Chicago Daily Tribune Newspaper, June 27, 1874, Page 4

L] THE CHICAGO DAILY TRIBUNI: SATURDAY, JUNE 27, 1874, e N S RN N P LA I T P N S S S THE\IN'DEPENDENT PLATFORM, As Regards the Currency Ques. A tion. Dhgusa'mn of the Whole Subject. Paying the Bonds in Green- backs, The 5-20 Bonds--The Legal-Tender Acts The Nature and Functions of Money How an Irredeemable Currency Operates. Lotter from Charles Shackleford, Esq., of Bloomington, and Answer Thereto, BrooumwaTox, T, June 20, 1874, X the Kditor of The Chicado T'ribune : Thoe many ionccurate statoments published by tho presy in the East and Northwoest about the action of the Independent Roform Convention at Bpringfleld, on tho 10th, In regard to tha financial question as compared with the rosolu- tions of the Republican Convention held shortly thoreafter, s2em to demand a roply. The platfnrms of the two Conventions on the finauce question can bo fairly stated to bo: Tho Ropublicaus propose to increago tbe numbor and circulation of the National Banks, and gradually Totire tho legal-tender currency. The Independ- outs favor the continunnce and increnso of the logal-tender currency, inlerconvertible into low- intorest-bearing bonds, and tho abolition of the National Bauks, tho withdrawal of thoir notes from oirculation, and supplyivg thoir place with groenbacke. Daro denunciation of oither propo- eition can effect little good. The questions should bo sottlod in the light of public policy: mationsl honor, and justice. In considering the poeitions of the two parltes, it is proper to xofer to TEE LEGISLATION OF CONGRESS on the subjoct of legal-tendor issues, the fund- ing of the floating debt into 5-20 bonde, and the establishmont of the Nationsl Banks, In the {maue of greonbacks, in 1862, thoy were, by law, declared to bo Jegal-tenders for all debts, publio and private, oxcopt duties on imports and inter- st on the public debt, and were * receivable in paymont of all loanamade to the United States;” by which it was, without question, ntonded that the prinoipal of the 5-20 bonds could be ro- dosmod in that currency, at the oplion of the Govornment, five yeats aftor their dato, The Govornment having adopted this policy, snd compolled its acceptance by the peopls, it was soquiescod in by the masscs a8 the sottled polioy of tho nation, to be continued at loast un- til the year 1882, whon the firet iskue of 5-20 bonds would mature. The Goveromsut mado this covenant with the citizen, and the people, aocepting xh incurred large indobtedness indi- vidually, and contracted municipal and corporate dobtas on long time, on a groonback basis, The spproximation of legal tonder to gald has appre- oiied all theso dobits, and, at the same lime, diminished tho valne of property of rll kinds. In acting upon the proclaimed Pollev of the Goy- ernment in 1862, tho people had the ripht to apsume that it would be honorably continuod, and that enongh currency wonld be kept in circulation to maintain falr values of ropesty and meet the domands of logitimato {n&{o. But the Republican patty, IN RREACH OF TUBLIC FAITT, entablished the systom of National Banking— withdrow thoe public monoy from the channols of trade, aud oubstituted, to alimited oxtont, a dif- feront, u inforior aud exponsive commercial mediumof oxchange, whick not ouly takes from the pooplo the Lrokers' rates for borrowing, but 8180 compele the payment of gold-intoret to the * baulker, whose capital fs, b;r this tegislntion, i creasod by nino-tenths. This chavge in the financial “policy mnot only incrensed " the burdens of tlie poople, but was followed by the withdrawal from clroulation of » large amount of currency, contracting the ciroulating medium so onortnously that the ‘wheels of commorce lave beon clogged, two dis- astrous panics bave ensued, and tho businoss- senof tho country, fa tha absence of rolief, loolk forvard to_genorud bankruptoy as inevitabla; it has made money bear Ligh rates of intorcst, and hos unjustly placed the debtor in the power of the creditor, ‘The Republican party made this change of front in the interest of capital, and to the op- ression of the massed; agreed to pay in gold ?lu principal of the 5-20 bonds, and eatablished Rn oppressive snd dangerous mouopoly in monoy by the creation of National Banks; aud, In mn{lug thin change, that party and Congress repudiated their agreements with the poople.” In- stoad of keoping the peoplo’s monay in circula- tion, they withdrew sud canceled it, and forced them to take the bauker's money, or do without currency. Thoy wers compolied to take. thus ourroncy, aud, at the same time, roquired to pay tax in gold for the privilego, o tex-uow paiil or tho bonde of tho Nationsl Banks in gold amounts to €28,777,740 aunually,—more than 8 por cent on the clroulation furnishod b thom,— » clear bonus of that amount to & privileged and exclusive clas of capitaliats. The polioy of the independent party of this Btate Is to deprive the National Baultsof this gratuity, this enormous protsotive tariff, and turn it from the hande of the bankers into the trousury of the peoplo, with & view to specie-rrsumption in the tuture, They propose, it possible, to DREAK THE FOWER OF THIS GIANT MONOPOLY, whoso chartered and oxclusive rights are now champicned by the publio press in all tho money- wontres of tho nation, " The proposition, a8 ® mensure of retrench- mont, looka to publlo good. Who can hopa for Specio-resumptios, or tholiquidation of our debt, when suoh enormoua eubsidics are granted to Wealth,—when so much of the public monoy is atolen ? Those who wish a eafe nud honorabla zoturn to & apeoio-basis oan roadily.uce that, by the raduction of .our interest-beuring dobt, and an increaso of the legal-tender currency to an smount -sufticient to answer the commorcinl wants of tho people, we can, without seriously dinturbing the vatucsof proporty aud the founda- tions of our vast inter-Stato trade, graduslly, by this process, provids for ‘tho reatoration of & epacie standard during the noxt eight yoars. Aud this, too, {8 tho only way that tho cradit of the nation in Europe can bo maintained, and the futercst on our public debt bo surely provided for. It the prosent stagnation of business vontibues, tho receipts from customs avd in- ternal revonue must inevitably fall off to an extont now not gonerally auticipnted, What foad or bonorablo reason can be givon for the axation of the |1nu‘flu in the intorest of this !lml gorporation, already stronger than is safo 0 onr libertios, contralllug ongrous, the Proui- dont, and tho press, It iy wnld that such a sourne will nffect our oredit abroad. What ob- llnthm could be made by & forelgn bondlioldor 0 tho dacrendn of our bonded ~debt, when it unuru; ;Alm of tho grauter cortalnty thit ho will o pal lrlmou pays {n taxewol sl kinds ovor FIFTY MILLION DOLLARS ANNUALLY. Is it any wouder that ber peoplo usk to be re- Yeved from the paymont of an unjust and un- Aecenunry tax for the benofit of National-Bankors, Tho polioy advoonted by many intluantial l;:g;:’:fl:.n;}f :“Au h}lfl:dlmu ra}nrn to snevie- , i carniad our, rosull in pub! - amity aud geneal bankruptoy, e Eooota ot for thoir dobts, the banka susponded, bankrupt- oy onsuod, and tho dobtor was mereilosrly mnor- ficed, Wa now liave losa gold aud sllvar than we have aver had, 1OW, THEN, ANE WE TO RESUME? Tow ean tho Governmont kafely rotira tho logal- tondor clreulation, aud, at the same tinio, keop its honorable engagements with tha peoplo, pro- vide for its annunl cxpennes, and tho intorost on ils bonded debt? What are the Eunpln to havo in exchango for thelr products ; what 1u salos of real onlnto? It is ono of the functions gt Govarnment ta furnish the citizen with the nfbdium of commor- cinl oxchiange, and to vogulate by law what shall o a legnl {ender for the payment of dobts, In exercliing this right, a8 lu the oxerclso of all #oveteigh power, tho wants and nocossities of tho people should ba paramount, In uugplylmr the gitizen with eurronoy, it ja nlso the duty of tho Qovernment, it possible, to furnish tho #amo of a kind most_convenlent aud sultable to tho ends in viow, and in & way least burdensome to tho people. Each soverefgn Powor oxorcises its own diroretion in tho oxerclse of thiu fuuc- tion; and, in this Government, the poo- plo have, - by thelr roproseniatives, the right to determing the kind of curroncy they will have. Twelve years ago our Governmont adopted tho logal-tondor issue as tho proper cur- reucy for our home-commerco, It 1 truo that it ropresouts the floating debt o tho nation, bub it avgwers all the purposes of commorcinl uscs,— pays dobts, and bias the Atrongest backing of any oapor evor in uo fn this conntry, The pooplo [nwu the right to domand that it uhall bo Isaued in nm‘:lh amount &8 will moot the demsuds of trade ang MAINTAIN FAIR VALUES OF PROPERTY. The onormous contraction of the ciroulatin medium already offectod has brought abou two _disnetrous panics, and tho _pro- osed appreciation of our dobts, by ohang- Fug the basls of our indobtedness from the accepted ourroncy, to a gold standard fs simply a proposition from the oreditor that his dobtor whall suspond paymont and pormit the confisca- tion of his estats, It meaus paralysis in trade, tho _susponsion of all public improvemonts in the West, the closing of factorios, tax-sules, ro- udlution of public dobts ; and, Wworso than nll, tIa bod falth toward tho citizon, An immedl: ato return to spocie-payments, or a continuance of the presont constipated condition of trade, superinduced by an jusuflicionoy of - cusrency to meot itw domnnds, menns the salo of ono- half of Chicago, and mnow ownors for its mansions and business-houses ; the sale of one-fourth of the real cstate i Iillnols, at loss than onc-half its value ; and the Lankruptey of a mafority of tho merchants and tiadesmen in the West, ns wellns _tho susponsion of evory monufactory in the East, accompanied with bread-riots nnd public disorders in the citios, And yet, bocause tho people of thia State pro- test against tho sacrifico ne E: USELESS AND ONUEL, and domand av incroaso insicad of & diminution of tho wonne shorowith they can pay their dabts, they aro_Jonounced as Ropudiators and Communists, Mou engaged in this movomont, looking to roform and 1oliof from the oppressive and unnecessmty burdons which capitel hes placed upon thoir shoulders, have hoped for words of aid and comfort from the journalists of the Wost ; but & large numbor of thom seem to feel more sympathy for the banks and bond- bLoldera than for the debt-opprossed and tax-rid- don massos. Cuas, BirAURLEFORD. ANSWER. . Inasmunh as Mr., Bhuckleford hinw stated tho ‘whola groundwork upon which the eurroncy mis- takes of tho prosent dny are based, and sinco 1t ia tho same, in substanco, as tho Pendloton-But- ler horesy of 1868, with hardly o variation thero- from, we shiall procesd to answor bim with the Bame arguments e employed to meat and over- theow that dolusion in the campaign of that year. As Mr. 8, commences his argumont by assuming that it was originally tutended that the 5-40 ‘bouds might bs paid in legal-tendor notes, and a8 this is still the contral idea of the intlationists everywhero, we will commence by examinlng the foundations for such an assumption. THE LAW OF THE §-20 LONDS, The law authoriziug the first 5-20 loan was pasged Fob. 25, 1862. It ia as follows: AN AcT to authorize tho {esug of United States notes, und for the redemption or funding thoreof, and for funding the floating debt of tho Unitud Stafes, SoTioN 1, e ft enusted by the Senate and Hotrs of Jtepresentatives of the United Stules of Anieriea in Con- ress assenbled, That tho Secretery of the Treusury is ercby anthorized (o xaur, on the crodit of tho United Statos, $180,000,000 of United States notes, not hour- ing fulerest, puyablo to Learer, at the Trousury of tho United Btates, ind of such denuminations s lio may deew expodicat, not less than §5 cach: Provided, howcs ever, That $50,01 safd notes shall by in liew of o demand Wroggirhiotes autlorlzod o ba famiod by thouet of July 7, A861; which ssfd demanienoten alinll o faken up.antrapidly &8 practicablo, nod the notes liereln providod for sutstituted for tiem: And prevtied further, Thiat the umount of the two kinds of notes together Bhnll at MO giime oxcood the wnm of $i50000,000, snd sich notes horein suthorfzed Al Lo tecalvablo In paymunt of sl {axct, internal dutlew, excives, debts, and demends of avery kind diie {0 thie United Stetes, exvent duties on Smports, and of all clalms and domands ngafust tho Unitod 'Staten of overy kind whatsoover, excopt fur intorest upon bonds ond notes, Wiich shail be pald fn colu, and slinll ulsa ba lawful money aud # legul tender {npiyiment of il debis, ubiic and privato, within the Uniited Btates, excopt ditics oulmports aud Jntereat as aforesaid, And sny holders of suld United Btates motus depositing any sum not lews thun $30, or soma multiple of §30, with tho Treanurer of tha United Statey, or either 'of the Assistunt Troasurers, sball re- celve 'In_exchunge thurefor duplicato cortificaten of deponlt, one of which muy lia trausmiiled to tho Sec- tary of tlio Treasury, wha shall {hercupon inso to the holder en equal amount of bonds of tho United States coupon or reglsterad, as msy by' sald holder ba do- uired, bearing iuterest at the reie of 6 per coctum per annum, payable sami-annuslly, and redesmablo st tho plessyre of tho United Blates after Aivo yoars, and pry- abla twenty years from tha data thercaf, ‘Aud such Unlted Stales notex shall bo rocelved fhe samo ns coln at their par valua in_payiment forany lonns that mny be horeafter sold or nogotiafed by tho Socrotary of tho Tronsury, and muy ba reltwued from tinie {o timo as tho oxlgencles of the publlo interast aball ro- quire, 850, 2, And be #¢ further enacted, That, ta enable the Sceretary of the Treasuryto fund the Preasury notea and doating debt of ths United States, ho s liereby authorized 10 Insne, ou the credit of tho United Btates, coupon Londs or reglstored bonds to an amount uot exceeding $300,000,000, redeemable nt tho vloanure of the United Slates after five yenrs, and payabl twenty years from date, sud bearing fntorest &t the rato of 6 per coutum por annum, poyablo Remi- aunuully, » 8ro, 5, And be it further enacted, Thatall ditles on fmported goods whall bie puld fz coin, or in notes piyable on demund heretafore nuthorizod'to ba issucd and by law recelvablo in peymeut of public dues, and the coln 20 pafd shiall bo not apart a8~ & pecial fund, and mhiall be suplied as follwa : Firat—Ta tuo payment iu coln of the interest on the ‘bondw and notes of tho United States, Second~To the purrhnse or yayment of 1 per centum_ of the entire debt of the Unitod Htates, 10 Lo muda withiu each fiscal yoar after the 1nt dsy of July, 1862, which {s to i set apart unn muking thud, sud the {ntoreat of which ahsll in Jike manuer bo appliod to tlie purchase or payment of tha piblio dobt as the Sec refary of thio Treuntiry shall from time to {fine direct: 4'hird—The residio thercof to o paid into is Tyesaury of tho United Btates. ABE THEY PAYABLE IN GREENDACKS? Mo, it is trna, tho law does not exprossly say that. the principal is payable in coin, but in Sec, B it sota npart tho coin received from Quties on Importy, first, to pay the interest on the bouds, and, eecond, to croate n sinking-fund to pay the principal, Tho fair inferenco fs that Con- grees, the horrowing party, intended to mat apart this gold for tho purpone of paying the principal al par, and Intended the lendoru should so understand, If it had been iu- tended to gell this gold sand buy legal-tondor notes with it, and then to uss the notes to pay the debt with, thore would have boen momething olther in the law ftseif orin contemporanoous history suggesting so ex- traordinary & cowso, But thoro is. nothing which nearly or romotaly fraplies thut the gold was to bo o employed. At the time the law was passod there wore no legal-tendor notes. Tho suspension of spocie payments hed oo ourred ouly s few wooks bofore, and the pro- mium on gold wau less than 2 per cont. Bilver atill continued to circutute for smell change, Everybody supposed | that specie payments would De restored very soon afior the closa of {ho War, The law nuthoriz- ing the 5:-20 loan wae like sll the former Fho poople of the Weut aro Lonvily in dobt individi rl o, tomnehips and aitiay (Clicago not exoeptin) laon reat tiuancial burdens in bondw, rallroed-aid bonds, aud other indobted- meus, inourred for publio tmprovomonts of vari- ous kinda., Much of this dobt wau incurred wheu gold comtnanded a high ¥\em;\\m. It wagy contraoted on the faith and in tho bollef that th egal-tonder notes would continue ta bo the permanent cmironoy of tho nation, at east untll the maturity of tho flrut jmsue 5f 620 bondw, 1t is tho duty .of the Goy. wnmont to reapoot the rights of the people o thin boholf, and te vrotoot them againkt the wjuyt domauds of the voworful . organiza- lons whoae interegts have horotofors Loon par- mount In divesting the nationsl polioy, All men who. have studind the subject know bat we never have had in ihe United States nough ooin wharewith to transact the busiueus 1 the nation | that our bankiug systom bofore bo War was 4 fraud, and {mposittom § and that, Maenavar the oreditore ay Jarge demusided kpecié bo ahape of wchool lawe authorizing loans, excopt that thie was tho firt tima the Governmout Lad made somathing basidos gotcl and wilvor o logal tondor. Tho 6:20 Londs could not havo beou sold at all It anybody hod supposed that thay were payable in #ny- thing but guin, Who 10-40 loan wae authorized by tho vt of March 8, 1834, This aot dontainud provi aion makiug the principrl payable in coln, How '.c osmo to bo drawn in that way {8 not kuov/n, The discropancy betweon the two laws way nos noticed until long after the War olosed —l'a faot, not till tho latter part of the yoar 1¢.66, Whon tho 10-40 G-por-cont loan waa taken, ¥ho 5-20 bonda rase to s premium ovor thom equal to tho differonce in intorest, which would not haye boon the case If It had been supposed that the .Iatter wers payable in popor, worth af thab Uwme only 40 centd on Wi dollar, Moraover, the aat suthiorlzing tho 10-40 loan anthorlzed the Boorotary of the Trousury to make tha bonds boar 6 por cont Interosty—*'not oxcoeding 6 por cont™ s tho languago of tho Inw, Tt would Liave boon tho lioight of abaurdi- ty for Congross to oall for a loan st 6 uix por cont intorost, tho principal of which was payable at 100 conts on tho dollar, if at that vory time it had boen borrowing money at tho eamo rafo of interast on bonds payable at 40 conta on A dollnr, or whatovor might hoppon to be tho value of the gracubnoks .at the timo of payment, Huch an act of folly was novor honrd af. ‘The idoa that the 5-20 bonds nro payable in irrodoomablo paporis an afterthought. It was not the spirlt of the contract. The splrit of tho contract i tha lifo of Ltho contract, and any con- struotion whioh oxcludes the spirit Is a awindling conatruction, Again, by the aot of Juno 80, 1804, Con, 088 autliorized tho tesup of $200,000,000 of Trons- ury notes benriug intorest at 3-10 per cont por anuum, the prineipal puyable throa renm from dato, in * lawful money,"” con- vertiblo after maturity into 5-20s boaring intor- ostat 0 por cont por annum. If the 5-2Us wera nlso payablo In ourranay, it is hardly probable thut any person would, voluntnrll; exohisnge a Boourity boating iuteroat at 810 por cent for. another boariug intorost at 6 por ocnt, both kelng pnyable in ihe samo kind of doprooiated paper. 'Flio truth is, that the 7-30 ourroncy bonds wero mado convartiblo into 5-20 gold bonds for the exprots purpose of iving them a highor charncter and valuo than ay would othorwiso hnve hiad, LEFUDIATION, But as & matter of fact tha lottor aud the spirit of the contract do not dtifer from onoh othor, A dobt cnnnot be paid by tho dobtor giving his noto for it. The greonback is tho promivo of tho Unitad Btaton to pry uo many dollurs, with- out interost. 'I'ho boud s the promise of tho Uniotd Btates to pay so many dollurs, with intorost,” To eubstituto greanbacks for tho bonds ts to lnplldlnl! tho interost, 'Cho Interest on s dobt 1» ofton as valuablo & part of it as the principal, and is always an essontial a part. No- body denics that the interest is payablo in gold. 1t it woro proposed to pay the intorost in groen- backs, all honost peoplo would bo msbamed of such & violatiou of national faith, But 1u not o total ropudintion of the intorost far worso than a partial one? Bear in mind that nothing is geined by paying tho principal of the bonds in kroenbneks, for theso must ultlmately bo ro- deemed in coin, unfess thoy too nxv t6 bo ropu- dinted, What would be tho thought of Mr, A it o should borrow money of Mr. B, giving bim his note beuring intorest, and at maturity should tondar bt avothor noto boaring no intorost ? In the coanon travsactions of lifo n mna who shonld proposa to dischargo his obligations in that way would bo expoliod from ‘busiioss ciroles and forced tmto baukruptoy, If he should at- tempt to pmley with bis creditors, and to arguo with them a8 » serious question thut lie had a right to pay his dobta in that manner, he would bo sent to the haupital to have his houd borod for tho simples. T'he oaly differenca botween the Gov- erument aud a private debtor is, that the foimer by tha povor, the sheer bruto force, to compol Its creditor to take whatovor it chooses In lquti- dation of its debt. It can compel him to take now notes for dld onos, or to take pebblo-stoues, or oystor-shells, or anything which rmay bo mos! convenient to jtsolf aud lenst couvenient to the holder of its obligations ; or it oan rofuxo to pay anything, Thisisnot o ‘moral but a physical powor. It in the samo po'ser which the high- Wayman oxorciscs upolf thse road, o exorciea it at bis own risk aud peril, The Government alo oxercises it at itd vin'x and poril. The following article, from the Now York Journal of Commerce, rresents this matter in a veory clear light ¢ TIB GNTRAOT, « Trom the New York: Journul of Cammercs, What wau tho coutract which 1a rapresented by the 5-20 bondn? Plainly this, that the United Sates, hiave ug recelved cortalu eap’dul from the lenders, nuder= foulk to rapuy It at o por lod yot leax than five loe miore thau twenty years fro m date, with interest ot 6 por cont, payuble somi-au nunlly,” The Government, then, b flio optfon of tend oriug paymunt to the bolders ut ony timo alter tho Bryt five years have.cxpiro ud thua o considerable at nount of {ho earlier issuocs 1any 800u be puyablo, Ev srybady arscuts to this statoment, wud thuu far thera { fo dizpute, Dul here comes il the advocate of Wit we call repudiption, and ex- cluinig, “Pay of th o bonds as fast as the fva yenrs 1imit {8 reached wit 1y greonbacks, and thua save tho fu- torest,” But what, fs o greenback noto? It I8 a prom< iso Ly tho Govorn mont to pay 60_ntch manoy to tho ‘boater withont 1 derest, That promise 1n to be kopt ouly at the convo aluiico of tio Trasriiry, and tio papcr 18 thus virtual y *rredeomuble. To compel the Lolder of tha bond to in ke this_uncortaln promise, without interant, in oxch ange for o prowise redeemablo st n certuin date witl 1 interost, {8 not payment of the doht 3 s nln:rlf' 21 ¢ xchnuge of vouckhers, If th Qolder of tho hond Is wil’ Bug to exchavge it for anothier promiac, thien {hoafMair fsa mutlor of barmain; but supposs that hio 1s uuwi Hing todo it, ud tho boids #honld not. bo preseutod oy eatled for 7 Tho only way fo_executo the plon woult | b to atop the inferast ot tho bonds at tho end of th fiva yoars, and thts to compel tha hold« ors ta prosemt, them, or allow tholr cupital to i uapro- ustive, -Bu pposs tat, instead of glving the holder of thio Lionde tl: 0 umonnt fn greenbacke, o faw should be passad, alm:ply sopping the intere:t, and allowing tha owner to pay out his boud for it face as money fo miy ome, he might owe, and thus ~make thoso documents & legal lender? Woull thiro be any ropudintion fn this? And bow does “ibia giffor in any respoct from tho thing proporeds Wit Is the diiforence Letmeon slonpitig the iutero at on the bonds, after authoriziug them by actof Coagrore to clrculito as’ monoy for thelr faco valuo, a0 3 oxchanging thom for & smallor pleca'al paporcantalningon indefnife bromloto pay In tmotiios orm of- ordd, and_declaring this fan legul tender 7 Such an_exchange mado wndor any form of coercion i roputatlons it in ot paymout, sm payment vas the thirsg which tho Governmont promised. Wo biave made no sliion thus far o the Metinct ledge, made both in and out of Gongress, wnder whiich he honds were negotiatet, becauss wa ara now arquliug with those who profews to bo o favor of fuifilling ¢ tho contract sccording to e torme, Tho ‘law sags notling about gold; tho boud itasle doea motpromise io yay goldt fen’ why a- wst that wo pay coln? That, in brief, i the question_continually sslied.~ W are roady toranot ft. Walay neido for tho momont all the ade vutage wobave for tho other pludges, and wa sill argua tho caso sccording to the Isttor only of tho con- tract, Tho Inw docs ot #ey 'gold," and tho bond ducs nc# call for coln; bt wiit dass tho law require and 0 bond promlea?’ Clenrly they both can Lo mattefind with nothing out puyment, s the fender of snother promise nayinent I any Aense? Can you juy n noto isaring interost, and redoomable nt your opilon, by thio tendor of & chock on the bank whore you huve no £inda tomeet it or tho offer of o prornise to puy the % yme amount nominally on domand, but really at your e mvenlence, withoit Intereat? I to prowmine pay- e rent, and Sritoreat somi-nnunally untit paid, and thon 11 cotel tho holder to tako for thiv anothier promise ring no fnfereat, A not s violation of contrnct, and ua an apen repudintion of the sgroement, thion thera 18110 menulug nor focco In langiuge, Dut fome may Rk, If tho It miking the now prom- 1 10 a legal tender ll over the country for the paymont ©41 dehis, doca nat give to tils proposed. ovehubye. of abligations the olaracter of a paymont, Wa hivo an- svered thi alroady, It would clesrlynat b a payniont of tho onds 1o declaro thom n legal tender, nud lof thie holders pay them out, If they cliano, snd' yot this ~rould ho precisely ths thing praposed in'another form, vy pronositlon fo put {nto tho hundsof tho oredtors in redomution of these socurities, anotlior form of ngvernment anligatlon,Is ok payint, bit exchanyo of securitien, and can only be carried ont with their consent. The Govarnment neod nat pay the principal Tor twanty youra from du'e, and If it eots the intarest . ‘bromptly tn the meanwhile {hat Ia all which enuily re- auires, 14 can pay at tha end of fivo yors from date, nnd It has tho rl{(ht to do thut if it has the monky, But 1t cannot compel an exchanga of the securitios whilo it avolds payment; that I renudiation, Any man who advaoitea auch & favced axeliange favors rapniin- tion, Tt I no excaso for such wroug dolug that tho Qavernment, by introducing legal-tondors for the settloment of private dehits, lias set a bad oxnmnplo, and Jopufarized his wivkeduers, "1t would bo nong tha o8 & wrong und a dlsgrace to the country If the peo- plo wero unanimous for it No ono denfes that the Qovernment promised o vy ite (ot I somo form. 1t it o constitulional (which we hava always donubted) for Congres (o anthiorizs private cftizans 1o pmy thelr dahts Ju Government promiacs, it cortuinly cannot b a folr 8ud honest poyment of fhe Govornmont's own Trromises to compol the holders to oxclango them for anothor of its promises, bearing leas favorabla terme, and no highor ssourlity. Thosa who deuy tha validity *of tha pladga of col, and Ineist on the Tetter of the contruct, are still shit up to the fact that (lie exchangs dusisted on is no pryment, and would therefora be an open repudiation of a solenin covonant, Anothor fact should ba borne in mind. While the loans were being uogotiated, the Sucrefary of the Troasury twice doclared, fu answer to lote tors nddressed to him, thnt tho United Hintos Lind nlways paid ite obligationn {n cutn, and that tho 6-20 bonds would constitute no exception from thls uniform rulo. 1t hap haen alloged that the Becratary had no right to make snch declaration. If ho had vot the right to make it, why ald not some advocate of tho gracnback theory, ey ko then? Why did thoy walt sovoral ynars before ontoring thoir protest ? The truthis, hev were of tho #amo opiuion with the Hacre. tary, and they nover dronmed of differlug from him until thay fancted thoro was au opportunity to win popularity nd publia favor by attacking the * bloated bondlolders." INEXPEDIENOY OF PAYING THE DONDS XN GLEEN- HAURS, It 1t §a unlatwful to pay the 6-20 bonds {n frre- deemnakle puper, no argumont is neadod to Khow, that it Is noxnodiont. ~ he Almfghly nevor or+ duined that dishonesty should prosperin tho loug run, Al tho moral and material foroen in the universo connpiro ngainst the nation which vioistes hor contraots, All governmonts aru yulnerablo ; all ara oxposad to attaok awd llablo ta bo ovarthrown, o moet the dangors of - vaglon or rebollion they must have monoy, and a8 no Governments ‘are engaged (n making money, butall In Aponding it, they mukt hava recourao to loans Ih oxtraordinary cmorgencios, What chiance of " effacting s naw loan will that Qavernment hava whioch has proglaimed in ad- Tauoe kiab I8 will cense paylug fulorssd ou dtw dobts whenover it ahoosos, and that {t will never fixa trma whon it will pa{ tho principal? Tho Sonth ey necodo again, and the Governmont will e powortoss to pravant hersooosaion, Any foraign nation may trospasu an our rights, and wo must pockot the {nyult or the loss, booauso the Gov- ornmeut will have no monov to pay for ships, guns, woldiors, and sallors, and no means o rulslog any. Issulog moro groonbacks would 1ot sukwor tha purpoxe, for nobody would soll bia prociucs or his Hervicos for thom whon it was known that they wore not to be rodesmned, ovon undor peualty of the dungeon. Tho evil oxam- plo of Natlotial dishonor would pormeate socloty m evory Pnrt, unsctiling tho foundations of commorcinl morality sud ~prospority, Lot it bo onco eatablished that the bonds ato payable In the oxisting greonbacks, and the nrgument for dsauing new gioonbacka to tho oxtant of the whola™ debt “will Do well nigh irreatstible, #itch " o deluge of papor would sond o whole country into bnnhrn}xtoy and inflict loswos upon private business far groator than the wholo publio dobt, Again, tho stop from ropndiation of intorest to repudia- tion of principal is so pmall that it would surely bo takon whon the evils of u worthloss ourronoy ‘wore superaddad to tho ovile of taxation, There is no moral differance botwoon the one and tho -othier, ‘The samo argument that enablos & man ‘to ropudinto 0 por cont of his obligitions will* -enabla him Lo repudinte tho whole. When wo rofloct that tho Govornmont is abunudantly able to pay, and that no necessity exints for ropudia- tion of olther iutorest or principal, and that none of tho honds in quostion are duo for firteen yoars, tho folly xnd basoucss of the plau are seen to \be wholly gratuitous and superfivous, INRUDEEMADLE PAPER, But 1f it wero lawful to ximy.lho 6-20 bonds In groenbacks it would utitl ba Inoxpodiont to do so, Locanuo that poliey lovks to nn ludefinito sus- onsion of specio payments—an indefinite pro- lougation of the ora of lrredeomablo papor, It the groenbnoks aro to bo shortly re- deorhad in gold, thore {a cloarly no object ‘in paying the bonds in groonbacks, The only way {0 olfoct any saving by tho process will bo to deliborately postpone the redsmption of tho :grosnbacke. “That in {tsolf would bo an act of ropudiation. Thero are, as thore always have ‘boen, and porhaps alwaya will Le, cartain porsons dn tho = commuunity’ who bolieve that anonoy ‘can bo made out of samo -cacap motorial like papor or leather, and thot redemption In gold and sitver is an idle and ‘usoloss oxpouso. Their theory is that the Gov- frumont can strmp valio upon that which has no alne ftsolf ; that it oan onll A bit of paper a dol- linr, and by {ts fint maxe it o dollac fo valuo, It wour Governmout can Eurrurm this micaclo it pos- 4osses tho powor of tho Almighty, for He could wdo no moro. Tho sssertiou is proposterous, and lmost blasphiomous, Our revolutionary fathors ttried to makae thoir Contiental cutrency pass for tho equlvalont of spocie, buv, as they were una- ‘bl to redoem thoir " groonbnoks,” they bocamo ‘worthless. T'ho Fronoh tricd the same oxpori- mont with their ansignats in the rovolution of 1739, but failed. Tho Goyvernment passed ter- riblo penal statutes; mon were fiuod, imprisou- ed, and their property conflseated, and thelr beads wore cut off, but all to no purposo, Tho moro ponaltiod wero iuflictod the faster the ng- signats doprociated, until & five-franc® noto was uot worth o sou, 'tho Government of tho lato Counfodorata States algo tricd tho oxperiment, “Thoy declared thoir shiv-plasters to ba real money, and they passod strlugont lawe agaiust tho gold gamblors. Thoy issued enough papor dollars to meke evervbody indopendont- ly rich, Bubt before tho closo of tho War the ontiro fssno bad bocome worth~ loss, and thoir last unmpnl‘gu was mada witih tho gold taken from the Richmoud banks, If the Govormmnent of Jof Davis did not make & thorough aud eatisfactory experimeut upon the theory that monoy fs the croation of law and not of labor, thou it may bo nssumod that no such oxperient is possiole. WIHAT 18 MONEY? Qold Is not a ** promise to pay,” but payment itself. It s o precious tmetal, possomsiog ins trinsic value, obtained by hard labor, in liited quuntitios. It is regardod and tken by all na- tious as property without forco of law and in spito.of luw, sud’is an equivulont for any kind of proporty. It 18 indestructible . by flrs or oxygou. Ity searcity aud grest spocitio grayity moko a small quantity of it the equivas lent of a large bulk of mosk other kinds of proporty. ITonca it hns boen adopted aga standard of values by ol untions, Accord- Ing to our mint coinago a dollar consists of, 2317 gruins of puro gold ; a silver. dotlar consists of 417 grains, The Goverument can neishor add to nor subtract from tho exchaugeablo value of thedollar. 1f it increnso the woight, tho coin will purchaso just somuchmore proparty ; and if it docroauo the woight, tho dollar will oxchuuge in the sumo proportion for less property. Tho purchusiug powor of the dollar is govarned by its_ purity and woight, The alloy is subtracted aud the woight computed, and then the valuo ia dotormiuod ; ond it In in the power of no gov- erumeut in tho world to arbitrarily change that valuo au to mnko thio coitt purchase moro prop- orty than its quantity represonts, Lot us sup- poso that & fool's-paradiso wore ostablished womowhere on the irrodeomnble papor plan, Tho first thing doue, of courss, would bo to mnko everybudy rich by act of Congress, for when monoy can bo made so easiy and whon nobody {s ealled upon to redoem it with gold _and slver, thers would ba no nood of working for a living. Aftor the existing stocl of commodilios which weu flud usoful in life, Buch ay provigions and clotbing, had beon con- sumod, tho dollars would be found to be value-~ lesn, As oach mun would Lsveall ho wauted, ‘nobody would oxert himsolf 0 obtain moro by tilling tho sotl or pursuing awy othier Iuborious avooation. Mr, M. M. Hooton, expoundng tho virtuos of this plun, eays that it would bring tho rate of intorest down to 3 porcent. It would do moro thau that. It would bring the rato of interout on his monoy down to nothing por cent, for nobody would want it, and overy- [m.ly would be frantio to gotrid of it. A lis can nover bomado equal in value to trath. A romisa not to bs performod in a liy, and n lie 18 worth nolbing, and that is the prociso value of Hootou's modnshine monoy. LVILS OF A FLUCTUATING CUBRENGY. Dut it isvcontendod that the oxisting green- Lacks auswor the purpowes of monocy very well. Thiy in n grava mistuke, By holding the volumo of irredoomable paper down to certain fixed limitn, the Government has boen able to conilne the discount upon it within the compuss of 10 to 33)¢ por cout. To soy that & currroncy which i worth 80 cente to-day, 75 conts to-morrow, and 66 conts tho uoxt duy, nuswors the purposes of mouoy very well, botrays a total lnck of nc- uaintanco with the suffject. Btubility 18 the Emt requisito of successiul businoss, A fluotu- ating curroncy makos trado snd industry gumes of chance to the extont of the fluctuations. It loads mion to abandon the avonues of industry aud coonomy to rush . julo the of apectilation, While no porson ean foreseo with cortainty tho rive and fall of prices cnused by the fluctuations of the ourroncy, the rich and sagacions havoa gront advaniago over the poor and ignorant. ‘Che rigo und fall of gold, which is auother namo for the ever-recur- ring changed in the value of the grasnbacss, ure abedient to certain laws. Tho woalthy clasues study thewo Inws and - take advantuge of thom. I'hey oven croato thictuutions of which they ronp the profit. But sinco no wealth is producad ox- copt by labor, it follows thut theso spoculators aro rosping the frults of othor moun's toil, Bvery- body knowa that the wages of laboring men ure not inorozsed when gold udvances. DLut the ox- pennos of the lavoring mon aro inorensed by such a riso, Tho differonco goes into the pook- ets of thoso who aro not justly eutitled to if, Of all elussos 1n the community who are intor- watod in banishiug the reign of irredecmnble and fluotunting papor, tho poor won, the laboring mou, the farmers of tho country, are most ins toreated. K - TIHE LEGAL~TENDER ACT. No discussion of tho Huauclal issne of thecam- peign would bo cotaplots without an uxaminmtion of tlne uct, Noarly sll Lhe contusion whioh ex- {ata regurding the paymont of the 5-20 bondu hos rown out uf & misunderatanding of ft. Dviefly hon, tho Legal-Yonder act wad w foresd loan, I'be oporation of it was in this wise, ‘Tho Uov- ernmont hind caused s susponsion of specio Dn‘y‘ mouts early in 1802, Iz bad borrowed ull the gold kold by the bunks aud had paid it out for supplies uud munitions of war, und for tho spr- vices of troops. Tho banks and the Qovernment suspendod at the swne time. 'Tho Goverument taen lusued fts own potes, and, to givo thom ourronoy, declared them a logal tender in pay- mont of dobts, For tho firet fwsue of notos (uudgr the act of Fob, 24, 1862,) tho Trous- urygulized nearly parin gold valos, Thet s, tho amount of property received by the Guvern- mont in oxchange lPor them, wes vary nearly oqual to the amount which 1t would haye receved ig'it lnd continued to iy gold, Bilver con- tinued to circulato sido by ulde with iho moten until the month of August, 1862, The risos in the pricea of commoditics was at iret wo slow un to bo ulmost luuppreciable. ‘Uhug the flest fsune of §160,000,000 was worked off with slight losu to tho Iroasury, When the dupreciation Docaing mara gorious tho holdors of tho notos began to iuvest thom in 50 bonds, though not nntil the following yenr, the loan huviug beon kopt off the market by {he Becvotury of the ‘Irensury until 1864, Tho dopreclation hind then roschod about 20 por cont, Whon tho loan was ['uh on the mavkot, tho noto-bulders invosted hem in tho bonds at par. They pald for the bouds sxsotly what the Qovernmont asked for them, To way that the boudloldura patd anly 80 vsuis oo the dullar fur ts Bris Lon -0 I fleld |- a glaring untruth, Thoy firat paid the Govern- ment ONE NTUNDRED CRNTA (or within a fraction of 100 cents) worth of props ity or sorvices for the notes, and then thoy ox- changed the uotes for tho bonds, an thoy woro authorized to do by law, In tho snme way por- wons who had loated gold on hond and nort- gngo, or invested it in buumnnu&;rlur to tho pas- uago of tho Logal-Tondor aot, and woro compeiled to accopt depraciated paper in return for it, - vested tho papor inbouds, It wase intonded thor should do wo.” It was greatly dosirad thut thoy should do 8o, To may that thess porsons pald loss than 100 conts on tho dollar_ for tho bonds ls wholly untruo, Tho Government took & portion of thoir property wihan it lasued the paner to it oreditors ab paty who, in turn, pald it to thelr.creditors at par., "o othier portion (that roprosonted by the lognl-tondar notea which tho Iattor had been compolled to roceive) they presented at tho Tronsury and recelved bonds for, The two por- tions quthor mado exactly 100 centa on the dollay, 'The Government had roceived both por- tions, and it was fair that it should give its bonds for both. Multiply this gmuunu by all the issuoa of logal tendor notes that were mado and wo have precisoly tho same rowult. ‘'he Govern- mont {tsolf depreciated the ourroncy, took the benefit of tho depreointion, or, in other words, ronlizod a groator value each time from tho notes than tho peoplo to whom [t paid them —tho first holder always recolving a greator valuo than tho sccond—and then, to ugmlr the ovil conscquonces of 1te own act, offerod to give old-bonring bonds for its dopreciated notes, ut for this foatnro of convertibility the notos would have coased to have any vaiue, and tho Govornmont wonld havo fatled complotely in its efforts to carry on the War, - Tho srgumont for paying tho 5-20 bonds in groanbacks prococds upon tho asawnption that tho Legal-Toudor uot hastha same forgs botwean the govornmont aud its creditors as botweon o rivate fugividusl aud bis creditors, This is tho E(m\nmng, middle, and ohd of it, But tho groen- back 1tsolf 18 tho promine of tha Govornment to P Qollars. If tho Logal-Tonder nct applies, as otwoen tho Govornmont and ity croditors, in the sama mannor as bowvesa private individuals, thon tho Govornwent may redeem one greon~ back with another to alt olaruity, and never re- sumo specie paymonta- at all, and the stranga spootacle will bo presontod of a country nlwaya fulfilling its promisos, yotnever fulfilling thom— alwaye solvent, yot forover bankrupt. CONBEQUENCES, 1 ‘Wo have boon at pnins to thoroughly demolish tho argument for paying tho bonds m groeun- backs and for porpotuating an irredoomable cur~ renay, beciuso it lies: at the bottom of evory other branch of the difoussion, sud Leenuse, fn our judgmont, it not only leads to repudiation, but t8 repndiation. And yot wo rondily agres that neither Mr, Shookletord nor any of hi col- longues ara in favor of repudiating any Poruan of tha public dobt, either of intorest or principal, Thoy have, however, been doluded with the tdoa that an ongraved vmmluo to pay mionoy is monoy, and houco that the national bonds can Lo paid with. national sugravivgs, and, what is sven worse, that the Govornment ought to make no offort to onhance the value of eithior. Ques- tions of national fluancoe ‘aro not oasily uuder- stood, u!:mmy when complicated with an irredoomable cuarroncy, ‘I'hat more or loss coutusion should pravail, wholly void of wrong iutoution, need not surprise ns.” But the penal- tios of vlolated law cannot be doforrad ou the ploa of ignorance, Bankruptey is baukruptoy, whother brought about in ono Wway or anothor. Other natious have goune through tho samo pei plexities that are now vexiuf us, Witbin the present coutury Great Britain has enconnterod successfnlly all the problems of an irredesmablo currenoy and a hinge national debt, and bus faced the sumo cries that wo hoar in favor of *a mod- orato oxpansion of the ourroncy,” and of payiug bouds in greoubacks, Ours iethe only country which has mot thoso questions on the busis of umversal sufftngo,—the ouly one in which their solution resta with the wholo pooplo, aud ot with the educated and priviloged few. It will ba & proud elimax to the moral triumphs of the War, 1f we damonstrato to tho world that we are com- petent {o grapple the gravest economical quos- tions, and solvo them in accordauce with wise and {fuse principlos. 'ho business rutes which apply to n notton aro in no_wise differont from thoso which lpjfly to an individual, Ir {t is not wise for an individual to attack his own oredit, it is nog wise for & government to do so. A govern- mont which repudiatos it dobts {8 ‘mot worth proserving, Our country exists in tho great, vital, permoating truths of its institutions, —lib- ‘orty, justico, sud national honor, When it be- comes faleo to thoso privclples it violates the lawe of its own being, aud miust perish, THE NATIONAL BANKS, Tho next thing to besconsderad” in the acousn~ tion brought againgt the Nationa} Bauks. Tl uccusation is uot well stated by Mr, Shackloford ; thnt i3 to uny, it s not sct forth v a way that & _banlter, or & porton familiar with the National- Vanking law, can undeitand. Wa will endoavor. to stato (¢ corroctly, ‘Tho National Dunks have tho privilogoe of depositing bouds worth $115 at tho United Blates Treasury, ond roceiving bacl ciroulnting uotes to the amouut of $90, payviug therofor o national tax of 1 por ceat per nuntm, in addition to Btate and local taxes. On tho bonds they receivo 5 per cent por aunum yold intorest, aud on the notes they got such inteirost ap the Btate laws =sllow. Tho tyues- tion i3, _whother, countiug tho b-por- copt g‘uld futerest, and che ' intor- enr rocoived on their circulating notes, and offsettiug thie againet thoir tuxes, their losses in tho way of bnd loans, and their ex- pouses, they recoive more than they woulcl from the samo amount of capital invosted, say, mn boud and mortgage. Wa aflirm that in tivs Iargo cities thoy do not, and the best proof of it is that the Cbicago banks aro rutinnq their oireu- Intion aud takiog up their bonds an faut as possiblo. But, whuther it bs a profitablo busi- nogy or not, we will join in any effort 1o uproot the whola system, whonever any plan shail be dovised fos restoring speeie-paymonts and pro- viding for the expansion and contraction of tho correticy according to tho nutural business wants of tbo country. No lan has ever yet beon found for putling out more curroncy whon wanted, or taking in a surplus when not wanted, excopt by dis- counting commorclal papor. 'This ig the natural funetion of & bank, and in onr opinion if cannot be porformed by & governmaont, since the dis- cduntiug of commercial paper i & purely busi- neus travsaction doponding upon tho solvenoy of the borrower and the means of the leuder, whercna tho funetions of tho Governmeut asro wholly political. Tho momont the Secrotary of tho "Pronsury or auy Government functionary ss- sumos the duty of discounting notos, monoy will bo furnishod on principloa of favoritism, liko contracts and officos, and all business security will vanish and disappear, ‘Lhe taymors may * break the power of this iant monopoly " ne scon as thoy like, but wo fell them that whon tho oporation begins the enemy will not be thete to ba broken. Tho profits of National Bauking, as distiaguisbod from private bavking, are not suflicient to mako it worth tho while of e banks to fizht for thair vriviloges, Mustering auch & great army for %ol parposs in liko aofling. Torth to bieak 5 ninsquito on a wheal, MAINTAIN THE VALUES OF PROPERTY, The Inst point wonght to be estsblished by MMr. Bhnckloford lu that it is the duty of the Govornment to issuo enongh legnl-tendor our- reucy to maintain fair values of pmimrty." We hold (1) ** that'tt is not tho duty of tho Govern- went to moddlo with valnes of property atall; (2) that when the Government doss 8o ‘medilo, tho result of its interforonce is apt to bo exaotly tho opposite of what was intended, to illustrate Ihis poiut we mootion the foct that, befora tho Inflation bill wan votoed, all tho ngonts of Gorman banks in New York bad made srrungements to withdraw thelr capital from_ this conntry, and would jufallibly bave done £ had the bill bacomo ninw; ('.lt) that tho tirst duly of the Government i ta pay its own dobts, commencing with tho debts thot aro now due wud puysble; (4) thatthe groonbreks are s portion of the Govornment dobt, and the ouly, portion now duo, That Mr, Bhackleford’s proposition s Inadmissiblo must bo evidont to anvbody who will rofloct tuat thore is no moaus of detormining what aro * fair values of proparty," and that when tho Govornmont iy onoo ombarked In the endeavor to maintain values (thal is, prices), tho limic at which Prlulw ahall bo lixed will be wholly lo the control of maforition, and liable to nh-nya at ovary elootion,—than whiol n(\thlufi.. couid be moye dastruotive to Industry aud to the businoss prosperity of the countr o A ] Tho New Ovegon Congressmans GewgoA. La Dow, tha Oregon Qougreraman elect, was born in Cnyuga County, N, Y., March 18, 1620, snd ie, consequently, 48 yeors of ngo, In 1639 bis father emigratod-to Chleago, Iil,, and 1n 1844 My, Ls Dow commonced the law, firat with 8, 8, Jouos, of 8t, Oharleg, 111, aud subse- quently with 3, Btrode, of Woodstook, Tit. In tho samo yosr lie maved to Wisoonsin, and was subuoquently olected District Attornoy for Waa- paon, County, fn 1803 ho moved to Wasoca County, Mwn,, snd {n 1807-8 he was electod & member of tho Houne of Reprosvntatives of the Logislature, ovorcoming a I ufuhlmnn majority of about 600, and belug pittod agaiust a ucrong and !mmnln oandldato of $4o Republioan party, 1o 1864 he moveail to Umatilia County, Orogon, and {n 1872 rapresonted that muvlndu Lower House of the Loglelature, | and [ e ] iny Luying tho Covoring the Ditchent Ono Earm=Alonyes Axo y: wile, ¢ Operntion -Why Not Kept Painted—Extimato of *Cont of Matorini—Xho Furmer Doing 8 Own Puini —klow to Mix Poox Paint-The Seavon and the Cropy. From Qur Avncultural Correspontient, Guanpaton, 1L, Jute 25, 1874, Tho subfect of TILE-DRAINING 18 at this timo exoroming many minds, and mn- chinen for dofug the work moro cheaply aro bo- ing planned and bronght to public notico, - Iore 18 how ouo farmer does the work by haud, It la a private lettter, with o roquest not to publish ; but, as it has so many good pomts, 1 give it on- tire, leaviug out the sddross: W, Juno 4, 1674, A, PunAL—8in: To your leitor 'of Muy' 21 you 3peai ot o Ligh yrico dhaxgod for tho laying of drau- tflo 1y Liend, ‘Ldero are now largo quuntities of i Dot anada ut n thin cotuty, und tho farmo are putting it down, It is sold ot Lhe kilu as foilow: Q,T—lm:h Loro, 4o per rod -inuh boro. 40¢ por rod 3g-inch b o per rod 4enech bor dc por rod B-l.ch bor + BUapier rod - * 880 por rod Slxteon pleces will lay ono rod, I put on my farm Loat, fall U0 roua of S-inch, 30 rods of 4fuch, and over 4ol rods of xsfuch, ne fooders to tha lurgo or main drafus,—atl on = tlit ploce of land too wel for cudure fy ordiuury kossonk, and ou wilch o person could walk duriug wet thno n thie apriug. Fuero wero tixco sunail poule thut iwaya bid water,” Tuose 1 huve ftiled up by scraplug eurih futo them, My main drain bos o good outlot into & slough witero the witer lns ont a channel, and passos througls the ponds montloned, und s 4)¢ feet deep. Tao smatl tle-drains aro ladd’ B rodu nyurt, and put iu3 foot doop, ufter lcaving the main drain six or movon rods, §have not all tho wide-draine fu; but thut parb of thy flat clearsd, about 13 ncres, in perfostly dry, aud wan Ju good condition for early iniing, aud I plowed on 1 during the wattost part of the spring, 1 lakd {n thio tho wysolf, paying 33 conts per rod for exoavating to difen, ‘Lo price iioro is 3310 28 couta por rod for wakivg tho diteb, lylug the tilo, and Ail- ing In the ditch ; voard to be inciuded, A good hand will put lu from’ 6 0 10 roda por day, 8 fest doop, X Wollld profer to Luvo them lufd deopoy ruthor than more siimlow, 224 § think you are in oiror o put them 80 fuchos, but. that muy do on your soll. Hero wo huve a rather vtisr subsoli, that nouds to bu tonatrated, 8lsteen tile Luy/ o rod, or Y roda to the 1,000, I think uo rauchine eo yood us & wpads for this pure posc, unles 1t could bo drawn by o cupsta, 1t s coticave wpado; If & Io-fuchi spade, aquare~ pointed if wun 1§ fuch apade, T muko it round-pointed, 1 hired’ part of my atteh mndo by day's work, nud woried with, thomgtt, 'This dic ot cost me more than 14 cents par: foot for 3-fuot ditch, Yor levaling tuo bottom we uvo shovel, thut i &t every apudiug, or #plt of the spado, wo clean out the bottom, und at lust use.s acoop windo for tho purpose, to fnlsh up. 1o this wiy wo avold stgoping down, 1 prefer an 18- inch apad 3, eutting tho alich 10 iuches o tho top aud 4108 52 4 Lo bottotn, nceurding to the tle usod, Atthe tima of writing thoubov 1t was very dry, snd my draln Tan ouly s drizzle. Ou Suturduy, Juuo 7, wahud a lieavy rain, und tho ground was flooded, and yet O Monday I plowed corn on the drained part of tho, but ol not 4o uu ot thg pper parl, wuora peoplo tid'nk draiuing of no uso. My bost corn s on this dralr.ed laud, 2 X thiuk that tilo-draintng on any fiat land or afough bettor thew moncy nt 2 pur cont wmonth, £, B, ‘Wo will now take a look at THE MACHINE BIDE of the quostion, and first & lottor of the pat- outeo, poticed {u “Tho Farm aud Garden” un-~ dor dnte of June 113 s Gavgsnuna, i, Inne 18, 1874, Mn, “Runat "—8in: L da ot wish to troubly you fou mu:h wilh ty bustuoss; but, i your roply to iny lotter, :you do s unintontlonsl Injnstice, for I boliovs You U6, not understund my regulutiug arrangoment, 1 bave o Jovel on the machine, wud the man in chargo has nothing to do but watch )t, and turn o screw 1o rorpubato the doptls, sud which oluim to bo now, There acwer: nood bo & fall of the one-hundredth part of an izich, 1f tho man attonda to hin busiuess, which 1 much Letéer than can be dono by hand, A1 0 10 inclics boiugs deop onough for tilo, that 1 *no objettion, a8 X can cut 143 fuchies If necosenry ; but amoli farusors now prafor io put tho o I despe Tore io another lotter on the samo subjeot : . MsxDoTa, IiL, Juna 18, 1874, To the Editor of The Chicayu Tridune 8ut: Ay nttention hua been callod to “Rurala # article fn lust Suturday’s Tutnosk, n volation to lay- Ing dralnetilo by machitiory, tho stmniug up of whivl wai that it could not bo succossfully ncoomplished, aud principally beepuso of tha dilionity of gotting ua even grad for tha Lly, owitg to the inequality of the surfuco of tho ground. 1 wivh 0 atata tlt T havo u- vouted and pateuted w machins for laying tile, which Lina buen kucceesfuily operating in Lasalloand Kendall Counties durlug this senson, und have found nu troun- ble Ju overcoming the diificulty of whick * Rurat " npouks, My methiod fa thiw: T have s sotscrow, 2 feet loug, working through - tho front cnd of the iy m, resting upon what the farmers cull a dgone-boat;” and, by ndjusting this screv lo 'the frregilarities of the surface, [ got a porfect grado for tho tile, My e chinio apans tho ground 4 {nches widoand 33 inches Qeep, with o Woduc-nhmpud coultor. . Dohind this coullor Tollows & cast-lron tube, open nt both ands, tho lowor ond curving backward, {hrough whioh the ' tile pars bo the bottom of tho ditch. Following this fs a Wiiool 8 feet fn_dlameter, which carrios Gown and Packs tho dirt ity over the tile, Upon thla wheol the tilo ara carried, both for welght and for con- venjonce to the porvon fosdiug them Into the tube, By this procens 100 rodwof tla can b lafd i & day,—~bo- ing, in ail respects, uuporior to hand-work, 1 have workod thif muckino upon ground whore it would havo beon utterly impossinla to dig s diteh and _grado thio hiatton, au * Rural® spaks of, Lucawso of the flow of watoe, * T have rud this machine through ponds whore the watar stood 2 foot deep, and fu forty-uight houre tho water wau uli earrlod otf, Jany I, METTLED, AND- MERE STILL ANOTHER R, MiLLiSo7ox, 11, Jiine 18, 1674, Bfn, YRuRAL"~—Stn: Yours hi rogurd to the cont of tayiug o suil raaunier of dolug the work fa st hind, and 1 would ny that my machine s somothing ko & mole-diteher, tho molo tho size of tho tile (2 inches), and openingt Hie ground wide euoigh to allow u cas iron_tube to follow, through wiich you feed tho tilo, You oan luy them 3 fazt doep, I have two machines conurantly &t_work, and kave thus far given enliro satlfaction. My prics for the work of ayiugoscliivo of tho tily, fa G0 centa » rod, . .G, Here aro mora certifleates that tile oan b lald acourately by machinery, and at losst two patents claimod “for tho process. I statod that such a contrivanca was old, having baen usod on tho male ditehars § aud also thes {6 could not be rotied upon tnsoft ground. Tho stutements above TAVE IN KO WAY ONANGED MY VIEWS on thoso two vpolats. Mr. R. 7rolles upon the epirit-lovel to keep his ma- chino in place, which he mny do in most Instancos, at least the forward end ; but this will not pravont the coultor-end from sinking down in & goft place, with all its weight of man aud tile, and yot tho bore on his machine malo no showing of tho dopression. In all of our sloughs there are soff, epringy, spongy placas, irto which the mnchins will sink of its own woight, snd thus mako a depression that will in time fill with sand aud fino clay. This filling may requiro from ono to ton years, but ia sure to follow, 08 All who are” familier with the male- draing will testily. Draing mado fifteen yomra 420 aro nanrly ult filled up in this manuer; ‘and, Inthe layiug of ulo, we must guard againat this diticulty, When the fall {8 considerablo, Wwo may provant this deproasion by the nee of the level, ag statod ; but, in nearly loval laud, thore must bo now and thon » failuro, T'his waa the narious dofoct in tha mole-drains, and rendered thom unpopular, and, without grest care, will unrmuulfv Impair the unofulness of the ranchino for the layiug of tile, Nouo of thoso partios mentfon tha power ap- lod to move the muchine, but I prasume it Js Ey the uso of a capstan, as in the mole-drain. It Afr, B, in corract in his catimata of luving by hand, which is loss than 40 conts per rod, boned and hauling of the tile included, the machines— at loast ono of them—~muab elthey make a good round profit, or machine 1u mord oxponsive than haud-labor. E ‘The threa machines appenr to ba simllar in eoustruction and oporation, and are presented to the publio ot tho same, titne; and yet they nre but the slow growth, of the idea that had form NEARLY ‘CWENTY YDAUS AGO,— showing, as Lhrve before stuted, that thess uso- ful improvome.nes aro of slow growth, and do not mt ongo flawh ont in full' perfac- don, The moloditcher is tho 1des, whioh bad, jts coultor enlargnd to open the drain to allow of a tube passing dewn to tho bottom to doposit tha tile, To uay that it caunot be mada tn ane au evan bottom is lu,ymfi too muoh, pers l’mpn’ but, fu many casos, it wiil ndedmore than tho simplo atono-hoot at tho head of the ma- chine, or to select a time whon tho wat places ure in Ll.a mout favorable conditlon for the work, It the, work by machine costs as muvh a8 by hava, o ud §s done an well, it will bo A GOOD THING LYEN TIEN, for theso machinea are vot to bo consulted aa to wheon or whore they will work, and they will nover atrike agalnot”the farmer and his boys, who iy drlve them to the work a their good plewsure, K $ Ly polnting out the dofoots of tho inploment, X trung that it will not dikcourage, but rather an- aolirage, its nuo, for wo noed some new impulye Vniik will v e Tasinars battar Arainage. Ba- foive tho War, a ditch 3 faak duep conld bo made far abaut 43 couts & rad, aud tllaat tha kiln for 88 %10 por 1,000 plocos of & foot onoh, Now, tho oot of 2-Inohr tilo s 912 to §15 per 1,000, and Whor bas nearly doubled. In 1869, I had a mila uf open dehI‘J st was i feot at fop, [ font at 1 bo stow, aud Tued doep, made tor 243 ceuls & rod, and board, But the men-who used to cut diteh iave disappenrod, and wo must roly upon the ditehing-machine, tho oapstan, and the tram, and learn our boys how to managa thom, The and ot until thon, shall wo malio 8 vuccoss of drain-tila, Dram-tilo must bo made at all pointa whora briek can ba made, 1n ordor to suvo the cost of shipping, a8 tho farmor should bo able to do the hauling tu the winter, nnd do the laying oarly In tho apting, whilo the ground ia sote” and yiold ing to the conltor; for, when the ground bo. comes hard {n summor it will bo found dificult to forca a coulter 6 fnches in dinmotor tbrough ths woil, even with the aid of a capatan. Now that tha farmors have taken thia matiot in hand, it s not to bo expocted that ihoro will Do any attompt at & monopoly, but that the ma. chino will bo made strong, acrviceably, snd do wirablo, and HOLD AT A MEASONADLE PRICE, o that tho jobbor or tho farmer can aftord te ut thom to active uso, doing the work ohenper han by band, Lot no iuventor ba over sanguine that he haa bis machine perfoot and boyond turtber improvoment, or mayba, beforo he {8 awaro, somo othor fonluu may bave added somothing to thie gonoral stook that " may put him out of tho market. Iu my store-rovm 18 a cultivator for whiock 1 paid §0, and which is now in goud order, and of which 20,000 buye boso modo and sold, vot that lmglomuut lias heou ot asido'forone couting $35 oud go it {5 in this age of progross, Themaching that cbargos 60 conts & rod for laying tilo to« dny mony bo superaeded to-morrow by oue that (e cabablo of laving It for 20 conts s 5 theroforo inventoes should not bo too annguing of fortuncs dropplng lnto their bands by the way of monopoly. We must not forgot tho onle tivator-ring that at one time n\mpauufi thoy hald » mounopoly of the cultivator patents, but in the oud it proved = xlgnmmn. Tha farmera aro ~ now rondy ' .for tile~ draining, and [nventors sbould bo ready to mees them, 'ho patont on tilo-making machinary must havo expired, and wo ought {o have good machines at n rossonablo rato. For yoas one firm ju thin Stato have lield the mouopoly of the bost tile-making machino, and the manuface turer could not sell the machine In tho State; but th;n muat bo fully ended, or at loast near to its ood, & Whon a_farmer, like Mr. B., can go into the ditch with his men, it will bo scen that no maching cau hold & monopaly over him; aud yot machinos thut can lay 100 rods of tilo & dsy must bave the advantsge if they so choose. ‘The Ligh price for painting has kept TIE FARM-HOUSE UNPAINTED, Some weeks since *‘The Farm and Garden™ proposed toshow the farmer how ho could do hin own painting, and at & cost within his menns, Lor the |)ulnlln;i‘nf barna and: outhouses, boiled linseed oil and the common mineral paints, with- out turpoutine or koraseno, wers recommended a8 very chonp aud of essy application, Tho Averill chomical was commonded a8 valinblo, but objected to on account of cost. I havo a lettor from & person of largo exporience in tho usio of peints, aud he writes &s follows: You were noarly correct fn your eatimate in regard o the minersl paints, but not 80 {n the higher gradens 100 1bs of white lead , $12.00. & gol. botled oll, at §1, $17.75 This will make 73¢ gullons of paint, costing $2,40 per gallon, while the chitinical I8 aold at §2.76,— diiforenco of 11 cenin; and tho inincral puint §s sold ot $180 por sallon, Tho reason why tho inexperienced porson ean do bolter work with tho chemfeal than with the common lend mud ol s, thal o oliomical yaint does not run down whom put o @ Httle too thickly in apots, or from a naflbolo in the surfaco; in othor words, it aticks where 1t {spnt, A follon of ro0d padut will cover about 200 ayunrs feol of nowly-planed aurtuco, two coats, but for ofd aur- fncos there fu no vory rollablo rule, as tho tomporatura of the wosther hag much to do with the absorbing power of {hie surface paluted, Whut T wish to iinpress ou you {s, that the chemicsl point }u oa chiean as goudl load paint, and botter for tha favier, us_it nceds no thinufug and is ready for use, Puinters, who put on pajut by tho yard, prefer thiat which can b thinned with somehiing chioaper than Tinseed ofl, and on which thoy en make moro monoy. ‘Cho baso of the chemical patiit fa zinc, and not lead 3 aud it fx propured Ly Some procoss tiat enables tho ofl to liold the paint in nolution, Any farmor of avorage capacity, or hin ons, can lay on iifs pant 3 but he should kuva a good, finb bruel, an 0 ood Work can ba dono with & coarse brush, A 00d workman will lay 00 600 10 1,200 square feet per doy, ono cont,—that is, on a building; bt 6 is ddMicuit to fix's rulo for day’a work, avmony things como Iu the way to hinder tho work, Of courso, a farmer or his 8on, not usod to the work, wanld make losss progress, What wo want fn tho ntry ia to enable the farmerto do his own paiuting, snd he will find the chiomical paint the bLest for his use, s ‘uniform in quality, and of any shade desired, Druggiuts bave keptwhat thoy oall MIXED PAINTS for floarg, to sell to the farmer: but thase diffar vnut:‘y,nud aro of moro or loss value, If the farmey can do tho work himealf, ha can afford to pur- chaso the material, and the difforonce in cost of whito lead and oll, snd the obomicals is but s trifle. He should ascortain which he can lay on to,the bost advantaga, and which is the most durable, Whila thero can bano great diffar« onco in the real valuo of white lead and oil, and this chemical zlno paint, as to durability, thore {8 a differenco when the painter applies’it st the . rato of ko much por equare foot or square yard, As o gonaral thing the farmer knows little ax u\zu‘da the real cost of painting, and of ite valtto in the protection and good appesrance of his buitdings. As o rule, the absence of paint in tho country is rather awriking., Whon & good farm-house 18 put wup, a8 a goneral fhinp it iy pomted; but, after that, = cost of paint i the exception, pob the rulu For somo {yo:mz I have bad my pork-barroly hooped with {ron instead of wood, and paintad thom, Tho result is & saving of pork fram tho bureting of wooden hoops, and s saving in cost and ropair af the barrals. . Thero are MANY THINGE THAT NEED PAINTING on the farm, such au plows, wagons, and the liko ;.but if the farmer doos not do the work bimsolf it is not dono. It i, therefore, no harni to the teade if (he farraor doos his owa paiuting, a8 othorwiao Jittla of it 18 dono. . Tho painting of buildings is best done in the epring or fall, 88 wo thau escape dust acd Hiee, and thon the wood will not absorb so m.uch oil a# in tho boat of summer, aud the paint ynaked & more fine surfuco. Paintlng during tho henl of summer with a plentiful sspply of turpeni‘ino, Is but o poor anology - for good work ; and tha farmer will find it to biu ndvantago to do his o wo work, unlees ho can find a roliable workma'u, who will do the work as it ought to 18 done, ‘know thet it is practice | for farmers’ boys to do this kind of work, as my " own boys have had considorable practice in thed direotion, and think themwsclves quite expert fn - mixing paint for plowe so bhat it will dry. Tha rule {8 very simple: equal parts of boilod oil aud fapan, aud equel parts of Franch yellow and whito lead. An{ woman or boy of ordinary abil- ity can mix and lay it on; but, &s bofore atated, thoy must have s soft, firm brush, though it nood ot bo Yy largo, udless oo bas & laree amount to do, Whon you are through with. tho brush, wash it ot o little korosane, aud put it up dry fn o dry plsco, where it will be roady to use months or a yoar heace. 1 do not suppose that thore is s gonnd of pure white load on the maiket, as sll of it is more og less adulterated, How fur it 4 posaible to adul- teruto tho chomical points Ido not know, but thus far there appears no Indication in thnt direotion, and 1t i8 to be hoped no changn fur the worse will ba made, a4 It appears 8o wall adaptod to the use of the farmer, THE BEASON ASD TUE OROPS. Tho season {8 just ready to culminmto, a8 “the longest dave are, mow resc'aod; aud the small fruits wilt soon give piace Lo t s of tne orchard; and yot Chioago and cither market-pointa know little of tho season, for they begin the strawborry-season with ovarcosts , and clogo it luto in July with fruit from the shoros of Lake Buporior; and so of blsckberrios, at. this tinie from Tonnesses, when those in Northern Wiscouein are yot in bloom.- Bo ona frult over- laps its follow, and ripe apples and luscious atrawborrios . o lnto the warket plde by = side :\'Ipa out tho railroads that make those things posible snd® thare, would como upm wail that would meton- Ish tho Grangors, and make them fromble worue thah the mouonafim that Is within, their grasp. . Corn is maklug rapid i!mgrouu, and [8 being lald by for the season. Jyo is noarly ripn, aug whoat will soon follow, ‘The Wuttlo'of tho po- tato-buge waxoth mora stubborii au the quustior of potstocs or no potatoss lcoma up beford tho farmor, I hoyve boon looking on rathor complacently, for a large |%lock of hons and onickend have bad the run of the potato-pateh, and only s fow boetles have had to he put Into kot 'water. The hay orop iy ra\ her light, but, on the, whole, tho oatlook for fasin~ crops keops well up as the season advances. ‘I'ne apple-orop ia Lamproving in appearance, thquah Hghts_while the pasch and poar will_make anly’ n wmall showing in this part of the Btate. The, wanthur 18 v8 ¢y warm sud somewhat showery, with an uuusual ubsence of thunder and llfhtnlng. Ty Runar. e e An Ingonious Dovice, Thore; {4 nothing tike the Maino Liquor law for theironghness, It compels tho thirsty to ras wort ho ingenions ax}ruulnnu or go dry, For examplo: A meson, in pulling down a chimney st Lowiston rocoutly, unesrthad & whisky bar- rol, wlhioh way sealed up i brickwork, A briok wai wo placed na to be removed, sdmltting the thiraty conter to & fancot, whence the ollxir conld b drawn, Thore was, doubtless, an arranges tvont abovs ta fill the barrel, Bioh ganius aursly /a8 uod Lork b blossom [4s noss ussses,