Chicago Daily Tribune Newspaper, August 7, 1875, Page 4

. R —_————_—e——————————— e THE CHICAGO TRIBUNF: SATURDAY. AUGUST Y7, 1873,—TEN PAGES TERMS OF THE TRIBUNE RATER OF SUPFCRIFTION (TATARLE IN ADYVANCRY Postaxo 'repald at this OMee. Taris of & yoar at the same rate, ‘WanTED—One active agent in ench town and villsge, Epectal arrangements made with such, Specimen copies a1t free, To provent delay and mistakes, bo sure and give Post-Ofics eddreas in foll, inctuding Ststeand County, Remittances may be made elther by draft, expres, Poat-Office order, of In pgistered letters, at our risk. TEAMS TO CITY BUDACRINERS, Daily, delivered, Sunday excapted, 23 cents per week. - Dasly, delivared, Sunday inclutled, 30 conta per week, Address THR TRIBUNE COMPANY, Cornar Madiann and Dearborn-ste., Cllcago, 1l T AMUSEMENTS, TURATRE~Rundolph street, hetween the Union Bquare Company, *The Two Orphane® Afternoon and e HOOLETS Clark and LaBalle. Engsgement o ADELPTY THPEATRE—Doarbarn mirees, Monroe, Y QUEEN'S CIRCUS—Cornar Btate MONTGOMEN and Twenty-second streeis, corner * The loe-Wilch,” Afternoon and svening. Buffalo, Flonr was in good request and 10@ 15¢ higher. Whent was activo, and 2e higher, cloring af £1,291 ecnsh and $1.28} for Bep- tomber. Corn was irregnlar and je higher, closing at 72%e cnsh and 73jc for September, Onts wero active and 1@2 higher, closing at 48le for Augnst, and 41}c for September. Ryo was quiet nnd stronger, at 87c. Barley was loss nclive and stronger, closing at $1.17 for Scptomber. Hogs wers sotive at an nv- ornge advance of 10c. The bulk of the trading was at $7.60@8.00. Cattlo wero in netive demand st a shnde stronger prices, Shecp wers unchanged. — Young Mr. Porren, in his anxiety to con. trovert the roport of the Chicago architects in reference to the Custom.Hoase, is reduced to the dire necessity of splitting hairs. After having lad another twenty-four hours in which to study up tochnicalities and formu- late theories, ho has accomplished an aston- ishing mathemntical caleulation, and haa also demonstrated his architectnral ingennity in pulting together words so as to convey the desired menning. He figurea out ta his en- 'EiIlm Chicage Tribune, Baturdny Morning, August 7, 1878, WITH SUPPLEMENT. tiro satisfaction that the Chicago architects never learned the multiplication table, and that they wero guilly of a gross blunder in ecalculnting that & surfaco 2 feot wido aud 2 feot 4 inches long cov ered on area of only 43 square foot ; wherens, necording to Porren’s arith. metic, such dimensions would cover an aron of 7 feet. Thus Porten smashen the pier- At the New York Gold-Exchange yesterday, greanbacks opened at 884, fell to 873, roso to 88, and elosed at 873, Counset, tho French ortist who figured conspicuously in the mob of Communists who destroyed the Column Vendome, will ba com- polled to defray the oxponseof ita restoration, A decision to this cffcet wns yesterdny given by the French Court of Appeals. Arrangements have been perfected whersby Amorican travelers in Europo holding letters of credit from Duxoaw, Surrvax & Co, may bo rolicved from embarmssment nnd loss. Drexxr, Moreax & Co., of New York, anmounce that their branch houses in London and Pnris will cash such orders upon pre- sentation, A grand schemo for tha universal inter- changs of moteorological observations has been perfected, and is abont ready for opern. tion. It contomplates a system of daily bulle- tins from signal stations in all ‘parts of tha ‘world, nnd the transmission by talegraph of the results of tha observations of tho weather and the probabilitics, Wall streot is trying to work itaelf into a flurry over the anticipation of fuilures which are not likely to come. Co. had upon the gencral business of the country, notwithstanding thero is no danger of anything like a panic in this country nt the present time. Greenback- scrip will go bobbing upand down ns long as it ia unrodeemed by tho Government, and the stocks of Wall street will bob up and down all the morae on that account; but it is not negossary to drag in all the financial institn- tigns in tho country to increnso this dis. {ryrbence. Thoe Finance Committes of the Common Council, in conjunction with the Mayor, Cowptroller, and Corporation Counsel, yes- terdny mot ond considered the serious situn- tion in which the oity is placed by the decis- fon of the County Court in reference to the taxes of 1574, The result of tho con- saltation wns tho calling of a special meoting of tho Council for this evening to poss en ordinance providing for the collec- tion of the taxes of 1875 under thoe general law, and tho Finance Committea will also recommend a completo suspension of publio improvements, this course being necesaitated by tho fact that the city will have no money to pay contractors. According to genernl expectation, the O'ConxeLw contonnial exercises have precipi- tated o row between the Ultrmontano man- agers and tho Home-Rulers aud Fenian sym- pathizers who were o grossly enubbed in the preparation of the programme. Lord O'HaaN, who had been selectod to deliver an oddress, failed to put in an appearauce, and the Lord Mayor of Dublin attempted to read tho address, 'This was the signal for a strong demonstration of disploasure on the part of the disgruntled olement of the vnat assemblage. . Tho Feninn amnesty men had ovidently expected such an opportunity, for they had gatherod clogs to the platform, ond when the Lord Mayor bogan his rending they drowned his voice with angry cries of “No Whiggery!” and loud nnd persistent ealls for Dr. Isaac BorT, tho ropresentative Home-Iuler, whomn they had desirod to make tho nddress. The Lord Mnyor gave it up in despair nnd re. troated to Lis carringo, und Dr. Burr made Lis speech, which appears to have boon in excellent temper. Other gontlemen of the Homoe-Rule persuaion followed, and the pro- ceadinga wore aftor all protty fairly divided between tho two antagonistio factions. A similar scone characterized the grand bau. quet in the ovening, whereat tho uproar ‘was 80 great that the lights were put ont and tho festivities brought to a tudden close, Mr. Mink SORRIDAN scoms now to have exbausted his opportunities for attracting public attention. While Lie went off to con. sult his lawyers yesterday, tho Board of Pub. lic Works, by order of the Mayor, entored the old quarters of the Board of Polics, hustled out tha old furniture, and began to put things to rights for the new City Marshal, When ex-Commissioner8uenrmay returned, he found himself without alocal habitation, although ‘Wo think now that it will bo difficult even for Mr, Buzmpax to discover any occasion for bringing himself befora the public. 1o has ncted unwisely in his lnter resistanco Lo the action of the Mayor and Council. Iis case was decided againat him i the Circuit Court, and one of the Su. preme Judges, after duly considering the uatter, refusod to extond his injunction, and left him nothing to do but retire until the mot without a name. Bupremo Court should pass upon the case, Instead of doing thia quietly and sensibly, he has continued to resist in the most absurd fashion, in order to occupy publio attention, The Glflcago}md'uu markets wera gen. Mess pork was active and 250 per brl higher, closing at erally stronger yesterday. $2L.45 cash, and $21,60for Beptember. 1 was quict and 150 per 100 Ihg higher, Bt §13.6240 cesh, wnd £1d.50 for ber. Meuta v.ere guid, nt ders, 1116G.12¢ for short clio, High wore quict w higlier, at $1.18) per gallon, The small effect which tho suspension of Duxcay, Surnyax & they failed for $6,000,000, wns an ample indication that e Luke freights wers dull and sasior ut 3}@2}0 for, corn Lo tests of the Chicngo investigators by proving that twico 2is not 4. In an equally con. clusive manner he proves that the local archi. teets do not ndvise the resumption of work on the building, but simply state tho possi. bility, That this construction of tho mean. ing of langunga is on a par with Porrzn's now multiplication table will rendily nppear when it is remombered what the Chicngo architects sctually did say in their report, viz.: Firat—That thera in no evidenca of weakness or In- stabillsy In the present structure, Second—That the fouudations are sufliciant, with the precautions suggosted in this report, to carry the load coutemplated by the design. ‘Thie Commisaion is of the opinion that work on the ‘bullding could be reaumed (with the precautions sug- goated) snd carried on to completion, The intention of tho soven signars of this report is perfectly clear to peoplo of ordinary intelligence. They mean that the founda- tions, with the slight changes suggested, ore suflicient for their purposes, nnd that work on the building could be properly resumed, nud that, such being the case, the work ought to bo resumed. Let young Blr, Porrer push back his hair and try again. Ife hna only succeedod in msking himself ridiculous thus far. THE DEBT OF THE CITY OF CIICAGO, ‘Tho Chicago Zimes boldly and deliberately proposes that between three and four mill. ious of the eurrent indebteduess of the City of Chieago be repudiated, and gives notice of an appenl to thae courts to rostrain its pay- ment nnd to declare its illegality., As such a publication is calculnted to injure the charac. ter of the city to the extent that the want of charncter of that sheot con do it, an explana- tion and n correction of the Times' statement of pretended facts is necessary. That paper states that in 1870 the bonded debt of the city was $12,000,000; that, in order to avoid the prohibitions of the new Constitution, bonds wero sold increasing this debt to #16,000,000; that, in consoquenco of the firo, tho State of Illinois relieved tho city of the three million river-improvement debt, reducing tho whole debt to $14,000,000; that the valuo of tho taxable property in the city at tho Inst assessment for State and county purposes was $110,630,275; that, under the rastrictions of the Constitution, the limit of debt allowed to the city is 6 por cont of the assossed value of taxable property, or 85,432, 513; that the city, in April, 1875, had ont- standing intorest-bearing certifientea of in. dobtodness amounting to %3,504,804; that since then £3,000,000 of other certificates have been issued, showing a totul debt: Tonded dobt..eveerreses Uthier Interent-boaring doiita, Non-interoat-bearing dobt, Total city debl.eevsssises Upon this exhibit thaf ments : Wit follows will show that, since the adoption of the Constitution of 1870, the * city authorities " have deltverately, wantouly, and wickedly violated ons of ita platucat provisiona for tha security of tha righte of citizena ; that they have procesdod deliberately to add millions of dollats to a city delt alroaiy transcending the constitational Hmit by more than 150 per cent; that, no longor ago than tho month of Asy, they sdded some $3,000,000 to the city debt withont the slightest authority of law, and in plaln violation of the positiva Limitation uf the Conatitution, Now for the facts. On the 1st of Docem- ber, 1869, tho bonded debt of the city was £10,044,500; floating debt, $714,373. On Deo. 1, 1870, at the time of the adoption of the Constitution, tho funded debt was $13,. 034,000, nud on the 18t of Decomber, 1871, it wos $13,646,000, which is tho precise sum which was due April 1, 1875, The bonded debit has theroforo not been increased a dollar since the Constitution wasjndopted in Auguat, 1870, Aftor the great fire in 1871, tho State did not veliove tha city of its dobt for the canal impravement; it advanced the city the money scoured by lion on the ennal for that work to repair certain losses, leaving the city to pay tha debt at maturity just the sama as before. The noxt error is in putting the value of taxable property in the city as assessed for Stato and county purposes at $110,650,275. The Inst State sud connty asscssment of the taxable property in this city was, in round numbers, §225,000,000, which at 5 per cent warranted s dobt of $12,730,000, or within §750,000 of the limit suthorized by the Constitution to be created. The constitutional provision on this subject rends na follows: No county, city, townahlp, school diptrict, or other muuleipal corporation, alisll Le sllowed ta become ine debted fn any wmanner or for suy purposs to au smount, {ncluding ex'ating fndebtedness, ia the sggre- 8ate excecding 6 per cent on the value of the tazsble proporty therein, {0 be ascortained by the last azsess- ment for Blato and county tazes previous to the fn- ourring of such indebteduess, * ‘This provision certainly was not fatended to declare all existing indobtedness in excess of &percent of tho mssessed value of the property 8 illogal, which ia the iden the Times would convoy, It was s limitation for tho future. Tho bonded debt, therofore, thongh in excesa of the constitutional linit, existing before the adoption of the Constity. tion, canno’ be disputed aa illegal, Now, what are the facts concerning the certificates of indebteduess? Undey the city charter and the amendments thereto, Chap. 5, Eece. 46, the city was authorized, in cage there was not sufficient money in the ‘I'reasury applicable thereto, to pay the inters est on the funded debt, to jasue orders on the Treasurer, payablo out of the first moneys ~oiigg into the 'Frensury ; such orders to ty ceys Imt to be renewablo until e Vo cobaeted, i tlw like borrow ng, to make Aty puyment ug due bu.o e the coliArtion of fux . . Seo. 48 provides thut if from nuy osuse papi the city hns herotofors, or may hereaftor, fail to collect any goneral tax, or in caso the receipts of rovenue should fall short of the amounts appropriated, it shall be Iawful to borrow a suffeient amount to cover auch de- ficioucy for any time not excoeding tho close of the next municipal year, and to issue cer. tificatos of indebtedness therefor, the same to be provided for in the next annual appro- propriation bill, Bee. G0 authorizes the city to make all temporary lonns due June 1 of each year, Horo is tho suthority undor which the city has from time to time been acting, to meet expenditures occurring before the collection of taxes, to meot appropria tions for which the tax levied had mnot been collected or failed, and to meot tem- porary doficiencies in the rovenue. A no- table instance of this kind occwrred in 1871, The appropriations for that year had been mnde -and hod largely beon expended; the fire occurred beforo the tax was lovied; the property being destroyed, thors was a fail- urae of 50 per cent of tho revenue relied on to meot the appropriations. To cover the de- ficionoy, certificates of indebtedness were {n- sued. From various causes, and ospeoially tho non-collection of taxes owing to the de- focta of the spacial laws under which the city has been so vainly and hopelessly endeavor- ing to collect rovenno, this deficiency has gone on increasing from year to year, and hns necessarily been met by the issua of cer- tificates of indebtedness, Itnow amounts to about $4,000,000. Now, what aro thess certificatos of indebt- ednesa? They are in evory caso issued to the holdor of any Iawful claim arising agninst the city, under an sppropriation made to be paid out of the current revenne for which a tox bas been laid. In other words, the city has originally authorized an expenditure as provided by an ordinance under its charter, and mnade an approprintion therefor, and lov- ied o tox to supply the money to pay the samo. Whon the contractor or other person applics for his money, the Comptroller in- forms him that the tax levied to produce the money to pay that expense has not yot been collected ; that when the tax is collected the bill will be paid ; but in the meantime, until the tax is collected, the city will issuo a voucher called a certificato of indebtedness,— an nudited bill,—certified by the Comptroller to bo correct, and to bo paid out of the reve- nue to be collected, for which taxes have been or nxo to bo levied. Theso certificates of indobtcduoss ore not “bonds™; they are not, in the senwo of the Constitution, addi- tions to tho public debt. They are merely evidences that the city has outhorized n cer- tain expenditure, hag made an appropriation therefor, hins levied atax to produce themoney; that the servico for which the appropriation was made hasbeen rendered ; and that, on or beforo the 18t of next June, tho tax be. ing collccted, the city will pny for tho same, That in not and hos never been considered by any court or govornment as anything but a certificato that there is duo to the lolder of the paper the amount named therein, payablo out of the first moneys collected from the tax lovied for that purpose. It isno addition to the city debt. It is no addition to the city expenditure. It does not incroase the appropriations. It is an order on the T'rens- urer, payable out of tho taxes lovied thore. for, when the same shall be collected. It docs not change the character of the cortificata that it is from time to time renew- ed by the issuo of a new one in placa of the original ; the certificate remaine the same: an evidence that the holder is entitlod to the amount named when the tax lovied therefor shall be collected. Nor is its character chang- ed by tho faot that the certificato bears intor- est; thera is no legal prohibition of tho payment of interest upon claims or audited billa againat the city, provided there bo an appropriation to pey the interest. Strictly and legally epeaking, those certificates aro orders on the Treasury for the payment of monoy when the tax levied therofor shall be collectod. The tax-warrants providing the rovenne for this purpose are the assets in the hands of the city from which these cartifi. cates aro to bo paid. 'The proposition that the city shall repu- diato these certificates, or in any form seek to ovade their payment, will bo spurned by every roputuble citizen of Chicngo, The proposition itself is a plece of demagogery which will receive no countenance. While woe concedo that the City Government is directly responsible for much .of the present emburrassment and for thoe fallure to collect tho taxes, wo know that we repro- sent tho nnivorsal sentiment of the people of Chieago that there be no ropudiation of any city obligation, cost what it mn; e r—— POTTER. We shonld prefaca by saying that Porren ia tho Bupervising-Architect of the Treasury Department; also that he is Murrzrr's suc. cessor, He s a young man, and belongs to tho great Porren family, Thore are High- Priests and Bishops in his family, but they may be made of a firmor clay. They are ac- oustomed to dignities; but this young mon is not. e has had greatness thrust upon him, and bears his Lonors, not blushingly nor meokly, but with a show of their weight and importanco that indicates they are now and burdensomo, The Chicago Custom.Houss has given Porter an opportunity to display his vordancy, which he regards as laurcls, Somo little time ago, hecanterod into Chicago ono night aod cantered out the next, Ever since that flylng visit he has known more about Chicago, and its subsoil, and its Cus. tom-House, than all the rest of the people put together, The rocent report of the Chicago architacts has brought out this fund of knowledge for the benefit of the publio, Porren expresses himsclf e» cathedra on Chicago, Chicago people, Chicago architeocts, Chicago buildings, Chicago newspapors, and pretty much everything else in Chicago. Porren knows all about it, and unfortunately his opinion is unfavorable. He don't like Chicago or Chicago architecturo. He has a very poor opinion of Chicago architects. In point of fact, * he never heard of but two of them," which {s sad and humiliating, He thinks that Mr, Van Ospze must be a poli- tician, and delicately suggests that Mr, Cnxsanovan was afrald of losing his place, and that Mr, Baven sided with Muzrxn on account of nationality. Of course Mr. Por. TER i3 & sousitively honorsble young man, or such suggestions as these could never have occurred to him, He is likewise an exceod- ingly ncute young man, for he haa discoverod inconsistencies in Tue Teiounz in ita treal ment of him, and scents some *queer in. fluences " afar of. Of all this Mr, Porres has delivered himself with that frankness Ppoculiar to youth and inexporience, We vory much fear that Mr. Porrea is Just at that time of life which has been aptly de. nominnted 8 the “vealy stage.* It unques. tionably Liag its advantages whers there is no intention of killing off the calt, for it looks forwaxd to a long life wilh no misgivings as to the future. Butit isa condition given to thoughtless antica and bleatings that oldor heads eannct but regard assilly, Mr. Porrrn Roems to have done something of this kind. Wo have no doubt he is a very nice young man in his way, but he is very recontly from his books, ‘There is an unavoidable sug- gestion of the Bophomora about him, and he has but a limited Jmowledge of applied mo- chanics, 1t is somewhat nubecoming in him, therofore, to summarily disposa of men old enough to be his father, who kuow a scoro of Yyeara ngo more than ho does now, and who hnve probnbly forgotten moro about prac. tienl building than Mr. Porten has yet had time to lenrn. Ilis accidental elevation to his present position searcely warrants his of. fort to snub seven gentlemen who have supervised the crection of n great part of the handsomest and most substantially-built city—New Chicago—on this coutinent, Itis atill moro unworthy for Lim to attempt to impugn their motives. As toyoung Mr. Porren's critioisms of Tue TRInUNE, we can only remembor that he is oven less competent to roviow journalism than he s to pasa judgment upon architec. ture, Tne Trinuxe acquicsced in young Mr, Porren's attitude relative to the Custom- House &0 long aa it believed his nssertions to be corract and his motives unsclfish, But ns it has come to ba pretty ovident that young Mr. Porrzr jumped at his conclusions, his obstinacy in abiding by them tends to con- firm tho suspicion alrendy strongly suggest- ed, that a discreditablo ambition lurks behind his purpose to have the Custom-Honsa walls torn down. Young Mr. Porres wanta to draw gome new plans himself, and appenrs to be willing not only to toar down the walls of the Custom-House for that purpose, but also to throw away nll the material that has acen- mulated. He thon desires to draw tho stono for his new building from the granite of Mnine, and ercct o structure that will make the Chiengo architocts open their eyes. ‘Wo have no opjection to young Mr, Porrrr'’s roforming the architecture of the world, but we object to his doing it at public expense. The peoplo of Chicago renlly can't afford to pny a million or two of dollars even to confor this great boon upon mankind. As regards o Congressionnl Investigation, wa can tell young Mr, Porrer just what that will nmonnt to, which may bo information to him in view of his limited political expen- once. Congress will appoint a ecommitte of soven ; it always does. This committee of seven will be made np of five Democratic sharps and two Republican flats, solected by n Democratio Speaker. Five Democrats will Lo selected who have nothing but the * good of tho party ™ at hoart; two Republicans will bachosen who cannot see through a grindstone with o hole in the centrs, if such can be found in Congress. The sevon will come out to Chicago, and summon witnesses, all at Government expenso. They will then spend a month or fo in taking testimony, which will bo written out by short-hand roporters and printed in a volume about the size of Wen. sTER's unabridged, all nt Govornment expenso. ‘Then the five Domocratic mombers will write a long-winded indictment, in which they will ingist that tho climax of Republican iniquity is the renponsibility of that party for the bad character of the Chieago subsoil. The two Republican membors will enter a feoblo pro- test, in which they will set forth that the Democratie party is, as o matter of fact, more responsible for the bad chapicter of Chicago underground than the Ropublican party. Here is a grave issuo, which Congress will discuss for a fow wooks nt a cost of §10,000 o day to the American people, Finally, tho testimony, reports, and debatos will bo ordered to be printed, subsequently to find their way into the hands of tho old- paper dealers, rud the disposition of the mnt. ter will bo relegated to the Secretary of the ‘Tronsury, with power to act, with n uni- vorsal howl on the part of tho Demacratic pross againat the infamy and corruption of the Republican party, as illustrated by Chi- cago clay. And, after nll this, we don't sea how young Mr. Porres will bo any better off than heis now, while tho people of this country will bo a good deal worse off, Wa shall not hold Becretary Bostow renponsible for young Mr. Porrea'’s immature mouth- ings, nnd accredit him with sense enongh to yicld to tho argument of facts, s wo be- lieve him to be nctuated by the purest mo- tives. Ho is not incumbered with an am- bition to remodol the architecture of Amorica, and hag arrived at an nge when he recognizes that he does not stand alone in the world, HAS THERE BEEN CONTRACTION P We showed in a provious articlo that the groenbacks and National Bank notes now ontstanding exceeded, by $78,754,688, the amount afloat April 1, 1866. ‘The volume of currency has therefore been expanded to that amount, and the contraction which is acoused of having causod the present hard times nover took place, and thoreforo cannot have cansed it. In this demonstration we under- stated, rathor than ovoratated, the real ex- pansion since the close of the War, We pro- posa to ahow to-day that the currency haa been inflated to a considerably greater extont than wns statod in our provious article, The American Enoyoclopmdia for 1865 con- tains & long article on the Finances of the Unitod Btates. In the course of it, the pn- por circulation on Oct, 81,1865, is given at §784,218,038.20, This sum is made up of tho following items s United Biates notos Btale bank notes Compound-interest n Grand total,, +$734,318,038.20 The last item should not appesr in this ta- ble. It represents the part of the compound- interest notes which was *‘supposed™ to be in circulation as currency. The fact of the caso is that none of thess notes were our- roncy, properly speaking. They occasionally changed hands in the settloment of debts, but they did so as State, city, or railroad bonds sometimes do to-day, A dobtor hands over a lot of {ntorest-bearing securities in discharge of an old account, but the ssonri- tien do not form part of the ciroulating me- dium of tho country called monoy, When Jay Gouwrp handed $7,000,000 ¥n stocks and bonds to the Erie Company, the currency was not increased to that amount, Andso with the compound-interest notes. Calling them currency would be on & par with calling & mortgage on a house traneferred in payment of & debt currenoy. If this rule is to bo observed, the tables of currency would have to contaln an accurata record of all the real and personal property, bonds, and mortgages that had changed hands daring the year. The com- pound-interest notes were legal lenders only for their faco value, but they were worth wore than their face valuo a day after they were {zsued by the amount of the accrued in. terest. A yoar nfter they were issued, they were worlh §L03 Lo evosy 1 0f £a0e value ) two yonrs nfter irsuo, they wero worth R1,12} to tho ¥1; andin three yenrs cach $1 of face valuo represented §1.19. They coulld be sold nt very nearly theso rates at any Lroker's oftfico. Under theso circumstancas, the avor- nge Amarican wna not foolish enough to pay hia debts with compound.interest notes. ‘Tho 1ast item should ba stricken ont of the table. Dut fo order to meot all cavils, wo will adopt the Encyclopredin’s figures without reserve and consider the currenoy outstand- ing Oct. 31, 185, sa smounting to $734,- 218,048, It s important to remember that the .mnrk used hero does not mean constitu. tional, hard mouey, par dollars, but war-mens- uro or greenback serip. A circulating me- dium is to be reckoned, not by the number or denominations of bits of paper with nom- inal values stamped npon them, but by pur- chasing power. 1f the money circulating in an Illinois county in 1873 will buy 100,000 bushels of wheat, while tho amqunt circulat- ing in 1874 would only buy 75,000 bushels, tho county has more curreucy this year than it had lnat, no matter whether its inhabitants aro liandling more or less bits of papor. The use of ** money "~—of no matter what kind— is n3 a medium of exchange, Theroforo, the more the currency of a country will exchango for, the grentor its amount is. In order to compare the curroncy ontstanding Oct. 81, 1865, with that in circulation now, wo must reduce both nmounts to the only common do- nominntor,—gold value. On the last doy of October, ten yecars ngo, gold was quoted at 145} to 146} (Now Am. Encyclopmdis, 1865, p. 847)—sny 146. Thatis, tho groen. back was worth 68 cents on the dollar, A dollar bill would servo as the medinm for ex- changing or purchnsing 68 conts’ worth of food, fucl, or clothing, or any other com- modity,—nothing more. The 3-mark of the toblo stands for 68, not 100, conts. The #714,218,038.20 in ciroulation Oct. 31, 1805, therofore amounted, in purchasing power, to $499,268,265.07, and no more. In order to discover whother or not there haa been inflation, we have only to find out (1) the amount of curroncy now outstanding and (2) its purchasing power. The follow- ing table gives thefirst of thesa datn: $375,771,550,00 1145,303.10 184,008.00 Nationsl Bank notea, Totahesrseruens ,785,081.10 Theso figures aro for July 1, 1875, Wo havenot the amounta for Aug. 1, but they are known to be a little more, July 1, 1875, the greenback dollar was worth 85 cents. Gold was quoted nt 116} and 117, The cur rency in circulation, therefors, had a purchas. ing power of $653,408,083.93, As the result of this investigation, wo havo the following trustworthy tablo, Qirculation Oct, 31, 1355, wort -$199,209,215 Circulation July 1, 1875, worth, « 63,463,033 Which shows an expansion of value of.. 154,100,318 Thero are othor items etill which might be givon in order to show that the net exprusion hns been even grenter than this, Thus the chango in the National-Banking law a yenr ngo relensed somo §G0,000,000 of greenbacks proviously locked up in the bank resorves, transferred them to the active ciroulating mo- dium, and so practically expanded the our- roncy to that amount, But we are content to cast nside these points of oxpansion for the time being. We have thus demonstrated an expansion of over $150,000,000 of curren- cy purchasing power sinca the close of tha Whar, instoad of tho contraction of $1,500,- 000,000, ea the reckless Cincinnati Enquirer assorts, or 81,000,000,000, as a Bloomington idiot affirms. As thore has been no contrac- tion, will some one rise and oxplain how con- traction caused the panic of 1878 and plunged the country into hard times? THE BEECHER SCOANDAL, ‘The Brooklyn goandal will not down. Once mors it is to bo dragged before tho public in all its odious deformity, and sickening details, and vulgar surroundings, to tax the popular pationce and disgust the respectable portion of the community. The heaps of lotters, documents, and afildavits, the interminablo teatimony of old witnesses addoed to that of new ones, the ragged odges, nest-hidings, caves of gloom, white souls, true inwardness. es, stoppings down and out, and all the other sentimental phrases of Breowmer's vaporings and TruroN's rhapsodics, the idle prattle of the gosaips, the sensntions of the intorview- ers, and the scandalous suggestions of the prurient, aro onco more to be poured out with more than their original repulsiveness upon this afilictsd people. Itis worse than the floods, the tornadoes, the grasshopper vis- itations. Theso sweop over tho country, but theirravagasare lemporary and they are usually followed by a season of health and immu- nity from further danger. This scandal has alrendy done irroparable damnge, and has entailed consequences which will extend far into the futuro. The further publicity of it, the renowal of its old vulgarities and ob- sconities, and the addition of new ones, with the multitude of sonsational rumors and minor scandals which will follow in its train, will increaso this damnge and spread still wider the curso of its blight, It has already tended to wenken reverence for religion, to impalr confidence in human nature, to make virtuo and domeatio purity bywords, and to bring the domon of jealousy and suspicion into many a housshold. It has poisoned tho minds of youth, and it has furnished the onemies of religion and the roues of socisty with the unanswerable arguments of re. proach and satiro. It has virtually ruined tho ministerial work of the greatost preacher in the pulpit by loaving a susplcion in the public mind as to his purity of character and virtue of conduct. It has broken up the household of another man, and blightod his whole life, by lower- ing him from the lofty, moral, and intel- lectual position he was presumed to ocoupy. It hos given the prudes, and slanderers, and gossips, the free.lovers and * advanced thinkers,” so-called, an opportunity to ad- vertise thomaelves and their pernicions doo- trines such a8 thoy never had before. The rovival of it will intensify the damage already done, unless in some way it 8 kept from the publio, and this should be the aim of the counsel in tho case, ‘The counsel of Mr, Trrronhave announced, In their intorviews with yeporters, their in. tention to call Mr, Livs, the druggist who s reported to have sald poison to Mr, Brzomsn; Mr, Hexsy C, Bowsy, who has repeatedly given out intimations that he knows all about the case, and will tell all he knows, if questioned as s witness; and Mr, Josren Riomaxps, the brother of that unfortunate wife, Mrs, TitoN, who is to amplify and fill out in detall the sensual suggestions ocontained in his previous story sgainst his sisters charaoter. There is pothing that thess three men can tell which will be of any benafit to the pub- Ho; nothing whish they can tell that will be likely to changs the opinion of a part of the publio ; and probably nothing that will tend {o make the new jury any maore unaulmous than tho old owe, But in the old evidence and tho now ovidenca thers will bo “much, vory much, that is domoralizing and disgust. ing, and that will spread still furtlror the contamination nlready enused. Of courso, if tho coutnsol in the casa are so disposed and present valid ronsons, they nra entitled to a now trinl in consequonce of the disagreemont of tho jury, but inasmuch as there will bo no possibility of proventing the discharga of this #ewngo upon the public, if tho caso is tried in a Iargo city, tho connsel should have a decent rogard for the mornls of rocioty by removing thoir case to some distant part of New York, far romoved from nowHpApers, railronds, nnd telegraphs, and got through with the disreputnbla business with the utmost possible dispateh. It thore nre twelva men to he found who know %o little of the Bezonen senndal as to have formed no definite opinion, they will bo found in somo such place. Having obtained their Jury, then lot the ense be tried upon its mer- its, if it heas any, and tried ns privately and speedily, and with as little quibblo and tech- nienlity, ns possible. All that the public cared to know i the vordict, Tho repetition of this trial in Now York City, with the sup- plementary stush of the gessips and intor- viowers, would be a publia calamity. If its publicity can bo avoided in any manner, it should be dona. The public knows all it wants to know, has honrd all it wants to hear, of the rolations of Mr. Brromen to Mrs. TirroN, ,Tho scandnl hes accomplished its work so far aa the principnls in it aro con. ceraced, and they ot loast should demand, if 10 ono elso, that th,a garbngo in which their scandal was recen’tly deposited shall be raked zlvnr again as guiotly and socrotly s possi- o THE W AY THE MONEY WENT, The Govewamont of the City of Washing- ton is privctically bankrupt. Under Boss Suzpnerp sabout twenty millions were atolen or wastod 'in public works. Tho nowspapers of the Dirjtrict who blow the Boss’ horn seem to hovo "ueen well paid therefor. Tho Tele- gram, ot Washington, prints somo statistics of public printing and advertising by its con- temporaries in the District of Columbia. The folle,wing aro sums paid at various times bo- twi:on June, 1872, and November, 1874 ¢ €U ronlel 3, Evenlng Daily Patrl New Nutional Frs, Sunday Herald Tho Answolge The Jonrnal,.. Grand Army Jonrnal Geargetown Courler. Georgotosm Courder. "Tlo Critlo (a theatro Tue Critio (a thostro programume; ‘The Putlic Volce (an amatour shool Sunday Coronicle, Sunday Chironicl Sunday Capital Bunday Gazot JTae Times, These pmounts aro credited to the expondi- tures of the * District Ring,” and of course aro distinct from the significant * subscrip- tions” of various departments of tha Federnl Government to which wo reforred somo time 0go. Wo do not vouch for the nccuracy of the foregoing itoms, but wa shall bo glad to soo the roport of Mr. Wannzy, tho account- ont, npon the subject. The Telegram enys that enough more has been paid since No- vomber, 1874, to mnke tho whole amount in threo years nearly holf a million dollars. If the names and figures in tho list nre correot, 1t must bo admitted that tho * District Ring," like the *Tweep Ring,” put a good deal of its money where it could not roasonably be oxpoctad to do much good. A man naomod Woopnurr, alins Blornem, has been discovered in San Francisco engag- ed in a defaleation amounting to a million of dollars from tho Contral Pacific Railroad Company. In addition to this littlo defalca- tion, it appears that the gontleman was also ongaged in bigamy, embozzlement, and forgery. The officera of the Company, pend- ing their inventigation, did not cause the ar- rest of tho gontleman for his irrogularities, probably not wishing to do violenco to his feolings, and so took his parole not to quit the city antil the investigationnwas concluded. While the Company, howevor, was wading through the accounts of Mr. Woopxrurr, alias Movren, the double-named gentleman quiet- Iy took a steamer for Chinn to invest tho Company's funds among the Celestials, leav- ing the Comxpany the dismal consolation of digcovering that it was a million dollars out and that the man and the million were both gone. Any commont upon the affair would be suporfluons and perhaps an injustice to the gentlotian to whose pockots the million dollars stuck. A gentleman who can manip- ulate n million dollars out of a railrond cor- porution’s finanoces and get to the Celestinls witk {t, ought not to be harassed with any of those lttle persecutions which are bestowed upon s mere vulgar thie? who stoals s ham or takes a five-dollar noto out of atill. He should be allowed to enjoy his celiostind residence without let or hindrance, and, if he be aspiring, he may yet return to us clothed with the dignities and emoluments of aandarin of several swords. That this is the very genoral estimate of the subjeot is indicated by the fact that the defalcation has not occasioned any partioular surprise in 8an Francisco or anywhere elss, The Assoclated Pross has dovoted a fow lincs to it, and inn day or two it will be forgotton., Meanwhile the Melican man in China is to be congratu- lated on tha success of hia flacal operation. The condition of the Pennsyivania oil re. gions presents a curious spectacle. The bowels of the earth are so fat, and they have been worked with such industry and yielded 80 profusely, that the oily supply has far ex- ceeded the demand. Prices accordingly haye gone tumbling down, and no combination of operators has been able te keop them up, The despair of the operators hsa extonded to the operatives and manifested itsolf in commu. nistic devices to save themaelves from tho trouble which is threatening them. One con. spiracy has already been discovered to burn up 0,000,000 barrels of oll above ground and another to plug up all the wells. In the faco of this ourlous condition of things, hundreds of new wells are being drilled, which will prove an infatuation of a very costly descrip- tion. There is already said to ba enough petrolenm in store in the ol regions to last the world six months, At last sccounts tho dealers and operators, althongh they had had soveral consultations, bad failed to find any ‘way out of their dilemma, except by abeolute shutting down of all the producing wells, and this they fear to do on sccount of the lack of good faith hitherto shown by operatoss in keeplug such agreements. Joagune Mirven, poot of (he Blerras, and a #o0d fellow as poets go, hias been most ciuolly pliorisd in tise New York Sun. Bome lmpesile e —— ———e e e ——— nont babblor ran againat tim at a Long-Dranely hotel, and, much ngainat his Wiy, drow him mta o convormation about Longfoilow'a last posm. Flia resuits wore aproad ont in the hna,:wpm]go of a nowspaper interview. AILLER apneary welt, conmidoring the frightful odda againag which he labora. Ho 1 mado to say that|y would bo sublimely audacious for bim to onti. ciso LoxareLtow,—in which opinion, wo im. ugine, the great majoritv of newspapor-rendorg witl agros. BHill, tho fow verbal criticisms which the roportor attributen to MirLen are enough to placo bim in a tldiculous poaition, without af. tording him thie alloviation of a squara douia] op Lolorableoxoneo, Itsocmatobo Mr. MILLER 8 mis. fortuno to know a number of foollsh mon inlj- mately. —_— Tho Times hoasts apocimeny of liternry goning to bo equaled nowhere olso o the wide worly, After a public holiday it 18 not unusual to en. caunter propositions of tho profoundest charag. tor unintelliziblo to oven the most confirmeq render of tho paper. Yosterday morning ths Times Lnd a briof acconnt of tho Daxig, 0'CoNNELL colobration. In it locsl miacellauy was an item hoaded *Tha Military Cancort,” glving a report of & promenade coucert in the Ezxposition Duilding, After giving a doscription of thasceno, the reporter boldly launches ong in lo the infinito, Baya ho: 10 addition to the haudsomo uniforma of the mem. be ra of tho Firat Ward, whnt sust bo the offect npon ther poor peoplo of the Heventh, Eighth, snd Ninty Wiorde? Whet, indoed? To perplox them would be khadnoss, compared with this, Tho offoct of the uniforms upon the poor pooploof tho Eighth W ard must bave been ospecially trying, but why slrglo these threo wards out? Haw the Times an cupecinl constituoncy in the regions of Hir. okt and Barey? But this ts not the only nistounding information which comes from cole- brating. The ZTimes coutalns an article half o column long on ** Offal Odors," which wisoly dis. cuseos their bad offects ou health, 1t is distress. ing, after reading of cholera-morbus, cliolerae infantum, and their kindred disordors, that— 1f theao offecta aro noticed in tho Lolthieat portion of the Thirteen'h [the otlicers, probably), thare wers yrosont ffteen rerular army ahicom o vatlonn grades, uil dress uniforme, which pressnted o 050 contrast &3 tho gay drosa of tho mllitin, Now, it is not surprisiog that any loyal mill- tary organization should be in bad odor or oven allal odor with theZimes. Buch things have oc- currod beforo, when Gen. Broxsipe aupprorsed tho paper. But why shiould fiftcen regular army oflicers affoct onlv the unhealthiest * portion of tho Tlurteenth Regimeut”? Was it to avoid-the disorders provalont in the more favored *pora tion”? 1fso, aro thoy to bo blamed 7 But even this does not satisfy tho Times man. Once started, ho I8 not to bechecked. Under this offen. sivo head of * Ofal Odors,” it publishes & mp. slcal programme, ocoutaining tho overturo to “Masanfollo,” waltz '“Thonsand and One Nighta,” ote. Thoeo have generally been looked upon aa hoalthy airs; to call them * offsl odors” indicated that the musieal oritio of the Times muat bava broken looso somowhoro, Bat after all the Times publishos the koy to its conune drums. It is found {o & hond-lina in tho same column: * Bourbon Straight.” The sonsatlon of the day in Tnglish commer cinl circles iy furnished by the arrcst end im- prisonment of ALexasprn and WiLLiax CoLuix, who are charged with obtaining money on falae pretonses. Tleir offenso would bo scarcely pos- siblo ln Amorica. It was, in briof, tho offoring of paper for discount as trade-bills, which was in reslity what is known ae accommodation paper. In othor words, tho CoLrigs obtained botweon 87,500,000 and $9,000,000 on their Indtvidual se- cunity, by reprosenting that they bad gooda of oqual valua in their possesslon, or coosigned to thoir care. The enormity of the offonse in the oyes of English justico lod to rather harsh treat ment of tho Messra, Corriz. Tho bail first offored by them was rofused, and thoy waro sond to jall in tho common prison-van, al though thoy offerod to pay for a ecab, This scoms to tho Amorican reador crmel and unnecessary saverity, and eapocially since the prisoners did not positively state to the bagk. managors that the papor offored by thom was trade-bille, Thoy morely foft that to bo under~ atoed from certain marks and hieroglyphs koown to tho financial community as indications of trade-bills. The Lundon Times insluuates that tho Messrs. CoLiik sro not so black as they bayve boon painted; that, although their commercial houso was a gigantic sham, it was known to be such beforo it falled, and the offi- cors of tho bank ought to saffer tho consequen- o8 of tholr carclossncss. However this may be, & good deal of sympathy hes beon worked up for tho culprits, and, though they will undoubtedir bo soyorely punlsbed, they will in the meantime bo fairly treated. On the day following their commuttal they wero released on .£4,000 bail each. Royal and Imporisl authors are notorionaly unsuccensful in a literary point of viow, but the prostiga of a grent namo is generally suflicient to float even a bad book temporarily, Vontures ot this kind are considered good pecuniary in- vestmonts, sud publishors are always eagor to got therm. A notsblo exception to the rule was tho late Emperor Narorzon'a * Lifo of Cmear,” which foll doad from tho prese. Only two vol- umos appeared, and it {s saud that betweon 1867 and 1870 not moro than 150 copies were sold in France. Tue publishera lost heavilv, They liavo inetituted a suit for 167,000 francs damages against tho heirs of tho Emperor, claiming that they have been Injyrod to this smount by his falluro to comvlete the work. Bo it appears that the ¢ Lifaot Owsar,” like & moro celobrated * Lifo,"” waa knockod highor than a kito by olr cumstances over which the publishors had no coutrol. Vorily, these bo porilous times for Livea, Thoro ought to be s spocial kind of in- suranco providod for cases of this kind. itesiniy sxbbudiei 4 1t sccma that aftor all said and done, nelthor Prof. Tic, nor Gon. Myen, nor anybody oleo. hou glven ma satisfactory w reasan for the pres- eot heavy raios as tho Graphic. Iolte issue of Aug. 4 it representa Uncla Bam engaged in ex~ amining the Lieavens with & teleacope on s goarch for Jupiter Pluvius, Porched above the clonds, pouring toars, site s fliguroe tolerably fawmiliar, whilo tho result of tle examination ia thus glvan: Then switt unto tho hesvens he turned Hls telescope aud noss, “0bmy| Ob my | what'a this Tepy? Tis BuxanMaN, L aupposs,” —— A amart clerk in n Nobraska post-office, who had taken two &5 bills from & lotter bolonge ing to somebody else, afterwarda repented, aod sttempted to make restitution before it was too late. Dut, inatoad of putting bank the original wouay, ko alipped a $10 nots {n tho letter, Now tho amart post-offico clork langulshes in fail, and by bis sad fato {llustratesthe mathematioal abaurdity that twico 6 ia not 10, e Tho svatem of monoy-orders belween the Unitod Btates sod Canada wont Into oporation on the 2d ingt. Tho flrat orler was for #1. 1t ‘waa fvsued at Waeliogton, and was made pays~ ble at Ottaws, ‘The now facilities will no doubt be nppreciated by the peaple on both mides of the border; and Posimastor-General JxweLr will bave an additional clalm upon the gratitude of Lils countrymen. e RN - 8111 1t comes Lot aud heavy for the Prince of ‘Wares, A correspondent of the Dundse Advers tiser nuggeaty that there would bo peoulisr ape propriateness in defraying tho expeuses of the Indlsn trip by eelling tue Kohinoor dismond, of which Indis waa Yobbed; and even Jonn Dusour s in disgrace with the workingmen be- cauge bo offered na protost againat the wastetul extravagance of Parlismont in making tho grant. ‘Various rumors concerning the maunsgement of tho Tows Penitontiary at Fort Madison bave beon floating about of and azo now galoing eredence in respoctable quarters. Itis properto 6ay that tho charges sgalust the Warden aro snouymous, and rest ouly on the teatimony of a8 sx-conviot. Thore {8 nO reason to supposs thoy have ady fuundation ln fagts ‘Lhey Lave