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becomes insolvent, the surety will be discharged. But this rule has not been established there without much opposition; and can hardly be said, even now, to be certain. But if, by gross negligence, the creditor has lost his debt, and has deprived the surety of security or indemnity, we should say that the surety must be discharged, unless he was equally negligent. If a creditor gives time to his debtor, by a binding agreement which will prevent a suit in the meantime, this undoubtedly discharges the guarantor, because it deprives him of his power of acquiring a right of proceeding against the debtor, by paying the debt; for the debtor cannot be sued.
If there be a failure on the part of the principal, and the guarantor is looked to, he should have reasonable notice of this. And, generally, any notice would be reasonable which would be sufficient in fact to prevent his suffering from delay. And if there be no notice, and the guarantor has been unharmed thereby, he is not discharged.
If a guaranty purport to be official, that is, if it be made by one who claims to hold a certain office, and to give the promise of guaranty only as such officer, and not personally, the general rule is, that he is not liable personally, provided he actually held that office and had a right to give the guaranty officially. But he would still be held personally, if the promise made, or the relations of the parties, indicated that credit was given personally to the parties promising, and not merely to them in their official capacity.
A guaranty was given for the price of a cargo of iron; and the buyer bargained with the seller to pay him more than the fair price, the excess to go towards an old debt. The guaranty was held to be altogether void, because fraudulent; and was not enforced even for the fair price.
AREA AND POPULATION OF MEXICO.
Mexico is made up of twenty-one States, three Territories and one fede. ral district, the names, areas, and populations of which were, in 1850, as follows : Square miles. Populat'n.
Square miles. Populat'n. Chiapas. 16,680 144,070 Sinaloa ....
33,721 160,000 Chihuahua. 97,016 147,600 Sonora.
183,467 139,474 Coahuila. 56,571 75,340 Tabasco..
16,609 63,508 Durango 48,489 162,218 Tamaulipas.
30,445 100,064 Guanajuato. 12,618 713,583 Vera Cruz.
27,595 264,725 Guerrero. 32,003 270,000 Yucaton......
52,947 680,948 Jalisco. 48,690 774,461 Zacatecas...
30,507 356,024 Mexico
19,536 973,697 Tlaxcala (Territory).. 1,984 80,171 Michoacan.
22,993 491,679 Colima (do.) 8,020 68,243 Nuevo Leon.. 16,688 133,361 Lower California (do.) 60,662 10,000 Cajacca . 31,823 525,101 Federal district
90 209,000 Puebla...
13,043 580,000 Queretaro
2,445 184,161 Total.......... 829,916 7,661,520 San Luis Potosi
SHIP CANALS AND RAILROADS.
THE IMPORTANCE OF ANOTHER RAILROAD CONNECTION WITH THE WEST.
It is, we believe, more than twenty-five years since, in making a comparison between canals and railways, we took the ground in Hunt's Magazine and other New York papers, that railways were the better improvement of the age, and destined eventually to supersede canals, except in the case of the unique Erie.” We were then advocating the construction of a railway from the Harlem Railroad to Albany, and were ridiculed for our pains, particularly in a lengthy report now before us, which emanated from a committee appointed by the Chamber of Commerce of New York, composed of those eminent and intelligent merchants in their days—Messrs. JAMES G. King, N. WEED, and Simeon BALDWIN. This report is now a curiosity, and reduced to short meter, arrives at the conclusion, “ that as we had the Housatonic Railroad-through Connecticut and Massachusetts to Albanyfor winter travel, and the noble Hudson for summer travel, we did not want a railway from New York to Albany." A freight railway, or one to carry freight, was not thought of. It was only a few years after, however, that the completion of the Western Railroad from Boston to Albany awoke our Rip Van Winkles, and led New York to project the Hudson River Road on the margin of the river, and the Harlem Railroad to Albany-two roads where we were ridiculed for proposing one a short time previous.
In the July number of Hunt's Merchants' Magazine, it is clearly shown by facts and figures, well applied, that our canals, as we predicted would be the case, are being superseded by our railroads, and that we do not now want a ship canal from the Mississippi to New York, by lakes Michigan, Erie, and Ontario, either for commerce or for defence. Such an undertaking might give some politicians fat jobs, but it will damage us greatly, by breaking up our Erie and Oswego canals just as we have got them finished, and are preparing with large boats for a navigation of seven feet by seventy, although we think a depth of even six feet (which it now is) will about use up all the water we can get into the canal on the long level at Rome in dry times.
But our object in writing at the present time was mainly to call the attention of New Yorkers, and, we will admit, to crow a little over the fulillment of our former predictions, to the necessity of another railroad connection with the West, our present routes being overworked. For instance, look at the business done over the Pennsylvania Railroad, (their Central,) as appears by facts given in June number, page 499 This road is 365 miles long, (of which 318 miles is a double track,) cost $21,806,852, on which they took in gross receipts from business done over it last year, $10,143,738, being nearly 50 per cent of its cost! This immense business was done at a total expense of $3,833,345 for operating the road, or say 38 per cent of its gross receipts. These receipts were about double the tolls the State of New York received during the year 1862, on all her canals. This is a startling exhibit of what railways can do, and shows what powerful industrial machines they are when well located and well managed. The P. and Reading Railroad took from 1843 to 1859 $36,935,118, and the expenses were
$15,792,911. Nett receipts in fifteen years $21,142,277. Now the Pennsylvania Railroad has, we believe, 40 feet grades, and yet has done this immense business.
The receipts over the New York and Erie were about half this sum; so were the receipts of the New York Central, if we recollect rightly. The Erie has grades of 65 feet to the mile, the measure of its capacity, and the Central has 75 feet at its eastern terminus. The Rome and Watertown Railroad has 42 feet to the mile. It will soon be impossible for the Central Railroad to carry its freight. When the Oswego branch is finished it will have more than it can do. Under these circumstances, it is the duty of the merchants of New York, as well as those of the West, to look round them for another cheaper and shorter, if possible, channel than by Pennsylvania, or by the roads named to convey the tonnage from the West to the seaboard. As we have stated above, and as the article in your last pumber proved, no proposed ship canal can do it. We must look elsewhere for the route that will command the trade.
Chicago and the Western grain States already have the natural waters of lakes Michigan, Erie, and Ontario, and the admirable port at Oswego. We have now lines of railways from the West to Buffalo, and we can have a level and descending grade and line from that place to the county of Oswego. Here, the waters of Little Salmon Creek, from its summit in Amboy, New Jersey, flow westward, and the Little River, heading in the same town and same farm, drains eastward over a summit that is only 250 feet above the mills at Oswego, and the road may thus strike Rome in a direct line, from which point we have the descending valley of the Mohawk from Little Falls to the Hudson. In this way, for this crowded part of the line, we can thus have a quadruple track that can defy competition by any State in the Union. It is a line which New York must see is for her interest to take immediate steps to have examined and constructed. It has been a favorite project with the writer for many years. Now, as the Erie and Central railroads have nearly all the business they can do, and so must be the case with the Pennsylvania Railroad, the merchants of Chicago, Milwaukee, and the West, according to the doctrine of the Merchants' Magazine for this month, should hold a ruilroad convention instead of a ship canal convention to perfect a line of railways from Buffalo, Rochester, and Troy, as the best and most profitable project of the day.
J. E. B.
THE PUBLIC DEBT JULY 1, 1863. The following is a statement of the public debt July 1, 1863, derived from official sources:
INTEREST BEARING DEBT.
Four per cent temporary loan..coin $5,036,037 30
Six per cent bonds due 1868.... 18,323,591 80
717,100 00 Six per cent certifi's of indebtedn's 157,093,241 65
7 30-100 bonds due Aug. 19, 1864 7 30-100 bonds due Oct. 1, 1864
DEBT NOT BEARING INTEREST.
Treasury notes past due.....
$39,100 00 U, States notes.. $387,646,589 00 Less an’tin treas. 11,157,088 12
$376,489,500 88 Fractional currency....
$396,721,056 88 Total debt July 1, 1863, as exhibited by the books of the Treasury Department ....
$1,097,274,365 99 Total debt July 1, 1863, as estimated by the Secretary in report of December, 1862.
Actual debt less than the estimated debt by......
$28,059,295 49 101,297,638 91 431,275,874 71 139,920,500 00 376,721,056 88
Total debt July 1, 1863, as exhibited by the books of the Treasury Department....
$1,097,274,365 99 Total debt July 1, 1863, as estimated by the Secretary in report of December, 1862.
Actual debt less than the estimated debt......
$25,023,037 25 The interest required to be paid in gold coin on the public debt of the United States, as it stood July 1, 1863, and the interest stipulated to be paid in currency, stand as follows for the current fiscal year:
On four per cent deposits..
$23,023,000 $920,920 On five per cent deposits..
35,808,000 1,440,400 On six per cent certificates.
157,093,000 9,425,580 Total interest in currency..
$11,786,909 Principal of gold bearing debt...
$484,629,000 Principal of currency debt ...
215,924,000 Principal of United States circulation.
396,721,000 Total public debt.....
$1,097,274,000 Interest in gold ...
$30,141,080 Interest in currency.
11,786,900 $41,927,980 Average rate of interest, 3.89 per cent.
The customs revenue for the current year, receivable exclusively in gold, is estimated at $70,000,000, while the interest on the funded and other public debt stipulated to be paid in gold, is, thus far, only $30,000,000 per annum, and the entire interest on the public debt of all classes $41,927,980.
CUBA AND THE UNITED STATES-DUTIES ON FLOUR AND SUGAR.
The Philadelphia Commercial List and Prices Current learns from private sources that it is the intention of the Spanish Government in Madrid, at an early day, greatly to reduce the duty on flour imported into the Spanish colonies, with more especial reference to the extensive trade between the island of Cuba and the United States. The present tariff on flour in Cuba, it is well known, amounts almost to a complete prohibition of the importation of this article, and for this reason the trade in flour between this country and Cuba has always been exceedingly limited. As a set-off to this act of enlightened legislation, we learn that it is the intention of the Spanish Minister, under instructions from the home government, to apply to the United States authorities for a reduction of the present duties on sugar imported into America.