Chicago Daily Tribune Newspaper, October 8, 1873, Page 4

' 4 118 CHICAGO DAILY 'RIBUNiZ: WEDN . ; L % 2 E | SDAY, 0C (18T TOBER 8, 1878, . TERMS OF THE TRIBUNE o TETALS OF puBRCHIDTION (TATA nlly, by BiKioekne “Partaoln tho * "To provent dolny and mistakos, bo sira and givo Post Offco nddroos in full, Including Binto and County. omittanaos may bo mado oithor by teaft, oxpiross, Vost Offico ordor, or in rogistorod lotturs, nt uue risk, TERAA TO CLTY AUNRCRINERA, Daily, dollverod, Bunday excontod, % conte por wonk, Daily, dolivered, Sunday inoludod, 1 enntw por wook, Addrors IR TRIBUNE COMPANY, - Corner Madison nud Dearborneata,, Glipago, 1l TODAY'S AMUSEMENTS. TIOOLRY'S THEATR dotph s Clark and Lasallo. ** Flirtat olph atrogt, botwoon Aflornoun £ui ovoning. MOVIOKIIUS THILA o , bl Donrborh aud Stato, ety ke K ACADRAMY OF MUSIU—1Talstod atroat, botwoon Mad. ggun iad Monroe. Kngagamont of wou Nukpliy, ‘Mauu Cro."" Aftyrnoon and oyening MYRRS OPER. “Dearhorn and Blatg. strolsy aud comieal GLOBT THEATRY—Dosplaincs stroot, botvoon Mad- iaon’ and Winbingtou, Engngemnont of Johin Thompson. *“GnTand.n" Atortioon and ovoning. Monroo stroot, botweon auny Mokos {n & Fog." Miu- +_ BUSIQ [LALL-Olark atroct, betwoen Randolph and iLako. Thoodora Thomas' Orcliostrs. INTER-8TATE EXPOSITION—Lako-Shoro, foot of Adams strost, BUSINESS NOTICES. OT POWDRR 15 FATAL the bod<room, tho pan- Sud consarvators. PERFECTIY JATE IN ALT, OABRS—MRS. WING- w jeho, for Al Foblldrony suol ?L zéfifi'&fi'?« adsulls, 3.5 s st Folable, and barn: oo 3 3 roma T §500,00 IN Giroulars sont, 4;llAVANI=ILO1'£liI‘:¥—\“flrilmm) i Sommation atvone J. b AANTLNEZ & GOuy 10 Wall'stry 0. 1iox 4, 6%, Now York The Chicage Titbune, October 8, 1873. LYON'S MAGNETIO IN o tha noxious Insocts that infes try, furs, olothos, sella ‘Wednosdsy Morning, P Spraguo, tho dofnulting City Tronsuror of “Brooklyn, hus beon arraignod on four indiot- ‘gmonts, sud his trial is sot for tho 20th inst. Now York State can hoast of tho firet snow of "tho sonson. Delawaro Connty, in that Btato, re- ‘ports an unrensonably promaturo fall of oight dnches yostorday, Tho Mayor Lins issuod o proclamation making ‘Thuraday aftornoon of this weolk o Lalf boliday, in commomoration of tho socond suniversary of ‘thio gront firo of Oct. 9, 1871, A frost is reported from Momphis, Tonn,, and Littlo Tock, Ark. Tho nows is rondored fm- portant by tho gonoral boliof that frost drives Off sollow fover whon nothing clso can do it. Tho Governmont appoars to bo mora than ‘wnsually concorned just tiow about tho bankers it “golects to transact its busincss. Thero has boon 'anothor chango in London,—Morton, Roso & Co. ‘having boen sppointod fscal ngents of the State “Departmont in Europe. Tho Carlists in Bpain bave recoived somo se- ~vere blows during the past fow days, not the " Jemst of which was given yostordsy noar Agorzass, in Novarro. At tho prosent rato, ono ©f tho disturbing olemonts 1 tho Bpanish con- _fusion will be wiped out before long. Theo Ohiengo Bar will hold a meoting noxt Sat- nwday, to make nominntions for the judicial va- .eancies thet occur this fall. The candidates be- foro the masting for the piace now occupied by ‘Fudge Porter in tho Superior Court will proba- )y bo: Judgo Portor, tho present incumbent; “Hiram Barbor, 3. F. Tuloy, Jesso 0. Norton, J. . Clarkison, and 8. M. Mooro, Tho prediction mado by Tz TRINUNE at th Peginning of tho rocont financial troubles, that tho panic would bo likely to dovelop o numboer of defalcations and bank-gwindles, has beon only Foo woll varificd. An addition to tholist alresdy xoported was discovorod yestordny in Lowoll, Nuss., where the Cashier of the Merchauts’ Na- tional Bank has committed * irregularitios” 3hat ‘involve a loss of £50,000. Our special Now York dispatchos report that formal charges 6ro to bo brought against Comp- Trollér Greon, of Now York, to-day, arrnigning Jim not for intontional malfeasnnco in offico, but Jguorant misapplication of the publio funds coutrazy tolaw; also for keoping bacl asscss- Jmont rolls for & year in the interost of Lis frionds, and permitting tho banks to pay in- torost in wuch au irrogular mannor that tho ity has lost £600,000. Tho charges are brought Dy Greon's political oppononts, and it is doubt- ful what sotion Mayor Havomeyer will tako. A privato company lias ontored into compoti- “tion with tho Governmont in the mmnufacturo of what Treasuror Spinner calls “baso metal ‘tokens,” and what tho newsboys call * nickels.” TTho difforenco betweon thoso made by tho oy~ ‘ernmont and thoso of " tho privato company s, “€hat tho lattor contain a much lurger proportion of powlor thau tho formor, Thoy aro not, as £ho old countarfelt dotoctors used to say, * well caloulaled to decoivo,” but they are found to bo "availablo in paying faro in tho ono-horao cars, svhiero tho drivor is not allowad to rocelve ooy or doposit it." ‘Cho Stato Board of Equalization reduced the esessmont of 1and in Macoupin County 3 por Rcre, on the ground that tho county owos an ‘euormons dobt of £1,600,000 for & Conrt-Houso, ‘Au Macoupin County has, through er Board of ‘Bupervisors, refusod to lovy any tux to pay in- Borest on any part of tho principal of that debt ; ‘e all political partios in that county have do- >larad thoy will never consent to pay tax for ihnt purposo, and s tho county Lin# not paid Juny tax for futorost for a long timo, it in difioult Yo undorstand how Mncoupin s distrossod bo- jpuugo of that debt. ‘Tho burdon of & dobt is to Je monsurod by the tax requirod to moot Its ob- Nigations. As tho county pays no tax for thab obt, Macoupin ought tobo In a batter condition %o moot hor 8haro of the Btate oxpontos. The Ohicago produco markots wore moderately Wotivo yostorday, but ecarcoly #o strong as on Monday, Mosa pork was quict and a shade oaeler, st $10.00 cguh, and $18.40@18,60 wellor ocombor. Lard was quiot and stoady at 5@ 340 por Ib cash, and T9{@736o sollor Docembor. oats wore nominally flrm at 8@8}o for short riba, B3{o for shiort cloar, and 0@103go for awoat icklod hams, Highwinea wore moro active and vanced 1o, olosing at 03 por gallon, Lake olghta woro losa nctivo and unchanged, at 9o or whoat to Duffalo. TFlour was in good omand and firm. Whoat was modorately isotive and 1o lowor, closing frm ot $1.08% b, and $1.003¢ sollor Novombor. Corn was Resa active, and 1o lowor, closing atrong at 890 feasl, and 403o sollorNovombor, - Outa woroloss lctivo, and 1o highor, closing st 33%(@383g0 Joash, and 8830 sollor Novombor. Tiyo was quict iand firm at GGo. Darloy was activo, and 2@30 Phighior, olosing at §1.92 for No. 3, and $1.07 for No. 8. On Bnturday ovoulng last thorp was i store In thin olty 1,000,010 bu whont; 4,330,058 bucorng 024,000 bu ontay 106,007 bu ryo ; and 477,001 bu barloy. Tho dooroano in slooks dur- Ing lnst woolc was 1,074,010 bu, or & ittla mord than 20 porcont, e livo-stool markots woro nolive, but tho Inrge rocolpta of hiogs nid shoop onusod n dooline in thoso two classes of slock, tho formor declining 10c, and Lho Iattor 260 por 100 tha. Cattlo woro firm, with anlos at $2.00@ 0133, Monars. G. I Thomas, of tho Fifth Diatrict, J. W. Siavago, of tho Twelfth, P, O, Miggins, of tho Fourth, D. D, Burry, of tho Touth, and J. 1. Dowoy, mombors of {ho Btato Donrd of Equalization, havo fileds protest agniust tho ralirond asnosemont, solting up: (1) that tho Constitution ‘of tho Biato contomplaton an ag-. sossment of all tangiblo proporty in tho Stato (@ thet the railrosd improvements * bo- neath tho Iron mnd ties” aro & valu- sblo and tangible part of railroad prop- orty; and (3) that thoro is s loss to tho Btato of €38,000,000 for tho yonr 187, by renson of tho failuro to ssoss this portion. The Committos on Oapital Stock, which has not yot mado ita roport, claim that ita fndings will fully componsate for the loss on the raflrond nesoss- mont. Tho Board of Bqualization will probably accopt this a8 a Lighly impartial way of balanc- Elsowhero in this papor willbo fonnd an im- portant documont, which we print contompo- raneously with the Now York Z'ribune, that has aspocial intorest in view of the recont collapso of Northorn Pacife. Two yoars ago, tho Northern Pacific TRailrond Company en- doavored to megotinto ils bonds in Eu- rope. Two Commisslonors, one from Borlin and the othor from Vienna, weore ap- pointed to visit Amorics, and roport on tho ‘prospecta of the enterpriee, prior to the admis- sion of tho bonds on tho market. Tho two roports, ono mado by Horr Hags, o Govorumont Dircotor of the Prussian railways, and the othor by Herr Koltz, of YVionna, agrood, aftor porsonal inepecition, in advising thoe Europoean gnpitnliula uot to invest. Wo give the roport of Horr Iass fn full. One of tho most notable points of tho wholo: affair is that European Commissionars forasay, fiwoyears ago, that_Northern Ducific was an unprofitable and unsafo investmont. The Committeo of Soventy wero in session yesterday, with Judgo Gookins In the Chair, Tho mooting was opened with prayor by tho Rov. J. M. Whitehead, A plan waa adopted for calling & convention to nominate & municipal and county ticket for the fall cloction. The pro- grommo, in briof, s us follows: Tho Layw-aud- Order Clubs of the sovoral wards and townships aro authorized to appoiut, respactivoly, soven and two delogatos cach; the Prosidents of tho Board of Trade, Cloaring-Houso Assoclation, Bonrd of Underwriters, aud the Morchants’ Ex- chango aro requosted to have thoir rospoctive or- ganizationsnominatotwodelogatesench; thodaily and wookly nowspapors favorablo to the causo to desigunte one dologato each. Theso persous, togethior with the Comuutteo of Soventy, are to constituto tho personnel of the Convention, which is to be called by the Exocntive Commit- tee of tho Committeo of Sovonty some day dur~ ing the mounth of Octobor. Tho fuil proceed- inge'of the session will bo found elsewhere in this paper. Wo print this morning In our Springfiold dis- pateh tho pointed remarks made by Mr. Der- riokeon, ono of tho Coolk County membors of the Stato Board of Equolization, whon ho ou- tored his protost against tho outrageous in- cronso In tho valuation of tho ronl and porsonal Mroporty of thls city and county. Mr. Dorrick- son shows that, while tho' avorago Increaso throughout tho Stato ovor tho assossmont of 1672 is 9 6-10 por cont, that of Cook County is 8 140 per cont. Tho oxcess in tho Cook County osscsemont is, of courso, taken from tho sssessments in tho rost of tho counties, which actunlly reduces thelr increaso to 3 3-10 per cont, requiring Caok Oounty to pay taxes on an incronso of 8-10 of 1 ‘por cont higher valuation than tho romainder of tho Btato. Tho valuation placed upon tho city and town lots in Cook Gounty amounts to §82,- 733,360 moro than that of all tho city snd town lots In oll tho restof thoStatd put togothor, Mr. Dorrickeon did not hesitato to denounco this action ss o spoliation of Cook County for the boneflt of othor countics. Ho was slso at pains to ehow that ihers wero glar- ing inconsistencios, euggasted by local molfsh- ness, in tho equalization of noarly overy dls- trict m tho Stato, muoh to tho dlscredit of tho Board, The importauco of thia is that Ohicago and Cack County aronot tho only sufferora by tho unfair notion of the Board,—a mattor which is moro fully sct forth in anothor articlo on this pago. THE FINANOIAL NEWS, The principal item of local interest is the ane nouncement of the Third National Bauk, that it will open its doors this morning at 10 o'clock, and rosumo ity business as boforo susponsion, It is snid that tho bank is now fully propared to moot oll the domands that moy bo made upon it. Tho oflior banks make n favor- sblo roport. In spito of tho fact thet thoro has boon & vory largo contraction In loans, tho moroantile community exporionces no bad ro- sults, and maturing commercial paper iy paid ‘much moro promptly than the bankors had roa- ton to oxpeot, Tho cloarings of tho Chicago banks yostarday woxs about threo timea as large 18 thoso of tho corresponding day lust weel, Whilo this is purtially explained by tho fact that, at this time iast wook, chooks woro prosentod directly to the banka on which thoy wore drawn, and not dopositod In other banks for colleetion, tho largo difforonco indicatos o roturn to the old lino of busiuess, whioh, fu turn, moans & rostoration of confidouce in all tho bauks in tho ratio of incronsod clonrances. Tho local grain market way somewhat Jess active yeutordsy, but this i offsot by tho fu- croased bouyanoy in the Now York grain markot, which will spoodily oxort a stimulating influonco upon tho Chieago trade. Asido from this singlo feature, which ia more in the In- torost of tho Weat than of New York, the roports from the lattor cify are not os- peolully chooring. Though tho loan-cortifloates aro aunouncod sa having boon reduced ono-fiftl, ond a8 commanding & nominal premium over cor- tiflod chooks, groenbacks aro worth a promium of from 3 to 13¢ por cont, showing that lhe Now York banks aro still consldorably removed from & full romumption, This promium on grooubacks s bighor fhan it was on elthor Saturdsy or Monday, though tho lognl-tonder clroulntion has boon furthor in- orensod §816,000. Thero wore varlous rumors of moroantilo fallures In Now York yosterdsy, which lind & doprosalug offoot on noarly all markots, but only ono was conflrmod. This" was (ho sugar-houso of Wyllo & Kne- vals, No, 01 Wall strodt, whoso ombarrana- mants aro eald to oxtond somo thno bnok, oon- slonod by honvy purelnsos on & falltng wthot, Wall stroot won tho firat Lo fool the deprenslon that waa consaquent upon tha groater ntrluganny in tho monoy mnrkot, ovidoncail by tha Inurensed promium on groonbaoks, AN stawks wonl buol somorwhat, and closod at tho lowost privws, o Vandorbllt atooks nufforad mova than the athors, which showa that M. Vandoehilts offrts for tho Inat fow duya to sustin thom havo tot heon altogothor sucoonsful, Boorotary Hichawdon, ox-Sooratary Motuls Toch, aud Assistaut-Ironsuror Hilllowso hnd o myutorlous conforono youtorday, nt tho Hube “Crensury in Now York. 1t wmny have had soma conncotion with tho roport whish comon from Washington that the rovonua rocolptaaro not ox- poctod to moro thau dofray ourront axpouns, 1t thoy do that, and thut & prossura will b brought to bear on Congraws to nuthorlzo tho addition of tho wholo of tho $14,000,000 ** rouorva™ to tha rogular curronoy,. Thin nppoars to bo ontlroly suporiluous, sinco tho Adminlstention i alvondy drawlng on this * reserve" vory Nboraily with- out suthorization. * THE PROPOSED OUTRAGE UPON OHICAGO AND A MAJORITY OF THE PEOPLE OF ILLINOIS, iTho Btato Beard of Equalization has com- ploted its labors, and has from fimt to lant proved faithful to the holders of swindiing rail- rond-ald bonds, Tho nssossmant of 1873 of tho. taxablo proporty n this Stato was §608,875,8481 Acting undor tho directions of the Stato Auditor, tho Assossors of 1878 woro instructed to ine oronso this nssossmont, and thoy roporlod n total yaluntion of $1,104,235,659. Of this sum, Cook County wns nssossod 144,145,665, Tho Btato Board has now iucrensed tho fola assosemont to $1,106,788,105, or only two mill- ions in all, but it has added to tho assessment of Cook Oounty $141,68,401, making tho total nescssmout for this county $285,844,000. This is moro than 24 por cont of the entiro nesess- mont of tho 8tato, In othor words, thoy huve placed upon this county ono-fourtl of tho outire tax of. tho Btate of Iilinois, Tho $140,000,000 addod to Chicago was takon from the nssessmont of other counties. Such an arbitrary and fingrant act of robbory can have but one rosult, Tho Bond of Equnlization may assoss, and tho Auditor may fix tho rate, but the collection will bo o moro difficult job, Theoro is, of course, a motive for this proceed- ing, and naturally tho ond sought is in keoping with the means employed, dishonest and outra-, geous from bogluning to end. Thoro nre cor- tain gounties and townships in this State which, a fow yours ngo, wore lured by fraud or drivon by intimidation into voting their bouds to aid in tho construction of cortain railronds. Thoso bonds amount to $13,000,000, aud bear an aver- ago intorost of 9 por cont. The interest on theso bonds nggrogates nearly $1,200,000 a year, Most of tho towns and many of tho countics bave neglectod to pay their intorost, and the bonds ave rapidly declining in valuo, In their oxtremity, the bondholders ap- pealed to the Stato oficers and to tho Bonrd of. Lqualization. Tho lobby at Springfiold is loaded down with theso bonds, most of thom fraudu- lent in their incoption. Springfield is tho con- tro of the dishonest gang, whose transactions I tho Gilman, Clinton & Bpringfiold Road have Just como to light. ‘Phose mon hold $589,000 of the bonds obtained from the towns and coun- tos nlong the line of that road. Tt was rosolvod at Springfiold, undor tho colobrated tax-stoaling Iaw of 1869, to transfor this ontire debt of §19,~ 000,000, prinoipnl and intorest, wpon the Slate, aud to put full one-fourth of it upon Chicago. This not of 1869 makes tho State assessmont of property for 1808 tha standard, and providos thnt all taxes lovied for Stato purposes upon any excess in valuation of the proporty over thal of 1808, In any city, town, and county owing any dobt contracted in aid of a railrosd, shall bo de- duetod . from tho revonuo of tho State] and placed in the Stato Troasury, thore to bo held to tho eredit of, such town or county to pay such railrond-nid dobt, principal and intorest, In tho absonco of any such oxcess in valuation over 1868, such towns and countios aro roguired to lovy o special tax to pay tho interest on euch dobt. Tho County of Saugamon and Gity of Bpringflold owe of thiskind of dobt $401,000, tho mterost on which fu nearly 940,000 & yoar. Sangamon Connty hos puid this tax o fow yours, and now proposcs to transfor ita payment to Chicago, Tho oporation of tho law of 1869 will bo soon in tho following itlustration : A"r"m‘l";lf;fv State p!sl;g:iuh 000,000 $285,000,000 000 27,000,000 Ataxof 1 por cent on the valuations will bo thus applied by tho Auditor: The tax on Cook County, amounting to 3,850,000, will bé paid into tho Stato Tressury, but tho tax on Banga- mon County will bo divided; 140,000 will go into tho Btate Trossury, and ©180,- 000 will bo peid out to tho holdors of the railrond-aid bonds iseuod by that county. The same courso will bo taken by all the other countion and parts of countios iu the Stato, and tho deficioncy in tho Btats rovenuo will have to bo eupplied by an additional lovy on the coun- tios owing no such dobt. Noristhis all. Thero aro about 3,000 milos of railway constructed in this Stato sinco 1868, aud which lio in tho coun- tios and towns owing this dobt, All this prop- orty, valuod at porhaps §25,000,000, paya no tex. into tho Btato Tronsury, tho outire lovy thercon bolug Leld exclusively to pay this railrond-aid dobt, Tho following countios hava no railroad-aid debta, and upon thom will bo thrown tho addi- tional burden of paying an increased tsx to pay thin thirtoon wnillions of dollars of local railroad tax, with ono million and & quartor anuually for {ntorest. List of doubly-taxod countles includes the following Countice Aloxander, Franklin, McHenry, Tioane, Grundy, Mouroo, Culhoin, Hurdis, Tayo, Qarroll, Jncksou, Tuluskd, Clinton, Insper, Putuani, Qook, Jeruoy, Richlund, Cruwford, Johumon, Stephenuon, Gumberhind, Lako, Unlon, oKulb, Tawreneo, Wwill, Dulage, Marion, Winnobago, Edwards, Mussue, In addition to theso tho following countlos aro Indoblod only through soma one or two Lownss Kano, the town of Aurora; Kuox, tho town of Rioj Mudison, tho townof Bdwardsville, Sovoral othior counties bave no county dobts of this kind, but havo largodobta dyo by the sovoral towns, It would bo cheapor for Knox County to raluo 930,000 by spocial tax and pay the dobt of tho town of 1o thau to pay tho share of thir- toon mllliony of prini pal and mauy millions of intorost which will fall toit. Ju polut of fact, it 18 ouly a minority of tho pooplo of tho Blato that have any railrond dobtsat all, Wo invite tho attontlon 0f all thoso oouutlon tothis mattor) thoy ara oqually loterastod with Oblongo I re- | sluting Uhis nofurious attempt to cotteot’ double taxntlon fram phem n ordor Lo pay tho follow- g duht, which thoy wever contyaoted Stallrond-alit hand, jaincipal, wunty yoar Witotest ok d por ool wataf dplt fp b pahl b gy part oraol 1,800,078 b ok uf rokbiory lus ko he mot at Lhis timo. Whan the tax-gathorer visits Will County, Mo- Honry, Vakw, Weankling Union, Aloxaudor, oous, Mowron, Wiknobugn, and the various oltor oowntlos wo have wamed, and domunds Aoubls taxation, one dollar for the Alute wod anothor dollar for (o holder of the honds of Adays o Hynggamon (Junty, Lo nofarions ohare aotor o tho tax will bo brought homa to them. Allof thoss sonnties haye taxos md burdony of tholr own wlioh they hiave to moot and pay promptly, and ought nover consant Lo o taxod to pay honds votad by othor eauntion to give to vnllvond gamontars, ol i havo haon oxporod In the Qilman, Glinton & Fpringfiold o, tho ill-ottun galne thoy huve ggunblod for, Wo tinvo 1o nutlority Lo my whit the pooplo of thin vonnty wiil or will not do. Wo do not per- ovive tho loast obligation ronting upon any citl- “on Lo pay nny tax bt I not hanently loviod, in aonformity to tho lnw, and for a legal purposo: Tomuke Coole Qunnty pay oue-fourth of the Blato taxen, and ono-fourth of tho principal and Intoront of sl tho raflrond-ald debts contracted through fraud and corruptlon by all the towns anud gountion in tho Hliato, is neithor s just tax lawfully lovied, nor for an honest purposo, 7,300,008 + 44,107,120 g INTEREST ON DEFOSITS, Wo print alnowhoro au extract from Mr. Bage- hot's book on **Lombard Btreot," which ro- counts tho procoodings at & meoting of tho pro- priotors of tho Dauk of Englaud, held-shortly aftor tho London panio of 1860, This mooling wns oiflod ostonsibly for tho purposo of deolar- ing tho holf-yearly dividoud, but tho chiof point of intereat was tho discasuion of tho oxpediency of paylng intorost on doposits. It had mover bosn the practico of tho Bank of England to pay intorest on doposits, but thoro was no formal rulo probibitlug it. At this meoting, Mr. Moxon, ono of the propriotors, submitted & proposition that the Bank ebould hence- forth puy intorest on dopoaits, giving as s renson for a chango of policy in this respect that tho Bank was forogoing Iargo profits which it might othorwiuo onjoy. In roply, tho Governor of the Bank declared that o more dangerous innovation could not bo made. **The downfall of Overend & Gurnoy, and of many other housos,” bo said, “must bo tracod to tho polioy Which thoy adopt- edl of paying intorost on doposits at call, whilo they woro thomselves tompted to invest tho money 80 recolvod in spoculations in Ire- Jand or in Amorics, or at tho bot- tom of tho sos, whero It was not svail- ablo when » momopt of prossure arrived.” Tho united sontiment of tho mooting, with the ex- coption of tho gontlemsn who proposed tho ihuovation, concurred with that of tho Govor- nor, and tho question was not oven put to s vote for lnck of a seconder to the motion. Thoro is no doubt that the policy of paying no intorest on doposite—which has never been de- parted from by tho Dank of England—has en- abled it to rideover tho finuncial storms in which tho Iargost private bauking Institutions of Lon- don that huve taken the opposite tack have beon yrocked, Itis truo in America as woll as Eng- land, that the practico of paying interost on call loans attracts & largo lino of doposits from country bavks oaud the emall or financial institutions in dull _ times. o mako theso intorost-bearing doposits profitablo, it I8 necessary for a bauk to scok » widor Iatitudo of investment than it would other- wise be obliged to risk. If commoreinl*papor docs not offer in suflicient quantity, it must ad- vanee to stovk-brokers, or railroad bonds, and in &uch other ways as msy be necessary to keop-all thoir capital cmployed. Whenover trade do- mands it, or whonover monetary stringenoy is brought about, these call deposits are called in. Invested in a class of securitios that are not in- stantly convrtible, the bauks that carry tho largo lino of doposils, altracted by tho paymont of intorost, aro the first to go by tho board, Thoy fnd themsolves unablo to moot tho de- mands made upon thom, aud are forced to sus- pond. It was tho practico of paylng interpst on call deposits that compolled the Union National and the Third National Banks of this city to closo thoir doors, It is tho snmo practice which Lhias placed o dozen Now York bauks in a virtual stato of suspension, sinco they do not pay in curroncy tho deposits which are domanded, " o fur aa privato bunkors aro concorned, this loson §a ono for their own considoration and that of their customers who sco fit to do busi- noss on this basis. With tho National Banks this is another matter. Thore i & nocossity that tho National Curroncy act should bo s0 amended as to probibit tho National- Banks from paying intorest on deposits, Tho National Dauks aro guasi proteges of the Govern- mont. As such, thoy command addi- tional confldonce among tho peoplo, and it is tho duty of the Governmont to hedgo them in with snch rostrictions as the common considers~ tions of eafoty suggost. A prohibition of the poyment of intorost on call deposite is one of thoso, If tho country banks, in idlo timos, do- sire to take intorest on doposita from Jay Cooko, whoinvests theirmoneyinmoonshine railroads,or from Honry Glows, who usos it tohelp Wyll streot brokers kito stocks and bring on & panio, it s thoir own affair, But if tho Governmont under- takos to intorforo with banking at all, it should ‘provido thst tho inatitutions doing business un- dor ita protection should mot jeopardizo tho funds of ul} dopositors by paying interost on & 1argo lino of call lonus, which may force thom tg suspend at any time whon thoro is an unusual Atriugenoy jn tho monoy market, COLLAPSE OF ANOTHER HUMBUG. The second balloon constructed by the New York Graphio, and ongincered by Donaldson, L onded in a still groater farco than tho firat pno. Before it started, the soronaut.talked Joudly and long of his ability to orosa tho ocosn, oxprossod his conviction that he should land within thirty hours, elthor in England or Don- yuark, and was dolormnod to male tho trip or di in tho attompt. The provialons, soloutiflo instru- monts, pud othor traps, loft over from tho irst triat—in athor words, tho propertiosot tho other farco—were onco more utilized, Mr. Donaldson furthor romarked boforo startlng that his wholo moul was wrapped up In tho undortakiug,—along with tho rost of tho gus, wo presumo, Ab tho Lour of starting ho was vory enthusiagtio, and whon finally tho Graphio bolloon started off for Yuropo, thero woro undoubtedly many gullible pooplo who supposod that thoy should Lear of Doualdson in a day or two over in Europo, But Jbnow turas out that the fixed eastorn ourrent, in which Lo belioved, Ls good ouly te Conuocti- | cuty for the noxt that in hoard of the daring nav- fgator ‘ho s fu fho fop of an_apple-froo In tho Lappy -land --of Canssu, Conn,, dito which o jumped, ‘aftor having becomo tirod of the undertsking in whioh his noul was wrappod up, and from which tho fonr of donth oven was not gaing to doter bim, Moauwhilo tho halloon wont tearing’ away through the air without any captan, probably apiliing pilot-broad, thormomotors, smoked-beof, Daromalorw, slaalcad limo, and canned moats all aver Now England,’ And wo ends snother humbug. How mary maoro balloons tho Graphio hos to sond up, wo do not kuow. Iow man moro neronsuts ara dotormined to dio that tho Graphio may live, wa do not lnow olthor. Wo prosumo, how- ovor,” {hat thero aro plenty of gullibla people who aro roady 4o rush to the Copltoline grounds ovory . limoe -tho furco I roposted, In tho intorots.of docont Journaliem, howover, wa would auggost that it is about time the young mon of the Graphic quit tho balloon businoss, aud that tho Assoclated Pross oan omploy itacl? bottor than In using its rosourcos to encourago such tom-foolory, There 1s enough at the prosont timo that is carnest and sorlous to ongage tho attontion of overy thought- ful porson, withont having the silly humbuga of tho Now York @raphio trumpotod all over tho country for Lho sake of gratuitous advertis- ing. Itis timo tunt tho Europoan scronauts quit tho business also. Mr, Donaldson Las now twico oxprossod his willimguoss to dio, If ho wants to dio, the Brooklyn balloon-grounds and Connecticut applo-troos are not the propor placos. I ho s roally bound for tho happy Iand of Canaan, wo wish Lim & safo yoyago, but ot him tako somo routo whore thoro 8ro no ap- plo-trees on tho way, and lot him go qulotly about It. * Tho Canan whoro ho s willing to go ia not in Connecticut ; on tho'othor hand, & long ways from thore, Itis to bo hoped that wo havo now honrd tho lnst of this transparent nonsonso. POLITICAL. Adnms County Farmers? Nominations. Speefal Diavatch to The Chicago Tribune, Cawr Pomr, Ill, Oct. .7.—Tho Farmors' Convyention mot pursuant to call, and organized by-olecting tho following officors : Prosidont, H. Trimblo; Bocrotarics, J. MoAdams, T. Lowls, Tifteon Grangos and clubs_woro represontod. An Invitation was then oxtonded to moohanics and othors to participate in the work of th con- vontion. Tho following ticket was nominated from tho two porty tickets alroady in tho fleld : Tor Stato Sonator, R, kankin; for Roprosonta- tivo, Jobn Dowing (Ropublican) ; ProbatoJudge, 576, Thompon (Domoorat); County, Olorl, . Tasolwood (Democrat) ; Trossurer, J. O. Hor- nord qxlepuhlicnn); Buperintoudont of Schools, J.H. Black (Dowgcrat). A contral committes of ono from éach Club, Grango, or Townsbip, was appointed. Convention was oppored to all clase-logislntion ; that all toglslntion should bo for tho wholo peoplo; that tho Couvontion was opposod to snlary-grab principles ; thab it waas for honest A govoral outhusisem provailed, aad tho Con- vontion adjourncd in harmony, Elcction of n City Clerk in Fort Wayne, Ind. Special Dispatch to The Chicago Tribune, Tonr WAYSE, Ind,, Oct. 7.—Tho special clao- tion hield horo to-lay, for tho purposo of olocting a Gity Clork, vico Frooman, docensod, pasied oft_quictly, although considorablo ex- citoment was ovincod 88 to tho resnlt. There woro two candidatos In tho flold, Potor J. Mot~ tlor, Domoarat, and Jobn Godwin, Iudopendent, ‘Tugiaftor wus oloctod. by o majority of Lwoniy: fivo, Tho Domocrats arc s littlo down over tho Tenult, o8 thoy ovidontly oxpocted tho eloction of their caudidate. ‘fhe People’s Party of -Montgomery County, 0, spectal Dispatch to The Chicago Tribune, Dayroy, 0., Oct. 7.—Tho Poople's party of Montgomory County assombled in tho Court- Houso this aflornoon, and nominated the fol- lowing ticket: For Stato Senator, LouiaSao- bohm; Roprosontatives, Dr. Gish and Jobn Wiggin; Auditor, Jzoob Linxwellor; Recorder, B. . Davis.. No' nominations wors mado for Proseenting Attornoy, Commissionors, Surveyor, and Infirmary Director. The procesdings tworo harmonious. Nomination for Sinto Senator in Erie County, New Yorl. Special Dispatch ta T'he Chicago Tribune. Burrato, N. Y., Oct. 7.—The Ruyubl(o!m County Conveution wae held this nftornoon. 'With it terminated one of the warmest contosts for tho State Sonatorlal nomination eyor known in {bis county. Tho Hon. L. L. Lowls, tho prosont Sountor, and tho Hon, T A._ Alborgor, tho prosent Aegemblyman, from tho Third Bis+ trict, wore tho contostants. Lowis wos nomi- natod, tho voto tanding 61 to 63, A Successor to Congressman Foster, Special Dispatch to The Chicagio Tribune. Gnraxp Raros, Mich., Oct. 7.—After some contontion amongs tho Ropublican Congressiounl District Committoo, and fears of a split in the urly action, it has boon agrocd to hold a Ropub- {llcnn Congrossional District Convention, to nom- inato a successor to Congressman Fnsl? lately doconsed, in this city on tho 17h inab, /At pros- ent thera aro too meny candidatos talked of to namo any ono as likely to bo successful in the Convyeation. Municipal Election in LaSalle, X11. Special Dispateh to The Chicago T'ribune. LaSazze, Til., Oct. 7.—A very closoly-contost- od, but remarkably quict municipal olection adsod in this city on yestorday ; and Jamos W, Pinoan, s promising young lawyor, was olcetod Mayor by a majority of 62. Tho_opposing cant fidato was Goorgo II. Locoy. Both candidatos Woro Democrats. : Potition for Permission to Inspect the Jtecords of the Penmsylvanin Stato Fronsury. F hye Tiranonoit, Ok 7.—4 potition was prosont- od iu tho Buprome Court this morning for a rulo ou Harrikon Allon, Auditor-Genoral of Pousyl- vanin, to aliow causo why o mandamus should bo issued againet bim commanding him to permit ‘potitionor to inspoot tho rocord of the monthl Toports of tho Troasuror rolating to funds whicl mako up thie amount in tho State Troneury. Tho otitionor was appointed by tho Domocratio Bommitton of Danphin County to_cxamino. into tho accounts of tho Anditor-General's Oflice, Tormission was rofused him, Tho Court grant~ od a rulo, roturnsblo on tho 17tk inst. : THE WEATHER, ‘Wasimaroy, Oct, 7.—For Wednesday jn the Guif Statos, aiminfshing northorly winds, cloar ‘woather, and high tomperature, Yor the Bonth Atlantio States, rising barometer, morth and wost winds and clear woather, For tho Aiddlo States, northwosterly winds, backing to south: wout, tnd cloar wonthor, oxcopt on tho immedi- ato Middle Atlantio const, where northerly winda aud cloudy woathor may pnunn.l‘y contfnuo in cannection with the eyclong movi uF northoaat- ward Romo distanco out of Virginia, Tor tho Y.ako Rogloii, rapidly falling’ baromotor, rising tomperature, and fresh to brisk southwesterly winds, Tho storm contro in Dakota will probu- bly move into Miunosota, SNOW AT THE EAST. Puiapesrusa, P, Oct, 7.—A dispotol from Pottavillo, Pa., tays thut tho st snow of tho woagon foll thero this morning, and is soyorp. Bnow also foll at Fonds, N. Y. Kixastox, N. Y., Oct. 7.—Tho woathor has boou vory eold haro to-dny, ‘Tho care on tho Now York, Kingiton & Byracuso Rallroad, com- ing from Dolaware County, were goverod with Buow. A snow-storm began thore at 4 o'olock this mornmg and continuod nonrly all day. About 8 fuchos of Bnow is roported to Lave Tallon, ~° s 5 * quito < WORKINGMEN IN MICHIGAN, spactal Dispatoh to The Chfeago Tribuns, Granp Rarivs, Miok., Oct, 7.—Tho fifth an- +nual Gonvention of tho Michigan Gorman Worke ingmon's Co-oporative and Charitable Assoola- tion asombled horo this aftornoon for a two daye” sgusion, " Dologations trom Dotrolt, Sugl- nav, Adrsn, Marshall, Jackeon, Kalainazao, and othor places have boon oscorted from the trains by bands of music to the German-English sehool-louso, whoro the Convoution s iold, Ttesolutions were passed to_the offect that tho ofticors, tho laboring ' clsa being ropresonted.- "NORTHERN - PACIFIC: RAILWAY. The Buppréssed Report of the German Experts. Insolvency Foretold, and the Reasons Why Capital Should Not Be Invested. The Interest on the Bonds to Be Peid Out of the Sale of Bonds. ‘ Spectal Dispateh to The Chicago Tribune, Niw Yonx, Oct, 7.—Tho followlng will appoar In tho Now York Tribune to-morrow : - Tvwo yoars ago, tho Northern Pacifla Railroad Company attemptod to mogotiato tho salo of Inrgo quantitios of its bonds in Europe. Appli- cation was mado to thio Union Bank of Vionna, and also to certain capitalists in Berlin, and tho roault waa the appolntment of two Commissions which camo over to America and mado a por- sonal examlnation of the road and & part of the roglon through whioh It was to Two ro ports wora made—ono to tho Borlin copitaliats by Horr. Hoas, o Government Dirootor of the Prussian rallways, tho othor to tho Union Dank of " Vienna by Horr Foltz, Both aro ablo aud woll-consldered documents, and both promont in n protty strong light tho advantagos of tho Northorn Pacifio route and - tho oxtent' of tho traffic which the road must witimatoly obtain, Both howover concurrod fn tho opiniun that for somo yoars Attor ita complotion the Company would bo un- ‘ablo to pay futorost on {ts bonds, and agreod in advieing Europoan capitalists not to invest in It. Tho advico of tho oxperta was adoptod, aud the negotiations in Borlin and Vionus foll through, Copias of theso unfavorable reportaare kuown to have boon in Now York for somo timo, but thoy havo hithorto boon supprossed, and even in Lurope it hos beon impossibie to got at thom, We havo socured trauslations, Lowevor, aud pro- sont bolow tho roport of Horr taga in full. ‘THE REPORT OF HENR JAAS. 1, Commissioned ns an axpert to inquiro into the prompcets of Hio Northorn Puclflo Tilway enterpriso, havo vislted Amorica and _ondeavored to_oollect. orh tho spot, &8 woll a8 by traveling ovor tho_cxtont of tho ling already in workiug order, and tho adfololugdis- tricts which that road fs to travorso, a8 by gathioring {ho most oxact information which It 1a possible to obe tain, concorning tho stato of trafllo and commorclal fn- torcours, the mstorial nocossary for tha formation of a compotent fudgment on tho enterpriso of e North- ‘Pacifio Raflway, In expressing thla Judgment fn the following r:fl@r& 1 promise that I consider it oxpe- dient to waive all spcciattics which may nok necossard, Bavo s roal boaring upon that_onterprlec, and that regard it my duty to confino my statemont to dercrib~ ing in briof outlines tho ontarpriso itaelf, and conuoct- ing with it tost of the quostion whethior it will bo in a posikion to dischargo ail thoso obligations, which, no- gording {o tho promivos mado by o profoctors, it in duty bound to fulni, 3, According to tho chartor granted {o the Norlliern ‘Paciflo Rallway Gompany by the Congross of tho Unit- od Btatos, with tho consont of the Excoutlve Govern- ‘mont, the Company 15 suthorized {o bulld and work au uninterrupted ling of rallway, commencing ot Lako Superlor, in Mingetota or Wiscosaln, mnd procecding ‘woatward, within tho territory of tho'United Btatos; to & polat os gl Sound, along tio valley f tho Golm- Dio River, with 8 branch line from a suitablo point on the wain line over the Cascado Range to Puget Sound. 8, Tu support of this onterprise tho charlor. gronta the Company twenty alloruating sectione, or 13410 aores, of publio land for evory mile of complated riils, in th Btatos through which tho line runs, and forty al- tornating sections, or 25,000 acres, for every milo in those districts not situated in States, but in Territories, Thieso land-grants spply to tho branch linoas wel an to the main liuo, Tho charter further grants tho right of iuy, 59 wall s tho privilego of taking from ti puilo lands, cost free, all tho materials nocessary £or the con- struotion of 6 line, 4. Tho conveyance of the land {o the Railwsy Com- ‘pauy takos placa avery timo when twenty-fivo inflea of ‘uniaterrupted lino bave been soundly and solidly com- pletod, aud simuitanoously the Govornment entera fu- 108 covenant not to disposo of any public land, at any salo In tho alternating scctions along tho line, for less than $2.50 an acro, By virtio of these prisileges, the Northorn Paciflo TRaliway Company has commenced bullding operations intending {n tho “firat. place to coualruct s length o Iino from Duluth, Lake Superior, crossing tho Misels- sippl, o River, Dakots River, ond io Missour), along tho Yellowstono River as far s Dozoman's Fasa of the Mountaina ; thonco along Olarko's Valloy 28 furss Lako Pond d'Orollles; thenceovor tho Colum- ia Plains 38 for 88 Lowls River, and along this and Columbia_River s far as Cowlftz River; oud, lnstly, ulong tho Valloy of tho Cowlitz to tho southern’ ond of Puget Bound, a length of about 2,000 miles, for which 50,000,000 acres of public land will have to bo convoyed to the Company. 6. The branch line, commencing st any suitable int of the main iine, and loading over tho Cancade ngo to Pugot Sound, which hss likowlao boen pro- for by the chartér,—a lino about 400 o G00 milea long, whichi would reduce {ho distanco botwoen Lako Superior and Pugot Sound to 1,776 milen,—is not to bo takon up at prosent, but o bo resarved for a future foriod. * Accordingly, o cstimatos propared for uilding tho Northern Paciflo Ratlway ure limited to tha present project, the cost of the branch lino not ‘being included, 7, Theso oetimates calculato the cost of construction of tho man line, ae follown : 1. Grading, muonrhhrm rc8, rails, and on- tiro sutfaco wor o' lino, 00,320,000 2, SAIES iv e ©. 4,300,000 . Bundry oxpenscs, inclubivo of Gogincering 5,000,000 & Telegraph Line 5 b 600,000 0, Interest on the copital during consiruc- * tion, minus the income dorlved from the workiug of already finished fongths dur- ing that tim ", -8, i o Rallivay Company Intends iswuing bonds to the amount of $100,000,000, and pledges tsolf to pay intorest ot tho rato of 1.0 bor éent per sinuna I gold out of the suryius Tevenue from tho traflic of tho line, and to redoow tho bonda within 30 years, 0. As seourity for the payment of the futerest and the redemption of tho bonds, tho wholoof the property of the Northern Pacific Rallway Company, the Lino and bulldings, 8 Woll as tho land-gronts, iave beon mado over to {ho trusteos, na roprovonting tho bond- olders, by » goueral mortgago deod, roglsored July 1 1870, 1u'tho ofiloe of the Sccrstary of tho Intorior of the Uaifed Btatos, . 2 Ty thoso das’ tho oxtent and alma of tho Northern fic Rallway eutorprise, and the meaus by which it 18 to be socompliuhied, are clearly set forth, "Adding to this thio fact that up fo Aunfiu(, 871, & longtl of line of 140 miles, extending from Duluth, Lake Superlor,to20 miles beyond {ho Mie: ppl, wore alrosdy completed and in working order ; that 120 miles additional, aa far 83 tho bordor of tho Bfata of Dakota, are, save littlo in- terruptions, almost complete, and that Istly, in the Wostorn Division of the rond, in tho viciuity of Port~ 1and, Oregon, 25 miles of the line, through Washington "Territory, in the direction of Puget Sound, are so far advanced that they can bo opened for trafio by tho énd of this year, Wwo have all that can bo stated about 110 prosent”coudition of the Northern Paciflo Rall- way, and o can turn to tho considoration of the fu- uro, 10, Tho consideration of the future, in order to keoy ‘within bounds, should bo limited to answering the fol- lowlng threo 'queations : Firat—Ato tho moann pro- vided for the construction of tho Norihorn Pucifio Ballway sdequate to complate tholine ready for traflio? Second—Docs the fluished line offer tho necossary &llmnwn that the net profit of ita income will yield 0 suime required for tho half-yearly payment of tho stipulated rato of intorest on tho bouds? Third— Will tho sums realizod from tho salo of lands suflice 10 xodoom thio bonds within thicty yoars 7 11, Rospecting the first of thicao queatlons, whether {ho bullding capital fs adoquato to tho completion of tho ling, wo miust revert to the detallod estimates. ‘The first ftem of theso eatimates, which provides $00,320,000 for tho construction of tho liue, oF $30,000 & uiile,"loaves 1O causo for uncusiness, fusmiuch s tho contructs olready disposcd of afford proof thut tho longths contracted for cannot only Lo completed for tho amount, but thiat savings aro mado s0 conside erablo thst Ly means of thom the more expensiva mountainous parts con bo undertsken, Tho Chicf Enginoer of tho Company {8 & well-tried man : his houoaty, oxporlonco, and capacity uro boyond question, and Lo has positively declared that tho itom (n ques tion will not bo excceded. 13, ‘As littlo can bo waid aguinst Ttoms 2,8, 4, and 7, but's, 6, and produce soricus misgivings Ttom 5 of the m\(mulfi providing $2,912,000 for Luildings, in- aliops for machiiiory cludos $850,000 for ropairs, worl and cars, 144 atatious ot $3,000 cach, o $206,000 5 luni~ il riucipal stations st $25,000"each, or $250,000, “Thesd figuren aro out of all proportion low; for & Jongthi of lino of 3,000 miles, workeliops at tho'collect- ivo_amouut of $850,000, etations the wholo orrango- monta of which aro'put down at $3,000 only, and prin- cipul stations at $25,000 cach, cannot Lo looked upon 88 adequato to tho Tuquiromonts, This ftem, thoro- fore, wlll Lave to bo supplomented. Tho same appilos o Itom 0, whicly provids 34016000 ss the osking capita, arid out of thia aro to Vo prouced 130 Iocomoitvés, 100 firkt-class passougor cors, 50 second~ passonger cars, 80 emoking cars, mail snd 1,600 fralght’ und Orking capftal 14 sa small, and ‘contrast with tho lougth ot Huo, thut much moro wil bo yoquired (hau Lius Loen provided by thib datimates, In North Gormuny n ling of similur longth would roquire moro thau 25,000,000 fhalers; sud though & may not bo quito faif to ‘ioasurh Awerlcah expotses by a German atandard—a maxhn which undoriiés this roport—siill the moap supoyficfal oritio must porcoivo that a very consldorabla augiientation ls nooded, With regard 10 Ttem 0, pro- Vidiig $7,290,000 for (h paymont of fntorcst during conutruction, similar olalm wiil have 10 bo put for ward, Buppogothe timo of bullding Lo bo four yoars—. sugipouitfou baaod \ipon oxadt information obikfuod— {lio worky would consume & quarior of tho bulldiig * capltal o every’ yoar during tho vuildiug perlod, This intorcst will have to be paid at tho et of tho firat yosr upon one-quarter ; at the oud of tho secoud year upon oi i stiloendof the third yoar upon tiy {ho fourth year upon tho whols of ths buil ing capltal Tienca thointorest during the four yoars will be 2§ tmes tho anaual inforest, 13, With sn omisslon of bonds to tho smount of $100,000,000, a6 & rato of Intorest of 7,10, gold, {lio Iutefont during the butiding porlod wii toat up 18, 000, gold, nnd though tho bulldiug fund nced not be burdenod'with that, since tho money obtained for ‘Donde, und not mmedistoly required for tnilding purpases may o otlorwiso omployed with nivaiage, and'alnco niso+tho iutermedinto fulshed portions of tho lino will yiell n rovenuo leforo tho wholo lino 8 opoued, movorthelews, what mny bo_gained In thin way mustiuot bo dvorcatl- mated, Thd eatimato of $3,260,000 {a autlictontly Ligh, 30 thnf $16,000,000 Intorest will hiavo to bo pald ont o tho capital,Ttem 9, thorafore, will liavo to bo fucroas. e in proportion, 14, I, necording to theso calculations, tho entimatos requilro’ manifold aummontations on the oo and, wu must not lose alght of the fact that on the othor bund {io fixed bulldiug capital, £100,000,000 s not rosched by tho aum total of $85,000,000 of tho ostinntes, but excocils theso eatimates by $15,000,000, In cass, thore- foro, tho bonds are not 1asuod too mich below par, tho mJ)m:Ilva itoms may Imnnflmunmd by this Aurplus, and thin may Lo tho moro caslly olloctod, %, according 10 tho communcations of Br, Jay Cuokd, 10 & convor- nation on tho subjcat, that gontloman {h propared to counldor (o matfor " wils & viow 1o auch wugmonta- on, uartors, and af the ond of 15, With rogard o thia Inst point, but only in viow of tiio possibllity of toso_suticipations beiug realized thioro 18 10 cauna for unxioly sbout tho estiniutos, aud after such sugmentation 10 sussion for an unfsvorable Judgmont, 10 tho second 10, Tumning uestion, whothor the o Tafiway, Norihorn Paci sftor lts complotion, offers tie mecesmary gitaranteo fhat the surplus accruibg out of tho tralla revanuo will suflica to puy tho lulf yeatly rates of intorest on (o bonds, 1t 1 to bo obucrved tho first place that the interest ot tho rate of 7.0 per ‘cont on & capital of £100,000,000 amonnts Lo $7,300,000, To obtain o et profit of' a atmilar nmount requiros gross incom of $20,000,000 & year, Itis proved officlal data that thie et profits of tie Americnn rafls ‘woys are aqual o 45 per cent of the gross incomo, 05 Do cant of tho tolal ‘Dolug cousuined by the workhng oxpennos. 17, Whather thio completed Northiorn Paciflo Rndlway ba ablo to count on & trailic that will yleld au fiie ‘como of $20,000,000 & oar can ouly boscortitod by g inquiry into tha atato of tho population and its Indus- trial aitd commerclal rolntions, and it will bo Important to keop tho notual atato of theso rolations vory carcfully n viow, Tho tract of country travetsod by ibe Noxl ern Pacifio Raflway upon which ot tho oulsct, tho I dopends for aequirlug sud seonring & local traflc, s uite uatod in tho Htates of Minnesota, Dakota, Montaus, Idaho, and Oregon, and in_Washington 'Terrilory, Theso have according to the Consus of 1870 1 n i OF ‘an ‘agaregilo. Areh sggregate popnintion of GUB,14° thuy bad a population of only 230,000 parsas ing 1o this, tho populntion baa Jucreasod 150,000 per— sonn within' n perlod of ton years; but this'ncroase belongs for tho mout part to tho Stato of Minuevola ouly, sluce tho population of that Btuto lus grown from 17,000 to 433,500 during the period in question— 8u increano of 203,000 perwons, Thore is hurdly any room for doubt that 600,000 persons, scattored over an aron of 30,000 Gortuu kquaro milcs, even if ol uro taken as contributing to the siccess of the Northern Pacifio Raflway, will not be uble to ineuro n traflic that will produce ar! annual income of $20,000,000, 18, Tho enthusinstic adhereuts of the undertakers of thio Northern Pactfic Raflway will not deny the truth of this asaertion, and they aro only able to hold out hopes for tho future Ly poluting to a possille rapld incroaso of population” in thoe ndjacent districts consoquentupon tho complotion of tho line, and a cor- reapouding_increase of thoincomaof the Company, Willing a5 1 atn to acknowledgo, respecting America, ihe well approved fact that, contrary to what wo see in Germany, whero rallwaya aro tho product of slroady cultivated nnd well-popitlated reglons, tho rullways (3 America have hitherto drswa_culturo and poputation aftor thom into uncultivated regions, and thereby drawn on incomo to themsolvas, yot tho deductions from these facts must always bo mado with a certain reserve. Wo must not forget that though a growth of tho population in regions uowly traversed by rail ia certain, it is not sulliciontly rapid to covor thi] hubited réglons within o fow Sears with nnmerous aud densoly peopled sottloments of a commerchully agri~ cultural or industrial charactor, paiticularly when it 16 4 question of fllig o region of 2,000 nilles with such settlemcnty, Wo loarn, by way of exAmSu-, from a comparison of the populaffon of the Unfled States in 1870 und 1860, that in that decennial period the population inerense: £rom 31,600,000 to 38,600,000, un fncroxso of 7,000,0,— vory conslderablo inl Stself, but not of vory groat fin- portance compured with the proportional increaso of rallways, when we bear in mind that the rallways in tho United States fncressed duriug thosame poriod from 31,280 milcs to 63,400 miles, Even tho most fuvorablo rate of increave of the me\flnflou during the last ton years, numoly, that of Minnesota, or about 160 por cont, would, oxtouied ovor tho wholo region of tho_Norlhiorn Pacfflo Railway, during auolber ton Joarey ouly resull {n an aggregato population of 1,600« third of the prescnt population of to York. That such o population tho wiy, would mot cxlat nt the timo of thoe comgletion of tho line, nor till ien years aftorward—will not yield tho required fncomo {o psy out of tho nct profita tho futerost ou the capiinl invest- od in the enterprise, I think I am, nccording to my conviction, bound to muintain, /3 ‘Ot courso an Incronso of popilation hesond tho por- centage namod is posaible, In conscquence of accelerat= od exertions_and offorts 10 direct fimmigration townrd tho hitherto neglooted States of Dakot, ldalio, Oregon, and Washington Territory; but wo must not fgnora the fact that such cxortious and efforts will alwaya bave to contend with great difliculties, The stream of immigration has hitherto flowed notorlously aud oferubly in tho direction of tho ates, ita _divorsion northward, ticulsrly in Iho States of Dukoln, 'Tduho, and Montana, whero tho not yacifiod Indlan tribes siillcarey o fhcls prbarou pastimos, wil ot sue- cced untilafter years of strugglo nud persoverauco, Take, for instalice, Minnesots, which has only auocceded in attracting the intlux of popuiation” ready mentloned, Ilmufih its emigration agonts have for years traverscd tho longth aud breadtls of Luropo, and though tho State hus forn considerable timo —which, by been provided with raflwoys. To roly Ao confidentty and strougly upon th excrtions and offorta {n favor of un immigrution, the results of which must bo ro- soryod for a future day, and to doduca witn cortainty that they will necesenrily produco n considerablo locil trafllo for tho Northorn Pacific Rullway, from the tima of the completion of the Une, I consider hazardous. 19, If thus, necording to my conviction, tho pros- rcch\ for an ndvantageous local tratie on the Northern Pucific Raflway duriug the first years ot its operation do not oxlat, tiio through trafiio will hardly offer any beller cliunces, Tho Northorn Pacifio Tailway, onu terminus of whifel is situnted at Dulutl, on Laks Buperlor, in Minnosota, aud the other at Puget Sound, ‘will hardly be ablo to reckon on a through traflicin tha course of & series of yenrs, 60 far as it relates sololy to Amcrlcan products, since the termini do not furnish any Daels for such fratle, Pugot Sound, favorubly 88 it maay bo eftuuted for Alipping, has, for the tima ‘bolng, nothing fu tho shapo of Industrial establish- mentd cxcopt 8 fow ombryo colliorics, na yot inslgnifcant, aud somo * importunt sav- mills, whieh Jroeuro fhefr raw muterial by water, and whoso solling markots arenot ou Americun wof, but_nbroad, roquiriug ships to oxport thoir productl ‘while Duluth, a town of ubout 4,000 inhubitants, {8 sl in embryd, 8o that 1t 1a urd £ toll what tratio it may afford hereafter, 20, Tho Aslutic through trade, #o far it nffocts tho oxisting Pacifio lincs, and tho fmportanco of which muat not be too highly estimated, siuco it conslsts of two orticlos ouly, tea and silk, wiil only bo attracted with difileulty to the Northorn Pacific Rond, becauso, on the one hand, until the branch line provided for in the charter is completod, which will teduce tho dis. tanco from Puget onnd (o Duluth from 2,00 infles o the muln livo 01,775 iniles ou the braich liue, the distanco on the 'existing Pacifio lino fs wbout equal to that of tho Northern Pacific, which oifors no_shortenfug of tho journey by land, and because, on tho other hand, tho commarciul_retas tlons between Now York and Chicago snd Bau Fran- cisco oro uo clouely tod that the removal of tho agency of tho'San Franclsco houses coucerncd in this comi- ‘morco ¢an hiardly bo thought of, 21, After this “oxposition, though I readily acknowl. edga that the Northorn Pacitlo Road will como in for something ut tho opeuing,—for inatanco, the Important conslgumenty to supply the militury farts willy provis sious, the truusport of provisions for the Hudson's Bay Company, the ]xmdu\:(: of the mines of Montaus, 1daho, and ~Washfugton, fusignificant ot preset—i mut fuelino o tho ofinldy that atler the conpltion of tholine aud tho simultancous comsation of payiny interest out of the capital, a longer or sharter time will intervene during which of ‘tho rosd will mot’ pruduco the roquived income to pay nu intorest of 7,90 per cout on tho capitul invested after deducting tiio working oxpenses, As tho means proylded i tho statutory regulations, of which I shall speak furier on, by ‘whrleh suppiioa aro (o bo rusod I casew when tho regiic 1ar fncoma docs ot suilico to puy tho fnterest, wil fafl toufford s remedy, o4 I shull cudeavor to'prove, 1 havo no heaitation n_saylug that tho obligations tin- dortuken by the promotors of {ho entepriss respecting the puyment of interest cannot bo fulfilled Quring the Period fimmediatoly followiny th oponing of tho Huo, 22, With regurd to the third question, whethior the salo’ of land Will realizo thd amounts by which tho redempifon of tho outira * bonded " dobt can bo offccted wibin tho thirty sears spaci~ od, must, frst of all, coutradict an oplihon which i been widely elreuluted, ropresont~ {ilg o Togons traversod by tho Noithirn Tucifa Tuflway as unfavorablo to eivllizatlon, agrieniture, and fuduatey, Cho oxpurlenco L Luvo acqtived by perboual inupection, as well a5 tho most trustworlhy fuformn. o frou uRiclal sourees T Luva overywhero gatlered on the spot, lias couyinced mo that {lio reglon through Which: tho Northern” Pavilo Ruilway passos s ono of o moat fortilo ou thio American Continent, aud Is in overy Tospect sultablo for colonfzution, Minucsoty and Dakota bolong to the gruin-growing region; Mons {ana aud Tdabio aro rich in mincrals atil yantures, and Oregon nud Washington Territory belaug 10 tho région of minorals, furs, timber, and agrieulture, Tho Government land-grant o tho Northern Pacifio Tallway Company, represonting, a8 alrendy mene toned, 50,000,000 deres for thy main lue, has an ap- praclublo ¥alio, tho nonoy prico of whick, at the rata ¢ whict the Tlinois Ceutral sold ftw fund, would ammount o $360,000,000 ; at the ratoat whioh' Minne- sotu disposcd of Lior seliool land, it would amount to £350,000,000 3 and ut tho rato at which tho Kunsas Pa~ Gifio’ réaltzad, 1t would amount to 165,000,000, Granted that oven tho last figure 1a put too bigh, wo may full back an tho miniuun price bolow which the Uu{lml Histos Governmient as bound {tself to the Norlliorn Yacitio Rallway Gompan; aoll land in” tho alernatiug sections u.lgumm lino, At $200 au ncro, tho land-graut of tho Company 8 worth $125,000,000,—au awount still moro’ than sufliclent to' redvcm tho cutire $100,000,000 of Londs ; oyen the redemption at 10 por cont ubove par permiltad by the satutory regulations, Fequirlng $110,000,000 o redeon o Louds, would st fouva's fiandsoms wurplug, owevor, another qucs~ tion §s, whetlior tLe qus can reslly be' divposod of by not ta the #alo within thy tbirly yedrs fxed for tho Toy