Chicago Daily Tribune Newspaper, March 14, 1874, Page 4

o abolish it. Mr. Onsoy, tho Preeldent's hroth- er-in-law ; Gon, Dix; Gun. Tongstroot ; Judge Russoll, of Boston ; and tho giontest okeoutive mon fn tho party have bosn onviched by the K""oy' and divided wath informorn and spies. uch men may plond that thoy tok no moro dlewh than the law provided for,” Tho mny say, ai I once heard Mr. Brrnov uny, that tho averaza merehant thigls it no harm nud no transgron- slon to defraud the Revonue, Tho informor may sy, a6 I heard Mr. Jayno sy only yoster~ day, that naono of the complnining morchanta wers willing to havae their cages uponed ; that Lhoy had confosned thoir frand by compounding or sottling it ; aud that thoy ware now attacking the Inw a8 it standn, and 1ot tho faotw, But It will striko distant and dignitied ponplo na n littlo gscor, thnt men lke Gon, Dis and Monos Grine nell grow rich by pocketing Inrgo sums of nionoy dorived from informers, whom thoy ralso, in tho net, to bo confldontinl and \vonmlinmnum of tho United States. Bo diygusting have boen tho particulnrs of this sinis- tor businoss, 8o numerous tho implications of otherwiso-rospectable aflcors, and so vast tho nmounts recolvod by the mean and spyiug tools, that the Bocretary of the Trenaury prokented in. formation on the subjeot with diflidenco ; nnd “Tl“m papers requostod ho lins not furmshod at all, % 1t 18 not tho best way to stato such mnttora so 08 to add to tho growing atheism of- the publio on the subjoct of all oflicial morals, and then dinmiss the muttor, to bo forgotton in the next seandal. Horo apposts to bo a ceso whoro tho nat of Cougrress ia unccauntable, A law, as I hnvo said, was passod in 1968, and passed agatn and strengthoned in 1867,—the year Oolloctor Buytho got that §103,000. "Put of tho proceeds of tho plunder of morchnuts was ac- uirod by no less a morchant than Moges [I. vinnell ; aud Smytho himsolf was, or lind beon, a morchant, Bo that mercantile honor appoars to bo cns‘y on this question, Horein lics tha seandal of the Administration : that, knowing tho abuges of tho syslem, tho onormous mototics recolved by ofliciala and informers, nud the temptation of such to tamper with mercantilo honor, and tucite it to break the law, for tho sake of surrendering the vietim, tho Sceretary of tho Troasury was dumb, Congress wes iopt in igno- rauco, and, not until thoso dotective-mformers dragged the oldest nnd most honored lioads to tho pillory, did Congross itself cry out: ‘¢ Lot our regular Committee of Wnys and Monus hinyn all these informers in persoi bofore them, uud all tho accounts portainivg to thomo selzured 1" Thon, what had been o long buried in the granito clowtors of tho Treasury-butiding was sout ncross tho little interveniug rmilo to the Capitol. Porsons unknown to vespeciable so- cioty stood befora tho regulsr Committee, saying with quict or indignant audneily : * Wo'nro tho violinis of theso merchunts, Your laws gave us owor and wenlth, Could you have expocted andsomer men to do the fob of Dlueskin or Jouathen Wild 2" JAYNE AND SANBORN. The porson intrusted with tho lays of char- acter is o !ll:Pulnr muu to look upen, His name 1s Jayno, nud'ho told o that Lio was n connee- tion of Dr. Juyne, tho nostrum-mukor of Phita- dolphia, Howas raieed in Nogthern Pounsyl- vauis, although brongbt up in New York Stute, Ho las o low forehoad, n scared, wild fook, n norvous temperament, sud a body apparontly tun down with bad healta or nervous exoito- ment, Mon in such pursmts commonly drink tho bowl they are proparing for otbors. What detoctiva againat high ehuracter over died with much gstato, health, or Lonor ? Evon Lafayotto Bakor oxpired obscurely. Jonathan Wild" way banged. Somo go crazy ; others aro disgraced ; one or two have gona to tho Pennsylvauin Loyis- Iaturo, apparently to give it character; and somo pous, 1n tho most natural way, to tho DPoniton. Linry. Bocicty and morals, lnw and publicism, are Elunt now moditating the complete overthrow of the epy system. It is a bad way to make s thief to "catch s thiof. Eveu the newspaper- business lus beon invaded by polices dotectives; and I am told that Willinm P, Wood, tho orgamizer of all tho splos in tho United Stites sorvico, las estab- lished o “chool of journalism.” God Lelp us who expected to write and not to sneak forn liv- iug! 'This man Joyne, who had himsolf mado so muny men tremblo, as they wore confronted by bhitn in tho private inquisitiou-chamber of the Custom-Houso, showed, before tho Ways and Moans Committee, nctual sensibility, and cried out that wimt e bad dono wa strict ac- cordnuce with the Inw and his commission ; and, turning to tho merchunts testifying thoro, o suid that thoy wore smupglors ns o class, e was mado to keop quict; but ko procceded, novertheleas, to lobby umongst the mombers, and make sontimont ngainut tho importers. Ho i snid to bo nbsolutely ricl,~huving made nbove £200,000, or as muoh as a Prosidont of tho United States can honestly save in eight years. ‘Thus do we seo whgt mighlydividends ariso from the accumulation of tho 350,000,000 aforesnid. vy it not atrilo mauy roaders that the Custon Houso system s in itsolf n concontrafed ovil, particularly whon dutios axalaid to nccomplisls o Drice in the home-merket, instead of with the object of sntiufyiug the pluin oxaction of the Rovenue? But, while Jayne may plend that ho iz an officer under tho Tnw, what gort of inw was that —pagded, like muny acts of Congress, without chullengo or rofloction—which authorized the Treasury Dopartment to dolegate to porsons other than oflieial the discovery of evasions of the Rtevemuo 7 Hore a now sot of spies appenr upon tlio scene, of whom Sauborn is tho chief. This man is & commouplnce, Leon-oyed, busi- ness-faced follow, alo iu the dotective line. Ifo is the identical pereon to whom Bonjumin But- Jor suggested that bo should take s Boston hotel- FINANCE. How Wild-Cats Cams to Michi- gan, Early Money of the West---Hard- Money va. Rag-Monoy, Stato Banks-~Jackson’s Specle-Circu- lar--Freo Banking--Real-Estato Sceurity, The Legal-Tenders of the American Colonies and of Austria--What Is Money ? Congressman Ward's Ditls—Fqualization of tho Currency and Legalization of tho $44,000,000 Reserve. Views of an Opponent of Metallic Money. Ilow Wild=Cnts Camc to Michigans Barly Moncy of tho Woest. How did Wild-Cats como to Michigan? Tho answer to this question belongs not to tho cate- gory of natural history, butsingularly to tho his- tory of the finances of thio country. It involves o brief roview of the various stops of progross which, as a poople, wo were comuelled to tako, in the line of experionco on the subject of fisance, or enrrancy callod monoy. The procoss seoms to bo forward and backward in the search ofter monoy, or perliaps aftor a dofluilion as to what monoy Is: und then forward in what goemed 1o bo the line of safety (as it demnuded pledges of rocurity), till it gnined its climax in tho so-called Wild-Cnt eystom of Michigan, Theneo it took a rotrogrado stop, aud culminated again in the oxcess of * scourity of bitl-loldors,” which belongs to the history aftor the Wild-Cata, OUR FIRET THOUGUT ON MONEY in the past will lodge on the old Continental bills, somo of which Dr. Frankiin printod on hig own baud-press, on brown cardnoard, and bor- dored tho imprint with the solomn warning, that **Countorfoitivg was punishable with denth,” aud then comes the thought, that this kind of mouney nover ¢amo back to its own again, Dr. Franklin projected our decimal division of coine ago of hard monoy, ns ho did more othor good aud practical things, which Hvod aftor him, than any othor Amorican in tho oldon or the modorn timer, In our idess of specioc as money, we have only followed tho fashion of the world, up to tho timo of the Rebellion, which sottled for us the important monoy question, whethor wo will or not, a4 it sottled many other important politienl quostions, to this extent: that public credit conld bo organized in public money; and that kind of monoey is of equal value, inall placas, to tho extent of the public domnin, TUE FIST ORGANIZED BANRS of this country, wlhero eapital oxisted, woro or- ganized to run uwpon actual capital,—banking unon livo money, whataver that might be ; and they all ran well 5o lorig s thoy banked upon gounino money, or actual eapital under their own control, providing the bankers wero honest mon; and really prosporous bankers wero geuerally honest, Buch wero tha carly banlts, sey fifty years g0, of New England -and New York. The surplus capital was thero, and there it was most proper that tho banks shoul i bo stationed which were run upon that cupitel, But, whorc money- was not, thors money was most needod. (Strango paradox!) It is still very much 80 now.. In thecountry of the West, then tho Statos of Ohio, Indiann, and Htinols, — the Intter al that time moatly unbroken prairie, —they wanted ‘monoy moro than they wanted anything else. -Thoy could beat all Down Enst in tho matier'of land, and could get more from the acro, whetlhier {n whoat, corn, or potatoes,— and it wos very strango why the land should not sell for ns muck money ; for, ns land it was worth as much a8 lav.d anywhero else, Now, any fool knows that tho roulity .of all property is real. ostate ; and that is the best reason in the world. why i1 called real, and no humbug aboat it. rogister aud have it photographed, in order to appoar to put o Western Mcmbor of Cougrows iuumical to Butler in fmproper relations with cortain females also registered there. This photographed regmry why then disseminnted through the memiior's district ; and thero bogan that indiscriminato purade of the wenimens of public men in thwgs uon-ossential and non-official, which "has been, on, on tho wholo, of 1m0 satisfuction, either to the public service or the purity of thar pross. Yet, such g fellow, the tool of an nsaus-~ £, 19 also proved to have become rich by the secret practico of discovering ovasions in tho Domestio Revonue, and, iu nearly every case, Lus discovory was 80 commonplaco” that a blind ofticial might hovo gone to the spot. 1t is pal- pable thut this law was made to inoreasa the area of moioty, and trausfer from tho ‘Lrexsury turge sums of money to spies, coungel, and ofti- clals, all togother in thoe conshiracy, The burden of such villainy a4 the above is Lo bo traced direecly 1o but two or three men in tho Congress of the United States, Gen, Bucler iy the yorson who is the medium of nearly tho whole of such turpitudo, devised in the Dapart- ments, Ho is tio counsel for both the'spy sud the sufferer. And yot,n the absence of Mr, Dawes, ho has psenmed to Lo the leader of Copgress, and, it is whispered, will gy pport Dawen for thio United States Sounts, —combining far that purpose thae vote of the Borkshiro mem bera with such in thoe Eust ua ho can control, GaTir, —_— THE WOMEN'S TEMPERANCE-CRUSADE. To the Editor of The Chicuao Tyiduna & Bmn: Whut of it? Itis of God. Thero canbo 1 question of this. Like Elijaly'a prayer-cloud, it was small in its commencem.ent, and as un- Pxpsotod a8 small; but how wondorfully it has mcreaeed in sizo; or, rather, this Temperanco- tloud {a Leing multiplied, by hundreds and Ilmuunnus, appearing in tho horizon of esch Btato aud Territory : and ‘preseutly theso prayers towporance-clouds will m got, covering tha whole tace of the bLeavens; th ¢ the might; glorious showor] ) eR for the mighty, ** Thundoring all along tho line!” says tho Journal in to-night’s iuso, 8o it is. Let tho Jovers and defenders of the unholy traflio stand qrom uudar when theso prayer-clouds shall meot sud burst upon the land, Women! gaod and holy women,of all vauk, grivd yourselves for this worrk. Thin is your time, Go forth to battlo, not with timbrel ‘and harp, buk Wwith forvent prayors, and spirual songs, and earneat entreaty, Don't be afraid to go into the snloons with tho Gospol of 'Perperance ; it is em- aently fit. Go with tho love of Josus in your hoarts, aud you will onguor, J, . AMBROBE. 01110400, Muvelr 12, 1874 it il CORN FOR HUMAN FOOD. To the Editor of The Chicago Yribune: Bin: Either one or two weels ago this Iaat Sunday, you had in your oditortal columns somo vory sonsible remarks upou the uso of cacn as an article of fumily faod. Tho statemont way made, that corn wae nat #o wuch usoed at the North us st tho South ; and thut Northorn penple gonoral- 1y did not so well nndorstand cooking it,—pav- toudarly he mnkiig Of o ponn B Trebonr ko, a8 tho peoplo of tho Bonth, Obsorvation tns taught mo that the statoment s correct. Now, cun't you do something to enlighten your reador uyon the subject ? I rogretted muchi not to soo in tho articlo somothivg like & reoipo for goulkting this dolicious * cako,” but you had, [ thinlg, nov #0 much s o hint. Bupposo you were to yofor to tho subject sgain, and invite contri- butions from those of 2-our roadors who mny buve lived at tho Soutn, of whom there ars doubtless inany who kuow all about it, and will ladly toll, if only fnvited, It is a’good subjeot digouss in your puo‘wr. Twspeottully, Ou0400, harol 20, 1674, 0O, L, Lvokes, 0 the early settiers of Illinois wantad monoy m,oro than thoy wantod anything olue ; and thoy £aw that thair old frionds in_Mussachusatts had plonty of money and poor lnnd, and rlko that 1ho Massuchusotts peoplo mande their own maney, and which wag an improvement on the ald Continental money, because it was made of thin, tough, floxible paper, that would not erack by the hundling, So the first ssttlors of Illi- nois, about 1820, CHARTERED A DANK, 08 the people did Down Eust, and made it a State concorn, ro that it was ownod by the State, #nd called the State Bank. Aud (hey printed off the bills, and got, apparently, just es good monoy aa they had’in Naw Yorls; and tha old farmers wore very much plensed, a3 they stood much in need of money to make prices for their ‘produco and furnish the people the whorewith to buy farms or food, of which they had an abundarice of either. In this way they got iu- flated jast s sl poeoplo like to got intlated, and jusc as we aro now tryiug to get inflated; and, hnving pot inflated, "thoy wero very much elated. They wont to tha bauk and borrowssd its” Dills, end the bouk took thoir notes and mortgages upon their farmg, and the logic of tho transactions wad, that one was worth nbout a8 much as the other ( the farmors' notes and tho notes of the bank), and that wers about tho truth of the matters, They soread the money brond-cast in buylns ¢ sud salling thoir lands, and the piga and the c1.ttlo that roamed thercon; and monoy was lenf y, and everybody was supposed to bo Lapny. glow, thia was the OLD BANK OF ILLINOIS, and should not Lo confounded with the othor and. lator Dank of Illinois that bhod its branclies in Bpringfield, Vandalis, Shawnoctown, end Ch leago, of which lattor William £, Brown was & (lashlor, and which had its bank-building on th o corner of South Water and LaSallo streots in 18 40, and which Scammon helped to wind up. But, in courso of short timo, the remarkable 11 10f was dincoverod, that (ho banic owed gomo- b ody for all the billy that were outstanding ; in- 1ilead of their being bills receivable, us overy- body euppoed, thoy wern bills payable ; and tha ‘worst of ic was, the bank hiad nothing to pay with, It hed notesof hand, and mortpages on the farmers' lands 3 but thowo wounld nat redoom bank-bills; and so the bank and farmers all went to smash togother. T guoks all this ac- connt may bo fonnd 1o Brown's History of Tili- nois ; it not, in somo other history, Lut it was olways & puzzle to theso pork-inisors of tho “eurly day, say nbout 18%0, that bank- billa in 1linols, printod on good Jmper and issued by a lau bank, ehould not be as current as any bilie'of Messa- chusetts, which coulil not bo moro lawfal than this Bauk of Hlinois; for tho Btate renlly owned the benlk, and was rospousiblo for tho Tedomp- tion of tho biils; yet the bills did not got 10- deemed,—for Stato lands, or firmers' lands, nr movrtguges, or cattlo, or pips, or potutges, oro uot the redeomors of bills, Thoir billa sesmod to Le money, but did not in tho end prove eo, Th result was po unantisfactory that it helped to turn tho rétention of the people to hard money an the only desirable ourrency, They had found paper rathier too woft und pliable ;" they would “rathor biavo their timo at hied monay ; and o hard ttmo they had of 1t,—for it was not forth- -coming on eall, it could not bo winstled up for -the aecnsion, and it could only bo had Ly nolling the hard-emmed produce at 25 to &0 centh n bushel for wheat, corn at 8 ceuts, egizs at 2 conts ' dozen, ote., or most articles nt no rolisble prico,—for whioh thoy recolved the rough- volnad Boxican dollars, tha Amorican halves, and the Hpunish quarters, No wonder they tound their sourco apevie HALD MONEY, INDEED ; :and bank-bills, lusucd on the crodit of tho State, with no money in its vaulis with whiel to re- «doem, u pluyed-out humbuy, Enstorn monoy boceawio Lo unly money the people deponded upon, aod this” commanded & large promium. And thoro was no_ suspigion or doubt of this monoyy #oldom a bauk falled; and 1 supposo thosa banks lived and flourislied, and redosmod thelt tusin, whon woldom eallod upon to do vo, Docauso thoy wore based wpon eapital, had money {o batilk with, and loaned thewr bills for commerolal purposes, and not for land nvost- montn ; had coutrol of thelr own funds, fuatead af deposting thom se sccnrity; and minded thoir ~own ~business, Tho ~United Statos Banle, which bind & varied oxiatonco of its own pccuflnr ordor slnco Woshington's time, with ups and downs, playod its part in making s our- ronoey for tho puu[»lo, But the capital of the couttry was with the Eaatorn Btate banks, who isanod their bills on the principlo of immediato rodemption in speaio, on preseutation at their counters, THE ERA OF WESTENN INBIGRATION commoncod nhout thiy time, from 1820 to 1870, T'his gave o apeonlative cast to busincsa affuirs, and mado oxira domand for monoy todo the businews of the growing Wost, whero thero was no capital of ita own. Tho Demoeratic party ecamo nto power fn 1820, under tho Presidency of Androw Jackson, Partlos nvo suppored to havo idean; ono idon of this party waa tho supremnoy of State inati- Lulions whevo tho Natloun! Qovernmont had not oxplicit primary jurisdiotion, nnder the loadorship of Jaclwon, proclaimoed hostility to the United States Bank with s no- tional charter, and faverad the Stato hanks, or banka not callod Stats, but under tho sanction of Btata Inwn, In the ond Jackson Iilled tho Uni ted States Bank, In the monntimo, Thomas 11, Benton distinguished himselt ns the chnmpion of nn oxolusive speclo ourrency for tho country ; and, by his leadorship, it became n_quasl-party question of the Demoerats: * No Banks—Hard Monev,” Tho commeroial part of the party could hardiy go that far, THE SECOND FTATE DANK OF ILUINOIS, which was the baulk that had its_ branch in Ohi- cago, was chartered in 1884, and then, or soon aftor, wo hind State banks in Indiatis, Ohio, and Migsouri : Michigau and \Vlnconnln“lml not yob como into being. 'Tho warfara upon the Uniled Btnler Bank, and tho encourngement givon by tho Government {o tho Stata institulions an rivals of the national, led them to issun largoly of their currency ; indeod, Jackson advisod them dircotly to do wo. Boufon pushod his apocio- ourrency ag n party question as much ns possi- Dble, Tlero wos n ory gob up ngainst all banks and tho uncortainty of papor-ourrency, and n demand for seourity of bill-holders, asa Domo- cratio doctrine. " Tho National Bank wnas perisling; tho State hanks woro inflating, expanding liko n bubble, and, like a bubbls, Liablo ot all times to burst. With thelr bills npread all over the land, spoculation bocamo riof. This was tho period appronching 1830, ‘Fho Demacrata onconraged firee banking fu their Just hostility to monopolios: and yot they do- mandod seeurity to the bill-holder.” The banka must frnish & guaranteo that they wonld not fail. They must chango their {I‘nn of doing businoess, aud o only lonn their bills on REAL ESTATE BEQURITY, Benton, all the time, with n» wing of his party, wos crving out only for n speele currenoy,—knowing that, if Ius policy prevailed, the wholo brood of nationnl, Biate, end secured and freo banks would go to the wall, and the conntry would in- dead_have a bard eurrenoy with n vengeanco. The Democrats had their notiona partly realized in tho Bnfoty-Fund banks of New York, the free banks with publio scoutitios in the same State, and also isolated banks in othor Stutes, doing Dbusiness on the Domocratic-party iden, to seoure thomsuolves on their tonns by resl-cslato mort- Rgages, 8o that the bill-holders” shanld be secure. Sucl of these wero tha Commonwealth Bank of Boston and tho State Bank of Miesourl, This Iattor was called Bonton's Banl, aund it was assumod that it banked upon specio, and paid ont nl;ccio over itd countar, in preference to ita own bills: that the bills could not be had except by the asking, Yot the monoy-wirs men of that “day yretended to beliove that nll the buainess of this country conld be transacted in the handling of tho so-callod precions metnls. Californin and ita * golden sands” had not thon been urcamed of. Gradually the progressives in this lino sottled down upon TREE DANKING, with security to bill-holders,—tending rathor to renl cstato as the basis of mecurity. And so bankors had full swing, borrowors groat froo- dom with tha banks, business was lively, trading brigk, everybody engnged in making money, n very few (?) in speculnting, and hard worlk was ot ‘s grent discount, Moncy and work did not fellowship. To anticipate a little, wo sce flonr ot 812 o barrel at the Enst (equivalent to $25 to-day), broad- rlota in Now Yaorlk, and we importing wheat from tho kalf-starved Inborors of England : the West- ern lands uncultivatod, and land-speculators rampant. Michigan wns lying enugly in tho bosom of Unele B, whero it was warmly nursod as a Territory, with ¥ It, thoroforo, A TOY-GOVERNOT, Stovons T, Mavron, less than one-und-twonty verrs of ngo, recognized by Gon. Jackkon n ‘forritorsal Govornor, Michigon was thon tho favorite pluco to which New England boys camo to buy land. Papor-monoy was froely talien by Unclo $am, and his ncres wentoff at a rapid paco, 08 the paper promises of the banks to pay camo in. Monoy wae 88 plenty as chips in the forosts of that most prosrossive Stato of #wamps and oak-oponings, and it did not much wmntter on what bank, stroug or broken, safe- ty-fund or shinplaster, if it were only n printed {;nnk-biu of any denomination,—the largor the etter, Of tho fow old banks of Massachusetts which had ever fniled beforo these days way the Belch- ortown Bauk,—a rursl town of substantial farmors, with no commercial business. ITore they had got up & bank to issuo money, whick thoy did nll according to tho charter; and. hav- ing no husiness, the bank, of course, failed. ‘Thewr bills were printed upon an unusually transparont paper, tinted red, so that this monoy might woll have taken a significant namo that camo after, RED DIG. This Bolchertown joins Amherat, Mass,, that gent of learning and morslity. Ono of the ex- omplary vouths of that town camo ont to Michi- gan to spy tho land aud make an_investmont. Ho suw what 8 wonderful State Michigan was; what vast rosources for Yankeo renius; what a remarkably-singulne way they had of doing busi- ness thoros also, the groat abundance of monov rud tho freedom with which it way used, and oupecially peid out. 1Te came back as & spy with n goodly roport; and ho brought word that, so freo wus tho use of money in Michigan, aud so great was tho demaud thero, thoso pooplo wero not at all particular about the kind they ro- ceived. Specie wouldnot be rofused, but bauk-bilis™| wero proforred, and it did nat much matter whero tho bauks wore located, East or West, or whethor alive or broken, or tho bills connterfoit even,—it was all tho sams to tha good poople in this 'eminontly Democratio Territory, governod by a boy-Governor, and giving due heed to the round doctrine of ;" exclusive specic-currency.” Aud the sober people of Amhorst gave heed to tho report of this young man, and thoy thought favorably of the new Torritory as a place for an investment; and so thev gathered up their spare funds and searched evervwhere, and in l}wh‘ old Inid-away leathor pockatbaoks, for the rod bills of the defunct Bank of Bolehertown, which lind at lust FOUND ITS PLACE OF REDEMPTION in the backwoods of Michigan ; and they sent back the young man, well stocked with Belohor- town and other Now England currancy, to muke for them largo ontrios of Goverument lands. Abont tho sumo tuno alro,—that is (0 aay, in 1834 or 'f,—cawe also tho Presidont of the Bank of Amborat, an institiiion that stood well, thag vo- deamed all its issuos in_specio whon called upon (which'nover lm])_nmmd?: aud ho came for tho urpose of entering wild and timboer luuds in rha Btate of Michigun, aud to pay therefor the paper currency of Lisown bank, ‘Aud he found such a8 snited him well, and tho lands on which the pinc-logs are cut that furaish millions of feot of lumber that como into the Chlcnfgu market every yoar, fiom Muskegon. ‘I'heso ho bought of ucmlpnutn as well ug gt tho Land-Of- fico ; and, finding tho section that euited him, and the paymont bolug agreed upon, he would sit down upon o stump, tuko out a roll of the printed shoots of hiu bank, sign off tho requi- sito amount of Dbills to pay the prico, and ro- crive & titlo to his land, Or, the same form- ulity in the Lund-Olico of the District resulted in the transfer of itle from the Governmont to tho Bank President,—hiu signature to tho bills beiug tha pivot on ‘which the tranefer turned, Those were Llie days Just prior to tho coming of Wild-Oats into Michigan, aud just proceded nlso o very ferocious * varmint” of procisoly the opposite gonus ; which wag JACKBON'S BPLOIE OINODLAR, It ia very !‘mnulbla that this wtern old mon, with tho bickory faco, sitting in Lis Providontizl Chair ut Washington, had heurd how fhoy wore buylug up his broad ucres - the Tervitory of Michigun, and payiug for thom in thuse narrow slips of Llne and rod papor. Chiis much he know, cortainly, that the lands were golug fast; that the grasp of the speoulator way fis ping ovor upon township on township, far outsf ripping the mureh of sven the kquatter, or tho huntor aftor the deer; aud, in pluce of them, tho Recolvers’ oftleoa were being sutfeitad with'the money call- od **papor-promises to pay." It the procoss wont on, {hie publiclands would saon bo all trang- formed Into paper, sad tho ultimute proxpout of redomption hopeiess, At the wamo thne, he inow that woik was gotting sadly out of fushion thnt fow wore producing auything, not ovea ws muoh ag the consumption of food, the wajority lving by thoix wits, or alight of hand In trado; and, nccording to tho philosophy of thin 'sigla_old homespun, if this process continnod, not only would the banks fail with thoir papor on his hands, hut starva- tion mant be tho fate of o partion of tho poople, Ile roso up, and pworn with his favorito oath that ho would soon mond mnttors ot mnke them woiko ; and ho comnianded his falthful Bocrotnry of tho Lrensury, and his undor-servants of tho Lawl-Ofico, to reccive no more of the frail stufl a8 monoy, oulled ragn, but to tako only such ng Sountor Houton had fall talth in, via : “gold und silver, in paymont for the public Innds; and this was the Bpecle-Clrenlar, Tho Unitad States Dank hnd alroady lind the hickory eudwel ovor its pro- honoly, and It was spouting bload, This other was o blow at the land-speoulators, and an ad- monition to_tho Btato banka_thal tho wamo toughty Presldent had dotermined that it was timo thoy should sot thelr back connting-raoms in ordor, ‘Flio nation atag- gorad under this blow from Washington ; it avas folt fn nll parts of the land, and by nll olnasca. Tut Michiizan bind bnd o fair atart undor {ho #poculative rogimo; nnd thoy ware building fate mind wubstantin towns in their woods, such s Ypsflantl, Ann Arbor, Jackson, Marshiall, Knla- mnzoo, etc., and before the atiumps wero out of their prominent stroots thoy had subrtantisl Inrgo brick structures up for hotels, storos, and dwellings, which stand to-any aa prond monn- montsof tho onergy of the times, when Jackson smoto thom, Tho Torritory af Michigan was admitted as a Blato in 1887, "It wag AN EXEMPLARY DEMOCRATIO RTATE, and hor poople meant to roflect in the strongost light the wound dactrinor of tho Demociatic party. hoy wore opposerd Lo mononoties aud to & National Bank, and wore quite wiiliug to swear by Bontoa’s addendum,—specie currency—and also the Down-Enst commercial interprotation of the doctriuo, free banking with roal-osinta soourity. Tho Michigandera Liad plenty of land, shich they lind I.mllght- when paper wus‘rluuty, but were vory poor geesa in matters of dollara, and halves, and quattors ; and, «inco hank-bills would no_longer buy lands of Government, they hiad gone muddenly back whenco they had como, and popor bocame AR scarco a8 silvor, ‘T'hore wns not curroncy ououch in tho Stato to move tho swamp-lands. Under the liconse of vurty fidelity they proceoded at once to loglslato for tho amergoncy, How prane pooplo ara to tiy to the relief of tho Leglulature whon they got bard upl They tharofore, at Dotroif, throngh their roprorontatives, procooded to lenlslate into full vitality tho ossentinl dootrine of tho Domocratic partys that bauking SII0ULD NOT DECOME A MONOPOLY ; that all people hind inalienuble rights to run s bank, provided they put up tha sconrity ; and that land, being the surest of all property, was tho_Dbost socurity. that a person proposing to benk eould put up a3 o guaranteo to all who might hold the billa of tho bank that they should bo redeomed or paid whon call for payment should bo made. - Who could ntate a principla morg logically than this? And thoy presed a Inw, thot any number of persons combining to- gethor 80 ani 5o, and piedging to tuo State o cor- tain amonnt of voal cstate, unincumbered, and at certnin presumed to bo fair prices in valun- tion, should oujoy the privilega of issuing bills which should be deomed and taken as monoy, which Dbills should entitla tho holder to draw apecio from {ho bank in redemption for tho samo—sliould lio bo eo foolish a8 to call for the specie. Now, all that was wonk Iu this aystom was the possibility that the poaple wonld bo foolish and eall for specio when they did not want it, and when it conld do thom no good. Lilko Guuthor's candy, then un- known, there was a fear that childron even might ery forit, And, besides, thoro was that other equally Domooratic doctrine, * specie- enrrency,” and that possibly might como in and clanh with the also Domocratio dootrine, ** freo banking.” ~ And through this open gate, which tho legislators at Dotroit st open, aud propped with & zood hickory stick that looked some liko old Jackeon's cudgel, TIIE WILD-OATS OAME INTO AIOHIOAN, And these wero tho names of a patt of scoros or many scores of them: ‘T'ho *Bank of Lapeor," “Onkland Connly,” *Mncomb,” ¢ Ypsilanti,” * Banlcof Washtenny,” * Calhoun County Bank,"” «Banlke of Marshnll,” “Jnckeon,” * Allogan,” “ Bandstono,” “Huron,” &o., &e., elc., oto. 'Thoy issued their bills all according to law, all socured : tho wealth of the lands, which could not dopart, was ropresented in a curroncy which they ealled mouoy, and to be used as the medium of trado, to raise crops and move crops, to bu; and sell morehandiso with, &e. They were good- loaking bills, and aeomed a8 much like monoy ns reonbuck of 1874. How very nico was all thin! 'Ihe conntry was happy, for thoy hud monoy in gront abundance. Tho merchants bonght large stocks of Eouxlu; tho atoros were woll filled. ~ Tho peopla borrowed the monoy of tho hanks.freply § everybody that could paidont. And money wos again as plenty ns when tho worthy young man of Ambiorst disbursed Bolohertown, or the venerable Dresidont made monoy from tho stump of a tree with the wtroko of his pen. But time hurrios up evouts most marvelously, Tho financial convalsion, which Jackson oither merded or made worse, cnme on unappessed, till at Insl his successor, Van Buren, when ho took the Presidoney, found all the banks of the country under a suspension; thore woro noither Nick Biddle's bills, nor Bon- ton's click of the dollar, or tho shine of the eaglos through the network of silk purses. Tho sound Commouywealth Bank of Boston, that se~ cured itsolf by only lonning to its oustomers on bonds and mortgages, and thus honored Demo- cratio notious of bauking in Boston, failed at tho firat dash,—being sadly surprieed to learn the {law fn the theory: that'good notes of hand, woll socured, would “not 1edeem lmuk-l\il:f: that money, after all, was the only commodity thut would redoom money, The benlka of Michigan were 8o far out of the range of the fluancial tornadves that raged whero mouey was, it was rensonablo to think thev might oxcapo. It doos not appear that auy sudden squall keoled them over. Trade wont on; the merchants sold goods rapidly, and hought what little produce the tillers of the soil had in those days to sell ; goods graw gradually highor in tho stores ; money grow gradually less inprico; ono banl far away would bo worth 90 counts, anothar 80, aud o, graduated by no known rule, they stood tha representatives of values from 23 cents to par. Thoso at par wero re- coived for goods ot 200 por cont above cost in cortain placos (perhaps near home, if the uufor- tunate ~ bantlings had, any homes), while thoy would bo at 25 conts in another section of the State, ‘Tho cuirency became & WONDEIDIEST TO ALL THE WOLVERINES, It was langhed at, sneered at, or jeored at, as funcy might’ take, and thus became the prolifie sonrce of many grim jokes. ‘Tho **Sandstons” Bank bocamna the main butt, * Lapeer"” was an- other synonym of unfathomable banking mya- torlay, - Witd-Cat was tho genoral torm by which tho wholo breed wus known, ‘‘Ited” Dog," “Hine Pup," ¢ Grindutone,” * 8andy Bay," and other queor terms designated certain classes of this queor curroncy. And yeb it may seem strango why it should_be 8o vory dilforent from any other curroncy. It was suthorized by law ; it wua tho first complote trinl of organizing s systom by which tho bill-holdera should bo He- cured by a pledge of real esiato. The sbeurdity of tho arrangement was, that it could have beon supposed that the wild lands of Michigan could be converted, at any renvonablo peried, into unything with which bunk-bils could be redeom- od. The winding up, or rather closing up, of tho experiment, was as singular as its origin, Thoy had but & year or so, and perhaps but a fow months, trial of confidonco before Lho public. Wo havo no knowledge of any procoss of winding up or foreclostug to save bill-holders ; or that tho Inuds puc up wero ovor appropristed to ro- deom the curroucy. It rather ‘TETERED ™ 0UT tho public hiad their timo of ridicaling that style of banking, and ten very goneronsly abandoued the wholo thing, leaving~ tho oxpressive titla uy i inheritanca to future goverations, ‘Phus, from paner cardboards of Franklin's time to n system of colnnge, which has stood tha teat of time ; nud tho serugglo of our nation to got maney whero it was not,—to havo & epecia curroncy without tho speclo ; trying the credit of tho Btata asa basis fora circulation, and finding that. foundatiunloss ; Jewlous of & bauk- ing system managed upon cashi alono ; flying from av imaginary evil to have bill-holders o~ surad by Lying up tho rosourcos of the baul, with what {t miglnk #avo the bill-holders ; thon to collateral socwitios or mortgages, or lands, or funds, until lnudlu&: in tho swawpa of Mich- gan,—iu tho lesson and tho exporionce of Ameri- ean banking up to 1836, culminating in the torm Wild-Cat, Z, EasTaan, Evawy, 1N, ‘Ihe Legal-Tonders of the American ‘Qotonies and of Austrin--What Xe Monoy ? Ttis to bo feared, or porhaps, to be hoped, that Bonator Schurz was mistalon whon he uaid, in his last groat specch on the ourrency: * We bad our own Coutinental money, the history of which is famillor to you" A Ohnstian oharlty nuggosts the hopo that the Bonators who favored inflation wore ignorant of the ourrenoy of omal timos aud of tho days of the Rovolution, thoy would nover have attompted to rovivop systom entailing 80 muoh wisery, Most if na all of thecrazy financial ideas whioh havo eap- tivatod tho minds of crude thinkors wero trlod and found wanting during and boforo the Rovolutlonary Wor, Whoovor takes palns to talle with men on financial mattors, and draw out thelr opinfons, will hoar the WILDEST AND MOST COMMUSIRTIO THROTIES, IL seoms thut tho époech -of Honator Hoburz bas stirrod up a fow intollectual visionarlos, onch of whom (hinka himsolt eapablo of angwors ing the gentleman from Miskourd, Yerbiaps the wildest of wild theorios is, that tho Qovorument can oxpand the ocurronoy with- ot pasging it through the hands of Now York #peculators, by establishing loan-ngencios, and londing people monoy on renl-oatato socurlty. I'he Now Enginnd Colonfos trlod this systom, commenelng in 1713; and for nbout thivty-live years tho efforts of tho Governmont to gollect tho monoy.lont were unavalling, Both principal and intorest woro, in & good monsure, lost, South Carolina trlod tho system, making tho QOuminisaloniors who lout the money porsonally responsiblo for tha good scourity. DBut the time of pnyment was doferred yoar aftor year with unvarying rogularity, becauso of the polltical inlluonco ot the debtors. But tho most dangerous popular fallacy ls, thut monoey, as a medium of exshangoe, ls BIMPLY AN ADBTRAGTION,— » somothing-or-othor which tho law says shall bo lognl-tendor, The Continontal monoy, as tu woll known, or ought to be well known, could uot Lo sustained by logal-tonder lnws, About ©300,000,000 was issuod, but tho most stringont epactmont to sustain it coutd not provent it from bocoming eutively worthloss. But it wou in thoe Brato of South Oarolinn thas o ** papor-modium,” pure and simple, roceived its fullest trinl, It was o puper-currency with no provision for its redemption, and it would have rojolced the hearts of mien who love the logal- tondors. Allof tho visionuries togethor conld have sung ity praises, forit was loaned by the Governmont on real-cstate socurity, aud beenmo o8 plonty ae bluckberries, It would be plonsant to record that this * paper-mediim ' brougut about the happy stuto of ululrs which its sutbors inteuded ; but, unfortunately, it did not. From 1701 to 1826, South Carolin was ongaged in roaping tho whirlwind ; for it was with gront dif~ ficulty that business was tyausacted. 1'ho * pa- por-medinm ™ hind very little value; yot it wan hard to got rid of, for it drove out the good money. An inferior curroucy drives out the su- peillur, a4 our greonbacks lave driven out tho gold. Oug of the quecorest finnucial idons s, that our logal-tonder curroncy iy A PATRIOTIO BYSTED, and that our greenoucks are mouoy for which wa fougat during four long years, and for which 400,000 men laid down their tives, During tho Ttovolutionury War, the peogle of Virginin took s wmilar view of their currenoy, and i May, 1777, onacted a law declaring that whoover passed this curroncy ab a deprociated value should forfoit tho full smount so usod. 'L'his act commonced witih s formiduble * Wherous," s follows s Witeners, The Continontal money and tho money of this Confmouwaalth ought to bo Rupported at the full value expresscd in the respoctive bity, and tho per- uilelous nriificen of the encmiea of Americun Hborty to impair the credit of tho eald billy, by rafsing tho uowinal value of gold aud silver, or any othier specius of monoy whatsouver, ought 0 be guarded nguinst and proventod ; ete, . Aftor this solemn * Whorens,” it may be sup- posed that the money of Virginin stoud at o premium. Unfortuuately, it feil in value, until 1,000 of this patrlotic ourrency was worth_ouly $Lin specie. In 1781, this movey was funded at tho rate of 31,000 of papor for $1 in a certillcato glven by tho State, Neutly ail mon who wish for an oxpansion of the currency are deceived by the expeclation that, aitbongh money will not bo worth much expanded, it will, novertholess, bo plenty, The oxperionco of the Now England Colonies nay, that, Lowover much paper-money was {usued, tho PRICES NOSE CORRESFONDINOLY, and pooplo wore as hungry as Oliver I'wist for more, * Porbeps tho most instructive poriod of Colo- nial times was when Massnchuselts roturned to o specie-basia in about the year 1760, Some timo before, the Colonists had capturad the Trouch City'of Louisburg, aud for this achiova- ment were paid a large amount of money. The slaro paid to Massachusetts was used to buy up its paper at the rate of 811 in bills to 81 of specio. The Financier, sponking of the rosult, says:,, “* All prices aud dobta were adjusted to tho now standard, and no shock took pluce, Hutchiveon snys that tho only shock waa to tho ather Colonies which kept “paper, and which xounfl.tradn desorting them for tho * Bilvor Col- ony.' " The offact of an irredeemablo paper-curronoy is not bounded by simple gains aud losses of property. Itleaves its mark in THE CHARACTER OF THE PEOFLE, Tlie nations of E“mé"’ which uro logal-tondor papor are reforred to ny haviug prosporad in conscquence, Souator Schurz suys that, if the Europenn statesmen could hear such an nssore tion, they would receive it with a ** melancholy smilo of dorwsion.” The Austrians buve nsod & depracinted und fluctuating paper-curronoy from 1762 until the present timo, ‘Ihe historisn Spriuger, commouting on tlus, says; Undeniubly tho paper-money excreisod tha worst juflueuve on the morafe of, the people, Frugality und diligencn wero lost. virtues, ‘Vulgar plessure-seoking sud wild extravagance becamne labitual, even fu the lowest classes, Of what use to care for the future? Why not oujoy oll tho pleasures of the seuses? Row could nuy ong heeltato to pay 200 gulden for ndmission fotho bail? _Iu fact, tho mouey had no valuo; und, if fii;“),“""“ reflecting, ho wmiyut loss Lall and monoy th, i 1t is sometimes a consolation for a porson to think that people must learn wisdom from iho penalty which surely comes from the violation of Nuture's law. But, when wo reflect Lhow many timos this _irredoomablo-papor delusion b brought trouble und disustor, we cortamly think that people should learn & lesson from expori- anco now, if thoy can loarn it at all. IT 18 NOT HARD TO UNDERSTAND the subject of money, if ouo lovks at it as he would look at any common thing, and not at- tempt to mako o mystery of it. ~Money—a mo- dium of exchange—springs oasily and_vaturnlly from trading, DMeon, whilo tradiug, learn that somo things have & permanont ue, snd aro easily handled and divided. Those qualitics make such things useful in measuring value, and they oro used a8 . monoy. The precions motals bave theso 'qualtios more thun auy othorarticles, and thoy ave, thera- fore, usod as mouoy tho world over, But, il a commuuity is 0 situnted that it eaunot use gold and silver,, it will usa othor articlos. 'The enzliest pioncors of Illindis used buckskin, The Vir- ginia Colonists, at on eatly day, used tobacco; and tho oarly statutos of thut State imposo fines aud penaltics in tobacco. A statuto of Murch, 1629, snys 3 E ‘Whosoever shall abgent himself from Divine sorvice auy Sunduy, without s reasonpble oxcuse, shall forfelt o pound of tobseco, T'axes woro collocted in tobacco, and it waa the currency of tho Colony until gold und silver camo. Paper-dovicos, used for the transfor of proporty, aro good ko long as tho holder knows {hnc Lio can obtain what lus papor cally for, But, it any uncertainty exists on this poiut, the value of thio papor is unsottiod, aud no human statuto can buoy it up. J.D, B. Mr. Ward’s Bills, To the Editor of The Clucano T'ribune: 8in: It is not surprizing that Congress ia slow toact on fluancinl subjocts. It is bewildering to contomplato the utter confasion and couflict of idous that aré prossing upou the members, Among the vumerous bills introduced during the yesgion, two huve beon offered by Mr. Ward, ono of the members from this city,which look priuci- pully to tho rolief of present prossing ucoousi- tios, In doing away with tho immedinto causos which produced oxcossive stringency in the winter of 1672-'73, aud the panls of Soptember, 1873, Tho first diffioulty which Mr, Ward proposos to romody Is that of & . FOROED CONCENTIATION OF CURDENCY IN NEW YORE aIit j and, with this view, he introduced the following bill : A Dity tosmend the Act providing & Natlonal Cur- reney, upproved June 3, 18t4, He 1t nucied vy the Seinte and Houss of Represen- d States o Awierica 1n - Congress ue- sembled, That Buv, 33 of thoact ontitlod % An uct to provide s nutional cuxrcn-:r by n pledge of United Hitutes bonds, und to provide for the cireulation aud redemption (horeof, ¥ uppraved on tho 3d duy of June, 1 the yoar 1864, ho'so umendod 8 to provido that ueso- cintions In tho cities nuned fu the S1st section_of vatd st vamoly ¢ 8t, Loy, Lowloville, Halthitore, Olilengo, Detrolt, Milwaukee, Now Orlonns, Clucinuatl, Uleve- tund, Pittsburgh, Philadolplia, Boston, Now York, Al- bany, San Franclsco, and Washingtou, my couut, s purt Of their legal reserves, balsucea ' doposited with k.lflvunl Bank Assocfatlons iu eitlier of the cities uumed herofu to the simo oxtent as {8 now permitied a5 to onc-Lalf of thelr respective roserves kopt fu cush doposits u tho Olty of Nuw York alone, 1t will bo seen from tha report of tho Comp- trollor of the Ourrency, that the citicy of re- damption hind balances in Now York Oity ducing tho year ending Bopt, 13, 1878, on an average about equal to the whole amount of legal-ten- dars notes and Natlonal-Bank notoa held 1 the bauks of Now York, Irom that report is_scowms that $6,000,000 of National-Bank notes was con- niderably nhove the avernge amount hield by tho National Banke of Now York City: aud thut the amount of leyal-tender notes held dudng tho anmo timo ranged from $21,000,000 to %40, 000,000; whilo the amaunt owlng by tieeo bany to hanks in the othor redemption-citios avernged from £49,000.000 to 383,000,000 It will bo seen, thereforo, that, 1f tho banks {n othor rodemp- tlon-citiod should have ordered tholr batancos {n currency by oxpross, at any time, {t would lye withdrawn from the Now Yorl Natlonal Dauks BUNBTAXTIALLY ALL of thelr legnl-tender notes and National-Bank notes, 1t {8 woll known that, in Septombor, 1873, tho Now York banks wero unablo to respond to auch cally, and wore obliged to suspond curron. cy-paymibnt, Saya the Comptrollor, in his roport: * One- third of tho bills tecotvablo of those banks havo, sinco the War, consisted of call-losus to brokers, « « o which transnctions havo a tondouoy to imperil and unsoltlo, fuatond of facilitating, tho logitimato businoss lutorosts of the country." Tlio (}umqlrullur #ay8, on the nexé pago of the roport: **If tho bauks aro disivelinod to unito for tho purporo, Lhe legislation required of Con- gross will b sueh ny will inducoe nxsoolations outsido of the City of Now York to votain in their vaults such funds as aro not nooded at the com- merc&ll centro for purposes of legitimats busis uesa. = It 14 guch loglslation s that contained in tho thirty-second section of tho Natioual Sank- act, driving monoy into New York, which has made that ety the commoreinl contre, Mr., Ward's Jblll proposcs to repeal thnt cluuse whiok legly- ntos IN FAVOR OF NEW YORK 0IT¥, and diseriminatos agninst tho othor great cities und businous-contres of the country, Undor Mr, Wurd's bill, Chicago can_keop balances in Do- troit, Milwuukes, 8t TLouvis, Cincinnntl, and attshurgh, and thoso cilies may keop balancon with Obieago, and count in their resorven, and not bo compellad, a8 now, in order to mako thoso balances nvailablo as 1eserves, to keop thom drawn down and romit continually to Now Yorlk, in ordor that thev may bo ready to mako a stuted }nnn{, showing tho legal smount of resorve on hand. “Tho provigions of Mr, Ward'a bill would large- 1y incrense tho depouits IN OTIER CITIES, and decreano tho amount in Now Yok Oity; would equalizo tho distribution of the curren- oy, nud fucilitnte mutusl nrrangements for the vedomption of circalating notos iu coso redemptions should be roquired, for it oxchungo is kept down to tho cost of shipping enrroncy by oxpress, though notes bo n‘l ro- deemablo in Nuw York, they would not go thero, but woud remnin iu cirenlation, or, ir redund- ant, would bo takou eare of,—tho notes af each lll;lllk by its correspundeuts in tho rospectivo cities, Mr, Ward's second bill, which will bo com- mentad upon herenftor, looks to the LEGALIZATION OF THE §44,000 RESERVE, its retuzn to the Trensury ag soon as thoe condi- tion of tho Tronsury will pormit, and its use in {uture for tho prevention of pavics liko that of Soptembor, 1873, by glving $44,000,000 of clns- tleity to tho currency; or, in other worde, giv- ing o _enfety-valva to tho financial boiler, and {:mvmlng for the rolief of financial pressure ofore financial oxplosionn oceur: A Dinn to givo floxibility to tho currency without in- Hlation, to legalizo o resorve of $44,000,000, and to render tho Ruino nvailablo for the retlef of oxtraordi- uury uancial prossure, die i; Jenucted by the Senale and House of Represen- tativen'of the United States of dmerica in Congress aasembled, That the nmouut of “United States legal- tender notcs, fnnued under this nct or any other, shall at no time axcoed the aum of 00,000,000, SEC. 2. That $14,000,000 of tlio legal-tondor notes of tlo United Btates ura ‘horoby duclured o resorvo to bo fasucd temporarily undor this sct whon tho ordinary demunds of the Troasury will permiit such Jsauo; aud thot, when any portion of snid resorve will bo in tho Treasury of tho Unitod Stafes, aud not required by the ordluary de- mandaof tho Teoasury, then the right todepouit bonds and to recelvo tho iegal-tendor notos of tho Unil- e Sintes from snid roscrve may bo oxerclsad by any yerson o4 hiorelnatter provided, Bro. 3, That any nolder of $10,000, or multiples therzof, of auy of the bonds of the Uuited States, upon which the intorcst f8 payabla in gold, may ut ang time deposit the same temporarily at the Sub-Trcasuries or Designated Doponitorics in Now Yorl, Sart Francisco, Nuw Orloans, or Obifeago, and st such ather cities u the Becrotary of the Trensury mny deslgnata , undor regulatious o be made by tho Secretary of tho Treas- ury; nnd to receivs in exchuugo thcrefor, from said resefv, on omount of United States logul. tender-notes equal to thu faco of maid bonda o temporatily deposited; and, upon presentation of liko sum-of United Statds legal- tender notes at th placo whore sald bonds wero fom.. porarily deposited, shall Liave the right to demand snd Taccive bis eail Louds, or their equivalentin kiud, loss tho uterest which moy havo accrued upon thi nald bouds during the timo that thoy were tomporarily deposited, in such mauner s may be provided by regulatiods ostabifshod by the Becrolury of thy Trousury, KANSAS. Tho Rapld Growih of Railroads Within tho State A Healthy Olimate and a Prolifio oils The Great Arkansas Valley, Correspondence of The Chiengo Tribune, # BARGENT, Kan,, March 1, 1874, Notwithatanding tha multitudo of lotters and other printod Intolligenco that annunlly find tholr way over tho land, concerning Kansan and hor almost limitless resouracs, hor varied min. oral wioulth and productive power, vory littlo iy known. of hor roal character boyond the immedls ato borders of tho Biato, Evon many of bo own citizens have yot to bo onlightoned on thoss subjects, and would bo surprised if told thal lhior minos of wonlth were not half doveloped. Tho 8ate hus had a BIFADY, NBALTHY GROWTH 4 from the firat, with no feverish gold-oxcitomont, toluro the adventuror, whoso droams of colos: 8ol fortunes being smassed In a singlo day nro soldom ronlized, Hor population, which ropro- sonts ovory Stats fn the Union, as woll as tho countrles of Eirope, is composed of a olass of people who havo beon attracted hithor by » more onduring substance. That torrible bugbenr which used to sorve to frighton crodulous persons, under the cognomen of **drouthy” Kanuna, has long sinca vauishod from sight, and is no longer roferred to, evon by hor bitter ¢nemies. The rapld growth of the Htate siuco tho closo of the War i& duo largely to the building of railronds within hor territory, thoroby making tho sottlemont of the country easior, and banishing mony of the hardships “{nsoparablo from frontler-life, The progress of our peoplo in materiul wealth has ]mmlnfnru kept ovon pacoe with the increasa of their facililios forawift transportation, Provious to the War, ond, indeed, until near 1ts close, not n foot of railrond was built cn Kansaa soll; nnd, owing to thix lack of railroad-faailities, and the oxposed condition of our frontior to indian raidy, settloments advanced cautiously. Binca that time, railroad-enterpiises have boen catried forward with n colority unparaileled in the an- unls of railroad-tuilding, until now neatly every soction of Lhe Stato oan bo ronched by rail, snd thore nro iudications that the various’ lines will bo oxtended in the near futuro. Thera are uow over THREE TI{OUSAND IMTLES of railrond in successful uperation in the Btatay and these ronds buve generally been so located. nnd conductod as to command tho confidonco of the pooplo aud to insure their own financial succoss. Tho valno of these roads, in con- tributing to the dovelopment of tho vast roe sources of tho State,—thereby adding to its material wenlth,—cannot bo _ovor-estimatad. With tho fucronse of railrond-facilities, thus opening now marlkots, the vrice of farm-products 14 onhanced, and tho cost of llving correspond~ ingly decronsed. fi.‘huru is yob a largo aren of Isnd to bo oc- cupied, comprising somo of tho richost valloys on the continent, ebief among which is the NOW-CELEURATED ARKANEAS, only recontly opened up tosettloment, This fortile valloy'is travorsed for a .distanco of 800 ‘milos by the Atchison, Yopoks d; Santa Fe Road, now coinplotad and in’ operation: from Atohisou, on the Missouri Rivor, to Grenads, Col,,—cone necting a6 the_former place ‘with tho Chiieago, Rock 1sland & Pacific Road for all points io the Tast aud South, It Is the intontion of the Com- pouy to extend thoeir lino os rapidly as possiblo to tho Pacific Const; and, whon comploted, it will constitute one of the main thoroughfares of the Unitod Statos. Thero are two lincs of the rond projocted from this polut,—one running through Colorado and Utsh, and penotratiug tho rich gold-fickls of Nevads ;.the othor passing , throngh Now Mexico aud Arizons, and making its western terminus at San Froucisco, Cal, Their main lines have branches maoning to Salt Lale City, Utah, and to San Diego, Cul, No road iu this broad land passos through a richer country than this ong,—a country bottor adapted to stock-ruising and farming purposea, No battor ovidenco of” theso facts can bo pro duced thun that furnished by Views of an fard-Money Man. TERRE HAUTE, Ind,, March 10, 1874, To the Editor of 'Lhe Chicago Tribune : Sim: With the hopo of throwing somo light upon the much-argued guestion of inflation of the curroncy, let us suppose tho caso of & com- munity in which A is known by all to bo & man possessed of large wealth; Balso a man of wenlth much beyond his llabilities,—past of his asgots coneisting of tho notes of A,—but not of such well-known responsibility sa A. Now, sup- pose B to bo ‘ongaged in manufacturing, nnd dosirons of purchasing snpplics outsido the circle of his aequaintance,—thoss havin such supplies being willing to part wil.fi thom for D's notes with A's indorsoment, which the Iatter,1a willing to give npon receiv- ing from B as.collatoral security a deposit of notes previously alluded to as owing by A to B. Would any ouo_be injured financially by such o trausaction? Will you plenso explain how the caso wonld ba altored by the United States be- coming the indorsor of B's notes (Natioual Banl bills, which suroly may o safely issucd in any quautity for which good socurity is held by tho United Btatos), upon,his dopositing with the Troasurer of tho United States, sy, G per_cont bonds, and roboting intercst oxoopt 8,05 per cont, ond resorving tho right to relurn the notes #o indgrsed, and recoive thorefor tho bonds lio originally hold, or similar ones? It secma nimont inorediblo that all nations still adheroe to the delusion thut metals of any kind to be used a8 a circnlating medium are necessary in effecting the exchange of commoditios, It is & well-known fact by all who have oxamined the subject, that every so-called * dollat’s worth of gold and silver™ avor obtained by mining casts, on an averago, $2or 28; |, a., Bupposo the av- erage valuo of s bushol of wheat in Chicago to boin gold 81, for overy gold dollar brought thoro to pay with, at lenst two bushels of whent (or au equivalont in lubor) have been wasted in obtainiug the metal, And of whut use is it 7 Bir John Lubbock gave tho datailod history of a very large nggregata of finuucisl transactions for a guven period (through the Bank of England, if T om not mistakon); from which It appoars tha 94 por cont required not even bank-bills, over 53¢ por cent was in baulk-bills, and leus than 3¢ of i per cont in specio. XS Sooner or luter it will Bo apparent to all that gold and silver bear to financial transnctions pre- cisoly the same rolation that tho return wire did to tol efmphy. When that timo comos, there will born International Congress to superviso the aflaizs of nations, and authorized to fssue notes —perhaps similar to * groenbnels "—which will pnss currently amongst all enlightenod ntions, the snme as National-Bank bills do fu the United States. If not, whynot? Youss, W. O, Fisx. — e 'he Art of the Claque. In the Paritian theatrosthoro is usually nbody of porsons hired to voeiferously applaud’ eortai nctors, 'Fhoy nre callad elaquors, and sit in tho pit, but are uudistiuguishable from the rest of ho speetntors. On one occasion Mlle. Raohal complnined that the claque bad fmled in its duty, Blio was represouting a new charactor. T'ho first n&;m the applanee way all that could bo oxpeeted’; but noxt night it fell far short of the propor amount of onthusissm. In answor to hor compluint, she wos infoimed that cthe head of the cluquo was ill at the moment, and that ho bad boeu obliged to got his placo tem- ;mmnly takon by a confrero from a thoatre on ho boulovards. This Intter personage having heard the complalnt, wroto to tho great actress THE RAPID SEITLENENT. which has followed ils construction. Thros- yoara ago, this valley was tho stam ping-ground Tor countloss hords of sboriginal 'cactlo ; and the transit to Now Mexico and tho Weat was mado by the tedioun process of ox-wagous, Bohold the chaugo ! To-day it ia poopled by & population rich in ull the elements of material wealth, and traversed by a railrond sccond to none in America. The chimate hereis so mild, and the grasa, which s mainly of the bulfalo varioty, 8o nourishing, that cattle thrive on it the yoar round, with no other food, aud no sholter save the brond canopy of heaven. The winters are usually short, aud exempt from the cold rains. poculiar to soma latitudos, * Blioop are also profitably raised,—tho nutri- tious grasses being poculistly adupted to them. FOR AGRIOULTUBAL OPERATIONS 1o better country can befound. All kinds of’ gunin, as woll as Vegetables, do woll; and when. thera I8 no market ut home for: theso produs 8,— which i8 not likely to bo the cmso for years'to: coue,—thero i a railrond at baud to carry them to foreign markets; where thoy nvariably com- mund good prices. Corn now brings from 80 conts tos1l Lmr bushol nt home, and poturoes 82,60, So- that tho furmer who casts , his bot hero need giva himselfl no auzioty about a market for his sur- plus produce, The country is also noted for ITS HEATHFULNESS, The purity of the nir is romerked by all trave: olors; and tho high, rolliug chiaracler af the up- lands is such as tonford a naturnl drainage, thus. proventing the formation of stagnait wator, This wise provieion of Naturo is an ewsrlasting pro- origin in malarial districts. Nuvaeroves~ finiatl straams abound, supplied from wever-failing springs,—o , poculinrity of the country. Excel- leut water {8 also found at & dopth f from 6 to 30 feot. Coalin abundauco is found {n almost ovory part of the State. Gypsum and building= stons are accessible at distances from the Arkan- sas Rivor, Tho Osago-orango is rapidly super- seding all othor matorial for foncing. Tho odd sections of this fortilo region belong to the rade road ; the other holf to the Goyernment., Raile road land ranges in prico from $3 to 88 pur acre, and can be bought on eleven years' time. The Government land can be takon only by pro-emp- tion and homestond. The maximum prige for pre- empted land is $2,60 por acre, A soldier can homontead 160 acros in railroad-limity, while the citizon cau homestead but 80, Tho soldier has tho Lenoflt of tho timo Lo servod in tho army ta perfect his tatlo, v I —_— Avoiding a Middleman, From the bubuygue Heratd, A lodgo of ourGrange frieudsin Clayton Couns ty Ind noed of a barrel of good whisky for do- mostie and modicinal purposes, and wore righte Tully datermined to avoid the mouopoly prices of middlomen: in purchasing. Bo n committes waa delegated to"como to Dubuque aud purchase it of ong of our wholesale houses, which thoy did on reasonablo torms, and took it home- on: tho cars, On the dey of its arrival tho mombors of the Grange repaived with thoir stone juge to- tho houso of the head Grauger, whero tha barrol waa stored, and the liquor was distributed’ among thom, each paying for-hissh b the, wholexnlo rate at which' it was purchasei. Tl ™ waa woll onough as fur as it went, Lut tho nest dayn Collootor of Internal Rovenue, who had boou sconting the flayor of the good spirits from. afar, pownesd upon the hoad Granger for retuil ing whisky without a lico aud threatenod to. pinco him under arrest unless he complied with tha following justificatory eplstla: ** Mademoi- sollo, I cannot’ remain under the obloduy of & repronch from such lips as yours! The follow- ing is an autlentio siatemont of what really teols laow s At the frst roprosentation, I lod the ut- ack in porson no less than thirty-threo timos, Wa bad threo seclmations, four hilaytios, two thrilling movementy, fonr ronewals of upplanso, and two indofinite explosions, In fuet, to such an oxtont did we carry our applausio that tho oe- cupants of tho stulls wero scandalized, and oried out ‘A la Portel' Xy men wora positively ovor- como with fatiguo, and intimated to mathat they could hov agein go through such an ovonlug. Soolug such to bo the caso, I applied for tho manusoript, und, after having profoundly studled tha picee, I was oblized to make up my mind for the socond rofl)munntntlon to minko cortain cur- tailmeuts in the sorvico of my mon. I, however, applied them only to MM.——, uud, it 'the nd ine toria ofligo whioh I hold affordu thé opportunity, Twill make thom umple umonds, In such a uite uation us that whioh 1 linve Just depicted, I have ouly to requost you to boltove flvmly iu my pro- found admiration and respeotful zonl; uud I ventura to eutroat you to hiavo somo ounsidora. tion for tho diflicultios whiuk environ me, 1 am, Maaowolsslle)” elg, tho requiroments of the internal roveuuse law m- this rogard, and ho was compellod to pay $25 or ¥30 to got rid of the gontlemun and his unploasant oxpositton of what Uncle Bam pro=- vidos, * N S An Egyption Burinl, Tho King of Manindy, in Uppor _yptx hnvlnE‘ diod, was latoly buried, hiw wivos being lutorra nlive with him, A number of prisoners of war wora tuison to the immonso grave, their limbs broken, aud thelr mutiluted bodies flung on the dond King and bis wrotehod widows, 'I'he prens aont King of Masindy looks forward with ocome placoney to the time whon lo, too, will have a glmilur funoral. It ls cartainly a style of obso~ quies caloulated to mako a family dosiro the proe longed litd of fts houd. e e An Ornnmontal Gueng, ! The Jawish Messenger an{n a lady sooka pme ployment ss an ** ornemental guost,” Bho will asslut at dinnor or evoniug partios, and by hor gooe, wit, and beauty, confributo to the ontor taimont of , tho company, Bho will do everye thing in tho highest nt{ln of art ; but wil| expead huudyome componsation for ity Ualque sare vicon, ventive agaiust thoso disosses whith have theiz.- .- -