The firemen had left, and it was supposed that the hull and cargo were safe, when suddenly smoke was discovered coming from the hold, and it was found that the burning foretopmast in falling through the decks had set fire to the cargo. This fire had gained such headway that it was beyond control; the ship was therefore scutted in three places and sunk ten feet when she took the bottom. Every means was used to extinguish the fire, but she burned for two days until the flames reached the water’s edge. After the fire had burned itself out a coffer-dam was built and the wreck floated by means of steam pumps. It was found that a portion of her cargo of grain had swollen to such an extent as to start the knees and beams of the lower hold, and that the hull was otherwise badly strained and buckled. She was therefore condemned and abandoned to the underwriters. The ships _Joseph Walker_ and _White Squall_ were also destroyed in this fire. The wreck of the _Great Republic_ was subsequently sold by the underwriters to Captain N. B. Palmer and taken to Greenpoint, Long Island, to be rebuilt by Sneeden & Whitlock, and she eventually became the property of A. A. Low & Brother. The rebuilding occupied more than a year, and when the _Great Republic_ again appeared, much of the original beauty of her hull had been restored. The spar-deck had not been replaced, but her freeboard was nearly the same, as the height of the bulwarks was only a little below the former upper deck, and the same sheer line had been preserved. Forward, the eagle’s head which had been destroyed was replaced by a carved billet head and scrool, and her bow was still exceedingly handsome. A great change had been wrought aloft; her sail plan had been cut down and all of her spars greatly reduced in length--the fore-and mainmasts 17 feet, the fore-and main-yards 20 feet, and all other spars in proportion. She still carried four masts, but her rig had been changed to Howes’s double topsail yards. As rebuilt the _Great Republic_ registered 3357 tons, and was still the largest merchant ship of her time, [Illustration: The “Great Republic”] but her reduced rig required only one half the number of hands to handle it--fifty able seamen and fifteen ordinary seamen and boys. It was for this purpose that her sail plan had been cut down, as freights were beginning to slacken and the tide of economy was setting in. It is to be regretted that she could not have made a few voyages under her original rig, as her performance in strong winds under the reduced rig left little room for doubt that she would have proved, what Mr. McKay intended her to be, the swiftest sailing ship ever built.