Chicago Daily Tribune Newspaper, August 30, 1875, Page 4

4 m— e A e et e e e THE CHICAGO 'TRIBUNE: MONDAY, AUGUNST 30, 1875, TERMS OF THE TRIBUNE. 2ATES OF STTACAITTION (FATASLE TX ANYANCE). Pentaxe I'repalil at this OMee, a. ‘WanTep—0One active agent in each fown and village. Bpecial arrangements mude with such, Bpectmen coples sont free, To prevent dolay and mistakes, Lo sure and give Post-Office address in full, including Btateand Connty, Remittances may bo made elfher by draft, express Poat-Office order, or in regintered fetters, st our risk, TERNE TO CITY RUBCRITERS, Datly, delivered, Bunday excepted, 23 centn per week, Dasty, delivered, Bunday fncluded, 30 ceuts per weck, Addrees TUR TRIBUNR COMPANY, Corner Madinon aud Dearborn-sts,, Oblcago, Til, ikl it sy TODAY'S AMUSEMENTS. DEMT OF MUSIC—IIsleted_street, between u:‘quon And Monros, Lrenuun & Ware's Comblus- ton. HOOLEY'S THEATRE—Randofph nireet, bétwaen Clark snd Lafsllo, Eugagewsnt of Kmerson's Osli- fornis Minstrels, ADELPRT THEATRE—~Desrkorn sireet, corner Monron, Engagement of Oliver Doud Byron, * Done ald McEay,” MoVICKER'S TIEATR Dearborn snd Btato. Eng Enoch Arden," CHICAGO TUEATRE—Clark sireot, Lotween Ran- doiph and Lake. * Mesrtaand Diamonds.” BURLINGTON HALL—Corner State and flxteenth Strests, Charles MacEvoy's ** Hiberulcon,” TARY PITY TREIR GRANDMOTHERS. YE!J the Iadies who perpe(us’s the beauty of tiwir gleituo, with Laled's Bloowm of Youth, mud, indeat, pity tiiotr nefortanate grandmamas who plastorad tloir [sces with Julger red and waito piementa. *What & canlar. i must Do 1o uso & cosmotio #o yeorless aud su harmics by all druggl The Chicagy Cribune, Monday Morming, August 30, 1875. At the New York Exchange on Saturday tho prico of greenbacks opencd at 87} and closed at 87§, all tho sales having been ninde at these figures. San Domingo is enjoying its periodical rovolution. The Intest demonstration has re- sulted in the restoration of Barz to the Pros- idency, 80 far a3 that result can be brought about by the revolutionists’ proclamation, Goxzares, howover, will have o word to soy before giving up the control of the Repub- lic, and a little blood-tetting will prove neces- sary to quiet the body politic. The Herzegovinn ontbreak nssumes moro formidable proportions, by the fact that the Servians, finding it impossible to keep out of the melea, Lave sent 1,000 volunteer soldiers to tho assistanco of the neighboring province, The pew Turkish General, Meuomer ALl who was to have made short work of tho up- rising, has been recalled to Constantinople by telegraph ; and it is rumored that an in- surrection has broken out in Albani, M=a. Fouuer, one of tho speakers nt a Democratic meoting in Cloveland, got hold of o stick that was tarred at both ends when, in order to {llustrato Republiean corruption, ha told of his experience in bribing a Now York Custorn-Housoe ofticer to pass his trunk duty- free. Even a Democratic audience could see that there was more than one corrupt porty to the bribery in question, and the laugh ovoked by the doublo-edged joke was not oxnctly tho sort of laugh Mr. Forrxr an- ticipated. Tho intorest folt by Chicngo in the won- derful work of her representative evangelist in Eugland wis attestod last night by the largo attendance at Farwell Hall, to listen to au address by Mr. Jonn V. Fanwews on the subject of the labors of Moony and Sanxey. ‘The timo, the occasion, nnd the fecling were ripe for the beginning of a first-class ravival, and tho only thing Incking wus Brother for September. Corn wes active, and Jo low- er, closing nt (4%c cnsh or seller Septomber, and Gilc for October, Oats wero dull and lower, closing at 39]o cash, and 35}c for Sep- tember. Iiyo was quict and firmer, at 84c, Tarley was quiet and stronger, closing at £1.08 for September, IHogs were in moder- ate demnnd, at @7, 0 for common to extra light, and at 0@8.60 for poor to fancy heavy, Cattle wero slow of sale, and the feoling wns easy, Prices were nominally the samo ns on Friday. Sheep sold moder- ately at $:1.00@4.75 for poor to best. One hundred dollara in gold would buy $113.874 in greenbacks at the closa. ‘The Springfleld (Mass.) ZRepublican, in view of the fortheoming Republican Stato Convention in Massachusetts, enthusinstical. 1y nuggosts Hexny WitsoN ag tho presiding officer of tho Convention, assigning two ronsons therefor, Fimt, he ropresents the historical Itepublican party of the State as no ono clse cau, nud, having lived to survive Ax- prew and Sumsen, “he stands well-nigh nlone among tho voungor politicians of a now generation—the Neston of Massachusetts Re- publieanisur, embodying in his own person its glorious traditions, n veteran from tho old wars,” Second, the fepudlican claims that he represents the best ideas, impulses, and aspirations of the Republican party of to-dny. With regard to thia reason, the Republican makes the following very strong point : 1f tho party in to Le saved st all, it must be by that saving commion sense which impregnated Hismt Wite 80N's letters to this journal and to the Trio- une. Whetler he will e tho coudidate of tho party mest sear, i & queatiop by Mself; the odds sro heavily agalust it But thero i no quieation sbout tho fact that, to Lo saved, tho Republl- can party will Liave to tako STXNDY WitsoN's plitform, o han demanded from it nothing mors nor los than whiat the people so demanding from lt—lonesty, re- formm, tho corroction of abuses, the genutuely national tomper and statesmanship which Joux A, ANDEEW hud i Biv mind wheu he summoned Massachusotes to * prosecuta the roace ss vigorously as she had pres- ccuted tho war,” Liis relectlon to praside at Worcester, ozt moutl, would be contrued s meaning the ws- Bloonz himeelf to sat the glorions ball a-roll- ing. The largo gathering listened with closo nttention to the interesting varrative given Ly Mr. Fanwry, but if Moopy had been there they would still more gladly have yielded to his powerful persuasion. Chicago moeda the great evangelizer, and impatiently ewaits his return, co yesterdny was devoted in part to proaching and listen- ing to sermons on the dend money-mngnate, and in part to o calm and eareful survey of the financial fleld nfter the catastrophe of the proceding Thursday, The dispatches indi- cate & cessation of excitement and a return of confidence and quict. Tho banks shaken by the great explosion will, it is belioved, rocover fally, onoof thewm preparing to resumo business to-day, while another will require a fow days {n which to ndjust matters and continue busi- ness. Everythingindicates that the numberof failures attendant upon the 18t of Soptom. ber, sottlement-day, will bo few nnd unim. portant, and that thero will Lo no panie nor crisis on the Paciflo Const in consequence of the collapee of the Bank of Californin. The remaining solid men in the bank have under. taken tho task of winding up its offairs, and it 1s expeoted that dopositora will ronlize not less than 80 per cent of thoir claims, ——— The telegraph has alrendy brought very completo details of the recent assussination of Ganora MonzNo, President of Ecuador, which took place in his palace at Quito, on tho Gth inst,, and the mails now givea hint 68 to the roal causes of the assussination, Zrom which it is quite apparont that he pro- voked his own fate. The subjection of his people to the domiuation of priesteratt and tho absoluto and oppressive rule of the pricsts and thelr comploto control of the in. dustrica and rovonues of the country at lnst exasperoted them and brought about revolu- tion. The merciless sway of Moneno and the merciless wanner in which he punished every offense syainst bLimsclf or the olergy, provoked the emme merocilesa setaliation upon bifiself. The now candidate for the Presi- dency iseald to be s Liberul. o at least needs to be a Libera, if he hos any regard for the warning of his predecessor's fate, 1f he should be elected, howaever, it will only be & question of time how woon the Ultra. montane rovolution will sot in, to bo followsd sgain Ly a Liberal one, 8 The Chicago produce markets wero very rregular on Baturdoy. Mess pork was active snd 850 per Lel higher, closing at §20,25@ 20.80 cash, and §20,35@20.87} for October, Lard was quiet and 15@20c per 100 Ibg higher, closing at $13.10@18.15 cash, and $13.20@18,25 for Octobor, Meats wero active and a shade easier, at 8o for shoulders, 11} for whort ribs, and 11jo for short clears. High. wines were quiet and steady, st $1.18§ per gallon. Lake freights were in fair domand aud unchanged ; quoted at 20 for com to Duflalo, Flour was more sctive, but weak, Whest was in very good domand, and ad- yanced 1o, olosing ab §LA7§ cushi and 115 #eut of the party In Massschusotts to bis propositions, 1ta purposs to fulow his advice, Thero is onother condition which is essen- tial to tho salvation of the Republican party in Massachusetts, It mny be mssumed that it hog purged itself of Butlerism. It must now purge itsclf of Talbotism. The nomi- nation of Taunor last year upon a prolibi- tion platform cost tho party the State. It was the principal element of defeat. If it renominates TALBOT, 68 nowappears not at all improbable, not even 1lexry Witsox and his platform ean save it. Dofeated last year, it will bo annihilated this year, THE CAPITAL-STOCK BUSINESS. The State Bonrd of Equalization of Tllinois is another verification of the axiom that ** the world is governed too much.” The estab- lished principle of American republican gov- ernment is that tho three powers, executive, legislative, and judicial, nre cach exclusive in their appropriate dopartment, and that no ong of theso can lawfully exercise the suthority of tho other. This prineciple is enacted in the Constitution of this State, Notwithstanding the Counstitution declares that the legislativo power shall be vested in a General Assembly, and the judicial powers in the Supreme and other Courts, we have another tribunal, which, though crented by the Legislature, exercises both leginlative and judieisl powers, and that, too, absolutely and without nppenl The Supreme Court, upon appenl, has de- cided thnt the judiciary are powerless to cor- rect any official nct by the Board of Equal- ization in the wny of assessment except on one or the other of two grounds: 1, Fraud by the Doard; 2. Assessment of property not taxable, The Supreme Court said, sub- stantially, if not in terms, that in the exer- ciso of its powers tho State Board was n court unto itself. When, thorefore, it makes an assessmont, no matter how contrary to all justico and reason, its action is final and binding. In the act crenting this Board, the Board is authorized to mnke *‘rules,” and under this power it onacts laws, and, claiming to bo a legislature unto itsclf, as woll asa court, it overrules and discards tho enact- ments of tho General Assombly at its pleas- ure, The Revenne lnw of 1872 was framed un. der the prejudices, founded upon ignorance, ngainst what is generally mown as capital. ‘When half n dozen men combine their means to carry on a business which but few per- sons could do alone, the Revenus law asstumes that these men are conspirators against tho welfare of mankind, are enemies of labor, and schemers who deserve to be punished. The Iaw provides, therefore, that these cor- porations shnll be taxed, not only on all they own and possess, but shall be taxed thereon under as many forms as the ingonuity of the State Doard can suggest. The Btate Doard, nothing loth, having fortified themsclves with rules having the forco of law, have excr- cised the authority with vigor. But the Gen- eral Assombly at tho last session, listening to a goneral remonstrance from all parts of the State, amended the Revenue law, and in plain and explicit terns required the Btate Board, in nssessing the property of menufacturing and two other clnsses of corporations, to treat them as indi. viduals, and to exompt thom from the dupli- cato nssossment on capital stock, The State Board, however, resents this interforonce. It is claimed that if one class of corporations bo exempt, then all must be exempt, and the Stato Board, acting as ® sort of supreme legialature, proposes to disregard the act of the Goneral Assembly of 1875, and, acting on the sdvice of the Attor. ney General, to assess them just na if no such act had Leon passed. If the Board shall so decido,—and it soema probable that it will,— {hen wo will have put in successful operation 8 now tribunal excroising an appellate juris. diction, both legislative and judicial, and nniting supreme power, not only to make laws and repenl them, but to expound them for the government of the courts, The mora this whole business of taxing cap- ital stock in cousidered, the more ludicrons aud at the samo timo unjust does the whole proposition appenr. The attempt was made in order to swell the rovenue by the double taxntion of one class of property, and Mr. DznioxsoN admirably. illustrated the result by reciting the story of the dog who, rich in the possession of one piece of meat equal to his need, was tompted by the wbadow on the water to gmb for another, thereby losing what he bad, The Btate, in ils efforts to double ita revenue by taxing the intangible shadow of the tangible property, has lost the revenuo from both. ‘Fhe colleotion of 1eve. nue from corporations has been attended with costly litigation; the vevenue hssnot been collected because tied up with injunc. tions, with a certainty that in tho end the whole essessment will be swept away by tho deoress of courts which do Jot recognize the -State Board a3 a tribunal of superidr authority, After four or five yeors of litigation, during which the productive indusiry bas beeu Lwund by doubls taxation, much of it driven away and capital kept out of the Stats, the averngo in- telligence of tho legislator and Stata Assessor will be brought to a knowledge that prop- erty hns but one value for taxable purposes, and that n horse and ks shadow are not sepn- rate properties, and that in the value of the Niorse is necessarily included the valuo of the shadow. &houll the State Board follow tho Attor- ney General, then the State Board will fur- nish the Bar of the Stato with a crop of liti. gation which lhas been unprecedented,— ending in the legal defeat of tho State and tho vindication of a principle of law and justice as old as human governments, ILLEGITIMATE BANKING. The bank failures during and since the panic have certainly demonstrated that the National Banking system has beona great blessing to this country. 'They havo not proved that system to be perfectly safo; noth- ing of human invention can attain infallibili. ty. Two or three brd failures among the Na. tional Banks shotw thnt, 8o far ns their rela- tions to depositors are concerned, their solv. oncy depends upon the integrity and ability of the bank manngers, But the cirenmstanco that the great majority of tho bad failures have been amoug the private bankers isan evidenco that the National Banking act hns acted ns a protection agninst the temptations which have led so many pri- vate bankers to disaster and so many of thoir patrons to ruin. Had the Nation- al Banking system not been established, tho number of speculative bankers would have been tenfold as many, and the practice of issuing bank notes would have added to their complications and the losses of the business public. The idea we menn to con- voy is that, without the National Banking system, the practice of illegitimate banking would have been much more general, and the inevitable results of bankraptey and the de- frauding of depositors much moro widespread and digastrous. Tho principles of banking are simplo onough, There are a few general rules which ' are universally recognized smong bankers ag essential to a safo business, and wherover thoy are obsorved bad failures are impossible. The temporary embarrassment of a general panic may force n sound bank to close its doors temporarily, but a banking business may be so con- ducted as to yicld a reasonable profit, and make a final settlement under any and all cir. cumstances yicld dopositors all their money. Where this proves not to ba possible there is prima facis evidence of fraud. That is, it is certain thatsome of the cardinal principles of banking have been violated, and that the per. #ons responsible for this violation have been guilty of bad fnith toward the public, and es- pecinlly toward those who have reposed con- fidence in them. Every one of the bad bank failures of tho last two years may be traced directly to the grossest illegitimnoy in banking. They have not been the resalt of fortuitous and unavoid- able losscs, but of improper diversion of moneys deposited for safe keoping. Begin- ning with Jax Cooxe & Co., there was the most reckless investment of moneys in enterpriscs altogethor outside tho pale of legitimato banking. Their assels showed worthless railroad stocks and bonds, accommodation paper for tho benefit of per- sonal or political friends without security, and manifold evidences of o speculative uso of monoys which were not intrusted to them for such purpose. Bo with Hexny Crews, it was found that the temptation of large per- sonnl gain bndled o man who received do- posits a8 a bauker to usa thom as a specu- Intor, He waa ono of the parties in interest in the Southern States' debts, and, in the offort to negotiate worthless bonds and avail himselt of Sinte securitios at rates which swindled the pcople, lLo over- roached himself, He, too, had been imbued with an ambition to build railronds with other people’s money. B. F. Arney controlled n National Bauk, but he bought it for personal purposes and usod it according. ly. His attitude toward tho other stockhold erg and the depositors wns worso than that of any of tho private bankers who have failed, for honot only disregarded the com- mon principles of banking, but violated the law possed by Congress to insuro the observ. ance of these principles in National Banks, He went into railrond speculations, grain speculations, land speculations, and all sorts of speculations, s long as he could find peo- ple who would trust him with thoir money. Dunoax, Sneavay & Co. varied the usual range of speculations, bub their style of banking proves fo have been of the same pgeneral character with the same rosults, Their business was large. ly with Europe and the South. Had they confined themselves to the legitimate practice of advancing on cotton, and of fssu. ing letters of credit, they had enough of the publio confidence and patronnge to assure themselves large private fortunes, and at the same time absolutely guarantee their deposit- ors, Instend of this, they speoulated in cot- ton on their own account, and, after their capital and deposits were largely exhausted, raised money on ‘‘accommodation” paper which defrauded tho men who accepled it. The Bank of California is the latest, and in some rospecta the most notable, samplo of jllegitimate banking. Its practicos wore wildly at variance with the prineiples of con- ducting & bonk. For gome yoars tho un- fortunate RarstoN has been the Bank of California in his own person, The manage. ment was loft entirely to him, and of late a larga proportion of the stock has passed into his hands, thus relloving from all responsi. bility some of the largest capitalista formerly interested. Mr, Rarsron's bank has had an onormous line of deposits, which have been used in carrying & certain ** erowd " (of whom Mr, RazstoN wad the head and front) in gll sorts of speculations, 'This * crowd” dealt in mines and mining stocks, in manufactur- ing establishments, in projects of every con- ceivable description for the *“developinent of the country,” in patronizing musio, art, and the drama, in evtertainlng the constant rush of visitors to tho Pacific coast, in maintain. ing extravagant personal establishmenta, and in high livivg, For all this the Bank of Qali- foruia furnisbed the money, and all this was entircly forvign fo the legitimate pur. poses of banking, It was done openly, sud intelligent people could not fail to fore- seo thut the orash must come some timo, Yet the laiuses-fuire disposition of so much ©of our human nature erabled Mr. Ravraron to keep up the magnificent establishment for & greut wany years, and dazzle the publio with glittering fruud, A bauk in its relations to the publio Is & place for the sule-keeping of money, The first guarsutas of this is a sound capita), in- vested partly for loanable purposes and partly s an assurance of the returu of monoy de- posited, ‘I'he business of a bank isto loan twouey on shord tinie, upou vouverllls se- curities, and at the lowest provailing rate of intereat. Every banker pledges hia faith to this when he goes into business, for he is handling money which lelongato other people, Every bauker undorstands that it is unsafo to accept a line of deposits grossly dispro- portionate to his capital, becanso it is & temp- tation to use the monny injudiciously, Eve- ry banker understanda that it is unsafo to pay interest on any except time doposits, and then only at tho rate of not mare than one- third the futerest he charges, Every banker knows that ho has no right to givo away the money intmsted to him, and thereforo loans ouly on security which he honestly bolioves to be readily convertible when his depositors domand their money, Every bnuker knows 1ho necessity for keeping o proper cash reserve. Lvery banker feclait to bo his daty to his depositors as well as himself to avoid extrav- ngant expenses. Lvery.honest bLanker de. clines seeking rates of interest highor than those established in the markot, becauso le knows it attracts unsafe loans, And, finally, overy bauker knowa that he is swin- dling his depositors when ho goes into specu- lations with their money on Lis own account or by proxy. A violation of any of theso principles 1s froud, aud ought to bo punished as such by law. We know of no other way to protact honest bankers and put a stop to dishonest bauking, THE NEW ECONOMISTS, The atiention of students hos been ealled of late yeara to o rising school of political economists in Germany, Italy, Donmark, and England, The new schiool in thelatter coun- try is represented by such men as 1'moRNTON and Crorre Lesuie. Its adberents in Gor- many are known ns the Katheder-Socialisten, or ** Chair-Socialists,” from thefact that most of them fill important positions in education- 8l establishments. These political econo- mists have cut looso from the traditions of Apam Syrra, Ricanpo, and Sax. Thoy en- tertain viows s to the foundation, mothod, nnd nims of politienl cconowny different from those of the orthodox school, so ealled. A word as to the differences between the new schiool and the old. The old school followed the dednctive method. Btarting ont with certain views of man nnd nature, the adherents of this school drew whatever conclusions thoy might from these vicws, and accepted them as truo, Thus man was considered by them na n being who always and everywhero pursucd his own private interest, and sought after that which was useful. Hence it was inferred that, if left to himsolf, frce to work out his hap- piness, he could not fail to nitalnit. The logical development of these viows was the assertion of the completest freedom, the doc- trino of laissez-faire nud laissez-passer, and the curtailment of the power of the State within the narrowest posdible limits. The new cconomists accuso the old of tak- ing n one-gided view of things, Man, they insist, is not guided solely by self-interest. Side by side with his love of self- is his love for his family, his municipality, his country. Nor is man intent only on the satisfaction of his animal wants. Ha is & moral boing, He recognizes the dictates of duly, and under the influence of religion or plilosophy may sacrifico his own individual interests, and evon his life, for his country, for truth, or for humanity, Tho conception of man onter- tained by the orthodox economists is there- fore raci:ally wrong, and must lead to wrong conclusions. The man of Apax Surra and Jonx Stuant Mirs is not the man we meet every doy in the streets, noreven in thowork- shop. The Matheder-Socialisten differ from the old cconomiats also in their method. They reject the deductive for the historical method. Man in different stages of civilization hag dif- forent wants, different methods of producing nnd distributing wenlth, Henece economical problems do not admit of the goneral a prior golutions, which it bas been tho fashion to give thom. Eench question has to be wolved with referenco to n given country, and the answer based on statistics and historical data, Many of the older cconomists insist that the genoral order of socioty results from the freo play of individual egoism, and that all that is necessary ta insure woll-being to cach one in proportion to his labor is to remove every barrier to individual activity raised by society itself, or by tho Btate. 'This view the new economistareject altogather, inslsting that egoism leads to iniquity and spoliation ; that to allow full play to egoism is the denial of tho moral law, Ience they advocato the in terforence of the State where the old econo. mists rigidly excludo it. They consider the Stato not a necessary ovil, but a thing good in itself, tho chief agent of progress and civ- ilization. The now economists insist that hitherto the scionce of political economy has been confined too exclusively to the discussion of the production of wealth, and that enough attoution has not been paid to questions ro. lating to its distribution ; that man has been considered only as a prodnctive force, and that it hias been almost entirely ignored that he is nn Intelligont and moral being, The distribution of wealth among the different clagges of the community s governed by law and by morals as well as by contract, The old school of economista gave to all important economical questions an absolute poswer, The new sachaol eay that only a rolative answer can be given,—an answer true now and here, not necossarily true at another time and place. The old considered the object of the science (o be to tall how wealth was produced, distributed, and con. sumed.. The new inalsta that fts object is to terch how wealth should be produced, dis- tributed, and conqumed; that political econ- omy s not merely descriptive, but that it Is st once the physiology and therspeutica of the body social. Nowhero do tho Katheder-Socialisten dilfer more emphatically from the old achool than in their opposition to the doctrine of unlimited competition, 'The assertion of this doctrine, thoy say, Is to'advocate that wnight makes right. Unlimited competition is the war of all against all, 8 species of can. nibalism, a disguised barbarism, They do mot belleve in leaving things to their natural courve, The laws of nature eo frequently appealed to in political economy they iguore entirely, maintaining that in the whole sclence there fs but one natural law, viz 1 thut to live man must bave food, that oll the reat §s regulated by custom, law, man. ners, ela., eto., which are being continually wmodified. Theas are the main differences between the new school audthe old. ‘They are simple enough in the statement, but they are far. reaching in the conclusions that may be drawn from them. They centre principully upon the role of the Stata; the Katheder-So- clalisten insisting that it should psss such laws 84 favor the more equitable distribution of wealth, This wore wall enough were the Btate om. nbivient sud iudallible ) but, as the wisdom of tho State moeana ouly the wisdom of those temporarily at tho hond of affairs, it may bo donubted whether anything wonll be gained by its incrensed interference with the freedom of production and distribution. Unlimited competition has, donbtless, its dark aido ; but g it not, on the whalo, preferable to the opposito policy ? ——eme THE AMERICAN PLIMSOLL, There {4 nothing new under the sun. In yoars gone by, American vessel-owners sunk their ships for the sako of the insurance, and sent tho crowa {0 Davy Joxes' locker for the sako of their own pockets with therame hiato- ful callousness of conscienco that English ship-owners show now. And the prossing need of the time brought forth in America, as it has in England, a Privsost. Ho carried through his reform, as the Englishmon hety carried his, Our Prisory, was named StoNer 8. Bon- roN., Ho lived in Cleveoland, 0. Like all in- telligent persons, ho read tho daily papers. Ho noticed a striking similarity in tho dotails of steamboat accidents on the Mississippl and Ohio, Oneboat might baburned, andanother snngged, and anothorexploded, but the disaster alwoys happened in somo lonely spot, the shattered hull always sank in decp wator,— and tho missing boat was always heavily in. sured. Bunton read this and pondered upon it. He decided that hero wna an nbuse to right, but Le did nat see his way clear to the righting of it. He was only a privato citizen, without any influonce boyond that possessed by every honest man. Whilo he was hesitat- ing, tho famous boat, Martha Washington, burned. The spark that fired her kindled Bunton's wrath to a white heat. Thence. forth he was a roan of one ides, nnd so A man of tremendous power. Tho Martha Wash- ington went down at midnight, carrying with her somo shriveled corpses, nand a vast lot of costly merchandise—according to the bills of lading, not according to the truth. And the truth prevailed. For Bumtox hurried down to Cincinnati, whisperod his suspicions o the insurance agents, and then, having start- ed them on a mission of discovery, shouted his beliefs to the public. 'Thero was intonse excitement, tempered only by the possibility that investigation might reveal nothing, Meanwhile Bunton was threntened, as Pris. soLn hos been, with libel-suits, arrest, and murder. But the insurance men wont to the scens of the wreck, Their grappling irons noon loeated the sito of the half-burned hull, Down went the divers, and up camo theboxes of silks, nnd Inces, and wines, and other costly things, which hadbeeninsured at Cinciunati, ‘Whou they ware opened, the silks were saw- dust, tho old laces were old leathor, and tho wine-bottles wero filled with water. The load of tho Martha Washington really consiated of the street-sweepings of a city ; it had been insurcd na o collection of the costliest goods. ‘When this tell-tale story reachod Cincinnati, the murderous merchnnts implicated gladly gave themselvea into the hands of the police in order to cscape those of the mob, - A long trial followed, ‘The man supposed to bo the chief culprit, Lvuax Core, escaped logal punishment, but he slunk into shamofnl oba scurity, like Terny after Bropemick's mur. dar, like thoe outcast thioves of the New York Ring, like the predestined victims of Prm- goLy's crusade, The trial stopped the system of murdar, and BourroN, having dono his work, stepped quietly back into oblivion. His name lingers only in tho momories of a fow, while Privsort’s has been on every tongue; but the task undertaken by the American was as difficult, ns dangerous, and 08 worthily dono as that by which the En- glishman now geins the admiration of & world. 2 THE DEMAND FOR MORE CURRENCY. One of the most popular fallacies of the day is that the stngnation in business is owing to nlack of sufficient curroncy. Every man who finds 1t difllcult to borrow money for speculative purposes without sceurity; every rotail denler who observes a tendency among his customers to buy sparingly and chenply; overy real-estate holder who cannot sell prop- erty to-day at an advanco over the price he gave for it beforo the panio,—each and every ond of these immodiately jumps at the con- clusion that there isn't monoy enough in circulation, and traces all his woes to that cause, In spite of ropeated demonstration, it is the most diffcult thing, appar- ently, for people to comprehond that in- fintion leads to commercial ponics, and ponies to the stringoncy which is felt for yoarsafter. Yot this lhas boen dewon- atratod within the last three years in throo different countries,—England, Germany, and the Unitod States. In the United Statea the panio of 1873 came from the infiation of a papor currency, with corresponding inflation in prices and epaculation, In Germany thers was an inflation of specie, resulting from the onormous war-fine paid by France, and it brought financial disturbance with it. In England there has been an inflation of capital which batrayed tho people into un- profitable investments, sud o ponlo was recently averted mainly by the solidity and limitation of the currency. If an inflation of roal money may produce financial disturb. nnce aud commercial disastor, how much more the Inflation of worthless imitation money ? One of the clearost and most intelligible answers to the assortion that there is not suf- ficlent currancoy in this country to transact ita Lusiness is the fact that the actual circulation por capitais much larger than in Great Britaln, where the actual capital, wealth, and produc. tion are perhaps threo times as great. Mr. Grorox Warkes, of Massachusetts, wado an estimate of the comparative circulation in France, Grent Britain, and America in 1808, which is the latest trustworthy data we bave on the eubject. There has boon a consider- able inflation in France since that time, grow- ing out of the war with Germany, but not in Great Britain, The ciroulation of the United States in bank notes, legal-tenders, and frac. tional currenay, Is, according to the last Troas- ury statement, as follows: Lagsl-tender notes, Eructiousl sotea,, Natlunsl Bank ¢ Tolaleeeaseasrssorssnrosrnssssrannss $704 908,317 Thie is a paper ciroulation, on & population of forly millions, of $19,12 per capita. The total note circnlation of Great Dritain, nocord- ing toMr, Warxxn's estimate, is $100,170,020, or $0.54 per capits, and that of Frunce in 1868 was $251,783,760, or §0.63 per capita. Thus it will be seen that the paper circnlation of the United Blates is threo times larger then the standard paper clroulation of Great Britain or France. If we add in the circulat- iug ooin of Great Britaln, which is estimated at $400,000,000, it gives s total ciroulation of $16.50 per capits in that country., Addiog the ocoin in the United Blates, which is about $160,000,000, it gives a total ciroulstion in this country of $24.05 per capits, or about one-third more than the olroulation per cspita In Great Britain, not. wilhatandiog ihe latier has more than doubls tho capital and business, and shonld, accord. ing to the populer superatition, have more than dotible the circulation for the transac- tion of its business, The difference between the circulating mo- diwn of France and the United States is not 80 great, but the renson for this is rondily oxplained. Franco has o total coin and papoer ciroulntion, after doducting the amount of speele in bauk vaults, of %18.34 per capits, and including tho specie permanently locked up in banks and kept as sceurity, of §25.03, or about the same na ours, But one reason why France hns and requires go largo a pro- portion of cireulating money i on nc- count of the nalional tendency of the French people to hoard money, Tho Tronch people have not yot altained the high business civilization of savings banks, Every dollar deposited in bank vir- tunlly inoreases tho circulating medium of tho country, Thus wo showed by a recent table, which we reproduce below, that, though the total circulating medium of this country is leas than '£800,000,000, thore aro really about $2,462,834,117 in practical circulntion through the modium of bank loans. We havo estimated these as followa: No. of moneu- Amonnt of loan, 1,000 0000 6 a. 9:1,248 depoaltors In exvings bunks, 000 stockholdern n anvings banki 100,000,000 100,000 depositurs in Btate and pei N8 .gaovas snisns aa 150,000,000 50,600 stocklioldsra ‘i Btate and’ pri- vats banka 0,000,000 70,000 depoitors in 81,078,940 220,000 stockhoidors I 491,706,1.1 4,021,283 depowitors and stockliolders own- 1B ponanseviviivesss +.$2,462,834,117 The neceasity of Franco for & larger pro- portionate circulation than that of Great DBritain is mainly owing to the fact fhat tho mechanics, farmers, and laborars of the conn. try do not deposit their savings, but hoard thoir gold Napoleons nnd silver francs, Thoy put their money sway in old atockings, or tuck it in betweon mattiresses, or bury it in the ground, till it comes out in soms ncoumu- lation for investmont. The French, in this respect, cling to the primitive practices of India and China, whero gold and silver actu- ally disappear in enornous quantitios. In this manner millions of dollars are practically withdrawn from activo circulation in Franco. Yet nolwithstanding this cnstom, and the foct that the businoss and eapital of Franco oro largely in oxcoss—perhaps nearly doublo—those of thoe United States, where the circulating medium s more than doubled by ita constant use, the amount of currency peor capits in France is about the same s in the United States. The foct is that the persons who talkabout o doficioncy of currency utterly ignora the progress of business through the extraordi- nary facilities furnished by the banking sys- tem. Deposits, checks, and clearing.honsoes in the city, and drafts, bills of exchange, and even the uso of tho telegraph for intercom- munication botween difforent cities and dif- ferent countries, are sgencies which have largely mupplanted the wuse of money a8 a circulating medium, nand have rodnced ita bulk in proportion to population and business. In England, where trade has advanced to the highest con. dition of success and stability, the amount of what we call the circulating medinm is the smallest in proportion both to the population and the amount of business transactod. The demand for more currency in this country as a relief to business Is ridiculons in view of tho fact that not only ars the resources of bank exchangos far from being exhausted, but oven the circulating medium in bank notes lics unused in the bank vaults, The demand is abnormal simply because the money is fictitions; and the greater the quantity of tho latter, the more morbid will tho demand become. JEFF DAVIS ACAIN, The Loulsville Courier-Journal takes excep- tions to a recent article in Tmz Curcaco Taip- UNE, and contonds that the institution of the comparison between Jerr Davis and Ben Bornen, with referonco to the Winnebngo County invitation, wns on unfair one, We will thorofore state the comparison in another way. S8upposo that the Sccretary of the Jef- ferson County (Ky.) Agricultural Society—if thero be one thero—had invited Bey BurLen, upon his own motion, and entirely unauthor. ized by any memboer of tho Socicty, to ad- drese them, and that Ben Burrer were dis- tasteful to the members, would they not have the right, and would they not oxaroise that right, to demand that the invitation should be peremptorily cnnceled 7 That is all there i9 to the JersensoN Davias imbroglio. But says the Courier-Journal Two years ago Goo, BuTLa appeared in Loctaville, 116 was recelvod by our local sutharitiae and our prin- cipal cltizons, and wan escorted by them through our crowded Exposition Building, He experienced noth- ing but courtesy and hospitslity, snd went from our midst carryingwith him, a8 our guest, worda of wel- come and good will which, not very unreatonsbly we venture to {bink, wo bave denfed bim as & pohitician, Undoubtedly, and so could JerrzrsoN Da- v1s go to New York City, and scores of other places in the North, and exporience nothing but courtesy and hospitality. It must be re- membered, however, that this favitation to JerrzesoN Davis emanated from ove man in the strongest Republican County in the TUnited States, snd in a coumnty which probably suffered more during the War in loss of men than noy other Northern county. Now, sup- pose Bey Bourwzn had beon fovited by one Nepublican in tho strongeat Confederate county in the South, and the county which hod lost more mon in the War than any other in tho South, would Gen. Burvea have been 16ceived with courtosy and hospitality? On the othor hand, the engagement would bave baen speedily cancelod, and the party who isauod it would haye had an invitation to leavo by the first train, or, if he romained, would have received an early visit from some Ku-Klux organization. If theinvitation were not cancelod, and Bzy Borzzs had put jn an sppearance, it would have been at the risk of hislife, How long would the New Orleans banditti, for instance, tolerate him? The demoralizing influence of the Boston ¢ boy-fiend,” and the uncortainty that he will be punished with death, is developing other # boy-fiends" with startling rapidity, He now finde a rival in San Francisco ina boy named Hanny Rooens, only 10 years of sge, who has recently been committed to the In. dustrial School for torturing a playmate. Conoerning hig outrages, the California pa- pers asy that he bogan when only 2 years of sge torturing animals, by catting them with gleas and eharp justruments. ** Boon after Le manifestod a disposition to bite and pinch children, and he was sont home from sohool after school because he hurt his playmates. Finally, after two years of troubles, his moth. or) who'is an invalid, got him board withe family in the country, and here he wont from bad to worse, till, the other day, he shocking- Iy mutilated s child of the family less than 8 years old, Having invelgled 1t into the barn, and partially covered it with sacks, Lo procesded th ¢ud the child's higs with & pleco of bona which had boen brokea na ng to have a very sharp edge, inflicting no Jesg than ninctoon wonnds, and finishing by 1 o 1y movering its right car from its L nd, Yonug Roarns was instantly sent home to his motl. er, signaling his arrival by setting firo to thg enrtaing, and nearly dostroying the'houne,” 1lis mother deolares that the monia is of ro, cent development, and that when ho lare. mounstrated with he doolares, liko Jrssn Poy, rnoy, that he eannot holp ik This fs thy fourth or fifth eavo which g tnrned uwp since the operations of Toseror were made publio. How many more will develop will dopend very largely npon tho punishinont of some of tho tortur. ers. All sorty of exporiments havo boey made upon Poxrroy by tho doctors ang savants, Would it not be well now to minke tho experiment of hanging the young brutg, and seo if it will hnve the effect of stopping tha moral epidemic started by him ? Thoe New York Zerald contains an intima. tion that the Hon. Joun Monnisser {s noj praclicing what ho preaches, and that, whily he preaches as a Bhort-Halr, ho practices ns g Swallow-Tail. While ho is denouncing the lendors of the Temmany Domocracy becausy tney have reduced lnborers’ wages, or, to put It moro exactly, because they will not pay In. borers more than the market valua of their work, ho is paying his own laborers in Sars toga 50 conts n dny less than what is given by the authorities in New York! Tha Her. ald's comment is A pertinent ono: * How cnn he come to New York and champion the woes of these unfortunste citizons from Mul. lingar and Tipperary, who build oar uptown improvements, when in his own business and in the disbursemont of his own funds ha limits tho wages of their fellow-countrymon? What is fish in Saratogs cannot bo flesh in Now York."” " The average watering-place hotel furnishes, uenally, a vory muscellapoous crowd, and the dimng-room thercof muat rellavo tho nocsesmitiey of a very mired assortment of slomnchs, Thioven, politicians, misors, and business mon eat at tho samo tablo. On ono occasion only waa thors absolute unanimity of seutiment ina Long Branch dining-room, and that waa when s guout roso and knocked tho head waitor down, repeating the dose when the lactor rowe toie. monstrate. Thae waltor'a offenso was Impudance, and the rebuko theroof full of mustere dignity, It musat bave deoply impressed tho vulgar hirs. linga of the lastisution, e Tho old fable of tho man who carried hig Jackaas to market and variod the porformance to suit his triends, {a retold {n Paris in aoother shape. A man was obgorved running rapidly down a principal street puraued by & woman who brandished a long knife. The popnlace Isuched, called bim & coward, and told bim to wait for the woman, Ho did so, and tho knife wae plunged futo his throat, killing bim in loss thau s minate, Thia true story shows how deaderato a thing it is to disrogard publio sdutiment in privats affaira. —_— ** Momentary Indiscretion,” as Mr, Bruw Kmo's nowspaper calls the offense of Col. VALENTINE Daxen, was apparently chronic with that distin. gulsiod oficor. Ho waa subjeot to attacksof li Ho was arrested in Coylon 60mo yoars ago for b ing in a geutloman's housa * for an unlawful pure pose,” convioted by & police maglistrato, and sene wence of imprisonment pasaed bat suapende:l on 8 pramise of good behavior, Peopla subject to these ** momontary indisorotions™ are as kafo in ja1l as elsewhere, —— Under the caption, **Vary Silly," Busay B, ANTiONY, {0 the Loavenworth Times, saya: ‘Tha lateat tyrannical decres of fashion fe that con ta shall conceal nnd Hatten tho fominine breast by s of whalobanes, Opeu war, for mome Teason, en doclsrad sgiinat prominent busts, and the intter the Iatier ary, Uie more uidtingis ave thoy coue side ‘We call this true heroism, warthy of the lady, She deliberately denounces a fashion which would make her the mout distingus member of lier sox—ao far o2 heard from, —— Bince 1867 tho hoatbon in Californis has con- snmed 5,890 boxes of opm, at a cost of $2,421,735. During the years batween 1867 and 1870 the amount foll off stoadily, but since the Iattor dato it hes grown to an eoormous figure, Oplum i3 the Chineso subatitute for rum, and, it the chargo of certaia physiclans 1s true, the probibitory legiutation of New Eagland iutro- duced and oxtondod its use juto the Eastern s well aa Western titatos, —_—— One of tho streot-raflroad companios in Phil- ndelnhia bas aubscribed §10,000 to the stock of the Contennial Exposition, What an excraordl- nary thing for a atreet-railroad company to dol The practice of such organizations in (ha West 18 widely differont, Here in Chicago the compa- nles tako stock in nothing loss than an Aldermaz. PG R AN A yonng Parislenne hos jnst sdvortised o Figaro for & hugbend, wighing i¢ to bs uuders stood: I Lad rathor be tho wife of a jolner than tho alave of a Princo," Quite right, Dub she might bocomo the slave of the joinor. A wife in Brooklyn did, and it made it & very une pleasant scandal. —_———— Mr. Jaxzs Russect Lowzen is writing oynleal bita of poetry for the newspaners, In which bs ta mownfal view of the deseuoracy of the times, We should not like 8o bavo him oarn the sobriquet of Dismal Jaxxs; but he ls n s falt way of doing 0. OBITUARY, WILLIAX oRAIG, News rasched New York on Thureday Jast of the death of WiLLIAx CEAIG, the vminont wator- color artist, by drowning in Iake George, He was bornin Dublis, Ireland, Deo. 11, 1830, sud waas consaquently in the forty-sixth year of his age. Ho displayed a talest for palotiog at & very earlysge, and had exccuted very oreditable pletares when but 8 years of age. Up b0 the sge of 14 he recelved thorough tralne ing inthe fundamaentsl branohes of tho Academy, but after thas time ho devoted himself exclu- nively to his art, His firat exhibition of & water-color skotch, wbich Le hed sent %0 tha Royasl Dublla Boclety, gained him & prize. At the age of 10 be galned s second prethium. At the spe of 17 the Lord Lisutenant gave him the Lighest certifioate of merlt, aod then foformed him be wae 80 far advanced be could no longer campete for prizes, 1o consequence lie went to England, where he had the nstruction of the best masters. After leaving England Lo travelod through Boote 1and, Iroland, aud wales, and in 1803 came lo this country for péermsnent seitloment. After arriving here, be, with four other artists, founded the American Water-Color Socioty, 1o has painted many plotures, belng & rapld worker, which have brought him both nsme and famé and, when he disd, was fuifilling s Jarge commis sion for some genilemen who sont bim to Lake George. 7. 0. WITOEREES. Mr. 3, G. Wirugapex, the well-known lroo- mastor of Northorn New York, died of apoplexy recently at biy homo in Peet Heury. At the time of his death be was Prealdent of tlie Cedar Polab Iron Company and the First Natioos] Bauk of Port Heury, snd was also s Director and largely {ntersated 10 the Port Heary Iron-Ore Companyy basidos belog prominently identified with all sbe lesding busineas {ntereats of Northorn New York. ANTTA QARFBALDT, The New York Jerald of ¥ridey saysy "The wife of GassyaLpi died at Rome yestenday, 600 was the sscond wife 0f ttis Generdl, sud & native of lialy. Jlis Brsd wifs was & Braxilian, ud &