a part of the expenditure, and as an offset
against the receipts, but a careful examination of that opinion will show
clearly that Mr. Holt was not willing to allow a charge for the use of
Capital, and for wear and tear of machines (which are the Constituent
elements of a manufacturer's claim to allow for profit) and then, again
allow a second or duplicate charge for the same things under the name of
manufacturer's profits. This is the extent to which Mr. Holt goes, and I
fully agree with him.

The expenditures on account of the patents and the sale of rights and
licenses under the same are:

For three quarter of patentee's
labor and expense $27,024.68

For sundry legal and traveling expenses 44,562.88
__________
$71,587.56

The receipts on the same account are:

Cash for licenses, sale of rights, etc. $92,788.38

Notes and unsettled accounts 23,748.89
License fees estimated for 1861 10,000.00
___________
$126,537.27

showing that the receipts exceed the expenditures by $54,949.71 or
$13,737.42 for each of the four patents.

This I can have no hesitation in pronouncing to be a totally inadequate
compensation for inventions of such great value and importance.

After a most laborious examination and careful consideration of the
whole matter, it appears to my full and entire satisfaction, having due
regard to the public interest therein, that it is just and proper that
the term of the said reissued patents No. 449, No. 451, No. 742, and No.
917 should severally be extended by reason of the patentee, without
fault or neglect on his part, having failed to obtain from the use and
sale of his said inventions a reasonable remuneration for the time,
ingenuity and expense bestowed upon the same and the introduction
thereof into use.

[Sidenote: Hussey's Inventions the Basis of all Reaper Manufacturers
Profits]

The list of licenses under these patents show the acquiescence of the
principal manufacturers in the justice of Hussey's claims. The list
shows that the manufacturers of Reapers have made large profits, and
that Hussey's improvemen