Chicago Daily Tribune Newspaper, November 23, 1873, Page 13

FINANCE. Lecture Last Evening by the Hon, ‘George & Boutwell, Tué Difcultics in’ the Way of an Immediato Resump-~ tion of Specic Pay- menig, Tree Banking Involving an Inflation of the Curren- ¢y Not the True Policy of the Country. His Views on Convertible Cur- rency, and on Issuing the Treasury Reserve, The Practice of Paying Inter- est on Call Loans Deprecated. The Hon. Goorgo 8. Boutwell, ox-Scerotery of the Troasury, lectured yostordny evening at tho « Unlon Park Congregational Church on * Finance and the Paafe.” Ho was introduced by Alderman Bherwood, and apoke as follows : MR, SOUTWELL'A ADDESS, ‘When wo aro {n diticulty, Jadies and gontlemen, wo inquire naturally for the cause, sud scek to ascertain 4t it bo the unavoidable force of events, or dua to por- Bonal or public errors, Tho difliculty in businoss, through which thg country (s pasaiag, inclino men 16 theno fnquiries, I havocomo to state tho views I have, with what of argument I can addresa to_you, in tho hope, of coursg, that I may lead your insnds 10 corre- sponding conclusions ; but at least that Imay offor suggestions which, followed by Jour own Teflcotions, may load you {o thle truth even it Tam to continue to rem ‘arvor. TAPER CURRENOY, Tho atatoment 1a hardly open o question, that our papor burrency s a good ono,—cortatuly good ay coni= Tared with any which tho country hias ever befors potaessca,—tlio boat evlionco of which msy bo found n tho manner in which tho poopla Luvo treated 1t ilaving theao two months, nnd_capocially during tho tast weels in tho monthl of Soptomber. If tho cur— renoy of tho country had been exclustyely coln, thoy could not have dealt othorwiso with what might buvo beon {n Lho possesslon of individuala aud fustitutions, Individuala put their Lands upon their pockots, and Inatitutions closed, as far a8 posaibl, their doors and sefes to individis! and publio démands. of us who remember fhe year 1857, end thoee of us, fower {1 aumbor, who romember the year 1837, recollect very distinétly that (lo public ‘Coureo in egard to tho papor money of {ho country ‘was entirely differont, - Thon thoso porsons who bnd peper monsy in tholf posscasion, procosded without to pay thelr debts, and, if thoy bad something aver, foloan it to auy ono who offered them good o~ curlly for it. This s tho ovidence, and tho only evie douce needed, T think, of tho valuo of our currency, and thuls without Yoferenca to tho question whathar tho vole ame 18 losa or groater than it ought to be, Those of you who huve obsarved, in » gonoral way even, what liaa takon place during tho laat five yesrs, have'noticod thet each your, fntho sutumn, thero 18 & dowand for momoy, In oxcess, appatentiy, of supply, may bo' smd, 1 tlink, that for iz monthe in oach year the cur- runcy of tho country is sufiiclont, gonerally, for tho business of tho country, for thrde months {1 th year, or thereabouts, 1t 1s in axcoss of tho bustnons wnnts of the commuity, and for throo months, o theresbouts, there appears (0 bo a acarcity, These fuots, addrossing thomsolves o the daily or | yeatly exporienco of men, have lod many to damand What thoy cail Those AN ELASTIO OURRENCY, and T bave to gay, in answer to that call, that ass our- rency Iteo 1o Possiblo way in which it can bo made elnstic, and thot_obaervation 1a equally truo in refor- emco o puper-moncy, and to coln, Tho genoral fact 15, 9 thoso who rocalioct tho oras to which I liave al= rogly referrod will bear vitncas, that whatovor clas- ity thore 19 to 8 curroncy operates inversoly to tho wants of the community; that is fo Boy, there | 18 an oacesn of curroncy 'whero dt i8 nof want and whon thero {8 & mocessity for currcucy, | tho aupply not only appuars to diminish, snd usually | 1t 18 sctually diminished. Tho currondy which we Bave 15, in it8 nature, and as s matfcr of oxperionce in 1t8 operation, leas liablo to theao unfavorablo tramsi- tions than suy ofhior curroucy which tho world lins seen, oud in" that remark I include those counf whoio currancy ia exclustvaly cola,’ STATE DANKS, Under tho old eystem of Stato banks, whenovor thers was a pnic, whenover o sorious demand for | imonoy azose, thobaaks naturally diminished thoi cir- cultion ; bocauso L1100 ovents, fn tho naturo of the caze, wero accompanied oither with a direct demand for coln, or in the minds of men foroboded n domond for coln, that coudition of mind was to 'tho oxperiouce of men undor that om, that whonover thero was o serlous do- mand ‘for monoy it was followed by o demand for coin, and & deimand for cotn caused demaud upon the banks for the redemption of tholr papor in coin § aud, therefore, 50 long an thoy redeomed thoir pnper in cotn thuy wero led 0 desiro to diminlsh thelr circu- Iatlon, Thicreforc, in 1837 and in 1857, the merchants who posseased capitul,and who, judged by their means, would, with time, undor ordinary circlmstances, bo ablo to respond to'all thelr Linbilitis,were relloved from Bankruptey only by thosuspention of tho banks, Our currency 1s of such a gort that, 1f loft to tho notural oporation of the syutem, thore yould bo no do- creaso in the circulation of bank paper in consequenco of & domand for coin, If tho banks wero redeeming their notes in coln, tho condition would bo othorwiso and loan favorablo in this particular, but tnoro favoru~ ble in thia particular than tho old systom, You may sak, and ft d4 oo of ‘tho topica thet 1 proposo to cansider, whether our vol- ume of paper money I 'oxcessive or not? “Tho only rulo, 04 far s I can discovar, that can boop- piied 8 tho dafly oxprienco of Uio atzdot. B long 1s ¥ the forco of Datural causca paper duat a dscount, commarcially, a3 compared with cotn, tio volumo of per monoy in cirouution 18 oxcconive, Thercfore, t would acem 1o follow that thovolums ouglit to bo ro- duced, but when we considor o proposition of that sort we are compolled to conaider tho cost of reducing it, and the sdvuntages to bo dortved from tho resulc it the end. And, conaldering thia subject in_ that light, 1 hiave leon compollod to reach the conclusion that, gl thongh tho Yalume of paper in clroulation Ie oxcestive, &8 moasured by tho rulo that I have submitted to yon, et tho expense of contracting it, in lta effect upox the Yoltme of businoss in tho country, in ita offoct upon tho abillty of merchants, mechanis, and manufactur— erd to prosecate their bisincss succéssfully, while tho reduction was goiog on, in ita effect {h reducing the revanues of tho country and, consoquontly, impoir- ing and Jeopardizing publio credit, ore eviliwo great that the kdvantago of roscking the point when wo can resums SPROIE PAYMENTH 4 time earlior than we could otherwise resumo them doea not juatily the undertaking, %o react {hio polnt when our yaper, shall bo of equal valuo with coln 7 and that {0 mo {s tho objectivo of our policy, Tho fact whether a bank ahell pay specie for 1ta notes on demand 4 not u vory important fact, if ot uny timo a person having noto can purclisso coln wiihont any considerable premium, And Imsy kay, bocause I hinve no concealments, that I do not ex; the me will como when our banks, by compulslon, will psy specio only, but thoy will lave tho privilage elther in” United Htatea motes or @pocle an they mny choose, and that wo shall have accomplisiiod substantially all that is desirod when tho Governmont of the United Btates shall be in & conditlon to redeem its own notes, Known as groenbacks, in coin, lesving tho banks to pa; «coln or pay greonbacks aa they prefer, By the Incresso of busines, by the dovelopment of the resources of the country, by tho romoval graduslly of tho balanca of trade, or tho diminntion from yeur to year of tho balanoe af trado botwecn this and_othar countrics, wo adall, in a period of timo,~—I canuot say whothor it ‘will be one, two, thres, or five yeais, but {a a period of tims—wo ahall reach the point when coin aud papor will bo cominexcially of the same yilue, Undoubtealy there will be A GuuDUAL PREssURE . upon every man In business whilo this process goes on, Itwill boa pressurs that hes slresdy boen Aorious during the laut five years. Specio has been roduced i yalus, us compared with paper, from 40 per cont 10 8, 10, o0d 12, and, having mastersd o much_difliculty by the proceas that Xt now conaldering, wo huye the evidence of oxporionce that wht rumsins of this difi- auity can bo musterod by tho amo proccas without intlicting serious Injury upoa tho buslnces communi- &7 oF upon the revenuos of tho country, Therefors, o ta 8 natural and fensiblu way o involves 1o sarfaus injury to any n to us, ranch of when which busineas, I think it s to be prefarred to o forcible ro- duction by aw of tha volurse of Currany which, as far aa 1'can foresce, evunts will be atlended with sexious evila ibs business community, Aud ntlomon, to consider this fact—tbat bave ‘moaterod what romains of there will be n cartain rellef to husiness snd finandlal affoirs by tho zddition_ which ths uso of pecio will mako 0 the volume of currency in the sountry, There aro thois, on tho other haud, who do- dre an adaition to tho volumo of eurrency, Thera I a mw,—it can Dot s bated mathematically, but it i wbedient to & prinoiple whioh we can cdmprohend ; fhat priaciple in that whon we lddqleuuugly to tho #olumme of ourrenoy in tha country, whbther thiat eddle #hon is af paper or af coln, Wwithout at the same time sdding proportionatoly o the property and business of #bo country, we increiss tho prices of property in & R Corraspandiag to {he luorases of currency § ourrency #oinareas 1 the same and business of tha ST B i T foroin tho partloular of furntsling moro monoy fn. ‘propartion {0 the huaincss, tho rehemo in | AN UTTEE FATLURK, And it 1s n projeet which canmot hin undortakes with- ont eorjous vl and tierefore, inany opinion, ot not{o bo undertaken b ull, 1 aatd U, 38 410 adeli- ton wero i1 coln, tho renulls wero aubstautinlly tio snme, Wo linvo beforo s, In tho oxparience throngh whieli Germany f8 now pasedug, ovidency upon {his puint, Bho drew dizectls trom Tianen, and ndlecally from Tngland, and, to somo exlent, ffom i United Statcs, o thousand miilion of dollara of coln or tn roreeentativo ns on fndemnity, Thin, of conucee,— 7 npenk not of (ho politieal ehinracter of tha tranwaction Dutof it ne o biteincss or funelal operation, wnn an umnatitral one that 1s to_sny, thero worn 1t atutnl farcen i £ho Inisineen or finanelal world by which el an amount of coit could hyo hoen drawn from theao countrlen and scemnuiated i Gorninny, T CONNQUINCR TO UENMANE hias been nn ducrease in fho prices of property aud o dfke pomtion to Indulgo In speouintion, followed by the fact of extonsivo epeculations, to bo followed by thy gendunl wiblidrawal of thia ooln to tha gront contren of Bianuco nud hustncns, whoro {t proprls belongs ; 1hat movement (o Lo followed by yunla atd dlsseter, nnd pauke in Gormany, tho full forco of which wo cinuot Torasee, but tho gencral offect wo rany, with groat con- dence, proplicey, That 1a the oficot of 3 AUDDRN AND UNFATURAL LUGWIAAT: - of tho amonut of coln 11 couttry. Thio. offcet of n increaso in thie Yolume of paper Jiun comtry wonld ot othierwiso, You havo observad, nnd I purposs to deal with tho procossen,tho fact (Lat for many yearn tho Yolumo of papor mohoy lias acoimulutud in tho Olty of Now Yotk during tho summor months whon 1t §i 1ot used clsowhere, You havo nlso observed the colncident fuct that thoso articles, or roproscniatives of property, which aro lio mubjéct of commorcp i Wall streel, havo advanced a tho eamo tine, Mon hava acquited, or fora timo labored undor the de- Tuson that thoy liavo acquired, great fortunes, pecnlation han boon rife, property b advancod, and cach year that condition of tiigs has been Zollowed by tighincss In tho monoy markot, aa L i called, n dopression_ in;fxtho valuo of ' theas propurtcs, and lossca by spcculators, and In_sono_casce, as dure ing tho present year, by bankruples, What happons oach yenr under thia. process, or Lnn happouod ench year ‘under this proceas, in'tho City of New York, would lappen genornlly over the country, if {lig volumo of etiFrenuy wora proportionstoly tucréased for tho wholo country. * Thoto ara tho ovile, aud fhiey ara ovila of such magnitido that wo ought not to accapt n policy which inovitably produces thom, capecially fu view of tho fact, If tho nrgument that'T hava submitted to you b aouiid, that iu tho cud, for tho purpones of bisiness, noadvaniogo whatever i gained, ThoroforoX linve to submit {hat sn incroaso in the voluma of currency 18 unwise, becawso we already moro than tho ' country can _carr) ond malutatn anoquality of valne, commercinlly, bo- tiween papor and coln, - And although, with thin viow, it secma to mo unmecesnary to conslder tho vorions propositiona for an ncreacs, yot, 83 Gomo of thom, uo doubt, axe accopled by numbers of the public, I shall eall your atiention to two of thom, FIRE DANKING, 0Ono fs wwhat 15 known us tho systom of free banking, Thls, of course, means an ncrenso in the volumo of ourrency, and, thereforo, o syslom of freo bauing, 1ho notes of tho bsuke %o bo redcomable in United Stntes notes means inflation of the currency, and sn increaso of pricos and_spoculation, Therefote, upon that simploe atateraent, wo rhould reach the conclusfon {hat freo banking ought uot to boaccoptod as the policy of tho country, Nor ought wo to Lo misled by the statement, which undoubtodly is true, that the billa of ‘National Banke, fssued upon a deposit of United States bonds, aro good—that iz, they will bo ultimutoly pafd. Of this thero could be uo doubt. Tho bill-holders ‘would not suffer, But the incidont ovils of which I huve spolten are precisely the same when you inerease tho voluxe of curroncy, whether the bills will them~ selvea bo redeemed, or whether thore s somo hazard ‘upon {hat point, Tho offect upon tho business of the country 18 precisoly tho ssme in ono casn na in tho other. NATIONAL BANE NOTLS, But an additional issuo of Nntlonal Dank notes fm- pliea a nocessity for an_ additional issue of United States notes, You mey have observed the dificulty with which tho Lonks Lave muintainod what is called tho reservo, ond - tho demend that {8 mnade for tho abolition or amendment of the lnw requiring them to maintain o reservo, That is, tho dlmc\(x\ty of accumulnting frora the velumo of gieenbackn in circulation in the country a sutliclont amount in the soveral banking institutions of the country to moet tho n§malu ;u,mmd by Inw. Now, 1T you Increase the volumo of Natlonal Ban notes, the ditiiculty of securing o reservo will be greator than it now is, and you will immediotoly bo called upon io moet o pressing demand for on additional fssuo of United Slates notes, ILnve this further viow to sub- mit to you in this connection, If the country should reach tho conclusion that it woukl bo wise toincreaso tho volume of clrculation it would then be propor, aud I think wise, also to covsider whether thore nocessity for increasing tho mumber or capital © of ~tho bauks, for it s fo Lo eald, und thero {8 1o muswer to tho remark, that tho National Bank note clrculation is moro_oxpensive to tho tountry then tho clrenlation swsued directly from tho roasury of tho Unitod Btates, to tho oxtont of at leant 3 por cont. Tho on- awor to tho cliargo that the Government loscs 3 per cent by uthorizing banks to ssue notes is met, if mot ntall, nd I think it s sufliclently, by {ho statement tiat banka indisidually, and tho elnking sysiem 35 & ‘wholo, furnish to tho business of tho country an e~ commodation and means of doing businoss fo such an oxtent that tho revenues of {he country ara indi- Tectly othorwiso increasod to the extent of the appa- rent losn incurred by allowing {he banks fo fur- nish tho circulation, Therefore, 1f thero bono neces- sity for inoreasing tho number of ' banke in the couniry, and you fnd thet thore in s nocessily for {ncressing tho circulation of fhe country, it will bo more economical to lncreano by a diract fisuio rom, the Troasury, “But tho cvils to husiness by direct incrosse from tho ‘Cressury would ba precisely tho sama na tho evils flowing from an fucreado through tho Nntfonal Danka. A UONVERTIDLY, OURIEROY. Another propollion, which s been' submitted to tho country, and fa supported by nomes aud ptreagth eutitlod to ‘cunldaration, s the plan to allow any porson who may.liold Unlted Statos notes to prosent thom at tho Trchaury of tho United States, or at {he offico of an’ Assistant Tressurer, and rtecelve for them bonds bearing intercat at .05 or 4 per cent Teraunum, wit the additional privilogo that whestever the holdor of such bonds may dusiro the notes again, he may presont tho bonds aud recelvo tho notes, with tho accumulated interest sdded, and it ia tuought that tin system will furnish whit 18 callod an clastic gurroncy ;" but 1 beg you fo bear will e whila T loy bofore you in dotail the procesacs of this operation, and then ask you to consfder whethor 1t is » 6afo oug or not, o “First, o capitalist, sy of tho City of Now York, do- poaits ith tho Amsistant Tressurer of that city & million of United tatea notea in tho month of Jilly, To racolves for those notoa bond heariug nterest at tho rato of 3,00 por cont, When the transaction is 80 far accomplishod, what 1s tho condition of things 7 Tiret, tho volumo of currency fu tho hands of the peoplo iu_diininiehed to tho extont of o million of dollara. Tho indebtedutsa of the United Btates bearing intere est fa incroased to the extent of $1,000,000, I supposo B0 one would say that, tho transnction i to stop there —thnt the Govornment i to hold tht milion dollars of noles witliout using them, o fn nuy way deriviug auy ndvantage from thelr posncasion, while tho capltalist lus in his hands tho bouds of the Unitod kitos on whiéh ho 18 Teceiving Intorest, oven though that inter cst bout 010w rate, ¥or if & man Lo Ao unfortunate a8 {0 luvo money for which ho Litu 10 use, ond which Lis uefghbora do not dezire to borrow, thero is cortuin- Iy no abligation o tho part of the Government lo ro- ovo him in bis distress by taking his monoy and Xeoping it eafely, allowing Lim fnturest, without an opportuinity to use it, and returuing it to’ Lim when Do desires i, 'Thin 18 nu uss to which 1 upposo oven a Governmont 16 not to bo put, What then fs tho nuxt procoeding ? Tho Government hav- oy rovaniis, 3a ought o bevo n tme of pesce, sut- ficlont to medt ita expunscs, doca not 1so thia monoy for tho ordinary purposcs of govornment. Xtmustad. vertise for o million 6 por cent bonds, go into the mar- Jot and buy thew, and, perhaps, psy & promium for them, Whien thaf transaction i complotod, what thon 15 tho condition of thinga 7—that tho Govefument has redeomed o boud bearing intcrest at the rate of 0 por cent and fssued ono buating Iuterest at tho rate of 9,05 or 4 por cont ; and, If that yoro tho end of tho buai- neug, It might vory woll bo ald tho country bud mades good bargaln, On tho othor Laud, the’ vohmso of gurrency in tho hsnds of tho peoplo'ia preciscly what it was Leforo the transaction cominencotl Andif thoro wyae a aurplus when tho transaction first commenced, thiero L beon 1o chango in buninas, there . utill & surplus, and you have 1ot renchod the pojnt of reour- ing an’elastlo currency, But tho difdeulty is not thiero wholly, VWhenovcr tho person who made tho do- posit ciooses, o goes fo tho Tresmury, rolums bia onds, and takes & million of United Btafes notes, snd then the volumo of curroncy 15 increased to the exe tent of o 1nililon, Now, if {his proposition involved ‘morely tho increaso of tho volume of flo eurroncy to the oxtent of a mitlion, it would be of 1o great con- soquence, but when 30 oreconsidering o publis polley, Sou must conslder i with reforono t0 ita poksibilities, and tho possibilitis uudor the proposition befars s, aro that one hundrod, two hundred, throohundrod, sud ven thres hundred and Afty-six inillion doliars’ might bo returncd to tho Tressury cnd bonds received, T do not assume, of course, that anything Iiko that would bappon, but T stato the possibilitics, 7 WUAT MIGHT DATTEN, 1 will consder what mighit ressonsbiy bo expocted to heppen, Fortunes that havo been acoumuluted i thia Clty of Nuw York and lkoly enongh. In the Oity of Ohicago s woll, werrans tho atatemout that, 1t would ‘bu poseiblo in that city at lonst, If not in this, for men emgaged in spoculstions ord i raking monky by e use_of monoy to mnrahial tun, twonty, thirty miliona of dollars (uupgous thit fo e don, wnd T avsuma that t0 Le possible) In Unitod Btates Dotes, and thoy aro prosenited to tho Trossury and Lunds seceived, nok neceaurily 5t s tno whon ihera fa su bundanto of circulation for tho bueineya of the country,—poasibly at 5 time when tho clrculation 18 loss thsn the publio de- znnd, amd by st Dioceat, (oF (ko oF (hres duys cor- tainly, thoy diminisi the volumo of ourrency, aid the means and facllitios of business men just to tho oztent L toy colloet mouey aud apyly it 1o that purposs, "Tho eflact, of courae, 0f Kuch » proceeding would bo 1o reduce brices, shock arodit, sud_give 10 men who niad other means for making ‘money large opporiunt- ki tios, by thy dopresifon i prices il would coucequent upon such o proccoding, ‘e Goverumont, * mnking oa tmovoment as poselble, might i two or threo dsyu succoed in purchasiug bonds ufter advertising, and let lobse tho volume of paper whick for the mos ment bad boen hoarded In tho Trausury, and without tho power on the purt of tho people oF of tho Governs ment to prevent lta hoarding, The bonauara pur- chuged antl tho volume of currancy restored fo' thie public, What, then, i the condition of ihinds? If iheso mon who Liave twenty-fiva millions of Unlited Slates Londn, on which tley may clahin United ntaies uateypredent tliom a4 tho Treususy and tako the natos, aul tho volwne of curzency s then fmmodiate ately fncrosssd to the extent of twenty.ve milffops moro than It was bofore tho transiction cammenced, immediatoly prices riro and theso mon speoulst upon tho depression i pricos which {hoy tirst pioduced, aud they spoulate sgala upon, Lo rle in Tices conkoquEDt U at transaction, Rifoh ‘anr e Tosessor indaed, is inevitablo. wi forasean, wi h e I liave | renan in tho volumo of tho eurrency in tho conntry— B permauent fucrenso—lot it bo by dito authority of Jaw, of whick every ninn shall have “noutice, tho exlent of which b can foresee, tho offeot of which lo ean compreliend according fo liis own Judgmont una foll- tlos for reason, Lut 8 measuro whick leavon {o com- Dinatlona of men thn power to affect firat the bhuniners nnd fiwaticos of all tho peoplo 14 8 ineusure whicli wo ought uot to aceept, I TREASURY REATAY Thero I alno s third propecition which I will deal with vory Lrlofiy,—that wiiat in known us the reservo of 1,000,000 sbonld o addod shsolutely to the permne nent volume of cusroncy in the country, That $#(§,~ 000,000 rosorva has heen used by the Dopartment thus fur'ln exigonclon only, Thero aro thoks who objeot, with oasonn of fored, {o the oxlatenca of o pawer suolf aa it Jodgged {n 1ho Becrotary of {heTreasury in cons neetion with tho reserve, 1t o groat power which wuquestionaly might_bo vsed for ovil purposes, and 3 in & powor of which fho prople ouglit to bo very Jealous, Yot thin {410 bo sid of it : thera hinve buen Himus, 1 think on four occasionn during tho lnst five yenra, whon, by i foreo of oircumstants, thoro via an cx‘geni?' 't businves nnd in finsucial affairs, und tho ‘Treaniry Departuent han como temporarily to thorolief ol the eountry by nn {ssue of a portion of tho$44,000,000, proconding niserwardy, as koo us poosiblo, to withdraw' it from civculation, Ibuilove that in each of Lhoso canef, Romo publie benefit hos followed lhom‘ncmdlmf. But ¥ do not puzpose to wygiie that point, besaiko it 1s 10y in my prosont vlow of things, joateriol, 1, howover, tho $44,000,000 Lo nided permanently to the curroucy of tho country, flio Treanury would no Tongor posseas thio powar of ‘ehich L live kpoken, and 3¢ 1t o underetood by tho country that this power {s withdrawn, then, of courte, thers will by no reason to complsin of tho Dopartren, 15, in on oxigoucy, it fanot exorcised. It would bo neccesnry, howover, if tho ro- rorvo, ar (o powor t0 festio tio vascrve, wore wWithdrawn from the Department, for the Deparimont to acoum- Jala & protty Jargo baluneo ont of tho $350,000,000, to enablo it Lo vithstand the difiiculiies which mny viit the Department, a4 well as individuals, whon o finan- clal erisls overlakes countrion, Docause, a8 Wo Fuw during theso two months, the dopresion of Luniness redtices the revenuen at ones, Talke, for oxumple, tho present year, On tho 18h of Soptomber the Troasnry Department Lind n currency balance, I think, of thir- 1eon or fourtcon million, 110 moro than wag necessary for the Department for tho businees of the nutumn, In each year, for many years, it liga been Lo policy of 1lio Dopartment to acctimulato a largo balanco during the swnwer months, when the demsnd. for monoy geverally wna inactive, with the fden of disbursing it ofiher il pagment of durrent oxpenses, or in tho pur- clinto of Govornmont bouds duriug the months of autumu, wlen the demand for eurrency was excessivo, Thin year, whon tio arlals overlook tio country, thio Departimont, purchased at onco $12,000,000 or $14,000,~ 000 worth of bonds, aud added at oncea correspond- ing mnount to tho cireultlon of tho country, If, howovor, the Socrelary of the Ireasury had not known that ho might uso all the $44,000,000 for tho aurront oxpeuscs of tho Government, us Lie bns already used lo tho oxiont of $0,000,000, he could not have ventured npon thot underiaking, bocanso it wonld have rosulted 1 the abllity of tho Treasury to meot the current de- mands upon it, and, thorefore, you_have Lo cosidor, if you withdraw from the Tressury Depariment this poiver, the country muat moct its own dificuitios with. out roferenco to tho T'reasury Deportment ; that tho .nddition, permonently, of ilio $44,000,000 is open to tho objoction = which 1 ~Lave already mado, for it fa nvieo Lo incresso tho volumo of cure reucy in tho couniry, nud there, gentlemon, I leave thnt Portion of my subject. THE APEOIAT UAUSE OF FINANOLAL DIFFIOULTIRS, T come now to consfder before you what I think is {he specinl cauno of tho serions difficultics under which wo are laboring, Thoro would be, in the nature of tho cane, a demand for monoy during tho antumn for Dbueiness purposes, but that demand would bo propor- tionate totho property of tho country, By that I mean to 8y thnt,whien the crops of tho West and South aro largs, tho demand for money to Le used in moving them s groat. Whis demand, howover, {8 of uch n nsuro that it could produco 1o serious ‘ovits, and I will try to demonsirate” that by laying beforg you what, ia it seetns to me, ia tho natural courso of thinge, Ausunio, what iz not altogether true, but is to some extont, that tho capital for moving the crops is drawn from tho cltlos of the Lust, In tho mouth of Seplem= ber, persons interested in theot buniness fn the City of Now York borrow monoy for ths purpoen of moving tho crops, their ubjoct belng gain, ~ Of course, the fntercst which they pay for tho uso of the monoy fa an clemont {0 bo taken iuto uccount, slso, with referencoe to thio profits, There is also another class of porsons in every clty who borrow moncy for tho purpose of maintaining thofr crodit, Its s law of tho merchant's, I supposo Dby genoral usage, that Lo s not to allow his papor lo g0 to protest and Iis nome to bo dishonored, tud his Irinds compromisod Jn_their bunness, #o ong aa lio ie satisficd that his capital in guficient to meet all his lobilitics, upon the mero question whether intorest {3 0, 8 10, or 13 per cemt., Now 1lien, so far ns monoey is noeded in the citles of tho Eart by merchants, o enablo them to moet obligutions alroady incurred, they cannot rotire from the conteat with men who desiro to borraw monoy to bo nsed for tho purposs of gain, Thorefore it las boon, in the nzturc of tho casg, if thero were not other circume stances interfering with the process which I am con. sidering, that merchants in the city of New York, as against persons who might desire to borrow moncy fog the purposo of moviug tho crops, would in the end triumpli, 50d the men ongaged in mioving tho crops would retirc {from the contest for & time, a wook, {en days, & fortnight, s month, util the demand for money deminishd and ths iutorest fell,and they would 0 ogain to the buainoss in which they' wero enguged, and tho deley {n moving tho crops would not Ly ser~ dous in its otlects, cven Lo tho producers In the Weat, or ‘merchants in the Eaat, INTEBERT ON OALL LOANS, 8 But wo have had, (his year espocially, and for many yeors, au influence at work to which I sttribute the disastrous result wo havo experionced, It is of Lsukein the rural districts and at the Interior cities of tho country raying fntercst on doposits payablo at call, AS they Qur% not losn monosa 80 procured npon buske ‘nioas paper payable ou timo,they send thoir doposits for- ‘ward to tho great cities,—~chinfly to tho Oityof New York, Tho banka iu the Olty uf New York are under the ssme influences, Thsy do not daro to loan this money to morchants, Who can only borrow money on timo, They, thurefore, gu into the stresta and loan it to tho brokers, bankers, snd speculators who deal in stocks, and the consequonce 18 what;I have lald before you,— infistion of yprices, :rln;nu!auon, ultinate presstive and losscs, and, = this year, \Iankn:gtcy ond ruin to many, Oonsider, If yon filme, at paper glven on timo, and roprosenting tho tofuel busiuca transactions of men, can meture only by the passage of time, aud it fa not in_tho power of anyhody to haston 1t for an liour, That jupor that maturcs at call, maturos under the {nfluenco of greed, approhen- sion, and fear, and theso infinonces and npprebonsions usually take poeeesaion of all men at the samo time, and undor the milucuco of the samo motfves, Now, 1 suppose it will bo no oxaggoration o say that not less than $30,000,000 were sggregated in tho City of New ' York fhrough tho systom of which I Love Loon spenking, and when the demand camo for monoy move _tho crops, colncident also with tho Lankruptey of corlaln {hudtitions in vhich to poblic had put contdeuco, ‘The paule followed, and the panic led to % dewand ime mediately for all money that ‘boen drawn from the uutural gources, through unustursl chaunels into nune natural places, and to uls fact I think we may attrib- ute tho m(ennf‘y of this evil, und the wide-spresd in- finence it hae oxerted, If you consider this mattor in principal, I think you will object to the course of Lusiness of whieh I have #poken, A bank is catablished upon the theary that thio men organizing it, ara to tho oxtont of thelr con-~ tributions ta the organization, capitalists, nnd that they are to loon money and not to borrow. Thuy call il rocelving money on deposit,—tboy do not esy bor- towing money, Traveling in TFlorida lest npring, Imot upon & Oteambostn colored woman, who hnd cliargo of o portion of the business upon tho bost, and of great intelligenco, and, in convorsstion with her about tho condilion of things in the South, she ‘made s striking vemark, that tho pooplo thoso did not admit that they were whipped, Lut they wero only overpowored. Now, the bauka do not admit that they borraw money,~thoy roceive it on deposit, But, as a matter of fact, they borrow ths mouey, they pay intereat upon fand thoy agreo to pey when it is_called for, and_tho evila of which 1 havo spoken I balleve &re duo chiefly tothis ‘}ouey. Now, I bellave, and I appeal to you, aa having & por- tion of the power of the country, that it ia ZNX DUTY OF CONGLX 88, £a far 85 tho National benks are concerncd, to pro- Libit the raceiving of money, and paying jntercat for it, If, through other chaunels, monoy accumulates in tho City of Now York, it will be to s much lora extent, snd, inany event, neither the Govornment, nor ine stitutions authorfzed sud muintained by the Govern. ‘ment, sill be reaponstblo for the ovil, Yot moy say, gentlemon, If you take the tronble to {gfiewhln mind what I'have said, that the conclusion ‘whi ch I invile you smeemy mot o bo proportionste to the maguitudo of the evil which havo consldored. That mzy bo, But wo have a curreucy 8o good sa compared with snything which the country over befora enjoyed or poisenscd that I think those mon who dopart ossone tally from ths policy which wo have pursued in refer- onco to it for tho last fiye yoara take upon themselves 8 great rosponaibility, Tho exbaustion of tho War by tho losa of th laaor of milliona of men cngagod in tie field, by the consumption of ths products of industry wos cuormony, To that oxlauatfon bey bosn added the immenra loss by firo {n thiy city sud u loza not o lerge hut fmpaortant enough to be conaldorea jn & wis- ter city of the East, This oxhaustion and waate can only bo repaired by industry, snd beforo our finen- cial policy can Le sottled on a fair basls, (and by that X mean to say upon o bsels whor wa con yitls confidunca 100k 10 8 fature of consderablo dura- tlon), fu which poper will be uo valuablo for tho pur- 10803 of commeres a1 cofn, our trade with ollier coune tries must ho substantially upon basia of cquality, 8o long oy we are paying annually fitty, alxty, oighty, or on jundred millions of dotlurs in ool to othor countrios we cannot maiutaln speclo payment at Lome, ‘Therefore, ono of the measures of relief—end you, goutlemen of tho Weat, are a8 much concerned in this 58 yous brcthren of 1h Kast—ons of tho mosures of rellef st bo fonnd {n THR DICKEASE OV OUB COMMEICE, The carrylng trade botwson this country and othors fa ° worth at least $100,000,000 & yoar, of which meariy throe-fourths = duripg tbo ast year fnurcd to tho banefit of forelgu mer- chante and ship~owners, and bardly more tuan onoc- fourth—soms advance having boan roalized—hardl, muora than one-fourtl inurod tothe benefit of Amori- cau meroliants nnd ship-owers during the yeur ending ou thu¥0th of June last, Therefors & part of our publio poliey sliould bo to strengthen our commerce. Austrlz, for many years hzs hod 6 papor CUrrouoy bo- lowyar'as compared with ool aig yot the demaud fox colr hiup nover been very groak nor o premium_very higl, duo to the cirouinatanca thet (he irade betwuen Austria and tho other countries of world 1a sub- stautlally oqual, that country ceudlng out in valuo about' whet she rocelves, When that condition 18 ours, then, with tho products of our mince, wo may through a long period of Years bave the kattufaction of knowins thing the papor currancy of the oouutzy {u ks valusklu as coln, BUNOUR OF WAT, Tho publio mind s now disturbed by rumors suil yoations of war, These rumors sud suggestions rally alarm buainess men snd affect femporarily he fnanices of the w\um-fi. 1If those rumors and ap- preliensiont ware to b follawed by the aotusl tsch of ‘WAz, then, 81 Cod. | Sl nbis ieraes ‘el Sl € ‘o niaht, Towover, dwoll upon thon conmequences, and T only alludo to these rumors for the purposy of {nvoks n;sumummlmn in publio offairs, War In & grent calamify, It in not to bo sought, It cortalnly fa not 1o bo accopted oxcept in defenno of nutfonal vighln, or for tho prosorvation of mational honor, Theze nutrajes, the enaracter of which can- 1ot bo too atrongly dopleted; If thoy ot i violation af aur sightn oa 0 natfon, niust bo rodrevsed; and St 0 abiala mo mtisfustory redrens, € auproun' o il ‘b united in vindleating the rights of tho country, [Applauso] Tnt wo nro hound, upon_ gencral prindte lee, and wo aro buind enpeeislly now, fo wo every meuin porsible for tho prosuevution of ous rigits. wnd 1ho protection of our citizens without resort to way, [Applauso,] Neithor tho courage nor tho milltary cne pacily of {his conutry neds furthior lustzation, © And 1 nay L1a of tho men of the South as woll us of tho mon of tho North, [Applauae,) They demonsirated 4n o war which wo bolloved o Tie unjust, thirough four Jong yenrn, thetr couragoand their milliary capaclly, nnd “thelr ultimate overthrow was no raf'm(lnu wupon these qualition, Thercfore, nono of us of tho Northorof the Bouth necds any eupport npon {his point, Wo can nfford to Lo genorous, and {o sl for thiat only which f6 Just, “Cheronto many qu tionrn, goullemen, In connoction with (hia subject that nvo fimpertant,—osscutiel to the formation of n correct ofliclal or public opinion, upou srhich, e far na tha publio fa fuformed, thioro 15 1o mntisfactony Mformae vion, ‘Tho chinractor of hin verecl, whother' sho wna ]A\‘.vflllk! uniler the flag of the Uniteil Stator, whothier 8lo had violnted tho ucutrality laws of thae couniry, whathior, $1 iy mmanzer, t5o personn f chargo of hey, or on hoard of her, by thelr conduet, had it thomeclyen Leyond tho furindiction of our lawe; theso nnd olher questions, grave in thelr chnzacter, can bo nolved when alf the facta aro Jnown, sud thoy caunot bo aolved uniil the facts are known, and whon theso questions aro submitied to the teat of oxporience, usugo, aud la, thon tho persous corged wiili the mmoflsmlu oflice of administering the nf- fairs of the country, aml the people of the conutry sn wall, ean judge what ought 10 be dune, Buf, until thint timo arrivos, I lplore you to Jiston to 1o ny peals, 10 hio fufluenced by no mggostions of Tovenge, Lt i wait pationtly until your Siformation is complato, nud then, a3 Amortcan citizens, docido what ought Lo bo dono, [Applnuge.] Ani thoro are great queations fn which wo linvo o concern, For three-fourths of a century wa have held tho flag of Republicanism upou continont, ‘Through most of that period, dimined by one foul Lot upon our name ond character and {natitutions, now happlly, yet throtigh blood, removed,—in all that -period other” nntions, and eupeclally Xrance, havo looked fo us as 'nn oxample.. Our capacit in war, tho strenglh of inetitations whicl that aveat contest doveloped, {ho integrity nnd power of our people, sinco tho conclusfon of tho war, in os- numing sll ita political and finaucial responsibilitics, and meeting heavy taxalion nnd reducing rapidly tho public agbi, huvo llod tho iatolectunl zad Wninking people of 'Europe with tho highest ideas of tho Amerlean peoplo ond Amierican institie tions, _ [Applauso,) Thoso ideas uro poncirate ing ' Europo, Thoy ato caloulated—tliey . are dostined, indoed—to produco fmporiant Lumanizing oud civilizing resulis, ag I bollove. Two uations to- day, France snd Spain, ore struggling to establlsh Ro- phibilean justitutions in those countries, upon tho baals of Republican fdcas, Spaln Js led in the admialstra- tion of hor affuira to-day by tho first Rtepublican, ine tellectually and in jdcas, that Europe s secn, [Ap- ploues,] Theso asscelations, which bolong not mercly” to the rolation’ which Spain tained o s in tmen pual, but associations that are invoked by tho exlatiimeondition of ihings, impose upon us tho dutyof Resilancy, of delaying, of dealing with. Spain upon prlnnl?hm of Iegal, historical, aud moral justice, - {Applauro,] Bpain hae had a great hislory. Sho may Lnve, under tho load of Repnblican Ideas, and tho power of Ropuie 1lieau institutions great future, 8ho has an inviting climalo, 8ho has ofertilo £oll, Sho {s capable of varied productions, She hisa more coal than {3 Lkuown to exist in nll the rest of Europe, outsido of the Toussine, end conlfa now the propelling forco, wo may .say, of soclaty, an inspiror aud_propagutor of civilization, An historfan, not of Bpain uor friondly to her, has ropresented ber ea slio was in tho sixteonthy cenfury. o auys, “DBefore tho eixtcenth century had half meas urod {ta course, tho shadow of Spainairoady atretohed Deyond {lo_Andes, From {he minca of Poru and ba custom-lLouses of Antwcrp, the golden rivers streamed into tho Imporial Treasury, The Crowns of Aragou nnd Castilo, of Burgundy, Milan, Naples, and Elcfl{ clustered on thoe brow of lier soverelgn, oni tho Bpaninarda themeolves, until thoir national libortics wero finaly brokon, were boyond compariton tha no- bleat, grendest, and most enlightencd peopls in the Tuown world, A peoplo of whom this much could bo_ justly raid, thireo contiirles o, must havo strong blood.in thels voina; nnd, thoigh in tho Npanish raco and character theroaro features ond qualities which, por- haps, wa cannot approve, still, mey vo not hope that, ‘under the Sufluence of modern civilization, under the influonce of Republlcan idoas, under tho power of Ro~ publican institutions, if they shall be fortunate cnough 10 establish them in Spain, somothing of this past #reatness may bo illusirated in her future, As to-day tho Ropublicans of Bpain aro strupgling to enter ngon policy which to them promines such resulta, lot it 1ot be Jaid to our doors that wo aro responsiblo for the fatlure of the opportunity. [Applauso,] THAT JOUBNALISTIC WATCIL. Conclusion of the Contest—Mr. Wilkie, with the Agsistance of Joo Dixzon, Gets the Watch Which Was Run Away With—Where io the Money ? For the past two woels poople going into Tom Foley's billiard-room have noticodsa small glasa coso containing an Elgin ‘watch and o massivo gold chain, placed in & conspicuous part of the lobby of tho hall, with acard attached to it stating that it would be given to tho most popular journalist in tho eity, i. o, he whoeo frionds ehould buy tho groatost num- ber of votes for him at fifty conts a vote. This watch was put thero by J. L. Rock, who made tho sbove announcomont, and added that tho entira proceeds would bo given to tho charitablo institutions of tho clty. Tho voling closed yestordny afternoon and tho following result was sonounced Inat ovoning: Tranc B, Wilkie, 830 ; Jomes 11, Haynio, 396 ; Martin J. Gallagher, 68, Chatlos Northrup, 66 ; Alexander Sullivan 80 ; T. Z. Cawlos, 17; W. F. Storey, 6; scattering, 4. Motal, 1,480, Thia larg> numbor of votos surpriced overy 0ong, evon somo who wore very auxious to get ihe ohronomoter. Ar, Wilkio mndo tho usual short spacch in aclmowlodgmont of tho honor, and thon the caudidatos” and a fow invitod Eun.sls, Including tho contestants in tho lato illiard _ tournamont, ¢ Builalo” Miller, Jake Rehm, Miko Goary, A1, Corooran, Ald, Hildretl ‘Ald, Tolo, Joo Ditan, snd othors, wore invite to s collation at Phil Conloy's. Whon tho company wore seated ot the tablo, nothing soomed wanting but the wateh, which was to bo formally preaonted by the City Troad- wror. Upon inquiry, no one romembored sosing tho articlo sinco it wwas een Iying in the show- caso, At last, Jako Rohm, Joo Dixon, and Tom Foloy hold s caucus, aftor ' which Dixon abd TFoloy loft tho tablo, got into a carrings, and drove ewiftly away. In half au hour thoy returned, Laving beon after Mr, Rock, whom Joo Dixon * persuaded" to giva up the much-fought-for_and greatly- misead, fo Mr. Wilkio ot loast, product of Elgin labor. At Isst the presentation was mado, an evorything passed off plassantly. It fa now a uostion that ia generally canvassod, Whero is tho 8750 ldn}ng from tho salo of tho watoh ?" It moy be all right, but it doosn't look so. Qoloradoe and Conzsumption==Joan C. Heenun. Graca Greenwood in the New York Times, am convinced that consumption, in ity oatlier stRges, can not only be arrosted, but oured, by & rosidenco in_Colorado; but consumptives {n the lust etngou should by no merna be gent out Lore. Bowetimes uxoax lingor o little longer, but more often tho ced is hastened, espocially if tho patient comes alone, The air of Manitou, ever 80 balmy to mo, was too strong for paor John O. Hoonan, oppreseing his muguificont chest and producing hemorrhages. It toomod to all who “eaw bim that ho might livo it he could onl*{l;uu{) up heart—but Lie wxa uttorly cast down, His sickmess, comparattvoly suddon, tho rapid decline of his splendid physical powern seemad to him oo mysterious, so unnatural, that ho vas enbdued and frightened. There wan in Lhiu look the mute, Elthutio Lelploasness of somo atrong animal stricken down, bt not consent- ing unto death.” Iam gind to havo itto ma that K, Hoenzn oxpresaod to his physioian gros! regrot and s munly shamo for muok of hi post caroer, and & humblo desir to iivo, that ho might lead 4 bottor life.” Cofin novor closed OYGE & more superb human figure thn his—vwea all obsnco for ¥ o botter lifo " burled with that abused aud waated body ? Spurgeon on Starch. ‘! That droadful ministoriul staroh’’, attraots the atteution of Spurgoon, who says to bhig brother clergymen : ‘¢ If you have indulged fn it I would enrnestly edvise youto ‘go ung wash in Jordan sevon tinos,' and get it out of you, overy partiole of it. I am porounded that ouo rosson \vhly our work- ingwen so nnlvomaud koop cloar of minlstors is bucauso they abhor their artificial and unmauly ways, If thoy eaw us, In tho pulpit and out of it, acting liko renl men, and speaking naturally, ko honset men, thoy would como around. ub, Daxtor's remnrk still holding good ¢ *The waut of o familiar tone and sxpreasion Is o great fault in mostof our deliveris, and thot which wo should bo very oaroful to amond.' ~ Tho vie of tho ministry {8 that winfstera will parsonificate the ;(ouPnl. 'Wo mnst have humanity along with our divimty if we would win tho maises, Eve) body cau eae through affoctations, snd pac[! o aro not likely to Lo talkien in by {hem, Fling awey your utllts, brothren, aud walk on your fest| ?&‘fh"""'fl ecclesiastloism and array yourself in ‘The! Hlcop of Plants, The phonomenon eculled (ho nlesp of plants was flrat obsorved by the ilivetrious Swodish botanist) Liunwus, Ho romerked in the bird's i b e s leavon an o Al bassd” imiadintaly® woactioded ' ke vetid rovo to boo s{unnrnl phonomenon In vogotablo ito, Contiuning his obrervations, Linnmus noon satiatled himself that this chango in tho po- sition of loaves durlng the night in vbservablo in many vogotablos, 110 rogavded tho nbuouco of light, and not tho nocturnaleold, s the principal €ano of the phonomena; for planta in liok hous- en olodo thomselves during the night like thone in tho open oir, Ho found the difforonce be- twaon waking and sleoping to bo much less ap- peront in young planty than inanore matured ones, belug moit olomdy Indicnted nmong tho compotnd loaves. The objoct, ho thonght, s to wholtor tho young shoota from tho ofiect of tho rir. Thoso strango phenomons ocour in all biy- gromotrical conditiona of tho ntmosphore, and uro uninfluenced by chengen of tcmpornture, Do Candollo, supposing tho caugo of tho pho- nomona to bo ti:a absonco of light, subjectad plants to the sction of artificlal Hght with vory varlod rosults, Ha concluded, from his oxpor- iments, that tho movononts of sleoping und waking avo connocterl with some disponition ine horent in the vogotable, but which is thrown in- to apocinl redivity by tho stimulating action of light, whick ncts mih difforont intongity on dif- foront vogotables, eo that the same amouut of 11[:;!1: praduces dilforont rosults in differont spo- clen. THE RUFF. Ilistory of Necl Ornnments, Past and Presentesls tho Ruflf an Atd to Beauty, or Otheririse 1-0ld-Time Itufiy, and Their Modern Imitne tionn, From Chambers’ Journal, The ruff and tho various othor nock orna- monts of a kindrod naturo have = little hustory, which illustrates {n no slight dogroo the manner- isme and socinl poculisritios of thoso of our ancestors who woroe thom ; and towarda forming that history, wo have gathored, chiefly ftom very romoto sourcos, o good doal of matter, which will, in all probability, be now to our rendors, ‘lho first introduction of ruffs into England appears to havo taken place at or about the timo of the mnrringe of King Philip of Spam with our Quoon Mary, thono personagos boing represont- od on tho Groat SBeal of Eugland, in 1554, with small ruffs about their nocks as well oa thoir wrists. Thoe necle-ruffs consist of one sot of folds only ; and tho diminutive ones about their wrists resomblo greatly tho largor onos. By tho timo of tho ncconsion of Queon Elizaboth to the throne, only four yoars after the abovo date, the ruff had incronsod veory largely in sizo, as hor Great Soal boars pmplo witnoss, This soal ox- pressos minutely tho court-dross of the timo ; a band reachiug trom & cload on each side itho geal, holds back tho royal robes, in order that the dress under thom may bo distinetly soon,, The acb of starching, though at thin thno woll known to tho menufacturers of Flanders, had not yet reached England ; rufls, thoroforo, must lave boon an oxponsive woar, s tho stilfoncd linon hnported from Flandors could not be mado to uupflnn itsolf after baving been once washed. In the year 1664 Quoen Iiizaboth first used a concli. Hor conchman, Willinm Boencn, was o Dutcliman, and his wifo undorstood tho nrt of starching, Hor Majosty, no doubt, availed her- solf of Mrs, Boenen’s skill, and seems to havo oxclusively possosued tho eecrot of etarching n wuff, til the orrival, soon after, of Madameo inghen, the daughter of o worshipful Knight, Who came from Flandora to sobup sa o cloar-atarchor in London. —*Tho most cu- rious wives,” says B8tow, ‘“mnow mada for thomgolves ruffs” of cumbxic, and eonk thom to Mrs, Dinghen to be starched, who charged high prices ; aitor a timo made thomsolvos rufis of lawn; ond thereupon roea s general scoff or by-word, that shortly theywould mako theirruffs of spidors’ wob. M. Dinghen ut last took thoir daughters as her pupils; her usual termu woro £4 or £6 for tonching them to starch, and £1 for thoart of scethiug atarch.” s ‘With vogard to tho making of atsrch in thia country, wo find, ou rotnrning to the Blate pa- ors of ho reign of Blizabeth, that the monopo- [y of the manufacturo was secured to ono Rich- nrd Young, dosribod as o Justico, about the yoar 1688 5 il Docember, 1539, thoro wass prose- cution sgoinst an infringer on the patout. The subjoct of this was ** Charles Glead, gontleman, now rosident in Kont, found aud proved & maker of atarol at one Mr. Draper's, o gontiomaniu Bo- donwoll, in swd county.” Ar. Glead, it ap- peurs, did not =nttompt to deny the alloga- tions sagainet him, bul confessed thrt ho had &lso made starch ‘‘at his fathor’s, in Oxford- shire,” Indeed, ho had the hardihood o deolare to tho Queen's mosascngers that he would make otarch, notwithstanding any patont or other warraut yet gran unless it “was set down by act of Parliament. Wo heve not boon ablo to traco the ultimate fate of thin very refractory gonllomuu of Kent. Auather imsiance occurs about the yoar 1600, of tho anthoritios doacond- ing upon the tiouso of Osmund Withors, of Taunton, who way chargoed with s like infringo- ment, Tho toola used in starching woro called gotting- stioks, struts, and poking-utioks; the first two were mado of wood or bono, tho lust of iron, and Loated in the firo. By this heated tool, tho folds acquired {ihat acournto and soomly order which constituted the beauty of this very propoatorous attire, ‘Whon' tho uso of starch and poking-uticks had rendered the srrangement of & ruff casy, thoir sizo begau rapidly to incroase. Those both of men and women, writes Stow again, “bocame intolerably lnrge, being a quortor of ngfl:fl deop, ‘This fashion was called in London the French fashion; but whon Englishmen camo to Paris, tho French know it not, aud, in_dorision, callod it the English monator.” At this timo, ho who Lad tho docpest ruff aud the longest rapir was hold to bo tho groatost gallant; o proclamation wag thon issued against both, snd sclectod graye citizons wete placad at overy gato of London to cut tho mffs and broak tho rapior-pointy of all that exceedod a-yard’s longth in their rapier, or o *‘nail of o yard" in the dopth of thoir rfla. In 1682, rufls’ and gorgots, which were & modifi- cation of this attire used by tho ludies, wore probably in their grandent splendor. Rufts, in ther stiff and formal shapo, werocon- sidered by both soxes rather as tho demonstra- tion of o grave and demuro characler than an aid 10 bosuly. It was not loug after their introduc-~ tion that tho youngor ladics, disinelined lo_cou- ceat their goadly nocks frow tho eyes of their ad- ‘mirers, oponod the front of thoir ruffs, and ole- vated the part behind their heads, thus incurring the censure of thal worthy diascotor of abuaos, Philip Stubbs. A boautitil oxample of the gor- got, called, in moro modorn times, a whisk, is shown in Yortue's print of Elizabeth's visit to Lord Hunsdon ; hero you sac all tho youngor Indien, including tho Queen, with their nooks ox- posed, whilst tho elder ones submit to the con- cealmont offacted by the fore-part of the orns- mental attiro. 'I'he welght of this new articlo of dress, whon formed of & framo of wire covorod with the finess point-laco, was #o groat that tho *‘plocadilly"— 5 stiffoned collar ueed by both soxes to support thoir nock-ornaments—waa dovised, Bir Josoph Bunks, 1n somo manuscript notes on this subject rosorved in the British Musoum, writos that igglns, a tailor, introduced the improved picca~ dilly, and his doxtority in making this articlo of dreay brought lum into bigh vogue with the fair sox. s houso, adds 8ir Josaph, “stood on the north_sido of Coventry uireot, opposito tho ki ceneod gaming-house at the corner of tho Hay- market, vory near thoe begining of Plecadilly, which was then callod the Roading Road, and afterwards took its nsmo frow tho well-known iccadilly houso. Hous, In his *Everydsy Sauk." tolls & somowhat different story, but equally worth quotation, “Tho ploadil,” writes Lo, '‘was tho round hem, or the pioce et about tho edge or skirt of & gsrmant, whother attopor bottom; also a kind of atift collsr, made In fashion of & band, that went about tho neck and ruuud about the shouldora; hoenco the term *wooden piccadil- loes' (meaning the pillory) in ¢ Hudibras,” At the timo that ruffs and pleadils were much in feshion, thero was o celebrated ordinary noar Bt, James', callod Picoadilly, bocauss, ds somo ay, it was the outmont or’ ekirt-houso, situato at_tho ond of the town; but it moro prob- ably took its nome from ono Higgins, » tailar, who mede o fortune by picadila, and built this with a fow adjoluing houses. he name has by & fow been dorived from s much-fre- quonted houso for the aalo of theso artiolen ; but this probably took itu rise from the ciroume atance of Higging haviog built houses thers, which, however, were not for selling ruffu,” Yellow=Starched Ruffs, From the St, Lowie Republican, The effort making by fashionablos in the East to introduce yellow starch as o stiffening mato- riul for the Grnvnlllnn Tuft, rominds us of & 0o+ incidenvo, Yollow starch is not a new meg, o8 our lady readers may supposs, for on this date, two hundved aud noarly slzty yeara ago, the in- vontor of it was hanged by the nook untll she wae doad, Her name was ‘Turner, a vory besu- tiful and troacherously bad woman, and thereby haugd o story of historicel biography, which, Drieily told, I8 this | Robert Oarr, arl of Bomerset, was the favor- ito of James I, That profligats noblo fell in love with the oqually profligate Countoss of Es- sox, who Lad been” married at tho ago of 18 to tha son of the behesdod favorite of Klizabeth, The pair determined on & divoroe proparatory to s marrisgo, which Bir Thomas Over! who had beans Somersel's f1iead snd advisek, opposed. Sir Thomas objeoted to tho marrlage {or tho reason of the utterly depraved charncter of tho Countess, Bho dotormined to l;.ul this objection sside by murdoering tho ohfector. Itepresontations wero mad to tho King that Sir Thomas Osorbuiry hnd shown contompt for tho roynl nuthority.” Tio was commitiod to tho owor ; n now Govornor and_oflicern worn ap= appointed, the cronturcn of tho Earland Comnitoss, and an tho day befora the divorco was_granted, th-"lnomu Overbury died from poon, in his rigon. g ¥ Mre. Turnor, s woman of most desporato do- ravity,—formorly living In tho family of the F')ml of Suffollk as n dopendent and companion of his dnughtor,—proourod & slow poleou from Leanklin, an spobhiecary, and handed this ovor to tho warden, Woston, the Inticr undor Instruce tions from Putner, and through tho cognizance of Elwes, tho Lioutonant of thu Lower, ndiin- istored it Lo 8ir Thomna in his food in wmall dones, oxtonding over a poriod of montk, All tho eriminals woro oxecutod al Tyburn ox- copt tho Larl and Countoss, who wore Imprisonod for some years, nnd wors llunll{ pardoned by the King through foar of tho pubtication of somo disgracoful sceret, which Homersot held over him in torrorem, and of which no ono ucoma to know enything moro than surmino oven to this day. Lord Clief-Justice Coke passod sentonce of death on Mrs. Turner, do- clating that '*as shio was the invontor of yollow- starchod ruffa und cufls, 8o ho hoped that shio ‘would ba the lust by whom thoy would bo worn,” oud divected thnt she should be havged in that zttiro which sho bad mado 8o fashionablo, Ac- cordingly, nt tho sendfold Mra Tarncr, ** tho falr domon," was drossed In festive atliro with hor faco rouged, and wenring & nock-ruff stiffoncd with tho yollow starch, ~Porsous of quality in Iarge numbors wont to see the voman make ‘“a pouitent ending of it,” but that wna tho Inst of {ullo\v atarch in Eugland or anywhero olso, until t broko out as & fushionable whim in & new place bero, TRAGEDIES. A Womnn Shot While in Bed with Elor Children. From the Eokomo (Ind.) Tribune, Nov. 10, A lotter from Dr. A. C. Froomon, of Duons Vintn, says: ! Alarriblo murder was committod this morning (Bunday), between 3 and 4 o'clock, aight milos southwest of hers, at tho houso of Anusa Foull, on the Cicoro and Boxloytown Pilte, Mry, Foulk was in bod with the children, whilo Mr. Foulk was on_iho loungo closo by, Mrs. Foulk was wakoned up by » noiso, suppos- od 16 was tho childron, and ralsed up'in bed, when eho wag shot in tho loft breast near the honrt, Tho roport awakened Mr, Foulk, who jumpod up sud ran into tho kifchen to get oul of tho houso, when ho collidod with o man, Anothor shot was fired, tho ball rlnalug botweon tho elbow and wrist of Mr. Foulk's right arm, which disablod him. Ho suce ceeded in gotting out of tho Louse, when o ran to lis father's house, obout 40 rods distant, and gafe thoalarm, Ho_started for a dootor, while his father went and collected some of his noighbors. When thoy went to his houso, end beforo Mr. Foulk refurned, Mra. Foulk was dead. As foon as possiblo_thoy started in pur- suit of tho two mon, and followed them to wths in three miles west of thiy place. They found Mr. Foulk's packetbook on tho road, Thoy only got 81,60, Alr. Foulk had boen shipping lum- bor from Tiglan, 80 roport says, and tho suppo- sition s that the two men thought he had monoy." Lynching in Xansas, From the Eansas City Timea, Nov, 2. Two of n gaug of horso-thieves now operating in tho Counties of Buchanan, Platte, Clay, aud Jackson, aud other counties in Western Mis- sourl, woro tracod up by akillful detectives and capturod, onein 8t. Josophand tho other in Atchison. On Monday last the two thioves, Vilson Blair, and J, 8. Stitson, woro taken from tho Atchison County jail aud sent to Jofferson County, Kansas, whoro feveral horaes wero al- ioged to havo Dbeen stolen. The ncoused wero placed in tho jnil at Grasshoppor Falls under the gustd of tho Shoriff and a poseo of citizons, and woro deemod sato from further harm. Buta mob of poople, rockloss and indignant against tho alleged horro-thieves, appoarod before tho plaoa of goniinomont whute Biiteon end Blate woro hold under guard awaiting trial, and they wero taken thorefrom, escorted some distance from the town, and shot, Qutting u Man’s Thront, F'rons the Cairo (I1L) Bulletin, Nov, 19, On tho Mississippi Iiver, four milos above Belinont, thoro is & place inown to river meu ag “Lucas Bond."” or “Tur's Londing.” At thus point thoro is & storo,—a country storo,—shich, like moat all othor country atores, is uot dovoted to the salp of any ono partioular line of goods. Dry goads, boota and shavs, groceries, powder aud shot, and laat, though not lonst, whinky is sold at this storo. 'Tho propristor, Joseph Elug by namo, was doing s good business and accu- imulating considoravlo mouoy. Recantly, having moro ready cash than be dosired to put into his business, Mr. Klug purchasod s forty-ncre tract_of land. Tho purchase of this land by Mr, Klug in some way intorferod with tho arrangomuonts of o farmer namod - Washington Btrothier, who owned the adjoining farm, and the two mon bocamo bitter unnm?ua. On Monday last Strothor went to Klug's, avowodly for the purposo of sattling the troubio batween them. 'The twomon talked their troublea over, and agroed todrop all furthor ill-feoling with roforonco toit. 'hon Klug and Strother wont to tho rear ond of thostore room and had a drink of liquor togethor, Having disposod of the liquor, the two men started for the front door, and whon within a fow stepa of it, Strothor ntep- od brck as if to allow Klug to pass out first. it that was not his intontion—lo was bent on rovenge, ~ As thoy neated_the door, Klug o fow foot in ndyance, Strother drow from his pocket a huge knifo, and with one blow cut Klug's thront from onr to our. The woundod man fell to the floor and oxpired without uttering & word. Aftor committing tho docd Strothor stappod to the door, and wiping the blood from the knifo on the door jamb, left the premises. Iu a littlo while tha nows of the murdor spread thronghout the neighborhood, and a large party of citizons started in pursuit of the murderer. He was overtaken soveral timos, but boing mounted on & fleot-footed horso, succaedod in kaoping out of thoreach of his parsuers. County Conatable Russel, of Bolmont, camo up with once, and found hio was uccompained by two othor men. Ho orderad them to halt, but thoy turncd to run toward tho woods. Russel fired, and succaoded in wounding ono of the parties, who Lo capturad, ‘The wounded mnn stated that Strather was alao wounded by having been shot by some one furthor down the road, but that Lis wound was not sorious. At last accounts the murderer was at large. A Man Muardered by His Wife and Grandson. TFrom the Delleville (Kan.) Talescope, Mr. Jamen Rambo, living on Elk Oreek, in this county, was murdered on the night of Nov. 1, tho fact coming to light in the following mant nors About midnight of the date above mentioned, hiis wife, Ontherine Rambo, went to & neighbor's in hor night-clathes, and barefooted, and roport- od having & foss with her husband; and that he hiad shot off tha end of ber fingar, and cut her oar with a butohor-knife ; and that sahoe wanted somo ono to go and arreat Lim, s A Coronor's inquest was immediately hold, ‘which was followed by thoarrest of his grandson, John Drieln, and the deceasod's wife, %l(hurinu Rambo. Aftor they had been in oustady for a :nuplo of days, tho boy mads the following con- onuion ‘I'hat his grandmother and ha had boen plot- ting the murder for tho past six months, and that he Liad boon practicing with a rovolver for that purposo. That on the night of the murder ho took his revolvor, after tho old man had gone to uloop, and advanced to within a short dis- tanco of him, shot him in the baok of tho head— his grandmotherat the same time standing in- side the bod-room door. Aftor ho committed tho dood, Lo and the grandmother wont outside, and the old Isdy hold her fin- fi,“ around the treo while the boy shot it, inflict- g o flosh wound, Bhe then' had him take a butchor-knifo and out o _alight gash in ber ear, the objeat of all this bowg to ward off suspicion and oreato the impression that there had been & quarrol botween hor and tho old man, The hoy furtlior statod that be bad thrown tho platol ina+ pool of water, On senrch being made by tho constabla for the Elulfll. it was fonnd whero the boy bad directed him, with two of the chambora discharged. He also found the mark of burnt powdor on tho true, whoro the finger had boen shot at, socording to tho atatement mado by the boy. The butoher-knifo with which the ear had boon out waa found olose to the house coverad with chioion-feathers, Oloso by was also found a chioken's head, aud & ehort distance up the ?‘“h ehe bnd traveled goingto tho nelgfibm‘- Weans), and s little to anaslde in the grass was ound tho body of a chioken, A Woman, In a Fit of Montal Derango~ mont, Outs the Throut of fer Child, and Trics to Destroy Mor Own Life, From the Joplin (3o,) News, Nov, 13, On Tuesaay of this week, about 4 o'olock in the aftaruoou, Paul Marion left the businoss por- tlon of tho city for his home. He entered biy dwaolling and passed into ths kitchan, where most hortible aight which ean be imsgined med hingass. Thate upons the hilohes Soor, alde by aldo, awoltoring in tholr life's blood, Iay hia wife aud Infant “ohild, oach witk a” hotrible ganh in tha thront, and & razor; the torrible fu- strumont of denth, lying by their sido. Ho ruslied to tho door and called & noighbor, who haatily rot out for o phynician, returning wilh Dirs. Titus and Foster, “Tho Jittlo lnuocent bad nalrendy breathod its Inst, but the mather atill whowad algns of lifo, Sho waa placed upon o bod, whou it was found that her thront was bad- ly gashiod, but no important vessols wero rover- ofl, and the wound Wns not nocessarily fatal. "o wound was quickly ntitehed nnd bandaged, and everything that could bo dono was dono for ho unfortunato woman. Upon hor brenst was pinned an onvolopo, up- on which woro writtun tho words: ** Good-byo doar husband, I linyo tnlcon col—, and {t in oating me up.”" Tho unfiniehed nontonce could 1ot bs deoipliord, bub it in_ihought it wns iu- tended for calomel or coal ofl, 1t woutd seowm from thin that tho lndy, wholaa for somo timo _beon in focblo hoaltly, first xo- aorled to sorcthing interually, the exact nataro of which substauce Is not yot known, probably for rolict, or through n misisko, but which hnd tho offect to cauco & dorangoment of tho mind, during which sho commitfed tho torriblo dood wi&h tho l{M.ul rnza;. ostorday morning Mrs, Marion manifosted that slio had roturned to consciousnass, though #ho did not muth to spuak, During tho night ihe windpipo, which muat have boen injured, guvo way in n fit of coughing, d tho wouiid ; but, notwithtadlng tisis, Dy, Titas, tho aitonding phyuician, ontortains érong hopes of lier racovory, : Thio cbild was sbout 15 months old, and was ~ wn only child, . which aggravatol Lynching in Missourf, From the Carthage (Mo.) Banner, Nov, 13, Lost evoning about- dark a man, giving bis namo 1o Alfred T, Onan, and claiming to livo on Blioal Creek, in Nowton County, was hung toa Dlaok-jack tree, by a party of mon in disguiso, whose namos are unknown. Tho causo, as ro- lated to us by Ienac H. Fountain, Esq,, is about as followa : On tho night of tho 10th inst., two mon wont to J, A, Huntor's houso, four miles from Minoravillo, between 8 sud 9 o'clock at night, My, Huntor was in bed. Drs. Hunter wa up, Thoy rushed in with rovolvors drawn aud put themto Huntor's hoad and domanded his monoy; they then took his pockot-bool from bt pants, containing only abont 75 conts, snd broke open ¢wo or thrao trunks, o stand, and o table- drawor, and mado a goneral serch of tho houso. Tho soarch was not” very fruitful to tho rob. bers, for thoy only secured a pair of gold braco- lots “belonging to Mrs, Huator, bosidos the chongo alluded to, for thelr. troublo, One of the men otood guard over Hunter and his wife whito the other seurched the houso. Mrs. H. sagked thom it robbing was thoir businoss, to which ono onswered, * Yos, in hard times.” Whilo o prisoner, Blr. Hunter recognized bis guard as & man ho had scen that day in Minora- villo, g0 noxt morning Lo wont down to 'Squiro Tountain’s and sworo out o warrant for tho two mon by describlng them, Iunter won with the officer, and in o fow minutes was rewardod by soolng ono of tho robbors safe in the clutches of tho law, togother with four othor porsoMn who waro found with him, Iuntor recognizod him 84 eoon as ho saw bim, remarking to_Onan that *Last night you had mo; now I hava you." Yeaterdsy morning the five prisonors wore taken bofore 'S8quire’ Fountain, nt Miners- villo, and all dischargod oxcopt thio ono calling bimsel? Onau, who was bound over in the sum of 81,000 to appear_at tho Circuit Court. Nob boing nblo to gise bail, & team was prooured and tho prisonor atarted t0 this city to bo put in jail. Tho intention was to acnd tho prisonor on the train, but {ho guards having boon up the night beforo, woro n;lnn!), and let the train go by, po thoy bad to resort to n buggy. In abont’an hour aftor tho party loft Mincravillo for Carthngo, tho guards roturniod, and informod tho Justico that whon they bad proceeded about a mile on-the rond n party of nbout fiftcen mon, disguised end armed with shot-guns, camo into tho rosd, und, covering tho party with their wonpons, de- mandod and took tho prisoncr from tho wegon to tho woods o short distance from the road and hung him to a black-jack treo. It wan impos- siblo for tho guarda to resist, as tho disguised party *had tho drop ” on them before they could get out their pistols, and part of them kopt it, while tho others took Ouan sway. A fow ‘minutos only was ocoupled in oxecuting tho man and roleasing the guards, who roturnod as bo- foro atated. A Mr. Fouutsin camo to town to- day, to notily tio Ouraner aud the Grand Jury of tho tragedy, ho rode by and saw the dead body of Lis Jato prisoner daugling between hoaven and eacth, A Man Robbed znd Thrown into a Well Nintety Feot Docps From the St. Louis Globe, The following nccountsof a cruol and cold- DBlooded murder was receivod Loro yostorday : Tobp Spu1Nas, Col,, Nov. 12, 1873, W. W. Jrez—Dear Sir: 1 havo just amrived homo from tho hoadquerlors of our compsuy, which in located et Gurooy's Mill, and I have n ‘moat horrible story to communicate to you. Your sgon?, J. N. Watson, Lna been foully robbiad and murdered. Aftor corresponding with him for somo time, he camo hore day beforo yestorday. Do illustrato tho usefulness of the wall-nuger, he bored down ninaty faot, and our company, baing ploased with tho working of tho maohino, pur- chusod thorighte of this and four adjoining counties. We. paid him in cash #1,000, sud gavo him thrce notes on us amounting to 81,800, It gotnofsod sronnd that bo hnd this amount of monoy in his possossion, and Iate in tho ovouing threo mon, who ate, without doubt, tho murdorers, want to whore Lo waa stopping, pretonding thst they wished to purchinse some torritory, ~‘Choy mado remarks to the effoct that thoy doubted tho truth of the report that Lo had bored nincty fect in one day. They induced him to accompany thom to tho plnce whoro tho halo s, ono of tho mon carrying a lantern and cord for 'tho purposo, thoy enid, of moasuring the dopth themaelves. I'hat was tho last avor seen of poor Watkon alivo. We bad not, Lowovor, honrd that ho had boon missod, and oarly this morning we riggod np the auger for the purposy of going still Turther down in our prospecting. Imagine our horror whon the ~firat augor full” wag brought to the surfaca; it contained the head and a part of tho torn remains ot your agont. The faco was casily idoutified by thoso prosont. Whothor ho was dead when tho sugor reached him or not wocanuot tell, thoagh &#omo of the mon fancied tho body was yot warm. Ho was doubtless robboed and thrown into tho hole hie had bored himaelf the day befors. Of courso wo did not attompt to go any further, but, after eatiafying ourselvas that the romains wezo thoro of Wataon, \vnglncud the mangled parts. back into tho woll, and filled it up, It has cawsed Eraab excitemont in our camp, and I think we avo somo clue to the flends who perpetratod | the cold-blooded and horrible murdor. I feol’ cortain that tho robbers socurod the thousand dollara _which we paid your agont, os le told me that ho would not romit it until be got o an exprass-offico; but it is onr lmgrouulau ho mailed you our notes, as w bim have a lottor addrossed to the Welle uger Company, Bt, Louis, J. WILXXRSON. Thirtcon Stabs, From the Portland forlflml) News, The news of a tomible tragedy, which hag ended in death, comes to us across the moun- taine from Tillamook, Tho partios engaged in the desth-sirugglo wore o restanraut-keoper named Drost aid a half-broed namoed Nelsonm Mauxhuret. Hauxhurat has boon engagoed in tishing, eto., for some timo, and has been acons- tomed to mako tha rostaurant of Drost aloafing- laco, A is uatural for somo folks, a feeling of i«lmlou- hatred bogan to rauklo in tho broast of r. D, a8 hie noticed tho frequent vinits of Haux~ hurst to hia houso, and, ns ho thonght, tho fireufi plonsure it afforded his wifo to recelyoe “him._“Slowly the consuming fire burned, nntil one day, in a burat of rago, e forbudo his cnemy over snfeflng his louse, Lost Friday, Mrs, D, learned that the young man intonded to call at tho restaurant that evening, and sent him word not to come, ns ahio Lknew ler husbund and fearod tho troublo that would suroly take placo caso thofi over mot beneath tho eamo roof, nmindful of tho warn- ing, Hourhurst procceded to the houso about 7 o'clook in the evening, No sooner had Lo entorod thau Drost, with n menise yoll, pruug upon bim like a tigor, and began send- ing in'tho blows both thick: and fast. H,lsa young, wiry, and yvory aotive peraon, but the im- mouso strength of hia antagonist was too much tor him to copo with, Mr, D, had knooked him down ssversl timon, and was eitting upon him on the floor 'Fnuudmg him liko a striking ham- merin ropld succession, By some moans H, ot Lold of & largo butcher-knifo, and stabbed im thirteon timos, causing death'in a very fow minutes. , Witha groan and muttoring some- thing, he rosled and foll upon the floor in_ his own life-blood and oxpired, As H. aroso from the blood-stained floor, ho prosonted the most slckening might, Boarcely a square inch on his body or clothes could be ‘found which was no# saturatod with blood, But (wo porsons wit- ueszed the torrible affray, and they were the victim's wifo aud 8 man’ named Doan, Haux- hurst was arrested, bul after & proliminary ex- amination was diecherged, aa it way sscortained that he acted in noif-defonce, Drost having throatened his life on ssyoral ocassions, — —A b atoam-alar: neisting of {hres Aftomn-ineh Lk’ boan erecied o). ton i -lunhowh.l:‘un?, o B usky ( .).L“u -works, ::d. whea Dlowhy fAitfesn mi)