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On the 1st January, 1866, there were twenty incorporated banks, four of which were National Banks. The total capital of these institutions was $13,393,922, and at date the loans and discounts amounted to $13,804,285, the circulation to $1,056,742, and the specie held to $3,595,122. In addition there were some ten or twelve private banking houses engaged in making loans, buying and selling exchange and receiving deposits. The average capital of these was about $35,000 or in all from $25,000 to $300,000.

The shipping of the district of which Louisville is the port in 1850 measured 11,819, all enrolled and licensed steamboats. In 1865 the measurement was 72,222 tons and during this year 30 steamboats 6,576 tons were built. The arrivals of steamboats at Louisville in 1865-6 was 3,781, and the departures 3,720, or exceeding 20 arrivals and departures daily. The average measurement of these steamboats is about 250 tons, and the average carrying capacity about 450 tons, ranging from 24 to 880 tons each. The largest of these vessels is the Stonewall 880 tons, and the second largest the Ruth 854 tons, the latter being considered the most magnificent steamer on the river. The other large steamers are the St. James 700 tons, the Indiana 637 tons, the Virginia 590 tons, and the Frank Bates 540. The Stonewall, St. James and Frank Bates were among the steamers constructed in 1855 66. These steamers ply in regular lines to Cincinnati, St. Louis, New Orleans and other parts. In connection with steamboat building are two extensive shipyards on the Point, a third just going into operation, and three shipyards at Jeffersonville, in addition to the yards at New Albany.

FINANCIAL CONDITION OF THE STATES.

It is not a mere morbid curiosity, nor a diseased love for misfortune, which asks to know the full extent of the losses consequent upon the late war. Such an inquiry is essential to any well directed effort at national economy; it is necessary for the guidance of legislation upon matters of State or federal finance; and its effect must be wholesome in checking the too prevalent tendency, inherited from more prosperous times, to run into extravagant expenditures. No people can properly regulate their expenditures, either national or individual, while they are

ignorant of their liabilities; and to increase debts largely without cɔrrespondingly economizing expenditures is, to say the least, a dangerous experiment.

In this view, it is much to be regretted that there are no accessible returns showing the whole extent of the changes in the financial condition of the country within the last five or six years, the most eventful period of our history. We have precise data showing the increase of the debt of the national Government; and are also able to show the changes in the indebtedness of the several States; but of the very important obligations contracted by the counties, towns and cities, in their efforts to place their quota of troops in the field, there is no data which would justify an attempt at an approximate estimate of their aggregate. The annual reports to the several State Legislatures, however, afford the material for ascertaining the changes in the debts of the States. With much pains, we have been enabled to procure returns from nearly every State, showing their indebtedness in 1866, and below present a comparison of these figures with those of 1860, adding also the taxable valuation of the respective States and their population, so far as it could be ascertained:

INDEBTEDNESS, VALUATION AND POPULATION OF STATES, 1860 AND 1866.

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Minnesota

Mississippi
Missouri.
Nebraska
Nevada
N. Hamps'e.
New Jersey
New York.
N. Carolina..
Ohio..
Oregon

Pennsylv'nia
Rhode Isla'd.

S. Carolina.

Tennessee..

Texas...
Vermont

791,305 1,182,012 28,841 6,857 326,073

672 035

3,880,785 5,831,777 1,441,344,832 1,659,452,615 34,182,975 51.753,082

9,129,505 11,433,000 888,302,601 1,106,208,921 17,223,153 15,351,018 23,8 6,951 24,872,762 55,372 218.574 595,591,994 *202,829,941 37,849,126 85,622,052 125,104,305

nil. 3,626,500

90,888,436 8,691,574 5,205,227 16,643,666 25,277,347

992,622

2,339,511

52,665 65,090

2,906,215

171.620 184,965

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214,626,446 120,793,763

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nil. 2,320,360 nil 1,567,500

Virg nia

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327,580,561 33,248,141 45,119.741 195,447,170 (in Va.) (in Va.) 162,320,153 100,000 2,282,191

The changes in the totals of the debts of the States very imperfectly indicate the real increase of debt in the several sections of the country.

* Real estate not included in the valuation of 1866.

In some instances the State was the chief borrower for war purposes; in others, the town and county organizations borrowed for their local wants, and the State Government afforded but little direct aid. This circumstance will, in a measure, account for the great inequalities between the several States, in comparing their present debts with those of 1860. In the three large States of Illinois, Ohio and Indiana, which contributed largely toward the prosecution of the war, there has been a decrease from $37,689,275, their combined debt in 1860, to $31,857,745 in 1866. In the case of these States it is clear that a large proportion of the amounts raised for war purposes must have been borrowed by the local organizations. On the other hand, the six States of Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont, the combined debts of which in 1860 amounted to only $8,295,913, have since swelled their State liabilities to $50,772,246, Massachusetts alone having increased its debt $18,379,679. New Jersey, from a debt of $95,000 in 1860, has grown to $3,395,200. Pennsylvania has reduced her debt over two millions; having, in consideration of her large State indebtedness, prudently thrown the onus of borrowing for war purposes upon the local governments. In New York we have swelled the State debt from $34,182,975, in 1860, to $51,753,082 in 1866; yet, as showing how imperfectly this increase represents the aggregate addition to the indebtedness of the people of this State, it may be stated that the city of New York alone has added over ten millions to its debt since 1863. The Southern and border States generally show a large increase of debts; which results not from the incurring of new obligations, but from the non-payment of interest for a period of five years. The young State of Missouri has added to its obligations $13,222,928; while its population has been drained, and its property devastated by repeated invasions. Tennessee has not only had her resources crippled through being made the theatre of some of the most notable campaigns, but has augmented her debt $8,633,681. In one respect the Southern States may be said to be in a more fortunate position than others. Their liabilities contracted during the war were wiped out by their surrender; and they have no increase of State or local burthens, except what may arise from the funding of overdue interest; so sadly, however, have their resources been impaired that they are less able to sustain their fiscal burthens than the States of other sections.

The taxable valuation of the respective States, perhaps, affords the most reliable criterion of their present condition, as compared with that previous to the war. Unfortunately, however, the available statistics are not sufficiently complete to enable us to arrive at any general conclusion, under this head of comparision. The returns, so far as they go, show that there has been, in the Southern and border States, a large decrease in the taxable valuation of property; while, in other sections, there has been a slight increase. In 1860 the valuation in the seven States, Arkansas, Kentucky, Louisiana, Missouri, South Carolina, Texas and Virginia, amounted to $2,745,000,000, and in 1866, to only $1,527,000,000, showing a decrease of $1,218,000,000, or forty-four per cent. This reduction includes the loss of about 1,860,000 slaves; which, valued at $350 each, probably fully their assessed valuation, would amount to $650,000,000; leaving $568,000,000 as the net reduction. This decline in

valuation may be partially due to the fact that the present prostration of the South renders all kinds of property less valuable than it would be were its resources being actively utilised; but the figures, nevertheless, show a state of extreme depression. In the eight Western States, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Ohio and Wisconsin, the total taxable valuation was, in 1860, $2,426,000,000, and, in 1866, $2,877,000,000; the increase being at the average rate of 18 per cent. The largest ratio of increase occurs in California, being nearly $50,000,000, or 33 per cent. Of the New England States we have no returns, except from Connecticut, which shows an increase of $41,000,000, or 18 per cent. In the State of New York the increase is $218,000,000, or 15 per cent. In making these comparisons it must be kept in mind that the valuation of 1860 represented gold values, while that of 1866 represents a condition of things in which all values were inflated to the extent of nearly doable the normal figures. Official valuations probably have not followed very closely the advance in the market value of property; but, perhaps, it may be safely asserted that they have been enhanced in a ratio exceeding the rate of increase which is shown to have occurred in the aggregate taxable value of the Western and Eastern States; and this being true, what progress can we have made in real wealth, even in the most favored sections, within the last five or six years? These statistics seem to countenance the opinion strongly held by some reflecting minds that, during the war, we consumed much more than we produced, and came out of it with a heavy loss of accumulated

resources.

The returns of population presented above are incomplete, representing only one-third of the States; but they, nevertheless, throw some light upon this important branch of popular statistics. The figures from eleven States, including seven Western, show a growth of population from 10,202,208, in 1860, to 11.081,793 in 1865; the ratio of increase for the five years being 8 per cent. This gives an average yearly rate of increase of 12 per cent., against 3 per cent. during the last decade. It should, however, be taken into account that these returns are from States to which the tide of emigration flows steadily, and which, more than other sections, have had their war mortality compensated by the influx of foreigners. In Massachusetts, where the increase during the decade 1850-60 was 24 per cent., the growth for the five years 1860-65 was only 3 per cent., or one fourth the former rate. In New York State, according to the showing of the State census, there has been a slight decrease; while in New Jersey there has been a liberal increase, probably owing, in no small degree, to our overcrowded city population seeking relief in the neighboring State. Upon the whole, it would seem very clear, from the foregoing considerations, that the war has left us with an enormous increase of debt, a diminution of our accumulated resources, and a suspension of the wonted rate of increase in population. The moral to be drawn from these facts is very obvious. With an increase of debt and a loss of resources, the country needs a rigid economy of State and individual expenditures, and a prompt and positive veto of all propositions involving the issue of new obligations.

SOUTHERN RAILROADS.

1. Richmond and Danville.

2. Richmond and Petersburg. 3. Mississippi and Tennessee.

4. Southside (Va.) Railroad.

RICHMOND AND DANVILLE RAILROAD.

The Richmond and Danville Railroad Company, chartered and organized in 1847, completed their road, which extends from Richmond to Danville, 140 miles, in the spring of 1856. The State of Virginia owns threefifths of the company's share capital, also a State loan of $400,000, and has guaranteed its debt to the amount of $200,000. The operating accounts of the fiscal years ending September 30, 1860 and 1866, compare as follows:

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The earnings for 1865-66 include those of the Piedmont Railroad, extending from Danville, Va., to Greensboro, N. Car. 48 miles, which this company leased and have operated since February 20, 1866, at the fixed rent of $75,000 a year. Included in the ordinary expenses are $30,000 paid on this account, and also $16,739 11 paid on account of internal revenue tax. The whole line operated by the company in 1859–60 and in 1865-66, is thus stated in the reports for those years:

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The whole track from Richmond to Greensboro is now laid with heavy rail, and with the exception of about 20 miles north of the Appomattox River, which it is proposed to relay, is in fair running order. During the year 1,100 tons of new iron were laid down in place of worn-out rail, and 114,958 cross-ties. The rolling stock October 1, 1860 and 1866, is represented in the following statement:

1860. 1866...

Loco

--8-wheel cars.-

6-wh cars 4-wh. Total motives. Pass. Bagg'e. Box. Platf'm. coal. cars. Cars. 60 99 430

23

20

10

189

52

25

16

5

145

49

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The present stock of engines is considered ample for the prospective business of the road for several years to come. The additions in the

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