Chicago Daily Tribune Newspaper, September 18, 1875, Page 8

‘sulling from the i TIIE CHICAGO TRIBUNE: SATURDAY, SE FritMBER 1 1875, —~TWLLVE PAGE N (PATATLE IX ADVANCR). rakd nt this OMcee. tal 13ear, -913.00 1.00 1.00 o0 18 of yoar at ramo rats ¢ fiKLY&DF’?»,.HYOHQID %,Pfi Wealli—Gia of twsys 20:04 (me Fres Copy velth Fiery Ol of T “m all cluba tho subseriber must remit the postags, *hich Is 15 centa n copy peor yoar, Sperimen cople sent free, "o prevent delay and mistakes, be snra and give 1 1at-OfMce addreaa in full, Including Statoand Cenuty, Remitancenmay be ninde eitber by dsaft, exprese, {t-Officoarder, or In registered lettors, at our rirk, TERAIA 70 CITY BUDSCRIERS, 1281y, delivered, Bunday excepted, 2273 conta per week, 1 atly, delivered, Sunday Inct 0 cents per week, Addrers THE T E COMPANY, Corner Madison and Denrhorn. llcago, Il TODAY'S AMUSEMENTS. ADELPHI THEATRE—Dearhorn stref, corner Prontee, Variety performance, Aftcrnoon and eventng. i = + ACADEMY OF MUSI Halsted atreet, between Madison and Meoroe. Eopngement of |))l.! Marian ‘layine Combination, * The,Two Orphane.” After- toon nad evening., e McVICKER'S TIIEATRE—Madison street, belween Dearborn aud Hiate, * lunthng a Cormer. Aftes- roon and evening, 5 BOOLEY'S THFATRE—Rsudolph stroot, betwoen tiarkand LaSalle, Eogsgoment of tha Califuruls sifustrels, Afternioon aud oveniug. CHICAGO THEATRE—Clark sireot, betwaen Nan- dulph ond Lake, **Paullne,” Afternoon and evening, WOOD'S MUSEUM—Monroa atreet, hetween Dear- torn aud State, ** Round tho World in Lighty Days. Afterucon and uvening, INTER-STATE EXPOSITION—Take shore, foot of Adams street. The Thicag:r Tribune, “laturday Morning, Boptember 18, 1875, WITH SUPPLEMENT. Greenbacks at the New York Gold Exchange rday opened at 864, fell to 857, roso to and cloved nt b ' v, Berenze declines the proposed public roception at the Brooklyn Academy of Musie, 'le thinks that such n demonstration wonld l:e certain to *renew discussions of public trausactions which should never havohad an existence,” and which he wonld prefer should Tapse into obseuri In the Bill of Rights adopted yesterday in the Alabama Constitutional Convention by a t navitous vote is contained u section which ¢ cclares that the people of the State of Ala- T wnn necept a8 finel the «stablished fact that from tho Federal Union thero can bo no se- cession of any State. — In another column an old citizen of Chi. cago, who has devoted years to tho consider- ction of thoe subject, presents, over the sig- xaturo of * Investigator,” his views on the funncial question. The present article is yreliminary, and indicates that there is n ¢ ystem of finance yet to be developed which will furnish the remedy for all the ovils re- oranco of the past. The annual nddress of Mr. Fraxmuw 1lscVreaon, Presidont of the Citizens' Asso- ciation, was to have beon submilted Jast ning, but was not rend, owing to the lim- ied attondnaco of meribers, The docn- 1.cnt, which embodies s summary of the work accomplished and undertaken by the sssocintion during the past year, is published clsewhere. A "The Ton. N. B. Jupp and wife left tho rity last night on the Chieago, Burlington & Qainey Railrond for Georgatown, Colorado, vthero Mr. Juop's extensive private business iaterests demand his presonce, For several < ionths past Mr. Juop has contemplated de. voting his entire timo and sttention to tho 1 usiness of silver reduction, in which he has iavested largely in Colorado, nnd, in order to x2lieve Litself of the duties of official posi- tion, ho yesterday forwarded to DTresident CGnaxr his resignation of tho ofice of Col- heetor of Customs of Chicago, to take offcct 22 tho 30th of tho prosen’ month, "0 National Cotton E: hango, through its Urop Cowmittee, has issued o report con. ‘aining vuluablo statistics relativoto the crops +f that staple for 1875, Tho figures obtained wro tho result of immense labor and research, «ud cover every fact of consequence in con- zection with the amount shipped and dirce- Von taken by cvery Lale of cotton sont from outhern ports during the period named, ‘“he total number of bales raised tho present -easow, according to this report, is 3,827,846, I this, 2,674,546 bales wero sent abroad, and 1,200,473 used by howo spinnors. The nnount conswmed at tha Soath is placed at 126,650 bales, — An unueual dogres of intercst has boen txcited in Chicago by tho arrival yesterday raorning of tho first regular fast-wpil train 1-om New York over the Now York Contral and Yake Shoro Reilroads. Tho initial trip was completely successful, both ss to speed - 1 snfoly, neither delny nor mccident dis. turbing the progress of the lightning train, \rhieh arrived in Chieagonpon schedulo time, 1 cuvily laden with mail matter for the West, Lue Northwest, and the rucifio Const. Inci. tiental to the descriptions of tho rupid flight trom New York westward, I'ug Toipoxe thronicler hoy presented n comprehonsivo und intereating wketch of this now system in tho department of railway mail.sorvice. —— An exponsive farco was enactod Yyosterday ntly by tho city and county outhorities, the forwer acgepting the invitation of the latter 1o pay o visit to the Poor-House and Insuno Asylum. Inspection of ,{hose institutions vns the ostonsiblo purposs of the trip; gorge and guzzle tho only aotual ac- complishment. Boyoud cating, drink- ing, and puffing cigars, and g carriage ride, ell at the expenso of the tax-payers, 1nd including the gratification of an indali- + to curiosity to witness tho ravings of the Lopelesaly insano pationts in the Asylun, the vxeursion of the Lummers was without ro. ealts, There was no pretunse of inspection «r investigation, “Tho Chiczgo produce markets were irrega. 1ar yesterday, Mess pork was active uud 10 @3l5a per brl higher, closing at §21,90 casly #ud £21.60 for October. Lard was quict and 400 per 100 tbs higher, closing at $13.60 cash or seller October, Meats wero ‘quiet wnd steady, at T{o forshoulders, 113@113¢ forshort xibs, und 110 for short clears, Lake freights siere quict and unchauged, ot 2o for corn to Baffelo. Highwines were dull at $1.15 yoor gullon. Flour was in better demand and readier, Wheat was less uctive and o tower, closing at §2.12§ cash, wnd §L0I} for Octoby Corn was more active and s vanced Te, but closed weak at (0je for Sep- tember, amd 5% for October. Oats were in good demand and 3@2e higher, closing at 86ie for Heptember and d4}e for October, Ryo wos quict and firm at 76je. Barley was mora nctive and 1@2 higher, closing at 21,12 for Septembor and $1.06 for Octobier, Hogs wero dull and lower, with sales chiefly ot 87.25@7.85, Cattlo wero quiot and 10@ 15c lower, Sheep wero wnchinnged. . One hundred dollara in gold would buy $116.12} in greenbacks at the close. H —— The Demoerats of New York have fairly knocked down nnd trodden upon the paper calf which their brethron in Ohio and I'enn- sylvanin ot up for worship. They have re- nowed their adherenco to the hard-money plank of the National Democratic platform of 1872 in terms more positive and unmistakable than that declaration itself ; and have with equnl emphasis renflirmed the platform adopt. ed by the New York Democratic Convention of 1874, which recognized gold and silver as tho onlylegal-tender, repudiated any currency not convertible with coin, demanded steady steps toward specie payments, and no step backward, and insisted upon the honest pay- ment of tho public debt in coin, and the sa- cred preservation of the public faith, In short, on the subject of currency, the New York platform of 1875 is, both in text and amplitication, the most absolute contradiction conceivable of the Domoeratic inflation ful- minations in Ohio aud Pennsylvanin. Wo publish clsewhere n letter which was yeeterday Inid before the Executive Commit- tee of the Exposition by the Dircctors of the Sunday Lecture Society, Tha latter, one of whom is a mcmber of the Art Commit. teo of tho Exposition, offers to tako chargo of the Exposition Art-Gallery during the mext three Sunday afternoons, years preceding the panie, ness, too little capital aud too much eredit. mnrket. investment. Linving only half its prosent value, They will to take half-dollars in pnyment. 'They are turer who has orders for goods can get all tho monoy he needs topny wages or purchase material to supply his orders, But the man- ufactnrer will not Lorraw nor the holder of monoy lond to produce mrplus goods to take their place in warchouscs alongsido of other goods for which there is no demnnd or sale. Of whnt possible benefit to any manufac- torer would it bo Lo borrow money and put it in pig-iron, or bar-iron, or cotton or woolen goods, or in carpets, or in any other com. modity with which bo is nlready overlonded, and for which there is no demand? The stringency which exists, and has cxisted ever sineo the wild system. of speculation, worth. less bonds, and credit not based on capital, went down in 1870, is that produced by Lealthy retrenchment. "Tho suddon sinking of hundreds of millions of actual capital in rocklesa speoulative enterprises; the collapse of tho immense paper fortunes by the explosion of inflated credit, neces- provido every possible safeguerd ngainst | aitated retrenchment. Shillings aro now thett, damage, ctc., pay all the exponses (in- | oxpended whero dollars wero onco cluding the wagos of twenty-fivo custodians), Invishly ~wested. Everything not es- admit the public between 1 and 6 p. m., chargo an admission fee of 10 cents, and pay lalf the profits, if any are made, into the trensury of tho Exposition. The other half will be placed to tho credit of tho Sundny Lecturo Society. The fivo gentlemen who meke tho offer will give their own services withont chinrge, so that the only source of expenso will bo advertising, wages of custo- dians, and the construction of the feucing needed to prevent visitors from gaining nc- cess to any part of the building but the art- halls. ‘Wosco no reason why this straight. forward offer should not be nceepted. There is sound common sense in the letter’s expres- sion of the very ressonnble hopes that * the sentially roquired remnins’ unpurchased. Waste lns bean checked, extravaganco curtailed, and gamblingspoculntion discarded. Our mannfacturers aro practically by tho tariff prohibited from oxporting their goods. In other manufacturing countrics when there is over-production the surplus is shipped to other notions, Our high-tariff protected manufactures cannot afford to Dbe sold abroad. Wo must sell in the home market or not sell at all, and when we caunot sell we must stop producing; we must dispose of the old stock beforo we can mako o now one, It is & market aud a demand that are wanted, and not money to produce. It is some fixed valuo to our currency, and not moro of art-gallery, which is built on "ground belong- it, that is neceded to give confidence ing to tho people, may bo opened to the peo- | to lenders. For instanee, there hay ploon the only ono duy of leisure which | been more building in Chicago this thensands of the industrial clusses have, yenr than in amy provious year save that following the fire. All the monoy that was neoded for such purpose has been obtained at reduced rotes of interest. Other branches of industry have been equally prosperous. In 1874, immedintoly following tho panie, the tonnage of goods of all kinds transported by the railroads far exceeded that of any pre- vions yonr, showing the uninterrmpted in- crense of production, and thobusiness of 1875 will show that the increase of production still continues. In certain lines of business there is staguation ; in other lines an im- mense incrense. For all theso there is o sup+ ply of monoy exceeding the demnnd, and if confidenco in tho future value of the cur- rency conld bo eatablished there would be still greater amount of loanablo money freely offerad the public. ———— ULTRAMORTANISM IN BPAIN, Tae TrRmuse o day or two since contained o cable dispatch from London to tho'offect that the Madrid correspondent of thic Lon- don Z%mea had sent that paper & summary of the récent circalarof the Papal Nuncio to tho Spanush Bishop, The summary was as fol- lows: The Nunclo claims the fulfillment of the concordat ‘which forblda the cxerciso of any uon-Catholls croed, Tequires the tranafer of tho superiutendence over adu- cation fo tho clergy, and pledges tha co-operation of the secalar power {n supprossing herotical teaching and lterature, o says omo of the causcs of civil war ia the way in which religious unity haa boen misunder- atood by previousGovernmenta, For thess rexzons, in view of thete consequences, the Ioly Sos belioves {teelt strictly obliged o present theso observatlons to tho Government, The reoders of Tur Tninuxe, in casually glancing over this London dispatch, have probably not taken in the full import of its meaning, or may have passed it over as only suother of tho monotonous episodes of the long struggle between tho Popo and tho European Governments. 'There is, however, rore than ordinary importance to bo nt- tached to these instructions when they are rend onrefully and thoronghly, and they aro worthy of more than mers cursory attention from tho fact that the Nuncio is tho Pope himsolf by proxy. Ho represents the in. fallible prescuce of the Pope, and when he speaks the Pope speaks. * The Nuncio claims tho fulilment of the concordat which forbids the exorcise of any non-Catholiccrsed.” Now Low are these instructions to bo en- forced ? 'Thero aro to-doy between two and three millions of Spaniards who are not Ul. tramontanos. ‘Thoy are young men who are disciples of what is termed the Now Learn. ing ; whoare studying, investigating, ques- tioning, doubting, and examining for them. solves the propositions of scionce, and who vefuso to swallow all that is put in their months without first tasting of it. They will bavo nothing to do with superatitions and mummerics. They think and act for themselves, and, while they are Catholics and will not recant their faith, they will strenu. ously deny the right of the Church to control thelr private consciences in mecular mattern, Now, how does the Papal Nuncio propose to make this large class of intelligent mon conform to Ultra- montanism ? A mere proclamation will not offect it. ‘en thousand proclamations might be fssued, and, if some means were not found to enforco themn, thoy would not changoe or affoct tho belief of a single soul. A change of beliof can only be effocted by renson, ar. gumont, facts, persuasion, moral suasion, and the force of examplo. The Papal Nuncio must convince these men that Ultramontan- Jum is right, and {hat their opposition to it is wroug in logio and in truth, e muut produco in them n mental change similar in its processea to that which took place when thoy abandoned and discarded Ultramontan. ien, The mere dictum of the Pope will not effoct this. All the proclamations ond fulminations Le wmay jssuo will not effect it. But the JFapal Nuncio does mot propose to usa” argument or rcason. He demands the co-operation of the secular power {o compel conformity to the Ultramontano creed, to superintend educa- ton, and to suppress * heretical teachings oud liberal literature, But all that involves a resort to force and to the modes of the fif. teonth and sixtoentls centuries. It mecessi. THE STRINGENCY OF THE HOME MARKET A correspondent in an inflation paper thus states *‘n hard-times” argument very com- mon among his ignorant class : Wo are told that mouey was never plentier thau now &t tho great money contres. This may be true, but 1 itn sign of perfect physical health when the blood rushes to the hoart and refuscs to pursue its natural course through the arterles? Lot thoto who use this fallsalous argument turn to our empty workahops, our rlicnt foundries and factorics, running at half thelr capacitios ; lot them go through the country and seo tLia armlea of unemployed men and women. Let them turn to the commercial world, and witness tho shock of tho downfall of busineas houses thut hayo stood as towers of strength for years, sud then anawer whother or ot wo aro {n a healthy financial conditlon, 1t i not neceasary for us to look st DONCaN, Burmaaw & Co,, of tho East, or at the grest Bank of California in the West, Lo satlefy us of Wie Anancial stringoncy of the country, Look at your dally and weekly papers and scs tho number of Bheriffs’ and worlgoge sales ad- yertised alt over the country, and tell mo that contrac- tion works no evil. ‘That money wasnever 8o plentifnl as now is true, not only in all the large centres but in tho smaller ones. Lvery doy tho banka of this city recoivo lotters from the banks in tho interior towns begging them to take snms ranging from ten to fifty thousand dollers and lend them out for the country banks who can find no customers at home. Tverywhero there is n Inrge sum of unemployed money. The statement of ‘‘cmpty workshops,” “gilent foundries,”and * factories running at lalf their capacity,” and * armies of uncm. ployed men and women,” is mot wholly un- truo, but is greatly oxaggerated. But tho fact romning unchanged and uncontradicted that thero is not an cmpty workshop, nor o silent foundry, nor a factory running at half its capacity because of any inability to bor- row money to mannfacture goods to £l orders. It is not an inubility to borrow money to pay wages and purchase raw mn- terials to fill orders that boa closed work- shops. They aro closod becauso they have no sale for thoir goods; because thoy havo no orders to fill. Thero aro cor- tain lines of manufactures in which thero hes been over-production, Beforo the pauio there was a domand for iron caused by the construction of 6,000 to 7,000 miles of railway per annum. ‘Theso roads were built wmainly on credit, and whore they were not needed. The roads wero non-productive, tha bonds issucd and sold proved valueles, that kind of credit was cxploded, and the ex- cessive reilway coustruction stopped. Tho demand for iron ceased. Furnaces which had thousands of tous of pig.iron in their yards stopped producing more. Iron mills which hnd wore bars on hand than woald meot thelr gales for years made no more. Btimulated by an ultrs tariff, other liyes of anufactures, including cotton and woblens, and especiully * carpot goods, had been largely overworked, and the warelouses wera filled with unsalablo goods for whick there were no purchasors, These mills all closed for tho time. Home of them have fully re. sumed aud others partislly, During this suspension their workien wers uncmployed. ‘Thiero is not one of theso wills and factories which {8 suspended in whole or in part be- quuso of any inability to borrow woney to purchiaso material or vay wnges to manuefac- turo goods for the purposo of filling ordora. The difficulty with them is in the want of orders; tho demand for their warcs and fab- rics being leas than the stocks on lLand, thoy Lave suspended or reduced production. They have suffered nothing from contraction for two reasons : First, there has been no con. traction in the aggregate volume of the ant. standing currency ; aud seconud, bucause the unggrogate of unemployed capital seeking safo iuvestmont has never been 60 grout na now, Tho failure of DuNoax, Sueman & Co, was due not to any contraction of the cur. rency, but to the dishonest appropriation to their own uscs, by the members of that drm, of willions of the money of their dopositors, Tho temporary suspension of the DBank of Califoruia was due not {0 o want of money in California, bat to tho application of money intrusted to the bank to the persgnal usos of the ofticers in gambling speculations. Fail ures of businoss houses which this writer speaks of aro i1 no wise duo to tho inability to bosrow wonvy on proper security, and number and the amount of their fail- nres do not exceed, if they equal, the averngo number of like failurea during tho three Commercint honges ara alwnys failing from a variety of causes, siuch ns imprudent sales and pur- chases, bigh living, perronnl extravagance, reckless mpeculation, bad debts, bad judg- ment, inattention to business, personal unfit- Thero is, however, a chavgo in the money Tho holders of money, in view of the ngitation to ro increase the amount of an irredeemnblo enrreney ns to still farther de- preciate its value, are cautions in the way of They will not lend it on long fime, beeauso they mny have to take other and worso currency in lieu of it, porhaps not lend dollnrs, when thoy may be compelled willing to loan it and af low rates to any paying, preduclive industry, Any manufnc- ,—nn i quiring to find out who are the horetics, and, having discovered them, it next Tequires the pressure of the varions forts of pers tion, such a3 conflscation, banishment, im- prisonment, torture, and perhapa death, But having applied any or all these forms of persccution, what has been accomplished oven then? _ Bolof has mnot been changed. Tho Nuncia may stamp out a man's liborty, but he caunnot stamp out a man's beliof unless ho kills him. ‘There may Vo rome who undor tho influence of fonr or suffering will feign to beliove, to cacape por- secution, They will go through the forms aud speak the words, but they will believe nmeither. A man isled to believo by cortain mental sleps and processes, and he can only bo led to recant eud abandon belief by re- tracing thoso steps aud boing shiown that they were unsound or crroncous, No tor- ture, lowever oxquisite; mno Pporsccution, however brutal; no threats, howaver “ann. guinary, havo ever changed individual beliof, If the effort in mnde to onforco theso Papal instructions, it will lead to more revolutions, more massacres, and further political and theo- logical complications, but it will end in failure. The liberal clement will refuso to nccept it and that element now lLas strength cnough to assert itelf. 'Thero was a time when such a circular would have elicited no comment in 8pain, It would havo been indorsed by the secular power, and no one would have dared to protest agninst it. Now, however, a cablo dispatch of the 16th says: Tho circular of tho Papsl Nuncio s commented on by all the Spanish papers, Grest aurpriss is exprossed that the cireular was sent without permission of the King, The Kpoca nssorts that anothicr carcular oqually important has been msued. A Cabiuet Council has Leen eallod for to-morrow sxclusively for consideras tion of tho Nunclo's circulars, This shows progress oven in Spain, and gives hope for the future. The inkeront wenkness of the Ultramontane domand is shown by the fact tbat Spain is tho only cotintry in which the Popo enn wake such a domand and accompany it with the threat that tho eccular arm shall enforco it. No other Government in the civilized wotld would tolerate it, His own Italians wonld resent it as promptly as would the people of the United Blates, and Spain hersolf, sooner or later, will riso against it as sho is now rising against Dox Uanvog, for whosa beneflt these instructions hnve been issued. Vnin ns the threat is, however, feeblo ns the arm of the Pope is to enforca it, ineffectual 2s the attempt will bo to gxcite the people of Spain agaiust tho present Liberal Ministry, it shows what the Popo wonld do, the world over, Lind ho the physical powor, —— PUTS AND CALLS, A correspondent nsks for information in regard to the standing of certain parties in this city who have issued circulars inviting tho recipient thereof to invest his or her money in what are ouphoniously called *In. snred Contracts * for the parchase or sale of grain on tho Chicago Board of Trade. Tho writers of these circnlara offer their services in the ncgolntion of theso contracts, and paint in glowing colors thebrillinnt prospects which lie before those whoare wise cnough to court Dame Fortune by their proxy. Accord. ing to theso exponndersof the secrot of monoy- gotting, it is only necessary to invest forty dollars in an insured contract to buy, and the same amotnt in another contract to sell, to be sure of making o big profit in any one month. The suthors triumphantly cite the coursa of the grain markets during tho four weeks preceding tho data of tho circular to show what big bonanzas might have been anatched up, in very much the samo atyls as the denler of tho threo cards points to his own losses, or the stecrer shows liow As can win o prize in the lottery extemporized for the exprens advantage of his victim, With rogard to tho personal standing of tho parties holding out theso seductive in- ducements wo can sy nothing, not having the honor of their ncquaintance. But for the scheino itself, wo can answer that it is ot onco illegal and mornlly vicions. The * In- wured Coutract ” is but another namo for the option to buy or sell, which is prohibited by tho laws of tho State of Illinois, under sovere ponalty, It is familiatly known ns the *¢ privilege,"—the two clasacs of transnctions embraced in it being called ** puts” and * calle.” ‘Thero aro so many men in the world who caro littlo for oither Divino or human law if thoy can only sco tho way clear to a big ‘¢ atrike,” that we prefer to use the, o them, moro cogent argument, that the thing does not pay. Tho man who is tempted to invest his money on the turnifg up of ** tho Queen ” in the monte game, or on tho chance of ‘¢ ropresenting” successfully at bunko, has just a1 good a game in his hands as he who risks his cash on "priviloges or * insured con- tracts” of tho kind alluded to. The ** put,” the *call,” and the “ straddle,” whother on stocks in Wall street, or on grain in Chicago, the lottery, the bunke game, faro, ofe,, are but 80 many dovices of childron of the devil to get money out of the pockets of others without earning it, and theso children of Satan aforesaid never pay a prizo excopt whero it js thrown out asa bait to catch a lnrger fish, And, oven if these things wore conduoted honestly (if such a thing wore possible), the investor iy sure to lose in {ke ond. Tho lottery manager doos not pretend. to pay in prizes more than half of the money recolvod from the sale of ticketa; tho faro dealer admits that tho gome is 4 por cent in hin favor ; and the agent for tho purchaso of insured contrcts only pays §25 out of each $40 invested, to tho party who sells the contract—lio would chargo 3} per cent for his rervices, oven if he should Loneatiy do as ho agrees to do, and give the Investor & clhanco to receive his money back with interest, # Corrospondont ” may reat assured that it ia not best to risk hin cash in any such invest- ments, Tho safest way will ba, to keep his money in his pocket, or give it to the’ poor. Heo moy accopt this as an axiom that **No good ever comes out of attempting to beat a man ot his own game," e e ——— ¥ A Bt Louls Commission, consisting of Councilmen and Strect Commissioners, re- cently visited Pittaburg to inspect the efficacy of a certain wood-preserver which had beon used in tho pine.-black pavements of that city. ‘The Bt. Louls officials raturued home and re- ported & marvel of success and lovolincss. They said, among other things, that & stand- ing reward of £1,000 for the firat decaying block hod remained uncalled for, and that pine, with this particular preserver, wilk last ten years. In noticing this enthusiastio in- dorsemeont, tho Pittsburg Leader says : On Fiftb avenusand Wcod stroat, whers tha Nicol” #ou was put down only seven years ago, it would have Leen porlectly safe for any one to bave offered, any time within two ycars paat, $10,000 for m bluck nos rot- ten, The suburban svenues, 0o, though not yot long euough put down to give many auperficial sigus of weaz aud tear, some of them are in a deplorabls con- ditfon of true inwardness, and will bave gons the way of all weod considerably previous 1o the sppoluted quartor of & contury, When thess precfoun custodi- ana of tho interosts of Bt, Lonin wore here, it wax ro- ported that thoy Investigated more suburban saloona than pavements, snd were glorlously dronk most of Ahe time. We dil it give this raror eurvancy, hut ftacems to bo fully vorified by tho ridienloun character of thelr statements aincn returning to 81 Touls, Pot- wibly thry coulit not tall bricks or cohble atones from wooden Llocks, and If they state they wore furnished orowbars, the reason they did not move anytbing wes because of their Inatility to reo straight euough to hit twice in (he samo place, Weo aro inclined to think tho Pittaburg Leader's story ia noarer tho truth than that of the 8t. Louis officinle. © Wa have never yet hdard of any presersor that will keep pine from rotting in tho ground, 'Tha only hope thnt is loft for the wooden pavements is tho usuhstitution of cedar posta for pino blocks ; and Common Uouncils and Btroet Commis. sioncry overywhere will do better to experi- ment npon thiv than with any manner of wood-preservers, — AMNERICAN RAILROAD CREDIT ABRDAD, Frequent rofereuce has heen made in these zolummns concerning the discredit that haa beon thrown upon American railroad socuri- tics in the money centres of the Old World by the ill-adviged legislation of komo of the States. Buch testimony hns been painfully evident for somo time, and other facts of tho same naturo continne to accumulate. The Milwaukoo Netes of recent date notes the ro- turn to that oity, aftor a threo years' resi- donce in Europe, of Horacs B. Brianraay, Esq., who was for fifteen yoors publisher and proprictor of the Milwaukeq Sentinel, and is well knowp to the peopla of Wisconsin ns a person of undoubted verncity and as nshrewd and successful business maw. Being n man of largoe menns himself, and well acquainted with the real value of stocka and bonds in this country, Mr. Brionrstay's opinion vins often gought by mion of wealth in Earopean cities beforo making invostments in State and railroad bonds, 80 that ho had a fine appor- tunity to judge of tho effect of the railrond legislation in his own State upon its credit abroad. From tho articlo in tho Vees upon tho subject wo extract tho following parn- graphs s the result of Mr. Bricmraan's ob- servations: Prior to tho passage of the ebnoxious raflroad lawa by the Wiscousin Legislature of 1874, tho credit of our peoplo was oxcellent abroad, and all our railrosd - carlties, especially thowo that aro backed by a laud. ront, stood high in all the monoy contrea, and wore looked upon with favor by all clasaes who viore seoking profitablo investments, Rallroad stocks snd bonds found eagor takers, not among tha woalthy classes aloae, but withs working men and peor women who had saved a lttlo mouey for times of need, In many ofthoso old countrien it {a noxt to impossitis for a poor man 0 awn sn_ncre of land, and the strong fn- Qucement to emlgrato to this country i3, that they may banbloto purchase a homeatead for themselvos and families ; honco, o Tatlrond bond with & land-grant bo- hind it means n great deal morv: to thososimple-minded peoplo than it doca to us; it means wealth, nfiluence, social position, and perhaps offielai preferment, Bo It oftan happons that n number of persons will unite their #niall means and purchase ono of our rafiroad bonds, in prefevenco to any necurity in thelr own country on socount of the bighor rates of inferest, But Mr, Baiouraax fuforme us that all this has changed elnco tho pasnago of tho ForTen law, aud he doubls if a ‘Wisconsln 8tato boud could bo sold to-day In Amster- dam or Frankfort for 50 cents on tho doliar, Thoy look upon the peoplo of Wisconsin, Minnesots, and Tllinols as thioves and swindlers, who got thelr money fo bulld raflronds upon falsa pretenses, tnd then eleot Leglslntures and organize courts on purposo fo cheat them under the color and form uf law, Of course thess pooplo know next to nothlug concorning the un- fortunato elrcumsatances undar which the Porres law waa cnacted ; they only know that they have boen badly cheated, and are sors aver tho osa of their hard- earned money. In his report to the Stato Departmont, the Unitod Btates Consul at Rolterdam (Nether- lands) says : Concerning the transactions in United States ralle Toad shares, whick, boforo tho catastropho in the Unitod States, have boon so tmportant an olemant in the Dutch money markota, I havo but torepeat the statement of wy precoding aunual report, ¥ar from aliowing any slgn of returning confidonce in Unitod Btates raliroad shares, tho Dutch puolic rather mani. feata incrossing aversion, Thosaloof United Btatea rallrosd socurities, even at tho lowent rates, in limited to tho smalleet minimum, ~ The laws recently onnctod in Wisconsin concorning ralirosds havo juskaffectod thioea securitios in which the Datch capitalists hisd fn- veatod enormous sums—~namoly, the Ohicego & North- western and tho Milwaukoe & St, Paul Rallroads, As yet tho Loldera of theso bonds ntill Lelove that tho hopes created and entartained by the Directors of theso ratlroads will bo realtzed, aud that those Laws will ba annolled by tho Buprome Court, Bhould this not be tle cnse & now doprocintion of theso securities, aa well as of all other American rallroad Londs, may be ox- pected. For years to come no imvestment of Dutch capital in United Blates railroad ontorprises will bo made. Tinanclers who, in this country, have boen fealing in United Statos rallrond securitics, agroo In declaring that a rovival of confidencon American rail- roal cntorprises can only booxpected when o radical ¢hango of tho present legislation on rallrosd companios takea place in the difforent Klates, Asthe heat means of restoring confidence, they indicate o strict control of the creation and payment of the capital of the come paniea; tho obligatory, regular (st least monthly) pub- lestion of tho recelpts and expenditares of the rall- roada; the lmitation of thoe arbitrary power of the Presidents of tho compantes, snd o greater inflnence on the part of holders of really pald bonds. Similar statements come from other countrios, It rewnins for the peoplo of Wisconsin and other Western States to determine whather they can afford to rest under the imputation of dishonesty that has been cast upon them by tho onactmiont of unwiso und arbitrary Iaws, which nlmost destroy the property that non-residents have invested in this country. METHODISM AND EPISCOPALIARISM, In tho proceedings of tho Diocesun Con- vorftion on Wednesday a significant remark was mado by tho Rev, Mr. Drrssen, to tho offect that therowore 1,500 towns (townships) in Southorn Ilinois, and that whilethero were but eight Episcopal churchos and five clergy- mon in all theso towns, thero wers Method- ist and Baptist churches in overy one of them. In other words, tho Episcopalinuy have only elght churches in the southorn part of Illinois, and tho Methodists have 1,400, This rother startling disproportion in the number of the two Churches is riot a sourco of wondenmont to the Rev. Mr. Dnessen olone, bot to all careful observors of tho progress of religious growth, Why should there be such s dispro. portion ? In polnt of fact, why should there bo any separation between thess two Churches ? 'ThoMethodist Episcopal Church is but on offshoot of tho Episcopal. The dogmatio partition between them is so thin that it might bo romoved at any time without #erious consoquences to either or without at- tracting any special wonder. The polity, forms, and creed aro substantially the’ same. Tho Moethodist and Low Church Episcopalian clergymen might exchange pulpits ot any timo withont collision or dissonance, or harsh treatment of religious prejudices. When Jony WesLey orgamzed his sect, his inten- tion was not to leavo - the Episco- pal Church (in fact he never loft it), but to refarm ond rovivify it, to corroct cor- tain abuses which ho oconcolved hud grown up init, to spiritualizo it, and extend its usofulness, The Methodist Episcopal Ohurch still holds the nawme of tho parent organiza. tion, its creed, ana its forms ; and whatover chauges have been made in its forms singe Wesrey's time havo beon mads in the direc- tion of Episcopalianismn, ‘Tho queation has often beon mooted, talked sbout,- and written about, why these two Ohurches should not rounite, and tho result has been enrneatly hoped and looked for by many in both Clirehies. Tt would only bo n reunion of the hranches of the same tree. No radical changea wwould have to Le mmde in cithor Church. Thers would ho an neceasity of trimming or pruning, or nowly * adapting canons or articles. The two would fit togethor just ns nicely ns they did of old, nnd tho sristocrncy of tho ono combined with tho demoeracy of the othoer wonld present n powaerful opposition to the foraen of sin, The Methodiat Church would gain the ‘“Apostolia Buccession” in tho Bishopric which it loat at the time of the Wesloyan seceasion, it not beiing possiblo for ‘Wesnry to bo s Bishop without the Inying on of hands. Hoth Churches would gain grent advantages. The Episcopat Church would gnin a spirit of lively piety and aggrossivo propagandism, of earncst, untiring work, n 8pirit of push, in fact, which would vastly extend itn usefulness. IL would. reach tho niassen of tho peoplo whiclt it fails to do now. Ontho other hand, the Methodist Epis- eopal Cliurch would gainan intellectnnl power and refinement, and a standard of scholnf. ship which it does not now possess, except in certain of the lnrgo city pulpits. The union, thercfore, would reach tho highest and tho lowest classos, Its effeets would be felt not nlone in the large citics, whero wenlth and scholarship abound, but in the little eountry villages, and far off on tho frontior in the new settloments, whero tho Methodist missionaries now penetrata by the side of their only competitors,- the Roman Catholics. It would make n_mighty Church of far-reaching power and influonce. Such n union may yot be brought about, and appenrs all the more probnble from the fact that tho rounion of kindred Churches is now tha tondency of tho day. . 8. Things bave been o little dull in the Pelican 8tato for somo time, The quiot of Now Or- lenns streots hins not been broken by extem- poro duels betweon prominont politicians. Instond of half adozen Legislatures, thero ns not been cven one. 'The United Btates troops in and around tho city have not been called npon to provent ono st of fanatics from butchering another. 'T'he washerwomen of the gontry no longer reccive Ku-Klux masks oud gowns as part of the regular weekly wash. The negroes aro eating water- molons in quict. There have been no fights, no assassinations, no cut-throat TOWE, noO wars aud rumors of wars, for nlong timo, Louisinna, erstwhiles the centro of ottention, has Intely beon forgotten. Theduolshavebeen transferred to the peacoful kol of Winuebngo County. The Ku-Kluxing hns beon monopo- lized by Mississippi. The terrible negro in- surrections, in which one pig belonging to a white man nand forty negroes are bulcfinrcd, onco tho staple of “news” in the white-lino press of Lounisiaun, have lately been henrd of only in Georgin, The Pelican State has como very noar the happy condition of having no history. This stato of things could not, per- hops, be expeotod to Inst long. It was the reaction from the intonse political excitoment of last winter, and good for only the heated term of tho year. Ero long, it wmny be, “Louiglana” will ogain beeomo ono of tho standing headdines of the daily press, and the nccustomed hoteh- potch of rumors and riots will ogain attract public ttention. ‘Tho rumors are al- ready beginning to croep into the papers, ‘The items furnished by our oxchanges nffect & quartetto of prominent * statesmen” and a host of lesser mon, Somebody thinks he has discovored a plot—overything in Pelican poli- tics sooms to bo the outcome of a plot"—to have the presont Domocratic Legislaturo break the Wnruzsn compromise and rocognize Mo- Eneny—the horo who ron awny lost Septom- ber, and has &o lived to fight (or run) anothor day—ns Governor. Theiugonious mind which constructed this campaign canand has also favored tho world with tho statement that Gov. Kraurosa will defeat tho mefari- ous oconspirscy by ‘“using the Stato patronago,” which isan cuphemism, of course, for bribery. ITaving thuy done thefair thing by the two Governors, tho rumor-maker informs us that Prsomnick, who was once nn honest barber, and is now, sad to a8y, & Louisiana politician, is not only black, Jbut blno, because President Gnant says Pien. BAck has “mnde troublo euough,” aod will Lave nothing moro to do with him. Most truthful of "all tho stalements i8 donbtloss the ono about Wesr, the solo sensational roprescutative of the Telican State sinco 1872. 'The Logislaturo means to investigato the details of his election, If tho chargos against Bonator West aro false, investigation willnot hurt him, It is wholly iwmproballe that the WmkmLen compromise will bo disturbed, bat the sigos are that Loulsiann polities will soon be lively again, ABSIONATS AND GREENBACKS, We publish elsewhere n letter under this caption, from an annonymous inflationist, who ironically signs himself “ Redemption,” ‘We Invited some inflationist to answer the question why tho greenback wonld not share the fato of the assignat it his doctrine was carried out. Qur misnamed correspond.- ent, by aitemnpting to nnswer, shows that ho believes in inflation,—that in, in the issue of more groenbacks, If his views were to bo cnrried out, history wonld repeat itself, and the groenbacks of America would go down into the samo nothingness of valuo as thoso of I'rance. With this premiss, wo tako up tho assortions of the man who is aftuid to- sign his noamo, aeriatim @ **The assignats woreissued beyond all hopo of redemption.” Very true. There is no difforence in this respect botween the assig- nats as they wero and the greenbacks as the party represented by our correspondent pro- poses to mako them, There is now some hope of redemption for the greenback, and it therefore has some value, If tho volume of legal-tonders is inflated, this hope will van- ish, Our paper will thon dectease n value precisoly in proportion to the inflation, “‘Phe assignats wero not based on the * faith and resources’ of the French nation at wll. Thelr sccurity was iho plodge of conflscated estates.” At the timo of {he rovolution, the clergy hnd absorbod about one-third of (he land of Franco and the nobility most of the other two-tlilrds, Nearly all this was confisented by the Government. The sssignots were based on this land, consisting of a hundred millious of acres or more, and for n long timo they woro rucoivod in payment forit; but they also bad the “faith and resources” of all Franca behind them as completely as the greenback hos the imnginary £, and 1, of tho United States behind it. Tho socurity of the assignat wag vastly bettor than that of the grevnback, for wo do not give improved land, not even the barren wastes of tho great plaing, in oxchange for our groenback paper. Our corrospondent trics to discredit the land-so- curity of the assignats by casting doubts on the titles to the land in question, It is suffl- . = — cient 1o sny that somo five million of Fronoh families, numbering 25,000,000 of Aunle, now Told laud in France, who wonld tose itif the titles acquired at that timoe wero bad. 'i'ho amount of our prper currency is ng. doratated by the writer. Itis true that wo havo “‘nbout £400,000,000 of greenbncks,» including fractions (the oxnct figures, July #1, wero $415,000,5601.10), but wo have olsa noarly an oqual amount of National Dank notes, redoomable in greenbacks, and thore, foro fluctunting in valuo with thom, I the inflntionist designs woro fully earried ont, we might havo as many billions of paper dolinry i we now have millions. Tho only questiog would bo the power of the presses to print go many picces of paper befors the crash canio, nnd the greonbnek, like the aasignat, wy utilized for wall-papor, "The issue of tho groenbacks isat Ppresent “limited to a small smonnt,” but it is the purposo of our correspondent's party to abol. ish this limitation, This in precinely whpy hnppened in tho caso of the nasignat, aftey tho 1,200,000,000 frane limit was violnted ang further expansion indulged in, Their “pry. ment {s guaranteed by n stabla Gommnwm," but the Domocratic-inflation party is now vociferous in clamoring for the repenl of g Inw intonded to practically fulfill that guar, nntee. . Thue, wo have explained lo our namelegy and somewhat insolont correspondent thay tho differences ho conjures up between thy nssignat ne it woy and the greenback ng jy will be, if his inflation idean sro carried inte praclice, are imnginary. The one sort of ir redeemable paper will share the fate of the other, ‘What their fato was can be learned from this extract from the revised edition of the now American Cyclopedin : The usgnats kopt thefr valiie abova 0 per cent by 1792 but from that timo they began to droop, T orlginal irsuo of 1,20,000,000 francs ($250,000,000) wy {ncreaned to 45,578,000,000 of franics. o . o . Grea efforta wero mado to prop the market, and siringent. 1awn wero enacted to Ax prices and fore the peopls 1 aceopt the notes at thelr nominal vatuo; but they toog fell {0 60 per cent, and fn 1795 wera worth only 18 pey cent, In 1786 they wero redeemed at one-thirtieth of tholr fac n ynandats, , , Tho mandats 200n fell1g onc-seventleths of their nominal value, The holder of 2,100 francs in assignats thuy, got the cquivalent of ono frano in Bpocie foy them. Tetus bo warned in time, If we travel tho same inflation rond, wo shall comy, to the same quagmire, - Tho Constitutional Convention in North Caro: lina {8 a curious body, owing ita oxistence toan necidont and its organization to o scratel. It iy weil known that the Stato wag Rotrymandared by & Democratic Logislaturo in order that tho mle nority might rule the majority; and ths Repub liean majoritics wora no mnssed that o popnlag majority of 12,000 to 15,000 on the Ropublicag Hido gave tho party only a tle voto in the Cone vention, 1f the popular will had boon fairly ex- prezsed, tho Republicans would havo had o large majority, and tho Convontion would havo ade jonrued sine diee without procecding ¢ busiuces, As it is, tho Democrats have secured the organization by making largr promiges to the Independont meme bers and by cansing one of thow number to voir for himsolf ay Prosidont. Oune of tho proposad, changes in the Constitution fa a transparent White Leaguo maneuvre, It ia tho ro-establish. ment of the whipping-post and the disfranchiss. mont of all porsone who have been **convieted of a1 infamons crime,"—that fs, who have besr, whipped. Tho intontion is to mecure tho whip- ping of colored citizens by means of unfriendly Jiiries, and tho rapid reduction of tho negra voto by the syetom of disfranchisement. Hox onelly such a conspiracy could bo developad msy be understood from the fact that tho whipping. post would be a substitute for our Bridewell, — In o briof allusion in yestorday's Tuinuse £ tho journalistic antocodents of tho now Bishop of this Diocose, it was stated that gosd nOWHpke per men Liad the material in thom to make good Bishops. The remark fs still farthor oxemplified by the dotails of his blography contained tna Cloveland diapatch in the eamo issue. Dr. Mee Lanex's firat appoarance In tho nownpaper world Was 11 connootion with tho Olavoland Plaindealer in 1852, whera bo mado considorable roputation as o Jitorary writor, and also ag the successor of the Iamented Autemus Wamp. 1t was a bad start, however, for the Flaindcaler was then, 18 now, & Domociatio paper. From 1854 to 1857, howorer, ho was identifiod with tho Pitteburg Gazxetle and aleo the Chronicle of that eity, both strong Nopublican, apti-stavery papers, From these papors ho graduated iuto the Presbyterian Church, from it ho progrossed into the Episco- pol, and from tho positionof & prosbyter into tho Bishoprio. Ilo commonced in n nowspapet of bnd politics, but ended woll, Wo wili not sy that ko commonced budly in tho ministry, bub his experienco iu the journalistic profession shows that ho is o progressive man, and augers well for his efiicioncy as the Dishop of this Dio- ceso. ——— Dr. McCosn, it o brief addross at tho opsn- ing of I'rincoton Collogo, raviowed tho prograse mado by the inatitution during tho seven years of hiu conuoction with it In that timo the Trustues havo received $1,250,000 in tho sbaps of donations. The number of college buildiogs nna been almoot doubled. Blx new professor ships, incinding ono in civil engineoring, and twolve now branchien of study have boon added ‘The standard for admission and at the annnsl oxamfuationa has boou ralsed. An extonsive systom of fellowships and prizes has baon es tablishod, Arrangements bave been made fors past-gruduato course, by which tho Faculty hopa to produce acholars to mateh those who come out from tho grent univerutios of Europo, Ths prosperity of the Collego Lna boen comineniue rato with its doserts. ‘I'his yosr, 174 newatae donts have applied for admissiou, of whom 123 entored for examination us Freslinen. Resoits such as thesa cortalnly warrant somo degree of sutisfaction and personal fehcitation; and Dn: McCoau wilt kave tho sympathy of Princetot graduates and the friends of higher oducation it his furthior efforts, e e Much sympathy was awakened for s young girl of 18 who was engaged to bo married to & woalthy old gentleman of New York wuamel HoLxes. 1o hod gone so0 far as to ** marry ber in tho sight of Qod " with a ring, bat declined # public ceremony'for prudentinl roasons, Thosd reasons wore a foar of proseoution for bigam) aud o ganeral mpprohension of trouble. 3lis AMay CuamperrAyne brought suit and got 8 vordict of §0,000. 1loLues did not settle, and hils bondsmen surroudered him, and thora wasa Luut for tho missiug man, After a loug sesrch ho was found in Jorsoy Oty with Misa Max CHAMBERLAYNE inatallod a8 Lis mistrcas, whe deolared she would never give him up, as sbe loved bim Leyood anythlog on easth, Buch it wowan, ‘‘uacertain, coy, and Lird to please. Bat s in the sult it appearsd thst Horyxs had been In tho Btato Heultentlary in the course of Lig eventful lifo, sho wes not as fastidiovs st might bave boon supposod, once of the Confedents ition of Commander-in= y of Kayphe o wil receive 8 bouie ol $100,000 snd s unuual eslsry of 425,600, It ia o dorstood that tile position Las soversl mes ufferud to (ien, Jobuston, and refussd, ¢ this {4 truo, and the Khedive has now of expacis to Lave any orgauizing or fighting to 4o we don't know that bo could find s better mat. Tho only oad thing we ever koow of Gen. Jun!; sToN is that ho went into the Rebellion agsiut his country ; but thore was no man who occuplh & inore Lionorable position among all those whe wero guilty of this offooss. There wad noot who gave the Union Goneraly more trouble, of who fought bis grouud more bravely, tensciouslss Gen, Jonxeu 12 Joum