The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-03-15
Petroleum a Business, and not a Specula'
tiOn.
From the Tribune.

From he Tribune.
The Report Of the United States Revenue Com
mission on petroleum as a Source Of National
Revenue" recently submitted to Congress by the
Secretary OF the Treasury, together with the
novel and long-matured project Of the Hon. @.
V. Culver now representing the Oil District In
Congress, for building the metropolis of the pc
troieum region, has excited new and healthy
interest in the wonderful business of petroleum
The fifty closely printed pages of the Commis-
sloncrs Report, heavy with computations, and
chemistry and science have an interest of their
own, We see how the wilderness of an almost
unknown. district OF Pennsylvania has become
the centre OF one ol the hrst staples OF commerce
and manufacture.
Tie customs tables tell us that American sea-
men now carry petroleum TO a hundred ports
to absorbing Antwerp, which took A, l49,82l gall
Ions IN 1864; TO China and the Indies, that were
Content@ with j4,S3S; or the new world in the
Pacific seas, which received in 1865 nearly
100000 gallons. Where ten years ago were
scraggy lands, bordering narrow streams, re-
luctant to yield a harvest, has gushed forth
stream of wealth more abundant than any
that ever came from the golden Rocky Noun
talns, and giving every prospect OF as great per.
manenCe.
The petroleum business has been a subject to
the fluctuations of every business that is based
upon sudden and unaccountable developments
OF wealth. Men became crazy with the fever of
sudden gain, and for five years, yearning, hun
CRY madmen have been leading a tarantula
dance among The mountains and ravines of
VenangO. Shrewd money-changers traded on
this panic, and SO largely pIofted by it in or
ganizing 'companiesh upon the system which
Mr.. Dickens made memorable in his history of
Alr. kontagu Tigg, that feeling of repugnance
arose in the minds of the people against petro-
leum, and men ruefully recalled the history of
the South Sea Bubble, or Laws Mississippi
schemes, or England's recent railway frenzy, as
they thought of their real money sunk in
imaginary wells. Every Venango adYenturer
WHO Jailed to sink his thousandbarrel well re-.
turned home in despair. Those who remained
were burdened by Government tax which
injured the free development Of the Petroleum
trade. The effect of this tax upon new and
growing industry is shown by the Government
Commission.
Should Tie change in the TAX suggested by the
Revenue Commission be made, the reaction now
taking place in the petroleum Development o.
Venango will make ii business a1d not speeu
lation. Whether Mr.. Culver will succeed witt
his Reno experiment or not he certainly de
serves the credit OF having made grand attempi
He has attracted around Him in his present en-
terprise men of reputation as dnanciers ant
mel chants. Under proper and systemati
management there is nc reason why petroleum
sbould not be made as successful business a
the mining of silver, COAL iron, or gold. 1t ha
suffered. heretofore, from irresponsible CON
pames, which had only the effect OF destroyin
confidence in one OF the most important Amer
Can interests.