Chicago Daily Tribune Newspaper, August 16, 1875, Page 4

4 TIIE CHICAGO TRIBUNE : MONDAY, AUGUST 16, 1875. e s ——————————————— - oooo——————— TERMS OF THE TRIBUNE. BATXA OF RURACRIFTION (TATARLR IX ADYANCE). Toxtnze repaid nt this OMce, 131,00 | Weekly, ) g .30 | Fiva coptes, ‘ou coples. ot . 3,00 Farta of » year at the same rate, WAXTED—(ne Actiys agen: n each tawn and viilege. Bpoclal arrangementa made with sach. Bpecimen copien sent fres, T provent delay nnd mistakes, bo mura and give Fort-Office addreas In full, including Stateand Connty. Temittances may ba mads aither by draft, express, Toat-Offica order, or in regiatered letlers, at our risk, TRRMA TO CITY SUNSORIDERS, Daily, dellvered, Bunday cxcopted, 23 conta par week, Dasly, delivered, Sunay lucludod, 31 cents per week, Address TIE TRIBUNE COMPANY, Qorner Madison atil Dearborn-sts,, Ohlcago, Iil. TO.DAY'S AMUSEMENTS. CNICAGD TAEATRE. dolph aud lake, * Ty Tark street, batween Tan-~ LIR anidolph atreet, between gogement of Jobn Dillan, “Bure,” ADELYHI THEA it TRE—Dearborn street, corner Monroe, * Ha i 1 dlof "BUSINESS NOTI OOLOR ATTRACTS THFE EYR MORR TIAN . form, ‘and benoo a face with bt fow natucal atira beguios, mbien alatiiod with complaxivna] love' n ** Lajrd's Hioum of Yoath, " tha adiaired af all obso: Bold 14 ists, Che Chicagu Tribune. Mondny'nlommn, August 16, 1878, At the New York Exchange on thm]‘ny, greenbacks ranged betwoen 88}@88}, closing at tho latter price. Mr. B. F. Nounsg, of Boston, hns pnblish- ed in the Financial Chronicle n very able re- view of the crises of 1847 and of 1373, We print this morning so much of tho paper as relates to the panio of 1837, with which, porhaps, but comparatively fow renders of the present day are personally familiar. It will be intoresting to the reader. ————e Apart from the fact that the national bal- ance sheot for the flscal year ending Juue 30 fails to show the deficit predicted by the Congressional cronkers, an encouraging fea-, tura is that wherofrom it appears that the ex- penditures of the United States Governmont were less during the yenr 1874.% than for any year since 1861, The timo la opportune for such a showing. While gotting back to ante. war currency we aro getting noarer to ante- war expendititre,—hard monoy and closer closing at 670 cash, and 6B3c for September, Oata were active, and 1@1}eclower, closing at 40c for August, aud 33je for Septembor. Rye wns gniet, and lc lower, at 80c for Heptem- ber. Narley was quict and unchanged, clos- ing at $1.08 for Beptember, and §1.06 for October. Hoga were in good demand and wero firmer, closing e higher for bnecon grades, Snles wero st $7.00@8.00. Cattle were dnll and weak at Friday's quotations, Shecp wera inactive, at £3.50@6.00 for com- mon to extrn. Ono hundred dollars in gold wonld buy $118,87} in greenbacks at the close. : And now it appears that, notwithstanding thnt overwholming Democratia tidal-wave Inst fall, North Carolina is n Republican Stato ngnin, At fint, tho Democrals, who economy,~two things which in tho nature of things go hand in hand. el The wasteful prodigality boasted in song Dy the officer who fed his hiorse on corn and beans was & mild dercliction compared with that lnid at the door of Capt. Brack, of the Horse Marines in Washington. Tho name of the offending party is cariously exprossive of the condition of his morals. He is charged with having used his position to moke cor- rupt bargaing with contractors, and, 8a ha is not connected with the Interior Department, but with a branch of tho service in which dishonor is dishonorable, and in which collu- sion with cheating contractors is not encour- dged, thero is likely to bo nn Investigation with undesirable consequences. Excursion parties contemplating summer- trip to China and Japan will do well to stay at home, The Celestial Empire is not o pleasant placo for tourists in July; Chicago offors far greater attraotions in the matter of weather nnd tomperature. Whilo in our city by tho lnke wo have passed o summer with the thormometer conscientiously and con- uistently restricting itself Letweon tho limits of 70 to 80 in the shnde, with occasional evenings when heavy wraps wero essgntial to comfort, tho denizens of Pekin, Yokohamn, and Yeddo have beon blistered and parboiled to tho tuno of 100 upon nn averngo, nnd 110 degroos Fabrenheit when tho weathor was roally warm. At Inst the Governor has had an interviow with the Sheriff of Williamson Connty, and hos admonished that functionary that thero istobe no more dilly-dallying with the in- famons murderers and assnssins in the ven- detta business ; that ho must go shead and do his duty ; and that ho can have the wholo power of tho Stato to assist him if necessary. As tho Sheriff asserts that the murderers are all known, and that the peoplo of the county are determined to get rid of them, he is now respousible in the promises. If these nssas- sina do not speedily meet with punishment, the Governor knows whero to locate the ro- sponsibility. Theroe is no longer nny exeuke for the toleration of this gang of wiscreants. T — The raid upon tho small Postmasters, who Lavo been increasing their salnries Ly irregit- lar gnles of atamps, hins commenced. Forty- ono heads have alrendy gone into the baskot, and forty-one other little politiclans, who stand rondy to tako their placos, are corre- spondingly heppy. Two hundred r:oro shiv- oring wretchos stand waiting the decision which may also consign them to tho officinl guillotine, Tho modo of punishment seems tobe elthor to discoutinuo tho office alto. gother, which cuts off the provender, or to lop off the offondor's head, which Is equally fatal to salary. The Postmaster General seems resolute in his detcrmination to stamp out this irregular business in stampa, In our collection of sermons delivered yes- terdny in Chicago pulpits will be found 1he wiunl interesting variety of aftor-Bundey veading, **The Christinn Business Man® Is the subjpet of a discourse by the Rev. Arsent Warxrey, of the Reformed Eplsco. pal Church; * Cluist at the Door,” by tho Rev. D. J. Bunnerr, of Westminater Pres- byterlan Church; * Fighting Bhadows,” by the ‘Rev. Kawver, W. Durrret, of the Eighth Presbyterian Church, At the Episco- pal Cathedral services were hold in commem- oration of tho death of Bishop Wurrenovsx; while in the extrumo southern part of the city tho corncrstone of a new Catholio church wag laid with impressivo ceremonios. An account by telegraph is given of tho visit of President GRanT to the Natlonal Bunday- School Convention at Fairpoint, N, Y., yes- terday. . o e, . The Chicago produce markets were rather tame on Baturday. Mess pork was less act. ive, and 100 per brl lower, closing firm at §20.85 cash, and $20.90 for Beptember, Lard was dull and B0 per 100 lbs highor, closing at §13.45 cash, and $13.50 for Sep- tember, Meatywere quict and ashade easier, at 8@8Jo for ahoulders, 12jo for short ribs, ‘snd 12J@13jo for short clears, Highwines ‘wers -quiet and firn, at $1.19 per gl don. Lake freights were dull and weak, at Flour was qulet and unchanged. Wheat was less active, and j@1c Tower, cloaing st $1.20} casb, and §1.18§ for Septambaz, Corn was alow, and 19 lowes, 2o for oorn to Buffalo, manipulate the Associated P'ress dispatches from that State in political matters, informed us of A Democratic victory. By und by it appenred that it was a drawn battle, six of one sud hinlf-a-dozen of the other. And now it turns out that the Republicans have aclear majority in tho Convention, even with two counties given to the Democrats by the Dem- ocratic County Comnnissioners, aud that they havo ecarricd the State on the popular voto by 18,000 wnjority, making the Democratic defeat very much in the nature of a general ront,—horse, foot, and dragoons. Notwith- standing the tidal-wave, therefore, it appears thint tho old North State is sound at the core, and that in 1876 it will record itself high up among the Republican Statos, BAD LEGISLATION, Tho story of the methods ‘sdopted by Congress to infure the nntional credit by deprecinting the greonbacks forms one of tho most curious chapters in the history of our flnances, The process began with the law of March 3, 1863, The first legal-tenders conld bo funded at any time in tho bonds of the United Btates. This provision delayed depreciation, although it could not. of courso, provent it. Its repeal took effect July 1, 1868, The chango in policy wan largely duo to Sccrotary Citase, who was dis. satistiod with the slowness, of the funding, and hoped to hnsten it by limiting the time within which it was to bo allowed. The stratagom had little effect in this way, Its main result was to insure the farther deprecintion of tho grecn. baok, The Ilatter was worth, in Au. gust, 1803, about 80 cents on 'the dollar. That is, gold was quoted at 1224 o 120} premium. Tho logal-tondors steadily depre- ciated, until they brought in March, 1864, 61 cents on the dollar, At this point snother blundoer, still more stupendons, was wndo, The United States had refnsed to redeom its past-due notes in gold and then in bonds, It now made it penal offeuse for other people to redeem them ! It forbade, by law, dealing in gold. Of course the law was powerless to provent this, but it shut up the New York Gold Ex- change, and transferred its business to the sidewalks aud the private officcs of tha mem- bers. The Gold Exchango wos then, na it is now, a great private redomption-burean for the greenbacks, Its daily quotations fixed the ratio of exchange,—sottled, that is, how many conts in greenbacks wore worth a hun- dred cents in gold. The effocts of closingit wero most disastrons, When it was opened, the ratio of demaud and supply fixed the price of greenbacks, Merchants could buy gold or greenbacks at the rates of the daily quotations, When thoe Gold-Room way closed, thore was no standnrd. Business- men had to hunt up a broker withgold to sell, and thon often had to submit to an out- rngeous shave, The scller was afrald to give anything but the lowest possible sum for the paper that might depreciate on his hands. Ho did not know what other men were buy- ing or solling it for, on that particular day, ond he was nfrald of being * bit” unless ho sliaved the dishonored notes of the country ns far 08 possible. When the passage of this law was first mooted, the greenbacks began to fall. When it took offect, the paper dollars of the country touched their lowest point. They wore worth only 85 conts in gold. The law waa repenled in hot haste, after n fow woeks' trial, but it had wounded the national crodit too sorely for the latter to recover very soon. It way nearly B year before the grecnback was worth a4 much a3 it had been beforo the proposal of tho law. Since that time, Congress has contented itsclf with refusing to redeem tho Government notea in eithor gold or bonds; it has not solemnly forbidden other people to redeem them: The New York Gold Ex- chango has boen kept open, and the only re. demption of the greenbacks is carried on in the Gold-Room ond in offices which do busi. nesd in aceordance with the guotations tele- graphed daily and almost hourly from that roowm, KELLEY IN A CORNER, “Let my show you,” said Judgo Kerrry to tho three hundred Chicagoans who gath- eved to see and hear this ourosity, last Fri- day ovening, * by a comparison of the con- dition of tho national currency on tha 80th of June, 1485, aud the same date in 1872 in June, 1864, tho legal-tonders amounted to 698,918,300, and by 1872 they bad baeen con- tracted to §399,415,363, aa is shown by tho finnncial veport for 1872; thus you per- ceive the owrrent money of the realm had been reduced more than 33 per cent; that amount of money with which business mon could pay debts, that which every man was bound to recefve, had been reduced 83 per cout in thoso seven years." The handful of auditors listened to Kzrrxy patiently, but his “ghowing” amounted to nothing more than this assortion. W, D, K, has put himself in 6 corner. He has hore boldly declared that there was A contraction of 83 per cent be- tween 1805 and 1872, We proposs to show that thia Is a tallacy, Tho tablos from which Mr, Kerxxr quoted hin totals are us followss Juna 30, 1885 3 Old detnuud vo Fractional curreacy, Uurd issus, June 30, 1672 ¢ 01d detand nutes. ... Lagal touder notes, 0w Uulied blates uolos, sorlcs Cum} ound futorost nol Oue-year nutes of 1883, ‘I'wo-year notea of 18u3,.... ‘Lwo-your coupon notes of Fractiousl currency, Arat lswue, Fractinal curgeacy, second s Fractioual curreuoy, third issue, Fractioual ousreucy, foustls fseue. legal-tender lssues; which thia table refers, $309,218,263,82 It is true that all these items wmipresent it iu also true that the maojority of them never entered into ciroula. tion atall, and that one of them—the de- ‘wand notes—digappeared from ciroulation when gold did, long before the time to ,‘Thoso uctes were good fur gold, aud of cowse mo iy used them to pay debta that could be dircharged with notes worth 60 conts in gold to the papor dollar. The compound-intercat notes sad the ane-yenr, two.yenr, and two.yunr- coupon notes of 1863 formed no part of the circulating medium, Can Mr. KeiLrr pro. duce anybody who ever paid his butcher in compound-interest notes, or bought ci- gars with one-year uotes of 1863, or' hired a homio with a two.year-con- pon mote? Thess diffarent varioties of Goverument securitios sometimos changed handa in meltloment of accounts, but they never cirenlated as currency. Calling them 80 {8 ag ridiculous a blunder as it would be to call g houso transferred in settlement of an old debt currency. In the nature of {hings, an interest-bearing obligation can nover cir. culate, It will be hoarded for tho saka of tho interest, It we roject these frandulent items, wo find that the legal-teudor ciroulation of Juna 80, 1865, waa a3 follows : Tegal-tender noten... Fraclional currency. $150.009,190,13 To this should be added the National Bank cirenlation at that date, for the National Bank notes aro to all intonts and purposes legnl- tenders, That is, they will pay any debt that greenbacks will, because they are rodeemn- ble in greenbacks on demaud, The circula- tion at this time was §131,452,138, Adding this, we have a total circulation, June 80, 1865, of 387,551,694, But the $-mark here does not mean 100 conts, It means 71 cents. That is what the paper dollar of June 80, 1865, would buy,—just 71 cents' worth of food, clothing, or anything else offerad for sale. A currency s efficiont, of course, in proportion to its purchasing power., The purchasiug power of this amount of cur- rency, ot 71 cents on the dollar, was §1417,161,702, 1f we trent tho figures in the second tablo in tho same way by (1) subtracting the items representing interest-bearing securities that did not circulato, (2) adding the National Bank circulation of June 30, 1872 (% 752), nnd (3) reducing the total to a gold or purchnsing-power valuation by multiplying it by the value of the paper dollar June 80, 1872 (89 cents), wo shall hove a-result of 645,622, ‘This shows that the ** money with which business men conld pay debts, that wlich every man was bonnd to receive,” hiad been expauded, not reduced, botween the dates Mr. Kerrey sclects in his vain at- tempt to prove tho contrary. The not expan- sion, ns these authentio fignres show, bo- tween June 30, 1805, aud June 80, 1872, was 2928,460,842. Those are plain facts, Wo have taken our figures from official sourccs, When Mr. Keriey talks about a “contraction of hundreds of millions of dollars,” ho evolves his figures out of his inner consciousness,— we caunot sny consciontiousness, Since thore has been no contraction, con- traction cannot have caused the hard timos, ‘This simple, but now undeniable, fact knocks the bottom out of all Kzrrey's raving and rant. - - ” OHARLES 0'CONOR AHD THE COURTS, There ia o play called * Solon Shingle,” which has kept the boards for many years, and bas always been a favorite with the American people, in which figures an altorney, whose manly defense of honesty and virtuo agninat. a corrupt court gains for him the appellation of **'The People's Law- yer.” There is a drama in real lifa which Las been recontly enacted in New York befors nn sudience of the peoplo in the United Btates, in which an attorney has appeared in o manly dofenso of honesty and virtue against the decision of the New York Court of Appeals, in a manner which also en- titles him to be called *The Peo- ple's Lawyor.,” The lotter which he has written reviewing tho Iate opin- ion of the Court of Appeals roleasing Twren staraps him aa & moral hero, and no act of his life, honorable and irreproachnble as that lifo has been, will refloct more honor upon him than this emphatic and indignant protest agoinst tho suppression of justice and the condoning of crime by technical quibbles. In this matter, his voice has been the oz populi. He has given utterance to a popular sentiment long suppressed and patiently walting for expreasion, and he has given ut- torance to it with all the zenl nnd incisivencsa which tha people themsolves would have used had thoy risen in somo moment of de- termination no longer to endure the abuse of judicial power, In framing his terriblo in. dictment againat this Court, he seems to have hod in mind Boaxspeare’s proverb, ¢ Plate Bin with gold and the strong lance of Justico hurtless breaks; arm it in rags and pigmy's straw doth pierce it.” The gentiment of this proverb, andan indication of the possible pro- tost which mny be made, nppear in the fol- lowing vigorous arraignment of the Court for its carelessness of justice and ita partiality to Tweep as ngainst tho people of the Btato: Either {n hls own perdon, or through ® represnts- tive, hio has thrice bearded public justica in that high tribunal whoss voice ia law, aud on each occaslon hee rocetved Jte award that, as sgaimst him or bis, the woapons devised by the people's advocates wers valn snd hurtless. Bowing dutifully to the msge of Vir tuo which imagination may place in front of the jus- ticosoat for the decont homage of its occupants, the learned Judges depracate thie posaiblity that atrocious obbores such aa are Lmputed should ultimately go unredressed; but In every case againat the pecufntors s majority held, with unvarylng constancy, that the Iaw forbids such » remedy ss that tuen under raview, #Tryagain " is tho implisd advics ; and If the pationos of tho publio prosecutor shall hold out, this gencration may expoct 10 witness throughout ita allotted term, as & apecios of amusement, periodically recurring proofs how thiskewitted the people’s lawyers are, and how sdmirsbly astute, in the same uniform direction toward trapunity, the Judgos of the laat resort aro when dsale ing with peculators, Suall thie be s0? 1t is s highly probable result, unisas there shall arise among thesuf- fering clasa & determined resistauce to the power by which they are enturalled and aa infexiblo resolve to roform exinting abuses, Mr. O'Conon's mrralgnment of the Court of Appeals and his denunciation of ita igno- rance, and its tyrrany growing out of its ig- norance, are carefully supported by facts. o pictures the riso and character of the Ring, and he doscribes the charsotor of its corimes, and partioularly the crimes of Twxep, aud then passos to tho decision itself, Ilia review of this opinion {s not only exhaustive, but he goes boyond it to suggest to the people the remedy which lies in their hands. With reference to the opinion, he says : 18 it ba trua, as allegod by the delinquant's patly, thatall those wha ovustituted (e minority i the furmer cases Lave joined (hemuclves unto the othier four, %0 tlat unanimity now relgus within the Court, 1be fact {2 to be regreitod, It presonts an axlysncy which should be met, Unanlmity fa soaking s rume. dy sbould prevull, Neithur the pecuniary futerests of our eltizons nor the honor of our Btale can be duenied 8afo a3 mattere stand, But we vow have au Execu. tive opposad to peculation, and. in Noverber an eu= tirely new Legialature i to be slectod, Wit ot unstolen 1o the bands of the people may bo proserved to them I tuey will act prompily, and eme ploy fue their own Tescus 1he moans which aze in thsir bands, * The menud which are in their handc" mean {mpeachment, and if the peopl of Naw York do not use them then arethey unworthy of the noble defeuse of Luslr righis againab monoey-power, and of the catre of justice ngninst technicalities, which kas been made by Mr. O'Covon, Thia defenso gaina addi- tionnl atrength and oharacter hocause iteomen from one of the allest Inwyers befuro tho American Bar,and from o man whoso person- al hionor is irmepronchable, and whoso long record i wnspotted. It will be littlo less than cowardly now for the people to lenve their champion to fight this battls alone. They should come to his resene, aud aid him Lo fol- low up his bold and Drilliant attack. Ho hns pointed out to them the means of reform which lio in their hiands, and this ia all that ho ean do. Tho peoplo of New York owe it not only to them= selves nnd to Mr. O'Covon to pursue this fight to n conclusion, but it f4 n dnty they owo to the people of other Btates, There are other Courts which allow justico to be thwarted by quibbles and technicalities. ‘There are other powerful eriminuls employing money and political influenco to effect their caeapo from punishment. * What are yon going to do about it ?" is asked not only by ‘Pwerp but by others. It is timo that the question was answered, once aud forever, It is time that tho oriminal class were made to understand that the Courts cannot be manip- ulated by them any longer. 'The People's Lawyer hasa suggested the answer to this question. Now let the people sustain their Inwyer, or lot them forever remain silent and no longer complain when offonders agninst justico escapo punishment by technicalities and resuwme their disreputable careers with impunity. INCREASING THE PUBLIC DEBT. One of Mr. KeLter's pet schomes in Con gress is to repeal nll taxes on whisky, tobac. co, and malt liquors, and, in placo of those taxes, to issuo greenbacks to pay the exponses of the Government. He proposes also that greonbacks be issued to pay for building the Ceutenninl Exposition buildings in Philadel- phin, and for establishing o new navy-yard at Philadelphin. He would transfer from tho wanufacturers or consumers of whisky the tax now paid on that article to the non.con- sumers of the United States in the shape of & permanent addition to the publio debt. He nssumes that whatever the United States may stamp with the words ** one dollar " must of necessity bo a dollar, and that everybody must sell or exchiaugo his Iabor or hiis prop- orty therefor. That, however, is somothing which even Congress cannot do. It may, or hing, compelled men to accept thia Government. gerip in payment of debis; but even now the men who mado debts when paper money was worth 50 conta on tho dollar are protesting agninst being compolled to pay those debts with paper worth 90 cents. They wnnt the greonbacks reduced to 50 cents again. To jssuo more greenbnacks, and thereby reduce their value, will have the offect of abolishing all logitimato credit. Mon having property to woll will not give oredit therefor when poyment s to bo made at a later dsy in papor worth 50 cents on the doltar, or if thoy dosell on credit will demand such prices that they will roceive in payment twice the number of poper dollars that thoy would nccept in nctual cash at the time of snte. Every bank and depository in the United States has'at this timo an extraordi- nary surplus of money, which is unemployed simply bacause the owners dare not lend it, lost they may be compelled in the future to accept 40 or 40-cent dollars in payment, But Mr. Kxrrer's scheme to abolish all in- ternal revenuo (not tariff) taxes, and run the Govornment upon greenbacks that are never to bo redecmed, thereby incrensing the public dabt at the rate of $800,000,000 to $400,000,- 000 snnunlly, {s but on a par with the general insanity of the entire papor-money policy which is proposed. How long can any Gov- ernment maintain itself on credit withont payment? The abolition of taxes and tha fs. aue of paper monoy would run the oxpenscs of the Government up to an amount equaling thoso of the worat days of the War, Money would be plenty and money would be cheap, but it would buy nothing. Property of eall kinds would retain its gold values ; agolddollar would buy a bushel of wheat, while it would take two paper dollars to accomplish the same purchase, The expennes of the Government would soon excoed #1,000,000 a day, and the issuc of ench million of additional greenbacks would purchase loss than the precoding mill- jon. TRADING WITHOUT OAPITAL. The London Z'imes, in o recent article on the failures in England, pointed out the great change which haa taken place of late years in the general conduct of business. That paper says that, “‘In modern business, the men ‘wlho use oapital for tho carrying forward of the major operations of oommerce and trado are not the owners of that capital. Our mer. chants,* manufacturors, and captains of in. dustry do not trade on their own monoy, The nctive men on 'Change have little capi- tal. If those lenders in the great army of modern {ndustry were condemned to uso no funds but their own for ono day, the trans. actions of that day would shrink into very small dimonsions indeed.” This is more strikingly true in this country than even in Englaud. The whole basisupon which business was once transacted has boen reversed. Capital was formerly the basis of credit, the oredit being proportionately emaller than the capital ; now tha pyramidis roeversed; upon a comparatively small capital i erected a large superstructure of orodit. The men who have capital lAve been forced out of business by tho more active men who do busineas on hired capital,. The mean who docs business on his own capital ewnot compete with the man who bas snch credit that ho can obtaln all the money he wmeeds to use in expanded trade. Tho man who can sell his notes or bills, or have them disconnted, can carry ona more active trade than the man who tradea moroly on his own capital. Henco the holders of capital have become a distinot clasa from those who carry on the comuerco of the world. OCapitalists, thers. fore, na a class, are no longer engaged direot~ ly in commerco. They hire their capital to those who have no capital, that the latter may manufacture, aud trade, producs, soll, aud exchange. This is becomling the rule in this country. During the last ten years we hiave construoted many thousands of miles of raflway in the United States, and nothing bas boen nore striking than the complete separa- tion of the capitul and the labor, The cow- ponics or {ndividuala who have built these railways had no capital; they had no money of their own; they went into the market with their notes or bonds, selling these to the capitalists at whatever the latter wera willing to give for them. A doubls conse. quence of this wes that the cost of tha rail. roads, represeated by the amount of the bonda sold, was so far in excess of the real valuoof the property produced, that the lat- tor Los besn unable to compensate or re. pay the oapitalista for thel? investnonts 8o {n all other branches of industry, The folsity of obtaining other men's money with which to engngo fu all manner of enterprisos lends to reckless venturzs, which woultl be unlikely if the operators wero using their own means, It leads to overproduction, with the subsequent stagnation and loss, It stimulates an activity and enterprise which, in fact, aro but speculation. It excludes cnre, prudonce, nud solidity, It leads to that inconsiderato activity amd venturesomeness which in private mbtters would bo styled recklesa extravagance. It wenkens the‘moral restraints, which aro as essential in com- morca as in ol thoe other transactions of life. A man dealing on his own eapital, and Lho man dealing on the capital of another, have different notions of doing business. The one whose debta nover exceed his availablo means to pay may do o smaller business, but he is in no danger of failure or bnnkruptey, no mat- tor how vialent the conyulsions of the mar- ket, But tho man whose capital is in the willingness or tho ability of the banks to lend himmoney to meet his debts as they fall due,— who hins 1o enpital save his aredit,—iasuve, in case of any sorious disturbance of the market, to ba brought to n standstill suddenly; he fails, and his failure carriea down others, and with them the bank; and thus thero is an over-prosent possibility of & panic, and the possibility is remote or approximate a9 the business of tho country is done by men without capital on borrowed money, and not by those who own the capital on which they do business, The failures in England since last March, which # the aggregate have been very large, havo oll been of mon and com- panfes doing business on rented capital,—not merely credit based on capital, but almost exclusivoly upon eredit at the bLanks or the brokers' offices. Tho failures were mnot general, because the credit was not gonerally over-extonded. But the like causo is certain to produce like effects everywlhore, and panics aro certain exnctly in the proportion that business is done by men who have fo capital of their own, nnd hire that of others. . —ee KELLEY'S DOLLARS AND BONDS, Mr. Keurey in his Chicago oration made the following challenge: 8o, my frlends, should we pay $20,000,00 W gold for tho privilege of using tha shisdow of the greon- Lack? Why, ono of your papors would say it s bo- cause *tho greenlack la a dirty, nasty, low diegraco to tho country, It promires to pay s dollar In gold, and it Cont doit" Theroisn greenback, Icannot find anytbing sbout the gold, snd I will give the adi- tor of any paper in Chicago $1,004f ho will produce a aroouback which promisea to pay & gold doliar.t There nevor was one, If n greenback does not promise to pay coin dollars, what docs it promise? The greenback ronds: * The United States prom- ise to pay to the bearor Five Dollars, Tay- able at the Treasury of tho Uunited States, at Now York." This note is dated March 11, 1862, What were **dollars” befors and at tho timo the Legal-Tendor act was passed ? What woro dollara at the date of this 1ate? ‘Waa the promise to pay thia note by exchang- ing for it another note just like it?* The promisc s to pny dollars. At the time the Logal-Tonder act was passed thero wore no dollars, savo ooin dollars, Will Mn. Kerrey, when hao gives his note promising to pay $1,000, think he is redeoming his promise by paying nnother note? Does he mean that that is what he promiscs? If so ho hns an illustrious precedént, Mr, WiLkiNs Mioaw- 2eR was o man who would have made a cap- ital Secrotary of the Treasury to oxecuta the Keurer system of paying the publio dobt. Meoting a creditor on one occasion, ho dis- charged his obligation in a manner which is thus described : +One thing more I have to do befors this separation {s complste, aud that {sto perform an act of justice, My friend, Mr, Tioxas TnauDLrs, has, on twa saveral occastons, ¢ put his name, if I msy use a common ex- pression, o biils of exchange for my sccommodation, Ou thio firat occasion, Mr, TitoMas TUADDLES was left ~let masay, in short, in the lurch, ThofulBilment of the wecond has not yet arrived, Thaamount of the first obligation "—bore Mr, Miocawszs carefully ro- forred Lo rapers—* was, I bolleve, twonty-thras, four, ninoand & Lisif ; of tha second, sccording to my ontry of that transaction, elghteeu, aiz, two. Tbess sums, united, make s total, If my calculation fa correct, amounting to forty-one, ten, eleven and s half, My friend, Mr, CoPpERFIZLD, will, porbaps, do me the favor to check thst total 17 1 did 0 and found it carract, #To leavo this metropolls,” sald Mr, Mrcawnzs, #aud my friend, Mr, TnoMas TrADDLYS, Without mo- quitiing myself of the pecunlary part of this abliga. ton, would weigh upon my mind {0 an insupportable exteut, I have, therefore, prepared for my friend, Mr, THoMAs TRADDLES, aud I now hold {o my hand, a document which accomplishea tho desired object, 1 beg to hand to my friend, Mr, Tiiomas Toavpres, my L. O, U. for forty-one, ten, oleven and a balf; snd Y am bappy.to recover my moral diguity, and to know that I can once more walk erect before my fellow- man” Mr, Mroawner's *‘ document which accom- plishes the desired object ” of paymont is the first historical instance of the sucoessful nse of Mr, Krutex's *interconvertible bond."” Mr. TraDDLES was given the opportunity to exchange the unpaid notes he held into an. other, covering the whole amount. THE ROOHEFORT-UASSAGNAO DUEL. The correspondence betweon M. Hxnmi Rocnerort, the ex-editor of the Junterne, snd M, oz CassaaNao, editor of the Paye, can hardly fail to causo a smilo of dorision the world over, and at the same time provoke general admiration at the noat manner in which the reprasentative French Communist punctured & most notorious gas-bag, On the 10th of July, RocnerorT wrote to CassaaNao, informing him that he had read the offensive allusions to himself printed in the Pays, and ho closoa hisletter with o challengo, and an added affront, impugning the courage of Oassa0n40, aa follows : The abuse for which T ask,satisfaction from you containa st tha same time an engagement on your part from which it 4 impossibla for you to withdraw, Ba 004 enough to start immediataly for Genoeva with your aeconds, Mioe await you, You will nat fnvoke legal Interference 18 you did with regard to M, Orzu- ExCEAU, I beg you, moreover, to prevent your honore able fathior from warning the Prefect of Polico, To this lotter, Oassaonao replies in & man. ner which sbows that Roomeronr’s pithy lettor hit him in the most sensitive spot. He patronizes Rocueront fun the most {nsulting manner by informiug him that he {s confer- ring an inestimable favor upon him, since, Roongrorr having been a convict, he ia not obliged to meet Liim at all, and ho closes his letter with a characteristiofusillade of taunts, ‘which are pecullarly Frenchy. o saya: Do not put auy armor sbout you, It laa good thing anos ; It would not be fair a second time, Since I do Dot care sbout perpetuating mestings of this kind, I shouldvery much wish toat this not over-conventant way of woaring a shirt of mall should not save your lifo sgaln, a2 was once tho case with me, Quickl quick! 1 must arrive by the first trsin, A litle paticace, air ; you will 10sa nothiug by walting, and I uball alwsys arrive (oo soon, Moreover, koow that dauger cannot be swallowsd bastlly like msdicine, sud & woak ruore or leas will nob sausibly sugment the sav- ety weoks which you have employed, not in looking for dpcuments which you isd by you, but tn fortify- ing your arm, in tue firet place, 88d next your beart, for which I canzot blame you, After roading such & truculent and deflant utterance, one would naturally supposs that ir'Oassaaiac bad ons wish dearor than an. other it was to mest Roomzrost in any man- ner, at any time, with any kind of arms, and upon any conditiony, arid settle the grievan- cen betwean thetn, not resting until one or tha other of these drendful warriors had sat- isfied the mutual nffronts with death. Dut the lotters themsclvea ghow that this was farthest from the thoughts of oither, There s nothing in them that means fight, and the result proves the truth of the nssertion, Rocnrerort's seconds, holding that he had the right to chooso the arme and dictate con- ditions, demanded that the duel should take place with rifled pistols st five pncos, tho parties to firo at tho word of command. Casnaanao'’s seconds replied that this would bo ntere butchery, since these con- ditions wonld bring the two mon muzzle to mnzzle, conrequently thoy declined to nccept them. In liou thercof, they proposed n duel with rifled pistols at thirty-five paces, ** ench combniant having the right to advance five paces nud fre at willtill ono should bedown ; otherwise a duel with tho sword.” Rocnr- ¥ont, having accomplislied his purpose, hin weconds of conrse declined Cansaanac'a prop- osition, and this ends tho matter go far as tlia duel is concerned. There aro somo results, however, growing ont of this wordy passage of arms which are worth notice. Bome yonrs ago, Mr. Porrzes, member of Congress from Wisconsin, was challenged by Roozn A. Pnyon for words ut. tored in debato on tho floor of the House. It was not thought that a Northern man would fight, but, to the consterna- tion of Mr. Pavor, Mr, Porrer promptly nc- cepted the challenge, nnd chose bowie- knives, the conditions being that the duel should take place in n close room, and that it should not stop until one or the other waa killed. Tho ond sought for by Mr., Porrer was gained. o took the wind out of South- orn chivalry, and made it a subject for ridi- culo the wholo country over. In like man- ner Rocneronr has punctured Osssaovac. It is altogethor probable that he knew CassaoNag wonld not dare to fight npon guch torns, and thereforo he improved the opportunity with perfect safety to himsolf of wminking Cassaovao the butt of Parisinn ridi- cula and satire, and ho also placed himself in the advautageous position of being at liberty hereaftor to declinemeeting Cassaonac, what- ever infght bo tho nffront, since tho Ilatter bad once refused to meet him upon terms which aro allowed by tho code. Rocperorr himself will not gain any reputation for personal bravery, becauso ho knew that Cassaaxac would not accept his conditions, but he sub- served a very usefal purpose in taking tho fenthers out of CassaaNac's chapenu, under which he has strutted about so valinntly, and showing tho world that this psoudo hero, who hos nlways been wanting people to knqgk chips off his shoulder, Is, after all, 8 sort ‘of harmless Gon. Boust, who talkes snuff by dis. charging his pistol and sniffing at the muzzlo, but who is not likely to use his pistol where he is suro to get hurt. M. Rocmeronr will got sufficiont compensation for his wrongs, if ha havo any, in the chagrin and mortifion- tion of his rival at beiugexposed to the world 08 o gns-bag by a convict, and a bigger gas- bag than himself. Tho correspondence is also of value as showing out of what cheap stuff the heroes of modern chivalry, accord- ing to tha code duello, are mado. POLITICAL NOTEA The ZLoulaville Courter-Journal catalogues forty-six asplranta for Andy Johumon's seac in tho Houate. Gov. Houdricka savs that ** Gath" and “Ell Perlans” deviated from tho stralght line of truth ia the lnterviaws with him whion they pre- tonded were held. Mr. DBeck's unpopularity in Keaotocky i so great that the Domocratic losses in his distriot at the lato election were more umanimous sod considarable than anywlere else o tho Buate. Beoretary Bristow {a booked for a stumping tour fo Obio, He will put hia foot through tha paper kite, dopend upon that, and if ho should let light through tho Whisky Ring nobody would bo surprised. Wisconsin Demoeratio papers try to make their renders believe that Ludingtoq 18 about to cut loose fiom tho, Republican ticket and run on Lis own book. The winh {8 father to the thought. Ludiogton {s too truo & man for anythiog of that kiod. They say Gov. Tilden cares verv little which party provalla in the New York Legislature, if be can only have offictent support in his reform mensures, He las get his heart oo giving New York City an honest goveramont, aud on killing tho Canal Ring, The Brookiyn Argus hiae recelved the folloy- ing poetical gem from G. Washington Ohilds, The subject of tha olegy will at once bs recog- nized as old Bill Allen: Hore lith, swalting the Ueavenly will, m; ‘The mortal remains of Currenc) They gave him a shroud, when ho saked for thelr votes, And paperod Lis colin with national notes, Goua to most the rag-mag, Concerning the inflated Kelloy'a 8.65 convertl- ble-bond scheme, the Daltimors Gazelle says: 1* Now,*we think wo may Iay it down as a propo- sitlon thiat, will admit of very little dispute, that those who want grecobacke will not havo the bonds to get them with, while those who hiave tho greenbacks will not nead the bonds." The Cloclnnati Commercial invites tho {nfla tionlats who kave the gift of gab to taokle Mr, QGrosvevor's spoach, It does mot believe thera 18 one among them who oan make a decent show of aoawering Grosvenor, A good many porsons aro of the rame opiuion, Mr. Grosvenor's speoch ia conceded on all handa to bo & remark- abla effort, ot Hugh McCulloch says o His last Jetter to the New York Tribune : * I am anxious to hear how the question of the currency is boing treated by such pronounced hard:money men as Witllam Allen, Allen G, Thurman, and Heory B, Paiuve.” ‘This snxiety will probably not be relleved when bo hears that Allen {s talkiog infation, Thur- man 8 maylng it's » matter of no consequencs, and Paine is pieserving & clam-like silence. A prominent Oblo merchant and farmer at Bar- atoga hias been giving his * views,” and they aro in some degres unique. - He thioks thab both parties are afrald of tha curroncy question, and would avold it i poseible In order to avold pos- sible dixlntegration snd new combinations in 1870. He will confer a favor o9 the publie, por- baps, if he will show in what respect the Bepub~ Mcan party is undecided on this ieaue, Tho Nation has made an elsborats statistioal examinstion into the judiclal elestion of May, in showlng the people that somo of the maon whq aro cating Gov, Tavior'a reuomination g fully awato that o te nttorly onfitted 1o evory roapact for the porition,” Thoro ine biean a grast row fn tho Fourth Main, Congressional Distiiat, whera a spncial cloction 1A to bo hold to Bl the vacancy caumod by thy death of Qen, Horsoy. Gen. Plaistod has beey nominated by the Republicans; but tha Arnos. took County delogates, who had & man of thejy own, bolted, snd threatoned to support thy Democratio eandidate, They wern, howevey, flnally propitiated by the promiss of tho nayy term for tholr man; and ovorsthing fs lovely again, B ORITUARY. EX-00V, WILLIAX A, GRATAN, Tx-Gov. WiLuiam A. Granau, of North Caro ling, died at Saratogs, N. Y., on the 11th inst, of hoart diseaso. Io was for mauny vean prominently identified with opational politics and a briof skotch of his life will therefors by of intoroat. Ilo was a eon of Uen. Josrm Gnanas, & Rovolutionary officer, and was bom in Linvolu County, North Oarolina, in 1804, @Iy genduated 8t Chapel il University, No.C, iy 1824, and wan subrequently admutted to the By in Nowbern. 3ilo was s membor of tho Lowar House of the State Logislature from 1833t 1816, also In 1830 and 1840, in tho latter yvear boing Bpeakor of that body. In 1841 ho way chosen to fill € vacancy in the United Btatey Souato. but was not re-sected, the Logislutury of 1842-'43 being Democratie. In 1844 Lo way tho Whig candidate for Governor, and was eleck. ed by a majority of 8,163, on tho largest vots ever polled in tuat Stato. flo was ro.elected in 1840 by s #'ill larger majority, but would not ae. copt & tbird term. In 1850 bo was cailed iuig tho Cabinet by Mr. FiLLyone, to til the post ¢f Hecretary of the Navy. In tho Daltimore Con. vention of 182, ho was nominated Vico-Pros. dent upon tbo second ballot on tho ticket wity Gon. BcorT, and immodiately u on his nomim. tion retired from tho Cabinet, Lis piace being filled by Mr. Kexneoy, of Maryland. Afterthy dofeat of his party, ho retired to private life, Ligo most of the Nouthern Whigs, hio wan s Uniontst during the War, al:bongh ho was come pelled to go witli'his State, and, in 1866, he wee a mombor of the Union Convention which wg eslled to indorse the policy of ANpREW Jouxao:, Ho was rocently appointed ono of the arbitta tors to sottle tho boundarics of Maryland acd Virginia, and was acting iu that capacity at Sarx. toga when desth overtook him. THE MON. HOMACE DINNET. The Hon, Ilonsck Bixney, the oldeat memb:y of tho I'tiladolpbia Dar, died i that ity o few days ngo at the agvanced ago of 95. fle was born in 1780, and gradusted at Harvard 10 1767, bemg at tho timoe of his death tha oldest living nlumuue of that University. Ile was admittd to the Bar in 1800, boforo ho had sttalued his majoity, and {n a very fow years stood at the head of bis profession in that city. Ho wa3 soveral times tonderud judicinl positions, but in. variably declined them, preferring the metive duties of bis profession. His last anpea: 8 1 court was in 1843, tho issue fovolved being the will of BrepneN Ginamp, which, aa will be remembered, made Iargo boquests to the City of DPhiladelshia for tho establiay- mont of the Collegn bearig bia name. His argument on this occasion wns & mnator- pleco, wLich has over since bosn quoted sa nu- thority in enzes of this kind, both in America sud Europo. Notwltlstanding bis close appli- catlon to the law, ho took a very active Interest in politica, In 1806 he was elected a member of the Assembly, whero ho -sorved one term, do. cllng a re-glection, Io 1832 ho wan elected & member of Congress, He was givon s nlace on tho Committeo of Wava and Means, and took » loading position in the House in opposition to the JacksoN Administration, but he only sorvel ono term, dec'ining re-election, 88 ho had in the Assombly, His literary labors wero quiteer. tonded. His most Importsnt pubtished worl is “Reparts of csecs in the Buprome Court ol Pennsylvanis,” in six volumes, which sre e teomed modals of their kind. Among other of is workualso nznhia eulogiums oo Chief-Juatice Twaunan (1837), and on Chiof-Justice Man- swALL (1838), ** An Inquiry Into the Formation of Wasnmvurox's Fatewell Address" (1850), and ¢ Tho Loadern of the O1d Bar of Philadelplis® (1859). Of Lia character the Philadelphis Tele qraph saya ¢ Tla doath of such & man as Homick Brewey natre rolly and properly loads ue tocontrast the present wih the past, 10 recall the Lrllllancy, culture, and intevrity of the 0ld Bar of Pbiladelphin, at tha bead of which hs stord, and to limeut _the quite perceptiblo degensracy which ths elactive avstern has unquestionably stiln1 fa Lringing about, yo124 allntted to Honaok BIx~re were ottendet 80 f1f beyond the threa scors and ten which fall to the nrdinsry ot of tnan that his death It ot & matter of Aurprise, aithongh it is not the la s to ba lsmonted, both by ths professlon sn nityst His porsonal oliaracter wi leatniug a0 thorough, his experience ko variad, services eminont, and his fdonlifieation witk the hest fntercsts of our city so clows, tuat hin death, even at such an advanced age, will be'rabbed of noue of its causen forpegret. Tt will not be forgatien that Tfos- BINNEY, Jr,, Whota coreer as & liwyer and & mi Amioat rivated (hiat af hla fathar, dled 0 Fabruary, 1970, at tha sgs of 82, PERSONAL Gen, W, T, Bherman arrived at Omaha yesters day mornlog. : About as usafnl & thing a8 we oan have in the long rua ia breath. Monoure Conway will eall for Amarica Aug. 26. Me in going to lecture, of course. Brig.-Gon. W, B, Harney (retired) ls spending & few woeks at Fort Bridger, Wyomiog. Uaribaldi is sald to be’in improving herlth, Tls country can ill apare him, Iia work is oot done. Paymastor William H, Jobnston has beon re- lioved trom duty io New Orleans, sud orderel to Bt. Loula, 0, H. Xiog, Oashier of the United Btates Ex- preas Company st New York, is & guaest as the Grand Paolfio. Trask's sons ara tobacco-chewersi and they 1ight clgars with the paternal tracts, What 18 that about ministers’ sons ? Asaistaot Burgeon D. L, Huntlugton has bsen relieved from duty in the Department of Califor: nis and ordered to Waabiogton. Major J. 0. Clark (retired) bas been detailed 28 Deputv Governor of the Soldiers’ Home, vico Captain MoCres, First Artlllery, relisved. Frank Woloots, the newly-appointed Usited States Marshal for Wyoming Territory, stopped at the Palmer House yesterday on his way home. Becretary Belknap arrived at t{alens, Moat, Iast evening, from tue Yellowstons Natirmal Parz, He was accorded an enthealastio recop- tlon, S The New York Times thinks thers oan boss Iittle doubt as there is of anything not aatually proved that tho miscreant Forrester is himaolf the murderer of Nathan. Have wo s Plimsol! among us? Becretsry Bristow's refuast to romlt » fine lmpousd upod the owners of & New York sxouraion steamer fur 2 1870, snd concludea that Chacles J, Folger aud | gyerloading suggesta the inquiry. Charles Andrews were then returnsd aas elootad Dartmouth College boya do all the walting &t to the Coust of Appeala through fraud in count- | 1.0/ iia Monritaln hotels. Thiey must be proity ing the votes of tho clty; and that *the frauda- leut couoting waa the result of & bargain oen the canal politicisns of the interlor of the Hiate who wanted Aundrews and Folger elected, and Tweed." The following tribute to the powesrful volos of old Bill Allen ls golng the roundw: ** Judgo Tap@in wes & ocolleague of Gov. Allen {n the Uuited Btatea Benats, Oncs ho was asked by a Rentlemsn from Ohio whether s cortain indivld. usl bad gone homes, *Yea,! said Judge, ‘he olarted this morning; but if you want to ses bim, got Mr. Allsu to put his bead out of the window snd call him back § he muss be thu side of the mouutsiue yet.'" g The 3lijwaukes Beméinel says of the conference of leading Damoorats ia that olty Fridsy: *The object of the measures {0 defead the reuominatlon of Gov, Tavior. If she masting waa not fully successful ering was to organtzs | marked a hard caudidstes for Parnassus, else they would be eligible for batter smployment. A Gonoral Court Martial asuembled at Newpert Darracks, Ky., ou the 11th inst., Burgeon Ebens zor Bwift, President, and First Lioat, L, M. Mor- ris, Twent{eth Infantry, Judge Advocate, Buy yourself & pair of csnvas shoes snd & red shirg; for the mymptoms of another bsso- ba!l epldewio ara unmistakable, Oluclnusty Loulsvills, aod Cleveland biave the fover. * Lot us lay our bones togeth d & youd§ Iady sweetly to Ler compsoion st plooiey s8¢ sbio beld up & drumatiok la & dainty way. Dok besatd: +*Nos lot us rather be one flesb.” Disraali's rapeated blunders are stiributed by his frieuds to failing bealth, * Never," ¥e ember of the Houe lately, **uevel again shall we heat & great avoech fro 1% When o Cansdisa giel Joves she ™ Yho & in roalisiog this o¥éat, (3 was 3 Least succedstul | hand-snglue golng @ » fte lo G bl