Chicago Daily Tribune Newspaper, August 27, 1875, Page 4

THE CHICAGO TRIBUNE: TERMS OF THE TRIBUNE. RATES OF SUPSCRIPTION {PATABLE IN ADVANCE), Bpecial arrangements made with such, Specimen coples sent (ree, To prevent delay and mistakes, be sure and glve Post-Offic address in full, includiog Slateand Counls, Hemittsnces may be made cither by draft, express, Poat-Office order, or in registered letters, at our risk. TERMNE TO CITY SURSCRINETA. Dafly, delivered, Bunday excepted, 223 centa per week, Daily, delivered, Sunday Included, Addreas THE TRIBU! Corner Madison and Dearbor Chicago, Il TO-DAY'S AMUSEMENTS, = MoVICKER'S THEATRE~Madison street, beiween Dearborn and Biate. Engsgement of Edwin Adams, 4 Claucarty,” ADLLPOI THEATRE—Deatborm atroet, corner Monroe, ™ The Days of 76." CIICAGO THEATRE—Clark sireet, betwoen Ran- dolph and lake, * Old Heads and Young Hearts,” HOOLEY'S THEATRE—Randolph streat, between ©isrk 03 LaBalle, Engagement of 3ol _Dillon, ¥4 Thie Doctor,” * Laughing Hyens,” * Quiet Family,” and * Barney the Baron, VETY MEETINGS. COVENANT LODGY, No, 826, A. F, and A, 3., 187 Kinzie-st,—Bpecial comimunteation (his (Friday) even= g, at 8 o'clock, for work on E, A, Degree, Visiting brethren cordially inyited, By order of the W, A WAl KLRIL WABHINGTON CHAPTER, No. 13, I, A. N etal Gonvocation this (Fridsy) alteraoon nti a1 ¢ aud 7:50, for work on ihe i1, A. Decree, Ale adu evening, at u-.m. |nr, Dr'mt:l. ‘I}:‘«lmig mpani invited, order P, cadsides (!,ur:\rs.' TRUWBRIDGE, Sec'y. §5 NOTICES oc, Alao, Bata 1LOUS TQ OFFER CON- hrough the public preat, 0 U0 ** Lalid's Hoom ol nowing that if our advics weted of having foliond i1 bo 8o ex junsitely lifa- betu {7ul, that ail tha world will beliore Suld by ail drogglata, Uhe Chicagy Tiibune, Friday Morniog, August 27, 1875. Greenbacks at the New York Gold Ex- changa yestorday opened nt 88}, declined to 88, and closed at 88}, such distracting names ns Kbokan, Khojend, Khodan, ete., it appeara that tho Russian axpo- ditjon to Central Asin has beon successful in quelling the insurrection. 1f Tripoli should persist in hor refusal to render satisfaction for tho insult offered to the United States Consul and his wife, the two American war vossels now at that port will be reinforced by Admiral WorpEw's Europeansquadron, which will leave England Monday ; and then, if thero s no weakening on the part of the offending Government, there is every likelihood of music in the waters of Northern Afrien, The Cincinnnti Enguirer states that the Hop. W. 8. Gnoesneck, ono of tho ablest Democrats in Ohio, is not taking’ part in the present campaign becanse ho has not been and will not bo invited to do so. The same paper states that the notorions blatherskite eash, and $20.45 for October. Lard was quict and G per 100 ina lowor, closing nt 13,10 ensh, and $13.27} for October, Meats wero in light request end easier, at Be for shonlders, 11c for short rils, and 11}e for short clears. Highwines wero quiet and stendy, At $1.10 per gallon. Lako freights wero unchanged ; quoted at 2¢ for comn to Ruffalo, Flour was quict and weak., Wheat wns moderately active, and 1o lower, closing at $1.15 cash nnd 31.14} for Septomber. Corn was mors nctive, and 1o lower, closing st 6o eash, and G6fo for September. Oata weto active and frregular, closing at 40{c cash, and 353 for September. tyo was quict and firm, at 82@83c. DBarley was active and firm- or, but closed dull at $1.05 for Scptember. Hogs worae in fair demaud at 1lie declines Snles were principally at $7.4097.50. Cattle were quict aud cnsy, with sales at $2.25@ 3.60. Sheep sold to n limited extent at steady prices. Ono hundred dollara in gold would buy $118.37) in greenbacks at the close, S ———— GREENBACK PRICES. It is ono of tho trials of nowspaper lifo that articles must be framed to suit different grades of intelligonce and the varions indi. vidual supplies of information. If it were not for this embarrassing circumstance, it would not bo necessary to go all over another demonstration of the patent fact that it is Communist, Treveuuics, the professional *“workingman,” is doing splendid work for the Democratio inflation ticket. Is the pu- clent Democratic party reduced to this! Gooesnrcx rejected to make room for TnE. verwox, Why not substitute Dax Rioa for Trorsax ? Chicago people in general will be grati- fled to know that the formnlity of breaking ground for the new Court-Ilouse was yester- day performed by the County Commission- era; but if anybody believes in omens now- odays, thera is material for dismal predic- tions of wasto, extravaganco, and jobbery. After alittle dirt had been shoveled, n great deal of liquor was furnished to the County Bonrd by the excavating eontractors, who, as ifto add to the significance of the thing, Iocated the grand guzzle in Pgniorat's club- rooms, Pousibly all this was mere coinci~ dence; but the temptation is irresistible to put this and that together. — 18 if the strong popularity o Hanry Lup- vaToN wero not suflicient to render hia elec. tion as Governor a foregone conclusion, the Wisconsin Democrats are helping tho matter along by a vigorous assanlt upon the out- works of Gov. Tavron, who ls a candidate for renomination by the Demoorats and Re- formers, Among theso, o number of influ- enticl and prominent men have published o Protest agnivat Tavrow's nomination, and thers ia o prospect of an elogant row in the ranks. It {a o desporato case with the Ro. form Governor,—renomination or political obacurity, indorsement or ropudiation,—aud his supporters will not easily be induced to drop him for the goodof the party. The situation ouly strengthens what was beforo rogarded as littlo less than absolute certainty —tha elootion of & Republican Governor this hu' e e e A press dispatch from San Francisco an- mounces the suspension yosterday of {he Bank of California, an institution which has been popularly supposed to own and control fabulons amounts of cash coin and converti. blo assets. The fact thot this bank hins per- manently suspendod, with no inlention of rosuming business, will thereforo occasion general wurpriso and astonishment eost of the Rocky Mountains, Confidence in & similar degroe in the immenso capital and perfect relinbility of the bank does not seem to have been entertained in San Franoisco, ‘The Bank of California fssned no notes, and yesterday's run, amounting to a drain of $1,400,000 in gold from fts vaults, was made by depositors, Nothing but the most mesgre information has thus far been received, and no intimation is given of the causes, immediate or remote, which induced the heavy run uponghe bank snd compelled the suspension, The institu- tion has been un imwenso power on tho Pa- cifio Coast, its capital being invested in mining stocks, rallways, steamboatlines, lands, hotels, and otherhmprovements. Dresident Rarsron last evening gave assurance that no losses to depositors or to fnterlor banks would resnlt, and contidence to this effect i3 expressed in Ban Francisco. If this happy augury proves true, It will be a wonderful exception umong bursted banks. Inany eveut the effects of the suspension will be nlmost wholly confined toths Pacifio Const. From interviews last evening with Chicago bankers it will be secn that the event will be scarcely feltin the fluan. ial circles of this city ; and the same ia prob ably tzus of oll the Eastern money osntres, EE—— Tho Chicsgo produce warkels were gener- aAlly sasler yeaterday. Mesa pork was active @04 50100 per bil lower, olusing st 10,50 tho greenback and not gold that goes bob- Ling up and down, nud thus exerts a constant though not always perceptible disturbance of all kinds of prices. A gentleman who signs himaself *‘ Amorigo" writos us a communica- tion which wo print elsowhere, and tho pur. pose of which secms to be to recall tho therefore, {4 ia the standard by which tho purchasing power of paper money, or mny other imitation money, must be measured, The valuo of gold may Le affected by the amount and cost of production, but the volue of anything which by common consent rep- resents gold {s determinate chiefly npon the certninty, easo, and inexpensiveness of gel- ting gold for it at the holder's option. ‘The paper dollar is only worth just what it will Lring in gold at tho New York Gold Ex. change. It **Amerigo" still doubts, wo recommend him to make out a list of articles which he wants and which ho knows will cost him about §1,000 in greenbacks; then have his wifo make out a list of nrticles which she wants, which will also cost $1,000 in cur- rency. Then let him give his wife $1,000 in gold, and take 1,000 in greenbacks for him- solf, and Ascertnin which of the two las most money left after they bave finished their shopping. It will bo n good way for him to determine whether or not the green- back is depreciated in value, and we fancy his wife will not object to the plan. If his wifo has about $100 loft after making the pur- chases, wa hope **Amerigo " will be consist- ent enough not to take it away from her. PARTNERSHIP ARD CORPORATIONS, 8pecial charters or spccial acts of incor- poration nre no longer granted in Iilinois. Charters no longer confer spacial privilegos or taxable value as franchises, bocause such chartors are within tho reach of any one at the mere cost of tho fees of the Sccretary of State. TPartnerships and corporations, there- fore, are substantinlly the samo things, but necessity of coming down to the lavel of his intelligenco, and shaping tho argument to his limited power of comprehension, We fear hnt this is n hard thing to do, and the only encourngement to attempt it is the assurance that, if ** Amerigo” can be mnade to under. stand it, there is no one elso so stupid 6s not to see it. 1. Of courso the merchant does not change the currency price of his goods from day to day, and tho employer doca not revolutionize the wages he pays every twenty-four hours, to correspond with the diurnal riso or fall in tho gold value of greenbacks. 1t thoy did, all business would bo a chaos, and the green. back would quickly be rejectod and thrown out of use altogether. Tho instinet of self- preservation deters men from adopting so suicidal a policy. Fortunately thero is a con- servativo tendency among business men which induces them to agree upon ns much stability in prices as possible, and not baggle nbout fractions from day to day and from bour to hour. This conservative tendency applies to all the circumstances which influ- enca prices, ns well a8 to the varying purchas. ing power of the greenback. 'The mechanic fizeg in his mind, nnd has the approval of custom for demanding, we will say, $3 o day for his labor. 'The depreciation of the green- back 1 or 5 centa in tho dollar, or its appro. cintion of 1 or 5 cents to-morrow, does not induce him toask o fow cents moro in ono cnse, orn fow centsless in the other, any more than the arrival of a fresh batch of mechauies from Europa (which ia like- wiso calculnted to docrense his wages) in- duces him to voluntarily throw off a few ceats aday. So a man who hss mpdo up his mind to ask $100 in currency for a horse lie has to sell does not ask §99.25 simply be- causa greenbacks fall temporarily a fraction of a cent in value, 2, But this conservative fendency, which enables the transnction of bLusiness jn an orderly and systematio manner, has the effect to fix and maintain prices at a higher rate than thoy ought to bo, 88 arule. Every merchant in marking his goods for sale futs them sufliciently high to give him a margin on the possible decline in the value of the greenback. He determines what profit ho is willing to take, and then remembers: “Ah, the groonback may be worth less than it ia now when I havo to renow my stock, and I will add o few conta & yard to provide for that contingency, snd save myself.” This same apprehension extends to all clasaes of trade, and unquestiopably keeps up a higher vange of price, more or less varinble, in all classes of trado intercourso. In this way there is an nncertain, unstable, and varinble grade of prices all the time 3. But whilo tho daily speculative changes in the quoted value of the greenbsok do not exert immediate correaponding changes in the price of furniture, irom, fuel, dry-goods, houses, horses, rents, ete., any considerable chiange one way or the other, which so remaing for a considerable time, pesvades tho entire list of negotiable property. Thus suppose gold, from some cause or other, should be to-morrow quoted ot 125, and groenbucks should consoquently bo worth only 80 cents in the dollar, sndsupposo this relation should continue for & length of time. Does “ Amerigo " imagino that the depreciated purchasing power of tha greenback would not increase prices ? Wheat would bo im- mediately affectod ; the prico of all kinds of farm products would go up instantaneously unless the difference wora absorbed by trans. portation, or some other counteracting in. fluence, Then store goods and manufactures of all kinda would follow the upward ten. dency. Merchants, to save themselves, would mark up all lines of merchandise; overything of an exportabls or importable natura would speedily follow tho neceasity of gotting more greenbacks tontons for their losa invalue. Building materinl—firut iron, glass, paluts, then brick, and stono, and lumber— would all become more costly. Rents would riso upon this, becauseof the incroased cost of building, 'Tho laboror, finding that tho ne- cessitics of lifo were costing him more groon- backs than before, would demand an incroase of woges. And o there would be an in. coreaso of prices in everything, including that of housen, lots, and land, more or loss rapid and pronounced according to the mobility or immobility of the various articles and things. A reversal of the decline of the greenback —that is, an iucreaso of ity purchasing power on account of an incroased confidonco in its redemptlon, or somoe othor cause—would have the effect of lossening currency prices in the same way, but more slowly, Veople are al. waya more reluctant to accopt leas than thoy are to inslet on more, and this universal ten- denoy keeps prices up longer after a dopre- ciation of the purchasing power of the greens back, than it puts them down aftor the value of the greenback has been enhanced. 4. Of course Tux TripoNE has never con. tended that the value or purchasing power of gold is definitely and unalterably fixed for all time. This would be absurd. Gold is gov- erned by the law of supply and demand, as woll as oll other materiala. But we have con- tended that it bav all the world over greater stability as a measure of value than any other commodity ; that it is the only substanca rocoguized all the world over as money ; that ‘thera fa 0o other single article which {8 ac- ocpted all the world over in exchange for evorylling elae 0n an oquable busls; o sl the corporate form is proferred in certain clngses of business, for two reasons: 1, It enables a greater numbor of persons to unite in the partnership, by admitting investments of only the nmount of a single share of stock; it adtmits the salo or transfor of any portion of the proprietary intercst without disturb- ing tho business, changiog the nawe of the firm, or dissolving the partnership. In case of the denth of a sharcholder, no change is wrought in the business; the decensed pari- ner's representatives succeed to his interest, and fay hold or sell the samo without any FRIDAY AUGUST 27, 1875, fell in with the Eastern Democratic politi- cinng, and upon taking observations of the political horizon ho found that, if the Democrats go into a can.paign next year upon a hardemoney piatform, Tinpey wauld havo the inside track in the raco and secure the nomination past all donbt. He found out soma other things, nlso, while drinking his Congresa water. 1o discovered that the strength of the hard.money Democ. racy was enst of tho Alleghanies, and that west of them tho intlationists wero in the as- cendant in tho party. Hence ho wisoly con- cluded that, if the Democracy should stand upon a hard-mooey platform, TiLpey wonld | be inand he would be out, knowing well enongh that he would be distanced in tho tirat heat in n race with TrLoey among hard- money men. He found out another thing at HSaratogn: that the second choico of the Enst« ern hard-money men, in case TiLpey could not got the nominntion, would be Tuunytan and not Hrxonics, nnd that even Senator MacDoNarp would be preferred to Hey. pRICKS, TiLbeN had the advantage of him on the hard-monoy platform iu the East, and Mon. ox had cut tho ground ont from under him in Indinna, and stolen nll his available thun. der by coming out for hard money, Betweon these two he was liable to bo left high and dry on the political beach, instend of sailing ioto th e snug hinrbor of the Iresidency. He therefore determined to utilize his strength by dropping down to & lower plaue, 50 as to como in competition with weaker men like old Bot Arrex and Penpuruas PexonrTow, rather than with such strong men ns TiLpey or Tuunyay. Ho therofore shut his eyes, turned a flying somersault, and came up all right on Wik feet as a lender of inflationisty, prepared to compete with ALLen and PexpreTo in the scrub race, Looking nt things iu this light, the chango of boso in the Sentinel office becomes plain cnough, The old editor conld not stultify himself writing rag-money heresics in the inlerests of Hluxpnicks, so he was tnrned ont to grass and another man employed who could write in their intérests, and make the organ play the new tune. The organ now interruption in the conduct of the company. 2, That tho proprictors are persoually re. spopsiblo to the amount of their stock, pro- vided it be full paid. In ordinary wartner- ships theso advantages aro wanting. The State, however, has legalized another form of partnerships, by which persons mny invest their capital, and, as spocial partners, avoid all responsibility boyond the amount of their investment. In such case, however, tho special partners are excluded from any voice in tho manngemont of tho business, and the partnership itself is limited as to its duration, While it may be provided that the denth of a partner shall not dissolve the part. nership, no special partner can withdraw from the firm, or withd=aw sny port of his capital, Is it not possible that tho law of partner- ship can be further amended, 80 as to allow all persons desirous to do so to have the facilities now enjoyed under tho corporate sys- tem? Why may not the law be so amended as to admit any number of persons to the proprictorship of a business-ouss in tho proportion of the sums contributed to the capital by them; and why uot the moveral stockholders bo permitted to soll their shares of stock therein when so disposed without in the least changing the name of the firm or dissolving the partnership? In other words, why may not the law regulating privato corporations, and the law regulating special partnerships, be so amended that per- sons organizing for business may adopt oither o corporats name, or an ordinary firm name, and under either form of organization have the same legal privileges and advan- tagea? Privale corporations aro no longer monopolica; they have no priv.leges whioh are not equally open to all who will apply for them. Any private business firm may now organize as a corporation, but there are many cirenmatances which render it advisable that the business be done under tho name of the proprictors rather than & corporate namo. This is especially true of mercantile estab- lishments, where the names of the proprio- tors aro part of the capital, giving character and credit to the firm, But thore is no ren- son why these private firms may not bo al- lowed to include in the tormsof their part. nership tho advantages and conveniences in their mansgemont now enjoyed by the other business firms who tako the corporate form of organization. A CURRERCY BOMERSAULT, A dispatoh which appesred in ‘Tug Trrnune a fow days since announced an unexpectod change in the editorship of the Indianapolis Sentinel, the old editor having been bought out, and a new editor, Mr, MatTuews, inving boen placed in his chair, in order to change the character of the politics of the paper upon the currency question. Heretofore it has ropresentod Mr. MacDoNaLp's position upon this subject. It hins beon a sound-monoy or- gan, snd a vigorous opponent of shinplaster inflation. It has stoutly argued against walering the currency and Irredeemnbility, and its general position has been that we should come back to redeemability as soon os practicable, without sorionsly disturbing the business intoreats of the country. It is now evident that the inflationists have boen at work to plnca the concern in the hands of the Kulloylte Matrurws, and commenco tho rag businesa and 8.65 convertible.scrip humbug. This is the new tune the organ musat play, and to do it & new grinder has been aelected, who will play all the tunes thot are pleasing to Kzerxy's rag-baby, Thero is, howaver, a etill deeper eignifi- cance to this sudden chango of front, this turnabout from sound money to chaff, The Indianapolis Sentinel is the personal organ of Gov. Hexnnroxs' ambitions for the Prosiden- cy, and therefore, still being in Lharmony with Mr, Henprioxs' views, it i pretty conclusive proof that Mr, Hzxnpricrs bas turned a somersnult and is now fondling and pet- ting the Kriier rag.baby. Hereleforo ho has been claimod a8 & sound-money man and 8 believer in rodvemable currency, although Lio bing been too timid to edvocate the sound- money dootrine boldly and publicly, He has shirked and squirmed out of every contingency which might uecesaitate him to give publicexz. pression to his views on currency, and as theso contingenciea are happening just now in Olio, pendiug the campaign, he hasbeen giving that Btate a very wide berth, He Las made no spoeches in it. 1le has kept out of the way of the interviowera, In his recent trip to Saratoga he went around Ohio. In every possible way and by various shrewd devices he has avoided committing himsel? in favor of the Ohio rag-money platform. His Sars. toga trip, however, evidenlly has so changed Lis views as to Preaideutial prospects that the Bentinel, notwithstanding ita ohange of politios, atill vepresonts Lim, and continues tobe bis organ, Darlug Lls Burstoga vixit bs being all right and Hevpricks having made ‘his somersaull, it is not surpriging that he is aunonnced to speak in Ohio in support of the inflation ticket. NEW YORK'S DECLINING BUSINESS. A yenr ago the New York comerein! jour- nals were discussing the causes that favored the transfer of the jobbing trade to the lead- ing cities of the West, and notably its con. centration at Chicago. They confessed tho fact in order to stimulate their morchants as much as possible to make every oxertion to retain it. And now the Commercial Bulletin hay shown * from official statistics that banl- ing under the Nationalsystom in the tha Mid- dle States hns beon almost stationnry for the last five yoars, while in the Western nnd Southern States banking operations have about doubled.” This increase of capital and of the jobbing trade in the Westorn Btates, and especially in Chicago, bins been foreshadowed, and, as far a8 noything in tho future could be, was proved in the columns of THE TRIBUNE years sgo. It is but the natural rosnlt of the volues, vast in amount and steadily increns- ing, which the Northwest contributes to the cammerce of the world. Carefully-prepared statistics showod that the value of the ceronl and aniwal products shipped enstward from this city alone during the yonr 1873 was at loast $200,000,000, and during the year 1874 it increased to ®249,600,000. The total business of the city for tho Inst year—mnnu. facturesand merchandise included—amounted to 868,500,000, It is, thorefore, in accordance with fixed commercial laws that the banking capital of the West shonld also steadily increase. Not having tho temptations of the "Wall atrost stock gamblers to resist, it is moreover natu- ral that our banks should bo moro stable and substantial than thoso in the boasted com- mercial matropolis of the senboard. Accord- ingly, it will be remembered that, while in the panic of 1878 tho New York banks ‘wero sus- pended for wecks and many of them trem- bling upon the vergo of bankruptoy, nearly all the bauks of Chicogo steadily and prompt- 1y paid all their checks, and bravely weath. cred tho storm without tho least chango of conrse or the loss of a sail. It may bo said that to mention this is but another exhibition of inonlinate vanity ; but the fact {8 ono of which Chicago may be justly proud. It is due to the well-sottled principle in political economy that, whon o poople sell to others more in value than they purchase ond consume, thoy gradually, but surely, becomo rich and independent. Our vast, fertile prairies havo practically but just begun to show how wmuch they can contribute to the wealth of the nation; and hence the confession wrung from the New York Pulletin that our banking capital {8 alao inereasing much fostor than it is in the Middls S8eaboard States. With the concantration of the jobbing trade in this city, with the rapld growth of manufactures, and with the incressing hundreds of millions which ths Northwast will command for her shipmeuts of cereals, provisions, animals, and other farm products, the day is not distant when tho Northwost can doclare herself entirely independent of Wall street, Bhe will have the capital to do hor own business, and she will use it for her awn profit, There hoa been a little manufacturs of monoy down in Bt. Louis which practically illustrates the Krrrey and inflation business. The Governmeunt of the City of 8t Louls Lave expended a good deal more money than they have levied taxes. The ordinary process has been in guch case to issuo a bond for tha debt. But the City Government has changod this. A bond would bear interest, Thoy therefore issued some paper slipa called * dollars,” * founded on the faith and resonrces of the city.” These they have is. sued as monoy, and aro now circnlating as suoh in that city, T'he 8t. Louis Globs thus portinently oxplains the character and de. fends the valua of the new currenoy ; Tho brownback, be it underrtood, L x token fssued by the City of §t, Louls for the purposs of emabling (bis municipality to run into debt withont the dis. agreealils Decosaity of paving Intarest on what jtowes, and in tlat respect it vepeats on & swalicr scala the purposs and poteucy of the groenback, Botnof them are awindlos, but of the two the Lrownback is ihe Ieasor awindle, since the poople among whom it clrcu- lats undsrstand that its promise to pay & dollsr mesns only 8 promiss to pay & dollar of the currency which wau fn elrculation sf the time it was lssued, 1n that currency the city Is prepared to reasem them at any time; §f It a any satiefaction for the holder of any of thess brownbacks to get United Btates currenoy for them, we bave no doubt that our urbance Otty Treas urer would sccommodate Lim; but the banks do not Tecelva them Doz pay them out, nor ls any one oom. palled to recelve them {o paymeat. Iu their huamble way, and (o thalr lmited awount, they sel an ex. smpls of houssty which tbe Natlonal Tresaury 18 far from following} yel thoy are s sawindlo, alace they are {ssusd withoul anthiority, sod since they ostablish the principle (bat nobody ought to psy intsrest ou bis della (¢ Lguau Ly any mesbs avede Such paymsnk ‘Als Dywouratlo statesinen o Alssous) xre all in favor of making money ' plenty and chenp,” and St. Louis has set them an exam- ple of how to de it. 8t Louls is tirod of puying iuterest to her blonted bondholders, and has therefore issued this “money ™ to sher ercditors, and, to uso an argument com- mon at this day, the security being tho same s for o city Lond, the currency itself ia nud ought to be as good na lllu'bnml. That is cheaper than taxation, Why should not 8t Louis issne her own money 7 Why should sho tax her peoplo to pay intereat when sho enn issio hier own money and pay the debt directly ? What does St. Louis care for greenbineka or bank-notes, or why should she borrow money when she ean print her own money and pay nll her expenses, and indeed all her debt, without any taxation at nll 2 ‘Thnt is what Mr, Keruey proposed in his Chi cago apecch should bo doue by the “National Government,—nabolish taxes and print niore money, The City of 8L, Louia ia tho flrst to act on tho suggestion, but why confine the issue to 300,000 7 Why not {ssuo it by the million aud build steamships for tho Liver- pool trade, and mako tho Mississippi River navigable from its aource to its mouth ; fin- ish the Southern Pacifio Road, pny off the Stata debt, and make monoy o plenty and chesp ns to attract millions of people io the city ? THE ENGLISH PEABODY FUND, Tt is not given to miany men to leave en- during memorials of their good deeds on both sides ol tho Atlautic. Probably no man hins ever given as much and as wisely'ns tho late Gronoz Pravopy, Amerienn citizon avd English banker, His generosity was bewil. dering, Thore aro ** Pranovr Institutes ” in threo or four cities of the United States, There are Pranoby Museums and Halls in holf a dozen college towns, There is o Pra. noby Fund in Ameriea, which has dono s waorld of good in edueating the South. Thore is a Peasony Fund in England, which has givon comfortablo hiomos to thousands of Loundon artisans, and furnished types for sim. ilar reforms overywhere else. The banker's benevolence was not only public, but private. 1fis wiso generosity gavo Ornyien O. Manan an edneation, and so bestowed on the United States at once a famous scientist and a fear- less opponent of the worst of our national rings. Another yoarly roport of the English Peapooy Fund hias just been publishod, 1t tells n story of duep interast. ‘The originat Fund amounted to £000,000, or §2,600,000. The ‘Trustees took charge of it o fow yonrs ago, Iuoxperionce prevented immedinte suceess, The firat block put up cost 80 much that tho rents were too high for the poor to pay. ‘Tho lesson learned paid for tho money lost. Sinco then no mistakes have beon made. Numerous blocks have boen built, All of them are full. A descrip- tion of the Intest will serve as a sample of all. About 3 acres on tho Blackfrinrs Road avo coverod by it. The building—or rather* the nineteon buildings which together form the Llock—is divided into a large numbor of apartinonts, none of which has more than three rooms. 'Tho stoves, fxtures, etc., bolong to the building. They nre of tho most convenient sort. The walls are noatly stenciled. Conl and provision cupboards are attached to each apartment. There aro general laundries, baths, and play-grounds. T'he Blackfriars block is oceapled by 1,214 persons, 600 of whom arc children. The average cost of & room is 36 conts 8 waek. The Trustees aim to bouefit the very poor, They thers{ore rent no rooms to porsons who earn mora than 20 shillings (%6) & week. The short rules, a copy of which is given each tensnt, are so valiable as suggestions for the coming American phi- ianthroplst—may he come soon!—that we print them in full ¢ 1. Therents aro to be paid weckly in advance at the Supcrintendeut's ofiica every Moudsy, betwoon 10, m, and 6 p, ., and o arresrs of rent will be sl lowad, 2. Washing slisll only be dono in the laundries. The passages, atepn, lavatories, clovets, statrs, and pas- sages abiall bo washiod once n week, aud awept every morufog Lefore 10 o'clock, 2. No clothiea sra to bs hung out, no carpsts or rugs beaton or ahaken, lster than 10 4, m, 4. No children ars allowed 1o play on the aairs or passages, but only in the play-grounds. 6, No tenant is aliowed to take in washing or keep & shop of any kind on the premince. 6. Tenauta are not sllowed to paper their rooms or drive ualls fnto the walls, 7. The ower doors aro locked at 11 p, m,, and the gan extinguished ; but all tenants aro provided with private keys, by which they osn enter at any hour of tho night. Thera has boon & great moral improvemont in the condition of tho tenantry of these blocks. A comfortabls home keeps the men from the gin-shop. Tho women have shaken off their slatternly habita and keep them- selves and thoir bomes cloan. The brass knockers on their entrance-doors ara polished till they shine like gold; the floors aro serubbod and washed ; the window-seats are goy with flowers. The class most bonefited 1s, porhaps, the children. In the crowdoed districts of London four out of five children die beforo the fifth year. In the Prasopnx buildings, the rate is.only one out of five. The weakly children whose parents move out of filthy alleys into these healthy homes show ths effects of the changoe at once. It is snid that a visitor can tell by the looks of the boys aud girls on the play-ground the com- parative time ench has livod In the block. The buildings themselves are in contral localities, so that tho tenants save the time and money spent by most of the poor for intramural transport, They have promoted Lealth, sobriety, oleanliness, thrift; have given homes to thousands who had no home but o dark cellar ; and have saved thousanda of lives. And yet the monsy that has worked these wonders has meanwhile in- creasod from £500,000 to £580,000. Burely, a great chority has never been administersd more worthily and wisc], In our last lasue wo mede some comments upon the recent unfair aud prejudiced allu- slons of Archbishop Lywen, of Toronto, to “ungodly " New England, with reference to its alleged diminution of population by ren- #on of its lack of godliness, and showed the fullaoy of his reasoning by applying it to Franco, whose papulation, being of the good Bishop's own faith, practices pre-uatal homi. cide more than any other nation, We fur- ther showed that the prominent cause for the decline of population and the decrease in the size of families in New England as compared with those of s contury ago was due mainly to tho fact that the women are leas robust snd bardy than their foremothers, and take less outdoor exercise, and illustrated the truth of the assertion by reference to the same race in England, where the families, although wealthy and refiued, are very large, becausa they live out of doors, and take a great deul of physiosl oxercive. ‘Thia fact 1night bo stilt further illusirated by referonce to Germavy. The Gorman familles are vory large aa & rule. Among the lower classes, the women labor bLard in the fiolds, and aze strong, tongh, and sturdy, All clasecs live oub of dourss TLe Gerian wes, al though they have few ball games, indulgo in athletic fonts of varions descr’ptions, stich ny waking, running, jumping, lifting, and turn- ing. The German Iadies aro constantly out of doors, leading active liven, and are strong and healthy as s conscquones. Another <cnuse of the decline of families in Now Iin- gland s ensily attributable to the fact of the enormons drain of young men from those States, who emigralo in sonrch of employ. ment and new fields of enterprise, and thus Teave the towns and villnges filled with lonely old maids. Al over New England the coun- try villages are full of old people and spin- stors, The large majority of the young men leavo at an early nage and do not return. Numnerous other causes might be named, but suflicient have alrendy been advanced to show the absurdity of the Cnnadinn Archbishop's foolish and ill-tempered atlack upon Protest~ ant Nes England, THE MAN-FI83H, Tho greatest physical feat of the century wna performed Wednesdny night, when Cap- tain—why nre the swimmers of the ngo all Captains?—~Marriew Wesn swam the English Channel from Dover to Calals, 21} miles, He started from the chalky olilfs of Dover Wednesday afternoon with a atrong stroke of twenty to the minute. He seems to have maintained this stroke for noarly the whole distanco. Stunulants were administered to bim lavishly. He began at 5:30 p, m. with beofsten and ale. At 8 the doso was beof-ten and beer. This kept him all right until 1 o'clock in the morning, when the moon rose, and he celebrated the event with a drink of brandy aud ten. Coffce way tried for a chango at 8 o'clock. Thia failed to be of ser- vico, e scomod exhausted, and the trainer who accompanied him in & ‘small stanmer was nbout to spring to hialielp when Lo ralliod and swam on. In an hour he took coffee and brandy, Thenceforward he drank Lrandy straight every twonty minutes, so that he may be said to have been brand(i)ed as the Lest awimmer in the world when Lo step- ped on Calais sands, King Aleohol kept him afloat while ha was in danger of denth from too much water, Tis fon! ean scarcely bo considered n first-class illustration for a tom- perance-lecturer. But it is o morvel. It must have required muscles of iron and sin- ows of steel. The swimumer had to moet crosd-currents, chopping seas, winds, and tides. Thoro is no more dificult strait to cross in the world It s anid that tho tido carried him 4 miles ont of his way. If so, he must have awum over 26 miles. Whilo there wero boats near him all the while, he scems to Lave not left the water for a second between the clifls of England and the sloping shores of France, A skiff, nnd afterwards n steamboat, was kept to the windward of him, and ho was thus partly raved the necessity of buffeting with vory rough wenther. The only other Lelp he received was the administration of alcoholie drinks and tho atimulus of cheers from tho spectators, Upon landing, ho was taken to o hotel, put to bed, and rbbed down. He 'was soon tranquilly sleeping, and the doctors entertain no fears of any serious resnlta, This far excels any previous feat in nata- tion. As the collego song has it, Lwavpsn awam the Hollespont For to meet bis dear, and Lord Bynon and Lieut. Eckesueap imi- tated him in 1810, The preservation of the latter’s name in tho Encyclopmedias is a strik- ing proof of the fact that o man is known by the company be keeps. The Hollespont, however, at tho point whore these three crossod it, is only 2,400 foet wide. The two pointa of Abydos and Sestos run out into the strait, and mnke it strait indeod. Leaxprs, Byroy, and EcKENIEAD swam less than half a mile ; the wob-footed Wenn has swum 25 miles, When Czsan triedto* bulfet the waves with lusty arms, " he cried out, ** Help me, Casstus, or I sink ! " and was weak ns a “‘sicl girl " before o hiad gone any distance at all. Thiug gaith tho veracious Suarspranz, Hon- ATius—whoso last name, the pleboian ono of Cocovzs, is usually suppressed by kindly his- tory and fable—swam the Yellow Tiber after the famous fight for the bridge, but though Al Rome sont forth & rapturous cry, And een the rauks of Tuscany Could ucarce forboar to clieer, tho swim amounted to but little, The Tiber is but o narrow ditch, and ita current, usually sluggish, never moves with half the rapidity of a Channel tide. Boyron, who converted himsolf into a canoe and lot the wind blow him across the Chanuol, did nothing in com. parison with Wenn's feat. 1o not only had a acoro of halps denfed the Inttor, but he took two hours longor in crossing the narrow sea. Wenp is ahead. Wa sce no immediate prac- tical benofit to be derived from bis success, The average man, thongh a good swimmer, would probably prefer to cross the Ohannel in ndry steamor than 8 wet skin, with bran. dy-and-water served hot and together, in. stond of taking the brandy inside and the waler outside, with wuch an overplus of the Iatter. But the doed was a feat of physical strongth and pluck without a parallel An apt illustration of the defecta of the jury system is furnished by the English ro. views of tho 14th fust. The case happened in England, but more than one parallel for it oould be exhumed from tife Court records of the United States. A lady waa injured by an accident on the Great Western Rallway, A doctor, professing to be authorized by the Company, asked tha proprietor of the King'a Arms Hotel, at Oxford, to care for the suf- ferer. Blo was gick for some time, and upon recovery declined to psy the bill of £117 presented to her. The hotel-keeper sued her for that sum, The dofense was that tho rail. way company, not the defendant, waa liable, The Judge Isid down the law, and the jury withdrew. They camo in prosently with a verdiot for both the plaintit and defendant, This remarkable result was renched by their announcement that tho Great Western must pay the £117. They weore reminded that the Company was nota party to the sult, and ment back. Their be. fogged bralns then produced the following striking contribution to legal literature ; # Verdict for the defendant ; the Great West. ern must pay her £100." This, of course, was rojected. The next time thoy broughtina verdiot of £17 for the plaintif. This the Judge bad to acoopt, though he expressed his opinion of the stupid persistence with which the jury clung to their bellef that the Great Westorn ought to be made to pay £100 in the suit In which it was nelther plainti nordefendant. Wae Invite stupidity like this by making ignorance & prerequisite for jury sorvice. Aun artlcle in yesterday's Taisuwz on the National Banks estimated the number of bor- rowers at half a million. Oa further raview we are satlufied the number is too small by bLalf, and the figurosshould Lave been at Jeast one million. Even this may be anunderes. timate. The number of depositors 1s 070,. 000, and thelr average deposil is slnosd ex. aotly $1,000 eack I8 bs wake Lo may tind the vast majority of these persons are nlso bor. rowors. A man always expeels to Aot m; notes disconnted by the bank in which py keops his spare momney. Uhis is ono of the obj cts £r which ho keops a bank-neeoyqy, Thero aro also very many men who havg py deposit account, but who borrow on collat. eral, or charactor, Or—in Romo (pseq—. “ cheek.,” Adding these, wo would Probitly havo a million borrowers. At the a rqegyy lonns of tha banks are el.ow,m,uonr ths would make the averngo loan i, It s probably mot above iMa i, bullk of the business done |, tho country banks consists of loaning q geyy hundred or thonsand dollars at o time to oo borrower. In the city, very large loans grg au exception. Lvery bnuk in Chicngo loply o groat number of small sums, from $100 4, §1,000, to wage and salarg-enrners, sma] shopkeepors, grocers, denlers, ate. And ng thy time of the averago lonn does not exceed nine, ly days, the same money may be loaned dur. ing the year to three, four, or five persons, Thus, the numbor of borrowers from thy National Banks at the present moment i probably nearly, if not quite, o million, auq the number of different borrowers in any given year is far in oxcess of this, To break up such a system would make pretty serious disturbance nmong all clnsses of business, 1t would probably do more mischiof than thy panic of 1873, g when they trv. Tuoy can sel tyne, orsaw wood, or flsh, or plow, or ride astradlo, or got drunk, withay great facility and eclegance msany man, whe onre thoy seriously sot abont it. Thev cin burglurize, t00, 8a Ia shown by tho history of Misa NeLLIE BreNcER, orst of Chioago, mors ra. cantly of Evansville, Ind., and now 1n conflas. mant for many misdeods, She 4 described as g feminine Jack Shepard, and extremely pretty, Bhe 18 23 years of age. Har practico has besa to obtain employment in some {nnoceut houss. hotd s a maid-of-all-work, and thon to rug nway with all tho valuables sho could gathor; but this comparatively tamo ras. calty haos boon weveral times relioved by doeda of wildor daring. Bliss BPENCER sy of late been working with a regular gang of burglary, and hias been hierolf woaring malo ap. parel. Bhe biay aselatod {n robbing & bank andm oulering & jowelry gtoro. Ble has appoared in saloons as n mysterioun atranger, and liss swopt the bosrd i emnll gamoa of pokor. Unhappily Lier bright carcer bas been interrupted ; the off cara hisvo caught her at last; but it may bo soms satinfaction to her mothoer, sald to bo living in Chicago, to know that the brillisnt crosturo s opened up B now occupation for women, and given froub proof that what man bas done wousn can do, —_—— A correapondent of the 8t. Paul Pioncer-Press undertekes to enl.ghten the public aa to the fate of WirLLiair MongAYN, who sudden’y and myste- tiously disuppoared fifty years ago, and who, it hos long been supposed by many, was murdered for ravenling tho secrets of Masonry. Tl con rogpoudont #ars that bis fatlier, whon a young man, kuow Monaay woell, Atter tho allsged mur- der, the correspondont pere mot fn the woods of Maine & louely hormit, whom be recognized s Monoan. Hu communieated tho diacovery to persons living near the hormit, and the news probsbly travelod back to MongAx himaolf, for whon the Lhermit's hut was noxt visited it was found empty. ‘The writer who tolls thia won- drous talo modestly suggosts tuat bo has thrown wmore hight upon the fato of Monaay than isd wieviously como from aoy source. This clin may be allowed, sud yot it cannot bo said that the mystory 18 much uosrer & solution than it waa ifty yeais ago. e S A characteristio Southorn custom is the ing of tlo tirst bales of cotion. Each aity ¢e.- brates for itself. St.Louia ard Now Orltvis Lad thoir firat bales some timo ago, and Memy Lis recelved hers last Bunday, Oneof Lo Memilis balou camo from Blssissippi and tho otler fr.ic Arianens, They wero aold at publio auct Mouday, 8t the now Cotton Exclhange. 1 ceromnony wad & quoor mixture of pootrya:l pross, Tha suctiouear began by brosking & bottlo of wine over the cotton, and eaying: L boptize thoso two now balos in tne uemeof Funrarexueiy & Co., sud BLenox, MoKar & Co, wishing them all prosperity and guccess, and the pooplo of Memphis tho same blessing.” Tui fuvocation smacked stougly of blasphemy, sud, besides, it involved tho abaoluto waste of oo bottle of good wine. Tho procoedings wero io- nocent enough, aftor the atart, A Laoking-tim boughs the cotton for 30 conts por pound ; Lut year tho price was 26 cents. The schomo for the emigration of the popu's tion of Iceland en mmasse will doubtloss Le ma terially masistod by tho lato volcanic eruption 1 tuat 1sland. A rocont lettor bringa information that the crater of Dyngjulgall, on March 23 burst intd sn eruptiou of appalling violencs which continued from 11 . m. untl 4 p. m. Since thon another crater hias opeued up ita fires aud poured forth & stream of lava. covering as area of 3,000 squaro milos, For yoara ibs choiceat pastures in Iceland will probably te useless, The ocomsoquoucy will be a geuenl destruction of hivo stock, sud, after s tune, the peaple will be obliged to live chiefly upon s meats, They willon this account be especi: oxposcd to the ravagos of scorbutlo disesser which, under the most favorable conditions, pte- vall largely in Iceland. Appeals for aid Liave been seut to Eugland, but, ss the play of emiges- tion offers permaueut rotif, 1t will doubtives be m:re earnealy pushed from this time forward, both in Europa and Amorica. —_——— The recent increaso of olevator charges iv Daf falofrom ono-Lalf coutto one cent per bushol sk arousod a good deal of indignation. The naweps pors as & rule are ontapoken in their commonté alleging that the rates wore fixod at one-half ceod by agreement with the Logislative Committee of Inquiry, sod that tho lucrease ab thla timo U both a violation of good faitn aud a positive jov jury to tho best Intereats of tho city, ‘Tbe ware housemon meot tho atorm of abuse that is d rooted sgainst them quito philosoplicaily, bub they make ous & lawo dofouss av suo best. T understauding clearly was that » rednction of caual tolls would ba followed by s decreaso elovator charges, and that the one would b maintained s long sn tho other, Whetber Dul falo will be & galoor in tho long run by dopath ure from the originsl agracmeat romalus to b sesn, R S Tue proposition of Lord CArxAnvoN and sev- eral sclentifia persons ta fet tha ocoan into the Desert of B.liara does uot meat with the cordil suppors of the Londun Times, 'The Thuudere thivks it will produce s change of climate fof which the Briton i unpropared. As s maiter of fact, & chiauge of clmate would more seriously sffect tha African, who, though sicadily costuws od for the most unexpoated bath, i not ready in the matter of wardrabo to moot & chauge of st mowpherio sonditions. However, civilization [l hithorta been introduced by rum, tobuood, st pizates. Pornaps 1t would be a good thing give cold water & chance to oarry the warin® Africa. S Blxty-fiva convicts In the Maine Peniteotis? Dbave chosen to take & weokly paper n lied © their regular sllowsuce of tobasco, Dasivk [ ‘coursa of industion upon the sversge New Blz‘ glaud weekly, it ls not difiiculs ta prove that ol s tobacoo furulshed by the contraators was of 18 poorest quality of hay. ———e Measleain the Fijl Islands were for mor® {: tal than aoybody would belleve, The P"V“r tlon of the prinoipal ialand was 1,800 the uu! o ber of deatiis by mesules 804 ~—ia0re uww"“ third, Great Billain is noted for ber snidity gouiding lalatids, bus fate sssms 1o have wesld* ———— —— P