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THE
MERCHANTS’ MAGAZINE
AND
COMMERCIAL REVIEW .
S E P T E M B E R ,
HON.
18 65.
LUCIUS ROBINSON.
T h e subject o f this sketch has already won honorable distinction in the
public service. As a patriot rather than a partisan, a statesman rather
than a politician, as an upright man, simple and earnest in his character,
confiding and devoted in his friendships, and resolute even to stub
bornness in following out his convictions of public duty, Lucius R o b in
son will be recorded in the history of his native State.
His career has
been marked by sterling integrity and the most scrupulous fidelity to
principle. He never has hesitated to pursue his convictions to their
legitimate results, or to subordinate his personal ambition to the public
interest. He may not possess what is flatteringly denominated an
original mind, but he certainly has a rare power to grasp facts and
principles, and apply them to their proper purposes. He has been the
architect o f his own fortune, and has earned for himself a reputation of
which any man may well be proud. He is emphatically a lover of
justice, and would never voluntarily do wrong to a human being.
Lucius R ob in so n , the present Comptroller o f the State of New York,
was born in Windham, Greene County, on the 4th day o f November,
1810. His family came from Connecticut, and belong to the purest New
England stock. He is a lineal descendant o f Rev. J o h n R o b in so n , the
first minister o f the Puritans o f England, and inherits many o f the
characteristics of his celebrated ancestor.
The father of Mr. R obinson was an officer in the army during
the whole of the W ar o f 1812. He was a farmer, and his circumstances
were too much straitened to afford his children more than a good English
education. This son was permitted to provide in this respect for himself,
and became a student at the Delaware Academy in the village of Delhi,
paying his way by teaching school several months each year. This is not
an uncommon practice among American young men, and the liberal
professions are full of similar instances. Mr. R o binso n passed through
the usual vicissitudes attending such struggles. As a teacher he was
VOL. L III.---- N O . I I I .
10
17 0
Mercantile B iogra ph y:
[September,
familiar in his manner and simple in the language which he employed ;
never pedantic or affected. As a student, he was patient and laborious,
always mastering the subject which received his attention.
Having selected the law for his vocation, Mr. R obinson begun the study
in the office of General E rastub R oot , completing the course with Judge
A m a sa J. P a r k e r , at D elh i; and was admitted to practice as an attorney
of the Supreme Court, in October, 1832. He opened an office a few
months afterward at Catskill, and took rank at once among the foremost
of the junior members of the Bar. In 1837 he received the appoint
ment of District Attorney of Greene County, and held the position till
1840, at which time he removed to the City of New York.
In
1843 he was appointed by Governor B ouck Master in Chancery. He
soon afterward entered into partnership with the late D a v id C o d w is e ,
who had held the same position to general acceptance. The firm did a
very large business, involving heavy pecuniary responsibilities, and the
interests of the largest capitalists, banking and trust companies in the city.
For this purpose not only ability and integrity were required, but a
thorough knowledge of the rules of law and equity. Mr. R o binso n was
reappointed in 1846 by S ilas W r ig h t , then Governor, and continued in
office till the Court o f Chancery was abolished by the new constitution.
After that time it became the custom to appoint referees to transact the
business before transacted in the Court of Chancery. In that way Mr.
R obinson was soon occupied to the utmost of his ability. His office now
resembled a court room ; indeed it was a common remark that he tried
more causes than any Judge in the City of New York.
His judgments gave such general satisfaction, that an appeal was sel
dom taken from them; and in such events, they were usually affirmed.
His incessant employment in this manner withdrew him from the arena in
which lawyers win their proudest triumphs. But this was more than
compensated ; his mind was inured to thorough and impartial investiga
tion. Instead of being engaged in winning success for one side, his
efforts were employed in securing justice for both parties.
His health finally giving way from the severe labor and close confine
ment which this incessant employment imposed, he was obliged to leave
his profession; and accordingly removed to his farm in the County
of Chemung. Here his constitution, naturally vigorous, and preserved by
temperance and correct habits, after two or three years, began to re
cuperate.
Mr. R o binso n had always taken a lively interest in politics. He
belonged from early life to the school of J e f f e r s o n , and was an earnest
supporter of the doctrines and policy of J ack so n and V a n B u r e n . In
the management of State matters, he ranked with such men as S il a s
W r ig h t , W il l ia m L. M a r c y and A z a r ia h C. F l a g g , and has con
tinued to maintain unswervingly the same principles.
In the autumn of 1859, unexpectedly to himself, he was nominated by
acclamation for the Assembly o f this State, by the Republican Convention
o f Chemung. The county being almost equally divided politically, the
elections were strongly contested. Mr. R o binso n received a considerable
democratic vote in addition to that of his own party, and was elected.
He carried to his legislative duties the same sterling integrity which had
always actuated his conduct, and while the Legislature of 1860 sustains an
1865.]
lio n . Lucius Robinson.
171
infamous reputation before the world, the breath of suspicion never sullied
his fair fame.
The prominent measures agitated that winter were the celebrated pro
rata freight bill, the “ anti-rent” bill, the Susquehanna Railroad bill, and
the New York City Railroad bills. To each of them Mr. R o binso n gave
the most sedulous attention. The pro rata freight bill had been prepared
under the auspices of the “ Clinton League,” an association of canal for
warders, and proposed to regulate the charges of the railroad companies
of this State for the transportation of way freight, compelling them to do
the work at prices proportionate to the rates of their through freight. It
was introduced into the Assembly by the report of a select committee, of
which Hon. T hom as T. F l a g l e r of Niagara, was chairman. It was a
measure extraordinary in its requirements, and almost incomprehensible in
its verbiage, having “ neither beginning nor end, nor middle.”
Mr. R o b in so n , on the 27th of February, attacked the bill in a set speech,
close in its logic and unanswerable in argument. He compared the busi
ness of transportation to that of merchandise, the through freights being
represented by wholesale transactions, and way freight, by retailing; and
showed that it was impossible for a railroad company to do business if the
prices should be graduated by distance. Upon no road, upon no river,
upon no canal in the whole country, he declared, had this iron pro rata
rule ever been applied to way freights. All rules and all analogies are
against it. It would only work disaster to all parties, and compel the rail
roads of New York to abandon the carrying of through freight, and to raise
the rates of way freight in order to support themselves at all. The measure
would be a violation of the franchises o f the companies, which the Legisture had granted, thus involving a breach of public faith, the maximum of
human guilt. After arguing the question thus candidly, Mrv R obinson
brought his remarks to a close as follows:
“ Legislate as much as we may, the trade will go where it can go cheapest
and quickest. In doing so, it obeys the laws of trade, which are higher
than any that we can make. Let us not forget that we live in a progres
sive and a fast age and country. Commercial enterprise is running its
competing lines all over the globe. Railways are supplanting canals, and
the brain may be even now at work which is to invent some power to take
the place of railways. W e can no more stay these things than we can
change the course of the planets. There is ‘ an inexorable logic of events ’
which it is as vain to resist as it is to contend with the Almighty. The
bill before us, iu my opinion, is an attempt to reverse the wheels of time
and make them roll backward. It is a bill to violate the laws o f trade, to
enact or manifest wrong, to do injustice to the railroads, to drive away the
trade of the State and o f its great emporium. Last o f all, it is a bill to
violate the faith of the State and the Constitution o f the United States.
These are my reasons for opposing it. I think they are sufficient.”
The measure, however, passed the House by the bare vote o f 65, but was
lost in the Senate. The discussion which had been elicited proved fatal
to i t ; and it never appeared again in the Legislature. Mr. R o b in so n also
opposed the bill making a grant of money to the Albany and Susque
hanna Railroad as vitious in policy, and a violation o f the intent o f the
Constitution. It passed the Legislature, and was vetoed by Governor
M o r g a n . The Anti-Rent bill also received his opposition on the ground
172
Mercantile B iog ra p h y:
[September,
of being an attempt to impair tbe obligation of contracts. His speech on
tliis measure was a superior production, and embittered against him the
principal members o f the anti-rent party.
The New York city railroad grants had been determined upon by that
close corporation known as the “ Lobby,” months before the Legislature
had been elected. All artifices that could be devised— partisan appeals to
staunch republicans, on the pretext that a fund could be obtained to aid in
electing a President, promises to members of shares of stock sufficient to
secure each a competency, suborning officers o f the Legislature, and other
expedients— were employed to secure a majority for them. Mr. R o bin so n
opposed them on the ground that all responsibility of the grantees had
been carefully excluded from each bill. The grants were “ made to Tom,
Dick, and Harry, without proper security or guarantee ” for their building
or proper operation.
In the autumn of 1860 Mr. R o b in so n was again renominated and elec
ted by a larger majority than before. He was now the representative man of
the party in the Assembly opposed to legislation for corrupt purposes, and as
such was supported in the republican canvass for the Speakership. An acci
dental misunderstanding resulted in his defeat. But the moral strength o f
that Legislature was with him. His career that winter was destined to be
of vital importance to the country.
On the first day of the session of the Legislature of 1861, he introduced
the famous “ Robinson Resolutions.” Their principal proposition was the
organization of all the public Territory into two States, thus throwing the
question of slavery outside o f Congress. He did not anticipate that this
policy would be accepted by the seceding States, but he wished to exhaust
all the means of conciliation before final resort to arms.
A Legislative caucus proposed the voting down o f the resolutions with
out debate; but to this Mr. R o bin so n would not accede. They were ac
cordingly made a special order, and he employed the occasion to address
“ words to unwilling ears.” After showing that Mr. L in c o l n ’ s administra
tion would be in a minority in Congress, he proceeded to prove that the
leading Republicans of the nation were in favor of a compromise. Mr. S e w
a rd had foreshadowed it; Mr. C am eron was willing to adopt the Critten
den resolutions ; Mr. J ohn S h erm an had said the same thing. So had
“ the organ of the Republican party o f the city of Albany, whose veteran
editor, whenever he desired to carry a scheme, had only to wave his magic
wand over the Assembly, and the majority of knees would be sure to bend.”
He then said:
“ One consideration more, and I am done. W e have waged wars, won
honors, and vindicated our rights on many a field. It is but a few years
since we engaged in war with Mexico, and our march was one continued
triumph over that country; but, before we struck a blow, we begged them
to accept terms of peace. After every battle, although we were uniformly
victors, we never waited for them to sue for peace; we uniformly offered
i t ; we carried the sword in one hand and the olive branch in the other,
and the world applauded our policy. I put it to the gentlemen here, if we
are now going to behave with less magnanimity towards our own brethren
in our own country? Why, we say to them that we are determined not
only to fight you, but we are determined not to show any spirit of concili
ation. W e are determined that the world shall see that we are sworn not
E o n . Lucius Robinson.
173
to have any peace. I know the answer made to all this. 4They are traittors, rebels; they are in arms against the government; hold no parley
with them.’ That is the language which the law should hold towards
criminals. But what are you going to do about it ? Are you going to
punish them as traitors and rebels 1 D o you propose to hang all South
Carolina, Georgia and Alabama ?
Are you going to try and arraign
them ? You never will do it. You will never treat these men as traitors
and rebels. You will, as I have said before, compromise with them— offer
some terms of adjustment to them in the end.
“ Now, then, is there anything more reasonable, is there anything more
fair, is there anything that any man can feel as detracting from his honor
or principles in the proposition I have presented ? By passing it you put
away the cause of strife, and the strife itself will soon follow it. By exhib
iting a spirit of peace your influence will be felt even upon these wild,
frenzied men at the South. It costs something to do it I admit. It costs
a little curbing of this uprising pride and indignation which every man
naturally feels to see men conducting as they d o ; but let us remember
that we are trying an experiment of self-government before all the world.
If, when our Southern brethren madly violate the laws and commit acts
which arouse our indignation and exasperate us, we immediately give way
to passionate resentment and declare that we will fight them, we exhibit
precisely the same ungovernable spirit which they do— we show ourselves
incapable of self-government. The true way to treat the difficulty, in my
judgment, is, not to prepare for invasion and conquest, but to stand firm
and oppose an impassable barrier to all this assault upon the Constitution,
the Union and the Government, and to do it in a spirit of calmness and
and peace, with a desire for conciliation— in the same spirit in which the
Constitution was formed, in which the Government has hitherto been car
ried on, and which must be displayed to the end, or it will fall, and with
it will fall the last hope o f the capacity of man for self-government in all
the earth.”
M r. R o b in so n ’ s duties and trials in the winter of 1861 were severe and
arduous. As Chairman o f the Committee of W ays and Means, he had
the financial budget o f the State to prepare, requiring familiarity with the
resources of the Treasury and the wants o f the public service. His wife,
to whom he was devotedly attached, was on her death-bed. The country
was apparently falling to pieces, with the connivance of those sworn to
maintain it. Day after day there came into the Assembly communications
from the Governors of the recusant States announcing their withdrawal
from the Union ; all which were laid silently on the table. The leadership
on the floor of that House was attended with more than usual responsibil
ity. The desolating blow fell at his hearthstone ; and, like the patriarch,
he hastened to bury his dead, and then resumed his labors. A new ad
ministration was inaugurated amid the throes of a dismembered Union.
But hostilities were slow to commence; each party hesitating at the first
step. The Legislature of 1861 was about to dissolve, when came the news
of the bombardment of Fort Sumter.
M r. R o bin so n had anticipated this from the moment he took his seat.
He was not a man for “ half-way measures.” In concert with the Attor
ney General he drafted a bill authorizing a State tax of $3,000,000, the
raising of 30,000 troops and the placing o f them at the disposal o f the
17 4
Mercantile B iogra ph y:
[September,
President. To avoid delays from parliamentary tactics the bill was re
ported by Hon. G e o rg e T. P ie r c e , of Ulster, from the Committee on Mili
tary Affairs, on Monday, and made at once the special order.
M r . R obinson supported it in a brief speech : “ The crisis had come,”
he said ; “ the issue must be decided by the arbitrament of the sword. It
is time no longer for discussion or partisanship ; henceforth, till this con
flict shall be decided, I belong to no political organization but my country;
I will know no political party but those loyal to the government, and the
the traitors conspiring for its overthrow.”
Other speakers followed in a
similar strain.
Messrs. H utchings , of New Y ork; D a r c y , of K in gs;
B e r g e n , of Suffolk; T a b e r , of Queens, and other prominent democrats
avowed similar loyalty, and the bill passed with only six negative votes.
It became a law, and proved a most judicious and necessary measure.
The coming season was spent by M r . R o b in so n in aiding the work of
prepaiation. In September the political parties began to arrange for the
coming election ; but their work was forestalled. A few citizens, on their
own responsibility, called a State Convention of Union men, without dis
tinction of political Pines. It met, and placed a State ticket in nomination.
Three democrats, two “ old whigs,” and two republicans were the candi
dates, M r . R o binso n being named for Comptroller. The Republican State
Convention adopted them with a single exception, and then adjurned, never
again to be called together.
The people elected the Union candidates ;
M r . R o binso n receiving on this occasion the largest majority ever given in
New York for a State officer.
The office of Comptroller is perhaps the most responsible in the State.
The law creating it was drawn up by S am uel J ones , and enacted in 1797,
by the Legislature and though three Constitutional Conventions have since
been held it still remains unchanged.
Governors, Legislatures and polit
ical Conventions have emulated each other in the selection o f able and
worthy men to fill the position. It has been held in succession by such men
as Samuel Jones, John Savage, William L. Marcv, Silas Wright. Azariah
C. Flagg, John A. Collier, Millard Fillmore, Washington Hunt, John C.
Wright, Jmaes M. Cook, Lorenzo Burrows, Sanford E. Church and Robert
DennLton.
That galaxy of names is honored by the addition of Lucius
R obinson to the number.
The first question of significance to which the new Comptroller directed
his attention was the obligation o f the State to pay its indebtedness in coin.
His first report, made in January 1863, sets forth explicitly his views upon
the subject— which were views, it will be seen, of the leaders of the politic
al school in which he had grown up.
In conformity with them he shows
how the State of New York had heretofore acted, and thereby maintained
her financial honor. W e quote the following extracts:
“ The precious metals are the representatives of value, and constitute the basis of
a sound circulating medium throughout the whole commercial world.
“ Depart from that standard as far as may, the laws of trade, more patent than all
statutes, will ultimately drive us back to it; and the farther depart from it the more
severe will be the suffering through which we shall be compelled to return.”
“ The great depreciation of the currency, produced by excessive issues of irredeem
able paper, and by the spirit of speculation, always engendered thereby, involves the
finances of the State in difficulties of a very serious character. Even since the State
first pledged its faith for the payment o f money loaned to it upoD its stocks, it has
held itself bound in honor to pay both principal and interest of its funded debt in
1865.]
H on. Lucius Robinson.
17 5
specie or its equivalent. Through all the commercial revulsions that have occured, it
has adhered firmly to this principle ; but never has it been called upon to maintain
its honor by such heavy pecuniary sacrifice as at present.
“ The Commissioners of the Canal Fund, and the Comptroller especially have felt
keenly the responsibility cast upon them in regard to the payments o f high rate9 of
premium for coin ; but in view of the past history of the State, of its high credit as a
specie-paying State, both at home and abroad, o f the pecuniary advantages which it
has received therefrom, of the fact that the Federal Government, and also the States
o f Massachusetts, Pennsylvania, Ohio, Indiana and Illinois, were paying the interest
on their stocks in coin, they could not and did not hesitate to direct the Manhattan
Company to make the payments for this State in the same way. Unless we are to
be entirely overwhelmed with unredeemable legal tender notes, it is most respectful
ly supported that some consideration should induce the Legislature to provide for a
continuance o f the policy which has hitherto been pursued. It will doubtless require
heavy pecuniary sacrifices; but these will be the test of the true honor of the State,
which, like that of an individual, is of little worth if maintained only when it costs
nothing.”
Those desirous o f knowing his views of public policy will find a tolerably
fair summary in the following extract from his last Annual Report:
“ The financial affairs of the nation are carried on upon a scale so gigantic, the sub
ject of banking and currency have fallen so entirely under the control of the Federal
Government, State laws and institutions are overshadowed to such an extent that it
would now be in vain to suggest any course o f State action for the purpose of rem
edying evils which exist in these respects. The people have clearly and resolutely
determined that however great those evils may be, and whatever may be the cost,
the war shall go on until the rebellion is completely subdued, and the authority of
the Constitution and laws re-established in every State of the Union. When that
grand object shall have been accomplished it is to be hoped that the just rights of the
States, which have been, to some extent, overrode by the exigencies of war, will again
be vindicated. Until then, it is plainly the dictate of wisdom and duty to avoid incur
ring any indebtedness, or assuming any pecuniary obligations not absolutely neces
sary ; to conduct the affairs of the State with the utmost prudence and economy; and,
as far as possible, to lighten the load of taxation which is pressing so heavily upon
the industry o f the people.”
Since entering upon his office, to which he was re-elected in 1863, Mr.
has received and paid out over fifteen million dollars for pur
poses connected with the war, besides almost double that amount for gov
ernmental and educational purposes. As a member of the Canal Board, and
other departments of the State government, he has always been an efficient
officer, and “ jealous with a godly jealousy ” for the best interests o f the
State. It may be that he is sometimes too anxious and particular in these
respects, but it is a fault entirely “ on virtue’s side.”
In strict consistency with these sentiments, Mr. R obinson has exercised
the functions of his office. They constitute the policy which must be steadily
followed to ensure permanent peace and prosperity to this country.
Mr. R obinson is of medium liigbt, dark hair, dark complexion and im
pressive manner. The expression o f his countenance is generally m ild;
his eyes often sparkle with humor and vivacity, but are keen and scrutiniz
ing ; his disposition is kind and generous; but of baseness and dishonesty
he is bitterly intolerant. He betrays a shyness o f manner when in a large
company, indicating a natural bashfulness which fifty years have not over
come. In the social circle he is best appreciated ; where he is known he
is generally esteemed. His name is the synonym for integrity.
R
o bin so n
m
N ew Y ork Railroad Movement.
[September,
NEW YORK RAILROAD MOVEMENT.
E v e n a cursory glance at the results embodied in the annual returns
made to the State Engineer and Surveyors show that the railroads o f this
State have thriven immensely during the war, and by reason o f it.
Previous to that event a great portion o f the vast aggregate production
o f the valley o f the Mississippi, and the valleys o f its numerous tributa
ries found their way to market b y the Kiver. In 1860 New Orleans
was the second city in the Union as regards the amount and value o f
its exports, and far beyond all other cities in the number o f steamboats
employed in its trade. The following table will exhibit the amount o f
its foreign commerce in 1860 as compared with the other principal ports
o f the Union:
Port.
New Y o r k .....................................................
New O rleans.................................................
M o b ile ............................................................
Charleston......................................................
Savannah.......................................................
B oston ............................................................
Philadelphia..................................................
Value of Exports.
$126,060,967
107,812,580
38,670,183
21,193,723
18,483,038
15,246,419
5,542,815
Value of Imports.
$248,489,807
22,922,973
1,050,310
1,569,670
782,061
41,187,539
14,634,279
From the above table it will be seen that though New Orleans, and
indeed the Southern ports generally, exceeded the Northern ports in ex
ports, they fell largely behind them in imports. This was due to the nature
o f the goods exchanged. The bulky produce o f the South was more cheap
ly exported b y way o f the water channel formed by the great rivers o f
the W est and South, and the G ulf and Sea; while the lighter articles o f
manufacture for which they were exchanged could afford to be sent over
land by way o f the great trunk lines o f railroads diverging from the
Northern ports. In 1860 the number o f steamboats which arrived at
New Orleans from up river was 3,566, and o f flat-boats 831.
The war, by shutting up the Mississippi and closing the Southern ports,
stopped all this vast traffic and turned it towards the East overland by
the railroads debouching on the Atlantic seaboard.
The condition o f our railroads in 1860 was briefly as follows :— Up to
1850 little had been done towards connecting the coast cities with the
great interior basins o f the country.
In that year the total extent o f
railroads in operation all over the Union was 8,588 miles, costing $296,260,128. In 1860, it was 30,598 miles, costing $1,134,452,909. In 1850
only one line o f railroad connected the seaboard with the country lying
west o f the A lleghanies. This was composed o f the several links that
now form the New York Central, and even this was restricted in the car
riage o f freight, except on the payment o f Canal tolls, in addition to
other charge for transportation, which restriction amounted to a virtual
prohibition. The line next opened, and connecting the western system
o f lakes and rivers with tide water, was that extending from Boston to
Ogdensburg, composed o f distinct links, the last o f which was completed
1865.]
m
N ew Y ork Railroad Movement.
in 1850. The third was the New York and Erie, which was opened on
the 22d April, 1851. The fourth was the Pennsylvania, which was com
pleted in 1852, although its mountain division was not opened until 1854.
Previous to this time its summit was overcome b y a series o f inclined
planes, with stationary engines constructed by the State. The fifth great
line, the Baltimore and Ohio, was opened in 1853. Still further South
the Tennessee River was reached in 1850 by theWestern and Atlantic
railroad o f Georgia, and the Mississippi itself by the Memphis and Charles
ton Railroad in 1859. In the extreme north the Grand Trunk o f Canada
was completed early in 1853. In 1858 the Virginia system o f isolated
local lines wras extended to a connection with the Memphis and Charles
ton, and with the Nashville and Chattanooga railroads.
It will thus be seen that at the time o f the breaking out o f the war,
the railroad system o f the Northern States had but just been extended
to meet the requirements o f the internal commerce of the States in case
the Mississippi should be closed.
Had the war happened ten years
sooner, the entire W est would have been shut up b y i t ; not only would
that section o f the country have suffered immeasurably in consequence,
but the North and East likewise, thrown back as it would have been upon
its own separate resources would have fared much worse than can at this
day be sufficiently realised.
Coming at the time it did, however, when the trunk lines were quite
prepared to sustain its depressing effects, it produced the happiest effect
upon their prosperity.
A t that time they were all heavily laden with debt. Built in advance
o f a sufficient demand for their establishment— built to open up new sec
tions o f the country to settlement and commerce— built less as railroads
than as land speculations, they furnished a happy illustration o f the great
principle o f the conservation o f force in financial matters. N o force can
be created, says the law, and no force can be lost. Until a legitimate de
mand for the use o f these roads obtained footing they sunk larger sums
o f capital and were steeped to the eyes in debt. A miserable existence
had these trunk lines previous to the war. But with that event the cap
ital which had been applied to them began to show exceedingly fruitful
results, and in a few years they have succeeded in emerging from a con
dition oi penury to one o f almost absolute independence.
And this condition applies as well to those roads which more or less
connect with these trunk lines. A glance at the comparative condition
o f the various leading and connecting roads o f this State since I860, will
illustrate the p oin t:
Roads.
------------------------------------- Floating Debt-
4
1861.
1862.
E r ie ............................. $2,725,620
Buffalo N .Y .A E rie ...
201,682
Hudson River.............
182,106
Rome, W atertown..
A Ogdensburg . . . .
818,860
Syracuse,Bingh’m p -..
ton & New Y o rk ...
121,065
1860.
$2,125,600
212,072
173,411
$480,665
135,547
298,424
1,070
4,167
1,167
464,696
64,291
60,571
50,228
113,139
103,570
97,371
38,832-
$3,549,333
$4,289,518
$1,082,497
$163,179
$90,227
1868.
1864.
The total floating debt o f the five roads above given was, in 18G0,
178
[September,
N ew Y ork Railroad Movement.
$3,549,333 and increasing. In 1861 it was $4,289,518, and, had the war
not occurred in that year, it would have been still greater in 1862. But
from the moment the first gun was fired at Sumter, the entire traffic o f
the country changed its course, and, instead o f puffing and snorting through
the quiet vallies o f the W est and South, it came thundering over the
bridges and through the tunnels o f Northern railroads to the seaboard.
In 1862 the floating debt o f these roads had fallen to $1,082,497, threefourths o f the debt o f 1861 having been wiped out in the meanwhile.
In 1863 it had fallen to $163,179, and last year to the insignificant sum
o f $90,227, mainly in consequenceof the war.
The dividends bear out the same conclusion. During the semi-decade
under consideration the Erie paid no dividend at all until 1863, when it
paid 8 per cent. In 1864 it paid the same. The Buffalo New York and
Erie paid no dividend until 1863, when it paid 5 per cent.
The Hud
son River paid none until 1864, when it paid semi-annual dividends
o f 4 and 5 per cent. The Rome, W atertown and Ogdensburg, since its
consolidation (composed o f the W atertown and Rome, Potsdam and
Watertown, Sackett’s Harbor, Rome and New York, and the new branch
to Ogdensburg,) paid 3 per cent in 1862, 6 per cent in 1863, and 10 per
cent in 1864. The Syracuse, Binghampton and New York has paid none
at all. The New York Central from 6 per cent in 1860, 1861 and 1862,
paid 7 per cent in 1863, and 9 per cent in 1864.
The passenger and traffic returns at once reveal the great abnormal
increase o f business brought to these roads by the war :
Roads.
Number of passengers carried one mile.
I860.
E rie........................
Buff , N. Y. & Erie
Hutleon R .............
Rome, W.&Ogdb’g
S y ra c, Buff. & N.Y.
N. Y . Central........
56,557,070
8,884,456
66,951,310
5,727,042
3,176,782
126,588,091
1864.
114,935,925
14,010,127
98,853,821
12,298,426
6,035,905
193,447,735
Tons of freight carried one mile.
1860.
214,084,396
22,771,300
40,187,539
6,948,111
9,331,032
199,231,392
1864.
422,013,644
34,718,139
72,720,361
11,766,254
18,293,256
314,081,412
It were idle to deny that a portion o f this great increase o f business
(doubled within three or four years,) is due to the natural growth o f our
population, and natural increase o f our inland traffic. But, by far, the
largest portion o f the increase is manifestly due to the war, through the
change which that occurrence effected in the previous route o f all W est
ern products to the seaboard. This is abundantly proved b y the recent
statistics o f the carriage o f sugar, molasses, tobacco and other Southern
products to the W est over these lines from the Atlantic seaboard— pro
ducts which had previously found their way there b y way o f the Missis
sippi. And it is also proved by the recent increased carriage in the oppo
site direction o f cotton, cattle and cereals— produce o f the W est and South
west.
This great commerce between the East and W est, so lately developed,
amounted in value in 1862, according to a rough estimate made by the
Secretary o f the Treasury, to nearly $616,000,000. This included the
deliveries o f merchandize o f all classes, at a distance o f not less than 300
miles from the Atlantic seaboard westward.
T he return freight, eastward, o f inland produce and merchandise pass
ing the line o f the Alleghanies he estimated at $522,000,000. This would
1865.]
N ew Y ork Railroad Movement.
179
make the value o f the total trade $1,138,000,000; while the total foreign
imports and exports o f the country for the same year were but $535,758,798 ; the importshaving been $205,819,823, and the exports $229,938,975.
More than doubling, as it does, the external commerce o f the country,
its internal commerce unless disturbed b y adverse legislation or political
disturbance, must continue to furnish employment for the main lines o f
railroad running westward and the lines connecting with them ; for
although “ the Mississippi now flows unvexed to the sea,” the experience
o f the past few years has shown that for all but the bulkiest freight the
time saved by railroad transportation makes up for more than the in
creased cost o f carriage b y such conveyance as compared with the long
and tedious route o f water carriage. And as the attention c f inventors
has o f late years been largely called to the desirability o f methods to com
press and reduce the bulk o f cumbersome freight, either by pressure, dessieation or other means, the day would appear to be not far distant when
the railroads o f this country, and particularly those traversing the great
State o f New York, will attain an era o f prosperity now little suspected.
It is well known in surgery that if a main artery be severed and both
ends tied up, the blood will force itself through minute collateral arteries
called capillaries, and eventually enlarge them to a size sufficient to main
tain the accustomed circulation. So the war, b y closing the Mississippi
River, wThich was previously our main artery o f trade, forced that trade
towards the seaboard through the several collateral railroads running
eastward.
The effect has been to develop and enlarge them, to pay off
their floating debts, and make them comparatively independent. And to
such an extent has this been effected, that although the Mississippi is
now re-opened, the trade of the W est still continues to pass over the rail
roads. Political revolutions, it is said, never go backwards— neither do
commercial revolutions.
The war cost the North a great sacrifice c f
blood and treasure, but that it was not without its compensating aspects
is sufficiently evidenced by the prosperous state o f our railroads.
W e have prepared with great care the following very valuable table,
showing in detail the movements and prosperity o f the leading roads o f
the State during the past five years :
(compiled
180
A REVIEW OF THE FINANCIAL CONDITION AND MOVEMENTS OF THE PRINCIPAL RAILROADS OF NEW YORK, YEARLY, FOR THE
FIVE YEARS ENDING SEPTEMBER 30, 1804.
from the a n n u al re turns made to th e state en gin eer a n d su rveyor .)
ERIE RAILWAY.
Dividends.—,
-Capital account.— -------------- v Cost of Miles Carried one m ile .^ ,-------- Income account.-------- s
Total
road and of Passengers. Freight.
Interest Amount. Rates,
Share * Funded Floating
amount, equipment, road. Number.
Tons. Earnings. Expenses. Profits, on debts.
p. c.
capital.
debt.
debt.
1860............................. $24,000,000 $20,351,000 $2,725,620 )$ $53,076,620 $31,100,005
1801............................. 24,000,000 26,351,000 2,72'
)
53,070,620 31,524,226
'480,065
40,285,305 30,085,202
1862..................
10,973,200 10,831,500
1803............................. 10,973,200 ‘ 20,003,000
-----...........
40,000,200 30,328,061
...........
42,051,700 40,054,404
1864 .............................. 24,228,800 17,822,900
550 50,557,070
550 54,007,710
550 54,617,005
624 71,003,700
624 114,935,025
214,084,306$5,180,322 $3,300,500 $1,810,726
251,350,127 5,500,016 3,750,035 1,831,881
351,002,285 7,863,073 4,870,431 2,003,542
403,670,801 10.240,117 6,302,225 3,043,802
422,013,044 12,551,480 9,057,754 2,493,720
$000,020 ......................
1,525,230 ......................
1,577,080 ......................
1,400,510 1,125,847 8
1,237,603 1,087,033 8
10,022,785
10,030,543
10,030,543
10,201,007
10,616,038
13,274,422
13,805,027
13,400,040
13,591,090
1,161 13,950,889
11,800,445
12,040,600
12,113,704
12,616,310
14,669,847
38,332,523
38,613,005
38,219,593
37,088,048
37,597,341
31,106,004
31,524,226
31,787,308
32,740,008
32,870,251
5,717,100
5,717,100
5,717,100
5,722,800
6,582,050
6,055,752
6,000,737
5,005.000
6,162.501
6,115,800
1800................. ...........
1801................. ...........
1802................. ...........
1863................. ...........
1864................. ...........
3,758,506
3,758,460
3,758,460
4,422,023
6,218,042
0,333,750
0,303,750
0,303,750
9,105,500
7,737,680
1800................. ...........
1861................. ...........
1862................. ...........
1803................. ...........
1864................. ...........
24.000.000
24,000.000
24,000,000
21,209,000
24,386,000
14,332.5*23
14,013,005
14,270,593
13,770,648
13,211,341
1800.................
1861.................
1862.................
1863.................
1864.................
...........
...........
...........
...........
...........
1,050,050
1,060,000
1,077.050
2,200.000
2,200,200
1,040,000
1,040.000
940,000
1,400,000
1,200,000
27,546
1860.................
1801.................
1802.................
1803.................
1864.................
...........
...........
...........
...........
...........
2,174,419
2,104,410
1,409,100
1,579,800
1,174,115
1,772.400
1,730,000
1,923,000
1,784,400
1,729,900
318,860
404,093
64,201
00,571
50,228
131
131
131
131
131
22,250,772
21,183,840
12,423,008
15,014.3(50
20,942,621
9,382,119
11,432,470
15,322,004
18,201.839
15,571,828
1,142,851
709,135
1,144,980
753,727
1,154,003
697,305
1,412,426
957,655
1,800,429 1,409,820
433,716
301,253
456,698
454,771
450,609
302,883
403,318
415,202
413,408
432,440
40,187,530 2,047,145 1,260,025
778,120
566,461
42,834.771 1,080,014 1,422,553
04,375,043 2,637,520 1.367,575 1,209,054
75,191,270 3,581,902 1,748,425 1,733,477
72,720,351 4,132,600 2,545,307 1,587,293
631,648
605,548
657,016
648,354
HUDSON RIVER.
182,100
773,411
298,424
4,107
144
144
144
144
66,051,310
54,400,308
61,211,104
78,538,189
144 98,853,821
NEW YORK CENTRAL.
556
550
550
550
550
126,588,001 100.231,392 6,951,241 4,278,841 2,678,400
116,174,787 237,302,074 7.309.042 4.647,079 2.601,063
110,028,024 206,003,442 0.356,828 5,007,750 3,749,078
147,237,008 312,105,700 10.807,031 0,842,633 4,054,998
103,447,735 314,081,412 12,991,889 9,346,184 3,651,761
287,163
i 400,287 8
594,4S8 ji 441,930 10s.
1,160,538
1,176,042
1.105,101
1.170.200
1,282,908
1,440.000
1,440.000
1,440.000
1,730,400
2,279,173
6
6
6
7
9
498,041
411.025
630.570
635,584
112,134
100,835
96,161
87,468
76,850
11,521
216,000
210,000
216.000
218,000
220,000
10
10
10
10
10
210,503
107,111
230,219
278,310
360,154
91,568
114,353
121,278
137,628
131,388
New York Railroad Movement.
NEW YORK AND HARLEM,
11,772,852
11,801,025
11,700.868
11,800,051
..........
12,007,850
1S60.............................
1801
................
1802
................
1863 .............................
1864 .............................
BUFFALO AND STATE LINE.
3,103,765
3,105,147
3,1S8,461
3.309,488
3,369,088
88
88
88
88
88
15,648,072
14.448,003
14,370,405
21.080.064
30,034,245
911,020
412,973
16,511,011
20.111,585
940,042
528,117
32,468.454 1,301.921
671.351
53,205,500 1.691,044 1,056.360
34,620,339 1,945,466 1,232,132
ROME, WATERTOWN, AND OGDENSBURG.
4,265,079
4,389,115
3,480,301
3,304,771
3,554,203
3,051,470
3,052,486
3,460,683
3,450,880
3,464,111
101 5,727.042
191 5,742,033
238 5,710,385
238 8,014,003
238 12,298,426
6,068,111
7,100,180
7,727,942
9,608,547
11,166,254
437,778
450,232
458,512
584,300
827,615
226,275
253,121
228,203
305,090
466,861
*140.870 10
*89,940 4.6
50,004 3
97,445
6
164,890 10
[September,
3,027,406
3,000.040
2,026,050
3,(500.000
3,400,000
1,643,153
1,643,153
1.640,757
1,621,037
1,585,257
121,065
113.739
103.570
97,371
38,832
New York Railroad Movement.
181
1.200,130
1.200.130
1,200.000
1.200,630
1,200,130
1865.]
SYRACUSE, BINGHAM TON A N D N EW YO RK .
81
2,964,348 2,854,212
227,489
87,672
120,758
3,175,782
9,331,032
139.817
2,957,022 2,860,367
81
2,834,082 11,083,577
93,923
137,347
115,977
231,270
2,866,194 81 2,939,566 15,257,380
108,114
172,757
114.193
2,944,457
280,871
2,918,5:38 2.903,085 81
3,982,739
323,794
138,886
184,908
103.526
15,040,156
2,824,219 2,932,806 81 6,035,905 18,293,256
170,929
240,449
411,378
110,146 .............
OSWEGO AND SYRACUSE.
614,715
791,002 36 2,905,712
54.918
64.748
16,205
38,474 10
213,500
1,732,438
119,666
306,340
4,875
1860.............
614,715
800,914 36 2,191.570
53,748
62,555
213,500
4,875
116,303
14,945
30,378 8
306,340
1,569,2S3
1861.............
621,215
815,161
36 2,318,581
62.884
77,750
208,500
16,375
2,095,022
140,6:44
14,820
27,876 7
396,340
1862.............
823,480
36
3,406,638
83,060
8
264,000
22,667
623,007
1,916,445
162,757
79,697
14,510
^3,567
396,340
1863............
731,548
901,853 36 3,958,185
2,451,432
218,994
106,938
112,056
13,880
39,223 8
396,340
311,500
23,708
1864.............
RENSSELAER AND SARATOGA,
912,172 25 4,820,680
197,649
9,244
36,600 6
610,000
750,000
269,353
71,704
140,000
1,947,849
1860.............
193,961
73,721
610,000
859,750
920,028 25 4,878,949
2,072,121
267,683
15,700
18,300 3
249,750
1861.............
199,431
76,845
16,284
39,650 fiv
610,000
854,750
920,028 25
276,276
244,750
1S62.............
938,884 25 7.041,014
218,175
117,450
14,208
47,165
610,000
239,750
849,750
1,981,489
335,625
1863.............
w
962,336 25 6,904,126
432,832
281,512
151,320
9,423
56,400 8
800,000
233,750
1,033,750
2,232,550
1864.............
T R O Y AND BOSTON,
217.229
605,011
35 3,919,146
312,066
94,837
79.496
806,500 247,155 1,659,566 1,534,764
4,109,745
1860.............
63,730
606,911
271,158
207,428
87,352
808,500 271,096 1,686,507 1,570,514 35 3,736,453
4,361,960
1861.............
1,710,014 35 4,023,872
146,965
600,911
161,921
85,000
1862.............
1,(01,000 370,000 1,976,911
5,730,486
308,886
2,026,911
1,829,554
111,609
606,011
180,000
35
7,363,215
415.321
289,196
126,125
1,240,000
4,526,856
1863............
1,923,268 35 5,432,227
402,728
170,718
132,336
8,223,589
573,446
1864............
607,111 1,250,000 322,700 2,179,811
N E W Y O RK A N D N E W HAVEN.
. 2,980,830 2,104,000
19,889 5,104,728 5,384,284 62 37,897,502
3,909,502 1,049,768
396,251
145,195
653,517
1860...........
6
22,639
4,873,478
5,419,507 62 35,201,978
682,495
237,660
129,448
180.666
. 2,980,839
1,890,000
2,573,925
920,155
1861...........
69,136 5,049,975 5,419,524 62 37,278,444
995,252
663,175
332,077
125.820
180,000 6
. 2.980,839 2,000,000
3,(552,168
1862...........
5,451,939
360,000
12
5,102,062
62
1,298,589
741.641
556,948
129,120
. 2,980,839
2,000,000 121.223
45,729,465
4,354,292
1863...........
412,884 la
769,6S9
129,120
2,980, S39 2,000,000 125,621 5,106,460 9,192,520 62 63,302,669
6,201,435 1,840,435 1,070,746
1864...........
LONG ISLAN D.
....
278,736
33,904
755,998
12,283 2,620,996 2,566,270 97 9,846,832
2,560,325
343.021
64,285
.
1,852,715
1860...........
2,611,394 2,920,949 91 8,318,375
211.244
86,402
38,581
.
1.852,715
2,681
297,646
755,998
2,318,332
1861...........
2,650,390
42.811
45,666
782,462
15,213
2,928,474 97 9,499,575
184,320
109,137
.
1.852,715
2,906,790
293,457
1862...........
208,181
46.000
188,500 10
.
1.852,715
2,635.177 2,928,474 101 10,108.269
360.431
152.250
782,462
3,098,410
1861...........
46,000
2,784,715 2,928,474 183 12,129,923
497,298
162,012
335,286
210,000 14
.
1,852,715
932,000
3,718,092
1864...........
NORTH ERN .
354,985
103,927
107,592
4,571.900 4,809,856 122 3,228,596 15,611,653
458,912
4,571,900
1860...........
90.061
4,571,900 4,816,751 122 2,674,727 15,559,949
335.576
108,177
4,571,900
425,637
1861...........
176,753
104,822
4,571,000 4,819,979 122 3,089,553 19,157,715
492,433
315.680
4,571,900
1862...........
153,969
106.181
4,571,900
4,588,509
573.512
419,543
4,571,900
122 3,734.311
19.815.427
1863...........
176,640
726,344
549,704
108,913
4,571,900
4,571,900 4,644,056 122 5,846,234 21,154,384
1864...........
* Dividend on W atertown and R om e stock, $1,449,000. The present road is made up o f the W atertown and Rome, Potsdam and W atertown, and Sacketts’
Harbor, R om e and N ew Y’ ork railroads, and the new branch to Ogdensburg.
1860.............
1861.............
1862.............
1863.............
1864.............
182
Trade and Commerce o f Chicago.
[September,
TRADE AND COMMERCE OF CHICAGO.
“ Tins little mushroom town is situated on the verge of a level tract of
country, for the greater part consisting of open prairie lands, at a point
where a small river, whose sources interlock— in the wet season— with
those of the Illinois river, enters Lake Michigan. It, how’ever, forms no
harbor, and vessels must anchor in the open lake, which spreads to the ho
rizon, on the north and east, in a sheet of uniform extent.” Thus wrote
L atro be , an intelligent traveller, who visited Chicago in the year 1833.
W e have before us the Report of the Trade and Commerce o f Chicago
for the year ending March 31, 1865, published in the Chicago Times,
August 16, 1865, which says: “ An examination of its contents will prove o f
rare interest, not only in a business point of view, but also in evidence of
the rapidly increasing proportions and gigantic development of a city which,
within the short space of thirty years, has risen from the position of an ob
scure trading post to be the commercial metropolis of a great nation. Its
growth may be well styled unprecedented ; the work o f thirty years has
effected what has before been achieved only by the combined labors of
generations. The period reviewed by us, to-day, makes an era in the his
tory of our city. Commercial transactions on a much larger scale than
ever before, have characterized her business; rivers o f wealth have poured
into her treasury; improvements of the most substantial and commodious
character, and equalled in grandeur and beauty of architecture only by the
temples of the ancients, have been made ; its population has been increased
by men of enterprise and energy, who have been attracted hither to swell
the ranks of the professions, of commercial and manufacturing pursuits.
And while this is true of the city, it is no less a fact, that the country with
which she carries on her immense commerce, and which furnishes the basis
o f her prosperity, has increased in a corresponding ratio. Thus, whether
we look at Chicago as she presents herself to-day, or to the country with
which her railroads and navigation place her in connection, we see on every
hand the existence of numerous elements of prosperity and rapid growth,
evidences of a future which shall place our city’s name, at no distant point,
the most famous of the American contineut.”
In substantiation of this glowing description of the city and its progress
the Report is replete with statistics which, at yearly intervals, measure its
footsteps from the first dawnings of its infancy to its present magnificent
development. Truly these present figures which excite especial wonder
and eclipse all that the experience of either ancient or modern times have
afforded. They demonstrate the revolution that has taken place in the
city and its tributary country. The natural outlet of the greater part o f
this is the Mississippi, which traverses the section from which Chicago
draws so much of its wealth, from its northern extremity southward
throughout and thence to the open Gulf. But the trade and commerce
by this grand avenue has not kept pace with the development of the coun
try through which it runs, and for which it is the regular channel to the
1865.]
183
Trade and Commerce o f Chicago.
ocean. The artificial highways of trade— canals and railroads— have tap
ped the great interior and carried its products eastward across the conti
nent. The grain products of the region, on this and the further side of
the Mississippi, have thus been almost entirely diverted to the lakes, the
Erie canal, the St. Lawrence river, or the six great trunk lines of railroad
that diverge from the heart o f the producing region to the seaboard at
New York, Boston, Philadelphia, and Baltimore. The reason for such a
change, beyond the vast enterprise which has erected these cheaper and
more convenient outlets, are natural and apparent. The disadvantages of
the Mississippi route are many. The risk o f damage to grain or flour, and
several other commodities which are staples of the upper valley, and which
are very liable to receive injury from heat by passing through the southern
latitudes of the Gulf during the summer months, is not the least important
drawback, and the uncertainty of river navigation is a great objection;
while the advantages of cheaper and speedier transportation by railroads
and canals on the northern route, with the better markets afforded on the
Atlantic seaboard, are obvious, and have aided chiefly to affect the change
described. It is to this change in the direction o f the commercial move
ment that Chicago owes its progress and present prosperity, the impetus
of which is ever gaining by its own force, and will most certainly convert
the “ little mushroom town” of thirty years ago, and the great city of to
day into a commercial emporium of such proportions, such wealth, and
such importance, that the records of the great cities of the world, as they
now exist, will fail to produce a parallel wherewith to measure its growth
and circumstances. The contrast between the Chicago of 1833 and the
Chicago of the present day is indeed truly startling. To have prognosti
cated the change which has been effected in so short a time would have
subjected the seer to ridicule, and his prophesies would have been looked
upon as the emanation of a crazy brain.
In illustration of the progress of Chicago no better test can be applied
than the increase of its population from time to time, and in this respect it
has been wonderful. The following figures taken from actual enumerations
satisfactorily prove this phase of the development of the city, and no less
the development of the tributary country, which could demand such an in
creasing volume of agencies through which to transact its business. The
growth of Chicago, indeed, may be said to have been the result of the
widening and filling up of its commercial circuit, which already extends
west of it fully ten degrees of longitude, and includes the breadth between
latitudes 36 deg. 30 min. and 49 deg.
POPULATION
1830
1840
1843
1844
1845
.................
(U. S .) ...
.................
.................
.................
70
4,470
7,580
10,864
12,088
1846 ...............
1847 ...............
1848 ...............
1849 ...............
1850 (IT. S .).. .
BY
CENSUS.
14,169
16,859
23,047
29,963
1852 .....................
1853 .....................
1860 (U. S.).........
38,734
60,625
109,260
and
1862 .....................
138,835
Since the last local census was taken, in 1862, estimates have been made
yearly, by competent parties, which have resulted in placing the population
in 1863, at 160,000, and in 1865 at 196,000. The total population of
the State of Illinois has increased in the meanwhile as follows:
18 4
[September,
Trade and Commerce o f Chicago.
From
From
From
From
From
12,282
65,211
157,445
476,183
851,470
in
in
in
in
in
1810
1820
1830
1840
1850
to
to
to
to
to
53,211
157,445
476,183
851,470
1,711,951
in
in
in
in
in
1820— 349.63
1830— 185.17
1840— 202.44
1850— 78.81
1860— 101.06
per cent
per cent
per cent
per cent
per cent
The growth o f the interior towns of the State has been proportionately
rapid. Those enumerated below are connected with Chicago and each
other by lines of railroad, and to this circumstance much o f the advance
they have made must be attributed. They are, in fact, the primary depots
of the commerce of Chicago, and have expanded co-relatively with that
metropolis. The following table gives the population of the interior towns
which, in 1860, had more than 3,000 inhabitants:
1S40
Peoria, Peoria county.................
Quincy, Adame county...............
Springfield, Sangamon county..
Galena, Jo Daviess county . . . .
Belleville, St. Clair county.........
Joliet, Will county.......................
Bloomington, McLean county. . .
Rockford, Winnebago county . . .
Ottawa, Lasalle county...............
Alton, Madison county.................
Aurora, Kane county................... .
Lincoln, Logan county.................
Jacksonville, Morgan county.. . .
Freeport, Stephenson county . . .
Rock Island, Rock Island county
Galesburg, Knox cou n ty .............
Lasalle, Lasalle county.................
Decatur, Macon county............... .
Pekin, Tazewell county.................
Waukegan, Lake county.............
Buffalo, Ogle cou n ty.....................
Peru, Lasalle cou n ty...................
1,467
2,319
2,579
1,843
2,340
1850
6,095
6,902
4,533
6,004
2,941
2,659
1,594
2,093
8,219
3,581
1,895
....
2,745
1,436
1,711
882
3,201
1,000
1,678
2,949
1,184
2,000
1800
14,045
13,718
9,320
8,196
7,520
7,104
7,075
6,979
6,541
6,332
6,011
5,700
5,528
6,376
6,130
4,953
3,993
3,839
3,467
3,433
3,166
3,132
— and though as yet under 3,000, we may here give a place in the list of
rising cities to Cairo, Alexander county.
The country tributary to Chicago comprises the following States, the ex
tent and population of which was in 1850 and 1860, as follows :
Area in acres
Total. .
<-------- Improved acres-------- s ,,-----------Population----------- ■»
1850
1860
1850
85,459,200
34,511,360
63,459,840
85,228,800
50,187,520
43,123,200
5,039,545
1,045,699
6,035
824,682
851,470
305,391
6,077
192,214
2,938,425
13,251,473
3,746,036
554,397
3,780,253
872,835
6,246,871
682,044
1,711,951
775,881
172,123
674,913
107,206
4,182,012
254,969,920
17,853,186
27,951,865
2,037,196
4,624,086
Illin o is.........
W isconsin.. .
Minnesota.. .
I o w a .............
K ansas.........
Missouri.........
... . . . . .
1860
— and to these ought properly to be added the northern peninsula of
Michigan, Dakotah Territory and Nebraska, all of which contribute in
some form to the commerce o f Chicago. Probably within this territory
there are now (1865) at least 35,000,000 acres o f improved lands, and
5,000,000 inhabitants, and the land so improved is only a seventh of the
area which time and perseverance will utilize for the benefit o f Chicago.
1865.]
185
Trade and Commerce o f Chicago.
The increase of live stock between the census years o f 1850 and 1860
is shown in the following table:
/—Horses and Mules—*/
1850
Illinois . 278,226
Wiscon’ a 80,335
Minnesa.
874
I o w a ... 39,290
K ansas................
Missouri 266,986
•Horned Cattle— ,,----------f
1860
1851)
I860
614,042 912,036 1,505,581
117,211 183,433 512,866
17.517
1,262 118,960
180,670 136,621 536,254
87.859
20,312
442,815 791,510 1,168,234
■Hogs-
1850
1860
1860
1850
894,043 775,230 ]1,915,907 S1 279,722
124,896 332,454 159,276 333,957
734 101,252
80 13,123
149,960 258,228 323,247 921,161
....
128,309
15,702
762,511 937,145 i1,702,626 5>,353,625
Total ..615,711 1,392,567 2,024,862 3,930,504 1,931,490 2,332,182 4,101,789 6,118,826
Tbns horses and mules appear to have more than doubled in number,
horned cattle nearly doubled, sheep increased about 20 per cent, and
swine 50 per cent, in ten years.
The products of animals compare as follows:
Illin ois...................... 1850
do
...........1 8 6 0
Wisconsin..................1850
do
..................I860
Minnesota..................1850
do
.................. 1860
I o w a .......................... I860
d o .......................... 1860
K ansas...................... 1860
Missouri.................... 1850
do
.................... 1860
Total...................... 1850
d o ......................1860
Butter,
lbs.
12,626,543
28,337,676
3,633,750
13,651,058
Cheese,
lbs.
1,278,225
1,595,358
400,283
1,104,459
1 ,1 0 0
2,961,591
2,171,188
11,526,002
1,012,975
8,834,359
12,704,837
198,904
209,840
901,220
28,053
203,572
259,633
26,166,940
70,193,979
2,091,920
4,087,657
"Wool,
Animals slang'd*
Value in Dollars*
lbs.
¥4,972,286
2,150,113
2.477,563
15,159,343
920,178
253,963
1,011,915
3,368,710
85
2,840
732,418
22,740
821,164
373,898
653,030
4,403,463
647,450
22,593
8,367,106
1,627,164
2,069,778
9,844,449
4,405,223
6,257,619
$10,083,574
32,055,833
Showing that butter has gained nearly 200, cheese 100, wool 50, and
slaughtered animals 200 per cent from 1850 to 1860.
The same States yielded cereal crops (bushels) in 1850 and 1860 as
fo llo w s :
Wheat
Illinois.. . 1850 9,414,575
“
...I 8 6 0 24,159,500
Wisconsin. 1850 4,286,131
“
. . . I860 15,812,625
Iowa . . . .1850 1,580,581
“
...1 8 6 0 8,433,205
1,401
Minnesota. 1850
“
...1 8 6 0 2,195,812
Kansas . . 1860
168,527
Missouri .1850 2,981,652
“
...I 8 6 0 4,227,586
Indian Com.
Oats.
Rye.
83,364 57,646,984 10,087,241
981,322 115,296,779 15,336,072
1,988,979 3,414,672
81,253
888,534
7,565,290 11,059,270
19,916
8,656,799 1,524,345
176,055 41,116,994 6,879,653
125
16,725
30,582
2,987,570 2,202,050
124,259
5,678,834
80,724
3,928
44,263 36,214,537 5,278,079
293,262 72,892,157 3,680,870
Total........1850 18,214,340 228,926 104,524,029 20,334,919
“ ___ 1860 54,997,255 2,467,360 245,537,624 38,238,659
Barley. Buckwheat.
184,504
110,795
345,069
1,175,651
209,692
70,878
678,992
67,622
62,616
25,093
216,524
454,116
1,216
515
126,130
27,677
36,799
4,128
23,651
9,631
228,604
182,292
356,427
2,666,519
332,054
875,983
The other more important commercial crops are tobacco, hemp, pota
toes and hay. These were as follows in 1850 and 1860 :
VOL.
l i i i .—
NO. III.
11
18 6
[September,
Trade and Commerce o f Chicago.
Illinois.. . .
“
1860
Wisconsin . .1850
"
1860
I o w a .........
ti
1860
[ Tobacco, lbs.
841,394
7,014,230
1,268
87,595
6,041
312,919
Hemp, tons.
38,510
17,113,784
25,086,196
16,978
16,028
19,268
44
Irish Potatoes,bus.
2,514,861
5,799,964
1,402,077
3,848,505
276,120
2,700,515
21,145
2,027,945
979,006
1,990,850
283,968
17,962,487
32,556,428
16,028
20,068
5,153,209
16,651,747
356
Minnesota . .1850
((
1860
Missouri . . .1850
U
1860
K ansas.. . .
T o ta l.........
1860
Hay, tons.
601,952
1,834,265
275,662
853,799
89,055
707,260
2,019
274,952
116,925
401,070
50,812
1,005,613
4,122,158
In order to see more distinctly the land and stock accounts, and the
vast mass of products which these states yield, and for which Chicago is
the best market, we now bring them together, distinguishing the products of
1850 from those of 1860, to show the measure of development in the decade.
Improved L a n d ........................
Population....................... . . . . .
Live Stock:
Horses and M u les.....................
Horned C a ttle ...........................
S h e e p ..........................................
H o g s ............................................
Animal Products:
B u tter........................................
Cheese..........................................
W ool.............................................
Animals slaughtered,...............
Cereal Products:
Wheat..........................................
R y e ..............................................
Indian Corn................................
O a ts........................................ .
B a rle y ........................................
Buckwheat..................................
Total Cereal Crop.....................
Other Crops :
T ob a cco......................................
Hemp ........................................
Irish P otatoes............................
H a y ............................................
1850.
17,853,186
2,037,196
1860.
27,951,865
4,624.086
615,711
2,024,862
1,931,490
4,101,789
1,392,567
3,930,504
2,332,182
6,118,826
26,166,940
2,091,920
4,405,223
$10,083,574
76,293,979
4,087,657
6,257,619
32,055,833
U
it
it
it
u
18,214,340
228,926
104,524,029
20,334,919
356,427
332,054
54,997,255
2,467,360
245,537,624
38,238,659
2,666,519
875,983
it
143,990,695
344,783,400
17,062,487
16,028
5,153,209
1,005,613
32,556,428
20,068
16,651,747
4,122,158
it
U
if
it
ft
The principal minerals produced in the region, which claims Chicago as
its market, are coal, iron, copper, and lead. The mines are as yet but
slightly developed and it remains for the future to make their treasures
available. The following were the principal products by the census o f 1860 :
,------------------Iron,
Ore.
tons----------------- >
Pig.
Bar.
Coal.
tons.
Copper Ore.
tons.
Illinois............................................................................
610,325 ...............
Wisconsin........
4,500
2,000 .......................................................
Iowa
....................................................................
2,900 ...............
Missouri.........
42,000
22,000
4,678
3,880
60
T otal...........
46,500
24,000
4,678
677,105
50
And Northern Michigan produced as follows :
17 906
10,490
................
6,283
Lead Ore.
Value.
172,963
325,368
160,600
356,660
$916,481
1865.]
18 7
Trade and Commerce o f Chicago.
Incomplete as the above table undoubtedly is, it shows at least a begin
ning which is pursued with increasing success, as shown by the returns of
the Internal Revenue Officers for the several States. From these we de
duce the amount o f coal produced in 1863 to have been 1,041,919 tons,
viz., in Illinois, 925,293 ; Iowa, 50,205; Kansas, 2 3 4 ; and Missouri 66,187
tons— none having been mined in Wisconsin or Minnesota. This is nearly
double the amount returned by the census of 1860.
The total value of all the mining, manufacturing, and mechanic products
of the States included in the Chicago market circuit in 1850 and 1860,
compare as follows;
(—Establishments.—,
—Value o f products.-------- .
Illinois.................................................
W isconsin..........................................
I o w a ...................................................
Minnesota..........................................
Missouri..............................................
Kansas.................................................
1850.
8,162
1,262
522
5
2,923
....
1860.
4,100
8,120
1,190
665
2,805
299
1850.
$16,634,212
1,293,068
3,551,183
58,300
24,326,418
.................
1860.
$56,150,000
28.500.000
14.900.000
3.600.000
43.500.000
Total...........................................
7,814
12,619
$51,161,841
$150,050,000
2.300.000
The principal manufactures in these States are flour and lumber, which
constitute more than one-third the aggregate value. The other more con
spicuous products are distilled spirits, agricultural implements, malt liquor,
boots and shoes, furniture, iron castings, steam engines, woolen goods,
leather, etc. The following compares the value o f flour and lumber pro
duced in the years 1850 and 1860 :
/--------- Flour and meal.--------- »
1850.
Illinois.....................
W isconsin...............
I o w a ........................
Minnesota................
Missouri...................
1860.
$18,104,804
8,161,183
6,950,949
1,810,000
8,997,083
284,281
T o t a l...............
$43,808,300
/------------- L um ber---------------*
1860.
$1,824,484
1,218,516
470,760
57,800
1,479,124
1 60.
$2,275,124
4,836,159
2,378,529
816,808
3,702,992
945,088
$4,560,684
$14,954,700
The quantities and values o f distilled spirits and malt liquors manu
factured in 1860 was as follows:
,-------- Distilled spirits.---------,
Gallons.
Value.
,-------- Malt liquors. —
Barrels.
Value.
.
Illinois..................................
Wisconsin..................................
I o w a ..........................................
Minnesota..................................
Missouri....................................
Kansas......................................
15,165,760
531,250
883,320
58,000
1,572,200
1,800
$3,204,176
101,346
81,830
15,950
309,000
3,750
218,043
124,956
35,588
14,080
172,570
6,000
$1,309,180
702,812
221,495
77,740
1,143,450
52,800
Total..................................
17,712,330
$3,716,052
570,237
$3,507,477
The value of the other principal articles of production and manufacture
is shown in the following table:
T rade an d C om m erce o f Chicago.
188
Agricultural
implements.
Illinois.. . $2,552,165
"Wisconsin.
563,855
112,590
Iow a.........
Missouri. .
280,037
Minnesota.
17,000
20,000
Total . .
Boots and
shoes.
$963,052
901,944
835,296
868,768
133,395
Iron
Steam
castings.
engines.
$605,428
377,301
187,425
1,041,520
$307,600
384,600
186,720
719,500
[Sep tem ber,
Woolen
goods.
$266,230
167,600
167,960
425,319
Furniture.
$873,609
498,268
157,491
203,142
63,269
40 000
$3,545,647 $3,202,455 $2,211,674 $1,598,320 $1,027,109 $1,795,779
The several tabulations above given are sufficient to show the character
and extent o f the productive industry of the States which make Chicago,
in a greater or less degree, the medium of their commercial exchanges
with the Atlantic States. They have been given for that purpose alone ;
and now it remains only to examine the trade and commerce of that me
tropolis with the view of finding out the extent to which it has availed
itself of the wide field open to the commercial enterprise o f its citizens.
"We have given the measure of its advantages, and we must now learn to
what extent it has made use o f them.
It may be proper, however, to state before proceeding further, that in
1850 there was only 180 miles of railroad in Illinois, and not a single mile
north or west of that State. The great system o f routes which now exists,
extending in continuous lines east and west from the Atlantic to the Missouri
River, and into Kansas, has been the result of the enterprise of the last
fifteen years, and to these roads may, in a great measure, be attributed the
accelerated pace which has within that period demarked the movement of
population and commerce in a westerly direction. To Chicago this rail
road construction has been of vital importance, and has given it a place
among commercial cities, which is invulnerable to competition, and by na
tural law certain to raise it higher and higher as the country becomes
further developed under the influence of settlement and cultivation, fostered
by the great works o f which it is the centre.
The progress o f railroads in Illinois and the states North and "West of
it is shown by the mileage in operation in each state yearly since 1850,
which was as follows ;
Janl.
I860 ................
1 8 5 1 ..............
1852 ..............
1853 ..............
1854 ..............
1855 ..............
1856 ..............
1857 ..............
1858 ..............
1859 ..............
1860 ..............
1 8 6 1 ..............
1862 ..............
1863 ................
1864 ................
1865 ................
Illinois.
Wisc’n.
....
Min.
....
....
....
20
50
71
97
187
276
630
647
826
905
933
961
960
1 ,0 1 0
1,048
Iowa.
68
31
94
169
254
344
379
533
655
700
731
792
805
878
Mia.
....
....
....
38
38
139
144
318
547
724
817
838
838
Kansas.
Total.
in
291
462
868
868
925
966
40
43
139
678
149
....
1,023
1,781
2,909
3,794
4,307
4,864
5,176
6,389
5,528
6,837
6,030
6,288
QUINQUENNIAL INCREASE.
1850-55 .........
1855-60 .........
1860-65 .........
187
718
143
• •••
....
169
68
587
323
43
1,640
8,495
1 ,1 1 2
1865.]
Trade and Commerce o f Chicago.
189
That the construction o f railroads in these states has been injuriously
affected by the late war is obvious. In Missouri and Iowa this has been
the case without doubt, and probably 2,500 miles additional would have
been in operation had events pursued their normal course. At the pres
ume great activity prevails in remedying the default of the past five years.
W e now resume the immediate subject of the present article, and shall
first speak of Chicago’s most interesting and remarkable branch o f in
dustry— its
FLOUR AND GRAIN TRADE,
which, starting up a little more than twenty-seven years ago, has devel
oped with much rapidity, and has already reached proportions so gigan
tic as to stamp it as one of the chief marvels o f the history of modern
commerce. To trace it rise and progress would be completing the record
of the development o f the great city itself, for it has been the food on
which it has built its growth. By this commodity we trace the progress
o f the hamlet into the vilage, the village into the town, and the town into
the emporium which has won for itself the proud title of the Western Me
tropolis. W ho, dating back to 1838, when the sum total of the grain
trade of Chicago was thirty-nine sacks or seventy-eight bushels, could have
realized the marvel that twenty-eight years have produced. Then the
whole trade of the city was supplied by two small vessels. Now Chicago
estimates the tonnage o f her fleets by thousands, and the networks of iron
traversing the prairies in every direction, pour in upon her the fruits of
their harvests. The grain traffic o f the country, beginning at an early pe
riod with the meagre productions o f the Eastein states, was gradually ex
tended westward, and when navigation between the East and West was
opened, then it was that our inland seas became the highways of a com
merce which has already attained a magnitude greater than that o f most
nations of the old world. Then it was that the vast territory which lay
west of the lakes, hitherto uncultivated, became the field for the pioneers
of industry and civilization, who laid the foundation of what are now nine
flourishing states and as many territories in training for a like destiny.
And to-day, Chicago, occupying the centre of this enormous traffic, takes
rank as the leading grain market of the world.
In order that the magnitude of the grain interests of Chicago may be
fully comprehended, the two following tables are cited the former of which
shows the whole quantity of grain shipped eastward for eight years, as
shown by the official records o f the receipts at the western termini of the
Baltimore and Ohio and Pennsylvania Central Railroads, and at Dunkirk,
Buffalo, Suspension Bridge, Oswego, Ogdensburg, Cape Vincent, Mon
treal and Rochester, while the latter shows the quantity of grain shipped
eastward from Chicago alone, for the last nine years :
SHIPPED EASTWARD BY A LL OTHER ROUTES.
Other grain,
Tear.
Flour, bbls.
W heat, bash.
C om , bash.
bushels.
1856 .......................
1857 .......................
1858
.............
1859
.............
1860
.............
1861 .......................
1862
.............
1863
.............
3,78U,3ol
3,318,496
4,421,202
8,658,409
4,106,057
6,535,838
8,433,037
7,782,920
lb ,505,358
16,713,639
20,802 492
16,539,356
32,536,494
49,043,924
51,220.529
30,513,952
14. *38,■432
8 658,378
10,495,514
4,386,262
18,128,226
28,906,891
82,998,049
24,995,885
4,563,669
2,’>36,678
4,917,729
4,02',076
7,547,793
9,336,079
10.749,430
15,933,111
19 0
Trade and Commerce o f Chicago.
[September,
SH IPPED EAST PRO M CHICAGO.
Flour, bbls.
Fear.
18 56................
1857................
1858................
18 59................
18 60................
18 61................
18 62................
1868................
18 64................
Wheat, bush.
8,364,420
9,846,052
8,850,267
7,166,698
12,403,197
15,835,953
13,808,898
10,759,152
10,240,380
Corn, hush.
11,129,668
6,814,645
7,726,264
4,349,360
13,700,113
24,372,723
29,452,610
24.906,934
14,182,644
Other grain,
bushels.
1,034,279
524,761
1,658.658
1,806,325
1,516,689
2,253,584
4,516,357
11,536,373
17,696,896
The total shipments of grain from ports on Lake Michigan, for six
years, shows the proportion o f lake exportation absorbed by Chicago, thus:
From Chicago.
1858................ 20,040,178
1859 ................ 16,768,857
1860 ...............
81,109,059
Total (bushels)
From other
ports.
7,889,115
9,060,896
12,102,389
1861
1862
1863
From Chicago.
...
50,511,862
..... 56,477,110
..... 64,741,839
229,648,905
From other
ports.
18,977,257
11,641.565
19,968,825
59,791,041
Among the sights and wonders o f Chicago are its elevators— sombre,
gloomy-looking buildings— which tower above and overhang the river
here and there on every side. Without the aid o f these Chicago could
never have risen to its present position. Their machinery for receiving and
discharging grain is wonderful, each elevator doing the labor of a thou
sand men, and capable of moving a million bushels of grain in a single
day. The facilities possessed by the port, through its elevators and store
houses, can only be estimated by their enumeration and a statement of
their capacities, which are as follows:
Capacity.
Sturges, Buckingham & C o , ( “ A ” ) .............................................................
do
do
(“ B ”) ................................................................
Flint & Thompson................................................................................................
do
M uud & Scott........................................................................................................
do
.................................................. .*.................................................
do
.......................................................................................................
do
...........
Muuger, Wheeler & Co.,(Hunger it Armour) ...............................................
do
do
(Hiram Wheeler).....................................................
do
do
(Charles W heeler)..................................................
do
do
(L. Newberry).........................................................
do
do
(George Sturges)....................................................
O. Lunt <k Brother..............................................................................................
Howe, Robbins & Perry.....................................................................................
70o,OoO
700,000
1,250,000
750,000
1,250,000
700,000
600,000
200,000
600,000
500,000
500,000
800,000
7 5,000
80,000
80,000
Total capacity..........................................................................................
9,935,000
The trade movements of the city and port for the year ending March
31, 1865, will now be considered under separate heads :
Flour.— The receipts during the year, from all sources, amounted to
1,170,274 barrels, the receipts during the preceding year having been
1,424,055 barrels. The shipments of flour during the same period
amounted to 1,287,545 barrels, against 1,507,816 barrels in the previous
year.
18 6 5.]
Trade and Commerce o f Chicago.
19 1
The following table shows the movement (in barrels) o f flour in Chicago
for the last ten years:
Year.
1855...............
1856...............
1857...............
1858...............
1859...............
Received.
320,312
410,989
489,934
660,640
887,821
Shipped.
163,419
265,389
250,648
470,402
686,351
Year.
I 8 6 0 .... ___
1861___
1862___
1 8 6 3 ....
1 8 6 4-5 ..
Received.
945 848
1,479,384
Shipped.
698,132
1,603,920
1,828,164
1,537,816
1,289,545
The manufacture of flour in the city during the year 1864-65, amounted
to 290,137 barrels, against 223,123 barrels manufactured during the pre
vious year, thus showing a highly gratifying increase. The quality of this
home manufacture is rapidly improving, and it is gradually supplanting
foreign brands, which have hitherto held the estimation o f consumers.
The following is a list of the mills engaged in the manufacture of flour
in the city, together with the amount produced by each m ill:
Mills and millers.
B. Adams & C o ...........
Chicago m ills...............
Jirali D. Cole, J r .........
Empire mills .............
Lake street m ills.........
Michigan m ills.............
Barrels.
Mills and millers.
Barrels.
Oriental mills............................
State m ills ................................
Marples mills.......... ..................
50,000
40,000
28,000
Total in 1864-65 .............
290,137
and for the previous four years—
1860 ..........................................
1861 ..........................................
282,000 I 1862..........................................
291,852 | 1863-4......................................
260,980
223,123
The proportion of the flour manufactured in the city to that consumed
is about as five to three, about one hundred thousand barrels more than is
consumed being manufactured.
Wheat.— The receipts of wheat amounted to 10,888,436 bushels, a de
crease of 1,573,118 bushels from the receipts of 1 8 6 3 -6 4 ; the shipments
during the same period amount to 10,249,330— an increase o f 3,082.632
bushels over 1863-64. The falling off in the trade in wheat is mainly
owing to the light crops which the season produced in the northern portion
ot Illinois and Wisconsin. In the central and southern portions of Illinois
the yield was also light, though the quality was generally fair.
The receipts and shipments for the last ten years have been as follows:
Year.
1855.........
1856.........
1857.. . .
1858........
1859........
Received.
7,535,097
8,767,760
10,554,761
9,639,644
8,060,766
Shipped.
6,298,155
8,364,420
S,846,052
8,850,257
7,166,698
Year.
I860.........
1861.........
1862.........
1863.........
1 8 6 4 -5 ...
Received.
14,427,083
17,385,002
13,978,116
12,461,554
10,887,436
Shipped.
12,4.13,197
15,835,953
13,808,898
10,759,152
10,249,330
Owing to the crowded state of the agencies of transportation during the
past season, a considerably larger portion than usual o f the crop o f 1864
was kept over until after the close o f navigation ; and buyers in Iowa and
Minnesota met with great difficulty in marketing the crop, so that it is be
lieved that a large quantity has been left in the hands of the farmers to
come forward during the present year.
Corn.— The receipts during the year amounted to 13,197,340 bushels,
a decrease from the previous year of 11,963,176 bushels. The receipts
and shipments for ten years have been as follows:
19 2
[September,
Trade and Commerce o f Chicago.
Year.
1855. . . .
1856........
1857.........
1858.........
1859........
Eeceived.
8,53-2,877
11,888.398
7,490,000
8.252,641
5,401,870
Shipped.
7,547,678
11,129,668
6,814,615
7,726,264
4,349,360
Year.
I860........
1861.........
1862.........
1863.........
1 8 6 4 -5 ...
Eeceived.
15,262,394
26,369,989
29,574,328
25,160,516
13,197,340
Shipped.
13,700,113
24,372,723
29,452,610
24,906,937
14,182,644
The large decrease in the movement in this grain is owing to the failure
of the crop of 1863, it having been nearly destroyed by early frosts. The
crop of 1864 was a fair yield, and on account of the scarcity of old corn
it was marketed much earlier than usual, which contributed towards swell
ing the receipts of the past year beyond what they otherwise would have
been.
Oats.— The following is a statement of receipts and shipments for the
past ten years :
Year.
1855.........
1 8 5 6 .........
18 57.........
18 58.........
18 59.........
.
.
.
Eeceived.
2,947,188
2,919,884
1,707,217
2,283,596
1'757^699
Shipped.
1,889,638
1,014,637
506,778
1 519,066
1,185,703
Year.
I8 6 0 ........... .
1861............
18 62........... .
1 8 6 3 ....
.
1 8 6 4 -5 ____
Eeceived.
2,198,188
2,067,072
4,688,723
11 005,743
16 365,440
Shipped.
1,091,698
1,663,237
8 , 1 1 2 ,8 6 6
9,909,175
16,470^929
Since the commencement o f the war, now happily closed, the demand
for this article which existed in the army, had the effect of raising prices
to a comparatively high figure, and encouraged farmer's to devote more at
tention than they otherwise would have done to this product, thus
causing the receipts for the two past years to be very much larger than or
dinarily.
E ye.— The receipts and shipments to and from Chicago for the last ten
years were as follows :
Year.
I 8 6 0 ............
18 56...........
1857 .........
1858............
1859...........
Eeceived.
Shipped. |Year.
92,023 I 8 6 0 .............. .
19,051
1861..............
17,893 1862..............
127,008 1863.............. .
134,404 1 8 6 4 -5 ____
Eeceived.
818,976
490,989
1,038,825
747,295
1,077,776
Shipped.
166,642
393,813
871,796
683,94 6
898,586
The increase in the trade in rye during the last year is owing to two
causes— a more abundant crop than usual, and the imposition of the two
dollar tax on whiskey, which, by lessening the consumption o f grain, had
the effect of throwing a large supply, for which there was no home use, on
the market.
Barley.— The barley crop last season was very light, as compared with
former years, and the receipts, consequently, smaller than might otherwise
have been expected. The following statement shows the receipts and
shipments for the past ten years :
Year.
1 8 5 5 ..............
1856..............
1857..............
18 58..............
1 8 5 9 ..............
Eeceived.
127,689
413,812
652,696
Shipped.
98,011
19,051
17,993
182,020
486,218
Year.
I 8 6 0 ..............
1861.............
1862..............
18 63..............
1 8 6 4 -5 .........
Eeceived.
893,000
Shipped.
267,749
226,534
532,195
943,252
337,431
W e close our account of the flour and grain market with a genera! re
capitulation, showing the amounts shipped from the city from 1838 to
1862, a term of twenty-seven years:
1 8 6 5 .]
Tear.
1838.............
1839............. . . .
1840............. . . .
1841............. . . .
1842............. . . .
1843............. . . .
1844............. . . .
1845 ........... . . .
1846 ........... . . .
1847............. . . .
1848............. . . .
1849.............
1850.............
1851.............
1852.............
1853.............
1854.............
1855.............
1856.............
1857 ...........
1858.............
1859.............
1860.............
1861.............
1862.............
1863.............
1864-5.........
193
T ra d e and Com m erce o f Chicago.
Flour and
Wheat, bush.
3,678
10,000
40,000
586^907
688,907
923,494
1,024,620
1^599,619
2,*136*994
2^286*000
2,192,809
941,470
2,744,860
Corn,
bushels.
Oats,
bushels.
Eye,
bushels.
Barley,
bushels.
67 135
596,460
644,848
252,013
3,221,317
2,757,011
2,780,253
6,837,899
7,547,678
11,129,66S
6,814,615
7.726,264
4,349,361
13,700,113
24,372,723
29,452,610
24,996,934
14,182,644
38,892
65,280
26,849
186,054
605,827
2,030,317
1,748,493
3,239,987
1,889,539
1,014,637
506,778
1,54 9,069
1,185,707
1,091,698
1,633,237
3,112,366
9,909,175
16,470,929
31.453
22,872
19,997
127,628
120,275
148,421
92,023
19,051
17,993
127,008
134,404
156,642
393,843
871,793
683,946
898,536
17,315
82,162
41,153
98,011
19,057
17,993
132,020
486,218
267.749
226,534
532,195
943,252
387,431
PORK AND BEEF PACKING.
The second most remarkable instance of the wonderful development of
Chicago, is the extraordinary proportions which have within a very short
period been attained by her packing business. The commencement of
this branch of industry in Chicago dates from the year 1835, when 3000
head composed the total number of cattle, cut and packed in the city.
Since that time the packing business has been increased with the growth
of the city. The other cities and towns o f the interior, which have hitherto
been considered prominent packing points, were successively led by Chica
go, and in 1861, Cincinnati yielded to the lake city the title of the
Porkopolis o f the country. And now Chicago furnishes one-third the
entire package in all the States engaged in this business. The same causes
which made Chicago the greatest grain market in the country have con
tributed towards making it the most important packing point. The
development of the great interior and the grand network of railroads
which extends, and is still extending wider and further over its great
bosom, have rendered this the chief collecting point for the immense
numbers of cattle and hogs which are raised by the farmers and stock
breeders : and wherever the cattle and hogs are, there will concentrate the
capital to purchase, to pack and to ship the product to the Eastern States
and Europe.
The receipts and shipments o f hogs during the first seven years exhibit
the progress of the business through that period. They were as follows :
18 58
1859
1860
1861
Tears.
........
........
........
.......
Received.
840,486
271,204
892,864
675,902
Shipped.
Years.
Received.
192,013 I
18 62...................
1,348,890
140,246 | 1 8 6 3 - 4 ...
1,677,757
227,164
And,
289,094 | 1864-5 . .
1,410,320
Shipped.
491,185
856,485
530,173
19 4
Trade and Commerce o f Chicago.
[September,
The decrease in 1864-5 was owing to an actual falling off in the raising
of hogs. The same cause reduced the receipts at all the packing points.
The season’s packing was also reduced both here and elsewhere. The
following shows the number packed at Chicago during ten seasons :
Years.
18 55-5 6..........................................
185657.................................
185758.................................
185859 -...............................
185960.................................
Hogs.
80,880
74/100
99,262
179^684
151,339
Y ears.
1860-61 ........................................
186162 ...............................
1 8 6263 ...............................
1863 64 ........................................
1864-65 ........................................
Hogs.
271,805
505,691
970,264
904,659
760,514
The following table shows the firms engaged in packing in the city, and
the number of live and dressed hogs packed by each, together with the
average weights:
Packers.
A. E. Kent <t Co..................
Culbertson, Blair <fe Co.........
Reid & Sherwin................... .
Cragin cfe C o.........................
Tobey & Booth ...................
Davis, Pope & C o ...............
Wooster, Hough <5s C o........
J. M. Spafford & Co.............
Thorne <Si C o.........................
R. McCabe & C o .................
D. Kreigh & Co.....................
Belaud & Mixer...................
McKichan, Quirk & Co........
Taylor, Barron & Co............
Bowers & C o ........................
G. S. Hubbard <fe C o ...........
G. W. Higgins & C o ...........
Keyt, Blackmore & C o.........
Jones, Gifford <fe Co.............
Singer & Co..........................
Stewart, Sanger & Hollihan
V . A. Turpin tfe Co..............
S. Favourite it Son..............
Freeman, Burt & Co............
Rhodes & W h ite .................
S. A. Ricker..........................Pulsifer & C o.......................
Flirt, Thompson & Co . . . .
Boyd & S m a ll.....................
Gardner & Co.......................
J. B. Nerwood, agent...........
Turner & Nicols...................
Griffin Bros...........................
Gregston <t C o.....................
John Nash ...........................
Daggett & W hiteside..........
Charles Cleaver...................
Murphy <St C o.........................
Thomas Nash <fc C o.............
Louis R ich b erg...................
A . Bell <&Co...........................
Nash & Kirkwood.................
McConkey & Hall..................
Coffins, Perkins & Co...........
John Bayard..........................
Live Hogs. Dressed nogs .
3,099
59,036
54,805
1 ,6 6 8
40,578
40,110
34,421
3,734
22,583
27,531
2 0 ,0 0 0
7,000
22,862
461
21,440
21,205
1,396
18,275
18,657
18,186
17,123
16,149
264
18,192
14,644
14,000
13,870
13,672
13,598
1 2 ,8 6 8
3,560
11,480
8,328
10,364
13,997
8,350
2,889
10,350
10,300
9,035
8,864
4,605
7,000
5,683
4,500
5,463
5,167
6,040
1,863
2,140
3,280
1,500
3,320
716
2,500
5,000
900
Tot. Hogs. A’v w’t.
6,285
171
66,473
176
40,578
171
40,110
203
34,421
172
26,317
191
27,531
178
212
27,000
22,862
166
182
21,901
21,005
189f
174
19,671
182
18,657
172
18,186
184
17,123
203
16,683
198
18,192
184$
14,644
170
14,000
189
13,870
18 3 i
13,672
188
13,508
198
1 2 ,8 6 8
195
13,997
11,910
183
196
11,480
182
11,217
190
10,364
187
10,350
190
10,300
198
9,035
8,864
174
176
7,885
190
7,000
179
5,683
6 ,0 0 0
200
5,463
6,167
5,040
3,320
2,579
2,140
2,500
5,000
900
180
185
180
210
197
185
183
195
186
1865.]
19 5
Trade and Commerce o f Chicago.
Live Hogs. Dressed Hogg. Tot. Hogs. A’v w’t.
191
4,763
............
4,763
206
4,337
...........
4,337
195
1,980
............
1,980
21,774
191
5,520
16,254
Packers.
L. French & C o...........
George Rhodes, Jr. . .
Shaw & Co..................
Six Houses, estimated
Total.
601,938
158,576
760,514
In addition to which there were cut at the various houses, 282,828 bar
rels of pork, and 20,193 boxes of middles.
But, while there was a falling off in the number of hogs packed during
the season of 1864-65, the number o f cattle slaughtered in the city was
largely increased. The receipts of beef cattle during the year amounted
to 343,726— an increase of 43,104 head over the previous year. The
shipments were 262,436 head— an increase of 75,378 over the year be
fore. By this a faint idea may be obtained of the growth and magnitude
of the trade. Since the year 1860, the receipts at Chicago have increased
within a fraction of 100 per cent,— a rate of growth altogether un
precedented.
The beef packing during the same season amounted to 92,459 head,
against 70,086 head during the previous season. This exceeds, by nearly
22,000 head, the largest number hitherto packed in Chicago.
The following is a statement o f the receipts and shipments of cattle
for the last eight years ;
18 57
1858
18 59
18 60
..........
..............
...............
...............
Received.
48,524
140,534
111,694
177,101
Shipped.
..........
25,502 I 1861
42,638 | 18 62
..........
37,584 18 63
..........
97,414 | 1 8 6 4 -5 ................
Received.
204,579
209,655
300,622
303,726
Shipped.
124,145
112,745
187,068
262,446
The number of cattle packed in Chicago during a series o f years is
shown in the following statement:
Tear.
1851-2
1862-3
1853-4
1854-5
1855-6
...
...
...
...
...
...
Number.
21,806
Year.
1856-7 .
1857-8 .
1858-9 .
1859-60
1860-1 .
Number.
14,971
34,675
45,503
51,606
34,623
Tear.
1 8 6 1 -2 ____
1862-3 ____
1863-4 ____
1864-5 ____
Number.
59,687
The firms engaged during the season of 1864-65 in beef packing, and
the number of cattle packed by each, is shown in the following state
ment :
Cragin & Oo..............................
16,134
A . E. Kent <fe C o.....................
14,394
Culbertson, Blair, 4s C o...........
10,127
Griffin B roth ers.....................
10,033
S. Favorite & S o n . . . . . .........
8,711
G. S. Hubbard & C o ...............
7,312
Wooster, Hough <fc C o...........
6,169
Total.......................................................
John Hayward.........................
Turner & Nichols.....................
Jones, Giflord <Ss C o.................
D. Kreigh <fc C o........................
Leland A Mixer........................
Louis Richberg........................
4,534
4,438
4,000
3,182
2,675
750
92,459
LUMBER TRADE OF CH ICAGO.
Next in importance the Lumber trade o f the city commands attention ;
and here again Chicago stands foremost, the most considerable lumber
trade market in the world. Like the grain trade it has sprung up, at first
almost imperceptibly; but soon gaining pace with the meteor like pro
196
Trade and Commerce o f Chicago.
[September,
gress o f tbe city, it, too, has developed into the most enormous and start
ling proportions. From thirty-two millions of feet, which comprised the
whole amount of lumber received in 1847, in the next ten years it in
creased millions on millions, until it had reached four hundred and forty
millions of feet. Hitherto a very large portion of the country bordering
on the Mississippi was supplied by the upper tributaries of that river ; but
these sources have been drawn upon until they are well nigh exhausted,
and can no longer be worked as before, because the distance which it is
necessary to draw the logs before they can be floated, renders it more
expensive than it is to bring the lumber from Chicago. And thus has
Chicago supplanted the other sources from which lumber has been sup
plied, until now its trade is almost a monopoly. The lumber regions o f
Canada, Michigan, and Wisconsin, inexhaustible as it would appear, are
all accessible to the lakes, and the lumber is readily transported to Chi
cago at a trifling expense, so that in purchasing at this port dealers can
do almost as well as if in the very heart o f the lumber region many miles
distant.
The receipts o f lumber, lath, and shingles, by lake, since 1847, are
shown in the following statement:
Year.
Lumber, ft.
1847 ......................................................
1848 ......................................................
1849 ......................................................
1850 ......................................................
1851 ......................................................
1852 ......................................................
1863.........................................................
1854 ....................................................
1855 ......................................................
1866.........................................................
1857 ......................................................
1858 ......................................................
1859 ................................
1860 ......................................................
1861 ........................................................
1862 ......................................................
1S63 .......................................................
1864-5....................................................
82,118,225
60,009,250
73,259,553
100,364,779
125,056,437
147,816,232
202,101,098
228,336,683
297,567,669
441,961,900
459,639,000
278,943,000
302,845,207
262,494,626
249,308,705
365,674,045
413,301,818
501,592,406
Shingles, N o.
12,148,500
20,000,000
39,057,750
55,423,750
60,338,250
77,080,500
93,488,734
82,061,250
158,770,800
185,876,000
131,832,680
127,565,000
165,927,000
127,894,000
79,356,000
131,255,000
172,361,878
190,169,750
Lath, No.
5,655,700
10,025,109
19,281,733
19,809,700
27,583,475
19,759,670
39,133,116
32,431,550
46,487,550
79,235,120
80,130,000
44,559,000
49,102,000
36,691,000
32,637,000
23,880,000
41,768,000
65,953,900
The shipments from Chicago for the past six years have been as fol
lows :
Year.
Lumber, ft.
1859...................................
1850.........................................................
1861 .........................................................
1862 ......................................................
1863 ......................................................
1864-5.....................................................
226,120,389
225,372,340
189,379,445
189,277,079
221,799,330
269,496,579
Shingles, N o.
195,117,700
168,302,525
94,421,186
55,761,630
102,634,447
138,497,256
Lath, No.
28,236,535
32,170,420
33,282,725
16,966,600
33,293,547
36,242,010
The estimated stock on hand, on the 15th of January, 1865, was
90,000,000 feet of lumber; 28,000,000 o f shingles; 7,000,000 pieces of
lath ; 25,000,000 posts; and 300,000 pickets.
MISCELLANEOUS TRADE.
The detailed consideration of the other branches of the cities business,
many of them extensive and important, is prevented by want of sufficient
1865.]
Trade and Commerce o f Chicago.
197
space. Among these, the manufacture and trade in high wines stands
prominent. The manufacture in the city, in the year 1864-5 was less by
18,669 than in the year previous. This diminution is due to the passage,
by Congress, of the act taxing distilled spirits two dollars per gallon,
which at once put a stop to the further manufacture until the old stock,
which escaped taxation, should be exhausted.
The highly enhanced
prices of the article had also the effect of diminishing both production and
consumption. The progress of this interest for the nine years ending with
1864-5 is shown in the following statement:
Tear.
1 8 5 6 ..
1 8 5 7 ..
1 8 5 8 ..
1 8 5 9 ..
1 8 6 0 ..
1 8 6 1 ..
1 8 6 2 ..
1 8 6 3 ..
1864-5
Bbls. received.
30,000
28,185
28,644
29,431
62,126
89,915
61,703
137,947
102,032
Bbls. shipped.
6 ,2 6 6
10,657
28,007
24,529
65,223
111,240
130,170
159,312
138,644
Bbls. manu.
27,550
50,000
60,000
53,000
62,400
89,916
61,703
77,525
58,855
W e close this article with the yearly returns of the trade in salt, hides,
seeds, wool, coal, cord-wood, lead, potatoes, and fish, which together form
interests respectively o f large value and importance. The following are
the results for ten years :
Year.
1 8 5 5 ____
1856____
1857 . . .
1 8 5 8 ____
1 8 5 9 ____
18 60____
1861 . . .
18 62____
1 8 6 3 .. .
1 8 6 4 -5 ..
Year.
18 59____
18 60____
1 8 6 1 ....
18 62____
1 8 6 3 ...
1 8 6 4 -5 ..
Salt, bbls.
170,623
184,824
200,946
334,997
316,291
256,148
390,499
612,003
775,364
680,346
Coal, tons.
Hides, lbs.
31,149
70,560
178,770
11,606,997
12,681,446
11,233,918
9,962,723
12,747,123
17,557,728
20,052,285
"Wood, cords.
114,352
83,071
76,770
101,781
1 10,703
149,312
Seeds, lbs.
3,024,238
2,843,202
2,466,973
4,271,732
5,241,547
7,071,074
7,742,614
8,176,342
9,885,208
10,180,781
Wool, lbs.
1,942,415
1,853,920
1,506,820
1,053,626
918,319
859,248
l,184,2ii8
1,528,671
2,831,194
4,304,3 S3
Lead, lbs Potatoes, bbls . Lake Fish
14,851,179
223,548
*24,082
13,315,260
200,598
39,669
14,554,743
262,466
25,429
12,766,188
123,386
41,342
16,412,302
182,647
56,729
10,699,678
684,527
67,369
Statistics o f American States— Ohio.
19S
[September,
ELEMENTARY STATISTICS OF THE AMERICAN STATES.
Wo. 1.—THE STATE OF OHIO.
|I n tbe year 1849 and subsequently, a succession o f articles appeared
in H unt ’ s M e r c h a n t M a g a z in e under the title of “Debts and Finances o f
the States o f the Union." These articles were very elaborate, and em
braced a wider scope of information than their title implied, the author
having called to his aid in illustration of his subjects the collateral statis
tics of land sales, population, public works, etc., etc., and appears to have
had in view the industrial as well as financial condition o f the states
treated upon. This characteristic gave to the articles a far greater value
than they could otherwise have possessed, and created for them a high
public appreciation. It is now proposed to continue these articles by
covering the space of time elapsed since their publication, and illustrating
the progress made by the states severally. The years that have inter
vened have added largely to our experience, and furnished important in
formation. Nearly all the states have re-organized their financial systems,
the national census has twice noted their status and tbe annual reports of
state departmental officers have cumulated vast stores of statistics relating
to every branch o f public economy. Armed with these, we enter upon
the task of reviewing the changes accomplished, confident that the re
sults will not be without value. W e shall not, however, restrict our re
searches to the exact line laid down by our predecessor, but modify and
extend it as may suit the general purpose we have in view, which is— the
illustration of the progress o f the several states o f the Union in their
material, industrial, and financial development. To attain this object we
shall begin ab initio, using or rejecting so much of the articles already al
luded to as may be proper to our purpose.]
O hio has a territorial extent o f 39,964 square miles, or 25,576,960
acres, being one seventy-fifth part o f the national area. Twenty four
states are o f greater and twelve states o f less extent.
This state is undoubtedly one o f the most prosperous in the Union.
The earliest planted o f the land states, it has now a large settled popu
lation. Its climate favors industrial pursuits, and while the bowels o f the
earth teem with coal and iron, the surface has a soil sufficiently rich for
all agricultural operations. Its position in the line of states occupying the
really temperate zone o f North America, that which has absorbed so large
a share of our immigrant population, has probably favored its rapid devel
opment more than any other agency. Through its borders pass the
great lines of east and west travel— lines o f railroad extending to the
great seaboard cities on the one hand, and to the westward limits of civili
zation on the other. The great lakes border it on the north and the river
from which it takes its name on the south— the first forming an almost
maritime front, and the latter a waterway to every part o f the great in
terior valley. Such a combination o f resources and facilities has seldom
octuried; or produced such auspicious results as those traced in the pro
1865.]
Statisiics o f American States— Ohio.
19 9
gress of this State from its foundation to the present day— results which
the statistics embodied in this article are intended to exhibit.
The progress of Ohio cannot be better illustrated than by the fact o f its
having attained a population, in the three-quarters of a century since its
foundation, exceeded only by two others o f the states of the Union, New
York and Pennsylvania. The census o f 1860 returned a population of
2,339,511, which is equivalent to 5 8 .5 4 souls to the square mile o f the
territory occupied, and to 7 .4 4 per cent of the total population o f the
United States. In density of population it is exceeded by six states, all
belonging to the oldest settled portions o f the Union, and very limited in
their dimensions or area. These are Massachusetts with 157.83, Rhode
Island with 133.70, Connecticut with 98.45, New York with 82.56, New
Jersey with 80.77, and Pennsylvania with 63.i7 to the square mile. The
greatest portion o f these are on or near the seaboard and largely engaged
in manufactures and commerce, which have the effect of aggregating popu
lation to their localities. The western parts of New York and Pennsylva
nia are by no means so well populated as Ohio. Cincinnati the metropolis
o f the state, had, in 1800, only 752, but in 1860 161,044 inhabitants, an 1
for numbers was in the latter year the sixth city of the Union, New Yore,
Philadelphia, Brooklyn, Baltimore, and Boston alone out-numbering it.
The following illustrates the progress of the State in population since 1800 ;
1,899
230,760
18 20....................
4,862
581,434
18 30....................
9,574
937,903
1 8 4 0 ....................
17,345
1,519,467
1 8 5 0 ....................
25,279
1,908,329
1 8 6 0 ......................
86,673
2,339,511
58.54 J
*•>
18 10....................
Bate of Prop, to
sq. m. incr’se. Total.
1.13 j
-4 0 8 .6 7 ] 0 -8 6
5.78 1
} 3.19
- 151.96 ]
14.55
1 6.03
- 61.31-1
23.47
7.29
- 6 2 .0 1 ]
38.02 !
8.90
<- 3 0 .3 3 ]
49.55 !
] 8.54
P o p . to
-a
837
45,365
cc
,--------- Absolute Population.----------»
White.
Colored.
Total.
Years:
180U ..................
kt*.
Census.
Allowing that the rate o f increase may have been retarded by the late
war to one per cent per annum, the present (1865) population would be
2,458,849 or an increase in five years of 5.10 per cent. The State, how
ever, is losing in its relation to the total of the United States.
The progress o f the principal cities and towns have been as follows :
Cities, &c.
Cincinnati.........
Cleveland........
Dayton..............
Columbus..........
Toledo...............
Zanesville.........
Sandusky..........
Cbilicothe..........
Hamilton . . . .
Springfield........
Portsmouth.. . .
Steubenville.. .
1800.
752
66
....
•. . •
....
...,
....
...,
....
1810.
2,540
309
....
....
1,369
....
....
1820.
9,602
606
812
2,050
1830.
24,831
1,076
2965
2,437
2,052
187
2,246
552
3,094
693
2,846
1,079
1,080
1,063
2,937
....
527
2,539
....
1840.
46 338
6,071
6,067
6,048
1,222
4,766
1,117
3,977
1,409
2,062
1,368
5,203
1850.
115,436
17.034
10,970
17,882
3,829
7,929
5,087
7,100
3,201
5,108
4,011
6,140
1860.
161,044
43,417
20,081
18,554
13,768
9,229
8.408
7,626
7,223
7,002
6,264
6,168
Besides the above enum erated, there are m any other im portan t cities
and towns, which are enumerated in the following list, with the popula-
Statistics o f American States— Ohio.
200
[September,
tio n in l8 G 0 : Mill Creek, 13,844 ; Salisbury,7,958 ; Springfield (Hamilton
County), 5,543 ; Brooklyn, 5,358 ; Newark, 4,675 ; Xenia, 4,658 ; Mans
field, 4,581 ; Marietta, 4,323; Lancaster, 4,3 0 3 ; Canton, 4,0 4 1 ; Tiffin,
3,992; Colerain, 3,933; Delaware, 3,889; Storrs, 3,862 ; Massillon,
3,819; Ironton, 3,691 ; Fremont, 3,510; Akron, 3 ,477; Urbana, 3,429;
Sycamore, 3,427 ; Gallipolis, 3 ,418; Montgomery, 3,323 ; East Cleveland,
3,011, &c., &c.
O f the aggregate population o f the State in 1860, 2,011,257 were
American born, and 328,254 foreign born.
Of the native or American population, 476,966 were born in other
States than Ohio, and as follows :
A labam a..
Arkansas..
California.
Connectic’ t.
Delaware..
F lorida....
Georgia . .
I llin o is ...
In diana...
345 I o w a . . ..
179 Kansas...
386 Kentucky
16,741 Louisiana
8,045 M a in e...
23 Maryland
437 M a s s ....
2,968 Michigan
11,009 Minnesota
1,595 Misssi9sippi
656
31 Missouri....
1,007
15,074 New Hamp
4,111
942 N. Jersey.
17,787
3,011 New York. 75,550
28,680 N. Carolina.
4,701
16,313 O r e g o n ....
16
8,698 Pennsylv’ia.174.764
114 Rhode Isl’d.
1,558
South Carolina
1,105
T e n n e s s e e ....
2,006
Texas................
136
V erm ont.......... 11,652
Virginia............ 75,874
W is co n s in ....
843
Dis. of Colum.
573
T erritories....
39
A t sea...............
291
and not stated, 4,440. The total born in Ohio, and remaining in the
State was 1,529,560. The number of Ohio-born in other States was
593,045, chiefly in the States west of Ohio.
The foreign-born population originated from the countries annexed :
43
A s ia .........
25
A frica,.. . .
Australia .
56
14
Atla’c Isl’s
Belgium ...
519
Britl A m ... 7,082
3
C h ina__ _
164
Denmark .
England . . 32,700
61
Europe . . .
France . . . 12,870
German States, viz:
Austria . .
1,317
B avaria... 26,206
B a d e n .... 19,035
Hesse. . . . 12,324
N a s s a u ...
1,134
Prussia . . . 17,117
Wurtenb’g 14 511
Other St’s. 76,574
T ota l.. 168,210
Gt. Britain
148
Greece . . .
5
Holland . .
1,756
Ireland.. . . 76,825
Ita ly .........
407
Mexico . . .
31
Norway . .
19
Portugal..
9
Poland . . .
326
Pacific Is’ls
2
.Russia.. . .
452
Scotland . . . .
6.535
S p a in ...........
38
Sweden.........
117
Sardinia . . . .
209
Switzerl’d . .. 11,078
South A m ...
33
1
Sandwich I ’s.
5
T u rk ey.........
102
W. Indies...
W a le s ........... 8,365
43
Other Cou’ ies
The census of 1860 enumerates the employments or occupations o f
644,966 of the inhabitants of the State. These are engaged in 331 pur
suits, only a few of the more important being included in the following list :
Apprentices........ . 4,150
. 1,201
Barkeepers......... . 1,526
Blacksmiths.. . . . 10,088
. 1,457
Bricklayers........ . 1,078
Butchers............. . 2,581
Cabinet-makers . . 3,059
Carpenters......... . 21,571
1,504
Carters...............
Civil Engineers. . 2,107
Clergymen......... . 2,927
Clerks ................. . 10,962
Coach-makers.. . . 1,929
Colliers............... .. 1,807
Coopers................ 5,912
Farmers.............. ..223,485
Farm laborers . . . . 76,484
Gardiners, etc . . . , 1,827
Grocers...............
Innkeepers ......... . 1,576
Laborers............ . 78,523
Laundressess . . . . 2,900
. 2 537
Lumbermen . . . . 2,786
Machinists......... . 6,541
Mantua-makers . . 6,597
Manufacturers . . . 1,165
Mariners.............
Masons...............
Merchants........ ..
Millers...............
Milliners.............
Millwrights.........
1,364
Miners................ . 18,759
M oulders........... . 3,104
Officers [public] . 1,345
Painters............. . 3,766
Pedlers.................
. . 4,220
Plasterers............. . . 1,659
Printers................
. . 3 041
Saddlers...............
Sawyers . . . . . . . . . . 1,299
Seamstresses . . . . . . 7,160
Servants .............. . . 33,679
Shoemakers........ . . 11,396
Steamboatmen. . . . . 2,248
Stonecutters........
Students.............. . . . 4,923
T ailors................. . . 7,159
Teachers............... . . 10,501
Teamsters
,
Tinsm iths............
Tobacconists . . . .
Wheelwrights . . .
1865.]
Statistics o f American States— Ohio.
201
The unit of the military force of this State is ascertained to be 46 per
cent of the total male population. This includes all males between 18 and
60 years of age, and in accordance with the law of proportion here noted,
the number of persons capable o f bearing arms was— in 1810. 55,032;
in 1820,141,017; in 1830, 220, 6 6 8 ; in 1840, 3 >7,658 ; in 1850, 4 6 1,892, and in 1860, 538,990. And if the rate of increase has been the same
as of the total population, we may safely add to the figures of 1860, five
per centum, making the total military force for 1865, 565,939. During
the late war Ohio sent to the field a total o f 346,326 men, and in the last
year of its progress, one half that number was under arms. During the
struggle 35,000 men were probably lost to the State ; 45,000 returned
home disabled in various grades. These deducted from the total f>r 1865,
leaves 516,000 the present number liable to duty.
New Y olk and Illinois alone exceed Ohio in theextentof their improv
ed lands, and New York, Pennsylvania, and Illinois in the value of farm
ing implements and machinery. The value of the latter in Louisiana is
also larger, but this includes machinery for sugar making, which is a spe
ciality requiring large capital. The comparison between the laud and im
plement statistics for 1850 and 1860, was as follows :
1850.
Land in Farms.................acres
Improved Land.......................
Unimproved Land.................
'> alue of Farms.......................
Value of Implements, e t c .. . .
17,9t>7,493
9,851,493
8,146,000
$358,758,603
12,750,585
I860,
Change.
20,472,141 Increase,
2.474,648
12,625,394
“
2,773,901
7.846,747 Decrease,
299,253
$678,132,991 Increass, $319,374,388
17,538,832
“
4,787,247
— from which it appears that while the quantity of land in farms increas
ed only 14 per cent, and improved lauds 28 per cent, the cost value of
farms increased 89 per cent.
With regard to live-stock generally no other state is better supplied
than Ohio. No other state has a larger number of horses. New York
alone exceeds it in the number of its milch cows, and Texas and Califor
nia in the aggregate number o f horned cattle. In 1860 Ohio had 400,000
sheep more than New York, and owned one-seventh of all the sheep in the
Union. Five states exceeded it in the number o f its hogs. 1he total
value of its live-stock was $80,384,819, and in this it was exceeded by
New York only.
The following table shows the number and value of live-stock in the
Stale in 1850 and 1860 comparatively :
Horses..........................................
Asses and Mules.........................
Working Oxen............................
Milch Cows.............................
Other cattle................................
Sheep...........................................
Swine...........................................
\ alue o f live stock...................
1850.
1860,
463,397
625,346
3,423
7,194
65,381
63,078
544,499
676,585
749,067
895,077
3,942,929
3,546,767
1,964,770
2,251,653
$44,121,741 $80,384,819
Increase.
161,949
“
3 771
Decrease.
2,308
Increase,
132,086
“
146,010
Decrease.
896,162
Increase.
286,883
“
$36,263,078
This table shows the curious facts that there were in the state in 1860
one horse to every four inhabitants, one milch cow to every three, two
sheep to every three, and one hog to every man, woman and child.
In the products of animals Ohio holds a high rank among her sister
states. New York and Pennsylvania are the only states making larger
YOU LIII.--- NO. III.
12
Statistics o f American States — Ohio.
202
[September,
quantities o f butter. New York alone makes more cheese. But Ohio stands
at the head of all in wool. Iu the value of animals slaughtered it is ex
ceeded by New York and Illinois. The following figures compare the an
imal products o f Ohio in 1850 and 1860:
Butter.................................................. .■lbs
C h eese................................................
W o o l.....................................................
Animals slaughtered......................... .. 8
1850.
34,439,879
20,819,542
10.196,371
7,439,243
1860.
48,543,162
21,618,893
10,608,927
14,725,945
Increase,
14,103,283
799,351
412,556
7,286,702
The quantitative rank of the State in regard to grain growi ng under
the three last censuses will be seen in the following form :
W heat..................................................
R y e .......................................................
Oats......................................................
Barley..................................................
Buckwheat..........................................
Indian Corn.........................................
1850.
Second.
Seventh.
Third.
Second.
Fourth.
First.
1840.
First.
Sixth.
Third.
Third.
Fourth.
Fourth.
1860.
Fourth.
13th.
Third.
Third.
Third.
Second.
The following is the bushelage produced in the same years:
W heat.........................................................
R y e .............................................................
Oats.............................................................
Barley.........................................................
Buckwheat.................................................
IndianCorn................................................
1840.
16,571,661
814,205
14,393,103
212,440
633,139
33,668,144
1850.
14,487,351
425,918
13,472,742
354,358
638,060
69,078,695
186ft
15,119,047
683,686
15,409,234
1,663,868
2,370,650
73,543,190
Total grain........................................
66,292,692
88,457,124
108,789,675
— Which gives in 1840, 43.63; in 1850, 44.67; and in 1860,46.59 bushels
to each inhabitant.
The proportion (per cent) o f each crop in Ohio to the whole crop of
the United States was as follows :
1840.
19.53
4,37
11.70
6.10
8.68
8.92
W heat.....................................................................................
R y e ...............................................................
Oats.........................................................................................
Barley.....................................................................................
Buckwheat ............................................................................
IndianCorn...........................................................................
1850.
14.42
2.22
9.19
6.86
7.12
9.97
1860.
8,73
8.24
9.00
10.51
9.49
8.77
The other food and miscellaneous crops in 1810, 1850, and 1860 are
shown in the following table :
T ob a cco.................................................. lbs.
Peas and beans................................ bush.
1840.
5,942,275
6,405,021 |
Orchard products....................................... 8
W ine...................................................... galls
Market garden products.......................... $
H a y ........................................................tons
Clover s e e d ......................................... bush.
Grass s e e d ...................................................
H ops......................................................... lbs
Hemp, dew ro tte d .............................. tons')
i
Hemp, water ro tte d ........................
Hemp, other prepared.....................
F la x......................................................
1
475,271
11,524
97,606
1,02.’,037
62,195
r
9,080-1
t
1850.
10,464,449
60,168
5,057,769
187,991
695,921
48,267
214,004
1,448,142
103,197
37,310
63,731
100
60
223}
1860.
25,092,581
102,511
8,695,101
304,445
1,929,309
568,617
907,513
1,564,502
248,489
64,990
27,533
269
15
928
441
1865.]
Statistics o f American States— Ohio.
Flax s e e d ............................................. bush
Silk cocoons., ......................................... lbs
M aple su ga r...................................................
Maple molasses..................................... galls
Sorghum molasses......................................
Beeswax................................................... lbs
H oney............................................................
Home manufactures.................................$
203
.......................................... 188,380 242,420
4,817
1,552
7,394
6,363,386
4,588,209
3,345,508
.......................................... 197,308 370,512
...............
.............
779,076
38,950
864,275 {
1,853,937
1>4J g “
1,712,196
696,197
Tlie increase of the above is chiefly confined to tobacco, potatoes, orchard
products, wine, market-garden products, clover seed, sorghum molasses,
(new,) beeswax, and honey. Hay has increased only 10 per cent. Hemp
has decreased largely, and also home manufactures. Ohio is the sixth State
for tobacco, the third for Irish potatoes, the second for orchard products,
the first for wine, the sixth for market products, the fourth for hay, the first
for clover seed, the first for silk, the fourth for maple sugar, the fifth for
sorghum, the sixth for honev, etc.
W e now leave the field for the workshop, to take a view of general in
dustry— mining, manufactures, mechanics, arts, etc.
This embraces
productions and manufactures of all kinds, except agricultural, in which
class manufactures produced in families are always included. The four
States producing most largely, as shown by the census returns of 1840,
1850, and 1860, were New York, Pennsylvania, Massachusetts, and Ohio.
The relative posilion o f these as producing and manufacturing States in the
years named is shown by the value o f products and manufactures, noted
in the following tables:
Census.
New York.
Pennsylvania.
1 84 0 ............
$ 9 1 ,20 3 ,6 4 7
$ 6 8 ,1 9 1 ,8 6 7
Massachusetts.
$ 7 3 ,54 6 ,8 9 5
$29 ,60 4 ,5 6 4
Ohio.
I860..........
1860..........
238,437,155
379,623,000
155,241,162
285,500,000
161,201,726
266,000,000
63,053,778
125,000,000
and in relation to the total of the United States the percentage was thus :
Census.
18 40................
Aggregate.
United States.
$483,278,215
1850...............
1860...............
1,055,595,899
1,900,000,000
,------------------ Relative per centum.----- --------- — ,
New York. Pennsylvania.
Mass.
Ohio.
18 87
1 3 .0 7
15.21
6 .1 2
22.60
19.93
14.70
15.00
14.32
14.00
5.97
6 59
Thus far the rank of Ohio among the States in general industry has
been the fourth. The collections under the United States Revenue Law in
the above named States on productions and manufactures for the year end
ing June 80, 1864, were as follows:
United States.
Slt'2,214,165
Per cent o f total
New York.
$24,636,051
2 4 .1 0
Pennsylvania.
$12,9oU,4SS
1 2 .6 8
Massachusetts.
$11,960,652
1 0 .9 2
Ohio.
$11,791,334
1 1 .5 4
— which figures change the relative places of Massachusetts and Ohio, giv
ing the latter the third instead of the fourth rank.
The principal mineral productions o f Ohio are coal, iron, and salt. Of
late years petroleum or rock oil has also become a leading product.
The following table shows the quantity o f coal, iron and salt produced
in the years represented in the returns of 1840, 1850 and 1860 :
1840.
Coal ................................................ bushels
Pig iron ................................................tons
Salt .......................................... ...b u sh els
3,613,469
25,959
297,350
18.10.
8,000,000
62.658
650,350
I860.
50,000.000
106,500
2,000,000
204
Statistics o f American States— Ohio.
[September,
These figures are from the tables o f the Commissioner o f Statistics for
1864, and are obviously more accurate than the U. S. census returns for
the same years, which, indeed, omit several o f the most productive coun
ties altogether.
The U. S. census returns of 1840 give the statistics o f mining as fol
lows :
Quantities.
Pig and cast iron.............................................. tons
Bar iron.....................................................................
Anthracite coal.........................................................
Bituminous coal........................ ............... bushels
Salt............................................................................
Granite and Marble................. - ..................... ton3
35,236 )
7,466 J
296
8,813,409
297,850
195,831
Total..........................................................................
Hands.
Cap. iny’st’d .
2,268
$1,161,900
4
434
240
296
1,250
45.525
113,195
27,496
3,242
$1,349,366
The census of 1860, so far as relates to mining, is yet incomplete.
following, in relation to coal, iron and salt, have been published :
The
Value.
Bituminous coal..................... ............................bushels
Iron ore, mined.............................................................tons
Pig iron, made.....................................................................
Bar, and other rolled iron..................................................
Iron castings........................................................................
Salt......................................................................... bushels
28,339,900
228,794 )
94.647 1
10,439
1,744,240
Total value of coal, iron and salt
$1,539,713
2,327,261
692,000
1,650,323
276,879
$6,486,175
The rank of Ohio as a coal, iron and salt producing State, as deduced
from the census of 1860, was as follows :
It ranks next to Pennsylvania in bitutnous coal, the first having produc
ed 66,994,295, and the latter 28,339,900 out of a total of 144,376,927
bushels.
In pig iron it ranks also second to Pennsylvania, which produced 553,560,
and Ohio 94,647 out o f a total of 884,474 tons. Five other States pro
duce more bar and other rolled iron than Ohio. The total production was
406,298 tons, of which Pennsylvania produced 259,709, New York 38,275,
New Jersey 25,006, Massachusetts 20,285, Virginia 17,870 and Ohio only
10,439 tons.
The total production o f salt was 12,190,953 bushels, of which New
York produced 7,521,335, Virginia 2,056,513, and Ohio 1,744,240
bushels.
Passing again to the general products and manufactures in which the
above are included, we compare the aggregate census statistics of 1850
and 1860, which will exhibit the progress made in the intervening ten
Years:
Establishments.............
Capital invested...........
Value o f raw material
Employed—males........
“
fem a les...
Value o f products.. . .
1850.
10,622
$29,019,538
$34,678,019
47,054
4,437
$63,053,778
1860.
10,700
$58,000,000
$70,000,000
69,800
11,400
$125,000,000
The stationary return in the number o f establishments is due to the
increased employment of steam power, which has the effect of diminish
ing the number o f small establishments, the existence of which is only
possible in a primitive condition of manufactures.
1865.]
Statistics o f American States — Ohio.
205
T h e value o f th e principal articles o f production and m anufacture c o m
pare as f o llo w s :
Products, &c.
Flour and meal........................ ......................
Clothing............................................................
Lumber.............................................................
Steam engines, <fcc..........................................
Spirits.........................................
Furniture..........................................................
Boots and shoes.........................................
Leather.............................................................
Agricultural implements...............................
Soap and candles............................................
Iron castings.. . ..............................................
Printing.............................................................
Malt Liquors....... ...........................................
Cotton good s........ ..........................................
Woolen goods........................
Illuminating ga s.............................................
Sewing machines............................................
1850.
$14.372,270
2,765,232
8,864,452
2,153,297
1,809,390
2,320,096
2,100,982
557,932
611,193
2,484,878
357,565
594,204
1,513,978
1860.
$27,129,405
8.615,329
5.600/145
4.855.005
4,197.429
3,703,605
3,623,827
2,799,239
2,690,943
2,418,972
1,650,823
2,150,783
1,912,419
629,500
692,333
491,748
178,785
T h e follow in g exhibits in m ore detail the m anufactures sp ecified :
Value of
Establish- Capital
Raw
Hands
Cost of
ments. invested. material, employed, labor.
Clothing......................... 486 $8,021;'221 *4,839,684 18,196 *2,864,352
Furniture....................... 355 2,273,743
844,797
4,090 ..................
Boots and s h o e s ........... 950
1,115,476 1,455,686
4,601 1,340,712
Soap and candles..........
25
621,927 1,778,642
244 ..................
Cotton goods.................
7
250.000
250,000
610
112,400
Woolen goods............... 113
623,650
3v8,340
509
137.064
Gas ................................
22 1,668,650
92,470
356
135,936
Sewing machines........
8
46,200
36,072
114
40,706
Value of
Products.
18.61a,329
8.703,605
3.623,827
2,413,972
629.500
692,333
491,748
178,785
From the preceding figures it is ascertained that Ohio has doubled its
products and manufactures every ten years since 1840, and that through
out that period it has constantly produced from 6 to 64 per cent of the
total value in the Union. In the meanwhile in Massachusetts the annual
value has decreased gradually from 15J to 14 per cent of the total.
Does not this indicate a progressive increase of manufacturing industry
westward to the disadvantage of the eastern manufacturing States? In
each ot the census years to which we have referred, the Ohio values have,
with the exceution o f 1850, been about one third those of New York,
indicating a like relative progress with th it great and flourishing State.
With regal'd to Petroleum we have few, and these impeifect, sources
o f information. According to the returns of the United States Internal
Revenue authorities, the tax pud on this material in 1 8 6 3 -’64 amounted
t o $ 2 4 1,013 46, which, at 10 cents per gallon, supposes the production in
the year named to have been 2,410,134 gallons. This important article
of commerce and consumption, moreover, promises a future development
into one of the most productive branches of the States’ industry. The
location o f the producing wells is the southeastern section of the State,
south of the coal fields and east o f the chief iron region. The whole
mining region o f Ohio, indeed, is included between the Ohio River north
ward to latitude 40|°, and westward to longitude 82|-°.
The movement o f the agricultural and manufactured products o f the
State is facilitated by one of the most complete and convenient systems
Statistics o f American States — Ohio.
206
[September,
of railroad and canal facilities that is to be found in any of the United
States. The railroads either cross the State from the south to the north,
connecting the waters of the Ohio with those of Lake Erie, or east and
west connecting the eastern and western through routes to and from the
sea-board and trans-Mississippi States, of which Ohio is the middle sec
tion. Thus Ohio has outlets to the sea-board via the New York Central
and the Erie roads in New York, the Philadelphia and Erie, and the
Central in Pennsylvania, and the Baltimore and Ohio in W est Virginia
and Maryland, reaching, through their connections, the Atlantic ports by
the directest lines o f transportation. Westward the lines connect with
Chicago, Dubuque, Burlington, St. Louis and Cairo, etc., crossing the
west State line at six principal points. The canals have generally a north
and south course, but of late years their traffic has been greatly dimin
ished, the railroads competing for and taking away their legitimate ton
nage. These are owned by the State, but are in reality unproductive,
their earnings having scatcely paid current expenses for many years.
They are, however, still useful for agricultural and other heavy produce,
the value of which iu the markets is too small to pay for railroad
transportation.
The following table shows the general features of the railroads of this
State with the kinds and amounts o f capital invested in them up to the
latt st dates, chiefly at that point when their fiscal years closing nearest to
January J, 1865, terminates:
fl
Corporate Titles o f Co’ s.
Little Miami.............................
Marietta and Cincinnati..........
Pittsburg, Col., and Cincinnati
Sandusky, Dayton, and Cincin.
Sandusky, Mansfield, & New’k
Toledo and Wabash.................
—Capital A ccoun t.— --------------v Cost o f road
Total. & Eqnipm ,t
Shares.
Bonds.
Debt.
12,000,000 12,000,000
2, 000, 000, 10.000 000
2,562,251
3,6.02,801 3,254,520
1,040,550
225,000
225,000
225.000
2, 000.000 3,000.000
5.000.000 5,000,000
4.629.000 4,834,989
3.000.
000
1,029,000
1,500.000 1,500,000
500.000 1.000,000
3,300,000 3,300,000
2.000.000 1,300,000
6,491,000
4,750.000
6 , 000,000
491.000
1,036,065 1,752,400
128,857 2,917,322 3,553,162
1,501,000
5,501,000 4,703.845
4.000.
000
94,329 8,251.646 7,886,094
3,£32,712 4,824,605
7,305,410 7,424,022
4,600,600 2,614.810
360,(573
632,486 1,579,409 1,674,693
577,250
5,500,000
4.000.
000
5,500,000
1,500,000
1,941,100 1,714,241
1,692.300
248,800
2,316.705 3,782.930
6.099,635 5,982,114
308,107
698.000
60,000 1.066,107 1,104.085
437,838
422,658
840,496
860,496
469,763
717,734
1,187,497 1,217, S68
500,600
500.000
1,000,000
1,000,000
300.000
473.000
75.000
748.000
888.000
250,641
123,165
35,000
5.000
163,165
1,400,000
4,126,278
3,572,436
4,972,436
12,047,731
15,059,024 15,805,315
3,011,293
466,215 4.772,951
4,772,951
1,006,786 2,400,000
11.190 4,767.805 4,578,973
3,260,887 1,495.728
2,428.910
886.909 1,292,000
123,272 2,302,181
10,080,918 10.080.918
3,427,050 6,653,868
Indianapolis and C incinnati*..
Mich. South, and Nor. Indiana
Ohio and M ississippi* ...........
Pittsburg, F ’ t Wayne, & Chic.
67,465,028 53,861,626 1,596,319 122,923,903
2,000,900
4,000,000
2 . 000 . 000
9,720,200 8,564,115
18.284,315
10,000.000
8 , 000.000
2,000,000
8,181,126 12,657,000
20,838,126
Atlantic and Great Western*..
Bellefontaine and Indiana.......
Carrolltont.................. ...........
Central Ohio*...........................
Cin. Hamilton, and Dayton...
Cin. and Indianapolis Junction
Cincinnati and Zanesville*___
Clev., Columbus, and Cincin..
Cleveland and Mahoningt.......
Cleveland. Painesville & Asht
Cleveland and Pittsburgt.......
Cleveland and T oledo..............
Cleveland, Zanesville, & Cint.
Clev. and Indianapolis Cent’l*
Columbus and Xenia...............
Dayton and Michigan.............
Dayton and W estem t.............
Dayton, Xenia and Belpr6+___
Eaton and Hamilton...............
Fremont, Lima, and Union* ..
Greenville and Miamit............
I r o n t ......................................................
25,221,115
Total
79,082,741
* Cost estimated.
53,122,441
£ 03
e o £
296
118
12
137
60
21
132
191
78
69
204
188
61
133
55
144
38
16
45
40
32
13
84
269
126
206
116
75
___
26
_
_
26
___
___
73
_
___
___
___
___
___
___
___
___
___
___
___
167
119,207,315 2959 292
4,000.000
17 93
16,555,412 83 409
10,000,000 17 175
21,164,329 246 222
51,719,741
363 989
1,596,349 176,046,344 170,986,056 3322 1281
t Statements more than a year back.
1865.J
Statistics o f American States— Ohio.
207
From the above table it will be seen that the roads attributed to Ohio
have a length of 3.251 miles, and have cost $119,267,315, or $36,686 per
mile, and the roads of other States, part of which are in Ohio, have a
length of 1,352 miles, and have cost $51,719,741, or $38,624 per mile.
Hence the
2,050 miles of Ohio road in Ohio coBt..............................
363 miles o f foreign road in Ohio ................................
$108,755,874
14,020,512
Making the total cost o f 3,322 miles o f road in Ohio.............
$122,776,386
and
or, in round number, $37,000 per mile. This cost includes equipment
and all properly used in operations. The original cost, however, must
have been considerably larger, probably $45,000 per mile, as many of the
companies have been reorganized by the bondholders after reducing or
wholly expunging the stock interest. The details of these would be too
cumbersome for our present purpose.
That the war recently brought to a conclusion has developed a large
amount o f new traffic for the great east and west railroad lines o f this
continent, by the blocking up of the Mississippi and the diversion of this
trade to the land routes is well ascertained ; and it is certain that in this
development the railroads of Ohio have largely participated. In another
part of this month’s Hunt's Merchants' Magazine are published the re
sults of the operations of the principal New York railroads for the past
four years, which show that the businesss and earnings thereof have gen
erally doubled in that period. The same has obtained in Ohio, as indi
cated by the following comparison o f the returns by the great Hues, for
1860 and 1864, which are as follows :
Rail roads.
Year.
Bellefontaine......................
do
.....................
Cin. Hamilton, Dalton.
do
do
Clev., Painsv’ lle di Ash’la.
do
do
Clev., Columbus, & C in ..
do
do
Olev & Pittsburg.............
do
d o .............
Clev. & Toledo.................
do
.................
Dayton and Michigan.. . .
do
do
....
Little Miami.....................
do
.....................
Sand., Dayton,
C in .. . .
do
do
....
Toledo <fc Wabash.............
do
d o .............
I860
186 4
1860
1864
I860
1864
1860
1864
1860
1864
I860
1864
1860
18-4
1860
1864
1860
1864
1860
1864
Gross
Earnings.
8 14,uyi
976.881
644,229
1,241,85 7
1,(163,405
2,424,298
1,085,799
2,499,348
1,020,638
2,512,315
919,971
1,691,266
375,002
1,069,187
1,200,499
2,433,286
450,245
600,162
861,722
2,050,322
Operating
Expe rises.
2 11,326
797,813
361 529
738,629
429,758
1,171,055
505,178
1,264,186
664,497
1,505,636
426,015
866,486
162,895
637,207
858,908
1,818,645
391.656
466,315
485,950
1,104,830
Profits of
Business.
10-.',765
279,068
282,700
503,228
633,647
1,253,243
680,621
1,235,162
456,141
1,006.679
493,956
834,780
212,107
431,980
341,591
614,641
58,589
133,747
375,772
945,492
Divi
dends.
—
6
7
19
15
26
10
15
—
8
—
10
—
—
8
30
—
—
—
3*
The following table exhibits the ratio per cent of expenses to gross
earnings in the two years, 1860 and 1864:
Bellefontaine...........
Cin. Ham. tk Dayton.
Clev. Paius & Ash’a.
Clev. Ooluin. ik Cin.
Clev. <fc Pittsburg.. .
I860.
67.28
56.12
40 41
46.52
55 31
1864.
71.44
69.48
48.30
60.58
59.93
Clev. <fc Toledo.........
Dayton <fc Viichigan.
Little Miami.............
Sand. Dayton <fc Cin.
Toledo <k Wabash..
1860.
46.30
43 43
71.67
86.88
56.38
1864.
60.63
59.60
74.74
77.72
57.45
208
Statistics o f American States— Ohio.
[September,
W ere it possible to get full returns o f the traffic, as well as earnings, of
all the Ohio railroads the results would be more satisfactory, as then we
might distinguish the material from the financial development. Only a
few o f the companies, however, publish annual reports, and still fewer
give the quantitative results of their business. This defect ought to be re
medied by compelling each company to report to the legislature annually
at a period fixed by law and on a uniform plan. Until tbi3 be done we
can never know the aggregate of the commercial movement of the State.
Mr. Mansfield, the intelligent commissioner o f statistics, has made inqui
ries relative to these points, but, in the main, failed to elicit the informa
tion required. He, however, obtained the financial results for 1860, in
full, and in his report for 1863 published these with an estimate for 1862.
These we reproduce, with au estimate for 1864 :
I860.
M iles o f R o a d ............... ....................
Miles in Ohio....................................
Cost of Roads..................................
Capital............................................
Bonds................................................
Floating D e b t ................................
Gross Earnings................................
Operating Expenses.......................
P rofits..............................................
1868.
1864.
(Actual.)
(Estimate.)
(Estimate.)
4,307
43s4
4,403
3,024
$153,000,491
$77,507,608
78,949,913
10,515,792
$17,172,285
10,040,717
7,131,568
3,051
$153,142,391
$77,950,000
77,350,000
10,000,000
$22,323,970
12,947,897
9,376,073
3,322
$170,986,026
$95,367,264
79,082.741
1,596.319
$35,144 570
22,989,577
12,154 993
The estimate of earnings and expenses for 1S62 is based on an increase
over 1860 of 30 per cent. That for 1864 is 100 per cent increase on the
earnings of 1860, and 120 per cent on the expenses. The estimate for
1864 is a nearly correct average as deduced from the tables given above.
That the increase in expenses should have been so small compared with
the experience of the New York roads, is a matter of congratulation, and
testifies to improved economy in management. The result has been
highly beneficial to the owning companies. It has enabled them to pay
off the debts which encumbered them previous to the commencement of
the war, and almost all have greatly improved their properties. Dividends
have been paid where dividends were least expected, and companies which
had heretofore paid dividends have doubled and, in some cases, trebled
the rates. The war indeed has had its compensations, and railroads
have so far shared in these as to have wholly changed their financial
characteristics.
The canals of Ohio, although they have never yielded to the State the
interest on their cost,, and ate now financially worthless, are well construct
ed, and have been of vast service in developing the regions through which
they have their courses. These, with the National Road and several
minor roads, which, in their day, proved also of great advantage to the
settlement o f the country, constitute the |ublie works o f Ohio, for the
construction of which the larger portion of the State debt was contracted.
Their history dates from 1825, on the 4th of July of which year ground
was formally broken for the National Road at St. Clairsville, and for the
Ohio canal at Licking Summit.
The National Road was constructed from funds derived from allowed
per centages on the sales of the public lands, and was completed at a cost
to the Federal Government of $2,081,008 36 in 1838. The tolls since
collected on it have been scarcely sufficient to pay for its preservation.
209
Statistics o f American Slates — Ohio.
1865.]
The Ohio canal was projected to connect the Ohio river at Portsmouth
with Lake Frie, at the point at which the city of Cleveland has grown up.
It was finished in 1832. The Miami canal commences on Main street,
Cincinnatti, and extends to Dayton on Mad river, between which points
it was completed in 1829. The Miami Extension canal extends thence to
Perrysburg on the Maumee. These are the largest of the works. It is
not, however, proposed to enter extensively into the history o f these, and
hence we resort to tabulation as the best means of abbreviating the infor
mation which it is desirable in this connection to record. The following
table exhibits a statement of the length and cost of each work :
Canals.
Termini of Lines.
S o. Div...........
Warren Co. Branch . . . .M iddletown to L e b a n o n ................
Sidney F e e d e r .. . .
Miami Darn .............................
St. Marv.s F eeder.
i a m i , N o. D iv ...........
iside C u t..................
Side C u t..................
M iam i,
M
Miles.
182
19
Cost.
$3,259,518
217,552
392,258
628,222
14
11
88 ]1
1 ►
2 !1
3,057,187
O h i o ..........................................
to Portsm outh.................. . . .
30 9] I
O u t..................
4
1
C u ..................
f2
C u t..................
6
1
Cut ................
11 23 J1
W alhonding .............
25
H ooking V alley C. A N D
S l A<TKW A T E t t . . . .
58
91
M uskingum I mprovement .D resden (Ohio 0 .) to M a rie tta ...
Side
Side
Side
S ide
Total length and cost o f canal
(fee............................................................
821
4,695,204
607,269
975,481
1,627,318
$15,359,999
The length of the locks varies from 87 to 90 feet, with a width o f 15
feet. The locks in the Muskingum Improvement are 75x16 feet. The
lock above Zanesville is 120x22.
Towards the cost o f these works Congress male large grants of land,
in all amounting to some 2,000,000 acres, which, in some instances, were
sold, and in others used as a basis of credit. In this amount, the lands
granted to Indiana for the Wabash and Erie canal, and transferred by
that State to Ohio for the construction of that part of the canal within the
latter State, are included. These, collectively, yielded to the State about
two and a half million dollars.
The following table shows the earnings of the several canals at quin
quennial periods :
Year.
18 35.........
18 40.........
1845.........
18 50.........
1860.........
Miami.
$51,917
76,083
186,041
815,162
158,755
Ohio.
Walhonding.
$185,684
$ —
—
452,122
260,369
1,283
2,555
397,332
839
94,457
Hocking. Muskingum.
$ —
$ —
1,898
2,216
5,502
30,551
8,079
36,724
17,586
16,768
Total.
$237,601
534,319
483,796
759,852
288,405
The greatest yield of revenue from these works was in 1847, when it
amounted to $805.019. The influence of the railroads was then beginning
to be felt, and from that period a gradual decline set in, so that, in 1860,
the total revenue was only $288,405. The expenses of maintenance in
the same year $359,782, showing a loss in the year of $71,377. The
Statistics o f American States— Ohio.
210
canals were now leased, and have been since June 1,1861.
results of 1863 and ’64, which were as follows:
Year.
1863 ....................
18 64 ...................
,----------------Bevenue to State.----------------,
Kent.
Other.
Total.
$2(1,076
$18,970
$39,045
20,075
3,532
23,607
[September,
W e have the
Expenses
p ’d by State.
$25,606
14,143
Actual
Bevenue.
$13,439
9,464
Thus it appears that, so far as the canals are concerned, they have
ceased entir. ly lo be productive, and their cost only remains, which is the
sum of indebtedness on the books of the State Treasury.
In the preceding pages we have exhibited a full statistical record of the
progress of the State from its settlement to the year 1860, when the last
Federal census was taken— from 1800, when the total population was only
45.365 to 1860, when it was 2,339.511, between which dates the popula
tion o f its chief city had ri>en from 752 to 161,044. W e have also traced
its growth in agriculture and general industry, and the rapid, but gradual,
development of its resources and wealth. In a former paper on this sub
ject, published in October, 1849, we brought the records down to that
year. W e have partially retraced these, but still we refer the reader to
that paper for minuter information than was necessary in the present in
stance. It still remains, however, for us to take a survey o f the finances
of the State since the period referred to, and this we shall do in as brief a
space as figures will allow of.
The chief revenues of Ohio, as of all the other new States, have always
been based on taxation either present or prospective, and taxation on the
valuation of real estate arid personal property. Special taxation has sel
dom been resorted to as a means of raising revenue. The wealth of the
State is supposed to reside in the fixed property, and hence this alone has
been subject to tax.
The progress of wealth and taxation, as shown by the returns at quin
quennial periods from 1826, has been as follows:
Year.
18 26_______
1831..............
18 36..............
1841..............
1846..............
1 8 5 1 .............
18 56..............
18 61..............
1864..............
.
.
.
.
.
Valuation
or
W ealth.
$59,52,,336
64,24 8,932
85,812,382
128.353,657
15U,909,331
46*2,14 8,K20
820,661,037
892,850,084
1,006,696,116
General and
Sinking Fund.
237,454
201,623
64 2,153
1,208,462
1,621,228
1,395,125
2,495,400
1,909,579
— Taxation.------School and
Other.
$2n«,227
369,955
637,143
1,248.252
1,371,611
1,317,902
1,231,058
1,560,979
1,408,334
Total
Amount.
$369,915
606,909
779,997
1,890,405
2,580,073
2,939,130
2,6-6,133
4,056,379
6,329,963
Previous to 1847, land was valued in a state of nature. In that year a
new system was adopted by which it was assessed more in accordance
with its real value, .again, in 1853, a further improvement was effected,
and since then a more rigid system of valuation has obtained, both as re
gards real estate and personal property. The effect of these changes in
the mode of assessment is seen in the above table by the increased amount
subject under the law to taxation. In the total taxes for 1864 are inclu
ded $2,012,050, levied for war purposes.
In the following tables are given in detail (1) the valuation o f real and
peisonal property; (2) the taxes for State purposes; (3) the taxes for
county purposes; (4) the taxes for city, town, and borough purposes,
Statistics o f American States
I 8 6 0 .]
—Ohio,
211
(5) the aggregate of State, county, and local taxes; (6) a recapitulation
of the population valuation, taxation, and State debt for each year, from
1840 to 1864, both years inclusive, and (7) a table reducing these to their
proportional results.
V A L U A T IO N
Fiscal
years.
1819
1850
1851
1852
1853
1854
1855
1856
1857
1858
1859
1860
1861
1862
1863
1864
Quantity
of lands.
Acres.
23,792,818
24,018,075
24.391,745
24,597,318
24,863,793
25,063,032
25,220,083
25,191,629
25,828,620
25,298,968
25,320,842
25,511,705
25,321,275
23,329,580
25,360,407
25,341,346
Sinking
fund.
*
1,186,794
1,083,662
860,877
574,456
757,517
1,057,902
1,055,120
1,551,575
1,247,700
1,242,727
1,308,614
904,537
1853
1854
1855
1856
1857
1858
1859
1860
1861
1862
1863
1864
County
expenses.
&
l , l o l 717
1,148,566
1,188,668
903.804
996,043
1,130,935
1,806,996
1,309,137
1,326,140
1,159,949
1,111,957
1,062,038
FOR
Common
schools.
$
1 , 1 80 ,7 9 4
1,300,395
1,291,816
1,231,007
1,262,602
1,259,092
1,267,433
1,242,812
1,249,054
1,555,-21
1,2(6,411
1,307,830
T A X A T IO N
Fiscal
years.
Valuation of Taxables.City and
Personal
property.
town lots.
*
$
71,177,354
95,000,074
74,637,735
93,487,502
77,330,691
115,807,387
152,644,763
81,558.375
85,321,192
229,905 947
140,622,943
297,061,572
283,'H8,815
145,596,754
147,389,3 10
•240,026,550
150,906,006
263,793,897
250,514 084
153,102,815
251,785,947
165.674,404
243,408,290
147,3) 10,724
248,966.532
148,818,913
243,615,212
151,568,898
286,871,222
154,100,356
351,193,016
157,376,511
Lands and
buildings.
*
264,661,957
266,751,103
269,010,642
273,378,773
278,169,709
429,245,467
432,261,785
433,245,177
435,614,676
437,183,132
438,139,600
492,593,587
494,064,638
494,101,182
495,399,666
498,221,589
T A X A T IO N
Fiscal General
years. revenue.
*
1853 593,397
1851 606,851
1855 616,526
185rt 820,669
1857 589,276
1858 587,247
1859 590,870
1860 709,326
1861 1,247,700
1862 887,661
1863 934,726
1864 1,U05,042
Bridge
purposes.
*
217,416
316,678
332,079
229,065
2o8,866
361,989
398,403
437,538
324,491
214,466
839,225
432,873
OF TA X A B LE 8.
FOR
Poor
pnrposes.
$
177,522
187,263
238,333
212,213
223,217
222.472
277,823
260,607
842,225
227,781
264.159
895,684
STATE
District
libraries.
*
59,340
86,693
PURPOSES.
War
fund.
s
86,088
83,921
84,495
311,925
310,685
327,150
100,504
C O U N TY
Total
valuation.
*
430,84 9,385
4 39,876,340
462,14 8,620
507,581,911
593,396,818
866,929,982
860,87 7,354
820,661,037
849,414.579
840,800,031
845,899,954
888,302,601
892,859,034
889,285,292
936,371,244
1,006.096,116
Volunteer ,— Total Taxes.— *
relief.
Amount. Kate.
p.I0u0
4
*
.............. 3,026,324 6 10
8,077,601 3 . 5 5
................ 2,754,807 .3 . 2 0
......... ..
•2,626,133 3 . 2 0
2,609.395 3 . 1 0
2,978,122 3 . 5 5
2,9-7,918 3 5 5
3,003,713 3 95
4,056 379 4 .6 5
533,179 4 , 5 2 9 . 4 7 3 5 .1 0
935,703 4,722,608 5 .0 5
2,012,050 5,329,963 5 .3 0
PURPOSES.
Bulding
purposes.
#
240,688
463.877
272,538
276,553
293,923
320,954
374,664
228,444
261,087
157,469
83,066
192,868
Road
purposes.
$
270,369
370.026
364,715
243,071
188,569
450,435
402,294
394,425
430,254
211,864
225,149
272,381
Aggregate
Railroad
purposes. county taxes.
S
*
248,110
2,255,822
2,725,197
238.767
366,072
2,762,305
367,589
2,232,294
431,639
2,402,285
462,430
2,849,219
493,360
8,151,140
538,870
3,169,021
638,176
8,222,378
812,205
2,783,735
648.337
2,671,943
627,541
2,982,855
2 12
Statistics o f American States— Ohio.
T O W N S H IP , TO W N ,
Township
Expenses.
$
269,977
292,939
302,84 1
278,010
299,922
284.051
3''9,685
349,361
323.286
326,454
290,234
436,737
Fiscal
Years.
1853
1854
1855
1856
1857
1858
1859
1860
1861
1862
1863
1864
AND
C IT Y , A N D
OTHER
Special School and Otherspecial
School-house.
Purposes.
$
$
987,696
119,235
1,295,425
155,872
1,246.346
200,337
1,285,939
184,917
1,418,097
232,919
1,438,811
216,4*25
1,440,250
245,860
349,236
1,487,247
1,373,863
535,028
1,021,012
279,743
1,226,047
1,202,261
1,630,745
3,975.698
[September,
LOCAL TAXES.
City, town, and
borough purposes.
$
934,149
1,328,192
1,194,094
1,090,077
1,816,719
1,417,391
1,471,958
1,506,048
1,560,198
1,322,092
1,4 55,” 36
1,976,311
Aggregate
Local Taxes.
$
2,311,057
3,072,428
2,943,618
2,838,943
3,267,657
3,356,678
3,4 67,703
3,691,928
3,792,875
2,849,301
4,174.284
8,019,491
A G G R E G A T E T A X A T IO N .
Fiscal
Years.
State.
1853
1854
1855
1856
1857
1858
1859
1860
1861
1862
1863
1864
8,026.324
3,077.601
2,754,807
2,626,133
2,609.395
2,978,122
2,997,918
8,503,718
4, "ft 5,379
4,529 973
4,722.608
5,329,963
For what Purposes------------------ x
County.
Local.
4
4
2.255,822
2,311,057
2,725,197
3,072.428
2,943,618
2,762.305
2.232,294
2,888,943
2,402,285
8,267.657
3,849,219
3.356,678
3,151.140
3,467,703
8,169,021
3,691,928
3,222,373
2,792 275
2.849.301
2,783,735
2,671,943
4,174.284
2,982,88 5
8,019,491
4
Delinquent
Taxes.
4
230,602
217,113
493,781
312,144
398,961
572,630
428,576
453,013
585,686
372,776
290,739
262,299
Total Taxes &
Delinquencies.
4
7,823 806
9,092,339
8,954,512
8.0O9.5I4
8,673,298
9,756,69010,045,338
10.817,676
11,656,814
10,135,285
11,859,574
16,595,639
R E C A P IT U L A T IO N .
Population.
4
1,946,922
1,980,829
2,011,083
2,042,1»3
2.0 '3 ,766
Years.
1849
1850
1851
1852
1853
1854
1855
1856
1 8 )7
1858
1S5»
i 860
1861
1 86 2
1863
1864
2.1 oft,847
2,138,874
2,171,374
2,201,854
2,238,821
2.273.286
2.339,51 1
2,362,906
2,386,530
2,410,401
2,434,504
Valuation.
*
430,8 <9.385
489,8 76 340
462,148 620
607,581,911
693.396,848
8 ‘'6,929,982
860.9 7 7.354
820.661,037
849.414.579
840.800,031
845,699,951
888.30 2 “ 01
892.850,084
889,2 8;>,292
936,371,244
1,006,696,116
State Debt.
4
16.869,362
16,509,594
17,050,639
15,690,757
15,574,5«2
15,280,980
14,541,837
14,016,446
18.985,786
14,334,915
14,334.4:7
14.250,238
14,897,273
14.141,662
13,464,809
13,500,751
Taxation.
4
7,823,805
9,092,839
8,954,512
8,009.514
8.673.298
9,756,650
10,i 45 338
10.8,7,676
1 1,666.314
10,135,285
11.859 674
16,595,639
P R O P O R T IO N A L R E S U L T S .
-Taxes to population—
Dollars per capita.
Fiscal Valuat’n
years. to popula.
per cap. State. County. Local. Total.
8
$
$
$
$
1853 286 15 1 46 1 09 1 11 3 77
1854
1855
1856
1857
1858
1859
421
402
377
385
875
372
18
63
94
78
56
10
1 43
1 29
1 21
1 18
1 32
1 32
1 29
1 29
1 03
1 09
1 27
1 39
1 46
1 38
1 31
1 47
1 60
1 52
4
4
3
8
4
4
31
19
69
94
36
57
-Taxes to Valuation—
Mills per Dollar.
State. County. Local.
m
m
m
5.10
3 65
3 20
3.20
3 10
3.55
3.55
8 80
3.09
3.21
2.72
2.84
3.39
3 72
3 89
3.49
3.42
3.46
3.84
3.99
4.10
-State Debtto
Popula. Tnl'n
Total. p. cap. cts. p. $
cts.
m
8
18.80
10.25
10 40
9.76
10.21
11.60
11.89
7
7
6
6
6
6
6
51
54
80
45
35
40
31
2.63
1.72
1.69
1.70
1.64
1.70
1.70
I 8 6 0 .]
1860
1861
1862
1863
1864
Statistics o f American States— Ohio.
879
377
372
388
413
71
86
64
47
51
1 50
1 71
1 90
1 85
2 19
1 S3
1 86
1 16
1 11
1 22
1 57
1 61
1 19
1 73
3 29
4
4
4
4
6
62
93
25
92
84
3 95
4.55
5.10
5.05
5.30
3.57
8.61
3.13
2.89
2 96
4.16
4.25
3.20
4.46
7.96
2 13
12.18
13.06
11.40
12.66
16.48
6
6
5
5
5
09
30
92
58
54
1.60
1.67
1.59
1.44
1.34
The above tables give a complete review of the wealth and burdens of
the people, and the relation one holds to the other.
The sources of revenue otherwise than taxation are small. The princi
pal of these are pedlers’ and showmen’s licenses, and auction duties, con
vict labor, etc., which enure to the generol revenue fund ; the rents of
public works which go to the Canal Fund ; and the proceeds of land sales,
investments, etc., which form part o f the revenue of the Sinking Fund.
The operation of these and other funds managed by the State is exempli
fied in the following abstract of the receipts and expenses of the Suite
Treasury, for the year ending November 15, 1864, but exclusive of trans
fers and balances:
REVENUE.
G
eneral
F
u n d .—
Taxes collected................................
Licenses and auction duties...........
Convict labor ..................................
Overwork of convicts.....................
Sundry receipts ............................
$924,897
4,380
85,515
7,282
4,850
56
10
79
26
55
F
u n d .—
Proceeds of Loan.............................
Transportation sold.........................
United States..................................
Overdrafts, etc., returned...............
$237,102
96,241
15,179
3,109
50
21
70
06
$1,026,876 26
M
il it a r y
C
anal
S
in k in g
C
ommon
V
N
A
F
— Rents .............................. .................
F u n d .— Taxes proper..........................
. . $1,294,781 38
“ (war fund)..................................
323,506 37
Sales of sections 16 and 29.........
134,040 38
Principal and interest Virg. Mili
6,737 67
tary Sch. la n d s.......................
Principal and interest U. 8 Sur
plus revenue...........................
40,874 91
Turnpike <fc R. R. dividends, e t c ..
15,867 26
Other receipts..................................
11,359 75
und.
1,826,367
1,202,984
926,932
21,568
2,251,555
Taxes collected__
o l u n t e e r R e l i e f I u n d — Taxes collected
a t i o n a l R o a d F u n d .— Tolls.......................
l l o t m e n t (Soldiers’) F u n d .— R eceipts.. . .
S
chool
F
$451,632 47
23,606 66
u n d .—
Total receipts
72
87
43
95
46
$7,731,519 82
d is b u r s e m e n t s .
G
F und.— Judiciary............................................
eneral
State officers....................................
Legislature ......................................
Benevolent Institutions.................
New Buildings................................
Criminal Expenses.........................
Ohio Penitentiary..........................
Laws and Journals..........................
Sundries..........................................
M
il it a r y
C anal F
F u n d .—
und.
............
$68,895 83
14,605
45,841
248,759
38,122
13,510
112,999
65,151
227,970
25
35
82
76
19
47
85
00
830,856 01
656,299 20
14,261 25
214
[September
Statistica o f American States— Ohio.
S
in k in g
C
om mon
F
ond.
— In terest..............................................
Redemptions......................................
Interest on irreducible debt...........
Expenses, etc.....................................
$789,258
405,464
180,248
5,892
52
94
24
38
1,380,864 03
V
N
A
1,220,841
916,078
19,538
1,622,850
— Paid County Treasurers.. . .
o l u n t e e r R e l i e f F u n d .— Paid County Treasurers.
a i I 'N a l R o a d F u n d .— Superintend’ce and repairs.
l l o t m e n t F u n d . - Warrants redeemed.....................
S
chool
F
und.
Total disbursements............................................
70
05
88
46
86,661,589 58
Leaving a balance in favor of revenue $1,069,030 24, or exclusive of the
Allotment Fund, which indeed ought not to be included in the State ac
counts of 1441,225 24. The Military, Volunteer Relief, Canal, and Na
tional Road funds, indeed, ought to be stricken out, the two first as excep
tional, and the two latter as special and self supporting. With these ex
cisions the real receipts and expenses of the State for support of itself and
schools and the satisfaction o f the State debt and interest was in 1863-64
only as fullows:
R even u es.
E xpen ses.
General Fund.............................................................
Sinking Fund............................................................. t
Schuol Fund........................................ .....................
$1,026,876 26
1,826,367 72
1,202,984 87
$ s :h>,bo6 01
1,380.864 03
1,220,841 70
Total.................................................................
84,056,228 85
83,432,561 74
The Funded Debt of Ohio, as it existed on the 15th November, 1864,
fconsisted of the following loans ;
Foreign Loan of 1860— 6 percent...........................................................
do
1865— 5 do
.............................................................
do
1868— 6 do
do
1870— 6 do
do
1875— 6 do
..............................................................
do
1881 — 6 do
..............................................................
do
1886— 6 do
...........................................................
Total foreign debt.
Domestic— Stock o f 1849..................... (interest ceased)
do
do
National Road Bonds..........
do
Miami Ex. Canal L’n of 1863
do
do
Union Loan of 1866 ..........
do
do
do
1868.......................................
do
do
1871.......................................
81,141,505
1,016,000
379,866
2,183,531
1,600,000
4,095,309
2,400,000
58
00
00
93
00
47
00
$12,815,212 98
$1,765 00
60 36
4,000 00
500 00
279.213 13
400,000 00
Total Fund Debt, Nov. 15, 1864.........................
Irreducible Debt, being amount deposited with the State, derived from
sale o f school and ministerial lands, the interest on which is paid
to counties, and to Ohio University for school and ministerial
purposes................................................................................................
685,53S 49
$13,500,751 47
3 163,578 45
Total o f all debts....................... ..................................................... $16,664,329 92
On the following page we give a table showing: the State Debt proper,
as it existed on the 1st day o f January, 1844, and the amounts outstand
ing on the 15th of November yearly thereafter, together with a statement
o f the amounts originally issued :
DEBT
OF
THE
STATE
O F OHIO.
o n th e 1b tli N o v e m b e r , 1 8 4 5 -6 4 .
1865.]
PUBLIC
Statement showing the amount o f Foreign and Domestic Debt o f the State o f Ohio, as it existed on the Is/ o f January, 1844, and thereafter yearly
(Compiled from the Annual Reports o f the Auditor of the State )
1826........................$1,000,000
1827 ........................ 1,200,000
1828 ........................ 1,200,000
1830 ........................ 600,000
1832
.................
100,000
®
o
io
4,100,000
4.018.659
4.018.659
4,018 659
4.018.659
3.285.659
2,469,190
D O M E S T IE D E B T O U T S T A N D IN G .
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150.00
3,514,638
150.000 3.365.779
150,'.0. 3.365.779
15 ,000 3.365.779
15*,0 0 3.365.779
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150.000 3.365.779
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1,166
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6s. 1869
6.901.781
6.862.781
6.862.781
6,8(52,781
6.862.781
6.812.481
6.812.481
6.812.481
6.812.481
6.812.481
6,666,336
6,511,394
6.413.325
6.413.325
6.413.325
6.413.325
6.413.325
6.198.325
1,608,905
1,262,279
1,141,505
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5s- 1865 6s. 1868 6s. 1870 6s. 1875 i6s. 1881 6s. 1886 6s. var. (is. var.
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667 063
667 063
1 367.063
1,»!25,000
2 183 532
1,025,‘ -00
2.183.532
1.025.000
2.183.532
1.025.000
2.183 532
1.025.000
2.183 532
1.025.000
2 183 532
1.025.000
2 183 532
1 025,000
2.183 532,
1.025.000
2.183.532
1.025.000
2 183.532
1.025.000 379 866 2.183 53
1015 000 379 866 2.183 532
1.015.000 379 866 2 183,532
1,015 000 379 866 2,183,5321
* Stock issued in redemption o f original stock due in the year of issue.
1.600,,ooo;......
1 600.1.000 .......
1,600.1.000 .........
1.(500..000
1,60 ,000
1,600,,000, .............
1.600 000:............. 2.400.000
1 600. ooo:............. 2.400.00"
1,(500,,000.............. 12,400,000
160 •.<
00 ............. 2,4 0.000
1,600. 000 ............. 2,40 .00 *
1.600,1000 4,095 309 2,4 <»,' 00
l,600,i0004,' 95,309 2,400,000
1600 00014.095,309 2 400,000
.......
.......
285 544 323.500
285 544 323.500
285 544 323.500
268 019 323.500
254,801 3 3.500
250.896 323.500
48,316 322,300
33.197 29S 685
33 197 29S (595
33.197 98.685
1.765 298.685
1.765 298.685
1.765 282.585
1.765 275.385
1.765 275.385
1.765 275,385
1.7(55 275.385
1,‘ (55275,385
1,765275.385
1,765,245,785
1 7651 4 000
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6s. var. 6s ’ 65’ 71
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340 333 .............
272 857 .............
175,191 .........
155 783 .............
154,483 .............
151,983;.............
151,083 .............
105,908 .............
1.529
.
1.529
.
1,529!.............
1,429
558
60
6"
6" 831,273
60 580,678
60 281,213
6* 679,713
+ Including $350,000, 6’ s temporary Loan, 1858-61.
18,004,526
17.573 326
17,913 659
17,828,659
17 717-778
16,869.364
16,509,592
17 050,(534
15,619,759
15,574,587
15,21S,982
14,541-880
14,016.447
+13,985,786
+14.334,915
+14.334.417
14,250 233
14,897 273
14,141,662
13,464,809
13,500,751
215
1862 .
1863 .
18641.
O U T S T A N D IN G .
t-T
5s. 1850 6s. 1850 7s. 1851 5s. 1856 6s. 1856
400.000
400.000
400.000
400.000
400.000
400.000
1850 400.000
1851
1852
1853
1854
1855
1856 : : : : : : : :
1857
1858
1859 .
DEBT
Statistics o f American States— Ohio.
H --------------------------- '—
1825........................... $400,000
F O R E IG N
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Statistics o f American States— Ohio.
2 16
C o m m e r c ia l a n d f i n a n c i a l
The
v e r y fa ir r e v ie w
[September,
C h ro n icle , o f A u g u s t
2 6 , 1 8 6 5 , in a
o f th e fin a n c ia l c o n d it io n o f O h io , m a k e s th e fo llo w in g r e
m arks :
An
in s tr u c tiv e
le s s o n
is t o b e g a t h e r e d
fr o m
th e s t a t is t ic s
c o n c e r n in g th e S t a t e d e b t a n d t a x a t io n o f O h io .
fu r n is h e d
above
I t w a s n o t u n t il 1 8 0 3 t h a t t h e
S t a t e w a s a d m i t t e d i n t o t h e U n i o n , y e t in
1860
n e a r l y t w o m il l i o n s a n d a h a l f , f r o m w h o m
s h e r a is e d
she
possessed
a p o p u la tio n o f
lo c a l t a x e s a m o u n tin g t o
n e a r l y e l e v e n m il l i o n s o f d o l l a r s , o r o v e r f o u r d o l la r s p a r c a p i t a .
B u t i t is f r o m
th e s t a t is t ic s o f h e r p u b lic d e b t th a t th e b e s t e v id e n c e o f th e e x c e lle n t m a n a g e
m e n t w h ic h h a s b e e n b e s t o w e d u p o n h e r f in a n c e s is t o b e g a t h e r e d .
d e b t o f th e S ta t e w a s b u t § 4 0 0 ,0 0 0 .
F rom
I n 1 8 2 5 th e
t h is i t g r e w t o § 4 , 5 2 0 , 0 0 0 in 1 8 3 6 ,
m a in ly u n d e r t h a t p o l ic y o f b u ild in g p u b lic w o r k s a t th e p u b l i c
e x p e n s e , w h ic h
a t t h a t t im e w a s p r a c t i c e d v e r y g e n e r a l l y a ll o v e r t h e c o u n t r y , a n d w h i c h , w e r e
it b a r re n o f a n y o th e r c o n se q u e n c e s th a n
of
t h e u n q u e s t i o n e d b e n e f i t s in
r a ilr o a d s , c a n a ls , e t c ., w h ic h h a v e d o n e s o m u c h
n a tio n , c o u ld
fin a n c ia l
had
been
o n l y b e in
r e v o lu t io n
th e
occu rred .
h ig h e s t sen se
The
c o m m e n d a b le .
p u b lic w o rk
p u s h e d t o th e ir la s t d e g r e e
t o p o p u la te an d
s y s te m
o f en d u ra n ce.
In
th e sh a p e
e n r ic h
1837
th e
th e g r e a t
a n d th e c r e d it sy ste m
V a s t e n te r p r is e s o n ly b e
f i t t i n g t h e c a p i t a l a n d r e s o u r c e s o f o l d a n d w e a l t h y n a t i o n s w e r e o n f o o t in e v e r y
d i r e c t i o n ; b a n k m o n e y w a s p o i s e d in e n o r m o u s s u m s u p o n e x t r e m e l y l i m i t e d r e
s o u r c e s ; c o m m e r c ia l c r e d it w a s p ile d u p t o
c o n f in e d
to
a
s m a ll
g r a n d t o p p lin g o v e r .
1837
h oard
o f a v a ila b le
a g r e a t h e ig h t , w h ile
c a p ita l.
The
its
T h e c i r c u l a t i o n o f a ll t h e b a n k s in t h e U n i t e d
w a s § 1 4 9 . 1 8 5 , 8 9 0 , w h il e t h e s p e c i e
was
base w as
in e v it a b le r e s u lt w a s a
b u t § 3 7 ,9 1 5 ,3 4 0 .
S ta te s
In 1 84 4
in
th e
c i r c u l a t i o n w a s r e d u c e d t o § 7 5 , 1 6 7 , 6 4 6 , a n d t h e s p e c i e in c r e a s e d t o § < 9 , 8 9 8 , 2 6 9 .
I n 1 8 3 7 , t h e d i s c o u n t s w e r e § 5 2 5 , 1 1 5 , 7 0 2 , w h ile s i x y e a r s l a t e r , in
1 8 4 3 , th ey
fe ll t o 2 5 4 , 5 4 4 , 9 3 7 .
I t is n o t t o b e s u p p o s e d t h a t O h i o p a s s e d u n s c a t h e d t h r o u g h t h e s e e x h a u s t i n g
v i c is s i t u d e s .
in 1 8 4 4 .
F r o m § 4 . 5 2 0 , 0 0 0 in 1 8 3 6 , h e r S t a t e d e b t in c r e a s e d t o § 1 8 . 0 0 4 , 5 2 6
T h i s w a s m a i n ly t o r i m p r o v e m e n t s in p r o g r e s s p r i o r t o 1 8 3 7 , a n d
lo s s e s s u s t a in e d b y t h e S t a t e d u r i n g t h e g r e a t c r is is .
fo r
T h e s e e i g h t e e n m il l i o n s o f
d e b t r e p r e s e n t e d a ll h e r o l d s c o r e o f g o - a h e a d a t iv e n e s s a n d o f l o l l y , o f u n n a t u r a l
a c t iv i t y a n d r e a c t io n a l p a r a ly s is ; a n d fr o m th e m o m e n t O h io
fu lly r e a liz e d
f a c t sh e in a u g u r a te d a c a r e e r o f r e tr e n c h m e n t a n d r e fo r m , o f c a u t io u s
t h is
p rogress
a n d s u f f ic ie n t t a x a t i o n , w h i c h , t o h e r v e r y g r e a t a d v a n t a g e , s h e h a s c o n t i n u e d t o
th is d a y .
S h e w a s - o n e o f t h e v e r y fe w S t a t e s t h a t d i d n o t s u s p e n d
th e in te r e s t o n
h er d e b t.
paym ent o f
M is s is s ip p i, In d ia n a , Illin o is . M ic h ig a n , L o u is ia n a ,
F l o r i d a , A r k a n s a s , M a r y l a n d , a n d P e n n s y l v a n i a — a ll t h e s e S t a t e s e i t h e r - r e p u d i
a te d ” o r su sp en d ed p a y m e n t.
But
O h io s to o d
fir m , a u d
b y m eans
o f r ig o r o u s
t a x a t i o n a n d r i g i d e c o n o m y e m e r g e d s a f e l y f r o m t h e s t o r m , w i t h t a t t e r e d s a ils i t
i s t r u e , b u t w i t h b u l l a s s o u n d a n d w a t e r t i g h t a s c o u l d b e w is h e d .
T e n y e a r s l a t e r , a n d t h e d e b t o f O h i o is s e e n t o h a v e d i m i n i s h e d t o § 1 5 , 2 1 8 , 9 3 0 .
T h i s w a s in
fr o m
th e
1 8 5 4 , th e
y e a r w h ic h
m a r k s t h e fin a l r e c o v e r y
of
d i s a s t r o u s e f f e c t s o f 1 8 4 7 , a s is e v i d e n c e d b y t h e b a n k i n g
th e c o u n t r y
ca p ita l and
d i s c o u n t l in e , b y t h e m a r k e t p r i c e s o f c o m m o d i t i e s , a n d b y t h e r e i n s t a t e m e n t
f o r e i g n c a p i t a l in f o r m e r e m p l o y m e n t s a n d e n t e r p r i s e s .
of
A t t h i s t i m e t h e v a lu a
t i o n o f t a x a b l e p r o p e r t y i n O h i o , in p r o p o r t i o n t o h e r p o p u l a t i o n p e r c a p i t a , w a s
421
211
Statistics o f American States — Ohio.
1865.]
1 8 ; in o t h e r w o r d s , i t w a s e s tim a t e d t h a t e a c h in h a b it a n t o f th e S t a t e p o s
sessed an a v e r a g e o f 3 4 2 L 1 8 w o r th o f t a x a b le p r o p e r t y .
O f c o u r s e t h is is n o t
u n d e r s to o d t o b e lite r a lly tru e , b e c a u s e i f a ll th e c a p it a l a t th a t
t o c a p i t a l i s t s in o t h e r S t a t e s o f t h e U n i o n a n d in f o r e i g n
t im e b e l o n g i n g
c o u n t r i e s , w h i c h is i n
c l u d e d in t h i s e s t i m a t e , h a d b e e n t a k e n o u t o f i t , n o d o u b t b u t t h a t t h e v a l u a t i o n
o f n a t i v e t a x a b l e p r o p e r t y p e r c a p i t a in t h e S t a t e o f O h i o , w o u l d h a v e d w i n d l e d
d o w n t o a m u c h s m a lle r s u m .
B u t w h e th e r th e p r o p e r t y o f n a tiv e o r fo r e ig n e r ,
i t w a s a l i k e s u b j e c t t o t a x a t i o n , a n d t h is w a s s u f f i c i e n t f o r t h e p u r p o s e .
th is $ 4 2 1
1 8 th e in s ig n ific a n t su m
o f 1 0 i m il l s p e r d o l l a r s u ffic e d
c o u n t y , a n d l o c a l t a x a t i o a , w h i c h e m b r a c e d n o t O D ly th e
Out of
to p a y S ta te ,
b u d get o f cu rren t ex
p e n d it u r e s , b u t a g r a d u a l s in k in g o f th e e n t ir e d e b t o u t s ta n d in g .
F r o m $ 1 5 ,2 1 8 ,9 8 0 , o r $ 7
5 4 p e r h e a d , in 1 8 5 4 , t h e S t a t e d e b t r e c e d e d , u n d e r
g o o d m a n a g e m e n t, t o $ 1 4 ,0 1 6 ,4 4 6 , o r $ 6
4 5 p e r h e a d , in
1 85 6 , and
in
t h e fa c e
o f t h e p a n i c o f 1 8 3 7 , f e ll b y t h e e n d o f t h a t y e a r t o $ 1 3 , 9 8 5 , 7 8 6 , o r $ 6
bead.
I n 1 8 6 0 it w a s $ 1 4 ,2 5 0 ,2 3 3 , o r $ 6
T h i s b r i n g s u s t o t h e c o m m e n c e m e n t o f h o s t i l i t i e s in t h e S o u t h .
w ill t h e r e fo r e b e p r e p a r e d
to
fin d
e a c h s u c c e s s iv e y e a r o f th e w a r .
th e
35
per
07 per head.
debt
T h e rea d er
o f O h i o e n o r m o u s l y in c r e a s e w i t h
S h e w a s o n e o f t h e fir s t o f t h e S t a t e s t o a n s w e r
t h e n a t i o n a l c a l l t o a r m s , a n d s h e s t i n t e d n e i t h e r m e n n o r m o n e y t o s u p p o r t th e
G o v e r n m e n t u n til th e v e r y e n d o f th e s t r u g g le w a s r e a c h e d , a n d
t h o r it y fu lly r e in s ta te d a ll o v e r th e c o u n t r y .
crease o f
d e b t s in c e 1 8 6 1 , i t w i l l
be
But
fo u n d t o
th e v a lu a tio n
1 8 5 6 it
m o r e r ig id
s y s te m
94, and
m a in ta in e d
in
5 4 p er head.
is w e ll w o r t h y o f c l o s e r i n s p e c t i o n .
o f ta x a b le p r o p e r ty t o p o p u la tio n
w as $377
th e F e d e r a l a u
o f p e r c e iv in g an
h a v e a c t u a lly d e cre a s e d , s o th a t
la s t y e a r i t a m o u n te d t o b n t $ 1 3 ,5 0 0 ,7 5 1 , o r $ 5
T h i s t r i u m p h o f f i n a n c i a l s k il l
in s t e a d
p e r c a p ita w a s $ 4 2 1
t h i s a v e r a g e u n t il
o f assessm en t, it ro s e t o $ 4 1 3
50.
In 1 85 4
18.
In
1 8 6 4 , w hen, u n der a
U p o n th ese a m ou n ts 1 0 J
m il l s p e r d o l l a r w a s l e v i e d in t a x e s in 1 8 5 4 ; 1 1 6 1 0 in 1 8 5 8 ; 1 3 6 - 1 0 0 in 1 8 6 1 ,
1 1 4 - 1 0 in 1 8 6 2 ; a n d 1 6 4 8 - 1 0 0 in 1 8 6 4 ; s o t h a t t h e t a x o n c a p i t a l is
h a v e b e e n , w ith lit t le e x c e p t io n , c o n s t a n t ly in c r e a s e d .
th e ta x p er c a p ita .
S ta te w as $ 4
fe ll t o $ 4
31.
seeu
to
T h e s a m e r e s u lt a t t e n d e d
I n 1 8 5 4 th e t o t a l y e a r ly t a x p a id b y e a c h in h a b ita n t o f th e
T h i s f e ll t o $ 3
69
in 1 8 5 6 , a n d r o s e t o $ 4
2 5 in 1 8 6 2 , a n d in 1 8 6 4 h a d a g a i n r is e n t o $ 6
84.
9 3 in 1 8 6 1 .
It
U n d e r th is tre a t
m e n t n o t o n l y h a s t h e t o t a l a m o u n t o f in d e b t e d n e s s s t e a d i ly fa lle n , b u t t h e p r o
p o r t i o n o f d e b t t o p o p u l a t i o n h a s fa lle n a l s o .
a n d in 1 8 6 4 b u t $ 5
a s h e d i d la s t , a n d t h e t a x p e r h e a d
d ocs n ot exceed $ 1
In
1854
it w a s $ 7
5 4 p er head,
5 4 p er h ead, so th a t if ea ch p erson p a ys as m u ch
3 0 , th e w h o le d e b t c a n
o f th e fis c a l y e a r 1 8 6 5 .
t h is y e a r
t o c o v e r e x p e n d it u r e s o f th e c u r r e n t y e a r
b e e x t in g u is h e d
b y th e t e r m in a t io n
T h e p r e s e n t p o p u la t io n o f O h io b e in g a b o u t 2 ,5 0 0 ,0 0 0
t h is a m o u n ts t o s a y i n g : i f th e S t a t e e x p e n d it u r e s o f th e c u r r e n t y e a r d o n o t e x
c e e d t h e s u m o f 1 3 , 2 5 0 , 0 0 0 , a n d h e r p e o p l e p a y a s m u c h p e r c a p i t a in t h e f o r m o f
t a x a t i o n a s t h e y d i d la s t y e a r , t h a t t h e e n t i r e S t a t e i n d e b t e d n e s s o f $ 1 3 , 5 0 0 , 7 5 1
w i l l b e p a id o f f a n d e x t i n g u i s h e d .
O f c o u r s e , in v i e w o f t h e e x t r a h e a v y b u r d e n s w h i c h h e r p e o p l e a r e n o w c a l l e d
u p o n t o s h o u ld e r in o r d e r t h a t th e F e d e r a l
debt
m a y b e c a r r i e d , i t is n o t t o b e
a p p r e h e n d e d th a t th e fin a n c ie r s o f th e S t a t e g o v e r n m e n t o f O h io w ill p u t t h e m
VOL. L it .---- NO. III.
13
Statistics o f American States— Ohio.
2 18
[September,
t o th is g r e a t ta s k w it h o u t b e t t e r re a s o n f o r it th a n t h e m e re s a t is fa c t io n o f b a l
a n c i n g h e r b o o k s a f e w y e a r s in a d v a n c e o f t h e a p p o i n t e d t im e ; b u t t h e h y p o
t h e s is is e n t e r t a in e d in o r d e r t o s h o w i n t h e s t r o n g e s t p o s s i b l e l i g h t t h e e x t r a o r
d i n a r y r e s o u r c e s o f t h e B u c k e y e S t a t e in w e a l t h a n d y i e l d o f t a x e s , t h a t c a p i t a l
i s t s s h o u l d n o t f a il t o b e a r t h e m in m in d w h e n o p p o r t u n i t i e s o f f e r f o r in v e s t m e n t s
in O h io .
H a d th e F e d e r a l G o v e r n m e n t fo llo w e d
t h e e x a m p l e o f O h i o in t h e m a n a g e
m e n t o f its d e b t , n o t o n ly w o u ld it s s u m t o t a l h a v e b e e n a t t h is d a y b u t a
m ere
v u lg a r fr a c t io n o f w h a t it is , b u t m u ch o f th e p o p u la r d is s a t is fa c t io n w h ic h n o w
p re v a ils u p o n
t h is h e a d
m ig h t h a v e b e e n
p rev en ted .
W h i l e th e p e o p le w o u ld
h a v e b e e n c a l l e d u p o n t o p a y b u t a s m a ll y e a r l y a d d i t i o n
in t h e a g g r e g a t e w o u ld h a v e b e e n s a v e d .
p e r c a p ita , v a s t su m s
T h e e x p e n d it u r e s o f th e g e n e r a l g o v
e rn m e n t s in c e th e b e g in n in g o f th e w a r h a v e b e e n a s f o llo w s :
Fiecal Year.
Amount.
Fiscal Year.
Am ount,
1 8 6 2 .......... A c t u a l ............... $ $4 7 4 ,1 4 4 ,1 7 8 I 1 8 6 4 .............. E s t i m a t e d ............... $ 8 6 5 ,2 3 4 ,0 8 7
1 8 6 3 .........
“
.............
714 ,70 9 ,9 9 5 | 1 8 6 5 ..........
“
.............
8 9 5 ,72 9 ,1 3 5
T h is in c lu d e s $ 1 4 5 ,0 0 0 ,0 0 0 f o r in t e r e s t.
a s s u m in g
th a t
th e
p o p u la tio n
of
th e
T h e ta x e s r a is e d d u r in g th e s e y e a r s ,
lo y a l
S ta te s
r e m a in e d
s ta t io n a r y
at
2 0 ,0 0 0 ,0 0 0 , w a s as fo llo w s :
Tear.
1862
1863
1864
1865
Total Taxe9,
$51 ,93 5 ,7 2 0
111,399,760
260,63 2 ,7 1 7
344 ,51 2 ,8 8 9
.....................................................
.....................................................
....................................................
....................................................
a ctu a l
“
e s tim a te d
“
T axes per capita.
$2 69
5 56
13 03
17 22
B u t th e tr u t h is t h a t t h e e s tim a te s fo r 1 8 6 4 a n d ’ 6 5 a r e m u c h a b o v e th e m a r k .
T h e t a x e s o f t h e fis c a l y e a r j u s t c l o s e d
do
n o t m u ch e x c e e d $ 2 0 0 ,0 0 0 ,0 0 0 , w h ile
th o s e o f th e c u r r e n t y e a r m a y n o t b e m u ch g r e a te r .
A n d a g a in , th e p o p u la t io n
has in c r e a s e d , n o t o n l y in t h e l o y a l S t a t e s , b u t b y t h e a c c r e t i o n t h is y e a r o f t h e
e n tir e
p o p u la tio n
o f th e
S ou th .
To
sta te th e
a ctu a l tru th th en , th e ta x p e r
c a p i t a w h i c h h a s b e e n r a is e d , a n d w h i c h w i l l b e r a is e d t h i s y e a r b y t h e F e d e r a l
G o v e r n m e n t , is a s fo llo w s :
Tear.
1 8 6 2 ..............................................................
1 8 6 3 ..............................................................
1 8 6 4 . . . . ......................................................
1 8 6 5 ..................................................................
Population.
20 , 000,000 L o y a l
2 0,0 0 0 ,0 0 0
2 1,0 0 0 ,0 0 0
3 3,0 90 ,0 0 0 A ll
T ax per capita.
S ta tes o n ly $ 2 59 a ctual
“
“
5 43
“
“
10 0 0 estim ’d
“
“
6 66
“
N o w , i f t h i s t a x a t i o n b a d b e e n t h e s a m e i n t h e o t h e r y e a r s a s i t w a s in 1 8 6 4 ,
o r t e n d o l la r s p e r c a p i t a , t h e r e s u l t w o u l d h a v e b e e n t h a t a t t h e t e r m i n a t i o n
of
t h e c u r r e n t fis c a l y e a r , o u r d e b t w o u ld n o t m u c h e x c e e d $ 2 , 0 0 0 , 0 0 0 , 0 0 0 , a n d h a d
i t b e e n t w e n t y d o lla r s p e r c a p it a th e d e b t w o u ld s c a r c e ly e x c e e d
— p erh a p s, if
th e w a s te a n d
extra v a g a n ce
b e ta k en
1 ,2 0 0 ,0 0 0 ,0 0 0 ,
in to a c c o u n t, n o t even
so
m u ch .
“ P a y as y o u g o ”
has
a lw a y s
been
fo u n d
c h a n t , a n d a s O h i o h a s t a u g h t u s , i t is t h e
to
b e th e b e st m o tt o fo r th e m er
best
a l s o f o r t h e fi n a n c i e r ; a n d t h e
s u r p r i s i n g r e s u lt s o f t h i s e x c e l l e n t p o l i c y c a n b e n o b e t t e r i l lu s t r a t e d t h a n b y t h e
t a b l e s p r e s e n t e d t o t h e r e a d e r in t h e f o r e g o i n g s t a t i s t i c a l e x p o s i t i o n .
1865.]
2 19
The Law o f Shipping.
COMMERCIAL
LAW-NO.
2 5.
THE LAW OF SHIPPING.
(C o n t in u e d f r o m
p a g e 1 3 3 , v o l . 5 8 .)
SALVAGE.
I n the Law of Shipping and the usage o f merchants, the word “ sal
vage” lias two quite different meanings. If a ship or cargo meets with
disaster, and the larger part is destroyed or lost, and a part be saved, that
which is saved is called the “ salvage.” Thus, if a ship be wrecked, and
sold where she lies, because she cannot be got off, her materials, wood
and metal, her spars, sails, cordage, boats, and everything else about her
which has any value, constitute the “ salvage.” And all o f this, or the
proceeds of it if it be sold by the master, belong to the owner or to the
insurer, accordingly as circumstances may indicate; and this question
will be considered in the chapter on the Law of Insurance.
Besides this, which is the primary meaning of the word, salvage has
quite another signification. By an ancient and universal law, maritime
property which has sustained maritime disaster, and is in danger o f per
ishing, may be saved by any persons who can save it, whether they are or
are not requested to do so by the owner or his agent. And the persons
so saving it acquire a right to compensation, and a lien or claim on the
property saved for compensation. The persons saving the property are
called “ salvors;” the amount paid to them is paid for saving the prop
erty, or, as it was called, for the “ salvage,” meaning at first by this
word the act of saving it; but the habit of paying so much “ for salvage”
led to understanding by “ salvage” the money paid. Then it was said,
the money was paid as salvage. This is now the more common use of the
word. Thus, a party bringing a saved vessel in demands “ salvage,” and
estimates the salvage as so m uch; and the owners are said to loose so
much by salvage, or so much money is charged to salvage, and insurers
are said to be liable for salvage, meaning in all these and similar cases
the amount paid for saving, or for the act of salvage.
This law is not only applicable to all maritime property, but is con
fined to that; and is wholly unknown in reference to property saved from
destruction on land. Judge Story, in one o f his works, intimates that he
who finds and restores valuable property on land should be entitled to
compensation for his labor or risk. Morally, this may be so; but no such
claim was ever allowed in England or in this country, unless on a promise
(expressed or implied by a request for the service) by the owner.
Because this principle is wholly and exclusively maritime, no court but
that of Admirality acknowledges and enforces it. The way in which it is
enforced is this. We have already said that salvors have a lien on the prop
erty saved for their compensation ; that is, they have possession of it, and
have a right to keep possession o f it until their claim be satisfied. For
this purpose they bring it into the nearest port, and then make their claim
of the owner or his agent, if they can find him, and he is within reach.
If lie cannot be found, or if he refuses what they think proper to demand,
they employ counsel who are acquainted with the practice in Admiralty
courts, who present to the court in the district where the property is a
220
The Law o f Shipping.
[September,
libel, as it is called in admiralty law, setting forth the facts, and the de
mand for salvage. Thereupon the court takes possession of the property,
and orders notice to the owners, if possible. The owners thereupon ap
pear, and either resist all the demand for salvage, on the ground that no
services were performed which entitled the party to salvage, or, admitting
the service, they go to trial to determine whether any salvage, and, if so,
how much, shall be paid. On this question evidence and argument are
heard, and the court then issues such decree as the case seems to require.
Although services were rendered to the ship or cargo, or both, it does
not follow that they were salvage services in the legal sense of the word.
For certainly every person who helps another at sea does not thereby ac
quire a right to take possession o f the property in reference to which his
assistance was given, and carry it into port. To give this right, the prop
erty, whether ship or cargo, must have been, in the proper and rational
sense of the term, saved ; that is, there must have been actual disaster
and impending danger o f destruction; and from this danger the property
must have been rescued by the exertions of the salvors, either alone, or
working together with the original crew.
It is to be noticed, however, that neither the master, nor officers, nor
sailors of the ship that is saved can be salvors or entitled to salvage. The
policy of the law-tnerehant forbids the holding out such a reward for
merely doing their duty. It considers that sailors might be induced to
let the vessel get into danger, if they could expect a special reward for
getting her out of it. They are already bound by law to do all they pos
sibly can do to save the ship and cargo under all circumstances. But
courts of Admiralty have sometimes allowed gratuities to seamen, for ex
traordinary exertions and very meritorious conduct. A passenger may
be a salvor of the ship he sails in, because he has no special duty in re
gard to it.
If the court of Admiralty find it to be a case for salvage, there are no
positive and certain rules which determine how much shall be given, or in
what proportions to the different salvors. In every case the court are
governed by the circumstances of that case. It is, however, quite gener
ally agreed that if a ship or cargo be entirely abandoned at sea, or, in
maritime phrase, derelict, those who find it and take possession of it, and
bring it in, take one half o f the property saved, for salvage. More than
this is very seldom given ; but this has been done in a few extraordinary
cases.
If the property may not be entirely derelict or deserted, and all hope
of recovering it by the original crew given up, then less than half is given
by way of salvage. How much less depends on the circumstances. It
may be very little, or nearly half. The court inquire how much time was
lost by the salvors, how much labor the saving of the property required,
and, most of all, how much exposure the salvors underwent, or how much
danger they incurred. For it is an established rule, that, in addition to a
fair compensation for time, labor, and loss of insurance (for which see the
chapter on Insurance), the court will give a further sum by way o f re
ward, and for the purpose o f encouraging others to make similar exertions
and incur similar perils to save valuable property. And in this point of
view, all necessary exposure and danger are considered as entitled to
liberal reward.
1865.]
The Law o f Shipping.
221
If the court have not restored the property to its owners on their giving
bonds, with sureties, to pay the salvage and costs, they order the property
sold ; and they may do either of these things at any period of the pro
ceedings. A t the close, they decree the whole amount of salvage, and
also direct particularly its distribution.
A large part, usually about one fourth of the whole salvage, is allowed
to the owners of the saving ship or ships; another large part to her mas
ter, less parts to the officers in proportion to their rank, and the residue is
divided among the crew, with such discrimination between one and ano
ther as greater or less exertions or merit require.
The trial is had, and the whole decree and this distribution of the sal
vage made, by the court alone, without a jury. But the statute of the
United States, which gives our courts of Admiralty (which are exclusively
United States courts, no State court having any Admiralty power) juris
diction in Admiralty over our inland lakes and rivers, provides that dis
puted facts shall be tried by a jury, in most cases, at the request of
either party.
THE
N AVIGATION OF THE SH IP.
1. O f the Powers and Duties o f the Master.— The master has the
whole care and supreme command of his vessel, and his duties are co
equal with his authority. He must see to everything that res[ects her
condition ; including her repair, supply, loading, navigation, and unload
ing. He is principally the agent of the owner; but is, to a certain ex
tent, the agent of the shipper, and of the insurer, and of all who are in
terested in the property under his charge.
Much of his authority as agent of the owner springs from necessity.
He may even sell the ship, in a case o f extreme necessity; so he may
make a bottomry bond which shall pledge her for a debt; so he may
charter her for a voyage or a term of tim e; so he may raise money for
repairs, or incur a debt therefor, and make his owners liable. All these,
however, he can do only from necessity. If the owner be present, in per
son or bv his agent, or is within easy access, the master has no power to
do any of these things unless specially authorized.
If he does them in the home port, the owner is liable only where by
some act or words he ratifies or adopts the act o f his master. If in a for
eign port, even if the owner were there, he may be liable, on his master’s
contracts of this kind, to those who neither knew nor had the means of
knowing that the master’s power was superseded or qualified bv the pres
ence of the owner. The master being by the law merchant the general
agent of the owner of the ship, no one dealing with him can be prejudiced
by any private or secret limitations to his authority by the owner.
Beyond the ordinary extent of his power, which is limited to the care
and navigation of the ship, he can go, as we have said, only from necessity.
But this necessity must be greater to justify some acts than for others.
Thus, he can sed the ship only in a case of extreme and urgent necessity;
that is, only wheu it seems in all reason impossible to save her, and a sale
is the only way of preserving for the owners or insurers any part of her
value. W e say “ seems;” for ifsuch is the appearance at the time, when
all existing circumstances are carefully considered and weighed, the saie
is not void for want o f authority, if some accident, or cause which could
222
The Law o f Shipping.
[September,
not be anticipated, as a sudden change in the wind or sea, enables the
purchaser to save her easily. Several such cases have occurred.
So, to justify him in pledging her by bottomry, there must be a strin
gent and sufficient necessity; but it may be far less than is required to
authorize a sale. It is enough if the money is really needed for the
safety of the ship, and cannot otherwise be raised, or not without great
waste.
So, to charter the ship, there must be a sufficient necessity, unless the
master has express power to do this. But the necessity for this act may
be only a mercantile necessity ; or, in other words, a certain and consid
erable mercantile expediency.
So, to bind the owners to expense for repairs or supplies, there must
also be a necessity for them. But here it is sufficient if the repairs or sup
plies are such as the condition of the vessel, and the safe and comfortable
prosecution of the voyage, render proper. Where the master borrows
money, and the lender sues the owner, great stress is sometimes laid upon
the question whether the captain was obliged to pay the money down.
But we do not see in principle any great difference between incurring a
debt for service or materials which the owner must pay, or incurring the
same debt for money borrowed and applied to pay for the service or ma
terials.
So the master— unlike other agents who have generally no power of
delegation— may substitute another for himself, to discharge all his du
ties, and possess all his authority, if he is unable to discharge his own
duties, because, in that case, the safety of the ship and property calls for
this substitution.
Generally, the master has nothing to do with the cargo between the
lading and the delivery. But, if the necessity arises, he may sell the cargo
or a part of it, at an intermediate port, if he cannot carry it on or trans
mit it, and it must perish before lie can receive specific orders. So he
may sell it, or a part, or pledge (or hypothecate) it, by means of a respon
dentia bond, in order to raise money for the common benefit. A bond of
respondentia is much the same thing as to the cargo, that a bottomry
bond is as to the ship. Money is borrowed by it, at maritime interest, on
maritime risk, the debt to be discharged by a loss of the goods. But it
can be made by the master only on even a stronger necessity than that
required for bottomry; only when he can raise no money by bills on the
ow ner, nor by a bottomry of the ship, nor by any other use of the prop
erty or credit of the owner. Indeed, it seems that, when goods are sold
by the master to repair the vessel, it is to be considered as in the nature
of a forced loan, for which the ow ner o f the vessel is liable to the shipper,
whether the vessel arrive or not.
The general remark may be made that a master has no ordinary power,
and can hardly derive any extraordinary power even from any necessity,
except for those things which are fairly within the scope of his business
as master, and during his employment as master. Beyond this, he has no
agency or authority that is not expressly given him.
The master has a lien on the freight money for his disbursements and
charges for the owner. The extent o f this lien is not quite certain on
the authorities. But in this country, we think, it secures the whole
amount due to him, for wages, primage, (which is a certain small charge
1865.]
The Law o f Shipping.
223
or commission customarily allowed him,) or disbursements. And that
he may hold the cargo even from the consignor or shipper, untill his lien
is discharged.
The owner is liable also for the wrong-doings of the master; but, we
think, with the limitation which belongs generally to the liability of a
principal for the torts o f his agent, or of a master for the torts of his ser
vant. That is, he is liable for an injury done by the master, while act
ing as the master o f his ship. But not for the wrongful acts which he
may do personally, when he is not acting in his capacity o f master, al
though he holds the office at the time. Thus, if, through want of skill or
care, while navigating the ship, he runs another down, the owner is liable
tor the collision. But not if the master, when on shore, or even on his
own deck, quarrels with a man, and beats him. Nor is the owner liable
if the master embezzles goods which he takes on board to fill his own
privilege, he to have all the freight and profit. Nor for injury to, or em
bezzlement of, goods put clandestinely on board, when the owner is on
board and attending to the lading o f the ship, and the shipper of the
goods knows this, or has notice enough to put him on his guard.
2. O f Collision.— The general rule in this country, in respect to colli
sion, is, that if both parties be equally in fault, the loss is apportioned be
tween them; if neither party be in fault, the loss rests where it falls ;
but if the fault be wholly or substantially, on the one side, the other can
recover full compensation. There are certain rules in regard to sailing,
founded on the principle that the ship which can change its course, to
avoid collision, with least inconvenience, must do s o ; and therefore, that
the ship that has a fair or leading wind shall give way to one on a wind,
or go under her stern ; and it is said that, if vessels are approaching each
other, both having the wind on the beam, or so far free that either may
change its course in either direction, the vessel on the larboard tack must
give way, and each pass to the right. The same rule governs vessels sail
ing on the wind, and approaching each other, when it is doubtful which
is to the windward. But if the vessel on the larboard tack is so far to
windward that, if both persist on their course, the other will strike her on
the lee side, abaft the beam, or near the stern, in that case the vessel on the
starboard tack should give way, as she can do so with greater facility and
less loss of time and distance, than the other. Again, when vessels are
crossing each other in opposite directions, and there is the least doubt of
their going clear, the vessel on the starboard tack should persevere on
her course, while that on the larboard tack should bear up, or keep away
before the wind.
It is also held that steam-vessels are regarded in the light of vessels
navigating with a fair wind, and are always under obligations to do what
ever a sailing vessel going free or with a fair wind should be required to
do under similar circumstances. Their obligation extends still further,
because they possess a power to avoid the collision not belonging to sail
ing vessels, even with a free wind, the master having the steamer under
his command, both by altering the helm and by stopping or reversing the
engines.
224
[September,
Commercial Chronicle and Review.
COMMERCIAL CHRONICLE AND REVIEW.
A Qniet Month—The W heat Crop Falling Off—T ax Law s—Cotton Movements—Estimates
o f Supply—Failure o f the Atlantic Cable—Enormous Frauds and Defalcations in Wall street—
Market Rates for Money—Prices o f Merchandise—Import. Tables o f Dry Goods—Total Foreign
Im ports since 1st January—Great felling off o f same—Result o f our Tax System—Statistics
o f Specie—Course o f Exchange—Prices o f Government Bonds and o f Gold—Railway Shares
—N o Orders—Markets but little changed and tending to equalization.
E ach successive month is now more and more devoid o f those stirring events
that characterized the history o f commercial affairs during the war.
cial activity is more equalized.
Commer
It is less spasmodic in its modes o f manifesta
tions. But it is not lessened ; for in the place o f the quick local market ven
tures which, during the war, attracted the admiration and absorbed the atten
tion and efforts o f our commercial world, we have the slower but infinitely more
extensive, though less attractive, operations o f a legitimate foreign commerce
and domestic traffic.
A u g u s t has p assed
a w a y w ith o u t a
t h e la te p r o c la m a t io n o f P r e s id e n t
s in g le
J ohnson
m ilit a r y o r p o lit ic a l e v e n t, e x c e p t
a llo w in g a rm s t o
be
im p o r te d
in to
th e S o u t h , an e v e n t o f n o c o m m e r c ia l im p o r ta n c e w h a te v e r .
T h e c r o p s , t h a t e l e m e u t o f t h e c o u n t r y ’s m a t e r ia l p r o s p e r i t y , w h ic h i s s e c o n d
in
i m p o r t a n c e o u l y t o t h e m a in t e n a n c e o f i t s f o r e i g n c o m m e r c e , a r e r e p o r t e d
to
b e g o o d in q u a l i t y t h i s y e a r a n d p l e n t if u l in q u a n t i t y , t h o u g h t h e r e t u r n s , a s e s t i
m a te d b y th e C o m m is s io n e r o f th e D e p a r t m e n t o f A g r i c u l t u r e , o n th e 1 s t o f A u
g u s t , s h o w a f a l l i n g o f f in o n e c r o p , t h a t o f w h e a t , a s c o m p a r e d w i t h la s t y e a r ’ s ,
of
2 6 , 2 4 1 , 6 9 8 b u s h e ls , o r o n e s i x t h o f t h e w h o l e , e. g . :
C rop o f 1864, (b u s h e ls ).................................. ..........................
E stim a te for 1665, (b u s h e ls )...................................................
1 6 0,695,823
1 3 4 ,4 5 4 ,1 2 5
D e c r e a s e ...................................................................................
26,241,698
O f th is a m o u n t o f d e c r e a s e ,
2 3 ,8 6 4 ,7 4 4
b u s h e ls a r e im p u te d t o th e W e s t e r n
an d N o r t h w e s t e r n S ta te s.
T h is b y n o m ean s a tg u e s an in fe r io r c a p a c it y o f p r o d u c tiv e n e s s .
I t m a y s im
p l y m e a n t h a t a n u n w i s e s y s t e m o f s p a s m o d i c l e g i s la t i o n h a s c a u s e d a l a r g e p o r
t i o n o t t h e p o p u l a t i o n t o a b a n d o n a g r i c u l t u r a l p u r s u it s , a n d t u r n t h e i r a t t e n t i o n
t o th e e x o t i c in d u s tr ie s
b rou g h t
in to
e x is te n c e b y fo r m s o f t a x e s , w h ic h
n o t y e t fo u n d t h e i r p o i n t o f e q u a l iz a t io n .
T h e s t a t is t ic s o f
next
year
have
w ill u n
d o u b t e d l y s h o w a n o p p o s i t e s w i n g o f t h e p e n d u l u m , u n le s s , i n d e e d , m o r e c h a n g e s
a r e c r e a t e d b y th e le g is la t io n o f th e in c o m in g C o n g r e s s — fo r w h ic h , i f
m a d e in
t h e r i g h t d i r e c t i o n , w e m u s t s a y t h e r e is p l e n t y o f r o o m .
T h e s t r i k i n g m o v e m e n t s o f c o t t o n b e g i n t o a w a k e n u n iv e r s a l a t t e n t i o n .
S u ch
a n u n u s u a l q u a n t i t y o f t h e s t a p l e is m a k i n g i t s a p p e a r a n c e in t h e g r e a t m a r k e t s
o f N e w O r le a n s , N e w Y o r k
and
M o b ile , th a t s tr o n g
fe a r s a r e e n t e r t a in e d
of
a s e v e r e fa ll in p r i c e s .
B e fo r e
the
p r o m u lg a tio n o f P re s id e n t
J ohnson’ s
o r d e r in J u n e la s t , a b r o g a t
i n g a ll fe e s a n d r e s t i i c t i o n s a t t a c h e d b y m i l i t a r y o r d e r t o
t h e r e m o v a l , s a le a n d
e x p o r t a t io n o f c o t t o n , th e p r ic e o f th e s ta p le w a s a b o u t 5 a c e n ts .
I m m e d ia te ly
1 860.
2 25
Commercial Chronicle and Review.
]
a f t e r i t fe ll t o 4 5 c e n t s , w h i c h fig u r e i t s t i l l m a in t a in s , t h o u g h
t o 4 0 ce n ts .
T h e p o s i t i o n o f a ffa ir s is t h is :
1 ,5 1 1 0 ,0 0 0 b a l e s , m o r e o r le s s .
a t o n e t im e i t fe ll
T h e crop o f 1864
is e s t i m a t e d
W e r e g a r d t h is a s p r e t t y c o r r e c t .
th e c r o p s o f 1 8 6 3 ,1 8 6 2 and 1 8 6 1 ?
T h e crop o f 1860, we know
s u s , w a s 5 , 3 8 7 . 0 5 2 b a le s o f 4 0 0 p o u n d s e a c h .
fr o m
th e ce n
A t t h e r a t e o f in c r e a s e w h ic h t l m
c r o p s h o w e d o v e r th e p r e v io u s on es, th e c r o p o f 1 8 6 1 m u st h a v e b een
b a le s .
at
B u t w h at w ere
6 ,5 0 0 ,0 0 0
T h e w a r d i d n o t b e g i n u n t il t h e s p r i n g o f t h a t y e a r , a n d b y t h a t t im e t h e
c r o p w a s p la n te d a n d g r o w in g .
I n t h e f o l l o w i n g y e a r s it is w e ll k n o w n t h a t t h e
s l a v e s , w h o h a d p r e v i o u s l y b e e n e m p l o y e d in t h e c u l t i v a t i o n
o f co tto n , w ere p u t
t o o t h e r w o r k : t o r a is in g ce r e a ls , t o m a n u fa c tu r in g , t o a r m y w o r k , e t c .
C o tto n
c u l t u r e b e g a n t o s t e a d i l y d e c l i n e , u n t il t h e c r o p in 1 8 6 4 w a s b u t 1 ,5 0 0 , 0 0 0 b a le s .
N o w , i f d u r i n g t h is t im e ( 1 8 6 1 t o 1 8 6 4 ) t h e c r o p s u c c e s s i v e l y d e c l i n e d
is u n d e n ia b le ), th e n , a c c o r d in g t o
th e la w o f
( a n d th i3
a r ith m e tr ic a l p r o g r e s s io n , th e c o t
to n c r o p d u r in g th e w a r m u s t h a v e been s o m e w h e re a b o u t as f o l l o w s :
1861,
6 ,5 0 0 .0 0 0 ;
c r o p o f 1 8 6 2 , 4 ,8 0 0 .0 0 0 ;
1 8 6 4 , 1 , 5 0 0 , 0 0 0 — m a k i n g a l t o g e t h e r 1 5 , 9 0 0 ,0 0 0 b a le s .
b y b lo c k a d g e r u n n in g , s h ip m e n ts t o
C rop o f
c r o p o f 1 8 6 3 , 3 .1 0 0 ,0 0 0 ;
M e x i c o , s h ip m e n ts
C a ir o a n d o th e r p o in t s , s m u g g lin g a cro ss th e
crop o f
A l l o w i n g f o r s h ip m e n t s
up
th e
M is s is s ip p i t o
lin e s , s e c r e t a n d c o n n i v e d a t . d o
m e s t i c c o n s u m p t i o n a t th e S o u t h , c o t t o n b u r n in g s b y b o t h N o r t h e r n e r s a n d S o u t h
e r n e r s , a n d c o t t o n s e iz u r e s b y o u r a r m ie s , t h e r e m u s t s t ill r e m a in a
c o n s id e r a b le
p o r t i o n , p e r h a p s a n e n t i r e f o u r t h o f th e s e a g g r e g a t e c r o p s h id d e n in r e m o t e p l a c e s
o r b u r i e d in u n d e r g r o u n d caches t h r o u g h o u t t h e S o u t h .
p o r t e d b y th e e x p e r ie n c e o f a
a n e n t e r p r i s i n g c o t t o n H im in L i v e r p o o l t o e x p l o r e
le a r n t h e f a c t s f o r h im s e lf.
T h i s c o n c l u s i o n is s u p
t r a v e lin g a g e n t w h o w a s r e c e n t ly d is p a t c h e d
R e g a r d le s s o f r a ilr o a d
g e n tle m a n , w it h h o r s e a n d s a d d le b a g s , w e n t o v e r
t o m u ch th e s a m e c o n c lu s io n w h ic h w e h a v e
H e s a y s t h e r e is p l e n t y o f c o t t o n
to
by
th e e n tir e c o t t o n r e g io n a n d
and ste a m b o a t
th e
a r r iv e d
ro u te s, th is
w h o le g r o u n d , a n d c a m e
at
by a
d iffe r e n t m e th o d .
b e s e e n in o u t o f t h e w a y p l a c e s , a n d a ll o f
i t a w a i t i n g f a c i l i t i e s f o r t r a n s p o r t a t i o n t o m a r k e t ; a n d h e b e l ie v e s t h a t t h e r e i s
p l e n t y m o r e s t i l l h id d e n a w a y .
B u t a b o u t t h e fu t u r e s u p p l y h e is m o r e r e t i c e n t .
A n d t h is is th e p r i n c i p a l p r o b l e m t o b e s o l v e d .
s h i p p i n g p o r t s is
e ith e r a la c k
h o ld .
over
a
q u a rter
of a
S o u t h e r n S t a t e s ; a n d , i f s o , w ill th e
crop
a c c u m u la t e d i n
W i l l a n y m o r e c o t t o n b e g r o w n in t h e
e v e r a g a in
T h e s e q u e s tio n s a r e im p o s s ib le
s p o t and ju d g in g fo r
o n e ’s s e l f ,
th e m , a r e n o t a t a ll w illin g
to
fo r th ose
to
who
have
p r o b a b le e ffe cts o f th e re m o v a l o f c o t t o n
th e
m ore
w ith o u t g o in g
done
so, and
th a n
to
a
th e
can a n s w e r
F o r ou r ow n p a rt,
d a y s o f c o t t o n c u lt iv a t io n a r e o v e r , a n d i f
w e h it th e m a r k c o n c e r n in g th e e ffe c t o f fr e e la b o r
n u m b e r , w e s h a ll h a v e a n s w e r e d
am ou nt to
answ er
p a r t w ith th e ir in fo r m a tio n .
h o w e v e r , w e b e lie v e th a t th e h a lc y o n
th e
now
T r u e , t h is o n l y s h o w s
o f s h i p p i n g f a c i l i t i e s , o r a d e t e r m in a t i o n o n t h e p a r t o f o w n e r s t o
B u t h o w l o n g w i l l t h is c o n t i n u e ?
t r iflin g o n e ?
T h e stock
m il l i o n o f b a le s .
m a in
a s c lo s e ly a s w e d id t h a t o f
r e s t r i c t i o n s , e x p r e s s e d in o u r J u l y
q u e s tio n
a3 e x p l i c i t l y a s a n y c o t t o n
s p e c u l a t o r c a n d e s ir e .
W e r e g r e t t o b e o b l i g e d t o c h r o n i c l e t h e f a il u r e o f
p r is e , a n d t h e r e t u r n o f t h e G rea t E a stern t o
th e
E n g la n d .
A tla n tic
ca b le
en ter
T h e ca b le p a rted a t a
p o i n t d i s t a n t a b o u t 6 0 0 m ile s e a s t o f N e w f o u n d l a n d , a n d a n o t h e r y e a r m u s t e l a p s e
b e fo r e th e e n te r p r is e c a n b e r e n e w e d .
226
Commercial Chronicle and Review.
[S e p te m b e r,
F r a u d s o f a v e r y e x t e n s i v e n a t u r e h a v e m a d e t h e i r a p p e a r a n c e in W a l l s t r e e t
d u r in g th e m o n t h .
K etch u m ,
Son
&
O n M o n d a y , th e 1 4 th ,
C o .,
E x c h a n g e p la c e ,
E d w a r d B . K e t c h u m , o f t h e fir m o f
abscon ded,
g e r i e s o f g o l d c e r t i f i c a t e s , o f w h ic h h e w a s t h e a u t h o r .
co v e re d th a t
in
con seq u en ce
of
fo r
I t w as s u b s e q u e n tly d is
t h e y a m o u n t e d t o $ 1 , 5 0 0 , 0 0 0 , a n d t h a t h e h a d a l s o r o b b e d h is fir m
o f s e c u r itie s t o t h e a m o u n t o f $ 2 ,5 0 0 ,0 0 0 , m a k in g
f o u r m il l i o n s o f d o l la r s , n e a r l y a ll o f w h i c h
s p e c u la tio n s .
a lto g e th e r
th e
la rg e su m
of
is s u p p o s e d t o h a v e b e e n s u n k in s t o c k
O n t h e f o l l o w i n g d a y , a s t h e r e s u lt o f t h is e x p o s u r e , K e t c h u m , S o n
& C o . m a d e a n a s s ig n m e n t, a n d G r a h a m & C o .,
pen ded p a ym en t.
w h o s u ffe r e d
S e v e r a l o t h e r s m a lle r f a il u r e s w e r e
la r g e ly b y it , su s
a n n ou n ced, b u t
th e
com
b i n e d e f f e c t o f a ll o f t h e m h a s b e e n n o t h i n g m o r e s e r io u s t h a n a t e m p o r a r y t i g h t
n e s s in m o n e y , a f a l l i n g o f f in d i s c o u n t s , a m o m e n t a r y fa ll i n s t o c k s , a n d a s l i g h t
d e p r e s s i o n in g o v e r n m e n t s a n d g o l d , f r o m a l l o f w h i c h
fu lly r e c o v e re d .
A s th is
b o ld
fra u d
th e m a r k e ts h a v e a lr e a d y
w a s a cco m p a n ie d
o f th e r o b b e r y o f th e P h e n ix B a n k , b y its
by
th e
an n ou n cem en t
a s s i s t a n t p a y i n g t e ll e r J e n k i n s , t o t h e
e x t e n t o f $ 3 0 0 , 0 0 0 , w h i c h it s e e m s a l s o f o u n l
i t s w a y i n t o th e s t o c k p o o l , a s e r i
o u s p a n i c w a s a t o n e t im e i m m i n e n t l y t h r e a t e n e d ; b u t t h e t im e f o r t h e c a t a s t r o p h y h a s n o t y e t c o m e ; a n d , i f t h e p r e s e n t s u s p e n s io n o f s p e c i e p a y m e n t s is m a i n
t a i n e d u u t il U n i t e d S t a t e s b o n d s a p p r o x i m a t e t o p a r , a n d t h e e f f e c t s o f t h e p a s t
f e w y e a r s o f a l t e r n a t e i n f l a t i o n a n d lo s s s h a ll h a v e d if f u s e d t h e m s e l v e s a m o n g a l l
cla s s e s o f th e c o m m u n it y , a n d in s e n s ib ly m a d e th e in n o c e n t t o
p a y fo r
th e p a s t
e x c e s s e s o f th e g u ilt y , it m a y n e v e r c o m e .
T h e r a t e s f o r m o n e y d u r i n g t h e m o n t h , a s t h e f o l l o w i n g t a b l e i l lu s t r a t e s , h a v e
been
te n d in g ,
on
th e w h o le , t o
g r e a te r ease, a n d
l o a n a b l e fu n d s a n d a d e c r e a s e o f c o m m e r c i a l p a p e r .
r a t io n
d em on stra te
an
in c r e a s e
of
T h i s f a c t w ill fin d c o r r o b o
in t h e t a b l e s o f b a n k d i s c o u n t s p u b l i s h e d in t h e J o u r n a l o f B a n k i n g , e t c . ,
o n p . 2 3 8 o f th is v o lu m e .
T h e t e m p o r a r y s t r i n g e n c y in lo a n s o n s t o c k
c o lla te
r a ls , o c c a s i o n e d b y t h e K e t c h u m a n d J e n k i n s f r a u d s , w i l l a l s o a p p e a r u n d e r t h e
s a m e h e a d in t h e t a b l e s o f r a t e s o f c a l l l o a n s :
D ISC O U N T
The
M AKKET
FOB
AUGU ST,
1865.
Aug. 5 to 19.
Aug, 26.
Dry Goods paper.................................................
7i @ 8
'7 @ 7 }
G rocers
“
..............................................................
B an k ers
“
..............................................................
P r o d u c e C o m m i s s i o n .........................................................
7 }@ 8
7 @
9 @ 12
7(a) 7 $
6 @ 618@ 10
fo llo w in g
c o m p a r a t iv e t a b le o f th e p r ic e s o f s e v e r a l le a d in g a r t ic le s o f
g e n e r a l m e r c h a n d is e w ill e x h ib it th e p r e s e n t s ta t e o f th e m a r k e t s :
A sh es, p ots, 1st s o r t ..................
C offee, ltio, p i i m e ......................
C otton . N. O , m i d .....................
F lo u r, S ta te, s u p e r fin e ............
H a y , N. R . s h ip p in g ...................
F a ils , c u t ........................................
P etroleu m , cru d e 4 0 @ 4 7 g ra v .
P o rk , p rim e m ess, n e w ............
T o b a c c o , K e n tu c k y l u g s ..........
L ea th er, oa k (S I.) lig h t ............
L u m b e r, sp ru ce, E a stern ..........
C orn , w h ite S o u th e rn ................
W h e a t, w h ite G en esee ............
S h eetin g s , b row n , s t a n d a r d .. .
June 23
$7 37 i @ '7 62-J
22
■■ @
.. @
46
5 20 @ 5 60
95 @ 1 00
5 0 0 @ 5 25
35£
34
•.
18 5 0 @
9
6 @
30 @
32
14 @
18
86 @
95
1 75 @ 1 90
28 @
30
July !28.
@ 7 50
22 @
48
@
6 20 @ 6 70
1 00 @ 1 05
5 00 as
84 @
35
26 00 @ 2 7 00
6 @
9
33 as
36
18 @
20
nnmiinal.
1 85 @ 2 15
32 @
33
Aug. 26.
7 50 @ 11 6 2 }
21 as
21}
45
as
6 70 as iI 40
85
80 as
5 60 @
. .
32
8 1 }@
31 50 @ 3 2 00
..
7 @
38
34 as
22
18 as
1 10 as 1 12
2 16 as ■2 20
30 as
39
227
Commercial Chronicle and Review.
I 8 6 0 .]
F r o m w h i c h i t w i l l b e s e e n t h a t w i t h t h e e x c e p t i o n o f a h e a v y f a ll in h a y , a n d
a
s p e c u l a t i v e a d v a n c e in p o r k , t h e o t h e r c h a n g e s h a v e b e e n l i g h t , t h e g e n e r a l
p r ic e s , h o w e v e r , t e n d in g u p w a r d s , d o u b t le s s , b y re a s o n o f th e in c r e a s e d v ig ila n c e
o f ta x c o lle c to r s .
T h e fo llo w in g t a b le s h o w s th e im p o r t o f d r y g o o d s
at
th is p o r t fo r th e p a s t
m on th :
VALUE OF D R Y GOODS ENTERED FOR CONSUMPTION IN AUGUST
1865.
1S 64.
Aug.
((
“
((
1865.
$ 2 .7 3 4 ,1 9 6
3 ............................................
1 0 ......................................
2 ,3 2 4 ,2 4 8
1 7 .......................................
2 ,2 5 8 ,4 4 8
1 ,7 1 4 ,7 5 9
2 4 .......................................
it
3 1 ....................................... ....................................................................
2 ,4 8 0 ,1 0 1
7 9 4 ,2 7 9
T o ta l. . .
$ 1 1 ,5 1 1 ,7 5 2
W IT H D R A W N
FROM
W AREH O U SE.
1865.
1864.
Aug.
3 .........................................
$ 7 3 4 ,5 7 9
1 0 ...................................
it
tt
M
5 2 7 ,2 7 5
1 7 ..................................
6 3 3 ,3 6 4
2 4 ...................................
5 5 5 .4 3 6
6 3 6 ,4 1 8
3 1 ................................... ..
Total
$ 2 ,9 8 9 ,0 7 2
. . . . . . . . .
ENTERED
FOR
W A R E H O U S IN G .
1865.
1864.
Aug.
“
“
It
“
3 ..................................... .......................................................................
$ 3 6 5 ,1 5 2
$ 1 ,8 4 6 ,8 2 4
1 0 .....................................
6 6 1 ,5 0 7
1 7 ..........................................
3 7 4 ,2 5 6
2 4 .................................. .. ......................................................................
4 6 6 ,0 3 0
2 9 6 ,2 3 5
81...........................................................................
672,080
858,310
Total entered for consumption.......................
Add withdrawn from warehouse...................
$1,950,460
1865.
$11,511,572
2,987,072
Total thrown on the market...................
Total entered for warehousing.......................
A dd entered for consumption......................... .
$14,498,644
$1,950,460
11,511,572
Total.................................................. ...
1864.
Total entered at the port....................... ____
C ommerce
of
N ew Y
ork for
$13,462,032
$11,624,800
S f.yen M onths —
W e t a k e f r o m t h e Juurnal
o f C om m erce i t s s u m m a r y o f t h e t r a d e o f t h is p o r t t h e p a s t s e v e n m o n t h s .
The
i m p o r t s f o r J u l y s h o w a n i n c r e a s e u p o n a n y f o r m e r m o n t h o f t h is y e a r , b u t a r e
n o t e q u a l t o t h e t o t a l f o r t h e c o r r e s p o n d i n g m o n t h o f la s t y e a r .
f a l l i n g o f f in t h e m a r k e t p r i c e o f g o l d a n d
O w in g to th e
th e d e m a n d fo r m e r c h a n d is e , a m u c h
la r g e r p o r t io n o f th e g o o d s h a v e b een e n te re d d ir e c t ly fo r c o n s u m p t io n , a n d th e
s t o c k in b o n d h a s b e e n d i m i n i s h e d .
T h e f o l l o w i n g is a
co m p a r a tiv e su m m a ry :
FOREIGN IMPORTS AT NEW YO RK FOR THE MONTH OF JULY,
1863.
Entered for consumption...........................
do
warehousing..........................
Free goods.....................................................
Speeie and bullion........................................
Total entered at port........
W ithdrawn from warehouse
$9,080,210
6,067,342
683,880
182,245
$16,003,677
4,227,265
1864.
96,882.928
14,954,636
917,684
128,052
$22,383,299
3,386,873
1865.
$10,175,820
7,846,947
886,431
253,640
$19,161,838
8,612,411
228
[September,
Commercial Chronicle and Review.
T h e t o t a l la n d e d in J u l y , 1 8 6 2 . w a s $ 2 0 , 3 5 3 , 2 0 2 , s o t h a t t h e J u l y i m p o r t a t i o n
t h is y e a r c a n n o t b e c a lle d a n
e x tia v a g a n t
b u s in e s s .
T h e im p o r ts
o f t h is
port
s in c e J a n . 1 st a r e n e a r ly 6 0 ,0 0 0 ,0 0 0 b e lo w th e c o r r e s p o n d in g t o t a l fo r la s t y e a r ,
a d e c r e a s e w h i c h m a y w e ll
a ttra ct
a tte n tio n .
W e
annex
a
c o m p a r a tiv e
sum
m a r y , w h ic h i n c l u d e s t h e b u s in e s s o f s e v e n m o n t h s in e a c h o f t h e y e a r s n a m e d :
F O R E IG N
IM P O R T S
AT N E W
YORK
FOR TH E
SEVEN
M O N TH S
1863.
FROM
JAN . 1.
1864.
1865.
Entered for consumption.........................
do
warehousing.........................
Free goods..................................................
Specie and bullion .................................
$60,458,840
37,486,309
8,029,186
1,036,013
$82,417,617 $48,301,218
69,699.057 45,657,066
7,070,098
5,910,143
1,555,066
1,305,463
Total entered at port .........................
Withdrawn from varebouse.............
$107,009,748
24 822,196
$160,741,838 $101,173,890
36,226,610
50,239,232
I t w ill in te r e s t m a n y o f o u r r e a d e r s t o a n a ly z e th e im p o r ts
fo r seven
m on th s,
a n d f o r t h is p u r p o s e w e h a v e s e p a r a t e d d r y g o o d s fr o m t h e g e n e r a l m e r c h a n d i s e
a n d s p e c ie , a n d b r o u g h t fo r w a r d
t h e c o m p a r a t i v e t o t a l s f o r t h e sam e, p e r i o d o f
e a c h y e a r s in c e 1 8 5 0 .
R E L A T IV E
IM PO R TS
OF
FOR TH E
Seven
Months.
1 8 5 1 .. ..
18 52____
18 53____
1854_____
18 55.........
18 56.........
1857 ___
18 58_____
18 59_____
1 8 6 0 ____
18 61.........
18 62.........
18 63.........
18 64........
18 65_____
F rom
DRY
G O O D S , S P E C IE , A N D
F IR S T
SEVEN
GENERAL
M ON TH S O F T H E
Dry Goods.
$42,240,217
34,994,294
57,421,619
65,308,993
84,724,393
60,‘2 9«,946
66,716.293
30,169,358
71,782,984
68,362,687
31,615,606
30,183.764
35,112,935
53,122,729
31,850,399
M E R C H A N D IS E
LAST
F IF T E E N
----- Imports of-----Gen’l Mdse.
$43,174,714
37,215,342
59,393,895
58,126,642
49,008.832
72,757,795
84.156,030
48,305.765
83.366.928
78,485,850
64,875,955
74,488,315
70,860.800
106,064,043
68,018,028
AT
NEW
YORK
YEARS,
Total
Imports.
$86,895,407
74,287,884
117,915,030
1 15.041.725
84,2,56,376
134,01 s,24l
156,729 633
80.290,381
156,459,994
142,599,725
1 18,797,727
105,403,635
107,099,748
160,741,838
101,173,890
Specie.
$1,431', 476
2,028,24 8
1,099,516
1,606,090
623,151
963,500
5,857,310
1,815,258
1,301,082
751,188
82,906,166
731,556
1,036,013
1,555,066
1,305,463
t h e a b o v e i t w ill b e s e e n t h a t t h e i m p o r t s o f g e n e r a l m e r c h a n d i s e f o r t h e
fir s t s e v e o m o n t h s o f 1 8 6 4 w e r e 5 ,1 ) 0 0 ,0 0 0 g r e a t e r t h a n th e t o t a l i m p o r t s o f e v e r y
d e s c r ip tio n fo r th e s e v e n m o n th s ju s t e n d e d .
T h e. fig u r e s g iv e n a b o v e
rep resen t
th e fo r e ig n g o ld v a lu e s , a n d d o n o t in c lu d e fr e ig h t, d u t y , o r o t h e r c h a r g e s .
T h e re v e n u e fr o m
c u s t o m s in J u l y s h o w s a v e r y g r e a t i n c r e a s e , a n d
m is l e d m a n y p e r s o n s in r e g a r d t o t h e t o t a l i m p o r t s .
c e iv e d d a ily a t th e C u s to m
t h is h a s
S e e i n g t h e l a r g e s u m s re
H o u s e , a n d c o m p a r i n g t h e m w it h
th e v e r y m o d e ra te
r e c e i p t s in J u l y o f la s t y e a r , t h e i n f e r e n c e w a s n a t u r a l t h a t t h e g o o d s w e r e a r r i v
i n g m u c h m o r e r a p i d l y t h a n t h e y d i d in J u l y , 1 8 6 4 .
I t w ill b e
fo u n d
upon
ex
a m i n a t i o n t h a t t h e t o t a l i m p o r t s , a s w e h a v e s h o w n , a r e le ss , a n d t h e d i f f e r e n c e in
t h e r e c e i p t s f o r c u s t o m s is a c c o u n t e d f o r b y t h e d i f f e r e n t d i s p o s i t i o n m a d e o f t h e
goods.
I n J u l y o f la s t v e a r o v e r 2 2 , 0 0 0 , 0 0 0
1 0 OuO.OOO w e r e t h r o w n o n t h e m a r k e t .
la n d e d , a n d
bond.
o v e r 1 9 ,0 0 0 ,0 0 0 w e r e
O f cou rse
L ast
w ere
m a r k e te d , th e
th e d u tie s a r e c o lle c t e d
on
la n d e d
m on th
h e re , o f w h ic h
o n ly
le s s t h a n 1 9 , 0 0 0 0 0 0 w e r e
r e m a in d e r
b e in g
ta k e n
out o f
th e d u t ia b le g o o d s m a r k e te d , o r
229
Commercial Chronicle and Review.
w h ic h e n te r in t o c o n s u m p t io n .
A
fe w g o o d s r e m a in in b o n d a f t e r t h e d u t i e s a r e
p a i d , b u t t h e a m o u n t is s o t r i f l i n g t h a t t h e y n e e d n o t e n t e r i n t o
th e c a lc u la t io n .
T h i s g r e a t f a l l i n g o f f in t h e i m p o r t s t h is y e a r m u s t b e a t t r i b u t e d t o o u r p e c u l i a r
t a x s y s te m , w h ic h d is c o u r a g e s im p o r ta t io n a n d e n c o u r a g e s d o m e s t ic m a n u fa c tu r e s .
T h e s t a t is t ic s o f s p e c ie m o v e m e n ts fo r th e c i t y o f N e w Y o r k a r e a s fo llo w s :
SPECIE RECEIPTS, SHIPMENTS, AC.
Received.
July 1......... .
“
8,.........
(4 15,..........
(( 22,..........
41 29,..........
Aug. 5,........ .
“ 1'2...........
U 19,..........
“ 26,..........
Exported.
6bO,ti77
486,339
301,244
656,464
801,207
249,095
Received
793,175
299,629
90,111
841,883
48,009
206,398
671,281
. ,, , ,
Exported.
Gold in Bank.
156,578
15,408
261,8-16
132,1 15
180,715
21,108
324,018
245,365
143,164
16,854,990
19,100,544
20,500.441
22,332.903
20,773,155
19,400,340
20,163,292
19,604.636
16,023,615
T h e r a t e s o f e x c h a n g e h a v e r u le d a s f o l l o w s :
KATES OF EXCHANGE IN GOLD.
London, 60 days.
July 7 108 a 10n$
“ 14 109 a 109$
“ 21 108| a 109
“ 28 1 08$a 109
Aug. 5 108$ a 108$
“ 12 108$ a 109$
“ 19 109$ a 109$
“ 26 109$a 109$
Paris, COdays.
5.92$ a 5.16$
5.16$ a ___
6 .1 8 $ a . . . .
5 18$ a 5 17$
5.22$ a 5.21$
5 .1 7 $ a 5.16$
5 .i6 a 5.13$
5.16$ a 5.15
Amsterdam. Frankfort.
4o$ a4L
40$ a 40$
4 0 $ a 40$
40$ a 4 0 f
40 a 40#
40$ a 40$
40$ a 40$
40$ a 41
40$ a
40$ a
40$a
40$ a
40 a
40$a
40$ a
40$ a
40$
40$
40$
40$
40$
40$
40$
40$
Hamburg.
Berlin.
85$ a 36$ 71 a 71$
85$ a 36
71 a 71$
3 5 $ a 35$ 7o$ a 71$
70$ a v i$
85$ a 37
35$ a35$70$ a 71
35$ a 35$ 70$ a 71
35$ a36$71 a 71$
35$ a 36$ 71 a 71$
G o v e r n m e n t b o n d s a n d g o l d h a v e r u le d a s f o l l o w s :
P RICES OF UNITED STATES P A P E R AND GOLD.
A ug.
t.
((
tt
it
it
it
u
It
it
*•
«i
It
it
tt
1.
2
8.
4.
5.
7.
8
9.
10.
11.
12.
14
15
16
17
10-40’s. 1 year certif.
97$
99$
99$
97$
99$
97
98
97
97$
97$
97$
97$
97$
98$
98$
98$
th e flu c t u a t io n s o f g o ld
to
a
JO
O
DATE
Gold price.
139$ a 140$
140$ a 142
142$ a 143$
143$ a 143$
143$ a 143$
141$ a 142
143$ a 144$
144 a 144$
d u r in g th e m o n th o f A u
SiD
JP
'a
©
Ot
O
a
©
-a
to
Closing
5-20’s.------ 1
Coup.
105
105$
105
105$
105$
104$
104$
104$
Lowest
Highest
DATE
Open’ng
T h e fo llo w in g t a b le s h o w s
gu st, 1 86 5 :
Beg.
104
105
104$
105
104$
104$
101$
104$
Lowest
July 5,----“ 12........
“ 19........
“ 26,___
Aug. 5 , . . . .
“ 12........
“ 19........
26,___
.— 6’s,JSSI.— i
Beg.
Coup.
110$
110$
107$
107|
107$
107$
107
107$
107
107$
106$
106$
106$
106$
106$
106$
144%: 145% 143% 145% Aug. 18......................... 142% 143% 142% 143%
“ 19......................... 143% 144% 143% 143%
144% 145% 144% 145
21......................... 144% 144% 144% 144%
144% 144% 141% 144%
22......................... 144 144 143% 143%
1444, 144V, 143% 143%
“ 23......................... 143% 143% 143% 143%
143% 143% 143% 143%
24......................... 14ii% 143% 143% 143%
144 144 143% 144
tt 25......................... 143% 144 143% 143%
144% 144% 114% 144%
26......................... 144 144% 144 144%
H 4* 144% 143%(143%
28......................... 147% 144% 143% 143%
143% 143% 112%il4-'%
141% 141% 140% 141%
29......................... 144% 14%, 144% 144%
30......................... 144% 144% 144 144%
141 31 142 14"% 1142
142,% 142% 142K 142%
31......................... 144% 145 ■44% 144%
141% 141% 140^ 141%
142 142%' 141% 142%
Month................. 144% 14o% 140% 14
141^ 142% 141% 142%
2 30
•Journal o f Banking , Currency, and Finance.
[September,
T h e m o n t h l y f l u c t u a t i o n s s in c e t h e c o m m e n c e m e n t o f t h e y e a r h a s b e e n a s f o l
lo w s :
22(5
January .
Febiuary
March ..
April ..
M a y ___
234% 197* 204* June................................. 137* 147*1135* 141*
J u ly ................................. 141 146*1138* 144
August............................ 144* 145% 140* 14
*>2* •216* 196* 2ll2
200* 2lil U S * 157*
151 154* 143* 146*
145* 145* 128* 137*
Eight months.............226
2:l4*;i-2S*
T h e fo llo w in g t a b le e x h ib it s th e p r ic e o f ra ilw a y s h a res :
P RICES OF R A IL W A Y SHARES.
April 27. May 29. June 29.
New York Central....................................
Hudson River..............................................
Erie .............................................................
H eading.......................................................
Mich. So. and N. 1......................................
Illinois Central........ ...................................
Cleveland and Pittsburg...........................
Chicago and N. W......................................
Chicago and R. 1.........................................
Fort W ayne................................................
F rom
th e
above
ta b le
it
w ill b e
103
1154
854
1log74
117*
834
34
106
103
observed
89
97
72J
91J
58
117
61
21$
93}
92J
th a t
93J
108
77
954
604
128
674
25
98J
96
July 24. Aug. 25.
95£
...
95
106
66§
...
71
274
1084
964
p r ic e s h a v e u n d e rg o n e
c h a n g e w h a t e v e r , e x c e p t in E r i e , b e y o n d t h e s l i g h t d a i l y f l u c t u a t i o n s
th e usual p u sh
and
p u ll
o f a n u n s p e c u la t iv e m a r k e t .
E r ie s im p ly in d ic a te s t h a t th e b r o k e r s h a v e n o
92f
1094
874
105J
64
122
714
If
1094
964
T h e m arked
ord ers, th a t
b e in g th e
ca u sed
no
by
c h a n g e in
s to ck on
w h o s e m u t a t i o n s t h e y s e e -s a w t h e m s e lv e s in le is u r e t im e s .
O n th e w h o le , th e m o n th h a s b e e n
q u ie t a n d
u n e v e n t fu l; p r ic e s h a v e u n d e r
g o n e b u t litt le c h a n g e , a n d th e fo r m e r d is t u r b in g ca u s e s o f m ilit a r y o c c u r r e n c e s ,
n e w t a x l a w s , e t c . , h a v i n g c e a s e d t o g a l v a n i z e th e m a r k e t in t h e o l d w a y , e v e r y
t h in g i s g r a d u a lly e q u a liz in g it s e lf t o a n a v e r a g e , a n d w ill p r o b a b l y c o n t in u e t o
d o s o u n til C o n g r e s s m e e ts a g a in a n d s tir s u p th e c o m m e r c ia l p o t o n c e m o r e .
JOURNAL OF BANKING, CURRENCY, AND FINANCE.
Statement o f the Public Debt—T a x on Brokers’ Sales—The Evening Exchange—The Revenue
Comm ission—Losses o f Banks by the late Forgeries—Money Market—Loan Assurance—
Returns o f N ew Y ork City Banks—W eekly Averages—Philadelphia City Banks—Banks o f
Ohio—National BankB—New Y ork State Banks—Business o f Assistant Treasury at New
Y ork—Business of Assay Office—Bank o f England Returns—Bank o f France, etc., etc.
T he
S e c r e ta r y o f th e
T rea su ry
has
is s u e d
d a t e d 3 1 s t A u g u s t , w h i c h d iffe r s b u t l i t t l e
J u ly .
fr o m
a
s ta te m e n t o f th e p u b lic d e b t,
tbe
p r e c e e d in g o n e , d a te d 3 L st
T h e f o l l o w i n g t a b l e fu r n is h e s t h e p a r t i c u l a r s :
Debt bearing interest in coin................................................................
Interest.....................................................................................................
Debt bearing interest in lawful money................................................
Interest.....................................................................................................
Debt on which interest hasceased.........................................................
Debt bearing no interest.......................................................................
$1,108,310,191
64,500,590
1,274,478,103
73, 31,037
1,5('3,020
373,398,256
Total debt.............................................................................................
Total interest......................................................................................
Legal tender notes in circulation,— one and two year five per
cent notes............................................................................................
$2,757,689,571
138,031,620
33,954,230
1865.]
Journal o f Banking, Currency , and Finance.
2 31
United States notes, old issue..................... ......................................
United States notes, new issue.............................................................
Compound interest notes, act of March 3, 1863................................
Compound interest notes, act of June 0,3 1864................................
402.968
432.757,601
15,000,000
202,024,'60
Total
$684,138,959
T h e e x h i b i t is o f a n
s t r o n g ly a s s u r in g o f th e
e x c e e d in g ly
g r a tify in g
G overn m en t
c r e d it,
ch a ra cte r,
The
and
ought to p rov e
fo llo w in g ' a re
th e to ta ls
of
d e b t fo r A u g u s t 3 1 st, a n d J u ly 3 1 s t :
August 31.
$1,108,810,191
1,274,478,103
1.508,020
878,398,256
Debt bearing interest in coin..................................
Debt bearing interest in lawful money.................
Debt on which interest has ceased.......................
Debt bearinng no interest........................................
July 81.
$1,108,662,641
1,289,156,545
1,527,120
857,906,968
Total.....................................................................
$2,757,689,571
$2,757,253,275
Increase.......................................................................................................
$436,296
T h u s, it a p p e a rs th a t
w ith in
th e
m on th
o f A u g u s t , th e d e b t h a s in c r e a s e d
o n ly $ 4 3 6 ,2 9 6
T a k in g h o w e v e r , th e a m o u n t o f d e b t o u t s ta n d in g
d u c t i n g t h e a m o u n t s in t h e T r e a s u r y , w e
fin d
a t ea ch
p e r io d , w ith o u t d e
a m a te r ia l d e c r e a s e ia th e a c t u a l
o u t s ta n d in g o b lig a tio n s , th u s :
Outstanding obligations July 31..........................................
Outstanding obligations Aug. 31..........................................
Decrease....................................................................
$2,873,982,907
2,845,907,625
$28,075,282
T h i s r e d u c t i o n h a s b e e n e ffe c t e d m a i n ly b y t h e f o l l o w i n g c h a n g e s :
D 3CEEASE.
Six per cent temporary loan..................................
Certificates of Indebtedness..................................
One and two year 6 per cent n o te s..................... .
Unpaid requisitions..................................................
$2,469458
21,61 <,000
6, 000,000
13,625,000
$44,707,453
INCREASE.
Five per cent temporary loan................................
Three year compound interest notes.....................
Fractional currency..................................................
$11,530,130
4,962,690
594,700
17,027,520
$27,679,933
T h i s s a t i s f a c t o r y e x h i b i t is
c h ie fly
o w in g
T r e a s u r y a t th e o p e n in g o f th e m o n th , a n d
c e ip t s o f in te r n a l r e v e n u e .
to
in
th e
la r g e
a m o u n t h e ld
in
th e
a p a r t ia l d e g r e e t o t h e lib e r a l r e
T h e u n u s u a lly la r g e
b a l a n c e o f $ 8 1 , 4 0 1 , 7 7 4 in t h e
h a n d s o f th e S e c r e t a r y o n th e 3 1 s t J u ly , h as e n a b le d
h im
t o m e e t th e m a t u r in g
o b l i g a t i o n t o a l a r g e e x t e n t in c a s h , a n d t o is s u e a le s s a m o u n t o f C e r t i f i c a t e s o f
In d e b te d n e s s , th a n h e r e tir e d .
n o w in t h e T r e a s u r y ,
w ill
The
d u r in g S e p t e m b e r , an d g iv e s re a s o n
t h e c lo s e o f th e m o n th .
lib e r a l
a ffo r d lik e
b a la n c e o f $ 4 2 ,7 8 2 ,2 8 3 o f c u r r e n c y
a d v a n ta g e s
fo r
in t h e m a n a g e m e n t o f a ffa ir s
a n tic ip a tin g
T h e b e s t fe a t u r e o f t h e
a fa v o r a b le e x h ib it a t th e
T reasu ry
A u g u s t , is th e r e d u c tio n o f th e t e m p o r a r y lo a n s a t
m a n a g e m e n t d u r in g
6 p e r c e n t, a n d th e in c r e a s e
a t 5 p e r c e n t ; t h a t is g o o d , p r a c t i c a l f i n a n c i e r i n g .
T h e S e c r e t a r y e n t e r s u p o n S e p t e m b e r w i t h $ 4 5 , 4 3 5 , 7 7 1 in c o i n , a n d $ 4 2 , 7 8 2 , -
232
[September,
Journal o f Banking, Currency, and Finance.
2 8 3 in c u r r e n c y , m a k i n g a t o t a l a m o u n t in T r e a s u r y o f $ 8 8 , 2 1 8 , 0 5 5 .
T h e o n ly
i n t e r e s t p a y a b l e d u r i n g t h e m o n t h is $ 4 3 1 9 , 2 5 2 u p o n T e n f o r t i e s , w h ic h b e c a m e
d u e o n t h e 1 s t in s t .
W ith
in te r n a l
$ 1 0 , 0 0 0 , 0 0 0 fr o m c u s t o m s , i t
re v e n u e r e c e ip t s o f s a y
w o u ld a p p e a r t h a t
$ 2 5 ,0 0 0 ,0 0 0 , a n d
th e m o n t h ’s lia b ilit ie s w ill b e
a m p ly p r o v id e d fo r .
T h e fo llo w in g a r e th e p r in c ip a l
c h a n g e s in
t h e it e m s o f t h e s t a t e m e n t o f t h e
p u b lic d e b t, d a te d A u g u s t 3 1 , a s c o m p a r e d w ith th e s ta te m e n t o f J u l y 3 1 ;
Five percent temporary loan...................................................................inc.
Six per cent temporary loan.................................................................. dec.
One year Certificates of Indebtedness ...............................................dec.
One and twe year five per cent n otes.................................................dec.
Three years compound interest notes.................................................. inc.
Fractional currency................................................................................... inc.
Suspended requisitions............................................................................ dec.
inc.
Coin in T reasu ry...............
Currency in Treasury...............................................................................dec.
Legal tender circulation .........................................................................dec.
A
r e c e n t d e c i s io n o f t h e C o u r t s in
p la c e d
th e
govern m en t
in
ra th er
$11,530,130
3,469,453
21,613,000
6,000,000
4,902,690
694,710
18,625,000
10,097,914
38,619,491
1,097,310
r e l a t i o n t o t h e t a x o n s a le s o f b o n d s , h a s
an
u n d ig n i f i e d
a ttitu d e .
The
govern m en t
c l a i m e d t h a t t h e t a x w a s d u e u n d e r t h e in t e r n a l r e v e n u e a c t , a n d t h e b a n k e r s d i s
p u te d th e cla im .
T h e r e u p o n t h e g o v e r n m e n t b r o u g h t s u it s in t h e U n i t e d S t a t e s
C i r c u i t C o u r t in t h is d i s t r i c t a g a i n s t s o m e o f t h e b a n k e r s , t o t e s t t h e
r e c o v e r th e a m o u n t o f th e t a x .
Judge
c id e d a g a in s t th e g o v e r n m e n t , h o ld in g
o n s a le s o f b o n d s ,
m ade
n ot as
N klson ,
th a t
brok ers
b e fo re
p o in t an d
w h o m it w a s h ea rd d e
b a n k e rs a re n o t lia b le t o p a y a t a x
fo r
oth ers,
but
on th e ir o w n a c c o u n t .
T h e g o v e r n m e n t w a s n o t s a t is fie d w i t h t h e d e c i s i o n , a n d m a d e a n a p p e a l t o h a v e
t h e q u e s t i o n d e t e r m in e d b y t h e S u p r e m e C o u r t a t W a s h i n g t o n , t o w h i c h t h e r e is
n o o b je c tio n , o f co u rse .
B u t t h e S e c r e t a r y h a s g o n e fu r t h e r , a n d
ord ered
th e a sse sso rs a n d
c o lle c to r s
t o p r o c e e d t o c o l l e c t t h e t a x , j u s t a s i f l h e d e c r e e o f t h e C o u r t h a d b e e n in f a v o r
o f t h e g o v e r n m e n t , in s t e a d o f a g a i n s t i t ,
and
th e c o n s e q u e n c e
e q u i t y h a s b e e n fiie d b y M e s s r s F i s k & H a t c h , R .
H e n r y C le w s & C o . , C l a r k , D o d g e &. C o . , a n d H
is t h a t a b i ll in
L . C u ttin g , Y e r m ily e & C o .,
F . M organ
& C o ., c o m p la in in g
t h a t, n o t w it h s ta n d in g th e r e c e n t d e c is io n o f J u d g e
N elson,
th e assessor an d c o l
l e c t o r o f t h e i r d i s t r i c t i n s is t u p o n
th e
s t o c k m a d e f o r t h e m s e lv e s ,
and
th e ir
r e tu r n in g
th rea ten
to
e n fo r ce
am ou nt
o f t h e i r s a le s o f
th e c o lle c t io n
o f th e
ta x
th ereon .
I t r e m a in s t o b e s e e n w h i c h s id e w i l l t r i u m p h ; b u t in e i t h e r c a s e
w is h e d t h a t t h e g o v e r n m e n t h a d a b i d e d t h e
it
is t o
be
is s u e , b e f o r e o r d e r i n g s u c h s u m m a r y
p r o c e e d in g s .
R e s o lu t io n s h a v e b e e n p a ssed b y th e R e g u la r a n d O p e n
b oa rd s o f s to ck b ro k
e r s , a n d b y t h e G o l d E x c h a n g e , p r o h i b i t i n g t h e i r m e m b e r s , u n d e r p a in o f e x p u l
s io n , fr o m h a v in g a n y
ch an ge.
d e a li n g s , d i r e c t l y
or
in d ir e c t ly ,
w ith
th e
E v e n in g E x
T h e f o l l o w i n g is t h e r e s o l u t i o n p a s s e d b y t h e G o l d E x c h a n g e :
Resolved That, whereas, on the 17th of February last, resolutions were passed by
the New York Gold Exchange, recommending its members to abstain from attending
at me Eve,.iug Exchange, which has since received the concurrence of the Regular
and Open board o f stock brokers, it is now resolved that any member o f the New
York Gold Exchange who shall be present, directly or indirectly, at the Eveniug E x
change, shall cease to be a member of this board.
1865.]
Journal o f Banking , Currency, and Finance.
233
Mr. Gallagher, in deference to the views expressed by the majority of bro
kers, has decided to close the Evening Exchange. This does away with a cry
ing source of evil. To attend the session of this board the brokers were com
pelled to literally work both night and day, and many of them broke down un
der the burden. In addition to this it encouraged a propensity for gambling.
The commission appointed by the Secretary of the Treasury, in obedience to
act of Congress, which is now in session at the Custom House, in this city, to
consider defects in the present tax system, have not yet concluded their labors,
nor is it expected that they will do so this winter. Nevertheless they will re
port to Congress at the opening of the session, detailing all that they have already
done, and proposing to go on and finish up their really arduous and extensive
work during the winter mouths. So far, they have not reached any very definite
conclusions. They are still engaged in hearing the evidence, which all goes to
show that our present system of taxing an infinitude of articles, not only in
creases the cost of collection without any corresponding advantage, but renders
the system so complex as to make it difficult to be managed at all. This being
the case, we have reason to believe that they will favor a change of tactics, and
recommend such amendments to the law as will throw the whole brunt of taxa
tion on a few leading articles of consumption or use—as for instance real estate.
This will soon diffuse itself and become equalized, and as much taxes will be
raised by this means as by*spreading the burden over a bewildering number of
articles—and at less expense. If they effect no more good than this, the labors
of these gentlemen will deserve the warmest thanks of the country.
Of the banking institutions which lost money through the gold certificates
forged by E dward K etchum, we may mention the Fourth National, which held
§255,000 of them, the Importers and Traders, which held $335,000, and the City
Bank, amount unknowu. Several private banking houses and some of the
Connecticut banks, as well as some in other States, also lost heavily, but the
particulars have not transpired.
The rates for call loans during the month have been as follows: First week 6
to 7 per cent; second week 7 per cent; third week 7 per ceut for very choice
names, with 10 to 20 per cent margin on collaterals. For other names no loans
were possible. Fourth week 4 to 5 per cent; fifth week 3| to 5 per ceut.
The first week commenced with a reduction of over eight millions in the bank
deposits, which caused a slight stringency of money. There was no reason to
believe that the Treasury balance on 1st August of eighty odd millions had been
reduced ; and besides this great amount locked up, considerable sums were being
sent to the West and South to move the grain and cotton crops. These causes
and considerations left the market rather poorly supplied with funds, and the rate
advanced during the following week to seven per cent sharp. In the third week
the failure of a broker named M umford to a large amount, and under rather
equivocal circumstances, the discovery of the defalcation of J k n k i n s , and to crown
all, the forgeries and robbery of young K etchum, amounting in the aggregate
to four or five millions of dollars, threw the whole market into a panic. The
extreme rates allowed by law were charged to the very best applicants for loans,
and all others were peremptorily refused, the law not permitting a higher rate o f
interest to be taken. This beautilul result of the usury law compelled nine brokers
VOL. L II.---- NO.
III.
14
Journal o f Banleing, Currency, and Finance.
234
[September,
o u t o f t e n t o s e ll o u t t h e i r c u s t o m e r s ’ s t o c k s w i t h o u t w a r n i n g , a n d e n a b l e d t h o s e
p a r t i e s w h o u s u a l ly e n g i n e e r t h e s e m o n e y p a n i c s w h e n a f a v o r a b l e c h a n c e o c c u r s ,
a n d w h o ca n b o r r o w m o n e y o f th e b a n k s a t seven p e r ce n t u n d er
any
c ir c u m
sta n ce s, t o ju m p in a n d b u y u p th e s to c k s , a n d s o to ea rn t w o o r th re e p e r c e n t
in a s m a n y d a y s ; fo r a fte r th e la p s e o f t h a t
p r ic e s g o u p a g a in .
t im e
th e
s tr in g e n c y
is
over,
and
T h e w h o le t r a n s a c t io n a m o u n ts in fa c t t o a s h a v e u p o n a ll
p a r t ie s w h o h o ld s t o c k s o n m a r g in s , a n d w h o h a v e n o t t h e c o n fid e n c e o f b a n k in g
b o a r d s o f d i r e c t o r s ; a n d th e o n ly w a y w h ic h , u n d e r o u r p re s e n t la w s , i t c a n
p u t a s t o p t o , is t h r o u g h t h e s y s t e m o f lo a n a s s u r a n c e s u g g e s t e d in t h e
o f A u gu st 12, 1865.
be
C hronicle
T h i s is , in s h o r t , a n i n s u r a n c e c o m p a n y f o r m e d t o
assure
the absolute secu rity o f l o a n s o f e v e r y n a t u r e , s o t h a t w i t h t h e a s s u r a n c e o f t h i s
c o m p a n y u p o n b o t h , a b a n k w i l l a s s o o n l o a n i t s fu n d s u p o n t h e n o t e o f a n e n t i r e
s tr a n g e r a s u p o n t h a t o f o n e o f its o w n d ir e c t o r s .
T h e q u e s tio n o f r is k
t i r e l y s e t a t r e s t b y t h e in d o r s e m e n t , s o t o c a l l i t , o f t h i s c o m p a n y ; a n d
su ch an arran gem en t a b rok er o r a
m erch an t
o f lim ite d
m eans
need
is
en
under
never
be
o b l i g e d t o g o t o t h e w a l l , a s h e h a s n o w t o d o , i n t im e s o f p a n i c ; f o r a f t e r h a v
i n g p a id t o h a v e h is lo a n s a ss u re d , (t h e p r e m iu m f o r w h ic h v a r ie s o f c o u r s e w it h
t h e r i s k h e r e p r e s e n t s ,) h e w i l l s t a n d a s h i g h a s a n y b o d y , a n d c a n b o r r o w m o n e y
a s e a s ily .
T h e fo llo w in g a re th e re tu r n s o f th e N e w T o r k C it y
NEW
YOBK
C IT Y
B anks :
BANHS.
(C a p ita l, J an., 1 8 8 4 , $ 6 9 , 4 9 4 , o i l ; Jan., 1 8 6 5 , 1 6 9 , 6 5 8 , 7 3 7 ; A p r il, $ 7 6 ,6 5 8 ,7 3 7 .)
Specie. Legal tender. Circulation. Net Deposits.
Clearings.
Date.
Loans.
July 1, 216,586,421 15,854,990 60,904,454 5,818,445 191,656,773 473,720,318
“
8, 218,541,975 19,100,590 62,519,708 9,001,774 198,199,005 875,504,141
“ 15, 221,285,052 20,400,441 60,054,646 6.250,945 200,420,283 650,959,312
“ 22, 222,960,205 22,332,903 62,756,229 6,5S9,766 193,790,096 517,174,950
“ 29, 222,341,766 20,773,115 46,956,782 7,085,454 186,766,671 494,854,139
Aug. 5, 219,102,793 19,400,380 43,561,973 7,656,370 178,247,674 576,961,325
“ 12, 215,409,342 20,163,292 43,006,428 8,050,361 175,738,185 463,483,275
“ 19, 210,827,581 19,604,636 45,688,980 7,639,575 174,593,016 492,697,782
“ 26, 209,423,305 16,023,616 54,249,806 7,932,414 179,083,676 372,124,309
T h e c h a n g e s d u r i n g t h e m o n t h a r e t h e r e f o r e a f a l l i n g o f f in
d e p o s it s
o f fo u r
m i l l i o n s , a n d t h e i r r e c o v e r y t o t h e i r f o r m e r f i g u r e , a f a l l i n g o f f o f t e n m il l i o n s in
l o a n s , a f a ll i n g o f f in s p e c i e o f f o u r m i l l i o n s , a h e a p i n g u p
o f e le v e n
m il l i o n s in
l e g a l t e n d e r , a n d a d e c r e a s e o f t w o h u n d r e d m il l i o n s p e r m o n t h i n b a l a n c e s — a ll
i n d i c a t i o n s o f le s s e n e d b u s in e s s a n d a n a b s e n c e o f s p e c u l a t i v e t r a n s a c t i o n s in t h e
g e n e ra l m a rk ets.
T h e f o l l o w i n g s ta te m e n t, s h o w s t h e o p e r a t i o n s o f t h e B a n k c l e a r i n g H o u s e f o r
th e
w eeks
co r r e s p o n d in g
w ith
t h o s e fo r w h ic h
th e a b o v e
bank
averages
a re
g iv e n ;
.------------------------CLEAKTNBS----------------- -------,
W eeks ending.
July 1.................
“ 8,................
“ 15.................
“ 22.................
“ 29.................
Aug. 5,...............
“ 12,...............
“ 19,...............
“ 26,...............
Sept. 2 , .............
,------------ — —B A L A N C E S -----------------------,
Total o f week.
D aily averages.
T otal o f week.
Daily averages.
$473,720,318
375,504,141
550,959,312
517,174,956
494,854,139
576,961,325
463,483,276
492,697,783
372,124,310
395,963,697
$73,953,386
62,684,023
91,826,552
86,195,826
82,475,690
96,161,221
77,247,212
82,116,297
62,020,728
65,993,946
$17,883,010
18,234,545
20,150,787
22,396,080
18,577,262
21,707,926
19,374,247
19,132,977
19,726,131
18,944,140
$2,980,501
8,039,091
3,358,464
8,732,680
8,086,210
3,617,937
3,229,041
3,188,829
8,287,688
3,157,356
1865.]
Journal o f Banking , Currency , and Finance.
235
The daily average clearings for the corresponding weeks of the year 1865-60
were as follows:
1P65.
1864.
1863.
1862.
I860.
1861.
July 1 . $78,953,386 $73,806,727 $53,552,155 $29,949,785 $17,664,446 $26,542,928
‘ 8..
“ 15..
“ 22..
“ 29..
A u g 5..
“ 12..
“ 19..
“ 26..
Sept 2 .
62,534,023
91.826,552
86,195,826
82,475,690
96,161,221
77,247,212
82,116,297
62,020,728
65,993,676
56,086,914
77,687,568
67,190,691
66,573,288
78,431,149
65,768,273
62,333,464
67,716,745
72,730,320
53,324,275
41,861,462
47,447,403
48,701,970
49,897,334
49,822,693
62,292,630
65,400,780
65,802,385
27,964,954
27,964,934
27,108,468
24,861,271
23,321,046
23,290,485
24,609,848
25,145,861
25,679,147
14,398,848
14,397,981
14,327,511
13,569,254
13,402,889
13,362,112
13,824,338
13,434,885
14,843,149
23,456,448
22,918,795
21,239,451
23,417,789
22,626,029
22,934,355
22,438,949
22,561,086
24,072,405
The :following is the statement of the weekly averages of the New York city
banks for the weeks ending on the dates named :
Weeks ending
Loans .................................
Specie ................................
Legal ten ders...................
Circulation.........................
Net dep osits.....................
Av. ex ...............................
Ratio of coin to liabilities .
Inc. lo a n s ...........................
Inc. s p e cie .........................
Aug. 26, ’65.
Aug. 19, ’G5.
$211,000,852
19,620,802
45,517,032
7,640,838
174,480,370
82,116,297
10.76 p. c.
21 banks.
34 banks.
Differences.
Dec $1,786,630
Dec 3,507,114
Inc. 8,723,223
Inc.
290,391
Inc. 4,603,634
Dec. 20,085,589
Dec. 2 19 p . c.
COMPARISONS FOR SIX Y E A R S .
Weeks ending
L o a n s ..................................
Specie..................................
Circulation.........................
Net deposits.....................
Av. e x ...................... ....
Ratio of coin to liabilities .
Aug. 26, ’65.
Ang. 27, ’64.
$188,502,729
19,902,949
4,256,847
156,086,807
67,716,745
12.44 p . C.
Aug. 29, ’ 63.
$176,748,618
32,030,055
6,475,964
156,761,695
65,400,780
19,74 p.c.
Weeks ending
L o a n s ..................................
Specie..................................
Circulation.........................
Net dep osits.....................
Av. expenditure...............
Ratio of coin to liabilities .
Aug. 30, ’62.
Aug. 31, ’61.
$141,081,474
45,098,113
8,446,155
120,436,010
134,343,805
34.99 p. c.
Sept. 1, ’60.
$129,543,928
19,038,130
9,264,016
79,473,817
22,531,086
21.41 p . C.
The following are the returns of the Philadelphia Banks ;
P H IL A D E L P H IA
(C
a p ita l, J a n .,
Date. 1S56.
July 3 , . . .
“ 1 0 ,...
“ 1 7 ,...
“ 2 4 ,...
“ 3 1 ,...
Aug 7 ,,..
“ 1 4 ,...
“ 22, . .
“ 2 9 ,...
BANES.
1868, $ 1 1 ,1 4 0 ,0 8 0 ; 1865, $13,315,720;
Loans.
$50,449,649
50.18S.778
50.221,528
52,454,760
53,877,799
54,357,695
54,529,718
51,920,580
50,577,243
Specie.
$1,216,243
1,187,700
1,152,911
1,154,537
1,158,070
1.154,005
1,153,931
1,160,222
1,155,197
Circulation.
$6,888,488
6,758,585
6,821,938
6,886,449
6,941,625
6,936,662
6,989.217
7,076,537
6,983,523
F eb .,
1865, $14,485,450.)
Deposits.
$39,127,801
41.844,056
43,966,927
46,166,928
49,121,554
47,762,160
44,661,749
41,348,173
38,864,910
Legal tenders.
$19,413,364
21,328,422
21,219,466
20,845,048
20,561,963
19,640,768
These returns exhibits, in their small way, the same state of affairs as exist in
New York. Nevertheless, in both cities the local trade never was better. The
bank tables only indicate that it is not done on credit.
Journal o f Banking , Currency , and Finance.
236
[September,
The following is the quarterly statement of the banks of Ohio, showing the
condition of the several incorporated banking institutions of that State on the
first Monday of August, 1865, as shown by their returns, made under oath to
the Auditor of State :
RESOURCES.
Branches
Independent
Banks.
Free
Banks.
S p ecie.......................................... $22,500
$258,867
Eastern Deposits.......................
497
446,782
Notes o f other banks and U. S. notes..
16,697 1,523,289
Due from other banks and bankers........................
108,411
Notes and bills discounted.......
14,677
1,752,171
Bonds o f Ohio, other States and U. S . . 93,926
736,971
Safety Fund and Bond and Mortgages.......................................
Real estate and personal p roperty........................
115,665
Checks and other Cash Ite m s .
6,369
76,563
Other resources........................................
1,947
? 3,540
State Bank
Total of
all Banks.
of Ohio.
$43,730
78,342
191,501
297,279
1,610,465
$825,097
525,622
1,731,438
405,690
3,277,313
531,714
92,925
2,948
1,019,961
1,362,611
208,590
85,881
1,055,448
$156,615 $5,052,212 $3,768,867 $8,977,696
Total resources
L I A B IL I T I E S .
Capital Stock............................................
Safety Fund Stock....................................
Permanent Reserved Fund.....................
Circulation.................................................
Due to banks and bankers.......................
Due to individual depositors.................
Dividends unpaid......................................
Contingent Fund and undivided profits.
Discount, interest, &c................................
Government tax........................................
Other liabilities........................................
$50,000
58,047
43,891
916
3,760
...................
$965,000 $1,144,000 $2,159,000
25 000
235,250
210,250
66,095 1,176,168 1,300,310
699,343
170,115
485,336
662,'31 3,908,247
3,244,599
16,413
16,013
400
319,781
152,253
167,528
140,884
242,899
98,254
1,780
1,780
. . . . . . .
94,669
94,669
...........................
Total liabilities......................................$156,615 $5,052,212 $3,768,867 $8,977,669
The statement of the previous quarter was published in our June numoer. A
comparison of the two exhibits a decrease of capital stock of $500,000, a falling
off of circulation of $1,393,000, a falling off of deposits of $3,400,000, and an
increase of bank investments in the east of $1,000,000.
The following table exhibits the aggregate National Bank circulation :
N A T IO N A L
BAN KS.
Number, capital, and circulation quarterly to the end of 1864, and periodically
t o date in 1 8 6 5 .
Date.
J u ly
U
ft
««
Aug.
(«
ft
ft
Banks.
1 , .......................................................
8 , ................................
15..................................
22.................................
5..................................
1 2 , .....................................
19...................................
26...................................
Capital.
$340,938,000
356,230,986
364,020,756
872,636,756
377,574,281
879,731,701
390,000,000
392,614,333
Circulation
$146,927,975
149,093,605
154,120,015
157,907,666
165,794,440
169,698,960
172,664,460
175,265,690
The following figures show the resources and liabilities of the banks of the
State of NewYork, as exhibited by their reports to the Superintendent of the
Bank Department, on the 24th of June, 1865, compared with the two last quar
terly returns:
1865.]
Journal o f Banking, Currency, and Finance.
237
BESOURCES.
Loans and discounts........................
Overdrafts..........................................
Due from banks...............................
Due from directors..........................
Due from brokers.............................
Real estate..........................................
Specie ................................................
Cash item s..........................................
Stock, promissory and U S. 7 3-10
notes and ind. certificates...........
Bonds and mortgages........................
Bills o f solvent banks and U. S. de
mand notes.....................................
Bills of suspended banks.................
Loss and expense account...............
Add for cents.....................................
Total,
Dec. 81, ’64.
$196,649,246
866.154
22,916 031
9,226,712
11,042.835
8,142,807
20,239,286
92,514,882
March 25, ’ 65.
$159,665,827
709,265
18,628,244
8,182,724
6,897,650
7,070,085
19.490,230
89,862,155
120,459,776
4,073,797
92,038.059
3,710,775
20,261.810
2 643
2,260,786
877
27,957.014
2.718
1,208.900
827
$488,88S,125
$420,344,099
June 24, ’ 65.
$87,866,524
384,352
7,743,394
8,995,569
4,005,573
8,200 and
7 3-10 notes
73,400, and
dem. notes.
4,211.244
13.536.769
84,646,090
65,139,003
2,073,451
22,785.637
2,749
999,037
508
$239,388,758
LIA B IL IT IE S.
Capital...............................................................................
Circulation.......................................................................
P rofits......................................
Due b a n k s .......................................... ..........................
Due individuals and corporations other than banks
and depositors............................................. .....................
Due Treasurer State of New Y ork ................................
Due depositors on demand..............................................
Due others not included in above heads........................
Add for cents.....................................................................
$106,690,761
31,180,546
28,345,347
45,205,682
$90,492,828
27,550,203
22,085.269
36,211,772
$52,974,695
14,521,337
14.382,857
20,791,929
2,107,764
3.144,210
269,042,097
2,671,197
521
1,141,628
3,547,917
239.961,586
2,282,763
445
1.501,849
2.039,614
131,850.371
1,406,754
291
T otal........................................................................
$488,338,125
$420,274,411
$239,369,197
The difference in the above totals for June 24,1865, is occasioned by two
banks having failed to make balances ; both are closing. Of the 309 banks reported for 25th June, 1864, one (incorporated) has surrendered its charter by
legislative authority, one (association) has discontinued banking business, and 183
have been converted into national banks. The present report, for June 24, con
tains statements from 184 banks, a considerable number of which have since per
fected their papers and become national institutions, and a small number have
given notice of finally closing their banking business.
CU STO M
H O U SE
AND S U B -T R E A S U R Y
Summary of the statements of transactions at the Custom House and SubTreasury for the weeks ending as specified :
W eeks
Custom
-Sub-TreasuryEnding.
House.
Payments.
Receipts.
Balances.
July 1 .,. . $1.54S,507 132,420,347 $27,420,613 $42,822,099— d ec.
“
8. . .
1.943,592
26.804,905
23.403,204
39,420,398—dec“ 15. . .
2,834,349
24,213,387
33.213,240
48,420,270— inc.
“ 22. . .
2,378,663
22,965,427
27,620,621
63,075,464— inc.
“ 29. . .
2,516 631
23,598,588
31,012,926
60,489,802— inc.
Aug. 5. . .
2,94.3,682
33,224,646
33,675,533
60,940,689— .fee.
“ 1*2. . .
2.790,322
26,305,162
23,991,766
58,627,293— dec.
“ 19. . .
2,072,490
26,097,010
20,866,095
53,396,378— dec.
“ 26. . .
3,251,669
24,819,346
20,954,029
66,522,061— iuc.
Sept. 2. . .
8,236,726
14,930,586
17,107,882
61,699,357— inc.
Movement
in balances.
$4,999,734
3,501,701
8,999 872
4 6e5,194
7,414,338
450,887
2.313,396
5,230,915
5,125.683
2,177,296
The following table shows the receipts and disbursements at the office of the
Assistant Treasurer of the United States, at New York, for the month of
August:
238
Journal o f Banking, Currency, and Finance.
Balance, August 1, 1 8 6 5 ....
Receipts during the month:
Customs.........................
Loans..............................
Internal Revenue..........
Post-office Department
Transfers.........................
Patent Fees...................
Miscellaneous.................
Total.............................
Payments:
Treasury drafts ..............................
Post-office drafts.......................
Debit balance August 1,1865
Balance, C r., disbursing accounts..
Receipts during the month.............
Payments..........................................
Balance.........................
Balance, Cr., interest accounts
Appropriations.........................
Payments in gold.....................
Payments in notes...................
[September,
142,840,020
$18,190,600
9,987,893
647,984
153,402
11,135,995
3,098
27,555,408
---------------
62,624,180
$105,464,201
$64,329,197
47,906— 64,375,103
..................... $41,089,897
$17,745,239
53,663,442— 71,408,681
.....................
63,218,459
................... $18,190,222
$2,710,310
2,232,699— 4,943,010
454,575
854,683— 2,309,258
Balance..........................................................................................
B y receipts for customs in August, 1864.....................................................
By receipts for customs in August, 1865.....................................................
$2,633,751
$6,272,002
13,190,400
Increase in August, 1865...........................................................
$6,918,397
By balance Cr., Bullion and Expense Account for Assay Office..............
665,348
By coin received during month............................................
$404,792
By fine bars received during month....................................
429,081—
833,073
Balance ........................................................................................
$1,419,222
$61,913,071
By funds in hand, in Assistant Treasurer’s Office.............
By funds in Assay Office.....................................................
353,911— 62,266,982
By fine bars at Assay Office.................................................
By unparted bullion at Assay Office..................................
123,072
813,481—
986,553
Total............................................................................................... $62,203,536
Less Temporary Loan, tobe reimbursed............................
$1,612,847
Due depositors.......................................................................
734,040— 2,846,888
Balance..........................................................................................
$60,856,648
Statement of business at the United States Assay Office, at New York, for
the month ending August 31 :
Deposits of gold—
Foreign coins...........................
do
bullion...............................................................................................
United States bullion..............................................................................
Total...................................................................................................
Deposits of silver, including purchases—
Foreign coins............................................................................................
do bullion........................................
United States bullion (contained in g o ld )..............................................
do
do
(old coins).......................................................
Total...................................................................................................
$10,000 00
60,000 00
684,000 00
$754,000 00
43,000
9.000
8,000
5,000
00
00
00
00
$65,000 00
1865.]
Journal o f Banking , Currency , and Finance.
239
T o ta l d ep osits, p a y a b le in b a r s
............ .. .....................................................
T o t a l d eposits, p a y a b le in co in s ......................................... ..................
205 ,00 0 00
6 1 4 ,00 0 0 0
T o t a l .................................................................................................................
G o ld b a g s s ta m p e d ...................................................................................................
T ra n sm itted t o U n ited S ta tes M int, P h ila d elp h ia , for c o in a g e ...............
$ 8 1 9 ,0 0 0 00
9 8 0 ,1 4 2 00
5 8 8 ,3 5 0 00
The following are the returns of the Bank of England :
T H E B A N E O F E N G L A N D B E T U U N 8 ( I N PO U N D S S T E E L IN G ).
Date. 1S65.
Ju ly
5,___
“
1 2 ,...
“
1 9 ,...
“
2 6 ,...
A ug. 2 ,. ..
“
9 ,.-.
“ 1 6 ,...
Circulation.
42,717,616
22,948,663
22,789,406
22,590,254
23,203,757
23,831,857
23,887,419
Public
Deposits.
9,348,667
4,590,233
4,932,103
4,770,902
5,214,377
5,264,739
5,326,453
Private
Deposits.
14,443,335
16,229,345
14,894,217
15,939,813
14,681,727
14,688,181
14,962,787
Securities.
83,629,456
31,559,914
30,992,455
32,181,100
81,054,027
31,726,066
32,071,253
Coin and
Bullion.
15,099,943
14,561,150
15,083,367
13,603,050
13,603,815
13,345,060
13,242,850
Rate of
Discount
3 (i
3
3
31
31
4
4
“
«
<(
U
«
K
T h e L o n d o n E con om ist, o f t h e 1 9 t h , s a y s :
“ The demand for discount has been moderate throughout the w eek; but, owing to
the unsettled state of the weather and consequent fears for the harvest, a general
feeling o f caution has been shown. Hence, although an abundant supply of capital
exists, the usual rate has been maintained as high as the bank minimum of four per
cent, and in only exceptional cases business has been done at a fraction less. To-day
there has been a rather better demand, partly from the ordinary increase of applica
tions on a Friday, and partly from the maturing of some rather large amounts of In
dian and Australian paper.”
Subjoined are the current terras for bills of various dates:
80
8
4
6
6
to 60 d a y s .................................................................................
m on th s..........................................................................................
m o n th s ....................................................................... ..................
m onths— b an k b ills ....................... ...........................................
m onths— trade
b i l l s . . . . ............. .............................. ..
4t
4
4J41
6-J
p e rce n t.
do
do
do
do
O n th e S t o c k E x c h a n g e th e re h as b e e n a n a b u n d a n t s u p p ly o f m o n e y , a n d th e
r a t e fo r s h o r t lo a n s h a s r e c e d e d t o I 1 -2 a n d 2 p e r c e n t .
T h e fo llo w in g a re th e retu rn s o f th e B a n k o f F r a n c e :
BANK
Ju ly
U
«
A u gu st
**
6
13
20
27
3
10
Loans.
591,852,987
594,467,935
601,711,488
610,976,748
629,185,610
619,750,848
OF
FRANCE.
Cash and Bullion.
521,352,745
498,683,812
493,997,271
494,212,341
493,250,442
4S6,367,696
Circulation.
859,170,675
884,390,025
899,347,175
898,722,075
898,383,075
897,359,923
W i t h o u t a n y m a t e r i a l c h a n g e in t h e c i r c u l a t i o n
lio n , th e re tu rn s d u r in g th e m o n th
lo a n s , u n til t h e 3 d
n
H
Sk
H
H
o r d e cre a s e o f ca s h a n d b u l
e x h ib it a m o d e r a te in c r e a s e o f d e p o s its an d
o f A u g u s t , w h e n b o t h t h e s e lin e s f e l l o ff, a n d s h o w e d a d e
c r e a s e o f s o m e te n m il l i o n f r a n c s b y t h e f o l l o w i n g w e e k .
Deposits. In
221,419,987
188,481,698
179,473,477
199,182,020
219,233,136
200,211,070
2 40
[September,
The United States Debt.
THE UNITED STATES DEBT.
W e give below the statement of the Public Debt, prepared from the re
ports of the Secretary of the Treasury, for May, July, and August, 1865,
D E B T B E A R IN G IN T E R E S T IN C O IN .
Denominations.
6 per cei
cent, due December 31, 1867.............................
do
6
July 1,1868 ...........................................
do
5
January 1, 1S74 .................................
5
do
January 1, 1871....................................
6
do
December 31, 1880.............................
6
do
June 30, 1881......................................
6
do
June 30, 1861, e x c e e d for 7.30s
6
do
May 1, 1867-82 (5.20 years).......
6
do
Novem ber 1,1869-84 (5.20 years)
5
do
March 1, 1874-1904 (1 0.4 0s)....
do
5
January 1,1865, (Texas Indem^)
do
6
July 1, *81 (Oregon w ar)...........
6
do
June 30, 1881.......................................
Aggregate o f debt bearing coin interest...........
May 31
July 31
$9,415,250 $9,415,250
8,908,342
8,908,342
20,000.000 20.000,000
7,022,000
7,022,000
18,415,000 18,415,000
50,000,000 50,000,000
39,155,650
139,546,450
114.780,500
514.780,500
590,789,000
91,789,000
172,770,100
172,770,100
842.009
..................
1,016,000
1,016,000
65,000,000 75,000,000
$1,108,113,842
$1,108,662,142
A ngnst31.
$9,415,250
8,908,332
20,000.000
7,022,000
18,415,000
50,000.000
139.194,000
514,880,500
91,789,000
172,770,100
................
1,0'6,000
75,000,000
$1,108,310,192
D E B T B E A R IN G IN T E R E S T IN L A W F U L M O N E T .
4 per cent Temporary Loan [ -t*
) ........$650,477
6
do
do
1
8 [ ...........
do
| notice, j ...........
do
do Certificates (one year)..........................
do One and two-years’ notes..................
do Three years' com p, interest n o t e s ...
do Thirty-year bonds, (Union Pacific R .)
7.20 do Three years’ treasury notes, 1st series
7.30 do
do
do
2d series
7.30 do
do
do
3d series
Aggregate o f debt bearing lawful m oney I n t...
$618,128
$646,936
35,429,398
23,890.263
74,570,641
71,101,187
85,093.000
106,706,000
32,954,230
39,954,230
217,624,160
212,121,470
1,258,000
1,258.000
000
300.000.
000 300.000.
000
300.000.
000 300.000.
000
230.000.
000 230.000.
11,365,820
59,412,425
126,536,090
50,856,380
175,143,620
.................
300,000,000
300,000,000
29,511,650
$1,053,476,371 $1,289,156,545
$1,274,478,103
D E B T ON W H IC H IN T E R E S T H A S CE A S E D .
7.3o per cent Three years’ notes .................... .
do
Texas indemnity b onds.................
Other bonds and n otes...................................... ..
$456,150
‘ 330, i 20
$358,530
839,000
329,570
$334,450
839.000
329,570
Aggregate o f debt on which int. has ceased.. .
$786,270
$1,527,120
$1,503,020
D E B T B E A R IN G N O I N T E R E S T .
United States Notes..........................................
do
do (in redemp. o f the temp loan)
Fractional currency......................... ............... .
$400,000,000
33,160,569
24,667,404
$400,000,000
33,160,569
25,750,032
$400,000,000
as,160,569
26,344,742
Currency................... ..................... ............ .
Uncalled for pay requisitions............... ...........
$457,827,973
40,150,000
$458,910,601
15.736,000
$459,505,311
Aggregate o f debt bearing no interest..............
Amount in Treasury—
$497,977,973
$474,646,601
$461,646,601
$25,148,702
$35,337,35?
81,401,774
$45,435,771
42,782,284
$25,148,702
$116,739,639
$88,218,055
C o i n .............. ............ . . . . . ................................ 1
Currency . . .................... ................................ j
Total in Treasury............... . .............................
2 , 111,000
R E C A P IT U L A T IO N .
Debt bearing interest in coin...............
Debt bearing interest in lawful money.
Debt on which interest has ceased.......
Debt bearing no interest (currency)—
Uncalled for requisitions.......... .. . . . .
$1,106,113,842
1,053,476,371
786,270
557,827,973
■40,150,000
$1,100,662,647
1,289,156,545.
1.527,120
458,910,601
15,736,000
$1,108,310-192
1,274,488,103
1,503,020
459,505,311
Aggregate debts o f all k in d s.................. ...........
Cash in treasury.................................................
$2,660,354,456
25,148,762
$2,874,092,908
116,739,632
$2,845,907,656
88,218,025
2 , 111,000
A N N U A L IN T E R E S T P A Y A B L E ON D E B T .
Payable in g old ................. ...................................
Payable in lawful m oney. ...................................
$64,480,489
60,158,385
$64,521,837
78,740,631
$64,500,500
73,531,038
Aggregate amount o f int, payable annually—
n ot including int. on the 3 years’ com p. int.
notes, which is payable only at maturity.
$124,638,874
$139,962,368
$138,031,628
L E G A L T E N D E R N O TE S I N C IR C U L A T IO N .
One and tw o years' 5 per cent n otes..................
United States notes (currency)............................
Three years’ 6 per cent com pound int. n otes..
$50,856,380
433,160,569
175,143,620
$39,955,230
433,160,569
212,121,470
$33,954,230
433,160,569
217,024,160
Aggregate legal tender notes in circulation....
$659,160,509
$685,236,269
$684,138,059
1865.]
241
The Detroit Convention A gain .
TIIE DETROIT CONTENTION AGAIN.
W e h ave received the follow in g le tte r from an old c on trib u to r, criticis
in g our a rticle in th e last nu m b er on “ the D etro it C onvention.”
A
few
w ords in rep ly follow th e le tte r.
M r . W m B. D ana , Editor Hunt's Merchants' Magazine:
Your remarks on the proceedings of “ The Detroit Convention,” are apparently
from a prejudiced source, and induce me to take a liberty with a friend’s letter,
and ask you to publish it. It is written by an intelligent Engineer, well known
in the East and the West, and, to use the language of a Boston correspondent,
“ is an Engineer of long experience and wide-spread reputation.”
He writes me from Cedar Rapids, the 13th inst., on a tour to the West, having
had a seat in the Convention, “ The Niagara Canal resolution had a very cordial
support from a large majority of the Convention at Detroit.”
If the writer is correctly informed, they were only opposed by one selfish
locality. Their objections were answered on the spot.
Please let me correct your statement that “ a resolution was adopted, to
enlarge the Illinois Canal to ship capacity, and another made in favor of con
structing a Ship Canal, from Lake Champlain to the Hudson.” No such reso
lution was introduced or voted on.
It is true as you state “ that 400 of our leading citizens ”— and they were
intelligent merchants from all parts of the country—“ got together in Detroit in
familiar converse, to discuss matters vital to the best interests of 25,000,000 of
men.” It is also true, that the West, as well as the East, did in plain language
— as they have a deep interest in a Northern Pacific Railroad, and the Niagara
Ship Canal, say they would not be trifled with, and introduced the resolution
you quote. They had, however, in familiar converse, reference to the Illinois
and the Lake Champlain Canals and the Mississippi treaty, to court their influ
ence. They stated truly, “ That the State of New York was geographically
located on the highway of Commerce, between the great chain of lakes, and the
seaboard, having within her borders the Metropolis of the nation, she is bound
by every consideration of interest and true policy, and the courtesy she owes .her
sister states to improve and enlarge the the shortest water communication between
the Lake and tide waters, failing to do so,” these 400 leading merchants moved not
as a threat, “ failing to do so, New York must not complain if a portion of her
great inland commerce shall be directed through other and cheaper channels of
commerce.”
This language is only following the key note that was struck by the Board of
Trade of Troy, in the resolution they passed the 24th June, 1864—a year ago—
having under consideration the construction of a “ railroad from Troy to the
Niagara River ” when they “ Itesohed that this Board notices with approval
and satisfaction, a movement coming from Western men, for greater facili
ties between the Lake and the Sea Board by a new independent and competing
link, through this State, already demanded, and with reference to the future, is
indispensable.” Resolved, that in the judgement of the Board, the best route
242
The Detroit Convention Again.
[September,
for a railroad from Lake Ontario eastward, through this state, as yet unoccupied ”
(this will apply to the N iaraga Ship Canal, the best and shortest water route)
“ and that partly the Hoosac Tunnel completed, an east and west line can be
formed, which will rule the rates and command the traffic between the great
West, and the eastern markets." This is as true as gospel, as I stand ready, if
desired, to prove to you, by levels taken over the line of the level Bridge road
from Niagara to Rome* and then by the vallies of the Mohawk, the Hudson
valley and tide water at New York.
On the 14th June, 1864, a prominent and intelligent citizen of Boston wrote
me : “ Boston requires a better connection with the Lakes and the West, and
will not rest satisfied until the consummation of her wishes. While passing
over the tunnel of the Hoosac Mountain,” (I hear, from realiable authority, that
they are now working 16 feet per diem, on the east, and working with compressed
air after the Italian method at Mount Cenis) “ Boston looks with deep interest
to the most level lines, which are eventually to connect her by the most direct
route with the flourishing cities of Oswego, Rochester and Lewiston ”— on the
Niagara river.
“ It must not be forgotten,” he adds, that the Erie Canal and the Central
Railroad, with these branches have been built to reach New York, and that the
most direct route to Liverpool, to the great seats of Eastern Manufactures, to
the lumber ports of Maine and New Brunswick and Fisheries of Massachesetts
and Nova Scotia is through the Hoosac Tunnel, the Deerfield Valley and Boston.
“ Our State has assumed the Hoosac Tunnel as a state enterprize, working at
four faces in an easy and self-sustaining talcou slate. They are sinking a large
central shaft, and building a dam across the Deerfield River, to drive the work
with machinery, moved by compressed air.” I learn, as you may, “ that Massa
chusetts is working 16 feet per diem, and has sunk a shaft 104 feet in the center.
By these quotations you will perceive, that there is no fatal assumption by these
intelligent merchants at Detroit.”
They know, now that there is peace, that in two to three days—with steam
ing from New Orleans—will take a steamer beyond and to the north of the
heated Gulf Stream, to cool waters. This was the former objection to this route,
in its heating grain and souring flour, by my own experience; while, on the
north, in Canada, it is found that the risk to enter the St. Lawrence, from fogs,
is in a great manner done away with, by the use of steam to make courses that
could not be made by sails.
The capitalists of Great Britain and Canada, since the repeal of the corn laws,
and in a measure without reference to dividends, and since the evidences we have
given, to raise wheat and corn on our rich western prairies, and also to place it,
with our internal improvements, in the regulating market of the world— St.
Mark’s Lane, London—Great Britain feels independent, as she is, of the conti
nent of Europe, and particularly of Russia, for supplies of food. To be inde
pendent and on the failure of her crops she has expended near $500,000,000 on
the St. Lawrence Valiev route, by the construction of the Tubular Bridge, the
* This part o f the route from Oswego to Rome, 60 miles, w ill he finished in 2 months, the
iron having arrived, and is now laying for w hich it has been delayed.
1865.]
The Detroit Convention Again.
243
Grand Trunk and Great Western railways, leading to Detroit and our prairies,
and by this route the sea-board, independent of New York.
There is no wonder then that Mr. Aspinwall, the President of the Board of
Trade of Detroit, should ask New York “ to improve and enlarge the shortest
water connection with the lakes and tide waters,” meaning, undoubtedly, State
constructing, or aiding the United States Government to construct the Niagara
Ship Canal.
Reliable reports from several competent civil engineers, have demonstrated
this to be the “ shortest” and best link from Lake Erie to Lake Ontario and to
New York.
They prefer the use of natural waters for 150 miles via Oswego, untolled, often
asked to be tolled by Buffalo, unless the city of New York think, with her, it
better to use more expensive artificial waters in some places in sight of and
parallel to Lake Ontario, even if they had to pump up water, on some of the
levels, to supply the Erie canal, as was proposed to the canal Board by a lead
ing merchant and forwarder of Buffalo, whose name js at your service, if desired,
and who took a prominent part in the Detroit convention, against the Niagara
Ship Canal.
On this principle of artificial waters, as by the Erie canal, with the present
admitted difficulty of a supply of water from the heavens, to be caught in reser
voirs, or pumped up on the several levels, to supply the canal aud to keep the
canal in repair, with repeated interruptions, by breaks, is better than natural,
deep waters, by Lake Ontario, from Niagara river, and without tolls, is the bet
ter plan, Buffalo and our State engineers made a great mistake that they did
not advocate the making of a canal alongside of and parallel to Lake Erie, and
then by Cleveland, Toledo, etc., to the West.
The time was when Mr. F. Hunt, the former editor and proprietor of your
valuable commercial magazine, published twelve and a half pages in your May
number, 1845, Yol. 12, page 432, of a very able and plausible article, for the more
speedy “ enlargement of the Erie canal,” written by Mr. J. Bloomfield Jervis,
then State Engineer. I took leave to reply to it, in three and a half pages,
August number, page 181—a little ahead of time— and said, among other argu
ments, “ A canal around the Niagara Falls, and by Oswego to the Hudson, con
structed for the special benefit of the growing West, and for the city of New
York, could sustain, and it would be proper to charge discriminating tolls, and
still be a cheaper route than the enlarged canal.” ............ “ The canal around
the Falls of Niagara should be a national work, and such was the opinion, at
the time, of General Jackson, to the writer, then President,” I then added, “ If
it should be declined by the general government, let the Empire State construct
and control the pass.” . . . .
The article closed as follows, and to which I refer :
“ I find, however, in my zeal for well constructed and located railways, to
compete with canals, I have been lead from the subject, I wished to present to
your readers, viz :
1st. That the Erie canal is not now used up to half its capacity. It can, by
further improvements, be trebled.
2 44
The Detroit Convention Again.
[September,
2d. That the decrease of the forest will make room for more valuable tonnage,
the produce of agriculture and manufactures.
3d. That a railway, such as the Penn, and Reading, or such a one as may be
located and constructed from Lake Brie to the Hudson, is destined to relieve the
Erie canal of much of its business.
Further, no enlargement of the Brie and Schuylkill canals, will permit these
works to enter into successful competition, in carrying coal, lumber, provisions,
or any bulky article, with a railway. The canal loses more than one year in
three, and, in my view, this is about the ratio of comparative value and advan
tage to the public.”
That railways do, and can transport as cheap, if not cheaper, in some situa
tions, than canals, cannot be disputed. This will be found true in an examina
tion of the actual cost of transportation on the Philadelphia and Reading rail
road of Penn., compared with the Schuylkill Canal by its side. The Western
railroad of Massachussetts, even with its heavy and long line of grades of 83 feet
to the mile, is now carrying (1845) all classes of produce on better terms
(1 6-100 cents per ton, per mile.) than the average charge made by our forward
ers on the Erie canal, for the last five years. I had almost said for the average
tolls on merchandize and provisions, exacted by the State of New York. . . .
“ The late railroad charters granted in England are accepted with avidity, and
are above par, parallel to canals and the coast, limiting the charge for freight at
i of a penny—equal to l i cents—per ton, per mile. These are strong facts in
favor of railways.
“ That a line of railway from Lake Erie can be located on a level or descend
ing grade from Buffalo to the Hudson, there can be no doubt. Also, that when
constructed with a double track and turn-outs, and with a heavy T or 2 rail of
70 pounds to the yard, it can transport more tonnage than can be carried by the
Erie canal, even when enlarged. I am aware that this will startle many, and be
considered entirely heterodox. Time, however, will test its truth. It now has
(1865)—see the opinion of Mr. J. B. Jervis.
11Let ns clearly understand our position. We have arrived at a new epoch
in the history of the world. A new element of civilization has been developed,
as was the invention of letters, as was the printing press, so i3 the railway in the
affairs of mankind. It is a revolution among nations. A moral revolution, af
fecting the diffusion of knowledge, the interchange of social relations, the per
petuation of peace, the extension of commerce, and a revolution in all the relations
o f property
W e refer, by the latter observation, to the cheapness of all kinds of commodi
ties, by the facilities of carriage and the sa vin g o f lime, on the part of producers,
afforded by railways, and especially to the influence of railways on the value of
houses and lands, . . . . hence the demand for railways, to connect every town.
This view, presented in 1845, has lost none of its force by subsequent experi
ence............
I take some pride, I will allow, in referring you to this article of 1845, as Mr.
Hunt introduced it with the complimentary remark, and is my excuse for asking
you to publish this in your next number :
“ R ailroads and C anals C om pared.— We cheerfully give place to the follow-
The Detroit Convention Aqain.
2 45
ing article from an intelligent correspondent, a gentleman who has spent much
time in investigating every subject connected with internal improvements. It
will be seen that he advances views at variance with those contained in an article
in the May number, Yol. 12, 1 on the enlargement of the Erie canal’ from the
pen of J. B. Jervis, Esq. Our magazine is open, as we have repeatedly stated,
to the free and fair discussion of every subject falling within its scope.”
My essay of three and a half pages was not replied to.
It gives me pleasure to see that since he built the Hudson River Railroad
and is now President of the Chicago, Fort Wayne, and P. Railroad,
and that, as an old friend and relative, although we differed in views twenty
years ago, he has sent me his valuable work—“ A Treatiz; on Railways and
their Management.” This makes me the more anxious to claim of you the in
sertion of the enclosed article in your September number, or its return.
In October or November, the parties who intend to take steps to carry out
the Troy and Boston views, as expressed by their Boards of trade, propose to
move to get the most level railroad, aided by British capitalists, between the
Hudson and Niagara rivers, on which, if you desire, I will keep you posted.
J. E. B.
R e p l y .— O ur corresp on d ent has n ot ju s tly apprehended the tenor o f our
rem ark s in relation to the proceedings o f the late C om m ercial C onvention
a t D e tto it. It was the purpose to reg a rd them in a lig h t as favorable as
possible. This m ay be p erceived from the follow in g sentences a t the close
o f the a rtic le :
“ The Detroit convention is now a story of the past. It has rendered an import
ant service to the country. Four hundred of our leading citizens have come together
in familiar converse, to discuss matters vital to the best interests o f twenty-five mil
lions o f men, Regarding commerce, very properly, as of the last importance, their
errors lay in that direction. If they could have added somewhat of statesmanship to
their discussions, there would have been more prospect of practical results; whereas,
now, they have been, to a great extent, beating the air. They only considered the
European trade; forgetting that the South is to be opened for a commerce more sta
ble and lucrative than the marts of Europe. The neglecting of the question of finance
was unfortunate, teuding, as it does, to impair confidence, in the wisdom and ability
of the meu © ntrolling the proceedings.
“ But the impetus given to the subject of reciprocal trade will compensate for all
these short comings. It was a step taken in the right direction; and, if followed up,
will aid in the adoption and perpetuating of a liberal commercial policy. This is
most required at the present time to enable this country to recover from the depres
sion created by the Great Rebellion, and place us again in the front rank of commer
cial nations.”
This is not th e lan gu age o f prejudice o r unkindness. A s to th e state
m ents in regard to a resolution for th e e n larg em en t o f the Illinois C anal, it
w as o btain ed from one o f th e re p o rts o f proceedings published a t the tim e,
w e th in k , in a C incinnati p ap er. T here was, as o u r corresp on d ent ou g h t
to know , a re p o rt m ade by S . D e w itt B loodgood, in fa vor o f a ship can al
from L ak e C h am p lain to th e H u d so n ; and a p rin ted cop y o f it is before
us. S o m uch fo r the issue, an u n im p ortan t one it seem s to us, on th e m a t
ters o f fact.
T he dem and is m ade b y th e lead in g m en a t th e D e tro it C o n ven tio n , i f
w e understand o u r correspondent rig h tly , th a t N ew Y o rk sh all im pose a
direct tax upon th e in h ab itan ts o f the S ta te for th e purpose o f construct-
246
The Detroit Convention Again.
[September,
ins; a ship can al arou n d N ia g ara F alls, so th a t western forw ard ers can
send grain and flou r east, w ith ou t p ayin g to ll on the canals o f N ew Y o rk .
“ F a ilin g to do this,” says th eir resolution, “ she m ust n ot com plain if a
p ortion o f h er g re a t inland com m erce sh all be d iverted th ro u g h o th er and
ch eap er ch an n els o f com m erce.” A n tic ip a tin g th a t New Y o rk w ill not
need th is m enace, th e C onvention w ants the G en eral G overn m en t to u n
d erta k e the w ork.
W e a re aw are th a t th ere has been, fo r m an y yea rs, a riv a lry between
th e m erchants o f B u ffalo and those o f O sw ego— a riv a lry w hich “ crops
o u t” w h en ever th e ir rep resen tatives happen to be b ro u g h t together,
w h e th e r in a convention, o r a leg islative body. In this con troversy we
h ave no part. O ur purpose is to com prehend the subject o f com m erce as
a whole, p ayin g little regard to local rivalsh ip . W e con sid er B uffalo and
O sw ego p re tty m uch alike, both eq u ally selfish and eq u a lly public-spirited ;
and we tru s t th at each will receive due favor in o u r colum ns, and a t the
hands o f the S ta te L eg islatu re and F ed era l C ongress.
B u t the construction o f in tern al im p rovem en ts is n ot p ro p erly a p a rt o f
the functions o f governm ent. P resid en ts M adison and M onroe took this
view , and w ould give no sanction to the project o f constructing a national
can al th rou gh th e S ta te o f N ew Y o rk . G en eral Ja c k so n vetoed th e
M aysville R oad bill, on the sam e ground. M any o f our S tates, however,
acted on a different principle, and plunged into a vo rtex o f indebtedness
from which they have n ot y e t succdeded in extricatin g them selves. S eve ra l
o f them sold th eir public works, and several h ave repudiated th e debts for
th eir construction.
N either is this a tim e to dem and o f the U nited States, or o f any State
g overn m en t to en ter upon w orks o f this character. A national debt o f
th ree thousand m illions o f dollars has been incurred to m eet the expendi
tures o f civil w a r ; and till an equitable system o f revenue shall be devised,
and a financial policy adopted to m ake the debt m anageable, no one should
ask or expect Congress to add to the public burden for the sake o f in te r
nal im provem ents. A fu rth er increase o f indebtedness, every statesm an
knows, w ill take so much from the valu e o f F ederal securities.
Besides, the S ta te o f N ew Y ork has done h e r whole d u ty in the m a tter.
S h e constructed h er canals when the G re a t W e s t was but Indian h u n tin g grounds, and she has since expended for th eir enlargem ent, m illions upon
m illions, which w ill never be retu rned to her treasu ry. The civil w ar has
doubled h er indebtedness, beside the im m ense sum s borrowed by the towns
and counties.
I t is easy to see th a t w hile such im m ense indebtedness, w ith Sisyp h ean
w eigh t, bears down our population, no public m an, except a reckless poli
tician, w ould ven tu re to sustain such a project. A people taxed to th e
lim its o f endurance, and perhaps beyond them , w ill n ot be lik e ly to to le r
ate an addition to th e load.
Besides, it is not n ecessary for the states or F ed eral governm ent to e n
gage in the w ork. W h a te v e r m ay be th e store o f p rod u ct in th e W e s t
aw aitin g shipm ent, th e present avenues o f com m erce, the ra ilw a ys and ca
nals, are far from being crow ded with transportation. The Erie canal, w ith
one-seventh la rg e r capacity than last year, or e v er before, lies com para
tiv e ly idle. U n d e r these circum stances, w ith p resen t facilities ap p aren tly
1865.]
The Detroit Convention Again.
247
m ore th an am ple, it cannot be asked w ith p ro p riety th a t th ey sh all be in
creased.
W h e n o u r correspondent attem pts to show th at im m ense quantities o f
flour, w heat, and corn in th e W e s t are aw aiting tran sp ortation , he seem s
to forget th a t there is still another requisite o f even g re a ter im potance than
ra ilw a y o r canal. W ith o u t a dem and som ew here, th eir supplies are o f
little value.
I t is n o t the leg itim ate function o f G overnm ent to reg u late com m erce,
eith er b y discrim inating burdens, o r fixing or con structin g its avenues.
T here is am ple p rivate capital for in vestm en t in routes o f transit. The
cap italists o f Boston are hard a t w ork w iih th eir Hoosac Tunnel, and th e y
h ave built railw ays from th a t city to L ake O ntario. The New Y ork Centr a t R ailroad C om pany is engaged in perfecting com m unications, so th a t
train s o f cars can be run continuously between N ew Y o rk and C incinnati,
also between N ew Y o rk and S t. L ouis.
In due tim e oth er enterprises w ill be com m enced for the same purpose.
I t does appear to us th a t there are avenues o f trade sufficient for th e pre
sent exigency. B u t i f o u r capitalists think d ifferen tly, there w ill not be
an y considerable obstacle to the building o f a ship canal around N iagara
F alls. B u t th ere is no prop riety, we insist, in seeking to th ro w this burden
on G overnm ent. The tim e is p robably not d istan t w hen it will be d e
m anded th a t the S ta te o f N ew Y ork shall abandon h er canal policy o u t
rig h t, and follow in g th e exam ple o f o th er States, sell h er public w orks.
T hey are ceasing to be sources o f revenue, and it is n ot consistent w ith
principles o f sound financial econom y to keep p rop erty th at is unrem unerativ e . E sp ecially is this tru e in the case o f a govern m en t which should
n eith er monopolise a d ep artm en t o f in d u stry, or m aintain com petition w ith
p rivate individuals.
W e do n ot take issue w ith th e D etro it Convention in reg a rd to its p u r
pose o f securing facilities for com m erce. O ur o n ly question is as to th e
m eans o f accom plishing th e resu lt. W h ile opposed to m akin g appeals to
S ta te o r N ation al L egislature, o r to B ritish au th orities to engage up< n e x
ten sive system s o f in tern al im provem ent, as opposed to sound republican
and financial principle, we are in fa v o r o f ev ery u n d ertak in g which en terp rizing citizens m a y in itiate for the fu rth eran ce o f com m ercial in tercou rse.
In callin g attention to this m a tter, we b elieve th a t th a t C onvention has
done m uch good. In an eclectic sp irit we are disposed to take ad van tage
o f it, w h ile we discard the residue.
SILKS TO BE MORE COSTLY.
T he silk breeders of France, says the London Pall Mall Gazelle, are in a po
sition of the greatest distress. A strange disease, which has reappeared among
the worms from time to time— notably in 1688 and 1710—has, since 1863, re
commenced its ravages, till the price of seed has risen ten-fold, and the demand
for mulberry leaves has so fallen off that the planters threaten to cut down the
trees and use the lands for some more profitable cultivation. The disease shows
itself, according to a petition analysed in the China Telegraph, just as the worm
is about to begin the cocoon, so that the breeder has the trouble of rearing for
nothing, and has to purchase seed, as it were, in the dark. Repeated experi-
N o More National Banks in Pennsylvania.
248
[September,
meets seem to prove that the only seed which can be trusted is that from Japan,
and that the breeders therefore pray the State to aid them by bringing home
their supplies in men of war. It seems probable that this request will be grant
ed, and also that the evil which has spread through all silk-growing countries,
except Japan, is not temporary, but may last as long as the potato rot and the
odium. The real obstacle to silk growing seems to be the slow growth of the
mulberry. The worms live and work in most countries, but they want mulberry
leaves, and nobody is willing to plant orchards which will not begin to bear for
25 years. It would be no matter of surprise if silk in the next generation be
came as costly as under the Roman empire, and a silk dress as complete a test
of wealth as it was 200 years ago.
MO MORE NATIONAL BANKS IN PENNSYLVANIA,
The following letter from the office of the United States Comptroller of the
Currency, in reply to one making inquiries concerning the relative proportion
of uational banking capital allowed to the various states, and especially with re
gal d to the public statement that nomore charters would be issued to Pennsyl
vania, will be found to possess much interest at the present time :—
T reasu ry D epartm ent,
O f f ic e o f C o m p t r o l l e r o f t h e C u r r e n c y ,
W A S H IN G T O N , AugU8t 9, 1865.
Your letter of the 8th inst. is received. The amendment to eection 21 o f the Cur
rency act, passed March 8, 1865, provided that #150,000,0( 0 of the amount of circula
tion contemplated by said act should be apportioned to the different States, according
to the representative population, and #15o,0Uo,000 according to the existing banking
capital, resources and businessof the several states. The amount allotted to New York
upon representative population was #18.688,500; to Pennsylvania, #13,882,600 ; Ohio,
#11,173,600. Upon existing banking capital, resources, business, die., to New York,
#54,935,000; Pennsylvania, #12,645,uOO; Ohio, #6,450;000 ; giving an aggregate un
der the apportionment to New York of^SSS,473,000; to Pennsylvania of #26,627,600,
and to Ohio #17,628,500.
On the same day on which this amendment was passed, another amendment was
added, providing that State banks having a capital not less than #75,000 should have
the right of conversion to the national system, over new organizations, until July 1,
1866. Accordingly, State banks were allowed to accept the provisions of the National
Currencyact up to that date. The result has been to give New York #73,073,662,
Pennsylvania #4o,300,996, and (Jhio #18,487,500, which is an ex cess in New York of
# 1 9 ,6 0 0 , 1 6 2 , in Pennsylvania of #13,839,196, and in Ohio of #864,960. These figures
are made from our books as they stood on the 1st inst. You will observe that Penn
sylvania, having exceeded her apportionment by over thirtern millions, is not equitably
entitled to any additional sum: and as the entire amount of national currency pro
vided for in the law will be absorbed by banks already organized, or which have re
ceived authority to organize, it is now impossible to consider new applications.
B. R . H u l b u r d , Deputy Collector.
CONTENTS
ART.
1.
2.
8.
4.
5.
6.
7.
8.
OF
SEPTEMBER
NUMBER.
PAGB
Hon. Lucius Bobinson.......................................................................................................................
New York Kailroed M ovem en t.......................................................................................................
Trade and Commerce o f Chicago...................................................................................................
Klementary Statistics ol American States. No. 1. The State o f Ohio.................................
Commercial Law.—No. 25. The Law of S hippin g............................................................... . .
Commercial Chronicle and Review.............................................
........................................
Journal of Banking, Currency, and Finance...................................................................................
The Detroit Convention Again.......................................................................................
169
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198
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224
239
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@FedFRASER