Chicago Daily Tribune Newspaper, October 3, 1873, Page 2

0 THE FINANCIAL TROUBLES. Purveney vs. Loan-Cortificates arging: Up Notos Not Due- ntployers and -mployed. .on thnt Congross Bo Convened BYER Fxtrn Sesslon, and Tegislato for the Immediaie Ree sumption of Speefe= Layments, Spolled Jobse-Perils of Currenoy-Expansion-« Tho Question of Government-Ald for tho Norlhern Pagific. QuiTency vs, Loan~Oortificntons Then ahall (o Kingdom of Teaven bo lkenod nuto ton virgina which took helf lumps tnd weut forth o wmeat thio bridegroont. ‘And 6v0 wors wito, They thal ero fool ith them § Ot tho wisd took oft in thole vosscls with tole and five were foollsh. llsh took thelr lampe, aud took no .M’\'\"T-'iiu tho bridegroom taruded, thoy alt slumbored ‘and slopt 5 nnd, ot miduight, thoro Wasa cry mads : ehoht ] "o bridegroom’ comoth} go 3o out to et him.” Thon m thoso virgine nroso snd ~trimmed thelc famps, and tho foolish_eald unto tho wiso “Givo us of sour ol § for our lnmpa have gone ont.” "Bt o wigo answered, naying : Nob g0, lest {hera be not uuollflll for us aud you ; bub go yo rather to tliom that eol, and buy for youraelves, o the Editor of The Chicago Tribune: Bin: 'Tho nbovo pasengo of Beripturo was sug- goated to the writor's mind in nmoment of modi- tation, upon tho netion of somo of our bauks, and especlally upon the porusal of articles in tho pupors, somo day or two sinco, signed by “An 01d Sottlor ' and * Merchout.” Lo say that the writer docs not altogethor ngree with tho gontle- men roferred to, wonld but faintly oxpress tho difforenco of opinion, Thoy have taken paius almost to vilify somo of our bosb citizens, and orpecinlly two of our most prominent bank- Prosidonts; sud why? A gontlemnn (who hng jnst writen his own ohituary) who was the Pregldont of tho largost bauking institution of tho Northwest submitted to tho momhors of tho Cliengo Oloaving- - Howso o plan of netion similar to the ono adopted by the New York banks to meot tho difficultios of tho lour. Tho featuro of the plan was, thab any bank lav- Ing nny indebtodnoss, Inrgo or small, should pay such indebtadness by giving to its ereditor o cor- Lificate of sald Olenring-Houdo ; and that tho suid creditor should accepk this cortificato as full payment of this indebteduess, it being necom- paniod by certain kinds of securitics, sid to bo nvailable for the face of tho cortificate. Tho roprosontatives of the Merchants' Loan & 'Iruat Company, Morchauts' Nationsl, Corn Exchango National, and several othor of our most prominont banks, comd nob aco how this would aceomplish tho desired ond,and,being able to pay doliay for qollar, simply eolicited tho privilego of paying their depositors the sums of nioney \\'lllefi they had respeativoly iutrusted to tho 'banks for BAfB-kN:piu?. Anfl’ be- couso of this desive, **Merchant " tells theso gontlemon that tho responsibility thoy “unccopt” In thus rofusing to co-op- orato with the other banks (in not paying their dopositors) is only to Lo monsured by tho ruin which mny consoquently engne; snd 0ld Set- Hor " declares it 15 tho oiabodiment of eolflsh- ness in all ity features, Suppose the plan lad beon ndopted, what wuld lnvo beon ity practienl workings At tha Clenring-House to-day thero is 8 dlabit-halauce sgainat ono of tho weak institutions, and to-~ morrow it ocenrs again, and 8o _on for weoks, Tho banks holding this indebtodness ave given loan-cortifientes socurod by bills recoivablo to about Ts per cont. This dobo, thie *01d Bettler™ and “ Morchant™ think tho troublo is over. Not 80; the atrong banks find in o short time they have been paying out_thoir money,—their cur- ronoy,—nnd taken in its {xlflcn these certificatos goenrod by bills roceivablo; and now they mus! realizo; thoy must got hack their monay by soll- ing theeo securilica. Ts it necesenty to nsk the businees mon of Chicago how much in_ currency could o benk_get for . bills recaivablo in Chicago to-dsy? Iow many morchants could tako up their own papor to-day, ovon at 60 conts on. t‘m doller ? _Tho banka af Naw York daro not attempt to realize on iboir certificntes or the neeuritics for tho _eawae; they coutinue their oporations, hoping, like a cortain historical indisidnal, that Seinathiug may turn up.” Why In it impoeeiblo to ol New York oxchnugo in Chicago to-dsy ¢ Becauso the beuke caumot soll it in New Yorlk, unless at 4 to O per cont dis- count. Evon the New York bauke bave beon and ave giving 3 to 6 por cont for currency over Elieir own cortifiontos. whan thay find_thay muab pay the balances of Wostorn bunks. Is it right ‘morally, ov is it businces-like, ta say to o man ‘from Town, who lns $20,000 to £30,000 n & Chi- «eaga bunk a8 currency, that e cannob liave cur- rency, but must take a certificato, or promiso to pay, which canaot be used unless at 6 per eonb discount ? DMust he .loso €1,000 to 1,600 on his doposit to get Dbuck what be gave? DMost sssuredly, ssy “0ld Sottler” and “Merchant.,” Begin this cortiflcate syatem, and by the aide of evory bani in Chicago’ there would bo a * shaving-shop,"” workinug 1t the interest of tlat Luuk, buying its own eortificates ot 4 to b por cont discount. And the gallant fow who fought ufin‘nnc thia suicidal systetu are to ba termod * wellsh,” “dogs in tho mungor,” &o. Thoy have manifested mxlythin olro but selfishnoss. F'rom the other sidoT think thero is the grontest selfishnesa, Tho strougare asked to give their money to the woal, and tako’ In its atead o promisa to puy,—a * cortiticato.” Tho wiso virgins aro nskod to givo of thair oll, ¥ for our lamps liava gone out.” ‘Fhovk God for such mon in thoso timos ns tho oflicers of tho banks who opposed this plan, Why was it, whou the run was bogun upon tho Corn Exchange, that its chiof dopositors folt so confldont, and determinad to stand by the bauk ? Rocauso thoy heard Mr. Hutehinsonfny he would wncrifico all rathor than tlat tho bank should fal- tor in its duty, viz.: to pay ovory depositor overy dollar of bis” balanco in eiwroncy, Aund My, O. B. Dlair and Sol Smith declerod in thelr firm way, " Wo havo paid, we_can puy, and wo witl pay.” And it fs from this norve displayed by n Foiw banka that confideuco is being restorad and tho darkness is diunl\Femng. Tt Chicogo had adopied tho plan of cortid- entos, how much curreuoy would Lavo been de- Rositml in Clhicago banks™ by tho pooplo of the Vorthwest 7 Not a dollar ; but what ‘they had Tiere would havo been rapidly withdrawn, “Why? Bimply becsuso thoy wonld luve viowed it os o demouatration af woaluoss on tho part of Chi- cago banks, nud would lave belioved that they had ndopted it a8 n dornior rossort. What i tho condition of {hings now? Tho coplo of tho country koo that wo ure the only Clty in the United Btntes that is doing businoss on n currency-bnaiy, and, fearlug to sond neir moaey to Now York,—where, if they should want it, thoy would luve to accopt paver at & per ceul dlscount—are aondin;; it liere, for the good reason that thoy can got Jusk what they deposited—currenoy. In tho lust nix daya thers has been ab least 10,000,000 sout here, Docsn't thin, moro eloquontly than words, ghos the faith of the peoplo in the plan of doing Lusiness here ns againgt other citles? Lot thiy eontinue much longor, and . Chicago may occupy tho position of Kow York: tho mouvy-coutro aud placo for all kinds of exchange. T'e writer would respectiully #nggest to #01a Fettler,” and to * Jexchant," to ho carciul how they rovilo men who heve stood like pillars of iron ngainst theso waves of finnnclal dlsastor, ved to whom fho Cily of Clicago owes its prepent condition of mensurable prosperity; und ths hiopefulness that iy folt by all, that the okt 18 over, 1t Is only wondorful how auy yound buginess-man could havo outortained the cam of 010 Bottlor” and *‘Merchunt,” and ol asl them aud other cltizany to profit by vary of tho wino virging, OCCABIONAL. 450, Gt 1, 187 urging Up Notes Not Duo. oy of The Cldeago Trivune « Y5 th 1 sés + 'Mhas witer hos heen reading tho roport o e sumesly mudo by Mr B, W. Rawson, Prexzdent of this Unfon Trust Company, and was prtionlealy dprewied with tho truth of the re- etk of thed geotleman, *Phat ho consideredn ik b 0 slb upon o cuntomor’s monoy vadd) & o deomnved for that custowmor bo- worapr @ue” i pouwsik , without doubt, Jovaas Naaom woutedt lgel priviplen, Tut, louving )tk ovd f the asation, it I, without doubt, oy bidd gabioy fur U Dotz Vi ehbrgs Up notes atat pob e 3 Wil wbidy Vs sees Yo ountomos we Ik Ade, exy, Wi dugn Jovhiae di s Ry walisidy wd iz wdy CITICAGO “* DAILY TRIBUNE: FRIDAY, OCTOBIR ¥, Ix79. onlenintion to pay his note wlhon! duo, )if tho brnk so'deaives, In tho maeantime, ho w dolng Ra Inwinosn s vl g deposits in bank, oto, Hamakes n oheek whouw big neconnt Is goad, and tho ch in thrown ont bocnuso ho owos the bmul, What iy tho rosult? Trom (hat {mo on, the customer convorts his pocket intow bank, and there iy depanit romain untll ha wants to wse it tn tha routltic of hin busmens, or in the paymont of the domand in the baok ngainat him. "Ho hies lost contidenes In the bank, (s dave uot depaslt the monoy, lost ho eannot got it out i Tho banls loses tho beuoflt of the oponity and. tho moncey Hos Idls aud virtaally tied up, or, a8 the phynss in, ¢ locked up.” s Now, I'wounld suggest that tho bent thing the ‘banks onn do is to pursuo such n courso as to goin tho confidenca of tholv customors, No man who has neredit to preserve, and lnows ho s solvont, will tamely subwit to have his cheoks thrown out whon his account is z"nud + and, 1f Drukers hve nok learnad thab yot, tioy had Dot- tor givo tholr atiention toit. 'I'his‘panic hag domonatrated one thing, nud that {8, that banke avo quito nu depondent upon Lho public and its good-will as tho public is upon them. Tan Prav. Employern tanl Employeds To the Kditor of The Chicago Tyibune : +Bm: Inyour editorinl columns of to-day I notice an articlo entitled * Employers and Em- ployed,” whieh, it scoms to me, lacks the cloar- ness and acouracy with which your lendora sro usually suppliod, and contains, what may ap- pear to that numerous employed class for whoso bonoflt it is ovidoutly intended, tho somblunco of sophistry. "Tho writer starta fn with tho agsumption that largo manufucturing companios aud corporationn must reduco forcos or close altogother, and Buggosts, a8 & proper measura for partial rolief, o roduction of tho hours of labor, and reten- tion of as nearly & maximum numbor of omployes a8 possible; which proposition cortniuly sooms Liumane and practicable whero the uature of businoss will accommodato such sn arrangemont. Ho also offors somo iudin- Yx‘“"w coodadvico to billiardists and tipplers, ut to that portion of tho employed who do nob fruq‘uem.ly indulge in either of thoso forms of dissipation,aud yebfind thoir earninga barely ad- equato to uqfimrn curront nccounts, somo, othor theory for their retiof must bo invonied, 1lis atatoment that * the so-callod rich men of Chicago Linve, in tho Jmnt weok, lost more mon- oy than the combined cost of all tho enr-ghops pnd rolling-mitls in and around Chifeago,” would, if true, haraly consolo tho young married man who goos Liome to-night to Inforw his wifo of n redution iu their incomo of 20 or 25 per cont, to male good those immenso *losses™ which he cannob bring himsclf to boliove Bave 8o universally fallon in high places, Whoro axo {ho imnorchinuts, bankers, aud manufacturors, iu this city, who havo renlly sut- fored soriously nnd pormanontly in pockef, ox- cept a8 & diroct puun.h,y for fllegitimato business transnctions ? L'ruo, doposits iave boon called for; purchasers Linvo, to some extent, remained at boime, or reduced Inoir bills ; and ordors wpon our varions mills and manufaclories have beou, for tha nonco, withhold, But can ‘heso facts alono bo consldored in the light of great losses ? Your issue of to-dny contains amplo evi- denco thet nearly overy class of merchandite Das firmly held its own in tho market, and the omployo must pay as much for his clothing and foad ns before tho reduction of his income. Even the Board of 'I'rado mognntes have been ;mlko ay securo from loss as thoy have beon kopt from gain; and tho railrond compa- nies, who baye, perbiaps, moro than nuy othdr class, suffored temporavy loss by the cessation of thelr fr bueiness, ara already hzgx‘unln;i to replaco (8 ; and, while their pny-rolis wil ‘e moro or less reduced, they havo overy reason to anticipsto n resumptlon of business, not far distaat, which will bo Hmited only by the va- preity of their roada. d.D. P. Cnicao, Oct, 1, 1873 Comments of the Press, THE TINE TO RESUML. From the New York Tribune, Sept, 30, Tho country is paseing its grandost upporlunity since the war. 'Thore *’ma not been, siuce tho passage of the Legal Tendor nct, auy fluaneinl situation or erisis thut so held out all ita hauds inviting to resumption. Shall we let it go by? Tho crisis calls for n lirm Land, a elear bead, and determined purpoeo; thut's ell, 16 requiren no superhinman wisdom to discover our disenso, or any profound political seleuce to dotectits canso. We halt belween pelliation and cure, Iore's an hour's work with the knife, or an endless stroteh of splints and bauduges, lotious aud plasiors, opiates and stimulanis, with recurring paroxysms, spasms, sud convulsiony, and nover sound Liealth in body or limb, Shall it Lo eurgery or quackery ? Wa must chooso between them., ~ To-dny’s op- porlunity is for tho country, for the domivant party, for the President. It is within tho reuch of tha Dresident, who has hut to put forth his liand and geize it, to make Limsclf o great name, give hio party tho new prostigo fhmt it needs, and establieh it firmly in power, and liff the whola country ndp to puro air and solid ground, ‘Lot tho Prenidont issuo Lis prociamation con- vening Congress in on oxtra scssion at_oight or ton days’ notice, with tho solo object, dis- tinctly atated in the call, of legielating for the inmediate resumption of specic puymonts. Tor ton_dayn poct pooplo have ~dono mimokk nothing but stand in front of their balanco shoets and inventories and sce a rapid and con~ gtant_shrinkage in values. And therc's no knowing whero it will stop or when, for the sim- 1o ronson that thero is no Anguoial hard-pan. It Yms beon abolighed by law. For cleven years wo liave gono on doing business with irredecmoblo promises, Wo havo taken notes of ench other and pnid ihem witl tho notes of the Qovern- ment, which themsolves wero without relations to nuthing boving s fixed valuo—unstablo nud irradoomable, So long ps wo aorocontent to do business upon tho system of rencwalg, giving and - taking new notes for old ones—with Gov- ormment. sotting tho examplo—wa seom to bo prosporous and healthy—wo grow up in full onjoymont of tho dropsy, or rather wo bulge out liko the Graphic balloon, into boautiful propor- tions, with & *rip-lino™ hanging witlin any- Lody’s rench, Thon comos & time~-it hns como ta us—when peoplo begin to inquire what the paper represonte, and to gropo for » standard of volues, E\'orythiug tumbles, and business stands still, excopt in bankruptcy courts, till that s{andard is reached. Lot us have that cs- tublished by rosuming specie paymonts. Wo have hnd quito enough of Lallooning; onough of this running speculntion-mad, of kiting atocks, of laying railrond ties on moonbenms, giving mortgoges on fog-banks, und calling ourgelyes Btout because wo Lave gorged ourselves with the enst wind, = Somo time we must got back to specie, That's admittad, Why nobnow? When will there bo a botter time? ~ When would tho wholo country Lo more bonofited by it than now? 'Thero ought to be statesmanship onough fn Congresa to do- viso a simplo, practicable mothod, It is not tho rovince of journelism to logislato, and legisla- ures are proverbially Jealous of interferenco with thicir functions by tho press. Wa suggost nothing oxun‘it that Congrons-bo summoned to- gothor for this purporo and thia only, not to put- tor over and tinker.up watiers,” bub simply to logislate for resumption, ‘he Administration of Presidont Grant bos an Olmarl\mlLy todift it~ gelf Into o bettor placo in flmm‘{ than nimost any of its predecossors by (hig shaplo net; the Republican party has o chaneo to_redoent itsolf Trom a rocord which it best Iienda admit in not wholly glorious, and tho counéry hus an opportu- nity to stop out into tho grandest part of its caraer, - 8hall it poss unimproved ? Lot Proui- dent Grant sottlo it, so tar na ha is conceruai, by convening Congraern, nud putting upon It tho yespousibility of mooting the emorgency. BFOILED JODI J¥vom tho St, Lutiis Democrut, Sent. 30, Ttinnn W1 wind that blows' nobody gaod.” Tho financiet disordor slroady promises” bonofls in moro than one dircetion, Lut espeeinlly in pro- ducing groier oconomy in Governmouts, No- tional, flslulu. and Iceal, “Strong public tuuuufi aronasd by 1o ovents of fho pust_ton days, will aternly foroid new grantys, now gnbu, and all wn~ reamonable oxpenditures 3 1t will cowpel tha e doflnito postponmnent of muuy corrupt seliomos, and it will doubtless forca” tha, rapeal of the selary-grab and muny otlior moasures by which public gaod has been snerificed to privato gain, A \mio wiito ugo, it was buldly deolnvad that Congreas must? assume tho dobth of (he Houth- orn reconstrustod States, and it was underatoed that Butlér would put himeelf at tha houd of the army of Bouthorn adventurers who would clamor for this monsure, Corrapt wembord from {ho North woro expocted to join In Lhiy grent war upon tho Trousury. it the proys hoct is now oxtromoly davk for such sohoumios, {fho Tronsury o by n0 mosus od full au it wan; tho negotintion of our Londs in Liuropo hud boon arrosted; and itls plain to tho ordinury observer that tho Nutionsl Government caunot increase its tinbilitios to the oxtent nocosuary for {ho ausnmption of Southorn Htate debta without involving Ytuoll’ in very gravo financial difiteal- tiew, ‘Ilis plot will hive' to bo pub uway uutil & moro couvonient sonson, Anothor glgantlo swindle waa but vory yo- contly urged with much chauco of Huccodt, Rearcoly tan days ago, whon Loss Blmppnlrd, ot tho Wushington rlug succosded Mr, Cooke, o b National Dank awas ot that vory momonb cripplad by _roason of ltg artiolpation in tho vuvnnous North Pacific job, ho declared tlat Govornmant wonld n: iy hiad pited ip boyond the onduranco of Dis- frict inx-pnyors. Wo rather think Shéppard: would tot apenk so coufidontly st {his timo, Tond daya have mado n groat differonco. , Congrosn will bo much more Inclined to swoeep n\vnh him inory than to tko up suy part of thadebt ho hay ero-- ated, Ttwill bo n tho tompor to iuyostignts closely the relutions of the Distriel ring with tho Dbroken flrm of Cooke & Co,, aud Hie moans by whicl 8beppard himuslf and olhors linve Lecome rich so suddonly, aud may very possivly nt 00 way to make thore who have plundered tho District disgorgo somo of tuolv easily-gotton aud oll s corrupt oparatfons and mnel wealth to raduca ttu debts., T'wo other gigantie swindles ** go whoro tho woodbino twinoth " as o rosult of the panic, Wo slinll hinrdly nee Congresy voting to by tho telo- Fffll‘lm or the raflroads at prosout. ‘Cho ronsnn 5 nvory good one; Govorument has nob tho monoy, aud caunot horrow it by snlo of boud, oxceopt ot such pricos ny would brenk down pith- 1o oredit for many yonrs. Alrendy our salo of bonds abrond has consud, while the oxcitemont oud great doprosslon in all sorts of American ecoutitios iu London and I'rankfort indicato that agront mnny millions in valuo may soon bo thrown bnolt upon us, It is true, wo shall loso nothing by tho ru[lmrelmso, at low figures, of bonds which wa sold at high figures, and, just a8 far a8 wo ligve means fo purchnso, can do 8o advautageously. But Govornniont will have nob much surpla durlng tho rost of this year for Duying of bouds or anythiug clse, and if auy considorable amount should como bnck hither for snlo tho Pl‘lno would bo so far depressed thub any proposal to fssuo ndditionnl houds, either fof purchinio of tolograph linos or railronds, wonld destroy the publio credit. So the men who hiave Jost monoy In wire and rail specu- lntlons, and tho unhappy newspapers whicl want Govornment to contrive some way Lo got tho uows for them, will have to wait yot o littlo longer. C Jobs, such as tho Ningara Ship Canal, which Jny Cooke's Benator from Miuuesata, r. Win- dom, has on tho brain, will havo to slaop awhile, A gronp many of theso schomes will go over- board in coniiequonco of this samo gust of wind, For tho peoplo will domand tho most rigid ccon- omy In whatover investments are now to e wnde to securo choapor trausportation. ZXPANGION OF QURRENCY, From the New York Lreutig Posty Sept. 29, Tho outlook is decidedly brighter, though not by any monus free from clouds, Every one will rojoico in tho change, but it n to thio last dogreo important that wo re]ulcu tomporatoly and wiso- 1{, ond with tho consciousness thnt sceing the ehioro-lights I8 not alwayn equivalont to getting snfoly into port. 'Tho dangers, indeed, wa havo &nst eseaped brln{; us in the proseico of now nngary, of which tha mont threatening are pro- sonted by tho setion of tho Government in ro- ard to tho £41,00.,000 reserves, and that of the Elnnk ‘Committeo in rogard to an nnlimited issuo of cortiflentos, Both look townrds an oxpansion of ocurrcncy, which may produce o momentary roliof, but which in the end will loave usfun worso stato than we aro now. A week ago, when tho Governmont might have dono somo real good by bLronching the resorves, it cowld find noither law nor necessity for tho mensure. Lt was pressod by all the forco of community in the ageny of an expoctod ruin, and turned # dont oar to the monng nud erios ; but now, when, if we hnvo not largely weathered the gale, wo have at least put our ship in trim for mooting it, the vary thing is to bo dono which, it was proclainied, it no circumstances would bo done, Tho pryment in nuticipation of tho Novewber interéut is all vory well, but as only threo millions of 1t acerues to this country, It con hinvdly be more thaw o dropiu o bue Could that part of tho interekt due abrond, amounting to somo ten millions, wo thinlg be invested in foreign oxchnniw, a8_ono Of our correspondonts proposcs, the md would bo far mora inunediate aud gubstautinl, The Government ling renlly no nutborily for oither stop: but, if it in going Lo eesumo £n authority, it ought to dto it in that way which would o the most ofliciont and the least detrimontal. s the matter stands, wae do 1ot seo that thore is nny rostraint upon tho power of tho Banl- Committoo to put forth certiticated, which ba- come an nelunl now currency, xurplumlug greon= backs; of no rostraint boyond the pradence sud éaution of the gentlemen voneerted, and which wo entront them to nse now with their utmost dieeretion, » Wo nro thoroughly distrustful of elt plans that ara likely o lead (0 o papor expansion, and though one may be in some respectn botter then anotker, they aro none of them to bo touchod, Bavo with fear end ubling. TIC NONTUERN PACIMIC—A CALL FOR GOVERN- ¥ . Atrondy Fastoru Oregan, Dakots, Washiugton; Nontans, and Idaho may be poinfed to g’ tlic. trophies of the succoss of tho Novth Pacific, and prova tho argwnent fn favor of ita confinunuce, f'ho work will go on. No order hiag heen isnuod to nrrost its progress, Buat from this statement of its progress and necessitics, presont and futuro, it is ovidont that it in too vast a inachine to be managed by any oue compuny unaided by Goverament, ‘Fho interests involved—national and individunl—tlio cradit of the country ab TLiomo and abrond, the suro apprecintion of all our public lands, the huudreds of thoutauds of peoplo of all clasgos who hold thoso bonds, will create o public opinion that ~will bo {rrosistible upon Congross, and wo hold that no: slatesmnn of any party will stand nP to opposo a romedy which will only require the endorse- ment of tho Governmont to umuls b vilectivo, And ag thero can bo no riuk to the Governmont in extonding its nid, innemuch as tha proccada of tho eales of tho lands of the Company will not only pay to the Governmout nny nmount it miny advanco on account of intorest, hut the pushing forward of the road itself will immensely on- hanco tho millions of acros of Innds still Leld by thia Goverument, and now almost inaccossiblo, Wo aro led Lo theso romarl bocauso certain nowspapers Linve prodicted tha this groat work will now bo closed. That is impossible. Onr immediato welfuro and honor domend that it shall go on, aud especially our empire on the Paciflo. A PROTEST AGAINST GOVERNMENT AID TO THE NONTHERN PACITIO. From the New York World, Sept. 30, Tha Philadelphia Press, stating” that work on the Northorn Pacific Rtailrond hos uot beon sus- Bnndud added on Saturday that tho road muat Bflniu(md, but with the aid _of Government, In tho nomo of o pooplo that s lonvily toxed, and ioastily wenry of Govornment jobs, wo proleut that no such nid shali bo given. 1t npponra to us, and, wo believo to tho bullk of tho voting population of tho Uunited States, that tho Government has alvendy dono all that it con for the Northorn Pacifia Raitrond entorprise. ‘Tho grantocs of the frauchise accopted it with its gits of luuds and its conditions, and must take tho _ consequences of failuro as thoy would hava 7roaped tho profits of ° success. No plen of military or commeorein] nocessity can bo yade for this rond ; thosa argumonty wera closed whon tho Union Puciflo lino mot the Contral Pacific, com- pleting an_unbrokon route from Now York to #an Lraucieco, in May, 1860, Not a fact_oxists of importancd sulliclont to Juslify tho United Htates in taking up tho unfinlshod cuterpriee of Jnfl Qooke & Co. ut wo cau neo o line of conduct which mny ho forced upon thoe dovarnmont, It may Lo driven {0 rosumo its lands, geanted to o corporation which becomes unable to fulitll its conlract. And, wmuch wore inmediately practical, it muay be driven to inquiro who = owns, and by what titlo, (ho comploted por- tion of tha rond, burdencd with n mortgago of gome $25,000,000. If wo nro_to boliovo tio rumors that aro current, the capital utook of tho Northern Preific s beon issued, wo do not know to what oxtent, an u move bonwa to the chief nmong tho bondholders, Thia will need an investigation, and the Government may porhaps iind it necesruvy to deolava that the satock, if nothing hias bean paid in upon it in casly, is mib- ject to npessment of 5100 por sharo, A Qofinlk wupon (he interost m Javuary would bring thin inquiry “K withont delay, Would it not bo wiser for tho Philudolpbin 2’/ess to iy unthlmf about Government ald, and ascortaln what vights ho- Joug to Lho bondholders, and how {hey ean on- foree them upon tho slockholders ? Whon ihe Iilinois Contral Rtailrond was bogun, its longth nud its land-grant wero to tho popilar Imaginntion as important as thoso of tho North- orn Pacilo are to-duE.u Tho Itlinois Central way X undortaken Iu the jof that it could bo buile end equipped with borroved monoy, whilo the sulos of Junds would meot ils aceruing fntoront, e stock was Lo ba olear profit, But It becamo necestary to axneas tho atocl, and this nlono for years paved the roud from dofaulting on it inter- ot Lvontually tho stool was puld upin full, ond tho Iliuels Contral — is “ono ol iho fow lios whose actunl cost excoodd the total outstanding abilities, Wo submit to_tho Vhilndelphin Press, and to any othey indisorect friends of Jay Cooke & Uo,, thnt they bud botter ulandon any dream of_Govern- ment aid for tho complotion of the Northorn Luclflo Ratlvond, Prompt and caveful shudy of tho onrly history of tho flinols Contral Railvoad will e moro politlo and more appropriate, A Curioun Onrde Tho suspension and subsequont resumption of busluces by David Prostou & Co., Dolrolt, have beon unnounced, Tho eard in which Nr. Trenton declared bis purposo o rosume is po- culiar, but muid to bo chnracteristio. Mo starts out in thin wa; 11t% good, s '.‘tharo‘a Mght ahond | thoro's help tmo ttio dobtarwhich ' tha in Qod{ thorn‘n,wumm in Jesus; thoro's mflm in prayer, I Iandod fil Dotroit Nov. 4, .1818. “borrawad 813 to bring mo horo, I gob o sifna- tlon at @19 {wr mnul!l'!J nd in lews than two mionthns I had patd this £12 from my wages. On tho 4th of May, 1852, T mnrriod o xlyooll wife, and in loas than ono woelt thoreaftor I embarked in business under the stylo of David Preston & Co,, bunkers and brokows - My ontira caplial nt. that, timo, out of which I hnd o furnish niy hume mul st my buk, wos less than €500, In May, 1854, 1 had aminsred a fortuno of near €5,000, nad Wit Ul inerensed eapdtnl T opened Lnk i Ohleng, Iu tho month of Angwit tollowh i, Me, Ax Wlemm, our hankor at No. b0 Wall streor, Now York, falled, with $6,000 of onr monoy in Ty pousostion, which was oll wo wore worth and a tittlo moro,- Wo nover renlized but £16 out of thin £6,000, and ot I did not commit wuiclds, run aw compromise, or rosign, 1 prayed, and o , and paid, and bave been doing thoe same Kindt of Yusinona over pinco, and T oxpost to fight it out on this lino to tho end of my journey. “tSopt, 26, 1873, 'wo closéd our doors av 11 o'cloc o, m., not beeauso wo hnd sustnined nns los, 1ot hocanse of any fraud or darknoss behin tho ficeno, but simply Docauso wo conld not pny in currency or othorwiso, on domand, all that wo owad, * Provious to thig, tho baulia b Now Yorlk, Baltimoro, Chicago, and many othor places nad virtually Hnspumlm‘ curroncy gmynluuls, only in puch small sums as thoy saw At to pay out." FORE'S FROLICS. Another Murderous Assnult by tho cnpricious Prisoner—Eo Intonds to ¥Cil D0is Wife, but Mavks Joe Cols cord. From the St. Louis Demacrat, Sent, a0, Tho most oxeiting kcono which hns boon wit- neased in any court in this city for some tine past oceurrod yosterday evoning in the Criminal Court, where Josaph H, Fara vas boing tried for an assanlt with eulonb to kill his wifo in Juno Inst. Tho trinl commonced in the morning, bub o jury was not secured unlil about half-pnat 8 in tho aftornoon, At thnt time Mrs, Fore wns placod on tho stand, snd testified to the facts ns dotailod .in tho Democrat st tho time of the nassault, Tho couueol for tho dofenso aubjected hor to_a goarching oross-ox- amination, Lut failed to shako hor testimony In any matorial Pn.rtlcmnr. Shortly aftor 7 o'clock Lot oxamination wag closed, and she loft tho stand and tool n soat nonr tho counsol-tablo, Qol. Colcord, who is assisting Col. Normila in tho prosacuting on tho part of tho Stato, was sit- ting at the tablo taking down_tho ovidence, ne Lo had beon dolng nll day. Near him, farthoer romoved from tho tablo, sat Mr. nbcock, Mrs, Toro's father, and botweon thom stood a cliir, Which Mra, Toro ot onco occupiod. Bho Tiad 10 soonor takon Lior seat than Fore, who was sittiog on- tho other sido of tho tablo, soizod o glass inkstand, obout eighteon inchos - in~ ciroumforence, and weighing probably throo ponnds, ond raited his®arm with tho ovident intontion of throwing the ink- stand af bis wife. 'Ihe moyemont was observed by nonrly all present, nnd o fooling of tho most intenso oxcitomont and conatornation wes npln»- reat in every face. Mr, Henry Relnstadtler, tho Marshal of tho court, withi great promptitude mado o spring ot Lim_ and struclk his arm, thus chunging tho course of the missilo from Mrs, Tore, doubtloss gaving hor Jifo, for hnd Lio suce ceodod in his murdgrous intention he must cor- tuinly have inflicted & most dangerons wound, ovon had it not boen absolutely fatal. Tho wholo movement. had boen 8o quick that Col. Coleord bad ooly just looked up from his .work on tho table, and was instantly sfruck by tho inlstand which Lind Deon intonded “for Mrs. Toro, stunuing him_for the timo, and inflicting o gasl on his foroliend, over tho loft ;?'n about two and n half inchici luui:. Inying the fiosh opon to the bono, And now tho oXcitemont was Intousified to such an oxtont that overybody seomod, for tho mo- mont, complotely paralyzad, axeopt tho Marahinl, who immedately pinioned the prisoner. Upon this n desporto strugglo onsued. Foro mnking the most violent attewmpts to roturn Lo the ns- snult, whilo tho Marshal and two other men wero oudedvoring to convey him Lo an rdjoining room, whicly, after about four minutes, thoy succoeded in doing. The confurion in tho court, howover, still continued, Judge Prim ealling frautically on the Marshal to preserva order, which ho did nob hear, being engnged in n serimmago in the othor room with tho prisoner. Linding the Marshal did not respond, tho JFudge nppointed Miko Fortin, Dopuly Juilor, ns Murshal of tho court, enl li; upon himin an seited manner to keop ordor in ‘tho comrt. Col, Tormile then promptly onterod an objection, on thio sround {lint tho newly-ippointed Muzéhal could not ret until ho Lad been sworn, and o tho appointmont was quashed. After o timo Lho excitoment eubsided, and an osnminntion of tho flold was iatituded, whon it waa found that the list of easualtios wag: Killed, none; rorionsly wounded, Col. J. ¥, Coleord; alightly injurod, but sadly demoralizad, Joseph 1L, Foro; ‘much frightencd, bub otherwiso unin- Jured, Judgo, jury, the itornoys on hoth sidos, ho ofllcors of tho court, and the entive andioneo. Col. Colcord wrs at onco romoved by bis Irlonds to tha Lospilal down-rtairs, whoro tho Board of Tealth physicinns ropnirod bhis damagos, and, aitor o short time, sont him baclt to tho scouo of ‘blood with n large patch of plasters on his oxpangive and now decidedly open brow. . Tho valiant assnilaut of o woak woman, who, unfortunately for hor, sustains tho relalion of wif to the cowardly ruflian, was brought back iuto courtvhnd tho trinl procooded with, Miss Agnoa Donnelly testifled to tho facts, substantinlly as they wero stated by lior to o Democrat reportor nt tha time of the occurronce, and the court then ndjourned. Thon commonced a scono of discord botwoen tho counsel. ® 3r. Smytho, you Layo u d—d fiue cliont, and I nm going to hnvo hiandeufls }mt on Lim to-morrow. 1 am not goiug to eit iore to be atruck down liko au ox," said Col. Coleord. #Well," snid Smythe, *you can have hand- euff on him il you like,” “1 know,” eid Joo Colcord, * Mo intonded it for mo, bocauso ho 18 jenlous of me, when I swear I have nover treated Allie Tore in nuy other way thau I would treat my ntothoror my sintor.” It is the intention of Foro's connsel to offer this 08 an additiounl evidenco of his insanity, Lut whother it will benefit hid cavo beforo any jury of nverago intelligonce remains to bo scou, WINTERMUTE. Elic Probablc Bcfcnscs-Stutements of Xlis Friends. From the Stouz City Journal, Tn o1l that has been writlon or aaid in rogavd to tho borriblo sffray ab Yankton, the atory of Wiuntermuto, ono of ‘the principal gctors, hes not yeb appeared in print, and a8 o mattor of justico to tll wa submit tho following as it was given— in subsatanco—by his friends to a reportor of tho Journal, who foiled to obtain sudienco with Wintermuta himeolf « Thoy #ay that, from the timo Gon, MecCook firnt séruck Wintermuto in the naloon uutil iho ovening ofj the noxt day, Wintormuto .was in n demented state, having Leen so siun- ned by the blow that- o W not conscions of whob was pasaing, or rosponki- Dia for his notions—in proof of whieh they rofor to his returning to tho meoting and interrupting it, nnd using tho , unuatural %nug\mfiu ha dlfi ehro, us snying Lo bud boow badly whippod, &o. Tt {n aleo said that AloCook's laugnage was in- sulting and unboarable ay it could bo beforo tho ancountor; that ns n gentleman, it waa very ha- willatiug to boar such trentment from one who was physicslly 80 much Iarger and ntrongor; that uny oue wonld be justificd in seeking redress nfter sich nu encounter, ovon though in posees~ wian of all bis faculliog, and that k{ccau 'y ute tack on him was uncailod for and unprovolkod. Tastead of walting for Lim neav tho hall door, o statod by tho pross gonerally, it In said thab Wintermuto tock tho saine ont ha had ovoupicd whan ho wos fAirat in the mooting, aad (hat ho could not kco the Genoral approsch througl tha hall at ull ; und thero wes no chot flred 1n {he hall, and thrt hio could not veo MoCock until ha was iu tho court-room where the meeting wag being hold. ‘Thoy fuvthor claim that MeCool eamo to the ball (ho aseond timo armod, and that, by avel- dent, {ho firet ¢hot way firad by sowo one un- known, near the door, which roused Wintors muto, who was sitting near the stove, and who 'puddenly aroso, aud, o Lo did ko, drew lus rovolver and fred, missing Mo- Cools, and thon ndvanced and fired the second futul ehot, laboring under ihe improssion thal Gon, MeCook was firing ne him, "o substoutinto this ihoy bring rospousiblo poraons Lo say that before the affray Lind falily hegun o ball was hoard to paes over tho honds of thie crowd, aud that tho eamo lodged in tho ond of_the room dircetly opposito the door, Tho aloo ntato that, contrary to repeatedly pub- lishod statoments, Wintermuto was not, or novor wan, o eandidato for tho offico of Hecratary of tho ‘Larritory, or any other offico, sinco his rom- dence in Dalkotn, 11 is ulso olainied for Lim that hie was & man possessed of o high sonse of hon- or and untarnishied ouaracter, 1lis frionds deoply doplore the sad and tervi- bio onding of the aifuir, and sny—ah, how truly oy |—thub whisky was at the bottom of it all, B T — —The apple-jack sonson has now fulily sot in, fog to cipher out how maby drinks thers are tho acre, on & basis of four busbels of apples to tho gallon, : and tho farmors nro all uuun§ up ab ufghty (rl‘- 1 o o~ WASHINGTG Points on Finance...How the Pub. Funcks Behave, A Resume of Banking up to '87. From Our Oirn Copreapontient, ~ WASHINGTON, Keot, 20, 1870 'tho President Is with uy ngatu, and ts is o protext for some reflections 1 ELL AND HIS EOTH. The Mathodist Book-Coucern, which serooned by the Bishops, and which tho Rev. Dr. Lannhan, of the Dallimoro Conforence, was fn- mously porscculed for showmg up, ns beeamo his duty, hay indireetly had its influonco on tho provailing panio. Yonng Porter, son of one of ita Qeneral Agonts, was the purchasing-agont, or prpor-furnishor, or something, of this Concern, And now young Carlton, son of the other Apont, males way with §500,000 of the Union Wrust Company, and precipitatos chaos, 'Lhis ought to suggost n good cartoon to Harper's Weekly which, I see, has undortakon to correct churcli= abuses, bubt prolongs somowhat monotonously ite roformation of the Cathiolie Church, enggost for n cartoon Dr. Curry, oditor of tho Christian Advocate, doctoring up some of lis sermony for oditorinls, Carlton nod Portor nre making off with tho ohureli-cffcets, which arolaboled * Live Topies.” Will the Rov. NcKcown, of the town of Rovlford, 111, please como to timo on Cresarism and Moth- odism, and tell ug what Lo knows thoLord knows about it? I rofer to tho able thovlogim and seor who oneo corracted mo on the cuso of Dr. Joln P, Nowton, oftice-broker. THE JUDILEE-TRESS, The Church newspapers, led off by tho Inde- pendent, which is the cameloopard of (bat kind of literature, aro gotting it all around for the ad- vocacy of such onterprises as Juy Cooke nnd others dovisod for bond-gelling purposes. Those nowepapers have for somo years back got to put- ting n money-articlo in thelr issuo, tolling the clags-lender how to lsy up trensurcs in Heavon by oxclinnging his Governmonts for Buchn's first-mortgugo bonds, and hiow to road Lis titls {o tho north while Youths Banana Zone ony nuthority bo .clear in the oditor's who talkos o prominent cornor of his pa- por from God, and deliboratoly hoads it “Alam- Thou bypacrito ! first cast the railrond- boam out of thine oyo, and then caust thou sco cloarly to cast the moto out of thy brothor's eyo It ia the roligious, mota!, an which hod beon chiefly bitton in North Pacifics. Lot pooplo learn to trust religious nowapapera clorical world Pt rocions lot of eclergymen days soliciting ns_lifo Insuranco agonts, I Lkuow of a brauch Mothodist book-houso which 2ir. Jay Cooke mainly supported, not unmixed wi Mr, Johu Bunyan, when ho wroto hig beautiful allegosy of thie **Pligrin’s Progross,’ Io deseribed Christinn, Riin horo, going to sleop in an arbor, ronding, if 1 romember, that soothing publication eallod ' Tho lis roll in thab arbor, and bad to como a long way back to find it. 'To is great delight it was still on the spat, though somowhat doprecinted. I was n firsi- mortgage, gold-boaring, Northorn Pacific boud. 0 went his way n wisor pilgrim. HOME POINTS ON TIIE BITUATI Jan, 1,1874,—only three months ofl, 000 of our 5 per conts ure due, which will cull for tlut rmount of coin from Becrolary Richardson. Bomebody who possesses the bong good ressons, made an orror of fact. Doral Modloy.” coin. That proposition of the Produce Exchiange of If satisfactory evidenco Lo given thal the ultimate buyer of produce lins matde a specisl deposit of England, the Secrétary of {ho Troesury is to is- sue n like amouut of currency hieroto hanks bo “uged in buy- Now York is notable. old in the Baulk of and bankers, the American correspondents of such depositors. How cesy would Cmsarism eppear o Lo when iy jumping on I knoes, liko tho frogi to Jupiter, Logging Ul * Forward {ho Ileavou's saice, budge the broadatuirs | * says an- 4 Tinist your Jibby-3ib1” says u third, “and throw overboard: your logal-tonder ro- Tt bondheldora ralive their Londs, und got currenoy for thowm, and pay intorest for the curroney when they recovor the bonds from Govornment !" says a Tourth. Tho President hears all theso things on tho poop-decl, whoro ho commands the shi Amoricen 'Indian jusb como aboard. to Babeoclt, tho First Mate, and hands him Lin sponking-tfumpet, ond thon vomits over the Babecock, who 18 o “Aloft therel Ahoy! iolato his constitution 1™ Thon Tichardson, ihe Boatswain, pipes: “It's none sey to do some- great_flupncior, zivea the answer ¢ Progidont can't vi 18 TIE GOVERNMENT UP %0 THUE TOTR 2 People huvo heon inquisitive to kuow how the gront officors of tho Government bohuvo them- selven ot this period, I liave been n good deal nbout tho Treasury, and nsked somo_questions. "I'ho trouble hero has been, that the Prosident is always absont, talking ot Long Dranch w Clews, or Murphy, or ‘Rome of thoso montally raggod, if physieally rlch, peopio o porson of our Civsar I diatr 1To can bo reached by telograph ; but that is not You can honr from your swocthorrt by tolograph ; but sho may havo boen hugged by {ho olher man, just ay sho sont or received your messago. ‘I'hio oflice of President is, in_n meas- uro, vacant by its possessor's ubsenco, andno tel- ography can substantinto ic, Purticulatly is this the ¢aso with ono of Grant's tomperament, who govorns by feeding his way plong as tho iniluence of tho time guides him, "I saw o sack-rnco, tliy betwoen s lot of negro-wnitors at o One negro jumped right for t; as 1o was wholly onveloped, it thint ho could guoss it Ho well, I that snother darky wns watering-placo. disoovered, however, running aliead of_hith amongst the crow “ Dig way Jim | jump like h—1, Jim, nix o way tho Prosident, olected by Hov- orsl millions of votes, jJumps in blindfolded times, Bomebody like Clews, or Cooko, or Borie, or anyhody who can got lis confidenco, Dbut who never got o voto and has o rospousibil- Fuinp the way I toll you! " Prosidont 18 not aboul who is tolliug him how to auuwor his telegrams Whon ho in lome, he must bo treated very gin- Toth tho Beeretary of tho Lrensury and 1 nro timid mon in ud Viziors afesid of thor than lilo modern Secrolarics. yot _Ecnoitivo ws (o 40, the Prosident listens and deeiden necording to his conlidonee in the talker. 4'ho Attornny-Conoral is & mun who Ling to writo lus opiniond, and 1£ noow liouse in Wash- ington. 'Llicro Lo sinn ngainst conscienco wako ot anybody. ichardson, bring sim- ‘st call upoi Willianws ¢ apply ‘I'iorefore, when the tho Attornoy-tenera thoir heutls, ¥o! Shy, contcionsly infori being discoverod pormittod Lon Lutley who bus buildod hitso ply » finpucior, el of the time Logetier. Grant has just como ‘aiid 1 Bweok picklo wo 1eo in, ** Wa want wys Richurdsonj bub thab s just Tiny, oxcopt nb cleotion-timed, in rnmont, nud it has no con- It i woalk ns uix tom-eats oing ofl an tho house-taps, tho hoad of " thio fidenca in itsolls whon ghot-gins aro Al probably feutnro about it. anything, thercforo mako: i1l BEGINKING OF A X It doos not know ORY OF CUMBENOCY AND BAKKS, o go Lo tho beghming, ot us- tulo a peop ab ourgolyes in tho past: A DEETCH OF MONEY IN AMERTCA. Curronuy in America bogan with tobaeco, eorn, all_recognized by differont Col- In 1610 Visginid ndopted the auslt gilvor coinnga for envreroy 3 and soou v pobup in B ws flst busued by Mussuchuscits in th Caroling eronted o banl in 1702, issued peper monoy dn 1743, bat over did prior to the War of Inde- Phon emno the Continontal monoy which did not dopresinte up to the S0,000,000, and was well m until tho unbpideunce of the triumph over Bur- At Inst tho wholo 200,000,000 ovth In sllvor only £9,500,000, vo new mouoy for the old, at tho rato of ono new dollur for forty, aud then Doth sunk in one day to nothing, i t’f"! Asum:"fl moe.. In 1781,—tho war still goiug on,—Congress u\m‘mmd tha Bunk of North Aworien, vils zan tho 2;u(llo‘\‘\;hu; vour, of from 12 to 16 por “cont por annun. od tho chartor of this bank, but it wampnm, elo., nfter o mint w: ongross offorad to i and declurod dividends Y T rluy, forbidding any Binte to coin monoy; omit bitlis of oredit, mako anything hut gold and sllvor coln n tendor in payment of debly, or pass any lnw impaiving tho “obligation of ~contraots, This loft unsaid the right or wauk of right of Congrorn to ostablish o National Banlt, nlthough Judgo Btory maintalns the right. Ilamilton nt ©on0a drow up b plan of auch abank, and tho Cnbi- net divided upouit bub it was approyed by Wash- h?;mu, ancd 1lio btk went, dnto bolugr 1 1791, with n eapital of £10,000,000,—ono-fifth Clovern= meirl-subed)ytlon.” It wiw n succees, and puid B pier cent divldonds, und ity stock—partly fold {1y Enrope—r050 abuve par, In 1811 o Madisg~ uinn Qungress refused to ronow its ohartor, In 1514, fall uf tho yeny, tho Amorican talo bnulu suwpended for tho HANIO reason v at prosont ¢ (o cloto up boforo they shoulu Lo drained and bant- rupt, ‘Tho Middlo States, which hnd ubaciibed to tho war-loans most liberally, led thoe panio s ziow ¢ for tho had contelbuted 86,000,000 ot | of §41,000,000, Governmont taxes were, of e coanlly, reocivablo in Stnto ourroncy ; treasnry- noton or hills of exchoquor, boaring Interost, wero, theroforo, issucd fora timo ; but a soc- ond Bank of the United Htntoa boeamo imporativo, Itwne croatod in 1816, and bogan buginess the following yenr, with £85,000,000 onpital,—ono-fifth Govornnient_subacription, na boforo, his bank, by. importing, 57,000,000 of specio, lifted tho State bauka to tholr feot, and resumption was gonoral throughout tho Union, TUE AIDULE PRIIOD, £ With tho oxception of commorcinl difficultiesin 1819, ovorythbing wont on emoothly until 1832, whon a rochartor of tho United States Bank was votood by Congreos, followed by tho removal of tho Govornmont-deposita—more than £11,000,000 —in 1833, 'I'ho ohartor ran out in 1836; but a now charkor was obtaiued by n dovico from the Btato of Ponnsylyania, At that dato thoro woro ahout €00 banks in tho country, with 930,000,000 cupital, n circulation of §103,~ 000,000, ond 245,000,000 of specie. ~ Ono huudrod and _sixty-flvo banks had failed in all botweon 1811 and 1830. ‘The facility of our systom of banking had ita ndvoeatos in Eng- land.—nmongsb thom Lord Althorp ; but the Joint-stock banks of that Kingdom, being of wulimitod liability, aud covered by the private rrn orly of overy shareholder, wors preferred by Pariamont, It was not until 1850 thot tho Lnglish joint-stock company was “limited® in individual linbility ; and oven now a Dircctor or officinl 0f any ** limited" company ongaged in banking, instrance, otc,, who publishes fraudu- lont nceounts_or falso advortisomonts, is linble criminally and for damnagoes, The romoval of dn{muils led to thoir trana- for to cortain molacted bauke ae daposi- torles, Tho ‘‘specic-circular” of Gen, Jack- son being rescinded by Congress, all kinds of ‘Dbank-notes bocame receivable ® for the pubho dues and lands, making & vast surplus of papor- trnck, which for safo-kebping was distributed amongst iho Btates, ~ May 10, 1837, specie-pay= ments were su;pcmded aver the country gonor- ally, and Now York City was garrisoned with militin, Skinplastors, tolens, and doprocinted bills of exchango woro now the currency ; the Govornmont_was threatoned with & Treasury- doficit, and VanBuron hod to call Congress in oxtra sesaion five days after tho suspension. Ho_opposod tho rechartor of a_National Banlk, and recommended & porpotual disgolution of tho connoction botwoen tha Federal Governmont and nny bank of issuo, oven ns n dopositor, Cae lob Cusbing, who is rendy to dofond nnything nowndays, lod off ageiust the messnge. Olny, Webster, Dayard, Quincy Adams, Dick Biddlo, Wiso, oto., followed, Vau- Baron was defonded’ by Silas Wright, Cal~ houn, Buchansu, Bonton, Bob Walker, etc. Tho Prosidont provailed. ‘Lronsury-notos wors {ssnod to provide for a doflcioncy ; Calob Cushing—thub {oung, or old, Inwyor of Babylon—touchiod the sauo of the day thus ou tho rotention of an in- sinlimont of money due rotton States: #'ho American Government,” said Caleb, *‘ia not to oxert itself for tho retief of tho American people? Very well. If this bo your policy, I, a8 ropresenting tho peoplo, will 1ot cxert ‘myself for tho relief of yonr Administration,” Benton auys Lhis wns *chicancry, unworthy of o pie-poudroe court,”—n namo that ought to Dy stuck to Cushing. In Jaunary, 1889, the Treasury was bankrupt; Dut this Blor[md tho' distribution of surplus_to tho Btates, led to bank-resumption, and founded tho Independent ‘Treasury, Biddio's ¢ Ponusyls vanin Legislnture Bunkof tho United States " meantimo mado uso of its dend circulation ag nsnots, and claimod noarly §20,000,000 cireula- tion ; which conduct Congrees stopped by sovare onnetment. Tho banks of Now York resnmed May 10, 1338. Aug. 12 following, all tho banks rosmod, including Biddle's baulk, which kopé its slock menntimo \\F ioapremium of 312 per shsre, Oct. 9, 1339, Biddla's bank followed him Into ro- tiroment, carrying with it noarly all the banks of Dnlf the Unjou. Yot, ns lato ns Janmary, 1810, thia chimers roturned its nassets at £74,000,000, and itslinbilition at only $37,000,000, 1t sold fictitious bills on Burope, and thus ran mworo houest banks hard for specie, and profess- ed to ba golvent long aftor it ropenled tho Indo- pendent-Lrensury bill, and was about providing for g third National Bank, when fl‘f’lel"fl defec tion arrosted it. Tho Whigs fortuwith repudintod “ylor, soapting Caloh Cuabing, o wos loths fo it with tho ppoils of bin Administration, aud alwoys wroto in the direction of his master and his foo, Caloh was tho champion of & Bonrd of Exchonuer, with n bational ourrency of paper~ monoy ; aud tho proposition died beforoe it was born, ‘Iho modorn poriod—botseon 1840 and 1873— will bottor be a part of tho staplo of anothor lot- tor. Garn. BOARD OF POLICE. Fwo Additional Assistant Fire Mare shals Appomted and Assigned to Duty === Probationary Policemen Made Regulars. ‘I'io Bowd of Polico aud Firo Commissioners mot yostorday afternoon as usunl, mud tried Willism "Lobin, pipeman of o. 16,-for disobedi- enco of orders and neglect of duty, ltavpearing that hia error had beon one of judgmont rather (kan intontion, tho charges weoro dismirsed. On recommondation of Marshal Bouner, Isanc G Tallock and James 3, Housor wero modo per- moauout mownbors of the Departmont. Tho sheds and shanties being erocted on the burnt pateh on Halsted streot wore complained o0f by ex-Alderman Powell, who insisted vory urgently that somothiug must bo done to slop building thom. Commissionor Shoridan ex- ploined that steps bad boen taken to hold the partios engnged in building to tho provisions of tha fire-limits ordinauce ovor a week ago. On tho statomont of tho Fire Murehsl that the oxigoucies of tho firo_sorvico roguired adi- tional nssistance for the better government of tho aepartmont, hia recommendation that_two faremen ba delailed tonct s Assiatant Five Mar- shls, nud assipned to the districts requiring their services, was unanimously agreed_to, tho mombors of tho Donrd being convinced of tho necessity of such assistanco. X ‘I'io Buperintendont of tha Tire Alarm Tole- graph nshted for » Hght wagon and hose to ran ¢ night to ropair breaks, and tho mntter was taken undor consideration, It wns decided {hat tolegraph poles, having alarm boxes fou them, - showld bo paiutad red for the helght of about 7 foot from the vound, and to_consnlt with the Board of Lub- is works ou tho uaution of nying tho strect }gnlu!m, closo by the slam boxcs, mado red igshits, * Tourteen *speciala ” wore nocepted aa *rogu- lats" in the Polico Depariment, and received aternnl leeturos from Presidont Cloveland and ho two' other Commissionors, Their records, during their probation, were very sutisfaclory und received {ho commendation of tho Boord. Firo Murzbal Douuer prosented arocowmenda~ tion that Loo Byers, of Dubeook Engine No. 1, and Maurica W. Shoy, of Lngluo No. 13, bo de- toiled ws - Awnisiant Five Marshals, and the re- commendation -wus concurred In, sud the Bonrd ndjourned, SUBURBAN NEWS. NORWOOD AR Thig siburb hos an associntion enllod the Nor- wood Pask Building Association, formed nader tho generat State law, with n capital of $100,000, All of tho siock has beon subseribed for, tho majorlty boing held Dby rosidents, Tho association own five blocks on tho north side of tho track, upon which they ave ready to build houces, to bo puld for in small monthly installmonts, TARK RIDGT has o signal station, It is enid to bo loonted on tho higliost ridge of Jand in Cool County. Col. Yhowne P’ Robb, Prosidont of the Unitad Atates Commisefon to Toxns, hns boon spending fow weols with his family at s homo in this pinee, Col Robb will start for Toxas in » fow ddays, to suporintend tho construction of o rails voad of which ho {8 Prosidont. TUYVING PARKC 1lias ton new houscs just finisbed, and bullding, SONTIOBE, the new slatlon at the llmlcllm\ of the Chicago & Northweatorn and Milwankee & 8t, Paul il rouds, I to hinve un artesian woll, A largo numn- bor of housos ava being put np. rofused to closo up, claiming a nutional pator~ nity, Tho Gonoru! 1 Coustitution thon cumo luto A NEW TOWX, without an inhabitant or namo, that the writer | ness, cacll recelving o singl has hoon ablo to flud’ Iina 24 now honses, Il lios botweon Irsing Park and Maplowood, AN AGCOMMODATING 1LOAD, . Tho Clicago & Northwoatern Itailrond hae, in tho Inst two yoars, shown n disposition Lo no- comodlate {ts commntors on the Wincousin Divis- . fon, and to fostor tho growing young towns on tho line, - A traln this wintor, roaching the cily at 8:90 . m., and lonving at 6:30 p, mu., would ho o grent convonlencs to suburban rosidents, and suroly could bo mado to pay. P THE UNDERWRITERS, nl Meoting of tho Chicngo Iora Yesterdnyseinteresting nnd Vajune bio, Reports. Presontod=-Suggestiony Worthy of Constderatic The Board of Underwritors liold their annunl meoting yostordny aftornoon, at their rooms, . No. 162 LnSaollo ntreet, 'ho chiof businoss trauencted was tho considoration of the roports | prosonted by the Committes on the Fira Insur- anco Putrol and by tho Firo Reportor. Accordiug to the flrst ono, the forco of tha patrol consists at prosont of one Captain, an Asgslstant, ond nino men, together with five aux- iliarioa for night duty. Tho oxponses for the yoar amounted to $18,880.90, and tho esti- mnted valuo of property in hond la $7,150. During tho past year thoro has been an unusual exempiion from lnrgo Ores, but it apponta that the forco has fully maintainod its roputation for sflefency snd usefulness, discoy- eoring nnd extinguishing small fires without tho aid of tho Doparimont, besides saving much proporty from damago by water, In no caso Liavo they beon found wanting. M. Bloan, tho Firo Roportor,spoctally dotatled to roport firos, investigato thoir orlgin, and ob- taiu all othor information concerning thom, givea " tho followlng summary of tho fires which have ‘boon roported to the forty-two agoncics, om= bracing 122 compnnies, contributing to the sup- port of tho Patrol ¢ Aarms—Telegraphle, 4113 atlils, 1915 total Total foss, $1,070,070 ; or anl averaga of 31,8: ech alarm, Los to Insrance, $343,112, or n avorae of 31,120 for sach larum. - Xusuranes involved, $t,1,- 512, for Losacs—T'rom carelessnens with firo, lighted match nd clgar, $916,400: incoudiary, $110,600; sparka from locouolives, $29,200, Buildings—Brick, total loss, 73 partlal loss, 55, T'rame—Total lows, 1183 partis] loes, 162 Darns— Brick, partial losn, 4, TFrame—Total 1067, 30 ; partial, zll;rl‘la;;l‘g-alfnnm—l'nrflnl loss, 6, Bmoke-Liouscs—Par- Famillea burned ont or seriously fncon 2843 Doarding-lousor, 165 wloony 30 5. ;\\mv;\c:;lfix':fifx‘li 10 ;' packlng-liousoe, 12 grocery houscs, 183 furniture factories, 12 ) wlestores, 07 olilcos, 85 millinery, 6 ¢ restawrunts, 5% slationers lquorsstores, 43 druy-stores, 4; ‘bakorles, 43 dr Loues, 33 niachino-shops and foundrics, 14 7 'black- smiths, 8's loather-workers, 21 liotels, shopa, 35 dry goude, 63 coniiniksion storer, 63 pri ors and Lookbiniders, 4 ¢ hair depot aud tuunorie fnk-factory, 23 pafut-sbops, 51 can-frull cant bulldltige, 10 ; pattorn-ninkers, carponter-ahops, 83 corrupatod iron-worl yators, 3¢ and donio twenty-fiva oflor ol o visitatlon, ; o puggests that undorwriters, by co-operats ing to defer Ynymnntu on clatma reported “Irandulent” till tho lntest pousible moment, would romove o dangerous Inducement to des coption and nid investigation, Yersons falling Debind in business got tho idon of burning up their promises, knowing that, if not deteoted at tho moment, they will get their insurance. Conviction for nrson is at prosont nlmost im< possible ou necount of the soverity of tho pune Blinont, nud. it is wuggestad thal, tho Juwe b ‘modified &b as to provido for fiue, imprisonmont in tho connty jail, otc, for minor offonses. Ate tontion i uléo culled {0 tho Jury systom of ine veuligating fied i Doston ind clsowhoro, Autharity i8 also needed for tho legal examina- tion of witucsses rogarding urson, aud & ponalty for falso swearing, a8 in courts of justico. Fur- thor recommendations nre mede that railronde + clothfcrs, 5 butcliers, 83 e all enginos wsod within tho city limi comotlves provided with hoso aud an arrange~ mont for utilizing its power would bo of great asgistanco to tho Firo Dopartinent when witlhin :range; that the Pmm fire ordinance {8 too flexiblo, and that the Bonrd of Public Works &lould havo no jurisdiction ovor tho Firo Ward- enn, who shiould oo placed nuder a Suporintoud= ont, aud systematizod. § It is aluo recommended that furnaces located on wooden floors be supplied with a_tank of wa- tor beneath the fire-box, instead of half a dozenr couracs of brick piacod’on n surfaco of fire proof plaster, which hns proved inndequate, or nctually of no_protection, in several cakes on rocord’; nlso that tho orroncous and unsafe plan of imbedding jolst and other wood-worl in bricic furnnee-walls and chimneys bo discouraged, ‘rick bolng tho grentest kuown conductor of host; and alio in viow of the possiblo dangor nrising from stoam heating-pipos, incidont to Iow prosaure of wator iu tho boiler aud most lin- Dblo to ocour about tho time of leaving off worl for tho day, and when least oxposed to discovery it would be judicious should fire-proof thimblea bo used invariably wherover the pipes come in contact with wood-work, All floors and woods work predisposed to combustion from continued hoat, should bo protectod aganinst tho cnrolesa dropping of a lightod mateh or cigar. Iho following informution ia given relative to specinl hazards ;s 183 buildings neod g holels, valued, with contonts, at 12,267,000,; 219 used ng churchos, $6,156,900 ; 10 used ns theatres, 037,500 ; 32 as broworics, 1,058,600 ;" Inmbor~ yards, average valuation of stock kept ou hand, 25,166,800, Total, 825,875,100, " Lowsies sinco dan. 1, 1873, on risks that aro now in existenco : Hotols, €2,800,000; clurches, £1,808,100; thontres, 180,000 ; broweries, £785,000 ; lumber-yards, 1,318,000, Total, 6,191,000, Iho number of fires extinguished by the Patrol during tho yoar was 143, The Firo De- Partment and oiarm telegraph nro reported in oxcellont ordor, and tho choicoof Benuer as Fira Marshal is commendud. ~ LOCAL COMMISSIONS, ‘The Chicago Railway Maunagers Dew nounce as an Qutrage the Paying of Commisuions to Locitd Agentss Tho oxposo medo in yesterdsy’s TuInUNE on tho commission swindle by local and general agonts of many railvays in tho countsy, lng cronted quito s stir smong managors, and all agrao that Tue Tarsust had dono a good thing in publishing the facts in the caso, The Super- jntondents und Dsuagors of tho Uniled Roilway Association, who moot in this city -on the 8th of this month, will undoubtedly tuke soma deelnive action in regerd to tho mntter, whother tho Gonersl Passengor and Tickot Agonts do anyiling or not, Evory Suporintendont and managor . this city de- naunces the paylng of conunlsgions to local ngonts ng o big steal wud an outrage on the roilronds 88 well ng on iho publie. “*Itisan outrage,” one Goneral Buperintendont ex~ claimod * to givo a man who hag no responsibili- ty whatover, and who ean hardly road or write, & salary of over #10,000 & year—moro {han tho ealary of o raileaad Prosi- dont.” “Why dow’'t you abulish the commission Lusiness #" the voporter inquired. “ Becanse,” ‘enid tho Suporiutendent, tho Qeneral. Passenger and Tieket Agents have the power to uek in thls mntter, aud o majority of thiom,.for some reason or other, probably for tha rongon 'CE Tinuse givos—that they divide tha spoils—aro 1 favor of paying commissions.” 1 Moat of theso local azonts,” said the Superin- tondent, “nro among vailway mou what the ITes- ingites aro among the pouFln. bummery, and tho rooner thoy uro probibited from vocoiving o= ‘miesions, tho bottor it will bo for tho pubiio und tho wdlvoadn” A majarity of tho Gonaral Agonts in this olty would liko to seo this mattor ; doltled and tho publie givon (ko beneflt of tho oommission, but thoy aro_opposcd ab overy stop by tha Genoral Agents of 5t. Louis nnd olhor Woatarn citics, and can thoreforo accomphsly but very little. One Gonoral Tickor Agont suid 3 “Tlioro is moro truth than poelry in tho artlclo, but what can wo do to romuody {62 Tho agonts af othior citles will puy commissions, and thore- foro wo aro also compelled to do the samo as o watter of solf-defenuo, or olse our busincss would bo ruincd ab the oxponse of 8t, Louls cr otherroads,” ¢ But," anked tho roporter, “sup- paslng aIftho Chicago rullway monagow wnits ngninst rnyiug commisnions, would not that do wway with tho ovil in this eity 7 * Woll," ho raplied, **this commission Dusinens s sn eyt which cannot bo rectiffied, I am, thorofore, in favor of all the roads nguualnr to nsmall con fsslon, KO 08 to provent uma | ronds from 7 o high comuwissions.” Another Goneral iokot Agont wantod to Lknow who wud monnt by divhonost Goneral Ticket Agonts. o was told by tho veporfor that those wore meaut who folt thomsolyos guilty of tho charges mado, 1le vopliod that ho Shl not feol guiley in the loest, and ho was glad "Tus Tmne unz: oxposod the villainous Impoultion. ‘Ihoro is at presout only ouo railroad in tho country that does not pny any commissions— the Now York Oentral—and silll it is just oa prosperous, if not moro so, thun tho othorss