We reproduce Mr. Hubbard’s statistical table for the purpose of pointing
out some very serious errors contained in it.
In U. S. Gold. In U. S.
Gold.[21]
The Austrian florin is rated by Mr. Hubbard at $0.41 True value $0.48
Franc is rated by Mr. Hubbard at .2 True value .19
£ Sterling is rated by Mr. Hubbard at 4.84 True value 4.86
Lira is rated by Mr. Hubbard at .18–6⁄10 True value .19
Dollar of Norway is rated by Mr. Hubbard at .53 True value 1.09
Rouble is rated by Mr. Hubbard at .21–3⁄7 True value .77½
Dollar of Spain is rated by Mr. Hubbard at 1.00 True value 1.04½
Footnote 21:
We are indebted for the estimation of the value of these foreign coins
in United States gold to E. B. Elliott, Esq., of Washington, D. C.,
who has recently prepared a valuable work on the subject.
These errors, in reducing foreign money into United States gold currency
caused the following discrepancies in gross receipts for the year:—
Value in United States Gold, True Value in Difference.
according to Table. United States Gold
Austria, $674,344 $789,476.16 $115,132.16
England, 2,481,500 2,491,756.02 10,256.02
Italy, 766,750 782,859.09 16,109.09
Norway, 182,131 374,573.15 192,442.15
Russia, 372,309 1,451,310.72 1,079,001.72
Spain, 554,475 576,654.00 22,179.00
—————————————
Discrepancy, $1,435,120.14
France, 1,541,518 1,464,442.10 77,075.90
Belgium, 194,442 182,611.28 11,830.72
Bavaria, 136,894 132,383.26 4,510.74
—————————————
Discrepancy, $93,417.36
Thus we find that in reproducing from their various currencies the gross
telegraphic receipts of six nations into United States gold, Mr. Hubbard
makes the amount $1,435,120.14 less than it should be, and in reducing
those of three other countries into our coin he makes the amount
$93,417.36 more than it should be.
He has also failed to give the receipts of the three great Submarine
Telegraph Companies, which transact so important an amount of
continental telegraph business.
Mr. Hubbard gives the number of stations in Switzerland at 333, while
the best English authority[22] gives it at 252. He also gives the number
of messages transmitted in England, in 1866, as 6,127,000, while Mr.
Scudamore, in his reply to the statement of the Electric and
International Telegraph Company, published in May, 1868,[23] points out
the fact that only 5,781,189 messages were transmitted throughout Great
Britain and Ireland during that year.
Footnote 22:
Government and the Telegraphs. London, 1868.
Footnote 23:
Return to an order of the Honorable the House of Commons for copy of
further correspondence between the Treasury and the Postmaster-General
relating to the Electric Telegraphs Bill.
It will be observed that Mr. Hubbard has “estimated”—that is, guessed
at—the number of and receipts for telegrams in the Netherlands, Denmark,
Sweden, Turkey, and Greece. He estimates the average cost per message to
be 42 cents; but as we happen to know that the average cost in Denmark
was more than twice this amount, we are not willing to accept any of his
estimates.