davidaulloa/AmericanStories huggingface dataset:
The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-03-04
THE REVOLT IND iFEArRs IN CUBA.

correspondent of the New York Journal Oh
Commerce, writing from Washington, says:
By private letters received here from the Gu
ban iuntas in New York and Havana, learn
tia. the revolutionsts consider that all is going
we'll with them. They have fifty thousand men
armed though many rf them imperfcctly
The Spaniards have not thirty thousand, but
thew ate better armed. Their volunteers are
composed of the lowest portion OF the pop1-
lace including even Jail deliveries. Tue reel
ing among the Cubans is good: The yelioW
fever will help their cause. Cespedes, the
head of the revolutionary government, Is fully
trusted.
The New York Herolds Washington CORES
pendent adds the following:
The attention bestowed upon Cuban mat,
ters recently in Congress is due to the efforts Of
General James II. Van Allen, of New York, who
arrived here few days ago from Havana, after
an interesting voyage in the yacht Henrietta.
During his brief stay IN Cuba General van
Allen had candestinc interviews WIN seVeral
revolutionary leaders, aud was put III posses
sion of valuable information TO be communlca-
ted to our government. From his own oDser-
vation, and what he heard from the people
about Havana, the General has no doubt WHAT
ever OF the speedy success OF the revolution
lists. When he left Clba he proceeded to
Charleston, and thence hurried on TO this city.
On Friday morning he had q long interview
with General Grant, to whom he communica-
ted tho information he had received from the
revolutionary leaLers, and explained tho earn-
est desire of the Cubans to have our overu-
ment recognize their independence OF Spain.
General Grant listened with much interest
and spoke strongly in favor Of givin. some
substantial recognition to the struggling Gu
bans. He was in favor of not ooly passing
resolution of sympathy, but also of au'hu-
rzng the President to recognize the indepen-
dcucu OF Cuoa, Whenever i'll his judgment he
might deem the situation such as to justify
the step. General Grant considered that the
United States was under no Obligations 10
Spain, seeing that she had afforded every &C,
commodation to Confederate veisos and
blockade-runners during tho late rob Lion. he
authorized General Van Allen to represent his
views to senators and congressman. aud to
state that he favored tie passage OF strong
resolution. Accordingly, General Van a lien
went among the senators and representatives
and the result las been the introduction OF the
two resolutions in favor of Cuba. Senator
Shcrman's resolution is strong and quito ac-
ceptaDle to Cuban sympalhize 1t is be-
lieyed it will be reported iavorabIy by the For
eigp Relations committee.
The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-03-04
tbarleston cotton and Rice Market,

Charleston Cotton and Rice Market'
OFFICE Oh THE CHARLESTON DAILY NEWS,
CHARLESTON Wednesday Evening. March 8.
CoIToN.-The market was chnrac rzed by more
animation, the transactions being mainly by one
buyer for Spanish account, prices continuing with
out change sales 700 bales, say at rs; at 25h;
at &c; at 26; at q; 10 at PIX; OF ut 27; As Mt
27A 10 OF %; 51s at2sM; ;25 Mt 2'h. We quote:
LIVERPOOL CLASSIFICATION.
Ordinary to good ordinary ....26A@2Ih
Low n)tQQl1nR. ..ssaiTIVEO
Middliuy. .....2SH@-
By New York cli ssifoati n we quote {:
Low m,ddlipg. .2SA9-
RICt-lhe Offering stock of this grain was light
and prices FL mer Sales 80 tierces, sly 10 at s 90
ut &c. Veg ole common to fair clean carci'il 81
S@S,s; good s1z@SAc.
The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-03-04
Markets by Telegraph.
FOREIGN MARKETS.

FOREIGN MARKETs.
LONDON, March 3-Noon.-BoEds SIX.
Two p. M.-gonds S1S.
I1yEgpooL, March g. oon.-Coiton Glncr; up
lands llzsd; Orleans l2Id; salGs S9ro bales. rrens
stutfs un banged.
lwoP. M.-co;ton frmer but not higher.
DOMESTIC MARKETS.
NEW YORK, Marcn S-Noon-Money easy ct 6a7;
stcrins sH. Gold Sax. 62's. 17h. Cotton Arner
at 29Ac.
Eyening.-Cotton opened stea, i closed quiet;
sales 1900 bales at f9a20A. Flour dull heavy and
lower: supcrfnc State sb 6Oa6 20; common 10 ml'
extra Southern IS q5a6 81. Wheat 1a2c lower. Corn
closed dull; new mixed Western 9fr; yellow South
ern ST. Fork stct dY; new s32a39 25 closing ut s3 81
cash. Lurd firm; kettle i9Aa'9zs Whisky q shade
6rmcr ut 96kag7. CaroliLa rice finn at v&a1o
sunar steady. CotTcc and molns es dull. Tvrpeniine
54a54H. Rosin unchanged. Frcishts dull and dc
Ginning. Cotton by steam SIG: sail Il. Governments
CLOSED strong. cas- Tx. Southern securities hlm
Money closed easy at 7. Sterling Q. Gold CLOSED
weak hI SIX
N.1r1Moas. March 3.-Co.ton frIner. LOU
| fa,;ly ac,,yo but weak. Wheat 1rTn'r; prime oil
50 20. Corn steady; prime white s5.S7; yellow 90
o.. oats fi N at G6a75. Rye sc:d at 81 Soal 81
Pork Orm. Bacon moro 40 i've LII 2J"2OA.
c1Sc1NNAT1, March Flour in oderato demand
Corn unchanged. Provisions dull I'D droo .ng
Mess pork 49, Bacon neglected and nominal
shoul !crs II; clear sides i7k; hams lSEalsh lart
! dull at 181s.
ST LOUIS. March 3.-Wh slcy steady e. o2. porl
steady ut $50 so Bacon shoulders AK; clear tide
11hal7M. Lard ID.
LOUISVILLE March 3--Pork s3aa32 60 Lard 19
uacou shoulders l4K; clear sides 1S. Whi'kcy 81.
AUGUSTA March 3-Coton opened with q fair DE
mand but osed dull; sales 5SD bales; receipts 81
bales; middlins 2Ic.
SAVANNAH Ala ch 3-Cotton quiot and steady
mtldlings % ceuts. Eeceipt, 3B bales; export
| colstwisc AGO I RICs
MOBILE, March S-cotton firm; demand fair
sales sou bales low middling s6'<c; receipts 40 Dlles
oxi orts 3l97 bIies.
NEW ORLEANS. March S-Coton s,iftr; mid
dln.s 2Sz cents. sslcs 2s00 bales; receipts 2l2,
exlorts 12s Gold .25s. Sterling "A. Sugar du
and nominal; co umon 121sa13; primo 16Ha1bK; !; ye
low Tx. Molasses dull AMI lowsr; prime 72ka7.
The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-03-04
Arrived Yesterday.

schr Olive Branch from Santee. $50 bushels
Rough Rice To r Pringle, W Bee co, Cohen'
Haurkel Co. Street Bros 4 Co.
:.tsumcr Emiie, Davis, Georgetown, s C. ZIG tes
Rice aud SuuliIes 10 shack lord Kelly, : Il
rriucIe. hurston & Holmes H i Baker CO, Q
Poo 4 Co. G a Trenholm Son, W Ryan, MRS II
+ w Alison G. Allston Mrs II - LCsc-nc, Mrs
uuger DIR W Magill. tisey Creighton, MISS NJ
Mazyck, O'Neill, Terry Nolan
Cleared Yesterday.
steamship Charleston, Berry New York-Janes Ad-
ger Co.
Spanish brig Rosalia, Muscavo, farcelona-PJ Es-
nard
schr Alice Grace, Giicbrist, Georgetown, c.
Risley & Cr. ighlon,
Sailed Yesterday.
Steamship Charleston, Berry, New York.
From this Port.
Steamship Promeheus, Gray. Philadelphia, Feb 2S.
steamship Magnolia, Crowell, New York, March !.
Sailed for this Port.
Schr Flying scud Mitchell, from Norfolk, Va, March
LIST.
schr Joseph Allen, Kelso, from Savannah. March q
The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-03-04

ASSESSMENT OF PRoPERTY.-Wc understand
that Alr. jacob LEVIN, tho energetic aud lnde-
fatisable assessor OF property within the limits
OF the City OF Columbia, has completed h 8
labors, and returned his assess m:nt to tho
County Auditor. We learn that his aggre-
gates are in the neighborhood OF tho following
figures Taxable real estate, 81, ,874 CSO; per-
sonal property, 1898 TT; total, 50 76S, ,4O7.
Non-taxablo real estate, consisting OF public
buildings. churches, &C., 81 1867 600.
MIR. Levin. we believe, is the first assessor
who has completed his retu,u, and when tue
extont and diversity OF his labors is taken into
consideration, merits high commendation tor
his zeal and industry. those who are ac-
quainted with him, feel every confidence that
his return will be as distin9 TOR its accu-
racy and fidelity as for the plomptitude with
which /: has been executed.
columbia PhGni1.
The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-03-04
PASSENGERS,

Per steamship Charleston. for New York1C seel
A Powell, F Drapiu, Mr. Diapn. Miss May and md
nurse, Lyman, 1wibles, NV and wiie' MT
Flynn, Litter, Cramp, and IL in steerlge.
Per steamer Emile, from Georgetown y
A Delaney, Mr. Middleton. J J Prinsle, A Pudigon.
Col l, B Re d L, S Co:ovcrs. j D Magill, Dr >
Magill, Rev Belts, W Lewis. ] B Pyatt. vile AID
family.
The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-03-04
Commercial.
Exports.

Exports.
BARCELoNA-Per Spanish brig Roaalia- 12s ba'cs
Upland Cotton, $50 bbls Rosin, $4,000 feet lum-
ber
NEW YoIK-per steamship Charlestol-GS7 bales
Upland Cotton, 81 tlerces Rice, 10 bales Yarn, 69
packages Sundrie-, 8 bales Waste.
The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-03-04
Consignecs per Northeastern Hatlrond
March 3.

o. balcs IJpland and bales Sea Island Cotton,
l16O bushels Rough Rec, SO bbls Naval Stores. Lun,.
ber. Wood, stock, Mdse. &c. To Ree1cr Davis: J
A Quackenbush. Pelzer. Rodgers co, Bischof q
Co, Marshall, j., W Ryan. Voigt, Ham
lett, Mowry L. 20, K1rkpatrirk & Wittc Frost Ad-
ger. Manioue & Go, G " Williams & CO. Mofett 4
Wharton Hart & 4 o. Howard Bro. Graveey.
NJ Caldwell l. Son. Johnston, Grow. l. CO, smy'n,
q MulIigan, ] o a Moore. N Wigiall, MazYcks q
Salters, + Subsistence Department. Stenhonse
co, Graeser & smith, Goldsmith l. Son, Camrs sen
& Co, Z " imanucl Ingrabam u Son. Railroad
Aren't
The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-03-04
Mcnora MA.

The schr Flying Scud sailed from Norfolk va.
March l. 70. this port, with cargo Of 5000 bushels
corn.
GREAT OCEAN RAcE-On the ID day Of October
last, the barks Palestine q, Ocean Beauty sailed
from Portsmouth. L, fol Ceylon, Tho two captains
spent their last nighton shorc together. and were
next day tnking ihpr rspectve vessels through the
Downs and channel, tho rough weather IN which
forced them to run into Ryde. After stay OF fur
days both barps lcft together. and sailed out for
some time within hailinS disianrt; but the oce cean
Ieauty quickly shot ahead and out OF si9ht
No further communication OF any kind took place
between the vessels until voyage OF 1900 miles
was about to tor NINA O. ON the day alter CHI islmas
tho cap ain of the Palestine observed bark ahead
OF him which be fell sure was the Ocean Beauty For
some days they kept r.uch togeh T, thor positions
alternating, until Ii" l0h OF January both cast
anchor in the harbor of Colombo the Palestine
about bali all hour aread Of the Ocean Beauty, afer
q remarkably short iun OF 81 days.
The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-03-04
Uons1gnces per South cai ioIIna Katiroad
March 3.

c65 bales Cotton, IS bales Domestics, 2495 bushe
Grain, 45 bbls Naval Stores 73 packages Bccon, car
stock. To Railroad Agent. Wardlaw .arew, Ken
dali l. Dockery, Frost & Adger, Williams CO.
stenhousc & Co, Pelzer, Rodgers & Co. q Hop
pock, Mowry {; Co, Caldwell & Son. Bowling co.
g b Waiter & Co, W K Hyan. J sloan, Graeser
& smith, Walker, Evans & Cogswcll, B O'Ne;ll, n
Robson, Tobias' Sons, Cobia CO. Iideman q
Co, CIaghorn, Herring & Co. Kinck, WickenGerg y
Co, W Corwin & Co. G Il Gruber, Goldsmith &
The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-03-04
sn,nnc1ys by TELEGRAPH.

SAVANNAH. March S-Arrived, steamships San Sal
yador and montgomery from New York; schr Camp
bell from Baltimore.
Cleared, steamship Thames for New York.
The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-03-04
OILS! OILS! OILS!
BETTING BETTING !!

5000 FEET OAK TANNED LEATHER BELT
ING
5000 FEET GUM Betting, 2, 8, 4, and S
PLY
$50 SIDES PATENT DRESSED LACE
LEATHER
800 DOZEN METALLIC-TIPPED BELT
LACING
100 BOXES BLAKE's PATENT BELT
STUDS
$50 DOZEN TOLLaIAk'S BELT HOOKS
75O YARDS GUM PACKING, 1-16 INCH TO
INCH THICK
TUCG's PACKING, 4 INCH TO II INCH d.
AMETER
sOApSTONE PACKING. 1 INCH TO 1t
INCH DIAMETER
WHITE AND BROWN JUrE PACKING
ITALIAN HEMP PACKING
RUBBER AND LEATHER HOSE
MANHOLE AND HANDHOLE GASKETs OF
ALL SIZES.
CAMERON, BAE1&LFY & &C.,
;,ortherst Corner Meeting apd Cumberland streets
Japuaryl olDo
The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-03-04
Wilmington Market.

WilmingtOn MErket'
WILMINGTON. Ma ch ." M.-1uHPENTINE-
Has advanced 10I15c and 3Il obls chlnged hands at
S. for #. and 81 os for hard, per $50 lbs.
SPIRITS TURPT NTNE-Sae OF 80 obs at oo7sc Per
gallo.-ua. .rket closing weak.
RosIN-No lies reported ,o-o
1An-Is over. Sales OF 53l bbis at 81 6o, a1u 'oU
do at So 60 er Dbl.
ConN-240U bushels received and sold on private
terms-supposed at 81 02H per bushel. ,,,<
PEAs-900 bushels cow sold from vessel ut 81 i2is
perl bIshel.
T1pER-six RATS sold at sc 25a6 so for ordinary,
aud s11al2 for prime and extra mill
The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-03-04
LIST uF VESSELS

LIST uF tE>SELS
CP CLEARED AND SAILED FORsTHiS ron, =.
FOEEIGN
LlrERPooI.
Tho Edith Wheeler sailed. .......... ..... .Jan IL
British bark Dayid NcNuit. Vi E h'nny. sid. Jan 3
Bark Harriet husscy Homes ssied. Jon Il
British brig Cecilia Bisirul. railod. Jan
HAvn
Snip pac.c, Foss failc1.. 1..................-.JA 4
PoIT TALBoT.
lie Couri r. Jyihne, sailed. ............ ....'an IL
DOMISiI0
Steamship Alliance. symmcs. sailed. Feb 90
chr Cuarles Ra mund HigglnH, clcarrd. ...FeD 70
S br q n Hawkins. Wyatt cleared. .........,tsb "
Scbr diary Haskcll Barbour, cleared. Fob ~
sebr Anue E Glover. Terry. up. rep ~
Chr Gale g. Hale cleared .......... ...... FEB %
Schr arah CuiIou, Avis, up. p...............Feo W
Schr qui-ts, -, np..'.......''''..'''He 'Heo 20
PORTLAND NE
schr s Adams Donucl cleared .......".rreo ID
Schr Eliza eawyer sawyer, cleared. .feo 70
O LA1s, ME-
schr scud. coGeins, sailed ~
WOODS HOLE
Schr Mary o Haskell tarUour. sailed ".Feb "a
~ tnnb.
scnr Bulec, B,ldrcth, cleared. II
schr Enclauiress CoverI, cleateS. ...."..,. Feb 9
schr lr. dc Wind Hoffman. eitnrcd. ..Feo "A
sohr S, Ivan B.a. Guard. Cleared. .........Ieo eo ~
schr George Mills, Mills. ceareu 20
scnr WaData, - up. '...''''''''rno ao ao
srhr Robert Caldwell Moc1rmacs, up.....r co - -
Schr N w McGc, - up ...;.....'...T yep yep - -
e'.r Lucy A Uicult Gskc, clea! cd. ..... ..Feb ~
PHILADELPHIA
Schr Henry Allen, Tatem. up.... ...."......foo IL
| BALTIMORE.
Scl,r ca,upbel. TORY. p..................Een IL
| Schr Laura, Corm up. ..'..-tcp &C
| sclIr eta Brown cearcJ.. ............ .Fro :.
s,br w II 1 nor dilc. Hall cleared. F"D q
| bchr Lcdugton, Gr,gory. up...-............fcp =
| NOnYoLK. VA.
schr Flying Scud, hl,cbcI sailed. d........ .Marcn
| SAVANNAH.
| .o,,, 1oso,1, A,len 6el,o. suited ...... March
The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-03-04
Macon Market.

MACON. March 1.-corros-The prevailing char
acte of the mar.et through the week just closed
has been that OF almost uniform dullness The un,
favorable advices from abb oad gave buyers GROUND
to demand CONCESSIONS which holders were frm N
refusing to grant in view Of estimated short supply i
In the foreign markets To-day the arket was dull,
and 1t closed t26Ac for m,ddings; choice grade
26Hc. The sa,es to-day were 1o8 bules; receipts Of
bales; shipments 81 bales. So es fur the week !uI4
bales; receipts ia bales aud shpments 1S49 bales
Stock sona mbsni "o fs6s........ Ss = 1.s26
Received this week H4
Total. $3.50
Shipped this week .... .............. l,o4o ..
Shipped previously. ..44'sff-a0'i'o
Stock IN hand ,bis eve,,inp 1854
The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-03-04

MIR. J. NJ. Francis, the editor Of the Troy
IN. " Times, who recently visited Charles
ton, has written some interesting letters TO his
paper about things in our city. We make
some extracts:
The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-03-04
Marinr Nrw5.

Port OF Charleston. March
The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-03-04

A Visitors Impressions OF Ch"ii
Prospccts-A northern Estin'e "a o"A
Phosphates-Thc orphan
Market Systeni-Cost OF Living "n"
now Prices Compare with those OF tho
North-Thc Artesian Wen-Mas nolia,
&c.
The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-03-04

-hnxed in to insure its pro ection. The moss
which grows in such luxuriance IN the swamps
and on higher land. to-. is au article OF home
consumuuol l, and export also 10 some extent.
It is taken from the trees and cured by expo
sure to tho ar, cut up AMI used for maxim.
beds and pillows. 1t Is almost equal 10 curled
hair, and with little Yankee manipulation
could be made to quite equal it, should say.
THE PHOSPHATE BEDS.
The apparently lnexhaustible reds OF phos-
phate DISCOVERIES in Lands lying uron the river,
one section distant not more than six miles
from the city, promise source Of large leve-
nue. and rapidly increasing wealth. Careful
chemical analysis proves the superiority of tuis
material ss o fertilizer. 1t is dug up i'll large
quantities foot below the surface Of the
nronnd and bears unmistakabo evidence Of
formati,n - the course Of aces from ..rv oones
Of aniusals. Indeed the original bony shapes are
often preserved. Think of 1t; compactcd bones
some teet in thickness covering an area OF
hundreds and hundreds OF acresl how came
they there2 Some wonderful CONFUSION OF
nature must have destroyed The aulmals aud
concentrated the carcasses within theso uis-
tricts. Hundreds OF laborers are LOW employ
ed digging out the phosphate. 1t is first wash-
ed and then ground to Hour like lime. In
its crude state properly washed aud prepared
dollars ton So it will be seen that the own
era OF the phosphate lands possess the means
Of working out wealth almost without limit
And the use uf the phosphate. chemists lell
us. will accomplish wonders in restoring worn
out lands and III increasing the productions Of
the soil. It the hulf that is claimed for 1t be
true, the discovery will Prove rs valu bic For
South Carolina as that If gold has been ior
California he whole South, too, will palt!c!-
nate in the benefits by securing n superior fer
tiLzer for tho increase Of It's cotton aud other
crops.
THE MARKET BUILDINGS.
The ma,heL build nes of Charleston cover an
area of o less than SIX short blocks. q separate
buil6,Jpg OH ach. with streets intervening 10
fneclI Tie m and others running ON each slde.
The ed,tlces ale pI divided With stalls on eli her
side euu Il vide passage way between 30 that
one nav walk through one building. across the
s1 eet aud lhlougn smother, AID 30 ON III
at, ais Int llIse AL lilo way from Meetipg-stree to
the river wharf there are hundred OF more
neatly arraIged stalls. In pr duGeis lor
most part lease these stalls al q small rcntal,
and are thus enabled 10 sell directly 10
the consumer, so avoiding tho InterVenuo"
of .xsc;1ng and oitentImes moDopohz ne
midule men. IL was 10 secure exemption
from this evil both " producer and consumer
that such extensive market facilities were
provided by the city. The idea Is . good Que,
aud the pChoy aItogether better than set
ting apart o street for m, kellus on partlcu-
lar days as III s, ate-sireet. Alban,. II srL uroS
substantially q Tree u,arket sys,em. he4lthy
coupe. .itloI, aid reasonable prices. Tho plaI,
in one lolm or another ou.ht to p,eyaiI in
Troy and all other lalgeplaces. these Charles
Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1869-12-25
TWO LETTERS.

The following letter, written by Thomas
jefferson during his Presidency, has re-
Gently been brought to light, and may be
read with both pleasure and profit:
WAsHrHGToH, Feb. 6, 18O3.-Dear Sir;
Monsr. d'YrujO, the Spanish Minister here,
has been so kind as to spare me 200 bot
ties of Champagne, part of larger parcel
imported for his own use, and Copse-
auently privileged from duty; but it
would be improper for me to take the
benefit of that. | must therefore ask the
favor of you to take the proper measures
for paying the duty, for which purpose |
inclose you q bank check for 229 dollars,
the amount of it. If it could be done
without mentioning my name, it would
avoid ill-intcnded observations, as in some
such way rs this, ''by duty paid on a
part Of such & parcel Of wines not entitled
90 privilege or in any other way you
please. The wine was imported into
Philadelphia, probably about midsummer
last. Accept assurances of my great Cs-
teen and respect, TIL. JEFFERSON.
GEN. MUuLENBERG.
Andrew Johnson began and ended his
presidential career in the same sririt,
and TO a committee of gentlemen who
sent him an elegant carriage and span s:of
horses madethe following truly Jefferson
ian reply: .as ....
While fully appreciate the purity of
your motives in thus rendering TO me such
Substantial evidence of your regard and
esteem. / am compelled, solely from the
convictions of duty have ever held in
Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1869-12-25
FLOATING CAPITAL AND NEW
LOANS.

A writer in Hunts Merchants Mag
a-iRc calls attention to the large amount
Of loans put upon the market during the
past four years, as clearly indicating the
change which has been slowly taking
place in the minds Of the people of this
country as to their capabilities in a
financial point of view. Previous to the
war if money was to be raised by a rail
road o,,l,5 a city or town. in most cases.
especially if the amount to be raised was
large, the bonds were sent to Europe by
an agent or to some person there to be
negotiated. The reason for this was that
our capitalists had never regarded such
investments as profitable. The idea that
our own market could absorb any consid-
cradle quantity of such securities was not
entertained, and it was not until after the
breaking out Of the war, when European
capitalists refused TO take our bonds,
that We tried the experiment of rails
ing money in this country. The
first experiment of the kind was with the
tve-twcnty loan, which proved such a
success that the same policy was con-
tinued during the war, and even when the
war ended, of supplying our wants from
our own markets. Among those who do
not appreciate the changed condition of
the country in this respect, the writer
says the many new loans which have been
offered, and are being offered, have
caused serious apprehensions with regard
to the ultimate effect of this movement
upon the business of the country. En-
perience has certainly shown that the too
rapid transformation of floating capital
into fixed and permanent forms is likely
to produce trouble in the money market
and consequent disaster in the whole
financial machinery. The violent panic
of lS47, which was so severely felt in
the United States and England, was attrib-
utcd chiefly TO this cause. Prof Perry,
in remarking upon it, states the subject
very clearly as follows: while credits
continued about as they were, or were
slightly increased by railroad speculaticns,
the capital in the loan markets, which had
supported these credits from time to time
and on which they depended, was largely
and somewhat suddenly drawn off to be
put into the form of fixed capital. All
great public works, such as railroads,
canals, and so on, take more or less money