The aggregate burden of the vessels was nearly a million of tons, and they were worth $40 a ton.

When the rebel cruisers commenced their operations, there were no United States cruisers prepared to capture them, because our best vessels were on blockade service.

This being the case, insurance on American merchantmen rose very high--so high that I and his friends were reluctantly compelled to sell their vessels in Great Britain and elsewhere, and convert them into cash.
They brought $40,000,000, and this sum was invested in merchandise, which netted a profit of ten per cent.

to I and his friends.

They thus gained $4,000,000 by these transactions.