Chicago Daily Tribune Newspaper, January 5, 1875, Page 4

THE CHICAGO DAILY TRIBUNE: TUESDAY! JANUARY 5, 1875. - TERMS OF THE TRIBUNE. 8 ADVANCE), t tho same rate, To prevent delay and mistakes, 1.¢ eure and givo Post. Offico address in fall, including Btat g Ramittances mas be made either by: Ofico order, or ih ragistered letters, VERMA TO CITY RUDACKINERS, Daily, delivered, Bunday excepted, Daily, detivored, Sunday included, Address THE TMBUNE Corne? Maditon and Desrborn- }) conte par wook LOMPANY, ‘Chioago, Il, TO-DAY'S AMUSEMENTS. -HOUSE-Clark street, opposite Rucretea Higuse, s ieliy & Loose Sihunteelss eg Petit Faust.” RY THRATRH—Randoton, strost, between One nd LaSatton Lost in Longe . Fs GO MUSEUM—Monroe atreat, hotwean Doar Fionant Stone the mantis Wedding * and * Good for Nothing.” “Afternoon and svoning. DI OF AMUISIC—IHalsted atrnet, hatwaen Mad- tropa Mearoe. Engagomont of Alisa Olara Morris, Rue ~Madisom stroat, botwean ped ab arn oothearte and Witos* and Des ti Bt. Pend We ies Sh ass " eM trent, bets Clark and Gee ERs Hes aA wD, “SOCIETY MEETINGS. INTION, SIR KNIGHTS!—Annual conclave of apolle Gunronudory No; 1s dee Toe thie (lentar) arene Ingat 135 o'clock, at Jum, for the election of aff corsand trapractinn of annus) business, | All members present, order o| eee eee ree pL OOHE, Hocorder, GARDEN CITY LODGE, No, Mt,—The members ara hereby nottfol to apnear At Orien'al Mall, on Wednoe. day, Jan, 6, al9:000.m., for tho purpox of attending: Ante funeral of oar tate lif: Jorensa Poving. Menbere sited. Uy ardor a AM, pb slates Joclane (ratvenally Gotta WADSWORTH, Soo. “BUSINESS NOTICES. wr MRAN, ALL Wr Bayt Bat Heit sam teeth, watran Chark-st, Che Chiano Cribune. 1875. Tuesday Morning, January 5, THE HOUNTAIY MEADOW MASSACRE, Towards the closo of tho Inst session of Con- &tess some logialation was offected that greatly sidod the Fodorai Courts in Utah, and enabled tho United States Marshal of the Torritory to ar- roat, very recently, the leader of the Mormons in tho Mountain Meadow Massacro, and, stil! later, to arest the Colonol of the Mormon regiment that committed the atrocious deed. A cor- respondent of Tur Trinune, who has just visited the scone of the massacre, furnishes this paper a graphic and thrilling story of tho manner in which the terrible tragedy was consummated, Oar correspondent gives a completo and au- thentic history of ths terrible slaugh- ter; the Intest developmonts and con- fessions; tho ‘'Mormon causos of provo- cation”; ‘relates all the circumstances of the military council from which emanated the bloody plot; describes tho premature at~ tack; tho aending out of tho forlorn hopa; tells about tho Free Masons and Odd Fellows in the train; how tho Indians tortarod and burned tho captives ; deacribes the shooting of 127 defense- lesa men and women, and the cutting of chil- dren’s throats; the pinning of an infant to ita dead fathor’s body with a knifo; the auction salo of the blood-stained spoils; how Brigham Young obtained the cattle belonging to the train; appearance of tho ghastly fleld after aight days’ fighting; the piles of doad mutilated by wolves; s child drawing srrowa from s dead mother’s body; the dushing outof an infant's brsine against a wagon-hub; the guilty leaders fn the massacre and their antecedenta, ‘The letter, of which the above gives an ides, ‘will ba printed in to-morrow'a ‘Tatsuxe. It is the first authentic narrative of tho most crac} and merciless slaughter of human beings in modern history. Senator Rasszy, of Minnesota, acems to havo a pretty fine chance of being dofented in his canvass for a re-election by Gov. Davis, Ex-Gov. Avsrmis a good second. But thon Raxszy hos rare powers of per- suasion. —_—_—— We exclude from the paper this morning most of the report of the investigation nt Vicksburg, furnished by the Associated Press. It develops nothing new, and does not seem to us to be worth printing. It ought never to have been sont over the ‘wires, re ‘Two more persons, names not known, havo been implicated in tho Paeific Mail swindle. Probably there are a dozen Congressmen in Washington, cach of whom wonders whether tho lightning is next to strike him. ‘This vague announcement, which is all tho Investi- gating Committes will permit, is therofore most distressing to everybody concerned, ‘ My. Wirzz, the standard-bearer of the Democracy in the Lower House of tho Louia- inna Legislature, mode solemn inaugural ad- dress yesterday, after he had been sworn in os Spenker. Inthe way of s peroration, he said: “Tho finger of scom shall not be pointed at me when I retire.” Whether ho meant to confoss that the finger of scorn was there and then being deservedly pointed at him, does not appear on the record ; perhaps he felt that confession wos good for the soul, —— * The Common Council hos at Inst ordered a special election for the 23d of April, to de. termino whether the City of Chicago shall be organized under the Goneral Incorporation act, The thrifty City Fathers have lately had asauranco, it is said, that the Propasition will be overwhelmingly rejected, They don't mind obeying the dear people when obedience costs nothing. But if the election would at all endanger their sentsin the Council, woshould have tho Ring Aldermen —those who are looking out for city-railway affaira—voting solidly against it, Tho Coun. cil cares no more for the State Constitution than Justice Banyon did for Supreme Court decisions, —_—_—_—_— The Chicago produce markets were ir- regular yeaterdey, with moro doing, Moss pork was in good demand at unchanged Prices, closing at $19.00 por bri cash, and $19.25@19.80 for February. Lard was more active, and Ge per 100 ths higher, clog. ing at $13,20@13.26 cash, and $1845 for February, Meats were quict and firm aot © 8-40 for shoulders, 95-0 for short ribs, and 10c¢ for short clear, Dressed hogs wera leas active and easicr, at $8.00@8,25 per 100 Ibe, Highwines wero quiet and steady at 0Gc per gallon, Flour was dull and un. changed. Wheat was more active, and de- clined 8-40, closing at 901-80 cash, and 91 1-40 naked for February, Corn was in better demand &nd firm, closing at 660 cash, and 720 for May. Osta wore quiet and rene deans Bt 528-40 cash, and 53 1-80 ‘ebruary, Rye was quieb and weak, Gosing at 070, Barley wos quist and-sasier, closing at $1.241-2@1.25 for February. Togs were moderately active, with sales at Cattlo were quict and casier, The Hon. Wiwiam Kiso bas not turned up; yet he must know that tho country is waiting for him, that his friends have ad- vanced n very ingenious theory of innocence, and that he is himself his own strongest ac- cuser, A comparison of two dispatches, which appear in different parts of this morm- ing’s ‘Ininvsz, may be soothing to Mr, Kixo's friends, who are mortally afraid he will be found. One dispatch is from St. Paul. It says that the rooms en- gaged for Winniam, and which he was to uso when lobbying for Ransex's re-election, are still vacant, aud that Ktxa is supposed to be sick in Washington, But a dispatch from Washington says that he is not thero, and that on oflicer has been sent to &t. Paul for him. Tho message of Gov, Krutosa to the Louisiana Legislature was delivered yester- day. It will probably remove many proju- dices and correct some misconceptions of him, which bave gradually arisen at the North, moro in consequences of vague asper- sions and innuendoes than by strictly logical deductions from the proved facts of Louisi- ana politics. Tho Governor shows very clearly thot his financial administration has Leen not only honest but intelligent, and that the good effects of it willextend beyond his term of office, through tho operation of constitutional amendments recently adopted. Goy. Krrrosa advised aud avsisted in the preparation of theso amendments, and a large share of the credit which they reflect upon tho Government of Louisisun belongs to him. Tho financial ex- hibit of the State for tho past year is very gratifying. ‘Lhe Governor says that not one dollar has been added to the debt during the year; that the reccipts have been nearly equat to tho expenditures; and that there has also been a great reduction in tho rate of taxation, He gives figures to substantiate his statements. Certainly such results could uot have been reached without prudent and wise inanagement, even in prosperous times; and especially must these have been needed to accomplish so much when the State was suffering from thooverflow of the Mississippi, the disturbances of the White Leagues, and the finan cial panic of 1873. The nows of the extraordinary scenes in the Louisiana Legislature yesterday was received in this city last night at an hour too Into to admit of anything but tho briefest comment. We are not, indeed, sufficiently informed at the present writing to determine what are the merits of the case, This much only is estublished: ‘That the organization of tho Legislature was thoroughly irregular, Ex-Mayor Witz wes voted into the ehnir temporarily with that sort of a howl which is customary in political caucuses, but which has not hereto. fore been considered altogether decent in legislative bodies, This being accom. plished, the House at once seated five mem- bers who had not been given credentials by the Returning Board. The next step was to seat members from four contested parishes, leaving the contests to be decided afterwards by the House, A motion for the yeas and nays on this question was peremptorily put down by the temporary Speaker, who ox- cf ‘ed that, while the Honse was enough organized to decide contested clections, it was not encugh organized to take a yea and nay vote, A permanent organiza tion wes then effected by tho Democrats, the Republicans refusing to vote. Soon afterwards a filo of soldiers entered tho Hall and dispersed the House, It is perfectly evident from the refusal of the temporary Chairman to order the yeas and nays thet the Houso was about evenly divided; and that the votes of the members irrogularly seated were the means of Democratic success, Tho Houso had, in fact, beeome a revolutionary body. It had come {fo a condition when interference was demanded, if over; but we deeply doploro that interferenco actually did take place through the United States army, THE DEHOCRATS AT SPRINGFIELD, The chiefs of the ‘‘Peoplo’s party " in Chi- engo, ond the old Bourbon stagers, will make their appearance to-day and to-morrow at Springtield. The objoct of this mission is hardly disguised. Tho Republicans have in the State Senate 24 members, tho Democrats 23, aud the Independents 4, In the House the members are divided politically: Repub. licans, 69; Democrats, 55; Indopendents, 29, It will be seen that the Republicans lack # of ® majority in the Senate, and 8 of a tonjority of tho House. The organization, thereforo, depends upon how the members elected as Independents will vote. It is to regulate and control this body of Independents, mest of whom are of Republican antecedents, that tho Democratic leaders of this city, with Uesrxo ot their head, and from all parts of the State, are to mect at Springfleld. These Independent members of tho Legislature wero, before their election, Democrats or Re- publicaus, Some of them wero, it is trno, elected in opposition to theregularRepublican candidates, but a largo number of them never were and aronot now Democrats, Tho mission to Springfleld is to dissolve whatever unity there may bo among these Indepondont mem- bers, and to incorporate them, and all their followers, friends, and adherents throughout the State, in one Bourbon organizatian, under one name, and that the Democratic party, For this purpose, the Grangers, the Farm- ers,” tho ‘* personal liberty” people, and the anti-Ropublicans of every shape or poculiari- ty, aro to be invited and importuned by every possible inducement to become membors of ‘the reorganized Bourbon party, of which Mr, Cynva Hf, MoConsicx, Mr, Hesma, Mr, O'Mara, Josu ALLEN, Sam Bocusasren, and Dr. Reaens hold the apostolical succession, ‘Tho attempt at Springfield is of courso to bo followed up in every county, town, and pre. cinct in the State. ‘Ihe Democrats claim that they have so used tho Grangers, Farmers, and other local and temporary organizations, during the last two ycara, to defeat, disorganize, and demoyaliza the Re publican party, that they may now assuine that the same mon are prepared to drop the title of Independents, and avow themselvos Democrats and Bourbons for the future, Tho first assault will bo upon the thirty-threo Independont yembers of the Lej- istature, If these, or most of them, can bo captured, then the Legislature, and, conse. quently, the practical control of the State Government, will be transferred to the Dem. ocratic party, Thus fortified and reinforced, the State Sovereignty purty will be prepared, on high vantage ground, for tho great cam- paign of 1876—when a new sot of State offi- cers and a United States Senntor will bo chosen, and when Illinois will count heavily ‘in the general election for President, Js a naturally to be expected that any Dem- ocrat electal to tho Legislature as an Inde- pendent will romain an Democrat, The character of ‘Independent " was assumed by them merely for the occasion, ‘They sought elections in Republican districta, and had to suppress their Democracy for n time in order to be elected. ‘They never censed to be Democrats, and of course will net with their party, But the Republican members of the General Assembly who wero clected as Independents represented an honest sentiment, that sought specific relief from certain alleged oxtortions and abuses by cor- porations, which abuses the provious Leyis- lature had Inbored in vain to correct. For tho better accomplishment of these reforms, the Republican Grangers and Farmers in varions countics nominated a mixed ticket, one-half Democrats and the other Repub- licans, and elected them as Independents, ‘Tho Democrats, having everything to gain by this arrangement, and nothing to lose, of course co-operated. But these Democrats were never anything clse, and never intended to be anything else, than regular old Bour- bons. ‘he Republican Independents are now left no other alternative thau to go with their Democratic colleagues into the Demo- cratic party, or, refusing to do that, to re- sume their aflilintion with their Republican friends. ‘The Democrats are clearly right in oue thing whick they assert. Every man anust be a Democrat or n Republican. Thore ean bo no third party. Except in Republican States where the majority to be overcomo was very large, the Democrats made the direct fight as 1 Democratic party in 1874. They will mako that fight overywhero in 1876, They have the only substantial strength in opposition to the Republicans, and will make the plain and direct issue in 1876 under their own banner, ‘These Republican Independents in tho Legislature, therefore, are to be invited by Hestxa, McConsucx, and Dan O'lIana to join the Democratic party—to ecll out their confiding constituents who elected them as Tnudependents—and take up the battle of the old Democratic party. Now let these Republican Independents ask themselves what tho Democratic party hes {0 offer in tho way of political induce- mount os a compensation for abandoning tho Union Republican party and becoming State Sovereignty Democrats, What is there in the way of political principle? Tho Demo- cratic party has no distinctive political princi- ple, save tho old ono that the Goverument of the United States is not that of a nation, but the mere agent of thirty-seven States, each of them on Independent Sovereignty. This doctrine, which was the great shield of Sla- very, was the authority under which twelve States seceded” in 1861, and three others attempted to do so; that doctrine authorized the levy of armies ly “sovercign States" and actual war upon the Union; that doctrine, despite the national calamities it produced, is now again the favorite doctrine of the party, proclaimed in ell its Conventions, and in- dorsed by all its lending men, These Repub- lican Independents are asked to give up tho vital theory that tho Uniled States are a na- tion, haying all the ntlributes of o nation, and declaro that tho United States are not a uation, but 5 mere confederacy or partner- ship agency, acting under the written instruc- tions of its principals, the ‘sovereign States.” Can there be a Republican who is prepared to move backward, ond accept as thotrue theory of our Government tho principle in support of which the Civil War was be- gun and waged? Iow many of theso Ro- publican Independents wish to renounce the glorious history of the Governmentfor fourteen years, and under the lead of Josa Anten ond Hyesrna declare the War for tho Union a con- tinued usurpation, and its prosecution an inyo- sion of State rights and independence, with- out warrant of law or right? Wo do not be- lieve that any Republican in tho Legislature is prepared to enter into an alliance with the Democrats, to make war upon tho restored Union, tho constitutional amendinents, and the established national sovereignty af the United States ; and yet this is what they aro asked todo ot this timo in Springfield and throughout the State, THE FREEDMEN'S BANK. The Washington correspondent of the Now York World has made on claborate investign- tion into the manngoment of tho collapsed Freedmen’s Bank, the results of which wo give elsowhero in full, Though this stato- ment bears the evidenco of partisan coloring, we havo no doubt that the facts and figures it gives ore in tho main correct, Ana, oven after making liberal allowanco for the animus of the writer, the cnso is bad enough to com. mand universal attention and condemnation. As originally chartered, tho Freedmon's Bank might have served a good purpose,— that of persuading tho negroes to save their earnings and protecting thom against apecula- tora and sharpers, ‘Tho original chartor pro- vided many safeguards against fraudulont deal- ing, and, with tho singlo exception of failing to require o quorum for every meeting of the Board of ‘Trustees, it appeared to bo all that human foresight could suggest. Under this failure, however, the Trustees were made up largely of the most prominent men in the country, and then ten scalawags out of tho Board of fitty were able to do what thoy pleased whenever they camo together, ‘Things were not so bad, howover, until 1870, when the Ring went to Congress and pro- cared an amendment to the charter logalizing the purchase of real estate in Washington, end authorizing loans on real estate in the District of Columbis. This opened tho way for the great frauds which followed shortly after, a It is estimated, and the estimate is prob- ebly correct, that the asseta will not finally realize more than 20 per cont of the linbili- ties, and that the poor negroes of tho South will lose nearly $2,400,000 by the ascally operations of the Ring. ‘Tha liabilities are $2,879,031, while the assets are represented to ba $2,093,095, But the great bulk of these assets are worth. leas. They consist of loans to all sorts of impeounious institutions and individuals, on real estate put in at double its value, andon collaterals that aro not recognized in the money markets, ‘The Seneca Sandstone Com- pany got $62,000; the Howard University, $75,000; tho Young Men’s Christian Asso. ciation, of Washington $33,000, The list of District of Columbia creditors is made up mostly of names immediately recognized as insolvent, ond the loans at the ‘branch ” offices throughout the South are little if any better, Aside from the rascality of the in- vestments, the bank was eaten up with ex. panses, The sum of $155,000 o year, or about 6 per cont of the deposits, was spent ; the expenditures probably reached 20 por cent of the azsots available at any one time, Tho outcome of this eystematic spoliation, perpetrated by men in direct violation of law, ia most unfortunate. It falle mout heavily upon a class of men who are both poor and ignorant, Thelr betrayal was therefore doubly brutal. Aside from the immedinte losses of the blacks, the swindle will do much to destroy their confidence in tho whites, and theroby widen the breach, already too broad, botween the two races, If there is still any way of reaching the surviving members of the Ring, they should bo punished to the full ex. tent of tho law, SALARY-GRABBER DAN VOORMEES. The election of the Hon. D, W; Voonmes to the United dtitea Senate frem Indiana hy the Democratia party would be a perioua blunder, Mz. Voouters isnot the man for tle tine, Ie tn the advovate of a mischievous Guaneil poles, anit is a Sulary-Urabber who boldly defends the wrab as honent, Grabism and Credit Mobiierian: seriourly wounded Hadicalism, It will bo a crime if tho raviving Demoeratle party takes the advocates of grave ntul corruption inte (ts favor and mnkos them ite representative nien.—Cutro (Wt) bids If tho Indiana Democratic Logislature should elect {hia prince of Salary-Grabbors and corrupt politician to the United States Senstorelt tia Register hovea the Republican party will take possession of Indians at tha next election, from county officers up, eod hold it until) Ganrien blows hie horn, summoning the whole army of Salary-Grabbers to findemont, and so bolievo Ae ill be done, too,—Springfleld ({l,) State Rege tater, If Mr. Voonnses be olected Senator from Indiana by the Democrats, we think tho pious wish of tho Zegister will be gratified. Perhaps the compensation for tho Republic- on defeat in Indiana in 1874 will come in that shape, and that out of tho ovil of Voorners will be educed not only tho recovery of the State by the Republicaus, but the utter destruction of populer confidence in the capacity of a Democratic majority to act+ honestly. If the people of all parties have sot an especial condemnation on any act of Congress moro than others, these have been tho Credit-Mobilier and salary-grab jobs, and the people of any State will justly hurl from power as unworthy of confidence any party that ostentatiously insults popular intelligenca by tho election of any person to the Sennte who participated in cither or defended them. ‘The present drift of things in Indiana, how- ever, seems to bo in the direction of Salary- Grabber Voonurrs. The Bourbon members of the Legislnture feel uo aversion toward hin for doing what most of them would havo only been tao glad of the opportunity of do- ing. Profossions of Democratic ofticcholders before election is one thing, and their acta after tho cloction is quite another thing. “THE FAITH OF THE NATION.” Persons who wish our business interests to swim in scas of irredeemablo paper profess to have discovered a substitute for gold as the corner-stone of currency. ‘Thcirnew-fangled foundation is the intangible something which thoy style the ‘faith of the nation.” Occa- sionally they alter the formula by making it ‘the faith and resources,” but the change is meaningless, because tho only part the re- sources (whatever they may bo) aro to play is that of a sourco of faith. ‘This is trav- cling in a circle. Wo come back to the theory that o nation which has broken faith with its creditors by refusing to redeem the promises for the redemption of which its faith was solemnly pledged novertheless has such a stock of faith on hand that it can issue a few billions of greenbacks and make them good as gold, Believers in this fantasy think that Secretary Coase made a groat mis- take in not demonctizing gold entirely by is- suing bonds payable, principal and interest, in irredeemabla paper, and, by making tho greenbacks a legal tender for all transactions, including the payment of dutics and, as wo have anid, the interest on the public debt. We would then have had s currency based solely on the “ faith of the nation.” What would the result have been? ‘The Supreme Court's last interpretation of the Legal-Tender act has modo it Inwful to pay all debts, no matter when contracted, in our dishonored paper, ‘The currency would thorefore have been in demand until tho debts then existing had been wiped out. ‘The cancellation of each of these debts would havo diminished the demand, and would therefore have diminished tho value of tho thing offered to supply that demand (¢. ¢., the groenbacks), When all these debts, or the great bulk of them, were satisfied, Government paper would not be ontiroly worthless, becauso it could still be used to pay taxes due to the States and the United States, and these aro debts which a man incurs by simply cxisting under a Government. Our own history fur- nishes 4 proof that a demand of this naturo is insufliciont to give o paper cmroncy any valuo worth mentioning, In 1782, a Gov- ernment paper dollar, receivable for taxes, was reckoned at lesa than one-fifth of 1 cent! “Faith” proved a very poor substitute for cash, If Secrotary Cuasz had acted in the way these mistakon zealots would have had him, the greenback would now be in about the condition of the whiteback of 1762, It would be used only to pay taxes. The Government could buy nothing with the rags itreceived from the people for taxes, Aman could buy nothing with the currency, Congress can maka the dishonored drafts of tho nation a legal tender, and force creditors to accept them for debts already ex- isting or to exist, but it can compel no man to give the credit which must be given in or. der to crente a debt, ‘Chat game was tricd in Franco whon Law's Mississippi bubble was atthe bursting point, but it could not prevent the collapse. No man holding corn, wheat, o house, or a piece of land, would ex- change his tangible property, which ho could use in gratifying his own desires, for fow bits of paper with which ho could do nothing except pay his taxes. Special contracts would be mado on o gold basis, as thoy were when the bot. tom dropped out of tho Continental curroncy and out of the late Confederate notes, and the greenbacks would vanish from circulation ag both thoso curroncics did. Onase’a “ mis. take,” as the papor-money men call it, has saved us from this disaster, One of the conclusive proofs that an ir- redeemable eurrency ia bed is, that it furnishes no standard of real value, Value ia fixed by cost of production, A pieces of paper, with ‘ Ono Dollar” printed on it, would be worth just what the paper cost to produce it, or perhaps leas. Tho cost of the paper, ink, plate, labor, ete,, used in turning out ono bit of paper would be about one-tenth of a cent. The Government could not reccive its rovenuos in such stuff, bocause it could moke no use of it boyond paying it to tho unfortunate bondholders, who would then bo tha reverse of “bloated.” Before long, the public revenues would havo to bo collected in something of tangible value, Then the capi- tal and labor consumed in producing tho groenback would be totally lost and it would be worth nothing. 80 the result of the la- bors spent in order to mako money plenty would bo that we should have no money at all! This isa reductia ad absurdum which shinplaster-advocates would do well to con. sider, It is the function of money to make exchanges, An exchange is the transfor of Property for property, ‘The reason why # bushel of wheat in this moarket is worth, taking ous ssaion with another, about a dollar, a bushel of corn two- | Borumazen paid out money, but he must be | thirds, and a bushel of onte half as much, is heeanso the ecat of producing the whent, corn, or oata, the capital and labor epont on it, is equal to the cost of mining a certain quantity of gokl representing that market prico and coining it. Tho tail, the abstinence, the risk, thecare spqnton both commodities, aro equal. Fach represents as many draps of sweat, A man with gold can always exchango {t for property, because it is itself property. Its valuo is nn honest one, fixed by its cost of production, like the valuoof the thing for which it is given, ‘Tho caso is different when a man offers a papor promise instead of gold in exchange for property, ‘The paper lins n conditional yaluo only, It represents property, but its worth depends onthe truth of its representation, If it is redeemable on demand in gold, it will be worth gold, as a cheek certified by a solvent bank is worth its faco, because it bag good eredit, If it has a chance to bo redeemed, it will bo worth that chance in gold,— moro or less, necording to the goodness or badness of tho chance, Itis then like a cheek drawn by a man upon o bank in which he may or may not have funds, and which is shaved at o discount that varies with tho probability that it may be dishonored or ultimately paid. If tho papor has no ehanca or probability of redemption, it is worth nothing, as a check drawn by a bankrupt, or by one who has put his property beyond reach of his creditors, is worth nothing, ‘Tho greonbacks are simply checks on the National Treasury. Their valuo differs from that of ordinary checks in only ono point. ‘They aro logal or forced tenders for all debts now exist- ing. This, os we have already oxplnined, makes thom worth something until—and only until —thesa debts ore extinguished. With this single excoption, their worth depends upon their chances of ultimate redemption in gold. As thet chance decreases, their value de- crenses. As that chance incrensos, their valuo rises. Destroy that chanco by changing “Tho United.States will pay bearer one dol- lar” into “This is a dollar secured by the faith and resources of tho United States,” and before long a copper cent will buy ten one-dollar bills, TRE PACIFIC MALL SWINDLE. Thera aro indications in Washington that the Democrats avo losing their deep and ab. sorbing interest in the Pacific Mail inyestiga- tion’ sinco it las been discovered that tho largest sum yet traced wns paid to a lensing and influential Democratic member of the presentCongress, Sonusaxen received 2275,- 000, while Kiva got only $115,000. If it bo assumed that Kina wes to ‘ work” the Te. publienn side of Congress, then it must bo assumed that Scuvaracen was to “ work” tho Democratic side; and, from the several amounts phid, it must be concluded that more money could bo spont to advantage among the Democrats than among tho Republicans, Butif Mr. Becx and tho other ambitions investigators on the Democratic sido loso their interest and flag in their zeal upon discovery of fraud in their own camp, they will leave but a poor impression upon the country ag to their honesty of purpose. If, indeed, they expected that tho investiga tion of this or any other Congressional fraud would fail to expose Democratic participants, they must be indifforent observera of public affairs, In every great public scandal, the two parties have contributed about equally in guilt, in proportion to numbers, It was so in the Fort Snelling transaction, in Credit Mobilicr, in the Salary-Grab; it will be so in every caso in which money is used to buy votes and corrupt legislation, A corrupt job cannot bo a strict party mensura, sinco politi- eal parties are organized {o sustain cortain general principles for tho general good, and not special schemes for individual benefit. Nor can wo conceive of any national party being organized and suc. ceeding to the control of the Government, all of whosorepresontativesin Congress should be open to bribory. It is, therofore, invaria- ‘ble that corrupt measures are carried through legislative bodics by means of a mixed yote, A majority of cither party may vote for it as a perty measure or out of pure motives, but the corruption which carries it may be found among both factions, Those of the minority party who favor such a measuro aro, there. foro, more to be suspected in a general way than those of tho majority party. Tho merit which the Republican party may claim for its treatment of Pacific Mail, Credit-Mobilior, ond other public abuses, is the promptndss with which it hes begun, and tho thorongh- ness with which it has conducted, overy investigation that has beon reasonably do- manded. But if the “wenkoning" of the Democratic membors at the first discovery of Democratic complicity in Paciflo Mail be a fair indication, then tho cra of investigation, exposure, popular punishment, and reform, will be at an end whon the Democrats shall come into power. As for Tox Trung, though a Republican journal, it regards Mr, Scrroxaxen and Mr, Kino not aso Democrat and a Ropublican, but, if clearly provon guilty, as common one- inies to the Government, and alike disgraco- ful to any party which aspires to rule it, We demand the exposure and punishmont of ono as much as tho other, If the cvidence nlroady token bo not set eside, thoy oro both unfit for public service; ond it is the duty of tho Investigat- ing Committee to proceed, without fear or favor, to run down the final disposition of tho large suns of money intrusted to these men, Little can bo hopodfrom them. Their silence thus far, while almost a confossion of their own guilt, induces the belief that they will not exposo the men with whom thoy shared. Mr, Scnuaranen is reported as hav- ing loft for Europe. Krno's is a cloar cngo of “mysterious disappearance.” His frionds are apprehenaive of ‘foul play,” and meanwhilo are making sad work of explaining how ho came by that $115,000, There is little hopo, therofore, that disgrace or contrition will in- duce Kina and Scuusaxen to tell what they did with all the money intrusted to thomy but no gane men will believe that such enor- mous suing were paid to these persons simply for tholr individual exertions, ‘There is one man who can put Congress on the right track to ascertain the undiscovered villainy in this Pacifio Mail business, and thia is Inwin. Thora is overy ronson why he should do so, He was acting as the agont of his omployers; and, having since been sus- pected of appropristing « portion of the funds to hig own uso, ho can best servo himself by showing where the money went. Having quarreled with the Pacifio Mail people, there is noth- ing in his relations with them to restrain hhn from telling all he knows, Finally, it is tho only way now in whioh he can be of the Glightest service ta anybody, and ho may thus shift some of the odium now resting,| # upon him to the shoulders of thoso who more richly deserve to bear it, He may not be able to tell defuitely to whom Kina and ablo to givo some elew to its use. Inwr is to bo cited before the House to-day, Thoro are intimations that ho will thon do- claro his willingness to mnako a clean breast of tho matter, Wo hope this will prove to be truce, Ho has already told too much to stop where ho ia, If, howovor, ho is still recusant, the Mouse raust avail itsolf of all tho authority delegated to it to force from him what he knows, It is to tho interest not only of tho country, but of the Iepublican party, that every man guilty of sharing this corraption fund shall he exposed and punished. ‘vo leave the mat- ter whoro it stands now is to leave many hon. est men undor unjust suspicion, The cor- ruption itself was not partisau, It embracod both Democrats and Republicans, But if tho Democrats now waver in tho investigation, the Republicans should bo all the more vigilant. Lot the corrupt mon bo wooded out whorover they aro found, WISCONSIN CORPORATIONS, The La Crosse Democrat finds fault with our strictures on the opinion of Chief-Justice Ray, of Wisconsin, in the railway injune- tion eases, and insists that our arguinents lead to the denying to the State of all power of control over tho railroads, Innsinuch as in our articles on tho railway decisions wo said that it is eminently just and proper that the Stato should reserve to itself the power at any time to alter or nmond tho chartor of any corporation created by it, wo cannot un- derstand how we lIny ourselves open to such a charge. We agreo with tho n@voentes of the Porter law that power to alter or amend the charter of a railway company, or of any other corporation, should be reserved by tho State; and we agree with the Supreme Court of tha United States, and with the Supreme Court of Massachusetts, that that power should bo limited; and that, under the reserved power to alter or amend, it in fact is limited, not, as Chief-Justice Ryan has held, unlim. ited. Itis of no aynil to argue, ns dos tho Democrat, that tho people will elways excr- cise their power with renson and discretion, It is notorious that in passing the Porren law they were neither reasonable nor discreet, We do not take for granted that the people of Wisconsin ato unfit to be trusted with the right of aclf-governntent, when wo say that their power over corporntq franchises should not be unlimited. We say that the power of the Legislature of Wisconsin over lifo, liberty, and property, should not bo unlimited, Do we thereforo argue that the people of Wis- consin aro unfit to bo intrusted with the gov- ernment of themselves? Not at all. Thero are some things which are put, and ought to bo put, beyond tho power of the Logialature to in- terfere with, and among these things are the essential rights of property, whether of indi- viduals or corporations, ‘The power of Leg- islatures is in nothing unlimited. It is in all things limited by the Constitution; and that it is so limited does not argue the unfitness of the people for self-government. Wo do not deny that the railroad compa. nies have in somo instances been guilty of overcharging for freight. Of this we have no accurate information to enable us to form a belicf one way or the other. But it is not improbable that they have been so guilty. That was, of course, all wrong, and calcu- lated to impoyerish the people of the Stato of Wisconsin. But it was not half os bad in ita effect on the wealth of the State es the passing of 9 Inw, and the dolivery of an opinion, which mean simply this: that, so Jong as the ono remains in force and the other unreversed, not another milo of rail- road shall be built in the whole State of Wis. consin ; nay, which means a great deal more than this; which menns that no corporation in tho State of Wisconsin has any rights what- evor under tho Constitution of the State; that no railway, insurance, mining, building, or manufacturing company with a charter has any guarantee thot, no matter how faithfal it may be to the object for which it wos chartered and created, it shall be in ex- istenco to-morrow. Tuz Taimune is no advo- eate of monopoly, but is an inflexible oppo- nent thereof. At the same timo it is not an advocate of injustice or confiscation, If a railrond overcharges, foreo it to reduce its rates and punish it for violating the law, but do not confiscate the property of the compa- ny and annihilate it, if you ever desire tha construction of another milo of railway in the Stato by private capital. It bolieves, with the Supreme Conrt of the United States and with the Supromo Court of Massachusetts, that the right to alter or repeal tho charter of ® corporation, reserved by the State, ia most certainly limited; and regrets, for tha sake of Wisconsin and tho West, that Chief. Justice Ryan has, without assigning any suf- ficiont reason for so doing, given an opinion at variance with tho utterances of the courts. CHICAGO AND ST. LOUIS, ‘The St. Louis papers of the 1st of January havo come to hand, loaded down with the statistics of their annual reviews, accompa- nied with the customary braggadocio, and compiled, at least many of them, in tho cus- tomary ideal ond slip-shod manner, which consists of stating goncralities without giving details, and multiplying sum totals by two, in tho aame dexterous mannor in which they manipwate census returns and figure tho re- turns of their Clearing-House. Our object, however, is not to disparage 8t. Louis, or to make invidious comparisons, but to present ® comparative statement showing the oggro- gate business of the two great inland cities of the West, so for aswecan. It is impossi- blo to make tha statement in any way com- pleto, for the roason that the St. Louis com. pilors have not yot mastered the scienco of making statistics in a symmetrical and syste- matic manner, 60 as to show amounts and values at a glance, not only for the current year, but for a series of years. The St, Louia Democrat, after comparing the full, cloar, and accurato reviow presented by Tne Taimone of tho trade and commerce, says of ita own; Let un first acknowledge that it has nover yet been powstble to preasvt as complete &tucord of the busl- neas of 8t, Loula as ‘Tam TniguNz gives for Chicago, Iu spite of many efforts, both by the pross and the Merchania' Bxchiauge and Board of ‘Crade, obstinate refusal of bi oss man to atate tho facts havo rendered {mnpoatlble thus for any detailed etatiatioal statement even approaching to ancuracy, Tula is disareditale to the elty, and should be remudied, So far as it ie possible, howevor, we pro- sont comparative statements, ‘The live-stock figures for the year atand os follows + Chioago, - St, Louis, Cattle received. 245,966 360,439 Cattle shippe 916,054 228, 473 Ho; 4,258,820 2146779 9,326,794 453,879 838, 045 114,913 279,031 $5,434 Total.erseteseveeree 8,503,129 2,314,067 ‘The valuation of these receipts was aa fol. lows: Chicago, &t, Louts, $11,250,000 13)1 2,000 The gtain receipts and shipments ef the | two cities for tho year compare ag followa, flour being reduced to bushels: TOU. ssaerseseorsee 1,017,073 54,012,953 In tho details of tho valuation of general business, we can make but few comprrisons, owing to the guesswork of tho St. Louis statement, Tho following aro some of tho Principal sales as reported: Chicano, St, Louis, 700,000 560, 2,0.5,000 4,350,000 0,500,049 1,000,000 11,640,003 12,000,000 ‘Tho values of lumber and coal are not given, but Chicago received during the year 1,053,809,158 feet of lumber, and St. Louis 153,450,000 feet, excluding Inth and shingles from cach estimate; nnd Chicago recoived 1,367,700 tons of coal, against 1,197,790 tons for St, Louis, which, as St. Louis claims to bo tho second *manufacturing city in the Union, is very damaging to tho asscrtion, ‘hero aro ome other curioua figures touching manufactures, as will be soen by tho fole lowing tablen: Number of mannfactorics,... Number of workers, Value of products... Chiearo, St, Leute, 1 6,000 890 i 58100 55,000 $16,800,000 $59,000,000 How 8t, Lowis can have four times ag many manufactorics, and employ 3,000 Iess men and uso up almost 170,000 less tons of coal per annum, and with these fower men and less coal pro» duce $85,000,000 more products than Chicago, is ono of thoso statistical. conundrums which only « St. Louis compiler ean guess. O£ coursa it ishosh, Instead of producing a greater valuo of manufactured goods than Chicago, that city produced less, as proven by the two facts, that she consumed Jess coat to create power and employed fewer oper atives in manufacturing, In the building operations of the year, the respectivo figures are as follows: Number of butldi Sa Bs eit Cort of butldiugs, $5,785,341 $7,097,718 In tho Chicago sta! ement, it must be borne in mind that only brick and stono buildings are included. ‘Tho fire-ordinancoe forbidding the erection of any more wooden buildings did not pass until August, beforo which timo’ not less than 3,000 frame structures had been, put up. Tho active building period of dwell« ing-houses in Chiengo is always between March and Juno. * In the construction of stone and brick buildings thore is great disparity between the two cities, In St. Louis thoy build low, cheap buildings, of narrow frontage, The differenco in building is shown by the fact that tho averago cost per building in Chieago ia $7,642 ; in St, Louis, $4,000,—n Porcentaga of difference which applies both to their beauty, use, and expense. St. Louis claims an ontire business for the yenr of $800,000,- 000, while the figures for Chicago foot up $639,000,000, The figures for Chicago, hows ever, are obtained by exact and verified state. ments in each department of business, while those of St, Louis aro jumped at without footings of any sort, and are, consequently, unreliable, We have already pointed out one blunder in tho ostimate of manufacturing products of $85,000,000, Their salos of grain, produce, cattle, hogs, wool, hides, dry goods, and lumber, are so very much less than those of Chicago that it is impossible to seo how they can figura up a business exceeding $500,000,000 during the year, The claim for $800,000,000 is simply absurd ebloviation, nnd not sustained by facts, figures, or probabilitios. Tho St, Louis statemont of the Clearing. Houso business is as follows : Clearings, 1873, : i $1 ann eel 0; : 34 $1,057,027,8% Cloarings, 1874. 1216,035,855 “3201/47'918 Tnerease..sesesseseeee $12,031,901” $54,870,000 But this comparison is wholly deceptive, becauso in St. Louis thoy havo a way of counting checks twico,—onco when paid in, and again when paid out,—whereas in Chicago they aro only counted once, ‘The internal rovenue receipts for the year, which cover spirits, fermented liquors, tobac- co and cigars, banking, and stamps, will con- vey some idea of tho relative business of the two citios. Tho receipts in Chicago were $7,352,410, and in St. Louis $3,860,408, or only about one-half as largo as the formor, As we stated in tho outset, the intention of this article ia not so much to draw compari- sons as to mako a statement of the immonso business of theso two great inland cities, Looking over the above figures, we find the following resulta : Recotpts and shipments Valuation of live etock, Receipts and shipments Valuation of dry goods, Receipta of lumber, fect. Recetots of coal, to 10,873,085 £131,485,000 Internal revenuo,,.... From the products of manufacture, how. evor, about $85,000,000 must bo deducted as bogus, as explained above, —_—_—_— We print this morning a letter from ‘A Tax-Payor,” and one who, as we know, has had on extonsive exporionco in the management of public affairs, in which ground is taken against Mr, Hoxpen’s propos. tion to the County Commissionors to abolish tho contract system. Wo give it publicity ag presenting the other aide of the caso, and will only ssy, in answor to it, that tho County Board has failed to put the responsibility for the abuses of the contract system upon the county officials, and has re-clected the very men who permitted the frauds, and vill probably proceed to relet the contracts to the same men who have practiced them. If thore is no way of overcoming theso evila except by abolishing the contract system and return- ing to that of a Purchasing Agent under the supervision of a rotating committee, we shall favor tho exporiment. There is no danger of greater abuses, and there is a hope for less, After all, it is only the old-time search for an honost man, in either case, If there ia » conspicuously despicable fignre among all the Louisiana charlatans, itis the nian JEWELL, editor of the New Orleans Bul- letin, Ho first attacked Gov, Wanwora in his newspaper in a cowardly and infamous Tanner, Ho then sent somebody to Wan- worg to ascertain whether the latter would fight. Learning that Wanmorn would rather not fight, he promptly challengedhim, Wan. motH, contrary to his expectations, ac. cepted the challenge, Thereupon Jew- ¥LL procured the interference of his part. ner Brzrty, who attacked Wasworg on tho stroet and mot his death, And now, after acting tho poltroon throughout and getting! his friond killed, Jnwern permits his friends} to arcange the difficulty so that he will not’ have todght, I Bouthern chivalry expects te!