Chicago Daily Tribune Newspaper, March 2, 1874, Page 2

D ~ —_— TIE CHICAGO DALY TRIBUNE: MONDAY, MARCIT D) ~ 1874, fio enme timo tho nhllfl{ to pay of tho bank ihat issuon thom. It Is, indoed, provided that thoy phall ba rodoomnble on demand in Govorn- mont lognl-tondor notos, but thoroin roally, s Tur a8 I ean Boo, no inducomont for tho . holder of & National Banknoto to conyert it Iuton Govornmont legal-tondor, for the banl-notodoes {ust tho samo businoss, amd s just ns safo, a8 lio othior. Tho broaking of the bauk that iu- + eued it does not Injuro itk valuo in tho loast. - I Jnow yory woll thore was & promium on Goverunont legal tondors . as to Nationnl Bank notos durlng tho panio. What wns tho causo of $bat promium ? - It was an -uncallod-for, unrea- sonable fonr of tho country bauks that thoro wonld bo'n.run on thom for the conversion of Nmtfonal bank Notos futo greonbneke, But looking at it calmly, undisturbed by the wild influ- onces of a panio, thoro would not bo tho lonst inducomont in tho world to run to & Natlonal Bunk in ordor to convort the Nutional Bank noto into’ & groonbnek, Buoh things mayy indeed, talto placo “inpanics, but panies nover eau furs nish a genoral rulo to control the ordinary run of businosa, 3 ‘While in England, duriung the sus pension of Bpocio payments, tho conversion of o country Lank noto Juto & Bank of England noto moant tho convoraion of inforior curroncy into a supo- rior, a safor, and in 80 far n mora_valuablo on the couyersion horo of a National Dank noto into a groonback menns virtually the conversion of ono pleco of eurrency mto anothior which s JUST AB GOOD, AND NO DETTER, In England the relation of redoemnbility bo- tweon country bank notes and Bank of England notes acted, thuroforo, somowhat Jike the rolation of rodocmnbility botwoen o bank moto _and specto in specie- paying timos, But in this country tho rolation of rodcomability does not act in tho sanio way, becauso the two kinda of currenoy aro in all oasential particulars virtually the same, Thoe only thing that males thom difforont is the pro- vision of tho National-Bank aob that tho Natioual Bauk is to lock up in its vaults a roserve in greenbacks amounting to 16 per cent, if a country bank, and 16 por cout, if & city bank, of its bauk circulation, 3 Freo bauking, suthorizing tho issuo of any smount of National Bank notes, only limited by tho supply of United States bonds, would virtu- ally pormit an unrestricted issnoc of banlk-noica githout nug wywiom of practienl Yedsomabili, for tho bauk-notes would bo only nominally ro- deomnblo in Governmont legal tendors; whilo the two kinds of ourroncy, boing oqually safo, performing the samo ofiice, and furnishing for thnt renson no inducoment to prefor one to the othor, aro both equully irredecmable in fact, and form virtually ona aud the eame systom of paper monoy, - $ Sn{:’imsn now that tho onncimont 6f such n frec-banking Iaw results in a-largo inorenso of National Bank circulation, what will bo thooffect ? The Senator from Indiane says it will only make' things lovely, and not disturb values at nll. LET US SEE. ‘What aro tho causes which produco tho disturb- anco of values through an irredeomable curren- oy ? horo aro two. Tirst, Inck of popular con- fidende in tho jssuer of thatl currency ; and, see- ondly, the relation tho quantity of the ourreucy beara to the actual requirements of the busiuess of tha country, Tho first of thoso causos, tho Inck of confldenco In tho issuer, operated during tho war while the stability ot our Government was atill in question, and lionco tho fact that the fluctuntions of tho ecurroncy wont far boyond tho fluctuations that would bavo beon caused by tho rolation of tho quuntity of tho cwrrency to the nctunl ruquiromuutu of the business of the country. That cnuso, Inck of confidenco in the isguor, has not operatod eince the Government showed that it could mamntain itsolf, and aleo domonstrated its ability to worl in the diroction of u_vedemption of its linbilities. DBat, sir,— and I wish the Sonate to mark this,~that eauso will commenco to oporate again as soon ag the quantity of tho currency has increasoed to such on extent as to rondor tho ability or willingnoss of the Govornment, or of the banks ultimately, ;olredenm their promisos in public opinion doubt- ul, The socond cnuso—thnt is _to sny, thoirelation the quantity of currency bouvs to the actual requiromonts of the busiuess of tho country—will oporale as soon as the quau- tity of cwmroncy in circulation is in excess of tho actual requiremoats of bysiness, aud that effcct will grow more extensive g sho volume of curvoncy is incronsed. Aud here, it seotns to mo, it matiors vory little whethor tho iuflation of the cmrrency bo that of the logal- tendor notea or the Nutional-Bank notes, only with this differonco, that, as I admit, an inflation of the National-Bank notes will bo 25 and 15 per cont, respoctivoly, loas offcctive, owing to tho omount of grecnbneks to bo locked up as bank TORCEYUS; Luu vithor hind uf INMAtION, lu iy opinion, will run up the gensral pricos of com- moditios, of gold among others; will stimulate specnlation, and spcculation will 'hava the samo offect that it had boforo. It will draw the cur- rency awiy from tho channels of logitimato busi- nesy aud concentrate it 2t the groat contrps un~ der its own control, thus proparing the way for NEW COLLAPSES AND, DISASTIOUS CRISES. These breakdowns will * Lo the more disnstrous the greater tlo inflation of the curreucy has boen. Now, sir, Idonotwish to be undoerstood as being absolutely opposed to froe banking under any circumatances, - I should bo inclined to voto for it if it be coupled with an cffectual system of redemption. Of vourse, redemption in specio would be the mout salisfactory to mo, At pres- ont, redemption menns practically nothing, It eccomplishes only the locking up of & cortamn percoutage of the greenbncks for a purposo which is only apparent, and which mght practi- cally be nccomplished by locking up the same amount of bank-notes, Itedeemability, as it now is, might becomo of importauce ouly in the ox- treme case of violont and extonsive fluctuntions in tho markot value of our.bonds, such as might ho cnusied by the very improbable contingency of a foreign war and_the consequont incronso of our national debt. But now, in the ordinary run of business, redomption undor our present lnw hay no restraining ivfluenco upon tho workings of our currency, oxcept locking up a. cortain umount of groonbacks. A restraining influenco, however, might bo im- pated to it, even while.wo aro under susponsion of specio paymonts, by establishing botween tho Governmeont legal tender aund the National Bank note the snme relation which in suspension times oxisted in Boglaud between the Banko! Englaud note and tho country bank note thove ; that is to Bay, if we give the Government logal-tonder note & sphero of action BUPERIOR to that of the Natiounl Bank note, This might bo done by repealing thul part of tho Notional Bauk et which provides that tho National Bauk currency shall' boa logal tonder in payment of taxes and other dues to the Goyernment; and tho system of redemption might be mada offoct- unl by establishing assorting-liouses at the dif- ferent business contres of tho . country. That, I think, would increnso tho demaud for fironuhncku In cantradistinetion to Na- tionnl Bapk . npotes. I would make tho convorsion of National Bank notes into groonbacks an object of desira in the ordinary run of business, and it would oblige the issuc ot Nutionnl-Bank notes, if thoy nvo to remain at pur with groonbneks, to stay within the linuts proseribed by tho possibility of redemption, made offectunl by the establishmont of ussorting- houses. Ifhrow thuwoutasa suggestion to be consldered by Sonators. In thot way 1 think froo banking might bo kopt from rinning into inflation, and I should bainclined tovoto for it. But without such n provision free banking, in my opinion, will ro- sult in iuflation ; and.1 have shown thab an - fluation of virtually-irrodeomable National-Baule cuwrrency will, fivst, not remedy the avils which are compluined of in tho West and South, but rather uggravate them; will not gife thom n lasger amonnt of loanable money, but soriously reduce that amount; will ™ not. destroy what has boon called tho banking-mo- nopoly of ~ Now Englwud and ~Now York, but rathor confirm and. strengthen that monopoly ; and, secondly, if & froe. banking act such us is proposed, witliout an offcctun! system of redemption, londs to the eslablishmont. of many now banks of issuo na desived, it will havo its elfoct of influting the currency just at the ::luulms of speculation; all the ovils of infla- on " WILL INEYITADLY FOLLO ; that is to kay, violont fluctuations of valuos, over-specutution, aud gambling on a larger seale than ever, until n now crash comes, wlich new crush will bo the mora disastrous the greator tho intlution hns beon. Now I desira to nddross a word to the Sennto concerning the offcet such a Yulluy will have on tho rates of interest. I saidinmy fhut spooch on this subjeet that the inflation of an irredeem- ablo currency will not reduce but will raise tho current rates of intorest ; and that proposition haw beon questioned. The Hemator from Illi- nols (Mr, Loguu), went fnto & disqulyis tion on tho laws of domand and supply, nud tho Senator from Indisun (Alr. Morton) dis- yosed of the subject by- the somewhat jooular remurk that 1f more mionoy were put iito tho matkot it would become chonp, just as if mora horses and hogs wora put into the market horsos and hogs would become chonp. T uuggast to the Bonator from Iudiana that tho horse-and-hog argument is not quite sufllojent in this case, Il has only shown'in thi inktance, as in many othors, that ho doos not appreoiate the differ- ence hotween eapital and curroncy, opeclally ‘Why will tho inflation of an Irruflnumnlllornpnr eurroney ‘not_lower but raino tho ratos of Intor- ost? In tho firat placo, In doprecinting the onr- renoy, it will mako n largor amount of curroticy necgseary to porform tho' samo transnotions in Dbusinoss, and tho aggrogate amount of intorout which you would have to pay for the sum you want for tho samo transnotions would noces- snrily bo larger, I'hat, I think, {8 obvious. Au tho second placo, whon the curroncy is inflatod . T INCITES BPECULATION AND GAMBLING, This fact s 5o notorious that nobody quostions it. Spoculation and gambling, dealiig in: Inrgo vontures and working for vory. lurfio profits, in- duco, sud in most cnues foree, thowo ongngoeld in thom to pay high rotes of intorest in order to obtaln the money with whioh to flont their speculative entorprises from which tlmf expect such Iargo profits, As soon na spoctintion rules the monoy markot, tho rates of. fnterost will thorofore nucuusmlfy rino, and logitimato bugls noss, from which money is diverted by specula- tion, must conform itsolf to thowo high rates in ordor to obtain tho monoy which it noods ; and heuco a gonoral rldo of ratos, Dut still snother olemont comos in hero to prodnce the samo offoct, and that Is the elomont of riak, When an irredeomablo enrrency I8 in- flated, it doprociates in valuo, 'I'ho capitahiat who londs out monoy must take that contingon- oy into. considoration. Ilo.lns torun what I Lavo already enllod ' THE GAMDLING TIBK, Now, supposo_tho Sonntor from Indinns had 100,000 to:lond out, If hio wora asked to lond it out, say on throo months, le would have to consider whothor nt tho timo whon tha loan will. Do roturnod to hum his £100,000 will be worth na much as whou he lent it out, The currency be- Ing inflated and du[lm\clnuon being tho conse- fllmmm, ho will ask himself whethor tho paper ollar, whichiin, sy, ab 10 porcont disconnt to-dny, will not bo nt 16 por cont discount when he gots his monoy back. ~ Undor ordinary elreumstancos, with n currency of stable valuo, ho may bo will- ing to lend out monoy sny né 6 porcont por yonr ; but whon o in exposed to tho'chance of losing in throo months G or cent, or in ono month por eont in tho value of ‘tho money fuvestod in tho loan, thon lo . will cortainly not bd willing to lend out* that monoy at. one- lolf "ot 1 por cont n. month, for the simplo ronsou . that it would be n‘losing business to tho nmount of 1 and 114 per cont n month. What will ho do, theroforo? .Ilo will in ull probability not bo disposed to lend out hig 100,000 on. throe months’ time at all, Ile will profer to lond it out on eall, in the first placo, so n8 to bo able to put his hand npou it as soon ns tho chonces so turn that o may loso by leaving it out longer where lio ing put it; but oven thon Lio will want to covor his risk, and ho will dothiat by doranuding a higher rateof interest, sufliciont to cover that risk. anco it is that lonns on cnll aro preferred, and a highor rato of intercst is domanded by Jendors to coyor the gambling risk, undor the influonca exorcisod by an irrodeemn- Dblo currency, whick, by its fluctuations, rendor tho vnlue of tho monoy ivvestedin o lonn in- gocure, Gontlomen complain that money cannot bo Tiad oxcopt oncall. .Thoro is nothing surprising in this. Thero aro, under such circumstances, uro good reasons for the unwillingness of lond- ers to put out money otherwiso than on call; thoy aro tho following : -a lack of confidence in hutwaon, cuEitul and an irredeemable paper cur- Fenoy, 1 hall try to make mysslf olear, the stability of busincss ; and, secondly, tho growing depreciation of our papor monoy in- cronsing tho gambling risk, But if wo inflnto the currenoy still more, the premium on gold will riso still highor ; and tho ovil complained of a4 to loaus will not only not be remodicd, but WILL BE VASTLY AGORAVATED, The fact that at the presont moment loans nre comparatively easy in tho monoy market. has been reforred to a8 contradicting this view. It doos not contradict it at all, The crisis bns crip- pled ontorprigo gonorally, and especinlly speen- Iativo enterprise. Speculation has bad no time yeb to recovor aund to produco its offects. Monoy is plonty in proportion to the -pros- ont limitod. requiremonts of business, and although we have had an addition to tho cur-~ roucy of twonly-fiva or twenty-six million dol- Inrs, yot much of the monoy thnt makes up that addition, and more besides, is at tho presont mo- mont lying idle, ‘Che addition has not oxorcised its influenco yet, but it will, without doubt, ox- orelso that influence and produco its offact soon. Spoculation is ‘alrendy reviving ; we obsorvo it in tho very Westorn markets in tho grain trade. It is reviving in Now York, as everyiody socs, It ig roviving rapidly. If we intlato the curroncy, wo_ghall havo much more speculation than ywo lud boforos -and with it, and with o further de- prociation of our paper monoy, sll the offacts upon the rate of interast which I hnvo stated will rapldly appear, with all their opprossivo consoquences; and thon thoso who .clamer Tor iudutivn in order to givo ' cheap monoy at_low rates of interest to the peo~ plo of the Wast and South will learn to their sor- row that irredcomalle curroncy is indeed not tho poople’s. monoy, aud ihat by extonding and strongthoning that &mrmuiaus syatem they have brought a curse, and- not a blessing, upon thoss whosg interests thoy protond to serve. A few dnys ago I received from o friend in Eu- rope A JOST SIGNIFIOANT LETTER, to which an answer was -requested. Tha writor i8 a.merchant who dosires o rotire from busi- ness. 1lo writes mo to this offcot : “T can real- izo out of my business several hundrod thon- sand dollars, nud should like toinvest,my mouey ab a good rate of intorest. I have thought of investing it in tho United Statos on mortgago so- curity, which, as I am informed, bears from 8 to 10 por cent ; but I learu also that you aro likely to inflate the currency in.the United States, which, of course, will rosult in_deprecintion, I would now ask whotbor it would be safo for mo o make such an iuvestment in mortgage lonny in the United States while there is o chanco that fuur logal-tender moncy may doprociate so that would lose more by tho dopreciation of capital inyosted than I would gain by the intorost I might got.” 1 nek the Sonator from Indiana what answer would ho give, at this momeut, to that gontle- man, who wauts to_sond soyeral hundred thou- sund dollars to tho United Statos in order to in- vest thom lioro ? 3 Mr. MOITON—I will answor it aftor a while, T think to your satisfaction, llh'é SCHURZ—Will not tho Sonator answor it now 3Mr. MORTON—No; not-now. Mr. SCHURZ—Ho will probably glye the same answor that the Sountor from Illinois [Mr, Lio- [.'nn] Liag just given in an undertone, *Writo hint to soud it on. TLet me tell Bouators thak wu cannot very woll oxpect forelgners to send along fhioir monoy When tho cizuces are hat thoy will sutfer loss in cousoquence of our own financial policy, Sen- atora oughit not to concoul from themselves thut the credit of this country has [ MOST SERIOUSLY SUFFE) by the malo of stocks in Lurope whick hive turned ont 10 bo worth far less than they wero ropresented to be., 1 consider it my firat duty us n citizon of the United Btates, ns an Amorican, to deal fairly and honesty with the forelguer as woll 4 with the conntryman; aud s a4 an American who Las the honor of the country at Leart 1cannot aflord to induce a foreigner to {nvest monoy hu a venture concorniug whick I hinve such good reagon o fear thutl t will bo nliwlux business,, Islull toll that gentleman, “Send your money herd and tell ull your friends to send theirs us soon us we entor upon u poticy thut will bo directed toward specio paymonts, for then [ shall know that tho valuo of-the capital fo fuvestod will bo wafo; but I should not consider it honest udvice, did I tell him to convert his gold into OUE paper;monoy, us long na thero i dangor that the Paper monoy might bo deprociated by (nfiation, Mr, CAMERON—I trust tho Seuator will allow me to futerrupt bim for & momeut, Mr, BCHURZ~Certsinly ; with great pleasuro, Atr, CAMENRON—Docs ho Lellove o will Lo swine dling his German fricnds by advising them to send ol mouey horo and invest it in mortgages ipon gooi Tunds, and good liunges, aud good buildiugs bLero.? Daes ho bellevo that alt the peopla in this .country ure Aeoundrols, uud that thoy want to got tho money of Europoe Liera upon dishonest and frawduleut ropresent- atlons? Mr, SOHURZ—No, sir, ; Mr. CAMEION—Doos Lo niot Imow that thors §s no part of the world fu which monoy upon first morigage Tipou real estate i 0 xfo, 80 wovure, au it §s in tho United States, und fu overy purt of tho United Btutos 7 Air, BOIUNZ~Yew, air s I kuow all that, T know that for mywlf T would abk for o better scurity than & ortyagd ou real estato I tho Uuited Stated; but 1 luow olto, a8 ovory oflor Heuntor kiows, thut if T hud to invest $100,000 to-duy, with tho pros. yicel of un fntlatfon of our curroucy, thiat $100,000 to ho add back to o i two or thrcu years, when thio premie 1in on gold ay not be 10 per Gent, but 50 por cont, T would bo likely to “ LOKIE NEANLY ONEAALY OF MY OAVITAL, howover guod i sonrity might have been ou’ which that capital was nvested, 1 would nover Lesltato to toll Enrapoans, Bend an ‘much 1onoy s you can ratwo to uid us I developlug our resonrees und o profit by ¢ yoursnlves," as soot as our miouolary aystun 10 uch in fo glve thom roa- sonublo seeurity that when tha lone fall duo thoy wil ol tlio gamo value back which thoy investod, Now, let mo tell (ho Bonator from Ponusylyauln T wwas 1 Europo Iast year, uud tho peoplo thero have bo- gt undorstaid (e thiug ov voll ag o do. Wo must not indulgo in tho delusion-that foroly capituliats will bo cager to run the riske whiloh o fli Suatiog gurroioy fapoies upou thora i notbiug s nors untural tinn that, whilo wo v it cussooy muny investmonts of Europesn monoy are withhold which atherwisa o mfght oxpoot, In thly respect thio churacler of our curroncy mish nccossarily fullict u Very sorlous injury upon us, Mr, OAMERON=WIl thy Benator allow mo to ftor~ Fut i et 7 15 BOUUI optauly, Ar., OAMERON—To Sentor from Misaouri statod papecial cus of a dorimun felowd of ik who sald ho had twoor iras lindred thouaud dollura Whish, Lo ort deairod to_ mond oro to fuvest” {h mortyugos, gagow hosn tho kecurlty of reul ostate, upon Which o i told 1o conld. got § or 10 por cont, Now I want to confiuo tho Bonator to that spocinl ¢ase. I danot bollove auy keourity in tho world cau ba Dottor than that, nud 1o oitizon of tha United Btatos, no subject of Gredt Britolu, or of auy othor countey iu tho wWorld thnt sonda hin monoy Nero and {nvests it npon s honeat martingo, s ovor loat conty and 4f hio can geb Bor 10 yor cont, 1t 1a twico ns-mitch on ho conld ot In Gerimany or Inany oftior country of tho Old World. I want tho Sonntor to confino himelr to thnt cnno, Hocawso T do not want tho credit of my cotn- try deatroyod by roprerchtations - coming from -n Sénitor o, diatingulalied 8 tho_Sonator from Mis- sonrl %, ot 60 ably mud 5o largely connootod ns Lo 18 in Europo, Ar, BOHURZ~Tho Bonntor wants mo to confine my= acif 10 (iat ono cnse, and I rhould-desir-nothiing- ot~ tor, Horo s o mn ho aks mio, * Oun T, nt tho pren. ont momont, send avor soveral indrod thousandglol. Jara to o Juveated i martgogo soourition In tho United Blates, with nafoly as to. tho valie uf- my capital, whils you liava n fluctiiating, {rredoemablo paper monby 7" That gontloman wants to profit by tho rates of Intors est fhore provalling; but abovo all things he wauls to Bovatho & VALUE OF IS OAVITAL, BECURYD, Howill ot distrut. tho, moriage, bt ki wantn to laiow whothior, when tho dobt falls {iuo, the vatmo nime ber of paper dollars roturned to him will ho worth i gold na mitich us they woro when o mudo tho loan or mortgago. Mr. UAMERON—Tiio incroaso of roal ohtato is al- wags oqual to any doprecation of tho airranoy. ir, Jiut, air, tho Incronso of real eatato 1u ‘valtto docs ot Inercasn tho amount of thamorigage, nu tho Benntor knowa, Jual na woll as overy clild i tho conntry mows it “[Manifestations of applauso in tho galleres,] The PRESIDING OFFICER (Mr, Ferry, of Michi- gan, In tho ehalr)—Ordor | 3 Mr, BOIIURZ—And, thoteforo, T say so long as the foreln fuvestor caunot bo -surs that” he will hnve ro- turned to him the swme nmount of capital ho will not anvest ; it 3s uscless for gontlomen to vioso thelr eyes to s fnct. 14 8 onoof tho repis mpriuging froi our Irredocminblo puyor motoy, 1t 1s a0, and it cannot bo otherswlso, If tho Senator 1 answered, aud I think ho Mr. OAMERON—T donot {hinkT nm nuswored at ol but 2 shall ot futerforo for {hu present with (e crntor, . . DI, SOHURZ—IL tho Senntor wanta to put another anestion to mo, I sball bo vory rondy to answor It, My, CAMGRON~I am ready to any thnt tho Soantor lina_ nob hegvored my question ot all, Tho special propasition 'was that tlioso pooplo expeoted to put thelt motiey In morigages on real catato,. I aay that no one b lisa ovar [nvealad ipon » it marigug o prop- erly at ourrent rutes In this country hoa ever lost by $ho fuveatment, . Nr, SOHURZ—Tho Sonator cannot hava so com- Jlotoly misiniorsiuod mo na to thinik that T expromnod lio- lennt donbt- of tho safety -of mortguges in the United Btates, If T were worth $10,000,000, nnd had 1t all to fnvest in loans, I would ask for o botlor se- onrlty than mortgagda on real cstatoin tho United Hlutes, ‘Tho question fa this ¢ whothor a mnn_fnvest- ing n cortainaum n_mortgoges, when Lo rotires hix cupial &0 or threo yoars Liotice, will not by the do- preciation of the currency- : ° LOSF 20 0n 30 on 40 PER OENT. of tho valuo of Tis capital} whetlier thio dollar that he inyeats now will bo worth Juot as much when that dollur willjzbo rofurncd ‘to i, Tt s tho quos~ ot q BIr. CAMERON—TI iay yoa ; and T ask tho Bomator this questlon : Doos 1o bolicto that nny -man who fu- vested $300,000 in 8t, Louis for threo yeara could have lost by i, or lias lost by it, undorany cireume stances? ’ Mr, SOHURZ—Tho Scnator from Ponnsylvanis s an old fibaneler, and a vory succossful onu, -1fo corfniuly Kuowa thiat, Whon an irredconinblo curroncy is infioted, #ho offect Wil Do §ts dopreciation 3 that, when Lo (or day can_ buy a dollor in gold for 11241 curcency, i wo oxpand tho currency at tho rote of 100,000,000 or 200,000,000 more, ho will bave to pay $1,25 or $1,00 fn ourrecy for u doilar in gold ; '1n ollicr words, whils n dollar {1 currency nny bo worth 88 centa in gold, if wo intlato the currency i may be worth thon 76, or 70, or 00 cents : and, old and succossful financler an tho Sone ator {8, he is°'too world-wiso not to understand that, when ' inyest 80 cents and got._only 60 cents bnck, shult ban losor by 90 conts, - {Manifestatious of ap-, ‘plavso i tho gallerics,) Thio PRESIDING OFFIOER—If there fa any moro dtsordor In tho gallerlos, {ho Chalr will order thom 1o Lo cleared, 2Mr. CAMERON=-r, Prosldent, I am too old and t00 wiso (v allow tho Scnator from Missourl to got off tho subjoct T'starled upon, I sholl not contend fn words with him, 1o can beat me thero n thousaud to ono, But I bring Iim down to his ansortion that ho could ot afford to ullow his forelgn fricuds to como hora nnd Invest money upon mortgage, I say b wos wrong fu that ; o wis depreclatiug tho oredit of tho cauntry and dolng a wrong (o the counlry which has adopted him and honorod iim, Mr. SOHURZ—Thcro aro othier persons, T fear, who aro dopreclating tho credit of th conntry, Thoy aro thoso Who want to.contiutio o mouvy uystom which lntroducos falo all transsclious of busiess tho elo- mont of CITANCR AND DEOEPTION; amoney system which by that decoption fnjures not only tho forelgner who may fuvest bis funda hore, but our own peoplo; a system of irredcomabla -paper monoy which Lna time and aguin. fallen tnder tho contempt of clvilized mankind. Those, Ieny, aro deproclating tho crodit of tho conntry who it tho very midst of tho ninotecnth contury, with li tho lights of miversnl cxperionco around them, sthil strive to maintain, o confirm, and to perpotuate'n dis- graco ko thut, T'tell tho Senator fromn Penusylvanin I can thinle of nothing that would be botter caloulated. to clevuto tho American character and to ralse tho eredit of o country fn tho eyes of the world than o upeedy dellverance from that systom. Why i i, T would aek I, that tho national bonds of otrs, than wlich thero in ho-botter ecurity in tho world, do not rlso ligher than they havo dono? Why a3t “they o 1ot keop paco, in proportion {0 the respoctiva rates of interesl, Witk tho beat of Europonn socuritics ? Slmply Lecauso os long us wo havo thin falso systemn of irre- deemabila monoy thero fs il lurking fi the minds of mou secrol auspicion that, by somo- trick or other, tho national dobt moy &tiil Lo _paid off with dopro- clated greenbacks; and when 1 say that, I know ‘whereof T speak, for I heard it o hundred tites, tomy own shiumo and to thut of my country. Iknow tlint auspicion I8 wrong, absolutely groundloss; but I cone slder it ny duly, us a candid 1, to toll you that such & nusplcion oxlite, T bave now indlcated how tha eredit of my country can bo ralsod and how it i3 de- preciated. e Mr, CAMERON—I? tho Benator will allow me, lio la agaity wrong, in my estimntion, It 48 not bocatso of tlie doubt of our credit, or_ our oncaty, but it {8 be- causo of fhat natural feoling fn tho Luman mind that trust thoso securitics that are nicar to them, - Thosmall monoy-lender fu Germany will loud. to & man ju his own ward for less inforest than o will {0 mun Lving u milo off from him in tho swmo city. 8o the pooplo of ¥rance tend their monoy, uud 6o do tho peoplo of En- glund lond t at homo firet, It s tho surplus, which they cantiot invest scourely, that thoy Rend hero, Iio- aides, 3f Lo wants_to muka his morigago securo, it fs very easy to mnko the hntercat payablo fu gold, Mr, SOMURZ—AL ! thiero wo como to it. Let ua BIAIE IT ALL PAYADLE IN GOLD § that 13 what wo aro contendiny for, lr, GAMERON—Tho differctice betwoen the Sen- ator and mo fs, that_ho_ distrusts tho intogrity of tho Amerlean people, - T Loliovo that the.poopla of tho United States are fust os honest as any otlicr _peoplo in tho world, aud I kuow that they have pad- thelr debts as honestly a8 ouy other peopledn the world ovor paid theirs, -Mr, SOHURZ—When the Senator from Pennsylyn- nin says that T have said anything to thicir discrodit, or reflected upun the honesty of 1tho Awmerlcan peoplo, 1io says (hat which lio onghit toknow s uot corzect, -1 Lave gald nothiny of the kind, Mr, CAMERON~—I only take your words, Mr, SOHURZ—I hava itot uscd such words, T havo sndd that - an irredeomable currenoy 1s & dishouest monoy ayatom. It has beon atigmatized as uch by tho bistory of tho world, Mr. OAMERON—DBut you talked sbout trickery in 1ts puyment, . ) Mr. SCITURZ—T 5aid {bis : that If wo fnflato the cur- rency, the vatie of mouoy will bo depreciuted, Is tho Seuntor from Penusylvanta tho man to deny 1t7 Doca Jie not know it Just s woll a8 I do? T ho not too well ~orsed fu addition and sublraction not to know that 7 ut tiero was oue romari which foli from the Senaw tor from Ponnsylvaniy which : TPALLY BURPRISED AR, Hosald that thio peoplo of Europe taolk hold of only ok Joa i ws woro 1n - thielr Smrnediole nclghborhood, Has Do -forgotlen ot during our war hundreds of miillons of our bonds went into Germuny, und woro Teadily (aken thero, whilo tho destinica of the United Htates wore stsll trémbling In tho scale of battlo? Hus ho forgotten hot7 Does hionot know that the Euro- pean countries lisvo beon fairly fluoded with our rafl. soud ecurities 2 _Gan ho count {ho millions of capital that camo from Raropo, with which our euterprises wero floated, that could siot find ready und sufiiclont capital at home? T Alr, CAMERON—The Senator will not represont mo fulely. T uald that tho poapla of Eurouo seat thalx monoy horo after they lud fuvestod all thoy could profilubly at Lome, ‘Thoy soud it for profit. I suy that tho people In ‘the {mmedinto nelghborhiood in & ninglo city woull lend {hele monoy miore readily to thelr nelghliors tiun (uey would to” othors at - dis- tance ; and lio knows that o man lving i 8t, Loufs to-day would rathor lend monoy ntn loss juforcst to 1icopls {u Bt Louls than he would to & mnn in, Ponne Aylvaniu of whom ho knew nothing, But the Benutor Leats mo in words, and I glve up. v, BCHURZ—T thiuk 1f i tndood uscloss to quarrel about triflcs, 2r, OAMERON—I hinve too much reapect for you to quarrel with yau, ok i Mr, SHERSAN—T wish to rocull fo my friond’s i n fuct ilial s known to me, and uo doibt known to him, tiat on nccount of tho wicurtuiuty of tho value of our Jper monoy, its_constant approcintlon and de- preciation, luc-toiths, perhaps ninoty-nine one-hun- dredths, of all the lons now mude b Buropo to thia nonmr{. boths prineipal uud intercst, aro required to o paid in gold, R Bir. HOLURZ—It 14 fact s notorlons ns sunlight; und thorefora 1 vxpress my surpriso that 8o oid i fuancler g8 tho gentloman from Pennsylvania should quustion it b tho least, Bt now, ir, Lo rotur from {his digrossion; and T Hope 1o Benatur can Liuve 80 grossly misconstrucd mo u6 10 heliuyy that T over -thought of questioning. the Lionosty of tho Amerlean charactor, for I huva it moro at heart thia those who advecato tho futlition of thy gurrency, T Wil 0w say word ubout tho geuoral aw GOVERNING TP RATE OF INTEREST, 3 ‘Tho rate of Intorest—and I desire to dmpress this ese peclully on thoso of my Southiern friends who tho othe or day nsserted that 3t “we could only furnisls currency enougli tho rute of futerest wonld hiecomo ua low, 1 {hink it was inoorygly, us in London, ‘The rato of intereat at any given Jolht by rogilated by tho propor- tionZof the nmount of loanable canital- existing or ute {ufnabio to the demand for the vso of that capital, Loanablo capital 35 that which porsons possess boyond thoumount ueed by themscives i production, Whore the amount of lontiubla capital {5 largo, thora the ruto of intereat will bo low ; und whero the amount of loane abts capital {4 sruall, there tho smount of fnterest wiil o high, But losunble capital §s the accumulation of snrplus eavnfugs, It {8, therefore, tho growth of time, Tiunico, fu_cominunitios_whero productlon, labor, and tho acotmulution of surplus carnlugs have gone on but @ short time, or where such uumuulllflmll hiag Loen destroyed, 88 by war, the ratos of interem sre gy L ounaty a0 U (o weceseary acoume lution to lower thom lu offected, Tho other duy T receivod o letter from Omahn, in Nobrasks, complaining very much that futorest rangea there ut 12 to 94 per vont, whilo in Boston snd Now York, as the lotter stuted, & ranged only from 6 to 8, That {8 undoubledly true, In Now York and Doston o can lionr oxnctly thie game complaint, that fntorest ranyos. thero from - to 8§ por cent, while i London ud Ambierdam 4 rangen from 2 to 03 and thia roason of tho diffcronca betwoen Omalin and Loston, nud be- tween Boston and Amaterdam, I8 EXAGTLY TilF AAMP, In London and Amaterdam thoro oro lnrge noumite Intionn of lonnablo capital ; couturies hnvo hoen mpent in piling it up ; Inrger- nocttmulntionn of Inaunblo cap ol than in Neww York and Boaton. _And in Now Yok and Doston ther aro largor neoumulations of loanablo ganial; o tho growih-of coneurics; - than In_Omaln: i Nobrasks, ot In Hountbal fn Missourl, Now, if wo could tranaport the ncournulation of wenlth ulnllm‘ in Amstordam and Tondon bodily to Now York nud Boaton, then the rato of fnfercst ot tho Intter places would 1ot bo any longer & and 8 por cout, but it wonld o303 per cent.+ aiid if wn could trahaport mll tho aceumnulited wonllh of Now York and Hosion to Oma- ha nnd Hannibal, then, in all probability, tho rate of inlorest thero would ecaso to bo 12 to 24 por cont, and it wonld rango nt 0 to 8, Bt thio mmo effcet cannot bo producad nny ofher way thun by the gradual creation and ncoumulation of weilth, Tiio necumulation of eapltal and conscquont Tow raica of Interost aro tho restlt of tho work of gone crations, It canuot bo crosted by (e oatablisimont gL Loy or by o s of pajee monoy : aud tho {doa that it eait bo dono by tho priting of drrodcome sblo papor moriey sonbaurd, tlat overy bnby can soo it BUIl maro proposiorons’ Is tho fabulous notion tlint wo can fsauo papor monoy onough to_cotiro to ovory lody who wanta it aloan, or to discount ovory man’s sioto ot a8 low rata of {utorost a8 Lo deslrc, 1t 1a indeed Inorediblo that such proposttiona_slionld bo orlously ndvanced and_advocated on tlio floor of o Sonalo'of tho Unilod Biates, Wiy, wo mnight woll in tho shiorlest way solve tho problom by saying : Let avery man fssue hin noto for hia ‘dobts, past, pros. ent, and prospoctivo ; and thon lot us ouact a Inw AAKING THAT NOTF. LEOAL TENDER, {Laughtor). And now, eir, whon I havo domonstrated )y fact and renson,so that evory ehfld might wnderstand tiom, propositioun 1ko thoso, that espital and ourron- ey aro o very differont things ; that tho woalth of & country {a ot augmontad by priuting more papor monoy ; that when popular confidenco bt tho fesua of rredcomablo paper monoy 1a unimpuired tho constant dopreclatiou of that paper monoy domonairatea its oxtesa in quantity ovor and sbova tho real .requiro- ments of legitimata busineas ; hat such & onrroney ny I tlo ngareguto be supocabundant, sud vol ni instifliclency wny be folt in certaln localitics atid cor- tain Urnuelics of business in- consoquonco of n viclous MTusfon ; that this vielous diffusion, allx‘luqlnu in part from tho natural offects of an {rrodecmablo and Fodnndant ourronoy, cannot b cured, Lutwill only bo sggravated by 'iuflation j thot 'tho gambling rigk, " fnsoparable” from on lrrodoemabio nnd fiucluating otrrency, Vill drivo up prices as woll a8 tho rates of interoat ; that tho rate of interest de- Jondn on tlio oxlsting amount, of real capital tn » onnabloform, nud its propartion to tho domand for the 1no of that capital, and can, therofore, 1ot bo lowered Dy nat fuflation of nu frredeomabla eutrcney, bt will 1o raited by tho fncronsed cloment of risk ; that for such reasons tho remiedion for oxlating ovlly proposed by gentlomen who favor inflalfon azo not ouly 1o real romodies ot all, but MERE QUAOR MEDIOINES, el wil only augeavato thio cleiht ;' whon il thia ia demonstrated, gontlomen on the’ opposita sida miount the high' Norso and asy: Why all this ia mere theory ; youaro moro abatractionfils.' Wo aro [eactical o, which you nro ot ¢ you look fnto flio s, but'wo ook futo tho llving, nctiv hughicss of {ho country; wo {rust fho ovi- dences of our scnsos; we open our eyes, and W0 hco what {s going 'on, and from what wo roe wo draw onr conclusions, and upon what wo seo Wo Dulld our theorics ns to fomedios,” Well, sir, tho con- tomyt of thiese-practical statesmon for thcorles s of the very loftfest naturo, T have hienrd 4t sald on thin {loor st o areatlilis o poliical cconomy, much na Adnm 8mith, John Stuart Mill, Ricardo, and all thosp who recognized tho precious metals o' the standard of valug, and who thouglit thoy would remaln 80, wera in fact lothing Lut old’ fogieh, rather bobind’ thele timen : moral cownrds, who had not courngo enough fo confront nn old yopulse profudice. - Away, thon, with all thoso groat thitkers upon whom the world las €0 long looked with prido; away with Adam Smith, nud Jol Stuart Mill, and Ricardo, and Bonamy Pric Avay also with ottr olvn Thomns Jofforson, and Hame iitou, and Gallatin, and Crawford. “Wo linvo 10w among ua n -new school of politieal economists who know bottor. With tho Bonator from Indisna, thoy excluin : # Throw theory to the dogs, 18 ho snld tho othor day; and It muat be admitted thoy hnvo thirown theory to'tho dogs most offoctuall “They roly upon nothing but tho ovidenco”of fhe senscs, and how can_that lead them ostroy? W slr, in this respect they are, howover, not quito orj inal, Somo ten or cloven yeara ago, during tho war, Tmot in tho South an old farmer who way called by Dis nelghibors ' oLD TATUM, . 1o was s practical philosophicr of tho snme kind, who relied upon nothing but the evidences of his senscs ; ond jnusmuch ns hio could but with aificulty spoll out o word o tw in largo priut, ho hod a lofty contempt for ‘book-learning, T liked to talk with tho old man, and onco {n conver~ sation I happened to eny somothidg about flio carth moving around the sun. *“Ilold on,” swd old Tu- fum; % what did you say there? Tho carth moving around the sunl Whero did you gat that?” “Woll," Tenid, I got it from tho books.” “Tliero again,” crfed old Tatnm, and bo wonld. fairly roll over Wit laughitor,— therd agaim, from by - books, The carth moving arouud tho sunl And don't I sey oyery doy with tlicso, my own oycs, fho aun moving around theearth? {Langlter,] Don't Isco it riso thoro inl thd'morntug, aud ‘lon't T sa it go down yone der In the evening? Al,” sald he, * you book-men can't fool old Tutum.” {Laughior,] Whot s shiuing light oll Tatum would havo been amung {ho now chaol of political economists hore! [Laughter,] Would be not havo thrown theory to the dogs liko tio vory best of them? “Ifere I eooa dificully,” old Tatum would sny; there aro many porsous in tho United States who waut money ; the difliculty is, of coureo, thora {5 not onough manvy {o go round, What 1510 bo dono? Innsmuch ns wo maks money by print- ing it, lot us print more until it will fo around,” * But, ou may gay, Alr, Tatun,— Mr, OAMERON—Was ' not Tatum o hord-money sonn 7 AMr, BEONURZ—No; unfortunately ho wns not, I will whovw tho Sonetor want e wat 3 and, 1o fact, fho Benator himself has heard him quito fréquently,* Yan miglitsay, © Mr. Tatum, theso ita of money aro not Droper monoy ot all; they oro promiscs to puy monov s ana tho mora you print of themt tho loss thoy will bo worll, and {he leas they aro worth tho less you can do with thom in business ; you canuot make tho country rich in thot way,' Buch talk would mnot troubls old Tutum atall, o would lugh right in your fuce. Do wo not call theso paper notes dollura 77 old Talum would say § ~*ATE TIIEY NOT DOLLANS? Cannot I read it with my spectacles in big print upon tham, ‘one doliar,’ *ten dollars,” *one hundred dol- Taan 77 and {8 not tho country betler off whon it has fifteen hundrod millions of these dollara than when it Lius ouly Goven hundred and ffty milllons of them ? Al you can't fool old Tatum, I tell you, [Laughter,) Noither would tho queation of iutorest give old Tatuin the Jeast troublo in tho world, o would ettlo 4t with tho same case with which tho Seuator from In- diaun aettled it the othier day, 1o wonld ssy * Mouey ia capital ; do you not eall 1t 807 And theao papor dollars nro monoy ; do wo not call them 8o? thorofore, tliedo puper dollurs aro capital. Must not everybody #eo thut?” You ueo old Tutum 1a o logiclan, Now old Tutun would continuo, whon theso paper dollars aro plouts, thion capital fs cheap, aud you can biro it at ow rafa of intcrest; whon thesa paper dollars oro searce, then of courso ho would say capital is dear pud you would have to poy much moro for it. o yau cnn- not fool old Tatum, **Do I not know that wien you st moro iogs and horsca fu the murkot Lovecs it g4 gots cheanor 7 [Laughter,] Thus you sco old “atush would bo us good nt the horso and Log argu- mont au onybody, (Laughter.) Old Tatum Is ol nently a practical statesmun, But T suspect after ol sir, that thero fs gomothing in thiat theory + thub tho earth movos sround tlie Aun, aittiough old Patum hus never been ablo-to seo it, And X wuspect thoro fs ufter all_somotbing in the princlples of polilical sconomy, fu that sclenco of finunce, which 16 tho acenmulufed \wisdom sud _oxperionco of many conturies, althotgh the practical statesmen of the old Tatum school eannot sea 1t end uro ready to throw it to the dogs. ‘Throw it to tho dogs, Senators, and I {(-ar the honor as well a8 the prosperity of tho coun ry . WILL KOON GO THE BAME WAT. Whon all other resources full, when oven n_coni- temptuous mneer st book-leurning and theory will no louger uvuil, tho adyocates of Auflation grow foarfully putticio in’ calling (ho oppononts of thelr flincious actrines enemfes of tho boor, Bupportors of tho rich, frieuds of tho oppressors, of tho money-changor, o the wicked speculator, nd'so o, Al sir, tho Lord sy forgivo thiosn who "know not what ttioy aro doing, In, then, tho inflation of irredeemablo paper monoy really a help to the poor? Cauit be? Ounany sen- slblo'mun pretoud *for o moment (hat 1t_can be ? It bas beou woll sud horo that tho Tich mau 48 always able to tuke caro of hin Interests ; and so o 18, Ho ean provide for hfs own walfure, whatever tho viclssituden of trade and tho fluctuations of valucs 18y bo, for ho hna tho* mouna {o take ndvantage of overy cango, Is the currency futlated and doca it deoprocinto?” 1o speoulntos upon o Fise fn pricos, Is the movement in tho opposite dircetion? 1o speou. Tytes upon thoir fall, Ho stunds upon that emiuoucs whero Lie can neo tho storm coming and _diseern in wlhiat direction L will blow, Huean bend before it und riso up when it is over, fo can watch bis chances, and hio s Do means-to tirn them to his advantuge, 1o commands tho situation, and can tako caro-not (o Become it victin ; and ho covors his risks by making tho poor man pay’ the cost; for tho poor man, Lving £rom i tomonth on is daily earniugs, is TULE SLAVE OF 1118 NEOERSITIN, Tho vicissltudes of tho grent busiuces world would avertalio bim unwwures, for lio hus not tho opportunity {0 wateh the workings of hidden forcos; und, oven it 1o bad that opportunity, what means wounld ho Lave to avall himgelf of this” knowlodgo? What mcans to provida for.tho chinges of fortuno i Ho cannot, amid 1ho flucluations of values, spoculato on u rise or on o full, for what ha receives for his labor ho hus ta uso nts) Jubt us o reccives it, for breud to feed his fomily, or for clothing 1o cover them, or if be suves anything, L suvings muy dopreclato fn'his own hnnd whilo thi Dolds thoin, small s they are; what micans Lin bo to 1unko up for thu loss 2 11ls savivge aro too swall for alutive operation, "Thio great sloamor of 5,700 tona may defy the storm and browk er courso through the angricst sea with sourculy impedud utronglll, bit the poor fisiormmuvs Duat I8 holploss agaitiat {ho gale, aud without -veslte aneo dnslied upon the Tocks by ovorpowerlng waves, Thio poor man {a tho helpless viotim, and uotiitng but thovictim, of (lat tricky o wilich u ilucirating pupor money enubles thd rich to ploy with tho pour s fortusies, . ¢ Yott spouk of tho distress of thoas who this day aro without work and without bread, Whut hos cuused {hiat distress? 1 wus outisod by 8 crivis, o collapao of epoculation, grown under tho ausplcos of that HAME PAYER-MONLY 8YRTEM whicls you now strivo to confirm und stvongtlion én all 118 fulquitons influences, to bring on olher urashos und collapsos s sud who svill bo tho mun to bo_ ground 10 pawdor by them? Tho poor suam, not ths rich, Whiat b It thint rlsos lnat whon your papor syston drlyes up 'm-lcol'l ‘o laboring Tuan’s wages, What 14 {4 (hat drops firal when your Lubblos of panor spectie Inffon bursl 7 ‘Iho poor man's earnings, You spoak of reviving conildonce, sud, with confidouce, cntor priao, by uew fasties of paper monoy, sud yo that very confidlenca lian boon dostroyed by 'the very agenoy of thiat papor monoy ; and coufidonce doos not revive toe dny for fear of now fluctuations and new uncortain- o7, You talk of deblors and creditors, deblora holng bonofited by Inflatlon, and oreditors by the regnmption of mpeole payments, ' Let mo nal you, Who aro tho dobtors, and who aro tlie creditors of this enllll(l’{"l Lt overy Eountor look futo his own houxohold : who are thio” creditora, and who are {ho dobtoms thero ? ‘Thera 18 hut ono man In that hourcliold whio I8 ablo to Do a debtor, and {lnt i tho Beuntor himnclf, Not Lis rorvanta, for thoy hnvo niot credit enough to contract dobte, “1f * thoy” nra anything” fhoy ~ara creditors, howevor small” tho amaunit mny bo, Look at (ho savingn banks of tue countryy snd wiint do you seo thoro? Hoven hundrod and sixty milllon dols Iora of ‘deponita; Who - aro tho dopositora? Not tho vteh, bt the poor man, who carns bia bread Dby tho 'swoat of lis brow} the mun of amall monnw, who_puta thero for sufekeoping hin amnll sur- plits ontnings,. Tho samo class hive in National and Btuto banka nnd it (rut. companics, s lina beon oatl- muted by good_niitkority, $200,000,000 moro ; ond au~ ollior $250,000,000 nro 0wl 10 {ho ssmo clawe dn tho slinpo of inpald wages and_othor dobts. ‘Thoro nre $1,200,000,000 then—$t,200,000,000 of dobt—owing to 1o Inborfig men and tho modt of amoll means, And o L aal you wlo nro adoenting thio Infailon'of Lo ourronay, What are yon dolug to thoso noor people 7 ‘whint aro you doing with their $1,200,000,000 of ionoy? Infiate tho currency, and by inflation dopreelato it and you will diminish llm valiio of thoso $1,200,000,000, 10, 20, 30 per cent, And now bonst of Leing tha friends of tha poor whilo you advocato o poliey that wiil OB TIHE POOR of {ho land_ of solargo proportion of thelr hard- carted property, Whien looking ot the scheme advoented liers to ro- love distress and to revive prosperity, ono might al- most beliovo that gontlomon, with {16 niost. sorlous fuces, wero carryiugon o gamo of crucl mocker Wil thosa who ook up o us for guidanco and ald, 1€ thoy nelk for broad, I entroat, Bonatore, do nol, give thom a stonol 1f you do not kuow Low to nld thiom, nt least do not’decelvo them: do not fmposo npon thelr credulity by offering to them, ns o remedy for thoir 1lf, tho continunnce and oxteudlon of n monoy= syatom which, wherover It han beon tried, hias alwaya turned oll soctal and cconomic movoments into a mero gamo of chanco nnd ovorreaching, iu which, always, thoso Jogo most wlio have loaat to loxo, Tt wo ara told, ngain aud agam, thint the pooplo aro demauding iuflation, and tho Schntor from Indlana Rover grown tired of 'aying tint o {hiuks litn pooplo thank thoy undoratand (his busincay, und thoy want jn- flation and nothing elee, ; Tut whien you tell mo that the American peoplo want intiation, : X poLDLY DENT T, “he Amoriean peoplo uro an culightenod and an honest Ecnplv, and € for lttlo whilo thoy may bo led astray y o taking catchword they will roon recover: theit sound sonncs_and sliow that, they know what is honest an woll ns what i8 prudont, I lisvo seen and Lieard thia Kind of thing bofore, AbOUL seven or elght years ago, somo politiclns thoght it would bo & vosy Bopuint idea to ropudiato our duty ta pay tlio national bonds in gold ; livy proposed to Jasuo thio necessary nmount of greonbncks 10 pay off_tho natlonnl debt in o dopro- ciated paper, i the cheapest possiblo money, Thicy thought tho pooplo wonld jurm at tha chanc of thus golting rid of a vory onorots burdon, Wall, sir, what wis (ho rosult 2 Af firat thie proposi- tlon hcomed to bocoma qulta popular i oMo Guariors, and pollticians of both partica—who atoalwnys ready to riin aftor n populnr ery, right or wrong, and always think what thoy think thio'peapla {ink—saw there - u chianco of o ¥ofitablo gatno for themaulves, Thoy nde yacated tho scliome, or at least did nothing sgaitbit, “Tlioy thought they could not afford to opposo it, ' Weil, 8ir, liero {4 ) PIECE OF MY PEREONAL EXPERIENCE, In tho Prosidentiul campalgu of 1868 T was invited to mako apecches {n the Stato of Indiann, Whon I eamno iuto that Stato I was met. by somo politiclans who told me, * 0, now wo want you not to say anything in your abceches ngainat that greonback schemo; the peoplo of Iudiana are almost universally in favor of it; they vant to got rid of this heavy dobt 3 they do not want topay tho bloated bondholiter in gold s ”and a0 on, Irepliod: “If I caunot eny nbout tho greenbuck Bchomo whot T plowso it thia couvams, T will uot speak fu Indlana ot all.” * Aftor somo besitation thoso politiciuns consonted it T phould praceed 3 but o watelied mo with great terpidation, Well, T aid spoa} my mind, and in overy speceh I denounced tho green- Luck schemous o moat rascally concaption, and I in. #lsted that it was tho sacred duty of the Government 1o pay to tho natfonal creditor every farthing sccord- ing £0 tho lotter and Bpirit of tho law. Aud thcro wore tho peoplo of Indiaua hefore mo, whio Lind been rop- resented to mo as fairly wild ou tlio subjoct of tho grecnbuck achieme, Wink was tho resu(t?” No docli ratfon in my apeochies was more heartily applauded than juat this, oud that applanso came from the samo. pooplo whoso ‘weak-knced. politiclyus hnd ropresonted tomons all on firo for repudintion, Aud ho samo politiclans hinve to thank thelr fate if thelr peoplo huve consented to forgot the abandonment of Lioncst prin- elples they woro guilty of. ‘Al sir, those miscaloulato thelr chances who think thioy tan safely spcculato upon tho rascally fustincts of tho American people, \ T'ho fuflation cry will go tho ssme way the repudia~ tion cry s gono, I am couviuced tho inflstion ery will Lo ‘ono.of tho MOST SHORT-LY onies {his country over heard; and I am not much mistaken when T eny that thoss. who advocato inilution in thfs body must mako biot haate to cominit the Senato to that Iutquitou doctriue, or the lust semblanco of popite lar support will drop away before the decision jn reached, No, airs it o nat the yoople, it 1 thie spoci- lators and their deluded victims, who are contintall; dinning tho cry of Inflation Ibto our eurs, nud o it ‘will becomo manifeat to every ono who has oyes to sos and cara to bear, - It hue frequently boon assorled that ovory mative- Torn American citizen 18 apt to think of bocoming. o somo timo or othier a candidate for_tho Prosidency, Tormit mo to sy that If sny possible Prosidentlal cane didato fudulges In tho delusion that be can rido into hio Whuto Houso on the Inflation cry, Lo whi nicot with the samo_dlsappointmont tlat overtook thodo who soven or eight yoars ago thought tho repndintion ory & ffo0d iino £oF tho saio puxpose, I publio mou whio nidvocato thoinflation policy skionid, nufortunately for themsolves aud for tho country, provail in this Gone gress, let them not ndulgo n tho delusion that they will Secure the fuvor of tho peoplo by a short apell of deceptivo prosperity, for I toll you fiho bubblo mny just havo iimo fo burit befors tho year 1876, For thelr own as well s thoir countrs’s good, T cntreat Senntors on the oppoiite sido to stop and conslder woll befors they irrevacubly asso- ciuto their names with a policy which stands airoady condemnod by tho univereal oxperience of snankind, and 4 new trisl of which fn this country would nol only bring disnster and ruin upon s, but CAST BIFAMI: UPON TIII: AMERICAN NAME, Yea, elr; 1 say b would cast slamo upon tho Amerl can'nume, for tho American people will, in the eyes of 110 world, most sertously impair tholr credit for intel- Ligonce, t0 spoaks of nothing clse, 1f, with opoen eyos, with nlf tho warnings of listory befora thom, thoy rot peata blunder whicll, s often s it has beon nndo, hug niways rosulicd in rivate misfortuno and in natioust srace, Now, Mr, President, I am dono, I said at tho outset {hat the object of my semarks would o o shiow that thoso who advocato fflution serioualy mistako tho na~ turo of tho diffienltics {hoy want to provide agaluat and that tho romedies they proposo will not. only not. cure, but will aggravalo tho ovil. That in what I havo attempted to do; nothing more, Lot mo hopo that my romarks will not o entirely without influcuce upois the volo of tho Senate touching the proposition before us, “Tho other branches of this great subject—nd T Iarow thero aro many which I bavo not oven alluded to —Iwlllleave for furtlior discusslon whon wo shall bavo o watnred bill boforo us embraciug our wholo financlal wystom, Pt P P IOWA. ITEMS. —A Sibloy morchant advortisos thnt he will oxchango “ nsnorted kisgos™ for olean rags. —Judge L. W. Valo, of Ottumwn, goes to Washiugton City to go mto banking business thore—1in company with ex-Sonator Harlan, it in enid, ~Tno Spirit Lake Beacon tells of a boy up thnt way who, on n bot of G0 conts, swallowed 403 live minnows i Lalf an hour's time. Fishy, rather, —It is predictod by thoso who enjoy tho bost npqorhmiueu for judging that the coming spring will seo tho livoliost trade in all Dbrauchos of business that has marked tho opening of the souson for yoars.—Burlington Hawk-Eye. —Two unknown mon rodo up to the saloon of John Enes, at Hamburg, last week Bundny night, aud fired eight shots, wounding him in the leg. He roturned the fire, killing one of tho asnilents, whon the other mado his escapo with tho body of his comrado. —Tw6 men, nnmed Feuton and Sovoro, at Mink @Grovo, Wright Dauut{, Inst wool split ont from tho heart of & porfeotly sound tree noarly fonr feot in dinmotor, sovoral foot from tho ground, o pair of Indlan moceasing in a good stato of presorvation. 2. —A‘woman whoso husband was arrested at Burlington for indeconoy when lonving a saloon, went to tho host with the following potition : 4 My husbund is in tho habit of coming hore to drink, If you do not pay his flue and take him out of jail, T will suo you for damagos,” —A Itod Rtock correspondont of tho Knoxvilla Voter suys: ** A fomala volco was hoard on our stroots ono night last week exclaiming, not ox- naotly ¢ Donr fathor como home,’ but *Come out of that infornel placo, or I will smash in the window " Bmosh went sash and rzlnm It iy suid that vory soon therenftor a follow nccom- panied & Indy to hor honio from a so-called drug #tore, Wo noed more women of this sort in Rod Rook." e A Man’s Mead Out Off in o Fight, Trom the New Madrid (o) Record, Jan, 80, A diflleulty took placo botwoen & man by the namo of Gus Wooley, and two brothers, whose names we did not loarn, llving sbout five milos Lolow Polut Plontant. Waolu{ hud Lired him- self and wifo to thoue two brothers, himsolf to work on tho farm and his wife to do the cook- ing 4 overything wonton very smoothly up to Inst Trldey, when Wooley got into a tight with ono of tho brathers, and_got bim down and_was cu~ ting him with & knifo, At this stago of tho af- fray tho othor brothor rau up, and on scelng tho sltuation his brothor was {n, Aorkml up an ax which was lylug noar by, and struck Wooloy acrosy tho nock, complotely severing tho head from the body, T — A Ttoyal RRow, The Duchess Alexandring, a nioco of tho Em- oror Willlam, hay demanded o separation from hor husband, Duke Willinm of Meoklonbury, and a great family coanoil will be hold accord- ingly, It nppoars that tho Duke haw attracted #0 much attention by his intlmagy with a figu- rante of tho Theatre Royal, Oaswel, that it wos thought propor to recall him to Berlin—nnd to himsolf, : THE COQURTS. The National Life-Insurance Company. ’ Arrangements Made for Reiusuring Lolicy-Holders, 8till Moro Tax Suits Begun. DBankroptoy Ilcmg---Now S\gus---Ju‘flg‘- i el ‘nients. i : TIE NATIONAL TATE, A dotailed account of the underhanded and corrupt manngoment of tho National Lifo-In~ suranca Company would almost mako a volumo abd furnish dovélopmants as rich as thoso of tha TFranklin Bonk, ‘In fact, tho oficors of tho two organizations aro noarly tho eamo, and, of courso, the actions of 'énch would bo simllar, In Thursday's {ssuio was publislied a short ohap- tor of Bonjamin Lombard's mothod of paying Lis debts,—by mortgnging tho propoerty of oth- ers, In that cose a Michael Fahoy had dono somo work for Lombard,” and ho, not having the monoy, gavo a draft on tho Natlonal Lifo-In- surance Company, and slso turnod over a quan-~ tity of hardwaro belonging to tho Company. But Inwes, when Lie took charge of tho Company's ‘nssols, soizod this hardwaro, Fahoy theroupon filed o potition ‘neking ' for n rulo on ‘the Rocolvbr to - shiow cause” why it should not bo glven up, Therulo was mado re- turnable yestordny, and & pnartial ° exam- ination was lLad " boforo Judge Willinms, Lombard himsolf was the only wltness exam- ined. Mo tostified that the work wau done for his privato bonofit: that tho draft for $1,600 ‘was given on tho Company, because it owed Yiim a'considerabla smount, but could not tell how much. 1n fact, Lombard's memory seemed un- fortunntely hazy when thore was overy necesei- ty for a sharp, clear statomont. 1o said ho ro- signed the DIresidency of the Company about tho 1at of Decomber last, to lob Fornauda Jones havo o chanco. ‘I'o console him, howover, the Directors unanimously olected him * Managor,” and, from his statoment, tho only “mnungo- mont” ho was ealled on to do, was to manago his own businoess, ot tho oxpenso of that of tho Company, Whilo ko was Presidont, he had turned over this hardware, and thought ho hadn right to do so by virtuo of his office, TFahoy had dono n largo: amount of work for him, and tho hardware wns given, with the permission that TFahoy should usgo what was nocessary until the draft was paid, The Board of Diroctors allowod the paymont of tho draft, and scemed, in all things, to have a striking and most commend- ablo consonance of opinion with Benjamin, as to what waa proper to be dono, The examination was not concluded, but will ba resunted Saturdny, 3Ir. Hewes, tho Rocoiver, hes lately made an arrangement to have all the unfortunate policy- holdors re-lnsured’ in. anothor company of o similar character, After o somewhnt oxtendod oxamination of tho eight or ton companies do- ing Dbusivess on a like' basis, ho solocted tho Ohio-Mutual Life-Insurance Compauy of Clove- 1and a8 boing tho safest. An arrangomont hns been toade that all policiea should be valued by J. A, Kollogg, an attornay in tho city, and that tho Ohio Conipany shall tecoive whatover pro rata dividend the Company cau make on the val- uation, in lieu of any momborelp foo, which in tho Obio Company is 825 Tho policy-holders nccnpllug{ this nrrangement, aud * urron- dering tho policies in tho *'National,” will then bo subrogated to all rights and priviloges of the now compunF. Those who heve any as- wossmonts duo will pay thom to the National, and those whoso policios are lapsed by neglect or non-payment of thoir dues, can still be trang- {?rrosd 0 tho Olio Compuny by the payment of £8. Ono or two difiicult questions may be raised by the proceodings to close up tho affairs of this Company. Suppose, for instance, a policy hold- or continues to pay any and all assossmouts made ogainst him, how can Lis policy Do olosed by nuy means but his death ? A valid contract for a considoration has baeon made, and: what court ecan bronk it? Second, why cannot & poliey-holder come in and objech to the completo distribution of the Company's nssety, on the ground that it will destroy tho value of bis polioy? It will probably bo the cugo that whon the volicy-holders seo that tho Company i8 not doing businoss, Lhat its Recoivor at Springfiold has boen withdrawn and tho mem- bors nmlbn\'iuli that no ono will keop up his policy beeanao it will bo_ovidont that the monay would bo thrown away, but tho right romaing, "The agsots of the Company are in s veory un- entisfnctory condition, and cannot at presont, bo dotermined even approximatoly, nor are tho lin- bilities dotermined. Death lossos nra oceurring almost duily, thoro boing about 4,000 policy-told- ers, and evon on thoss which have fallen due, it is not ascortained nor ascertatnable what number will pny their assessmonts, and by a provision of tho policies the amount boyond & ceitain figure is to bo * in' proporrion to the number in tho division who shall pay.” ‘I'he poculiar managomont of the Company's affairs nlwo adds Lo the complication. It seoms vory ovidant that what may bo called tho Brigzs systom of Looping books hins beon unanimously ndopted by tho Jfirectum of tho National. The result has heen to mako tha ofiicers all creditors nad the Compauy a dobtor,—a result very pleas- ant when any awkward questions aro raised, as in tho presont case with Mr. Lombard. g MORE TAX-LITIGANTS, Jamos T, Becor and Willinm Tracy filed n bill against tho Tolodo, Peoria & Warsnw Railway, Company, and the various Collectors of tho counties through which tho eald road runs, Complainants are Trustoes of the road, and tako this manuer of enjoining tho Collectors, repre- seuting that tho Company will not act in tho promisos, and that they are compelled to ‘sue to save their own interasts, Whe bill iy in all ro- spects similar to that brought by Morris K. Jessup agninst tho Chicago & Alton ‘Railroad Company about s month ago. A. . Smith also commenced an action against tho Peorin & Rock Island Ruilway Compauy, and tho Collectors of tho counties through which that rond runs, for n similar object, ‘Fem~ porary injunctions woro granted in both cases. TIE DETECTIVE IN TROUDLE AGAIN. The woes of Cornclius O'Callaghan are not ended. 1t will bo remomborod that his wifo Aargaret obtained a divorce from him in 1872, and also obiaincdan order forthe payment of 850 s month alimony. ' Evory mouth nearly sinco the diyorca O'Calingan hao “been arrested for con- tompt in not paying this amount, and each timo ho bios takon “ou appeal. The first appeal Lias been deoided, and & mandate of tho Supremo Court was filed yesterday nflirming the decreo of the Court bolow, and writ of attachment wns igsued at onco for the contempt of Court in not pu\'h(l/g the $60 a8 erdered July 21, 1873, *Callaghan bns beon most porsistont In his attempts to provent bLis wifo, who i sick and povorty-stricken, from obtaining the Ieast help from him, ITENS, i Judge Booth will preside in’ tho Oriminal Court this coming torm, S ‘the March tori of the Buperior Cowrt bogins to-day, Judge Burne, of Lacon; will be lioro next weok, to call Calondar No, 1 or No. 2, Judge Blodgott will commonce an unlimited eall of” the District Conrt calendnr this morning, DANKIUPTOY ITEMH. Allon Roblson, of Viola, Mercer County, filed & voluntary petition. Ho was, in 1867 and 1803, in the dry goods and genoral morcantilo busi- ness, but hins boen for somo months back work- iug on a farm, His linbilitios' are about 31,100, and his assots, cmmlutlufi of housohold goody and horses, aro all claimed to bo oxompt. Lhe caso was roforrod to Registor Morgan. 1In tho mattor of A, A, Wiswall, tho Assigneo wns authorized Lo sell the bankiupt's goods at 49 por cout of the invontory prico, * J i A mooting of the oreditors of Darils H, Welly was hold in Registor Hibbard's ofiico Suturday, and Moore 0. White was appointed Assignee.' In the cnso of John M, Iplin, and'in the case of G, L, Huyok, no mootings will bo hold, " "+ * ' THE OALL, Junoe Broparrt will take up tho eall of tho Distriot Court Calondor,—call unlimited, Jupaz Roozns, 801 to 520, oxcapt 80, 819, 818, Jupar Booit will havo no call, a8 ho goes to theo Oriminal Coy ¢ Jupay Tnee, 1200, 1229, 050, 2001, 004, 1883, 605, 1805, gggfi, 2040, 168, 1649, 2227, 1940, 1644, 1803, 670, 038, . Jupar Fanwerr, 820 to 850 inclusive, Jupae GARy, 70, 71, 73, 74, 76, 78 to 82, 88 to 04, all Inolusivo. T i BUPERIOR COURT TN BRIERT. J. 11, Banhorn, D, 1, Bradley; khd A, R, Brigga bogan & sult for $1,000pgmost 1, Davis, QIRAVIT COURT, QGoorgo W, Noblo bogan n suit in dobt againat James il Nixon, W, B, Clapp, nud Willlam 13, Langloy, laying damagos at §16,000, At Victor L. l\la:fiur brought ™ suit for £4,000 agaiu t{m}}g;on thographing Compuny, and ‘?nullmttor lko amount agalunt Michaol G- P *vn,;m & Tyroll bogan an action agn| L., Toyco for 61,000, 2t Ai I, Btono and R, N. Withoroll filed agnlust Benjamin Lombard, the Natlonal Tusuranco Company et al, to obtain n mechn Hon on tho six-story building on Donyborn nté “l.’\mr ‘Van Buren, claiming £5,050 to ba stili ‘¢ them, TIE COUNTY COURT, Tho only busiuoss traimnctod at tho County - Court Satitrday wns tho admitling to probate of tho will of "the Inta Elloii "0. “Robarts,” aitd iy Emuung of lottors 'tostamontary to Mary AL toborts, undor an approved bond of §27,000, JuhosENTA, Otnoyrr Counr—Iupa: Ronkns—Toulen T, Comp- ton v, Jobn B, Adams ; vordlet, $160, Tatrick J, No- gent v, Jolin IT, Grlow § judgment, $100, . Jupar Boor—Il. W, Willerall,' use, ete, v. A Acker§ Judgment by dofault, £2,620.60, ' Robort Moo Auley v, ol MeAuloy'; verdict, $239.50, SUTERTOR Count—Jupas GAny—Lrank T, Moss v, Trauk O, Taylor ;" Judgment, $350, Confosulon; JucobColn v, Heury'Gohn, $50.80, THE WORKINGMEN, Cencral Mass-Meeting Yester- Speeches by Messys, Klings, McAuliff, and Others. The Present State of So Reformed. ty to Be At the Ballot-Box if Possible ; Xf Not, Otherwise, The various soctions of the Workingman's As- sociation of Illingis hold o large masg-moeling yesterdny aftornoon at Nos. 68 and 707 West Lako stroct, : g 3 Mr. J. Hanson, on being elected Chairman, ine troduced Mr. Zimboel as the first speaker. ML ZIINEL commenced by saying that they had como to- gothor for the purpoko of devising measuros how thoy could unanimously march on tho bulwarks of aristocracy, and gain for the worling cinssos that soclal position to'which they waro by right entitled. Thoir objectwas to mako this & Ropub- Yio in fact se woll 48 in’ name. "TIo 'thon cited many instances of how ‘the worklngmen wero opprossed by the ruling classes, and Low 'tho aristocrata woro doing with thom just ng thoy pleasod. Althongh our warehousoes and conl-yards woro filled to repletion, and the houscs in all Imrtu of the city wero vacant, still workingmen tnow uot whoro to lny their lLicads, and wore actually starving, Workingmen must loarn to think for themeelves; thou'they would becoma awaro of tho fact that the presont stato of soclely wns corrupt and rotten, All existi things must be torn down and a new system ol sooloty be built up. Slaves dven were allowed to live, but, as things woro at present, working= men who could work no’ longor “had to elaryo. If thoy stood togothor, and clected good mon e the Logislaturo noxt fall, this state of aif would bo chauged, Our present legi.* woro too stupid Lo mako a living by honest + and therefora'thoy Lnd to subsist by robbix people, MR. THORSMARK, tlio next spenkor, roforred to an articlo had Iately appoared in ‘Tz Tninuse, liow tho poor at tho County’ Furm wore Lt But ho did not thiuk that the ' oxposure lond to reformn until the workingmen by united action forced it upon tho commu, Although our proploe were lieavily taxed,” tho poor of the county woro made to wallof i fith, und recolved no moro_food than was netus ully nocossary to sustain lifo, They did ot oxe poct that the poor should live in palaces, but thoy oxpacted to bo treated liko animals at loast, An animnl that had becomo worthless was hin- manely killed, but tueso aristoerats wore too cowauddly to shoot them liko a° worlhless nirimal, Dbus profarred L7 Kill thom by cruelty nind infine manity. Thoy should no longor allow such n state of affuirs to oxist, but should rige in their man- liood, aud with united strongth destroy the pres- ent systemof socioly. Who nmong ™ thém was sure that hie would uot sooner or later becomo an inmnte of the Poor-Houss? What would thoy do if thoy became incapacitated for work ? Would thoy like to live upon the crucl charity of tho county ? Every wild animal killed its wealke or ndversary at once and withont giving much pain, ‘T'ho cat only was an_oxcoption ;' it tor~ ments the mouse to death. The avistocrats woro tha cats of tho prosont society; they abused and maltreated their woaker advorsnrics, the workingmon, an o cat troatod the mouso ; they simply shook tho lito ont of thom, RISE UP. To provent such = calemily as to be forced to bocomo an iumato of tho Ioor- Houso, to bo thrust into flithy and Qirty holos, thoy should riso in their might ahd scodro themuolves tholr rights, With their strong fists thoy must destroy the present stato of go- cioty, and to accomplish this ond thoy must unite and mako suck proparations that when the timo for action arrived thoy would boready for a1l emorgencies. 3 Thoy liked e TrInUNE, allthough it was op- posed to their movement, because it was bonest and fearloys, and, unlike the German press, wan always ready to exposo corruption, no mattor where it was fonnd to exist, If all wonld do their duty, the presontistate of sociotyjwould ba roformed not only for their boneflt, but for the Loneflt of ull munkind, % CARL KIINGS snid that the previous spenkors had said so much nbout the presont stato of affairs that but little remained for him to suy. But thoy hnd not said any too much, Nothing more inhmman, cruel, and outrageous than the prosont stale of socioty could Lo imagined, and for thie voason they had to band together and striko = blow which wonld effoct n chaugo for ail time to coma, ‘Chio prog- ont crisis would nover Lave como had the work- ingmon been treatod fairly, and if arbitrary mieasures woro takon the’ aristocrats had to ascribo it to thomselves. A chango had to bas wrought as soon ns possiblo, In spito of the opposition of the entire press of tho city, thoy bud continually grown in- strength, and now wore numbering many thousands. ‘Ihey wers callod Communists, and he was proud of being ono. Thoy were Commum- ists, and in favor of equal rights, 'tl‘hfiy of tho must no longor doflund upon the clmrnfi hourgeoitio, which had bronght them tothe verga of ruin, 'Tho niistocrnts wore,tho real cons n"- tors, and not the workingmen. They mado a¥ tho ' trouble by denying (hom their rights, Lighton days from fow they would celobrat, tho unmvorsary of tho Paris Commune. L'k in cold blood and opprassed them in TFranco and made & big nolso about the burning of a fey buildings, could be found in Chieago nlko. After making his usual attack on Mr. ITeaing, for which ho was much applauded, he continued , by saying thab thoy had not yot succeeded be- enuse thoy were not yet fully propaved, but gradually Ehey wero Dbecoming a groat power, and soon would the time come when thuir offorty would bo erowned with success, and workingmen would'no longer be compelled to driuk the bitter poison from tho cup of tho aristocrats, MR, JOHN A'AULIFF X thon spoke in English, and commenced by snying {hat overy man of avorage intolligence could sco tho wrongs of tho presont stato of socioty. Thoy should mnot bo disconraged becausa tho ‘cry of Communist, blathorskits, dema- foguo, ote, would bo rnlsed agamnst thom, Thoy were in the right, and tho right would provail, Why did tho nxistoerats nob rogulate the saloons and provide good drinking- wator for tho workingmen in all parts of tha city? Lvory rational mind should rovolt agnines such n stato of afuirs, aud they should strika with every wenpon at their command to pain their point. Unity was their watchword, Nei~ thor the Grangars” nor tlo othor industrial nsso« cintiony latoly formoed could guin a victory for thomselves; ‘they wll had to unite in' ono com« mon body aud try to succeod at tho ballot-box, and, if thoy did not provail there, olhor moaus wornld be used, 4 Aftor a fow more speechos slmilar to tho above tho'mooting adjournod, Sl Theo Sacrod Troe of Sul Tooti, A corrospoudaut of (he Tondon Telegrap? writing from the Ctold Oonst, nys that whon ‘l'ootl, the foundor of tho Ashantee L 1ixed npon Coomuneusio s Lis Capital, ho undoer & treo \\'hi)(t his temporary pala Duilding ; lenco| tho namo, .which - *‘under o treo,” INho trunk thas hony becoma almost pacrfed in Ashsntoe oyc strong superstition {hnd growa up conee On_Jan, 6, huving lony Seon doonye: ond dire prognosticeytions wers whisper ono doves to touch itf, uxd it v still lyjn, tho stroot, snmo tyrants who had slanghterod their L\ralln'ur