Chicago Daily Tribune Newspaper, May 8, 1874, Page 4

4 THE CHICAGO DAILY TRIBUNE: FRIDAY, FMAY 8, 1874, TERMS OF THE TRIBUNE. TRAME OF SUBSTRIPTION (PATYARLE IN ADYANOE), Ally, Ly matlo 8 124 Bunday.., 5 Rifvedin 5:001 ey 82:30 Tarta of a year b the sume rate, To provent dolay and mistakes, bo aure and xive Post 08 coaddress In full, Including Btate and Gonnty. Remittanoes may be made olthor by dratt, expross, Post ‘Ofhce oider, or in seglatered letters, at our risk. TERMS TO OITY SURBORIDEKS, Dally, doltversd, Bunday excapted, 55 conte per wack, Dails, dolivered, Hunday inolnded, 70 canta yior wooks Addresr THE TRIBUNE COMPANY, Qornor Madison and Doarborn-ata., Ublosgo, Tile e —— TO:DAY'S AMUEMENTS. OLE £—Randolph _straot, between T ua'%is'.".fif“:?..'i...mm‘n the Alnle Oporas roups, ** La Grando Ducnosso..™ UBIO_Halntod atrest, botwoen Mad- PRt or 11 Avkaness Travoler 2 TRE_Madison_streot, hotween y‘é&‘.‘fih?.!‘.’&fif,%’f.’.‘?‘ A et of Biagale Mitonell. +Jane o » OP) o] 12- Monros street, betwaen D A ioginm, Cotton and” Kompia's d Btate. gnfimou."hnfllm’m and comioalitios, Burlosque **Les rigands Noir.” ADELPHT THEATRE—Corner of Wabash_avenuo Benefit of the Raynolds a Congrose atrvot. Afternoon: enelt of (he Rlornolds o W ty performance. 1doua e tha T b Dwarle. EYoning "SOCIETY MEETINGS, GE, No. 83, A,, T and A, M., Hall fi’%fi‘:’.‘.’sfi:’x‘fifi.’lx‘a‘pwfi Comminioation his (¥riday) ‘olook. % 3 #taning, st 1§ o'ciook. Diy ordgd of tho Mostar o\ Uhe Chicage Tribune, Fridsy Morning, Moy 8, 1874. ‘In epite of all ramors to the contrary, wo have food reason to boliove that Mr. Elihu B, Wash- yurne will not give up his position as Minister to France to aocopt the Secrotaryship of the Trosa- sry, even if has boon offered to him. Ex-Prosidont ow Johnson has made tho frst speech of his campaign foran election to tho United States Sonato from Tennessee, Ho followed, without devistion, the programme which hio had previously aunounced. The arti- ticlos of hia creod are : Bpocie-payments and o reduction of Btato taxation. A bill is now before the Canudian Parliament incorporating the International Traneportation Company with §5,000,000 capital. Tho object of tho Company is somewhat vaguely eet forth in the’ dispatahes, but it is understood to be the transoctivn of a gonoral freight business by stenm-navigation. On this eido of the border, * International " i8 a8 ofton as not the specious titlo of ewindling operations ; they may use the word in & better sonso in Canada. Gov. Shepliord hias oxplained why he allowed tho DoGolyer & McClolland Paving Com- pany touso up s large amount of propared ma- terial after ho had reason to boliove that the “jronized” pavement, was worthloss. Ho says that a cortificato was rocoived from tho Chicage Board of Public Works to tho offoct that the pavement laid by the Company in Obi- oago was 88 good a8 any other. .This explana- tion is dofective. 1t assigns mo ground for treaking the contract with DoGolyer & McClellund after the prepared materinl was dis- posed of. It nlso fails to make clear the objoct of Mr. Farwell's visit to Washington, unless we aro to believe that ho was the messengor chosen to carry to hesdquarters the pracious deliver- ance of the Ohicsgo Board. Important items of railrosd nows are given in axothor column. An agroomont has boen signed by representatives of the Chicago & Northwest- ern and Chicago, Rock Island & Pacific Companies to subscribe 2,600,000 each for the completion of the Canada Southern Ruilrond. Bondholdors of tho rond have pledged $2,000,000 for the sumo purnosa, Another piece of news has re- gard to the secret history of the famous Lake Shore pool, consisting of Horace F. Clark, James H. Banker, and Augustus Bchell, whose operations were. exposed last fall. Bauker has instituted a suit againat ‘Vanderbilt for the recovery of certain property pledged to secure the Lako Bhors Company fromloss, The contentions of Vanderbilt and hus foes will hardly excite popular sympathy for either party. Elsowhere will bo found & lotter from Wash- ington to tho 8t. Louis Republican, giving what isdeclared to be & *‘not unauthorized" state- ment of Benator Schurz's political views and purposes. He desires to roturn to the Benate, but doss not asic or expact o re-clection at the hands of either the Democratic or the Adminis- tration party. He belioves that the situation in A*isourd is ripe for the innuguration of *an Independent, Anti-Party, Anti-Monopoly move- ment of the People,” based upon the grand issue, ‘‘Bhall the People govern themselves?" and proposes, as soon as the Congressional ses- slon oloses, to dovote himself to the work of organlzing s popular campaign against the monoyed and military oligarchy which now con- trols tho Government of thie nation, Thore is no rest for the Captain-General of Cubs, He bas undertakon the gonoral regula- tion of terreatrial affairs within his jurisdiction, and this he finds is & big job, oven for o Captain- Genornl. Bince specie had been driven out of tho island by the issue of an irredeemable paper ourrency, the railroad companies have been al- lowed to increaso their ratos at stated intervals, and It is about a8 much as the Captain-Genoral can do to keop them within bounds. Altogether, the spplication of inflation orinciples in Cuba hag not produced the benefits which, according to the paper-monoy men, would flow from tho adoption of u similar polioy in this country, A now and inviting field of operations is sug- gested to the railroad regulators in Wisconsin by the report of Captain-Genoral Concha's op- erstions. Large lasues of **blood-sealed” cur- rency would have & startling offect upon arbitra~ Ty achedules of moximum rates. o e The Chicago produce markots were generally steady yoaterday, with an easler feeling, and xathor less than the average of businesa doing! Moss pork was dull and a shado lower, closing at $10,50@16.65 cash, and $16.55@16.60 seller June. Lard was quiot snd unchanged, at 810,15@10.20 per 100 1bs cash, and 810.20@10,25 seller June, Meats were in falr demand and ‘stondy, st 60 for shoulders, $8.70 for short ribs, 0o for ghort cloar, and 104@11}0 for eweot-plokled hams, Lake froights were dull and unchanged, at 40 for corn to Buffalo, Highwines were in light domand and steady, at 9o per gallon. Flour was qulet and dull, Wheat was moderately sotive, aud 1o lower, clozing woak at 91,393(@1.283¢ casl, 812K @ 1.243¢ seller June, and 81,37 for No, 2 Minueso- ta. Corn was leas notive, aud unchanged, clog- ing weak at 630 for No, 2, and 04@04)go sellor June. Oats were less aotive, and 3o higher, closing ab 480 cash and 485£0 ellox June, Bye was quict, and 1o higher, at 93@933¢c. Barloy was dull at $1,40@1.48 for No. 2. Hogs wore in fair domaud, but all grados bolow choico ruled 106 lowor. Sales at £4.50@0.00. Tho cattio and sheop markota wore unclianged. Anothor dovolopmont in the Arkensas war in roported this morning. Tho Bupremo Court, having got safoly out of the olutches of Gov. Baxtor's doputios, hss ronderod a decision af- firming tho logality of Brooks' protonsions. This actlon, it advices from Daxter's camp may bo trusted, is of little im- portance ono way or the other. The Court has stultified its provious rocord, and, it is ns- norted, iguorod;a statuto which roquires & docis- ion of this mature to bo roudored by & full Bonch, In Arkansss, as in Illinols, the Logislaturo is made the judge of contosts for the offico of Governor, Daxtor has alrosdy been wrongfully but legally confirmed in oflico, and, while his olaim to belug the de faclo Govornor romaius s good as that of’ Brooks, he will not bo alarmed by the thundors of the Bu- premo Court, Wo soe no reason to alter tho viow of tho situation in Arksnsas alrosdy pre- sented in thess columns. The first criticlsm made by the organ of the ropudiationists in this city on tho now Senate Finance bill is, that it is going to incresse the national dobt, in spito of tho fact that the last soction of the bill says that * Nothing in this act shall bs constried to authorize any increnes of the principal of tho public debt of the United Statos.” When tho vetoed bill was under discus- nion, tho repudiation organ ignored this consid- oration, =although it prowvided for a direct in- oreaso of tho pational dobt of §44,000,000 by is- suing that amount of logal tondors, bosidos an indirect incrensa by the consoquent depre- clation of Governmont notes =und bonds, Tho prosont Senate bill, howavor, provides ouly for an exchango of non-interost-bearing and irredeomablo notes for bonds, their placo to bo supplied by doublo the amount of National Bank notes, Thisis changing o portion of tho debt from an unfair and discroditablo into a fair and creditable obligation. Probably this is juat what the repudiation organ objocts to. But the prosent bill does not eud cannot increase tho public debt one dollar. k The replies to our circular to ascertain tho position of the Wostern preas on tho veto con- tinuo to pour in. Wo heard yesterday from the States lying near at hand, The Indianh inflation phalanx arrived, and was duly put in Jine, Ow- ing to this, the friends of ropudiation gained thirteon more than thoso of honesty did. The right has still a majority of ninety, Thore are twonty-nine timid journals balancing themselves with great doxterity on top of the fonce. It our majority is retained, as it will be, almost all theso faint-hearts will Lear s loud call to this sido of the dividing-line, Tho report given bo- low of tho standing of 607 papers in tho nino Western papers may be rolied upon as abaolutely accurate, Ere long, about every Western jour- nal will be duly classified. We subjoin the list 08 it stands at present: Buatain tho Opposs the On the veto, vgla. Jence 3 16 o F3 18 [] a1 1 2 o 48 2 23 3 1 ] 1 1 Totals to-day. . 244 20 Totals yesterdsy. 165 20 Addod to-day. [ 70 i The Territorial pross, which does not appest on thi record, is, a8 a rule, accerding to our ex- change-list, deoidedly opposed to inflation. THE NEW CURRENCY BILL, The Senato Committeo on Finance have re- ported, in the form of a substitute for tho House Freo-Banking Bill, an entirely now bill to determine and regulate the amount of currency, bank and national. Tho bill fixes the maximum of the greenback issue at theamount now out- stauding, $982,000,000, It then abolishes all tho restriotions upon the smount of tho National Bank note ciroulation, which 18 now $354,000,~ 000. Itabolishos the requirement that baoks ahall keep a resorve equal to 25 per cent of their circulation. The only reservo to be kopt is that based on deposits. Included in this reserve in ono-fourth of the coin annually roceived by the banks as interest on tho bonds deposited by thom as socurity for their circulation, Estimat. ing this interest on the whole authorized issue at 25,000,000 annually, the bank resorves would be converted into gold at the rate of 26,250,000 per annum, The bill provides that ench banlk shall keop on deposit in tho Treasury of tho United Btates, in logal-tender, au amount equal to b per cont of its oiroulation; and, whon the notes of eaid bank aro presontod at tho Treasury for redemption, they ehall be redeemed from this fund, which shall bo maintained by each of the Lanks. All othor resorves of tho bauks shall bo kept in their own vaults, and all laws suthorizing them to deposit such reserve else- where are repealed. The most important of the new features of the il is the raquirement that, for each additional million of dollars of notes issued to tho National Banks, thore shall bo retired $600,000 of Treas- ury-notos ; and that this pro-rala roduction shall continue untll the wholo amount of Troasury- notes outstanding shall be reduced to £900,000,- 000. To offeot this rotiromont of tho Troasury- notes, the Becretary is authorizod to sell Gov- ernment bouds, the notes roceived therefor to be rotired and cancoled. Aftor Jan. 1, 1877, groenbacks may be presented for redemption, in Aums of $1,000 and multiples ‘theroof, and tho Beeretary of the Trensury i8 authorized to ro~ deem in gold coln or to issue gold bonde in ox- chavge, The bonds thus to be oxobauged are to bo rodeomable at tho- pleasure of the United Btatos, ton years after date, In coin, and are to bear iutorest at the rate of G per cent. Withtho notos o received, the Socrotary may purchaso other bonds, or redeem the publio debt, or pay them out for Governmont expenses, This plan will keop the grocnbaoks at the permanent issue of §300,000,000, Nothing in the act, however, is to bo coustruod aa authorizing an increase of the publio debt, This bill is an improvement upon all the bills which have hithoerto been considored. It fur- nishes the country with what is considered necessary to meet public exigoncies in & free system of banking, by which the presont mo- nopoly is destroyed, and auy and every body who has tho oapltal can Lave banks and bank-notes to any amouut. The law coutemplates an in- crongo in thoe bank clroulation of $104,000,000, whioh 8 just double the smount of greenbacks to be retired, making yith the presont issue an aggrogate of $516,000,000. When thls olrcula- tlon Lias beon attained, the I'ressury-notes will be #800,000,000, meaklug togother a paper our- roncy of ©818,000,000, This will be an incresss, i¢ the bank alroulation be taken, of 963,000,000 over tho prosont amount, or $108,000,000 over what it was bofore tho Troasury {uaued any part of the mo-called ‘‘resorve,” But the currency 80 fseued will hnve a moro solld basls than hng boen provided herotoforo, and will como outb only aceording to demand. Theo bill ropoals somo of the many rostrictions upon banks, especinlly in the mattor of keeping o rosorve on tho ciroulation, This was & wholly uunecosssry rostriction, boocause the wholo Banking law rosts upon tho assumption that the circulation is smply secured by tho deposit of ‘bonds, Thg,_'n:qulremnnt that the banks shall koop a resorve oqual, in tho larger cities, to 25 per cout, and in tho country towns to 15 per cont, of thoir doposits, s retainod. Tho porsons and looalities which have beon clamoring for more ourrency have now the op- portunity to obtain it. A tundredand sixty-four millions of additioual bank ciroulation aro offered to whosyor wants it and can furnish the scourily therofor. If the coun- try roally needs more ecurrency, hore is amplo opportunity. Any locality io tho United Btatos can accuro all the ourrency it noeds; and this priviloge will dotermino tho question whothor tho real want of these localities {8 curroney or capital, ‘Tho bill provides that, as the bank olreulation oxpnnds, tho ciroulation of Treasury-notes shall contract to tho oxtent of 50 per cont of the bank oxpanslon, These notes are to be oxchanged or redeemed in 5 por cont bonds. 'I'ho prosont & per oont bonds aro solling at about par in gold, at this time. Thorodemption, therefore, will be at par in gold, and tho offoot will bo, should any opportunity for redemption bo offered, to ad- vanco tho valuo of the greenbacks towards par o gold. In providig further for the redemp- tion of all groonbacks, cither in gold coln or gold bonds, after Jan. 1; 1877, the bill furnishes a simplo and practical means for resuming 8pecie paymonts, which, if carried out, will make groenbacks absolutely nt par with gold. The bill {8 commendablo bocause it proposes somothing certain and deflnite, and gives some system to our presont irrosponsible and irrogu- lar practices and porformances in financos, It will give stability to the public oredit. We do not think it will have much other offect. We do notanticipate that the bank ciroulation author- ized by it witl bo applied for to any very groat oxtent, Excoptin localitios whore the banking business is good outside of the priviloge of issuing clroulating notes, 1t will make little diftorence. It ia possible that thé oapital so largely withdrawn duriog the last few years from logitimate business, to be invested in un- productive railrosds and vast schemes of spacu- lation, msy gradually bo extricated and find Invostmont in additional banks. Tho ro- tiroment or redemption of the greenbacks, howaver, is dependent on the expsnsion of the bank-note circulation, and will therefore bo neither sudden nor rapid. But the great valuo of the passngo of this act will be tho assuranco it will give the country that no increase of the logal-tendors can take place, and that whatover expansion in banking circulation may ocour will bo indirectly offset by a corresponding advance by the Govoroment in the dircction of epecio payments., Thia bill has to be dobated, and bas to pasa throngh the ordeal of two Houses of Congresa thataro hostile toit, if we may judge by past oxperience. It may bo disastrously amend- od, or it may bo made more perfect; but as re- ported it is tho bost measure that has yet boon submitted to Congress. If it be- comes necessary to tack on vitiating amondments in order {o seouro its passago, we lave the assurance of Presidont Graot that bio will veto suy messure that jeopardizes the national oredit, and 8o we may rely upon & per- mauont check. If Congress, however, sincerely wishes to give stability to tho business of tho country, and, at the same time, furnish all tho money which is legitimately demanded by tho requirements of trado, it will promptly pass the now Sonato bill. Here i8 a logitimate means of inflation if the country needs more curroncy, and still a constant chock if no moro money is required, It is & measuro which enables the do- mand ‘to regulate the supply, and provides the * olasticity " for which wo have hoard so much clamor of late. THE FARM: AND THE COURRENCY, ‘When tho Advisory Committos of the Stato Farmors' Assaciation voted down the resclution condemning the Presidont for vetoing tho in- flation bill and for uot votoing the salary-grab bill, it was no indication of the sentiment of the farmors nor of the Committes. The regolution was voted down merely because the Committos folt it to bo beyond their province to take any action which would commit tho poople thoy represonted. This Committee was charged simply with tho task of fixing the time and place for holding the Convention in case it was docid- ed that the farmers should go into politics as an independent party. Tho vote was, therefors, no Indioation of tha fecling among tho furmers on the ourrency question. This is loft for them to express at their Convention in Springfield, and the &\eetlon will uudoubtedly exert considerablo infiénce in tho sefection of delegates. But thodo who bolieve that tho farmors all side with Mesars, Morton and Logan in favor of s depre- olated mouney and a breach of the nationsl faith, will be enlightoned by the following dispatoh to tho Chicago Journal of laut eveniug : I bave hnd o conversution with W, O, Flagy, the Preatdent of tho State Furmers' Assoclation, aud also with the Chairmun of the State Advisory Board, which hus just adjournod, and hove learncd that ho 1s « strong adyacate of the Prosldont lu Lia veto of the iuflation bill. Mir, Flaggsays that thero ls also a strong fecling in Gran's favor smoug the farming classes, 8o far na bo bus seon, aud ho foars that thoro will be much dangor of the Farmora' Assoclation wrecking thiolr Sirst political Iunch on this rook, The maln faot contained in the above is of in- torest; tho attempt to adapt that fact to tho Journal's opposiion to the farmers is abortive. Becauso there is a strong feellng among tho farmers in Grant's favor on tho veto question, it doos pot follow that the farmers will not ontor just a8 heartlly into their indepondent movement: a8 if no such fooliug existod, Does Uon. Grant roprosont the Republican party in this lseuc, or do Mesers. Morton snd Logan? Pending the declsion, it is not likely that the farmers, favor- log ouse sido or the other, will care to act with party divided agaiust itaolf, the success of whioh would leave tho country in a Btate of uncer- tainty as to the flunl solution of the most im- portaut question bofore it. Congress may or may not adopt the new Sonate finance bill,—we hope it mey,~but in cither case there Is & new dissension aud additional uncortalnty in tho Ro- publican party, The blow lag boon struck, the spiit mnde, and ¢ will widen {n apite of every oflort to close it. It no fluancial measuro is agreed upon by Congress, tho party will fur- nish an evidence of division and inoapsoity, 1t the now Souate bill 1s’adopted, the repudia- tion Beuntors and Congressmen will como home dofeated, but tholr atako Is too large to bo road- {ly surrendered. In svery possible view of the cave, the ourrency Qquesiion provides a new reason for indopendent political action. If the impressiona of Mr. Flagg, tho President of the Stato Farmors' Assoolation, he corroot, tho inde- pondont movomont in this Btate fs in tho right dirootion. It will onlist tho co-operation of the * hard-monoy " Domocrats, and atignot all thoro in tho Republican party who profor stablo ourrenoy to tho dangor of su unatable curroncy undor tho control of a party that s divided on the question. Sound viows on the ourronoy quostion will fnerosso tho strongth of the indepondent movement incaloulably. THE CENTENRIAL BILL, A voto on the bill appropriating $8,000,000 in aid of tho Natlonal Contonnial Bchomo was reachod in the Lowor Houso of Congrass yostar- day, The bill was refused a third reading by 02 to 188, A motlon to reconnidor and to lay that motion on the tuble was then mado by Mr. Holo, of Maine, kis abject Loing, of course, to prevent tho revival of the bill during the presont sosslon, When thio roll was being called on this proposi- tion, the Ponnsylvanin mombera ploaded pitcously for & respite, and succeeded in obanging enough votes to defeat it by 117 to 120, A reconsiacration of the bill was then order- ed, aud, pending a motionto table the wholemat- ter, the Houso adjourned. Provious to tho taking of the firet voto, Mossrs. Dawes and Hawley foll foul of cach other, and a personal altercation onsued, Mr. Hawley, it should be borne in mind, is President of tho Contopuial 'Commis- sion, and committed body and soul to it attempte upon tho National Treasury. Hisspoechin favorof. tho billwas a creditable piccoof special pleading ; but in the passago-at-arms with Mr., Dawos he appeared at great disadvantage, Mr. Dawes had urged tho ivability of tho Governmont to keep its foith as regards the einking fund gs n rosson why it could not honorably allow an appropria- tion for molf-glorification. Mr. Hawley evaded tho issue, and answered, with much temper, that Lo was tired of this talk about natfonal bank- ruptey, dishonor, ole,; ko intimated that Mr, Dawos ought long ago to have repoited a tax- bill with a view to making good any dofloit in tho National Treasury, Buch talk as thie, Mr. Hawley onght to know, will not divert attontion from the real question under digoussion. This Is theproprioty of spend~ ing monoy for what even he must concode to bo & luxury at a timo when the necossary oxpenses of the Government aro met with the gresteat diffculty. Itisnot true, as tho advooates of the Centonnial bill assort, that the Governmont impliedly guarantecd the Exposition by iesuing an invitation to foreign unations to par- dclpnh‘a in it. Such = guarantea could not logally be made; it is disavowed in the bill organizing the Commission and in & ciroular sent out by tho Stato Departmont to the Ruropean Governmontd, The bhest courso for Mr. Hawloy and his supporters in Congress to adope is to drop the intornational fenturo of tho oxhibition at once. By making proper oxertious, the plancan still be carried out in all its details, so far as this country is con- corned ; and in this mannerall tho enda of a National Centennial will bo compassed, not only with groater omso, but with the certainty of reflecting far more crodit wupon the ‘nation than would accrue from the partial exe- cution of & grander design, In view of the wrotched failure at Vienna last year of an Inter- national Exposition supportod by the Austrinn Government aud sppealing for patronags to a thickly-populatod country, a similar undertaking In the United States would be criminally foolish, and pre-ordained to end in making the American poople and Government objcots of ** internation- al” ridiculo and commiseration, THE MATERJAL OF MONEY, Wo print in another column tho defense of the editor of the Canton Register of Lis thoory, that the material of which money is madeis ofno significanco. Mr. Magio's argumont will seem plausible to many, and it cortainly is ingenious. DBut then it is neither more plausible nor ingen- ious than many an argument which’ might ba adduced against the heliocentric theory of the universe, or cortain woll-established privciplos of physics or chemistry. And when we under- tako to reason against tho views expressed in our corrospondeut’s lotter, wo foel vory much as we should wero we called uvon to prove that tho earth moved around- the sun or that iron might bo made to float upon wator, Spite of Mr. Magio's logic, Wo still believe that the material of which money 18 mado is o mattor of vory great significance, and that Mv, Magie's views aro * visionary, ubsound, and extrava- gaut.” Were Alr, Magie acquainted with the history of money in Fratcoe and tho United States alono during the last century, he wonld flud bis views refuted. Let him study tho his- tory of Amorican curroncy as written by Prof, Sumuer, of Yale, the history of Law's Bank, of the French assignats, and he will meet with & refutation of Lis theory by tho logic of facts, He will, boeides, be satisfied that whonho wroto the lotter wiich wo pubtish he did not hiavo the **samo facts " before him as some others, and was not, therefore, in & way to give an opinion on them ‘‘as good a8 snybody's.” Bosides, evon it wo admil that Mr. Magio's opinion is as good a8 anybody's, we are not will- ing to grant that it is better than everybody's, which we would have to concedo were we to ne- copt his views ns o the matorial which should coter into the composition of monoy, and which are contradictod by the views of every thinker or writer of eminence on the quoation, from Adam Bmith to Michel Chovalier. Indeed, Mr. Magic's argnment is fallacious from beginning to end. ,He starts with wrong premises, and naturally ouough reaches wrong concluaions. Ho dofines monoy to be simply & medium of exchbnge, which It undoubtoedly is, aund forgots practically that it Is also a measure of valuo, We do not agree wilh him that all we waut monoy for is to elfectoxchanges, Wo want it ulso to measure-for us how much of one come modity we hall exchange for anothor,—and to mensuro it accuralely, at losst as acouratoly as possible, This ivitial error of Mr. Magie runs threugh his whole argumont and vitiates it from the firet line to the last. The cusential quality of monoy, ho says, le coufidonce,—confldouce that othore will tale it from us at tho value we have allowed for it ; and this quality of confldence is to bo imparted to it by tho power and authority of Governmont. Had Mr Magio etudied his oaso bottar, ho would bavo found that govern- mental authority, or power, cannot impart confl- douce to the publio, or make one take suoh monoy from another at the value he gave for it, How comes it that Government authority has not been able to provent the depreolation of tho groonbnok? How comos it that it has never Losn ablo, from day to day, to make one per- son take it from ‘anothor at tue value whioh that other gave for t? Our «own papor money ia now at adiscount of, say, 10 por cont, and what 4 that but & partial rejootion by tlle people of tho greeuback,~a rejection whichi all the Goverumsate i ths ‘world sould not prevent any more than they can provent & atono thrown into the alr by the hand of msn from relurning to the earth? - If governmont can {uapire confldence, aud by inspiring confl- donco fix tho valuo of money, why doos it, not mako tho graonbok dollar worth what it pur- porta to bo worth—s dollar in gold? A dol- lar {8 more than m namo. It roprosonts & conorote thing, a thing of a certain wolght, volumo, and speciflo gravity, just ag Mr. Magito is not anamo only,but a gontle- man who livos, moves, and has & being in Can- ton, and ontortains vory fallacious ideas on tho quostion of the curroncy. Mr. Magio's {llustration of tho tickot is a most unfortunato ono, Tho ticket whioh admits & man to tho opern-houso or toa ride of fifly, milos'in s raflway car, s, of course, worth noth- mg intrinslcally, oxcopt what itis worth as a plece of papor. In this it is not unlike tho groonback,” But botweon the groenback and tho ticket theto is this difforonco: tho ticket is evidenco of somothing pald already, the greon- back is & promise to pay somethivg in tho futuro. Wero the greenback the evi- donco of gold doposited somowhero, sud which the holdor might demand on presontation of his evidenco of tirle, it would be 1ike tho ticket, and wonld not dopreciate. Wo notico that our correspondent accopts the cost of production ns the measuro of valuo. Estimated by this moasure, wo would like him to tell us whnt tho valuc of the greenback is. Evidently, the cost of production,—tho cost of production of & pleco of papor four or flve inches in loagth by two or throo in breadth, The grent objection to tha theory of money ad- vocated by Mr. Magio is that monsy made of anything or basod on anything except the precious metals cannot be = moeasure of value. That which measures value should have valuo itsolf, ms that which measurcs longth should bave longth. Andas that which measures length, the yard-stick, for instance, should not vary in longth, so that which mensures value should not itself bo sub- Ject to fluctuationa in value, The great argu- ment in favor of * hard monay " is that it 18 the medium of exchango the loast liable to fluctuate. It is o matter of fact that the precious metals vary lesst in value of all vommodities from year to yoar, or decado to do- cade, or century to contury. Auothor faot is that paper money, wherover usod, bas fuctuated in value more than any other wpecios of monoy that ever had circulation, ‘We aro inclined to believe that, spite of his ad- vocacy of paper money, Mr. Magio would, if he had his choice to-day, prefor gold to groonbacks. 1f Mr. Astor owed Mr., Magio $100,000 and gave ‘him his option to claim it in gold or groenbacks, he would claim it in gold. And, , under gimilar circumstances, every other creditor in the country would do the same. Doesnot that show that tho matorial of which money is made is & matter of some significance? Does it not show, t0o, that our paper money is the creature of power and not of confidenco? Accepting Mr, Magie's definition of money, wo would bave to hold still that metallic curroncy is the best, as it 18 the only currency that ‘others will take from us st tho value that we Lave been allowed for it." No ono esn feol cor- tain that paper money will at any timo bo taken from him ot tho value ho was allowed for it, nominally it may be, really it seldom is; and this is inevitable, for its value is not intiinsic. ‘Wo havo devated 8o much spaco to our Canton friend because his arguments are calculated to minlead those who have given little thought to the subject of money. ARBITRATION COURTS. The differences arising botween laborera and thelr employers are exccedingly numerous, and growing more 80 every doy. A strike is the form which these differoncos generally assumo. How long a strike may last depends simply on the length of timo during which tho laborors can dispense with employmont or their employers with tho services of labor. It wera well for tho sake of national well-being that thero never were & strike ; but, as there will be strikes, the next best thing is that thoy should bo ag fow and a8 short in duration as possible, Any moasuro looking towards the provention of these diffioul- ties or towards a mitigation of the injuries they entsll, should be woleomed by the public gen- orally as well as by laborers and their employ- ers. Now it is not a little strange that, wheress much has been doue, if not to hinder strikes altogether, to find a speedy solution for them when they occur, both in England aud in France, little has beon done 1 Americs, where thoy aro at lesst as froquent. England, by an act of Parliament passed loat yoar, and known as the " Arbitration Act,” has established what we may call Arbitration Courts, to take cognizanco and hiave jwisdiction of cases of strikes, wages, eto., aud France has moved in the samo directlon. The English Arbitration Courts have all the authority and power usual in other legal courts. The advantage of these tribunala is, that the Judges bave cognizance only of the differonces botweon capit:l and labor, and tuat thoy ware elocted by and from the ranks of omp.oyers and employes thomeolves, It is proposed that tho laborers and employers shall oloct each one-half the Judges of the courts, and a Fronch writor suggeats that the membors of the court from the ranksof the capitalista should bo electod by the laborers, and those from thoranks of the laborers by the cap- Rallsts. It ia thought that this mgdo of pro- coedings would give a court more scceptable to both parties thanif the capitalistsa chose their own Judgos from their own ranks and tho labor- erg thoir Judges from tloirs. This method of olection would glve an oven numbor of Judges, The odd one, It Was proposed, should bo eleoted by the laborers or their employers, 88 lot might declde, There can be littlo doubt that many s differ- enco which now works nntold mischief to the country would be compassed by means of thoso courte, and thoy might oven prevent strikes al- togethor, It is not fmprobable that tho laboring classes of tho community will ecoe that thelr intorests will bo protected more by these tribunals than by endeavoring to wring impossible terms from the manufacturers and other capitaliate of the country. The chances are that a court constituted as it 18 hore propoeed to conatitute these would reach almost invariably an equitable declsion in cases . affooting tho righta of capital and lnbor, and it is tb bo hoped that both oapitalists and laborors will seo it, Tho laboring olasses, eapecially in England and in this country, havo a high average of intol- ligonce aud o ditposed to do ‘what they oan bo mado to Eco i8 reasonablo, Somo of {he meetings held by thom to disouss thelr rights have boen justly admired for the decorum which hes prevailed ab them, The laad mestlugop Congresa of Trades Unlons held at BhofMold, England, ia spokon of as a mode! of dignity. Tho Oongross biold laat yoar at Loodswas of the samo charaoter, and drow forth the remark from a distinguished Fronch visltor, M, Royband, who was prosent nt ita mossions, that its mombora actod a8 It thoy liad Lad n long appronticoship in parlinmentary Inw. . 1t the laboring clusses of England and Amer- icn show 8o much moderation and judgment in their meotings and dobates, it sooma they would welcomo the sotiloment of nll disagrooments with thelr employora by & regularly-constituted court, in which their intercsta wero represented, instead of by tho unressoning system of atrikes, as at prosent. Lot the experimont bo made. — ANOTHER MILLION GONE. An agent for the bondholders of the Rockford, Tock Ieland & Bt. Louis Railroad arrived in New York last weck. The firat-mortgage bonds amount to $9,5600,000, all of which are hold in Gormany, The Company having dofaulted in payment of tho intorost, tho holders of tho bonds have sont an suthorizod agent to ropro- gont thom. Under the torms of the mortgago, thero can be an immodiate foreclosure. As thore I8 no probnbitity of tho road over mooting ita obligations, the creditors expect to encoun- tor no opposition to thoir suit for foreclosurs. The Presidont of the road, Mr. Cablo, has been invited to meot the agentin Now York. Suit may therofora bo expected at any timo, and the mortgage foreclosod. This procecding will, of courso, extinguish all the prosont capitn! stock of the Company. A largo portion of that etoek ia held by towns and municipalities in this Btato, who purchased tho stook with thew corporato ‘bonds, mostly besriug 10 per cent lntercst and having twenty yoars to run, The following is s list of tho municipalities which have issued bonds, and which hold capital stock in tho Rock- ford, Rock Island & St. Louis Raiirond: Boardstown, Cons C $ 7,00 ‘Arzeuville, Casu Co. 8,000 Astorls, Fulton Co, 10,000 ‘Astoriu'(Townshiy), Fuiion Go. 50,000 Farmers, Fuiton Co 5,000 Vermont, Fulton Co. 24,000 Woodland, Fulton C oy Drig Ttlo, 5 Bushuell, McDonough C 5. Dorado, McDonough Co, Mound, McDonough Co. New Silem, McDouough ‘Walnut Urove, MeDonough Canoe Oreok, Rock Inland Co. Moline, Rock Iulaud Co. ... Rock Tjlund, Rock Talaud Go. Brownlug, Schuyler Ce Frederick, Schuyler Ce Winchester, Seolt Cc moro of four storlos, Tho avorago rosidoncas in Ohl¢ago aro_threo atorios and a basoment, oquivalent in cost to four-story buildings, and of theso porhiaps thero woro 230 or mora resdy for occupanoy for tho firat time on' May 1, The avorags coat of theso throo-story and brsomont briok dwallings, exclusivo of the lots, 18 about 80,600, Allowingan nvorage of $160a foot forthe lots of 26 foot front, tho cost of house and lot fs more than £10,000, but the tendenoy is to stona fronts or othor ornnmontation, which makoes the coat of the buildings still groator. Now, whila thore is a demand for this kind of houses, thero is amuch greator domand for that partioularclass of housoa which scoma to bo the principal atyle of buflding in 8t, Louls—comfortable two-story brick buildings, at an averago cost of loss than #2,500 onch, which may borented to familics at & rato within thoir mmoans, Tho coat of tho 676 two-story briol bulldings put up in 8t. Louis ia ©1,327,100, or §2,908 for ench bullding, Those buildings can bo adapted easily to accommodato two amall famillos, or one larger family, and ronted at- from $400 to §600 oach. Instead of building theso dwollings, wo have run to frame buildings for our cheap houses, and as those got dilapidated and rot-cnton, they are moved furthor towarda tho suburbs, ropaired, and rented ngaln at oxtravagant rates, 'Tho ouly efforts wo have made fo accommodate familios of modorato monns, are the one-story and & story-and-a-half cottnges. Those coat, whon finished, 81,000 to §1,400, whilo the cost of insurance and oternal ropair, along with the scarcity of the buildings, warrant the owners to domand from §400 to 8600 a yoar rent. Thers could be ronted at this timo, at $500 & year, 1,000 two-story brick dwellings, costing $2,500 osch, and suppliod with tho ordinary convenie encos which ought to belong to every houso in Chicago. Thore aro miles of vacant land in thig city hield on spoculation, walting for rise, which, if improved by housea of this class, would bo ime mongoly profitable, and would add greatly to tha comforts of a large class of the population who are now forced to live in ronted rooms, without convoniences, and io buildings & mnjor- ity of which might bo pulled down to the greut benefit of public health, As wo are not to have inflation, and as thore ia a0 abundance of monoy for logitimate purpases, and espacially for substantisl improvements, wo suggost that some of our real-estato owners turn their attontion to the eroction of four or flvo hundred of theso bouses, to the displncoment of prosent woodon shantics, and thus mako their proporty not only productive, but give to tho workingmen and all others of modorate moans comfortable dwellings within tho city, and within reasonable distances of the Lenox, Warren Co.. Aontmouth, Warren C Ttowoville, Warren Co.. Syring Grove, Warron Sumner, Warren Co Swan, Warren Co,. Totoliseseasnee cesessarsrsenasens $1,027,000 Tho road is not finished, and the bondholders who will bave to purchaso the property will be obliged to sdvanco tho moneyto complote the road, (Tho stock in such case may bo considered practically extinguished, How: long the peo- pleof theso towns will pay intoresy on their bonds given in exchango for the stock, is & ques- ‘tion for tho future. If the grab-law be set aside, theso bonds will not bo worth 10 cents on tho dollar. & THE CANAL JOBS, The United Btates having gone into the cansl business at Louisville, on the Olio River, and committes of Congress having recommended four other national water routes, propositions for like jobs aro,pouring in from all quarters, Mr. Goldthwaite, of Alabama, lns introduced in Cong/msu a bill for a steamboat canal 140 milos long in that State, the Government to give a million and a half of acros of land and $30,000 a mile In ita bonds to enablo tho contractors to make money plenty in Alabsmsa, The aggregato amount of bonds is £4,260,000 to bEgln with, Thon comes Mr. Young, of Georgis, asking bonds for two canals in’tho mountains of Goorgls. The eum demanded for beginning these two works is $87,000,000. This s tho mid- dlo section of *‘a national wator route.” The western section will cost $80,000,000, and tho oastorn section $20,000,000, which, with $20,000,- 000 more for tho mountain division, only foots up & fraction ovor & hundred millions, Tho talk is that that sum is needed to * move the crops™ in Westorn Georgia, Then comes Mr. Byphor, of Louisiane, who proposes to build the 8t Philip Cana), near the mouth of the Missisaippl River, tho cost not to excoed $4,000,000 a yoar, Asit is probable that, so long, ss thero are £4,000,000 & yoar appropriated for.the job, it will nover bo finishod, tho ultimota cost of that canal cannot well bo estimated, Thus wo go. With & national debt oxcooding two thousand mill- ions of dollars, at sn oonusl tax of & hundred millions tor interost, with taxation at the highest ondurablo rate, it is now proposed to go into the business of building canals on credit, borrowing a hundred millions of dollara & year for tbat purpose. Our exporionce in issuing Lords to the Pociflo railroads isnotso encour- aging that we should renow the polioy in canal building. Inthe caso of tho railroads, we are out the $64,000,000 of principal, and noarly $20,- 000,000 of interost paid thoreon. As theso bonds linvo over twonty years yet to run, our claim, principal and fntorest, will be groater at the end than the entire value of tho ronds; for seourity, we have asecond mortgago, With this oxperi- ence, onght we togo intothe oanal businces to the extont of $400,000,000 or $500,000,000 moro? SMALY, BRICE DWELLING-HOUSES, Tho St. Louls Globe, in an srticlo upon bulld- g now in progress in that city, furnishes & Lint which ought not to bolost in Cuicago, It thore be any city in tho country where thore has boon little or mo attontion pald to permanout residences for porsons of modorate manng, this is the place. Wo give thio statiutios of now build- ings bogun in tho firat four months of 1873 and 1874 in Bt, Louls. In tho first four months of 1873, and of 1874, thero wero undor contract s Now bulldings..4V8 $1070421 736 32,114,600 'ho buildings of 1874 are thus olassified, with their coat 1 " Class, Vo, it 11,3 ‘Three stor H lflb:l)‘)u 1 18,000 vee 2 81,400 a8 15,000 8 18,875 Totals, 0 $2,208,01 These fguros EuEEcst & remarkablo contrast with the stylo of buildings in this city. Sucha thing 88 & ono-atory briok bullding here, excopt for a dook or & coal-yard, I8 raro—coriainly nevor heard of as & rosidenco. Tho Rumber of thiroo-storios 03, four-storios 6, and five-stories 1, will also seorn etrango in Obleago. Thoro have beon erocted in -Chicugo, aluce January, great workshops and industrisl contres. In St. Louis, and in all tho other large cities, the con. struction of woodon buildings is prohibited by law. Asarosult of this, tho Buildings that arg put up are of o permanent character, and tho interost of land-ownors is to improve their lots by residence proporty that is sdapted to tha wants of overy class of the community, Every rosidenco-house built in DBaltimore during the Inst forty years hos been of brick, and it ia uo unusunl thiog to witnoss on many stroets of that city brick dwellings, block after block, on both sides of tho stroet ; thoso are put up at modorate cost, furnished with modorn im. vrovements, and aro all occupled by respectabla familics, or persons ongaged in trades, or upon moderate salaries, Our system of frame build- ings has been an injury to thocity, only partialiy restricted by our presont firo-ordinance, and tha sooner wo puta stop to it by total prohibition tho better. Intho meantime, the best speculs- tion now 1a the ercction of com?fortable two-story brick dwellings, costing not over $2,600 each, whichmay bo rented at from $400 to $500 & yoar. THE GERMAN ARMY BILL, People will pass differont judgments on the recont triumph of DBismarck in obtaining the passnge of the Army bill from the German Par- liament, according to the point of view from which they look at it, Considering it from the exalted position of the philosopher, philanthro- plst, or moralist, it ia tobo regratted that it haa passed. It is to be regrotted that Germany is con- demned to keop a standing army of 401,000 men ; and not for & year, or five years, or ten yoars, but in porpetuity. It is to bo rogrotted that 401,000 of her henlthieat men aro to bo taken from the avocations“of peace, from home, from friends, from honest industry, to spond the best yonrs of their lives in the demoralizing atmosphere of a barracks. Bad, indeed, ia it to roflect that Qer- - many's lato war with France domands thia snori- fice of buman souls and human happinoss, nnd that o etanding srmy of such ecnormous dimen- slons, and necessitating such on outlay, sobenyya taxon the productivelabor of thecountry, munt bo maintained for an indefinite longth of t!.np; for Dismarck has demanded snd obtained it not for & yoar, or ton years, but forever. Ho has ac- Kuowlodgod that Gormauy must Sght, or be pre- pared to fight, for fifty yoars to como, in order to maintain what it has conquored from Xrauce, and mothing short of 401,000 men is considered preparation onough. Tho compromiso proposed by the Liberals in tho Reiohatag was 830,000 mon for sovon®yoars, No, he must have 401,000 mea, to be forover part of the Emplro's strongth and a stondy menace to other nntions, especinlly to Frauco, Tho most plensant featuro in the history of tho bill is the oppo- sition it mot with from the Liber- als in tho Roichstag. They opposed it long and earnestly, and yiolded only when rightly or wrongly thoy Liad to ouooso between it aud another but grentor avil, Tho bill, it is eald, did not originate with Bismarck—that it orlgi- nated Lo tho War Ofice, and that it was urgod on tho Emporor as anecessity, Dismarck approved it, it is enid, only bocauso tho Emporor did. This is scarcely probablo, The Gorman Chan- collor woll knew that, to hold what Germnny galned in hor war with Franco, o largo standing army was necoseary, ouo whoso dimonsions should not depend on the whim of every succos- sivo Roichatag,—and lienco his demand that tho number should be almoat half A million, snd thay it should bo porpetual. Tho numbor iteelf was not 5o much objected to as the permaunency of tho estimaton, At firat tho bill waa supported only by tho Consorvativoaristocrate—Liborals and Ultramontanos opposing it. The Consorvatives hoped by carrying tho bill to defeat tho Liborals, of whom they have a very unwholesome droad. Thoy supposed that, tho Arwy bitl rojected, tho Liborat Ministry would rosign aud mnnke place for a Coneorvative ono, It1y doubtful whotlior tho Liverala would have passod tho bill at all wore it mot for s rumor which was cwoulated aud found crodonco in political cirolos, to the effeol that the Oathiolio party had entered inta a contract with the Qonservatives soccroily, with s number of mea in the army, and some porsonngos at Cowrt, that tho ninaty-throe membora in thoir ranks, porhiaps - 80 five-atory bulldings~aa nany who bold tho balanco of powor, would pass the bill provided thiat Dismarck should be - roplaced