Chicago Daily Tribune Newspaper, July 28, 1875, Page 4

TERMS OF THE TRIBUNE. BATTS @7 AUTECRITRINN (ATARL DYANCR. apatd at 7.« OCLe F- 118 of » sear s fho ssme wate, WAXTRD—ONS CLIT6 ageD 1 1 each town and vEfage | fpectal wreangements made with such, 1 Hpectiacn coplea sant free, i 7o provent delay and fiislakes, be mure and give | Poat-Offico addreas In fullp including Stateand County. Pemittances may b made either by drafl, express, Fost-Office oriler, or In reristered letters, a4 our risk, TEBMS TO CIIY BUPSCHIDENK, Dafly, delivered, Bunday excepted, 25 couta per weelz, Daily, delivered, Bunday inchital, B0 centa per wyck, Address TLEE TRIDUNE CoMTAUNY, Coiner Madron o) Dosrboras.ate,, Ciadeago, Ll AMUSENENTS. ADZLPAT TAEATRE—Dearborn atreet, corner Monrue, * Tho Iso-Wilch,” Afterucon end eveuligs HOOLETS TRRATRE~Itwdo'rh rreel, betweon d LeBalls. Engigerupu’ uf the Unitn Squara ny, “Tha Two Urplana® Aftortoon aud BOCIET Y MEETINGS DLANEY TODAT, No. 271, F. & A, M. —Regular eommuntcation ‘s evening at 8 o'cluck, Work un M. i aro inviied. o Al i J. D. 8, WIUTKEY, Boc BUEINESS NOTICES. , THE WIIITE AND THE UKION OF TIE TOSES, sctiy onehanting on the falr ©ierks P bt Fantind with LT o ot Vo, 677 only eamtr ¥ eanctinued by Lo asultary au-hori- then, Fold b ali . e Che Chicdge Cribune, Wednesday Morning, July 38, 1875 Owing to tho snspension of a banking- houso in New York yesterdny, greenbacks | wore nnsettled and lower, The opening rafo wean 883 ; it then fell to 857, rallicd to 833, sud foll back to §73, the closing quotation. E——— “The Iatest reports of the Europenn breml- stnffs warket indicate better prospects for the crops, owing o an improvement in the woather in England, Whercly harvest hopes hinve been rovived somewhat. In Russin thio ofticial crop reports represent the whent yield n good averago. Discussing tho situn. tion, tha Mark Lane Erpreas thinks that, with stocks so near exhaustion, oven though fina weather shonld help the crops, a return to former low prices seems to be impossible. TIn tho Monutain Mendow magsacre trinl at BDeaver, Utab, yesterday, the counsel for the defenso asked for consent to take the depo- ritions of Buouax Youxes and Gro A. Swrrm, representing that theso wit- nesses, being in a feeble state of health, were ot nblo to mako tho journey. 'Tho prosecution, evidently de- sirous of n chance to cross-cxamino tho Mor- mon Prophet and Eller in open court, re- fused to allow tho depositions to be taken, asserting that the story of fueblo henlth was untrue, Tho failure of DuNcay, Surmaay & Co. is nnothar instunco of the inevituble law that no bank can depart from its legitimate business to engago in rpeculation withont paying tho penelty of loss, ruin. und bankraptey. In tho long list of failures in all branches of business there are countlest examples of the workings of this invxorable Inwv, In the eno cnsa it i cotten, in auother wheat, in anoth- er stocks and railroad bonds, othvrs in wild Jands, and in almost overy depnrture of largo Tousen from legitimato trado for the parpose of speentation the resnlt is tailure, A curions cffcet of the changenbleness of our currency was noticed yesterday on the Chieago Bonzd of Trade. Under the inila- caeco of the nows that wheat had declined 8d ou the 100 pounds st Liverpool (which is equivalent to sbont 11 cents per bushel in greenbncks), thers was o dacline of 1) cents here; but the subinqnent news wout the failure of Duseay, Suenstax & Co,, and the resultnnt so-called advaveo in gold, ocen- " sioned o relound of 3 cents in whent ; which | means simply that our currency deprecinted moro rapii-r at bume than the price of wheat did in Liverpool, By a vote of 17 to 1t the Bourd of Trus- tees of the Cliccgo Umiversity yesterduy rofusad foreaeind Lieir rocent aetion deposing Dr. Bloss and cleeting Dr, Bunrovans Presi- dent of tho University, 'This is considered ©s final, so far as it relates to tho contest for the supremacy botwéen the respective sup- porters of Drs. Burnotans and Mozs, leaving tho former in full poesension of the field, It is thought probablo, however, thut Dr. Bounovans will sarvo as Chancellor, and not es President, and that the Iattor office will herenftor be filled by an incanbent in accord with the views and wishes of tho mojority of the Board, ———— Nzw Yon, duly 2i,—old jumpod to 1164 npon the aunouncement of the suspension of DUNCAN, . BuxnMax & Co., and the rumorcd emdarrasnment of olbar Loised, bat woou £ell to L.~ Press Tebegram, No, it wam't gold that jumped up; it was groenbacks that jumped down. Befors tho ennouncemont they wero solling for 88 to 89 cants on the dollar. After tho announce- ment of tha suspeusion, they declined in prico to 83 cents, whilo gold never® budged an inch, oither up or'down, Gold is not so easily secared. It hos an intrinsio valno of its own, and Is not an_irredeomable promissory noto to bo shaved by beokers und wads the sport of speculators. The now secrot political organization in Marylaud, Imving for its object tho resist- anco’ of Roman Catholio domination in the Democratic party in that Stuto, has Jssued-u ciroulnr to ity membors, urging combined ac- tion for the defent at tho polls of ** thoso oun. didates who-do the bidding of Rome™; to provent the threntened destruction of tho pablis schools ; to matntain the Boparatonoas of Ohurch and Stats, and to demand the tax- ation of church property, and thediscontin- uance of ssctarian apjwopfintions, UIlio or- ganization, which embraces in its moembaor. sbip both native and foreign.born citizens, is #aid to have acquired great numerical strength in Maryland, The Chicago produco markets were steadicr yostenlay, Mess pork wasin moderate de- aud, und closed 100 per brl higher, at §20,60 cwh, uud §20.70 for Septomber, lard was quict and casler, closing at §13,40 cauh, and W13.60 for Boptembur, Ments wers quit and eusier, ov 8jo for sloulders, 136 for wliort ribe, and 1% for dhiort clears, High- Ty - = | modorately active, aud stronger for fnture, telsing ot ate cashy, aned e for August, Bl P and caused the house Inrge lossos. Ve was quiet st Tfe for Amgust, Larley was nctive mml slrong, clodng at 2107 for September. On Sotarday last thero wns in #toro in this city 1,010,131 Lu wheat, 2,050, 016 bu corn, 219,358 bu oats, 11470 bu rye, and 6,962 bu basley, Hogs were quiet at Monday's closing prices. Cattlo and sheep were quict end easy:, e DUNCAN, BHERMAN & @0, Tho nnnouncement of tho suspension of Duscay, Snemsuan & Co. yosterday morning was received with tho groatest astonishment in this city, bu, for obvious rensons, it oc- casfoned no sach consternation as in New York City, Tho business of DuSeas, Surn. 34N & CO. in Chiengo, and gunerally through- out tho West, hina been confined almost en- tirely to the pryment of denfts drawn agninst them in Yarope on individunl acconnts, While the Imsinvss of tho house was mainly in foreiyn exchinges, thay dealt very littloin Westeen staples, and, from all we can learn, the r.omher of their Western correspondents waslimited, and theamonnt of Western monieys “deposited with them comparntively small. It {4 not possible, thercfors, that the failure of tuis house ean have any direct effect npon the finaneial or commercial business of Chi- eago and the Wost. It isonly $ho contin- geney, which deet nol yet appear imminent, that Duseas, Surnaay & Co, may earry down with them other New York banKing houses that canses auy special uneasiness herenbouts. There nce no grounds, however, for appre- hending anything like & general panie, be- eanse there is no speeiad condition that ad- mits of such o result. As to the failures re- suiting from the pnnie of 1873, the losses have been paid by thosa ablo to pay, and dis- counted and sottled in one way or another in he cases of those not able to pay. All busi. uness men have been sailing well ballasted and as closcly 03 possible to the shore for the Inst "two years, and eannot bosariously endangered by any financial kqualls, "Tho failors bins excited much nttention on account of the previousstanding of the house, the character of its business, nod the difficul- ty of puggesting nuy exciting cause nt this particular time. It seems to Lo clenr enough, lLowever, ‘when tho explanation comes. Messrs. Doxcax, Suenvay & Co, have, like a good many other large bankers in Now York, Boston, and Philadelphin, been carrying o considernble nmonnt of suspenided paper since the panic.. This has rendered them lesa allo to Lear any special straln upon their resonrces than would ordinarily have been the case. Tho pressure came fn the decided decline in cotton which las Leen going on for kome weeks. The evidences of tho lgrge cotton crop have Loon fdlt in this city for three or four weeks by the increased orders for ments and lard on account of tho South, The prospectsof a largo cotton crop kave depreciated the prices Tho domestic business of Duscin, Suprwax & Co. hns leen mainly with tho South, and their ndvances on cotton have been very Tieavy. It innlso hinted that they have them- selves speeulaled in cotton; but this would nmaturally Le suggested under the cireum- stances, and i not necessary to ncoount for their suspension, ‘Tho fact that they have d=awn lavgely niainat cotton in the faco of o declining market, in conection with the sus. pended paper they were carrying, is suflicient to explnin it; but if they have been specalat. ing in cotton, as mmored, the eause of failure is mede more inteHigible. The liabilitics of the firm are stated at £6,000,000, nbout half of which is repurted to bo due abrond. The indications ure that the ussets will fall for short of this amount ; just how much it is not yet possi- bloto tell. It is said that the firm might have Lridged over their difiicultios for the present@by straining their cxcellent credit, but tlint Mr. Duxcan decided it to be better to hiave n sottlement now thun run tho risk of becoming more samiously involved. In view of the continued decline in cotton, this decision seems to have been wise. Duxcay, Sucnsaxd Co, have occupied n lewding position i Now York for twenty-five years, und havo been regarded as among tho most conserrative institutions in the country. Their busmness in some rec- wpects hns been similar in character to that of the Buown Brothers, and a good deal of inconvenience and loss may e felt by Europenan tourists who are traveling on lot- ters of credit frsued by them. ‘Cho sottle- wment of tieir affairs has been assigned to tho Hon. Wituiax D. Suwyay, ex-Judge of the Unitcd States Conrt. Grent sympathy will be felt for Mr, WLyt Berses Dusoay, the senjor momber of the firm, who has beeu a liberal putron of the arts and hnos held o high socinl position in New York, It was Mr, Duxoax who sdvaunced Mr. Feonten the woney to build tho Lyceum Theatro in New York, whicki will probably bo found niong Lis,persounl assots, ‘The firm have also been large negotintors of municipal bonds, and placed the last loan mado by Chicago before tho constitutionul. prohibition went into ef- fect, which nmonnted to $8,000,000, They have nlso negotiated most of the temporary loans for this city. <~ —e OQUR BCARED CURRENCY, Tho falluro yesterday morning of the houss of Duncan, Suxssman & Co, had an instantancous effect upan the value of green- backs. - The price of greenbacks foll from 89 cents to 83}, and so excited nnd agitated was tha mnrket thut the gold-room was closed, be-§ ing untit to do lumincss, It is one of the auomulics of tho American irredeomable greenback that it has no intrinsio value, that its valuo is purely speculative, and that conso~ quently it is exposed to all the fluctuations which affect speculations, B3t what an incon-;| slstency that the “monsy " of the United States shonld fall 6 cents on the dollar upon news that a private bauking-houso had closed its dooms! 'Thicre wasno possiblo connection betwoon Duxcay, Nuzmax & Co. aud the Governwent, 'They wero deaders in exchange in the cotton trude. They might have failed for ten times {tho amount stated #nd in nowise hupnired the credit or responsibility of the United States Govern. ment. Novertholess wo have the” evidenco that the fuilure of that louso sont tho green- backs down G cents in valne, and so demornl. ized the gold-room, where greenbacks are bLought and sold, that the place had to be shut up. Was over the bottowless charactor of our natiouul ourrency so strikingly illus. trated a8 in this instanco? And yot thisis the stnff_ which intelligent porsons persist {n culling “ monoy"; calling| that * money* which bas not the same value during two suc- wines weora in fair demnnd and stondy ut %117, Lake freights wore loss aotive aud tronger, ut 8o for corn by stewmer to Bufllo, Ylour wos guist and weak, Whoat was active, and closed e higher, at $1.17) for August, ond $1.17 far Heptember. Corn was in good demand, and advanced 1, closing ut 71jo for Auguat, snd 7230 for Seplember. Osts wore cessive business hours the whole year round. Jts valuo hange on such an uncertain thread thut when & grocer foils, a tea man closos his store, broker runs away, or & stock operator gots sick, thero is a panio in the greenback warket, and their values run up and down wader the prewsure of fevered excitement, Great Dritaln has & vapor cunency § G- many has n paper enrrency; France, and evenlittle Belginmand Switzerland, have insues of paper; but the $alne of this paper money is mot dependent wpon the wolvency of any speculator or bauker in thecountry, In 1872 there wnsn genernl commercinl panie through- out Germany, eansed by the collapye of vari- ous wild and reckless speculations. It wns general through Germany and very disas- trous, but it never affected the value of the cnrreney, and it never put it on the market to Lo sold for what it woukl bring. The cur- raney of Germany 1. 1 unchanged of the full walue «. uid all through the pante. Buch . thing ns the ‘““money " of the country rising and falling in value, ns compared with gold, day after day, was unknown. 8o in Franco and Belginm. In England, since May lnst, thero lizs beon o regular succassion of failnres,—tho nggregnte renching nearly, it not quite, to n hundred millions of dollars. But the pnper money in the country was not disturbed; its value did not deprecinto; it was not sold at n discount, and its holdors were mnot so panicstricken as to ba nnable to do bnsiness, The crush of banks, the ex. plosion of compaules, the faling of mercan- tile flrns, in nowiso affected its valuo, which remained firm and fixed, and tho Bank of En- gland, even in the surrounding * panic,” ro- dlaced its rate of discount to 3 per cont. How ia it in the United States, Austrin, and Italy, whero they have Government paper stamped a3 money and mado a legal tonder? Thero the ““money” changes in valuo with every changa of the wind ; the currency, being n purely apeenlative commodity, is threaten- ed with everything that disturbs the specula- tive mnarket. No man knows at night how mnch the currancy howolds will be worth in the morning, and the closing of a cotton-mill or of a bauking-houso will cnrry consterna- tion among tho denlers and holders of tho QGovernment paper monoy. 'The reason for this differenco is that the paper money of En- gland, Delgium, and Germany is not issued by the Govornment, nnd does not rest upon the ideal ‘faith nand resources of the nation,” but is protected aund maintained a4 & business Dby privato capital, and is of necessity redesmable on demand. The paper money of the United Stntes, and of Austrin and Italy, in issued by the Goscrnments of those countries; is not protected ond maintained by any capital whatever; is redeomgble at no time nnd place; and has no value save what tho strost brokers will give for it s n matter of specu- lation in sclling it again. Tt ranks like Jay Coure's guaranteed bonds, Tot Scorr's Con- struction Company’s expoctant subsidios, or any other paper or promise-to-pay moncy, for which thero is no money or sccurity ox- istiog. Being purely speculativo, it is sub- jected to the hourly foars, porils, and dangera which attend all securities which bave no fixed'or certain values, nnd which are bought and sold on chance. —— THE COUNTY TREASURER'S CORZS. And now comes Mr. Jacon Renxt and snys that ko is not & candidate for the office of County ‘Lrensurer against Mr. A. 0. Hesiva or any other man, whereat thero will bo weeping and wailing among the widows and orphany, at the Houso of the Good Shepherd, in the Homo of the Iriendless, and the Homcs of the Old Ladics, the Erring Women, and the Foundlings,—all of whom expected to obtain their share of the salary, interegt, and perquisites attached to the oftice, which Ltensr was going to divide among them. And also comen * Burrarto" Mrrien andaflirms sol- emnly and sncredly that the aforesaid Rens will not bo o candidate, the whole thing be- ing n job put up on hini (Burraro) simply bo- enuso ho failed to keep the *corks in his pocket,” and for onco was caught without vouchers, The way that Burriro got canght without his vouchers was something like this: Strol- ling about as bufalocs do, he fell in with Rewx and the Mayor, and purely in tho way of social recreation, after dropping into Ald. Forry's, tho four found themselves in n private room ot tho Pacific, where the champaguo was ordered by tlle Burraro aforesnid, and the conversation naturally turned upon the County Trensurership. Bus- raro, being the host of course, had to nttend to the wine, and whon ho has n duty of this kindto porform he says he usually keeps the corks in his pocket, because wine-venders sometimes have an unplensnnt habit of charging for more bottles than there ore corls, Having the corks by him, however, ho hns o check and safeguard ngainst tho corrupt schemes of the publican, and can crushingly overwholm him by producing the corks. Upon this unfortunate occasion, how- over, BurraLo forgot to take his.customory precaution, and it rosulted in disaster, The conversation grow very animated, and, as it grow, tho waiter was kopt in constant motion betweon the trio and the wine-collar. The rusult of all this wns, that, when the roportors capitured Burravo, he was with- out the corks in his pocket, and consequently could not remembor cor- rectly, Ieuw could not zemember vory well either, Whether the Mayor could romember is what no fellow can find out, as Sornery says, bocauso no fallow sounded him. Out of this memorial muddle came the announce- ment that Remt was a candidate for tho County Trensurership, and the jubilation in all the homes and hospitals when the news reached them that they were to divido equal- 1y in tho emoluments. And now it appears that there is nothing of the kind Itisn myth, a chimorn, a vis- fon, sn effervesence, The protty fabrio with its airy hopos and glittering promises dis- solves away, and all that is left is the empty bottles and one solemn fact that Boreazo Mmuxn did not keep tho corks, and the eignificant souvenir of the symposium in the ahnpo of a bill for 75, which sum is nocossary to compensats for tho bottles of Roedirer or Mumm whose corks were not kopt in the Connty Treas. urer's pockot, aftor his usual habit, This litle L. 0. U. is sigoificant in a double sonse,—not only as accounting for the lapse of memory, but as an indicator of the bibulous capacity of the conclave when talk- ing county politics and when no note is made of the popping of the corks. Bovonty-five dollars moany twenty-five bottles, which, divided among throe, gives eight andaguarter bottles per mau (the fractional bottles should probably be credited to the re. porter), which is not bad for an infor- mal watineo porformance, What §t might bave been, however, had it been aregular ovening set-down, must be left to the imagi- notion of the reader. 'Ihe denouemont should teach Burravo Mrrrza a useful lesson, and remind him to be more careful intho futore, and collect the corks as fast as they fly. By wo doing he mhy svoid such a shocking bill, which 1sa bai example, and such an equally shocking lapse of memory, and will not again arcuse falss hopes among the widows and crphans and axxitg womed, THE CHICAGU 'TRIBUNE: WEDNESDAY JULY 23, 1875. or disturb the peaca of the community hy precipitating an imaginary candidato unon it, Wa hape the County Trensurer will not be so forgetful ngain. 'I'nke care of the corks, and the bottles will take care of themselves. ——— THE GAGE OABE, The opinion of Judgo Bootu in the cnse of ©x-City ‘l'roasurcr DAvip A. Gack and his offl. .cinl surctics wns conspicttous for tho care hich o scems to have given to the matter, aud the particularity with which ho examined all the points of the defeuse, These points wera : 1. That, after the bond was signed in 1872, the Common Council of the City of Chicago, without the knowlodge of the securities, au- thorized and pormitted the City Trensurer to loan and deposit the funds then in his hands to and with such banks or persons ns he might select, without requiring any bond from such banks or persons, and that Gacz thus author. ized did loan tha publio money, and the city voceived interest thercon, and thnt the money thus lonned was lost through the nuthorized loaning thereof by the Trensurer, This plen neoessitnted a review of the whole history of the legislation by the Common Council on tho subject, and the lenrned Judge, nfter a paticnt invostigation, reached tho conclusion that the Common Council did not, and conll not legally, delegate their powery to the I'rensurer to loan tho public funds; that, luving no authority to delogate power in advance, they had no authority to ratify tho illegal act subsequently. 2, That the misapplication of funds oc. curred during the first term of Mr. Gaox, and not in the second term, for which the bond covered by this suit was given. This the Court overrules on the ground that the T'rensurer and his socurities are denied making such n dofense ngainst his official and sworn statoments that, at tho beginning and during his second term, he held the money in his hands which he subsequently failed to pay over. 8. That tho city at the timo of Gaaz's eloc- tion to tho secoud torm was awaro that he was o defnulter (?), and the sureties did not, and that to take a bond from them under such circumstances was a legal fraud. The Court held that in a cnso where the bond was given to a City Government this rule did not apply. It was the duty of the surcties to examine and nscertain whether the person upon whose bond they were about attaching their names wos a defoulter or not. 'They assumed the .risk and must take the consequonces. Thoso aro substantinlly tho logal dofenses. Of the facts thero is no dispute. The devis- ion of Judge Boorn thereforo eontitles the city to a judgment, bat the caso will probably Lo taken to the Supreme Court, to gnin time, if for no other reason. T'ho city has tho as- signment of the property of Mr. Gace and tho responsibility of the bond, and it is pos- sible, in casa Judgo PooTn be sustained, that ultimately the city mny receive a large por. tion, if not all, of the defaleation. PLIMSOLL'S VICTORY, The victory whioh Mr. Pr.issory, momber of Parlinment, Lias gained ovor the DisgagLr Government is a victory of humanity and philanthropy in the interosts of the toilers of the son. Unlike most other members of Par- liament, Mr, Prissors 18 a man with o mis- sion in life, and he has given his lifo to that mission with so much of patlence, assiduity, and dotermination as to earn in some quar- ters tho charge of being o lunatio, and in others the stigng of being o man with a hob- by, with all tho ridicule and reproach that snch o stigma jmplies. Mr. Priusonn is a conl morchant, and for years has had dealings with ships nnd sailors, and in the course of theso deanlings he mado the discovery that the English vessol-owners were building un- seaworthy ships, particularly the much. vaunted iron atenmers, and that these vessol. owners were sonding overlonded and rotten hulks to soa aud exposing the lives of tho sailors in every storm that overtook them. Whon Mr, PrrusoLs exam- ined the statistics, ho found that fucts moro than gustnined his theories, that the list of disasters to the British marino was oppalling, and that the annual sacrifice of human life was 80 great ns to be criminal, e theroupon bent all his energios to produco aroform, and at once encountervd the fiercest opposition in the shape of commercinl greed. Tho English ship-owners, who constituto a powerful eclement in Parlinment, arrayoed themselves solidly against him., Undaunted by this combination of sclfishness, ho com- menced his campaign, Ho filled the papers with communicationa, He issued circulars sotting forth indisputable facts, ITo was re. clected to Parliament upon the issue, and jn Parliament ho devoted himself solely to this subjeot. Gradaally he rallied friends about him and was no longer single-handed. Ife organized an opposition, and o Morchants' Shipping bill woy introduced, which mnde a nucleus of action around which to rally. Upon this philanthropio mensure tho contest began, and Mr, Priusorr las hold Parlia- mout to its consideration with such courage and tonncity of purpose, and attacked tho ship-builders and owners with such energy and dircctuess, that at last the opposition bo- came a personal one, and the ship-owners, instead of socking to crush the bill, sought to crush Prassore. When at last the En- lish people began to rally about Pramsorr, ond words of encouragomont came pouring in from other countries, Disnaxry, on behalf of the Government, sought to end the con- teat ot once by announcing that the Gov- ernment Lad sbandoned the bhill for the session. The Premier, however, mis- calculated the effect of fhis attempted geg. PriusoLt was not ilenced, but, on the othior hand, after vainly imploring the Gov- ernment not to abandon tha measure and sac- riflco more lives, burst out in the following improcation, which reminds one in its inten- gity of lunkr's impenchment of Wammax Iasrinas 3 1 cliaryo the Government with wittingly snd unwit- Hugly playing into the banda of maritine mordorers, inside and outside of Lhe Huuse, to securs & contiun- sncaof the present murdercus system. I doaire to unmask the villaios who alt in this Ilouse, fit repre scutatives of more numerous bub uok wrestar villajus outaide. Idemand Wat the bill bo proceedsd witl, Fulling in this, T lay upon the heods of the Premler s0d bis collesgues tis blood of all who shall parish nest winter from yroventible causes, and danounce against bim and then the wrath of God, ‘Ihis denuncistion was followed by the motion of the Premier to remove PuivsoLn from the House. The motion was not pressed to passage becauss Mr, Prixsors valuntarily retired. The denuncistion, howover, had beon spoken, It found ita way to the hearts of the British nation, It roused up a host of friends, ‘The press rallied to his defense. Howsoon found himself no longer fighting alone, but at the head of an immenss constit- neucy, and the Government discoversd itaelf in & position where it must tam or be over- whelmed. It decided that prudence was the better part of valor, and the Bhipping bill {s now placed on the oxder-book for to-morrow, snd, in addition to this, it is announced thas 8y Oxinsan Aposmax, the Prosidant of the Roard of Trado, will introduce to-day nnother bill further empowering the Boand to pre- vent unsenworthy ahips from sailing, "Tho resnlt is a splendid moral victory, and shows how mueh ono wan, possessed of cour. nge and dotermination, miay nccomplish ngninst a powerful Qovernment and a power. ful cammercial combination. Thers ean bo no doubt that ho has won this victory bo- canso ho had tho right' on his side and was not to be howled down by personal epitliots or {utimidated by threats, That he had the right on his side, n fow facts will show. In 1874, Lngland, with the largest iron fleot of auy nation, lost 4} per cent of all Lier ves. sels. During soven months of tho presont yonr, fourtecen ocean-going steamers have beon lost, and of theso ten were English, and nearly all of them wore built of iron. Thoso fourteon stoamor disnatern have involved a loss of 882 lives, and 730 of theso were lost on English stenmers. 1ow nro theso steam- ors built? A Boston ship-owner, now in Eu- rope, who has been visiting tho ship.Luilding yards in Bugland, writes: $ All the shoets of iron aro punched through to make holes for rivets along the eides and ends, Every puuched plece that I picked up was thoroughly shivered—disintegrated; wnd 1 oxamined hundrods, ot cne Lut was cracked and broken, Then I oxsmined the hiolon. Not a alnglo edga could T reo thnt was por- fect, All wers ragged, broken, disintegrated, These shaeta of ivon, when placed upon tha ship fo Le bolted fogethier, preseuled s queer sight to mo, Bome of the Boles matched each other, but & great many did nat, 8omo camo #o far out of i they Lisd 10 bo made larger on the fuside lap, thus leaviug the hole in the fnaldo late only partly flied by (ho rivel, whilo luto other holes not so much out of place were driven tho bolts by twisting and turning, and being pinched smaller by the unmatched edges of the Loles. Many of theso bolts or rivets are made, i the contre of them, only hulf the stzo of the orginals, Buould o strain come upon such parts thoy would give way—tcar like brown paper] ¥ ‘Chat sailing vessels are not constrycted any more sccurely mnay be inferred from the fol- lowing extract from the samo lctter, as well as from the fenrful list of diasters recorded: + Tozsminod sone sailing ships which woro butlding, in which thero wan to o but plaater in the bottom, filling 1t up to the bottom of tho keclson—* in order to koep the waler from eeftling thero "—o they fold mel I could scarcely believe wy eyos or ears, aud folt for momie tme that I ought not to sposk of theso things, fearlug (hat T might liave been droaming only, There is no friend of humanity who will not congratulate Mr. PrassoLt on his mag- nificent contest and rojoico at the vietory he has obtained. It would bo a blessing to mankind if tho world had more such *‘lunn- ticy,"—more such men possessed of o *“mad- ness,” the worst manifostations of which are n rogard for the sncredness of humnn lifs, and the courageous dotermination that it shall bo presorved from the danger of rotten ships, ond that commercial greed shall no longer endanger the lives of sailors by placing them upon unseaworthy and overlonded vesscls, THE AMERICAN RAILROADS. Poon's oxcellent and compreliensive Rail- road Manual for 1875, which brings tho sta- tintica of tha railroads of the United States down to the closo of 1874, has beon issued, and is replete with information, This pub- lication is improving anunually, and is cer- tainly 0 moat valuable one, It is becoming a ntandard authority, and has its matter woll and convoniently arranged. It is unnecessary to soy that the volumoe is increasing in sizo, At the close of 1874 thero had been don- structed in the United States and Territorics 72,623 miles of railway, of which 1,940 were constructed in 1874, Of thoe aggregato rail- roady, Iinois had 6,759 miles, Pennsylvanin 5,687, Now York 5,230, Ohio 4,348, or to- gether 22,064 miles. , Poon gives roports of the business of 6,273 miles of railways in 1874, with the following goneral resulta : Qross earnings....... Frolght ruceipts, Fusnenger recelpta, Ogerating expenses. Net earnings... Vaid an dividends, Asgregata cost (including Cuital stgck,, Tonded debt., Averago cost T The net earnings for 1874 were $6,000,000 groater than in 1873, Tho tonunge moved whas grenter, but the rates recoived were loss. Tho cost of oporating wns s0 much reduced ns to cover tho falling-off in recoipts and leava a surplus not enrning rs stated. Taking everything together, the Bonrd of County Comnissioners has perhaps dono as well ng could be expected with reference to the new Court-Ilouse. As it is uncertain that tho Rings of the County Board aud the Common Counncil can ever arrange thoir di- visions and percentagos satisfactorily, tho County Ring ought not to wait longer, but procoed at once to got its sharo of the plun- dor. Innoving ot onco, also, it is in & posi- tion to dictato to the Common Council, and to compel the city to ndopt its plan of o building. More than this, with three archi- tectait would bo very difficult to arrange and collect the porcentages expected by tho Ring, while with one architect the sum in oddition, division, and silence will be a vory simple one. Again, s tho County DBoard is controllsd by the Iricsh, of course no German or American neod apply, and therefore the County Board should do as it hoa dono—give it to an Irish architect and vote down * Home Rulo," Taking everything together, thorefore, as wo have eaid, the Board has perhaps dono as woll as could bo expeoted. And now, inas- mnch a3 the connty is going to work in a fortnight to build its half, and aslabor and materials are so cheap, and they have only ono man to sottle with in the way of com- missions, they ought not to be very hard upon the people of this county, who will ontreat thom to make thoir pickings aa light &8 possibla, e —— 'WHO GAINS THE S8HRINKAGE ¢ [43 Triduna 7 iy s Moriaily, tn your fesue of o atated that, of Lhe $40,000,000 frac- Yonal cusredcy temuwd by tie Bovcrumu:ih in very e it $11,000,000 baa beus, destroyod, Admit- oorrectn: o el e it not s w Cxd backs 'hould wiperaeds’ Natioual ‘and saye tha * shrinkage * to the Gov- TRIONE RiaDEM, 1t the *resder” of Tux Tninuxx bad been & “conetant resder,” or had exmmined the Bank Iaw, he would have kuown that all National Bank notes which are Jost or destroyed inure to the bensflt of the Government, sod not to the baok. A bank is charged with the amount of notes jesued to ik, and b never can eacape the obarge until the Isat note lu redsemed by the deposit with the Troas- urer of & snm of groenbacks exactly oqual to the notes received by it. No mattar how many beuk-notes may ba burned, worn out, caten by rata and 1nlov, or lost in any other way, tho Qov- erawment alone is the gaincr, When a National Bank breaks, the Government sells ous enough of its soourity bonds for groenbacks to equal its oulstending circulation. As fast ss ity notes Pass through the Bank Commissioners' Depart- ment they are redeomed sud cenceled, and ths part of the isaue which never comes in for re- demption I8 80 much clear gain to the Govern- maut, a8 Uncle S8am **uaves all the shrinkage. Jxasx Poumrox's lawyors made a grest bluader when they drew up and published his auto- blography, It is » sxilifal plea for pardon, nicely balsnciag motives and weighing evidenca, 1d ccmvicts the atiorneys of ‘A misentle tunby, Of azoxs the conslbuien AhN) JOURS ERot [n aane and cnnning. In cithor caap, it can do tho condemned vonth no good. Tt Pastkroy 1 not insane, he ought not to bo pardoned, I ho I insang, tho langern have not proved it by publishing his autoblography. —— Extraordinary murder oades are common enough,—for the reason, of courne, that crimen of thia description sre committed by persons Iaboring under intenso montal excitomont, who aro not controlled ™y ordinary motives, nor roatrained by mere conelderationa of fitners, A caso Yory far out of the ususl run—ir it be a murder caso at all, and not & sad accident—han hiean agaln brought boforo public notice in Now York by tue roloaso an Lail of Mis, Hanan Men- n10AN. ‘This woman hau beon in Jail tiwo yonrs, han suffored two trinle, and endured all tho misery and disgrace of an accusstion of marder, 1for presont rolease is supposod to bo final, tho bail belog fixed at & nominag figuro, and hor conusol hiaving ssaurances that the prosecution will drop. Mra. MERRIGAN was charged with the murder of ber dearoat friond, & companion at tho convent whore shie was educatod, ond an intimate scquaintance in after- lifo. Miss Hammr, the woman sup. posed to have boen murdorod, iufiented 8 fortune moon after leaving school, and by this moans was ouabled Lo occupv a utation in Ifo suporior to hor fiiend. 'Tho theory of the prosecution was that Mra. Mernioan envied the good fortuno of her friond, bated her for it, ami compasaed Lor death meroly to satisty low fool- Inge of joalousy and revenge, Mies ITAsiLL fro- quently visitod Mrs. Mennioax, and it was on one of those oconsions that tho death took phce, Both women wore superatitions, They cousulted fortune-tellors togother; and the theory of tho dofonse is, that the rohearsal of ouc of thews fortune-telling exporicnces caused the death of Mive Hawnur, Tho stury is, that Mre, Menni- AN Dad placod Miss HAMILL on & chalr for the purposo of moasuring hor nock, walst, aud fact. While tha operation was in progross, Mrw. Men- BIGAX was called away. She had proviously placed a clothes-line about Miss HaMILL'S neck, and® thrown the cod over tho door of tho bed-chamber, to get it out of the way, As Mra. MeanioaN passed from the room, sho closed tho door after her. Bhe ro- turned soon aftorwards, ouly to find that Miass Ilastrey, had boen strangloa in her absouce, hav- ing prosumably steppod from the cliair on which sho was mtanding, without roflecting that the ropo about her neeck was fastened at tho othor end. Tho defeoso appears to be lame in many rospects, but it must bo romembored that it hag loon sufficiont to securo tho disagroement of Jwo jarfes; and it is said Mrs, MENRIOAN'S coun~ ol aro fully convinced of ber lunocence. et el Guinonp, printer, Roman Catliolic, citizen of Montreal, did not attract much attontion when he was alive, but Guisonp dead has convuleed & good part of Canadn, hias boen beforo the En- glish Privy Council, and is now tho sabjoct of angry debato in Montreal. Daring his lifo he woa s membor of the Cavadian, Inatitute, a lit- orary socioty which was under tho priostly ban becnuse 1t library contained somo horotical books. After ho died, s cortain prieat, Fathor Roveseror, rofused to lot him bo buried in con- socrated ground. The Instituto decided to wake thia o test-caso. Lawyers woro retaned, and tho suit was brought which cnded, after five yoars' litigation, in tho English Privy Council. ‘The latter decided that consecrated ground must bo opened to roceive the contumacious Gumonp, But Fother RoussriorT usya that this shiall not bo; that the civil courts have no juris- diction; aud that poople who don't syreo with him had betlor got out of tho Church bofore thoy ara put out,—or words to that effect. Ia lina scornfully rejected a proposition to compro- miso tho matter by quistly burvivg Guornorp in tho latter's family lot, boforo tho decision of the Privy Council should be formally announced to bim. Tho dend mav bas been resting in uncon- secrated ground, doubtless without knowing the difference, for fivo years and a half, but tho law will now have to enforco his rights and remove Lis remains. DBut, a8 the Gazlle grimly sug- fouts, *as tho priost controls his fate in the noxt world, Father Rovsseror will have eatisfac- tion out of him in purgstory.” —_—— The morality of profossional sporting gontle- mon Lias novor beon considerod too fine-spun for the practical purposca of lifo, but it hias com- monly boen takon for granted, as a mattor of courtesy, that any wlctary obtained under falso protonses fa worso than s defeat. Tho noted ‘Wanp brothers would appear to have taken a now doparture from tho old coda of ethics. Ono of thom recontly, it ia asserted, migrated to Mionesota uader on assumed name, joined a Loat-club, took part in a rowing-rogatta, and, as o matter of course, won several prizes. His sharp practico has been dlscoveroad, but o ia not atoll nbaslied, and bis brothers in Now York think ho has dona a protty clovor thing, Brothor Josut saye of the performance: * Now, I don't koow whether it were ELtas or not; but, if it ware, he ain't no great sinner, and them 's my sentiments.” 1f the facts be as ropresentod, Mr. Err1s WAnD is a tolorably lively aubject for discipline by auch aporting asaociations sa yalue elther thelr own reputation or that af the rowing profession. OBITUARY. PROF. J. E. CAINES, Tho arrival of the English mails briogs some interesting facts rolative to tho late Prof. J, E. Camnwes, the eminent political economist, which havs not been attainable bofore, eince by some curlous ovorsight his name {s not included in sny of the encyclopredias, nor in the “Men of Our Tima" aud {s not even in- cluded 1 tho mow edition of tho Ameri- can Encyclopedia, Wo reproduce, there- fore, malnly from tho London ZTimes, some Intercating dats rolativo to his life, sn snalyuls of bhis abilities as & political economiat having slroady nppoared in the columns of Tux TrIn- UNE. Prof Cimnxes was born in Drogheds, Ire- land, in 1824, and graduated at Trinity College, RDublin, o Dublio e devoted lumself apocially to tho subject of Polittcal Economy, and in 1856 & vacancy happening in the Professorship found- ed by Archbishop WuaTzLY, he was elscted to oocupy the chair. The firat fruit of his labors was a small volume called *The Logical Method of Poltlcal Economy,” of which the Times says: “These lactures are admirably fitted to oorreot the allp-shod generallzations whioh paas current aa the acience of Polltical Economy, and {t 1s & juss tribote to its value that the book has been selected st Cambridge a2 & text-book, recommendsd to atu- donts in tho Moral Bclonces He next dovoted himself to the effect of the gold dis- coverlos, and published in Fraser's Magazine soversl papers, whioh have since been oolleoted and published under the titls of “ Fsaays of Tolitical Economy, Thooretical and Applied,” in whioh he theorized *that tho mavement of prices conssquent on the gold discoverios wonld follow a certain well-defined order, rapldly Hsiog in ono olsas of commoditiss, which he spscified, rising more slowly in ancther, still more slowly in n third, and scarcely changed as all in the last division,"~-theorias which were afterwards proven true by results. In 1861 Prof, Carmxua deliverad 8 course of lectures to his clasa st Dublin, in which hie traced to ita nitlmate causea our War of ths Rebellion, and ashowed himself pod only & student but a etatesman, Defors his term had expired, Mr, Oaup- wxLL, as Irish Beoretary, had sppointed him to the Chalr of Political Economy st Quecn's Colloge, Galway, and his next labor was the de- fense of united unlversity education in Ireland, in which he was the centre of the operstions that exposed the character of the Insh Univer- ity bill and dsatroyed it. Hia sarvice wea recog- nized fa 1873 by ths Universily of Dublio, which conferrea upon him the honorary degree of LL, D,, its highoet distiaction. Soon after tha dofeat of the bill, Prof. Cuizwxs his tled “Bome Loading Principlos fn Political Economy, Nowiy Lxpounded,” of which ths Tunes saye : Itin Im!ml-lhln|ufl.‘n|)]-h with 1 witlou! fosling that At imwortli all the paina it requires nor fthout won. dering at tho courage and vapacity of & tind that caps rled on thess trainn of connected rossoning dosyils avery hindrance of cfrcumatance. Tho auslyste of the induntrial ergaulzation into several non-competin groupa n A valusble correction of 1he arsumptinne of economic reaoning, bringing ita dats jnto clorer cor respon-fence with (ho facta of experience, while thy atstement and {nvotigation of the law of cost thraw g Haod of light on phenomena that have been hitherty obnctired “rather than explatued by economi Wisat strikes tho reader, hera an alscwiern in the v wme, 1a the power with wiich the author always key, before himself 1o facts and operations which ars ayme boljzed or represented by thie words he usea, Mailie matlcisns know how apt studouts are tv play with symbols without remembering what they lguify, ang political economists are ton [rono to fall uto & sifil.r error, They have a vocalulury of words of art which they Jingln togetiter to the doaiialr of olhern a well sy tothe desiruction of thefr own futelligatice. Pr Qainnea was nevor guilty of this vice, and the * Le 10g Principles ¥ 1 & monument of hin frecdom from it, Prof. CAiRNEs rosignod Lls chair st Galway 8omo seven or oight years aco, but was aftor. watda Professor at University Collego, London, and when {ncreaelng inflrmity compelled him to vacato thia chair, in 1872, tho Council of the Coliepa conferred on him the title of Emeiitas Professor. tlo Lad Leen & sufferer for many vears from rheumatiam, but the workings of the malady nover scomed to Linder the cloar grasp of his mind or to diminish tho amount of work of which he was capable, Concerning bis prie vato life, the Times snys : Tho columns of & dally Journsl aro ill-fitted 1o ra. celva the impressionn of socda) Intercourse ; and the memorialn of his admirable huinor snd of converase tional like chariing and fistructlvo, muat be pro. served for hin family aud rionds. They wil trean the memory of a private life of rare olavation, aud the fow who Linve been privileged (o rosort to Lia €uburian home will long misk the luterchange of thought aud foeiing which 1ade It atiractive, BIR FRANCIB BOND IEAD, The Rt.-Hon. Bir Fraxcis Bonp Heap, top merly Liontonant-Governor of Upper Csuada, died in London, 'England, on tho 23d foat, He was born in 1703, sorved st Waterloo with the Royal Engincors and aluo st Flourus, was ene goged in the working of gold and sfiver miues at Rio de Ia Plata, was at one time Poor-La Commissioner of England, sod o 1835 was commissionod Lieutenant-Governor of Upper Canods, whero lio distingnished bimsolf by 8up, prousing a robelliou. - Ho wasmoro distluguisbed as an author, lowever, than aa a politician, and publishod mauy literaty works, among them ** Bubblos from the Bruonen of Nassau,” pube lishod In 1833; ** Life of Druce,” 1844; * The Lmigrant," 1847; * Btokers and Pokers,” 1550; **The Defonactoss State of Great Dritain," 1850; ** A Faggot of French Stories,” 1851; ** A Fort- night in Irelond,” 1852; * Dosorlotive Essuys,* 1856 ; * The Horse and Mis Rider,” 1867; and “*The Royal Engineors," 1870, Ho was oreated a Baronet In 1838, aud was given tho title of Privy- Couucillor in December, 1867, MARIBON BLOAT. Mr. MaptRoN BroaT, who was vory widely knowa in this country as a railrosd-mansger, died at Philadelphla ou the 16th inut., at the age of G0 yonrs, Ifo was for many yvears Superiu- tendont of tho Harlem load, and 1t was undor Lis managemont that it waa oxtonded to Albany. e also maunged tbe Vermont Valley Rosd many yoars, the last road with which Le was connoctod being the Louwtsvillo, New Albany & Chicago, Among other prominent men who hava died within tho past wook are Gon. Houario Hup. BELL, 80 old and distiugnishod mombor of the Philadelphia 8ar; nnd tho Hon. Hxypy Snen- woop, for many years n momber of tho New Yo~* Assembly, svd also s prominent Dirscior in the Erie ftnilrond management, POLITICAL ROTES, cvureo,™ saye tho Detroit Tribune, “ths inflationiats are very strong in Pennsylvania.” Why *‘of course™? Wil some of the Yrutec- tioniat organs, which, liko the Datreit Post, ara also Liazd-money organs, explain this 7 Tho roport that Atty.-Gen. Bloan, of Wis- cousin, who managed the cases undor tho Potter law 8o succossfully for tho Stato, is to bo ro- tired to private life, lacks confirmation. It is & curious ramor, worth tracing to its sources. Tho Democratio newspapers which began to abueo the Repablicau party in Tows for afiiliat ing with tho Methodist Church hava suddouly stopped. They have discoverod that the Demo- cratio candidate for Governor {s a Mothodist, whilo tho Hopublican ticket doos nok present oven one Mothodist namo. Tbo Constitutional Convontlons in Alsbsma and North Carolina are exciting the lvoliest in- torest of the people in thoso Htates, Tho Dem- ocrats aro hot for vital changes, and condemn thie proacnt instrumonts as the mauufacture of carput-baggers and ignorant negroos. The Civlle Rigbta question will probably be introduced in both Conventious, and tho elactions will pro cocd with somo reforence to that fuaue. Gon, Tom Ewing's speech a$ Ironton, 0., last Baturday, was & remarxably weak effort, The Cincionatl Commereial says it was ovorupread with & gentlo dullnoss that will preservo It from harmfulnoss, It coly showed that Ewing fa- vored rag-monoy, without exactly knowing why ha favored it. With him, as with a good many other stateumen of thly generation, inflation is & sentimont rathor than & logical process capable of ratioual oxplavation. Mr. Pendleton, of Ohio, 18 probably willing to part with any priociplos that stand in tho way of his political advancement; and wo thero- fore haston to inform him that his opposition to Government subsidios {s not popular at the Bouth. Tho Vicksburg Zerald advises ** Gentla- man Georgo ™ that he is not pursulng the right courso iu thia respect, if he hopoa to got the vote of the South {u the Democratic Nationals Convention, Mr, Pondloton las changed his views of the curroncy guestion go often that it would not bo inconsistont for him to turn abous and espouse the causo of the Bouthern Pacitio and atl other Iand-begging speculations. Friends of ex-Senator Oarpenter in this and other Btates are waiting with eome impatience for a dlsavowal of the statements attributed to him by o reporter of the Milwsukee News. He haa boen ropreaented aa ssying, it will be re- membered, that Geu. Grant is m candidate for & third term, and that Judge David Davis atands & good chance of belng olected President on » groeuback platform. Those who know Benator Carpenter donot need to be informed that he is incapabla of uttering such arrant nonsonse ; bul encmios of the Rapublican party are usiog the alloged interview for partisan ends, and it ought ta be denied. The cauvass In Kentucky presents so unusual appearance for that rock-rooted stronghold: Geo. Harlan bas made a brilliant atumping-tous and, though hedoea not predict victory, he does. 8ay: ** Tha Republican party to-dsy ws thoroughs ly organized, sud my confident prediction lg that, when the retarus from the election uhall come in, the result will gratity the friends of the Republican party throughout the country.” Fous yoars ago, Gen. Harlan reduced the old Demo- cratlo majority 80,000, and since tuat time It has become entirely respsotabls to be » Republican in Kentuoky. There will ba thres prominent candidates for QGovarnor before the Minnesota Republican Cou- | vention, which meets to-dsy. Mr. Pillsbury, of | Minoeapolis, has the strongess ncnpapnunp-! | port, and seems to ocoupy the position which Fushor held befoze the Democratio Convention. | Dr. Btewart is the 81, Paul candldate. Ex-Gov. Austin has a stroog following in the country, Aud soms [rospocts of success. He held the of« fice for two torms, Immedistely prior to Gov. Davia' inoumbency. The Bspublican candidate for Chief Justioe will probably be Judge Gllfl- lisn, who was sppointed to succced Judge MoMillan on the election of the lasterto the United States Bonato. Charlos 0'Conor's letter on the New Yorl Court of Appeals still attracts & large share sttention from the presscf the Biate. denounce him roandly fos eriticlslng the of ‘the Coart ad all, and others spplacd action a8 unressrvedly, The Albany sonches the real mrl: “The greed Jarity of men, whalbas [n lhe fetasilon ot