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the notes were used for circulation as money, and whether the defendant and his partner issued them for that purpose.
Another point was that notes under the amount of one dollar were not taxable under the law. But we see nothing in the language of the act to lay a foundation for any such distinction. The suggestion that the United States or the national banks issued no currency under that amount to which the notes of the defendant could come in competition, has very little pertinency in view of the clear terms of the act, and the suggestion may be met, if necessary to meet it, by the counter suggestion that the government does issue specie currency of various denominations less than one dollar.
As to the amount of the tax (supposing a tax to be due), the plaintiff contended that it was ten per cent of the whole amount of notes paid out by the defendant and his partner, without regard to the fact that the same notes were re issued after being taken up and paid; whilst the defendant contended that the amount of tax was only ten per cent. of the notes that were executed and used, no matter how often they may have been paid out. If the plaintiff was right, the whole amount of notes paid out was $68,474.51, and the tax amounted to $6,847.45. If the defendant was right, the amount of notes executed and used was only $3,561.72, and the tax amounted to only $356.17. The judge charged the jury in accordance with the views of the defendant, and a verdict was rendered for the latter som with interest. It is for this portion of the charge that the plaintiff has brought its writ of error. We have carefully examined the language of the act, and feel compelled to say that on this point we think the court below erred. We think that every issue of the notes, whether the original issue or a re-issue, was a new issue thereof, and became a part of “the amount of their own notes used for circulation" by the defendants. If instead of using the old notes, already redeemed, the defendants had issued new ones, there can be no doubt that they would have been taxable. But how could it differ in principle or reason of the thing whether they used old notes or new ones? A note redeemed ceases to be a note; it is of no more validity than a blank piece of paper; if it be re-issued it becomes a new note to all intents and purposes.
After a careful examination of the whole record, we think that none of the defendants' assignments of error are tenable; but that the plaintiff's assignment is well taken, and that, for this cause, the judgment must be 'reversed and a new trial granted.
THE IRON INDUSTRY.
CHAPTER 1.—IBON AND Zinc Mines.
CHAPTER III.-FOUNDRIES, SHEET IRON AND STEEL WORKS.
CHAPTER IV.-GENERAL MANUFACTURES OF IRON, AND SUMMARY.
IRON AND ZINC MINES.
Many of the mines in this State were not operated during the past year, as the general business depression affected this industry very seriously, the prices obtained for ore being very low and the demand light. As a consequence the total output of iron and zinc ores was but little more than one-half of the amount mined in 1882, when the production was 805,672 tons, valued at $3,488,095. Then there were 3,782 men and boys employed, who received $1,524,725 in wages. The current rate was $1.50 per day for men, and from 75 cents to $1.00 for boys. The average annual earnings amounted to $395.08, while the average value of ore per ton was $4.33.
During the year ending July 1st, 1885, forty companies or firms, some of which operate several mines, have been engaged in this industry; twenty-five were busy during the whole twelve months, eleven over and four less than six months. The whole output of iron and zinc ore was 480,677 tons, valued at $1,615,279. The greatest number of hands employed at any one time was 2,819, or an average of 2,562—2,473 men and 89 boys; and the total amount paid in wages $773,377. The daily wages for skilled miners ranged from $1.20 to $1.55 per day; for ordinary labor, from $1.00 to $1.25; boys received from 55 to 75 cents. The average annual receipts of men and boys were $301.86, and the average value of iron ore was $3.36 per ton. Sixteen establishments reported no change in wages, twentythree a decrease of ten per cent., and one a decrease of twenty per cent. In 1882 the average cost of labor per ton of ore mined was $1.89, which in 1885 had been reduced to $1.61.
The United States census report of 1880 gives the following statistics of the New Jersey iron mines : Maximum annual capacity, 1,487,829 tons; actual product, 754,872 tons, or more than 50 per cent. of the maximum capacity; value of product, $2,910,442 ;
value of all materials used in regular industry, $584,229, wages paid, $1,606,257; number of employes, 4,811; working capital and value of real estate, $6,201,761. The total product of the iron mines in the United States in 1880 was 7,971,706 tons, valued at $23,167,007. New Jersey produced 9.501 per cent. of this. In the report of the United States census for 1870, sixteen States were reported as producers of iron ore. Then New Jersey was the fourth in rank, the six principal producers being as follows: Pennsylvania, Michigan, New York, New Jersey, Ohio and Missouri. In 1880 twenty-three States were reported as producing iron ore, the six States given above retaining the same relative rank as in 1870, while Alabama, an addition to the list, took seventh place. The first six States produced 87.48 per cent. of the total product in tons and 90.91 per cent. of the total value. Morris county, New Jersey, ranked as the third county in the Union, being exceeded only by Marquette (Michigan) and Essex (New York). Among the largest mines was the Hibernia, Morris county, ranking eighth, with a production of 138,173 tons.*
The following comparative statistics will show the output of our iron mines at intervals back to 1790 :
20,000........................ Gordon's Gazetteer,
...Dr. Kitchell's Estimate.
.................393,7107. ........... " "
*Including Andover, Glendon and Bethlehem.
The report of the State Geologist does not include the shipment of zinc ore, which amounted to over 40,000 tons in 1884.