the last partial condenser be kept below 60°, till vapors have ceased to escape from it to the final condenser, which will be known by the cessation of distillation at the final receiver; and then the fluid in the final receiver being set aside as alliole, the temperature in the last partial condenser may be allowed to rise again till it reaches 80° or 85°, and the distillate received as benzule so long as it continues to run. I recommend that the size of the head or partial condenser, if only one be used, be of or about the same proportion to the size of the retort, as the condensing apparatus of an ordinary still bears to the still itself, but the water surrounding the head may be in a much smaller quantity than is necessary in such part of an ordinary still; if more than one partial condenser be used, they may be proportionably smaller. And when I use the term "head," I would have it understood that I use it for brevity to express a partial condenser placed over a retort, in which an inner condensing chamber is surrounded with water, or sometimes with oil contained in an outer vessel. If this proportion be observed, it will usually be found that the distillation will proceed regularly while the temperature of the water in the head gradually rises, and that distillation will cease when the water in the head begins to boil. Distillation may then be continued either by drawing off the water from the head, or by opening another neck attached to the retort, through which the remaining naphtha may come over, which will not differ much from ordinary naphtha in any of its usually recognized properties. I then repeat this process any number of times, according to the degree of purity and volatility of the spirituous substance required; or, as before stated, by means of successive partial condensers I obtain the requisite purity by one operation, and I regulate the temperature of the water surrounding the head by the volatility of the spirit required. The cooler the head be kept the more volatile and the less in quantity will be the spirit obtained. And I have two methods of ascertaining the volatility of the spirit which is distilled over at any time; first, by a thermometer which is either inserted in the retort, through its side or cover, through a cork or stuffing-box, or is kept loosely in a closed tube which projects from the side of the retort into the interior, which tube should be kept corked, to prevent access of cold air to the thermometer, (and in this case the thermometer will usually show a temperature two or three degrees lower than the true heat of boiling fluid,) or the bulb of the thermometer is placed in a small chamber connected with the upper part of the retort by a short neck, in which is a cork, by turning which vapor may be allowed access to the thermometer, or the thermometer may be attached, if successive partial condensers and receivers be used, in the same manner to the last partial receiver, through which the vapor passes before entering the last head or partial condenser. And here I may remark, that the more nearly the temperature of the retort on the second or any subsequent rectification, or if the successive rectifications be conducted by one operation, the temperature of the last chamber or receiver through which the vapor passes before passing through the last partial condenser, approximates to 80°, while the contents of the retort are in active ebullition, the more nearly will the fluid distilling at the same time approach to the nature of benzule, and the more easily will such spirit be purified by refrigeration, according to the method to be hereafter described. And I recommend that when benzule be required for purification by freezing, such temperature be not allowed to pass 90° before the receiver is changed. And as the temperature rises in the retort the distillate will be less and less volatile. And the other method in which I ascertain the volatility of the spirit is by the flame yielded by the test bottle, with a current of air, as be fore described. If a portion of the first, and therefore most volatile, distilled from the naphtha be placed in such a bottle, and common air be blown through the tube which reaches below the level of the fluid, as may be done conveniently from the mouth, and if a lighted match be at the same time applied to the mouth of the other tube, the air escaping will have taken up so much of the vapor of the spirit, that it will burn with a white flame. If samples be taken as they come from the still at intervals, and placed in such a test-bottle, it will be observed that the air will still burn with a white flame; after many such samples have been tried, as the temperature in the retort rises, however, it will be observed that the testbottle shows a diminution of the whiteness in the flame, which becomes more and more blue from below upwards, till only the tip of the flame will be white; next the whiteness will disappear, and the flame will become entirely blue. And if the distillation be conducted in a still which permits the whole of the naphtha to pass over, it will be observed that when the operation has been continued to a certain point, the test-bottle will no longer yield any flame. I find it convenient sometimes to regulate the change of the receiver by the observation of the flame, according to the volatility of the fluid required. It will be found that all that comes over on the second rectification of the spirituous matter below 90° will yield a good white flame; and about 100° about one-half or more of the flame will be white. And here I will further state the properties of the distillates obtained as the temperature advances, which it is the object of my invention to separate from each other and to purify. The first portion of the distillate will generally be an extremely volatile spirituous substance, which, when purified, is of a peculiar alliaceous smell, somewhat resembling that of bi-sulphuret of carbon; it boils when pure at about 65° or 70°, and is changed by mixture with concentrated sulphuric acid, which forms a compound with it. It does not solidify at 20° below zero. It will usually be obtained mixed with a certain quantity of the spirituous substance which next follows in the scale of boiling points. To obtain it moderately free from which, it is convenient to receive for alliole all that comes over before the boiling temperature in the retort is 90° on the first rectification, and 80° on the second; or if distilled through a condensing head before the temperature of the head has passed 60°, but by extending the distillation from this spirituous substance a little further, its volatility is but slightly diminished, and I obtain a mixture of it in any proportion with the spirituous substances of higher boiling points. If it be required to obtain alliole from the naphtha, the naphtha should not have been treated with concentrated acids before distillation, since this substance is, for the most part, changed by such substances. Immediately following alliole in the scale of boiling points is benzule, which, when pure, boils at 80°, and becomes solid at zero; it exists in the naphtha, in far larger quantities than the preceding oil, amounting in some cases to one-eighth of the light oil obtained from the tar; it has a smell somewhat resembling almonds when pure, and is extremely volatile. It is not destroyed by agitation with sulphuric acid, (by which I mean oil of vitriol,) and it is convertible into an oil resembling oil of bitter almonds by nitric acid. To obtain this oil in a state of moderate purity is the chief object of the rectification to which I subject the naphtha; I obtain it pure by a process hereafter to be described. (To be continued.) COMMERCIAL CHRONICLE AND REVIEW. 299 THE FLUCTUATIONS IN GOLD-LAWS OF FINANCE-RISE IN GOLD AND EXCHANGE-ITS CAUSES-GOLD NOTES-U. 8. DEPOSITS-CONVERSION-LARGE EXPENSES-NEW LEVIES OF TROOPS-PRICES OF Ar the date of our last number the gold movement, consequent upon the large issues of paper by the federal government, had culminated at a price of 20 per cent for gold and 131 for sterling exchange. This, in the latter case, was a rise of 10 per cent in four weeks, and of 20 per cent in ninety days. So sudden a movement could not be expected to maintain itself, since it carried with it the seeds of its own reaction. finance, although for a few weeks it may seem to be inoperative, does not The law of paper fail to exert itself sooner or later, in spite of the most ingenious contrivances to avert its action; and abundance of paper, like the abundance of any other article, will not fail to depreciate its value, which depreciation expresses itself in an apparent rise in the value of other commodities as compared with it. The rise which took place in gold and exchange sprung from two causes that, although they may operate at times with less vigor, will nevertheless be permanent in their action as long as paper promises remain the grand resource of the government. tion to hold gold, and the other, the distrust which induces the remittance The one leading cause is the disp siof capital out of the country. Every attempt to interfere with the free movement of capital, however injurious it may apparently be, only aggravates the evil. When the armies first advanced South, so as to bring the merchant in contact with the producer of raw materials, a large demand for gold was immediately perceptible, because the holders of materials in disturbed districts demanded gold only. price of the article, which had a damaging influence upon public credit; The demand caused a rise in the but the materials purchased with the gold were of far greater value to the idle manufacturers, who were suffering for cotton. stances, General SHERMAN, in an evil hour, issued an order that gold should Under these circumnot be paid, but that holders should take paper. This proceeding had, of course, the effect to make sellers disappear, and General SHERMAN was constrained to rescind the order. When cotton is 45 @ 50 cents in the northern market, and most factories are idle for the want of it, it is no time to quibble about the means of payment. Nevertheless, the demand for gold. for those purposes gave a spur to the disposition to buy gold to hold, in anticipation of the regular effects of paper money, and it has proved the best investment during the spring. In the meantime the rise in its price and the complications of the war induced the remittance of large amounts of property out of the country. the country exceeded the exports, there was no supply of bills to serve for Inasmuch as that the regular imports into the remittance of capita!, and these were obliged to be covered by specie shipments. The urgency of this demand is seen in the fact that, no matter how high the price of gold rose under the domestic demand, it was worth still more for remittance, since bills sold at relatively more profitable rates, and the price reached 120. At this rate holders on speculation were desirous to realize. The demand to go South stopped, the current from the interior turned towards New York, and at the same time the rise in bills had stimulated the export of produce, breadstuffs in particular, which had not risen in price. The expense of remitting capital caused the movement to cease for a time, and the price both of bills and gold gradually declined under this enhanced supply and lessened demand. The specie movement was as follows: Received. Exported. Received. 25... 1,246,029 $22,855 627,767 Feb. 1... 1,514,154 289,669 66 9... 1,052,313 115,698 490,368 Exported. Gold in bank. $442,147 $23,983,878 2 a 4 prem. $885,923 1,035,025 25,373,070 4 a 5 547,703 26,120,859 4 a 44 322,918 26,698,728 2 a 34 810,484 27,479,533 31 a 3 854,000 976,235 28,196,666 3 a 34 117,101 614,146 1,156,154 28,114,148 4 a 43 187,253 759,247 734,512 28,875,992 176,161 741,109 510,774 29,826,959 2 679,075 585,236 30,436,644 1 123,316 677,058 477,335 30,773,050 2 a 14 91,161 540,968 32,023,390 14 a 14 6,088 Price of gold. 16 " 64 a 34 a 24 a 24 66 April 5... 996,445 66 12... 66 19... 66 26... May 2... 800 673,826 33,764,382 11 a 1 a 94 4,000 ... 66 9... ........ .... 1,382 Golden Gate lost 66 16... 941,081 700 2,647,060 31,790,519 9 a 10 Total.. 27,242,318 3,154,960 14,474,566 38,090,997 Under the rising value of gold the amount in the city increased $4,500,000 from the close of June to the middle of August. Much of this was, however, held by the banks on special deposit for their customers. The exports were much less, and the loss of the Golden Gate at sea cut off an amount of $1,500,000, intended for London and New York. The rates of exchange sympathized with the fluctuation in gold; but it is to be remarked that the rates of bills, as compared with the price of gold, always left a handsome profit on the export of gold, and the prices of bills were as follows: The demand for bills was no doubt enhanced by the considerable importation of goods, which arrived freely in August, under anticipations that had been indulged that the duties under the new tariff would not be imposed upon goods actually shipped before that date. The great abundance of money also favored as well the import of goods as the remittance of capital, and this abundance was continually on the increase. It will be observed that since the government began to pay out its paper in the middle of April, the deposits in bank have increased almost uninterruptedly to the extent of $46,000,000, and that the loans, in the same time, have increased nearly $30,000,000, which, to a considerable extent, has been deposited with the Assistant Treasurer for employment, at 4 @ 5 per cent interest. The restriction of general business and the adhesion to cash payments have very greatly reduced the quantity of business paper, and in some cases discount days have passed with absolutely no offerings of paper. At call money has been offered at 4 @ 5 per cent, and in some cases 3 per cent, but leading houses do not take it in for want of employment. It is to be remarked that while this immense abundance of money has manifested itself in the shape of government promises of $5 and upwards, the bank circulation has also increased $1,250,000, mostly in small bills, that have aided to drive out silver fractions, which commanded a premium of from 10 to 16 per cent. The new issues of small notes by the government-designed to remedy this to some extent, but what will really greatly enhance the evil-are expected to be ready for issue by the first of September. The amount to be issued will reach some $36,000,000, and the whole issues of paper authorized will reach $360,000,000, including the |