Full text of The Merchants' Magazine and Commercial Review : October 1868, Vol. LIX, No. IV

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T H E

MERCHANTS’

MAGAZINE

AND

C OMME RC I A L

O C T O B E R ,

R E V I E W.

1 8 6 8.

AM ERICAN SECURITIES IN EUROPE.
It is much, to be regretted that so little can be definitely ascertained
respecting the amount o f American obligations held in Europe. The
question has very important bearings, both theoretic and practical; and
now that there is a possibility of the speculative mania on the Continent
o f Europe attracting to Germany more o f our bonds than can be perma­
nently carried there, it is especially important to be able to form a satis­
factory estimate o f the amount of our loans held abroad. The materials
for an estimate are scant and shadowy ; but, carefully used, they never­
theless may indicate a conclusion approximately accurate. The Director
of the Bureau of Statistics recently attempted a solution o f this problem
in a letter to the Philadelphia Press, but with a result which we cannot
but regard as calculated to seriously mislead the public mind. The
Director remarks :
In the year 1854 American securities were held abroad to the nominal amount of
$ ’ 22,225,315, of which United States stocks amounted to $27,000,000, the balance
being stocks and bonds of States, cities, and railroad and other private companies. Thu
real amount which these securities cost to foreigners is estimated at $200,0i'0/'00 gold.
Before the war broke out it is considered probable that this amount of American
securities held by foreigners had fully doubled, for, with the exception of the tempo­
rary check of 1857, this was an era of alrno-t continued prosperity, during which the
opportunity for the favorable investment of foreign capital in the United States were




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very great and much sought after. Be this as it may, we have no precise data on the
point until the year 1866, wbeD, at the instance of the Secretary of the Treasury, I
ascertained from direct inquires on the point, that there were held by foreigners
American securities to the nominal value of $600,000,000, as follows :
United States stocks, approxim ate........................................................................................$330,000,000
State, mu icipal and other stocks, approximate ........................................................... 150.000,000
Railroad companies, s i o c k s ....................................................................................................
48,SOI,650
Railroad companies, b on d s.....................................................................................................
50,667,010
T o ta l..............................................................

$599,463,550

The real amount which these securities cost is estimated as follows :
U nited States stock s.................................................................................................................. $175,000,000
A ll the rest...........................................................................................................................
173,627,985
Total, in g o ld ................................................................................

$348,627,085

It would thus appear that American securities which cost $200,000,000 in gold were
held by foreigners in 1854. it is be ieved that this amount was subsequently increased
to $ 400,000,000 before the breaking out of the war in 1861. During the following
years nearly all o f the State and corpe ration securities were remitted to this country
in exchange for United State stocks, which were thrown upon the market during the war
at prices varing from thirty-eight to sixiy cents in specie per nomin 1 dollar. Assum­
ing that little or no change has occurred since 1867— an assumption that is tolerably
safe— the value o f American securities now held by foreigners is, therefore, but one
hundred and forty-eight millions o f dollars greater than it was fourteen years ago, and
no greater, but rather less, than it was immediately before the breaking out of the
war, tbe only noticeable thing connected with the whole subject being the fact that
the securities of the several States and corporations, costing nearlc par in 18S4, have
been exchanged for the securities of the Federal Government, which cost during the
war, on t e average, not over half par. This is due to the fact that the former, with
but rare exceptions, paid their interest in paper, while the latter paid in gold. There
are but few American, State,or corporation stocks now held in Eutope besides a Email
amount of Massachusett 5’e, a still smaller amount of Virginia 5’s stock, and a few
Erie and Atlantic and G re.t Western chares.

"VVe do cot care to inquire into the accuracy of the Director’s statement
of the amount of our securities held abroad in 1854. The minuteness of
his figures suggests the supposition that he possesses complete and accu­
rate data relative to that period ; which it is to be regretted he has not
given to the public, especially as it is generally understood that there is no
material upon which to base such a precise estimate. It is also quite pos­
sible, and perhaps probable, that he is right in supposing that the amount
of our securities held abroad was nearly doubled between 1854 and 1861.
The point of real consequence is in ascertaining what amount is held in
Europe now. The Director states the amount, in the Fall o f 1860, at
$600,000,000, including $350,000,000 of Government bonds, and $250,000,000 o f State, municipal and corporate securities. These figures are
said to be based upon “ direct inquiries.” It would he interesting to know
where the inquiries were directed, and what ground they covered. The
minuteness of his figures relative to railroad stocks and bonds, incites curi­
osity to know how such precise data could be asceitained; for practical
men entertain a very decided opinion that accurate information upon I, e
matter is an impossibility. W e are unable to reconcile these figures witu




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the Director’s assertion that “ there are but few American, State or corpo­
ration stocks now held in Europe, besides a small amount of Maraachusett’s
5’s, a still smaller amount ofV irginia 5’sstock, and a few Erie and Atlantic
and Great Western shares.
Our railroads have issued a considerable amount o f bonds payable in
sterling money, all of which are constantly held abroad. The principal of
such loans now running are as follows :
S T E E L IN G B O N D S ISS U E D B Y A M E R IC A N R A IL R O A D S .

Atlantic and St. Lawrence Railroad, sterling b o n d s ..........................................................
Eastern Rnilroad ( Mass ), sterling b o n d s ................................................................. ...........
W estern Railroad (M a ss)
“
“
Erie Railroad
“
“
Panama Rail oad
“
“
Camden & Am boy Railroad “
“
South Carolina Railroad
“
“
Pennsylv ania R i!road
“
“
.............................................................................
Phila o lphia and Reading Railroad sterling b o n d s ............................................................
Baltimore & u liio Railroad (M d.guar.) “
“
............................................................
Eato i and Hamilton Rai road
“
“
.............................................................
Marietta and Cincinnati Kailroad
“
“
.................................................. about
D etr-it and Milwaukee Railroad
“
“
............................................................
Michigan Central Kail oad
“
“
..........................................................
Chicago, Burlington and Quincy Railroad bonds (Frankfort)...................................... .
Illinois Centra' R lilroad sterling b o n d s ................................- - ........................... .............
T roy & Greenfield Railroad “
“
...............................................................................
M obile and Ohio Kailroad “
“
...................... .......................................................

$484,000
610,' 00
4,369,000
4,850,000
1.91*2,000
1,740,000
2,275,000
2 ,126,000
970,000
3,000 000
1 0,000
200,000
150,000
8 7,000
1 552,000
3,104,000
509,000
4,593,000

T o t a l ........................................................................... ............................................ ..........$33,443,000
T o this we may add the follow ing sterling canal and water bonds
Boston W ater B ond s......... ............................................. ...........................
$1,949,000
Chesapeake and Ohio Canal Bonds...................... ......................................... 4,375,000
Susquehanna and Tide-water Canal B o n d s ............... ............................
816,000
Illin ois Canal B o n d s ........................................................................................ 1,850,000
Total canal sterling bon d s...........................................................................
Add furtf er for d liar bonds, railroad and other, including $35,OG©,000 o f Ailantic
and Great Weste n bonds and $6,000,000 Illinois cen tral................................ .........

$8,9S0,000
60,000,000

Add further for railroad stocks:
A t antic and Great W estern........................................................................... $15,^00,000
Erie,....................................................................................................................
6,000,000
111 nois Central
......................................................................................... 17,500.000
Philadelphia and Reading................................................................
10,000,000
All other roads.......................................
7,500,000
Total railroad stocks
Total transportation securities

56,000,000
$158,423,00(1

These estimates o f the amount o f railroad shares held b j foreigners
are based upon inquiry at the transfer offices o f the companies. Assuming
their approximate accuracy, it would appear that about $160,000,000 of
bonds and stocks issued by our transportation corporations are now he’d
in Europe ; an estimate which exceeds by $00,000,000 that of the Director
as to the amount held two years ago. Our official Statistician, in a com­
munication to the N ew Y o rk Times of the 28th ult., says that since
1866 about 8)50,000,000 of State and corporation securities have been,
returned in exchange for an equal amount o f United States bonds, so
that now, he supposes, about $500,000,000 of Governments and $100,000,000 of other securities are held out o f the United States. W e do not




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think this supposition at all accords with the experience of those engaged
in the negotiation o f our securities with foreigners. It is doubtless true
that a large additional amount of United States bonds has been sent out
within the last two years; and it is possible that the Director’s estimate
of $150,000,000 may not be far from the truth, especially as fully
$30,000,000 is generally conceded to have been exported within the last
two months. But, at the same time, it is notorious that the improved
earnings and condition o f our railroads, concurrently with the plethora
o f money in Europe, have extended the market for our railroad stocks, so
that they are more largely held abroad than at any other time. H o
portion of the $42,500,000 of sterling canal and railroad bonds could
be returned, having no regular market here ; the bonds and stock o f the
Atlantic and Great Western road are still held principally in England;
and three fourths o f the whole $25,000,000 of Illinois Central stock has
gone abroad. To say the least, therefore, there can have been no reduc­
tion of foreign investments in our transportation securities. H or does it
accord either with our observance o f the course o f the market, or with
probability, that any material amount of State stocks have been returned
within the period specified. The stocks held abroad are chiefly those
of the Southern and border States; and as these have been steadily
appreciating in value, under the prospect of an early resumption of regular
payments of interest, there has been every inducement for foreign holders
to retain them. The Director appears to have an exaggerated idea of the
amount o f this class o f securities held in Europe. The amount o f invest­
ments in “ State, municipal and other stocks ” (exclusive of railroad) he
takes to be $150,000,000. How, as the total amount of the debts of the
Southern and border States, including their bonds issued to railroad and
other companies, is only about $125,000,000, this estimate must be
viewed as eggregiously exaggerated ; and the more so as only a small
proportion of the $150,000,000 can be apportioned to municipal and
miscellaneous stocks. W e think that $00,000,000 will be very generally
endorsed by foreign bankers as the probable amount of State stocks
proper held abroad.
Much surprise has also been felt in financial circles at the Directors
estimate of the amount of United States bonds held abroad, viz., $500,000,000. O f course, he could only guess at the amount, for there is
no record of either shipments or arrivals o f bonds, and it is quite imprac­
ticable to procure from all our foreign bankers a statement o f the result
o f their transactions extending over a period o f five orsix years ; but the
Director can hardly have informed himself sufficiently to make an intel­
ligent guess, representing the average opinion o f dealers. It is suscep­
tible of easy demonstration that this estimate is far below the trutlq




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The issue of tlie Five-Twenties o f 1862 is $514,000,000; and from the
extreme scarcity of those bonds it is very generally conceded that they
are nearly all held abroad. Of the Sixes o f 1881 there are $283,000,000
outstanding; which also are principally in the hands o f foreigners. The
preference for Ten-Forties, on account of the specific pledge for the
payment of the principal in gold, cannot have drawn out o f the country
less than $25,000,000 of those bonds; while the minor amounts of all
other issues combined cannot be estimated at less than $50,000,000.
So that the total amount o f United States bonds held abroad must be
very nearly $700,000,000, or possibly more. Putting together, then,
the foregoing items, we have the following result, as the amount of all
kinds of American securities held in Europe :
United States bonds...................................................
$700,000/00
Sterling bonds issw d by Railroad Companies...................................................................
33,5<)0,000
“
“
issued by Canal and W ater Com panies...................................................
b,9T0,0C0
Dollar bonds o f Railroads and other Companies...............................................................
60,000,000
Railroad e ocks..........................................................................................................................
56,000,000
State b o n d s .....
60.000,000
Miscellaneous stocks..........................................................
20,000,000
T otal estimated amount o f American securities held abroad................................... $938,400,000

W e thus see that European investors hold our securities to the extent
o f nearly one thousand million dollars, distributed among the various
classes of investments. Of this total, $76,000,000 consists of stocks, which
carry no obligation to pay principal, but only convey to the holder a
proprietary interest and entitle him to a share o f the profits of the corpo­
ration issuing them. The balance of $862,000,000 is made up of bonds,
specifying an obligation to pay a given amount of principal with interestThere is an important difference in the bearing o f these two classes of
securities upon our financial interests. The stocks take nothing out of
the country but what has been earned; and the remittance o f dividends
upon this class of investments, being only proportioned to the prosperity
o f the corporation issuing the stock, cannot be deemed open to objection
upon economic grounds. W ith respect to the bonded obligations held
abroad, and esDecially the large portion consisting of government obliga­
tions, a different opinion very generally prevails.
The $700,000,000 of United States bonds estimated to be held in
Europe, perhaps have not realized to the American sellers more, on an
average, than 57£ on the par in g old ; while the $162,000,000 of corpo­
ration, State and other bonds have not realised for us much over 7 5 ;
so that upcn $862,000,000 of obligations which will probably be, for the
main part, liquidated in gold, we have received only about $525,000,000
in gold. The fact then is, that Europe has bought up $862,000,000
o f claims upon us at an average discount of 40 per cent, upon which the
holders will ultimately realise a difference approximating $340,000,000




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It is unquestionably a great misfortune that we should have had to put
out this enormous amount of debt at such a heavy depreciation ; nor is
it less surely a heavy drain upon our resources that we should have to
pay 9 @ 0 per cent, interest upon the capital actually received for these
obligations.
The question o f real interest, however, is whether it would have been
on the whole better for the country that these securities should have
been retained at home, and the difference between the value at which
they were exported and that at which they will be redeemed secured by
our own people. The answer is not so obvious as it appears to be. It
is clear that in that case our own citizens would have received the advan­
tage accruing on both principal and interest which has gone into the hands
of foreigners; but it is not to be overlooked that the general trade
and industry of the country would be equally taxed to provide interest
and to pay the principal whether the obligations were held at home or
abroad ; so that, so far as respects national fiscal interests, it is immaterial
where the bonds are held. When our people parted with their bonds
to foreigners they did so for a consideration ; deeming that consideration
more valuable to them than the securities. W ere they mistaken ? T ie
obligations have been sent out mainly in the way of settlement o f trade
balances ; so that the country has received in exchange actual capital in
the form o f raw materials, merchandise and produce. These importations,
which but for the export of securities could not have been made, have
become a part of our actual possessions, promoting enjoyment, sustaining
and employing population, and aiding the developement of the country
and the reproduction o f capital. W ill the use of the capital thus received
in exchange for our bonds yield a sufficient return to pay the interest and
compensate us for the depreciation at which the bonds were sold ? If
it will, the exchange is not a bad bargain. The fact of such an enor­
mous amount of national securities going out o f the country is not likely
to have occurred without some substantial cause. The industrial and
commercial bent of our people causes them to prefer the active employ­
ment ol capital to living idly upon mere paper investments. A distinc­
tive bondholding class as little accords with our commercial habits as
with our social and political sympathies. W e can make larger profits
upon the active employment of capital than are realised in the same
way in Europe ; and under these circumstances the exchange of American
bonds for European capital has much about it that is natural and reasonable.
The retention of the whole of our Government obligations at home would
have had a tendency to foster social distinctions by no means consonant
with democratic institutions. It would have multiplied our idle population
and strengthened the aristocratic bias among the wealthier classes, by the




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same process as the accumulation of a large national debt in England has
consolidated the class distinctions o f that country. Had we, in the
United States, a larger population corresponding to the nonproductive
bondholding class o f Europe, fewer of our national securities would have
left the country. Our capitalists, however, prefer the enterprise and
excitement of a business life to retired inactivity ; they have immense virgin
as well developed resources offering a high rate o f remuneration for
industry; and giving this preference to trade, industry and agriculture
over bonded investments, they hold bonds at a value which induces
foreigners to accept them in exchange for real capital.
It is clear then, taking all the circumstances into consideration, that our
bonds have gone to Europe because they were o f more value to Europeans
than to ourselves, and because the capital we received in exchange is of
more value to us than the bonds. W e have no doubt that the ultimate
course of events will show that this exchange has been more beneficial
to us than it now appears to be. It is reasonable to expect that ere long
we shall attain a financial position which will enable us to reduce the rate
o f interest upon the public debt, thereby limiting our interest remit­
tances to Europe. Those who predict disaster upon the ultimate payment
o f the Government obligations held abroad will learn that the rapid
payment of large national debts is a thing more easily promised than
fulfilled, and that such liquidations have to follow the commercial conveni­
ence of the couutry.
Should Congress be prudent enough to effect a
reduction of the interest upon the debt consistently with the bondholdeis’
ideas of good faith, it is quite likely that a still further large amount of
our securities will go abroad, owing to the disparity between the interest
upon bonds and our profits upon the active employment of capital; and
in that event there will be the less inducement to hasten the liquidation
of the debt. It would then be argued that it would pay us better to allow
foreigners to carry our obligations at a low rate of interest than to pay
them off in hard capital, the profit upon which, in our own hands, would
greatly exceed what we should save by terminating our interest payments
to the bondholders.
W e frequently hear it urged, as an objection against our bonds being
held abroad, that upon the occurrence o f political or financial irregularities
in Europe or at home, we are liable to have large amounts of securities
sent back, with the result o f serious derangement to our monetary and
trading movements. It is not to be denied that there is a certain force in
this objection ; and yet, we think, it is much exaggerated in the popular
apprehension. There are natural laws which under all circumstances must
place this liability under restraint. W ar or panic in Europe would natu­
rally be accompanied with a fall in the price o f our bonds. Provided the




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decline at London or Frankfort were greater than at New York, there would
be a return of bonds to this side, which might have to be paid for in
gold. But the moment it was found that the return of bonds was in
such volume as to threaten inconvenience here, the ptice of bonds at New
York would fall to a oint stopping their export from Europe. This selfregulating tendency o f the market may always be relied upon to prevent
any serious inconvenience from this source.
A t the outbreak of the war in Germany, in 1866, Five-Twenties fell
m Europe to such an extent as to induce a return o f bonds to this side
generally estimated at $10,000,000 ; immediately following there was a
preference for our securities, owing to our Government not being involved
in the European complications, and a re-export o f bonds set iD, which did
not stop until about $15,000,000 o f Five-Twenties had been sent out.
This case is precisely in point, and shows how little is to be apprehended
from derangements of this character. Upon a review of the main consid­
erations affecting the question, therefore, we conclude that it is not such
a great misfortune as is generally imagined that so large a proportion of
our obligations are held abroad.

BRITISH ASSOCIATION FOR TIIE ADVANCEMENT OF SCIENCE.
A t the meeting of the British Association which has just come to a
conclusion at Norwich several papers upon subjects interesting to our
subscribers were read. W e give abstracts o f some o f these communica­
tions.
THE MANUFACTURE OF STEEL.

In the Mechanical Section, M r. F. Kohn read a paper on the recent
progress of steel manufacture. l i e had at the previous meeting at Dundee
drawn attention to a process of manufacturing steel upon the open hearth
of a Siemens’ furnace, by the mutual reation o f pig iron and wrought
iron upon each other, a process which had been in operation for some
time in France, and bad more recently been resorted to in England.
This process realized the old idea o f melting wrought iron in a bath of
liquid pig iron, and thereby converting the whole mass into steel. It was
distinguished from previous unsuccessful attempts by the high tempera­
ture, and the non oxidising flame produced by the regenerative gas
furnace of Mr. Siemens, ami by the method o f charging the decarburised
iron into the bath o f pig iron in measured quantities. The process had
been experimented upon in Birmingham and Bolton, and was being
worked commercially in Middlesborough. Mr. Kohn here described in




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detail the construction of the Middlesborough furnaces, and the mode in
which the process was carried out by the workmen, and stated that the
production of any desired temper of steel could by this process be relied
upon with absolute certainty. In the most successful charges made by
Messrs. Samuelson, the owners o f the ironworks referred to at Middles­
borough, the ball was made from a mixture of white Swedish iron and
o f Spiegleisen, and a quantity of the latter was added at the end of the
operation. In these charges, Cleveland bars entered in the proportion
of one half. The steel thus produced was very soft and of fine quality,
and was chiefly used for boiler plates. The prime cost o f the steel thus
manufactured was about £1 10s. per ton, which was the same as the
prime cost of the Bessemer steel ingots made from hematite pig iron.
The process seemed to be one o f vast importance to the ironmasters of
many localities. It was applicable to the conversion o f old materials of
wrought iron and steel, could utilise the waste and offal of other processes
of steel manufacture, and could be introduced into localities where the
ore had hitherto been deemed unfavorable to the production of steel.
Mr. Kohn was o f opinion that there need be no rivalry between the new
process and the Bessemer process, as the two worked with different
materials.
Mr. Siemens said one o f the chief applications of the new process
described by Mr. Kohn was that of the conversion of old iron rails into
steel.
Dr. Fairbairn expressed his belief that in the process o f time the
improvements now being made in the manufacture o f steel would tend to
reduce its price almost to the present price of iron.
THE ECONOMICAL MANUFACTURE OF IRON.

On the 23d inst., Mr. J. Jones read a paper on some points affecting
the economical production of iron. The author alluded, in the first place,
to the national importance of utilising to the fullest extent the minerals
necessary in the manufacturing of iron. H e estimated the production of
pig iron in Great Britain at 4,500,000 tons per annum, and the make of
finished iron at about 3,000,000 tons, when trade was brisk, and adduced
these statistics to show the immense issues involved in the improvement
he wished to notice. H e then referred to the economical application o f
fuel in the iron manufacture, more particularly in the finished iron pro­
cesses, and remarked that the newer blast furnace plant left little to be
accomplished in the economical use of fuel, except in utilising the waste
products given off in cooking the fuel. In puddling, however, great
waste of fuel went on, and two modifications o f the ordinary puddling
furnance were to be noticed as calculated to save from 20 to 25 per cent




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o f fuel, and to consume all the smoke usually produced. The Wilson
furnance, in its most improved form, consisted o f a sloping chamber into
which the fuel was fed at the top, and the volatile matters generally form­
ing smoke were reduced by passing over the incandescent mass of fuel
farther along the chamber. The air for combustion was delivered into
the furnace in a heated condition, and a steam jet was delivered under­
neath the grate, by means of which the formation o f clinkers was
avoided. The Newport furnace (Middlesborough) had a chamber con­
structed in the ordinary chimney stack, and in this were placed a couple
o f cast-iron pipes with a partition reaching nearly to the top. These
pipes were heated by the waste gases from the puddling furnace, and
through them the air required for combustion was forced by means o f a
steam jet, and was delivered in front of the grate in a highly heated con­
dition. These furnaces, o f which a considerable number were in opera­
tion at the Newport W orks, effected a saving o f at least 55 per cent in
fuel.
The structural modification would involve comparatively little
outlay, and the saving to be effected would recoup itself in a
single year.
The economy represented by applying the new plans
to the whole iron trade would amount to about 1,500,000 tons of
coal per annum. The author next proceeded to describe the manu­
facture of iron by what is termed the Radcliffe process, which had been
for some time in operation at the Consett Iron W orks, Newcastle. The
puddled iron, which was usually allowed to get c o o l ; then cut up, piled,
heated, rolled into blooms, re heated, and finally rolled into finished iron
after a complicated series of operations, was, by the new method, finished
off by a continuous and simple process. Five or more puddled balls were
put together into a large bloom, under a very heavy steam hammer, shin­
gled down into a bloom, parsed for a short time through a heating fur­
nace, and rolled off into finished iron not more than half an hour after
the iron left the puddling furnace. Specimens of iron made by the
process were exhibited. A great saving in the cost of manufacture was
represented by this process in all departments of the manufacture o f
finished iron, and it was calculated that a saving of 1,500,000 tons of
coal alone would result from the general application of this system.
Particular stress was laid upon the fact that in carrying out this process
no extensive or expensive alteration o f existing woiks was required, and
a saving of from 3-J to 4 cwt. o f puddled iron would be secured upon
each ton of finished rails or plates now turned out, the cost o f making
malleable iron being reduced to a very considerable extent. The import­
ance of the whole question in a national point o f view was also dvrelt
upon.
Mr. Bramwell said he believed that we in England owed the method




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we had adopted in the utilization o f the waste gases to our continental
neighbors. There could be no doubt that those who were worst off for
fuel were the most economical in its use. The weight of coke used in
the production of a ton of iron depended very much on the amount of
iron in the ore, a lean ore requiring a larger consumption o f fuel than a
rich ore. H e was afraid that, as a rule, the waste gases were not utilized
as they might be. The author of the paper had alluded to a plan by
which the pig iron was not suffered to get co ld ; this plan had been often
proposed, and had even been tried, but it was found that there were cer­
tain difficulties in the way, and people were chary o f resorting to i t ;
when this plan was adopted, it was not till the pig iron was cold that
they could ascertain its quality; but if it were run direct from the blast
into the puddling furnace, it would be difficult to know the nature of the
charge. As to the W ilson furnace, no doubt it was one in which the
fuel would be well burnt. He believed that the invention of Mr. Siemens
would set people thinking, and that those who did not adopt his furnace
would, at all events, be driven to adopt something which would be a vast
improvement on the old method. The Radclifte process had been known
for some years. It was one by which four or five puddle balls were put
together, and he thought the plan was a right one, although it was diffi­
cult. He concurred with what had been said by Prof. Cooper at a recent
sitting as to the desirability of obtaining uniformity o f quality in the
manufacture of iron and steel.
Mr. Webster, Q. C., passed a strong eulogium on Mr. Siemens’ fur­
nace, and said the main difficulty in getting real improvements generally
introduced among the manufacturers was owing to the fact that they
frequently involved costly adaptations of machinery.
DYNAMITE, THE N EW BLASTING AGENT.

Mr. A . Nobel read the following paper on “ Dynamite, a recent prepara­
tion of the nitro glycerine as an explosive agent” :
Scientific and other papers have lately given much attention to a new
blasting agent named “ Dynamite.” It is nothing but nitro-glycerine
absorbed in highly-porous silica; and if I have given it a new name, it is
not by way of disguise, but its explosive powers are so much altered as
fully to warrant a new denomination.
Dynamite consists of 75 per cent o f nitro-glycerine, and 25 per cent of
porous silica. Hence it appears to possess only three-fourths of the
power of nitro-glycerine, the specific gravity o f both substances being
very nearly the same. But practically there is no advantage in the
greater concentration o f power of nitro glycerine. It cannot, or at least




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ought not to be poured direct into the borehole, since it easily causes
accidents by leakage into crevices, where it explodes under the miners’
tools. It must, therefore, be used in cartridges, which leave considerable
windage; whereas dynamite, being somewhat pasty, easily yields to the
slightest pressure, so as completely to fill up the sides of the borehole and
leave no windage whatever. For this reason a given height of dynamite
charge in a hole will contain quite as much nitro-glycerine as when the
latter is used in its pure liquid state.
It is necessary, even at the risk of some lengthiness, to make this point
clearly understood, for if the advantages otherwise desired from the
transformation o f nitro glycerine into dynamite were obtained at the
expense of a great depreciation of its power, the substitute might be a
safe but not a useful one.
A s it is, the block o f wrought iron here deposited will bear testimony
to its great power. It was originally a cylinder of 11 feet diameter and
12 feet height, of best scrap iron, and cut off from a shaft. The borehole
through its centre was exactly one foot, and the charge of six ounces was
put in without securing either end by any sort o f plug or tamping. The
cylinder was blown at Merstham on the 14th of July, in the presence of a
large audience. Allowing for the hole, and putting the tensile strength
of the iron at 20 tons per square inch, the strain necessary to effect the
rupture must have been equal to 2,400 tons; and since there was no plug
at either end of the hole, it is evident that the charge was too much for
the work. Besides blasting the cylinder, it had hurled the one-half here
deposited with such violence against a three-quarter boiler-plate at some
distance as to break it.
N o wonder that a substance which tells so well on iron should be
effective against rock.
Coupled with this great power is a safety, for proofs of which I will
simply refer to the test publicly made both at Glasgow and Merstham.
A box containing about 8 lbs. of dynamite (equal in power to 80 lbs. of
gunpowder) was placed over a fire where it slowly burned away; and
another box with the same quantity was hurled from a hsight of more
than 60 feet on the rock below, no explosion ensuing from the concussion
sustained.
It is difficult to see what more can be required from a blasting material
in order to be called safe ; but some experiments made lately at Stockholm
have put it to a still more severe test. A weight of 200 lbs. was dropped
from a height of 20 feet on a box containing dynamite, which it smashed,
of course, yet no explosion took place. A n account of this experiment is
to be found in the Stockholm paper, A fton Aladit, of this month.
Such a test can leave no doubt that dynamite offers sufficient safety




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against concussion for all practical purposes, and we may say, as a Prus.
sian Military Commission recently reported, that it appears to be the
safest of all known explosives.
To those not fully acquainted with the nature of nitro-glycerine, it
seems puzzling that a mere absorption should be sufficient to produce
such a radical change in its essential properties, but when we come to
examine the matter closely it is easily accounted for.
The greatest and almost the only drawback on nitro-glycerine is its
liquid form. Much as has been written on the danger o f congealed nitro­
glycerine, I can confidently assert that if the solid form was its natural
state at the ordinary temperature, we should hardly have bad to deplore
a single one of those fatal accidents which it has caused. Moreover, it is
a very erroneous notion that crystallized nitro-glycerine is more sensitive
to concussion than the liquid one ; the reverse is the case, and in a very
remarkable degree; but that is immaterial to the present question, and I
only mention it to show how fancy notions take root and defy even the
plain truth of simple investigation.
Nearly all the calamities caused by nitro-glycerine have, in my opinion
been owing to leakage, which for practical reasons it is very difficult to
prevent, and are therefore indirectly chargeable to its liquid state. A
substance sensitive to concussion, unless it is quite unmanageable, like
chloride of nitrogen, can easily be protected against Occidents by wrapping
it in a soft material, but if that substance is a liquid and a leakage takes
place, it becomes subject to the danger of direct percussion ; and if nitro­
glycerine in that condition becomes exposed to the sun’s rays, the heat
which it takes up renders it so sensitive as to become dangerous under
the slightest blow.
From the very first beginning I have given special attention to the
packing of nitro-glycerine, but much to my regret I must say that it is as
yet far from satisfactory. Casks are not tight enough for oily liquids, and
the property of nitro-glycerine to expand when it congeals has obliged
me to resort to square tins. These are left unpacked in the factory for a
month at least, to ascertain whether they are tight, yet I can scarcely
remember a single instance o f a cart or cargo o f nitro-glycerine having
reached its destination without a case or more o f leakage. The reason is
probably to be found in the pressure to which the tin becomes exposed
when the air which is confined inside, as well as the nitro-glycerine,
becomes expanded by an increase of the external temperature.
W hatever be the cause, it is certainly wrong to lay the blame on nitro­
glycerine for what has been due only to a practical difficulty. Let us
suppose, for instance, the case of gunpowder being transported in casks
dropping continuously out part of the contents. A missing accident




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would almost be a rarity, and it is really a proof of the safe properties o f
nitro-glycerine that accidents have occurred almost only on those occa­
sions (as at Aspinwall and San Francisco) when it was forwarded under a
wrong declaration, and consequently the necessity of cautious handling
could not be known.
These hints will give sufficient insight into the importance o f converting ,
nitro-glycerine into a solid. It is not only a theory or some demonstrative
experiments on which I base that assertion, but also on practical expe­
rience. Dynamite has only recently grown to be an article o f commerce,
yet the quantity sold hitherto exceeds fifty tons, and the most serious
accident it has caused was the case of a man who, having lighted the
fuse, kept the cartridge in his hand till it exploded and blew off his arm.
No explosive can be safe against accidents of that kind.
Besides the security derived from its'solid form, dynamite has over
nitro-glycerine other special advantages. Its sensitiveness to concussion
is, as I have already stated, reduced in a very high degree; and since fire
does not cause it to explode, it offers great security for transportation and
stowage. Besides, it is quite natural that miners should prefer, as more
practical, a solid to a liquid explosive. Dynamite is now generally sold
in ready-made cartridges, and nearly all the workman has to do is to put
them in his borecole and tire.
Having now compared the two explosives, nitro-glycerine and dynamite,
and shown the reasons why the latter, with equal power, is far superior
to the former in point o f safety and facility for use, I will briefly point
out the sterling properties which render nitio-glycerine such a highly
valuable blasting agent. The merits of dynamite are essentially the same,
so that what is said of one is in the same measure applicable to the other.
The miner’s work is divided into two parts, viz., to make a chamber for
the explosive, and to charge it. I f that chamber was a matter o f small
expense, it might be very immaterial whether the amount of power required
to do the work occupied a great or small bulk. But drilling holes in any
rock, and especially in a hard one, is a slow and tedious labor, and there
are mines where it takes a man three days’ hard work to make a one-inch
bore of only 24 inches in depth. Three days’ labor, exclusive o f tools
represents at least 9s., yet the charge of gunpowder which can be lodged
in such a hole is at most 6 oz., or a value of less than 2d. It is easy,
from such an example, to see why the miners should be anxious for a
more powerful explosive, and ready to pay a much higher price for it.
The instance here given is almost an extreme one, yet, even in rock of
very little hardness, the cost of labor always greatly exceeds the value o f
the explosive used. It needs no explanation why an explosive containing,
within the same bulk, ten times more power than gunpowder should




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greatly reduce the number o f boreholes, and warrant a common saying
amongst the workmen in Sweden, that they would blast with nitro-glycerine,
even if they could get gunpowder for nothing.
I have been frequently asked for a positive statement as to the economy
in labor which the use o f dynamite effects. This, however, is a question
which cannot be answered in a positive manner, for every kind o f rock
would require a special estimate, based on its hardness, the nature o f the
strata, &c., and which greatly varies, not only in different localities, but
within the limit o f a single mine. Everyone will, therefore, have to form
his own estimate ; but as far as I have been able to ascertain, the use of
dynamite and nitro-glycerine generally cause a reduction of at least onethird on the general cost of blasting, which is a very great saving indeed,
considering that the cost of the explosive rarely figures more than 10 per
cent of the expense.
I am, however, not in a position to give on this subject as full informa­
tion as I might desire. The miners are generally extremely sparing in
communications o f that kind. Amongst my correspondents I can find
only one who gives a clear and positive statement in figures o f the saving
effected : it is Mr. Alexander, manager of the Phoenix mine, on Lake
Superior. This letter is dated February 2, 1868, and the mine up to that
time used 7,000 lbs. of nitro-glycerine (they have no dynamite yet), so
that the result is certainly based on sufficient practical experience. The
material had been purchased from New York at the price of §1.50 per
pound, irrespective o f the cost o f transportation to Lake Superior.
Another statement of figures is that of M r. Nordenfelt, Director o f the
Great Northern Railway in Sweden, who, as far back as the 19 th o f July,
1865, asserted that the use of nitro-glycerine had allowed his contracting
for blastings with a reduction o f 25 per cent.
Mr. Unge, who has blasted with nitro-glycerine an extensive tunnel
through Stockholm, states the saving to have been 23 per cent on the
cost of blasting, and the progress o f the tunnel 87 per cent quicker than
when gunpowder was used.
These results show that, even in the present state of comparative inex­
perience in the use of the new explosive, a great economy is obtained.
The saving of labor which dynamite causes is its greatest feature.
Next to that we must class the saving of time. Nearly every mine is
dependent on the progress o f its shafts and pits, and as for railway tun­
nels, the famous one through Mont Cenis is only a glaring example of the
necessity of quickening the tedious work.
Next to the saving of time ranks its peculiar adaptability o f wet ground,
since water has no effect on the charge. Every miner has had more or
less experience how difficult it is to blast with gunpowder wherever the
rock is water bleeding, which is only too common.




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Another sterling advantage o f dynamite is that it needs no tamping,
and, consequently, does away with a great number of minor accidents,
which are little thought o f in general, being too common to be reported in
the daily papers, but form, nevertheless, a very long and sad list of con­
tinued calamity. I was told in Cornwall that by far the greater number
of accidents occurring in the mines o f that county are due to the act of
tamping. It is abuse, I admit, tor a hole may be tamped without firing
the charge, still it is very desirable to provide against a source of accidents,
which, after centuries of experience, still continues to exact so numerous
victims.
It would be a great drawback on advantages here set forth if, as has
been sometimes asserted, the futnes of nitro-glycerine o f dynamite were of
a noxious nature. The best answer, perhaps, to those who maintain that
opinion is, that a great number of mines are daily using it for underground
work, and that the miners do not at all complain. The truth is, that when
nitro-glycerine is allowed to leak into the crevice of a borehole, it does
not all explode, and being dispersed in the atmosphere, causes a severe
headache. It i3, however, easily remedied by using cartridges, which
prevent leakage,and in the case of dynamite, which is a solid, that incon­
venience falls away entirely. Since that explosive became introduced no
complaints have been made, and the workmen in many mines assert thst
dynamite cannot be nitro-glycerine, because the fumes are so different.
So far as regards its properties. And now we will examine the practical
results.
The introduction o f dynamite is so recent that its advantages over other
blasting agents cannot be proved by statistics; but in all except danger it
is so analogous to nitro-glycerine, that the results obtained with the latter
will allow us to form a clear estimate o f its commercial value. Sweden is
the only country where nitro glycerine has been in use ever since 1865 ;
it is therefore the most conclusive example. The sales in that country, as
extracted from the books o f the Nitro-glycerine Company, at Stockholm,
were in 1865, 33,258 lbs.; in 1866, 48,785 lbs.; in 1867, 76,575 lbs.; and
during the first six months o f the present year reached 64,293 lbs. These
figures show a steady and rapid increase.
The quantities are not enor­
mous, but it should be borne in mind that Sweden, although an extensive
country, is not a very productive one, and that Cornwall alone consumes
three times as much gunpowder as the whole of Sweden.' The sale o f
221,900 lbs. of nitro-glycerine in that country, equal to at least 2£ mil­
lion pounds of gunpowder, is therefore a proof of decided success. If the
material had over gunpowder the advantage of cheapness, weight for
weight, the demand might possibly be ascribed to futile and mistaken
econom y; but as one pound of nitro glycerine costs the miners as much




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as eight pounds o f gunpowder, it is evident that it must do some work, or
he would not have it.
It has, no doubt, greatly facilitated the introduction of nitro-glycerine
in Sweden, that the transportation, storage, and use o f the quantity above
mentioned, has caused no accident of any serious nature, and positively a
less total of minor accidents than if gunpowder had been used in its stead.
That immunity from danger is, in all probability, due to the colder cli­
mate of Sweden, which allows of nitro-glycerine being transported, nearly
all the year round, in a congealed state,its freezing point being as high as
50 degrees.
In this country nitro-glycerine, notwithstanding the strong dislike
which generally prevails against it, has been constantly used in the quar­
r i e s of North W ales since 1 8 6 6 , and is in high favor with the miners.
Two quarries alone (Brynderven and Driwrwic) have, up to this time,
consumed about £3,000 worth of the material, or about nine tons; and
its remaining stationary in North W ales is owing only to the circumstance
that the manufacture and sale of the article has not been in this country,
as in Sweden, an organised business.
The workmen in Wales pay for the material which they consume the
price of 3s. 3d. per lb., while gunpowder costs only 4|-d., and if they con­
tinue to do so for years, it proves that they derive a benefit from its use.
Still a slate quarry is far from showing it at its greatest advantage, which
can only become prominent in hard rock.
Whatever success nitro-glycerine has realised, it will certainly be ad­
mitted that it is not due to popular favor.
N o improvement has ever
worked its way under a more crushing weight of opposition, and the very
fact of its valuable properties. Gun cotton, which has been repeatedly
pushed since more than twenty years, has not been used for blasting in
all that time as much as nitro glycerine in six months. W hy ? Because
the miners had no advantage at all in using it.
In mentioning gun-cotton, it is but just to state that it has been highly
improved of late by Professor Abel, I believe, and is sold now in a con­
densed state, in which it forms a good blasting agent, and ranks as such
next to dynamite. Only a few years ago, the attempts which I witnessed
to make gun-cotton take the place of gunpowder appeared to me to be
perfectly fruitless. Bulk for bulk, it had less power, and that power was
even more expansive than the power which it was meant to supersede. A
new explosive cannot be introduced when the economical advantages are
on the wrong side, and is next to impossible to get adopted by miners
unless the advantages are very great, and of a passable nature. But com ­
pressed gun-cotton is decidedly superior to gunpowder as a blasting agent,
and if it cannot compete with dynamite, it is only because the manufactur




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ing cost of the hitter is less, while it possesses at least three times more
power, and effects a far great saving o f labor. Details are only a matter
of time and improvements, while the intrinsic merits of a substance decide
the place which itjs to occupy.
I know nothing, with the exception of, perhaps, a liability to spontaneous
combustion, which could possibly warrant the absolute prohibition o f a
substanee. N ow , as for nitrated organic compounds in general, it is a
decidedly erroneous notion that there is any such drawback attached to
them. That notion has sprung up in laboratories because the chemist
has no suitable means at hand for thoroughly neutralizing the adhering
acid. It is well known that the continued action of nitric acid decomposes
nearly every organic compound. It is therefore clear that unless nitrated
compounds are rid of adhering nitric acid they will decompose chemical
in course of time. Hence we read in nearly every work, that nitro-glycerine is gradually decomposed, deposing oxalic acid, while such a change
has never occurred in the same article manufactured on a large scale.
"Withsuitable apparatus, it takes less than an hour to completely neutral­
ise a ton of nitro-glycerine; and as farther control, a small quantity of
every day’s produce, after it has been well mixed so as to be fully unform,
is sealed and kept for inspection. That practice has now been carried on
for eighteen months, and shows not the slightest vestige of decomposition
in any of the numerous samples.
Having to store large quantities, not only in six factories, but also in
numerous depots, it is but natural that I should have been anxious myself
to investigate the matter. In the case o f dynamite, it is true that spon­
taneous combustion could mean only iis catching fire and burning without
explosion, since internal or external heating must naturally have the same
effect; still spontaneous combustion, even where no explosiion can ensue
is a serious evil.
Professor Rankine asked how the dynamite was exploded.
M. Nobel said it was exploded by a percussion cap. The force obtained
could be seen in the piece of iron exhibited. A large piece of wrought
iron, more than a foot high and a foot in diameter, had been riven in two
as if by a wedge, by the explosition of six ouoces of dynamite, without the
use of a plug.
In answer to other questions, M. Nobel stated the explosive force of
dynamite as compared with gunpowder was as ten to one, but at present
its cost was eight to one.
THE

METRIC QUESTION.

The report was read by Professor Leone Levi from the Committee on
Uniformity of Moneys, Weights, and Measures. The committee are o f




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opinion that the only method o f attaining the desired object would be the
adoption of the metric system. They are convinced that they cannot intro­
duce even the decimal scale in the present system. It should be rememb­
ered that the metre was no longer an abstract idea of the scientific
conception.
It was a definite length, that length c f a concrete object,
deposited at the archieves of the Paris Mint, and exactly copied from
standards within our reach.
The time was past finding out the best
national unit, and we must be satisfied with what we had got—
viz.: a unit really universal from its wide diffusion among modern
nations.
The committee were pleased to report that a bill to estab­
lish metric weights and measures had been introduced by Mr. Ewart, and
had met with a most satisfactory reception from both sides of the house.
Public opinion having manifested itself so strong in favor o f the metric
system, the committee hoped that her Majesty’s government would pro­
ceed further in the direction of introducing it as soon as it was practicable;
and they urged that the government should, without delay adopt metric
weight and measures in the post office, in the dockyards, and in the cus­
toms. Abroad the metric system was making constant progress.
Dur­
ing the year it was adopted in North Germany, and Austria was prepar­
ing to follow in the same course.
W ith reference to the measure­
ment of tonnage, the committee had learnt that the Chancellor
o f the North German Confederation having moved the Federal
Council that the presiding power should be authorized to open nego­
tiations with Great Britain, and subsequently with other maritime
powers, including the United States of America, for establish­
ing an international system of ship measurement on the basis o f
the English system, the Council resolved that the proposed system should
be based upon the metrical principle, instead of the English tonnage.
In Spain, the metric system of weights and measures had been rendered
compulsory from July, 1868: and the last meeting of the International
Stati.-tical Congress, held at Florence, unanimously recommended the
universal adoption o f a uniform system o f weights and measures founded
on the metridecimal system. A s many as thirteen countries, including
France, Belgium, the Netherlands, Italy, the Roman States, Spain, Portu­
gal, Greece, Mexico, Chili, Brazil, New Granada, and other South
American Republics, with an aggregate population o f upwards
of 146,000,000, had established one uniform decimal system
founded on the metre. Seven more countries, with an aggre­
gate population of 68,000,000, had also adopted parts of the
same, while this country and the United States, having to­
gether 60,000,000, had introduced the same in a permissive
manner. In India, the Government of the Bengal Presidency recom




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mended the adoption of the metric system as the best means of introduc­
ing simplicity and unity in the weights and measures of that vast empireA s regarded international coinage, the committee had alreadv reported
the result of two conferences held in Paris in June, 1867. A report of
the official conference having been presented to her Majesty’s Govern­
ment, a royal commission was issued to consider and report upon the
recommendations of the conference and their adaptability to the circum­
stances of the United Kingdom, and whether it would be desirable to
make any and what changes in the coinage of the United Kingdom, in
order to establish, either wholly or partially, such uniformity as the con­
ference had in contemplation. The Commissioners had completed their
labors and presented their report to Parliament, but the same had not
yet been published. A report of the unofficial International Conference
on W eights and Measures and Coins had also been communicated by
Prof. Leone Levi to Lord Stanley, and laid before Parliament. During
the year a bill was presented to the United States Congress for placing
the coinage in direct relation to the French, by reducing the value o f the
half-eagle
per cent, so that it might be worth 25 francs. The bill was
read a second time, and a clause granting compensation for the difference
to holders o f the existing coinage, and of obligations in the existing cur­
rency ; but the bill stood over for consideration, probably till the report o f
the Royal Commission was made known. Canada had introduced a bill
to the same effect. Spain had engaged to coin gold pieces of 10 francs
and 25 Lancs. The German Parliament had passed a resolution in favor
of a decimal currency. Movements to some extent in the same direction
had also been made in Austria and Italy. The committee was of opinion
that in the event o f an international coinage being agreed upon, it would
be highly important to secure the publication o f such information period­
ically, and for all countries; and they would recommend the same to the
earnest attention o f the Board of Trade. In conclusion, the committee
expressed their opinion that the great object at which they aimed was
steadily advancing.
INTERNATIONAL COINAGE.

Prof. Leone Levi, F.S.A., F.S.S., read a paper on “ The Present State of
the Question o f International Coinage.” Having shown the practical
character of the question at issue, and the importance attached to it by
the juries of International Exhibitions, the Statistical Congresses, the
Chambers of Commerce, the Society of Arts, and other public bodies, the
learned professor examined the respective advantage o f either adopting a
new unit altogether for all nations, or one of the exceeding unit by all o^.
them, or a correlation of all the different units. The first plan of adopt_




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ing a five or ten grains o f gold as a new unit would be impracticable,
because it would require a general recoinage by all nations. The second
plan, that of choosing one from the existing units, was better, and the
choice would depend on the number o f persons among whom the same
unit is already in circulation, the amount of trade which is regulated by
such unit, the amount of coinage of the same already issued, and the
relative convenience of the different tystems. A s regards the popula­
tion, the pound issued by England has 30,000,000; the franc o f France,
Italy, Belgium, Switzerland, has 70,000,000; the dollar by the United
States has 31,000,000 ; the florin by Austria has 37,000,000 ; the thaler
by,Germany and Prussia has 54,000,000, and the rouble by European
Russia having 59,000,000. The franc, therefore, prevails among the
largest number of persons. A s regards trade, whilst the imports and
exports of England amount to £500,000,000, those o f France, Italy
Belgium and Switzerland amount to £480,000,000, and those o f the
United States £105,000,000. England here has the pre-eminence,
though not so decided as one might imagine; and as regarded the amount
of coinage issued, whilst up to 1850 the issue o f gold coin in England far
exceeded that of France and the United States, it has not been so since
that time. From 1793 to 1866, France issued £262,500,000 of gold
coins; the United Kingdom, from 1816 to 1866, £187,000,000 ; the
United States, from 1792 to 1849, £169,000,000. Since 1850, France
£197,000,000; the United Kingdom, £91,000,000 ; the United States,
£152,000,000. As regards the relative convenience of the different sys­
tems, it was a fact that whilst this country has been for years laboring to
establish a decimal coinage, France and the United States long possessed
it, whilst, moreover, for international purposes, the pound was too large a
unit. In three, therefore, out of the four elements, France has the advan­
tage, and that justified the Congress to take the French coin as a basis.
But the Congress did not recommend the franc as a unit for all nations •
nor did it recommend the pound. As a step in advance, it recommended
a mode for harmonizing the different systems in existence, according to
which we alter the pound to twenty-five francs exactly, instead o f twentyfive francs twenty, as it is now intrinsically worth. Can this be done ?
Should this compromise be accepted, the evil was that it would cause a
great change in all the monetary systems. It would require us to lower,
though in an infinitesimal manner, the gold standard, and yet leave all
the existing units in existence. The accounts would still be kept in dif­
ferent ways: the divisional coins would in no wise agree, and we would
not get a good decimal coinage. The learned Professor thought the 10franc piece in gold o f the value of 100 pence (slightly diminished in their
present relative value), with a unit of 100 francs or £4 for larger financial




262

TH E

S O U T H -A M ER IC AN- E A R T H Q U A K E S.

[

October,

operations, the best unit offered for all nations. Such a unit, divided
into ten silver pieces of lOd. each, would also give an excellent decimal
coinage, producing immense facilities in education and great ease in cal­
culations. Then we would have one unit identically alike everywhere,
instead of the hundred units now in existence, and the identity would he
obtained, not only in the gold unit, hut in its subordinate coins of silver
and copper. Allowing that the International Monetary Congress had
immensely advanced the question, he trusted that the report of the Royal
Commissioners would recommend the holding o f another conference for
the purpose o f considering the possibility o f agreeing in one common
system of coinage, instead o f the proposed adoption of many systems. .

T I E SOUTH AMERICAN EARTHQUAKES.
It is impossible, of course, to form any trustworthy estimate of the prob­
able effects upon trade and commerce o f the terrible catastrophe which has
just overtaken the Pacific coast o f South America, until we receive mme
exact details than have yet reached us of the extent o f the region actually
affected. But such information as we already have justifies the belief
that the secondary consequences o f this calamity will be almost as disastrous
as its immediate effects were appalling. From a careful collation of the
hasty, vague and, in some instances, contradictory accounts which came
to us by the last South American mail, it appears that the various shocks
of this (in modern times) unprecedented series o f earthquakes were felt
throughout more than forty degrees of latitude, and across the whole belt
of the continent from the Andes to the Pacific. Several score of com­
paratively flourishing cities and villages were more or less laid in ruins,
some of them being literally swallowed up by the earth as were the cities
of Central China in the terrible earthquakes of the twelfth century. The
productive power o f at least two o f the South American republics, Ecuador
and Peru, must have been seriously crippled, not only by the loss o f life
among the inhabitants but by the destruction of accumulated property, the
result of three centuries of civilization, by the conversion o f what had been
fertile soils into barren wastes or lakes of water, and by the absolute dis­
appearance of some of their richest mining districts. This latter calamity
is distinctly stated to have happened to Peru in the case of the important
mines of Huancavelica. The commercial relations both o f Ecuador and
of Peru with Europe are more extensive than their relations with the
United States ; but the latter are sufficiently important to make it certain
that the results o f this great disaster will in some measure be felt by




1868]

TH E

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E A R T H Q U A K E S.

263

ourselves. This, however, is but a trifling consideration in the presence
of so dire an affliction as has thus overtaken a people with whom it is our
destiny to be much more closely connected with every year that passes ; and
without pausing to measure even hypothetically our direct part in their
suffering, it becomes us to take prompt steps for affording them such r -lief
as our ample means and the practical sagacity of our mercantile commu­
nity can so easily command. It is eminently proper that the Chamber of
Commerce of New Y ork should take the initiative in this work. And
there can be no doubt that an appeal to the public at large, if made by a
responsible Committee of the Chamber upon accurate information of the
extent and nature of the relief most needed, would be heartily and hand­
somely responded to.
This being done, or while this is doing, it is equally desirable that some
plan should be devised and carried out either by the Federal Government,
or by the Chamber of Commerce, for availing ourselves of the extraordinary
opportunity which is now afforded us, for getting at some really valuable
information as to the nature o f the changes wrought in the mineralogy and
geology of the planet by convulsions of this magnitude. The South
American earthquakes present us with an instance occurring, so to speak,
under our very eyes, of those terrific cosmical convulsions by which in the
primaeval ages the crust-forms o f the earth were determined. W ere there
no general scientific interest in the subject sufficient to make it worth our
while to seize upon so rare an occasion o f enlightening ourselves as to the
process by which the crust of the earth has been made what it is, we have
in our own Pacific States a direct and most serious practical interest to con­
sult in this matter. It was long since observed by European geologists of
eminence, that the visible direction o f the great fissures left in the earth’s
surface by ancient convulsions, might enable us to follow the progressive
movement of these explosions o f the subterranean forces. It is certain that
every earthquake, by diminishing the cohesive force of a more or less con­
siderable segment o f the fissure, must facilitate the infiltration of the earth’s
superficial waters into the centres o f explosion, and so prepare fresh dis­
turbances of the same kind, California and Oregon are in the direct line
northward of these fearful South American convulsions. Is there no
reason to fear that the forces which have just produced such terrible effects
upon the earth’s crust in the Southern Continent, may at no distant day
bring about a similar series of catastrophes in the Northern Continent
also 2 It is commonly thought, we believe, that the earthquake belts, as
they may be called, range in the direction of latitude rather than of longi­
tude. But that this is an error clearly appears, for example, from the fact
that the eruptions of Vesuvius, and the earthquakes attendant upon then.)
have frequently been attended or followed by earthquakes and explosions




264

TH E S O U T H -A M E R IC A N

E A R T H Q U A K E S.

in and around the Icelandic volcanoes. It would at all events be possible,
and it would certainly be important to gather some valuable indications as
to this point, from the traces of the recent earthquakes in South America
while they are yet fresh, and still bear their formidable story legibly upon
their fronts.
N or would an investigation such as we suggest be valuable only from
its bearings upon the possible future of our Northern hemisphere. The
position of the great metalliferous veins of the earth necessarily bears the
most intimate relations to the geographical distribution of the earth’s
crust, or, in other words, to the furrows made by the central fife. "Whether
the metallic salts were brought through these furrows by the action of the
infiltrating waters; or whether the veins of metal were poured molten in
masses through the crust from below makes no practical difference. In
either case it is through the furrows formed by igneous action that the
penetration took place, and consequently the distribution of the precious
metals depends upon the situation of these deep interior “ solutions of
continuity,” which are caused by the volcanic movements in the underworld. The reported disappearance o f the silver veins of Huancavelica
induces the belief that from a close examination of the effects o f the earth­
quakes in that district alone, information of the highest practical import­
ance to our mining interests in the United States may be procured. A
series of investigations, made by a French geologist, M . de Chancourtois,
some years ago, into the bituminous deposits of Seyssel and Clermont,
revealed the fact that these deposits occupied lines of position exactly
parallel to the direction of the system of superficial upheavals in the Low
Countries. And a report written by M . Gauldree Boilleau, now Consul
General of France in New York, which appeared some years ago in the
French Annales des Mines, on the oil region of North America, showed
* that the chief oil deposits of the United States are situated on a line which
prolongs the net-work of fissures through which the Saint Lawrence passes
to the sea.
But without going too far into details of a strictly scientific nature, it is
surely plain that we have an immense practical interest in a close, efficient,
intelligent examination o f the light which the phenomena of the South
American earthquakes must throw upon the method and the immediate
effects of these mighty and awful processes of nature. It has been justly
said that our knowledge of the globe we live on can only be made even
tolerably complete by a study o f what may be called its subterranean
meteorology. The Japanese have for centuries past shown a keen insight
into this truth, for they have kept a current register of “ hurricanes and
earthquakes,” as intimately connected phenomena, ever since a date at
which the Western world was still listening for the spirits of the air in the
whirlwind, and trembling at the anger of demons in the muttered thunder
of the inner globe.




1868]

TH E

G E O R G IA

R A IL R O A D .

265

T1IE GEORGIA RAILROAD AND THE ATLANTIC AND W EST POINT RAILROAD.
These two railroads stretch across the State of Georgia, from Augusta to
W est Point, a distance of 258 miles, and are operated under the same
presidency. On the east the seaboard is reached by the South Carolina
Railroad, the distance from Augusta to Charleston being 137 miles, and
on the west the Gulf is reached by the Montgomery and W est Point
Railroad 88]r miles, the Alabana and Florida Railroad 114 miles, and the
Mobile and Great Northern Railroad 72 miles— total distance, southwest
from West Point to Mobile, 274 miles, or from Charleston to Mobile
667 miles. The Western and Atlantic (State) Railroad extends from
Atlanta to Chattanooga, 138 miles, forming the connecting link between
the seaboard and the northwestern system to the Ohio and Mississippi
Rivers. The distance from Charleston to Chattanooga is 523 miles. There
are faults, however, in the line within Georgia; it is exceedingly crooked,
following natural rather than engineered lines, and has met with constantly
increasing competition from the more direct and later constructed lines.
Hence we find that through business is leaving it for the more favored
roads ; and it is feared that this through business will have disappeared
altogether in a very few years.
GEORGIA RAILROAD AND BANKING COMPANY.

The lines of this company are as follows:
Main Line—Augusta, Ga., to Atlanta, G a.....................................................................
I Union Po*nt, Ga., to Athens, G a .............
............................
39
Branch Lines Camak, G i., to W ar e ton, G a.....................................................
4
( Barnett, Ga., to W ashington, G a........ ............. ............ ..
.
18
Total length owned and operated...........................................................................

I ’l l m iles.
61

“

232 m ile s .

The following statement shows the amount of motive and carrying
power on the lines at the close o f the last year (March 31, 1868) : L ocom o­
tive engines (in good order 17, in running order 14, in shops 12, and con­
demned 4) 47 ; and cars (passenger 23, baggage 10, box 269, cab. 14, stock
27, platform 105, coal 12, and shanty 15) 475. Two additional locomotives
were ordered ; and during the year 59 box, 1 passenger, and 2 baggage
cars had been built at the company’s shops, and 3 passenger cars re-built'
The business of the roads, and the earnings and expenses for the last ten
years have been as follows :

____ N

r____
D iv’ d,
■Business—
per
W orking
Net
Cotton,
Grain,
Flour,
Gross
Fiscal
bushels. bb s.
receipts. expenses. earnings, c e n t .
years.
bales.
544,366
S
610,21:8
916,291
121,139
1858-59 ................
1,154 621
528,044
8
631,144
353,241
43,139
1,159.188
1859-GO ........... ............... 219,174
155 709
704.751
9.96?
860,460
209,497
1860-61 ............... ............... 127,663
348,208
521,3'0
12,465
859,598
273.446
1861-62 ...............
650.476
P
469.836
1,120,313
27,338
32,1S8
1862 “ 3 ..............
359,006
2.275,354 1,916.318
1863-64 ..............
o
285,068
3,342,017 3,056.949
1864-65 ..............
514,919
640.478
............... 107,276(May 15,’ 65,to Mar Rl,’ 66)1,155,397
513,068
1,136,141
623,073
2G5.241
3,623
55,714
1866-07 ............... ...............
491,889
511,834
14,659
1,003,723
604,662
6X
1867-63 ...............




266

TH E

[ October,

G E O R G IA R A IL R O A D .

After paying interest on bonds, and incidental expenses (but including
dividends, interest, rent, &c., received), the net profits from May 15,1865,
to March 31, 1868 (34£ months) were $1,567,369. From this sum must
be deducted for reconstruction and the retirement of bank circulation,
nearly $1,200,000. In the meanwhile four dividends have been paid to the
stockholder, two of 3 and two of 3-J- per cent, but this has been effected to
a considerable extent by drawing on the reserved fund. The dividend has
amounted to $270,140 a year, exclusive of the government tax.
The following is a statement of the financial condition o f the company
at three periods, viz.: April 1, 1860,1866 and 1868, or at the commence­
ment, at the close of the late war and at the present time :

Bonded debt.
Reserved lund
Current accounts
Circulation .

1860.
$4,156,000
312 500
740,846
. 1,246,642
173,252
135,409
2^9,114
. 1,069,580

1866.
$4,156,000
200,500
1,184,035
ll,2 5 i
61,004
6,644
413,311

1863.
$4,156,000
389,500
963,188
1,085,020
46,839
14,683
3,689
129,476

$8,123,343

$6,121,745

$6,788,395

$4,156,000
128,409
35 000
,
693,307
152,799
952,150
51.500
1,192,183
159,852
73,522
528,621

$4,156,000
136,959
35,000
....
1,651,670
170,500
61,436
353,789
8,804
58,104
89,-t83

$4,156,000
134,859
35,000
917,678
84,548
1,081,990
66,400
26,654
211,817
3 421
2,744
67,284

$8,123,343

$6,121,745

$6,788,395

Against which are charged as follows:
Real esiate ........... ....................
Banking nouse and lo t .............
Road expenses, interest, & c ,.
M a teria l'on hand ..................
Stocks ow n ed.............................
Bonus owne i .............................
Bills and n otes...........................
Notes o f other ban ks........... .
Current a cco u n ts ......................
S p e c ie ..........................................
Currency......................................
T o t a l .................................

$52,734; but as it is thought
that no more of the bank circulation will be brought in for redemption
this is simply a nominal liability. The stock of the company is now
quoted at 80@ 85.
2 . ATLANTA AND WEST POINT RAILROAD.

The Atlanta and W est Point Railroad, commencing at Atlanta, the
western terminus o f the Georgia Railroad, extends in a southwest direc­
tion to West Point, the eastern terminus of the Montgomery and W est
Point Railroad, the distance between the two points being 86.74 miles.
The rolling stock consisted at the close of the last year (June 30, 1868)
o f: locomotives 14, chiefly in good order; and cars, as follows: passenger
6, baggage 21, express l,ca b 2, box 49, stock 15, platform 21, and shanty
1— total 99. Six freight cars are to be added during the current year.




1868]

R A IL R O A D S I N

267

G E O R G IA .

The number of passengers carried in the year 1867—’68 was 42,982, and
the quantity of freight carried was 40,480 tons, including 45,507 bales
of cotton. The following shows the earnings and expenses o f the lines
during the last three years:
P a ssen ger___
F reigh t...........
M a il.................
E x p r e s s .........
M iscellaneous

%

Gross earnings

1865-6.
$187,655 10
193,271 60
5,468 70
17,539 89
11,475 38

1866-7.
$153,911 41
208.638 38
6,562 44
12,739 77
4,624 81

1867-8.
$122,389 58
205,733 05
7 028 07
8,763 24
7,157 14

$4.5,410 if

$391,416 81

$351,070 OS

$46,6=0
61,38?
68 214
6,463

Transportation..........
M otive p o w e r ...........
Maintenance o f way.
Maint nance o f cars .
Ordinary expenses...........
Extraordinary expenses.
Total expenses.
Earnings less expenses
Dividends p aid .............

15
58
90
72

$62,202
72,923
72,676
11,574

14
46
55
15

$56,832
71,216
72,618
9,538

48
50
11
43

$185,746 35
175,016 04

$219,376 80
103,220 12

$210,205 52
29,197 85

$360,762 39

$322,596 42

$239,403 37

$54,618 28
$68 880 39
(4)49,288 00 (3 # ) 37,067 00

$111,666 71
(8) 98,576 00

The number o f passengers and tons o f freight carried in the same years
was as follows :
Passengers carried........................................................................... 43,703
47,253
45,98a
40,48,
T on s o f freight carried................................................................. 24,25)
46,569
Average fare per p assenger.......................................................... $4 28%
$3 36%
5.08
Avera e freight per to n ..................................................................
7.97
4.48
59.8 p c.
Ordinary expenses i o g r o s j earnings........................................... 44.8 p .c
56.1 p.c.
68.2 44
T otal expenses to gross earnings.................................................... 86.8 “
82.4 “
N ett earnings to capital.....................................................
4.4“
5.6“ 9.0 41

The annual balance sheets o f July 1,1866-6*7-68, showing the financial
condition of the company at date, compare as follows:
Capital s tock ...............................................
Bonded debt.................................................
Dividends unpaid......................................
Current accounts.........................................
Profit ana lo ss .............................................
T o t a l................................... .................

>0
00
00
63

1807.
$1,232,200
35,500
16,569
40,0 5
22,357

00
(10
11
89
59

1868.
$1,232,200 00
47,0 0 00
2 251 00
4,360 62
81,470 02

63

$1,346,632 59

$1,317,282 64

76
20

$1,200,078 76
22,779 20

00
59 638 28
39

2,500 00
10-,026 52
13,248 11

$1,200,230 26
22,779 20
11,861 50
2,500 00
36,343 52
43,56 A16

63

$1,346,635 69

$1,317,2^2 64

1866.

oo

Against which are made tfce following charges :
R oad and outfit............................................
Bills receivab e ............................................
Ala. & Flo. R R . Co. for interest..............
Supp y fund ...............................................
Current accounts......................................................
C ash................................................................
T ota l.......................................................

The stock of this company is now quoted at 95@ 100.

RAILROADS IN GEORGIA.
The following statement shows the length and cost of the railroads
(including equipment) in Georgia at the close of the last fiscal year, and




268

R A IE R O A D

E A R N IN G S

FOR

AUGUST.

[O c to fo f,

also the gross and nett earnings o f each line, and the rate of the dividends
paid to stockholders during the year :
Divi- Value
Length
Cost o f ,-----Earnings.------, dend
of
Railroads.
o f lines . road, &c. Gross.
Nett. p. c. Stock.
Atlanta and West P o i n t ..........................
84.74 $1,200,230 $351,070 $111,667 8 95-100
Atlantic and G u lf............................................... 236.00
619,875 252,971 t.il. 52- 54
F orida e x t e n s io n ...............................
49.00]t- 5,041,987
Central ol G eorgia....................................
190.46
4,472,000 I
1 7^6.808 10 125-130
Augusta & Savan. (leased)..................
53.25
1,032,298 Y2220,91873,000 ? . . - . .
Milledg’ v. & Eatont’ n ( “ ) ..................
38 31
( 14,000 ? .. - ..
383,100 f
G e o r g ia .................................................
171.00]
W arrenton Branch...............................
4.0 >,
W ashington B ra n ch .............. ..................
IS.00 !I- 4,156,000 1,003,723 491,889 6* ] 80- 85
Athens B ra n ch ............................................... 39.00, 1
Macon and W e ste rn .................... ..................... 102 50
1,500,000 568,346 164,089 Si 105-115
S outhw estern ..........................................
106.10]
Butler B ra n ch ................................................. 22.00 |
[
3,802,337
1,096,953 408,‘959 9 102-105
Enfala B ra n ch ...................................... .
59 08 1
Fort G-iine-> B ra n ch ...................... - ............. 21
2 i .89j
Western and Atlantic .........................................138.00
138.00
5,000,000 1,279,191
585,729 2*

JSo returnc receivedfrom —

1G.00
60.00
8.87
50.00
20.00

2 on.ooo;) Taken np and dismantled
during the war, and uroh1,200,000 y
ablv not restored.
120,000!I
1,000,000 j- In operation.
*• “ ••
250,000,

22.00
50.00
11.00

440,000)1 Open so far as ’
1,16 i,136
stated.
110,000 j

Roads operated.............................................. 1,333.33
Roads not returned.......................................
154.87
R oads in progress, & c .................................
83.00

26,767,952 7,050,106 2,879,110
2,770,01)0
___
....
1,710,136
....
—

Barnesvi le and Tnom aston....................
Brunswick and A lb a n y .....................................
E to w a h ................................................................
M u scog ee...................................................
R om e and K ingston.................................

In, progress and partly open—
Macon and Augusta..........................................
Macon and B ru n sw ick....................................
Milledgevil.e and A u g u sta ....................

T ota l........................................................ 1,571.20

31,248,088

{£

25 - 30

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

From the above table it will be seen that the roads making returns
aggregated 1,383.33 miles and cost $26,767,952, or in round numbers
$20,000 a mile. Their gross earnings for the year were $7,050,106, cr
about $5,287 per mile, and their nett earnings $2,879,110, or about $2,160
per mile. A large portion of the gross earnings were expended in extra­
ordinary repairs and renewals. The Atlantic and Gulf Railroad is scarcely
completed. The Western and Atlantic Railroad is owned by the State,
and paid into the treasury from earnings $131,161, which is equivalent to
2-J- per cent on its assumed cost o f $5,000,000. The present debt of
Georgia on account of the road, however, is only $3,440,000.

RAILROAD EARNINGS FOR AUGUST.
The gross earnings o f the under specified railroads for the month o f
August, in 1867 and 1868, and for the first seven months o f each year
are exhibited in the subjoined statement;
G R O S S E A R N IN G S F O R AU G U ST A N D

T H E F IR S T 8E V E N M ONTH S OF

1867

& ’ 68 .

,--------- Aug ust.-------- ,
1867.
1868.
Railroads.
A tlantic and G reat W estern ....................
$407,888
570,353
C hicago and A lt o n ....................................
1,265,831
C hicago and N o rth w estern ....................
478 600
C hicago, R ock Island &. P a cific...........
240,038
Cleveland ai d Pittsbuig ........................ .
764,138
Illin ois Central —
..................... . —
1^6,556
Marietta and C incinnati........................... .............. 114,716
392,942
M ichigan C e n tr a l..................................... ............... 398,993
480,763
M ichigan South. & N orth. In d ............... ............... 428,762
522,545
Milwaukee tinn St. Paul........................... .............. 350,564
2S7,557
O hio and M is s is s ip p i............................. ............... 322,521
653,287
Pittsburg, F .t W. & Chicago ............... ............... 606,217
204.596
St. i oui , Alton & Ter e H aute........... ............... 220,788
484,208
T oled o, W abash and W e s t e r n ............. ............... 364.723
73,525
84,607
W estern U n io n ........................................................

,----- Eight Months----- ■,
1867.
1868.
$3,335,603 $2,986,054
2,367 838
2,718,632
8,198,920
6,539,854
2, "00,491
2,262,201
1,633,13S
1.514,498
4,265,662
4,257,401
807,284
738,903
2,799,353
2,686,702
3,094,556
2,792,343
3,457,835
2,706,221
1,S65,091
2,106,461
4,992,021
4,523,964
1,213,891
1,3* 2,836
2,422,063
2,334,351
467,414
394,644

$6,963,909

$39,923,820 $43,641,450

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




1868]

M ONET AN D

CURRENCT.

269

MONEY AND CURRENCY.
W ill you allow an “ outsider” to offer some desultory suggestions which
may help to modify if not to harmonize the conflicting views of Mr.
Carroll and his critic Mr. Sulley.
Much of the difficulty which arises in similar controversies, appears to
proceed from the fact pointed out by Malthus, that political economy is
not an exact science, but depends for most of its conclusions on facts and
inferences of a general character, like those o f mental and moral philo­
sophy. There is, therefore, a certain vagueness in its definitions, and
often even a degree of confusion in the rise o f terms.
Both the writers referred to object to bank credit as a substitute for
money ; but while one would rigidly limit the currency of the community
to gold coin, the other would discard gold altogether, and substitute “ an
inconvertible government currency, always kept at par with the curren­
cies of other countries.” So long as other countries adhered to the gold
standard, this would be virtually a currency at par with gold— but if all
countries should depart from it how coukl they regulate each other ?
Whatever may be the imperfections of gold as a standard o f value, no
better substitute has yet been found, and we need not anticipate that any
will. Neither need we rush to the opposite extreme, and insist on making
no exchanges and measuring no values without the actual presence o f an
equivalent amount o f coin in each case as a medium.
On the question of interest Mr. Carroll seems in the right. If interest
is not the rent o f capital, what is it ? It is certainly rent paid for the
use of something— and if that something cannot, as capital be employed
in producing wealth, why does it command a rent? “ That the increase
o f capital should lower the rate of interest or profit, is one of the fallacies
of Adam Smith,” says Mr. Sulley. But when understood, as it evidently
must be, relatively to the demands of production, it is undoubtedly true
that the increase of capital does tend to diminish and does actually
diminish the rate of interest, until at length the diminution o f interest
even checks the accumulation of capital, as is shown in England, Hol­
land and France. It is by d o means true that there is as much real
capital at the W est as elsewhere; compared with the demand for its
productive employment. Land is not capital unless cultivated, and only
then to the extent o f its exchangeable value, and after deducting the
debts of its nominal owner. It is precisely capital which the West needs
at present— not land, not paper credit,— but an amount of exchangeable
wealth sufficient to pay the debts and develope the agricultural resources
of its people.
That money, strictly defined is capital, cannot well be disputed. It is
wealth, Lr it is a useful product of labor, its material possessing highly




270

M ONEY AN D

CU RRENCY.

[ October,

useful qualities, and as a measure o f value, and medium of exchange, its
importance is generally admitted. It is difficult to see how, without such
a medium, the various combinations o f capital and labor required for the
production of wealth, could be accomplished to anything like their pre­
sent extent. W hat element of capital then is wanting to money?
M r. Sulley affirms that “ money is neither wealth nor capital; it is only
a convenience by which labor is eased or time saved.” But the same
might be said of the plow, the railway, the elevator— in fact of a large
proportion of the many forms which capital assumes. D o they cost
labor ? So does money. And could the division o f labor exist without
some such means of anticipating and distributing its earnings ?
On the other hand we cannot agree with Mr. Carroll that “ capital
runs avay from a high rate of interest,” whether in California or else­
where. The simple fact is that in California capital has been relatively
scarce, as in all countries where labor is a mere adventure in a lottery.
Now that regular and remunerative industry is being established there,
wealth is accumulating and rates o f interest declining. But this change
is simply the result of a greater production and accumulation o f wealth
in the country, thus increasing the relative supply of capital, and com ­
pelling lenders to submit to lower rates of interest. This process will
doubtless go on rapidly, stimulated by the exceptional advantage o f a
sound currency, enjoyed by that lucky State. But as it still produces
every year more gold than it will perhaps ever need to use as money, it
must continue to export and exchange it for other forms o f wealth.
It is not correct to say with Mr Sulley that a low rate of interest is
always the predisposing cause of exportation. The cause of exportation
is simply indebtedness, which cannot be met so well in any other way.
The causes of this indebtedness may be very various. It may proceed
from abundance o f exchangeable wealth, manifested by a plethora o f
money and low rates of interest, and leading to purchases and invest­
ments abroad ; or by a scarcity of money elsewhere, leading to a demand
at home, or it may be (as it frequently is in this country) merely the
ordinary course of trade, with an exportable commodity. That a low
rate o f interest indicates a comparative surplus, and a high rate a com­
parative scarcity of money, is evident; but these facts are not more
necessarily the cause of the import or export of gold, than the rise or fall
o f the hermometer is o a change of clothing. Gold is exported from
California, notwithstanding high rates of interest, to pay for other things
which are needed still more, and the miners of California are as much
enriched by producing gold as by producing wheat, only so long as they
can send it abroad and exchange it for wheat or for other things which
they need.




1868]

M ONET

AND

CURRENCY.

271

It may indeed be argued, as Mr. Sulley evidently would argue, that
there is already gold enough in the world for all the purposes of cur­
rency, and that its steady increase and consequent depreciation does only
harm, while it keeps a multitude of miners and others uselessly at work.
But this is by no means clear. T o say nothing of the constant drain still
going on towards towards the East, the increase of population and exten­
sion of trade and industry over the vast regions still open to civilization^
may call for much larger amounts of coin than are now in use. And
when we look at the state of our own currency and those o f some other
nations, and consider the vast amount o f the national debts, the burdens
o f which will thus be materially lightened, we need not greatly regret the
slow and gradual decline of our standard of value causing no individual
suffe ing >t giving a great aggregate relief to the taxpayer and stimu­
lus to industry. And as by this process the relative value o f gold must
steadily decline while the cost of mining must increase, the result may
ultimately be to check the production to such a degree as to stop its
depreciation altogether.
“ Suppose all countries should become wise, and abolish their standard
of value,” what would be the result ? W h y , they would be compelled to
return to their folly by resuming that standard. W e can no more do
without a measure of value than of length or of capacity— and the stand­
ard must itself possess that which it professes to measure— that is, it
must cost on the whole a definite amount of labor, and must possess the
necessary qualities to serve as a measure, which it does in the highest
degi
nd ever since Abraham weighed to Ephron the H ittite“ four
hundred shekels of silver, current money with the merchant,” the precious
metals have been to a greater or less extent the measure and standard of
value.
A word for bank currency, which, as well as “ the credit system, and
all other modes of unduly increasing money,” “ all honest people, if they
were intelligent ” would vote to abolish— says Mr. Sulley— to restrain
within safe bounds say we. As to credit, we cannot prevent the owner
of any commodity from disposing o f it on any terms he pleases, nor can
we prevent the owners o f money from purchasing notes or from lending
to merchants or depositing in backs. Neither can we prevent banks and
bankers from employing the funds o f their depositors, with the consent
of the latter. But we can compel all banks of issue to keep their issues
amply secured, and to maintain ample reserves of coin to redeem their
redundant issues, and we can demand of the national government
that it set the example, and enforce it on the banks, o f redeeming
their hitherto dishonored promises now held by the people. When this
most desirable state of things is attained the present exceptional profits
of banks must necessarily cease.




2*72

M ONEY

AND

CURRENCY.

[ October

The great occasional fluctuations in the rate of interest no more dis­
prove the fact that interest is the rent of capital than the much greater
variations in the rent of land, buildings, and apartments under exceptional
circumstances. And M r. Sulley’s argument that gold cannot be capital
because “ its exchangeable value depreciates in the ratio of its addition ”
(even if this fact could be proved) applies, in part at least, to wheat, corn,
houses, ships or any other form o f wealth. And if gold is not wealth,
how comes it that “ a greenback is much cheaper?” Cheaper than that
which possesses no value ?
The demand for money, says Mill, is limited only by the means of the
purchaser. This is true o f society in the aggregate, though not o f each
particular individual. The rich merchant or capitalist may be seeking
for an investment for his money ; but the mass o f the people want money,
because it commands everything else— and this demand has no limit but
their means of obtaining it.
The tendency of credit to advance prices, is doubtless correctly stated
by Mr. M ill; but we eannot admit that all credit “ accelerates consump­
tion, without demanding in return an equivalent production,” or that it
necessarily raises prices above their true level. The jobber or retailer
w h o distributes the goods of the importer merely gains time enough, by
credit to realize a portion of the proceeds from the consumer, and thus
supplement his own capital (if money is capital) ; but he creates no ficti­
tious demand for merchandise, and instead of increasing the supply of
available currency, his notes absorb currency when they are discounted,
and so tend to depreciate general prices, though the particular merchan­
dise purchased by him may be appreciated by his purchase. In the long
run, however, all these operations in the end neutralize each other, and
do harm only when carried to excess.— J. S. E.

SPECIE PAYMENTS.
BY C. H. C.

In view of the discussion which occupies public attention as to the
resumption of money payments, it may be instructive to consider whether
any legislation or any voluntary action of the public is likely to bring
it about.- I may as well say in advance that I do not think it is. Not
from impossibilities in the nature of the case ; but the structure of the
currency, the vast powers of self interest in the erection and support of
it through the banking system ; the overpowering debtor interest which
that system creates by its needless kiting of debt against debt, and the
hallucination in the public mind that price is value, so that a decline of




1868]

MONET AND CURRENCT.

273

general prices is supposed to be a decline o f general wealth, are all op.
posed to it. Debtors must be wronged by any contraction of currency
necessary to the resumption of specie payments, as creditors were wronged
by the expansion which caused the suspension, and debtors therefore resist
contraction.
There are those possible modes of public policy either of which would
restore the currency to the par o f money, and consequently restore money
payments, or the mixed system of interchangeable debt and money, to
which we have been accustomed. Neither of these, in my opinion, will
ever be adopted ; but there is a third mode of proceeding that comes of
itself, like the rejuvenation of nature in this latitude after a rugged
winter, to which we must look for relief, and in which it will be found.
When however, is not quite so certain as the return o f spring after a
hard winter.
O f the three possible and voluntary methods, the first is to stop the cur­
rency at its present volume, and accumulate capital to bring the promise
to the par of the gold dollar. I believe I have heretofore given my rea­
sons in this magazine for fixing upon $20 per capita as the normal sum o f
money demanded by the nopulation and capital of this country.
Population and wealth advance together, in the same ratio, because of
the natural law which peopled the earth up to the annual supply of the
means of maintenance, with slight and temporary exceptions in the violent
proceedings of society. In the United States this conformity is probably
less obstructed than anywhere else, and the ratio of increase is, approxi­
mately, 3|- per cent, per annum, simply compounding each decade.
Assuming the real money value of the property of the United States
to have been $16,000,000,000 in 1860, as stated in the census. The fol­
lowing tables will show its gradual accumulation, beginning with nothing
in 1770. O f the wealth existing at that time nothing remains excepting
the land, and some few old buildings, the natural appreciation of which
from the increase of population, and the cost o f cultivation, improve­
ments, and repairs, amount to more than it was worth then. Hence it is
fair to assume that the wealth of the nation has all been created since 1770.
It is remarked by John Stuart M ill that, “ The greater part, in value,
of the wealth now' existing in England has been produced by human
hands within the last twelve months.” The power of reproduction is not
less, proportionately, in the United States. But as, with population, every­
one who is born dies, so, with capital, every portion produced is consumed,
and accumulation results from reproduction. O f the wealth produced
each year all but about seven per cent in value is consumed the same
year, whether in peace or in war, leaving net gain on the whole, as shown
in the tables, of about 3£ per cent per annum.




3

274

[ October,

MONET AND CURRENCY.
R E C K O N IN G B Y

DECADES FRO M

1110.

Bate.

Inhabitants.

Accumulation.

1 8 2 0 .......................................

3,000,0'0
3,929,827
5,‘205,937
7,239,814
9,638,191
12,866,020
17,069,463
23,191,876
3 i,44 3,322

$422,221,869
553,085,646
746,759,996
1,018,934,728
1,356,483,402
l,8l!',769,580
2,402,362,610
8,264,036,218
4,425,317,496

1180 ... ..........................
1790.................................
1800.................................
1810.................................

1830..................................
1840..................................
1850..................................
1860..................................
Differential fractions.

5

$ 16,000,000,000
1850
Date.
1851 ...............................
1852 ..............................
1853 ...............................
1854 ..............................
1855 ............ .................
1856 .................. ...........
1857 ..............................
1858 ..............................
1859 ...............................
1860 ...............................
Differential fractions.

to

1860.

Inhabitants.

Accumulation.

24,250,000
24,600,000
25,000,000
25,750,000
26,600,000
27,400,OoO
28,5 00,"00
29,600,000
30 385,000
31,443,322

$392,765,566
896,814,696
404,912,955
417,080,344
429,207,732
443,784,599
461,600,769
477,79 ,287
492,131,206
609,272,337
$4,425,347,496

For the inhabitants in the latter table I adopt a formula from the Trea­
sury Department. On this scale of increase which for easy reckoning
we may call 3J per cent per annum, we have gained 8,800,000 inhabit­
ants since 1860, and have now, in round numbers, a population of
40,000,000, and wealth in real money value $20,000,000, demanding
money for its circulating medium to one twenty-fifth of its amount, or 800
millions of dollars. Less than this of circulating capital in gold and silver
we could not have, as money, if the paper folly that we call money were
removed from its path, and more we could not retain without an equiva­
lent increase of other capital.
But the currency of this country, embracing bank demand deposits
and balances that would be money under a metallic system of equal
volume, amounted at this time to not less than 1,400 millions o f dollars,
being 600 millions more than the sum o f money we can hold unless in
absolute hoards.
Hence, by the rule of three, as 14:8::1: 57-100. The currency dollar
of to-day, has the average power as a circulating medium o f 57 cents
o f m oney; or, what comes to the same thing, our general or average
prices are advanced 75 per cent above the true money value, at which
they stood in the census year 1860. The problem is to raise the power
of this depreciated currency 43 cents in the dollar, an increase o f capital;




1868]

MONEY AND CURRENCY.

275

in other words, to reduce general prices from 175 to 100, or from 100 to
57, which is the same thing, without contracting the currency. This could
be effected in about twenty-one years by an average increase of capital,
yearly, of 3|- per cent. Thu3, suppose corn to be one dollar per bushel
to-day, and we make an exponent of that commodity for our reckoning :—
1868 ................ ...............................................
1869 ................................................................
1870 .................................................................
1880.......................................... ........................

100 bushels $100 or $1 00 per
103i
“
100 or
96-69
107
“
100 or
93-46
1781
“
100 or
57-64

bushel.
“
“
“

In the latter part of 1889 we should have 175 bushels for $100, the
price per bushel being 57 cents; and commodities in general and services
would increase in quantity and fall in prices accordingly. That is to say,
we should have thirty-five thousand millions o f property, in real money
value, to be measured in price by fourteen hundred millions of currency,
being an increase in the total wealth of the country o f 75 per cent, and
a fall in price of 43 per cent, when our currency would be at par with
the gold dollar, and money payments would resume themselves.
It is simply ridiculous to suppose that our people would submit to any
such lingering process as this, or that production and trade could proceed
under it. They are always and immediately checked by a general fall of
prices.
As population and capital accumulate a fraction more than 3-J- per cent
per annum, and compound each decade, we should by this process reach
the par of money with our currency, and money payments accordingly, in
rather less than nineteen years; but this does not help the case materially.
It might as well be a thousand years, as ten or five, of a lingering fall of
prices. N o such nonesense will be endured voluntarily by the laziest man
of common sense among us.
The second plan I propose to consider is to contract the currency legally
and gradually, as proposed by most o f our financial writers. Suppose
we try the effect o f a contraction o f 100 millions a year. This would
cause a fall of prices, first as 14 to 13, then as 13 to 12, then as 12 to 11,
and so on, exceeding by a fraction o f nine per cent per annum for four
years, and compounded with the usual increase of capital, which we have
discussed above, it would make the fall of general prices 11 per cent per
annum for four years, or 44 per cent altogether in that time. As we
need but a fall of 43 per cent, this would bring us to a par currency and
and money payments within the four years.
But this also is too long suffering and too much of it. A ny man of
good business knowledge may see this at a glance. N o such business
can be done in this country.




276

MONET AND CURRENCY.

LOctober,

The third proposition to which I ask attention is to support two cur­
rencies, separately, for a term of years as short as may be possible, one of
gold and one o f paper; but the government must make the paper and
control the whole debt currency rigidly and entirely. It must buy the
interest paying public debt for new greenbacks as fast and as far as the
bank notes and demand deposit, uncovered by the reserves, can be sup­
pressed, so that the paper currency may be kept full to enable the banks
and individuals to discharge their paper obligations with paper at paper
prices, and make subsequent contracts for gold. But this power to issue
new gieenbacks should be in the hands of commissioners to be exercised
only to make good the sum of bank currency withdrawn, and prevent a
great and sudden fall of paper prices and a financial crisis. Great firm­
ness, integrity and discretion would be indispensable in the exercise of this
power.
If five years for example were granted for the circulaiion o f the paper,
it might ami should be left free as a medium of exchange for all purposes
according to the desire and agreement o f parties during that period. But
the funding system would remain, and it is my belief that the tendency to
depreciation of the paper, in the divergence o f prices from the gold stand­
ard, although modified and restrained by the funding, would be such as
to cause the whole to be funded voluntarily during the five years, leaving
us at the close of that period a pure metallic currency.
Any possible
balance then outstanding should be coercively consigned to the funding
process. This would leave the banks free to borrow and lend capita],
though the instrumentality of money, without limit, and judging from the
operations of well conducted trust companies, they would soon carry their
loans to twenty times the amount of their stock capital, since they would
be unembarrassed by fictitious credit in their demand liabilities. This
fictitious credit in discounting debt out of itself into so-called “ deposits,”
and not out of the pre-exist.ng currency cripples their loans, on the aver­
age, to less than two-thirds over and above their capital stock under specie
payments. What trifling business is this compared with what they might
do for the benefit of themselves, and the public with an unadulterated
currency 1 Legislation would be necessary in this case to protect old con­
tracts existing prior to the suspension in 1861-2.
Objection has been made to this plan, that two currencies of unequal
cost and value will not circulate together ; the less will drive out the more
valuable one ; which is true if the two are interchangable, but not other­
wise.
W e have the two currencies now, unsupported by law, but supported
by public opinion and integrity in spite of the law, that is, in spite o f the
paper tender a;t. California ignores that act entirely, employs money,




1868]

MONET AND CURRENOT.

277

not debt, for her currency, and buys and sells the greenbacks as she buys
and sells other public securities, for their marketable price in money. And
our merchants continually traffic for gold in exchange for their merchan­
dise, especially for imported invoices, relying upon the integrity o f the
debtors. 1 am not aware that any one has been base enough to tender
greenbacks for gold in discharge of a gold contract. H e could do it with
impunity in law, but not in public opinion. But we want to get rid of
this legal inequity, which so far as it has any real power, supports rogues
against honest men, encourages debt, and the absence of capital, the thing
upon which all business depends, by driving capital in money out of the
country, through an abnormal depreciation o f its value in the high prices
we pay for imports. It is opposed to all true progress in commerce and
national finance.
The great obstacle to this plan of a double currency, or of two curren­
cies, is the huge power of fictitious credit in the banking system, which,
as I have said, cripples the loans of the banks and their usefulness, and,
in my opinion, ultimately, their profits also. But they believe in it, the
people believe in it, and it seems useless to argue that we cannot have the
value or the use of money at home and send it abroad at the same time,
or have our cake and eat it too, which is what the so called credit system
attempts to do through the circulation of bank debt in the place o f money,
and pretends to accomplish.
W hile this dilusion continues, although we might, by the use of two
currencies for a time, slide easily from the paper currency with its false
prices, to a metallic currency with its true prices, and avoid financial
cris:s, we shall not do it. Moreover we are likely to have a decision of
the Supreme Court adverse to the constitutionality of the paper tender
act, which may embarrass the greenback circulation, or remove it altogether.
I imagine that circulation might be continued without the legal tender
attribute, for the purpose of withdrawing the bank currency, with a sav­
ing to the public o f the interest paid to the banks on their circulation,
and on their fictitious deposits a lso; but Congress and the people are not
up to this idea and, therefore, any third plan o f restoring specie payments,
and without a crash of bankruptcy the only one must also be set aside,
for the present as impracticable.
The fourth and last plan is the old one that comes like the Ghost in
Hamlet, as the consequence of evil-doing.
W e have become familiar
with, if not fond of it. “ Art thou there true-penny ?” Sponge the slate
with bankruptcy. This is the old remedy, and the only practicable one,
since our people will not tolerate any other, nor take warning from their re­
peated sufferings to prevent the evil which renders the remedy necessary
and inevitable.




278

MONEY A N D CURRENCY.

[October,

Undoubtedly this event will be exhibited in due time by the failure in
legal tender reserves of some o f the large National Banks, or of some
other expanded financial institution bearing the same relation to the banks
as did the Ohio Life and Trust .Company in 1857, the lesson of which may
be read in a child’s row o f blocks, when one tumbler knocks down the
whole line. There is nothing in the system to prevent the failure of the
banks in greenbacks, as they have already failed in gold. They have the
same temptation to expand and depreciate the currency for the gain of
their stockholders, and they are proceeding, as before, in discounting debt
out of itself into new “ deposits,” and not out of pre-existiDg deposits or
currency of any sort. O f course the end is certain, but how near no one
can tell.
O f all possible blunders in public economy, that of expanding currency
as suck, in relation to capital, is the most inexcusable and wrong headed,
because of the self-evident truth of' the proposition that the nation or the
community having the least currency in proportion to capital has the
most valuable money, and thereby, to the extent and power of its capital,
the control of the commerce of all others. And without the expansion
there can be no contraction. Mining gold is producing capital, and gold
is money, or currency, to which there can be no objection, as any excess
of gold is exportable ; but there is no exporting an excess of paper “ money.’’
While money is the common instrument of the world’s commerce, by
simply letting it alone we can maintain its value at its highest power, and
take the lead of the European nations in commercial enterprise, because
they do not let it alone. Every one o f them, with the unimportant
exception, I think, o f Switzerland, tamper with money by adulterating its
currency with paper. But we have outdone them all in the folly until
we are steeped in debt for money and money value that have no existence,
under the strange delusion that the medium of exchange is the only
attribute of money, and that capital wealth and the power of payment are
not indispensable elements of nature. W e lend our capital on a mass of
public and corporate debt as a medium o f exchange, shut our eyes to the
fact of the absence o f so much capital, and so much means of doing busi­
ness, and call ourselves paid.
With this degraded currency in band, if the mission o f the Chinese
Embassy, and the aims of the Pacific Railroad Company have any signifi­
cance, we are about to suffer ourselves to be plucked, in our central posi­
tion, by a vastly extended commerce on both sides of the Continent.
China and Japan, especially, will sell us their luxuries and knick-knacks in
enormous quantities at our high gold prices, that is to say, at the low
artificial value we put upon gold, and carry away solid money as the
cheapest thing we can sell them in return. A t the present writing our




1868]

THE SPANISH REVOLUTION.

279

general prices are as 175 of currency to 100 o f money value, whereas,
because of its non-usage as the common circulating medium, we are selling
100 of gold for 144 o f currency. There is nothing, I think, that we are
selling so cheap.
Having in prospect a vast increase of our commerce with the Eastern
nations, who maintain by their industry and their exclusively metallic
system the highest value o f money, there never was an hour when a pro­
phet in political economy was so needed in this country as now.
Except by and through general bankruptcy we shall not bring about
specie payments, unless we can by law or sufferance circulate two curren­
cies long enough to cure the disease of depreciation, as “ like is cured by
like” in liomcepathy. On this principle we must offset the debt currency
against the needless public and private debt which is its counterpoise, and
extinguish them both together. This we can do without a crisis; but
woe unto debtors including the Government, and especially the adminis­
tration of the time, if the government ever-undertakes to experiment in
any other way upon the financial system of the nation.

THE SPANISH REVOLUTION.
It results from what we may call the “ geographical distribution ” of
the existing outbreak in Spain, that the rest of the world is even more
than commonly unlikely to get at the truth about the progress o f events
in that country.
The insurrection in northeastern Spain, for instance, appears to have
broken out along a line extending from Santona on the Bay o f Biscay,
a little east o f the well-known port o f Santander, to Saragossa on the Ebro.
B y its control o f this line the revolution succeeded not only in cutting
off the queen, who was at San Sebastian near the French frontier, in
the northeast from her capital, but also in putting itself into a position
which enabled it to cut the most important telegraphic communica­
tions o f the kingdom with France and the rest o f Europe. Madrid
remaining loyal to the queen, couriers from that city could only reach
the queen at San Sebastian b y making their way through a region
occupied by the insurrectionists, and whatever intelligence, therefore, o f
a kind favorable to the cause o f Queen Isabella Paris receives from
San Sebastian, must necessarily be taken with large deductions.
In southwestern Spain the capture o f the great and important city
o f Cadiz, through the defection to the revolutionary cause o f a part of
the royal Spanish navy, while it enabled General Prim and his coadjuators to organize a movement against the capital b y way o f Cordova,




280

THE SPANISH REVOLUTION.

[ October,

also gave them facilities for throwing out flying connections wiih the
insurgents in the northeast around Saragossa, and for cutting the tele­
graphic communications o f Madrid with Alicante, Valencia, Barcelona and
other points on the Mediterranean coast which do not seem at first to
have been favorably disposed to the new movement. W e are there­
fore, as little likely to get at positively trustworthy intelligence by
way o f the Mediterranean and o f Marseilles, either in the interest o f the
queen or o f the insurgents, as by way o f the Bay o f Biscay, the P y r­
enees and Bayonne.
Out o f the chaos o f contradictions and exciting stories which have
reached us up to this time this much, at least, however, would appear
to be certain, and to be depended upon, that the intollerable system
o f political repression set on foot in Spain two years ago by Marshal
Narvaez, and persevered in since his death b y Queen Isabella and her new
Moderado, Premier Gonzalez Bravo, has revived throughout the kingdom
all the elements o f hostility to the Bourbon dynasty. This dynasty,
which was originally given to Spain by France in the last century, and
which after acquiring a spurious sort o f evanescent popularity by its
identification during the Peninsular war with the cause o f Spanish
neutrality against Bonaparte, made haste to throw this popularity away
agam after the victory o f the H oly Alliance, by accepting the militaiy
aid ol Louis X V III to put down Riego and the Spanish liberals. Ever
since the French invasion o f 1823 it has been certain that nothing
but the adoption by the Spanish Bourbons o f such a political system as
should identify them with the moderate liberal development of Spanish
institutions, could possibly give them a permanent hold upon the Spanish
sceptre. Had Ferdinand VII, or his daughter, Isabella II, possessed
anything o f the qualities which enabled the Sardinian monarchs o f
the House o f Savoy, to perceive and to put themselves into sympathy
with the main drift o f ideas and o f events in Europe, the Bourbon
dynasty in Spain might have become what the House o f Savoy has
ecome in Italy the symbol around which the great mass o f intelligent
men, anxious for the progress, but not less anxious also for the peace o f
their country, have rallied themselves to secure a reign of liberty pro­
tected at once and eontroled by law.
F or, although it be time, that the bulk of the Spanish people are
greatly in the rear o f the populations o f France or Germany in what
we call the “ modern march o f mind,” it is also true, that there exists
in Spain a large but steadily increasing class of citizens who have kept
a live or brought to life again, (it matters little which) the ancient
Spanish ideas o f commercial independence and personal rights. These
men are mostly to be found in the cities and towns engaged in the pur­




1868]

THE SPANISH REVOLUTION.

281

suits o f trade and commerce, or in the practice of the learned p r o ­
fessions. They are naturally conservative, cautious rather than extreme,
and wisely fearful o f the effect upon the mind o f the masses just beneath
them o f a sudden and violent change from their passionate faith in
Church and Queen to an equally passionate contempt o f Church and
Queen.
This class o f citizens it is, all-important as they have been tor years to
the very existence o f such a thing as a Bourbon dynasty in Spain, that
the Moderados and the queen have of late bent all their energies to
alienate and to exasperate. W hat we now hear from the Peninsula
would seem to show that this ill-omened policy is at last triumphant.
The ultra-radical revolutionists of Spain, those who make up the
strength of such inveterate conspirators as General Prim, have long
been kept back from the fruition o f their fiery hopes by the patience,
forbearance and willingness to avoid a decisive and desperate crash
o f the reformatory but anti-revolutionary party. When it was
announced some weeks ago that Gonzalez Bravo was about to retire
from the ministry in favor Marshal Concha, Marquis o f Havana, a
trusted leader o f the conservative constitutionalists, the extreme rad­
icals seem to have lelt that this was a thing to be prevented at all haz­
ards by striking a blow before it could be consummated, and its
pacifying influence on the public sentiment be felt. In this feature of
the situation resides, we think, the only hope for the Bourbon dynasty.
Such a rising as we now see in Spain, had it been made a month ago,
against the government o f Gonzalez Bravo must in all probability have
carried everything before it. It is made now against the government
o f a man, the Marquis o f Havana, who has the confidence of the conserv­
ative constitutionalists in a much greater degree certainly than General
Prim . This fact may check the disposition o f the intelligent classes
to lend their support to the movement.
This however, can only be
the case i f the Marquis o f Havana succeeds in compelling the Queen
to give real and substantial guarantees to the country o f a radical and
enduring change in the system o f her government. Can such guaran­
tees be given by Isabella I11 That is a question partly o f family trad­
ition and partly o f personal character, and it must be confessed that
a Spanish reformer who should now put faith in the promises o f the
daughter o f Ferdinand YII would deserve either to be canonized for his
spirit o f forgiveness, or to be ducked to death for a dunce.
The repeated offer o f the Queen to resign in favor o f her son, on con­
dition o f her being appointed Regent o f Spain is o f course too absurd
to be entertained. It would amount practically to a prolongation o f
her own reign for seven years, as the Prince of the Asturias, Don




282

PROSPECTS OF THE GRAIN TRADE.

[O c fo J e r ,

Alfonso, having been born in 1857, and being now consequently eleven
years o f age, would attain his princely maturity o f eighteen in the year
1875.
Should the armed revolution succeed in driving the Marquis o f
Havana to the wall, the attention o f the world will be promptly trans.
ferred from Spain to France. It would be impossible for Napoleon III,
even were he not the husband o f a Spanish Empress who dotes upon
meddling with Spanish affairs, to refrain from exercising a very clear
and decisive influence upon so grave a matter as a change o f dynasty,
and perhaps o f governmental forms in Spain. The compromise which
in other circumstances might have been the most natural result o f
French counsels or French pressure, the substitution remedy o f the
Queen’s sister and o f her husband, the Duke o f Montpensier, for Isabella
and Don Francisco de Asis, is made impracticable now b y the fact that
the Duke o f Montpensier is a Prince of the House cl Orleans. Napo­
leon III cannot rationally be expected to aid in putting such a personage
upon the throne o f a country like Spain, though there is good reason
to believe that he was at one time quite willing to see him transplanted
to an imperial throne in Mexico.
This complication o f the dynastic interests o f the Bonapartes with
the necessities and opportunities o f the Spanish people is, perhaps, from
a world-wide point o f view, the most interesting feature o f the present
situation in Spain. Unhappily it is also one o f the most alarming
features o f that situation. And it is b y no means impossible, though as
yet in nowise probable, that the outbreak may prove the means o f
plunging Europe in that warlike confusion and chaos which all men
have been, for months past, vaguely and feverishly anticipating.

PROSPECTS OF THE GRAIN TRADE.
There appears to be a very general feeling o f hesitation in all the
great grain markets of the world. This is certainly the ease with our own
merchants, and for very obvious reasons. The condition o f the supply
has been materially changed b y the harvest, while the stocks left over
at the close o f the crop year are generally larger than a year a g o ; hence
there is naturally a disposition to postpone extensive transactions until
the probabilities o f the new supply from the principal sources are more
definitely understood. Dealers are gradually becoming settled in their
estimates o f the prospect, and we may consequently anticipate increased
activity at an early day.
The Western merchants have shown con­
siderable confidence in their purchases, and the accumulation o f grain at




283

PROSPECTS OF TEE GRAIN TRADE.

«■)»“ trade centres o f that section is, therefore, unusually large.
The re­
ceipts o f flour and grain at the five lake ports, from August 1 to Sep­
tember 12, compare as follows with those for the same period o f last
year:
Flour, bbls
........................ ......................................
Alll kinds o f grain, "bush............................................

1868.
674,228
20,148,253

1867.
575,945
16,618,639

In c.
Inc.

98,283
3,529,614

The recent arrivals o f grain at the W estern ports are thus about 25
per cent above those o f last year. Below we give a comparison o f the
receipts o f wheat and flour at the same ports from August 1 to Septem­
ber 19, for four years:
1869.
Flour ...................................................... b b ls . 832,513
W h e a t .................................................... bush. 9,122,903

1867.
722,055
8,501,945

1866.
518,028
4,354,473

1865.
580.909
4,836,202

This shows an increase over last year of about 600,000 bushels o f
wheat and 100,000 barrels of flour, and is confirmatory o f the increased
estimates made o f the crop. The receipts during the same period at St.
Louis have also been largely in excess o f last season. The shipments east­
ward, however, have not kept pace with the arrivals, and hence stocks
have accumulated, the wheat in store at Chicago and Milwaukee com­
bined being, at latest reports, 732,000 bushels, against 507,000 bushels
at the same time o f 1867 and 430,000 bushels in 1866. The exports o f
flour at the five principal lake ports from Aug. 1 to Sept. 12 have been
406,600 bbls. against 378,700 bbls. in 1867 ; but the exports of all kinds
o f grain, for the same period, are 5,092,700 bushels less than last year.
The following statement shows the details o f the export movement.
EXPORTS

OF

FLOUR

AND

G R A IN

FROM

TH E

F IV E

P R IN C IP A L

LAKE

PORTS FROM

AUG.

1

TO S U P T . 1 2 .

1868.
406,600

1867
378,700

W heat
.............bush. 4,683,900
C o m ....................... “ . 7 006,800

4,360.600
7,767,700

F lour.........................b bls.

1868.
I>ats....................... bush. 3,663,400
Barley.................... “ .
20,400

1867.
2,721,706
433,800

T o t a l... ............buh,13,2S6,800

18,379,500

A considerable amount o f grain has reached Buffalo; but a material
portion o f the arrivals rest there, the result being that the stock o f wheat
on the 14th mst. was 265,000 bushels against 70,000 bushels at the same
date o f 1867, and the stock o f all kinds of grain was 1,546,000 bushels,
against 954,000 bushels at the same period last year. A t New York, the
receipts o f flour and wheat, from the beginning o f August to the 18th
o f September, fall materially below those for the same period o f last year,
as will appear from the following comparison :
F lo u r ....
W h e a t..
C o r a ....

1867.
. .bbls.
501,230
.bush. 1,275,S35
. “ . 5,133,336




1868. I
1867.
548,590 |R y e ...................
bush. 64,910
1,662,875 I Barley, & c................... “ . 279,485
4,839,930 | OatB ......................... “ . 2,281,595

1863.
76,860
60,965
1,167,775

[ October,

PROSPECTS OP THE GRAIN TRADE.

284

But, although the arrivals are thus deficient, the stock in store at
New York is nearly double that at the same time last year, due princi­
pally, however, to the large increase o f corn in store, as will appear from
the following comparison:
STO C K S

Sept 21,
lt’68.

W heat ..
C o r n .... . . .
O a t s ....
R ye . . .
Barley ..

...

44 . 2,143,507

O F G R A IN

Sept. 16
1867.
242,020
1,165,196
246,294
18,981
9,705

AT

NEW

Malt.........
P eas........
;
j

Total

YORK.

bash.
4* .

Sept. 21,
1868.
100.555
37,429

41 . 3,047,752

Sept. 16,
1S67.
10,720
55,477
1,743,393

Thus far, then, we have every indication o f an abundant surplus for
export. H ow far the forwarding o f supplies to the seaboard may be
delayed b y a disagreement between New York and Chicago, is a matter
to be determined by the even t; and yet one which may have a certain
influence upon the course o f prices. The amount of grain to b# shipped
will be very largely in excess of last year. During the year ending
August 31, 1868, the total exports o f wheat and flour from the country
was equivalent to about 23,000,000 bushels ; while, this year, the export­
able surplus is estimated at about 40,000,000 bushels. A s to corn, our
exportable sur plus must also be unusually large, as we have a very
considerable stock o f last years growth left over, and the crop now beign
harvested will, we believe, be largely in excess o f any previous year.
W hat prices we may realise for our surplus o f grain depends prin­
cipally upon the course of the foreign markets and supply, conditions
upon which it is very difficult to form a definite opinion. It is now
a settled question that Great Britain has an unusually large wheat crop ;
but it is equally certain that her other grain crops are deficient, and
that her root and herbage crops have so suffered from drouth as to set off
in great part the gain upon the wheat crop. Stocks of grain in that
country at the out-ports do not appear to have materially increased dur­
ing the past year, while, owing to the early harvest, a considerable
portion o f the new crop has been already marketed. These considera­
tions are inducing a somewhat general opinion abroad that prices o f
wheat in England have touched their lowest point. Lately there appears
to have been a decrease o f shipments to the ports o f Great Britain,
based upon the supposition in European wheat growing countries that
the decline o f 20s. per quarter was extreme, and would be succeeded
by a reaction, which it would De well to encourage by temporarily
checking supplies. There seems to be no reason for doubting that the
surplus supply o f the European grain countries will be at least equal to
that o f last year. Late accounts take it for granted that France has
all the grain she will require, aDd a surplus for export, in lieu o f her




1808]

LOUISVILLE, CINCINNATI AND LEXINGTON RR.

285

being a large importer last year. A s to the supply likely to be sent from
Germany, Russia and Turkey, advices are not yet very definite; there
is nothing, however, to suggest an expectation that there will be any fall­
ing off from last year. The London Shipping Gazette, o f the 9th inst.,
remarks : “ The growth o f wheat in Germany is fully equal to last sea­
son, and we believe that the yield in Russia, especially in the South,
is a good average. The Baltic and Black Sea shipments are likely to
be large, but they will be required for consum ption/’
Upon the whole, then, it would appear likely that the world’s supply
o f wheat from the past harvest will be fu'ly adequate to its consump­
tion, and may leave a fair surplus for addition to stocks, which, in the
event o f abundant harvests in 1869, would lay the basis for a return
next year to about average p rice s; that the corn market is likely to
experience an earlier approach to the old level, unless the wants o f
Great Britain prove more pressing than now appears probable.

LOUISVILLE, CINCINNATI AND LEXINGTON RAILROADS.
The Louisville, Cincinnati and Lexington Railroads, as now existing and
being operated, comprise the two railroads, which together extend from
Louisville to Lexington, Ky., as follows:— Louisville and Frankfort Rail­
road, Louisville, Ky., to Frankfort, Ky., 65 miles ; Lexington and Frank­
fort Railroad, Frankfort, Ky., to Lexington, Ky., 29 miles, making a total
length o f 94 miles, on which there are 8.8 miles sideings.
So long ago as 1859 (March 30) the two companies owning these
properties entered into an agreement whereby it was provided that the
whole road between Louisville and Lexington should be run as one line
under the control of an Executive Committee of six persons, tour of whom
should be chosen by the Directors of the Louisville Company, and two
by the Directors of the Lexington Company ; and it was further provided
that the receipts and expenditures should be apportioned between the two
companies in the ratio of the length o f their several roads.
A n Act of the Kentucky Legislature, approved February 2, 1866,
authorized the united company “ to construct a branch railroad from
some point on the line of their railroads above Lagrange to the Ohio
River at or near Covington or Newport.” In order to raise money to
build this branch the two companies were authorized to is-ue and sell
their joint bonds to an extent not exceeding $3,000,000, and to secure
payment of the same, principal and interest, by a deed of trust upon
their railroads and branch railroads. The same A ct also authorized the
Louisville company to increase their capital by $700,000, and the Lex.
ington company their capital by $300,000 ; and the two companies to be




\

286

L O 0 i s v iL L E , C i n c i n n a t i

and

l e x in q t o n

r r

.

[

October,

the joint owners o f the Cincinnati Branch Railroad (so called) in the
proportion fixed by their operating agreement, the entire manage ment
and control of the branch being vested in the Executive Committee.
On the 19th January, 1867, a supplemental A ct was passed providing
that the two companies in their united capacity should be known as the
Louisville, Cincinnati and Lexington Railroads, and by that name be as
one in all matters touching their joint business and undertakings. This
A ct also provided that the additional stock authorized by the Act of 1866,
instead of being issued as the stock of the separate companies, might be
issued as the joint stock o f the two companies, upon which dividends might
be guaranteed to an extent not exceeding 10 per centum pei annum.
It thus appears that while each company retains its separate organization,
the two companies under the firm o f the Louisville, Cincinnati and
Lexington Railroads, are partners in operating the railroad between
Louisville and Lexington, and joint owners of the Cincinnati Branch to be
built with moneys raised on their joint credit. It is easy to see that this
organization is cumbrous, and would be greatly simplified by a consol­
idation of stocks. A s yet this has not been practicable, from the fact that
there has always been a material difference in the market value of the
stocks respectively. The difficulty will most likely disappear with the
extinguishment o f theseparate debts of the companies, and the two
interests will then probably give place to one of simpler form.
On the 1st of January, 1867, a deed of trust was executed conveying
all the property and franchises then held or thereafter to be acquired by
the joint companies or either o f them, in trust, to secure the payment of
the principal and interest o f 3,000 bonds o f 81,000 each. These bonds
have thirty years to run from date, and will be due in 1897. On the 11th
of January, same year, the Branch was finally located, and on the 19th of
February the grading and masonry were put under contract. The work
has since then been steadily prosecuted, and is now approaching comple­
tion. In August last about 20 miles o f track had been laid, and the
chief engineer is confident that the whole road (81 miles) will be ready
for operations by January 1, 1869, or shortly thereafter. The estimated
cost of the work is about 83,500,000. The completion o f this road will
place Louisville in direct connection with Cincinnati on a line of 107
miles. The present distance by railroad is 137 miles.
The reports of the Executive Committee for the fiscal years ending June
30, 1867 and 1868, furnish full statements of the condition and operations
of the Louisville-Lexington line o f road for those years. From these we
have compiled the following abstracts, exhibiting accounts of the amount
o f rolling and carrying power in use, the results of operations in each
year, and the financial condition o f the joint interest at the close of each
year.




LOUISVILLE, CINCINNATI AND LEXINGTON RR.

1868]

287

The stock o f engines and cars was the same in amount for both years.
There were 14 locomotives on the line, and 238 cars. Of the latter, 13
were passenger cars, 5 baggage cars and 149 freight and stock cars; also
38 ballast, 32 hand and 1 boarding cars. Twelve locomotives are being
built for the branch line. The performance o f the engines and cars was
as follow s:
1866-67.
248,321
494,207
941,954
43:28c.
4:79c.
1:95c.

Miles run by lo c o m o tiv e s ................
Miles run by passenger c r s .............
Miles run by freight c a r s ...................
Cost per m ile run by locom otives ..
Cost per m i e run by passanger cars
Cost per m ile run by freight cars

1867-68.
244,034
547,212
973,172
33:15c.
3:05c.
1:88c.

The passenger and freight traffic over the line in the same years was
as follow s:
Number o f passengers carried.................................................................
Equivalent passengers carried one m il e ......................... ...................
Average distances traveled by passengers............................................
M iles run by passenger train s..................................................................
Earnings per passenger carried one m i l e ..............................................
Earnings per mile run by passenger tra in s ..........................................
T ons o f fre ?ht hauled................................................................................
Equivalent tons hauled one m ile ...........................................................
Average distance hauled...........................................................................
M iles run by freight tra in s .......................................................................
Earnings per ton hauled one m ile . . . ...................................................
Earnings per mile run by freight trains.................................................

1866-67.
279,466
7,157,723
25.61 m.
136,5*9
3:96c.
224:20c.
64.432
3,852,323
59.78 m.
67,968
5:25c.
297:42c.

1867-68.
328,803
7,078,999
21.53 m.
137,839
3:92c.
219:49c.
68,510
3,181,380
46.44 m .
63,604
5:o8c.
294:40c.

The gross earnings in the two years as above are shown in the following
statement:
1P66-67.
Passenger e a rn in g s .............................................................................. $283,812 64
Freight
“
202,137 91
Express
“
12,881 65
Mail
“
9,400 00
Telegraph
“
1,249 74
Miscellaneous “
....................................................
....................
837 07
Total gross

e a r n i D g s ..............................................................................................$ 5 7 0 ,3 1 9 0 2

1867-68.
$277,702 59
187,247 72
15,437 14
9,400 00
1,111 27
2,320 19
$ 4 9 3 ,2 1 8 9 3

The cost of operating was—
Transportation...................................................................................
M otive p ow er..............
Maintenance o f w a y ................................
Maintenance o f cars...................................
General exp en ses..................................................................................

$83,222
98,585
122,901
41,415
10,976

14
62
88
68
58

$71,610 54
77,641 95
139,566 41
33,977 50
13,175 47

Total operating exp en ses............................................................ $357,101 90

$3:35,971 87

N et earnings.............................................................................$153,217 12

$157,247 06

T he

follow in g

table, co m p ile d

from

the annual reports, show s the

results o f operations for a series o f ten years :
--------— Gross earniDgs.------------- , CnrN et
Earnings
E xFiscal
Passenrent ex- earnper m ile —.penses
years.
eers. Freight. Other. Total, penses. ings. Gross. Net.
p. c.
]858-59............................... $101,771 $186,381 $10,078 $388,733 $2:0,147 $178,601 $4,130 $1,894 64.12
185960 ......................... 212,134 165,982 12,261 390,377 211,234 179,143 4,153 1,906 54.11
186061......................... 153,897 181,304 19,654 354,855 212,908 141,947 3.775 1,510 59.99
186162 ..........................
97,77614i,439 19,022 258,237 169,022
89,215 2,747
949 65.45
1862-63....... ..................... 101,899 201,132 19,198 322 229 183,272 133,957 3,428 1,425 58.43
186364......................... 142,928 277,242 19,170 439,340 234,609 204,731 4,674 2,178 53.40
186465 ......................... 374,985 204,746 29,794 609,525 411,186 198,339 6,484 2,110 67 46
186566 ......................... 374,492 165,308 21,002 562,802 403,690 169,106 5,987 1,693 71.73
186667 ......................... 283,813 202,138 24,368 510,319 357,102 153,217 5,429 1,930 70.00
1867 68 ............................... 277,703 1S7,248 28,268 493,219 335,972 157,247 5,246 1,673 68.12
A verage........................... 221,110 191,292 20,482 432,914 273,414 159,500 4,605 1,697 63.11




LOUISVILLE, CINCINNATI AND LEXINGTON RR.

288

[ O c to b e r ,

The income account for the years ending June 3 0,1866 and 1867,
compare as follows:
1867.
Balance on hand Ju'y 1, v i z .:
Stock o f supplies...........................
Raid to (Jin innati Branch Fund
C sh on ha d ........................ ...
Gross e rn ngs......................................

$101,314 39
13,326 49
510,319 02

1868.
$54,929
26,0.14
15.446
493,218

15
59
48
93

$624,959 90

$589,689 15

Operating exp en ses...............................................
Louisv. & b' nR. on account o f net earnings ..
L ex & . R R .
“
Two
p. c. dividends on preferred s to c k ...
Baianct- to credit side o f general account, v iz .:
Cash on hand .. . ............................................
Raid o Cincinna i Branch F un d ...................
{Stuck o f buppiies on hand Jtu.e 30...............

$357,101 90
118,0 8 81
53,308 94‘

$335,971
103,838
45,700
8,900

15,446 48
2n,094 59
64,929 15

35,8*2 3S
59,456 08

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

$614,959 90

$589,689 15

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

Per contra : disbursed as follows :
87
73
00
00

The following is the general statement of receipts and expenses on
all accounts for the years ending June 30, 1867 and 1868 :
1867.
Stock o f supplies July 1, 1866. ......................................................... $114,64) 88
Transportation rt ceip ........................................................................... 510,819 02
D i-count ou 1 ans and interest on investm ents...............................
Sal s o f £ir-t raor g ge 6 per cent bonds due 1897........................... 833,000 00
Sa es o f prefer e t 9 per cant s t o c k ....................................................................
R e eive . from sundry persons oa amounts due..............................................
Decrease o f ca>h on h a n d ................................................................
J>ue r-undry individuals...........................................................................
16,680 78
Bills payable . . . . .................................................................................................
Total

$1,474,640 68

1868.

$........

493,218
40,358
1,283,000
162,4'3
13,255
203,828
107,449
4t9,314

93
53
00
76
25
75
58
62

$2,752,909 42

Per contra, the following charges :
Operating expenses............................................................................... $357 101 90
Cin innati branch.................................................................................. 143.648 83
Intere t on 1st mortgage b on d s.............................................. .........
17,576 17
D isc tint “
11
“
.......................................................... 124,950 00
Due from undry individu J s ................................................................
40,153 62
Real es a e ........................................ . ......................................................
19,750 00
Stock o f supplies on hand........................................ ........................
54,929 15
In c ea-e in supplies on hand......... ............................................................................
Dividend on preferred s to c k .....................................................................................
Louisvil e & Frankfort RR. Co., cash paid them.................... . —
84,880 04
Lex. & Frankfort RR, Co., cash paid them . ....................................
37,869 56
Cas on hand June 30............................................................................. 593,781 36
Total.

.$1,474,649 68

$335,97!
1,963,547
94,474
192,450

87
69
11
00

3,500 00
4,526
8,900
103,838
45,700

93
00
73
00

$2,752,9^9 42

The financial condition of the company, at the close of the last two
years ending June 30, 1867 and 1868, is shown in the following abstract
from the general account.
1867.
Preferred stock, 9 per cent..................................................................... $48,638 18
1st mortga e bonas, 6 per cent, due 1897.......................................... 833.000 00
11,000 93
Reservati ns on contracts....................................................................
) ‘lie other c- m pau ie-..............................................................................
226 85
Bills payable for rails, & c., due in 1, 2 and 3 y’ r s ............................
1,425 63
TJnpai cou pon s.......................................................................................
4,305 00
Unpaid d .v id e n 's ....................................................................................
...........
Due sundry in d iv id u a ls .....................................................................
1,148 00
Balance to credit o f income a ccou n t,...........................
96,470 22

1868.
$211,121 94
2,116,000 00
102,369 48
242 44
449,314 62
12,110 00
7,578 00
1,830 44
95,278 46

$996,214 81

$2,995,845 38

Total




THE COMMERCIAL RECUPERATION OF THE SOUTH.

289

Per contra, the follow ing charges :
Cincinnati Branch..................................................................................... $143,648 SS
D iscount on b onds.................................................................................. 124,950 00
Interest on b onds....................................................................................
17,576 17

$2,107,196 57
317,410 00
71,691 75

Total construction account ........................................ .............. $286,175 05
Due lioin other com panies...................................................................
600 78
Due from sundry individuals.................................................................
40,978 47
Real estate.................................................................................................
19,750 00
Stock o f supplies for current operations............................................
54,929 15
Cash on hand.................................................... ..................................... 593,781 36

$2,496,288 32

T ota l..............................................................................................

$996,214 81

26,893
23 250
59,456
3S9,952

37
00
03
61

$2,995,84£ 38

The financial condition o f the separate companies, jointly owners of
the Louisville, Cincinnati and Lexington Railroads, as exhibited in their
balance sheet of the 30th June, 1868, is shown in the following abstract:
Louisville &
Frankfort.
$1,108,594 40
282,519 50
4,538 21

185,179 59

L exington & T otal o f both
Frankfort. Companies.
$514,646 42 $1,623,24 ) 82
44.000 00
326,519 50
3,209 36
7,747 57
35,296 72
35,296 72
66,242 94
66,242 94
10.000 00
10,009 GO
8,266 97
193,446 56

$1,581,831 70

$681,662 41 $2,263,494 11

C onstruction............................................................ - . . . . $1,532,644 99
Real estate ........................................................................
33,235 10
Bills receivable.. . . . .............................................. .
1,932 33
Stocks and b on d s..............................................................
8 500 00
Cash and cash ite m s ................ .....................................
5,519 28

$644,265 37 $2,186,910 36
9,255 30
42,490 40
1*166 44
3,098 77
7,232 14
15,732 14
9,743 16
15,262 44

Capital s tock .............................
Funded d e b t ............................
Dividends due and un paid___
Renewal and contingent fun d,
>tock profits........................... .
Sinking fu n d .... ......................
Profit and lo ss ...........................
Total

Per contra, charges as follows:

$1,581,831 70

Total,

$681,662 41

$2,263,494 11

THE COMMERCIAL RECUPERATION OF THE SOUTH.
Rarely has war left a country in a condition more utterly disorganised
and devastated than that in which the South was found in the spring o f
1865. The most vigorous o f its white male population had been slain
or maimed ; its labor system was disorganised ; its plantations a barren
waste, through the lack of cultivation, or from the blighting march o f
armies ; its cities were desolate, and its ports destitute o f shipping; its
canals and its railroads were in a state o f comparative ruin; its capitalists
were bankrupt, and there was neither confidence nor credit to command
the use o f outside capital; stocks not only o f merchandise but even
o f the commodities essential to subsistence had become well nigh
exhausted; in short a condition o f more abject ruin has rarely been
witnessed in any country, and the case appeared all the more hopeless
from the fact o f one-third o f the whole population having but just passed
from a condition o f slavery to that o f almost helpless self-dependence.
T o compare this condition o f things with the present position o f the
South affords a striking evidence o f the inherent vitality o f that section.




4

290

THE COMMERCIAL RECUPERATION

OF THE SOUTH.

[

October,

The recuperation effected within three years, in the face o f political
derangement, and many other formidable obstacles, must be surprising
to those who have noted in history the tardiness with which nations
usually recover from the effects o f great w a's, Poverty, desolation and
bereavement appear to have roused that energy in the Anglo-Saxon
blood which gives the race under all conditions a superiority over circum­
stances, a n d an ability to rise above discouragements. The promptness
with which the South ignored the past, and gave itself to the work of
recovering its lost fortunes, augues well for its future prosperity. The
new status o f the negro has been accepted as an accomplished fact, and
a spirit o f fairness and consideration has been shown toward the freedmen beyond what might have been expected, the planter having admitted
them to a virtual copartnership in the results o f their joint enterprise.
W ithin three years after the actual emancipationof the slaves, we find
negro labor systematically organized, the colored population earning a
comfortable subsistence, and their labor yielding a remunerative return
to employers.
The labor system of the South under its new conditions, indeed,
promises to become a source o f progress which in a few years will com­
pensate the South for all the material disasters o f the war. Negro labor
is already proving to be cheaper under freedom than it was under slav­
ery ; and this fact foreshadows an early development o f industries in
that section which hitherto have barely existed. The peculiar physical
qualifications o f the negro for labor in hot climates, together with his
limited wants as compared with the white laborei, enable him to render
a given amount o f work for a lower compensation than will be accepted
by the wh'te workman ; nor does there appear to be any good reason for
supposing that the competition for colored labor will early modify its
cheapness.
It is easy to see how this fact is likely to conduce to the development
o f those industries which require muscle rather than skill in the laborer.
There is, for instance, a broad basis for a profitable iron trade, which is
already in course o f successful development. Iron ore o f excellent
quality exists in the South in abundance, and is easily obtainable on
prominent thoroughfares; while the requisites to its manufacture are
available at a very low cost. Charcoal can be produced there at 5
cents per bushel, while Northern manufacturers are at an expense o f
about 15 cents for the same material. Negro labor for mining and
reducing the ore can be procured at the rate o f 75 cents per day, or
about one third the wages paid in the North. Considering that charcoal
and labor are the main elements o f the cost o f producing iron, it is
evident that there is here an ample basis for successful competition with




18 6 8 ]

THE COMMERCIAL RECUPERATION OF THE SOUTH.

291

the iron trade c f other sections. N or has the South been slow to
discover the strength of its position in this respect, for even now they
have a number of furnaces in full blast producing profitably a superior
quality o f iron, which is readily sold in our markets. Their coal deposits
also afford similar inducements to that branch o f mining. The large
forests afford a foundation for the production o f lumber at a cost much
below that produced by white labor at the North. So long as the negro
population were under the absolute control o f a class devoted almost
wholly to planting and disinclined to manufacturing, colored labor was
practically unavailable for developing the resources o f the mine and the
forest; now, however, the negro is free to use his labor wherever it
may be most wanted; and there can be little doubt that capitalists
will be found ready to employ it largely in the development o f these
hitherto neglected resources.
The severe economy practiced b y all classes o f the South, since the
close o f the war, has already effected much in the way o f recuperation.
Every form o f personal and domestic expenditure has been cut down
to a point consistent with the lowest endurable degree o f comfort.
This curtailment has been necessary to provide the means o f cultiva­
tion and production ; and already so much has been effected through
such economy that, in spite o f the heavy losses on the cotton crop of
1867, the planters have been able to raise the crop o f this year almost
entirely upon their own means instead o f depending, as formerly, upon
the advances o f the factors. This achievement is important, not only
for the evidence it affords o f the vitality o f the planting interest and
the enlarged share o f profits it retains on the planters hands, but also
as establishing a condition of things which will render the cotton grower
much less dependent than formerly upon outside capital, and as fore­
shadowing the ultimate abolition o f the system o f credit upon which
the whole production and trade of the South has usually been con­
ducted. It may, we think, be regarded as a fact already demonstrated
by experience that free labor will be cheaper to the planter than that o f
the slave. The negroes, as a rule, even now work with much regularity,
and as the country becomes more settled politically, and the reward of
industry will, without doubt, stimulate them to render an amount o f
effort greatly in excess o f all former experience.
The recuperation in the transportation facilities o f the South has also
been far more rapid than might have been expected. This recovery
is due, to a considerable extent, to the assistance rendered b y the govern­
ment in furnishing rolling stock at the close o f the war, but mainly,
however, to the very necessities of the country which the rapid develop­
ment o f wealth are making apparent. A t the close o f the war the rail-




\

292

LABOR CONGRESSES A T HOME AND ABROAD.

\ O ctoler,

roads were ill a state o f utter dilapidation. The owners had no resources
for repairing them or supplying the required rolling stock. W ith a cer­
tain promise of an ultimate recovery o f traffic, the roads have been
bought up or leased in this condition on favorable terms, and placed in
fair running condition. The result has been a large improvement in
the traffic, and in many cases the resumption, o f stock dividends. It
appears from a return in our issue o f September 12, that 1,333 miles o f
road in Georgia earned, last year, 85,287 per mile gross, or 82,160
net, which is over 10 per cent net on the cost oi theroads, and that divi­
dends were paid to the stockholders ranging from 2-J to 10-per cent per
annum. This fact illustrates the rapid recovery o f the railroad interest.
Much, however, remains to be effected before the South can be con­
sidered in a sound and healthy condition. W h ile a large amount o f for­
merly cultivated land remains waste and plantations can be bought at
one-third or one-half their value before the war, there is clearly a sad
lack o f resource for bringing up production to its former dimensions.
The dearness o f real estate, however, is steadily attracting enterprising,
active men o f the North to settle there; and this impression o f new
population will contribute much toward the ultimate development o f
the country.
W e have deemed it proper to direct attention to these features in
the condition o f the South because o f their favorable bearing upon the
commercial prospects o f the country at large.

LABOR CONGRESSES AT HOME AND ABROAD.
During the past month two important assemblages o f the so-called
“ working-classes ” have been held, the one in Europe, the other in
America. W e describe these as assemblages of the “ so-called ” working
classes, because the title is not only a misnomer in itself, but a misno­
mer which at once results from and leads to a profound misunderstand­
ing o f the relations between the classes who assume it and the rest of
the community.
A “ Congress o f workingmen,” for example,which excludes all the farm
laborers o f the country, is obviously no real congress o f “ working­
m en ” at all. Not less absurd is it to bestow such a title upon a con­
gress in which neither the lawyers, doctors and writers o f a country
are represented, nor yet its mercantile classes. In this nineteenth cen­
tury the workers are not only everywhere, as they have always been,
in the majority, but the non-workers constitute, even in the most retro­
grade countries of Christendom, an almost infinitesimal proportion o f




1868 |

LABOR CONGRESSES AT HOME AND ABROAD.

293

the population, and exercise a scarcely perceptible influence alike upon
the social and upon the political world. It is difficult, indeed, to extract
even from the muster-rolls o f the “ Third Congress o f the International
Association o f W orkin gm en ” at Brussels, or the “ National Labor
U nion” at New York, an exact and exhaustive definition o f the words
“ labor ” and “ workingman ” as used and understood by these bodies.
But in a loose and unscientific, though intelligible way, it may be
said that these bodies represent that portion o f the population which
brings into the general social economy no other capital than its skilled
industry in some mechanical trade. Two main motives conspire to
bring this portion o f the population into such associations, the one desir­
able and creditable, the other, we think, neither intelligent in itself nor
likely to be o f lasting potency. W e may call these motives the in­
stinct o f co operation, and the passion o f combination.
By the instinct o f co operation we mean the disposition o f workmen
whose intelligence enables them to forecast the future, but whose resour­
ces do not permit them easily to assure themselves against its chances,
to form alliances among themselves with the object o f providing mutual
guarantees against those chances. This disposition gave birth in the
middle ages to the famous “ guilds” and “ brotherhoods,” the influence o f
which, both for good and for evil, is still felt in many o f the more im ­
portant mechanical trades. One of the most striking forms in which
this disposition has ever developed itself exists and flourishes now in full
vigor in the Russian Aittelschiks. In these communaled corporations
each individual makes himself responsible not only for the well being
but for the well doing of the rest o f the body corporate. IIow high a
standard o f probity and o f capacity was gradually set up by the great
trade corporations o f mediai-Europe we know ; and it is to this day
a notable fact in France that the “ carpenters,” who o f all the mechanics
o f France have preserved their corporate organization in the fullest
vigor, are also o f all the mechanics o f France those wlfo furnish from
their ranks thes mallest contribution to the annual quota o f crime. “ It
is almost unheard of,” says an able French writer on these subjects,
“ that a carpenter should be found in the criminal dock o f one o f our
courts.”
A new and modern form taken b y this instinct o f co-operation results
from the modern development o f machinery. W e mean the co opera­
tion o f mechanics to establish, b y contributions o f capital, workshops
and factories, which they carry on b y contributions o f skill and industry.
This form o f co-operation is one o f the salient facts o f recent social
history. It has assumed much more important proportions in Europe,
and particularly in Germany and the North of England, than in this




294

LABOR CONGRESSES AT HOME AND A BROAD.

[October,

count -y. But it was shown at the Congress o f the “ National Labor
Union,” in this city, that in one single branch o f industry, that o f iron­
founding, no fewer than eleven co-operative workshops have, within a few
years past, been successfully established in different parts o f the country.
So far as the “ Congresses o f W orkingmen,” rightly or wrongly so
styled by way o f exclusion, may bring to light the advantages o f the
spirit o f co-operation, help to point out the perils and abuses to which
it is liable, and generally instruct both the workingmen themselves and
the rest o f ihe world in regard to subjects connected with this spirit,
it must be conceded that they will do good, great good, and only good.
Is it otherwise with the other, which, in some cases, also is the stronger
motive to the assemblage o f such Congresses, the “ passion,” namely, as
we have called it, “ o f combination?” By this we mean the desire o f
a body o f workmen whose intelligence exceeds their command o f mate­
rial resources, to compel the rest o f the community into forming with
them relations which it appears to them would be more profitable and
more equitable. This desire found its supreme expression in our times
in the action taken b y the so-called “ workingmen” of France during
the French revolution o f 1848.
Its ordinary formula is a protest
against the “ tyranny o f capital over labor,” its ordinary outcome in
political matters, the demand for such legislation as the “ Eight
H our Bill,” now a law in this country b y act o f Congress. W e need
not go back over all the terrible and all the preposterous incidents of
the French revolutionary outbreak o f 1848 to set clearly before our
readers the excesses to which this "“ passion o f combination” then led
the classes subjected to its sway.
These excesses were cruelly
expiated in the severity with which French society chastised their cul­
minating extravagance, the “ insurrection o f June.”
The recollection
o f them has been perpetuated in the sort o f vague terror with which the
capitalist classes o f the Continent o f Europe have ever since regarded
everything approaching to a political demonstration made by the intel­
ligent mechanic classes. That the excesses o f 1848, however, were not
without their salutary uses is shown, we think, b y the tone o f such Labor
Congresses as these which have just been held in Belgium and United
States.
It is true that in both a certain amount o f wild talk was uttered as
to the brsis o f the social order, and that in both the “ workingmen”
exhibited a disposition to expect impossible things from governments
and from political machinery. But this is true o f other classes in the
community, as well as o f the workingmen. It would be hard, we pre­
sume, to find a more complete contrast between the conditions o f any
two classes o f men than exists between that o f the “ workingmen ” and




1868]

DEBT AND FINANCES OF NEW HAMPSHIRE.

295

that o f the brokers in W all street. Yet the days are not very far gone
into the past, in which Congress was serously entreated by brokers
and bankers to keep the “ gold market” quiet and regular by acts in
such case made and provided. And the safety o f the “ workingmen ”
and o f society is furthered, we believe, rather b y the utterance o f the
incorrect theories fermenting in the heads o f the former class, than b y
their suppression in speech leading to their dissemination in desire. N o
possible number o f “ Congresses ” held by statisticians and economists,
would have so good an effect in impressing the truths o f political econ­
om y upon the “ workingmen” as their own progressive wrestling with
those truths. The failures o f the “ socialistic” politicians o f France in
1848, undoubtedly did more than all the lectures ever delivered before
the “ Societie d’Economie P olitique” to disenchant the intelligent
“ workingmen ” o f France, in regard to the existence o f any royal or
republican roads to a satisfactory adjustment o f social burdens and
advantages. And it is noteworthy that the one political purpose which
was most clearly and most earnestly urged by the delegates at Brus­
sels upon their constituent classes, was the eminently sound, conserv­
ative and co-operative policy o f a reduction o f the European arm­
aments. The delegates to the American Labor Congress were hardly
so wise or so enlightened, we think, in their development o f a political
plan. The project o f forming a “ workingman’s party ” involves, we
think, more damage to the intellectual health than benefit to the econ­
omical interests o f the “ workingmen.” But it is one thing to plan a
political party, and another thing to create it. There being in reality
no such antagonism between capital and labor, either in this country or
elsewhere, as there is assumed to be b y the planners o f a “ labor party,”
there can be little doubt, we think, that the native good sense and char­
acter o f American “ workingmen” will rapidly detect this fact, and so
suffer the “ Labor Party” to die before it is well brought into the world.

DEBT AND FINANCES OF N EW HAM PSHIRE.
Previous to the breaking out o f the late war N ew Hampshire was free
from debt and had small liabilities. The successive calls for men to fill
the national army and recruit the naval and marine forces necessitated
large expenditures, which could only in part be met by current revenue
and hence other large sums were raised on bonds and notes.
Probably
the total expended in bounties and relief exceeded $5,000,000, of which
$3,490,204 was outstanding at the close o f the last fiscal year, June 1,
1868.

The following table exhibits the character and amount of this




296

DEBT AND FIN AN CES OF N EW HAMPSHIRE.

[ October,

debt in considerable detail for the three last years at that date compar­
atively, and shows that in two years it has been reduced from $3,909,918
to $3,490,204, or by $419,714 :
-Outstanding June 1,—
1866.
1867.
1868.
S is per cents, issued under act o f June 1861: dated July
1, 1661; interest Jan. and J u ly; payable July 1, as fol­
low s .
do
do
do
. . . 3867
do
do
do
. . . 3868
do
do
do
. . . 1869
do
do
do
. . . 1870
do
do
do
. . . 1871
do
do
do
. . . 1S72
do
do
do
. . 1873
do
do
do
. . . 1874
do
do
CO
. . . 1875
do
do
do
. . . 1876
do
do
do
. . . 1877
do
do
do
. . . 1878
S ix per cents, issued under act of August, 1864 • dated
> ept. 1 ,1S64; interest March and S ep t.; payable Sept. 1,
as fa llo w s .................................................................................. 1S84
do
do
do
. . . 1889
Eight per cents, issued under act o f June, 1865; dated Jan.
1, 1866; interest Jan. and J u ly ; payable Jan. ! ...............1869
S ix p ercen ts, issued under act o f July, 1866; dated Oct.
1,1866; interest A pril and O c t .; payable Oct. 1, as fol­
lows
do
do
do
. . . 1868
do
do
do
. . . 1870
do
do
do
. . . 1871
do
do
do
. . . 1872
do
do
do
. . . 1873
do
do
do
. . . 1874
Bonds
Bonds
Bonds
Bonds

94,900
94,900
100,000 . 10',<00
100,000
100,000
97,200
97,200
92 0 0
92,0( 0
100,000
100.000
100,000
100 <00
100,000
100,000
100,0 0
100,000
106,000
100,000
100,000
100,000
110,000
110,000

100
100,000
100,000
97,200
92,000
100,000
100,000
100,0CU
300,000
100,000
100,000
110,000

278.000
150.000

450.0C0
150,000

450.000
150.000

500,000

500,000

500,000

2 0,000
234,100
116,000
80.000
157,500
2-0,000

250,000
250,000
162,500
135,000
210,000
250,000

o f July, 1861.............................................................................. $1,294,ICO $1,194,100 $1,099,800
o f Sept., 1864 ...........................................................................
428,000
600,oOO
600,000
of Jan. 1,1866 ................................................................ , . . .
500,000
500,000
500,000
o f Oct. 1, 1866 ...........................................................................
. . . . 1,387,600 1,257,500

Total bonds outstanding .. ............................................................. $2,222,100 $3,681,700 $3,456,800
N otes payable........................................................................................ 1,687,818
109,637
33,104
Total funded and floating d e b t ................................................. $3,909,918 $3,791,337 $3,490,204

With the exception of $500,000 in 8 per cents, which become clue
January, 1869, none o f these liabilities bear ovei six per cent. A ll inter­
est is payable in currency. Them were paid to creditors for coupons
and interest last year the following amounts: for coupons $224,361,
and interest on notes $17,163— total $241,524. The payments on
these accounts will be about $20,000 less in the year 1868-69. The amount
of debt due at the close o f the fiscal year 1867-68, and that will mature
during the year 1868-69, is as follows:
Bond overdue and uncalled for..................................................................................
Bonds to
becom e due J u 'y 1, 1868 ..................................... ..........................
“
“
October 1, 1868......... .......................................................
“
Janua-y 1, 1869 .............
..............................................
N otes due and uncalled for
.................. .............................................................
N otes to becom e due prior to February 20, 1869.................................................

$100
100,000
250,000
500,000-$850,100
5.200
28,204— 33,404

Total doe and to becom e d u e ..................................................................................
$883,504
T he Treasurer has in bonds o f 1866....................................................................... ; $242,500
And is authorized to issue n o t e s ............................................................................. 291,177— 533,677
Balance........................................................................................................ ...........................

— to be provided from surplus revenue and by new loans




$349,827

18681

DEBT AND FINANCES OF N EW HAMPSHIRE.

297

ANNUAL RECEIPTS AND EXPENDITURES.

The revenue of New Hampshire is derived chiefly from taxes on prop­
erty, railroads and savings’ banks. The following shows the receipts and
disbursements of the last fiscal yea r:
D IS B U R S E M E N T S .

R E C E IP T S .

State t a x e s ..........................
$624,816 81 Ordinary expenses ............................$135,461 21
97,707 04
Railroad t a x e s ..............
203,284 64 Extraordinary expenses..................
Savings’ bank taxes..........................
77,227 65 Dividends to tow n s......................... 156,915 28
37,019 24
S les ot public lands........................
25,000 00 Literaty fu n d ....................................
Interest on deposits, & c .. . ...........
2,485 8 > Interest on bonds, & c...................... 242,388 19
M iscellaneous....................................
1,102 00 Principal d eb t.. ............................... 828,539 50
18,684 72
L oa n s................................................... 527,404 00 Cash J une 1, 1868 .............................
Cash June 1, 1867 ............................
55,424 48
T o t a l ................................... .........1,516,745 38
T o t a l............................................ 1,516,745 38
TOWN DEBTS AND ASSETS.

The report o f the State Treasurer for 1867-68 contains a statement of
the debt, assets, rates of taxation, etc., in each town as of May 1, 1868.
This exhibit is too voluminous for our columns; and in its stead we give
the following aggregates in each county. The debts here spoken of are
not military, each town having had its advances returned by the State,
nor have we any description of their character or purpose :
Counties.
Debts.
R ockingham ........................................ $1,352,156
Strafford................................................
688,373
B elknap...............
490,010
C arroll...................................................
447,609
M errim ac.............................................. 1,246,505
H illsb orou g h ....................................... 1.287,129
C heshire....................................................... 554,685
S u liv a n ................................................
447,251
Grafton.................................................. 1.058,223
C o o s .......................................................
303,263
T ota l............................. .

57
02
59
63
03
26
22
45
04
90

Assets.
$2X8,008
101,675
52,997
53,050
153,211
342.634
.'5,275
58,264
170,4?4
52.854

.—T ax p $100 val—. - T a x p p 11—.
Lowest. Highest. L ow . H igh.
$1 38 $5 00 $3 29 $9 22
1 33
2 9>
3 19 5 34
1 55
2 36
3 72 5 67
1 86
3 06
4 08 9 50
1 20
2 (it
2 88 6 26
1 25
2 95
3 00 7 08
1 20
2 70
2 88 6 4S
1 322 3'W 3
17 5 60
0 87
6 '0
2 10 14 40
1 53
3 85
2 52 In 97

59
99
37
11
99
33
62
85
19
41

$7,826,267 71 $1,258,407 95

$0 87

$6 00 . $2 10 $14 40

The lowest and highest rates of taxation are found in Grafton County—
the town of Grafton exhibiting the lowest, and the town of Thornton the
highest rate.
In relation to the above returns the Treasurer remarks
that “ the assets are not reliable. Some selectmen giving only such as
are available, while others include every species o f property aud claims.
Some include the highway tax in their rates of taxation, and others give
only the money tax.” This explanation may, in some degree, explain
thewide difference in the rates given in the table.
s a v in g s ’

banks.

The following are the names of all the Savings’ banks in the State
and the amount o f deposits therein June 1, 1868:
Banks.
Dep^si s.
Banks
Deposits.
A m oskeag......................................... $1,463,637 57 M ilfo d riv e Cents......................... $144,681 69
62,009 00 Nashua .............................................
597,5 '3 32
A shue o t ...........................................
Car roll' C ounty.................................
14 v 92 65 New H m nehire..............................
493,444 30
Cheshire Pto. I n s t .........................
858,730 54 N ew Ipsarch..................................
90,200 00
City Manchester..............................
291,335 2? N ew m arket.................... ..................
25,436 36
City Nashua ....................................
443,647 22 Norway Plains.................................
311,3S0 26
Connectieut R iv e r...........................
1^5,028 39 Peterborough...................................
177,430 61
Dartm outh.................................
110,271 12 i ittsfie d ..........................................
21,92 1 46
Dover Five Cents...........................
143,231 16 Portsm outh...................................... 1,078,^94 00
E x e t e r ..............................................
134,641 81 Hoi insford........................................
265,601 31
731,486 00
Gome Five Cents ..........................
83,446 57 County «-f Strafford.........................
Manche ter
.................................
997.936 18
M ereiith Bridge...............................
2 8,867 09 Su livau..............................................
i41,672 80
Merrimac R iv er...............................
835.678 13 W ilto n ...............................................
15,942 99
T oial, 28 institutions, aud $10,297,035 53 deposits,




COTTON MOVEMENT AND CROP FOR

298

It speaks w ell for N e w H a m p sh ire to

\October,

1867-8.

have it record ed that the entire

default in the receip t o f taxes in 1 8 6 5 am ounted on ly to $5 6 1 ; in 1 8 6 6
to $11 88, and in 1 8 6 7 to $ 1 ,0 4 6 5 6 .

COTTON MOVEMENT AND CROP FOR 1S67-6S.
[ F r o m t h e C o n m e r c i a l a n d F i n a n c i a l C h r o n i c l e .]

W e are new able to give our figures showing the crop and movement o f
cotton in the United States for the year ending September 1, 1868-. Our returns
are unusually complete this year, and the light we are able to throw on the subject
o f consumption in the United States will be e-pecially useful. I t appears that
the total ciop reaches 2,498,895 bales, while the exports have b 1en 1,657,1)15
bales, and the home consumption 885,015 bales, leaving a stock on hand at the
close o f the year o f 38,130 bales. The stock o f cotton at the interior towns, S ep ­
tember 1 ,1 8 6 8 , not included in the rec opts, is 3,897 bales, against 5,703 bales last
season.

W e now bring forward our tables showing the whole movement for the

year
The first table indicates the stock at each port September 1, 1868, the
total ixports,and the receipts a 1 the ports tor each ot the last tw o years:

P oets.
New Orleans................................
A labam a......................................
South v arolina............................
T e x a s ...........................................
Florida........... ............................
North ( arolina............................
V irginia........................................
Boston*.........................................
Philadelphia*...............................
Baltimore*...................................
Portland, Me.*.............................
San rancisco..............................

Receipts, year
ending
Sept. 1,
Sept. 1,
1863.
1867.
584,240
36(5,103
240,431
495.959
114,666
38,593
88,643
166,537
106,973*
34,862*
24,221*
26,610*
2,304*

T o ta l.......................................... 2,210.282

702,131
239,516
102.247
255,965
185,922
57,791
38,623
127,867
119,601*
42,712*
22,678*
10,721*
1,965,774

Exported, year ending September
1,1868, to
Great
Other
Total.
Britain. France. Foreign.
327,689
211,154
89,651
240.515
40,782
8,233
291,983
1,208
1,440
13,388
2,807

147,120
10,432
2,936
9,904
1,625

106,668
14,925
13,226
9,195
26,138

26,378

56,373
233

581.477
236,511
105,813
259,604
68,595

1,959
2,161
1,945
696
166
1,000
23,440
2,500
1,763
2,500

i

8,283
374,734
1,441
1,440
16,309
2,807
1

229,730

1,657,015

38,130

2,921

1,228,890

198,395

Stock
Sep.l,
1368.

B y the above it will be seen that the total receipts at the Atlantic and G u lf
shipping ports this year have been 2,240,282 bales against 1,965,774 bales last
year.

If,

cw we add the shipments from Tennessee and elsewhere direct to

manufacturers, we have the following as the crop statement for the two \ears :
,----- Year ending Sept, 1----- ,
1888.

Receipts at the shipping p o r t s .............................................. 2,240,282
A-dd shipments from Tennessee, &c., direct to manufact­
urers .....................................................................................
198 613
Manufactured South, not included in a b o v e .......................
60,000
T o t a l c o tto n c r o p f o r th e y e a r , b a le s .

.

.

.

2 ,4 9 8 ,8 9 5

1867.

1,905,774
-j-54,000
N o return.
2 ,0 1 9 .7 7 4

* These figures are only the portion o f the receipts at these rorts which arrive 1 overland
from T- m essee, &c. The total receipts at N ew York, Baltimore. Boston and Philadelphia for
the year ending August 31, 1863, have been as follow s: New Y ork, 632,32b b ales; Boston,
229,653 hales; Baltimore, 97,388 b ales; Philadelphia, 65,851 bales,
t Returns incom plete j o r 1867.




1868]

COTTON MOVEMENT AND CROP FOR 1 8 6 7 - 8 .

299

The result o f these figures is a total o f 2,498,895 bales as the crop of the United
States for the year ending August 31, 1868. W e are aware that with some it
has been customary in past jears to call the Aggregate o f the receipts at the
A tlantic and G ulf shipping ports (which is 2,240,282 bales this year) the total
crop, and therefore in making up the product o f “ Tennessee, & c.,” the shipments
from tho-e points direct to manufacturers were deducted. Our custom has always
been different, never being able to see any good reason for the continuance o f so
defective a plan.

I t may be very convenient for the purpose o f deciding bets,

but it is a misstatement to call a total, which omits a third o f the product of one
section o f the country, the crop o f cotton in the United States. Below we give
the details o f the production o f each State, which may be epitomized as follows ;
States.
Louisiana . . . ........... bales.
Alabama ...............................
Sou-h Carolina
...............
G e o r g ia ...................................
T e x a s ......................................
F lorida....................................

,— Total
18GS.
584,240
300,193
240,431
495,959
114,666
38,593

crop.— ■
1807.
702,131
239,510
102.247
255,905
185,922
67,791

,— Total crop.— ,
States.
1808.
1847.
N. Carolina................bales. 38,043
38,023
V ir g in ia ............................... 100,587
127,807
Tennessee, etc
.............. 393,583
249,712
Manufact. South*............... 0u 000 N o re urn.
Total c r o p .................... 2,498,895

2,019,774

The details o f the crop for the two years are as under :
L o u isia n a .
E xported iroin New Orleans :
T o foreign ports....................
T o coastwise p orts.................
Stock at close « f year.............
D e d u ct:
Received from M ob’ l e ...........
Received from Montgomery.
Received from Florida...........
R eceived f. om T exa s............
Stock beginning o f y e a r... .

------1867-8
,----------1S66:-7--------- .
581,477
018,940
100,215
248,370
15,250—
1,959— 6S3.651
832,572
67,043
3,050
5,770
7,092
15,'.56—

Total product for the year.

99,411

30,676
10,792
11,810
19,0-1
102,082—

180,441

584,240

703,131

236,511
153,424
127,243
98,lo8
3,050
10,792
342
2,437
2,101— 369,907
3,714—
3,714

268,525
29,510

306,193

239,516

A la b a m a .
E xported from M ob ile:
T o foreign p orts..............................................................
T o coastw ise orts........................ ............................ .
T o N ew Orleans from M ontgomery.............................
Burnt at Mobile ..................................................................
S tock at close o f year................... ................................... .
Deduct stock at beginning c f year......... ......................
Total product for the year...........................................

T exas.
E xported from Galveston, & c .:
T o u reign p orts.............................................. .............
T o coa twis ■p orts........................................ ................
Stock at close o f year.................. .....................................
Deduct stock at Leginning o f year...............................

68,595
49,138
100— 117,899
3,233

T otal product for year............... ................................

114,660

76,918
113,930
2,557—

193,411
7,589
185,922

F lo r id a .
E xported f om Apalachacola, St. Marks, & c .:
T o Foreign p orts..............................................................
T o coastwise p orts.................. ............... .......................
Burnt at A palachicola................................. ....................
Stock at close o f y e a r .........................................................
Deduct—
Stock at begining o f year...................................................
Recovered o f burnt cotton ........................................ . . .

38,598

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




* Taken from different States.

38,598;
5
5
38,593

3,019
54,390
1,089
5 102
650—

53,509
818
57,791

300

cotton

m ovem ent

and

crop

for

1867-8.

[

October,

G e o rg ia .
E x p orted :
/--------- 1867-8
-n ,--------- 1860-7T o foreign ports—Uplands............................................ 253,556
106,449
6,048
“
“
Sea Islands........... - . .......................
8,053
T o coastw ise ports—Uplands...................................... 235,708
142,142
“
“
Sea Islands..................................
5,245
7,058
Burnt at Savannah.............................................................................
51
E xported from Darien to nortli’n p orts..........................,
2
5
Stock at Savannah close o f year .....................................
696— 501,255
633—
264,391
Deduct—
199
R eceived from Florida—U plands.................................
4,997
666
“
“
“
Sea Islands..........................
4,996
Stock at beginning o f year................................................
6336,296
3,240—
8,426
T otal product for yea r.................................................

495.959

255,965

S o u th C a r o lin a .
E xported from Charleston:
T o foreign j^orts— Uplands.......................... „.................
“
“
Sea Islands......................................
T o coa:tw ise ports—Upland..............................................
“
“
Sea Island....... .................................
Exported from Georget’n. Port Royal,&c.:
T o Northern ports—Upland............................................
“
“
Sea Island ................................ .
Burnt at Bean fort and Hilton U«. a d .................................
Stock at Charleston end o f y tar........................................
Deduct—
R eceived from Florida—U pland.....................................
“
“
Sea Island.............................
S tock at Charleston beg:nning o f ye_.r...........................

72,909
7.987
80,942
8,766

99,847
5,966
135,031
3,328
118
191
....
1,945—
180
4,617
1,2 2 8 -

246,456

915
637
45
1,228—

6,025

258
5,389
5,535—

173,429

11,182

210,431

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

162,247

N o r th C a r o lin a .
E xported :
T o foreign p o r t s ................................................*.♦.........
T o coastw ise p o r t s ...........................................................

38,643—

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

38,643

534
38,089—

38,623
38,623

38,643

V ir g in ia .
E x p o rte d :
T o foreign p orts..................................................
S,2.c3
T o dom estic i o r t s ........................................................... 158,893
M anu fd (taken from Petersburg, &c) .............................................
Burn a t N o r f o 'k ...............................................
—
St -ck end o f year at Petersburg and N orfolk.................
1,000—
Deduct stock beginning o f y e a r . . . . . ...............................
Total product for year

168,176
1.5S9

13,011
99,233
15,900
2,560
1,582—

131,333
3,466

166,587

127,86?

T en n essee* & c.
Shipm ents:
227,377
F rom M emphis.......................
254,240
From Na hvilie.................................................................
79,193'j
From otner places in Tennessee...................................
...... j
S2.079
Kentucky, & c........................................................................ 116,000 j
Crop ot lllin> is. & c ...................... .................................... 15,000J
1,602—
Stock in Mem his & Nashvi le end o f y e a r ..................
1C7— 464,540
Deduct—
Si ipped to N«-w Orleans........... ...................................
69,355
49,615
Shipped direct to manufacturers........... ....................... 198,613
54,000
Stock in Memphis and Nashville beginning ol year.
1,6 0 2 - 269,570 11,731—

115,346

Total shipments to N ew York, Boston, Philadelphia
and P oitla n d ......................................................................
A dd shipped to m anufacture as a b ov e ...........................

194,970
198,613

195,712
54,000

T otal product for year of Tenu., &c.*.

393,5S3

249,712

311,058

Total product detailed above by States for the year ending Sep­
tember 1, 1868
.....................................................................................
Consumed in the South not i n c l u d e d ...................................................

2,438.895
60,000

Total crop o f the United States for year ending Sept. 1, 1868

2 498,895

.

E xcept the shipments to N ew Orleans, which are included in the N ew Orleans receipts.




18 6 8 ]

COTTON MOVEMENT AND CHOP EOR

301

1867-8.

Below we give the total crop each year since 182(1:
Bales.
1867-8............................ 2,498,895
1866-7........................... 2,019,774
1865-6........................ . 2,198,987
1861 5 .......................(no record)
1860-1........................... 3,656,086
1859-60 ........................ 4,669,770
1858-9........................... 3,851,481
1857-8............................ 3,113,962
1856-7............................ 2,939,519
1855-6 ........................... 3,527,845
1854-5 .......................... 2,847,339
1853-4 ............................ 2.930,027
1852-3............................ 3,262,882
1851-2................................. 015,029
1S50-1............................ 2,355,257

Bales.
1849-50........................ 2,09b,706
1848-9............................ 2,728,596
1847-8............................ 2,347,634
1846-7........................... 1,77-^,651
1845-6............................ 2.100,537
1844-5............................. 2,394,503
1843-4 .......................... 2,030,409
1842-3 ........................... 2,378,875
1841-2............................. 1,68 <,574
1840-1............................. 1,634,945
1839-40........................... 2,177,835
1838-9............................. 1,360.532
1837-8.......................... 1,801,497
1836-7............................. 1,422.930
1835-6...................... .
1,360,725

1834 5 ........................
1833-4........................
1832-3........................
1 8 3 1 -2 .....................
1830-1........................
1829-30......................
1828 9 ........................
1827-8........................
1826-7........................
1825-6........................
1824-5........................
1823-4 ........................
1822-3........................
1821-2........................
1820-2........................

Bales.
1,254,32S
1,210,314
1,970,438
987,477
1,038,848
976,845
870.415
727,593
957,281
720,0 7
569,249
509,158
495,000
455,000
430,000

The crop o f Sea Island the past year has been as follows : Florida, 10.314 bales;
Georgia, 6,234 bales; South Carolina, 4,727 bales— total, 21,‘:75 bales, the par­
ticulars o f which are set out below :
F l o r i d a —Bales ....................................................................................................................
G e o r g ia —Exported foreign .................................................................. 6,048
D om estic p orts....................................................................... 5,245
Stock end o f year...................................................................
60— 11,353
Deduct received from Florida.................................................................4,997
s to c k beginning o f year................................................. ............... « . . .
122— 5,119

10,314

6,234

Total Sea Island and G eorgia.........................................................................

S o u th C a r o lin a —E xported fo r e ig n ................................................. 5,966
—
“
dom estic p orts....................................... 3,476
—Stock end o f year ................................................
96— 9,538
Deduct, received from Florida.................................................................4,617
Stock beginning o f year.........................................................................
194— 4,811

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

4,727

2 1 ,2 7 o

The crop ol Sea Islands during former years has been as follows :
1854-5 ......................bales 40,841
1855-6 ........... ................. 44,512
1856-7 ............................... 45,314

1857-8 ......................bales 40,566 1860-66................ N o record.
1858-9 ................................. 47,592 1S66-7.................. bales 32,228
1859-60.................... ........ 46,649 1867-8............................ 21,275

C o n s u m p t io n .

Doubtless some will be surprised at the extent o f the cotton production o f the
country for the past year indicated above. Our cwn readers, however, will not
be, we think, as the running account we have published each week through the
year has prepared them for this result; while all cotton manufacturers will only
see tin our figures proof o f what they have long claimed, that the generally
received tables o f consumption in the United States were very erroneous. Turn­
ing then to this question o f consumption, it will be interesting to see how our
statements compare with the returns o f the mi Is themselves.

First we give our

usual table showing the result for the year both in the Northern and Southern
States.
T o t il crop o f the United States as above s ta te d ............. ...................................................... 2,49S,895
S tock on hand com mencement o f year (Sept. 1,1867):
A t Northern p orts........................................ ........................... ........................... 56,497
L t Southern p o r t s ................................................................................................... 26,658—
83,155
Total supply during year ending Sept. 1, 1868 ............................................................ 2,582,050
O f this supply there h-is been
E xported to foreign ports during the y e a r .............................................. .. ,. 1,657,015
Burnt a> New Y o i k ................................. .............................................................
1,247
Burnt at the South less recovered......................................................................
643
N ow on h nd (September 1, 1868)—
A t N t heru ports
......................................................................................
30,203
A t Southern p oits.............................................................................................
7,927— 1,697,035
Total consum ption in United States year ending Sept. 1, 1868, bales........
Consuinpti n in c ouih in states .......................................................................

8S5,015
60,000

Leaving consum ption in Northern States, hales . . . . .............................

825,015




303

cotton

m ovem ent

and

cbop

for

|October,

1807-8.

A c ording to this formula, the consumption the past year appears to have
reached 825.015 bales in the N orth and 60,000 bales in the South, or a total in
the whole country of 885,015 bales
That our readers might see how this result
tallys with the actual facts, we were making arrangements to obtain the returns
from ou: different manufacturing establishments when we learned that the National
Association o f Cotton Manufacturers were pursuing the same inquiries; and we
have now received from their Secretary the result o f their labors.

The returns

are not complete (that is, they are from only 475 mills), but with the help o f the
census o f 1800 we shall be able to reach satisfactory results. It appears, then,
that the number o f mills and consumption in the Un ted States in 1860 and the
consumption o f 475 mills in 186S were as follows :
Census o f 1860.

States.

No.
No.
of
of
Mills. Spindles.

Total Northern and Western..............................
Total United States.........................................

Con­
sump­
tion,
Bales.

Returns from mills, 1S6S.
No.

No.
of
Mills. Spindles.

of

Con­
sump­
tion,
Bales.

772
143

4,870.958
164,840

703,950
87,650

423
52

5,004,220
135,382

656,964

915

5,035,798

791.600

475

5,139,602

695.954

38,990

In this table are exhibit d many interesting facts which we have not the space
to refer to. I t is important, however, to notice that the consumption in the
Soulhein States was only 87,65n bales (460 lbs. e a c ') in 1860, according to the
census, and that this year the mills which have made returns have consumed only
38,990 bales. Further, it appears that the Northern States (as also given in the
census) consumed 7t 3,95 ) bales in 1860, and the returns o f 423 mills in the same
States this year show a consumption o f 656,964 bales. N ow if we estimate the
mills which have not reported this year as h ivin g 1,200,000 spindles (making
the total sp ndles for 1868 6,339,602, against 5,035,798 in lfe60), and as produc­
ing the average size yarn o f those reporting, we shall find that the whole con­
sumption of the country the past year has been about 881,000 bales, ab ut the
same total we have reached above.

This result is certainly very gratifying evi­

dence o f the accuracy o f our crop report.
E x p o r ts.

In the first table given in this report, will be found the foreign e x p o r s the
past year from each port to Great Britain, France, and other ports, stated seperately, as well as the total to all the ports.

Below we give the total .oreign

exports for five years for comparison :
T o t a l E x p o r t s o f C o tto n to F o r e ig n F o r t s f o r F iv e Y e a r s .
f------ E xports to foreign ports for year
F rom —
I860.
1861.
1866 .
N ew O. leans, b ales........................... 2,005,6 <2
1,783,673
510.188
M ob ile ..................................................
659,481
456,421
270,934
South Carolina....................................
386,770
214,388
53,824
G eorgia.................................................
337,755
302,1«7
92,905
T exas .................................................
111,967
03,209
64 358
F lori a ..................................................
59,108
28,073
37,977
North Carolina.....................................................
195
21
V irgin a ...................... ........................
8,259
810
....
N ew Y ork .............................................. 203,023
248,049
495,46*
P o s to n ..................................................
9 694
23,225
12,914
Philadelphia.........................................
292
3,793
2,035
Balt more ............................................
257
3,545
6,709
Portland, M a in e ...................... ..........................
...........
..
.
San Francisco.......................................................
...........
............
T otal from the U. S............................. 3,774,173

3,127,563

1,552,457

ending Aug. 31-------»
1867.
1868.
618,640
581,477
153,424
236,511
80,896
105,813
114,H»1
259,604
76,918
03,595
3,0 >9
...........
534
...........
13.011
8,233
409,858
374 734
17 014
1,441
3.155
1,410
7,97 .
10,309
103
2,S07
32
1

1,558,787

3,657,015

* Under the head Southern States w e include Virginia, North and South Carolina, Georgia
Florida, Alabama, Louisiana, Texas, M 'ssissippi, Arkansas, Tennessee.




18 68 ]

WHEAT AND COTTON RETURNS FOE GREAT B R IT A IN .

303

T o complete our record, we give below a table showing the prme o f midd ing
uplands at N ew Y o rk and Liverpool on Friday ofeach week during the last two
years:
P ric e s o f C o tto n a t N e w Y o r k a n d
^-1367-8—»
1866-7—,
N ew Liver- N« w LiverY ork. pool Y ork. pool.
d.
Ct.9.
d
CIS.
10
32
13
Sep1. 6...............
13............. ............ 25
'•>* 83)4 13=4
46 20.............’ ............ 2414
8.5)4 13)4
66 27............. • ........... 22
88
13)4
Oct. 4 .............' ........... 20
8 * 36 V 14)4
15
11.............‘ ........... 18
«X 40
“ 18.............
••• 19
8)4 4-2
15*
15
25.............■
8 * 39
15
811 39
Nov. 1 ............ '............ 19
“
14)4
8 ...........■............. 19
« y. 37
66 15 ........... ............ 18
14
8)4 33
11 22.............' ............. 1 7 *
14
8 * 34
“ 29............. ........... 16
734 3 8 * 14
Dec. 6 .............' ............. 17
7 * 33=4 34
‘ k 13.............■............ 1 5 *
14=4
7 * 34
44 20............. ' .............. 1 5 *
7 * 34)4 14)4
46 27............. .............. 15=4
7)4 83)4 14)4
Jan. 3 .............' .............. 3 5 *
7a4 35)4 15=4
“
10............ ■..............16
7)4 3 4 * 1474
17............. ’ .............. 1 7 *
7 % 35
u x
66 24............. ■ ............ 13
7)< 33
14=54
46 31.............• .......... 29K
774 83=4 1414
8
33
Feb. i .............. ' ............ 20
1474
14
s * 33
14 .............. •----------- 2 0 *
46 21.............■
1354
16=4 32
............ 23K
66 23.............
*••• 22
1374
6 * 32

U v e r jr o o l t w o y e a r s.

867-8—v ,-1 8 6 6 -7 -t
N ew Liver- N ew l iverY ork. p ool. York. p o o l.
cts.
Ct8
d.
d.
Mar. 6.............
934 29)4 1 3 *
“ 13 ........... ............. 24% 1 »‘4 81)4 1334
“ 2 0 . . . . . . . . . . . . . . . 2434 10)4 30)4 13)4
27 ........... ............. 20
10* 30
18)4
April 3 .............
12* 2734 1234
“ 10............ ........... 30
12
27
66 1 7 -----............. 30,* 12)4 25
1134
66 24............. ............. 32)4 1234 2 0 * 1 0 *
1234 27
May 1 ............. .............3 X
11*
12=4 27
11
8 .............
“ 15........................... 32
12)4 2 8 * H?4
66 22............................ 31
17
11
1 1*
66 29.............
11)4 2 7 * 1 1 *
June 5 ........... ............... 3034 1134 27
1134
11
27
1 2 ........................ 29
11)4
19............
11)4 2 0 * 11)4
“
11
26............. ............. 31>4 113.' 26
10*
July 3 .............
11)4 26
“
10........................... 3234 11)4 2 6 * 1",*
“
.
.............
32
11*
2
0*
10)4
17 ............
66 24............
10 *
1034 27
66 31...........
10)4
974 23
A u g? 7........... ................ 29
9 34 28
10=4
2
8
*
10
14...........
1074
2934
66 21........... .............
............... 30
1034 28* 1034
66 28...........
27
10*
............... 8034 11

WHEAT AND COTTON RETURNS FOR GREAT BRITAIN.
With the 81st of August the wheat season may be said to have been brought to a
close. W e have, therefore, just entered on the new season, with a price for wheat
much more sa1isfactory to the consumer, and with a crop, which, if realised at present
rates, will yield a large return of profit to the grower. The average price of English
wheat in England and Wales in 1867-8 was 68s. 4 jd ., again t 60s. SJtl. in 1866-7 ;
46s. 5d. in 1865-6 ; 40s. ;f d . in j8 6 4 -5 , and 40s. lOfd. in 1863-4. The following
statement shows the average price in each week since the 1st o f September, 1863 :
W eek
1867. 1866. [13G5. 1864. 1863.
ending
8. d. s. d. s. d. s. d. s. d.
Sept. 7 ....... ........62 5 47 3 46 0 42 3 44 2
14........ . . . .61 3 47 0 44 7 42 4 44 1
66 21.......
8 42 0 42 0 44 9
“ 28....... ........04 1 51 5 40 10 40 11 43 9
Oct. 5 . . . . . . . . 63 5 52 2 41 1 39 8 42 2
12....... ........61 10 52 7 41 11 33 9 41 0
66 19....... ....... 07 6 52 2 42 1 38 1 40 4
26........ ........r.O 5 52 6 42 4 38 6 40 0
N ov. 2 ........ ....... 09 11 54 9 43 4 38 9 3> 10
“
9 ........ ____70 1 57 2 45 3 38 11 40 0
“ 16....... . . . . 70 1 56 7 46 11 38 9 39 10
66 23. . . .
6 46 10 £8 9 39 11
66 30........ ........68 5 60 0 46 0 33 8 40 3
Dec. 7 .. .. . . . . 0 8 1 01 7 46 5 33 5 40 9
1 4 ... ....... 07 3 63 3 40 8 38 4 41 1
66 21........ ....< 6 9 59 5 46 8 38 1 41 2
“ 28........ ....... 07 4 00 0 46 11 37 10 40 5
1868. 1867. 1866. 1865. 1864.
Jan. 4 . . . .
2 40 3 £8 2 £9 10
“ 1 1 .... ....... 69 6 01 0 46 1 38 7 40 2
“ 1 8 .... . . r. 71 6 02 3 45 7 38 10 40 10
2 5 .... . . ..72 4 62 2 45 6 38 6 41 3
F eb 1 . . . ........72 6 62 6 45 10 38 4 40 8
4 45 5 38 4 40 4
S ... .
1 5 .... ......... 73 0 59 10 45 0 38 4 40 8
66 2 2 ....
2 41 1




W eek
1S68. 1867. 1866. 1SG5. 1864.
end-ng
p. d. s. d. p. d. e. d. s. a
Feb. 29.......
4 59 8 45 7 38 6 40 6
Mar. 7 . . . ....7 3 8 59 3 45 4 38 4 40 2
“ 14........
1 59 4 45 6 38 3 40 1
“ 21 ........ ....7 2 5 59 9 45 3 38 4 39 9
44 28........ . . . . 7 10 60 11 44 11 38 11 39 11
April 4 ....... ....7 2 6 61 2 41 9 39 8 40 2
“ 1 1 ...
2 60 9 44 5 40 1 40 1
“ 18.......
8 61 4 44 9 39 7 40 1
“ 25........ ....7 4 7 64 9 45 9 40 11 38 9
M ay 2 ........ ....7 4 2 63 10 45 9 31* 10 39 2
44 9. . . .
7 64 9 45 9 40 11 38 9
74 3 64 11 46 1 41 8 89 3
“ 16
3 *t7 4 41 9 39 S
“ 23.......
“ 30....... ....7 2 3 65 5 47 5 41 11 39 5
June 6 ........ ....7 0 8 65 4 47 1 41 5 38 11
6 65 9 47 4 41 1 39 6
41 13........
1 65 8 48 5 41 3 40 9
“ 20.......
14 27....... ....6 7 5 64 10 51 0 41 6 40 0
7 64 11 54 6 42 5 40 9
July 4 _ . . .
44 11........
7 64 7 55 10 43 1 41 6
44 18....... ....6 5 0 65 1 54 0 43 0 42 0
9
65 8 52 0 42 10 43 0
44 25.......
A ug. 1........ ....6 1 1 67 5 51 1 42 6 44 1
4* 8 ....... ....5 7 11 G8 2 50 2 42 0 44 6
I “ 15 . . . . ....... 55 0 68 4 50 2 43 1 43 7
44 22 . . . . ....... 57 1 68 2 50 10 45 4 42 5
| “ 29........ ........56 11 66 7 49 7 46 7 42 3

304

\October ,

W HEAT AND COTTON RETURNS EOR GREAT B RITAIN .

T h e i m p o r t s o f w h e a t in 1 8 6 * 7 - S

a m o u n te d

c w t . in 1 8 6 6 - 7 , b e i n g a n i n c r e a s e o f
in c re a s e

o f o n l y 3 2 7 ,1 0 7 c w t .

n t a r l y 5 0 0 ,0 0 0 c w t .

The

to

8 6 ,2 1 6 ,9 0 5 c w t . ,a g a i n s t 2 8 ,7 8 8 ,9 3 9

7 ,4 3 1 ,9 6 6 c w t .
im p o r ts

of

T h e e x p o r t' o f w h ea t sh ow an

flo u r h a v e d e c lin e d t o th e

e x ten t o f

T h e fo llo w in g a r e t h e p a r t ic u la r s o f th e im p o r t s a n d e x p o r t s

of

w h e a t a n d flo u r in t o a n d fr o m t h e U n it e d K in g d o m fo r e a c h o f th e t w o la s t s e a s o n s :
W HEAT

AND

FLOCK.

— W H E A T .------------------------------ /-------I m p o r t s . --------- ■>
,— E xports.— ,
W eek
1 8 6 7 -8 .
1 8 6 6 -7 .
1866-7.
1867-8.
end ng—
cw t.
cw t.
cwt.
cw t.
7 5 7 ,2 7 0
5,792
r e p . 7 ..............
8,136
764 138
11,676
44 1 4 .................
29,405
7 3 7 ,1 7 5
44 2 l ................
8,546
92,083
6 4 6 ,7 0 5
29,424
44 x 8 ................
73,160
. . . 3 9 1 ,4 4 3
28,789
O c t . 5 ................
5 3 9 ,9 3 0
38,939
. . . 3 5 0 ,7 7 0
5 1 5 ,1 7 9
44 1 2 _______
20,503
16,704
5 4 2 ,3 5 6
44 1 9 ................
20,659
11,644
3 9 4 ,4 6 2
8 0 5 ,7 0 8
44 2 6 .................
43,849
5,859
9 S S ,1 7 7
N o v . 2 .................
20,586
7,6u9
4’
9
..........
9 4 2 ,2 8 4
22,254
6,548
6 3 4 ,4 5 5
44 1 6 .................
4,760
7,226
6 8 1 .5 2 2
44 2 3 ................ . . . . . . . . . . . 5 8 6 ,2 5 9
5,629
15,173
1 ,0 3 1 ,2 9 2
“
3 0 .................
2,669
17,271
. . 5 4 3 ,6 0 1
7 3 5 ,9 4 5
D e c . 7 .................
135
12,536
1 ,0 1 8 ,9 4 5
44 1 4 .................
....
21,615
44 2 1 .................
1 ,0 3 2 ,5 9 7
19,038
. . . 5 9 3 .9 4 1
8 3 9 ,4 3 6
44 2 3 .................
2,750
6,514
. . . 4 6 8 ,9 8 5
J a n . 4 . . . . ..
8 7 1 ,1 5 $
380
9,118
. . 5 6 7 ,2 5 6
6 8 4 ,4 8 5
44 1 1 .................
2,34 I
2,338
. . . 4 5 5 ,3 8 6
8 2 5 ,9 5 4
44 I S . , ............
17,716
1,485
. . 4 1 9 ,3 1 6
3 8 7 ,4 5 1
44 2 5 .................
7,358
4,997
. . . 6 1 8 ,0 8 3
3 8 1 ,3 4 6
F e b . 1 .................
12,740
7 464
. . . 3 2 7 ,7 0 9
2,111
3 .................
4 62 ,56 1
6,524
. . . 2 5 1 ,9 8 9
6 7 4 ,6 8 5
44 1 5 .................
215
3,747
*■ 2 2 ................
4 '5 ,1 2 2
4,350
6 792
. . . 4 6 6 ,9 4 9
5 9 1 ,7 6 3
44 2 9 .................
2,403
2,612
. . 5 9 0 ,1 4 7
5 7 0 ,2 7 6
Mar. 7 .................
2,520
11,016
. . 4 1 9 ,6 5 3
7 1 6 ,3 4 5
44 1 4 .................
838
14,601
44 2 1 .................
. . 3 4 7 ,SS6
6 2 0 ,2 6 8
244
26,956
. 8 1 3 ,4 9 4
1,16 0,3 -1 4
7
1C,435
44 2 8 .................
. . 9 5 0 ,0 0 4
8 0 1 .7 2 4
A p r . 4 .................
2,162
6,063
. . . 8 1 8 ,4 3 0
8 2 8 ,6 5 6
45
n ................
13,261
. . . 5 4 2 ,4 1
7 1 4 ,7 1 2
3,596
44 1 8 .................
3,776
. . 6 0 8 ,2 2 8
7 0 7 ,5 9 1
44 2 5 .................
160
30,752
. . 8 3 7 ,4 9 1
6 6 8 ,0 4 4
27,134
W a y 2 .................
8,213
7 7 7 ,1 1 3
7 7 0 ,6 3 7
.................
21,461
6,545
. . . 7 4 6 ,8 1 4
6 5 7 ,7 3 3
5,492
44 1 6 .................
1,560
7 2 3 ,6 2 2
44 2 3 ................
15,213
16,558
6 0 8 ,5 5 3
12,261
9,251
44 3 0 .................
7 5 5 ,8 1 7
June 6 .................
17,767
4,673
4 5 2 ,0 5 1
44 1 3 . .
....
6 8 9 ,0 5 7
13,456
1,521
5 6 7 ,4 2 3
. . . 3 7 6 ,7 2 2
6,324
44 2 0 ............... .
2,986
. . 4 0 3 ,3 8 4
5 6 0 ,5 4 7
3,883
44 2 7 ................
. . . 4 3 7 ,2 6 5
8 6 5 ,6 6 3
4,991
July 4 .................
7 7 7 ,5 9 4
7 7 2 ,0 4 6
“
1 1 ................
12,343
6 4 7 ,8 4 1
...1 0 0 7 ,2 0 8
6,535
44 1 8 ............... .
5 1 1 ,2 8 3
5,456
! 44 2 5
.......... .
6 1 6 ,8 3 0
28,976
Aug. 1 ...........
. . . 8 9 1 ,4 0 5
4 4 7 ,0 0 5
6,643
44
8 ................
6 0 3 ,8 4 0
14,385
*142
.. . . . . . . . , . . . 4 1 7 ,9 1 7
. . . 7 9 0 ,9 6 5
4 0 9 ,7 6 8
18,831
2,026
44 2 2 ............ *
3 8 9 ,0 9 5
141
19,364
. . . 6S5,G 64
44 2 9 ............... .

*4

44 9

44 15........

T o ta l............................. 28,783,939 36,215,905

411,274

,----------------------- FLOUT1..

,— Im ports.----- ,
1867-8.
1866-7.
cwt.
cw t.
27,297
46,893
22,088
33,379
28,847
29,184
22,747
44.684
24,499
19,246
55,292
38,i26
57,673
48,489
75,881
65,471
68,186
68,330
77,ISO
51,399
42,412
90,744
127,601
100,118
150,419 124,908
126,654 121,805
181,907 158,519
111,119 138,668
136,143 129,774
86,121
80,958
74 301
50,771
44.756
60,689
94,929
51,964
103,566
30,828
29,144
79,601
64,699
82,040
86,354
57,697
53,617
54,638
55,564
63,042
47,173
39,968
66,016
104.989
68,870
54 581
40,300
42,176
93,793
60,491
51,645
75.470
52,639
89,717
36.142
80,690
53,640
68,854
55,809
83,774
25,361
47,706
92.633
126,284
44,865
46,311
67,897
47,895
38,230
•54,546
65,937
60,729
54,820
42.549
50,717
65,278
56,098
47,134
76,612
42,364
40,977
38,762
37,280
36,399
41,360
47,817
24,919
56,208
25,482

✓—Exports.—,
1866-7. ’ 67-8.
cw t. cwt.
144
1,088
141
184
6 1,362
£85
53S
4
596
685
603
410 1,122
317
573
118
176
1,823
229
206
380
222
493
27 1,948
4
306
299
195
352
878
249
208
311
186
716
727
954
135
152
315
819
284
133
331
139
155
387
957
134
655
253
305
343
282
*287
413 1,179
403 1,276
114
456
530 1,336
704
928
353 2,103
654
358
619 1,270
514
418
150
24
7,613 1,831
720
310
439
689
192
727
679 1,250
278
328
393
77
139
569
80
123
48
464
721
1,246
155 3,402
25 1,286

733,381 3,612,254 3,112,268 27,789 35,323

A c c o r d i n g t o t h e B o a r d o f T r a d e r e t u r n s t h e i m p o r t s o f w h e a t in J u l y w e r e 3 , 0 1 0 , 2 8 8

cwt.,

o f w h ic h 8 8 1 ,7 5 2 c w t .

w ere

c w t . fr o m I lly r ia , C r o a tia a n d

fro m

R u s s i a , 1 8 8 ,9 4 6

D e lm a t i a , 4 5 1 ,9 8 8

cw t.

cw t. fro m
fro m

P r u s s i a , 1 4 7 ,1 3 1

T u rk ey ,

M o ld a v ia

and

W a l la c h ia , 2 3 4 ,2 0 0 c w t . f r o m E g y p t , 5 4 0 ,5 3 4 c w t . f r o m th e U n it e d S t a t e s , a n d 3 3 0 ,3 4 4
c w t . f r o m C h ili.

T h e r e tu r n fo r th e s e v e n m o n th s e n d in g J u ly 3 i s h o w s a d im u n itic n

in t h e r e c e i p t s f r o m R u s s i a , a s c o m p a r e d w i t h
1 ,0 9 3 ,1 8 3 c w t . ; f r o m P r u s s ia o f 1 ,6 6 9 ,2 8 8




th e c o r r e s p o n d in g

c w t .;

w h ile

fro m

p e r io d

la s t y e a r

T u r k e y , M o ld a v ia

of

asd

1868]

WHEAT AND COTTON RETURNS

OF GREAT BRITAIN.

305

Wallachia, there is an increase of 844,723 cwt., from Egypt of 2,324,088 cwt., from the
United States of 2,948,880 cwt., and from British North America o f 247,675 cwt
The following are the leading particulars of the imports of wheat into the United King­
dom during the seven months ending July 31, 1866, 1867 and 1868 :
W HEAT.

1866.

1868.
5,371,632
2,402,410
425,566
402,440
762 002
2,367,644
2,528,211
4,357,616

British North A m erica..............................

1867.
6,464,815
4,071,707
552,821
451,615
240,074
1,523,4il
204,1-24
1,408,736
1,271,197
87

Total, including other cou ntries.. . .

17,744,178

20.706,791

Hanse T o w n s ........................ .................
F rance............................................................
United States...............................................

1867.
258,559
1,013 526
141,700

1868.
313,272
241,706
4 J8,222

Total, including other countries.......

2,056,521

1,689,44 f

R ussia............................................................
P ru ss ia ........... ..............................................
M ecklenburg.................................................
Hanse T o w n s ...............................................
Illyria, Urotia and D a'm atia....................
Turkey, Moldavia, and W allachia......... .
E gy p t..............................................................
United States...............................................

247,762

FLOUR.

1866.

The import of cotton into the United Kingdom in July was 119,793 cwt. ; against
748,898 cwt. last y ar, and 1,075,241 cwt. in 1866. As regards tl is year’s irriporta
tion 270,641 cwt. were from the United States, f 6,9*3 cwt. from Br zil, 5,48 I Tur.
key, 35,808 Egypt, 293,909 British India, and 27 644 cwt. from other countries.
The following returns show the imports and exports of cotton into an I from the
United Kingdom, a-id also the exports of cotton goods during the seven months ending
July 31, 1866, 1867, and 1868:
IM P O R T S

OF

CO TTO N .

1866.
P rom —
cw t.
United States.............................................................................. 3,685,503
Bahamas and Bermudas..........................................................
5,931
M e x ico .........................................................................................
3.145
B razil.....................................................
450,166
T u rk ey.................
82,504
E gy p t........................................................ .................................
690,267
British I n d ia .............................................................................. 2,888,141
C h in a ...........................................................................................
13.496
Other cou ntries....................
164,134

1867.
cw t.
3,672,792
9,916
.22
441,038
51,460
784 679
1,257 869
4 707
170.561

1868.
cwt.
4,2.57,437
368
....
542,177
21,015
783,273
l,02r,S92
.........
108,139

T o t a l ................................................................................ 7,932,986

6,396,104

6,735,301

E X P O R T S OF

COTTON.

T o—
E u ssia .............................................................................................
P russia..................................................................................... .
H anover............................................................................................
Hanse T ow n s..................................................................................
H olland...............
Other countries...............................................................................

1866,
cw t.
186,830
84,295
5.618
426,949
285,452
945,249

T ota l.......................................................................................

1,884,393

EXPORTS

OF

1867,
cw t.
220,135
130,.16
3,514
403,439
299,071
672,684
1,729,559

1868,
cw t.
126,946
64,007
1,671
334,6S9
282,111
622,781
1,332,20*

C O TTO N M A N U F A C T U R E S .

1866.
Y a rn ............................................................... ........... lb s.
73,320,836
P iece good s............................................................. yds. 1,412,385,282
T hread........................................................... ........ ..lb s .
3,514,7S7

1867.
90,352.541
1,529,053.577
3,707,766

1868.
99,708,175
1,624,967,867
3 744,292

Annexed is a statement showing the extent of our trade with the U ited States
and France in the principal descriptions of cotton, silk and woolen goods during the
first seven months of the present and last two years. As regards the Uoite i States




306

INFLUENCE OF COLONIES ON ENGLISH TR AD E.

[

October,

there is a falling off this year of 6,748,342 yards and lbs. as compared with 1867, and
o f 59,697,369 yards and lbs, as compared with 1866
To France the shipments show
a reduction of 11,591,574 yards and lbs. as compared with 1867, and of 8,114,605
yards and lbs. as compared with 1866 :
TO T H E U N IT E D

STA TE S.

C olton piece good s...............
Linen piece g o o d s ............... . . ............................... yds. 69,107,899
Linen thread. ........................ ...................................... lbs. 1,271,705
Silk piece good s....................
W oolen c l o t h .........................
Carpets and druggets...........
W orsted stuffs.......................
T ota l..................................

62,922,165
854,902
51,683,397
833,738
239,674
2,619,873
2,823 281
28,2)9,715

51,674 253
1,006,752
45,317,509
695,058
224,068
1,913,896
1,882,721
40,553,146

150,015,745

143,267,403

2,839,709
26,164,940
38,485
2,433,160
3,000,314
15,194
1,386,320
4,129,877
224,176
12.384,776

2,315,496
18,556,282
82,220
1,502,905
2,123,489
11.808
5,417.983
1,125,154
523,260
9,366,6S0

52,616,851

41,025,277

TO FRANCE.
Cotton yarn.............................
Cotton piece g o o d s ..............
Cotton thread......................... ..................................... lbs.
Linen yarn...............................
Linen piece g o o d s ..............
Silk p i ce g o o d s .. ------------W oolen yarn...........................
W oolen cloth ..........................
Carpets and druggets...........
W orsted stuffs........................

85,439

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

IN F L U E N C E

O F C O L O N IE S

ON E N G L IS H

TRADE.

Considerable light is thrown upon the disputed question o f the value o f the
English colonies to the mother country, and their influence upon commerce and
business, by the publication o f recent statistics.

Prom these returns it appears

that any apparent expense o f the colonies to the Imperial government is more
than counterbalanced by the profits derived from trading with them. Thii
may not be true o f some o f the smaller colonies, from which no compensating
advantages are derived, except perhaps from their strategic position in time
of war. But there seems, to be no doubt that the larger colonies add largely
to the wealth and commerce o f Great B ritain. It has always been the policy o{
the Imperial government to establish exclusive or at least most favorable trade
relations with its dependencies, amounting ia many cases to positive monopolies.
In our earlier colonial times this subject was always a source o f dispute. P o r
instance the tobacco interests o f V irg in ia were greatly impeded by the law which
prohibited the exportation of that commodity. But its policy is still based upon
the principle of strengthening the ties between the dependencies and the mother
country by commercial as well as military means.
A n example o f the effects o f this policy is seen in the late reports relative to the
English colonies. In 1866 their trade including imports and exports amounted
to the enormous aggregate o f ?1 ,421,382,665. O f this sum nearly one half or
8679,166,89!) was with the United Kingdom .

In nearly all the colonies England

has more than half the trade. The ex ce p t! ns are Canada, A u stralia and some
of the smaller dependencies. Our advantages o f geographical position give u»




RICE CROP FOR 1 8 6 8 .

1868]

S07

the largest proportion of the Canadian trade. In Australia the total exports and
imports amount to $335,823,080. O f this $152,565,185 is with England. In
India the trade was no less than $619,065,020, o f this more than hall— arnoun'ing to $341,551,385 was with Great Britain.
From these figures it is difficult to resist the conclusion that a large proportion
o f the immense commerce o f England is derived from her colonial possessions.
Whether this commerce could or could not be obtained upon terms o f free com­
petition, without the advantages o f sovereign jurisdiction it is foreign to our
purpose to discuss. It is sufficient for us to call attention to the facts that seem
to justify the colonial sys em o f Great Britain. That system is now undergoing
no change. It is still pushing forward its policy of colonial trade extension.
F o r that purpose no expense or trouble is spared. In India railroads thousands
o f miles in extent are constructed to convey the cotton and products o f the
interior to the coast. In a tew years the commerce o f England and India will be
more than doubled.

Australian trade is as yet only in its infancy.

I t has been

said that England has made more money out o f the United States as an inde­
pendent power than she could by holding it as a colony.
This is doubtful.
The actions o f English statesmen o f the present day do not support the statement.
That England makes money out o f her colonies appears to be indisputable.
Whether the colonies make money out of the mother country is another question,
which they will be called upon to decide sooner or later.

S IC E

CROP

FOR

1868.

The Charleston C orn ier gives the following estimate o f the yield of the coming
rice crop of South Carolina and Georgia :
S O U T H C A R O L IN A .

Waccamaw, Pee Dee, Black, Samplt, North, and South Santee Rivers.
C ooper R iv er...........................................................................................................
Pon P o n ........................... ........................................................................................
A s h e p o o ...................................................................................................................
Combahee................................... . .......................... .............................................
Pocataligo, & c.......................................................................................................
Savannah R iv er...................................................................................... .
Orangeburg and Interior............................... .....................................................

Tierces.
.. 9,400
.. 5,000
..
1,200
. . 2,500
. . 5,000
.. . 1,000
... 13,000
..

1,000
38,100
.........

Total for South Carolina

33,100

G E O R G IA .

Ogeechee.................................................................
Altamaha . ..................................
Satilla.......................................................................................................................................

6,000
3,500
1,300

10,800
Crop of Georgia............................................................ ............................................................. 10,809
Total yield o f South Carolina and G eorgia.................................. .................................. .

48,900

Which, added to the estimated crop o f Louisiana, say from 20,000 to 25,000 tierces,
and the probable yield of the crop of North Carolina, say about 5,000 to 7,000 tierces f
will give an aggregate yield of about 75,000 to 80,000 tierces as the growth of thi
section.




[ October,

DEBT AND VALUATION OF BOSTON,

308

D E B T AND

V A L U A T IO N

O F BOSTON,

Messrs. Dupee, Beck & Sales, of Boston, give in their Circular the following state­
ment of the debt and valuation of Boston :
D E B T OF T H E

C IT Y

OF

BOSTON.

The amount of the consolidated debt of the city (funded, unfunded and water
loans), on the 1st of May, 1868, wa9 $14, 146,80J 65, and is made up of the following
items, viz.:
Funded city d e b t... .............................................................................. ............................
Unfunded “
.................................................................................. ................................
Water loans............................................................................................................................
R oxbury d eb t.................................................................................................................... ...
T otal.......................................................................................................

$9,152,639
135,*43
3,867,711
9)1, 06

SO
74
11
(A)

$14,146,900 65

Funded.......................................................................................................................................$14,011,656 91
Unfunded..................................................................................... ........................................
135.*243 74
T otal............................................................................................

$14,146,900 65

Classification of the consolidated d eb t:
$7,677.'02 55
W ater debt.'— 1 he L e t cost o f the works to May 1st, 1868 ..................
City debt proper....................................................................................................................
3,562,392 10
War debt..................................................................................................................................
1,915,500 00
B oxbury d e b t.. . . .........................................................
991,306 00
T o al as a b ov e............................................................................................................$14,146,900 65
T o meet which the e was belonging to the sinking
fun d................................................................................ $4,762,299 59
A lso bonds and mortgages on hand in the treasury
amounting t o ............................................ ..................
437,070 13
------------------$5,190,369 72
N et debt May 1,1868 . . . ....................................................................................................

$8,947,530 93

Since the above date, the funded debt has been increased $1,030,000.
The Ninth d iction oi the Ordinance o f Finance (O.diuances o f 1663) requires that “ al1balan­
ces o f m oney remaining in the Treasury at th « nd o f any ..nan ial y. a r; ul receipts in m oney
on account o f he sale o f real estate o f any d e -crip tio i, now belonging or which may here­
after belong to . e c it y ; all receipts on account o f the principal sum o f any bond or note,
now owne i or w icb may h en a f er be owned by the cit ; and also o f the annual city t x, in
every future year, a sum that shall nut be less ihan three per centum o f the amount o f the
p m . pal o f h e . ty debt (and never less ban fifty thousand d o la r s in each year.) shall be
apn priated to the payment or the purchase o f the capital o f the city debt.
The principal and interest o f the ubove funded debt (including the R oxbury debt,) are pay­
able as fo llo w s :
—
$583,205 (0, at 4)4 per cent, priocipal and interest in gold.
5,672,500 00. at 5
“
“
433,115 00, at 5
“
“
“
currency.
2,000 00, at 5 # “
“
“
224,00 * 00, at 5 #
3,172 325 60, at 6
“
“
1 ,8. .0 00, at 6
“
“
“
gold or silver.
55,000 00, at 7
“
“
“
currency.
$10,143,945 80
The average rate o f interest is 5 36-100 per cent per annum, and the aggregate annual interest
on the funded debt s $538,247 51.
Tne annual rate o f interest on the water loans is 4 93-100 per cent, v i z :
On $1,949,711 11 at 4)4 per cent in g o ld ..............................................................................
l,i 82,000 00 at 5
“
“ ......................................
836,000 00 at 6
“
in currency.....................................................................

$87,737 00
54,100 00
50,1*0 00

$3,867,711 11 at 4 93-1C0 per cen t.................................................................................... $191,997 00
V A L U A T IO N OF T H E C I T Y O F BOSTON.

T otal real estate, 1868............................................................................................................. $287,635,800
“
“
1367.........................................................................
............. .............. 268,853,100
Increase............................................................................................................................... $18,782,700
T otal p rsonal, 1868 ...............................
$2Uo,937,9wO
*
1867.........................................................................................................
202,644,700
Increase ...................................................................................................................... . . .




$3,293,200

1868]

309

NEW ORLEANS COTTON STATEMENT FOR THE YEAR.

Total real and personal, 1868................................................................................................ $493,572,700
“
“
»•
1867................................................................................................. 471,497.800
Increase...............................................................................................................................

$22,075,900

T otal po Is, 1868........................................................................................................................
“
“
1S67........................................................................................................................

48,416
41,778

..........................................................
City and county ta x ..................................................... ..........................................................

$723,140
5,161,689

................................................
C ity and county t a x ...................................................... ...............................................

NEW

ORLEANS

COTTON

STATEM EN T

FOR

THE

1S67
$3 94
l l 56

186S.
$ i 51
0 79

$15 5)

$12 30

YEAR.

The New Orleans P r i c e C u rren t of August 31 contains its usual carefully pre­
pared review of the movements of cotton at that port for the year ending Aug. 31.
from which it appears that the following is the entire movement of the y ea r:
Stock on h«nd 1st September, 1S67....................................................................................bales. 15,256
Arrived since August 2 1 ................................................................................
827
Arrived previoucly . . . ..........................................................................
659,549—660,376
Made f ro n waste and damaged cotton, samples, etc.............................................
8,019
Total receipts for 12 m ontns....................................................................................
..........
668,395
T otal............................................................................................................................
•••• 6S3,651
E xported since August 21 ..........................................................................................
1,145
E x p o s e d previously
............................................................................................... 680,517
Total exports 12 m o n t h s .........................................................................................................6S1,692
Stock on hand and on ship-board.................................................................. ,. .bales.

1,959

The statement in detail, month by month, is as under :
September
O ctob er...
November
December .
January
February ,
M a rc h ___
April

Recpipts. Sa’ es. E xp 8
. 8,SU0 26,50) 47,195
. 3,234 12,000 19,632
. 3,317 4, 0i) 10,346
. 1,517
900 2,006
....................
8,019

Receipts. Sales. E xpt’ s
8,042
5,250
6,875 May
31,566 26,750 11,584 June
90,082 67.000 43,475 July
147,614 121,000 119,200
109,375 121,000 127,882
stock.
122,598 127,CC0 109,711
92,458 120,000 122,881 Totil..................
41,773 52,600 61,402 Total, 1866-7 . . .

6 8,395 687,500 631,692
780,490 854,250 867,816

The details of the exports for a series of years are as follows :
W hither exported.
1 S 6 7 -6 8 .
Liverpool___ b des...................... . . . . 3 2 4 ,5 5 5
Lonm n .......................................
Glasgow, Gr’ n’ k, & c..................
Cowes, b'alra'th, & c.................. ...........
3 ,0 5 9
Queen t’ n, C ork,& c.................. .
H avre............................................
Bordeaux
....... ......................... -----27
Marseil e s ...................................
Nantz, Cette, and Rouen . . . .
A m s terd a m .................................
Rotterdam & Ghent....................
Brem en...................... ............................. 3 4 , 5 ©
Antwerp, &c................................
H am bii-g..................................... ...........
7 ,2 8 3
Gottenb’ g & S tock h olm .......... .. . .
592
Spain, Gibraltar,&c......... . ' . . . .
M exico, &c ................................. . . . . 1 1 ," 8 1
Genoa, Trieste, & c...................... . . . .
5 ,6 7 7
St. Petersburg, &c...................... . . . .
7 ,7 9 5
N ew Y o r k ........................... ......... . . . . 5 4 ,7 7 9
B oston .......................................... . . . . 3 1,6 51
Providence, R . I ......................... . . . .
1 ,0 6 7
Philadelphia................................ .......
6,294
B altim ore............... ....................
O thercoastw ’ e p ’ ts.............. ... .......
7
Total................................... .




1 8 6 6 -6 7 .
4 0 3 ,5 2 1

1 8 6 5 -6 6 .
c 5 8 ,8 7 8

1 5 9 ,2 9 8
1 ,5 5 4

1 3 3 ,7 4 4
766

6 ,7 3 5
£0

3 ,7 2 1

2 4 ,8 3 3
4 ,3 3 5
3 ,2 1 2
1 5 ,4 3 2
1 4 5 ,0 4 6
8 4 ,2 6 4
9 ,7 1 1
8 ,2 4 9
1 ,1 0 6

1 6 ,4 5 4
688
286
1 ,7 0 1
1 5 4 ,6 9 7
8 1 .4 5 7
9 ,0 8 3
5,(11)5
234
1,879

8 6 7 ,3 1 6

7 6 8 ,5 4 3

2 31

1 8 5 9 -6 0 .
1 ,3 4 3 ,1 6 3
107
1 6 .4 3 7
1 9 ,1 4 7
4 3 ,1 1 2
£ 0 3 ,1 5 7
2 .3 9 5
3 ,7 3 5
4 ,d 0 4
2 ,9 4 9
5 ,2 0 5
6 0 ,9 9 9
1 6 362
9 ,0 7 9
1 3 ,5 2 2
5 0 ,3 1 7
1 7 ,7 2 5
0 1 ,3 2 3
2 8 ,0 1 9
6 2 ,9 3 0
1 3 1 ,6 4 8
5 ,7 1 7
5 257
1 ,2 4 7
1 ,8 ( 9

1 9 2 ,3 5 1

2 ,2 1 4 ,2 9 6

1 8 6 4 -6 5 .
2 1 ,3 2 6

5 ,9 5 2

1 67

402
1 4 4 ,1 9 0
1 5 .9 9 3
2 ,7 3 5
1 ,3 3 5

1858-59.
953,528
9*043
14 5 27
12,593
247,703
3,074
1.193
4.477
4,826
9,945
66.850
17,132
9,440
12,334
75,889
16,578
54,496
61,948
5,856
25.464
157,117
5,582
1,129
1,442

310

RECEIPTS OF COTTON AT SOUTHERN PORTS,

[ October,

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

Great B ritain...................................... 327,683
F rance........................................
147,120
N orth o f Europe ............................
50,235
S .E u p ., M exico,&C.......................
56,433
Coastwise.......................................... 100,215

403,521
160,852
22,217
32,350
248,876

358,878
131,510
5,422
17,373
252,355

21.326
5,952
402
167
164,501

1,426,966
31*,291
133,135
129,270
208,631

994,696
256,447
182,475
146,963
196,590

T ota l............................................. 681,692

867,316

768,543

192,351

2,214,296

1,777,171

SOUTHERN

PORTS.

E E C E IP T S

OF

COTTON

T h e c o u r s e o f r e c e ip t s
o f th e la s t t w o y e a r s :

EACH

W EEK

FOR

TW O

YEARS

a t t h e d iffe r e n t p o r t s h a v e

been

AT

a s fo llo w s fo r e a c h w e e k

W eek
ending
fcept.. 7

<— N . Orleans.—\ /— M obile.— , r-Savan’ h.—, ,—Char'’t’n.—, ,— Texas.—,
1 8 6 7 -8 . 1 8 6 6 -7 . 1 8 6 7 -8 . 1 8 6 6 -7 . 1 8 6 7 -8 . 1 8 6 6 -7 . ’ 6 7 -8 . ’ 6 0 -7 .
’ 6 7 -8 . ’ 6 6 -7 .
. . . - ......... ...
145
480
988
640
485
339
126
1 ,5 4 7
1 ,4 4 0
1 4 . . . . . ...............
46
1 ,3 9 2
494
214
2 ,0 1 3
479
1 ,6 6 0
578
1 ,0 S 9
“
2 1 ________ ______
120
2 .1 4 5
772
106
2 ,6 4 3
2 ,2 3 3
848
1 -2 3 7
950
2 8 ...........................
179
55
4 ,1 6 3
4 ,6 1 3
1 ,6 0 7
4 ,2 0 1 ,4 7 2 1 .1 1 1
1 ,4 3 1
Oct. 4 ...........................
690
4 ,3 6 4
3 ,0 8 6
78
7 ,5 6 6
7 ,1 3 7
2 8 4 7 2 ,9 0 3
2 ,0 9 6
1 1 ...........................
759
1 2 ,6 6 2
2 ,8 4 7
9 ,0 1 9 5 ,9 3 9 5 ,0 9 0 2 ,6 6 3
115
4 ,6 2 3
* 4 1 8 ...........................
1 6 ,5 6 !)
6 ,4 1 3
7 ,8 6 6
1 0 ,4 1 7 4 ,9 9 1
104 1 ,4 1 9
6 .1 8 1
2 ,9 8 5
n
2 5 ...........................
1 ,6 6 3
2 1 ,5 0 0
6 ,6 3 2
8 ,6 8 0
1 2 ,4 0 5
8 ,8 5 8
5 ,8 6 9 5 ,3 9 5
766
Nov. 1 ....................
2 ,1 1 9
1 ,1 4 1
2 2 ,0 1 9
7 ,3 3 4
7 ,3 9 3 1 4 ,9 5 5
8 ,1 6 9
8 ,5 9 3 4 ,6 6 7
8 ...........................
4 ,4 1 9
1 9 ,6 3 9
9 ,1 0 0
1 9 ,2 5 8
7 .6 1 4 1 1 ,6 3 4
5 ,0 8 6
769
1 1 ,2 2 6
‘ ‘ 1 5 ...........................
8 ,1 1 2 8 ,4 9 6 1 1 ,7 8 2
2 4 ,9 6 3 1 0 ,6 3 8
1 0 ,1 9 3
6 ,8 8 2 1 ,1 ^ 2 4 ,0 6 4
2 2 . . . . ............
3 572
.......... 2 0 ,5 3 0
2 7 ,7 0 3 1 5 ,1 8 8
1 0 ,1 0 3 2 1 ,0 8 1
7 ,0 4 7 9 ,3 3 6 5 ,3 8 8 2 ,3 7 5
4* 2 9 ...........................
9 ,6 4 0 1 9 ,6 7 8 6 ,0 8 8 7 ,8 5 9 4 ,0 6 9
1 ,9 9 4 5 ,4 0 5
1 6 ,6 5 0
2 8 ,8 3 6
Dec. 6 ........................... .......... 2 6 .4 7 0 2 5 ,2 9 9 1 3 ,7 2 1 1 0 ,4 4 7 1 4,1 71 6 ,2 8 5 6 ,7 9 6 5 ,2 2 1 2 ,2 6 9 4 ,4 6 3
44 1 3 ...........................
5 ,0 4 2
3 1 ,9 7 9 2 0 ,8 3 3
1 2 ,7 1 9
1 8 ,4 4 5 5 ,1 5 9
5 ,3 9 7 2 ,5 6 9
9 ,7 0 1
“
2 0 ...........................
1 3 ,8 9 9 2 2 ,0 7 2 9 ,5 6 8
9 ,1 2 2 0 ,2 6 8 2 ,6 9 2 4 ,5 4 6
3 7 ,7 6 4 2 3 ,8 6 0
2 7 .......... ................ .......... 2 6 ,4 3 1
2 3 .1 0 1
1 4 ,7 4 6 2 0 ,0 3 1
9 ,1 1 4 9 ,9 3 5
6 ,0 2 3 3 ,3 4 4 6 ,1 3 9
2 9 ,4 6 1
Jan. 3 ...........................
8 ,8 2 4
2 4 ,3 4 4 1 6 ,5 3 7
6 ,9 0 5 2 4 ,2 7 3 7 ,7 1 8 9 ,8 3 2 1 1 ,4 0 1 2 ,2 6 0
1 0 ...................... .
2 ,4 3 4 5 ,1 5 1
2 5 ,0 1 9 1 7 ,0 5 8
9 .5 0 8
1 7 .0 8 1
6 ,6 0 9 6 ,5 0 9 3 ,9 6 1
1 7 ....................
8 ,3 0 3 1 7 ,8 8 3 1 1 ,1 5 4 7 ,3 0 8 6 ,2 3 3 2 ,9 3 0 4 .1 8 2
2 9 ,6 6 4 1 5 ,5 7 5
“
4 ,7 S 9
2 4 ...........................
2 ,8 3 9
3 0 ,7 5 5 1 5 ,9 2 2 1 2 ,0 0 7 1 8 ,6 4 6 1 0 ,4 6 6 9 ,7 3 9 5 ,8 6 3
6, . 67
3 1 ...........................
6 ,5 6 3 2 3 ,2 0 0 1<>,312 1 0 ,2 1 0 6 ,3 9 9 2 ,2 1 7
4 1 ,6 5 6 1 6 ,3 6 8
ifeh. 7 ........................... .......... 3 2 ,1 8 0 . 2 6 ,0 3 0 1 2 ,0 9 3 1 0 ,0 7 2 1 8 ,0 0 3 9 ,3 4 6 1 1 ,7 1 6 4 ,6 4 7 3 ,2 9 5 6 ,4 6 7
• Cl 1 4 ...........................
4 100 6 ,4 7 3
.......... 3 3 ,3 7 8 1 9 ,4 3 3 1 2 ,4 6 0
6 ,5 8 1
2 1 ,8 3 6
6 ,7 4 3 8 ,7 2 9
4 ,8 0 1
2 ,9 1 1
6 ,2 4 8
2 1 ........................... .......... 2 5 ,4 2 7
6 ,9 0 0 2 8 ,1 6 4
7 .4 7 2 1 0 ,8 2 3 5 ,2 S 1
2 8 ,7 8 6 1 2 ,7 7 4
7 ,7 7 2
2 8 ...........................
6 ,9 3 6 1 1 ,4 0 6 2 ,3 9 5 3 ,6 7 1
5 ,0 3 7
2 2 ,6 8 4
2 0 ,5 7 6 1 5 ,4 2 0
5 .2 7 4
Mar. 0 . ................. .. .......... 2 6 ,1 0 4
4 ,1 0 4 3 ,0 1 8
8 ,9 5 4
3 ,1 3 7 1 4 ,2 0 8 5 ,2 5 0 9 ,0 1 1
1 7 ,3 1 2
5 ,8 5 4
2 ,8 0 5 4 ,6 9 9 7 ,3 7 5
1 3 .................... . . . . 2 2 ,3 0 9 1 3 ,3 5 9
5 ,1 1 2
3 ,8 5 7 1 1 ,5 5 0 4 ,7 8 0
5 ,1 0 2
2 0 .................... ........1 6 ,9 8 5
3 ,6 6 2
1 1 ,8 0 4 4 ,5 2 3 5 ,3 4 3 2 ,3 7 7 4 ,4 4 1
3 ,5 7 6
1 4 ,5 8 7
•4 2 7 .................... ........1 3 ,2 7 5
2,2& 4 4 ,7 3 3
7 ,4 8 1
4 ,2 0 1
3 ,6 9 0 2 ,9 6 4
1 0 ,8 7 4
2 ,9 2 7
2 ,6 1 1
April 3 .................. ........ 1 1 ,6 6 7
2 ,7 4 1
3 ,6 3 3
3 ,9 2 7
9 ,7 5 1
4 ,0 6 9
2 ,8 5 3 2 ,2 4 3 5 ,2 6 2 3 ,5 2 5
** 1 0 .................... ........1 0 ,^ 7 8
3 ,1 9 4
3 ,3 8 9
2 ,5 7 5
8 ,8 8 8
1 ,9 2 5
9 ,9 6 7 3 ,7 3 7 5 ,4 9 4
8 ,4 0 5
3 ,5 5 5
3 ,0 7 3
1 7 ........... . . .
8 ,6 0 6
2 ,7 1 2
........ 9 ,5 0 1
2 ,4 7 0
5 ,6 2 6 2 ,6 2 3
9 ,1 4 1
3 ,2 9 3
u
1 ,4 5 2 4 ,1 3 4
2 4 .................... .......
2 ,4 7 8 1 ,2 1 0
3 437
6 ,0 2 1
2 ,3 0 4
651
6 ,3 8 2
1 ,2 8 5
2 ,2 7 5 1 ,5 4 9 5 ,1 4 0 1 .9 5 0
2 ,2 0 5
May 1 ....................
1 ,8 4 3
1 ,5 1 9
2 ,7 5 7
5 ,1 2 7
4 ,0 2 1
8 .................... ........ 2 ,9 8 5
1 ,8 9 1
1 ,9 2 7
2 ,9 7 1
3 ,0 4 2 1 ,3 8 8 1 ,4 3 2
996
4 ,5 9 2
1 ,5 8 2 3 ,7 2 8 1 ,8 S S
921
1 5 ....................
2 ,2 7 8 1 ,8 3 5
429
1 .5 5 7
4 ,8 0 0
it 0-2
8 1 0 2 ,4 9 5
1 ,1 3 7
2 .1 1 0
1 ,2 6 4
....... 1 ,0 5 2
4 ,2 5 6
620
2 ,5 0 0 3 .0 1 0
2 9 ....................
1 ,3 3 5
849
2 ,0 9 8
937
1 ,4 2 4
1,646 1 .3 3 4
220
3 ,4 5 8
8
3
0
1
,7
5
3
1
,6 5 6
J. ne 5 ....................
8
6
5
3
,1
3
9
6
3
6
1
,1
1
7
4 ,0 3 8
2 :0
44 1 2 .................... . . ..
2 ,4 1 8
2 6 4 1 ,6 8 9
611
1 21
597
1 ,2 5 3
715
569
2 ,0 3 8
7
4
8
1 9 ....................
1
,8
2
8
3
60
372
1
,1
21
5
4
9
1
,5
0
0
7
6
2 .3 9 5
Cl 2 6 .................... ........
2 7 ) 1 ,1 4 5
1 ,1 3 4
462
8 4 2 2 ,4 0 7
283
2 ,2 0 8
103
413
2
7
3
1
4
9
1
,1
71
3
....................
1
,1
6
0
1
,2
3
4
1
,7
3
7
2
,1
5
6
5
8
4
4
5
July
1 70
22
291
9 80
1 ,1 5 5
957
199
S 66
1 0 ........................... ..........
277
1 ,1 4 3
tl 1 7 ...........................
.',351
2
9
0
7
6
0
2
0
3
8
9
1
,4
0
0
104
5
36
870
1 ,3 7 8
341
380
190
1 ,3 3 1
158
598
2 1 ...........................
1 ,2 0 1
75
tt
2
5
9
4
0
7
1
,1
8
9
2
00
n
32
6
0
9
63
3 1 ...........................
3
6
1 ,0 8 9
15
1 ,2 2 8
20
1 .5 0 1
60
503
Aug . 7 ..........................
l,il6
26
348
5
5
9
4
4
4
1
00
1
,2
7
2
5
7
4
1
,0
S
0
4
4
5
1 4 ........................... ..........
65
1 ,0 0 8
“
170
1 ,4 4 0
H7
228
149
43
207
8 5 3 1 ,1 5 2
2 1 . . , .................... ..........
88 X
2
5
5
3
11
7
3
9
7
0
1
,6
0
5
1 ,0 2 5
270
230
227
“
3 1 ...........................

44

44
44
44
44

44

44

u

DEBT

OF

M IS S O U R I.

W e have received the following letter from the Treasurer o f Missouri in regard to
the debt of that State :
C i t y o f J e f f e r s o n , Aug. 28, 1868.
W m . B. D a n a & Co., Publishers, Ac., New York :
Gentlemen— Your circular Utter of the 24th instant is at hand. Herewith I
hand you a statement of our State bonds as requested.




DEBT OF TENNESSEE.

1868]

311

Old debt proper—All bonds exchanged for new —maturing in 18S2 and 1883—6 per

...................................................................... *............... ..........

Railroad debt—All series, inclusive o f $1,600,000 7 per cent S. W . P. guaranteed.. . .
Consols -F o r past due interest, 6 per cent, m atuiing in 1887..........................................

500,000
21,6 *0.000

3,512,000

$25,662,000
Deduct Hannibal and St. Joseph Railroad bonds—Interest paid promptly
by the Comp m y, and principal to be shortly substituted for Com­
pany’ s bonds ........................................ ............................ . — . . . . . . . . . . . . . . $30,000,000
Deduct amount o f Pacific Railroad debt to be paid in bonds o f the State
4,650,000- 7,650,C00
in the nest 30 days.............................................................................................
$18,012,000

Actual bonded debt.

Very respectfully,
W m.

U JV I0N

P A C IF IC

B is h o p ,

State Treasurer.

R A IL R O A D .

The following are the earnings and expenses o f the Union Pacific Railroad for
the year ending June 30. 1868 :
EXPEN SES.

E A R N IN G S .

F rom
From
F rom
From
F rom

passengers............................. $888,335 05 F or conducting transportation___$517,802
freigh t.................................... 3,233,971 61 F o rm o tiv p o w e r ........................... 977,010
209,150
e x p r e ss ..................................
30,954 79 F or m intenance o f c a r s ...............
m a ils ......................................
66,800 00 F or maintenance o f w a y ................ 831,537
149,255
m iscella n eou s......................
26,579 28 F or general e x p e n se s ..................

T ota l.......................................... $4,246,040 73

86
62
57
66
43

T otal..........................................$2,684,757 14
N e earnings to balance............. 1,561,283 59
$4,246,040 73

Total (on average o f 472 miles)

The amount of First Mortgage Bonds the Company can issue on this 472 miles is
§7,520,000.
Gold interest for one year, at the rate o f 6 per cent, i s ............................... .......... ................$4*1,260
Add 40 per cent premium for g o ld ........................................................................................
180,480
Total ......................................................................................... ............................................ $631,680
Surplus for the year, after paying interest on first mortgage b o n d s ............................. $929,603 £9

W e will now add to the account the interest on the United States second mort­
gage bonds, and it will stand as fallows :
N et earnings for one y e ^ r ....................................................................... , .......................... $1,561,283 59
Interest on first m rtgage bonds reduced to currency.. $631,680 ...........................
Interest on second
“
“
— 451,200— ..........- ................ 1,032.880 00
Surplus, after paying all in terests.............................................................................

$478,403 59

It is stated by the officers of the Board that the earnings for the first half of the
financial year were so large that the Company reduce l their charges twenty-five per
cent.

DEBT

OF TE N N E SSE E .

The following is the statement, recently reported to the legislature of Tennessee,
of the bonded debt of that State:
BONDED

DEBT

OF TH E

STATE.

State debt proper to Jan. 1,1866............................ .....................................................
Interest on same funded io Jan. 1, 1868........................................................................

$3,334,606 66
743,553 60

T otal............................................................................................................................
State bonds loaned to R R ’ s to Jan. 1,1861....................................... $21,465,00 ) 00
Interest funded to Jan. 1, 1866..................................... ......................
3,732,343 10
State bonds loaned railroads since Jan. 1, 1861.................................
4,438,000 00

$4,078,160 26




$29,635,343 10

[October,

PUBLIC DEBT OF THE UNITED STATES,

312

State bonds loaned to turnpike co .’ s to Jan 1, ’ 61............... ............
Interest on same, funded to Jan. 1, 1868............................................

490,000 00
102,060 00

State bonds loaned to Agricultural Bureau to Jan. 1, 1861....... . ..
Interest funded Jau. 1, 1866....................................................................

30,000 00
7,200 00

592,060 00
37,200 00

T o ta l...................
State bonds cancelled,

$24,342,772 76
71,006 00

Aggregate state d eb t........................... ............. .....................................................
BONDS

ENDORSED

BY

TH E

$34,271,762 76

STATE.

Nashville and Chattanooga....................................................................................................
East Tennessee and Virgin ia..................................................................................................
East Tennessee and Gb orgia..................................................................................................
Memphis and Little R o c k ........................................................................................................

$1,650,000
200,000
150,000
3t 0,000

T otal...................................................................................................................................
O f this amount there has been cancelled by sinking fund................................................

$2,315,000
143,000

Balance............................................................................................... - ............................

$2,172,000

A S S IS T A N T

TR EA SU RER’S STATEM EN T

FOR

SEPTEM BER.

The following is the official statement of the business of the office of the Assistant
Treasurer of the United States, in New York, for the month of September, 1868 :
R E C E IP T S A N D

D IS B U R S E M E N T S .

Balance, Augnsl 31,1863 ..................................................................... .
$87,555,452 17
R eceipts during the m on th :
$13,279,450 03
On account o f cu sto m s .......................................................................
1,963,300 00
*,jdo
Gold notes................................................................................
177 353 37
do
Internal revenue.....................................................................
do
Three per cent. Certificates.................................................
5,030,000 00
307,125 53
do
Post-office D epartm ent.........................................................
10,056,000 00
do
T ransfers.................... . ...........................................................
3,870 SO
do
Patent fees ............................................................................
g|do
M iscella n eou s.........................................................................
6,671,968 83
10,858,499 91
do
Disbursing accounts ..........................................................
74,723 97
do
Assay office.............................................................................
5,876,416 25— 54,29S,70S 69
^do
Interest accounts....................................................................
T o t a l......................................
Payments during the m onth:
Treasury drafts............................
Post-office drafts........................
Disbursing a ccou n ts..................
A ssay-O ffice............... ................
Interest accounts, v iz .:
In c o in ..........................................
In currency...................................

, ....................
$30,303,4"0
219,410
13,282,722
197,489

$141,851,168 86

82
53
82
83

3,333,138 75
17,908 00— 47,354,170 75

B alance.......................................................................................................................... $94,499,990 11
$19,339,113 25
Balance to Cr. Treasurer U. S ...................
Balance to Cr. disbursing accounts..................................................
12,634,373 69
Balance to Cr. Assay office....... .....................................................
2,205,969 57
Balance to Cr. internet accounts.....................................................
320,533 60
$13,279,450 03
Receip s for Customs in the month o f Sept., 1868.
11,967,824 64
Receipts for Customs in the month o f Sept., 1867
$1,311,625 49

Increase for Sept., 1868.

PUBLIC DEBT OP TH E UNITED STATES.
Abstract statement, as appears from the books and Treasurer’s returns in
the Treasury Department, on the 1st o f September and 1st o f October, 18C8 :
D E B T B E A R I N G C O IN I N T E R E S T .

September 1.
October 1.
Increase.
5 per cent, bon d s................................... $221,688,400 00 $221,588,400 00
$ ...
6
“
18S1......................................
283,677,800 00 283.677,300 00
..
6
“
(5-20’ s ) ........
1,591,226,050 00 1,594,888,000 00 3,662 550 00
T o t a l................................................ 2,096,491,750 00 2,100,154,300 00 3,662,550 00




D ecrease;
$

........

COMMERCIAL

1868]

CHRONICLE AND

313

REVIEW .

D E B T B E A R IN G C U R R E N C Y I N T E R E S T .

6 per ct. (R R ) b onds............................
3-y’arscom . int. n’ tes..........................
3 p. cent, certificates............................
Navy Pen. F 'd 3 p .c .............................

$35,314,000 00
10,595,410 00
62,205,000 00
13,000,000 00

$39,634,000 00 $4,320,000 00
$ .......
5,251,930 00
....... ..
5,343,480 00
65 230,000 00 3,025,000 00
........ ..
13,000,000 00
......................................

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

121,114,410 00

123,115,930 00 $2,001,520 00

M A T U R E D D E B T NOT P R E SE N T E D F O R PA YM E N T.

7-30 n. due Aug. 1,’ 67, J ’ e & J ’y l5 , ’ 63
6 p. c. com p. int. n’ e s ............................
B ’ ds o f T exa s ind’ t y ...........................
Treasury notes (old)...........................
B ’ ds o f Apr. 15,1812, Jan 28, 1847 &
Mar 81,1848 ..........................................
Treas. n s o f Ma. 3,63...........................
Temporary loa n ....................................
Certifi. o f indebt’ ess...........................

$4,650,000 00
5,033,490 00
256, OuO 00
154,111 64
1,258,200
555,492
744,920
13,000

$3,537,000 00 $ ............... $1,113,000 00
6,322,070 00 1,288,580 00
----------256,000 00
.........................................
154,111 64
.........................................

00
00
00
00

967,650 00
200,550 00
44%412 00 ....................
110,000 00
744,920 00
.........................................
13,000 00
..........................................

12,665,213 64

Total,

$224,970 00

12,440,243 64 $

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

$ ........

United States n o te s .............................. $356,021,073 00 $356,021,073 00
$ .............
Fractional currency.............................
31,^02,218 37
82,933,614 17 1,131,395 80
G old certi. o f d ep osit......... ...............
25,161,620 00
26,236,400 00
.............

4,925^220 00

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

3,793,821 20

412,984,911 37

Total

409,191,087 17

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

$

$

$

2,0%*,491,750 00 2,100,154,"00 00 3,662,550 00
121,114,410 00 123,115,930 00 2,001,520 00
12.665,213 64 12,4 0,243 64
.................
224,970 00
412,984,911 37- 409,191,037 17
................. 3,793,824 20

Bearing coin in terest.,
Bearing cu r'y interest.
Matured debt ............
Bearing no in terestl..

A ggregate................................................. 2,643,256,285 01 2,644.901,560 81 1.645,275 80
Coin & cur. in Treas............. .................. 107,641,971 98 110,257,841 86 2,615,869 88

970,594 68
..................

D ebt less coin and c a r ........................... 2,535,614,313 03 2,534,643,718 95

970,594 08

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

The following statement shows the amount o f coin and currency separately at
the dates in the foregoing table :
C O IN A N D C U R R E N C Y I N T R E A S U R Y .

C o in .........................................................
C urren cy.. ............................................

$92,570,901 21
15,071,070 77

T otal coin & curre’ y ..........................

107,611,971

$96,891,847 10 $4,320,945 89 $ ...............
13,365,994 76 .................... 1,705,070 01

S 110,257,841 86

2,615,869 83

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

The annual interest payable on the debt, as ; existing September 1, 1868 and
October 1, exclusive o f interest on the compound interest notes), compares as
follows 7
AN N U A L IN L 'E R E S T P A Y A B L E

ON

September 1.

P U B L IC

DEBT,

October 1.

Increase.
$ ...............
.................
219,753 00

Decrease.
$ .............
.............
....■■■■

Total com in terest.............................$123,673,621 00 $123,793,374 00 $219,753 00
$2,’.18,840 00 $2,378,040 00
259,200 00
“
3
“
............................
2,256,150 00
2,346,900 00
90,750 00

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

Coin—5 per cen ts................................... $11,079,420 00 $11,079,420 00
“
“

6
6

“
“

1881....................................
(5-20’ s ).............................

17,030,638 00
95,473,563 00

17,020,638 00
95,693,316 00

Currency—6 per cen ts...........................

Total currency inter’ t.............................

$4,374,990 00 *4,724,940 00 $349,950 00

$

COMMERCIAL CHRONICLE AND REVIEW.
The Course o f Trade—Loans and Discounts—Rntes o f Loans and D iscounts—T he Stock Mar­
k et—Unit d States Securities—Bonds sold at the tjew Y ork Exchange Board—P iices o f
Government Se urities at New Y ork—Course o f Consols and American Se uri ies at. L on­
don— Miscellaneous Securi ies at N ew Y ork Stock Exchange—General Movement o f Coin
and B d ion at New Y ork —Course o f Gold at N ew Y ork —Course o f F oreign Exchange at
N w York.

The course o f trade and finances during September, though not in some
respects what has been expected, yet affords some cause for gratulation. The mer­
chandise markets have exhibited a very fair decree o f activity.
These has been
the hesitation among buyers which cannot but show itself so long as the abnormal




COMMERCIAL

314

CHRONICLE AND

R E V IE W .

[ October,

condition o f values exists, and in some branches o f trade holders have had to
meet this feeling by a partial concession in p rices; but upon the whole, the
month’s business has been satisfactory.

The W est has taken a very large amount

o f goods, and the South has been more fully represented than at any period since
1861.

I t may perhaps be safely assumed that domestic manufacturers have

realized very fair profits upon their products recently marketed.

The trade in

foreign goods, however, has been somewhat .irregular as to its results. There
appears to have been an over supply o f some classes o f dry goods, owing to
heavy consignments from E u rope; and, at the auction sales, large lines o f
fabrics have realised but little over the gold cost, leaving a heavy loss to the
consignors. The crop movement has varied somewhat from that o f the same
month o f last year. W hile D e receipts o f grain at the lake ports have been
almost unprecedented, the quantity sent Fast has been much less than in Sep­
tember o f 1867, the grain merchants here being cautious at making heavy pur­
chases at the late current prices. Western holders, however, somewhat moder­
ated their view s; and as the N ew Y o rk Central and Erie railroads have much
reduced their freights during the month it is to be expected that the next few
weeks there will be a material gain in the Eastward movement o f produce.
This delay in the forwarding o f grain to the seaboard has had a somewhat
direct bearing upon the course o f the money market.

The lightness of the

supply o f grain bills made at N ew Y o rk and Buffalo has tended to keep
down the loaDS o f the banks, the result being that, for the greater part o f the
month, demand loans have ranged at 3 @ 5 per cent, a much easier condition
o f things than prevailed in September o f 1867.
been generally done at 6-J@7 per cent.

Discounts o f prime paper have

W all street firms engaged largely in

stock operations, as a precaution against a repeiition of the stringency experi­
enced a year agr, have borrowed large amounts on stock and bond, during the
month, at 6 @ 7 per cent, for from 6;) to 90 days, and ihese loans having materi­
ally reduced the demand for call loans, have partially contributed to the ease in
the rates upon demand transactions.

A t the date o f the last bank statement,

the banks were, in some respects, in an easier position than at the correspond­
ing period of last year, as wi 1 appear from the following comparison :
S e p t . 5 6, 1 8 6 8 .
L o a n s a n d d i s c o u n t s .................................................................................................... $ 5 1 1 ,2 0 0 ,0 0 0
{ S p e c i e ..........................................................................................................................
1 2,6 00 ,01 )0
C i r c u l a t i o n ............................................................................................................................... 34,000,0 >0

.D eposits .......................................................................................................
L e g a l t e n d e r s ............................................................................

202,000,000
6 3 ,5 0 0 ,0 0 0

S e p t . 2 8 ,1 8 6 7 .

$251,900,000
9,500,000
34.100.000
181,41 0,000
55.900.000

A t the close of the month, however, there was a sudden increase in the demand
tor money, apparently due, to some extent, to artificial efforts to tighten the
market, under which the rate on call loans advanced on the 30th to 7 per cent,
and in exceptional cases even 7 per ctnt in gold.
The following comparison shows the totals o f the statements o f the N ew
Y o r k banks at the close o f each week in September and at the close o f Septem ber
1867 ;
L o a n ” a n d d is c o u n ts

Specie - ........
C i r c u l a t i o n ............
D e p o s t s ................. .
L e g a l T e n d e r s ,...




S e p t 5.
$ 2 7 1 ,8 3 0 ,6 9 6
1 6 ,8 1 5 ,7 7 L
3 4 ,1 7 0 4 1 9
2 7 ,8 5 4 ,3 8 3
6 5 ,9 8 3 ,0 6 ?

S e p t . 12.
$ 2 7 2 ,0 5 5 ,6 9 0
1 6 ,1 5 0 ,9 4 2
3 4 ,1 3 9 .9 2 6
205 ,48 9^ 0 70
6 3 ,4 2 9 ,0 3 8

S e n t 19.
$ 2 7 l.2 .=2 ,0 9 6
1 4 ,6 6 5 ,7 4 2
3 4 ,0 4 4 ,6 9 3
2 0 2 ,8 2 4 ,5 8 3
6 3 ,7 7 2 ,7 0 0

S e p t. 26. S e p t . 28, ’ 67
$ 2 7 1 ,2 7 3 ,5 4 4 $ 2 5 1 ,9 1 ,7 5 1
1 2 6 0 4 ,4 8 3
9 ,4 9 G ,1 6 3
3 4 ,0 5 0 ,7 7 1
3 4 ,1 4 7 ,2 6 9 .
202,068,3134
1 8 1 ,4 3 9 ,4 1 0
6 3 ,5 8 7 ,5 7 6
5 5 ,9 9 1 ,5 2 6

COMMERCIAL

1868]

CHRONICLE AND

REV IE W .

S15

Tr e fo lowing are the rates o f Loans and Discounts for the month o f Septem­
ber :
RATES OF

LOANS

Call lo a n s ...................................................... .
Loans on Bonds and M ortgage......... .
A 1, endorsed bills, 2 mos ................. .
Good endorsed bills, 3 & 4 m o s . . . . •
“
“
single n am es.. . .
Lower grad es.......................................... .

A N D D IS C O U N T S .

Sept. 11.

Sept. 18.

3 @ 5
7

3 @ 8
7

6

6

6

7
7 @ 7|

—@ 7

8 @10

8

7
7 @ 7|

Sept. 4.
3 @ 4

-@

7

7 @ 7*

8

@ 10

A ug net 28.
4 (3) 5
—@ 7

6

@ 10

—@ 7

7 @ 74

8

@10

The stock market ha3 been on the whole active. The increasing earniDgs o f
the roads have encouraged outside operators to buy, and a considerable amount
o f stocks has probably passed from the hands o f the cliques inlo the hands o f
temporary operators. The prevailing tendency o f speculation has been toward
higher prices a"d to secure this the cliques appear to have borrowed Irecdy on 2
to 3 months’ time. The transactions for the month have been slight y in excess
o f the same month o f 1867, as will appear from the following statement o f sales
at both boards:
Classes.
B ank s h a re s ........................
Kailroad “ ....................
Coal
“ ........................
M ining
44 .......................
Im prov’ n t 44 .......................
Telegraph 44 ........................
Steam ship4* .......................
E xp r’ ss& c44 ___ ! ...............

1867.
1,819
1,446,(63
4,151
10,564
11,659
76,759
40,646
45,468

T otal—September.......
44 —since January 1

1,637,129
16,350,755

1868.
2,188
1,461,464
3,773
38,317
13,700
19.615
81,498
110,074
3,730,629
14,544,018

D ec

Increase.
369
15,401

318
27,753
2,041
61,144
40,852
64,606
93,500
1,806,132

United States securities have been quiet, so far as respects the operations o f
investors. There has, however, been m ch speculative activity, growing out
o f an expectation that the market would react from the lute unusual y high
quotations.

Large “ short ” sales have been made under this id e a ; but the

supply o f bonds be’ng in the hands of one or two leading firms the sellers have
been at the mercy o f holders, and prices have b en maintained until i.ear the close
o f the month, when there was a decline o f £ to 1J per cent.

The following

are the comparative prices o f bonds on Sept, 3 0 ,1 8 6 8 , ani Sept. 30, 1867 ;
Sept. 30,
1868.

u sx

United States Sixes 1SSI coupon*........
United states I'ive-tw euties 1862 coupons
44
44
1864
44

44

1 8 6 .1

1865
1867

112*
109*
109%
107%
, 108

44

44
“

(new)
..........

The transactions in bonds during the month have

Sept. 3C,
^867.

no*
u sx

109
109)4
101*
101*

largely exceeded those

for the corresponding period ot 1867, as w 11 be seen from the following state­
ment :
BONDS

SOLD

AT T H E

N . Y . STO C K E X C H A N G E

BOARD.

Classes.
1867.
U . S. b o n d s ........................................................ $17,840,000
U . S. notes .........................................................
1,692,750
St’ e & c it y b ’ d s ..................................................
2,297,S00
Company b ’ d s ...................................................
S41,000

1868.
$23,892,150
..........
10,058,000
1,658,300

Inc.
$6,552,150
.........
7,760 200
817,300

Total—September.................................... $22,171,550
44 —since Jan. 1 ................................... 112,041,630

$35,60S,450
158,865,440

$13,456,900
6,820,810




Dec.

$ .......

1,692,750

316

COMMERCIAL

CHRONICLE AND

R E V IE W .

[O c / o d e f,

The daily closing prices o f the principal Government securities at the N ew
Y o rk Stock Exchange Board in the month o f September as represented by
the latest sale officially reported, are shown in the following statement;
P R I C E S O P G O V E R N M E N T S E C U R I T IE S

Day o f
mouth.
1 .........

t—6 $, 1!381.^rCoup.

2........
3

.......

4

.........

5

.......

8

....

.......

7 .....

9 ...........
10..........
11...........
12
14 .......
15 .......
1 6 . .____
17 .......
18 .......
19...........
21...........
22...........
23 .......
24 .......
25 .......
26 .......
28...........
29...........
3J...........

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

....
.......

Reg.
1862.
113% 113%
114
114
114%
113% 113%
113%
. . . . . 113%
113%
113#
113%
113%
114% 113% 113%
114%
llo %
113%
113%
H4
113%
113%
114 #
113% 114'
114% 113% 114%
116%
111%

__

F ir s t ...,
L ow est .
H ighest
I? an go .
L a st......

....

112%

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

112%
H4%

.......

113%
113%
114
%
112% 113%

114%
114
114
113%
113
112%
113%
112%
115%

2%
112%

AT

NEW YORK.

-6’ s, (5-20 yrs.) C oupon------------ ,5 ’s, 10-40
1864. 1865. new. :1867. 1868. yrs.U’ pn.
109% m % 108
107% 108# 105#
105#
109% in% 108% 108%
109% m % 108# 103% 108% 105#
m.1% m % 108% 108# 108% 105
m % 10S% 108% 1118% 105%
109% m % 109
109
109% 105
109% m % ICS# lf'8 # 108# 105
109% 111
103% 108% 108# 104#
110% 10S% 108% ,08% 105
109
105
109% 111% 109
109,% 105
109%
109% 109
109# 111% 109% 108% 109
105
109% 111
109
109
109% 105
109
104%
109%
109
111
ios% 109 109 104%
111%
109#
iio
109
110
109% lo9% 101%
111% 109
109%
110,% 111%
1 0 % 109% 105
110% 111% 109% 109# 109# 104%
104%
109% 110% 108# 108% 109#
H9% 110% 108% 108# 109%
110% 108# 108% 109%
109%
108% 108% 10 9#
109% 109% 108% 1 8% 108% 104%
109% 109% 107% 10S
109%
10.)%
110%
%
109%

111%
109%
m%
i%
109%

103
107%
109#
i%
107%

107%
107%
lc 9 #
i%
108

103#
108#
109#
i%
108%

105#
104#
105%

%

104%

The closing prices o f Five-Tw enties at Frankfort in each week endi ,g with
Thursday, were as follows :
Sept 3.
75%@75%

Sept. 10.
75%

Sept. 17.
70%

Sept. 24.

Month.
75% @7o%

15%

The closing prices o f Consols for money and certain Am erican, securities (viz
U . S . 6’s 5-20’s 1862, Illinois Central and Erie shares) at London, on each day
o f the month o f September are shown in the follow ing statement :
C O U R S E O E CONSOLS A N D A M E R IC A N S E C U R IT IE S A T L O N D O N .
C o n s A m . s e c u r itie s .
f o r U . S . T ll .C . E r i e
m o n . 5 -2 0 s s h ’ s . s h s .

D a te.

T u e s c i y ..............
W e d n ’ y ................
T h u r s d a y ............
F r i d a y .....................
S a t ’ d a y .................
M o n d a y ...............
T u ’ s d a y .................
W e d n e s d a y .........
T h u r s d a y ............
F r i d a y ..................
S a t u r d a y ...............
M o n d a y .................
T u e s d a y ...............
W e d n e y .................
T h u r s ......................

.......... 1
.......... 2

.......... 5
.......... 7
.... 8
....
9
....1 0

..........1 4
..........15
.......... 1 6
.......... 17
.......... I S

S atu 'd -iy........... . . . 19
M o n d a y ................. ........21




94
94
94
94%

91%
71%
91%
71%
72
91%
91
72%
( H o l i d iiv .')
94
91
71%
94
72
91%
91
94
72
94
90%
71%
94
72
90%
( H o li d a y .)
94
90%
72
90%
72%
91%
94
72
91
90%
94%
72#
91
94#
72#
94% 7 2 # 90%
94
72%
90%

30%
30%
31%
31
30%
30%
30%
30%
30%
29%
39%
30%
30%
31
30%

3')%

Date.

Cons Am. securities
for U.S. III.C.l Erie
mon. 5-20S sh’ s. |sh’ s.

T u°sday.............. ......... 22
W ednesday____ ......... 23
Thursday........... ......... 24
Friday................ .
Saturday. . . . . . . . ......... 26
Monday ..............
T u e s d a y ............ ......... 29
W ednesday......... ....... 30

94%'
94%
91%
9'%
94,%
94%
94%
94%

72%
73#
73
73
72%
73
73%
73%

L ow est................
H igh est..............
R ange.................

94
94%
%

71# 90% 29%
73% 95% 3 3 #
3%
1% 5

Low ) ©1-1...........
r i i e A S s ...........
E n g l i c ^ ...........
L a s t . ...............

91% 70%
90% 73%
4%
3%
94% 73,%

91%
90%
93
93
93%
94
95%
95%

84%
102
17#
95%

31%
32%
33%
32%
33%
33%
32
31%

29%
5 0#
20#
31%

1868]

COMMERCIAL

CHRONICLE AND

REVIEW .

817

The following table will show the opening, highest, lowest and closing prices
of all t h } railway and miscellaneous securities quoted at the N ew Y o rk Stock
Exchange during the months o f August and September, 1868 :
,-------------An gust.----Open. High. Low . Clos.
Railroad S tock sA lton & Terre I l a u t ....................
do
do
p ref................
Boston, Hartf -rd & E r ie .......................... 19#
Chicago & Al> on
.................. ............. 1S6#
do
do pref....... .......................... 138#
Chicago, Burl. & Q uincy............. ........... 1TO
do
& Gt Eastern............................. 40
do
& Northwest’ n .........................
8-2#
do
do oref............................. 81#
do
& R ock Island.............. .............. n o #
Cleve., Ool., <’in & In d ............... ............. 88
do Painesv. & Ashta.............
do & Pittsburg....................... ............. 89#
do & T o l e d o ........................... .............102%
Del., Lack & W estern................
Dubuque & Sioux c i t y ................ ............. 1 2 #
do.
(,o
p ref.............
E r i e ................................................. ............. 88#
do pref.......................................... ...........
13#
H arlem ............................................
do pref......................................
Hannibal & St. J o s e p h ............... ............. 85#
do
do p ref............... ............. 80
Hudson R iv e r ...............................
Illinois Central ...........................
In d . & Cin in n a ti........................
Mar. & Cincin., 1st p ref.............. ............. 23
do
2d pref................
Michigan C entral..... t.................. ............. 119#
go
S . & N . Ind................... ............. 8 8#
Mil. & I\ duC h’ n, l s t p r ............. ............. 100
ds
do
'd p r ..............
Milwaukee & S t. P aul................ ............. 70
do
do pref...............
Morris & E s?''X .............................
N ew Haven & Hartford............... ............. 213
N ew Jersey ..................................
do
C en tra l...................... ............. 121
N ew Y ork Central........................ .............182#
do
& N. Haven___ . . . . .
N orw ich & W orcester................ ............. 91
Ohio & M ississip p i...................... ............. 3 0 #
do
do
p r e f,............. ............. 18#
Panama ................. .................... ............. 340
Pittsb., Ft. W . & Chica............... ............. no#
Reading ...................................... ............. 94#
R om e & W atertow n....................
S tonington..................................... ............. 80
Third A v en u e ...............................
T oledo, Wab. & W estern.............
do
do
d o p i e f ........... .

---------Scptem ber.Open.. High. Low. Clos.

43
40#
43
43
64
05#
6 3#
03#
22#
23
24
22#
21#
23
18#
142
142
144
136
158# 141
150
144
145
158# 144
151
138# 145
171
173
170
40
40
40
40
38
40
40
84
84
83k? 80
82#
&8
90#
84
83#
83#
91#
83#
8 8#
1 9#
91# 114# 102# 104# 100# 102#
112#
79%
82
82
88
81
81#
7 9#
98
90#
100
98# 101
90#
HI#
89
87
85
80#
84#
89#
84#
103# 100# 102
9 8 # 101# 103
102#
119
118# 122
118
118# 122
120
SO# 10i
80# 101
72#
12#
12#
97
92
92#
93
48
08#
4 5#
52#
40
47#
40#
08
09
70
08
70#
73#
10#
124
124
124
124
122
122
122
122
90
84
84
87
85#
87
90
83
87
90
87
89%
80
83
140
142
138
140
133
140
140#
146
143# 146
151# 142# 1 « # 145
51
51
51#
51#
28
28
28
.. ..
121
88#
107
77
84#
04
225

118
82
106
09
79#

03

213

121
118
132# 122#
145# 143
91
91
2S#
SO#
79
71#
368
340
no# 105
95
88#
to

80

53#
73

49
73

119
84#
107

119
85%

ii9
86#

70
83#
04
225

77%
84
64

97#
90
6 5#

133#
119
120
125# 126
143
140
92
91
2S#
29
78
89
364
363
108% 1 0 '#
91
90#
114
80
80
180
53#
53%
73
13#

134
124
130#
141
92
29#
89
309
m #

118
83
ii#
84
63

118#
83
94
94#
65#

114
83
ISO
04
78

132# 132#
120
122
123
126#
140
HI
92
92
28
2S#
78
78
300
3f0
107
109
89#
93#
114
114
SO
83
180
180
53#
59#
73
13#

95#

Miscellaneous—
A m e r ic a n C o a l
............................ ,
C u m b e r l a n d C o a l ....................................................
30
D e l . & Hud. ( ' a n a l C o a l ...................................... 1 1
P e n n s y l v a n i a C o a l ............................... ............... .. 2 0 0
P a c i f i c M a i l ........
...........................................
101#
A t l a n t i c d o ................................................................
35
U n i o n N a v i g a t i o n ................................ .................
27
B o s to n W a ter
o w e r . . . , ............... .................
17#
C a n t o n .......................................................... .................
48
C a r y I m p r o v e m e n t .............................. .................
10#
B r u n s w i c k C i t y ...................................... .................
8 #
M a r i p o s a .....................................................

do
p r e f.................................
Q uicksilver.................................... .............

21#

45
31
331
200
104#

n #
s#

45
29
119#
200
98#
15
27
15#
45#
10#
8 #

7
22#

7
$0

35

33
99

1 »#
27%
17#
48

M a n h a t t a n G a s .......................................

W est. Union Telegraph...............
Bankers & Brokers Ass.............. ______




99

105

45
29
127
200

29#
128

35
181

29#
1 27

33
127

101#

i o i ‘%

113#
21

101#
20

107
21

19#
27#
15#
45#
11
8 #

20

7
21#

s

15#
46
7#
3 #

21

225
34 % 34#
105
106

15#
49#
7#
5#

12#
23#
225
34#
100

__

15
40
7 #
3 #

8

15
40
7 #
5 #

12#
22#

20#
225
34

225

104#

105#

33#

[October,

COMMERCIAL CHRONICLE AND REVIEW ,

318

E xpress—
American.....................................
Adams .......................................
United States.............. ............
Merchant’ s Union — ............. .................
W ells, Fargo & Co.................... .................

4SH

SIX
36*

53
46 y<
24%
21%.

40
46
41
IS *
24%

41
48
42%
21
24%

44%
48%
41
21%
25%

51
62%
51
25%
81%

41%
48
41
21%
25%

4S*
52%
50
24%
30

The gold premium has steadily declined from 1 4 5 at the opening o f the
month, to 141J at the close, the change being apparently due mainly to the low
rates o f exchange following the large exports o f bonds in July and August, and
to the prospect o f the grain and cotton exports realizing a larger amount than
those of last year. The receipts o f treasure from California have slightly
exceeded those o f September last year, while the expoits o f specie have been
about $200,000 less than then.
The following formula will show the movement o f coin and bullion during the
month o f September, 1867 and 1868, comparatively :
GENERAL MOVEMENT OF COIN AND BULLION AT NEW

YOBK.

1867.
1868.
Increase. Decrease
$7,271,595$16,815,778 $9,514,183
$ ...........
2,611,440
2,844,914
233,504
342,160
896,9 9
554,799
2,716,959
3,333,139
016,180
.............
549,400
549,460

In banks, near fi r s t ...................
Receipts from California.........
Im ports o f coin and b u llion ...
Coin interest paid.......................
Redem ption o f loan o f 1847-’ 4S
T otal reported su p p ly ...
E xports o f coin and bullion,
Customs d u t ie s ....................

$12,942,154 $24,440,220 $11,498,066 $ .............
$2,276,801 $1,974,272
.............
$302,259
11,967,824 13,279,450 1,311,6-6
.........

T otal withdrawn

$14,244,625 $15,253,722 $1,009,097

E xcess o f reported supply,
E xcess o f withdrawals___
Specie in banks at en d ___

$ ...........
1,302,471
9,496,163

Derived from unreported sources.

$10,798,634

$

$9,186,498 $9,186,498 $ ...........
..................................
1,302.471
12,603,483 3,107,320
.............
$3,417,085

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

$7,381,549

The following exhibits the fluctuations of the N ew Y o rk gold market in the
month o f September, 1868.

T uesday................. .. 1 144% 144% 145
W ednesday........... .. 2 145 144% 145%
144% 143% 144%
T hu rsday.. ..........
148% 143% 144%
F rid a y ....................
Saturday................. .. 5 144M 144% 144%
144% 144% 145
M o n d a y .................
T uesday................. .. 8 144% 144% 144%
W ednesday........... . . 9 144% 144% 144%
144% 144% 144%
Thursday...............
F rid a y .................... . 11 143% 143% 144%
14i% 144 144%
Saturday ...............
M onday......... ......... ...14 144% 143% 144%
143% 143% 144%
T uesday.................
W ednesday........... ...J 6 144% 114% 144%
Thursday............... ...1 7 144% 144% 144%
143% 144% 141%
Friday .. .............
S aturday.............. .. .I t 144% 144% 144%
144%
144% 141%
M onday..................

145
144%
144
141
144%
141%
144%
144%
141%
144%
144%
143%
144%
144%
144%
144%
144%
143%

T u e s d a y .....................
W e d n e s d a y ............... . . 2 3
T h u r s d a y ....................
F r id a y ....
............. . . 2 5
S a t u r d a y .....................
M o n d a y _____ __ ___ . . 2 8
T u e s d a 3r .....................
W e d u e e d a y . ..........

143%
143
142%
142

GQ
is
to

0

C lo s in g .

L o w e st.

D a te.

O p e n i’g

OQ
is
to
0

1
Closing.

Low est

D ate.

Openi’g

COURSE OP GOLD A T N E W YORK.

143%
143% '
142 % '
142%
142%
142%
141&
1 4 ,%

142%
142%

142%
142%
141*
141*

142%
142%
141%
141%
142%
141%
141%
141%

S e p t . ..1 S 6 S ...............
“
1 8 6 7 ..............
“
1 8 6 6 ..............
“
1 8 6 5 ..............
“
1 8 6 4 ..............
“
1 8 6 3 ............
“
1 8 6 2 ..............

144%
141 %
147%
144%
245
127
116%

141%
141
143V
142?,;
191
126%
11(1%

145%
1411%
147%
145
254 V
143%
124

141*
143% '

S ’ c e J a n 1, 1868

1 3 3 % 1 3 3 * 150

141%
142V
142%
141V
141V
141*

146 %
144
193
141V
122*
141*

The following exhibits the quotations at N ew Y o rk for bankers 60 days bills
on the principal European markets daily in the month ot September, 1868 :




JOURNAL OF BAN KIN G, CURRENCY, AND FIN AN CE.

1868]

30

108%@109%
10'J%@109%
109%@109%
109% @109%
1093s @109%
109% @ i ;hi%
109%@109%
109%@10!)%
109%@U>9%
109% @109%
109 @109%
109 @109%
lO8%@109
108%@%9
10S%@109
108%@10l
108%@103%
108% @108%
103%@1U8%
108%@10S%
10S%@103%
108%@108%
108%@10S%
108%@108%

(60 DATS) AT NEW YORK.
Paris.
Amsterdam. Bremen. H amburg,
centim es
cents for
cents for cents for
for dollar.
florin.
r ix daler. M. banco.
518%@517% 40% @40% 79%@79% 35%@95%
518% 517% 40% @40% I9%@79 % 85% @35%
518%@5I7% 40%@4 % 79% @I9% 35% @35%
516%@515
40%@40% 79% @19% S % @35 %
51(>%@515
40%@40% 79%@79% 35%@35%
516%®515
40%@4:i% 79%@70% 35%@35%
40%@4 m% 79%@79% 35% @35%
51(>%@515
51B%@515
40% @40% 79% @79% 35% @35%
518%@516% 40% @40% 79%@79% 35%@35%
5lS%@51t>% 40% @40% 79%@79% 35%@35%
518%@516% 4I)%@40% 79%@79% S5%@35%
51S%@516% 40%@40% 79%@79% 35%@35%
518%@517% 40% @40% 79% @79% 3 % @3o%
518%@517% 40% @40% 79%@79% 3i% @ 35%
518%@517% 40% @40% 79%@79% 35%@35%
618%@517% 40%@4 % 79%@79% 35%@35%
51S%@517% 40% @ 4»% 79%@79% 35%@35%
520 @51S% 40%@40% 79 @79% 35% @35%
520 @518% 40%@40% 79 @79% 33% @35%
5 0 @518 % 40%@40% 79 @79% 35%@35%
520 @518% 40%@40% 79 @79% 35% @35%
520 @518% 40%@40% 79 @79% 35% @35%
520 @51S% 40% @40% 79 @79% 35% @35%
520 @518% 40%@40% 79 @79% 35%@35%
5.0 @518% 40%@40% 79 @79% 35%@35%
520 @518% 40% @40% 79 @79% 35%@35%

Sept., 1868.
Sept., 1867.

10S%@109%
109 @110

620 @515
521%@515

319

COURSE OP FOREIGN EXCHANGE

London.
cents for
54 pence.

Days.

1. . . .
2. . . .

10S%@ 09%

ios%@io'.i%

3 ..
4 .. ..

..

5 ..

..

7. .

..

8 . ..
9 ..

..

1 0 ....
1 1 ....
1 2 ....
14
.
15 . . .
1( 5. . .
17 . . .
1 8 ....
19 . .

21..

..

..

23.
24.
25.
90
28

40%@40%
40% @41%

79 @79%
78%@78%

35%@35%
35% @30%

Berlin,
cents for
thaler.
71%@71%
71% @ 7!%
71% @ 71%
71%@71%
71%@71%
71%@71%
71%@71%
71%@T1%

W O T IX

71%@71%
71%@71%
,n % @ 7 i %
71%®71%
71%®71%
71%©71%
71%@71%'
71%@71%
71%@71%
71% @71%
71%'@71%
71%@71%
71%@71%
71%@71%
71%@71%
71%@71%
71%@71%

71%@71%
71%@72%

JOURNAL OF BANKING, CURRENCY, AND FINANCE.
Below we give the returns o f the Banks o f the three cities since Jan. 1 :
Hetnrns o f the N ew Y ork, P h ila d elp h ia and B oston Banks.
NEW YORK CITY BANK RETURNS.

Circulation.
Deposits.
Specie.
L. Tend’ s. A g. clear’gs.
Date.
Loans.
January 4 .. $249,741,297 $12,724,614 $34,134,391 $187,070,786 $62,111,201 $483,266,304
19,222,856
34,094,137
194.835.525
64,753,116
January 11. ,253,170,723
553,SS4,525
23,191.867
34,071,006
205,883 143
66,155,241
January 13 ... 256,033,938
619,797,369
25,106,800
34.02,702
210,093,084
67,154,161
January2a . . . 258,392,101
528,503.223
23,955,320
44,062,521
213.330,524
65,197,153
February 1 . . . 266,415 613
637.449.923
22.823.372
34,096,834
217,844,518
55,846,259
February 8 . . . *70,555,356
597,242,595
24,192,955
34,043,296
216,759,828
February 1 5 ... 271,015,970
63,471,762
550,521,185
22,513,9S7
34,100,023
209,095,851
February 2 1 ... 267,763,643
60,868,930
452,421,592
22,091,642
34.06,223
208,651,578
February 29 . . 267,240,678
58,553,607
705,109 784
20,714,233
34,153 957
207,737,080
57,017,044
March 7 ......... 269,156,636
619,219,598
March 14.......... 266,816,034
19,744,701
34,218,381
201,1S8,470
54,738,866
691,277,641
17,944.308
34,212,571
March 21............201,416,900
191.191.526
52,261,086
649,4S2,341
17,323,367
34.190, SOS
186,525,128
March 28 . . . . 257,378,247
52,123,078
557.543.908
17,077,299
April 4 ........... 254,287,891
34,227,108
280.956,846
51,709,706
567,783,138
April 11......... 252,936,725
16,343,150
34,194,272
179,851,880
61,982,609
493,371,451
16,776,542
A ptil 18............ 254,817,936
34,218,581
181,832,523
50,833,660
623.713.923
34,227,624
A pril 25........... 252,314,617
14,943,547
180,307,489
53,866,757
892,784,154
May 2 ........... 257,623,672
16.166.373
34,114,843
191.206,135
57,863,599
588,717,892
21
286,910
May 9 ........... 265,755,883
34.205,409
199,276,568
57,541,827
507,028,567
20,939,142
34,193,249
May 16........... 267,724,783
201,313,305
57,613,095
480.156.908
May 23........... 267,381,279
20,479,947
34,183,038
202,507,550
62,233,002
488,735,142
May 30........... 263,117,490
17,861,088
34,145,606
20^,746,964
65,633,964
602,11S,24S
14,328,531
34,188.159
209,089,655
June 6 ........... 273,792,367
68,822,028
640,663,329
11.193.631
June 13........... 275,142,024
34,166,S46
210,670,765
69,202. S40
530,32S,197
9,124,830
June 20 .......... 274,117,608
34,119,120
211,484,387
72,567,582
553,983,817
June 27........... 276,504,* 36
7,753,300
34,048,721
214,302,207
73,853,303
516,726,075
July 3 ........... 281,945,931
11,954,730
34,032,466
221,050,806
72.125,939
525,646,693
July 11 .......... 281,147,708
19,235,348
224,320,141
34,068,202
68,531,542
591,756,395
20.399,031
July 18 .......... 282,912,490
34,004,111
228,130,749
71,847,545
505,462,464
20,S04,101
July 25 ............ 280,345,255
33.963.373
226,761,662
72,235,585
487,169,387
August 1 . . . . 219,311,657
20,502,737
33,951,305
228,101,867
73,638,* 61
409,134,169
August 8 ___ 279,105,786
24,7S4,427
31.074.374
231.716,492
74.051,518
587 004,381
August 15 . . . . 277.808,620
22,953,65)
34,114,0S7
223,561,087
72.9:J5,4S1
482,533,952
August 22 . . . . 275,315,781
39.768.631
34,137,627
210,435,405
69,757,645
610.308.551
August 2» . . . . 27 1 ,780,726
16,949,108
34.112.139
210,334,646
67,757,376
480,785,665
September 5 271,830,096
34,170,419
10,815,77S
207.854,341
65,983,773
470,036,175
September 12. ” 12, 55,69.)
10,150,942
34.139
926 205,489,070
63,429,337
493,191,072
September 19. 271,25 ,096
14,665,742
34,044,693
202,824,583
63,772,700
518.471.552
September 26. 271,273,544
12,603,483
202,068,834
34,050,771
63,587,576
620,105,094




320

JOURNAL OF BAN KIN G, CURRENCY, AND FIN AN C E.

[ O c to b e r ,

PHILADELPHIA BANK RETURNS.

Date.
Legal Tenders.
January 4........... ......... $ 6,182,4.32
January 11........... _____ 16,037,995
January 18-----. . .
January 25........... .......... 16,836,937
February 1 ........... .......... 17,064,184
February 8 ........... .......... 17.063,716
February 15........... ......... 16,949,944
February 22........... _____ 17,573,149
February 29........... .......... 17,877,877
March 1................. ......... 17,157,954
Mar( h 14................. . . . . 16,662,299
March 21 ............... ......... 15,664.946
March 28................ ......... 14,348,391
A pril 4 ............ .. ......... 13,298,625
A pril 1 1 . . . .........
April 20................. ......... 14,493,287
April 27 .............. .. .. 14,951.106
May
4 ........................... 14,990,832
May 11........... ... ......... 15,166,017
May 18.................. ......... 15,381,545
M ay 25........................... 15,823,099
June 1 .................. ......... 16,184,865
June 8 ..................
June 15..................
June 22.................. ......... 15,993,145
June 29.................. ....... 16,414,877
....... 16,443.153
duly 1 3 . . . . ........... ....... 16,664,232
July 20..................
July 27 ................., . . . . 16,855,894
August 3 . ............... .. . 17,402,177
A u gu st30........... ... . . . . 17,792,503
August 17 ............... ....... 17,819,300
An ust 24.............. ........ 17, 14,195
A ugusr, 31.............. ....... H,' 16.825
September 7 ........... ......... 16.875,409
Sept-n.ber 14......... .......... 16,310,565
September 21.........
September 28.........

Loans.
$52.00 .'.304
52,593,707
53,013,196
52,325,599
52,604,916
52,672,448
52,532,946
52,423,166
52,459,757
53,081,665
53,367,611
53.677,337
53,450,878
52,209,234
52,256,949
52,989,780
52,812,623
53,333,740
53,771,794
53,494,583
5S,< 63,225
53,562,449
53,491.364
53,122,521
53,% 1,820
53,072.87S
53,653,471
53,791,506
53,994,618
54,024,355
54,341,163
51,592,015
54.674,758
55,151,724
5%255,474
55.684,068
55 646,740
55,620,710
55,468,286

Specie.
$235,912
400,615
320,973
279,393
248,673
287,878
263,157
204,929
211,365
232.180
251,051
229,518
192 858
215.835
250,240
222, v29
204,699
314,366
397,778
3 3,525
280,302
239,371
226,581
175,308
182,711
198,563
233,996
182,524
1S8,252
195,8S6
187,2S1
184.007
196,530
185,1S6
18>,2r,8
222,900
2 19,053
197,207
234,552

C irculation.
$10,(539,000
10,(539,096
10,(541,752
10,645,226
10,638,927
lo,635‘ 926
10,663,323
10,632,495
10,6:34,484
10.633.713
10,631,399
10,613,(513
10,643,606
10,612,670
10 640.932
10,640.479
10,640,312
10.631,(41
10,629.0 5
10,632,665
10,66',27(5
10,626,937
10,630 945
30,630,979
10,633,2-0
10,630.307
30,625.426
10,626,214
10,647 852
10,622.247
10.623 646
10,6> ,751
10,(524.7 i2
10.623 360
10.(522,581
10,622,316
10,613,974
10,620,531
10,607,940

D eposits.
$36.(521,274
37,131,830
37,157,089
37,312,540
37.922,287
37 396,653
37.010,520
36,453,464
35,798,314
31,826,8(51
94,523,550
33,836,996
32,428,390
31,278,119
32.255.671
33,9 0,952
84,767,590
35,109,937
3 >.017,596
36.030,063
36,000,297
36,574.457
42,910,499
43.016,968
43,243,562
43,936,629
44,824,398
45,156,620
45,637,975
45,5-3,220
47 *05,867
45,('4',718
46,* 36,377
45,9S5,616
46,063,150
45, 79,109
44 730,32S
43,955,531
44,227,127

(Capital Jan. 1, 1S66, $41,900,000.)

,------ Circulation------- ,
Date.
January 3 . .
January 1 3 ..
January 2 0 ..
January 27 ..
Fehiuary 3 . .
February 1 0 ..
February 17 .
F> bruary 24 ..
March 2.........
March 9.........
March 16.........
March 23... .,
March 30.........
April 6 .........
April 13.........
A p iil 20.........
A p iil 2 7 ....
May
4 .........
May 11.........
May 18.........
May 25.........
June 1 .........
June 8 .........
June 15.........
June 22.........
June 29 ........
July 6.........
July 13.........
J u 'y 20.........
July 27.........
August 3 . . . .
August 10. ..
August 17---August 24___
Augus 31----Se ^ ember 7 ..
September 14.
September 21.
September 28.

Specie.
. $369(50,249 $1,4(5(5,246
.
97,800,239 1,276,9S7
.
97,433,463
926,942
.
97,433,435
811,196
.
9(5,8 5,260
777,627
.
97,973,916
652,939
.
98,218,828
605,740
.
97,469,436
616,953
. 100,248,692
633,832
.1 0 1 ,5 9 361
S67,174
. 101,499,(511
9IS, 485
. 100.109,595
798,606
.
99,132,268
685.034
.
97,020 925
731,510
.
97,850,230
873,487
.
98.906.805
805,486
.
98,002,343
577, 63
.
97,624,197
815,469
.
97,332,283 1,133,668
.
96,938,524 1,18(5,881
.
97,041,720 1,018,809
.
97,45.",997
766,553
.
98 116,632
631,149
.
99,513.988
561,990
.
99.389.632
476,433
,
99,477,074
436,699
100,110.830
1,617,638
101.493,516
1,198.529
, 1 2,430,433
1,521,393
102,408,771
7S5,041
102, 80 658
T 6,254
103.8(50,686
634,963
103,956,603
(i*;4,09!>
103, (5 4,691 779,192
103.550,020
7* 7,819
103,."53,110
833,063
102,921,733
748,714
102,472,936
642,793
101,021,744
642,829




Tenders
$15,543,169
15,560,965
15,832.769
16,349,637
16,738,229
16,497,643
16.561 4 1
16,309,501
16,304,84(5
15,556,696
14,5*2,342
13,712,560
13,736,032
13,004,924
12,522,035
11,905,603
12,298.545
12,656,190
11,962,368
12,199,422
12,848,141
14,188,806
14,368,900
14,373,575
14,564,614
15,195,550
15,0.7,307
15,743,211
15,469,406
15,837.748
15,796,059
15,753,958
15,554,580
16,310,323
15,843,796
14,975,841
13,174,330
13,466,258
14,082,447

D eposits.
$40,856,022
41,496,320
41,904,161
43,991, 70
42,891,128
42,752,01.7
41 502,550
40,381,614
40,954,936
39,710,418
39,276,514
37,022,54G
36,184.640
36, ('08,157
36,422,920
36,417,890
36,259,946
37,635,406
37,358,716
37,814,742
38,398,141
40,311,569
41.470.316
41,738,706
42.583,871
42.505.316
43,458,654
43,116,765
43.876,300
43,58! >,S94
43,389,523
41,962,26s
43,702,501
42,360,049
41,214,607
40,891,745
40,610,820
39,712,168
39,127,659

N ational.
$24,636,559
24,751,965
24,70',001
14.564, 06
24,628.'03
24.850,926
24,850.055
24.686.212
21,876,089
24.987,100
25.062,418
25,1194.253
24.983,417
25,175,191
24,213,014
24,231.058
25,231,978
25,2 3 >34
£5,225.173
25,234 465
25.210,660
25.204,939
25,194.1 4
25,190,5(5
25,97,3 7
25.182,920
25.214 10 l
25,:>l«, 81
25,21',7 7
25,254,906
.25.016, <92
25. '97,164
25,182 658
25.214.5 6
25,190 091
25,196,084
25,183.876
25,181,048
25,150,081

State.
$228,730
227,953
217,372
226,258
221,560
221,700
220,452
216,490
2 5,214
210,162
197,720
197,289
197,079
168,023
167,013
166,962
164,331
160,3S5
145,248
160,241
160,151
159,560
159,3!3
159.150
158,908
158,812
344,689
141,538
135,799
142,450
..........
..........
....
..........
.........
.........
..
..
..........
..........