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is equal to one thousand dollars a year could be persuaded to subscribe at least one hundred dollars to this stock, with a perfect willingness to consider it as a donation if it was necessary, or to sink it altogether. It was done when the Erie Railroad some years since was on the brink of ruin, and the citizens of New York called on at public meetings and in their wards, freely gave their aid, and knew their money would never come back to them. So are there, as I have already said, thous nds who will give $100 to the Pacific Road who are not able to give $1,000, and who are willing to go to that extent, but are unable to go beyond it. As to the general financial ability of this country to construct this work, I have not a single doubt. I have already shown what in ten years has been accomplished, and that, too, in the face of money panics and commercial revulsions, which were the effect of ordinary causes, and are attributable to the want of skill and prudence for the time being, in those men and those operations, that, in a career of prosperity are little restrained by wholesome caution, or the lessons of experience. Now the condition of war has compelled a new system of expenditure, and a basis of paper money to meet it. Whether we are bullionists or not, we must admit that no great war was ever carried on with gold and silver only. The French people overturned their monarchy with assignats, our forefathers freed themselves with continental bills, the English, who have shown such a tender sympathy for us in our financial necessities, carried on her great wars with France with very shabby looking paper. The Bank of England notes were made a legal tender, whilst gold was at a premium of 30 per cent, and the silver currency depreciated at the rate of 9d. on 4s. 3d. Spanish dollars restamped at the mint were forcibly passed for $1,25 cents of our money.

During the war of 1812-15, MR. JEFFERSON proposed that our Government should issue $200,000,000 of similar currency, and had it been done, the Treasury would not have been so enormous a loser as it was by the agency of bank credits and bank circulation.

Without much further drain for specie to remit abroad-for it would seem that the exports of the precious metals no longer assume the proportions they did a month ago, with the fact staring us in the face of large and increasing exports also of American cereals and other products, larger during the last month than for any corresponding month in several previous and prosperous years, with a supply of treasure from the Pacific coasts of amounts equal to all we remit-we may safely calculate that there is and will be coin enough at home to resume its customary and useful office as soon as the war is closed. But as matters now stand, while the Government is expending from one to two millions a day, and these millions go into the hands and pockets of our own people, I aver the country, as a whole, is getting richer in its available means than ever it was before. We know the curious and universal estimate of the nature and offices of coin. It is the theme of philosophers, the study of bankers, the average adjuster and balance settler of the foreign merchant, his guide and his idol. But, notwithstanding, in the every day business of life, in the conduct of large transactions gold may be a nuisance. Some gentlemen in this convention could not carry the gold they represent if they had the strength of Hercules. It is almost as cumbrous as the Lacedemonian currency, and is literally carted about in Wall street in nearly the same way. Policemen walk alongside of the heavy boxes to

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see that they are not stolen; porters rush out in squads to lift it carefully into the vaults; it lies there for months and years, and no one ever sees it. It is the poor, much abused, and soiled paper money, that goes cheerfully out in the world to do the work of this concealed and idle treasure. Paper and credit have built our cities and railways, paper and credit are now fighting the greatest battle ever waged for national existence; they are still adequate to the performance of their duties, and are now and ever will be the medium of all extensive trade and commerce, in spite of all the denunciations of men who do not comprehend the diverse wants of mankind, nor care for their necessities, nor appreciate the suddenness of human changes. To say that a dollar of property has no value unless convertible at once into a dollar of gold or silver, is just as absurd as to say that a bushel of wheat in Chicago is of no value unless the bushel measure goes with it. Whatever paper the Government puts forth in this contest, is as yet in the country, and must be invested by those who ultimately retain it as property. It is the sum of all securities, and therefore the best. A bank note is referred for redemption to the capital of a few; a government bill has every foot of land, every atom of personal property, every man's labor and every man's industry and brains pledged for its final redemption. Those who want gold to settle a foreign balance, or make a purchase abroad may well pay for it, and a large premium at that. It is now become a commodity, as the bullionists and money dealers have chosen to consider it. They are all happy, I trust, in the consideration, that whatever coin is worth is now paid them for it. Let them comfort themselves with their own maxims, and admit that according to their own theories gold is now occupying its just place and power. We are content. If we want a barrel of flour, we will pay the price, if we owe a house in Liverpool who will not receive our flour for its salæratus or brass buttons, we will send it the gold and pay its price. But of a practical and efficient currency we never had a better than now, and it is believed that the country can absorb and profitably use all that is afloat and much more. It was never more plentiful in a better time. It will enable us to build this road, if its friends can be enlightened as to the character and consequences of this great work.

But to conclude, as we may obtain a better idea of a great structure by viewing it from a distance, than by looking up at it from its doorway, so of this project, we may best comprehend its grandeur by a slight change in our angle of vision. At the end of the present century it is calculated that the United States will contain a population of one hundred millions of people. What will be then the aggregate wealth of the nation no one has computed. Whatever it is now, will be then in the ratio of one hundred millions to twenty-seven, and equal to all the responsibility which in the course of events may fall upon it. We shall leave our descendants no petty patrimony of a crowded birth-place and room scarce enough to struggle in, but a continent accessible to every son and daughter of industry, and without a limit to the energies of posterity. We must not think this so formidable an enterprise, nor be alarıned at undertaking it. If we leave posterity a war debt to pay off, we give them the means to do it with. There are no doubt many conservative and over-timid minds that shrink from the very idea. So there were when the great Clinton projected the Erie Canal, and was told that it would never be filled except with the tears of a ruined people. So in

our own city of New York. The Croton water system had honest opponents, who predicted that it could never be carried into effect except at the risk of bankruptcy; men of prudence they were, who preferred the safer course of buying water from the tea pump at a penny a bucket, to the hazardous one of bringing a large country river into town. So of the Central Park, a monument of a refined and philosophic spirit, so crowded with grateful visitors, that an admission fee of half a dine each would produce a revenue of $200,000 a year.

The Panama Railway, which is a faint adumbration of the Pacific, was a wondrous undertaking. But its capital and cost of about $7,000,000 are now practically equal to $40,000,000, on which interest is earned regularly and large dividends paid, while a fund is accumulating for future distribution and profit. I do not pretend to foresee what will be the dividend value of the Pacific Railroad to its stockholders. But when even Europe may traffic with Asia more securely, with more rapidity, and with more profit than by any route in the old world by sea or land, and when the distance from London to Canton, as now navigated, is 18,000 miles, and from New York to Canton will be but 11,000, I perceive that New York has advantage over London which must inevitably tell on the future of both cities, and end in the supremacy of that mart which commands the greatest trade. The business of this Pacific road will certainly enrich this country "beyond the dreams of avarice." What towns, what villages, what pastoral wealth will be added to those it already possesses, and out of these what new free States will emerge into life and greatness! What innumerable auxiliary lines will branch off from the main trunk to newly discovered and fertile plains, to happy valleys, and to the exhaustless mineral wealth which lies yet "unprospected" in the teeming Sierras and the gorges and golden sands of the rivers which sweep their bases. What is to prevent millions of oppressed Europeans from abandoning their ties to the soil which gives them black bread for their daily food, and demands all else for their rulers; what is to prevent them from a general hegira to the regions of gold, when the transit will be so safe, easy, and economical, and wages may be earned at every mile of the way? In the direct advantages to ourselves, we may estimate the time saved in crossing to the Pacific Ocean and going to the Eastern world, the saving of expense in freights, in insurance, in labor, the increased supplies of gold, the shifting of capital from Europe to the United States, the general distribution of means to live and to enjoy life, the advance of the useful and refined arts, the closer connection of the States, the consolidation of the principles on which our political fabric rests, and our entire independence of the effete European systems under which man has so long been kept down and "made to mourn."

All these results we may safely anticipate. The present troubles we are encountering, will prove blessings in disguise. In all ages and countries, principles important in their day bring forth their fruits at maturity. Waters long undisturbed become stagnant, and we should lay these trials to heart like philosophers, or what is best, like Christians. Many of the best elements in the American character, hitherto dormant and unvalued, are coming forth with an unsurpassed splendor. Fortitude, courage, persistency, self-denial, generosity, patriotism, ability, these have at last come to the front, where, I trust in God, they will remain, not again to be

driven into the shade by political managers, who are forever" purring and mousing after petty schemes of political advancement."

Some of these qualities of the American character are showing their power in the development of this work we have in hand. We are to lay out and construct the longest continuous line of railway in the world. Its milestones, if I may be allowed an Irish license of speech, will be set along the parallels of longitude, which will be hourly passed by the trains, at a speed proportioned to their distance apart. Those travelers going west will enjoy a prolonged twilight, those coming east will have an earlier day. The journey will not be more than we shall have taken, who come hither from New York and are about to return. Finally, the revenue, the commerce, the crowds, the wealth, the prosperity, the national supremacy that this road will give birth to, overpower the most lively imagination.

Permit me to say in excuse for much I have said, I am not unfamiliar with the organization and construction of railways. I believe our treasurer, as well as myself, might cite one memorable example of a road with which we were connected which has fulfilled all its early promises, and never knew any serious impediments.* But railroads can now be constructed so cheaply in comparison with their former cost, that I believe we can in this instance keep within the estimates. In England, as I have already stated, there are 138 new railway lines seeking legal existence from Parliament on the ground that they can now be built so economically, as to insure ample remuneration to the stockholders, and so it will be here. I can say with confidence, as I do with pleasure, that the selection we have made of a treasurer, is a great move in the right direction, one that will give the public the assurance, that this road is commenced in earnest, that it will be honestly managed and that it will have no serious financial difficulties which cannot be overcome.

Before taking my seat, thanking you for the attention you have given me, I beg that the following letter from an eminent banker and citizen of New York, may be read by the Secretary. It was handed to me a few hours before I left the city. It is from a gentleman who, in the hereditary possession of a great name, ably wears its honors, and with universal acceptance:

[A letter was then read by the Secretary, addressed to the speaker, proffering the friendly offices of the National Bank, signed by JAMES GALLATIN, Esq. It was received with applause, and ordered placed on file with other documents which were presented for their consideration to the Convention of Corporators.]

* Albany and West Stockbridge.

DISTILLATION OF PETROLEUM.

SPECIFICATIONS OF THE PATENT GRANTED TO CHARLES BLACHFORD MANSFIELD, OF CLARE HALL, IN THE UNIVERSITY OF CAMBRIDGE, FOR AN IMPROVEMENT IN THE MANUFACTURE AND PURIFICATION OF SPIRITUOUS SUBSTANCES, AND OILS APPLICABLE TO THE PURPOSES OF ARTIFCIAL LIGHT AND VARIOUS USEFUL ARTS.

[Continued from page 298.]

As obtained by rectification from the still, this spirituous substance will, however, usually be mixed with a greater or less quantity of alliole and of the next spirituous substance, namely, tolucle, which generally exists in the naphtha in large quantities, and which boils, when pure, at about 110 degs. A considerable quantity of this spirituous substance may be obtained by setting aside separately the last portions which pass over through the head in which the water is allowed to boil. After the temperature in the retort has reached 100 degs., or if more than one partial condenser is used by reserving the fluid which will be found in the intermediate receivers or distilling vessels, in which the temperature being between 90 degs, and 110 degs. the benzole has been distilled off, while the cumole together with part of the toluole has been kept back in the retort by the first head, and a further portion may be obtained by setting aside the first portion of distillate, which comes over on distilling through a common retort neck with or without water or steam, the residue kept back in the retort by the head on the distillation of the benzole, and it is best to set aside for toluole what comes over before the boiling point reaches 130 degs. This spirituous substance is not destroyed by agitation with concentrated sulphuric acid, and by concentrated nitric acid it is convertible into an acid somewhat similar to oil of bitter almonds. A current of air passed through it burns with a pale blue flame, and in an open vessel it will take fire on the application of a lighted match to its surface. It is of about the same volatility as good rectified naphtha, and is applicable to many purposes in which a volatile solvent is required. The residue of the crude light oil, after the separation of the aforesaid spirituous substances, consists chiefly of two oils: one of which, viz., cumole, boils at 140 degs., being therefore more volatile than oil of turpentine, whose boiling point is about 160 degs., and the other, viz., cymole, which boils at about 170 degs., and is therefore less volatile than oil of turpentine. Cumole is changed by treatment with concentrated sulphuric acid, so that if a quantity of it, or of the naphtha or oil of coal-tar containing it, be agitated with a quantity of concentrated sulphuric acid, a preparation of cumole equal to about the bulk of the sulphuric acid employed, will be concentrated into a resinous substance, which will become partly dissolved in the acid, and by concentrated nitric acid it is convertible into an aromatic oil somewhat resembling oil of cinnamon in taste and smell, or into an acid resembling benzoic acid, according to the strength of the acid, and to the duration and temperature of the treatment with such acid. And this oil, when the spirituous substances having lower boiling points have been sufficiently separated from it by distillation, will not yield to air passed in contact with it, in a "test bottle," vapor sufficient to afford

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