Chicago Daily Tribune Newspaper, March 7, 1874, Page 9

THE FINANGIAL QUESTION. Experionce of the State of Illinois. Tho Flnancial Panics of 1820, 1837, 1857, and 1873, Bome Objoctions to * Free-Banking'- The Millionaire Inflationista, The Financinl BExperience of Xlinols. %o the Iitor of The Chicano Tribune : Bin: Dofore the War of 1812, tho fow sottibrs in the Torritory of 1Mlinois made their oxchango by “swapping” or bartor, Aftor o groat doal of “mwapping,” thoy lonrned that tho valuo of 2omo articles was pormanont, and thoso becamo tho circulating medium: the currenoy of the rountry. The skinsof deor and raccoons were neod a8 moncy, and financlal mattors wera plnced on o firm buckskin basis. Aftor tho War of 1812, whon tho soldiors re- roived thoir pay, MONEY DECANE PLENTY, and & desiro for speculation was enconraged. Tho higher prices roso, tho highor it was thought thoy were about fo rise. Yo oxpeota- tions of the peoplo wore stimulated, not only by tho volumo of the currenoy, but by the hope of lmmigration, Thoy bogan overywhero to Iay off tracts of country into town-lots; and tho stakes which mnrked tho corners romained for many yenrs, thelittlo remindors of the provailing folly. Ina ‘“Gazottoer of Illinois for 1823 ” Apponrs the following item: Independence : A town in Tond County, Tho town 40 laxd out on 6 very oxtonsiva acalc, but 1o jmprove- anonts hinve 08 yot heon made on tho'ground, It only exiats au papor, and constitutes a part of the apeculats 1ug modinm of 'thio State, The natural resuit of an inflated currency and speenlative prices camo in 1820, whon tho banks broke and the pooplo wore dooply involved in debt. Dab from tho wrock of brokon banks and blusted fortunes camo a ory for MORE MONEY, inois hnd boon a Stato only & few yoars, but domagogues woro plonty, In 1821 the Legista- ture croated a Btato Bank, using tho credit of the State and the bope of the poople for capital, wnd solocting for oficors and manngers tho most active politicinng, Tho principal bank was at Vandalia ; tho branches wero distributed among Lhe various towns whero politicians wore most netive. The bank-bills boro 2 por cent interest, and wore redoomablo st tho ond of ten yenrs, Tnese bills were lont, in sums of $100, to all who could give personal security. As tho' people wont security far eaclt other, they had all tho monoy they wanted. Illinois was thon a finan- cial paradwse. Tho Milfounium of ready cash Lud come, aud peoplo had “LOTS OF MONEY." Dut this financial glory was only s dissolving viow, for tho Stato Bank paper doprociatod, an became worth only 26 conts on tho_dollar; and Euonlu wero no botter off than before, Tho ank was a political cstablishment, and, liko mauy other political establishments, its manago- mont became corrupt, In 1826, at tho matance of Gov. Idwards, n committes \was appointed to \moncth tho corruptian. . Tho Jommitieo bogan 18 work, but the bank-managers worked against it. A writer enys of the invostigation: *‘And now commonced such a runuing to and fro about tho Sent of Govornment by day and by night as can only o equaled by & swarm of beos whon rudely attacked in thoir hive, The Governor was oponiy and boldly churged with base mo- tives,” &c. The investigation came to nothing, aud the charges wore 1eported not sustained, Buch aro the results when the Government nn- dortakes to managoe the finnuces of the country. The State Bank beeamo uttorly broken; a part of the notes woro recoivad for taxas, and & part woro funded at § per cont juterest. The Stote Jost In the operntion sbont £400,000,—sa con- eiderablo sum when the wupsrse populntion of that time is taken into account, The poople gnrksd themsolves out of their financial diffionl~ ics by ) ECONOMY AND HARD LABOR. Thin i8 rather an unpopulur nud unplensant way, but & mys(erious Providence lLias thus far fur nishod no otnor. ‘The year 1834 found tho poople of Tllinois bappy and prosperons, From thiat timo until 1847, immigrants camo in multitudes Ly stcam- bont, with ox-teams, on horsoback, or on foot, In tho timo of adversity, the peoplo had called on the Govorumont for assistance, but had found that noue could Lo givon, Nevortholess, Ly somo atrango rossoning, thoy thought thut, whou they were prosperons, il Governmont could make thom more £o; and, in 1834, the Etato again went into tho banking busmness. One of the old Btate Bunke was rovived, and a tiew one was started, In order 1o ocirculato the monoy, it was provided that it could bo loaned ca real estate to an umount not exceeding 50 por cont of the appraised valuo. 'his opened the way for sharpors. A great mauy peoplo had thair land appraised by friends wt high figarcs, and obtained loaus on'these fiotitions uppraisals, 01d swamp-laud which was hardly worth the tax on it, was used to sceure losns which mon nover iutended to ropay. Laigo sums wern borrowed for speculative purposes by parsons conuccted Wwith tho manngomont of the bauk, and in o very short timo it lost & million of doliars. The country would have boon flooded with money without the croation of State Banls, for Gon, Jackson's Administration lind _encouraged benkers to discount liborally. The mumense ¥ fime of currency stimulated” speoulatiou, and people X DROAME NEARLY OR AZY. with excitement when thoy observed the rising suluce. ~ From 16} to 1897, they ongaged in the work of layiug out towus on pavier, and stukin out largo tracts of nrairio fnto Lots, It is ha to givo an idea of this poriad of frantic spocula- tion. It {8 o fact that, in some instances, gawblors loft their cards and dic o, laid out little imper towns, and_gambled in - town-lots, Tho cyislaturo of 1835 fully roprosemted tho crazy tdea of the poriod, snd thomind s of the mem- bers wore unsettled by the imm enso volume of * cuwrrency. Bumwms of monoyamotmtiug to mitlions of doliars scomed more triflos. Thoy passed bills for the improvemont of tho navigation of rivora and tho construetion of r ailroads, roquir- ing & disbursemont of nenrly & 19,000,000, which wus more than 840 apicco ‘for every man, wowan, and child in ihe Stato, Not all of this monoy was spent, for tho Stato was nevor ablo toborrow it, Evorythivg was commenced, but littlo was finfshod. Au a rosult of THI8 PRIGIIFUL EXTRAVAGANCE, tho Btato contracted a dobt of $14,300,000, and Wwus only stoppod from going fiarihier by the for- tunato panic of 1837, It wm) & matter of re- grot that tho panic was dolayo ] 8o long, and the veriod of spooulation and papar-inflation extend- ed. The distress was propoictioned to the ex- truvagauco which occasioued i, The banks uni- vorially euspended, and tholr worthloss apar would purchaso little or nothing. It is not nec- essiry to roview the strupgles and discussions which followed in the Legila ture, to which tho peoplo looked for voliof, Mo, Loglslature could not ereuto value, nor afford relief oxcapt by sat- ting an oxumplo of economy. The Kmu wad Lrgught by the panioto the ver go of ropudiation Lut was huppily saved from tha t dosporatocourse. Hoio_idca of Lha feartul distr oss may bo gined from tho fuck that many of tho farmers of the jne torior brought their pork to tive Chicago market, and, after paying tho oxpense of bringing i, knd reinining only X of & cont por pound. Buch aro the resulis which spring from an inflated currouey and reckless speculation, The poople did the only thing for roliof tsay conid dot WORKED HARD AND S8PENNT LITTLY, and tholr financial condition slowly hmprovod. Gald ad sitver bocamo the co yrouoy, aud valuos wore udjusted aocordingly, sonowy and lubor Lrought pronperity, and the ~ fertile soll of 1lli- nls atiracted tnmigrants, In 18061, the Banliig Isw «of Illinols wont into e:feot, aud bunkers viho dop osited Btalo stocks with tho Auditor wore allo'wed to iseua thaly noles for tho market-valuo o ! the stoclks of all Bt A m argin of 20 per cant a6 roquired on tue markot-value of Iilinoiy ttock, Tho volumo of oun ‘ency was Ingrousad Ly this Banking law, aa woll. a8 by the wealth pte fracted by irmigration, 0o building of tha inoin & Michugan Canal 11d the Llinois Con- iral Tnilrond gavo a market t 0 a large oxtent of dch conntry. “Land toso napidly 1n value sud sontiuned rising, and peoplo wero howlldared by tho suddon woulth forced upion thew, In 1849, tho property of Illinols wats usscesod ab about 106,500,000 ; wwhitlo, in 1857, it was assossed at gzsw,noa,uuo,—mm Is, It wot) more than treblod yoars. hn‘lnll.ltlull,‘llll: th‘u resy uu&.g ponio of 1857, wore, to 4 greut extent, & vy pact 0 1837, 15 Dol caues oo iou of tho arlald really frightful, But in 1837 the dobts con- tractod woro to n inrge oxtent publle, whilo in 1867 thioy wora nlmost oxclusively privata, Tho atmplicity and confidonce of tha people were ox- tromo, and they wore imposed upon by the cir- culaton of swindling bauks, © This' monoy, warso than counterfeit, was callod * wild-cat," ¥ red-dog,” “ blus-pup,” ete.” 'Iho oiroulation of this money did a grent denl {0 bring aliow o healthy distruat, which helrml to break up tho viclous crodit-systom, ~‘Whe vomedy for tho “ hard times " waa tho old-fashionad, wnpopalar romedy of economy and hard -labor ; nolther mon nor angols can doviso any othor, . In Fobr un‘riy, 1801, the Bauklng law of Lliinols waa 5o smondod o to roiuire additionn] soourity from banks whoso stocka doposited with tho Auditor bocame dopreciated. “Uhe cirenlation of Iitinots banks wae sccured principally hy stooks of Southiorn Biatos, which depreciated at tho outbrosk of thoRobellion, Tho result was, that, out of 110 benks, ALL IUT BLYENTEEN woro obliged to go futo liquidation, and redeom thelr cireiilation at from G0 to 90 conts ou the dollar. Tho clroulation of: Iilinols banks was over $12,000,000 in 1801 ; but, In 1802, it only amounted to nbout £5660,000. This result of n rookloss banking law lod tho people to condomn |+ thio ontire froe-banking systom, ¥ When tho grosnbacks and Natlonnl-Bank notes mado thoir appearance, tho pooplo woro pleased to think that hers nt Inst was o ourronoy whioh could nover dopraciato,—a ourrency guaranteed by tho Govornment, and mado a logal-tondor by nct of Congross. But tho promium on gold par- tally diapotled this idos, thougl mauy cling to b after ten yoars of experionce, The intlation of tho curroucy with grosubacks and Natlonal-Bank notos brought tho usuel inflation of prices and tho dosiro for spoculation, This was checked after tha closa of the Hebollion by retiriuj LEM‘& of tho logal-tondora: The courso takon 'i’;y Sac- rotary MoCulloch, in 1868, in reducing \tho vol- umo of tho ocurrency, caused such s financial atringonoy that it could bo carried out. But tho bonefit dorived from ovon tho partint roduction, 1ims beon vory groat, for it 8o cheokod Bpoculne tion asto delay ana mitigato the Inovitable panio, wlhich did not come uutil 1873, The panio s not. doveloped anything pattioutarly novel or difforont from othor panics, Itis accompanied by tho same ANXIOUS AND UNREASONARLE JOPE that tha Govornmont cnu do somothing to re- liove the distress ; and this occasions tho de- mand for more curroncy which some people ata maling. If the Governmont could croate valus, snd mpko tho forlunes of the citizens, it would Iinve douo 8o long since, It mny print moro groonbncks, but it docs not thoreby add to the szue O tho currency ; for an inflated ourrency Trings inflatod prices, and tho old story of wild speculation, panio, and disastor, follows with porfoct cortainty, 5 1t will be scon from the forogoing that mon~ oy-panics aro caused by speculation, but It may ot be soon how this result is brought about, An‘oporator on "Chiango, while spoaliing of an old wheat-corner, snid: ** Wo bouglt maro wheat to b delivorod to us in March than thore was in the markot ; nnd, when March crmo, wo said ; * Givo us tho whent'; but the seliors cou'd not do it, aud woro cornored.” A finenclal crisle is simply a GIGANTIO CORNER OF THE CURNENGY. Men who aro liopeful draw on their future re- wources,—that f8, run into debt; and, bofors Tong, it 18 found that not onough monoy is avail ablo to Puy tho dobts contravted, sud a grand panic follows, Agnin: 1t is stated in thoforegolng that kpeou- Intion is caused, in_a groat measuro, by n ro- dundant currency, but tho way by which thiu is done may not bo readily seon. Evory capital- ist kuows that tho rir in full of “visionary schemes, which pross upon bim on avery side. ‘When tho ourrency i8 redundant, those schomes lourish, and sEnculnMun is encouraged, until thoe community bocomes indebted to & prenter amount than tho currency of the country can sottlo. The Northorn DIacifio Ruilrond would probably never have beon underinkon if money Iiad beon steady in volume. Tho capitalists of Europe looked at it and said, “No"; hut the liolders of legal-tonders floated tho bonda nutil the fniluro of Jay Cooke & Co. bacamo the sig- nal for the grand crash, J.D. B, “ FrecsBanking.? Z'o the Editor of The Chicago Tribune : Biz: Tue TRIDUNE, 08 an oxponont of sound financial doctrine, Lns done somo woervice, I trust, in defouso of o stablo currency; a sorvico whose importance can scarcely be overostimatoed at this time, if wo may judgo from tho farrago of nongonso which is being let loose upon the community from the halls of Congross, from conventions of Grangers, and froin individual philosophiors, who, iguoring the dearly-purchasod experience of former gonorations, ovolvo oach & new financial cure-nll~as the German did tho camol—from his inner consciousnoss. But, in one reepect, it sooma to me that Tue ‘TRIDUNE Verges very closo upon fuaucial hetoro~ doxy. From timo to timo arguments appear in the “ money-column * ndvoeating FREE-DANKING ™'} f. &, the removal of the restriction limiting the circulation of the National Banka to $854,000,000. It is argued that this is nov a measuro lookiug to inflation, or depreciation of tho currency, so long ns no moro ** groenbacks " aro issued. In fact, the resuftato bo apprehionded aro an in- creased demand for greonbacks to bo held as Nutional-Baunk reserves, and s consequent step toward reaumfiuuu of specie-payments, If wo must have an increaso in the volume'of our currency, it would be better, on somo nc- counts, to lave the addition made in National- Bank notes,—not, however, bocauso an addition of National-Bank notes would rolieve us from the penaities of inflation, but because, amon, other things, tha credit of the Government waulfi sufler, ot home snd abroad, if Congress should deliberatoly adopt any schomo looking toward an indofinite postponoment of tho redemption of tho greonbaclks, as o furthor expansion of their volume would necessarily fmply. But tho arguments by “which it ia sought to shiow that * frec-banking ” would no. result in inflating or diluting the curronc nfipnnl‘ to mo to be fallacions, for ronsons w{flc I will en- deavor to set forth, TIERE 18 PRACTICALLY NO DIFFERENCE Dotwoen greoubacks and notes of Nationa Banks, The lattor aro not.legal-tender, but .aro redeom- able ju the former, Both aro based upon tho credit of the Government, aud both are’ at the samo point below par. The fact that thoy aro below par is to b oxplained either by supposing that it is ouly becauso the Govornment crodit is ‘under x cloud, or becauso of this and the fact that the currenoy is slready reduvdant. I think both facts are to bo taken' into account in ox- plaining tho mattor. Now, an incressa in tho volumo of an irredeemabls curroncy, aiready sufliciont for tho neods of tho country, If not ro- dundant, can be met in only ona way : o corres- pondiug incroaso in the pricos of everything which mien buy aud sall, 1 say lrredoomablo, and mesn it, for tho ro- domption of a Natioual-Bank note by & green- buck, a8 greeubacks now stand, ig A NERE GUAM,— s farce which no business man aver thinks of ouncting. It does not accomplish any of tho re- sults of a real redemption,—=& gold rodemption ; it does not ot rid of tho superfluous currenoy. Thao outstanding greonbacks, hotora the late ad- dition trom tho ** reserve,” would afford n 25 per cont redomption-resorve for $1,424,000,000 in bank-notes; so that the National Bunks could in- dulgoin o pretty oxtonsive expansion bofore Doing at all pushed on the redemption question. T trust that publio sontiment would not lot thom spproach ruywhero near thislimit ; but thoro cau Lo no doubi that solf-intorest would lend tho Lauks to issue notes far i 6xeoss of the smouut roquired by publio intarest; and, so far from craating such adomand for graenbacks as to load ' to their appreciation, greenbucks and Nae tional-Bauk nates would o dowa tagatiie, liko tho Siamese Twins of inauce that they ave, Thora is but one way to appreclato greenbaoks, and that is to take some stops looking toward A REDEMPTION OF THE PLEDAES under which they wero fssued; in other words, 0 roatore public confidonce in thoe cradit of the Gavernmont, 60 far as it i involved iu them, To supposo that an additional issuc of Natlonal- Bauk notes is going to have auy such offect ap- poars to mo chimerical. 1must, thoraforo, confoss that I fail to oo why any uddition to the volume of our curcenov, 8 {L now stunda, would ot be inifation, or dilu- tian, to bo followed by all thousualconsequencos of such moagures : the unsottling of yalucs; the disturbanico of tho_relations botwoon employer ond employod; arlso In_ prices, followed by a rlgo in swuges; & veason of smufated prosperity and spoculation; & general diacount of tha fu- ture, sud— 5 A DAY o nzoRONING, Will Tng Tuimone Qxfihhl why tha banks would not 1iborally avail thomselvos af the per- mjusion to jusuc notes subject to redemption in “lawful mouey P'—why those notos would not remsin in circalation o long as Qongross lota the groenbaoks 10mufn fn statu quo? aug, final- ly, nving got notes futo uh‘nu?ullun which wo cunnob (ot out sgain, why the ourrency would not depruciato. aro wo to atop whon we hava got to tho Light Fulnl. undor the ‘‘froo-banking™ system? Or hat tho Lusinoss of n commuuity would nob oot n redundant curroncy by a rise in pricey ? I wiil vonture to assort that auy addition to the volumo of nourronoy not rodeomablo fn gold mugt nocessarily doprociate tho wholo, i = ) 0, O, Who Our Millionniros Arce To the Kditor of T'he Chicago Tribune ¢ Bin 1+ Tho Infer-Ocean says thoro aro ONLY TEN " MILLIONAInEZS in Ohicago, and that soven of thoso—to-wit Tottor Palmer, Bamuol J. Walkor, J. Young Soammon, T. 8, Dobbins, B, F. Allen, Po- tor Schinttlor, and H, 0. Btone—hnve signed & potititon in favor of moro ourronoy. Quito likoly tho most of thoso *“millionnires " undoubt- edly nood a good deal mora curronoy It the ad- vorlisements in cortain evoning papers and the rocords n the Rtocordor's ofiico provo auything, Can't thosa atmid old settlors who run the Inler- Ocean toils us who tho OTHER THREE MILLIONAIRES of Ohicago might bo? Where aro Honore, Tyler, Bill 8turgoo, ot al ? Aro ‘them fown follers " who bought into tho Infer-Ocean that thoy, too, might moon bes como “ milllounires,” #o ‘groon asto bo fooled .In this gort of way ?- The nowsboys that try to ell tholr papors hiad botter exchange places for while with thom, No MILLIONAIRE. 'Tho Infintionists, To the Editor of The Chicago Tribune ¢ 8 : Knowing your willingnoss to allow both sides of & quoation to bo presented through your columng, I take the liberty of asking for a little space for the expression of viows antagonfatio to thoro advocated by you on the policy of inflating’ the eurrency, To illuatrate tho Lonefits likely to rosult from tho lattor courso, I will briefly stato . JOW IT WOULD AFFECT MYSELY, and have no doubt but that thero are many oth- ors in a similor situation, A short timo ago, T purohased & picoo of roal catato, on which I made a small payment down, aund gave my notes for the balance, amounting to $2,000. Is it notovidont that, if the currency should bo nx{mudnd, tho value of my rosl catato would ‘greatly increase, and that I would soon Lo ablo, by kalling & smail portion of it, to pay off my dobts, and have tho remainder as 80 much cloar profit, I mayndd that this idon was brought to my mind by readiog the “PETITION OF TUE SEVEN MILLIONAIRES aking for_mfiation,—among whom nro Pottor Palmor, J. Y. Seammon, and Samuel J. Walker, Unless popular opinion is wide of the marl, the indebtoducsa of tho reven millionnires amounty to not less thau $4,000,000, Now, sir, Task, Would uot ronts iucresso, and the value of ronl eataie bo onhanced, under abundaut cur- roncy, #o thatit would bo much oasier for tho above-uamed public-spirited citizons to pay their dobts than it now is ? T beliove that ono or two corporations have contracts by which tha above indobtednose fs payablo in gold; but that stipu~ Intion {8 akin to tho one introduced in s cortain transaction, recently, roprosented by Mr. Booth, and perhaps might~ bo ovaded in somo similar mannor. Doos any ono holieve that, if the currency woro sufliciently increased, tho usmos of two of tho millionaire” potitioners would appear on the dockots of the Courts so frequontly as they now o? INELATIONIST, Exchange of Greenbacks for fRonds, NEw Yonz, March 1, 1874, To the Editor of The Chicago Tribune ; . Bin: Although in this city, T am a resident of Ohicago ; my business calling mo here, where [ liave Tue Tainune, which I take at home, sont me daily. 1 hive just boon reading the financial articlo in your 1gsuo of the 25th ult,, in which you say that *if greonbacks aro iveronsed thoy will de- preciate.” Now, I deny this, providing the Gov- ornment gots its interest-paying obligntions in oxchange, &nd olaim that the very opposite will rosult, Greenbacks are ovidonces of indebted- nosa prying no interost, given in oxchange for ovidonce of indehtedners paying intorost. Tha value of oither deponds cutirely on the credit of the Government ; and, corlainly, so long a8 the dobt of tho Government i8 mnot in~ creasod _bly an exchanga of one for tho other, tho vafuo will romain tho same. If there should bo n change eithor way, tho oxchango of grecubacks drawing no intorsst for bondadrawing intorest would, in offect, bo los- sening the obligations of tho Government, and would, to this extont, appreciato ita cradit, and, a8 & consequenco which must naturally follow, increaso the valna of greenhacke. Tdo not mean to bo undoratood that thero should be no limit to tho exchango, but to per- mit the exchange to go on until the issue shall meet the Iegitimato demands of trade ; and, in proportion ns tho groenbacks are insued, the National-Bank currency should bo withdrawn, and the process continuo until wo have an ox- clusive greenback-ciroulation. Tt is truo wisdom to givo tho hemefit of tho exclugivé ciroulating medium of tho country to the Govornment, until it relioves itsel? from the debt 1t owos. The sum thus saved by way of interest should bo mado sinking fund to help pay the prin- cipal of the dobt. n this waytho bonded debt would be in the courao of gradusl extinguishment ; and, as it i Tassoned, tho credit of the Government will cor- respondingly appreciate, and ultimately this conrse will bring its greonbocks to par with gold. A Menomaxt Oven Tuwinty YEARS. Financial Connndrums. To the Editor of The Chicago Tribune : CoxvxpnoxI. Why do you call our national currency * irrodocmablo 2" Dicgenes thinks that it is so plain that * any child" can oo it, if Carl Sohurz & Oo. cannot, that all monoy, whather made of papor, gold, or mulberry-bark, is ultimately ** redeomnable,” not in gold, but in (1) land, (2) labor, and (8) merchiandire, What makes money of any kind “ rodeomablo” s, not a gold busls, but tho' willingness of the people to tako it in oxchango for laud, lnbor, and merchandise. Very foolish peoplo and vory wiso people daspiso gold, And, if our poople should becoma so fao'ish or so twise 04 to rotuse to tako gold in oxchange for things of intrinsic value (land, labor, and morchan- digo), then it womld bocome **irrodecmable.” ‘What is tho renl basis of our currenoy? Is it gold? No, indeod. Itidtho fact that it wil pay taxes to o Governmont supported by tho loyalty of tho peoplo. Tho basis of our monay ianot rold, but all thinga of taxable valuo owned by the American pooplo. Is not this go ? CoNunpnux IL.—Would any degree of change of bonds into Trensury notes be in fact an ‘“inflation " or & contractfon of our uational Tabilities ? Diogenes thinks that the answer to this en- undrum 6 8o plalu that * any ohild" can seo it, it Carl Schurz & Co, cannot.” Our paper linbili- tiea aro fu two ulightly difforent forms, nonds and National Treasury (not bank) notes. Tho changs ot bouds futo Traasury nofet saves intex- eat, and go contracts our not-irredectablo papor linbilitios. . Coxuxpiuy II. Wonld such a change pro- duco fnjurious ““spoculation,” panio, and finan- ciul disastar ? Diagones seos cloarly that it would producoe specuiation, panfo, and finsncial disastor 5 but it would bo disasters of a kind which falas finan- cial systom hiod mado neoessary, and whioh will ba, in tho highost degree, beneoeial to all the material intorosts of the couutry,—manufactur- ing, morcantile, meobanical, agricultural, and flnanoial. It would bo the oponing of a soro that hag come to & hoead. If Carl Bolwirz & Co. f‘don’t seo it," Divgenes will Toud them his Ianthorn, DroorxEs, Iz, - S S e Wosley?s Swocetheart, A colobrated Motbodist divino made up his mind st one timo to mlrriersy Hoplua Hoploy, tho dsughtor of & mngistrate, who was young und pretty, with whom he was very much onan- ored. The olders opposed hLis marriage, and advised Lim to 1)roccel.l 10 furthor in the mattor. “Tho Lord's will be dono,” waid Wesloy, but ho was in asoro eirait. The young lady, piqued at his bohavier, married vory hastily a %h‘. William Willisms, though \Vesley nt the lase bogged hor to marry bim, The wedding took place on the 19th of Marel, 1743, In bis journa) bo writen: * March 4,—On this day God commanded 1ae to pull out my right eyo, and by His grace I devor- mined to do Bo; but, being slack in the execu-~ tion, ou Monduy, Mayeh 12, God being vory woreifnl to me, my friend performed what I could ot, What Thou doest, O, Gad! I know not now, but shall know hereafter,” About tiis time, aud doubtless in refuronco to this Lransm 3~ fl&"’ Wosloy wrolo Lhe well-kuown hymn boglt i« 53 Is thoro & thing Leneath tho sun ‘Tlist virives with Thea my hoart to share ¢ o Or does Tne Trimune Lollsve that, givon por- THE OUNRENQY WAS RRDUNDANT, and in bush caven e resullilug speculstion was notos ? -Or that wo have not el now in oirquistion? And, if wuull::vuoh ngz"%“a? misslon, the banks would not Issuo any niors |, tear it fluuce, and rolgi alous e Lord of evory inotion thero, Weale; old, an 88w the old love whon hio was 85 years sho past 70, What conld they bisva to uay axuop ¢ Hall” and * Favewell"? WASHINGTON. Speeach of Carl Schurz. The Man and His Listeners, Senator Morton's Reply. From Our Qwn Correspondent, ‘WasiiNGTON, Fo), 25, 1874, Oarl Bohurz delivored another of th fine sorles of speoches which bLns distinguinhiod his Hona~ torinl oareer, yestorday aftornoon, ‘Ihe Senute- gullorios contalned the largest and myst gontool audlonee assemblod during tho soision, and all tho loadiag mombora of the Houssoame over to Msten and loarn, Tho Sountors, whh fow oxeop- tlons, heard the whole speeoh withtho groatest attonfion,—mon like Edmunds and Justin Mor- 1ill drawing noar tho spesker to oatoh overy word ; and, although the thome was technical aud incapablo of adornmont, the Indiss, like the mon, st out tho wholo threo hows; and so fully wore the sympathios of the huie with the spenkor that twico, whon the servile Mr. Cam- oron interfored and was lattoned outon tho in- stant, & ronnd of applause, apparcotly of mora intelloctual provecntion, rolled round the gal- lorios, Not sinco tho day of Albort Gallatin hing nany speslkor on finance at tho loglslitive and of tho Oapltal obtaincd such onsy and persplouous auporiority ovor an Adminigtration faciion, THE FOUR CONTRACTING POWHIM— Morton, Logan, Caweron, aud Mertinon—flow togothior and conforred, and flnallysot up the former Scnntor to make areply. I didso'in tho stylo of mixed pottifogging and brutality charactoristio of himself when in ll-tomper, bringlug up the Cincinuati Conventionand other oxtrancons things, and repoatediy rderting to Bchurz ae o foroiguer, who did not wderstand tho United Btates. ‘‘His own country,” snid Morton soveral times, meaning Gormmy,—thus unaware that ho was strengthoningSchurz's hands by imputations neither genous nor Amorican, Morton, however, slways sims low, meaning to striko boneath tho belt, It was tho adopted citfzou's part to provail ovor such:tnctics by avoiding them altogether. Iis onlyimputation on Morton was sequential aud natumlly in the lino of his argumeont, whon ko pralicted that the paople, a8 in tho campaign of 1368, would repudiato the attempts of domagogios to mia- lead thom into oxcessce and dishonesty in miat- tors of finance ; and that tho inflatios-bubbla of 1874 would prove to bo as onipty asthio groon- back-intorost-bubble six *yours ‘boforo, when Morton ndvised Bohurz, iu Indisua,not to ap- ronch #o dungorous asubject. Who way Mr, Brorian maot thin tharut was 0 oey,. *Olueriuatt Convention 1" TIE RETORT COURTEOUS, Tho essiest way, aftor much consultation amongst ocach other, thint tho Mocon-Logan junto huve thought united to reduco tho stature of Schurz, iu to refor induetrionsiy talis loarn- ing and acholarly faculuios as in #ome way do- rogatory to Lis ability, 'Uhis curious way of ovorrating a man iu order to pooki-pook bim, hine never been quito succesaful in o respectablo stato of sociaty, although tho six-by-nine political organs adopt the programmo with sponianoit! audery: * Book-man] " # Protty talker moraly ete, Ignoraunt mon,auccossful by chicanery, physi- cal forco,cunning, and vulgarcombination, are al- ways unaware that to decry the fuleltigenco they do not possess points themselves diroctly out to tho compnssion and consure of worthy pooplo. 'This conclusion is made cortain whon the foraign oxtraotion of tho scholer i added to his domor- its, aud meanly hinted ot beforo the American Sonate, To Mr, Morton, Prof. Agassiz, Carl Schurz, and Albert Gallatin, would il be, in his own oxtromity, astray Bwiss follows who did not *undotatand the country;" though perhaps numorous Americaus hold tho iden that it ig Mr, Morton who undorstands it least, par- ticularly in its respect for learning and talonts, and 1 its chivalry to adopted citizons. Abaorbo outiroly in tho nover-onding job of carrying tho noxt cloction in Iudians, 80 as to be intrenchod at homae if, by any unhappy casunily, bis chence to atorm the Presidoucy may come about, Mors ton is Httla acquainted with mon, less with books, and searcely at all with refinement. His nomo was Throckmorton, and ho was yeared by a collateral branch of his father's family, and started in lifo with an abbroviated name. Ho should, therefore, havo omo npprecistion of » man equally unfortunato, whoso carcor wns turned asido from iattoring opportunitics in the most civilizod Stato of Europe to tho plainer part of Woeatorn citizonship, Carl Schnrz represents in tho Senate a con- stituency olse without reprosentation,—tho ad- vanced oducation, THE INTELLECTUAL LIFE, of the United Btates, which rogards the mass of the talk in Congross as the moro cattorwauling of groedy politicians, bal? informed, nn too short-sighted or too timid to presoribe an intel- ligout policy and conduct it to succoss, or ad- hera to it it defeat as & party-heritage, Herein in the weakness of our national life at tho prea- ont day, that no_principla cau survive _dofoat and men will trim and domagogue on the mosl sacred mystories of goverument to carry tho noxt election in Indianw or Penusylvania. *The gontieman and & groat many editors wont to tho Cincinnati Convention,” cried Morton, as if the tomporary defent of high nationnl and human urposos was the and of all endenor. Aud now er. Morton i8 willing to swont the coin of the realm to keop Indisna in tho fold over next sutunn, If Socinlism were for tho moment G‘mul“' it would bo the same thing with him. quat, dark, with featuros stunted, and diroful wruth in his _countenunce, he looked, benoath tho straight, blond, chivalorus statue of Schurz, not unlike the tond at tho foet of Lthuricl, ‘The production of this subject of curronoy- tinkering has beon in overy way of advantage to Gen, Schurz, Trom tho political antagonisms of 1872, tho memory whorcof makes o trifle of cold woather iu tho Sonate still, lie is roturned to aceordanee with Edmunds and Anthony, Mor- rill and Conkling, Sherman and Chandler, Scott and Frolinghuyson, In ling with him are his old associates, Fonton and Sumner. Tho im- Dortance of vho iasuo, not to nutional stability only, but to correct scionco and our reputation before tho world, gave him THE MOST EXTENSIVE CONSTITUENCY ho had addressed sinco the days of endangered Treedom. Hiu specoh was addressed to the high lovel of this constituency, aud nlso to the mis- talen viows aud Iess ingonuous sophims of the papex-balloon party. It was magosnimons, but wanly and_keen, and floxible a8 & foil which can point & dingram at tho blackboard, or thrust an_intruder through and through, Mr. Boutwoell saw tho issue inexorably closing up, soon after Schurz bogan, aud slipped out, «uot to roturn again, I will not undertako to dascribo this orator, as it lins ben frequontly done fu thig corrospond- ence, His ologant langnagoe, nover overlonded with figures of epeach, Lut harmonious and strong, gathered up tho positiona Lo advanced Jile » vine that stondily risos onward with ity ripe clustors, Inargumont ho was clear and folicitous,—in the roparteo of tho moment ath- letic and glndiatorial. Afr, Morton, in rospouso, spoke of ¢ TIIE WEIRD BISTERS OF POLITICAT, ROONOMY " 18 boing Dirogt_‘Tnxation, Froo Trade, o Small Curroncy, and Low Waged. Ifo paid o gooddeal of nttoution to ons of thoso siators for much of Tue lifo, as his biography, writfen by Wiliiam 3, TFronch, savh (pagos 14-16): ¢ Ho hnd avor baen a friond of Troo Tnde, . . . Hobynomoans ropudiatod any of the principlea maintained by the Domncmu{ provious to 1854." Mortou had early reason to dislike Direct Taxon. ,In tho first yoar of the War, Congress ordored a direct annual tax of 20,000,000 to bo loviod upon tho States, which involved the Fx‘ompt and patriotio paymont of $904,876 by ndiana, But Morton, slthongh *the Grost ‘War-Governor,” proceeded to haggle upon this allotmont, which, with characteristic montal timidity, ho fowred to prosent to tho State for action, fonrful that it would tako Indinua out of hin hands. Bhe, thorofore, het up u countor- claim against tho Government, sont a commitico to Congreas to posy & stay-law, aud, in the ond, taking advantago of & rebatement of 16 por cont for prompt ocollection, ‘added thin robnte- mont to tho counter-vlaun, and made out to give tho CGovernmont nothing at all. This net, unwnrmiy tho Chiof Magiatrato of a Hiate nctlngnluyn part to the Genoral Government, then dwstressed for anexohequer, ia typical of Morton's mentul cowardico; although, when he has the upper band, and ti 18 10 opposition othor than intelloctual, can bo the mast couragoous of opprossors, His subsequont courae on grooubnok-bunds and currenoy-intla- tion is aqually bawed \lyon a truckling spirit, afrald to take rosponsibil 'tf and Immc.nn.\Py n orror s to Lho honauty of hia follow-citizons. 1o dood not know what - Low Wagos moans, a8 hois not informod as to the meaning of money in which to pay thom, lrh ages in } suin-plaster denominations are the lowest of all wagos, What will il a markot-baskot, clothe tha childron, and maxa 1t possibla to closo ovor auartor with wome anvings in ourreucy ‘which wiil not deprociate when saved, in & bottor atand- ard of both curroncy and wages than tho addied idony of a fluancier “whose life has boon apont carrylng conventions and disguteing tho lssuos on whioh the poople aro to vato. Taus, the Weird Bistors rise aptly to the vision of a man as unscrupulously smbitions ag Mr, Borton, whose life i spant consuiting thom for peraonal ends, but not with the offaot, a4 ho may find, of mnk‘ng him King horoaftor. iis illustration shows he very closest he can como to Politieal Economy,—tho Shakspoarosn study of the moat woally ambitions of all publis ca- roors, whereln, it I remembor woll, tho Woird 8lstora came out ahond and Mr, Macboth-Mor- ton loat the throne Lie usurped. HOIMURZ, MAMILTON, AND OALLATIN, The romark of Honstor Mortan, that Schurz doos not undoratand tho country, and partiou~ Iarly doos not undorstand its curronoy-systom, ling” not oven the merit of novelty. The two Sacretarlos of the Tronsury who woro moat illus- trious in tho managoment of curroncy and fluanco woro both foroigners, and arrived in the Unitod States somowhst ear the ago nt which Beburz settlod smongst us, Hamilton and Gal- 1atin wero, rospectively, 17 aud 18 yoars old,— tho ono a native of tho British Woet Indios, the othor of Bwiss Gonova. Schurz was 23 yonrs old whon ho arrved, although he had been an exile from his nativo country since hin 20th yonr. In othor rospocts, thoy have had parallel caroors,— all bowng college-men; Hoburz oducatod at ‘tho “University of Doum, Callatin at the University of Gonova; and Hamilton at King's or Columbia Collogo, Neithor of thom lind any groat ability for what is oslled * practi- onl" bueinoss, any mora than Morton, who ean- not earn 88 much’ money, and could not nt hia bost ioaltly, a3 olthor of thom. All threo woro roldiorly mon, as Mr. Morton never was, discon- neeted from ' politiosl commandory. All threo camo to Amotica with n liko impulao,—for tho eareor afforded by » now and freo conntry; and tholifo of Hamilton isvery nearly s conutor- part, in social, litorary, and military exporienco, of Schurz's carcor amongst us, * Tho grovols ing carcer of clork" ho dosoribod as ropugnant to his foclinga; snd his faoility at making a apocch bofora & public audience when a boy, in 1774, may have beon DBlorfou's incitoment whon hio #aid to Schurz that he knew some mon wholly impotont in politica who could make a great po- litical spocch, Tor_twonty yoars Gallatin was deridod for his Tronch pronunoiation nnd forelgn birth, Ho wos woll called an adventurer, becauso ho had vlmmd fortune in tho throo States of Maine, irginis, and Ponnsylvanin: but, with cosmos politan ‘indifforenco, he addad two moro rosi- doncos to the list in Iator life, and becamo a citi- zen of Maryland, and at lnet of Now York, Liko all mon of any_souundness in finauce or publio seiouco,—liko Snimon P, Chase and Robert J. Wallor;—lio was oducaled to begin with. Theros fore his lifo showed nono of tho vagarious, hap- hazard, smattor fashion of specch on roal things, like money, which in somo mon accompanies & moral uncertainty and a consistent mongrel make-up, Qalintin, searcoly loss usoful than Hamilton, was desoribod by Judgo Story as s *tiuly grent statesmnn, to bo rapked side by Bido with Alexander Hamjlton, and with s pu- :lty of xlmam;hot n8 valuable in a politician as it s raro.” This man organized tho original Ways and MMoans Committoo, carrlod the measures to pay off the publio debt, croatcd Amorican flscal Iitorature, and made this noble anawer to tho banker Baring, whon apked to scespb tho prof- ferof & part In the Fronch loan of 1818: #1 will not accept your obliging offer, bocanse o man who has had tho diroction of the finances o‘(c&n't'; country a8 loug a8 I have should not die righ, NOT BENIND-TIAXD, With a1l this uaid for Gallatin and Hamilton, it 18 to tho famo of Carl Schurz Lhint, with mora purity of hoart than one, and equal purity of oxamplo with the other, his public carcer hag boen more brilliant, up_to Lis time of lifo, than botti, Hamilton'’s tapid promotion was it the linpof » staff-officor, liko Hozaco Portor and Maj. Uonolson. Schurz nevil® had a patron but his compatriot Baxons in Amorica ; lio was a Fornign Ministor st the ago of 32, & Brigadier~ General at 83, and & Bonator at 40, with a repu- tation already old and national, as it is now in- ternational, ~ Gallatin was 85 when ho camo to Cougross, and lis unlinehing candor at onco drow upon himwelf tho nttacks of tho supporters of Adams' Administration, 88 Bchurz of Grant's mon. Gallatin nover i:ul to tho Bebate, and ho never apoke our anguago with the exquisito finency ana spirit of Beburz ; but bo made bis public career memor- ablo by adopting the course Carl Schurz Las fol- lowod: boooming suthoritative sud accurate in finanoia] subjects. 5 And tiua i tho only true course for a foroien- born Amorican of high ambition in public life to develop in the diroction of exeoutive usefulnoss, partioularly toward the Treasury. Thore e can occupy with propricty and atability & rank alwa: precarious in the dispousation uf the people, many of whom, with more excuso than CGov. Morton, have & projudico against » man becauso ho has somo education and is “a Duwhgau." ATIL, KANSAS. Thoe Casc of State ‘Fronsurer Fnys. Correspondence of The Chicago Tribune, LAWRENCE, Kon,, Feb. 20, 187, The groat sensation in political circles hero ab prosont is the investigation by a Tegislative Committes of the wonderful internal work- ings of THE BTATE TREABURER'S OFFICE. Tho old party has been compelled, by s force of circumstauces that cannot bo mistaken, to tako official notice of official corruption and Dpeculation. 1t lngbeen the customheretofors to deny or try to cover-up corruption, and roly upon the immonse Ropublican majority in the State to justify or excuse such rascality. To-wnorrow ovening the Houso of Representatives will vote upon the resolution reportod by tho Investigut- ing Comuitteo, which 18 a3 follows : Itesolved, That Josiah E, Tays, Trossuror of the Stato of Knusas, be, and ho is horoby, impoeachod for high crimes and mludemoanor in olice, This resolution will no doubt be adopted by tho House, and articlos of impeachment prosent- ed for tho Bonato to try the Trensurer upon. The rosolution will be adoptod for two reasons : Ono {8, thers were & largo number of Represont- tatives olocted on tickets opposed to tho Repub- lican party of tho mtato; and the otheris, the Republican party hns BECOME ALARMED at the formidable opposition that has sprung nup in this Stato, and it has become soriously affoct- ed with its periodienl sprem of roform and paci- fieation. Itis secking for a scapegoat to bear iti sing into the wilderness of ablivion, and thut scapogont is to be poor Hags, ‘Lhat tho Stato Treasuror has baen guilty of misdemeanars in oflice, your correspondont bo- lioves there cannot be & doubt ; but ho has now fillod out half = second term of office, and ke was known to pe oqually guilty beforo his second election na- he is now. Boefore the Convention mot that nominated bim for a second torm, tho Btato was flooded with eirculars by his own polit- fcal frionds, charging him with unlawfully using the publio funds, Theso political friends woro aspiruuts for tho sama oflice, and wished to ring tho chongos ondinys, g0 as to dofeat him before tho Convention. Whilo this was being done in his awn political honsehold, the Liboral ‘papors wero not slow to 8Low hiow he had usod the pooplo’s money to hiy own pecuntary gain. But, when tho Republicau Conveution mat, the party : BHOULDERED JAYE' BINS, Ly giving him a socond nowminution, The Re- publican party of the Btate indorsed the sctlon of their Convention by olecting him over a good, true, and honest Ligsml Republican, 8o hia houosty wan Indorsed, and our worthy Stato P'roasuror loft freo to contiuue his * irroguluri- tica.” Besides his salary, ho has no donbt mado hiin thousands of dollars snnuaslly ont of s ollce. 'Chis faok was as folly known when bo waos nominatod for tho secoud torm ng it s to- ag Ibofore dny. nflut the socrot of this whola i.hlnfi: 3 ns bocomo atated, is, tho dominant party alarmed and NEFDS A S8OAPEGOAT. Hoya is, perhaps, no worso thun tho average Kansns oflicinl ; but tho storm that swept over tho Btato last fall hns slormed the dominsut party, and sot tho lenders to work hunling up & yictim to be sucrificed upon tho party-ultar, m order, if possible, to wash out their mnnifold sing, and prove to the poople that tho dear old party I8 banest enough to purify itwelf, Had not this political storm frightenod them lnat full QGoy. Marvoy might to-day be preparing his spring-plowiug ou bhis farm in lutlsy County, inutoad of ocotipylug & soat iu tho United Statos Henate, The old-party crew aro trimmiug their ©nils o ns to meoot futuro storms; but tho poople are bogluning to act with N MONE INDERENDENCE, The party-lash hay lost many of its torrors, party shacklos are boiug thrown aside, and tho old party-abip Ia dritting upon the rucks that bid fur Lo dash it to pioces, It is to bo hoved that tho sobriquet of *“‘I'io Rotton Commonivealth " mny soon bo disconuooted with the mivme of Kunsay, Bfsto Trossurer Isys may be fm- FARMERS. Their Relations to National Affairs. The Reforms Which They De- mand, An Address of Clinton Babbitt, of Rock County, Wis. The following Ia an nddress recently dolivered boforo & Farmora' Asdoolation by Clinton Bab- bitt, of Rock County, Wis., which has attracted cansidorablo attoution and commont in that Btato 'THE ADDRESS, Ladfes and Qentlemen : oll may wo _indulge love and pride for our noble State. Hor sconcry unsurpassed, over ‘which our oye is acoustomed to rango ; her vast Iakos,—inland rony,—suflicient to float an Em- th‘n commmorco ; hor mnjoatic rivers and track- 068 foreuts,—~nall inapiro dovotion and Ynfiflnfilm. DBeneath our vory feot aro inexhaustiblo mines of lead, coppor, . eud fran, aud an arable soil not nnr’mnaud by any portion of the civilized lobo, 'I'his to us is the dearost spot of carth, or it {8 home, Haro, for muuy yoars, we bave lived ; and Lere too, st last, wo Liopae to sloop in pence. 1n answor to tho call of the Loart, como up to us from tho past endoaring momories, But, in ordor to undorstand OUR DOUNLE ODLIGATION TO BTATE AND NATION in the light of a bronder and moro refined oul- ture, wo muat romembor that the United Statos 18 onr country, and ita highost-titled knighthood tho appollation of American farmer. Oitizon- nhlr ontitles to protootion, It also demands un- yielding uh\lfinlluns- Wo cannot shrink from tho rospousibilitios it imposes. If we have bad laws to govern us, we cannot say wo are guilt- loss, If oppression prinds, wo csnnotsny wo mgbt not have chacked the power that warmed it into lifo, ‘Chis gothering “indicatos that Wis- conaln farmors are awaking to thelr duty. Thought nud rofloction ure demnnded by the timgs, Concort of action, and thorough organ-~ Ization, will suroly achiave the rosults for which wo [abor, Wo complaiu of opprossive and bad Iaws. Wo menn repesl. We mesn roform, It {8 our duty to demand from our public servants at Washington, and our logislators at home, a fuir roprodontation of our sentiments and opiu- ions. Economy must bo adhored to in the dis- bursomont of public mooy. TAXATION SUALL DE LESS BURDENSOME, and govornment, throughout {8 various branches, less expensive. Money is raisod by indirect taxation, and, for overy million put into the National Trousury, two ‘more are lost through impropor tariff-laws, ux‘mudcd on tax-gathercrs, aud protected mono- polies of various kinds. A year bofors the \Var, the cost of Govern- mont, on our valuation, was 14 of 1 por cont. It now costs 2 per cont, without taking into reconnt indirect expenaes, but including_intorost on the dobt. Add indirect oxpenso, aud 244 }mr cont is & fair ostimato at tho prosont time, "If the eamo {Arlnclp!eu of cconomy prevailed now gs then, hora would bn o saving lo taxpayors of at leas! 8por cout. This couniry, under suoh advan- tagos in goyernment, would spring into nownoss of life, and our commarce_would once moro be restored. . Thon wo should not foel our blood tingio, and sxperionce pangs of ohagrin, that not one of the groat oceaun-steamera rcfulnrly outoring aml clearing our ports from foreign Tands, engaged in the mugnificont, enterprising lines of Inmin, Guion, Star, Anchor, French, Bromon, Hariburg, and Cunard, is the properly of an Ameriean taxpayer, Wondorful, indecd would bo the transition ; for our uusurpasso rosourcos wonld plico us at tho head of nations In commnerco wud power. We must demoud thet the laws imposing hoavy dutics on what wo requiro for daily ueo, or must bavo for national dovolupmont and im- rovement, cnabling uy to holt the land with iron baudy that aid in cresing chonp froights and oasy transit, bo ropoaled. ‘We havo a right to demand an honest profit on capital invested when wo como to soll tho pro- ducts of the farm; and to domand, also, pay- ment for them in money,—a currency at parin any portion of the world. 1t 18 our duty to ouforco pulic justico, if need bo, b AN INNESISTIDLE CONCENT OF ACTION, through the influonce of & uecrot organization pledgzed to oxecuto the will of ita constitnents. 1 sm awara tho provailing dieposition shown for tho pust fow mouths has beon wholssslo fault-finding. Tho scrutinizing watchfulnoss indicates tho overthrow of corrupt logislation. It forotolls ity oxtormination, It will causo tho poolo to riso iu their conscions might, and cn- force, even from arrant momopoly, obadienco. ‘Lho ballot i8 more powerful thau the sword ; and with thot tho controlling power is yours, Nono know their strongth bedtor than tho gen- tlemen of tho Graugos know theirs,—than you know yours, farmers and horitculturists. Oh! what n mighly cbange! Onco you were slmost slaves. Self-prosorvation,~—that lnw which knows no master,—with one sweop of its wand, hns rnised from tho doad, monotouous routina of daily life the toiling producer of the world's wonlth, aud agriculturo; uud tho Patrous of Husbandry will, toa groat degweo, be responsiblo for future events, Last Septomber tested what was resl wealth sud what was shoddy,—tho dif- feronce botwoen fortuncs based on ownor- shbip of sl and the products thut como from it, and thoso based on pretentions, Ralroad-Kings and broken bankers, with hos's of speculators, fnnumerable, becamo paralyzed and powerless. All oyos turned _implovingly to tho ouly sourco of hopo, 'ho {armers wore in possoasion of pork, beef, homp, tobucco,” grain and cotton, umonnting to tho grand sggrogato of $600,000,- 000, In ocloven monthsof tha past year, the United States oxportod, i wheat slons, 34,000,- 000 of bushels, amounting in sl to $65,609,180. A careful sunlysis of the itemw of oxports will show what tho agricultural ioterost may do towards equaliziug u trade in which balances ara largoly againat us, 1N THIB LUCKY TURN OF FORTUNE, howaover, do not overlook tho fact tha! foroign powers only purchiaso whon faiture of thoir own crops, or luck of supply, compals. The Nation- al Slock Journal, of Chicago, has woll Baid ¢ “Bub for tho fruits which bave crowosd the Iabor of the lhus. bandmon, and the virtue which rostrained them from forsaling their quict watks for apeculativa contres, where fortunos sesmod to bo secured with Bogront oase, the wholo conotry would have beon engulfed in the terrible maselstrom which has swallowed g0 many whoso namies but youter- duy were worth their” thoussuds aod millions wherovor presented.” Tho sgricultural classes nover yot faltered it responso Lo s gront pubiic duty, = ond _tholr mdustry will ~open un Cavomio by which all’ other busi- uogs inicrests will owce more resch nolid'ground. _The world i progrossing in overy dopartinont, Wo are marohing to tuo front, Perfootion in firnlnu aud tillago ; faster tizno and more_strongth in lorses ;weight unequaled, with brauty and purity of blood, in Short-Horng and Southdowns 3 Art hitherto triumphant, * and still o bo surpassed, Muuhiood, universal broth- erhood, fa af hund. ‘Tho (hreo’ gront fighty of Amoriean civilization are burning aud stund round the aftar, Agriculturs, manufactures, nnd prograssive knowlodgo biond tholrglovious rayata cheer the world, But history nssorts the face that JMUNAN NATURE I8 APT TO OVERREACK ITSELF, ud tht tho oppronsed in timo becomo oppresi ors, Intelligenco aud virtuo coustituta tho tul- wark of eafety, Beneath their intluonce Aon- archios orumble and Itepublics turive; mtofer- aucoe and corruption, both in religion snd poli- ties, vanish forover. Wisconsin farmory, duty demands of you such economy and such legislation as will bring to your homes & full, sound oducation, und all its attondunt blessings; for, from these quiot re- treats, your lowmes, must come our uational strougth and dofenders, Wo may thou reayon- ubiy hove that reforms boguu by s will be por- feoted and maiutained by those who come after us, No great man or noblo woman ever lived to Tabior for mnukind who Las not hnd ocoasion to noknowledgo tho influences of childhood in tho formation of charactor, Thelr power over men was the outgrowth of tho inlluence oxerted wpon thom in youth, ofton by tholife ot the pure- biearted, cloar-losded counsolor in whose shadow thoy walked, and whom they callod by tho dear- oat”oppollation ou oarth, Thoro “fs manya wother in Wisconsin, to-duy, whose inflitonce will bo folt in o brouder sphero. ilor hoart may know it not. Doath may Lavo closed tho eyo and u bottor homo bo Lerd ; but prinoiple, truth, and example stitl lvo, 'heso shall reslat tho ompire of ducay, When timu fu 0'or und worlds kave passed awsy § Cold in the dust {ha perishod Leart may He, But that whieh warnied it once can nover dle, Education, the glory and dignity of lifo, in au abuoluto neeossity wlion tho futirp dostiny of Amorics is considored, Wo must spond wore upon that branch, aud loss iu foatoriug manupo- szhed aud removed from oflloo, but y“ 1 1ill not 8 beoauss the party is any less mn%n, bub Yaatly more alarms AW, lics, Da not decoived by SIOKLY ATTEMPIA AT RETRENGHMENT and soonomy, Lot Congress raators to lersolt and the people tho franking privilogo, undor mnitablo rostrictions, Itis a poor way to sava monoy by ourtsiling tho froa dlsteibution of Ine telligenco; nnd thora cortainly can bo no noces- pity for publishing worthloss documonts. Wa havoe, in tho United Blatos, moro than 4,600,000 adults who cronot road; and yot “ Fros povorne motits oxiat long only on the basis of the in. tolhigonco and virtuo ot the pooplo,” Iam not ono of thoso who wonld willingly array mysolf against all railcoad and othor fie ternal improvemontn. Theso great equalizors and annthilators of distance, the meany through which producor and consumor whall bo bronghb into closcr rolations, must romnin, bo fostored, conatrusted whera nooded, curbed and controlto In & propor dogroo by that sovoroign will which knows no superlor above the constitutional righta of froo men, Timo, the groat lovalor of Iutman opinion, will utter its_decision, and tha [‘n‘h\nlpln aud polloy of a litoral but honest logis- ation will bo incorporatedin tho history of this country, Ameriean farmers nover enn afford, nor do they daslire, to Lo marcanary, or toadopt a policy that shall subserve tholr own porsonal intorosty nlone. Whosoover votes for wself, or party, sgalnat public aud general gaad, I8 & corrupt voler ; and, it you giva your influonce to any ;mnumu movemont opposed to the publia wal- aro, I atand hera to charge you with corruption. No political party should bo nerrowod down to rrnfo!l'nnnl lines, oxcopting in casos of most mminont dsngor to national prospority, I am sorey to admit—would I wers not obliged to— thnt timo hins come. A quartor of a contury ago, all the monanoties in thne uountrg did not ex~ caod $10,000,000. Bat, incaleulablo as it may appear, this prolifle sourca of discord and strifo hios airondy awallowed up over 88,000,000,030 of tho poople's money, and, with impudenco po- culiar to glunm:‘y, asky for more, Prompt ao- tlon is domnnded, Guidod thon by intelligonca and virtuo, SPEED ON THI GRANAE( Bpeed on the Club! Spocd on Reform! ** Fou God sbnll punish tho world for {ts avil, and tha wicked forthoir iniquiticn, Ilo shall enuse the arrogance of tho proud to coeake, 1lo shall lay low the haughtiness of the torrible: for he will mako n man moro nracious than fine gold, oven o mson than the goldon wadge of Ophir.” 1t has beon my privilogo to vislt many of our flouriahing Statos, among othors tho champion whonb-growing Btato, Miumonota, Thore I kaw, by tho nostora of tho Northorn Pacifio Railrond, ndvortising its honds, that their valno wad prodi- cnted on & grant containing mora land than ig contalned in the wholo of the Now Eugland Btates, with Marylaud added; and this immonto domainis froo from taxation until dispoued of Dy tho railrond company. I also visitod tho beat portions of land onthe Minnesota Iine of tho Bt. Paul & Pacific, with its land-grant of 20 milen in width, and pecame intimato with many of tho farmors who had ju‘chased on {imo, expecting to mako ihat fair fand thei homo. Many indeed wero tho cages—not tho ox- contions by any means—whero, after ropoated offorts to meot tho- obligations to tho raflvoad, and the taxes incident to wew countrics, tuoy weraat Iast compolled to abandon their claima and turn their faces toward the setting sun, Undor such diradvantagos, what fs trus of one place is true of noarly all. Now, if therois a clogs on enrth who ought to be befrionded and not_erippled by Government, it 18 tho actual sottler on tho frontior, who talos his lifo in hia hand, faces merconary savage and rigorous olimate, and converts wildernons aud desolation into indepondont States; who, with courage, owor, and might of manhood, bids farewall ta rlm things that are bohind, and prossos forward Lie country's destiny. I submit, Is not his claim far Buporior to thut of n railroad comprny which builds roads whore thoyaro not needod, , but whonevor and whorovr it can got good Iand without paying for it ? TIlE RECENT FINANCIAT, ONISIS, ot, more properly, raifroad panic, which hag swept ovor the East with the fury of a conflagra- tion, licked up tho honestly-acoumulated for- tunes of liberal-minded morchants, and brought Iabor face to faco with starvation itself, is tho rasult of looso logislation in financo, and oxtrays agnnce in crouting what might havo boon, nnd may bo still, o_monatrous monopoly. A little sound thought and retleation, smong tho citizona of Minnosota alona, backed by strong romon- strances, would undoubtedly havo defeated tho Northorn Pecific swindle, and thus nvertod for a time the calamity that followed. Tho pooplo of Minnesota and the Northwoat, on the contrary, sidod in ite croation. Tet thom daro to be just in its overthrow. Let Wisconsin rejoico that sho took wholesoma counsel from her noighbor's oz~ perionce, Ao, lot hor enshrino in her heart tho momory and name of hor patriotic son, ex-Gov. \‘;’auh\mm, who exercised 8o monfully tho right of vato. TRevolutions nover go backward. Duty of moro than ordinary siguificance rosts upon you, geutlomen, to tho nation itwolf., Younrs the vangusrd fn this roform. Throw down, then, oll borriors to fraternal uuion, and clasp nands, across tho continont, with those who need your mogoanimity. Assist to anuibilato and_abolisly tho oftices of customs; aud, in your policy and rolations with tho world, as it i3 with each otber, incorporate a systom of univorsal rociprooity. Agriculture never was oversocked with Inbor- ors, and nover will bo. Sho oxtends her open nrmy across the waves Lo othor countries and ta other climes. Bhe invites their ekill and labor, aud offors in xotura competonco, homes, and fomily-altars, Sho spreads boforo the oyes ot dowutrodden humauity the rewards of labor dua to mon. We offor franchise, frea schools, Amorican civilization and citizonship. Forovor {hay aro enfo, PROTECTED BY VIRTUR AND INTELLIGENCE, Hore, in America, the germ of liborty snd equality among mon \vas planted by the fathers. TRoyolutions defendedand enrichod 1t with blood ; and now it sproads_its luxuriaut foliago, an asy- lum to all. Ho who would bo ono with us, and leave old and dangorous issues behind, to perish. with the ages that nurtured their lifo, is friond and brother. To him we offor a national omblem, protection, aud national chataotor. Republicanism and truc Democracy unito in common intereat and fratornal union Labor and Capital. And I utter the monning aud ahiding sentiment of every true American whon I sny: Ifero wo rave no room for such a8 would subvort good and wholesome laws snd trample upon civil rights, or for bim wha wauld parado our cities and metropolis with incondiary mottoes under tha red flag of tho Commuumst, flaunting in honest men's facos that arrout, infamous lie: agricul- turo refusos bread. —_— A Mile in Thirty=two Scconds. Tho following story of tho achievement in res nfiuut of speed in un ice-boat on the Iudson in the vicinity of Stattsburg last weok is told by tha Poughkeopsie Zagle: ** Thursday last tho wind blew very frosh from the south, and the owner of the new ice-bout *Cyolono’ dotormined ta take advantage of tho favorable opporiunity for timing his yucht. Tho Iudson at this point is very wide, and at tho course selected its broadth iy one mile, Having made every proparation for the feat to s nccomplished, tha reof-noints wera shakan out of tho wuils, and ovory stitch of cane vag 8prond to the gate. With two men oo the windward runuer to keep tho boat down to the ice, the helm was turned, tho sails filled, and in & moment, with overy inch of canvas drawe ing, sho wos uuder full hendwny. Like au arrow from & bow sho darted away on het coirse, clouds of pulverized ico following in tho track of hor runnors ag they hummed over tho surfaca of the river, and in what soemod but an instant the river had beon erossed, and tha milo accomplished in the almost incrodible time of thirty-ono soconds, boig uttho rate of twa miles jn a winuto and two saconds. Porsond ou shore compared tho speod of the flying rucor ta that of & motoor fashing throngh the sky, and watched her movoments with enger intorest. Tho ownor afterward vut tho boat through soma movoments on the ico, and astonished s well as paralyzed tho lookers-on by sailing all tho way acrous the rivor ou one runnor, tho force of the wind throwlug hor ovor on her bonm ends and raiving tho Wwindwnrd runner from ton to twalve Lot abova tho jco.” e e Railrond Across tho Andes. One of tho grandoest works of this aga ig now boing constructed acrosd the Peruviuu Audes, connoeting the Pacifie Ocoan with the Amnzon Tiver by menns of 'arailroad, and opening tha Whota iutariar of Pord o tha cofimareo af - tha world, Mithorto that rich and iminausoly pro- ductive conutry, so graphically deseribed iu the Uuitod Htatos reports of Lieuts. Ilorndon and @ibbon; hies boon virtually locked up to foreign trado; the trausportation of oo ton of frolght from the interior of Poru to the seaport, Lite, costing aboyt thrao timon a8 much oy tho trang= portation of tho samo amount of froight from Lima to Buropo, Tho railrond in question was bogun n 1870, and has alroady cost ovor $70,000,000. It 8 estimated that it will bo finished in 1876, Over 10,000 la~ borers, mostly Chinese, aro constantly employud onit, Tho enormous diftienitics that have to bo overcomo in tho construction of thin rond muy Ly oatimated from tho fact thut tho Audos rive thore ta a hoight of 20,920 fout abovo tho lovol of thonos, ‘Ao roud itwelt rses 17,000 feot, end in by far tho highest rulroad in the world. Yven tho Mont Conis Railroad minks iuto invig~ nifleance whon compared with this Peruvian un- dortakfng, Tho road has slso the highose via duot in tho world, it being 680 feet long and 300 foat high in tho centro, It roats on throo villars, of which tha firae {s 106, tho socond 168, aad the third 269 foot high: is built of iron, and was manufactused in” the United Btates