Chicago Daily Tribune Newspaper, October 3, 1874, Page 10

1w THE CHICAGO DAILY TRIBUNE: SATURDAY, OCTOBER 1874, SPECIE-RESUMPTION. ' Letter of Dr. Ernest Frignet, a French TFinancier, - to Senator Sherman, Definito Flan for Immediate Resump- tion and Convertible Bonds, Specie Bank-Notes to Be Issued by the Government on Seouri- ty of Bonds. All Government and National Bank- Notes to Be Changed into These. Resumption onThis Plan Claimed to Bo Devoid of All q Mardships. A Proposition Likely to Attract Con- siderable Attention, Special Dispateh to The Chicago Tribune, Nzw Yong, Ost. 2.~The followiug lotter, .on the resumption of specio payments, writton by Dr. Erncat Frignot, & Fronch lewyer sud fl- muncier, will appear to-morrow morning iu the \ Tribune, Herald, and World: {0 the Hon, Joln Sherman, Chatrman of the Coninities on \” Finanee, nited Statea Xenate, Washington, B, €y ? Biu: 1 beliove that I aball'givo legitimato causo of ‘offenso to no ono if T aasumo tht thu only dilcrences of opinton which stiil exist among practical statesinen Yu this country on the question of tho resumption of pecio paymenty afiect, not tha prineiplo but the pro- ceun of resumption, 1f Lum right in thiy particular, /X need make no apology 1ot askinyg your attontion, nnd “tbrough you tho attenifon of tha lonorable bolly of hfcls yoi 70 50 activo nud so distinguisked o meéra- ot 10 project of bringing about tho resumption of ;puclo puymont in the Uniled Slates, which I bolieve xcun bo carried Into effect, not ouly Without ombur- msing tho industry and ‘businoss” fntorests of tho country, but with positive advautago aliks to the Gov~ [pramcit nd to tha people, to 110 Natioual Duniv ud 0 tho tax-Juying producess of the Unfon, \ TH[K RECENT FINANCLAL IISTOMY Sof tho Unfled States han boew watched with the moet dively intercst by the atatesmen aud fiwsnclers of -tho wholo clvilized world, Uno of tho most complele worka yot fasucd ou tho rubject on eitlier sido of tho tlaytic, s you oro doubtless awure, 8 dua to tho pen 2of 5 lending Austrian_ccouomist, Tho prosperity of this yreat country {5 0 mowt immortant clenont In tho wocialond Gunncial condilion of the modern world ; and you will perliaps_pernilt mo to say, before I entof supon tho oxpiesition of my viows, that they aro tho ro- fult, not of u theorotical, but of o practical study of Lo #ubjeot, forced tiyon we fn tho adminisiration of yery cousiierablo interests nud of enterpriso whicl Rave Leen moro or lees directly affectul, from timo to #iing, by tho fluctuations of Amorlcan tiuance. I am wpealing, therofure, ag b businoss man {o businesy meu whun I kay that, i wy doliberato jmigment, 1lio 1matantunrous resuraption of kpocky payicnts i Ahio United States 4o 50 fat rom beiny; o mailor of dif- Heulty and of danger that it can bo Lrought about nwith tho mont abrointe ewe ond safety by a vory sl plo procees. Tt dous sl fuvolyo uny dikcovery of “tho " putlosaplier’s stone. 1t liea within the will of tho representatives of tho people, whenover thoy shall xchuass 1o oxert thele will. . Withiout further preamble, thon, allow me o sot Yorth tho leading features of my plan, I MY FINST PROLOSIOION A5, that the basis of the renimption of srecle payment ! the Unlied btates lea bfuro sot, ready ut hatd, In #tho unquestionativ and unparalicied pubtio credit of 1ho Unlted States, Tho public crodit of tho United Blaten fa o-day tho bighest in the world; snd thlsia for two good nnd_suilicient reasous, 'Tho United Btates is tho only Great Power which has fized 3 pro- cleo period (tnirty. years) for (o repayment of its ublio debt s and’ fhe Unfled Staea i tho only Great Bower whilch, by its googeaplical positiort and tho con- dition of ts licavest neighbors, 8 exempted from tho neceseity of making reneaied lonua for tho mainto- nunce of & military equilibrinm_ between uself and other Stuted, by a great standiug sy, This neces- aity opprosses tho finances of overy Great Lower in Enrope., JL MY SECOND PROTOSITION $s, {hat, ipon this bssis of the publis credit of the Unlled Btates, nothing moro s neoded to bring abont thy resumption of spuclo payments than a sfuple uck wf Congress, Tho United Blates dobt consiels of two main cato- gories : First—Fundea dobt,5 and 6 per cont, say.$2,000,000,000 Secend—Cusrency notes or foating debt,. 832,000,000 Total, axcluivo of minor ilomws.......$2,082,000,000 1 Each of theso categorics i eyuatly vital to 1ho credit of the Republic, and each must bo sscredly and oxactiy discharged, 1f, then, by an act of Congrees 1ho foatiug debt fu tho form Of curreney notes shiould Yo traneformed into o funded debt at G per conl, tho total indebicdness of tho Republic would not bo chianged, The two categories would bo infused Iuto ouo, The capital of tho dubt would sl bo the ssme, IIL MY JTHIND PROFOSITION 4r, that the floating dobit eliould bo_traneformed fnto a funded debt, not at its aesumed valug aa expressed on tho faco of tho noles, bt at tho real valuo as ex- prossed n the market price of th notes in gold ot the time of trsusformation, For this thers sre, in my opinton, two cloar snd ndequnte reasons : Firat—Tho United Siaten bave over'bound thom. ‘eclves to an fmmedlaty redemption o the currency- notes which countitute thoir flosting debt, I is fin- «yoseible for the bearer of onc of the notes to_compel ‘tho United States to redeem It to-dny o to-morrow, 11, ten, tho Trensury offeos uch an mmediste rou Acmption, the Treasury modifies sid {mproves the position 0f tho holders of these noter, aud hus an oquitable right to the compenratien offerod by o ro- demption, not ot ths pzr face Value, but at tho real clizg zold value of the nofex, Sycund—Tbe currency notes have never been falen Dy any Lolier 2t their ‘par in gold, No man can eay thiat ie lanw pald $5 u gold for w Troasury nots of $5, “To redeem with §5 {1 gold & note for which the holder Faid loss than $5 I gold, therefore, would Lo for (ko Treasury to prescut tho holder with a_premiwa or rofit at tho expenss of tho taxpayers of tho nation, iFhis the Y'reastiry, which Is but tho Trustco of the Jublio woneye for' tho servico nud beaoit of the pilb- ic, s 1o right {o do. 116 solo duly Is Lo seitl tho Juwful debts of the nution in confortnity with {ho na~ tional honor, Admitting the force of theso rearons, whicli I conceive to bo fucontestuble, whut matcrlal ro sults would follow from thy redemption, on this prine ciple, of tho floating debt? “I'lie §53,000,000 of currency notes actually fn cireue Taifon In thie United States, holug offored 10 Lp transe formed futo now 5 per cent boudds ut their netual mell= 4 valuo in gold, wonld represont, ut tho uvorago ruling iscount of 10 per ceut, the following sum iu bonds : $342,000,000 38,200,000 Sreasiry notes fu cireulation, Lcss 10 per cont, . Now Government & per cent bonda., .. 343,600,000 IV, MY FOURTH FROFOSITION 18 that the conversiou upon this principlo of the actual floatiog debt of the United States fnto a now Govern- ment fosn at 5 per cent can bo nide the sure nud eafs Tieaus of immediately accomplishing tho resumption of specio paymente, HOW 18 TIIS TO DI DONE? TMaving brought mys=1f now ta the pornt of deopart- mre of tho wholo movement of the plin I bave to all;cr, [i yroceed more fully and less formally to de- velog it. 1 propose that Congress shatl pass an act authorlzing thie Secrotury of the ‘Lreasury to create, print, and offer for salo $343,:00,000 of Government gold bonids, of equil elisructer'wnd liko formo and righta with all {Il.h; other ecrles of Goveramont bouds aiready issucd, u DrAm peculiar to themeelve * " Fargi—"Tho purchasers of the new bopds, which may Do called from thieir orlgin bunk-note Liouds, must yiay for thewm exclusively fu currency notes, Secand—Tho purchusor of the uew bonda must bind imeell to deposie theso bonds Smmadintely in tho “Crcusury, recelving fu oxclinng for them 90 per cent of their faco value_n now hank-uoles, redecunublo in #pecio at sight ot the Treasury, 1 (W8 Wiy Tit WITHDBAWAL OF TIIZ TIEASURY NOTES from circulation will bo hnmedfutely Lalinced by the juuo of the now boult uotea, Tuers will, It I trvie, bo & ditferenica in the amanuts, for instead of the §342,. 000,000 of tho actusl curreucy notes the Treanury can fastte Lut 90 por cont ot tho' $343,900,000 of the now bonds, tnakiug §09,420,000 of the new bank-nates, Tow ihis differenc of $i:4000,000 in the amount of Hw circulation cuu Le ot onco mado up T will hereufter show, What T wieh ot 4his polut to insist upon 1y +cimpiy the absoluto frecdom and facility which thia conversion would offer to tha' pubilc, not for submit- | ing to the restnption of nl.:e«:ln payment by the Gov. | ermmnent, bt for etfecting that resumption by tis own Yulition, nnd_just us slowly or just us w\ifily as ita own necessitiea may dictate. : nur Tk GREESBAOKS #romot the only paper circtlution of the Unjted Fon o toodiy E30,000,000 of Natluual Dauk our rency, making, with 1he §382,000,000 0f greenback, a Lolal Of SHLWO,HKI0, s1id this amount, it upponcy, bande muittod to be nadeqiiato to the exchangea of thu cone TWO CONDITIONS . 3 by Inm, therofore, hesidea rednelng the volumo of (i Feoonbckn an e Lave acon, (o destroy Lo Nac tional Dauk nolea ulnw 2 By no means, WIIAT I8 TIEE UIIGIN OF TI/L NATIONAL BANK NOTER? Vlhiey ure uotes fuaued by private corporations up ta tho amount of U pur ceut o1 the par valus of Govern- auent bonds doposited ngatust thom fa the Treusury by there corporalions. [ othier words, thoy aro lusued by. private corporations upou coudithins procisely Jidentical with th conditions upon which tho Treasury 14 1 Imsuio sty new bank.notos ugalukt ts nuw bond: Al thut witl ueed to bo dune by ths Lankn, thon, in order to keep iu clroulation tho wquivalont of the R300 000,000 of curreney nutes uow elreulatiug, will bo $o uffcel kn excliange of notes with tho reaxiry, The # greeubac whl (iuaprear, aud In thelr place wil spipear “ yellowbacks " ar #*ved| " or any calor you Dease, " Tho guoruutecs will Do eatlrely” ua- thanged, T Luvo now (o oxplain how thees uew bank-nates ARE T0 DE GOT INTY CTICHLATION, T Wil Lo clint, 26 Wias 3 avo lveady sald, that £ the purchasers of the naw honda are to be raquired to dopowit thoir Londs i tho Treanuiry, rocelviug in oxs changa for them 90 per cont of ‘thefe par valuo in apecio. bank-notm, 1 other words, (he exclusive priviloge which the Nutional Banke now enloy of Bulng cirenlating notea spaiust n deposit of Govern. ment ionds will Do nholintod, Any holder of thedo Guyernment homds will hav uch tight as the Nne tional Danks to obiain np joten agabnat - them, “Ticsa spocie notes will bo de anonymous notes § thoy will not bo the ereation of uny yrivate banking oporapion, ‘Thelr vatuo will tdepend abavlutely on the doposit of Goveenmont honds whieh they vevreront, and oy will be payablo nt tho United Biaten Treasnry, Croated by ¥irtue of my not of dongresy, thiey wiil bear upon the face (de dute of thelr fi)\!\lc' 1o dato of tho act authorizing fhel issno, and thelt valtto in Apocic, payably atftiin ary, 10 eatablinh el uthenticlty, Congross must aithorize Do oress tlon wiildn thio Treanury Departiuent of TUNES NEW NUREAUR, ;i First—Tho Burcau of Dopot, or Doposit-Ofiico, Thin oifico will give & cortilleato’ thut A or 1 hay do= posiled 80 many bonds, Second—The Burcan of Printing, or Printing-Ofllca, Tl oflice, nfter presentution of tin depondy certiirate, il pracecd toptriks off apecfo bnk-noles fo the valug OF 110 per cent of the bonds-cortified t s deporlted, Lhard—The Durcau of Inutie, or Iesuc-Oliice, Thin ofico, after verifying tho nrevious cortificato, will do- Iiver (o flie dposiior his bunkenote, “I'he certificates nud iguaturea of theso threo officos borne upou the bank-notos will_eatablisl tho facts of tlie tleposits of tho bomis and of tho lenflimato fesin of tho nutes ngafunt thut deposit, Tho Treasury will Lo rexponsiblo for the suthenticily of thess cortificates and these pignatures, and for nothing more, Aud, through thiu responsiblo action of the Trossry, tho bank-notes will bo put into oireulation, At the polut whith X have now reached it becomes proper to cousider WIHAT LIGIT TUR TREASURY OF THE UNITED RTATES wan . to_nssume the functions 1 proposo to coufido to it. 1t 18 ant elementary truth of poljtics thint tho right of sombiyg mouey fuliores fu (o Sovorelin siouy aud 1o 15 ndmitted that for the cxerciso of thia right and in roturn for {ho guarantoo which the oxorcise of this Tight gives ta conumerce, tho Soverclgn may properly demand a tax of royally known an intage, Thers i 210 reason Wiy s plioiild not bo aditied ‘s weil iu verard to the irsue of Government papor a8 fu_regard 10 tho fsaue of government speclo coin, In the caxa of sreclo colu tio Governnient huys tho bar of slivor oF thic ingot of guld, stamps it with ita dio, and rolurns 4110 (o public at ité par valio, reserving' for {taclf as it proflz tio tax of tho mintaye, In regard to paper frsue, tue_ samo process {a gono {lrough in theory, The Governent bolding a cor- taln nimber of mililons of francs, or pounds, o _dals Lats Ju bullon er I ol miny latia. paper pasaie u coun, with o mintnge, In practice, this, bowever, s ot dono in Europe, Let ane bricily oxplafn how thin bappens : TUE DEBTS OF MOAT OF THE LUKOFEAN RTATES aro frredectnublo. Tho budyets of Englund, France, Bwitzeriand, ol Italy provide, not for tho paymont of tho natiopal'debt, but for the pryment of certai por- etual futerost-claims, ~ And (o Govornmenls of thieso countrlos can only dematul from tho tax-payiug poo= ple tho rovenuo unuuslly necessary (o meet the ausmal paymbnta, Tu thieso countrics, therofore, the right of lsauing or “minting¥ paper mieney hus been couforred by the Bovoreign upon certain privato institutions auch as tho Bauk of Eoglund, the Bauk of Prussin, and tho Dank of ¥rance, whivl aro smpowered 1o ix8ilo papor mouoy, Of course thia right has not been given away, What compensation s been demandod for L7 Tn the first place, in order to guarautea commereo and tho public, tiode rrivate institutions are required 10 keep a certain fixed and definite speets reserve, In tho ccond place, for thio advantaga of commerea atd {hio public, thers tustitutlons are required to discount, with no tized_Mywilt, commerelal papor bearing thros slgnatures, In thuthird placo, for tho ndvantago of 4he rovercign power, thes3 institutions areirequired to muke tho Government advancea on riuning necount atacortain fized rate of Interest, Hero wo huvo the tax of mintage on papar un it Is collected in Buropo, I TIE UNITED SPATLA 1bio tax can bo collected more _conformably with tha thoorotical trnth of things; and hia fact, by the way, goea to fllustralo tho inezonsabloncas ‘of unsonnd sinanclerig §n a countrs ro rich in rexourced sud so fortunato Iu its circnmstances as this, “Tho United Statos hava underluken topayoff in Ihirty yearw! thme o debt of $2,330,000,000, Tt 14 thelr zight and thelr duty fo domand of the taxpayers of tho couutry Mo iyns necendary 1o pay off tio dobt by such {nstallinents hn prudence may dictate, and this imyioses upon them the obligation of keeplug a svocle Teacrve, ey onght, thereforo, to retaln for the Treasury tho oxcrelio of tho soveralign right of 1saulug paper monoy, and to claim for tho Treaxiiry a propes compensation for 1lie exercigo of that ayverclgn vight. "Llio bost meavus suraly of sccuriug this compensation 1310 baso 10 ugion un exehaugo of services betveen the Trensury and tho public. 1f the Treasury lberatos ilie public fram the anuoyanco of befug obliged to drag aboit great nuounts of fpecia 1t may fitly require thut {ho publio shall easa the Yroasury of & part of 118 ex~ peyses. Novw, in order to pravide tho public with specla bank notus, (hy Treaduiry bas taken upon itaelf an wugmenta= ton of $17,254,000'sn the amount of Interest §1 hus to Vo It {8 hufair, therefore, that thoes who aro to use 2o Lank-notvs sliould defray this incroased ine ¢ be douo? Very shuply | Congress hos only to nuthorize th Treasury, witon bouds oro depositsd with it a colfate orals 1o ‘necuro bunk-notes issuied by it, (o retutn, 50 long as it bolits thu bonds, 2 per cent of tho luterest, of {licso bonds, paying tho boldor of the bonde accoraing= 3y, duriu tat H14c, uot ive, but turec, por cont on bin bonds, "This messura would: not ouly scours the abject aluied at, but, whilo it is porfectly equitable, it would netually belter the present condition of baukers uudor e prescut Danling Jaw, This can bo ricily shown, % TG AUGSIENTED INTEREST under the proposed plan wonld be $17,242,000, Aggalut thls wo nro fo put s Two per cent on §HI,600,00 bouds to becreated o per cent ou 6,000, N fied by tho Nationsl Tauks ve soliateral for oxisting civculation Twa per ceut on £60,000,000 in order (o bring up the new eirculation 10 LAt BOW OXIBTINE. o0 vrvessreresarines Tyo per cent vn §10,090,600 nduitionai bonds to be ssucd i order to ringup tho circnlation 1o the figure of $842,000,000.., 2,200,000 Total, ... ++v ..517,696,000 From thls 1t 13 apparent that iy plan would really Errce SUAL FAVLHG to thie Treasury of $5000, A sum which would probably cover all tho expenses of printing, e, tho uew notes, ‘As tolli tax of X per cent on bauks, that 14 3 mero question of tho budgot which Congress may deal with o it sced best, 1 hiave shown alroady (Liat under my plau tho expital of thio debt reraius unnltered, I show now that the Inerease of th ) churges Is lurgoly compensated, Who, thon, ¢ n 2 Not tho Ereasury, cerlafuls, Not tho tixpayer ; ot aven, 8 1 will 00w #how, fhie National Banks, ' Tiie Trouury uelther galus. nor loses, Thu taxpayors eufiora’ druwbck of interest on their bouds iu ox~ chiange for a positive rdantage. . 0 bank-note THE NATINAL DANKS alone wiil clestly niake o profit by the operation | Tow fa thia thie caro? ‘s nt present establivhed, when a Nationnl Dank un- dorlakes tho fswno of currenoy, whst docs it do 7 It buye, aud deposits fo tho Treseury, » SLU boud, ‘paylug therefor in eurrency # pronfum of. ... . Agsiust this boud t secolvea §0 po cout of ifd fio, o losa of., Ho that the right to fasuo N0 per cont eurrenoy cost: 1t buforo tho crisia of 1670 tho Inw obleed (b bk o Keop du (holr vatilts u currency rewceve of 25 per cent, and, if, the law as this nioment bas diminjel- & thls Tosorve, prudeace and Rouud baukuy keep itup, S0 {hat in promtams and in reserves tha bank pays £53 for tho privilegs of fsaulng every $65 which 1t ouiita, The effcct of thiu Ia that ypon tho & por cent ntorest which tho banks draw now upon thelr bonds they loco B3 per cont, or that in round numbers they récelva fow upon fhely bouds not 5 per weut, bt 2)¢ yor ceat, ntereat, 4 ‘Under tha now stato of things, If the banks keop their bonds deposited i tho Treanirs they will vecclve 3 per cent fumtond of 5 per cent ‘intercst upon_ them, But thoy will need no reserve, ond moy use the fuli awouut uf 90 per ceut af the nates thoy vecelve, “Chix given them o profit practieally of 1§ por cent, 1f o Nutonal Dank at prescnt carrles $100.000° of Goveruinent bonds in it jedier ab $L18,000, nudor tho new order of things It would cayry tho sime sum {n it balance of $104,000, The differouce Is » phantom of dioreneo, the phinn. tom wimply of the inflation of ths curroncy, 3 THE EXOIANGE, But how aro the oxlsting Natfonnl Dank noles to be oxclinged for the new sueelo bunk-noten 7 Inthe Nlmsdcll Imaginable manner, Tho Treasury nhiould eatublishin provisionsl clearmg-house for tho ainarification of tho Natioual Banlk notes pald into 1¢ for taxcu, ‘Whenover the Trensury lolda £50,000 of tho notes ‘of ong uk thut bank uliould be notilled that tho Treap wiry bus credited it with $30,000 of tho new hank-uoles agaiuwe 2 ko awonnt of it own notes canveled, “Tho Nutional Biuks would only haveto ostablieh n shmdlar “clening system umm\)s themsulves ; wnd {hio pxchiaugo of tho old notea fur the now would by worked out withiout auy sort of pressury or contrace tlon whatever, 1 como now to a very important conatderation, which 48 to sbow that TIE NEDUOTION OF TUR INTEIEST uctually payable on deposited bongds (03 per cont will bio fourid to producs in pructico u solf-ucting safoty= valyo for the currency, Tho withholding Ly tho Treasury of 2 per cent on tho interest coupuna of tha deposit bonda will be found, I maiutain, to protoct the public equally sguinet “coruers ¥ ln currenvy ond sgalust Jutli- 1on, 1 the cireulation of fho specle bank-notes, for ex- ample, hould Lo contracted wo an to Lo inudonunta to tho needs of commoreo, tho prica of niouos wouild rife, of conrsa, ut oce i praportion, 16 would (hon bes coma at_once advantageony to_hondhaliera to dopost thelr andu it {ho ‘Prossicy, shd Tocolvo U0 por cent of upeclo bauk-notes againwt tiom, wud tholovel of o clreilation would ba immediately sestorul, On tho other lisud, tha moment_thera oxlals o pur- plus of ciroulation, the prico uf monoy. falling fn con sequence, 1 would enaso o Lo adyantageous to tho Boudbolders to loss 3 por cont an tho Introst of theie Bondu, and bonds would aceordingly bo withdrawi from 10 Tremmiry, wid syoudo. bnuk-nores roluraed to tho Tressury, ‘wntll tholovel of the clreulation hiad agan bocomo restored, Lo allibllity nnd fucifty with which this self- acliug safciy=valve would Work make 1t dmpornt int {136 npocle banki-note bonds shauid Lw fuaiied by form and ou coudition absalutly Ideutival with thoso of all tho other Guvarnmont Londs now uxlting. i belag dons, Lo Loud wanld snove rouly diuck: wards and forwards betweew (ho Lreasity and tho warket wilbout oxpondo, oF formalit, or dfilnulty, Now that wo biave got {ho tow Laul'notes fnto belng 16k tay briofly considor TUE GORT OF WONK TIEY WOULD DO, 1t i olour thiat ouo fmumedisté rosult of the lisus of thin now paper mouoy would bo to_aholish all differ- ghieos betweon tho moilos 4 paymout of - different uses, Intornal rovenue dazes, ey sud eounty fnzes, customs dues, everything of th sort wonld bo paid in rpecio bankenoten,” And, on the other band, the Troamury-wonld pay all [in'indobiodness, sneludirig the fnlereat on the nitlional debt, I tho samo curronoy, For, s wo shall yrosonily’ shiow, theso specio bank nutds il ho practisatly aod, “Iha coupona of to natiounl debt bold abrond, which nra now negotiated by aalen 1o bantors, would bo sont 08 they now ro by bankors to thelr Atnerlcan corre. epotudents, i tho Torm of rainfttances, and rrosontod Ly tigsa cirrospondonta to tho Treantieyy which would ievo tien gpecto notga whorowils to bifinco. {helr ao- counts, TIE APECIE PATMENT, How can tho cortuluty of the rolmbursemints at #lght fu spocto of tho spocs notea at the Treasury Lo Berured? Tuono of two ways: Elther through tho spealo reaorve, or through tha sale of tho collateral beeurity. l:l(lng;- method_fs entiroly open to the chofca of tho Unlted Slates, It 4 ovident thata upocle bank noto for $100 1a nothing moro than the represcntativo of a bond of $110; in tho posscesion of the Unitod Slates, Tl bomt can be. cosily xa abushol of grain 1ntho elovators at Cllcago, It will havo s muckel price, bo that what it may, and that market price 13 suro to bo abova the margin of 10 er cont, siticoat tho prosont timo oven, the United lutes bouda ura ut par. 'Tlio bonds fn tho Troasury, therufore, would really bo so muchi gold, Just o the Dushels of graiu In tho elovators of Obicago ; and of {hi# ol thero will o enongh In the Troasury to cavor all omorgencics, This i tho theorclical nspoct of tho casv, Now let me look at ft practically. FAYMENT OF TiIE DENT, Tho Federal debi % payablo fu thirty yoars, Tho Tedur.d Troasury, thoreforo, s in tho same position «ith many corporato bodles which have contracted Joana payablo ot 4 A‘lron dato and It must bo guardod by thio Aumo principles of prudenco as those which githlo suel bodics o aituated, forboaring 1o load one Sor “mioro wavily than anothor, and equalizng trongh all this eorlen of yoars, as far sa may ba, the burden of the taspayors, Cougress, for exutply, fn the act of creating tho new situntion of the debt might provide for the repagment of - tho wholo fn_yearly fustallments, and it tuight do this with a roduction of the slukiug fund froin its actial fguro of 210 1) por cont ber anuum, Theso payments could bo wado by tho pea, by simply pute {lug on ono side us tho property of the 'rensury a nuinber of tho depositedt bonds corresponding to thia percenlugo, tho equivalent fn bank notes of 90 per eent of which bonds ehould belong to the Tressury, anid not ngain bo proscited for payient, Or thoy coulil be mado by leaviiig in the vaults of 1he ‘Creasnry thopmo B in coin 1o meol all demands, Besddes the’ prosent reserva of $80,000,000, thon the “Lroannry would have in tho first year o further sum of 10,000,000, i1 the second of $50,000,000, sud so on j r, 't other words, au increasing rescryo much moro b nutlicont (o afufalo @ clreulation of $342,000,000 of pnper THE PRODADLE DEMAND, Finlly, now, let un considur whethier tho domand for tho piymeut fn specto of tho wpeelo bank notes {s Hkely over to exceed a yery moderala s, 1 do uot besllato to give it as my opiuion that the demand will not bo nearly #o Intge na some persons ‘em to sippose, snd that it will annually decroasa, 'a cath be but two reakous for such & demand ¢ First—Tho legitiniate roquirements of regular com- merce, Second—An extraordinary pressure, gonorated by Aintrust, Lot us examino theso separately, First—An to TILF, LEOITDIATE DEMANDS OF COMMERCE, Thicao can hardly urive fu the courno of tho internal tradu of tho Unfol, which fho beuk-notes, supported Dy public cunfidouce, will o ampla to supply, They must orlginate lu the courso of l{lu {forcigu commerco of the Union, In regard to which the nctual curreucy and the proposed now currency must stand on tho gamo fouting, with tho Importaut dlifercaco that, whils tho present currency is absolutely Umited to the Union, the new currency miny perfoctly well find its way nbroad, 'Thiers 18 no Teanon, therefore, to anticipato any sorloua changs from Luo proseut condition of thitigs I which the smout of " precious melal roquired for the adjustment* of ~commorclal balances with forelgn countries {8 by mo means alsting, The lovel of tho apoclo demsud of the world ia comparatively steadfsst, Whenover o crisis disturba it, 1t “re-eatabliebes {igolf with wonderful promptness; and no yossible comblnationy of spoculition can' oxert any more serions fulluence upon it than upon the lovel of the ocean waters, 80 fur from uugmmllng tho drain of specie from ‘tho Unlon abrond by resuming specio yoymouts with the specio bank-uotos, tho United Btates Government would, on tho contrary, dimiufsh thut draln, Thelr sjocls reserve, in any ovont, would adequately protect them without taking “at all into the account {he fportant fact that the United States havo tlic advantago over 2l otlier countries, oxcopt Graat Britedn, of Leing a producer onan {mmenso acalo of e precious motals, Scond—A8 for the second rexdon which might do- termino » suddon demaud for apocin, the disscmina- tion, thut 18, OF A WIDE-SPRFAD POPULAR DIFTRUST, and of speonlations fonudsd wpou thot distrust, X caunot but thiuk that the aotion of such forces i s~ rentiully fomporary and evancscent, sud miay bo safely Tft to be controileit by tho natlye good sense of & pao- T!c familinr with practical realitics, und * wide awake ? [ regard to ita matorial intorests, Jut, it wo nro lo suppose tie worat that could be rought to poss by suck forcs, in whiat positfon are wo left? Thess bank-uotes, to begin with, must ba pre- eented for payment st Washiugton, This eaut anly ba dono witls $ho great mass of the notea tirougl banka and baukers fn all paris of the country. In the care of sn unrenzoung pawlo thesa banks _and bankers wowll maturally do thelr best to cheuk (ho pubifs mudness by envcting high rates of com- mission, und insisting on the propayment of the specio fronght and of the inenrance upon tho spocio, To tlls Yo huay add, that, sa te United Blates confiang to matulaln the doublo standard of silver and gold, the optlon of payiug tho notos fn tho bulkier coln of et valuo would alford the ‘Treasury another nok insigule fieaut bulwark at such thues, SUCH ARE 1N DRIEP tho outlines of a plan founded, as I holleve, upon sound priuciples fn finance, snd developed with o sleady and carcful attostion to the peculiar eircwin- stances 1w which ho Uuited Btates now fnd thone selves, a3 well as tho not less peculiar, though more perminent, foatures,jof their political and gevgraphie al porition, 1 belioyn that this plan can be carriod iato effect withiout dolay uud without danger, It {mposes 1o utbitrary perlod npon the commerce and industry of the coutry withln which to adjust therxolven to n new order of things, It shnply vcts the commercs wud industry of the country ireo to bring abuut a new order of things Just as rapidiy s may fu practico bo found compwtfblo with thio luterests of the conubuuily, It sirikes b no ex- futing intercet, public or private, but, like all real reme edios, whether 1 politics ar in medicine, conseryes all the vital farces, and affords thiem all an oppottunity to worl togotbur for the restorativn of all wasta within tho bndy politic, ind for tho udjustment of ail ita divoriered orgaps to the malural and lealtby performimnes of ~all thelr proper fanctious. Such, ut loist, s my conviction : and, in concluding thifs tiecessarily somowhiat lengtliy communication, 1 Liig you, slry todo mo the honor 1o belleve thiat, if my observationu shall bu found tu contribute in any moas- 1trg whatever to the ro-establlahment, at an carly date, and upon au enduring foundstion, of the Anances of thln grest und free people, T shnll ‘estoem myself far moro thay rowarded for tho tmosnd tho Jabor which 1 huvo beatowed upon tho subjoct, For, with tha pras- perity of tho American Nopuiblic, 1 bolieve the hest destiiles of toe modern - world’ to bo indiesolubly linked, Witk the greatest Tespact, slr, pormit mo to subscriby mysoll your most obsdient scrvant, LnnesT FuloNer, —_— Sale of a New Jersey Lnlkoto the Pruse sinu Govermment—Seheme for Raive sng Loeches, ‘Crout, and Snhimon. From the New York Evening Post, Sept. 28, On Tueeday evening lnst an agent of the Prussinn _Governmoent visited — Connecticut Tarms, in Union County, New Jorsey, and _por- focted arraugoemonts for the purchase of Lake Weonanapes fron: tho ownors, for the purposo of raising lecchios, tront, and salmon, the latlor to be sent to Prussia to stock the wators of tho rivers, aud tho former for medical purposcs. Tho ownors of Take Weawanupso arc Jamos Wado, Lowis Wade, John Crane, Jnmes Craue, Mr. Iliggine, Mr, Benedict, George Doty, nn Oliyer Ciuue, all of whowm are wealthy favmers, and whoso lands border on chis sheot of water, Tho like covers 200 neres, aud, what is ro- murkablo, 165 walors avo sa cold 4 oe during tuo summer, and comparatiVely warm duriy, the winter. Iis avorage “dopth is and & hulf foct, and tho wholo sheot is fod by nutural springs. It has two outlsts, and dur- ing the soverost droughts of past yoars it rotain~ o jis nsuat depth of wator when wells thraugh- out the neighborhoud und in other parts of tho conntry wero dry, Ihe prico agreed upon is 300,000, and nt iho noxt mooting of the proprie- toya tho property will be turned over to tho Lrugsinn Governmont, Tho lecches to bojfound in this lake aro of o :luamy far] superior to the Bwadlsh locobes, and it is'expocted that undar a proper system of propngation they will increaso tonfold. Tho luke will bo divided off into com- turtmouts, sowo for tho raising of loochos, and tho romainder for trout and satmou. Tiis is ho fivst Instanco of a purchase by a foreign Gov. ornmot of torntory in Now Jordoy, or, perhaps, tho Union, and the venturo is looked upon with nterest by piscionlturists and ot hers, -— An Accomplishod Gypsy Girls ‘The Nnrwefiinu papersars full of & marriago recontly colobruted Letwoen an Knglish gonil way and o Gypay glel buuu-lu[a! the nane of Eg. meralds, The gontloman s Mr. Hubert Bmith, who is describod us & lnud-owner inShropshire, and who, some tinto ugo, made himself known in ltoraturs by a clover book entitlod *'l'out Lifo with English Gypsics in Norway, dedicated to ¢ Charles XV, of Swedon und Norway.* 3, Hinith lias spont soveral wuminers iu Norway with & following of Gypsles, wundaring on faoot throngh valloys snd ‘over monntainm,* carrying tents and provisions with him on the baels of donkoys, aud loading & mout original vagnbond life. Nsmernlda was born on his ostate in Shropshire, bhe I8, the Norwegian [lmpum slato, vory hundsomo, & parfect type of the peonliar ity of hor raco, of the wwontest tomper, aud rlelly gifted rom e hiands of Nataro, ‘The last fow juonthu sho has passedin o Norwogian fami- 1y, taking lessony In, Inngusges and mugie, and Bay agtouishod all by toe wondorful progross mndo in so short A timo, not losa than by Ler gentle mannors, ''ho matriage was a civil ono, buing porfurined by tho Judge of the Poaco, but tho Hectar of tho purluh attondod the coramony, Ay ho bad hsd tuo opportunity of knowing th bride during her stay In_the neighborhood, and mado & much-applauded npocah in hor honor, Tho Norwegian Gypuios' rriend, Mr. Eilort Sundt, who hias devoted "the host part of his lifo ko the pulling down of the harrior erected b{ projudico ond traditional suporstition Lot weon tho Gypaios and tho rost of tho communlty, and wio lins convortod not & fow of the nomadizing tribe to sottlod and {ndustrions lifo, had beon invited to tho marriago, which had his full aporosal, bot was provented at the moment from attend- ing. Hovoral notabilities from Christionin aro montlonad among the gucsts, and thoe maralago was tho occnsion for nnmerous oxprossions of sympathy, cspecially from ladics who bnd mude tho noquaintaico of tho bride. Alter the solemnity tho nowly-married couplo left to spond tholr_honovingon in tho venerable hoech forest near Lourvig, the only one of the kiud in Norway, nffording ample accomodation for Lot~ lifo with Gypsles e BOOTH’S {RUPTCY. The Linbilitics of Hooth's ‘Thentre~ Fhe Cost of the Pruporty—Eropesed Attompt 1o Add the Favorite Kriges dian —'Khe Lheatre Advertised for Sale. From the New York Iferald, Thoro was & vory gonoral foeling of regrot whon it woe first announced that Edwin Booth, tha favorito tragedinn, wns pecunfarly ewmbar- rassod and that tho great enterpiiso ho had start~ od In Now York was likely to swamp him fiuan- clally, This regrot was tho deoper eluco it was veory well known that the probable failure of the undortaking was owing to unforesecn aud unfor- tunato ocaurrances rather than to apy want of Judgment or businoss capucity on the part of the owuer of tho theatre. o panio of lnst yoor was unturally followed by & dull market in Tonl ostate, and tho biundering incom- potonoy of tho lheads of the City Gov- ornmont—the Mayor and Gomptroller— Lo long checkod all spoculative improvomuntg ia the city, biooled tho ool of progrovs, and depreasod roparty. Undor thoso adverso circumstancen . Bootl’s croditors heoatie preesing, and whilo thore i8 little doubt that with time, mided by the largo incomo he cnn commaud, the natural rowth of tho city, nud tho legitimnte incrensa u tho valuo of real estato, he would have made & splendid fortune out of Lis investmout, yot he was compelled to sucoumb, "The roanit was that Afr. Booth, under tho ef- fect of a forcclosuro by a third wmortgngao, wag compellod to go into voluntary bankiaptéy, and his schedulo is now n mattor of record. It shows gome interesting facts. In round figures tho theatro appoars to bavo cost, whon tho curlain wag tung up on tho mewmorablo night of tho oponing, over £1,000,000, Of.this sum Mr. Booth had pald in cnsh nearly 2£500,000, the monoy that he had accumulatod by bard work in his profeaeion, Mr. Booth's schedule showa that when the panic came ho was earrying abont £45,000 in the shape of accommodution papor of his own, and about 870,000 of accommodation pepor placod by o formor partner, He oxporienced some difi- culty in moating his current obligations during the monetary crisis, but was not prossed by his unacourod creditors, At this juncturo, however, somo of the socond and third mortgages on the property wero called in, aud, a9 tho monoy was uot forthcoming, foreclosure proceodings tovk placo. To mottio up his catate, to ascortain ox- metly whio wers the holders of tha abovo batch of old notos fesued under n formor partnership, and to compromis the possible doficiency judgmont whicl: might accrue on a bad salo of "tho theatro property, by resson of a last mortgago for §100,- 00 nat:yat duo, and to eavo himsell from beiag forced into baukruptey, Mr. Booth filed his poti- tion and weut into voluntary bunkruptey, As thore was'a failufo on the purt of tho creditors to agreo upon an Assigneo from tholr own num- ber, Mr. John Platt, who is woll known es tho Guuernl Assigneo of tha Bankrnptey Court, be~ cnmo tho Asgignac, % ‘I'ho schedulo shows the whole Ilabilities on the thoatro, includivg taxes, to be abous $159,- 000, The mortgago forcelosing is a third mort- gage for 340,000, with costs -and intorest, Tho portgagos taling procedonee of this foicolosing mortgngo amount to about $300,000, Of theso about $175,000 aro ** first mortgages," and tho holdors of these are not desirons of changing thoir investont. Fuore is a later mortgage of §100,000 not yet duo, 'hg property is nasessed by the city at abous 500,000, and the ronts now raceivad for it, in- cludimg 40,000 rent*of tho thoatre propor under an assignod leaso from the late lessco, Mr, J. B, Booth, pay the averago intorest for such proper- ty on a valuo of $600,000. A portion of tlio buil~ ding is still without a tenant. On any reasona- Dle or ordinary real estata markot tho mortgaga uodor whioh tho sato is proposed Lo take placo would appear to bo & fair investent, The praperty is_advertised under the fore- closure, and tho eale is set down for Nov, 5. Tha Eropmy 18 not described ns Booth's Theatre, nt as 50 many lots of ground on Sixth avenne, Tho real escnto mon will of course know what proporty it is, yet it seoms adiisablo thot it nhould “bo generally known that the salo is of Booth’s Theatre, in order that compotition ma; bo fnvited aud tho bost torms sceured, shouls tho sale uot bo postponod or averted. 1t ia atated that some of the friends and ad- mirers of Br. Booth havo taken these circum- eauces under cousideration, and nre desirous of malking an appoal to othurs whio may be willing Lo enlist in tho work to join them inan effart to roscue tho popular actor from bis difleulsiea, ‘They declara their belief, frst, in the ovoatual pecitniary success of his great undortaking; and, noxt, in his powor ta savo hitmself, if kv should by temporary assistanco Lo enabled to tight bis way througl tho presont orisis, Thoy mssert thas Mr. Dooth's umsecured creditors ara Yiberally disposed, and will ostend to him all tho lenicncy ho may rcquire; ihat tho firat mortgngeou are satastied with their socu- riey for an unlimited timo; and honco that 1f enough wmonoy cau bo raised to saliuly mort- goges nmounting to about 300,000, the socuiity for which is really good, tho allairs of Mr. Booth may bu straizbtoned out. and tho entor- Erian ha bas undortaken and which is so eredita- 10 to tho city may romain in Lis hands, Thoy base their judgment on tho fact that resl estalo caunot fail'to fmpm\'a rapidly undor a more sot- tled monoy meXkot, aud whon the prosent city Larnacles have bean seraped off and cast away, Their argument corfainly soems to Le sound, and, 80 far as Mr. Booth ig concorned, the peo- plo of Now Yorl will Lenrtily indorse nuy schieme for his roliof and bonofit,” If Lia friends choosoe to ralse enongh money to reliove Lis pressing suits, to tako ay thoir securily mort- gnges which appear to be good, to give him time to recover himsolf and thus provent the proj- orty from possing out of hig hands, thoy will Thavo thia satisfaction of doin 3 £ood and @ pops ulur act, and ono which will mect with gencral approval. _— Insnne from Frights Prom the I’eoria (1) Dewocrat, Sent, 27, A yousg lady mamed Carrio Ballurd, from Oumalin, Neb., amived ln this city yesterduy moruing by the Chicago, Burlington & Quinoy Rond, in a doranged stato mind.;Tho cirenistan- cen which reom to havo cansod hor insanity uro very pecullar, It seoms that Miss Iallurd b longgs to & bighly-reupected and wealthy family, and was on her way to Cincinnati to completo her eduoation, traveling alono. While on tho train botwoon Galesburg and Elmwood she wia ‘much anpoved by tho condnet of £50 young mon, who carriod their attempey ot flirtation too far, and she beeamo 8o frightoned that, whilo tho train was standing at Elmwood, she entored tho ladios' water-closot and lucked horself fu. Whon the train reached Loovin, it wag noticed thnt sho did nob come outy and tho door way forced opon. 8ho was found to bo in n doranged condition, and talked of those mon flntivg tholr haudkerchiefs to her, 8he wau placed in churgo of Bheriff iitehoook, who telegraphed tho sad nown to hor fathor, Ilo roccived tho roply thut Mr, Ballard would bo liero on Monday to earo for his donghtor. In tlnl; moantime the yonng lady will be eared for by Bhoriff Hitencock, Some hopes are on- lbru\flud that sho may recuver from this tom- porary attack of insauity. —_— emarkable Colncidence, From the Milicaukee Wisconain, The doath of Iishop Leo, of Iows, roeally the romarkablo coincidonces mentloned by him st Bishop Whitohouso's funoral, sud now ndded to by the fact of hiu death. Tu colloge, Manses, Whitenonso and Leo, being about tho sane ayo, wore classmatos ; Wihituhouso was callod to Now York, and afterwards, vacating his position for auother, Leo was called to ill it; i coursa of timo, Whitchouse was oleotod Dishop ol flli- nalw; shartly sftor, Loo wau olectod muImP of an adjoinmg, Diocoss, Town; suddonly Bishop Whitehouse died ; in a faw days, suddonly Bishop Loo died. Bo romarknably simlilar swore the Important ovanta in their livos (we caunot now recall them all), that, whon Bishop Lov proached a funorul sermon over Bivhop Whitohouse, o fow duys sino, o pactiontarly reforiad to the fact, ‘o Inst grand similwrity—death—ocourred suon aftor, —~William [Toliman, exndidate for Congrous fn tho Evansville (1nd.) Distriot, hus browght a li- bol suit against tho Kvausville Daily Courier for roferring to him a8 & mun ruuving for Con- rous, not on any platform or nuy well-dotlned uena bofara the pouplo, but simply on byer und bribery," THE STORY OF STERICKER. Brom All'the Year Round. Of courso it doosn't renlly matter in the least ; but I bave n dintinct recotlection tht tho oporn of the ovening was tho oft-renonted ““Trovatora” of Vordl. I bad boon wondering you once agnin ot the peoullar eircumstances at- tondlng that erimo of infantleido of whick the gipsy woman, Azucons, had beon guilty, Hav- ing ronoivad npon burning the baby of hior dead- llost foe, it wns cerlainly, to say tho lonst of it, o atupld wistaka to make, that roasting of her own child instead. I bad nrrived at tho trito decision that really shio bind not desorved to be o mother, fn rogard to her proved incapncity for taking care of her offspring. The invisiblc tenor —Trather think it was Tamborlik, for I awn, roferring, or about to rofer, to something that happenod some years- sinco—had dolivered bis famous song from his prison in thé tower, and forthwith, being much applauded, bad ap- peared upon the stage; by spocial permission, 28 1t wore, or upon somo sudden rolenting of his florco jnilor, the Conunt do Lunn s to bow grate- fully, to roceiyo farther congratulations, sud then to raturn to captivity, in order that the story might proceod in tho usuni wav. All thig ‘we hud gono through very comfortubly fudeed. Wo had really enjoyed our Verdi, oyen to hia trombones ; tho soprano had sung hor bost, hor Ao ing notes seewiing to ring musically agidnst tho very ceiling of the house, liko goodt coin upon n counter; the braso bad produced rich tonos from strauga dopths, o bounteous host miglt bring forth lusclons and potont iwivien from _ subtorraucan rogions; tho tonor lind shot amonget us, now and then, n shrill O above tiie lino, that liad lodeed in our cary, rending thow, ay though it bad beenn bached arvow. Altogether the represontation - hind been most unoxceptionnble aud admirable ; wlhen suddenly thore ocourred an exciloment in tho theutre which could not be nseribed to Vordi or Iis - interproters. Sometliog of n fllsp. wag andivle, something of & cry ; tho sound of some- thing falling, of poople rising from_their sents, nud questioning and _conversiug in hurried sen- u:nwu without rogard to the traneactions of tho stago. K‘n opera-glass biad fallen from ouo of tho up- por privato boxes on to tho head of o goutleman eltting in the stalls. Nor, I hod scon tho glaes fall; had seen o round, white, braceletud arm and .o gloved hnnd strotohed out to arrot, ne it seomed tome, its descent. But, of courge, it wan nll dono in’ & momont ¢ ea rapidly, indcod, ihat there was scarcoly timo for tho thing to impress itsoll upon my wmind, and the instant after it bad happened I began to doubt whether I hnd really soon what I had seen, It was 8o much moro aa though I had imagined the thing thno actundly witnossed it owover, " that tho accident had occurred thero ean be 1o quéstion. The gontloman upon whoge craviun tho glasa had descended, had been earried into tho lobby. 1o wae snid to bo stuunned, if not killed, by the blow, A beliat prevailed thut hisghull had beon fractured, In any eago, an ugly wound had been iutlicted upon Ing head, whicls, by tho way, wns bald, oscopt for a croscent-ahapod Irings ab tho buok, and o few ncanty locks atranged over tho crown, “I'he blood hud flowed ficely, dubbling and figuring his whito eravat and embraiderad shirt- fiont, It was rently, nltoguthor, avery sliocking thing. Thero was no attending to (ho opern ai= torit, The tragio mattora happening upon tho stayre wero quito quenched by this serious acei- dent iu tha statls, Who could now caro about tiie Count do Luba's beheadiog his long-lost Drother, or Azucona's bitter scream of **Sol vendicats, O medro”? Lho fate of our bald comrado wag of mich.moro concorn 0 us. Liustoned to male mquiries as to bow he fared, Mowasnot dend; so much wau prosontly clear, In foct, Lo was gradunlly recoveriog conscionsness, Somo ono wos foosoning his collar and_tie; somo oo clvo was_dabbing his wonnd with n - wobt ecloth, Ilo had just rmen fiom Lis seat, I learnod, whou tho opern-glass etruck him, and ho bad fallen back as though he had Leon shob, Dutl dis- trusted this account ufterwards, wheu I ascor- tained that ho had been seon %o stoop forward i plck up the opora-glass, which, .iudeed, ho At hota th shtly {n his land, Iie was breathing heavilv, roosing o litrlo to nnd fro, nud monniug at intervaly, Mo woy's middlo-nged mnn, pursy of figure, with luxuriant whiskors that might owo something of their rich brown hue to art, linked togethor, a3 it wore, by & branch line of monstache running acroes Lis upper lip, and with a shaven chin such as, in deforenco to tho pecuior snd unpicturosquo fancy of the Com- mundor-1u-Chiof, has beon™for some time tho vogue with the Dritish army, Bull, I wns of opinion, though I lardly kuow on what grounds oxsctly, ihat tho unfortunate man wna nat n mombor of tho mil- itary service of my country. Then lo started, lifted his head and surned an eyo towards me. Tmmodiutely, but to my very groat surprise, I recognized bim. . 1t was Stericker. I havo eaid, ndvisedly, that "bo turned an eye townrds mo. llis other oye was fast cloeed, soemed, indood, to lmve puilc baci into hia hoad, X “Then Lo woved a tremulous hand in my di- rection. Ho kuow mo, it scemod, o tricd to speale; but it was some time hofere ho could utter auy inlolligiblo sunnd, At lust wo discov- ored his meaning. Ilo Led lost something which ho desired us, moaning myxell sud tko bystand~ ors, to searclh for. 1 Search was instituted accordivglv. —Aftor & while, vory near to the stall he bad ocen~ picd, thota “was picked up—n gl cyol It was a now iact to mo, though’ of courso it was not & convenient opportunity for pondering upon 1, that Stericker wora or pos- souncd a glass eyo, I had never poreoived sny deficioney in his orzan of sight, nor oven gus- pecied it Tho glass oyo lind_ alirays scemod to e a genuino articlo ; by whick I meau oue that o conld realiy soo withs 1io was ratitied at the recovery of Lis glaes eyo. 1o was woll onough now to duat it with Tiis handicorchief, snd—Dbut this ho did not ac- complish without considorablo diflioulty—to ro- placo it in the sockes it nsually filled. Certainly Uhe aspect of that portion of Lis visugo was bens olited by tho more fenanted and furuished char- aeter it now again nssumed. Ho then took from Lis pocket a miniature mirtor, nobt much Inrger than o crown-pioce, —aud gazed at the veflection it furnisted — of his artificinl organ, Ilo desived to wece that it way properly adjusiod, und what artists call ¥ in dinwing,” with regard to his othor features. here was sometling ocurious, I thought, nhout 1o koveriby with which hus real oyo scrutinized his sham oha: while yet, au it seerned, the vham ono was of more importance lo i, moro cher- ished by him, than tho resl ono, But something cleo was missing, A shiri- siud, Tor this also diligont search was mude ; and again with suceess. It was fouud on the floorof tho lobby—n curious-looking stud ; n penz), I thought, m tho first instanco ; but it sas not penel uxmc:l{; 1o, nor whita coraclian, which was my socond #upposition, Iz was of an oblong ebapo, milky white. and somi- trausparent, in a hatdsomo settlng of bill- funts, Btoricker oxpresssd grout eatisfac- tion, It in & rather incohierent way, that the sind hnd been found, Lo clonely prized ity if not for its iutrinso worth,—which, without doubt, \Was considerablo, howevor,—then, ns 1 judged, for some associntions, possibly of & teudor kind, conunected with iL. 1lo was now o far recovered that Lo waa loft sololy to my caro. ‘tho opera wis over. I for- ot whother thora wus or nob a ballot in thoso dnys, but [ think not : in any caso, tho thoatro was buptying fost, 1o snt for ' fow minutes longor, sid tien rose almost briokly, and_sud ; “*Pih gind you wore here, old fellow, I don't Lnow what [should have dona withous you, A atripor Lwoof plastor ovor tho wound, nudl I shall Bo tblo to gob on again pretly woll, I dare ray, Any chomisb can imnege that for mo. And porbavs o glass of hot brandy-nnd-wator would pull mo togetho ns much as anyibing,” 1 nas gled to find him oqual to tho proposed proceodmg. 1 had uot vonturod to bope for Ho rapld 1 rocavory. . 4 \Snz but what it wns a nasty shock to a fol- tow,” he Raid, 1 'quito agroed that it must have boen & vory nasty shock—n most unforinnato accidout. At this i lsughed tuthor wildly, W Whatever you call 1t dow't call it that,” he id. e et ‘Yon menn that it was not an aceldent . Tt appenred thut o did not mosu that. 1t I saw tho glasa fall,” I auid, # You monn that you saw hor throw it down 2" #Haw? Who? " I demauded, unconsciously adopling the interrogatives of llamlot, s Aralotia 7 T T thought him wandorlng it hiv mind, Tknow nothing of Arabella, I could nol yomembor that 1 had ever encountored, out of works of fiolion, any woman of that namo, And thon I eama Lo nagk myself whet, nfter all, did 1 roully know i)r Ifitm-lclwr hmsolt? In trath, it wan very ittlo, H . T4 was Avahella's dobg, of courso,” hio con- tinwod. “Thuow thaé very wall. 1 know the opori-plass, for tho watior of that, Iought to, Tyuvait ber” Where I had first met Bloriekor T am by no mount cloar, [ am almost covtaln that I'was never formally futroduced tobini, Butl had seon him st vatlons placos uuou uumborless ocea- nione, until Ivoutnod to have scquired quite n hiablt of godtng bim. Bo at lnst—tho thlnf was becomlng quite absurd—thoro was no lolp for 1t but to rocognize him s an acquaintanco, at any o, Finding oach othor wo frequontly Tace to faco in the semo plnce, honeath tho kamo toof, and ovon al tho snmo tablo, whal conld wo do, aventunlty, but lwgh and nod, and any, "What, you hiora? " Aud thon wo shook hands. Bl T llrfllual tbnt T know littlo of him boyond wwhat ho told moe. But then, what doca ono roally kuow of any man bovond what Lo tolls ono of himkolf 2™ And gertuiuly that is not alwavs to bo rolied on. I did not, I may add, like Btericker ; still loss did I rospoct lims nl- though I hnad perhaps no spocial rosson for not rowpecting him- beyond mora projudice of n fanciful, nud possibly of an unwatrant. able, kind. Ito was by no means, howovar, tio man I sbiould havo selected for friond, or oven for nn nequaintance, hnd cholca been pormitted mo i tho oattor. Dut It wasn't. 1 was doomed to maat Stericker incassantly, and 8o it chanced that wo came {o bo almost on torms of intimacy with ench othor. At lonst ho camo to bo on tormu of futimaoy ‘with me. And ko ealled mo *old follow.” 1did not approve of this; ine decd 1 thought it o liborty; but what could I do? Iwas hotreslly old; at uny ralo, not go vory old, But no doubt 1 bud arrived 'nt tha poriod of lifo whon the quostion of sgoin1ts roln. tlon {o onesolf fs rathor to bo svoided than dis- cussod, lest Lhoro should arise porsonal applica- tion which could baidly be othierwiso thau in- conveniont, And now had occurred this acoidant at tho oporahouso. confirmiug as it were my acquaibtauce with Stericker, and couverting It nimont into o friondship, Ho exprossed proat matitude for the aneistance I had rondered him, although, in trath, it had beon Httle enough. Bub agiin and again hio thanked me, but pres- ently, his woundod hend Linving Loou skillfully dealt with and rolieved by tho application of stripn of plastor, I found mysolf at his lodgings in Haif-Moon strest, sitting in an oasy-chair swoking a oigar and drinking & tomperato mix- turo of braudy-snt-water. ~Until then I bad uevor really kiown whora Stericker lived. * And ko you saw hor throw down the opora- | glowug ? ¥ he vaid, returning to the subject of tho neeident. 1 correctod bim. Ihad soen no such immfl' But ho did not pay muchattontion to what wad, “And how did ehe look? Handwome, of course, Sho was aiways that; though sue certainly is not now noarly so young s whon I dirst mot hor—and loved lier. Tor what could I do thon bat love hor 2 liave you over boen in lovo, old fellow 7" he domanded nbrnlflly. Tunid I thought I Lad, Tor I felt at the mo- ment that it wos not a thing a man could bo quite cortain nbout, and I rather objected {o the question; and on that account preterred to givo o somowhat cvasive ausner, I did nob wixl painful memovies to be uwukooed; thoy had bean aslocp and vory still for a good many yours. “If you doubt about it, why then you never have,” msaid #toricker, ~ oraculnrly, “Thore can be no mistake about an attack of lovo_any moro thau about a fit of tho gout. ' I hava suffered from both aflic- tions, Inmy timo I hnve loved a good deal, and L have, In raturn, beew loved very much indeed. Ieny il without vanity.” DBut lo said it with vanity, nod it was to that I objected. 1le ousstralehied his right urm, bring- ing an cxpanse of wristbund into view, nudraised his band to bis bend a6 though about to puus Tuis fingzors through Liis bair and crost it up, attor the invariablo mnnner of tho eolf-satmsfied and vuin-glorious, For the womont he had forgotten Low bald ho was| 1to hud forgotten, too, tha otrips of plastor tint crossburrod bis crownl In discovering anew Lheso infirmities he ovi- dently experienced considorable mortitleation, nd beard Stericicr describod ns hand- somo, but that had never been my opinion of Lin, No, ho was never, he novor could liave been handsome. He was alwnys woll dressed, ulthougt inclinod to ninkoan excossiv, and, therefore, o rather vulgnr displiy of tho Jowelry Lo possesaad. 18 tecth, it iu trito, wern superb; but [ wus never quite convinced that thoy nera the natural products of his own gumy —and his voss was of that iarge fleahy Ruman Torm which bLus shravs oblalaed, to my think- ing, an oxtravagane measuro of admiration from tho world in goneral, (My own nose, I may mention, is_altogetlior of ¥maller dimensions, and of o totally diferont pattorn.) Thon bo was very upright, carrying beforo bim Lis protrude ing wmstcont with considerable diguity. Moreover, thero was somothing imponing about Lis sspect and manner, arisivg, I thinik from his imperturbablo ond docply-rootod self-onfidonco, sud bis lixed resolution to exact from others, or enforco upon them i hio ponsibly could, bis own cstimata of him- solf, Still, ‘thero wus something dscidedly sinistar about the expression of Storicker's faco; and especinlly when he smiled. 1t wes o sin- galaly wicked emile, that wrinklod Lis noee curiously, producad strange dmls and o dark flush upon nis forohead, aud brought down tho innor corners of his cyobrows clogo to bis oyes, aftor a decidedly ominous fashion. Y1 have loved and Leen loyed,” ho repoated, vand I dou’t mind owning, 1bave in wy timo jilted and beon jilted.” Io said this with s sort of morbid Don Giovanni sir, that T thoughs par- ticularly objoctiousble. *‘Arabella jitted mo.” ho resumed, *and has novor fureiven herself for it, nor me either, How falr sho wag in thowe dayal 6he's fair still, for that mattor, though _sho ues moro poarle nowder now than shedid, Yair but false. Wom- en gre otten that, you know, Bhall I say al- ways 2" 1 depreented puch an assortlon. Accordiug to my exporienco it was far Loo uwooping, o con- ceued that I was right, possioly, Yet, it soomoed t0 e, that hodospised mo for my modoration. “ you romarked this stnd?"" o produced the stud we had searchied for at his roquest, and found In tho lobby of the opera-house, **It would huve pained 1o very much if I had lost it. I vemard it as o precious relic. It belonged to Arabolla once. In fact—why shonld I dinguise cho truth from you ?—that stud is formed out of ono of Arabella's tront tocth " s emile as ho snid this was not plensant o contemplato. Ilis confession bad cortainly sturtlod me. Thers —was eamething dreadfal ubont It, and ho bad the air of an Indian brave exhibiting a scalp, Ha glo- riod in the possession of Arabslla’s front taoth | How had he obtained it 2 I ventured to dempnd, Was it n plodao of affction ? Could thoy possi bly have exchanged teath as ordinary lovers ox- chongo focks of haic? I hardly knew whas I was saying, or of what T was thinain W] was n dentist in thodo duyw," he snid, What b ind beon befoso that, and” siuos 5 whab profession he followed at tho moment of hix nd- dressing mo; I really badno idea. * And Ara- belin wa cno of my patiente. Dut she waa no or- dinary potiont. Bio wussomething more, much oro than that, Sko was for a while my afli anced bride, I loved hor, and sho lovad me. lenst, wo thought tht wo loved oach othor," “And you didu't 2" “Wall, wo didn't, a4 it bappened, love each othor quite ko much u8 wo thousht wo did, In fact, Loth wore disuppointed, and, perhaps, a trifle decetyed. Sho thought I hnd money; I badu't, I had been told that sho was an hoiress, Well : she waa nothing of the kind. Btill, I an & wan of integrity, though you may not think it, 1 had promiscd wnrringo; I flly purposed to bo 18 good us my word, Lo iden of torminmting our bngagoment did not come from me, But Avabolla’s tomper wos imperfect; she was far from pationt; #he was smbitions, and I muss add, avaricions and deceltful. Sho tritted with mo, Bho still hold mo enchained, but she en- ocouragod tho addreeses of munother and a woalthior suitor. Sho designed to employ me morely a8 n means of firritating his Jjealonsy, and of stimulating him to deelnre him- solf, Then I wayto bo flung asids ea vomothing worlhloss, becauso it hind sorved hor putposo, and was dono with, In good tino I dicovered hor tronchery, 1 had intorcepled hor lottors—no wattor how—nnd [ know ail, Bat of that sl entortainod 1o sort of suspicion. Sha had al- wiys fond swmiles for mo, aud falue words, and artifieial cavessos, It was maddoning. Welly eho wan, a8 Ihava mid, my pationt; and shoe suffored much from toothnohe, She camo to me In ordor that I might exrract a tooth that pained her, It was arranged that the oporation shonld ho performod umdler tho Influouce of chloro- form.” Ilo Inmsml. “ But gurely you didn't—-" “llear mo out,” he said, and ho smilad, I thought, horribly. 1t was nccident, of course, pure ncoldant, I was dreadfully nerv- vous, Was that surprising? Iloved her, ana slio was amuzingly boautiful, 1t was nceidont, a8 I bavo snid ; oreall it, if you will, an error of Judgment, hut nothing wore than that, as you valuo my friondabiip,” (As o matter of fact, T did not valie his friondubip in tho slightest do- graog but Ldid not B:{nn.) “My conduet, I do ngsuro you, was striotly profossionnl. 1 aia not ovani kigs hor, Dut I” oxtractod the wrong tooth? #That was your vongenuco! " I intorjocted, #No; shesuid so, but it wasn't trug, I ox- tractod, as I holoved, the tooth nhio had pointed out, dosiving e to oxtrast it Was I wmy fanlt t{nnt it was a parfoetly sound tooth, and & front ouo, too? ~ Bho e 't wany bt woinew, yotl Luaw, o not roasonshlo In wuch cneos, 1 was & dontist thoen, with » reputation to loso; I was u lover thon, wlthiough & devsived ano, lowever, there was o puelfvivg Arabolla, Sho wan persundoed that 1 bad done it ou purposo, Bho was most violent, Ble had pudu!nnullmd. upon & quArs Yol with mo, althiough she had not perbaps #x0d upou the pml;an werlod for itn asoure ronce. Woll, she bronght It on then. Tt wi awful aeenc, How sho abusod mo | WIEM.?A: gungo #ho pormittod horsolf | Ilow sho scronme odl What hysterics sha_went into] ilowaver, :{:u:gom wai out, thorg' was no mistake about at. ere ho emilod again, most malovolently, as it nu?‘r?lml "f mui towatdl or trunchory towards me was punished, although, 08 1 have slated, by mlmpnccldogt or arrar of judgmont, which' you please, DBul Arabolln vowes vuu[f;uuucnn alnst mo. 1o thot rospoat, 1 am bound Lo say, sho hag beon s good asJior word. It no thnauks to Lor that Iam liviug to sponk of thoso thlngs to-night," *"Thon you really believo that gha lat fall the oporn-glasy on purpose ! * I am quite satistiod of it. Bhiomesnt my donth, Buo kuow Iwaa there. I had noticod hor boforo leaning ont of hor box, and taking nots of my position. I was just thhl‘dn? of chouging {t, uuspacling what might mlmun, whon I was struck = down. Arabolla 18 & wowan who knows what she is wbout, Bho was always that kind of woman. I know het, I've good reason to. And it's not tho firat time sho's plauned to punish ma as say- agoly a8 sho could. You did not know until to~ night, perhaps, that ono of my eyos was arti- ficinl? "Nol noturally you didu't. Woll, that was hor doing," “Whatl Tho artificlal eyo!” * Don't bo stupid,” bo paid rml«l{. No donbt Ihad been rather obtuso; but Ihad heard of Indios patuting on glass and dolug potickomanio and othor strango thiogs in tha way of fanoy~ work, aud for tho moment, altogother, my mind was In rathor o confused ntato. ‘' No," Btericker _continied, * but I owo to Lor tho nocessity for woarlng an artiflelal eye. It hnp[mum'l at tho flower-show in thy Botamoal Gardous, ‘Thoro waa & douse crowd. 1t was in tho tont whore the pelargoniuma sro exbibited. Not that I caro about sugh things, but 1t 80 ha onod. A lady advanced with bor parasol hom n front of her, Buddenly sho seomed to thruss it at mo, a8 a laucor might his anco. Ior aim was wondorfully ttus, K sight of my lefc oye was gouo forover. 1t wan quito a morcy that tho #piko of lior parasol did not ponctrate to my brain. 'Thot was Arabella’s doing, of ourse, Part of lier revengo,” ** And sho snid nothing ?» * Sho snld calmly, * I bog your pardon. It was an aceident,’ and passed on. Sho looked vory haudsomo. Blio was superbly dressed. Howe over, thns sho alwnys o, Hor husband in old, but amazingly rich. Ho labota to gratify hor slightest whim—so I'm told. But hor only do- siro—tho gola passion of hor lifo~is to wroak her veugeance upon mo. I feol that. Suo counot forgot, much lows forgivo, tha losa of hor fioub tooth. You soo, sho's ro- mivded of that unhappy busines iovery timo she looks in tho glass, which sho docs lruguenuy, of course. Bhe was always vain. And shis noans, sooner or later, to bo the doath of moe, that's quito clesr. 8he's made two ve) ood attompts ; at tho Dotavical Gardons nn to-night, st tho opora, Whoe third timo porhapy #ho'll Buceced.” “ But doosn't the thought horrity you 2* * I accopt my destiny," Stericker said, smiling, and with rathor an affected air. It would be something to fall by the band of such a woman as that; that would bo my consolation ; really & fino creaturs, you knorw, ulthongh no longer in tho bloom of youth ; indeod, romoved #omo dis- tanco now from the bloom of youth, bub etill grand aud besuttful, and so resolutal If she Ll Jovoed mo as sho hotes mo 1™ * You love hor still, then ¢ “Woll ; not pruciscly, But I admire her, jusk a8 Ladmire the Bengal tigross m tho Zoo. possible, Lekould like Arapella to be caged liko tho tigress; but ag that can't bo—woll, I wear this 6tud us 0 momento of hier, und for the rest I take my chanco. Now, whab will you tale Anoihercigar? No? Bome more brandy-nnde water 7" 4 No. I would take nothing more. I bad, m paint of fact, already takon more than was abso- lutely necesmury to mo. 1 feft Stericker, I wag much improssed by my exporiences of tha night, by what bad bappenod at the opors, aud bis extruordinary uarrativo touching the ven- gesnceof Avabolla, Wosittruo? Iwae really not in a stato of mind to dotormine, Lyen now I have o difffieully at arriving at oo, distinct conclusion on the subject. Bnt knovw that Stericker's face wore, to my think- ing, o yory remuariablo expression ns I quitted lum, His stilo was simply awfut, And strangs to say—at least, I think 8o, chough it muy not atrike olhers mn that light—I nover saw Stericker again. I diod shortly aftorwards, as I raad in the newspnpors, the victin of a stroot accident. Iie was knocked down and run over in IHyds Park, by a pony phaetan, driven by o lady, Uhore was, Of rourss, an inquost upon his ro maing, the jury deciding, howover, that he met bis donth by’ misadventure” * Somo attompt bad beon made Lo bold the Indy responsiblo, aud to ohiarge hor with furious driving. But nozhing of tho kmd was sustaived before tho Corouer, Various wituosses gave evidonce, acquit- ting bor of all blame in the mattor, Her conduct in conrt was eaid to Lo mosh becoming. And it was roported that, attired in vory deop mourning, shio Lad followed Sterloler'a Dody to 1ts last xesiing-plnce in Brompton Come- tery, Now, was this ludy tho Arabella of Stericker's story ? 8io may bave beou. DBab X havo no certain avidonca of the fact. Nor, | to- deod, have I auything further to .communiéats touching tho life aud dosth of my acquaintanca Suerickor, o e THREE SEASONS. # A oup for hopo 1" sho sald, A Tu spriug-tine ore the bioom was old 3 “ba crimsoiPwiu s yura aud cold By Lior wouth's rlcher red. “ A cup for love!” haw low, Tow soft tho words: and all the whila Ier blush was rippiing with a swile, ke Swnmar after s4ow. 4 A cup for memory " Oold ep thut une must drain alono § While Autuuin winds aro up aud moan Across the barren sea. Hopo, momory, love 4 oha Eor Tore i ey And lova for, ay, ‘Aud memory for the oveulng gray Aud solitary dovo, —Christina Iosselti. —_— Aching for n 1Bow. Fram the Letroit Free Press, Yontorday, 08 o policnan wus loaning againat the wally of the Delroit & Milwaukes Dopot, Do was appronchod by n man aboub 30 yoars old, whoso red faca was a guod match for his hwir, ITo was a little “sprung,” and ho felt like o stoer turnod iuto a clover-tiold. * Mister," nays he, speaking very confidontially to tho officer, I don't want to got lockod up, . | and liave my name in the pupors, aod o fined, but I um in from Ionia ou s htilo blow-ont, and I’d give o elean $10 note to have a hittla sorimmago with gomcbody.” * You mean yon want to fight 7" ashed the officer. * That's what I moan, I'm just uching for a row. I want to stund before about throe good followa and have some one give mo the word to go in.” “Tho ofticor nskeg 1f ho was bouvy on ths fight, aud Lo unswercds ‘¢ Hesvy! I 'should say I was! Why, I'm torrible, Thoy call mo tho Tugsinn biar at homo, and the bull town stand up or it down, Just as 1 mayl” Tho oflioor #aid it waa his duty to discouraze disorderly con- duct, but in o casa like that, whore a man bad como 120 milos 10 gob np s 10w, ho felt it his du- ty to extend indirect nid. 1lo told the Russian bear to go to tho cornor of Beaubion street, en- ter soma snloon, tulk in u very loud voice, and ho'd soon bave his lmnds tull, ** That's mo, el obliged!” exclaimoed the wman, and ho walked off. In about tou minutes o lmy cama running down and ssid thit man with & chowod our, two black eyes, uud a broken nose was * up there " in the diteh, Tho ofiicer went bnok with tho boy, and he soon came wpon tho Russing bear, who was lying in the gutter, ono leg dou. Dlegl ‘back, lood all over him, avd his cont r[s)pnd in evory soam. *‘That's you, iy it ?" asked tha oftiver, as bo pulled at_tho man's arm, **Wall did you find that row 2" ** Policeman,” ropli the man 18 ho guined hia foet and looked at him= solf and folt of hiw car, * Pulicomen, dow’t 1t soew to you na it Tdid 7" A Quecr Ifen Story. #yom the Doyleatown (P'a,) Denacrat, From West Chestor thore comes to us the fok lowing #nad story of a woll-moaning kon: A wmun by the namo of Lot Fithian, of that placo, had Veon tho owner of a lion that, to all appearance, was Just like othors of hor tribo, vxcopt that uha had ceased to porform the functions of o well. pohaved madam chivken—ebodidu't lny any eggu Phig was alt tho more siugular whon it wae obsorved that eho did not show & disposition {¢ #ehuok," Tho hen soomad to thrivennd ata woll but it was ovidontsho hadsomethiug on hor mind Sho soemed welghed down with grict of somo un discharged llul.{. A few dayn ago Mr. Titnis Lilled tho chivken, and on dissocting her din covored bwonty-cight full-sized, well shapo: ogus, the only difforence betwoen them ant murketablo egise being that they wore mmus thi herd shell, Tha cauce of “tho poor hen's despondenoy wus now oxplained, Bl had dont her duty, had preparod hor ogigs for delivery, ba! owing to soumie obstrustion nature rofused b porforms her shave of the work, What woult have been tho ultiniate consoquencen of this had tho hien been allowed to live on wo ara not pre- pared to may; but it cortainly {s a strange froal of naturo, ths shuilitude of which we liwve usva before hoard afy