near the summit, as if from a balloon, four of the zigzags were visible
at the same instant, to a depth of two thousand feet. The power of the engine
was satisfactorily tested in this ascent, and the summit was reached under salvos
of artillery from an improvised battery, and amid the cheers of French and Ita l­
ians who had gathered to welceme the English on the frontier. The engine again
came to a stand under a triumphal arch, at an elevation of 6,700 feet above the
sea. Flags of the three nations, and a silk flag specially presented by Signor
Ginaoli to M r. Fell, waved over a sumptuous breakfast, also provided by that
gentleman. The hospice, the lake, and the plateau of the summit, surrounded by
snow-clad peaks and glaciers, rising to an elevation of from 10,000 feet to 13,000
feet were passed, and the portion of the descent commenced from the Grand
Croix. The railway here follows the old Napoleon road, which was abandoned
long since for diligence traffic on account of the dangers from avalanche. Ma­
sonry-covered ways of extraordinary strength had here been specially provided
for the railway.
The descent to Susa was a series of the sharpest curves and steepest gradients
on which the central rail had been continuously laid. The V alley of the Dora,
with Susa and the Convent of San Michel, and even the Superga above Turin,
visible for thirty miles in the distance, presented a magnificent panorama, as the
train wound through a clear atmosphere round the mountain side. The confi­
dence of the party on a trip which would, under ordinary circumstances have
been so dangerous, was manifested by their crowding round all parts of the
engine, from which, under a feeling of the security afforded by the central rail,
they thoroughly enjoyed the ever-changing scenes as they passed round the edges
of the various precipices. Susa was entered amid the acclamations of multitudes
of spectators, and the party adjourned to dine at the Hotel de France.
Thus was completed a journey unexampled in its character both as respects
the steepness of gradients, the elevation of the summit level, and the difficulty
with which the curves and precipices were overcome.

GRENVILLE AND COLUMBIA (S, C.) RAILROAD.

The Grenville and Columbia Railroad is constituted as follows ;
Main Line—Columbia to Greenville...............................................................................
Branch Line—Cokesbury to Abbervilie........................................................................
“

“

Belton to A ndeson..................................................................................

Total length o f road owned by Company.....................................................................
Blue Ridge R R. (leased) Anderson to W alhalla............................................................
Total length o f road operated by Company.....................................................

miles.

..... 143X
1V i
9X 21
.... 164K

.......

33

.......1S.7X

The fiscal is the same as the calendar year. During the early months of 1866
the track was incomplete and remained so until May 31, and it was not until
August 31 that the bridge over the Broad River at Alston was restored. In
the meantime passengers and goods had been carried on the Broad River between




1867]

GRENVILLE AND COLUMBIA (s . C.) RAILROAD.

307

Columbia and Alston, and from May to August bad still to be ferried across
the river at the latter point. W ith exception of the newly laid portions the
roadway is reported to be still imperfect and needing extensive repairs.
The rolling stock at the end of 1866 consisted of 16 freight of 7 passenger
locomotives; 5 passenger and 8 2d class and mail cars; and 58 freight cars in
order and 3 passenger and 2 mail cars, and 2 1 freight cars which will be rebuilt.
The company at the same time were building 8 new cars. The freight stock
requires to be largely increased to meet the business offering. During the year
passenger trains had been run 60,598 miles, and freight trains 57,840 miles, car­
rying 31,326 passengers and with its freight, 11,343 bales of cotton.
The gross earnings in the year 1866
Amounted to the sum o f .........................................................................................................$251,931 17
V iz.: from freight $126,3 1 28, passengers $112,917 98, government business $4,859 05,
and mails $7, "42 88.
Ccurrent expenses (including $20,000 extraordinory) . . . - ............................................... 144,730 37
N et income after deducting expenses................................................................................... $107,200 82

And there was expended during the year for reconstruction and repairs made
necessary by war and freshet $157,686 34.
The total receipts and disbursements, from January 1 to December 31,18 6 6
are thus shown in the statement of the auditor, viz. :
DISBURSEMENTS.

RECEIPTS.

Cash balance, January 1.................
Capital Stock................ $1,580 00
Real E s ta te ..................
6,000 00
Incom e o f road............ 240,454 21
Bills p ayable................ 121,395 45
Cotton a cco u n t.........................
Materials, &c., on band, Jan. 1, ’ 66
Total

$4,324 66 Surveys, right o f way, & c................ $6,010 68
Bills p ayable..............................
29,195 213
7,580 00 Profit and L o s s .................................. 21,39132
31ue R 'dge R R., old a cco u n ts___
8,000 00
361,849 66 Interest and Exchange...................... 18,0S5 96
30,999 79 Bureau Departm ent..........................
7,613 73
21,261 55 W ay prior to 1866 ............................... 33,367 12
W ay 1866, including extraordinary
$426,015 66
expenses ......................................... 155.349 26
Transportation prior to 1866 ......... 2:3,175 96
“
in 1866 .................... 90,467 27
Materials on hand Dec. 31................ 14,534 26
Receipts and cash on b a n d ............. 26,824 57
Total.

$426,015 C6

The capital account in which is shown the condition of the company at the
close of 1866 is as follows:
LIABILITIES.

Capital stock............................................................................................................................. $1,5!0,374 B4
Bonded Debt........................................................................................................................... 1,550,000 00
Bills payable...................................................................................................... $106,e47 52
Sundries.............................................................................................................
321) 40 107,167 92
Surplus incom e
.................................................................................
37,746 43
(Coupons and interest due and unpaid $484,295, not included)
Total.................................................. ................................................................................ $3,205,288 59
PROPERTY AND ASSETS.

Cost o f road.................................................................................................................................. $2,792,55337
Locom otives and cars...................................................................................
363,680 36
Real estate, surveys, & c ...........................................................................................................
25,58410
Bills receivable.................................
2,617 23
Stocks in other Railroads.........................................................................................................
80,49500
Materials, & c., on hand.......................................................................................................
14,534 26
Receipts and cash on hand..................................................................................................
25,824 57
Total....................................................................................................................................... $3,205,288 89




308

DEBT AND FINANCES OF ALBANY.

\Octobery

The bonded debt is thus accounted for :
le t Mortgage bonds due in 1862, ’ 63 &’64.............................................................................
Bonds guaranteed by State, due July 1881, ’ 82 and ’ 83.................................... . .........
Plain bonds, due in 10 years from July 1855 and. 1858....................................................

$326,000 00
624,000 00
600,000 00

Total outstanding Dec. 31,1866...................................................................................... $1,550,000 00
Coupons and interest to January 1 ,
.............................................................................
484,295 00
Total bonds, coupons and interest................................................................................ $2,034,295 00

The approximate loss and damage sustained by war and freshet is set down
at §323,205 90, and the loss in assets by the collapse of the Confederate gov­
ernment at §925,568 02.

DEBT AND FINANCES OF ALBANY.

The indebtedness of the C ity of Albany is arranged under the three heads of
“ General Debt,” “ Water Debt,” and “ Contingent D e b t,” the details of each
of which, as they stood on the 1st November, 1866, are shown in the following
statement:
G eneral D ebt (principal and interest chargeable on taxation).
Principal
.—Amounts outstanding—,
,— Interest payable— ,
T ota
payable.
5 per ct. 6 per ct. 7 per ct.
W hen.
W here. Am ount.
On demand
$ ...
$3,000
$1,500
On demand
Albany
$4,500
1867 ........................................................
20,000
. . . . Jan. 1 & July 1. N. Y o rk
20,000
1868 ..........................................................
20,000
....
•*
“
“
20,000
1889..........................................................
10,000
....
“
“
“
10,000
1870 .....................................
21,000
....
. . . . J n n e l & Dec. 1.
“
21,000
1871 .....................................
20,000
....
..
“
“
“
20,000
1872 ..........................................
20,000
....
....
“
“
••
20.000
20,000
....
....
“
“
“
20,000
1873 .........
1874 .........
19,000
....
....
“
“
“
14,000
1SS0..........................................
....
20,000
....
“
“
“
20,000
1881.........................................
....
20,000
....
“
“
“
20,000
1882..........................................
....
20,000
....
“
“
“
. 20,000
1883 .........
....
20,000
....
“
“
“
20,000
....
20,000
....
“
“
“
20,009
1884 .........
1885 ........ ............................
....
10,000
. . . . Feb. 1 & Aug. 1. Boston.
10,000
1888..........................................
...
20,000
....
“
“
“
20,000
1887 .........
....
20,000
....
“
“
“
20,000
....
2*',000
....
“
“
“
20,000
1888 ........ .............................
1889 .........
....
20,000
....
“
“
“
20,000
1890 .........
....
20,000
....
“
“
“
20,000
1891 ........
...
20,000
...
“
“
“
20,000
1892 .........
....
20,000
....
“
“
“
20,000
1893 .........
....
20.000
....
“
“
“
20,000
1894 .....................................................
20,000
....
“
“
“
20,000
Total................................ $100,000

$343,000

$1,500

$444,500

Included in the above are §100,000 6 per cents, due 1880-84, issued for
the relief of families of drafted men, and §190,000 6 per cents due 1885-94,
issued for the purchase of Congress H a ll block.
In addition to the foregoing are bonds of the city loaned to the A lbany North­
ern Railroad Company amounting to the sum of §300,000, 6 per cents, princi­
pal payable May 1, 1879, and interest May 1 and November 1, in the city of
New Y o rk. Including this amount the sum total dependent on taxation for prin­
cipal and interest is §744,500.
The Binking fund established for the extinguishment of this debt now holds
investments to the amount of §10,000 (city bonds of 1881 and 1882) bearing 6




1867]

DEBT AND FINANCES OF ALBANY.

309

per cent, interest. Including a balance in the Chamberlain’s hands at the com
mencement of 1865-66, of $62,420 82; special tax $10,000; rent of New Y o rk
Central Railroad depot (two years), $12,000, and other income, the total receipts
on this account in the year ending November 1st, 1866 was $89,313 22. The dis­
bursements (redemptions) in the same year, amounted to $93,750 00 leaving the
fund in debt to the amount of $4,436 88. [On the 1st Ju ly, 1 867, $20,000 6
per cents became due, for which provision was made by the Chamberlain].
“ Water Debt,” principal and interest chargeable to C ity Water W orks re­
venue :
Principal
payable.
1870
1871
1872
1876.........
1881.........

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

Amount
,----- ----------- Interestoutstanding. Pate.
When.
Feb. 1 & A ug 1.
$15,000
6
(
45,000
6
• ( 240,000
6
50,000
6
250.000
6
250.000
6

Total

$850,000

6

Where.
Albany.
u
New York.

Feb. 1 &;Aug. 1.

The sinking fund for the payment of these bonds, as they become due, is made
up chiefly from an annual appropriation of §5,000 by the city and interest on
investments. The total income in the year 1865-66, including a balance of
§247 50 from previous year amounted to 13,783 95. From this was purchased
water bonds §10,000, for §10,109, leaving a balance to credit of §3,674 95. The
investments held by the Trustees of the Fund at the close of the year were as
follows:
W ater b’ ds, 1871........... $51,000 I City 5’ s, 1873....................$4,000 I Cily 6’ b, 1883 .................. $6,000
“
1876 ............ 24,0001 “ 6’ s, 1SS0................... 5,000
“ “ 1884.................. 7,000
“
1881............ 14,000 1 “ “ 1881................... 1,000 i Cask in ban k...............
3,675

—total investment §115,6 74 95.
“ Contingent Debt,” principal and interest chargeable to corporations :
Principal
Corporate Title
payable.
o f beneficiaries.
1866, July 1 . . . . . A lb’ ny & W ’ t St'kb’ dge RR
1870 “
“
“
“
1871 “
“
“
“
1876
“
“
“
“
1S96 “
........ Albany & Susquehanna RR.
Total contingent d e b t ...........................

Amount ,-------------Interest-------------,
om st’ d’ g.Rate.
W hen.
W here.
$250,000 6 Jan. 1 & J u ly l. Boston.
300.000 6
“
“
200.000 6
“
“
250.000 6
“
“
“
500.000 6
“
“
«
$1,500,000

6

The bonds for the construction of the Albany and West Stockbridge K a ilroad were issued in accordance with agreements made for §650,000 A p ril 23,
1840, and for §350,000 June 26, 18 41, between the city and the Western
(Mass.) Railroad Company, the interest payable by the latter, and for the final
extinction of the debt the same company contributes towards a sinking fund
(originally of §100,000) one per cent on the total amount of the loan over and
above the interest. The sinking fund thus established amounted, November 30,
1866, to the sum of §995,841 34, and hence for all practical purposes the city
is entirely relieved from the contingency involved in the first issue of the bonds.
Included in the sinking fund are §311,000 of the issue, v iz .: of bonds payable
in 1866, §246,000; in 1870, §38,000 ; in 18 71, §9,000, and in 1876, §18,000.




310

\0cto5er,

DEB'» AND FINANCES OF ALBANY.

'i faese bonds have since been returned to the city and destroyed, thus reducing
the actual outstanding debt to $689,000.
The Albany and Susquehanna Railroad loan si secured by a mortgage on the
property of the company, which besides interest w ill contribute one per cent, an­
nually to a sinking fund established for the final liquidation of the bonds issued.
[The first contribution has been paid, and there can be no doubt of the ability
of the beneficiary to meet all future demands as they become due.]
The loan to the Albany N orthern Railroad originally belonged to the cate­
gory of contingent debt, but on account of the bankruptcy and subsequent sale
of this company’s property, the city has become liable ior both principal and
interest, and hence its transfer to the general debt list.
The aggregate debt and liabilities of the city, the sum of the above stated
indebtedness at the end of the year 1865-66, amounted to $3,094,500, or less
sinking fund, to $1,972,983 7 1, as shown in the following recapitulation :
Amount
o f debt.
$444,500
300,000
850,000
1,000,000
500,000

Sinking
F und.
$10 000
.........
115,675
995,841
.........

Debt, less
Sink’g F ’ d
$434,500
300,000
734,325
4,159
500,000

......... $3,094,500

$1,121,516

$1,972,984

Liability.
General Fund
.............................................................................
Albany Northern Railroad..........................................................
Water W ork s.................................................................................
Albany and W est Stockbridge Railroad...................................
Albany and Susquehanna Railroad............................................
T o t a l..........................................................................

The total of the income account for the fiscal year ending Nov. 1, 1866, is
shown in the following exhib it:
Balance o f cash on hand Nov. 1,1865.................................................
$88,802 53
Ke‘ eipts from Nov. 1 , 1S65, to Nov. 1,1866......................................
061,026 55
Disbursements
“
“
“
...............................................................
Cash on hand N ov. 1, 1866 ............................................................................................

$ ...............
...............
918,037 71
71,791 57

T otal....................................................................._ .................... $1,049,829 28

$1,049,829 28

The principal sources of income were—taxes, $455,143 1 1 ; bonds issued,
$190,000; temporary loan, $110 ,0 0 0 ; waterworks, $92,729 62; county, $32,981 52; assessments for streets and drains $23,481 69; school fund appropria­
tions, $19 ,10 5 96; trustees general debt sinking fund, $12,900, & c , &c.
Disbursements were made as follows : Temporary loans, $185,000 ; Board
of Capital Police, $80,123 6 1 ; trustees general debtsinking fund, $75,750;
Congress H a ll block (purchase) $68,858 7 5 ; district schools, $64,296 30;
waterworks, $35,084 65, and interest on water bonds $51,000; almshouse,
$47,439 1 6 : streets and drains, $34,484 50; contingents, $51,834 09, and
street contingents $22,903 1 7 ; fire department, $46,622 36 ; lamps, $44,257
97 ; poor, $42,612 05 ; interest, $48,398 4 5 ; city hall, $10,256 26 ; ferry,
$10,796 4 7 ; salaries, $15,725 ; county, $16,461 48, &c., &c.
The following table shows the amount raised by tax during the past five years
for the several objects therein stated :
Contingents................ ..................
L a m p s .........................
{Streets.........................
Ii'tervst........................
{Sinking Fund.............
City P o o r................ .
S ch o o ls ........................
P olice ...........................
County.........................
T o t a .....................




186?.
$84,500

00
00
00
00
00
00
00
00
94

1S63.
$78,500
23,000
3,50C
28,000

00
00
00
00
10,000 00
25,000 00
31,000 00
40,000 00
6,312 27

1864.
$10S,000
28,000

00
00
6,000 00
32,000 00
10,000 00
35,000 00
31,700 00
40,000 oo
5,512 94

1865.
$168,470
35,000
50,000
32,000

00
00
00
00
10.000 00
35,000 00
39,530 00
45,000 00
7,980 60

1866.
$186,600
40,000
5,000
42,000

00
00
00
00
10,000 00
40,000 00

42,979 49
80423 61
8,440 06

94 $246,312 27 $2S6,212 94 $422,0S0 60 $455,143

11

1867]

THE STATE OF EUROPE.

311

Thus it appears that five years has nearly duplicated the taxation for city pur­
poses. The increase, however, is much of it of a temporary nature only. The
increase of the police tax is, in consequence of the establishment of the Cap­
ital Police, an institution on a basis similar to the Metropolitan Police. In other
respects the increase has been comparatively moderate, considering the increased
price of labor. Probably the city was better lighted in 1866 on §40,000, than
in 1862 on §22,000, and it is possible that to care for the same number of poor
twice as much is now required as five years ago. I f rigid economy, however,
has b en practised in these departments how much more rigidly has that econo­
my been applied to the Department of Schools, the increased cost in the five
years having been only about 20 per cent.
The population of Albany in 1860 was 62,337, and in 1865 62,613. I t thus
appears that the increased taxation has not been relieved by a corresponding in­
crease in population. In 1862-64 it was probably lower than in 1860, and for
those years we quote it at 60,000. B y the taxing season of 1865 the returning
soldiers might have increased the numbers to 62,500. Taking these figures for
granted (and the figures by census in 1865 as the numbers on which the tax for
1866 was levied) the taxation, per capita, has been as follows: for 1862 § 4 .1 1 ;
for 1863 §4 .10 ; for 1864 §4 .7 7 ; for 1865 §6.75, and for 1866 §7.27. Th is
amount was for city purposes only.

TH

STATE OF EUROPE.

The telegraphic synopsis of Count Bismarck’s recent speeches indicate conclu.
sively the appreciation by his Government of the situation of the country in
its relation to France, and its resolute determination to proceed in its course un­
intimidated by the covert menaces of foreign governments, and prepared if need
be to defend itself and its policy by force of arms. The dignified reticence of the
K in g of Prussia was not obligatory upon other statesmen of inferior rank though
more real influence than the K in g . Accordingly the Prussian Prime Minister, in
the face of the French pretensions that the sta tu s q u o determined by the late treaty
is to be the lim it of German extension or unification, proclaims to the world
from his place in the German Parliament that the complete union of the Teu­
tonic races under one government is still proceeding and will proceed ; and while
he avows his belief that no power is mean enough, he also boasts that no power
is strong enough, to prevent it. There can be no doubt as to the meaning of
these words, delivered by a man of Count Bismarck’s character, at the head of a
great nation flushed with recent successes on a popular path, into which he has
led them. The only question that can remain is whether France w ill take up
the practical defiance—a defiance, however, which would not have been one at
all had it not been for her ostentatious interference and vain demands for terri­
torial compensation to match the increasing strength of her north-eastern
neighbor It must be hard for so proud a nation to stomach the rebuff—not the
less hard because she has provoked it. To do so, moreover, lets her down from




312

THE STATE OF EUROPE.

[ October,

the first place so dear to Frenchmen—that of the first military nation of the
Continent; and the descent—thanks to her policy elsewhere—w ill not remain
one of theory alone. The course of events in Ita ly is closely connected with the
relations between Prussia and France. The latter a few years ago assumed the
place of patron to the Italian people; but she has, like other patrons, demanded
such inconvenient and humiliating deference and sacrifice in return for her favor>
that the p r o t e g e has been driven to seek assistance in another quarter. Italy has
has had to thank Prussia for its last acquisition of Italian territory—Venetia ;
but yet has not wholly escaped from the tutelage which France has fastened
upon her. Whatever the Italian K in g and Government may do, the nation
like Germany desires to complete the consolidation of its race by the comprehen­
sion under one Government of all the Italian people. I f France has either a
national interest which winces at the augmented strength of its late suppliant
for her assistance, or if she has within herself a religious element with which the
Emperor does not choose to break, the Italians see no reason why the programme
which the Emperor laid down when he went to war with Austria for Ita iy should
not be completed. Their latest ally is neither jealous of Italian strength nor
subject to any religious qualms when the Papal Government is interfered with,
and thus they see a means of making the acquisition of Rome, as they did that
of Venice, without the sanction, or in spite of the sanction, of the power which
resides in Paris. It would be strange if they doubted in the fortune of their
star, when they look back at what has been accomplished and feel how much
more their fate is in their own hands than it was only seven years ago. G a ri­
baldi, still the popular leader in a project which he has long ago announced and
has steadily persevered in promoting, has once again taken the field, and has
once again repeated his experience of Aspromonte. H e has been stopped on the
way to atempt a new conquest for a Government for which he has already con­
quered kingdoms, and from which he has also already met with opposition,
wounds and imprisonment. A life like his is utterly without example in the
histories of the world; but the existing phase of it is but a repetition of one
that has gone before; and if his projected journey across the Roman frontier
has been rendered abortive, so far as direct and immediate results are concerned,
it w ill not in all probability fail to forward the object of the popular desire.
Those of us whose business it is to register the progress of events remember how
the expedition which was stopped at Aspromonte—how the very stoppage of it
indeed forced the hands of the unwilling Government of the day, and made them
renew in the face of the world their pledges to the nation, that though policy
had compelled them to prevent a premature endeavor to take in the Italian terri.
tory which still remained outside of the kingdom of Italy, they had not and
would not abandon the intention to claim it. I t was five years ago since the
Italian House of Commons addressed the K ing , declaring that they would have
an army of four hundred thousand men, and then they would see who would
withhold Rome from them ; and the circumstances which led to that declaration
have been almost re-enacted. But during that short period Italy has become
the proprietor ot ti e formidable quadrilateral which had previously barred her
entry to ti e northern Italian province, and Austria, which was one of the strong




1867]

GOLD MIKING IN VICTORIA.

313

men keeping the house against her, has not only suffered ruinous loss, but has
been compelled by circumstances to turn her thoughts to a new line of policy,
that makes her alike indifferent and powerless in Italy. V icto r Emmanuel and
his Government have once more obeyed the behests of the Tuileries, at the cost
of their own popularity with their own people , but Garibaldi has once more
given an impulse to the popular sentiment which in some shape or other, no one
can yet tell in what or at what time, w ill be translated into positive action.
Europe is not in so stable a condition as to make it possible for any one power
securely to guarantee the sovereignty of a territory like Rome against an ad­
joining people numbering more than 20,000,000 of the same race as its inhabi­
tants, and animated with a steady purpose of aggression. This could scarcely
be done if the Romans themselves were unanimously lo ya l; it is utterly impos­
sible when a large portion of them, at all events, are only restrained from revoiution by the presence of foreign troops. Opinions w ill of course be divided as
to the right or wrong, the good or evil, of the course events are taking; but,
humanly speaking, there seems to be little doubt as to the direction in which
the Italian question tends for a solution.

GOLD M IN IM IN VICTORIA.

Few persons, when they read of the immense quantity of the precious metal
that has reached England from V icto ria, are at the same time aware from how
small a portion of the superficies of th at‘ colony the golden harvest has been ex­
tracted. And yet the six millions sterling that has been shipped from that port
for several years has been drawn from a very scurvy slice of the district which is
known to be auriferous. Air. Selwyn, the Government Geologist, asserts that
the total area occupied iu V ictoria by lower Paiaszoic auriferous formations, with
their associated Plutonic rocks, including the district in which the overlaying
tertiaries and recent deposits do not exceed 350 feet, cannot be estimated at less
than 41,813 square miles. Deducting 11,465 square miles occupied by granite)
and other plutonic rocks, that are not auriferous or only partially so, we have an
area of 30,438 square miles, in any part of which there is a possibility of remu­
nerative gold deposits being found, either in veins or in alluvial deposits. O f
this superficies only 860-J square miles, or about one thirty-third, have been mined
upon; and of the area under treatment only about one-sixth (or in other words
about a two-hundredth part of the whole auriferous country) was occupied at the
termination of the year 1866. This is no mere gues3 to serve as an approxima­
tion towards the truth, but will be convincingly demonstrated by a reference to
to the “ Geological Sketch Alap of V icto ria,” that may be s< en at the School of
Mines, Jermyn street, or at the Port Ph ilip and Colonial Gold Company’s office,
Bucklersbury.
These facts we take from a most interesting pamphlet which has just issued
from the press, entitled ” The Gold Mines of Victora, with statistics gathered
from the various departments.of the Victorian Government, and other sources.”
The R . L . M. Kitto, Alining Surveyor under the Colonial Government, has ad­
15




314

gold

m in in g

in

v ic io r ia .

[ October,

a long experience in mining operations, and is very careful to verify every one
of his assertions by reference to suitable authority. The great object of this
gentleman is to fix the attention of the English capitalist on the fact that what­
ever may be the fate of the gold digger, the prospects of the gold miner are im­
proving every day. Unfortunately, he says, it is generally understood in England
and elsewhere, that gold in V icto ria occurs in shallow alluviums, and that these
are being gradually exhausted. That indeed is the case with the shallow alluvi­
ums, but that class of mines, as will be seen by an examination of the map before
referred to, bears only a very small proportion to the whole; while it may be
affirmed that the immense areas of deep auriferous tertiaries, together with the
numberless quartz veins, are practically inexhaustable. Mr. Smith, the Secretary
of mines for the Colony, in the pamphlet prepared by him in his official capacity,
for the present Paris Exhibition, states :—“ W e have room for four times the
number of persons now actually engaged in mining, and if the yield of gold has
fallen off, it is because the numbers engaged in mining has decreased. Cold
mining is laborious, often uncertain, and frequently involves hardship and suffer­
ing which none but the strongest are capable of bearing without injury, and it is
not surprising that many persons who left their professions and trades in the
hopes that they would soon acquire a fortune on the gold fields, have resumed
their former pursuits.” This change will, however, turn out greatly to the benefit
of the colony, and of those who have the prudence to invest in the auriferous dis­
tricts, now that their working has passed into this new phase. A llu via l mining
was too much a mere lottery for banks, great companies, or investors who re­
quired a steady return, to think of taking up. You would get gold or you
would get dirt—it was a risk calculated only for small bands of fortune hunters,
who, if they lost all, lost little more than their time. The change has begun,
and has worked so successfully that interest alone would seal its continuance,
even though there were not other causes in operation to keep matters running
in the new groove. W e fully agree with M r. K itto that “ in a few years indi­
vidual mining will be no more known ; the quartz mines and deep leads will
become the property of the capitalist, and will be worked with science and s k ill;
the workmen w ill be better and more regularly paid, and once more the social
system w ill be properly regulated.” Quartz mining already furnishes nearly
one-half of the yield of gold in the colony. The total sum for 1866 was
£5,916,776, of which £4,077,198 was the produce of the alluvial gold, and
£1,839,581 came from the quartz.
Those who recollect the history of the Australian gold discoveries w ill readily
account for the fact that the first rush was to the alluvial diggings, and the
wealth that emerged from thence was so extraordinary, that succeeding comers
may well be excused for having stuck to the tracks left by their predecessors.
But science, dogmatizing instead of experimenting, must bear some part of the
bla m e. Prejudiced by the d icta of European philosophers, a commission, ap­
point d by the Victorian Government so long ago as 1856, laid it down that
mining for gold to great depths in quartz reefs would be unprofitable. They
were so precise indeed as to state the lim it below the surface—sixty feet or ten
fathoms—beyond which it would be hopeless to go. F a c ‘ , however, w ill be




1867]

GOLD MINING IN VICTORIA.

37

continually giving theory the flat contradiction, and theory then revises its rea­
soning, strikes out the faulty links, and soon reproduces the chain, sound again,
and apparently all the better for having been mended. But in Y ictoria and
California, but for apparently rash explorations, undertaken through ignorance
of theory, the geology of gold would still have been based on erroneous princi­
ples. The deepest gold mine in the world, and also the most productive, is Mr.
Hayward’s at Suttar Creek, California, which is 1,200 feet in perpendicular
descent from the surface, and probably 300 feet below the oeeau. The Port
Ph illip and Colonial Cold Mining Company received accounts by the very last
mail that the profit on their quartz, brought from great depths, amounted to
£6,800
for theAlast month alone.
’
But this company has carried forward its quartz-crushing operations on a
grand scale, and the pertinaceousness with which it adheres to them ought to
supply incontestible proof of the remunerative nature of the process. From the
commencement of operations in 1857 to the 31st Ju ly, last year, the company
had crushed a mighty mass, altogethei 308,661 tons of stone, obtaining thence
gold of the weight of six tons, reckoning 2,000 lbs. to the ton. M r. K itto ad­
duces returns also from a very large number of companies, where quartz has
been obtained at depths varying from 600 to 250 feet, all presenting excellent
profits, and all demonstrating that if the gold does not increase with the depth
at least there is no decrease. The grand result of the widest possible investiga­
tion is that with the average yield of the colony, viz., 10 dwts. 16-2 grs., or
about 43s. per ton, the annual profit of working quartz mines would be 30s. on
every ton crushed. Mr. K itto then gives figures which show that if a return of
only 7 dwts. per ton were obtained, there would be a clear profit of 50 per cent,
on say every £25,000 employed, even allowing so much out of the returns as
£10,900 for contingencies, accident, & c.
The author gives a short digest of the colonial laws and regulations which
must in a measure govern the miner’s course, for, as well beseems a territory in
which mining plays so prominent a part, the (government has a Department of
Mines, the head of which has a seat in the Legislative Assembly and the Cabinet.
The work before us is entirely free from any bias in favor of any particular
localities or companies, and very honestly fulfils the purpose it proclaims, that
of showing that an immense field is open for the safe investment of capital in the
gold mines of V icto ria and New South Wales. When capital once more re­
sumes its usual eager activity, instead of being hoarded up, cowed, and unfruitful,
Mr. K itto ’s pamphlet w ill furnish a guide to investment under the security of
British laws, and in a quarter where every shilling set to work will give an im­
petus to trade at home that must benefit the merchant and the trader through a
hundred other channels than that of the dividend on his mining stock that will
half-yearly gladden his eyes.




316

[

PUBLIC DEBT OF THE UNITED STATES.

October,

PUBLIC DEBT OF THE UNITED STATES.
Abstract statement, as appears from the books and Treasurer’s returns in the
Treasury Department, on the 1st September and 1st October, 1867 ;
DEBT BEARING COIN INTEREST.

S^ritember 1.
October 1.
Increase.
Decrease
5 per cent, bonds................................ $198, ttl,350 00 $198,431,350 00 $ .............. $ ............. a
6
“
’67 & ’ 6S....................... ,
14,869,791 80
14,707,941 80
...............
161,850 0<>
6
“
1881..............................
283,676,100 00 283,676,100 00
..................................
6
“
(5-20’ s ) ............................. 1,205,710,500 00 1,235,380,750 00 29,670,250 00
............
Navy Pen. F ’d 6 p.c..........................
13,000,000 00
13,000,000 00
....................................
T o t a l............................................... 1,715,687,741 80 1,745,196,141 80 29,508,400 00

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

DEBT BEARING CURRENCY INTEREST.

6 per ct. (RK ) b onds...........................
3-y’ars com . int. n ’ tes...........................
8-years 7-30 n o t e s .................................
Total

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

$16,346,000 00
78,839,600 00
400,786,025 00

$16,746,000 00
78,839,580 00
365,489,100 00

$400,000 00
$ .......
.............
20 00
. . . . 1 . . . 35,296,925 00

495,971,625 00

461,074,680 00

............. 34,896,945 00

MATURED DEBT NOT PRESENTED FOR PAYMENT.

7-30 n. dueA ug.15,’ 67.
6 p. c. comp. int. n’ es.
B’ ds o f T exa s ind’ ty.
Treasury notes (old)..
B ’ ds o f Apr. 15, 1842..
Treas. n’ s o f Ma.3,63.
Temporary loa n . . . .
Certifi. o f indebt’ ees

$ ....................
12,672,730 00
263,0,0 00
165,311 64
64,768 68
959,380 00
5,279,185 55
36,000 00

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

$4,250,000 00 $4,250,000 00
$
7,483,100 00
5,189,630 00
262,000 00
1,000 00
164,511 64
800 00
54,061 64
10,707 04
959,380 00
.................
...........
5,012,203 55
266,982 00
36,000 00
.........................................

19,440,375 87

18,221,256 83

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

1,219,119 04

DEBT BEARING NO INTEREST.

United States n otes.............................
Fractional currency.............................
G old certi. o f d eposit...........................
Total

$365,164,844 00 $361,164,844 00
29,392,172 97
29,864,713 37
15,462,700 00
14,867,820 00
410,019,716 97

405,897,377 37

RCAPITULATION.

$

Bearing coin interest.
Bearing cur’ y interest.
Matured debt ............
Bearing no in terest...

$

$ .............. $4,000,000 00
472,540 40
.............
.............
594,880 00
...........

$

4,122,339 60

s

,1,715,687,741 80 1,745,196,141 80 29,508(400 00
.................
.
495,971,625 00 461,074,680 00
34,896,945 00
.
19,440,375 87 18,221,256 83
1,219,119 04
.
410,019,716 97 405,897,377 37
4,122,389 60

Aggregate...................................................2,641,119,459 64 2,630,389,456 00
Coin & cur. in Treas................................. 148,336,094 59 135,112,009 24

................. 10,730,003 64
............... 13,224,085 35

Debt less coin and cur.............................2,492,783,365 05 2,495,277,446 76 2,494,081 71

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

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

September 1.
October 1.
decrease.
Decrease.
C o i n ........................................................ $101,263,020 00 $103,298,659 69$2,035,639 69 $ ................
Currency.................................................
47,073,074 59
31,813,349 55
................. lo ,259,725 04
Total coin & curre’ v.............................

148,336,094 59 135,112,009 24

...........$13,224,085 35

The annual interest payable on the debt as existing September 1, t nd Octo­
ber 1 , 1867, (exclusive of interest on the compound interest notes,) compares as
follows :
ANNUAL INTEREST PAYABLE ON PUBLIC DEBT.

C oira-5 per cen ts....................................
6
“
67-68 ...........................
6
“
1881.............................
li
“
5-203 ...........................
6
“ N . P . F .............................

September 1.
October 1.
Increase.
Decrease.
$9,921,507 50 $9,921,567 50 $ .............
$ .................
892,187 61
882,476 51
.................
9,711 00
17,020,566 00 17,020,566 00
...........
.............
72,342,630 10 74,122,845 00 1,7S0,215 00
.............
780,000 00
780,000 00
.....................................

Total coin in te re s t.................................$100,956,951 01 $102,727,455 01 $1,77",504 00
.............
Currency—6 per cents.............................
980,760 00
1,004,760 00
24,000 00
$ .............
7-30 “
.............................
29.257,379 82 26,6SO,704 80
................. 2,576,675 52
Total curr’ ncy interest

$30,238,139 82 $27,685,464 30 $ ................ $2,552,675 52

Aggregate coiu & currency,excl.coinp.
interest n otes..................................
$131,195,090 83 $130,41; 919 31




$ ...............

$782,17152

1867]

PROGRESS OP GREECE.

317

PROGRESS OF GREECE,

A short time ago a pamphlet appeared in Paris entitled “ L a Turque
ou la Grece,” by M r. Alexander Risa Rangabee, at present envoy from
Greece to this country. A trustworthy compilation of facts like this which Mr.
Rangabee has given us is very welcome here, and we present below some of its
leading facts and figures.
The population of Greece is now 1,500,000. In the first decade of Greek
independence the increase of population was 3.9 per cent.; in the second, 2.2
per cent.; in the last thirteen years, P 16 per cent. The average for thirty-four
years is 1.44 per cent. That this is not a slow rate of increase is easily shown.
When Greece became independent, all the Turks residing within her boundaries
emigrated. The greater clemency of the Turkish rule in the Christian provinces
of Turkey, after the revolution, also enabled many expatriated Christians to re­
turn from Greece to their homes. Lastly, the colonizing spirit of ancient Greece
has shown itself in the eagerness with which the Greeks of our day have thrown
themselves into commerce. They are found in all quarters of the world.
The agriculture of Greece has advanced wonderfully since freedom has given
the agriculturists heart to work. Mr. Rangabee remarks that he is lt unable to
give a statistical exhibit of the increase in production, but personal observation
w ill soon convince any one that it must be very large. The face of the country
in many regions has been entirely changed. Fields of grain cover the sides, and
in some places crown the summits of the mountains. The olive and the currant
of Corinth replace everywhere the bramble and the thistle.” Many of the water
courses, which the Turks had allowed to generate swamps, have been brought
back into their channels. The best farming implements are coming into use.
In Elis, the ground is ploughed by Bteam-power. The olive, fig and orange
plantations give the country along the G u lf of Corinth the appearance of a vast
garden. Many millions of trees for new plantations pass every year through the
custom-house of Athens.
The Minister of Finance reported, in 1861, that the annual yield of currants
before the revolution was 10,000,000 pounds; in 1861 it was 65,000,000 pounds.
The number of stremmes—the stremme is a little less than our acre—in vineyards
had increased from 25,000 to 700,000; the number planted with fig-trees from
50.000 to 300,000; the number planted with olive trees from 2,300,000 to
7.500.000 ; and the value of silk production from 650,000 drachmes, in 1840, to
5.430.000 drachmes in 1861. (The drachme is equal to 16£ cents.)
The quantity of land susceptible of cultivation which has thus far failed to
receive it, is 11,748,000 stremmes. This fact, however, is not discreditable to
the Greeks. The country is able to sustain five times its present population,
and nearly thirty thousand families are engaged in the more lucrative pursuits of
commerce. The Government supports an agricultural school and model farm
and a commission, attached to the Department of the Interior, is constantly busy
in the development of this source of national wealth.
Before tilling lands, the Greeks had to build themselves houses. The Turks
made thorough work with the homes of rebels. Forty towns have been rebuilt,
and more than six hundred villages. Eleven new towns have been founded.




318

progress

of

Gr e e c e .

[ O ctober

The sum spent on this gigantic reconstruction was not less than two hundred
and fifty million drachmes. Mr. Rangabee catalogues the public buildings of
Athens, and says it is “ a city which unites the natural beauties of the East with
the comforts of western civilization.”
Greece never possessed good roads, and the Turks left her nothing but path­
ways. The present Government has constructed nineteen good roads, at a cost,
exclusive of labor, of 2,164,724 drachmes. I t has also built twenty-two bridges.
There are, as yet, no railroads. Telegraph lines connect Athens with Constaniinople, and, by way of Trieste, with western Europe.
B y the carelessness of the Turks the Greek seaports had become choked up
and inaccessible. Under the new rule eight of them have been cleared and
deepened. F iv e new ports have been opeued. Four light-houses have been
built. The straits of Euripus have been widened and made safe for vessels.
In 1S 21 the Grecian marine consisted of 421 vessels; in 1865 Greece pos­
sessed 1,160 large ships manned by more than 35,000 seamen. A Greek com­
pany at Syra has established a line of steamboats. One of these boats, the Panhellenion, has become historic. The commercial code of Greece has been framed
on the best European models. The Greek navy, ridiculously small for the de­
fence of the country in time of war, has yet cleared the coasts of the pirates
which had become under the listless government of the Turks an intolerable
nuisance.
In 1862 73,300 vessels entered, and 85,758 vessels cleared from, the ports of
Greece. Of the latter number 11,209 were for foreign ports.
In 1851 the imports were valued at 25,819,702 drachmes and the exports at
13,851,202 drachmes. In 1862 the imports were valued at 49,109,666 drachme3
and the exports at 32,323,726 drachmes. The commerce with this country is
still small. Mr. Rangabee says it could be largely increased by direct trade.
A t present everything passes through the hands of English factors. There are
now five chambers of commerce in Greece. The National Bank pays large
dividends. The insurance companies of Syra and Patras are doing well.
In domestic manufactures Greece has not as yet accomplished very striking
results. She has but twenty-two factories which use steam-power. The manu­
facture of wines promises to become important. More than one thousand articles
made by Greek artificers were exhibited this summer at Paris.
Greece spends a much larger sum, in proportion to her entire revenue, upon
education, than Saxony or Prussia. In 1866 she had 942 public schools for
boys, containing 44,102 pupils, 39 private schools for boys, containing 2,140
pupils; 125 public schools for girls, containing 8,481 pupils, and 41 private
schools for girls, containing 2,082 pupils. Besides these, she has unorganized
schools containing 8,000 pupils, and orphan schools containing 158 pupils.
These schools give a primary education. A grade above them are the national
schools, 12 3 in number, with 294 teachers and 6,575 pupils, and private schools
with 1,030 pupils. The next grade brings us to the gymnasia, or colleges, 16 in
number, with 100 professors and 1,908 pupils. A ll these professors are doctors
of philosophy. The system is completed by the university, with its 4 faculties,
12 fellows, 50 professors and 1,200 undergraduates. There are also, in Athens,




1867]

THE CHAMPAGNE TRADE.

319

a polytechnic, a theological and a business institute, and several learned societies.
The university has valuable museums. Twenty-nine newspapers are published
in Athens ; forty-nine in other Greek towns. There are also numerous periodi­
cals, and the book-trade is steadily increasing.
W e must refer our readers for a detailed explanation of the working of the
government as well as for a very interesting sketch of brigandage in Greece, to
the pamphlet itself. It remains to notice the financial condition of the Greek
kingdom. The total revenue in 1833 was 7,721 269 drachmes; in 1860,
24,242,760 drachmes. The budget of 1867 w ill exceed 34,000,000 drachmes,
which is at the rate of 23.43 drachmes per head. The expenditures in 1860
amounted to 26,074,493 drachmes. The total public debt is 340,000,000
drachmes. Mr. Rangabee says Greece will pay this debt as soon as she i3
enabled to do so by new loans, effected at the expense of her productions, and
by the extension of her boundaries.
This is the present condition of Greece. In thirty-five years she has doubled
her population, quintupled her revenue, rebuilt her towns and hamlets, greatly
increased the area of cultivated land, extended widely her commerce, adopted
an excellent educational system and created a literature. Her defects, iti Mr.
Rangabee’s opinion, arise from the fact that her growth is repressed. On the
day that Greece expands to her rightful boundaries these defects will begin to
disappear.
THE CHAMPAGNE TRADE.

The Chamber of Commerce at Rheims has lately issued its usual annual report
on the wine trade of Champagne for the year from A p ril 1, 1866, to A p ril 1,
1867, from which we learn that on the first named date the then existing stock
in the cellars was 37,608,616 bottles, representing 313,405 hectol. During the
year 10,283,886 bottles were sent direct to foreign countries, and 3.218,343
bottles disposed of to wholesale wine merchants, retailers, and consumers in
Prance, making a total of 13,502,229 bottles, to which must be added 7,575,430
bottles sent from one manufacturer to another in the department of the Marne,
thus bringing up the gross amount of the movement of the year to 21,077,657
bottles. The consumption and sale of the article have been steadily increasing
since 1845, when the Chamber of Commerce first began to publish their valuable
annual reports. In that year the quantity sold in Prance and exported to foreign
countries was only 6,635,652 bottles; in 1853 it had risen to 10,407,039 bottles,
in 1864 to 12,786,134 bottles, in 1866 it was 13,196,132 bottles, and in 1867—
as above stated—it had risen to 13,502,229 bottles, having more than doubled
itseif since 1845. During that period the total sales in Prance an 1 abroad have
amounted to 214,145,043 bottles, and calculating the average price at only 3 fr.
per bottles, it gives an aggregate value of 642,435,129 fr., or about £25,680,000.
In former years the home consumption of champagne in Prance was about equal
to one half of the quantity exported, but it has not increased in proportion to
the magnified production, and latterly has b'een seldom more than one-third. The
report adds—“ I t is calculated that besides the above there are more than 5,000,000 bottles of other wines sold an l consumed under tbs spurious name of cham­
pagne, of which nothing is genuine but the corks aud the labels; and still more
frequently, and to a much greater extent, both the brand on the corks and the
printed labels are produced by the most audacious fraud a u l barefaced forgery.”




COMMERCIAL CHRONICLE AND REVIEW.

320

[ October,

COMMERCIAL CHRONICLE AND REVIEW.
Counterfeit Seven-Thirtiea—The M oney Market—General Trade—Kates o f Loans and
Discounts—Stock Exchange—Government Securities—Consols and American Securities
at London—Receipts, Shipments and General M ovement o f Coin and Bullion—Course o f
Gold at N ew York—Course o f Foreign Exchange.

A s we go to press we learn that through advices received from the Treasury
Department, Washington, that a counterfeit has leen discovered upon the $1,000
Seven-Thirty notes of the June issue. The notes had been received from the
Sub-Treasury at New Y ork, but to what amount could not be definitely stated
until all the receipts had been examined. I t is stated, however, that $120,000
had been found at the time the advices were sent. Alter the information had
been communicated to the brokers it was discovered that $00,000 were in the
hands of dealers, and to-day further amounts have been found to be in the hands
of banks, bankers and others which will carry up the amount in the bands
of W a ll street firms to about $150,000. W e append an official account of the
points in which the spurious notes are considered to differ from the genuine; but
at the same time it must be said that the extended comparison of notes made in
W a ll street to-day has shown that some of these c rite r ia are not to be entirely re­
lied upon. In some of the points in which the spurious notes are said to differ from
the genuine, the good notes differ from each other. So far as respects the execution
of the notes, there appears to have been discovered but one point in which the coun­
terfeit differs from all other notes with which it has been compared, viz., that in the
letter u, in the word “ Treasurer,” under F . E . Spinner’s signature, the letter is
made with a hair line at the commencement in the good note; while there is no
such stroke in the bad. The counterfeit differs, however, in all cases from the
genuine notes in the seal, which in the former is larger. The seal on the false
no es, however, is found to correspond exactly with that used on greenbacks.
Putting these circumstances together, the theory is held by many dealers that
the plates of the Treasury have been used, and also the Treasury seal, but that
one appropriated for legal tenders instead of the one employed in printing the
Seven-Thirties. The officers of the Treasury Department, however, regard the
note as a thorough counterfeit; and it is said that the experts of the American
Bank Note Company hold the same opinion.
I t is impossible to estimate what amount of these notes have been put in cir­
culation. Many of those received here are traced to the West, and as such a
large amount is in the hands of the New Y o rk dealers, it is to be presumed that
the entire issue is very extensive. The Treasury has not yet made any reclama­
tion upon the parties from whom it has received the notes; but the officers of the
Department anticipate having to take such action when the whole amount re­
ceived has been ascertained. The dealers very generally consider that their re­
sponsibility ceased when the Treasury accepted the notes, upon the same principle
as a party receiving payment for a spurious check from a bank is not subject to
reclamation. W e presume that the matter will be tested in the courts in the
event of the Treasury attempting to return the notes to those from whom it has
taken them.
B is stated that seventy thousand dollars of these well-executed counterfeit




1 S 6 ’7]

COMMERCIAL CHRONICLE AND

REVIEW.

321

Seven-Thirty Bonds bad been presented at the Treasury Department for redemp­
tion. A il of them were of the second series, due June, 1868, of the thousand
dollar denomination, and either of the A or B series, ranging within the follow­
ing named thousands, v iz .: 68,000, 140,000, 160,000 and 180,000. The result
of the examination as ordered by the Solicitor of the Treasury is—
First— The seal is slightly larger than the genuine, the red ink with which it is
stamped is a shade lighter, and the points projecting from the seal are blurred and a
little longer than the genuine.
Second— The imprint at the bottom o f the face o f the bond is set different in the
margin, there being more space given it than the genuine.
Tnird— The borders o f the coupons which are attached to the counterfeit bonds
are larger, while the red figures are finer than in the genuine.
Fourth— The borders o f the ornamental lathe work are blurred and somewhat in­
differently executed.
Fifth— The figures denoting the bond are slightly uneven, while the blue ink in
which they are printed is a duller blue, and lacks the metallic, glossy appearance o f
the genuine.
Sixth— There is, to the experts, a difference in the vignette— the female figure
on the face o f the bond— the lines are not so w ell shaded, nor is the black ink so w ell
distributed.

The money market during September exhibited the activity usual at the P a ll
season. The demand for currency, to move the crops at the West, has been un­
usually large, owing not only to the abundance of the yield, but equally to the
high prices of breadstuff's and the anxiety of the farmers to realise. The receipts
of grain at the lake ports have been about double the quantity for the same
period of 1866 ; and the Western banks have been taxed to their utmost in satis­
fying the wants of the movers of this large amount of products. The discounting
and re-discounting of produce paper, and the withdrawal of the balances of
Western banks have caused an outflow of currency, legal tender and bank, o'
probably fully $ 25 ,000,000 within the month; and at the close the efflux con­
tinued in undiminished volume. The financial operations of the Government have
also had an important bearing upon the course of the money market. A t ore
period its sales of coin and of bonds largely exceeded its disbursements in the
purchase of Seven-Thirty notes, resulting in a temporary withdrawal of cur­
rency from the banks which, together with the westward drain, and the calling in
of funds from some of the national depositories, had the effect of producing a very
sharp stringency, and a full 7 per cent, rate on demand loans. The city merchants
have suffered inconvenience from this condition of things. A s the banks could
employ their balances at 7 per cent, on call they have been indifferent about dis­
counting, and have confined their operations in paper to the best of their
depositors. Large amounts of choice paper have been thrown upon the street at
7-| @9 per cent.: while fair average names have sought buyers in vain at much
higher rates.
The general trade of the city has been steady, but characterised by a cautious
movement. The imports have been moderate compared with those of the same
month last year, while the exports have shown a tendency toward larger figuresThe decline in cotton caused, during the latter half of the month, a contraction o^
operations in cotton manufactures, and at the close holders showed a disposition
to adjust prices to the reduced value of raw material. The woolen trade shows a




322

[ October,

COMMERCIAL CHRONICLE AND REVIEW.

considerable aggregate movement; but values have been depressed by the pros­
pect of heavy accumulations having to be forced off at the close of the season.
The following are the rates of loans and discounts for the month of September :
RATES OF LOANS AND DISCOUNTS.

A ug. 9.

Call loans. .........................................................
Loans on Bonds and M ortgage...................
A 1, endorsed bills, 2 m os.........................
G ood endorsed bills, 3 <k 4 m os.................
“
“
single names.............
L ow er g ra d es.....................................................

A ng. 16.

8 @ 4 4 @ 6
6 @ 7
6 @ 7
6 @
6 @ 6-J
6^ @ 7£ 6^ @ 7^
9@ 1 0
9 @ 10
11 @ 15 12 @ 1 8

A ug. 23.

A ug. 30.

7 @— 7 @—
6 @ 7
6 @ 7
7 @ 7-J 7 @ 7^
$J@ 10
S^@10
10 @ —
10 @ —
12 @ 2 0
12 @ 20

The stringent tendency of the money market caused a sudden realizing move­
ment at the Stock Exchange, and stocks held at the beginning of the month with
much confidence in a rise corresponding to the improved earnings of the roads>
were sold at a decline ranging from 5@10 per cent. The fall, however, was
followed by a steady reaction ; but the month closed with a very feverish market*
The total sales of stocks at both boards amounted to 1,627,139 shares against
1,446.873 shares in September, 1866.
The following table shows the volume of shares sold at the New Y o rk Stock
Exchange Board and the open Board of Brokers in the three first quarters
and in the month of September, and the total since January 1 :
VOLUME OF SHAKES SOLD

THE STOCK BOARDS.

Bank shares...............................................
7,818
Railroad “ ................................................ 5,079,773
Coal
“ ...............................................
67,800
Mining
“ ...............................................
123,857
Im prov’ n t " ................................................
81,269
T elegrap h " ................................................
117,973
Steam ship" ................................................
228,683
B xpr’ s s& c" ................................................
17,674

Since
2d Q’ rter. 3d Qr’ ter. September
Jan. 1.
11 153
9,070
1,819
28,038
4,910,358 4,265,793 1,446,063 14,255,929
25,405
40,568
4,151
133,773
91,188
92,594
10,564
307,639
103,435
68,649
11,659
253,353
153,118
284,493
76,759
555,584
215,873
132,450
40,646
577,(06
104,480
117,279
45,468
239,433

At N ew York Stock E x ........................... 2,072,406
A t Open B’ d ............................................... 3,652,443

2,074,351
3,540,659

2,013,966
2,996,930

632,149
1,004,980

6,160,723
10,190,032

T otal 1867................................................. 5,724,849
Total 1866................................................. 6,172,087

5,615,010
5,842,110

5.010,896
4^333,801

1,637,129
1,446,873

16,350,755
16,347,998

United States securities have declined somewhat from the late high quota­
tions, in sympathy with the pressure in the money market. The price of FiveTwenties in Europe have declined 1 per cent, within the month ; but, notwith­
standing, a fair amount of bonds has been exported.
The amount of Government bonds and notes, State and city bonds, and
company bonds, sold at the New York Stock Exchange Board in the three first
quarters and in September, and the total since January 1, is shown in the statement
which follows:
BONDS SOLD AT THE N. T . STOCK EXCHANGE BOARD.

1st quarter. 2d quarter.
L . S. bonds.................................. $18,702,650
$40,388,350
U. S. n otes...................................
4,792,480
3,347,600
St’ e & c i t y b ’ d s..........................
8,834,100
7,601,650
Company b ’ d s ............................
2,216,200
2,367,700
Total 1867.............. .......... $34,595,430
Total 1866............................. 32,600,500

$53,705,300
36,414,850

3d Quarter. September. S’ ce Jan. 1.
$43,284,050 $17,340,000 $102,375,050
10.321,550
1,692,750
18,461,630
7,954,300
2,297,800
24,440,050
2,184,000
841,000
6,761,900
$63,743,900
44,050,100

$22,171,550 $152,044,630
12,739,850 111,064,950

The closing prices of Consols and certain American securities (viz. U. S.
6’s, 5-20’s 1862, Illinois Central and Erie Railway shares and Atlantic and Great




COMMERCIAL

1867]

CHRONICLE AND

REVIEW,

323

Western consolidated bonds) at London, on each day of the month of September
are shown in the following statement:
COURSE OF CONSOLS AND AMERICAN SECURITIES AT LO N D O N-SEPTEM BER, 1867.

Cons American securities.
for TT.S. Tll.O. Brie A. &
mon. 5-20s sh’ s. shs. G.W

Date.

M onday.......
T ues.............
W edne.........
Thurs...........
Friday..........
Sat day.........

..
..
..
..

2
3
4
5

.. 8
M onday........
T u e s............. ..10
W edne......... ..11
Thurs........... ..12
..14
..15

Cons American securities.
for u.s. Tll.O. I Brie A . &
mon. 5-20s sh’ s. |sh’ s. G .W

Date.

...2 0
...21
...2 2
M onday........ ...2 3
T u es............. ...2 4
W edne......... ...2 5
Thu rs........... ...2 0
...2 7
94% 73% 77% 44% 21% Sat’ day......... ...2 8
94% 73% 77
44% 21%
...29
94% 72% 77
44% 21% M onday........ ...3 0
94% 72% 76% 45
21%
94% 72% 77
4 4# 21%
94% 73% 76% 45
21%

94%
94%
94%
94%
94%
94%

73%
73%
73%
73%
73%
73%

94% MX
T u es.............
94% 73
W edne......... .1 8 94% 73
Thurs .......
19 94% 73

77%
77%
77%
77%
77%
77%

77%
77%
77%
77

44%
45%
45%
45%
45%
45%

45
44
44
44

23%
23
23
22%
22%
22

Sat’ d a y.......

23
23
....
22% I g " ! Since . . . .
22%
1 ..

94% 73% 77
94% 73% 77

41#
42

22#
2 1#

94%
94%
94%
94%
94%
94%

41%
41%
39%
40%
40%
40%

22%
22%
22%
22%
23%
23%

73%
73%
73
72%
72%
72%

—

77
77%
77
77
77
77

(S o report)

—

94% 73% w x
94% 72% 76#
0%
1% 1
90
90
6

—

—

45% 2 3#
39% 21%
6% 1%

67% 72% 35% 21
75% 82% 46% 20
10% 5
7% 10

The lowest and highest quotations for U . S. 6’s (5-20 years) of 1862 at Fran*
kfort in the weeks ending Thursday have been as follows :
Sept. 5.
Frankfort.......................................................... 76%@77%

Sept. 18.
76%@77

Sept. 19.
76%@76%

Sept. 86
76%@76%

The daily closing prices of the principal government securities at the New
York Stock Exchange Board are shown in the following statement:
1867.
7-30.
.- 6 ’ s, 1881.-, t-------- 6’ s, (5-20 yrs.)Coupon -------->5’ s,10-40 2d sr.
Coup. Keg. 1862.
1840. 1865. new. lS67.yrs.C’ pn,. 1SU0.

PRICES OF GOVERNMENT SECURITIES AT NEW YORK, SEPTEMBER,

Day o f month.
Sunday
1 ..................
Monday
2 ..............
.............
Tuesday
3 ................................
Wednesdayr 4 ..................
Thursday
5 ................ .............
Friday
6 .................. ......... —
Saturday
7 ..................
Sunday
8 ..................
Monday
9 ................
Tuesday
10..................
Wednesday 11. ............. .............
Thursday 12.................. .............
Friday
13 .................
Saturday 14........... .
Sunday
15..................
Monday
10.................. .........
Tuesday
1 7 .................
Wednesday 18..................
Thursday 19..................
Friday
20.................. ...........
Saturday 21..................
Sunday
22 ................
M on day... .23.................. ..............
Tuesday... .24..................
Wednesday 25..................
Thursday 26................
Friday
27................. ..............
Saturday
28.................. ...........
Sunday
29.................
Monday
30.................
F iret.........
L o w e s t___
H igh est..
R a n g e ... .
Last..........




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

112
112
112%
112%

iii
ill
m%

108% 108%
108% 108#
108% 108%
108% 108%
108# 108#
108% 108%

99%
99%
99%
99%
99%

114%
114%
114%
115%
114%
114%

io 9 # 111% i o s #
109% 111% 10S% 10S%
109% 111% 108% 108#
109% 111% 108#
109% 111% 108
103%
109# 111
108
108

19%
99%
99%
99%
99%

114%
114%
114%
114%
114%

io 9 #
109%
109%
109#
109#

iio%
nu%

114%
114
114
H3,%
113%
113%

109%
109#
109#
109%
109
108%

iio%

113%

m%

m%
112%.
112

iu%
m%
m%
iii
110%
110%

114% 169% i i i
114% 109# 111
114% 110
111%
114% 110% 111%
114% 110
111%
114% 109# 111

........

111
114%
116% 110% 113%
112% 111% 115%
1%
110% 113%

iii
110%
no%
110%
110%
110%

108%
108%
107%
107%
107%

iu/%

ios%
108%
108
107%
107%
108
........
108%
107%
108
107%
107%
107%

107%
197%
107%
197%
107%
107%
107%
107%
107
107%

99%
99%
99%
99%
99%
99%
99%
99%
99%
94%

107
106%
106#

110%
110%
110
109%
109#
109%

107%
108
107%
107%
107%
107%

ioo%
106#
106%
106%
106%
106%

0)9

i0 9 #

107%

107%

99%

106#

109%
108%
110%
1%
109

111
108%
109% 107%
111% 108#
2
i%
109% 107%

108%
107%
108%
1%
107%

99#
99%
99%
0%
99%

107%
107%
107%
1
106#

324

COMMERCIAL

CHRONICLE AND

\October,

REVIE-W.

The quotations for Three-years’ Compound Interest Notes on each Thursday of
the month have been as shown in the following statement:
PRICES OP COMPOUND INTEREST NOTES AT NEW YORK, SEPTEMBER,

Issue Of
October, 1864...
Decem ber,’ 64...
May, 1865.........
August, 1865...
September, ’65.
October, 1865..

September 5.
, 118%@119*
, 117%@118*
1 1 6 *@ 1 1 7 *
116 @ 1 1 6 *
1 1 5 * ® 11 5 *
. 115 @ 1 1 5 *

1867.

Sept. 12.
Sept. 19.
119 © 1 1 9 * 1 1 9 * © 1 1 9 *
118 @ 1 1 8 # 1 1 8 * © 1 I8 *
117 @ 1 1 7 * g ll7 * @ 1 1 7 *
116*@ 116* 116*@ 116*
U 5 * @ 1 1 5 * 115&@115%
115 @ 1 1 5 * 1 1 5 * @ 1 1 5 *

Sept. 16.
1 1 9 *® 1 1 9 *
11S *@ 118*
117>b@117%
116*© 116*
115%@115%
1 15 *@ 11 5 *

The first series of figures represents the buying and the last the selling prices
at first-class brokers’ offices.
The following are the closing quotations at the regular board on each
F rid a y of the last six weeks.
Cumberland C oal........................
Q u ic k s ilv e r.................................
Canton C o.....................................
M ariposa p r e f .............................
N ew "York Central......................
E r i e ................................................
Hudson R iv e r .............................
R ead in g.........................................
Michigan S ou th ern ....................
M ichigan Central........................
Cleveland and P ittsb u rg ...........
Cleveland and T o le d o .................
N orth w estern .............................
44
preferred.............
R ock I s la n d ................................
Fort W a y n e .................................
Illin ois C entral............................

A ng. 23.

Aug. 30.

27%

28%

105
69%
1 24 *

105%
70%
124*
104
83%
110
94
126%
46%
70*
103*
105%

81
110
93
69%
103%

Sept. 6. Sept. 13. Sept. 20. Sept. 27
29
28
25%
....
24%
43%
47%
44%
47%
18
20
106%
108%
.106
107%
70
9%
61%
61%
126%
133
128%
127%
102%
103%
101%
101%
76
82%
82%
81%
109
111
109
111
80
81
79
126
128
128%
130
41
46
46%
39%
64%
70%
65%
70%
104
105%
104%
102%
100%
106
105*
102%

121
120%
The receipts and shipments of coin and bullion at New Y o rk in the three first
quarters, and in the month of September, with the total since January 1 , have
been as shown in the following statement:
R E C E IP T S A N D

S H IP M E N T S O F COIN A N D B U L L IO N A T N E W

YOKE.

First
Second
T hird
Month o f
Since
quarter.
quarter.
qnarrer. September. Jan. 1.
R ec’ p t s f m California..............................$6,109,861 $6,899,555 $9,240,679 $2,611,440 $22,250,095
Im p’ ts fm .fo r ’gn ports............................
409,077 1,147,619
939,010
342,160
2,495,706
T otal re c e ip ts ........................................ $6,518,938 $8,047,174 $10,179,689 $2,953,600 $24,745,801
E xp ’ ts to foreign ports........... .................. 6,566,958 18,028,709 17,611,2S9 2,276,801 42,106,956
Excess o f exp orts.................................
$48,020 $9,931,535 $7,331,600
E xcess o f receipts.............................................................................................

$ ............. $17,361,155
676,799
.............

The following statement shows the amount of receipts and exports in Sep­
tember and since January 1 , for seven years:
.—California R eceipts—, .—Foreign Im ports—, .—Foreign E xp orts—>
Sept. Since Jan. 1.
Sept. Since J a n .1.
Sept. S in ce J a n .l.
1867 ........................................ $2,611,440 $23,250,095 $342,160 $2,495,706 $2,276,801 $42,106,956
1866 ...................................... 2,884,432
30,537,107 5,193,473 6,658,570
834,550 t54,006,290
1865 .........- ........................... 2,040,446 13,751,750
194.924 1.605,459
2,475,973 22,670,116
1864 ...................................... 1,089,159
8,S64,530
58,220 1,859,144
2,835,398 34.935,862
1863 ......................................
750,259
9,604,312
78,231 1,228,121
3,680,387 32,846,496
1862 ...................................... 2,641,918
18,655,651
121,318
944,577
3,076,919 42,834,139
1861 .....................................
2,815,243
28,236,403 1,231,011 35,186,730
t 14,756
3,279,814

The following formula furnishes the details of the general gold movement at
New Y o rk :
GEN ERAL M OVEM ENT OF

C O IN A N D

B U L L IO N A T N E W

YORK,

1st quarter. 2d quarter. 3d quarter.
Sept SinceJan.l*
In h a n k sa tcom m en ’ t ............................. $13,185,222 $8,522,609 $7,708,996 $7,271,595 $13,185,223
R ec’ sfrom California.............................
6,109,861
6,899,555 9,240,679
2,611,440 22,250,095
Im p’ s f m f o r ’n p orts.............................
409,077
1,147,619
939,010
342,160
2,495,708
C oinint’ st p ’ d by U .S............................. 10,838,303 17,793,025 19,644,897
2,716,959 48,275,7-5
Total re p o ’ d sup’y ............................. $30,542,463 $34,362,803 $37,593,082 $12,942,154 $86,206,748




COMMERCIAL

1867]

CHRONICLE AND REVIEW.

325

1st quarter. 2d quarter. 3d quarter.
Sept. Since Jan. 1.
E xp . to for’ n p orts................................. $6,5(56,958 $18,028,709 $17,511,289 $2,276,801 $42,106,956
Customs duties...................................... 33,170,628 27,185,886 84,665,968 11,967,824 95,022,482
Total withdrawn.................................$39,737,5S6 $45,214,595 $52,177,257 $14,244,625 $137,129,438
Excess o f rep’ d sup’ y .........
Excess of withdraws...........
In banks at close.............../.

$9,195,123 $10,851,785 $14,584,175 $1,302,471 $50,922,690
8,522,609 7,768,996 9,496,163 9,496,163
9,496,163

Deficit in reported supply, made up
from unreported sources................ $17,717,732 $18,620,783 $24,080,338 $10,798,634 $60,418,853

The price of gold has fluctuated between 141@ 146f. The unsettled condition
of European politics hashad a strong tendency to sustain the premium, bat the
sales of coin by the Treasury, and the anticipation of the payment of $25,000,000
of coupons in November have checked the upward movement. The Treasury
sales and the payment of the Ten-Forty coupons have resulted in a gain of over
two millions in the amount of specie in the banks. The exports of specie for
the month reach the moderate total of $2,276,801.
The statement which follows shows the daily fluctuations in the price of
American gold coin at the Exchange Gold Room during the month of Sep­
tember :
COURSE OP GOLD AT NEW YO RK , SEPTEMBER,

to
d
o
a
O

Date.
S u n d a y .....* ....
M on d a y...........
Tuesday........... .
W ednesday.......
Thursday..........
F riday................
Saturday.......... .
Sunday.............
M on da y........... .
Tuesday...........
W ed n esd a y....
Thursday.........
F rid a y .............
Saturday...........
Sunday.............
Monday.............
Tuesday............
Wednesday .. ..
T hu rsday........
F r id a y ...........

£

1867.

to
Id
to
13

1
2 141K 141 141%
141 141 141%
i « y. 141% 142
142% 142% 142%
142% 142% 142%
142% 142% 143
. 8
. 9 142% 142% i44%
.10 143% 143% 144%
144 if 144 145%
.12 146% 145% 146%
.13 145% 144% 145%
.14 144% 144% 144%
.15
.16 144% 144 141%
17 144% 144% 144%
.18 144% 114% 145%
145% 144 145%
.20 143% 142% 143%

*0Q
O
O

Date.

...2 2
M onday.................
Tuesday................. .. 24
W ednesday...........
Thursday............... ...2 6
F r id a y ...................
.. 28
...2 9
143%
143% M on d a y ................. ...8 0
145%
145% Sfint. ..1867..........
“
1866....................
144%
144%
“
1865....................
“
1864...................
“
1863 ..................
144%
“
1862...................
144%
“
1861...................
145%
144%
143% S’ ce J a n .1,1867...

141%
141%
142
142V
142%
143

d
©
O

-d
©
£

to

1
a

"go

O
O

142% 142% 143% 143%
143
142%
143%
143%
143%
143%

142%
142%
143%
143
143%
143

143% 143
141%
147%
144%
245
127
1163*
100

141
143%
142%
191
126%
116%
100

143%
143
144
143%
143%
143%

143
143
143%
143%
143%
143%

143% 143%
146%
147%
145
2543*
14S>*
124
100

143%
146%
144
193
141%
122%
100

132% 132% 146% 143%

The tendency of foreign exchange has been steadily downward, the decline in
rates for the month being about i per cent. The strictly moderate remittances
of importers have been, to a considerable extent, provided for by bills drawn
against shipments of Five-Twenties.
The following table shows the course of foreign exchange, daily, for the
m on th :
(60 DAYS)— AT NEW YORK— SEPTEMBER.
Paris. Amsterdam. Bremen. Hamburg.
cents for
cents for
cents for
centimes
florin.
r ix daler. M. banco.
for dollar.

COURSE OF FOREIGN EXCHANGE

London.
Days.

2........
3 ........... .
4 ........... ...................
.................
5 .. ,
6 ......... . .................

7...........

54 pence.
i6o% @ io9%
109j*@109%
109 *8'@109%
109%@110
109%@110

8. .. .
9 ..




5 i8 % @ 5 i5 ' '
5163*@515
5163*@515
5183*@515
518%@515
518%@ol5

40% ©41
40%@41%
40%@41%
40%@41
40%©41
41 @41%

5183*@515

40%@41

78%@78%
7S%@78%
78%@78%
78>*@783*
7S%@78%
78% @78%
1:s% @ 7S% -

Berlin.
cents for
thaler.

8o%@36% 7i% @72 '
36 @363* 71%@72%
3(3 @363* 71%@72%
35%@36% 71%@72
35% @36% 71%@72
36 @363* 72 @72%
35%@36%

7i%@72 ’

326

[O ctober,

JOURNAL OP BANKING, CURRENCY, AND FINANCE.

Bays.

London.
109%@110
109%@110
109^0110
109%@109%
109%@109%

Paris.
Amsterdam.
518X0515
40X041
616X0515
41 © 4 1 X
516X0515
41 ©41X
618X0515
40X 041
518X0515
40X 041

Bremen.
78X 078X
78%@78%
78%@78%
78X 078X
78X 078X

Hamburg.
S5%@36%
36 @ 36X
36 @ 3 6 X
35%@36%
35XOS6X

Berlin.
71X 072
72 @ 72%
72 @72%
71X 072
71X 072

109XO109X
109XO109X
109%@109%
109%@109%
109%@109%
109%@109%

518X0515
517X 0516X
517X 0516X
517X 0516X
517X 0516X
517X 0516X

41
41
41
41
41
41

@41X
@41X

78X @ 78X
78%@78%

35%@36%
S5%@36X

@41X
@41X
@41X

78X @ 78X
78X @ 78X
78%@78%

36 © 3 6 X
36 @ 3 6 X
36 @ 3 6 X

71X 072
71X@72
71X@72
71X@72
71X@72
71X@72

..
109%©109%
____________
109X @109X
109X0109X
.
109XO109X
109XO109X
109 @109X

517X 0516X
517X 0516X
517X@516X
517X@516X
618X@517X
621%@517%

41 @ 4 1 X 78X @ 78X
41 @41X 7 8X 0 78 X
41 @41X 7S%@76%
41 @41X 7 8X 0 78 X
41 @ 4 1 X 7 8 X 0 7 8 X
40X@41
78X @ 78X

10....
11....
12 ..

1 3 ..
1 4 ..
15 . . .
.6 . . .
1 7 ..
18____
1 9 ..

..
..
..
..

20.. ..

2 1 ....
2 2 ....
2 3 ..
24
25 . . .
2 6 ..
27____
23___
29___
3 0 ....
Sep .
A ug.
J ’ ly.
J un,
May

Apr.

Mar.

Peb.
Jan..
Since Jan. 1 . . . .

@ 4ix 78X @ 78X 36 @ 3 6 S

36 @ 3 6 X 71X@72
36 @36% 7 1X 0 72
36 @ 3 6 X 71X@72
36 @36% 71X 072
36 @36 X 71X@72
3 5X 036
7 1X 072

109XO109X 518X@517X 40X 041

78%@73%

3oX @ 36"

7 ix @ 7 2

109 @110
109XO110X
109XO110X
109X@110X
109XO110X
1 0 8 X 01 0 '%
108 @109X
108%@109
108%@109X

521X0515
518X@512X
517X 0511X
518XOB11X
520 @510
522X 0512X
625 @515
522%@515
520 @513%

40%@41%
40X 041%
40X 041%
40XO41X
40X 041%
4 0X O «X
4 0X 041%
40X@41%
41%@41%

7S%@78%
78 @ 7 9 X
78 @ 7 9 X
78%@79%
78%@S0
78%@79%
78 @79%
78X @ 79X
78% @ 79X

35X @ 36X
35X 036%
36 @36%
36 @36%
36 @36%
35%@3C %
35%@36%
36 @36%
36%@36%

71%@72%
71X 072%
71%@72%
72 @72%
71%@72%
71X 072%
71%©72%
71%@72%
72 @72%

108 @110%

525 @510

40%@41%

78 @80

35%@36%

71%@72%

The annual meeting of the Clearing-House Association was held the past weekThe transactions for the past year amounted to §29,520,122,921 35, and the
average daily transactions to §96,818,580 91. The total transactions since the
organization of the Clearing-House on the 11th October, 1853, a period of four,
teen years, reach the immense aggregate of §187,890,467,794 68, all of which
transactions have been done without, loss or error. The subjoined table shows
the aggregate for each year :
Year ending Oct. 1.

1854..................................................
1855.. ............................................
1856
.....................................
1857
...............................'■•••
.....................................
1858
1859
......................................
1860
.....................................
1861..............
..............................
1862.................................................
1863
.....................................
1864
.....................................
1865
.....................................
1866
.....................................

.........................................
Total,

Exchanges
$5,750,455,987
5,362,912 098
6,906,213,328
8,333,226,718
4,756,664,386
6,448,005,956
7,231,143,056
5,915,742,758
6,871,443,591
14,S67,597,848
24,097,196.655
26,032,384,341
28,717,146,914
28.675,159,472

06
38
47
06
09
01
69
05
20
60
92
89
09
20

Balances.
$297,411,493 69
289,694,137 14
334,714,4S9 33
365.313,901 69
314’238,910 60
363,984,682 56
380,643,438 37
553,383,944 41
415,530,331 46
677,626,482 61
885,719,204 93
1,035,765,107 68
1,066,135,106 35
1,144,963,451 15

$179,965,293,112 71

$7,925,174,681 97

JOURNAL OF BANKING, CURRENCY, AND FINANCE.
Eetnrns o f the New T ork , Philadelphia and Boston Banks.

Below we give the returns of the Banks of the three cities since Jan. 1 :
HEW Y O K E C IT Y BANK RETURNS.

loa n a .
5 . . . . *857,858,460
858.935,488
1 2 .........
1 9 ......... 255,032,223
251,674,801
86

~ T Date.
J an u a ry
Jan u ary
J an u a ry
J an u a ry




Specie.
Circulation.
12,794,892
32,762,779
14,613,477
32,825,103
15,365,207
32,854,928
16,014,007
32,957,198

Deposits. Legal Tend’ s. A g. clear’gs
202,533,564
65,026,121
486,987,787
202,517,608
63,246,370
605,132,006
201,500.115
63,235,386
520.040,028
■'97,952.076
63,420,559
568,822,814

1867]
Date.
F ebruary2 ... .
February 9 ........
Febru’ ryl6........
Febru’ ry23........
2........
March
9 ...
March
March 16.......
March 2 3 ... .
March 30 . . .
6 .......
April
April
13.......
April
20.......
April
27.......
4 .......
May
11........
May
18.......
May
.May
25.......
June
1 ........
June
8 .......
June
15........
22.......
June
June
29.......
July
6 .......
13........
July
July
20.......
July
27.......
August 3 ........
August 10.......
August 17........
August 24.......
August 31........
September 7 ..
September 14..
September 21..
September 28..
October 5 . . . .

JOURNAL OF BANKING, CURRENCY, AND FINANCE.
Loans.
251,264,355
250,268,825
253,131,328
257,823,994
26 ',156,436
262,1*1,458
263,0 2,972
259,400,315
255,*<82,364
254,470,027
250,102,178
247,561,731
247,737,381
250,871,558
253.682.829
257,961,874
256,091,805
252,791,514
250,477,298
246,228,465
243,640,477
242,547,954
246,361,237
247,913,009
249,580,255
251.243.830
254,940,016
253,427,340
253,232,411
250,697,679
247,877,662
250,224,560
254,160,587
254,794,067
251,918,751
217,934,369

Circulation.
Specie.
16,332,984
32,995,347
32,777,'00
16,157,257
82,956,309
14,792,626
33,006,141
13,513,456
33,294,433
11,579,381
10 , 868,182
33,409,811
9,968,722
33,490.686
33,519,401
9,143,913
33.669,195
8,522,6 9
33,774,573
8,138,813
33,702,047
8,856,229
33,648,571
7.622.535
33,601,285
7,401,304
9,902,177
33,571,747
33.595.869
14,959,590
33,632,301
15,567,252
33,697,252
14,083,667
33,747,039
14,617,070
33,719,088
15,699,038
33,707,199
12,656,389
33.633.171
9,399,585
33,542,560
7.768.996
33,669,397
10,853,171
12,715,404
33.653.869
33,574,94S
11,197,700
33,596,859
8 73',094
33,559,117
6,461,949
33,565,378
5.311.997
33,669.757
5,920,557
33,736,249
6.028.535
7,271,595
33,715,128
7,967,619
33.708.172
34,015,228
8,184,946
34,056,442
8,617,498
9,496,163
34,147,269
9,368,603
34,025,581

32*7

Deposits. Legal Tend1a. A g. clear’gs
^00,511,596
65,944,541
512,407,258
198,241,835
67,628,992
568,825,532
196,072,292
64,642,940
455,833,S29
198,420,347
63,153,895
443,574,086
198,018,914
63,014,195
465,534,539
200,2-3,527
64,523,440
544,173,256
197,958,804
62,813,039
496,558,719
192,375,615
60,904,958
472, 02,378
188,480,250
62,459,811
459.850.602
183,861,269
59,021,775
531,835,184
182,861,236
60,202,515
525.933.462
184.090.256
64,096,916
447,814,375
187,674,341
67,920,351
446,484,422
195,721,072
70,587,407
559,860,118
200,342,832
67,996,639
524,319,769
201,436,854
63,828,501
503,675,793
193,673,345
60,5b2,440
431,732,622
190,3S6,143
58,459,827
442,675,585
184,730,335
55,923,1'7
461,7134,216
180,317,763
57,924,294
460.968.602
179.477,170
62,816,192
442,440,801
186.213.257
70,174,755
493,944,350
191,524,312
71,196,472
494,081,990
197,872,063
72 495,708
521.259.463
199,435,952
73,441,301
491,S30,952
200,608.8S6
74,605,840
481 097,226
201,153,754
75,098,762
468,021,746
199,408,705
76,047,431
499,868,0)35
194,046,591
69,473,793
414,289,517
188,744,101
64,960,030
421,496,637
190,892,315
67,932,571
385,591,548
195,182,114
69,657,445
441,707,385
193,086,775
85,176,903
514,088,733
185,603,939
57,709.385
592,142,360
181,439,410
55,991,52G
600,688,710
178,447,422
56,853,585
570,187,624

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

Date.
Legal Tenders. Loans.
January 5 ........... .......................$20,209 064
52,3x2,317
January 12 ..................................... 20,006,255 52,528.491
January 19................................... 19,448,099
53,45^,307
January 26..................................... 19,363,374 52.168,473
February 2 ..................................... 19,269,128 55,55,130
February 9 ...................................- 19,659,250
52,384,329
Febru’ rylO..................................... 18,892,747 52,573,130
Febru’ ry23..................................... 17,837.598 52,394,721
March
* ................................ 18,150,657
51,979,173
March
9 ................................ 17,521,705
51,851,463
Earch
16 ............................... 16,955,6 3
50,5 8,294
March 23................................
16,071,78050,672,490
March
30................................ 15,856,948
50,880,306
April
6 ................................ 15,882,745
50,998,231
A pril
13................................ 16,188,407
51,283,776
April
20................................ 16,582,296
51,611,440
April
27................................ 16,737,y01
51,890,959
May
4 ................................ 17,196,558
53,054,267
May
11 ................................ 17,278,919
53,474,3S8
May
18................................ 16,770,491
53,826,320
May
25 ................................ 16.019,180
53,536,170
June
1 ................................ 16,881,109
52,747,308
June
8 ................................ 16,S80,720
53,158,124
June
15................................. 16,300,010
53,192,049
June
22................................. 15,964,424
52,968,441
June
29................................ 16,105, 61
52,538,963
July
6 ................................ 16,022,675
52,420,272
July
13................................ 16,234,914
52,802,352
July
20................................ 16,608,860
53,150,569
July
27................................ 16,862,112
53 104,475
August 3 ................................... 16,733,198
53,427,840
August 10................................... 15,909,195
53,117,569
August 17................................... 15,767,146
53.549,449
August 2 4 .... ........................... 16,882,816 53,399,090
August 31..................................... 15,717,909 53,73*1,687
September 7 ............................. 16,249,658
53,776,452
September 14............................. 16,060,733
53,792,203
September 21............................. 15,845,482
53,540,501
September 28............................. 15,513,794
53,655,569
October 5 .................................. 15,557,404
53,041,100




Specie.
903,663
903.320
877,548
880,582
871,564
873.614
867,110
841,223
816,843
832,655
858,022
807,4 3
602,148
»64,719
546.625
485.535
382,817
386,053
408,762
402.978
369,133
334,393
346.615
368,261
373,308
365,187
461,951
419,399
371,744
333,118
302,055
304.979
317,389
314,242
307,658
279,714
252,691
228,528
272.535
258,303

Circulation.
10,388,820
10,380,577
10,381,595
10,384,683
10,430,81-8
10.449.952
10,522,972
10,566,434
10,5 1,600
10,572,068
10,5S0,911
10,611,981
10,631,532
10,651,615
10,645,367
10,647,234
10,638,021
10,639,695
10.627.953
10,630,831
10,635,520
10,637.432
10.642.920
10,046,298
10,642,224
10,641,311
10,640,201
10,641,770
10,637,651
10,633,750
10,635,925
10,627,761
10,628,310
10,628,324
10,626,356
10,628,794
10,632,737
10,628,744
10,629 976
10.627.921

D eposits.
41,308,327
41,023,421
30.048,645
39,001,779
39,592,712
39.811.595
40,050,717
38,646,013
39,367,388
37,314,672
3 ,826,001
34,5^1,545
34,150,285
33.796.595
34,827,683
35,820,580
36,234,S70
37,371,064
38,172,169
38,230,833
37,778,783
37,332,144
37,252,614
37,174,269
37,333,279
36,616,847
37,077,456
37,885,226
38,170,418
37,829,640
38 094,543
36,861,477
36,364,835
36,459,831
36,323,355
36,458,539
36,263,347
>5,327,203
35,152,605
36,494,213

328

JOURNAL OF BANKING, CURRENCY, AND FINANCE.

[ October,

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

(Capital Jan. 1, 1866, $41,900,000.)
Legal
Loans.
Specie.
Tenders. D eposits.
, $97,009,342
1,183,451
17,033,387
40,824,618
98,461,778
1,334,300
16,829. 15
40,240,216
95,298,982
1,078,160
16,59*,-99'
38,679,604
97,891,329
1,058,329
16,816,481
39,219,241
97,742,461
956,509
lfL394,604 39,708,053
97.264.162
873,396
1 .,103,479 39,474,359
96,949,473
929,940
15,398,338 38,900,5'J0
95.332,900
779,402
15,741,046 37,898,963
95,050,727
958,887
1.5,9*8,103 38,316,573
92,078,975
695,447
15,719,479 36,712,052
93.156.486
568,5:94
16,270,979 36,751,733
92,661,060
516,184
16,557,905
36,751,725
91,723,347
435,113
17, 12,423
37,056,3S8
91,679,549
456,751
16,860,418
37,258,775
91,712,414
376,343
16,815,355
37,218,525
92,472,815
343,712
16,549,598
38,207,548
92,353,922
329,854
16,926,564
37,837,092
92,671,149
589,878
16,571,736
38,721,769
92,428,114
517,597
16,552,421
38,504,761
92,633,587
507,806
16,499,319
37,874,852
92,228,677
441,072
16,883,361
37,132,051
92,694,925
571,526
17,173.901 37,0^6,894
93.436.167
436,767
16.767,854 36,033,716
(>3,725,428
511,095
15,719,795
36,039,933
92.951.163
470,544 15,758,396
36,521,129
92,996,703
617,456
16,055,141
37,475,337
94,747,778
915,293
15.065,466
38,251,040
95,046,458
833,466
15,397,828
38,640,431
95,096,5 1
650,203
15 427,625
38,328,613
95,594,214
361,878
15,543,401
38,548,722
96,367,558
472,045
15,51 ,084
38,398,850
97,098,873
412,217
15,196,701
38,283,576
96,901,687
365,127
14,697,154
36,902,686
96.945.487
396,576
15,175,423
35,790,624
97,019,818
400,680
15,296,583
35,810,808
97,726,719
510,564
14,674,569
35,966.160
97,922,483
453,029
13,423,822
35,660,369
97.022.167
467,016
12,864,108
35,198,755
96,409,055
452,339
12,987,468
34,933,686
95,177,109
417,073
13,046,359
35,294,823

January 7 . . . .
January 14—
January 21 ..
January 2 8 ....
February 4 —
Febru’r y ll —
Febru’ r y l8 ....
Febra’ ry25.. . .
March
4 ....
March 11 —
March 18 —
March
5 ----April
1 -April
8—
April
15 . . .
April 22..
April 2 9 ....
May
6 ....
May
1 3 ....
May
2 0 .....
May
27-----June
3—
June
10—
June
17—
June
24 ..
Jny
1 .......
July
8 .......
July
15.......
July
22
July
29-----August 5 -----August 12-----August 19-----August 26-----September 2.
September 9.
September 16.
September 23..
September 30..
October
7..

CONTENTS
NO.

1.

2.

3.

4.
5.
6.
7.

8.
9.

10.
11.
12.

FOR
PAGE.

Causes o f Fluctuations in the Bank of
England Rate o f Interest.....................294
The Suez Canal........................................ 252
Railroad Earnings for A ugust................. 256
The Pinch in tbe Money Market......... 258
Railroads and Canals for F reight.........261
Cotton M ovement and Crop for 1866-7 264
Cleveland and Toledo R ailroad............ 269
Public Lands o f the United States — 272
The Three per Cent. Legal Tender Cer­
tificates .......................................... •••• 287
Reforms in the National B anks............ 289
Census o f Rhode Island, 1865 .............. 291
The Public D eb t.........................................298

,-------Circulation-------,
National.
State.
24,5S0,367
312,664
24,997,446
311,749
24,275,162
301,911
24,716,597
302,298
24.691.075
306,014
24,686,663
305,603
24,765,420
305,603
24,953,605
303,228
24,675,767
301,430
24,346,631
V89,5 '8
24,809,523
299,133
24,738,722
299,091
24,843,376 206,025
24,851,522 296,011
24,838,819 287,205
24,852,200 286,701
24,8D,437
284,9S2
24,784,332 283,806
24,808,992 283,514
24,S38,469 283,491
24,805,860 280,961
24,725,794 279,275
24,804,153 268,768
24,771,778 271,048
24,76S,947 267,294
24,727,3'3
266,353
24,801,823
266,494
24,771,683
264,922
24,744,291
252 696
24,653,742
256,562
24.655.075
263,250
24.670,852
288,672
24,613 921
262,507
24,707,736
261,963
24,734,146
260.577
24,783.967
252,740
24.817,759
259,723
24,801,364
2 9,122
24,860,394
253,523
24,855,565
249,299

OCTOBER.

NO.

13.
14.
15.
16.
17.
18.
19.
29.
21.
22.
23.
24.

PAGE

The Breadstuff's M arket............................300
Cotton Growing and the Cotton T a x .. 302
Mount Cenis Summit R ailw ay............. 305
Grenville and Columbia (S. C.) Rail­
road ......................................................... 306
D ebt and Finances o f A lbany................. 307
The State o f E urope............................... 311
Gold Mining in V ictoria ........................ 313
Public D ebt o f the United States........316
Progress o f G reece.....................................317
The Champagne T rade..............................319 VCommercial Chronicle and R e vie w ___ 320- •
Journal o f Banking, Currency, and
F in a n ce .................................................. 328’

Tbe following advertisements appear in our advertising pages this month:
L ock w ood & Co.—94 Broadway.
M E R C A N T IL E .
Lillie’ s Fire & Burglar-Proof Safes—198 B ’ way Barstow, Eddy & Co.—26 Broad St.
Lewis Audendried & Co.—110 Broadway—A n­ Gilmore, Dunlap & Co.—Cincinnati.
D eW itt, Kittle & Co.—S8 W all St.
thracite and Bituminous Coal.
A . B. Sands & C o -139-141 W illiam St.—Drugs V erm ilye & Co.— 44 W all St.
Eugene Kelly & C o.—36 W all St.
Duryea’ s Miizena—166 Fulton street.
Sim on De V isser—52 Exchange Place.
B AN K ERS & BROKERS.
IN SU RAN CE.
Duncan, Sherman & Co.—Cor. Pine & Nassau.
Fidelity Insurance Co.—17 Broadway.
L. P. Morton & Co.—30 Broad Street.
Marine— Great W estern Insurance Co.
Tenth National Bank—336 Broadway.
Ninth National Bank—363 Broadway.
| Fire—Hope Fire Ins. Co.—92 Broadway




;

O F F I C E

O K

T I! K

msrancc Cmttpng,
51 W A L L S T R E E T , cor. of William. NEW-YORK,

N ew

Y o r k . January 25tH, 1867.

The Trustees, in Conformity to the Charter o f the Company, submit the following State­
ment o f its affairs on the Slat December, 1866:
Premiums received on Marine Risks, from 1st Jan., 1866, to 31st Dec., 1866
Premiums on Policies not marked off 1st January, 18 66....................................
Total amount o f Varine Premiums
..........................................................
No Policies have been issued upon Life R isk s; nor upon Fire*Risks discon­
nected with Marine Risks.
Premiums marked off from 1st Jan., 1866, to gist Dec., 1866...........................
Losses paid during the same period ........................................

$5,683,895 05

Returns o f Premiums and Expenses.................. ......................

1,194,173 23

The Company has the following Assets, viz :
United States and State o f N ew York Stock, City, Bank and other Stocks.
Loans secured by Stocks, and otherw ise................ ............................... ............
Real Estate and Bonds and M ortgages............................ .......................................
Interest and sundry notes and claims due the Company, estimated a t ...........
Premium Notes and Bills R eceivable.........................................................................
Cash in B a n k ,................................................................................................. ...............
Total amount o f Assets

*8.282,021 26
2,188,325 15
$10,470 846 31

$7,632,236 7 0

$6,771,885
1,12.4,350
2 2 1.2 6 0
141,866
3,837,735
434.207

00
00
00
2441
81

$12,536,304 46

Six per cent interest on the outstanding certificates o f profits w ill be paid to the holders
thereof, or their legal representatives, on and after Tuesday the Fifth o f February next.
The outstanding certificates o f the issue o f 1864, will he redeemed and paid to the holders
ther of, or their legal representatives, on and after Tuesday the Fifth o f February next, from
which date all interest thereon will cease. The certificates to be produced at the time o f
payment, and cancelled.
A dividend o f Twenty per cent is declared on the net earned premiums o f the Company,
lor the year ending 3 1st December, 186G, for which certificates will be issued on and after
Tuesday the 2d o f April next.
By order o f the Board,
J. H . C H A P M A N , Secretary.

trustees.
JOHN D. JONES,
CHARLES DENNIS,
W. II. II. MOORE,
HENRY COIT,
WM. C. PICKERSGIlX,
LEWIS CURTIS,
CHARLES H RUSSELL,
LOWELL HOLBROOK,
R. WARREN WESTON,
ROYAL PHELPS,
CALEB BARSTOW,
A. P. PILLOT,




WILLIAM E. DODGE,
GEO. G. HOBSON,
DAVID LANE,
JAMES BRYCE.
LEROY M. WILEY,
DANIEL S. MILLER,
WM. STURGIS,
HENRY K. BOGERT,
JOSHUA J. IIENRY,
DENNIS PERKINS,
JOSEPfl GAILLARD, Jr.
J HENRY BURGY,
SHEPHARD GANDY.

CORNELIUS GRINNELIa,
C. A. HAND,
B. J. HOWLAND,
BENJ. BABCOCK,
FLETCHER WESTRAY
ROB. B. MINTURN, Jr.
GORDON W. BURNHAM
FREDERICK CHAUNCEL,
JAMES LOW,
GEORGE 8. STEPHENSON,
WILLIAM H. WEBB.
PAUL SPOFFORD.

JOHN D. JONES, P resid en t.
CHARLES DENNIS, V ice-P resid en t.
W . H. H. MOORE, 2 d V ice-P resid en t,
y D. HEWLETT, 3d V ice-P resid en t.

CO
I— 1
CO

Assets, July, 1806,
Liabilities,
- -

-

-

M et,

-

$ 4,073,830.55
221,236.35
-

$ 3,854 594* 2©

A g e n c ie s in All th e P r in cip a l C ities an d T o w n s I h r o u g h o u t lh e TXnifCTSj
P o lic ie s issu e d w ith o u t d elay.
9*

<"=s'

Loss by P ortland F ir e . .July -Ithi I8 6 0 .
Tbo amount covered by AStna Policieson property destroy***] , r damaged van $206,851.
Our total loss trill not vary much from $165,000, and was promptly a*jMated nml paid. This sum
is 4 per cent., upon the Company’s assets, nu amount less than our (Government and State taxes paid
last year, or h piopoitiou equal to a $4,000 loss for a Company of $ 100.\ kOO assets.
The necessity l>r i lsuranco and the value of wealthy, strong corporation*, is forcibly illustrated
by this fire1. Serfrsl weak Insurance Companies are destroyed. Portland 1ms a pcpulation of
35,000;—was hardroi*ely built, mostly lino brick or stone structures—protected nL1 rne.-iu-d by up­
wards of 3,000 Blind trees—bounded on three sides l»y water—indeed. lit**n'Jv, almost- rising from
the ocean—and wilt e. good steam fire department—yet it lias $ tO .O O O .O O L of property consumed
in a f- w hours- J<pr n a holiday whon its people are leust occupied— from the very insignificant cause
of a contemptible fire cracker.
Itemember the trifling origin of jires that sweep aw.ty in a few hours the ea. tings of years. Con­
sider your l*est interest, ana give the ./Etna Agent a cull if you need proper Insurance security. Pay
fair late of premium tor a good and genuine article, and with these lights and experiences before
you, procure yo»*r Insurance with shrewd juigmeAl

Lire and Inland Navigation> PolicJ.es I s s u e d at as favorable rates
and rules as are consistant with reliable indemnity.

Branch Office, 171 Vine St. Cin. J. B. BENNETT, Gen. Aa:t.