Chicago Daily Tribune Newspaper, March 7, 1874, Page 3

CITICAGO ' DAILY TRIBUNE: SATURDAY, MARCI 7, 1R7 FREE TRADE IN MONEY. Full Text of the Lectuio by Charles Francis Adams, Jr, ThoPrinciples of Free Trado Ap- plied to the Present Con- dition of National Tinances. ‘PilfiFence Betwoen « Merchaniliso Money? dmd % Consta- - Dle Monoy,” Plan for Reforming the Na- tional Currency. The Substitution of a Redeomablo Qretuback for tho Presont Legal-Tendor. Then Free \Banking. Wo liavo obtainod the MS. of the leoturo do- livored by Mr. Charlos Francia Adams, Jr., b Donton, on the 25th ult., and are enabled o, pre- gont it for tho firat time in full, Itis vnally on- tortalning: : R S THE LECTURE., " Moro than 200 yoars ago, in thoe days perhaps of the great-groat-grandfather of Adam Smith, {hero snt upon the throne of England & monarch | known in bis time g8 tho English Solomon, but of whoso wisdom postority has not formed o vory:lofty opinion. As with the Presidents of moro recent timoes, it was thon tho custom for -tho sovereign to impart o tho assombled ropro- sentativo wisdom of the land at the commence- mont of ench Parliamontary scssion bis views on tho curront topics of the day. On.ons of theso oceaaions in tho year 1620,—thnt very year in which tho Mayflower nccomplished hor por- tentous voyngo,—thls British Solomon, known. a8 King James 1, of happy. memory, wag— oven as our excellont President is now—sorely porploxed by the unsatisfactory condition of tho flnances of his realm, He, too, doubtlesa deop- Iy pondered the mattor in thoe rocosses of his oapacious mind, and at Inst dolivered himself to hin lieges as follows: “ It's strange that my mint hath not gone this eight or nino years ; but I think the fanlt of tho want of monoy is tho’ wneven balancing of trade,” Two conturics and 2 half Inter, in tho year of grace, 1873,—nfter Adam Smith bad been in his grave oighty-threo years,—the President of tho groat and enlight-' cned Republic, which the voyago of. tho May- flowor hiad in part originated contemporancously with this sapient uttorance, addrossed himself to tho same problem of = deflcionoy of money. M8 MINT UAD STOPPED oleven years bofora. Induo timo ho delivered himself as follows: ** A specie basis cannot be reached and matfutained until our exports, ox-' clusivo of gold, pay for our imports, Intorest duo abroad, and other specio obligatious, or so ncar- Iy 18 to leavo nn approciable accumulation of thio procious motals in the country from tha pro- ducts of our mines.” ¥rom a comparison of’ theso two pasangos, it would scem to be fairly inforablo that the sovercign of 250 years sinco Lknow quite as miich ‘of the subject about which ho undortoolk to spenk as tho rulor of the presont day, and expressed himself a great doal moro torsoly and clearly. The Prosident then went on, to recommend to Congress tho passage of *“such logislation as would sccuro to us our proportion’ of the carryng trade,” &o. . ltow MUCH BETTER . thoy put theso things two conturies ago! Listen toa similar renommendation from tho grandson of the British Bolomon, Charles IT,, to his as- sombled Parlinment: “ I pray, contrive auy good short bills-which may improve the industry of the nation,—and so,God bless ‘your councils,” As you read theso oxtracts from public papers so long soparated in time, o exactly similar in thought; one fecls almost inclined to question the fact of hmman progress ; to doubt whother, after all, Adam Bmith did not live, and ponder, ond write in vain, The balauco of trade and: logislative tinkering to redress it! Such is the wearigome refrain of statutes and messagzes, sinco messagos and statutos began, Thero was a timo wien in America wo thought wo had changod all this ; ontgrown it, as a child outgrows its clothen. Though, indeed, theso nover wero the clothes of Amerlean childhood. Our infancy was not cosseted by anysuch Gov- crument pap as is impliod in the word *'protec-. tion,” Edmund Burke understoed this, and rightly sttributed our robust youth to the fact that our ancostors Liad been lott alone to work out their own BALVATION IN THEIR OWN-WAY. In gorgeous languago he portnyed to tho British ‘Tarlinment the results of tbis trectmont, and’ concluded ono of the immortal pasenges of En- glish eloquonce with those words, which it spe- cially concerns us now to ponder wvoll : *“When, 'I contemplate theso things, whon I know that ithe colonios in general ove littlo or nothing to \uny care of ours, and that thoy aro not squeszed linto this bappy form by tho conatraints of watch- ‘ful and suspicious government, but that, through :a'wiso and salutary neglect, & generous naturo | ‘hina beon suifored to take her own way to porfee- | tion; when I refloot upon these effects, wheon I gco how profitable they hava been to us, -I fool all tho pride of powor siuk, and all presumption in the wisdom of Luman contrivances melt and dio away within me,—my rigor relonts,—I par- don somothing Lo the spirit of liborty." As T rond theso words, I ean't help asking my- #olf what Burka would eny if ho ‘saw the grown- up descendants of this people, then “in tho gristlo, and not yot hnrd‘:med into the bouno 'of manhood,” now applying tliomaelves to the' Lior- culenn task of *“moving the oropa" by the aid of Bocrotary Richardson and ** the greenback ro- sorve!" Was thoro ever in tho whoale history of tho world suchin bathos? Wo bogan, bo it remembored, on the principle that the world was hvovurne_d too much ; that that Government was o8t which govorned least ; that individuals nnd locnlitios weore quite as competent ns: gavern- ments to find out what thoy wanted, and’ ought to bo loft to got it or to mivd it through thoir - own dovices! ~ Wo ware nover tired of reponting | these and other wiso saws and modorn instances, and wo thougit, and didn’t hositato to sy, thab with us : A NEW DISPENSATION Lad_dawned upon tho poor old carth; and lo! our hoasting rosults in this lame and impotent conclusion—our warchy Presidout gravely re- | peats the oxploded fallacios uttored by the mon- urchi of tho seventeonth century, aud our Secro- tary of the Tranenry systematically debason our enrronoy to enublo us to meat the current ex- ponses of our Governmont {n o time of profound peace, £2i- I buyo undortakon to-night to ocenpy an hour of your time Iu the delivory of one of a courso,of lectures on topics connected with the principles of Freo ‘lrade. In fulfilling my engagement I do not proposo Lo be abatruso orprofoundly theo- votleal, I have takon for my subject the applien- tion of tho principles of Frea Trado to'the use of - quonoy, end it is my intontion to discuss in vory simple lwgnn[_ie 8 Bubject which, at this time, is very neur to all of us. Ishall not fuvite your attontion to nny erudite historical narrative, or attempt compendious slotehos of -tho origin and riso of bills of exchange “or promissory notes ; nor shull I weary vou with accounisof tho Tradov, Profection, I am mygelf a Froo-Trador, —n Froo-Trador in tho most ultra and uulimitod wonmo of the word.. I bellove in leaving pooplo alono, and in lnm:“z them worlk out thoir own destliyuntrammeled, in tho way which scoms to thom best, ‘Cho wholo thaory of protection,— whothor, of -morals, 2f. monoy, or of trado,—in basod upon the rupposition that somo ouo man or sob. of moh,—n Rovaréign, ot n Congrossional | or poplar mnjority,—know what is good for otlior mon bottor than thoy -do thomselves, Nnture s always simple and” diroct in its pro- oeanes j—ao alm‘:h\ and 8o dirogt, thnt tho avor- age man can with difloulty poraundoe himsolf that il loft nlons to its workings 1t will ‘ot _bo up to romo terrible misohiof. Accordingly, history I8 mado up of human nitempts to guida and direot mischiovous nature {nto pafo and harmloss paths, An incomprolionsiblo halauce of trado is conso- quontly invented to confusa s .slmpla u{ah:m of natural oxchinnges,—or n_protectivo tarilt I devoloped to provent our dowunfi oursolvas to what we find We aro naturally fnclined to do,— or a theory of currenoy and rostrioted banking MUDDLES TIE NRAINS of would-bo flunnolors, That which wassteaight 18 mide, croolted,—that which. was simplo ia mads complex,—that which was smooth is mado rough, I ean novor road a book of the protectiva school, or take up a troatiso on banking or our- ronoy Ly ono who balioves in . its regulation py Qovornment that my mind doos. not rovert to linman oxperienco 10 anather branch of l6arning, The protectionist, whether in trade or in cur- renoy, reminds mo always of tho professors of the old Ptolomnio astronomy ; while Adnm Smith atands forth nas tho oconomioal Copornicus, Evory school-boy knows' the_story of tho old astrologors and what rosulted— 3 ‘Whon they came to model heaven And cnleulatod tho stars, how thoy wonld wleld ‘Tho mighty frame, bow bulld, nnbuild, coutrive, To anvo appoarancos ; Liow gird tho spliers With contric and eccontrio sorfubled o'er, Oycloand opicyole, orb fn otby— . ... uniil with infinite industry. and consummate in- genulty thay had muddled and confounded bo- - yond comprohousion : the boautifal law of the universo which guides the planets in theirsimple paths, ‘ . COPERNIOIUG OAME ALONG ONE DAY and awopt asido all this rubbish,—the * balanco of trado,” *tha equilibrium of industries,"” the “*Bank of England not,” and ‘“‘movement of erop " theorios'of tho sidereal authorltios,—and it took somothing more than acontury, I-believo, boforo a-mind liko Bacon's evon could be brought to ronlizo how supremely simple and exquisitely orfect woro: tho untrammeled operations of aturo: That King of Spain was potfootly right -who remarked, whon oxamining s Ptolemaio chatt,-that if Lo had boon presout at ovoation ho could have . AIDED THE ATMIONTY by some very usoful suggastions, SBo with the niodorn Congrossman,—as with e simplo and roverentiakmind be appronchos the science of tradoe or fluance, in_tho condition of bowildering confusion to which it has been reduced, is it wonderful that, *“after two weoks' study,” he concludes that he can help mnttors by ‘a fow bills ?—not, unfortunately, cither *‘good" or *“ghore.” Now tho grent mission of Froo Trade, for this ‘gonoration at lost, is to my mind the Bweeping awny from the simple, comprehonsible procosses of Natura tho vast .number of economical cob- wobs which man's subtlety and industry have wovon, the myriad eycles and cpleiv)olos, centric and eccentrics with which the horn-book of crea- tion has boon dofaced. And I gravely question whether, . sinco the daya when theology. passed out of fashion and man ceased to protect man from oternal damuation in tho noxt world by the process of burning to doath in_ this, I say I gravely doubt whethor $hore has boen any sub- oot on - which the human mind has moro, thor- oughly muddled and mystified itsolf than on what “tho authoritios _aro plonsod to torm the sclenco of money nnd enrroncy; oxchanges and ‘banking. ‘Yeot, paradoxical: ag it sounds, I hold . that this subject-in a8 simple as simple -can-be, it we will but contont ouraclves with applying to the obvious facts existing'around us the ele~ montary principles of 3 HONESTY AND COMMON SENSE,— in other words, tho “hauds-off " principles.of Free Trade.: In the conduct of our private af- fairs wo deal with all_theso: public questions. in o small way, and we alwoys deal with them in- tolligently; wo. never, for instance, persuado oursolves that “debt s o blossing,"—or that our paying high prices for everything makes us any richior, or that tuxation leads to wealth, or that not paying our notes is ereditable, But the momont Wo como to doaling with publlo affajrs wo_grow . paradoxical; wo try to be profound and wo aro muddled. o can't and won't real- izo that what'is right and good for one, i right and good forall, ., A In approsching tho subject beforo us this ovening, let us decide- what monoy is; thon let us apply to its uso tho principles of froo trade, and nscortain if wo can the truo theorotical functions or governmont in regard to:it; thon,; baving dono :fint, lot us take the concrete case proeonted in our present oxporienco, and soe to what conclusions we are brought. dlonoy, a8 every ouo knows, is the ecatablished mensure of valuos. Thatis enough for.a définition. DBub money is of soveral kinds,—there is -** mor- clisndire money™ for instanco, and thare is **constable monoy,"—both aro monay, but tho one is money by ronson of an mérinsio valuo in exchauge, tho othor is money by forao of law,— what we call *legal-tender,” Tho MENCHANDIBE MONEY in-that which eivilized mon univoraally adopt at all timos and in all places; it has been, is, and will bo something in itself. possessing an intrin- #io value or ot ouce exchangeable for that some- thing ; it is considered in. itself. to bo the oqual forthat for which it is oxchanged. . It1s the money: of free trado,. bocause to it mon always have xecourse when loft to themsolves. iy CONSTATLE MONEY is tho money of protection,—that-is, men never have rocourso to it or deal in it except whon compelled “thoroto by tho interferonce of tho Govornmont and by the process :of .tho. courts. Now this differéuce batwoen merchandise money and coustable money—tha monay of froe trade and tho money of protection—this simple diffor~ onco that tho ono in itself ia or reprosonts o spo- cific commodity, .and tho other yopresents an | officer of o court, has puzzled the brains sud sapped the morals of sovereigna and logislators ovor since money was first brought into uge; to- duy tho inpbility to grasp this_distinction is re- ducing pnglu aftor pago of our Congressioual roc- ord to the level of the GIBEERING OF IDIOTS. ‘Thio confusion arose from & vory simple causo, —tho simplest in the world,—but which was, in itsell, tho first, fatal innovation upon many of the principles of Frao T'rade. Qovernmonts far Lack in the dawn of civilization undertook to intorfera and pratect peoplo against the juries consequont on bad or imperfect - monoy. The usual result of Government protection followod. DUnder the name. of protecting people .ngainst bad money, Govornments always huve porpo- trated, now aro porpotrating, and long.will per- potrato,more ou! rn%anua sud wholesalo processes ot lyl‘\‘:fi, countetfolting, forgiig, thieving, and, goner {v, Swindling, than all the bands of socrot aud professed criminals the mind of. man avar conceived or drea 'This ia strong lnugun;i!u 3 but who can dony its truth? Run ovor tho commonplacod of history ; what moaning do the words pound nlorllniz convey?. ‘A pound of silver is worth £18,13 in_wpecie. . Whut, is the ound sterling worth ?—84.84, The’ difforonce ells tho storyof | GOVENNMENT SWINDLING at some timo in Eugland. “iu tho year 1300 the pound of 12 silver ouucea contained 20, Evglish shillinga; the pracess of . tampering. then cam- menced, and in 1600 that same pound contained 68 shillings, Fower govornment frauds. have been perpetrated through English coinage than -through that of any othor country; yot in thase threo centuries 1t was debased 08 per cenf, In tho same interval of : time the pound Scot was ~*‘expanded . from 20 shillings ‘to 720; aud .tho Fronoh livre was reducod botwoon the year 1100 and the reign of terror from boing oue;pound of silvor to boing one. soventy-cighth portion of that amount, - These outrages waro parpotrated, it is true, in other days, -and h{ ignorant an snvago mon, but, nuvnflhaloss, thay. wore effect- ed thraugh an abuso of o trust contided to thoso men for the purposs,, of, ** protecting ™ the poo- plo. Reducing tha coinogo bns now passed out of fashlon,~—not sp othor mathods, of *debasing 1t. Charlos X1I.'s coppor dollsys shack our sen= «itive morals ;. wo know botter now, and we Lave muddled tho mattor by mesns of currency, paper, caut, and vorblago, until our, loglslatoru notuall sauccoed in choating themselves na woll as thefr countrymon. That igsug of COPPER DOLLARS from the Mint of Bweden a-hundred and fifty Years 8go riuge af an outraga through history to this day; yot half the clvliized nations’in tho world systomatically {ssuo .papor. dollars which, cant and vorbisgo nside, aro only tho same thing under a thin disgulve of sophiatry, , During our lato war we aptually atonetime do- qasedour curyenoy 60 por cont in throo yoars—al- most a3 much as Bugland dobased hork in throo Lanks of Italy, of” Holland, or of - England, I sbnll come down af once to our ows day and bour, aud apply in homely languago u{mplu elomontary principlos: of common sonse and’ common honouty to whut 1 with na tho groat question of tho day, 5 Dofore Apnronch{nfi the immediato subjoct of | tho evening I have, Liowover, ono or two pra- liminary romarks to moke in regard to what Is called 4 FREE TRADE IN GENERAL; ,."‘ & donot owro to argue the 'qun‘nlnn'olvhu- ‘| fraudd which have-ever; bopn even conturjos; nud Fctmunynf 18 sitosoaded in mud- dling oursolvesinto n conviction thatsomo way.our mothod of pruflandin]g was morally logs rppro- Lensiblo than tho old methods, - Theroeforo, I hold that L nmv fully Justifled in my asortion that througliout-all history thie Govornmont pro- toctipn’of the pooplo againsttho;private tampore ing with money bas uniformly rosulted, and'in now resitlting, ‘in the ‘most ‘gigantio finanojal d : ; pttomptod, aud which dwarf the moit darlng concoptious'of modorn rliga and syndieatos fato vittor Insignif- canco, Tho oxaot proper o) .- FUNOTION OF QOVERNMENT . . in ralation to monoy is to sava pooplo thio tronblo of earrying about with thomn a palv of senles and n vinl of acid, ‘hat s nll. Pooplo ecannot stop to nynurb Lthomsolvas that every quantity of tho gommon morsuro of value offored thom fi. of tho propor woight and roquisito finonoss; for this ronfon thoy nnthorizo thelr Governmonte to stamp cortain marks on subidivialons of tho pro- clous motals Indiénting thoir purity and thoir woight, and sorving a4 a publio corl(flcmu to thnt effect, Thin is all’ vory slmplo, nnd searcoly Booma to admit of ahuse. | It rosulta.fn * mor- ohnndise-monoy.” It is difleult to imagine an Govornment decrdolnug that in fature overy poc shall be cnllod and .pags for o bushol,—~every inch for a foot, and evory . OUNOE FOR A TOUND, yot this is oxactly what overy Uovornmont on onrth hns done repoatedly and what' our own Qovornment is doing to-dny, Aud.it doos it through au agency wlhoro froo trade {s powarlesa to moot it,~to which tho * hands-oXt" doctrine cannot bo mada to apply,—the machinory of tho courts, Evory community, clvillzed or othorwise, must huvo ~ somo tribunal tho fiual . arbiteator in disputes . be- twoen individuals, In all clvil prooosses thero must also bo somie_monsuro. of vajue in which tho judgments of this tribunnl aro to o sottlad, and hore {t ia that wo aro confronted witl tho ** Couatablo-money.” Through this narrow door of Govornmong {ntorforenco has cropt tho awarm of logal, outriiges- and mony tamporings with wolch the world has boon fall. ‘Tho areditor brings hig dobtor futo court and complnins be- foro the Judgo thut ho Lns contracted with tho dobtor for n LOAF OF BREAD AND.A FISIL, and pald him thorefor; but the said dobtor hath now brought bim a stone and a gorpent, in place of tho lont and tho fiah nforesnid, nnd ho prays thiat justico bo dono; then the roprosontative of ustico on enrth thus appoalod to, points to the tatute Book, and thoro itis.writton in » rocently .onacted Inw that o man who owoes n loaf of bread may give his creditor & stono in liou thoroof,— or i1 ho owos him 457 grains of colned silver ho may give him a bit' of printed pnrar worth in itsolf nothing at all, but calld a dollar, This is {*Constablo-monoy.” B Lo the devout Treo Trader,—to tho true be- ligver iu tho princibles of “hands off,"—the lnw of monoy may then bo stated in the fowest pos- sible words. ~ With our prosont lights, as & maf tor of convoniocuce, it is necessary that the Gov- ornmont should put a distinguishing mark on subdivisions of the procious motals, simply to indicato their weight and quality, and to Bavo individuals from the nocossity of so doiug: boyond this, also, the peaco of socioty roquires that in codo of disputes botween individuals the judgments of courts of Inw must bo suttled in thoso commoditios Learing tho Governmont stamp. 'This done, tho Government has prop- orly no further connocction with money whate evor, oxcopt to roceivo and disbutuo its own roy- onucs as i8 duno by any othor corporation. T~ deod, tho Freo Trador might go ou to say, and to support Lis statomont, with a terrible array of historicat faots, that, considering the ignoranco, fraud, and mlmlunlhy which all Governmonts hava evinced whonover subjected to any consid- orablo temptation in fulfliling theso simplest concoivablo of functious, 5 , TIE'MIND RECOILS {rom contomplating tho probable result of on- trusting to thom the moro delicate and com- plicatod problems of banking and ourroncy. Whother fortunately or unfortunately, how- ovor, the theoriat cavnot romako the world ; ho muot tako it and doal with it as ho_finda it ;' full of ignoranco, which mistakos words for things ; bréught up in tho firm bolief that cortain musty. Luinan regulations sustain tha univerao inutosd of hamporing 16 tho result in short of lnw, custom, and usago, rather than of natural dovol- opment, Thero are two necessary functions, therofore, in politics, which are ravely found de- veloped in the samo porson,—the ono the faculty of theorizing correctly, tho otber, the faculty’ of applying correct theories ns closely as may be to the existing conditions of mankind. Dacau- loy alludes to. this distinction whenin bis history Lo Inmenta that no racord is loft of tho_confor- encos hold between Nowton and Locke, and Somers and Montague in _relation to tho great English . recolnnga of 1695, For, ho ways, * it would bo Interosting toseo how. the pura gold of sgeiontiflo truth found by the two philoso- phars was mingled by tho two atatesmen with Just that (Klnumy of nlloy nccossary to its working.” Adam ‘Smith was 2 great theorist. 8ir Robert P'eel had & great faculty of bringlng theoros into_ practico, Richerd , Cobdon com- bined tho two ' qualities. The busincss of tho theorist is simply 8 TO ¥IND TNE TRUTI,— - putting it in_application is note of his affair; oll hio Lias to do 18 by severs thought and close obsorvation to nscertain and then Lo divulge as bost hio may tho cold, hard, naked pringiplo,— flinging it down bofora tho world, to tako'it or tg leava it o8 may seem to it good,—but. taken or loft it is novo tho less the truth, This done bis work is ovor. o has thrown down his ponrls if Lo is a vory gront man,—a Copernicus, a Da- con, or an Adam,—tho chauces ars a thousand to onoho has turown thom bofore swino; that, liowever, now that the inquisition has coaged to protect,—now that we have got rid of * that one ngency of a ‘'paternal” Governmont,—is no concern of his; he has' given his evidence. Noxt, and infinitoly . . LOWER IN THE BCALE of croated intollizonce, comes tho trua statos- man,—I do not mean tho connterfeit articla ordi- narily palmed off as a statosman, with his noisy cateli-words, Idomoan tho frue statcsman,— the man ywho is ablo to recognizo a truth whon Lio Beos it,—who can revolve it in Lis mind and apply it to the nffairs of lifo in just mo far as thoso affaira ate ripo for its application, Now taking tho truths which tho groat theo- rists have givon us and looking round on tho oxisting human conditions,—thoe rosults of hal- it, of law, of ‘education,—what is practicable in our country in relation to applying tho laws of freo trado to the oparations of money ? “A fow yoars ago oven hero in Massnchusstts, the Gov- ernmont protected 'us by usury laws ; they are 8Ll in forco in many Stafos of the Union, They Tind lns:nd some thoussnds of yoars; s monu- mont o UNIVERSAT, [GNORANOE, when Bentham demolislied them hl);u. gla blow ; but, through more forco of habit, it. was flftx yours boforo thiat truth obtained a foothold in Amorican logislation. . That auciont bugboar i8, howover, fairly moribund, and it -would be mero waste of time to Lestow more words upon it, Hora, howovor, is the ond of Eho ensy trayv- -eling,—from this point tho path grows thorny and tho, consistont Froe-Trader fluds himsoll mvolved in o new dispute at overy. step, It so happena that: monoy, strictly spenking, is usod in making very fow of tho exchanges of life,—& vast majority of theso are effcetod through mere cradit ontrics in'the books of. morchants and bavkors,—for tho mere balanco of differ- onces, Bome 8 or 4 or b per cent only. does any mouey pass from hand to’ hand. Evon, how- over, in doaling .with this small balanco man- kind bas found it convoniont not to use sposio, or merchaudise-money entiroly, but again Lo have roconrss to book crodits, and to effoct 1ts trausactions thrugh tho MEDIUM OF OHEORS, ‘ wwhichi it cajli binik-bills, and which are Issued by rospongibla parties,—being in fuct, thoir. noles pniyn\:lu on dematd, “Horo was a noble opportn- nity for & muddle, and governments have availed thomselves of it with all tho consummate iji- Fm““y of stupld industry. ~They at once bogan o protect. The- principles of Freo Trade ap- ‘plied to eurrency would have rogulated this con- dition of affairs in tho simplest way in the world, 1t would have classod all banlk notes, whore thoy ‘belong, . with avery other description of checks Enyuhlu on domand,—and the governments would uve snid,—**with all theso wo have nothing to do, Bank-bllls aro .nothing but the checksof banks payable on demand at ‘tholr own. counter. They are nob, monoy auy. mora than ohecks aro mouoy, Wo do not, undortake to ‘socure tho valuo of chocka or to make thom money, or to Bay. who may or may not issue them, or in what quentitios and undor what coudltions thoy miny bo issued. All thot, andit involves the vast moss of human_trausotions, left to (tsclf sot- tlen itself; and does o through the simplost and .eafost mothods concefvablo. , Why should wo contriye to draw a Hus of distinction betwoon 8 bank ohook and an’dividual’ check? It is none of our business, All wo lave to do i to stamp its weight and ite finenoss on subdivisions of the preciouy matals,” Instead of adopting this simple * LET-ALONE POLIOY .which. would. havo iugrained into the publio mind tha. distinction botwoon money which m dteolf was merchiandise, aud s paper ordor for monoy, which derived its whole, value from the porgonal crodit aof him who issuod it,—instond of adopting this courss Governmonts undortogk to protect peoplo : they meddled, and; ns_uanal, thoy. muddlod, Thoy weut to work and dovisad & wholo systom af favored corporations, which woro subjoctod to cortain zoatrictions and supor- yision ;. nud those thoy suthiorlzed to print a .cortain numbor of chogke on a cortain wort of papor, and those chooks woro entitled to cortain priviloges and woro to ba called bauk-notos, or curroncy, ' Then tho poopls were oavefully odn- catod, Into distinguishing theso oheokd from other’ checks, and, indead, of regarding thom ot a8 chiooks pt all, but ay monoy—brnk monoy ; and thion, haviug thoroughly establisliad ke . ... ACONYUBION OF IDEAS ., ., . thioy ‘procéaded- o' cdnfound it,*' Thie repult; ad tho connintent I'rao Trador inalsta; kns boon tho romult which followa nll confusiqn of fdons in which a rool of snfety {s sought undor Gaovern- ment protoction, Lraud, shipwrok, rnin, 1Iad tho Govornmont erlod- “ linnds off,” the 4 por cant of currancy would have sottled +Atuolf, Junt a8 tho 04 nor dant hna rottlod {taolf, Tho milti- yuclty of chocks would have driven enoly othor 0 iImmodiate rodemption,—and to keop domnnd ohecks flqnt(nq ag otirronoy on tho market would hinve raquired such n world-wide, woll-oatab- lishod raputntion for strongth' and intogrity in tho individunls or corporations who {kang thom that thelr notes must have posackaad a foundns tion of valuo far groator than can bo furnished by any govérnmont rogulation or suporvision, Tho groat 2 LAW OF NATURAL RELECTION and tho survivorslip of tho best ‘would have coma Into vigorous I)lny, and hinvo, aggortod it supromncy. It would have beon as imponsible to forco 8 circnlation of bad bills as it now is of bad chocks. It was Government protection,— tho intorferenco through Government nation with the working of untural Inws,—whiclsmada it possible, Ilkuow of 1o renson why any man horo should not go to his offico to-morrow aud iseuo & bushol of flve or oue-dolinr chooks, excopt tho fatlguo nud usolossnoss of tho oporation,~thoy would all bo prosentod. for radomption “within twonty-four hours of ‘thoir issuo, Nob that any law compols it. On tho contrary, in our country towns the clheoks of o manin good crodit aro often kopt.out for months togethor, and Lman 18 mongy through many liandy, coming back to. him as dirty as an ordinary banlc-bill ;—but Jwith respoot - to ,in- dividunl ohiocks, the' community hinving,boon soveraly loft, alono - porfectly protects itself, Losscs sre novor incurred on tho. modium of oxnlmngo for 04 por cont of our transuctions, which Governmont does not . undortnke to so- curo ot o roulat, but tho 4 por cont, which it doos, is prohifleof frand, . Tho truo Froe Trade in imonoy would then dle- tate for all iransnclions tho same - i : BINILE, BAFE POLICY y which controls Dt por cent of our transactions. The Governmant puts a stamp on cortain sub- divisions of &mulnnfl motals indicating, not its yalno—with that tho Government hnsnothing to do,—simply.its weight and . its flnonoos, . If, upon the application of teats, theso subdiviaions provo to hinva logs than tho sfntad wolght or fina- nosy they are bad money,- and, no matter. what the superscription may atato, are to be rojoctod a8 auug. Haviog done this tho wholo funotion of Governmont stops. It:went wholly boyond ita provinco. when it undortook in auy way. to further moddlo with questions of ourroncy, .or to regulate it or to throw ssfeguards around it. Fortuuately it.conflned its B ¥ TATERNAL OVERSIONT to 4 por cont of thowholo,—tho remaining 94 | per cont by some linkeratable good fortune waa Toft to overace itsblf, : Sitch is tho thborist viow of what might or should ‘have beoh. But wo livein a world of facta; theso facts will nob adjust themselves to theorles,—or, if thoy do g0 b all, it Is but vory slowly,—and, consoquently, it is the part of the xanslfiln roformer fo npproximato na nearly as he can to that lofty idoal which he may hardly hopo to’ seo fully renlized, Taking, then, tho bold, cold theory of noninterforance I hiave enunci- nted,—that nbaolulx confldenco in mon's actions 'if left to tako care of thomselves,—taking thowo princinles, lot us na practical men—ns roformors —goo how far we may hope to adapt them to the oxiating condition of affaira. Lot us come down abonce to tho subjects now su painfully agitat- in;éourcmmtry. I two things we may rost assurod, GENTURIES OF FALSE EPUCATION, falae logisintion, of words,.of cant, and of mud- dlo, hava so thoroiighly ingrained into the minds of ‘our fellow-countrymen the iden, that thore ig some fundmmontal. ‘distinction botweon bauk checks and , individual oliecks,—that tho fivat in #somo way aro ‘'moneynnd tho sccoud aro mot. Thia mischievous idea—tho wholo basis of tho currency twaddle—is 50 ground and knoaded into tho minds of mon that 1tis useloss to attompt to ignorc it. Our poople aro persuaded that it ia one of the fuuctions of Governmont, . oither itsolf or through the agency of ‘certain soml-pub- lio institutions, to furnish to the country what they ara plenscd to,call an abundant, safe, staple, and cheap paper currency. This radical innova- tion on correct principles wo hiave ' got to accept whothor wo will or uo, and submit to its inovit- ablo evils as best wo may. Another point aléo wo may accopt as estab- lislied boyond our power of disturbanee, - nor do I think I would disturb it if I could. "Tho pun{»lu of -this country will not agnin consent to a rotnrn’to the syatom of ““red-dog” or ** wild- cat" Stato banks. Ono ehlof difftoulty oncoun- tored in thoir strugglo by the frionds of & roturn to spacie paymonts - is its ‘insoparablo assooin- tion In the nilnds of those inhabiting h(f- far._tho lnrger part-of tho country with tho old curroncy outrages under. a. nominal 8tete proteotion to which thoy. wers subjudled ‘bofore the presont ayatom of nalional currency was inaugaratod. T'hat systom may be bad ;- tlio system of - paper mouney whicl it drove out of existence was far worse. Il was o systom of ¥ ORGANIZED SWINDLING ’ throughout whole communities “under the pro- tense of a'Govornment’ supervision, which was just sufliciont to Iull_tho victima ‘into o false sonse: of sccurity. Hore in Now, England wo know little of it. Our local currency was very goad,—tho bank-noto dotoctor, was indend & nec: essary part of “it.—but the curronoy of a vast majority of tho States wna drivon:ont.of our circulation, and such a thiug.ns a national our- rency—oxcept . gold aud silver—was unknowu., Tor thirtoon yoars thia gront ovil has boon un- folt. With tho advent of (tho “ groonbnck ™ it disappearod, and in tho minds of & mujority of the peoplo of the Union,-United Statos monsy is tho ropresontative of a stablo, universal cur- roncy, snd to spoak of abolishing it is to sug- gost to thom a recurronco to tha odious condi- tion of inssecurity which precedod it. Therofore, whother il is o violation of abstract finnuiplos or othorwise; we may us woll accept the essentinl facts that, for the immodiato tuture, not only is tho Government to furnish us with a papor cur- ronoy, but it is the National ‘Governmont which is to do it, g 3 .. Accopting then thoso two vory. important dis- turbing conditions -it only romaing for us who boliova.in Freo ''rado to conform to them aud to apply our principles to romaining conditions as Doyt we moy, . And now at lost we come to the great QUESTION OF TIHE DAY. . Wo aro to apply the simpla clomontary princi- ples wo linve been - discuseing to this subject of money which tho conutry {8 o anxiously debat- ing, Tho recent pauio has precipitated upon us an issuo. All along it was inovitable, Senators ond Unitod Btates -Trensurors, with a fatuity swhich could ariso ouly fram o suprome ignoranca of all past hmmnn experisnco, might cherish n fond Liope that s **do-nothing™ policy was all that tho vocasion required, Tt the quostion would settlo iteolf, if left to itself, Novortheloss, tho point had to be reached at wlhich Lbo roads diverged,. We Duyn como to it, und no firm bolfever in the docirines of Free Trade cau. for o momont basitate as to the course ho lias to pursue, An_{rredoomable papor cur - reney—an avowed “ coustable-money—dependont for ils whole value on tho -faith of the Government which fssued it is provably the very moat £X PENSIVE AND CORDUPTING form of protection which hnman cunning and stu- Didity hus yot deviead, Why is: it ovor -futroduced 7 1Lt only utroduced as a forced loan, to protect peopls from a divect loan or an lumediate tux, For its origin it {4 a self-adopted doception, ' By sctting up o fulse ntandard of volie, it makes people Leleve thoy aro uot pasing monoy whon thiey nra. Wiy fa 1t per. potusted?” It [s porpotusted simply Lecauss . peoplo caunot baar Lo call themsolyes no riclier than they are ; 1t 1s & singular fuot that no poople, ns a wholo, Who unce got uecustomed totho uso of o dobased nioucy, over 1lko the idea of o roturn to a sonnd - monoy, ‘They alwayw coma back to it, at last, but uniformly in consoquonce of tho most. bittor dlsnaters sud Ixialay Tha continued use of - THE DEMORALIZING MEDIUM ., . Ioads directly to tho worat shades of the worat descrip- tion of protestion, The Government las undortaken to ustubllsh s arbitrury value ; the Governmont iy wildly callod upon for setlon ; for sono form of pro- tostlon” at evory turu, THo monoy-gamblors and thioves of tho Btack Kixchango full out' sud go to ranl. {reating one'anotlior ; the Governmont s supplieated 10 futerveno lest some_one b hurt ; 1t must protacs oug sidoor the other, .We have. s -good harveat,—at ouce the Government must_protact the praducer and Tolp liint move his craps, We Liave # puor harvest,— aud finmediately the Goyernmont must do alittlo mora protecsion to rovive exbausted industry, Wo liave a momentary stringency,—~we lhuve cut onrsclves off from themonoy of tho world,~and ut oncs the Gov- ernment {4 frantically callod on for & * moderate ex- {umuluu" lo protect ‘and rovive our droopiug indus- rios, Now, lot us 6op,— CANT, MUDDLE, AND VERBIAGE aslde,—in plalu Gngllsh what doss it wll moan? Tt ‘muau Juat this,—nothing mare and nothing lows,—in every “concolvablo emorgonvy—it every turn of tradp,—the Governmont i callod upoa o tatapar with tho currenoyj to debase or elvate the standard of tho cofuwyo, ' A " madarate oxpauslon ¥ du tho cant of the duy moins simply - that the Govornmont s ox- pactod to seulo dowa ull oxlating coutraotd womod or § o cout fn favor of tho dobioe cliss, Tooplo buve cen {mgirovident and thoy ows too much wmoioy ; ’ AN ALL-WISE BENATE, . tho dobntea of which' ars mouuments of fgnoranco, confuson of thought and denve natural stiipldity,— this body, with owllike gravily, deceiving ftactt witly ehullow ophistrios and with parrot-liko monotony roe Jeating . fou eatolieworda of s ol salonco, Lo loruhook of which must. forover . romaii o scalod book fo thelrconprohensfou,—thin il ‘wiso body then procouls to datldo how largo n porcontago’ overy exlsting dobt sbull bo ro: ducod, atd liow hoavy o unlvorsalawindlo uhal Lo porr petrated, : Thoy send (fold up in tho markot 8 por cont; . —tley cannot even undorstund -thut by o dolng flll)‘l +huvp #oalod dpwn o]} existing oputracts by that amonn! 1t It Ju epocio, and they oryler b udail o iy o Lo ki ey 1o Zotsger b et nnderptsnd t,—mnka 1 papor fuatend of gold, and eall 1t # Iegal-toudor,” nnd thoy he s !, . OANNOT UNAPRLE . with thotds, To fssuo copper dotlars waa o rovolling orima; to fssue papor dollars fs o wiso and miutary nioasure of protoction 3..to debneo tio colnngo wan tha not_of dark und barbatona timos; toinfiato, an irro- dcemablo ourroncy s in tholr eyen atntesmarilike op- eration 1. -Aud this transparent fallacy is too miteh for tlie comprehension - of thoso,who coiitrol thio tremena dous. machinery of governiout protociion, ¥or of such aro thio majority of Congress "o tla tntcHligont Feeo:Trador, Nowovar, 1t 4 waato of tima to diseuss tho frand nnd b - ol FOLLY OF INFLATION, Mo can only know merchandiso: monoy 3. conatabla by in to bim gomething. abliorrent, ophosed to all pring uy!':'nynnnymnul with lm-ml fraud, corruption, aud dolf-docoption,—in confliot with the clsmontnrs prciplos Dotk of morale aid of phIORLY. Wt over ho confronts it, it must b ns an enemy with which ho will have no parloy. We now confront it i onr uwi iconntry,—how do we proposo to meet it? «That {9 & question which ovory’ Freo-Trader should now bo conaldering,—a quetion to {ho considoratinn of which I proporo to dovolo tho romaiudor of such 1iino as Lhave thin cvonlug, .. fo I liave Tocontly heen wading theaugh a nimbor of Dounds of priuted papsr spoled. for vl useful pue- PoRes by o roport of the Gongressional dobato on_thn ourronoy question, I havo likawise boon rending. with more or less pleasura and Justruction various pam- pllets from privata sourees looking to soine mothod of solving our prosont Ainaucial dificully. In tho multl fudo of counsollora doubtlesa fa wisdom, but I nm frco to eny that X havo seomed sverswhoro to find a tondenioy to mnko that which fa_ clear unnccessary obe acurc,—thnt which ia fairly ntralght . 1,001 i+ UNSUISTAKALLY - OROOKED, | L Tho diffloulty, tao, with tho plans I have sesn xeoms to mo to rest'in the failure of mon to.apply-to the teation at fssuo what aro tho ordivary. priucl Infos of tha rehool of Frec-T'raders, Lot us for o binglo mo- mient nasttmo that tho Yast sgaregate of hnman beluga 'mnm | iva common . fengo, nnil whl protect thommolves it onlytho Government will not try to-protoct them ;- lot s futrtliex asunmo -thiat ol suporvising . nanclal yia- dorm 1 ot peraanified in tho hoad, for the tno balig, of tho Treuiiry, Departmont; thén et us fearlcssly apply tho ‘ © 'PRINCIPLEA OF PREE TRADE . to money,—8o far o8 oxlating oircumatarices will per- ‘mit,—aud ot.us 8o what. followa, - Above all let s, Just for-tbo- pake of varioty,. be IImPlo and direct § don't lot us bo too profound: " after al, the key to tha diflicully mny be on tho surfaco’ nud nob bo coucenlod in “the" ‘bowels' of ' {he eacth. What is tho Oifliculty? Diniuly slafed, ‘I fake ‘it to bo' simply:" that - our ~ currenoy. ‘i - debased, nnd that, 1s any child must Imow would bo the case, tho _dobased_inonoy boliy declazed, what it 18 not, n# good s tho trito money, has driven 'tho_{ruo -moioy out of circulation, ' No simploton oven will glvo _gold whero tho law.decinres brags to Lo just us good, . Well, then, - our colnaga Ia debused 3 wiat are wo_golng 0 doalioutt? This condition of nfinira fa not unprocos donted ; 10 aofuago of other nations Lias boen debased boforo now; what did thoy do about it?. Thoy kad recourso ta recofnage, Tliat would soein to b tho OBVIOD AND NATUNAL MEMEDY for our trouble, - Tho debased monioy should bo called i, Andgood monoy ixstied in itw place, -But how is itbla to bo dona?. I caniat see why ‘so should not do - ft-an othiors have dono it before; ayo! - mbick -more cusly “than. otbors - in tho degres fn Which it fs casier and quicker to print paper than to coln specio, - Thiey asy the country objocts ton contraction of the ourroncy, Very well ; thon its volume must not bo contracted, We must fnvent a way of roturning to 8pecio pnymenta without reducing the amount of tho currency, THROTAI A RECOINAGE thls can bo done, :Let Cougresa by Inw direct tho Hecrotary of the Treasury cachi month to issue. five, or ten, or fifteen million of Treusury notes, legal tendari throughout the land, everywhers escapt at tho counter of tho Treasury {isclf, but thore redeemabla in gold, + Wilh theso uotca lot 'him buy up, aud uot cnncel, but this timo destroy, a8 large a mumber an thiey ill purclaso of greonbadka of e samio denoml: natlon as the now redeomablo niotes, Lot 48 suppose that $100,000 in $5, or $10, oF $30 rudcemablo notes ara issued fu purchaic of $5, or $10, or $20 greenbacks, Iers s no contraction ; it s {ho mere jssuo of -ono noto in purchase of anothorof thie sama deuonination, *Tha authoritics say that wo have not got gold and catmot got gold to Topinco our groenbacks i€ wo' withe draw them ; very good,—then roplace - them with ro- doomablonito 1hut Gvary ono wlo luows anhing of thoaction of monoy knuows perfectly well that in the face of your irredeemable legal-teniors you could 1ot {sauo and keop In ciroulation o single Tedoemnble ,'mml;;f' note; thoy would go bauk to tise Treasury or bo hoarded instantly {tioy wero paid out, . Of course, 1t was always 8o with tho good -epeclo monoy when colned to raplaco thio bad, Hns nat Macaulay fold the whole story? Wers wo (0 sl in $10,000,000 of debased legal-tenders cach montls, intead of being ablo-to .re- place thom in use by $10,000,0(0 of redecmablo: notes we could not roplace thoin by one, Hore, thew, woull Lo contraction ; and, whichover way ws turn, 0. this must we como nt Inaf, But it would bo n_cotraction of themero premium on gold, Thero would be plenty of monoy, and of good moncy, the moment th coun. try wad ready lo uso it, Thore would Lo 1o walting . for gold to flow from abroad, bit the very instant the logal-tender, tho greenback, the debawed curroncy touched ita: par value, that instant tho new currency, would flow fuito the chiunncls In cxactly the quantitics, 110 wore, 10 less, required to fll them, That day . CONTRAOTION WOULD DI OVER and tho strafu of recoinage 1o Jonger folt. Dut peo- ple Aay, ©Tha sufforlug—the ruin of that con. traotion'I" T canuoksoo it. Apply yourprinciyles of frep trado; giva pooplo tiofice: nnd Iét thein glone, and thoy willtike caro.of * themstlves o groat deal otter thanany - Goverument “can take cars of thom,. Givo otir pieople oo year's notico that the work of recoinage 45 to,bogin ; let 1t boain fn tho apring, that acason of th year wien thie movements of, irado aro most sliig- gistl, and I for ono would clicerfully. rlsk myall on .tha eake and safoly of the procexs. - -‘flis warning, the expectation of trouble,—the kuowledgo. thet tho now curroncy was at haud in abundance the momont the point was rosclied at which” it would.font,-—all theso eloments would comblno o inspiro confidonce, Bo- #ides, what more should .we do than wo have alroady dono! - It ia the firat stop usially which costs, and not tho last, But wo hove scen - gold sink from to 100 - without - produciug , any such ferrible couvulsion as now mnot only predicted but really foared fn the fall from 100 to 100, Within' the last year in six monthe, we saw gold fall from 118 to 106,—~two thirds of the way down,— wiiy should the_remaining third be worgo than the lier two17.. This, I facy, 1 amolber of youe protec- tionist bug-beara 3 it hna'but to bo bravely met to be found unroal. We cortainly Liave a right, at any rate, {o prasume thiat tho Inat six stops are not unlike the 174 willh precedod nnti flio contiary Is domoustzated by exporionce. Hero, thon, we Laven . PERFHOTLY AIMPLE FOLIOY which a child could_ undorstand. Tho bad manoy in gradually and . roa\llnrl{ callod in,—tho good monoy is all roady to_raplaca it In oty desfrad quantity the tn- stant: peoplo want i¢; the thiing monagos itsclf if it in Dt left Lo itself, ; § But it may bosald this fa 3 very simple and vory true, but, afier all, what does it amount to? You pro- pose’ nothing new,—this s only contraction compli- Gated by any {ssuo of now currency, - You ulmply pro- Posa to withdraw . 3 . GOVERNMENT PAPEM, nt It fotches the lovel of gold snd thera keop if. Why substituto your new monoy? Why nat_teduice the old and leavo ft at_tho gold yoint, simply making {t redeomablo at the counter of tho Treasnry 1 Amt at about this point wa may look for n burst of atriotiem, and * the argument from tho boys fn blue,” Wit | abiolish _tho. greenback,. which earriod s trough tho Kehollion in_trinuph, and s associated with ullfta momories ;—the beat curroncy the world over saw I Huving beon myself for four years ** A BOY IN BLUE," Lamfres to confoan mysst rathor woary of bolng pa- raded I overy discusslon of subsequent Hmos,whether on poluts of morals, cconomy, or patriotiem; ' Beyond that T am o unfortinate as to hold: auy tampering withs coutracts by, Govornment au an indolliblo. dis- grsco,on tho uatlon whicl i ullly o 1t Tho green- back 18 and ovor must bo- odlous in my oyes, remind- Ing me as it ever and- nlways must that, {o carry on o nobla straggle,we had rocourse to most fgnoblo means, of which thie greenbuck 14 o Insting memonto, Tt wad through, 1t that we levied a forced loan, debiged aur curronoy, tampored. withy contraots, parpotrated a col- tosaal swindlo, and e s DISGRACED A OREAT OAUAF,— and now wé aro called upon_ta roverries 11 Could confuslon of filons vossibly bo carrled further? No tho very - fact that tho groenback was tho: instrument throngh which wo dishonorad our crodit should. alona bo u anflicient rensou for - displacig it with another ourrency, - This, howover, 18 o sontimont, The argus ment for what Yhave termed *recolunge” of aur aver v cconomical. It loks to aving thio now cur- Tonoy ready in any quantity to at onco roplace tho old, If tho new currency is thus ready to the amonnt, [u. cluding. gold, of $00,000,000 or $100,000,000, tlcn, stoad of being s mensure of contraction, tho d PROCESS OF RECOINAGE 19, 1 the argumonts ndvancod n favor of an oxpan- slon of tho currency ara correct,—if It bo true, ay 8 5o ofton naserfod by thoso who ought to know, {liat tho country neods mora ourrency,—fhon the recoingo is o clicmo of vast Inflntlon, far’ wider and broader fhan Nr.- Morton, o Mr, Logau, or Mr, Ferry havo dared to anggest, Tt looks o an inflation of our paper money in plice of tho few tous of milllons of greonbucke whicls wonld liavo boon witlidrawn when thoso touchod par, not ouly by all tho specle in tho country, but by » Solfumo of frash paper soveral times the amount of bl tho gold in the Troasury. Tt 18 tris we do not boliova thnt this fresh paper would elther go out or stay out, far wa do not bellovo the couutry wants it. But this 18 tho very \ : QUESTION AT 199UR betweon ns and tho Inflationists, Thoy Asy tho coun- try dood want it, Very well, we roply, W ara not {n- fallible, ' You may Lo vight'; 1 Jou are, aud §t doos want i, tisera it 18,—como and {ake, Wo thiia chnllonye thom to the ono declsive test of thelr theory. Wa aimply Teduce tho outstunding frrodeemablo, dobased montoy by a fow million, and wa open tho- portuls of o Trensnry filled with radecmablo good moucy, and we say—lot it llow out | We have FAITH IN OUR SOICNOE, : wo bollove in_our prinviples,—we know that it it wanted, every dollur wiil flow out'and the ourronos wil exfiand by tho entirs amount ; if 1t 8 not wautod, not & dollar will move, or it will iove out ouly to it medfafoly roturn, We'thus have fulth fu our assortion, and we prove .it by our Iiave our .oppononts oqual faltls in tholra? I thoy have, they would no- copt tho tost, Weall know thoy havenot, Thoy cry Gut, ani wenry us with the rolleration, the OOIII('I;IIY" l‘lthAN'lIUll"lfll‘lll it b for more: monoy; but thoy alwaya add, it must be Totitoy In Toree cirotation—tha. Goustahi it ba bobinil overy dollar, - What thoy want I inuple apd divtuct {0 s, thorigh they may muddto i o Dralus by sophiatrics and obscure tholr own vistona by unutal col-woba; thoy want to sealy dovn cory tracly; thoy waut fo reliove’ all existing fudebtednesy by {ho 1ssuo of & moro dobasod ool and thoy do . blind thomuelvea und try to bilud ua- by ludiorois per cupita_computationa of ourroncy,: and by trylug to draw o distinotion without o ditference "between a moderatooxpansion and a swindling influtlon, Through the always possible oxpansion incidont to a recolusgo we ot offectnully ailonco that argumeont, Bat thoy fall buck on the injustice of contraction to tho dabtor class ; the i 4 4 .. VIOLATION OF OONTHAQTS ., . A luvnlvufl ‘s&fi“l‘xllmfllu llin;'plymeu‘t olm%rfi‘i:lr:“ ke at pat, o whilels wliich ware contract groon- RS Rrdouar "Ll Fasitiors ‘weo two bldos acnco of tho rocotnagorplan, It in -woulidl ba issued, it will prevail cannot a to that qutestion, Allow tho Injustico, Resumption will then work it but once and ‘thero nn end 3 tho continus ancoof tho present proclows syatem worka it on an avoraga_nbout Lwloo year. Lawt Juna, greonbneks Woroat 84 Inst Docomber thioy find -Huen t U ; sinco then. thoy' havo fallen to 883 to-morrow, Livavan only Jiows what they may or mny not bo, Does such a iy & JUMPING-JAUK 'MEARURT » of vnlties as thia work no_tnjustice: Lo those who ontor 4nto contracta ? - But I'notice your truo-bioodod infias tonit bocomes Ransltive -About coutracta only under tho infiuonco of » falling gold_market,—whou gold i5 boomiu o eaivl for tho lfo of bim e iow any fn- Jutico 1y wronght oy oo, Wa_suw it go to 280, aind the patriotism of tiio iilationist wns anbiimo,—lie woull gaorifico nnylllllls—-flwml hia dohits—for - his country] Now ho Lis auddenly bocoms vory sonsitive about the Injustico of changing tho stundurd, Dut to leave tho S 3oy WRETCHED F‘A!:LAC!!!’ it {110 unmasking of which is nimozt an Jusult ta any fne telilgont andionee,~lot 1x xoturn to the recolnngo wo woro disounsing..”. T inve now trled fo shaw whiy a ro- coinaga in placo of n aimple contraction is denfrable,— thirough -4t .we" meat our apponents ;on thole: own onnd,—wo infiato the purrency beyond thielr wildeat demands, it os thoy . any, moro ourroncy la nooded. ut It mas bo argued whiy inake your now motioy, na you proposo, o legal tondar, in paymont of all’ dehta excopt at tho countorof tho Troanury? Thin, how- ever, on exunination will bo faund ta be tito. vory os. perfectly truio, us has beon 80 trequontly aegorted, thut our DEDABED LEOAL TENDEIR “lins drivon tha atook of gold out of {ho country, We Liays 10t tho preclots motala on_ which fo restmo n fall; o to eall them Lioro would - dfatiieh- ol tha ox- chiangea of the World,- It-only romalns, then, fo make ‘whnt we have got do tho utmost: possiblo amount of worl,—wo must and can utllizo ovory doliar of it, Thls o can eauly o by consontrating. 1€ In ono reaervo,— and that reserva the Nutlonal Tronsury, This will bo olfccted Instantly tiat Treasury notes sro mado 8 ‘legal - tender - overywlioro oxcopt nt iix own counter,—tho_speclo ' rosorvo - would bo behtnd tint counter and againat it in fixed proportion the notes What would Lo {lia-inovilable re- eult? Through payments of dutica thoe gold flows out of iho atreot dnto the Treasury,—tho Tressury docs mot goll 1ti—IE fasttes iis Troasuty-notoa fu fixed pro- ortion—two to ‘one, or fhreo to oo, or four to ono,— ngainst it, and paya it out only in their rodemption on demand.. But oxcopt at that one countor thoss notea are-legal-tauder, .Yea; and by #o-boing thoy cusblo ovary banking institution and every dobtor to let 8o hin gold and Jet that also flow quietly into the gereral ro« sorvd, Thut lot v upposo o moiloy atringency or ovon u panic, whint then would happen? Wit then conld luppens Tho firat pressniro wanld bo on tho focal aud private banker; -lie would Lo called on to redeem his ciroulation, .. What would Le do? o would, -of foueso, sirengllon Lirself by scoumulating gold, or ho (t0'him) equivalent of gold, * TREASURY NOTES, whiol at his counter aro. Igul-tendor, . Tt would bo with the Troasury, under thess .circumstances, s un- dor similar cireuniatances it lins always . boen with the Bank of England,—{lo prossiroat its countor would got bo i owu ndtes for ralompiian, but, for morg of ita own own notes, to onablo others ‘o redcem, Tho strain on it wonld o not to take its own notos in, but to provout their golng out.. If, Lowavor, theso motes ‘were niot o legnl-tonder at every counter bhut its own, then in porlods of-alringency. ovory bank would ho thrown Lok on s own resorvo of gold, and tio main- Lonauics of spcio payinent would Uo prictically iipas- o, In ollier words, wo can by o posuibility maks o BLENDER RTOOR OF SPECIE now ot our cominand. do- the work it must do it wo evon attempt to resume, oxcopt by go concenirating it that every doliar will do as much work as s dotiar can, & But, 1t will be matd, you will have panics under this yatow, your private bauks will break, s thoy huve often broken bofore, and then look ont for your Trens- uryl Thorowill Le o scramblo for gold, and every nalo which fa out will crowd up for Tedemption,. T think it very probable. - I do not. expect to livo to sco tlio duy whon lurgo masses of men will not occaslonal- 1y be subjocted ta 2 RUDDEN, CONTAGIOUS TERRORS in poaco or fn war,' Tam vory surs that no ohiecks, or guards, or regulations, In tho power of sny governmiout 1o dovise, will ‘over provent » panlo elthier fu Wall +streot or at Bull Run, " It is & matter of contnglon and norvos,—mon will at iimos, when acting in massos, et frlgltonod,” and thoy “will run sy, evau lio ‘bést and ' coolest and - bravest, Lot 'them alona ;. they willaoon_recover, I remembor woll at Spottaylvanin, in the laat year of the Rebollion, long after Bull Run, seeing one torribloeveniug lrgo pors tlon of oven Bcdgwick's gallant corps, mon who had borno themselyes ko . heroca fn’ simost endloss slanghtor-pens, aiddeny mitten with terror and fly~ ing ke ooy, - They ‘woro ld woldiors, and thoy didu’t go far, and the noxt day tlicy fought like Honw, ‘Dbut why didn’t Cougress then” pase some laws toregu- late aud prevent panics in_presence of .tho enamy? Aud why did't somo esplent. Senators. announca that dlsciplinie and couraga alwaya broko down when put o {lo tost, vido Bull i and_ Spotteyivants, sud ticre. fora AN ATMY WITIOUT DISOIVLINE and withont courago wis the bost nrmy Lho world evor saw, This fa Just what tho currancy sophists sny of tho panica which have oceaslonnlly occurrod during long perlods of specio paymonta § they point in trle unpli {0 5 and ‘37 in this country, sl 6 /67 and 166 aud the other bank suspensions 1o England, and. thoy eay: @ Thero fn no such thing as Apeclo paymente,~ you only think thero is; an over the delusion,—{nko 2 Good paer goucy and e happy. . Ji Waild ‘b waste of timo to reply to such proposterous nonsenso, 1t 18 a4 if & man bl beou no wnfortunate on Ewleo it s Nife, at long Inforvals, to get vory drank, wnd he kopt fu the wateh-hiouss I consoniteuce’ ‘gad. flion somo dlstingnixhiod temperance reformer And. philan. thropist were to come along and say to his “My poor friend ; why do you try to be temporate or sonsi- 1la? you nevar have icon ; you only. think yout havo: 4wenty years sgo, and.again’ ten yoars ago, you o drunk—you know yon did; and you woka. HE in tho ‘wateh-haueo, Evon old Bull overithe way, who {s 80 proudof biy respectability ‘wnd ‘solldity,’—even Lic;— you remembor how . e SOMEAMING DRUNK ho was with you in 57, aud what a disrepntable ‘ bust? Hhioold llow hud fu 66;' uaw T {el”you heras o sitch thing a8 tomperanco: it alwnys hns and always will break down when put to the test; so you'd much Bottor giva ft all up 16 an axploded flea; and once for all got howling deunk, and live i tho’ walch.honso s you really don’t kmow kow happy you'll be it you'li only do ft, And, busidos, stir 08 fate, you'll ruin old Buil; for he, whon hots soher, can't bagin to compote with'you when yau're druuk.? No, my frionds, under any system of ctirroncy or pollcy of trado,—ho mattor how much Government may seguinlo Thinga o lenva them lons, ~wo sili 8tlll be kuman beings when all .48 sald and doun, As such we shall bo ovor—sanguina at ono time, and do- pressed at another; to-lay wa shall ovor-trads, and morcow wo shall b unnoeessarlly prudont; e sball ovo . ; G00D TIMES AND DAD, "Stringencios, panics, and_crises,. Thess will: alwaya bo far heyond tho .xosch of any loglalation,—{hioy ro principles imbedded in human nature ftself, - AlLwo can do fs to meet theso contingencios when thy ‘nrise in slmplo, manly faslion aa honest mon Ahould, Therefore, T wonld eny that.-whan the criaia did cone under auch a aystem ns I bnve suggonted,—whon all the privato banks had suspended, and the acramble for gold had et ins when (hrongs of {rightonad mon, With hands fll_of notrs payablo in gold on demand, stormed at the doora of the Treagury,—then I shonld aay 1t would bo for those at tho tima In churgo of tho Trensury to talie councll togothor, and to decid whetli- erto moot {he sonsoless tamult, and o quoll it ns o strong private man would by paying dollar for dollar i1l the gol on hand was gone, and thon roplucing it nt onco by salling hia bonds for what thoy would bring i rolil in the market ; or whother in place of this mau- y, daring course, which wonld long - ISTALISH THE CREDIT af the Trenstiry ot home or sbroad, ita doora shonld uo temporarily cloged until tho stor lind abated, Any ship niay; under o cortaln stross of wealher, drag I anelior; that i a. Joor argumatt, liowavor, 1 favoe of piping all bunds fo throw Woth anchora aud cables overboard, * Yvery doviation from tho puro principles of Freo Trado applied to monoy, which was demunded by rec- oguized oxiating facts fa0_ ntrong to bo disregarded, has now been provided for, Instead of llmlling tho Government function to tlie simplo_ duty of stanining thielr welght and tholr purily on_cortain subdivislons of the precions metals, wo have conceded aud provided for that paper money which long custom and convon= - ience demand ¢ and tho Government ‘also {swues that monoy, to the ond thut it moy cirenlato overywhero and overywhero bo of cqual value. _Beyond this, what in thoro? Thero {s much, It remains to apply to all ottier dopartments of curreney the pure, simplo prin- olples of Frea Trado,—of “'handa ofl.” Bupposing gt tho Treanuzy Lold fomo $30,000,000, or oven $100, 000,000, of gold, and_iasued aguinat it $300,000,000, or even £400,000,000, of redeemable notes, there would still o au ingufifelont curronoy. Tho conntry shoutd havo just ns much as it wants, If {t wants £1,200,000,000, 1t should have it if $3,000,000,000, it sliould Bavo that, - And now the Free-Truder beconies at once a Froe-Tanker, 1o auys that this s no nffulr of Government,—94 yicr centof the, bills and motes issntad alwnys roguiato themsolves, becauso you leavo thom slone, aud tho sinali balanco Fomaining whicl wo all currenty will do tho gam it you will oniy giva i a chance, Ono thing only would the Free-Trader do,— ho would any that #ncoho hud to violate his princl- pleand lasuo Goverument paper which was monay, Liat papor sliould bo wholly unifko other papor, whicl was only ourrency and nol monoy, In othior words, to protect the fgnorant and tho caréloss from fraud and Goception, tha Government ahould binva n copyright in its own uotes na regards tholr . colow, tholr slze, their sliape, and thelr wording, and_any imitation of that copyright on_auy iseue of privato ourroncy uonld rank us noxt door to forgory, This dono, this singlo rotection againut fraud arising from the confusion of Jioas wo hao Gursciven created: hobweons mouey aud promises o pay,belug seoured, thon lot us glve fres reius to the principle of FIEH TIADE IN HANKIN let any man or ot of nion {ssne -curreticy s thoy now fesuo chocks,—lot the peoplo use it, or not, s thoy waut it,—~lot tho grest natural Inw of solootion,—thy survivoship of tho strongest provail, Thot u tfe end inft of donbt, That it will only prevail through bardship {a trito, for liore, as ovorywhore, men -must buy thofr own’ oxporlente s but fio hurdahip which will porfoct the beat and mos perfect system of sclf-protection mid the anfost of currencles, will be na nothing to the- inmwmerable and atroclous abugcs to which naukind Liss over been, und now_ I, subjected, from a protonse t Governiuont protection, which In reality nover protects, BDut thoy Aoy, beforo yoil can Luva such a curredcy you must devise a syuton of - MUTUAL UEDEMPTION,~ 8 cloating-houso arrangoment. I do ok soo the neacs- sty : thot ulso srrungos tsolf, IF uny ono doubls thia Jetlim _satlefy. himsoll by o’ simplo oxporimont 3 ot Iilin o hiome, 1dk t0-MOFFOW moruing fauo four Bank- notea of - hfwawn, redeemablo in logal monoy. ou do- mand -at any Boaton bunk; n othor words, - ot him draw four cheoks 1 ot thum bo each for the sum of §7, and lot it sond thom, the ono to Ohicago, another to Bt, Louly, tho third to Now Orleune, - thd fourlh to Olfurlatoi—ull i payuaont for u subaésiption 10 #omo nowapapor In thoso citics, 1o bas now fasued g0 much olirronoy ¢ Iot us 8co If W6 hiove uny syatom of mutal Todompiion, 1f we huve oty of contuo tlieso private notes will ot comie back 3 if wo have, thoy wills. Tha Fosult of such un ocpocineat would, Tthiuk, doon sst- taty sy out of the diflauly of oalng 5 Q08 NEDKEMAULE, OURRENQY, e Thoy say that Gursas comis Lomo to r‘n”ull i oy exe _rcdomption of ourroncy. perdoned, thoy aro nothing Nko chorkn, T romeflmes yander Whietiior any ono ovor pald a bijl by & eheck,ail thiat cheek got loat and conld nok find 18 way homn, ‘Thoy dalk.of aarrior plgeona 1 Thoy nro mors nolea hy compnrinon with cliccka, 1. Livart -tho loast doubt that diring tho slogo of Pari checks nyablo Lo braror would havo found thietr way throwgs Tyl 10 {lwie Jlincn of rormption, in » way which woiid hinvo natan- slicd Count Moltko. ..No I ad well talk of tho nocomsily of Government arranglug to provision a large city fn 4ime of praco . of Lo nocossily of pravidny for tho Makg it xedeomablo anye ‘where,and to that pomt 1t will go, Just o aurely A unerringly an a falllng wolght will go fowarda thn cone tro of gravity, Icre, indewd, 18 a_noble ficld In which to practica tho principles of Freo Trade and non-itore formice, Eape; < 3y lour Is over, and we hnvo now passed through fiia Whola Aold of {io prescut fmaticint G : mpalie At Lojeaes arb of o grobiom, an 1 preseuted et {hio principles of Broa T'rado ii:money, They aro the principlea of oxporlence, of common-sena, of honos ty. Bverywheroand ut all Hme thoy wago an earneat watfaro with pant, and muddle, and fraud, In this matier of tho curfoncy, wo, oliovo thint OANT, AND MUDDLE, AND FRAUD now relgn supremo, Thoy cortalnly do n Congrass, 1 cliallengo avy sbudent of fhis fnforasting aubjoot— evon the moat pationt and Industrions—to wade Loneatly thirangh # single prolonged dobata pan 1t lie {finthoniorablo oy, 1t socms absalulely ineredlis that human ingomiliy can_creato anch diflienltion,— can 8o obsoure the (ruth,—ecan so delight in fallacy and dn woplistry, .. Tora and fhero in tho, colimne wo muat tneot -a 'flaali of-Intcltigence, ning onco illumined the murky pfl’infl of Ilnnsard, ns Sehurz moro rocently mndo vatnablo o lngle smia of tho Congrosslonnl zecard, As a rulo, lowover, wlen one rifca from tho perusal of a Congressional dobnte on any importaut tople, It 18 with o nonso of puzzle and sinnzemont that ke o body, posseasing 5o micl o, ngud, nftoe all, necompial no_comparativoly itlo minchief, :Thooretically, it would fcemn ftpos. siblo that 4ho. dolfcato . nnd ' beautiful_solf-arranged minchinery of a modorn elvliization could bo lampored ‘with and “deranged by such a hody of Imbectles na tholr printed doliverica would {ndicate; our Congros to he, without falling to_piccen, 8o, hawayer,. fL has :\w,:vs Voen, Hofore profound philosophers had e enteda . : ROHNOOL OF AMERICAN FINANOR y or Amorican, aconomy, propratory. 10 propatifiding an_Amorican mathomatics and &n Ameriean as ironomy ; before -§t was'discoverod that lieavy ni tional taxation opon tho only quick nnd sure roud. o rapid mational dovelopment,~efara debt - wa pros nounced tobo a blessing or_universil high piicos & Decossary concomitant of, gonoral prosparity ;. bofore nll thono trutha lad been ' evolved from the. obsorva. tion of chnrlatana ; boforo the dnys of n Forry o 5 Morton or a Logan : heforo gold and sliver ooy wero denounced. ns rolica. of barbariam ; boforo. Als, Kelloy hiad Teft i’ * plg-fron " lovo to dally with 5 * cheap convertiblo hond st o low rate of intorost 3 Defore Mr,: Richardson -invanted. » * greontck ro- sorvo. an & method of “moving tho crops ;" befors oven Charles XIL, tho prototypn of all thoso dise Hnguiakied gentlemon, had fesucd his_famous copper dollars, another Swedo—a truly great fan, and & cone tomporary of that Britlsh Solaton roferrod to In tho commencoment of thie leattire, ono dey hind satd to his descondnt, * Go forth, my son, and learn with hqw Hittlo wisdom tho world §a governod.” y A ncrap of resl poctry I an oad - fhing with whicl'to bringtoa closa o lecturo on tho alwaya dull princl. ples of political economy. ,But I never listen to tho nolay, wordy, angry disctisfion, which redicos this: rent ilubato 40 & sansoless hub b, without recalling o mind -flio poor organist’s sollloquy on: Muuior Thughies, of Saxo Gothn s “Wiat, with aflirming, denying, it agasting, subjolning, iU Jike—fGr an fnstaudo I am trsing, . ‘Thera l—aco our raof, its gilt-molding aud grajn n P TUndor !l‘}nla splder-wobs Iying | # §o your cant brondsny and thilokons, Greatens and decpens and longthens, Tho oue exlalms—But wherels music, tho diokons Blot yo tho gold, whila your apider-wol strenglhi- ens,- - Blacked to tho stoutost of tickous. # Gver our hodds tratl and nature— i Btill our life's 21g-zags and dodges, Tagaod outs wearlug vnew Il ol's gold Just shinfug ita. Jast where that lodges, Galled Beneatls man's usipatire, 2 “ A%y, but traditions, nvoutions (Bay wo and malo up a viange), 8o many mon with such varions intentions . . . Dovwa tho past agos must know moro than thla . ngo ! Leavo tho web all §ts dimensions § * ¥rjond, your fugue taxes tho finger, Learfing 1t onca who would Joso 1t 7 Yet all tho whilo o nisgiving will Hngor— "Cruth's golden o'er us althangh wo rofuso fte Nature, thro’ dust-clouds wo Aing hor 1 ¢ THE BISO: ‘When It Disnppenred from Kilinols. Andrew Shuman n the (Chicago) Tliustyated Journil. . That member of the bovino mmll{ to. which the Amorican Indiang , and tho enrly. pioneora gave tho nawe of buffalo, bt whichis not tho gonuine ‘buffalo_(bos bubalus) of Zoology, but the bison, is now in o falr way of early exfine- tion, Yenr by year tho Indiansand thehunters of the Westorn mountaingand plains are destroying these animals by thousands, and .ina vory fow yonrs the bison will be nmong tho many. extinet quudruped tribos of this coutinent. Thereforo, whatovor faot or history can be. sscortained in referenca to this peau,[vinr and _onco-numorous ~donizon of our Amorican wilds, bofora ho. shall have entiroly disappeared, should le carsfully recorded for preservation. In a convorsation, & few days ngo, with Capt., Leonard 0. Hignnin, one of ~ Chicago's oldent residents skl surviving,—lo came bere from Oswego, N. Y., in 1833,~he informed tho writer, that, among his private records that were lost in the Great Fire,\woro the memoraudn of many istorical facts and Indian lrnd';iour. vhick ho Lind obtnined from.Billy Caldiell, tho' eecondt Hend Chiof of tho Pottawattamies, then oyar 60" yonrs old;. aud thut, among theso memoranda, was ono importaut fact for-natural history th: Lo distinctly remombers, namely : _that in 7833, in'the conrsp of. an intorviow with the old Chiof, the lutter informed him’ tliat seventy yoars: provious to that time—that., is, in: 17(3— thore was the. severest .snow-storm and tho Leaviogt fall of enow 'that had eyor boen knawn casb of tho Dlississippi River ; that, throtgliout the region now known ng the Statoof . Illingis, the Buow was from 12 Lo 16 feot doep ; and that,: among other digastrous offects of tha visitation ! in this rogion, wau the' total . destruction of tha bison, which, although up to.that time a8 plenti- ful hore as wore tho troes of.the forest, porished by wholesale by being overwhelted in the snow, or by atarvation. ' 1 IIo enid that somd -of *the elk and doer also. perished in that storm, but that many of thes taking refuge in the timber, . gubslsted upo tho browso of the hazel-brush and other shrub- Dbery until the snow meltod and freod them from! their temporary embargo, L A 5 Capt. Hugunin, iu contirmationof the coryest- noss of Billy Caldwoll's statomont, also ipformed' the writor that, in tho nitunin-of 1810, while on, ‘w.ptago trip from Ghicago,to Galena, his aiten-: tlon was arrested by seeing, horo and’ there,’ throughout the praivies, which Lnd but récently! burned . over, great flelds .or, yards. ofi bloached bones; .sud that, . on inquiring, of . Mark Bonubion, . tho . old halt-braed keepor of n tuvern in this vicinity, and of othor ploneor sottlora and Indians, Le was assured; that tho bones were those of the *‘buffaloes;"| that these bone-yards, . somo of which Were ten acres in extont, were the Golgotha of the bison, whieh, gnlhorc& in vast, groups. during ‘n ,;:mn! #now-storm many year§ proviops, were Nierallg, Imprigonad iu the deop snow, aud thore diod in! multitudos. 5 o ‘T'aking together tho tradition” of Billy Cald- well, aud thoso bone-yard evidences throughont: tho 'Kankskoo, Illinois, Fox, and Rock Bivor) Valloys, Capt. Hugunin, who is ‘hinisolf. m smateur zoologist and ornithologist of* no men v order, came to the conclusion that it is only o’ littlo over contury ago sinco the bison were ™ v plentiful batweon tho Mississippi Riyer and Lako, Miohignn as thoy have been in.our day botwoen tho Missouri Rivor nyd tho , Rocky . NMountaing ;’ that the Amorican buffalo on 'this_sido of tho! Missisaippi River was completely destroyed by o tromendous snow-storm in the winter of 1768 ;/ and that in 1810 tho'osscouy remains of the ani~ mals wero atill to bo found thoughout Northern Illinois, . Posaibly.a carcful survey .might find s0mo of theseromning in tho samo localitics evon ab this day, I Olassic Gnelic. Tho following authentio ancedote shows very cloarly tha bonefits which a knowledge of Gaalic ean confor undor peculiorly distressing civcum- stancos : A clorgyman of the Church of Scot- Inud, who was possossed of o fund of dry Lumor, ocenpled & rural finriqh in Porthshire, bordering on tho Highland dietrict. He fook much iutor~ Bl in the progress of n Highlaud student, and aidod him as much es ho could in his studies, preparatory to gotting liconso., from o prosby- tory. Ono.thing, howaver, e was doficient in, and that thing was indispeneablo, Time ware on, and tho day of trial approached, Both min- istor and student wero much exorcisod as to how they wore. to ovorcome tho difiiculty. Noitbor - know *anything of Iebrow, and how the young man way to meat tho reverand cowre without it soraly. puz- zlod thom both, . At lnst the clorgyman saw his way cloar, a8 if by inspiration, **Takp your Guolio Diblo,” ho said, **and when you are k- ed to rend Mobrow, go -on reading from, jt," “ But will thoy not tlind me out #** suid the younys man. ““No fear of that; just do as I tell'you, The dry cume, tho trinl proceeded, amnd eyery- thing passod off satistactorily, The young mun was roquested to read 1lobrew, and, witl feur and lmmhliu[&.. ho drow forth hus Gaelie Biblo, aud aftor ho hud gone on thus o short time, “iuet will do," said -the madiator; “ what do on) Bay, brathron ?” Of courso evary ravorond Krmhor camyhmuutud tho young man on his fa- miliar acquaintance wite Hobrew..,, Iy rovaropd | friond snid .x\omll:s. and the, capdidate. 10ceived liconso to proacl