ERRONEOUS TABLE OF EUROPEAN STATISTICS.
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 | .186 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 | .213 7 | True value | .77½ |
| Dollar of Spain | is rated by Mr. Hubbard at | 1.00 | True value | 1.04½ |
[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, according to Table. | True Value in United States Gold | Difference. | |
|---|---|---|---|
| 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.
[22]. Government and the Telegraphs. London, 1868.
[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.