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(Tables Continued from page 410, Vol. IV.)

Table of the highest and lowest rates of foreign exchange, and specie, at Philadelphia, in each year, from May 1825, to December, 1830.

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Table of the highest and lowest rates of foreign exchange, and of specie, at Philadelphia, in each year, from January, 1831, to December, 1833.

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1841.]

RATES OF EXCHANGE, BANK NOTES AND SPECIE IN PHILADELPHIA.

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Table of the highest and lowest rates of foreign and domestic exchange, and of specie, at Philadelphia, from January 1, 1834, to April 28, 1838.

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A table showing the highest and lowest prices of bank notes at Philadelphia, from January, 1838, to December, 1840.

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The New York and Natchez banks suspended specie payments on the 11th of May, 1837, and, as fast as the news spread east, west, north and south, the other banks suspended also.

In May, 1838, the New York banks resumed specie payments; and the New England banks immediately imitated their example. In August, 1838, the banks of Philadelphia professed to resume specie payments; and by the 1st of January, 1839, there was at least a nominal resumption of specie payments throughout the union.

On the 9th of October, 1839, the banks of Philadelphia again suspended specie payments; and their example was quickly followed by the banks to the South and West, (with the exception of Missouri,) and also by the banks of West Jersey and Rhode Island. The banks of Rhode Island soon resumed specie payments. The banks of Ohio professed to do the same. The Charleston S. C. banks resumed in July, 1840. All the other banks to the South and West of New York, (with the exception of the banks of East Jersey, and a few others scattered in different places, continued to refuse payment of specie on demand, in the latter part of the period embraced in this table.

The banks of New York and New England, generally, have continued to pay specie from May, 1838, up to the close of the period embraced in this table.

This table and the preceding ones may be said to give, generally the prices of the best paper of the best banks in each State and Territory.

Fifth Annual Report

Of the Raleigh and Gaston Railroad Company.

The Board of Directors on presenting their report at the last annual meeting, had the satisfaction of announcing to the stockholders the completion of the important work committed to their charge. This was true, in regard to the line of road itself, but many of the appendages and necessary fixtures were then unfinished. The smith-shop, ware-house, offices, &c., at the Raleigh depot, are yet but partially completed; and, in some respects, the original design of the improvements at this point has been for the present abandoned. The embarrassments of the company, and the total want of means applicable with propriety to such a purpose, induced the Board to prosecute these improvements no further than was absolutely necessary to preserve the buildings, and to fit them in some degree for their intended objects. Some slight improvements, however, have been made on the road within the last fiscal year. A water station at the head of the Gaston plane, and a turn out at Stanton's, have been constructed, both of which were rendered necessary to the successful operations on the road, particularly under the existing arrangement for the transportation of the United States Mail. The first to afford a supply of water to the engines, after ascending a heavy grade of three miles; and the latter, to afford the means for the upward and downward mail trains to pass each other at the proper meeting point, without any delay. In addition to these, several small but substantial buildings have been put up on the road, at convenient points for the accommodation of the overseers and hands employed on the road, and for the residence of bridge watchers, one of whom is stationed at each of the bridges across Neuse and Tar rivers, and Cedar creek, and whose duty it is to pass over their respective bridges immediately after the crossing of every train, to extinguish the sparks or coals that may have fallen upon them. These men, being also engaged in mechanical employments, are obtained at very low wages, and the buildings which they occupy, as well as those erected for the use of overseers and hands, have been constructed out of the refuse railing upon the line, at a very trifling cost to the company. Several hands are now employed in erecting at the Raleigh depot, a suitable carpenter's shop, with a view to the manufacture of our own freight cars, which we hope in future to do at a much less expense than to procure them from abroad. We yet need, however, some additional machinery in the workshop to enable us to execute fully all the necessary repairs to the engines, some of which for the want of this machinery, we are now compelled to have done elsewhere at an increased

expense.

In organizing a force for the repairs of the road during the year 1841, and in arranging the superintendence of the depots on the line, the strictest regard has been paid to economy, compatible with the objects to be attained. In some instances, particularly in regard to those depots of a more unimportant character, a considerable saving has been effected by a reduction in the salaries of the agents, and by otherwise placing the depots upon a different footing from the arrangement of last year, while no inconvenience or detriment to the business has been occasioned thereby. The number of laborers employed on the road the present year is forty-nine, being thirty-six less than were employed for the year 1840. And, although we have had a most unpropitious winter and spring for keeping the road in repair, yet the force employed has been found sufficient for that purpose, except at a few points where the nature of the ground is such as to render it impossible with almost any amount of force, in such an extraordinary wet season, to keep the cuts so free from water as to maintain a firm foundation for the superstructure of the road. These places, however, have improved rapidly for the last few weeks, and with a continuation for a short period of the efforts of the overseers with favorable weather, will soon be in their usual condition. A different plan from that of last year has been adopted for provisioning and clothing the laborers upon the road. By that arrangement, the owners of the slaves who mostly lived

near the road were required to furnish them with clothes and provisions, for which, including their services, we paid the sum of $150 each per annum. Experience proved that under this plan much time was lost by the hands in procuring their provisions and clothes. By the existing mode, we furnish them with those articles, allotting to each overseer, at stated periods, a specific quantity, and making him responsible for the faithful and proper distribution of it. As the laborers are hired the present year at prices ranging from $70 to $90, and the price of provisions and materials for clothing are lower than usual, we think a considerable saving will be effected by the change. For a comparative view of the expenses paid and estimated, of the years 1840 and 1841, we respectfully refer to the accompanying statement, marked A.

On reference to the tabular statement herewith submitted, showing the amount of receipts from transportation for the years 1839-40 and 1840-41, it will be seen that the increase of the latter over the former is $17,528 94, being about 33 per cent. advance upon the receipts of the fiscal year, ending on the 1st of May, 1840.

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This excess would have been greatly increased, but for the almost total failure of the cotton and wheat crops of last year, as we could have done a much larger transportation with the same force, and without any increase of expenditure. This exhibit, though not as flattering as we could wish, is nevertheless, far from being discouraging. For, although the amount of receipts is small, compared with some other roads of older date and more commercial locations, yet it will be perceived that the expenses are also small, and bear a less proportion to the amount of receipts than any other road of similar construction and length, the reports of which we have had an opportunity to examine. This fact, we believe, is to be attributed in a great measure to the superiority of the engines used on the road, and the care and vigilance observed by the superintendent of transportation in their management, preservation and repair, whereby the expenses usually incident to this department, are much lessened. Indeed, we think it doubtful whether an instance can be found in the history of railroad operations, where so large an amount of transportation has been done with the same number of engines, at so small an expense for repairs-the whole during the year, not exceeding the sum of $2,016 00.

The mode of conducting our transportation, in connexion with the Greensville and Petersburg roads, which was in use at the date of the last annual report, still continues; no permanent arrangement of a different character having as yet been adopted. Indeed, we are not sure that any other plan would work better than the one now used, if it were fairly and in good faith carried out. The indiscriminate use of the freight cars of the different companies on all the roads, with a distinct understanding that each shall be furnished at all times with its due proportion, as near as may be, will save the trouble, expense and risk of the transhipment of produce and goods at Gaston, and will also tend to facilitate greatly their passage both ways. There are, nevertheless, objections on our part, to this plan, some of which were pointed out in the last annual report, and may be briefly recapitulated. Our road and cars being new, there is less liability of damage and loss, either to cars, goods or produce, in passing over it, than over one which has been several years in operation. Another difficulty is in ascertaining with certainty in case of goods or produce being lost or damaged, on which of the companies the responsibility should rest. This, however, has been in some degree obviated, by our stationing an agent at Gaston; who, in conjunction with the agent of the Petersburg company, examines every car when passing that point, compares its contents with the bill of lading, and certifies the result. Another plan which tends

greatly to the protection and security of light and valuable packages, is the introduction of box cars-several of which have been constructed by the Petersburg company, and are so arranged with bars and locks, as to make it almost impossible to abstract goods from them. The locks are all of the same kind, and each agent at the depots is furnished with a key, so that on the arrival of the cars, he can unlock them, and take out such articles as are intended for his depot, lock them again, and forward them to the next designated point.

You are already aware that the successful completion of the Road was accomplished, in some degree, by the great personal exertions, and to some extent, the personal responsibility of those then charged with its construction and management-though not without the imperative necessity of creating a heavy debt on the credit of the Company. To pay this debt, and at the same time maintain the operations on the road unimpaired, presented a question of the deepest importance, and most serious concern to the Board. It became apparent, soon after the adjournment of the last annual meeting, that the road could not be sustained and the debt paid, without aid from some quarter. The general embarrassments of the country, precluded all hope of obtaining this aid from the Stockholders, or by additional subscriptions for Stock. Under this view of the subject, the President was directed to call a general meeting of the Stockholders, on the 15th of October last. At this meeting, after a full discussion of the question, resolutions were adopted authorizing and requesting the board of Directors to apply to the ensuing Legislature of the State for aid in such manner, and on such terms as they might deem most expedient. In compliance with the authority thus given, the board, after the meeting of the Legislature, sent in a respectful memorial to that body, setting forth the embarrassments of the Company, and asking aid from the State, by an additional guarantee of the Company's bonds to the amount of $300,000. Those only, who were present on the occasion, can know anything of the difficulties which beset us at every step of our progress through the Legislature. Finally, however, we succeeded in obtaining the passage of an Act, a copy of which has been furnished to each Stockholder, and the provisions of which, though rigorous in the extreme on the Company, have since been complied with. We regarded it as the only alternative left us, whereby we might be enabled to pay our debts, sustain the Road, and secure those benefits which its perpetuation is calculated to produce. That portion of the Act above referred to, which presented the greatest difficulty to a compliance with its terms, was the provision requiring the Stockholders, or other solvent persons, to give their individual bonds to the State for the loan of $500,000 obtained on the guarantee of the State under the act of 1838 '9. Although the requirements of the act have been fairly, and in good faith complied with; yet, owing to the limitation of the period to four months, within which it was required to be done, we were necessarily obliged to close the arrangement in such a way as will preclude the Company from the use of a part of the new guarantee for some time to come. That portion, however, which can now be made available, will, we hope, afford substantial relief not only to the Company, but to many of our creditors, most of whom have hitherto been exceedingly indulgent and forbearing.

Notwithstanding the many difficulties with which we have had to contend, and the unfounded prejudices which have sprung up in some places against the road, we can see no reason for despondency. On the contrary, there is every reason to hope that when the present embarrassments of the country shall have passed by, followed as we believe they will be, with a reasonable degree of prosperity in all the departments of business, the road, necessarily partaking of the reviving influences of that prosperity, must become permanently established, and its usefulness and importance universally acknowledged. It is known to most of you, that when the Raleigh and Gaston Road was originally planned it was intended to form one of the links in the great chain of inland communication from North to South, and that an extension of the road to Columbia in South Carolina, was VOL. V.-4.

at the succeeding Session of the Legislature authorized, and a Charter obtained for that purpose. The great revulsion in the business operations and monetary affairs of the country, which occurred almost immediately after the granting of the Charter for the Road to Columbia, prevented any further prosecution of that object than merely to secure the Charter, which required a given amount of the stock to be subscribed within a specified time, and the actual commencement of the work. The vast importance of this road is now becoming every day more apparent. The lines of communication by railroad and steamboat between Augusta, in Georgia, and New Orleans, are rapidly verging toward completion. The Road now constructing between Columbia and Branchville, on the Charleston and Hamburg Road, is expected to be finished the present summer. When these roads are completed and the Richmond and Fredericksburg Road shall be extended to the Potomac, the whole chain from Boston to New Orleans will be perfected, except that portion between Raleigh and Columbia, a distance of only two hundred miles. This central link, which is necessary to connect the two ends together, and thus give permanency and increased value to the whole, is of too much importance not to be filled up. The accommodation of the travelling public from one extreme of the Union to the other, the safe, certain and expeditious transportation of the United States Mail, the immense advantage which such a line of internal communication between North and South would be to the General Government for the speedy transportation of troops in time of war, together with the enhancement of the value of the stock in all the Roads forming a part of the great line, form so strong a combination of interests in its favor as to leave no doubt of its construction at no distant period. The land damages in the County of Wake, which were unsettled at the date of the last Annual Report, have since, with two or three exceptions, been adjusted, and a considerable portion of them paid. Measures have also been taken for the assessment of the remainder, and we hope in a short time to be able to close finally this hitherto troublesome and vexatious question. By an act of the last Legislature, the Company was authorized to increase the rates of fare for Passengers on the road to ten cents per mile, which is about the average of the charges on the main stage lines in the southern States. It was deemed best, however, to make but a very slight increase on former rates, and an average of seven cents per mile was fixed upon. This increase, though so small as not to be felt by the traveller, will, nevertheless, add considerably to the annual receipts.

Statement C, is a transcript from the Books, showing the general condition of the Company on the 1st of May, 1841, the close of the fiscal year. The debt outstanding against the Company, as shown in this account has been reduced $110,000, by payments made in State Bonds since the Company was authorized to issue them. Paper, marked D, exhibits the amount of produce sent from, and merchandize received at the various Depots, from the 1st May, 1840, to 1st May, 1841.

All which is respectfully submitted.

By order of the Board of Directors,

SAM'L. F. PATTERSON, Pres't.

NOTE. For the Statements mentioned in the Report, see the two following pages.

Schuylkill County Iron-and Enterprise. A boat load of Cast Iron Pipes for the New York Water Works, was shipped a few days since from the foundry of Mr. Tobias Wintersteen; a very enterprising and industrious citizen of Port Carbon. These pipes are eighteen inches in diameter, and weigh upwards of 2300 lbs. each. Com petent judges pronounced the castings to be equal to any work of that description they had ever seen. The Iron used is exclusively the production of Schuylkill county, being a mixture of Anthracite with Charcoal Iron.

Miners' Journal.

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Statement A, Referred to in President's Report.

Comparative estimate of the Expenses on the Raleigh and Gaston Railroad, for the years 1840 and 1841.

Salaries to officers...

Depot expenses, at Raleigh

1810.

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Henderson, exclusive of

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Statement of Receipts on the Raleigh and Gaston Railroad, for 1839-40 and 1840-41.

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