New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1865-10-06
FOUNTAINS OF WEALTH.

Among the many sources FOR congratulations
at the tide Of returning prosperity which now
rolls across the country, We must not forget
that wonderful legacy of nature to which We
fell heirs about the beginning of the war; we
mean the Petroleum fields. The sensation
which followed their discovery and develop
ment has ahaied, hut the oilstill flows in un-
diminished stream, pouring into the National
lap presents far richer than the diamonds OF
Golconda, or the glittering lmetals Of the Far
West. The oil trade has become fixed insti-
tuition, and is already making new currents and
new eenters OF trade. .
In December, 1852, Major George Washing
ton, of the Virginia militia, Was sent by Coy.
Dinwiddie to the French commander Of that
day, who was establishing line Of military
ports between Lake Erie and the Ohio River.
In his route he passed up the Valley Of the AL
legheny and across the County Of Venango,
then the habtation of Indians and wild animals
A hundred years later, and all that could DO
seen among those barren hills was couple Of
sleepy Dutch towns. with very little to sell to
the outer world and still less to buy from IT,.
Within the past five years the discovery Of an
Illuminating oil beneath the surface Of the earth
has transformed the face of nature with mag
cal rapidity. The whole country for miles is
dotted with derricks, steam.engines, and shan
ties; new cities have sprung up, with their ho.
tells, stores, banks, and theaters. In circuit
of 80 miles around Oil City are over 20O,0 900 In
habtants. g. go"
MeadvilIe, the neck Of the oil regions, through
which is poured the oil outgoing and the
thousand supplies ingoing has risen from a pop
ulation of 200 in 1860 to $1,000. Places like
Franklin, Titusville, Oil City, Pithole, which
scarcely existed, now boast of their daily, news
papers, their hotels, banks, stores, and theaters.
In the circuit of 80 miles around Franklin there
are not less than 200, 900 energetic people
\ The Pthole discoveries have lately given
another impetus to the excitement and visitors
to that interesting spot relate marvellous stories
its wonderful yield of oil. There are, itappcars,
ION the two or three farms known as PithOle City,
some 300 wells sunk or in process. We
have the record Of 30 of these wells which
yield from 80 barrels (pumplng) to 1,JOO
barrels (howing) day. The total yield Of Al
, of the wells now reaches nearly 10000 gal
Ions per day. The oil is worth so barrel
at the wells, but costs from 50 to s. more
TO haul to railroad. The Government i'm.
poses an internal revenue tax Of 81 bar.
rel on the crude, and 20 cents per gal.
Ion upon the refined oil, so that with the least
margin of cost for labor or machinery we have
a steady contribution of 100000 a day Oh
$4,000, 600 year from this vicinity alone.
/ The field of the whole Of the Pennsylvania
oil regions is three times that of the Pithole
region, so that without counting the product in
West Virginia, Kentucky, or Ohio, we have
Ia SUN of over 5000, 900 annually as q
direct gift from nature, or sufficient to dis
charge the National Debt in fifteen years. Not
only So but We are furnished with portable
economical light superior to any other in use.
The principal difficulty experienced at present
Is the transportation to market 1t is estimated
that there are upward OF 10000 barrels OF
oil awaiting shipment, aud the railroads nre
daily refusing freight in both directions. sa'
Oil wells are VIGOROUSLY uncertain ventures,
and many curious facts are related of narrow
hits and misses OF fortune. On the whole, the
yield seems to be as great or greater than ever,
though brought from many more channels, the
! current sometimes setting from one to another
Leases are now selling at premiums Of from
SO, 900 to $4,000, and half the oil. The terri,
tory has risen in places to prices so fabulous as
to be out Of the market. Most Of the. famous
flowing wells have irregular pulsation in their
flow, an interval of from Is to 80 seconds, in
which gas escapes, again followed By oil.
Speculation seems to be vague in reference to
the extent or origin Of the source. The retorts
in which the internal fires have been distiiiing
this precious fluid may have been at work for
thousands of years, or may be still. Thesupply
may be, 80 far as human demands are con-
cerned. exhaustless-may, indeed. be tho liquid
side by side with the fluid residuum Of the side