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 84 per cent. This gives an average yearly rate of increase of 14 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: The earnings for 1865-66 include those of the Piedmont Railroad, extending from Danville, Va., to Greensboro, N. Car. 481⁄2 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: 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 rurning 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: The present stock of engines is considered ample for the prospective business of the road for several years to come. The additions in the last fiscal year consisted of 7 locomotives, 5 passenger and 41 freight cars. The miles of road operated in 1859-60 was 142, and the average in 1865-66 (including seven months operations on the Piedmont Railroad) 171 miles. The train mileage in these fiscal years compares as follows: -the total in 1859-60 being 1,816 miles, and in 1865-66, 1,403 miles to the mile of road operated, which shows a reduction in the latter year of 413 miles for each mile of roadlength in operation. The passenger traffic on the road is represented in the following statement: Fiscal years. 1859-60.... 1865-66.. -Eastward -Total WestwardPassengers Miles Pass'gers Miles Pass'gers Miles carried. traveled. carried. trave'ed. carried. traveled. 41,165 2,099,415 40,175 1,944,262 81,330 4,043,677 31,139 1,815,127 31,547 1,838,490 62,686 3,653,617 The return of 1865-66 does not include Government passengers, 5,253 of whom traveled 515,672 miles. Including these the total number of passengers was 67,939, carried 4,169,289 miles. The tonnage statement for the two years is shown in the following The financial condition of the company, as stated in the general balance sheets of Oct. 1, 1860 and 1866, compares for the two periods as follows: Against which are charged the following accounts, viz.: From this account it would appear that the R. & D. Company not only lease, but are the actual owners of the Piedmont Railroad. The funded debt of the Company Oct. 1, 1860 and 1866, stood at the following amounts: Virginia loan, 7's, redeemable 1887-88.. 66 (4th mort.) registered due 1873.. 66 coupon due 1815. 66 For funding interest, due '69 to '76. The Virginia State Bonds are redeemable in 34 years from April 8, 1853, to September 30, 1854, by the payment of an annuity of 7 per cent. This covers 6 per cent. interest and 1 per cent. principal; the latter, by continuous re-investment at 6 per cent. yielding the principal sum in the 34 years above stipulated for. From the ledger it appears that the company are indebted to the State on this account two years' instalments amounting to $84,000. The over-due interest on the guaranteed and mortgage bonds is being taken up by an issue of funding bonds, payable at short dates from 1869 to 1876. Interest on all bonds but the State loan has been paid as it became due since January 1866. The bills payable, which form a very large item in the general account, it is proposed to liquidate by an issue of ten years' bonds. The ultimate amount of the funded debt will probably be raised to $2,500,000. If the net earnings be maintained as shown by the result of last years' earnings at $284,000, and they are more likely to increase than decrease, a debt to this amount can be safely managed. The interest at 7 per cent. will be $175,000, leaving $109,000 for sinking fund and what extraordinary expenditures on the road exigencies may demand. RICHMOND AND PETERSBURG RAILROAD. The Richmond and Petersburg Railroad forms one of the links in the south coast line of railroads, and may be described as follows: Main Line-Richmond to Petersburg. Total length owned by company 22.50 miles. 2.50 66 25.00 66 66 Hitherto the want of close connections with the Richmond, Frederick and Potomac Railroad at Richmond, and with the Petersburg Railroad at Petersburg, has been detrimental to the prosperity of the company. To supply these a separate organization-the Connection Company-was chartered in 1865, and is now constructing the necessary works at Richmond, which will be completed this Spring. At Petersburg the R. & P. Company are constructing similar works, involving a bridge over the Appomatox, to be finished at an early date. These connections, and a bridge, as projected, over Cape Fear River, at Wilmington, will give a line without breaks from Washington to Kingsville, S. C., and thence to Charleston and the South generally. During the year the Clover Hill Railroad was extended 4 miles to Osborne's, on the James River. This road is now reported to be in perfect order. The rolling stock consists of 8 locomotives (which were run during the year 67,004 miles), 8 passenger cars, 3 baggage and mail cars, 2 express cars, 42 freight cars, and 74 coal cars. The total freight carried (including coal, 18,315 tons) was 26,822 tons. The number of passengers carried was 49,793. In the year ending 30th September, 1860, the freight (including 42,857 tons of coal) amounted to 57,269 tons, and the total number of passengers carried was 77,599. The following account shows the earnings from all sources in the years 1859-60 and 1865-66 comparatively: The extraordinary expenses of the year 1865-66 amounted to $250,421 25, made necessary chiefly by the great fire at Richmond, on the 3d of April, 1865, which destroyed the James River bridge and a large amount of rolling stock. These expenditures were provided for by an issue of 8 per cent. bonds to the amount of $175,000. The financial condition of the Company at the close of the official year 1866, is stated in the following account: Capital stock, subscribed by individuals, 3000 shares. converted loans, @$50, 3,230 shares... 66 66 $300,000 00 161,500 00-461,500 00 200,000 00 185,600 00-385,600 00 The following table shows the business of the road yearly since 1854: |