Chicago Daily Tribune Newspaper, September 24, 1875, Page 4

THE CHICAGO fRIBUNK: FRIDAY, SEPFIEMBER 24, 1875. TERMS OF THE TRIBUNE PATTR OF FTEACTIFTINN (FATATLE IN ADVANOR). Postagn P'repnld at thin Onlce, Bally Didithon, prat.on'd, 1 §asr.... Parts of war at seme rate. o adirams Torm wETXs for 1.00 .00 ittt Parts af prar 4t mime rate. T 1eex1z Dorrion: Oa yoar, -8 Nnbly LA of P, e rrreree .00 Weatdy —Clab of twet 2000 we Pree Covy ol e On all alubs (he Fabscriber must remit tha postage, sfhich I 36 conta & 00Dy pee yoar, Apecimen ooples sent free, To prevent delay and mistakes, be stirs a0 give Tont-Ofice addrens in full, ineloding Htateand County. Temittancos may be msdo eliber by draft, aspresy, #oni-Ofios onlor, or in regiatored letters, at our tiak, TERNA TO CITY AUMACRINEAR, Dafly, delivernd, Banday axcepied, 2 osota per week, Daly, delivercd, Bauday inclided, 30 cents par week, Address THE TBIBUNE COMPANY, Corner Madison and Dosrborn-sta,, Chloago, Ll etk TODAY'S AMUSEMENTS, ACADEMY ‘('IF MUBIC—TIaletod strect, betwsen Maaon and Mourva. Fngagement of N, D, Bob- erta’ Combinstion, * Jack and JUL™ MCVICKER'R THEATRE—Madison street, belween Dearborn and State, ** Runsiugu Caroor,” HOOLEY'S THEATRE—Randolph street, bhetwoen Clark and latelle, Lngagement of the California Altnatrols, WOOD'R MUSE torn and Stato. ** toreoon and eventug. fonron street, betwean Doar. " and * The Irish Lion." Af- CIICAGO THEATRE—Clark street, botwsen Ran- dolph and Fake, * The TwoOrpha; ADELPHT THEATRE—Dearborn atrect, corner Monroe, Engegement of the McKee Hankin Troupe. * The Two Urphans,” INTER-STATE EXPOSITION~Lake siore, fool of Adana strost. SOCIETY MEETINGS. COVENANT LODOE, No, 625, A, F. nnd A, M.— Bpec 1al commnnication this (Friday) evemar, at _7:40 o'clock, at Corfutbian_Hall, No. 187 Kinzdert, Work on the Third Degree. Viniting brethren corully in- vited, By order of the W WM. KLRR, Boc, 2 ORIENTAL LODGE, No, &, A. ¥, and A, M.—Special communication this (Friday) svening at 2:30 o'lock, for work ou 1ho I, A, Degrve, | By urder of the Master, closing at $1.05} cash and $1.02§ for Octo- bor. Corn was aetivo and 1jc lowor, closing at 553 for Beptomber, aud G3}e for October, Oata wers moderately active and easier, closing at 34{c for Soptemnbor, and 12 for Octobor, Ryownsquiel at 76c. Barley was in mod- erate domand, bat closed woak, ot 21.08 for Soptember, and $1.01 for October. Hogs were active nnd meady, with salos at $6.50@ 8.75. Tho cattlo market waa dull and lower. Sheep wero in good domand and firm, One hundred dollnrs in gold wonld buy $116.623 in greenbacks at the closa. The 8t Louis Qlobe-Demoerat devoton nearly n column to abnso of Tur Cmioaco Tribuxe for showing up the conspiracy of the St. Louis Ring to grab a hundred millions out of tho United SBtates Treasury for the construction of another and nnnocersary rond to tho Pacific. It takes cognizauce of every objection excopt the grabbing one. It dis- cusses tho rond on topographical, financinl, ond commorcial grounds,—on every ground, in fact, cxcept tha hundred million grab ground, ‘Tho littlo joker in the proposed atenl iy sednlously kept out of sight. When tho Globe-Democrat has somothing to say abont that, wo shall have somothing to say in rotarn. Meanwhile, if tho *little joker"” is kept out of sight, it will not be the fault of I'ne TRUNE, WHAT INFLATION MEANS. « Hagit ever occurred to the general reader what ean bo the special motive or object gov- erniug those who opposo ail measures having for their purposo an advancement of the valie of the currency, and who are so clamorous to have the value of that currency reduced? The pretext uanally urged i3 that thero is a ‘‘grent need of more currency in order to facilitato the exchange of commodities.” They insiat that the smount of notes in circalation is in- suflicient, nnd demand that it be increased indefinitely., The volumo of money in eir- . N. TUCKEL, Se'ye WABHINGTON CHAPTER, No. 43, R, A. M.—Spea- 181 canvocstion thl {riday) eveniog st 7:30 for work on the R. A.Degree, Alio on Baturday evening at7:30, for M. 3, Degree, Vixiting Companions cordially in- of the It P vited, DBy order Cm TROWBRIDGE, Bec. “@USINESS NOTICES. N BY USING A HARMLRSS e an Cgnrgo W Las - inom move tan, freckies, wrements from the skin, leaving it ad Leantifal, without shuming thie ppiication, For aale by all drugg s other. winoath, clear, ast tracraf it e Cnbtad Ghe Chicagy Tribune, Friday Mominz, Boptember 24, 1875. Greenbacks, ‘at the New York Gold Ex- shango yesterdny, opencd and closed ot 85}, the two extremes of the day being 853 snd 8 shade abore the clesing figure, A dispatch from Philadelphia, upon whnt nuthority wo are unable to state, nnnounces that tho third Chicago Custom-IHouse Com- mission bas concladed its seeret sessions and prepared a roport to be submitted to tho Secretary of tho Treasury. Tho report, it is asserted, confirms that of the local Commis- sion of Architects, and will recommend the resumptiqn of work upon the building. Pt ety Indiana Democrats who havo gone into Ohio to sssiat in the rag-money crusade aro {rank enough to admit that the ontrance of Cart Scounz in the lists sgainst them has added grently to thoe solomuity of tho situn. tion. Alrendy conscious of a dangerous do- feclion among the Germans hocnuse of the inflation issue, they perceive that Mr, Sciunz will still further widen the breach, and they now gloomily contemplate the probability that the loss of the German eupport n Ohio il cost the Democrats 10,000 votes,—more tkan enough to turn the scale, The vacunt Collectorship of the port of Chicago lins been tendered to tho Hou. J, Russert Joxes, Inte Minister to Belgium, Ho hnd returned to this city with o view to making his home here permanently, and no ono knows better than President Granr, his warm persounl friend, how admirably ho is «qualitted to dischargo the duties of the Col- lector of Customs. No intimation has been mado public as to Mr. Joxzs' acccptance of the appointinent, but the fact that the ten. der of the position has been wmade in accord- snce with the wish of the I'resident suggests the inferonco that it will be nccepted. Tho New York Jadependent wnkes n mild to-do over tho alleged fact that ** Amerjcan art, or Wostern nrt, appenrs not to putin a respectable appenrance™ in either the Chi- eago or Cincinnati Exposition. 'This would bo o curious statement wero it not on o pnr with many of tho *facts” published in tho New York press nbout the West. English journalistic iguornnce about this whole country ulmost finds o parallel in New York journaliatic ignorance of everything west of Take Eriec. As far as Chicago is concerned, tho Jadependent is of courso wholly wrong, Whe 858 paintings in our gallery are almost entirely American. The Art Committeo began work with the detormination to seeuro a represontative American collection, and hos succoeded in doing so., There are perbnps too fow, certainly not too wmnny, European paintings in the gallery, Among the subjects under consideration by the Underwriters’ Association that of im. proved building laws is recoiving a good denl of attention. The Committes appointed to Investigate this question presonted their ro- port yosterday, taking the ground that greater resulta can bo attained by a well Revised system of schedulo rating than by any building law, however stringent ita pro- visions, It has been found by the Cowmit- teo that & low rato .of insurance is the strongest possible incentive to the con- struction ‘of gubstantial buildings, and that it is to this system of rating risks nccording fo the character of buildings moro than to any other cause that the marked Iaiprovement in business architecture is due, Btringont building (laws rigidly enforced belp to upbold und stronmgthen schedulo rating, but the latter, in the opinion of the underwriters, ia the imnain relinuco for the cu forcement of tho law, . The Chicago produco markets were very much unvettled yesterdny, Mess pork was 42,124 cash, 21,65 for October, Lard was dull and 20¢ pur 100 s lowor, closing at $13.16 cash or seller October, and $1L.85 sellor the yeur. Ments were in falr request and firm. er, 8t 8@8o for shoulders, 12¢for short ribs, wud 12{o for short clears, Highwines were in fair demand and firm, at $1.16 per gallon. Lake freightsa were quict aund unchanged, at 2{¢ for corn to Buffalo, Flour was quist and* weak. Wheat was active and declined 8c,” quiet and irregular, closing at §: end culation can only be properly estimated by its valuo ns a purchasing agent. The paper- money in circulstion is nominally $£800,000,- 000, which, at 85 cents on the dollar, bans the purchasing power of 680,000,000, To mnke this momey worth 100 cents on tho dollar would really be to expand the currancy $120,000,000. It would bo equal to an additional issue of currency, st its present value, of over £141,000,000. 1f it were possible for the Government to issue 100,000,000 additional currency and keep it, as well as tho outstanding issue, at ita presentvalue, it would accomplish none of tho ends sought by the inflationists, The fact is there s no scarcity of currency. ‘Fhere never was in the history of tho coun. try such an amount of unemployed money as at the present time, To add :2300,000,000 miore to it, without n reduction of its value, would not Lelp the condition of tho expan- sionists, Who are to nse this additional cur- rency ? Manufacturers of iron, cotton, wool- en, nnd other lines of goods, who are mow doing but a reduced business, are not pro- ducing losy or keeping their mills closed be- cause of nny insbility to borrow money, or any scarcity of currency with which to pay for materinls and labor, or be paid for the manufactured products, The difficulty is that they have seanty sales of goods. Manu- facturers are prepared to produce all that they can moll and much more. Furnace- owners are not propared to produco pig- metal when they cannot sell it. That is not restoring industry. Thut: is only n waste of capital, material, and labor, and forces the bankruptey of thoso who attempt it. The fact that wo have boen producing more iron, woolen, cotton, and other goods than wo con gell i8 an wnfortunate result of our tariff laws. In overy other civilized country whore thore is a production in excess of tho home demand for manufactures, or whero the consumption falls off from'any cause, tho maunfacturers ship their surplus goods to other countrios and sell them. Our manufacturers cponot do this; our ultra tariff effectually confines thom to the homo nnrket, and they must stop production until they get rid of the surplus stock on hand; they must it their manufacture by the domestic orders for goods. They, therefore, want no money to pile up in unsolable goods. The addition to the currenoy, without redue- ing its value, will bo of no use to any closs of persons. ‘Thero is no productive industry, and no branch of commerce, which ia suffer- ing for a want of currency, or from any in- nbility to get money for any logitimate engagomont. But if tho Government shall issue cur- rency in such quantities as Lo waterinlly cheapen and reduce tho value of the whole, then thore will bo n change of éircumstances, and thon there will be a special class of the community who will be able to accomplish tho onds thoy secrotly scek, We have no objection to interposs to the legitimacy or propriety of tho real-catate trade, It is, how- over, largely wpeculative, and consequently every panic or disturbance of finances plunges it into more or lesg distress, Bpeculation in renl eatate is a8 wide.spread aas the country. Tmmense tracts of land are held in Wyoming, Ncbraskn, Montans, Kansas, Minnesota, and ‘I'exas on pure speculation, In the more set- tled States there are millions of city and town lots held by speculators, In the vicinity of ull large citics there aro thousands of acres of land which onght to be under cultivation in corn, wheat, or vegetables, but which are 1uid off andvheld at high prices by speculators as town lots. Tho *“outlota” of every ln\jun city generally exceed in number tho ‘" inside property,” The holders of speculativo realestato owe generally four dollara to the one they hovo invested. Thoy depond on brisk salos ot large advances, both for profit and to enabla them to carry on their indebtedness, With monoy worth 100 cents on the dollar, purehiasers demand an oquivalent, and this is fatol to speculation. The panic of 1873 was as fatal to fancy pricos in real estate as it woe to faney prices of stacks, 1f, howovor, cur- rency can bo dopreciated to 0 conts on the dol- lar or less, there will be n revival of specula- tion, 6 Liolderot $100,000 of such monoy, alarmed at the fall in valuo, will be glad to geot 7id of it. Yo will exchangs it for amost anything. He will give $50 & foot for lots really worth but $25, in order to got rid of his sinking, inflated, doubtful currency, which is subject to farther depreciation and islisble to be worthless, whilo the out-lots. will ro- main whore they are il wanted. If the valuo of greenbacks be reduced to 50 or 45 cents on the dollar, a man holding specula. tive real estate now unsalable, and worlh, oy, $10,000 in greenbacks at 85 conts, or $8,500 in honest money, will find a purchaser williug to give him $16,000 in such green- backs, With this $16,000 legal-tendery, the seller will go and pay $16,000 of bis debts in monsy worth 40 or 50 cents on the dollar. Iu wvery city of the United States, and in every village aud town, thereé aro persons ‘who aro bolding this speculative real estate, and’who ars overwhelmed with ‘debt, Their ansots nre real estato which hasno marketablo value, which is pnrely specalative. Thens nsactn aro ko flimsy that they aro not worth tho indebtednesa on them, and, thereforo, bankrupt proceedings would he n waste of moncy. Every ono of theso men—every ‘bankrapt speculator and insolvont oparator— ia clamorous for * moro monay,"—that is, monoy worth aa little na possible, which they can foree npon their creditors, thereby rob. bing them, ‘Theso bonkrupt speculators practically aak that they may be allowed to poy their debts at 40 or 50 centa on tho dol. tar, and for this pnrposo they clamor ot town meetings, ot wanl cauciises, party conven- tions, aud write lottors fo the newapnpora ; for this, as is tho case now in Ohio, they per- ambulate the State making speechos snd proclaiming tho want of * mora woney.” ‘The only purpose and object that can Lo obtained by the deprecintion of the eurrency is to enablo these bankrupls to dischargo their debta nt & froction of what they owe, in or. der that they inay be nble to hold on to half the proporty, more orless. To dothistheyhava no companctions of conseience s Lo the ef- foct on tho millions of honest, industrions people, whosa hard-enrned savings aro in tho savings banks., What care theso reckloss and despernta specnlators if their currency wator- ing achemes shall reduco the valno of the Ia- boring man's money in tho savings institn- tious one-half or two-thirds? With them it is every man for lhimself, and d— toke the hindmost. —_— THEE BUILDING ORDINANCE BEFORE THE COUNCIL, There is to bo a special mesting of tha Common Council to-night to consider the new building ordinanco which has been in- troduced into that body. 'This is without question the most important business which will come before the Common Conneil during the remainder of the year, We have rocoutly incurred the expense of a Burean of Building Inspection, which may, with proper help, be mado exceedingly bene- ficial to tha city ; but, with tho present build- ing ordinance, the Building Inspcctors are powarless to do much good. The new ordi- nance has boen prepared with great ecare. Thero is no doubt that Buildivg Inspector Barery ie desply intarested in tha improve- ment of our buildings and tho increased safe- ty of the city from fire. The new ordinance Las boen subjeoted to the local underwriters, and the advice of architects and builders in equal standing hes been used to make it as completo as possible, When Mr. Oase yesterdny explained the purpose and provis- jons of the ordinance io the Convention of inguranoce men in cession in thia city, it was reccived with applauge, Much hnas alrendy been done by the extension of the fire limits, tho improvement of the Fire Department, and more rigid inspection, to diminish the rates of insurance, and the passage of the new ordinance, with the omission of the sce- tion to which we have heretofore drawn at- tontion (which inforentially changes the lim- its of framo buildings and sheds), will render Chicago o favorite for insurance risks among all tho cities in this conntry at low rates. ‘Wo are informed that thero is no doubt tho new ordinanco will bo passed, leaving the fire limits co-extensive with the oity limits, and prescribing new regulations for building in the direction of greater safety. The only opposition wo hear of comes from some of the outlying wards, and from & class of reckless and unthinking people who would not hesitats to endanger the entiro city for the imaginary bonafit of their particular sce- tions, We understand that a pressure is be~ ing brought to bear by such reckless porsons upon Ald. Reipy and Soszrs of tho Bixth Ward, MaDonawp of the Eighth, Srour and Maun of thu Sixteenth, and Ryan and Eczmanpr of the Fifteenth, to opposo the ordinance in the interost of theso selfish, thoughtless, and foolish classes, Wao hope, huwevor, that all will havo the interests of the city sufficiently at heart to resist this ab- surd prossure, and give the ordinanco a unan. imous vote, that it may go out to the world that Chicago has taken every possible procau- tion against the recurronco of great confls- grations, EXTRAVAGANCE OF CITY GOVERNMENTS, We gavo yesterday some of the statistics which have led to the estimate that the entive local indebtedness of this country, including Stato, county, and city, amounts to $1,331,- 970,517, or moro than half as much as the en- tire national debt; and of this considerably more than hialf js owed by tho citica alone. Tho great bulk of the national debt, it must bo romembered, was contracted to pay tho expenscs of a long and costly war, but tho local Govornments have had no such extraor- dinary demand upon thom, and have accumu. lated this enormous indebtodness over and above the large tax.levy for the paymont of curront exponses. The differenco must also be contomplated from another point of view. During the last five yenrs tho national debt hos been reduced over $200,000,000, and the national taxes havo decreased $100,000,000. During the sama period the county and city debts have incrensed $430,000,000, and the tax-lovy hns increased to $295,000,000 in 1875, This incrense in debt and taxes haa averaged $380,000,000 a year, or $1,900,- 000,000 in fiva years, or necarly as muoch og tho entire national dobt. While the custom has prevailed among politicians, pub- lio apeakers, and nowspapera to direot atten- tion to the extravagance of the National Gov- ornment, the fact secms to be that it is the only branch of our composite form of gov- ernment which furniskos & practical evidenco of economy, viz.: a redaction of the debt and at the same time a reduction of taxes. There are two main causes of the atariling exhibit of local indebtedness in this country. ‘Tho provsiling practice for a term of yenrs of voting public monoys and lending the pub- lio credit to private enterpriscs, and especial- ly to railroads constructed on the Credit Mobulier plan, is the first of thess. The second fe the ambition of all our American citles to provide local improvements far in advance of their resources,—an ambition which has boen heretoforo unrestrained by any limitation on tho priviloge of contracting debts, The local Governments of this country, and partioularly in the West and Bouth, have beon plundered outrageously by adventurers and specalators who havo undertaken the consiruction of railroads oatensibly for the development of the country, but really for individual profit at the public expense. Statos, counties, citios, towns, townships, and school-districts, have voted in the nggre- gato millions upon millions of dollars to en- terprises which individual capital would not undertake. In many cases tho monoy has bLeen voted outright; in others there have been nunicipal and comnty subscriptions to stock; in still others tho payment of bonds has boen guaranteed. The result has been materially the same in all cased. Whatever form the subsoription has taken, the money has always been absorbed by the comstruction companices, aud tho en- torprises havo proved unprofitabla, In othar worda, noarly all of thesa investioents havo boon adend lors; and, na tho monoy wni usnally raired by au isstto of honds, the loeal delrs have been incransed to the amonnt of tho aggregate mubseription to railrond and other individual schomes. Fortunately, many of the States, following the example of Illi- nois, bavendopted a conatitutional prohibition of the loaning of the public credit, nnd it is hoped that all the States will do g0 nas rapidly a3 changes in their Constitutions are made. "The expenditures for loeal itnprovements have beon of tho most reckless and extrava- gant nature. They have been encouraged and incronsed by the absonce of any limita. tion upon municipal indebtedness. Illinois in 1871, following the ~zam- *s of Towa, fixed o conatitutional limitation of 5 per cent upon tho taxablo valuation of tho property, and somo other States have since done the same thing. But this limitation renlly admits of dobts amounting to 10 per cent of tho valua. tion, sinco both city nnd counly miay con. tract debts to the amount of & per cont each. In the majority of the States, however, thero bas been no limitalion whatever, and the li- cense hns been o constant temptation to of- fice-holders and amply improved by tho con- tractors and unscrupulous politicians, Not only have tha local improvements ndvancod nt a rato not justified by the resources of tho city, but the nbsenco of all restriction hns given full reapo for plunder. 'Tho only way to check it ia by imposing the constitutional limitation already existing in this and & few other States, Another reuson for tho rapid increnso of taxation, notwithstanding the vast sums of money borrowad, is the high rato of intorest which Ameriean citjea nro paying, “Lhis ranges all the way from 7 to 10 por cent,— rarely lower than tho former figure, and fre- quently as high (espocially in Southerncities) a3 tho lattor, The nbsenco of all restriction bas likowise boen the causo of tho exorbitant intorest which is paid. Tho tax-eaters have boen willing to Lorrow at any fignro so long o4 they conld raiso tho money required to carry out tho schemes for improvement to which their individual profits wero incidental. On tho other hand, eapitalista have only been induced to lonn whore tha privilege of bor. rowing is nnrestricted by the offer of high rates of interest. Tho constitutionnl limita- tion slone can counternct both theso tonden- cios, and place city debts at ns Jow & rate of interost s public sccurities ought to com- mand, Tho remedy for the extravaganco which bins led to the enormous load of local indebt- edness in this country is in tho hands of tho people, and there alono, 'The indifference of tax-payars to local political matters is mainly responsiblo for it, and a rovival of interest alone can overcomo it, Such a revival can. not be postponed, howerver, very long with- out rondering repudiation imminent, and popalar government for cities a failure. Asido from the constitutional protection sug- gested, the tax-paycrs alone can combat tho extravagance, recklossness, and dishonesty indicated by n local mdebtedness of §1,831,- 970,517 by organizing their votes, and influ- enco to place the administration of }ocal offnira in the hands of honest and compotont men. THE MASSACHUBETTS CAMPAIGN, Tho sudden nunouncement that Cmanrrs Francis Apaws ig anong the Ropublican can- didntes for Governor of Massachusotts bo- fore tho forthcoming Convention, which meets, we believe, next Wednesday, lends now interest to tha campnign of that State, and gives the first glimmer of bope that tho Republicans of Massnchusetts may recover it from the control of the Democracy and their nllies, if their action in the Convention is marked by ordinary prudenco nud sagacity. Thoy bavo beon very judicious in **shunt. ing” Tavnor, the Prohibition candidato, off the track, If now they follow up this ad- vantsge by nominating Cmantes Faaxcis Apaus, thoy can onter tho fleld prepared to dispute it with some show of success, and un- incumbered with tho predestination of de- feat which is pretty eure to overtake them if cither Rice or Lonma is nominated. Mr, Ricx is an excellent man, but he is a Boston man of tho cold, aristocratio sort, and it is believ- ed cannot carry the country. Dr. Lonnia i a candidate who wlll, it is alleged, add 10,000 more to tho Democratic majority of last year, Mr. Apams will go bofore tho Convention in the favorable position of a strong third on tho first ballot, with a powerful backing in Contral and Wostern Massachusetts, and two of the ablest papers in the Btate, the Worces- ter Spy aud Bpringficld Republican, in his fovor.s Tho Ricx men know that LoriNe cannot be elected if he is nominated, and they are doubtful about their own man, o that Mr. Apaus' prospects are good. Unless ile Convontion i possessed of the very demon of destruction, and is bound to commit political hari-kari, it will take ndvantago of this condition of things to nominate him, By so doing, it will place in the flcld against Gaston aman who has never truckled to politicians, and will thus commend himself to the people; aman whose record i un- apotted and whoso abilitics are-unquestioned; a man who will not only command the straight Republican voto, but will call back the Liberal Republicans who were driven from the ranks lnst full by the Prohibition nonsense, and may ovon make somo inroads upon the straight Democratio ticket ; a man who will do Lonor to Mussachunotts and confor dignity upon the office. 'This is the way the Massachusetts campaign appears at this distanco, 'The average lllinois Repub-. lican will predict success to tho Republican ticket with Apaua at its hend. Likowiso tho averago Iilinols Democrat, under the same circumstances, will prediot defeat to Gastoxy. has given a remarkablo decision, o tho effeot thot no person, firm, or corporation issuing its own notes to bo used in circulation as money ia liable to the tax of 10 per cent, that tax being only collectable of bauks, por- sons, or corporations ongagod in banking business, Soveral municipal corporations, including Mobile and 8t. Louis, have issued ¢ more money,” snd * choap monoy,"” in the form of municlpal currency, * secured by the faith and rosources of the city.” The Com- missionor hins decidod that such corporations ore not taxable upon tho currency they issue as aro other Btate institutions, or persons engaged in banking business. The effect of this is to authorize any munic. ipal corporation, railroad corporation, manu. facturing company, busginess firm, or any other person, to issue all the notes the public can be induced to take, It prowmises, if it does not invite, an immediate and unlimited issue of shinplasters in alt parts of the coun. try. Tho chances are that we will have monoy so abundant and g0 cheap that evory man will have as much as ho can carry, We aro pearer an inflation than was supposed. The only roatriction upon this busl. ness is the law of tho S8tate. Wher- ever much iasues nro not prohibited by Stato law and Stata Conatitutions, ovory man ean bo his own bankoer. 1o enn employ labor, purclinse matorinls, and pny for it in his own wmoney, and thus literally ronlizo the condition of things deseribed by Nasny aa oxistingat Confederate Cross.1onds, where overy man, including the municipal nuthoritics, issnes his own monoy. Tuat any person or corporation in this State should be inelined to go into this business of supplying the people with money, wo quote for general information Chnp. 38, See. 61, page 360, Rovired Statutes of Illinois, which reads s follows : 2 Whoover fasuns or passus any note, bill, erder, or ehock, other than foreign bilia of exchange, the notes or Lills of the United Statos, or of some bank incorpo- Tated by tho Iswa of this 8tate, or of the United Statos, or of scma ono of the Uniled States, or by the lawa of cither of the ritish Provinces in North Ameriea, with 140 intout that the same shall Dn circulated sa cnr- Tency, ahall be fined not Lesa than §100 nor mors than $1,000 for cach offcase, and sball not b permitted to colluet any demand arfaing therefrom. Ambitions **moncy-manufacturers” in il nois will hinve fresh canse to limit the restric- tionsupon currenc, — e A PEACEFUL VICTORY, News cowes from Washington that only $24,000,000 of the now & por cent bonds re- mnin in the Treasury. All the restof the B500,000,000 issuo hag been subscribed for aud sold. Ere long, the' insignificant rem- naot remnining will bo taken, ‘Tho placing of theso bonds will then have ennblod the Becrotary of the Treasury to redeem an equal amount of the G percents, The saving in annunl interest will nmount to 1 por cont on 500,000,000, or 5,000,000 The people are freed from a yoarly tax of this nmount. 'This s o notablo illusiration of tho fact that hon- esty is the best policy, Tho law which en. nbled the Secrotary of tho Treasury to prac- tically fund the 6 per cents in 58 by sell- ing tho Iatter and wusing the gold thus got to rodecem tho formor wns vigorously opposed by many Domocratie Congressnien. Thoy arguod that the conntry ought to chent its creditora by rodocming the G per cents in greenbacks, then worll sny- whero frow 85 to 88 cents on thedollar, But this Repablican measuro bas cnnbled us to keep perfect faith with our croditors, and yet save mnore money than wo would have done by pnying the bonds in legal-tenders, For the average time the mow 5 por cents will rnn beforo payment will bo at least twenty years, and tho saving in intorest, ench year, is1per cont on the whole amount, Tho total saving, therefore, will be 20 per cont, so that %o will practically redeom the old 5-20 Donds at a cost of 80 per cont. If wo had taken Democratio advice, and paid out greenbacks instond of gold in exchange for the bouds, the cost wonld have been from 85 to 88 per cent instend of B80; we should have broken s golemn pledge; and our credit wonld have sunk so low that in all probability wo should not have been able to negotiato a singlo bond in Europo for yoars to come., Honesty has been tho best policy. ‘Wa havo established the fact that our Gov-~ orniment can borrow millions of money at & por cent interest, nnd this foreshadows our borrowing at 4§ and oventuilly at 4 por cent. Only one thing ean prevent this. Eurepean capitalisis aro waiting for the popular voico to declaro itself on tho currency question. If Obio is carried by tho rag-money mon, and if Pennsylvania voles in the samo way, it will not bo easy for ua to negotiate another 5, or oven n new G, per cont bond abrosd. But if tho votes of these Htates are trumpet-tongaed for honest moncy, and if thoy find an echo throughout the country, we can confidently issua 44, if not 4, per cent bonds and placo them on tho market at par. When we sell tho 4 per conts at par, our credit will be very noarly as good as that of England. Hor 3 por conts avo quoted at 92 and 93, If our 4 per centa nre sold at 100, we shall borrow monoy almost as cheaply as it is borrowed across the Atlantic. Funding the old 6s in the new 58 is o great step towards this ond, It is one of the most striking successes of Republican rulo. THE ABSTRACT JOB. Thoe tax-payers of Chicago could not have bad n more timely illustration of the benofits of an orgnnization like the Citizemy' Assoola- tion than is afforded by the injunction which Presidtent McaVreion hassoed opt against the payment of $45,000 for the abatract-books, Hud there been no such associntion in exist- ence, the money would have been promptly paid over and divided, aud the tax-payers would have hiad no remedy. What is every- body's businoss is nobody's business, and individual tax-payers are rarely found to take upon themsolves the cost, trouble, and an- noyance of combiting officjal misspproprin- tions in the courts. But the suggestion in Toe Tnmose, that this abstract purchase should bo subjected lo a judicicd investign- tion, was immedintely ndopted by the Citi- zons' Association, and their suit may rosult in the saving of $15,000 to tho county. ‘T'ha goneral objection to the purchase of theso books is tho belief that they are of no practical valus to tho county at large or to individunl property-owners, Tho Association intimates the belief their sale is probably the result of a corrupt bargain to obfain a large amount of tho public moneys without a fair consideration. The technical objections aro that tho County Board s restricted in the purchase of abstract-books by State laws, and that the laws were in no wiso complied with in the late purchase, Thore are two laws on the subject, one of which relates to the par- chase of copies, indices, or nbstracts of records which have beon destroyed, and the other to tho meking of abstracts of records in oxistence, The formerlaw caanot apply, for tho books which have been purchased aro not and do Yot purport to bo indices of records which were dostroyed boforo the fire, If thoy wero 8b in whole or in part, thoy have not been wsubjected to the inupection of the Circuit and *Superior Judgos, nor Lias tho sale been spproved by thom, s required by tho law. The only other Inw relating to tho mattor authorizes the County Board to procure to be made an abstract-book from tho rocords in the Re. corder's office, where such book bas not been kept prior to the taking cffect of thelaw, Of the 298 volumes purchased by the County Board, only eighty-six volumea comply with the provisious of the law aulhorizing the Toard to procure books to bo made, It cer- tainly was not the intention of the Tegisla- ture to give County Hoards full scope to follow their own inclination and judgment in tho purchase of abstract-booka; had this been the case, no law would have been passed rostricting their powers. 1If, then, the Cook County Board have failed to comply with the laws especialiy enacted to cover the caso, tho purchaso is unlawful, and the in- junction against the payment of the money will probably be made perpetual. This casoghould serve to bring the efficien. oy of the Citizens' Association cleatly before tho tax-payors, and tench them tha impor- tanco of sustaining the organization both by thoir good will and theiv monoy. The work of tho Acsociation eannot bo properly prosecuted withont Funds; the bringing of suits, the paying of nttornoys' fees, tho gath- oring of evidoncs, the oxposure of frauds, and the pumuit of ofticinl reoundrels, require Loth timo nnd money. Tho oflicors of tho Asrociation giva both, and certainly the hoavy tox-payers cnu afford to give a fair proportion of ono when application is made to them, Thera is no doubt that they will make nsaving inthe loug run of $100for overy dollar they contribute ; for not only will the pay- ment of mouey on fraudulent purchnses bo stopped, Imt the influenco of tho Association will bo benofieial to officinl and public worals, and ita vory existenca will diminish official rasenlity and prevent many a public steal. THE COTTON CROP OF 1878, ‘The cotton yoar begins on the first day of Scptember. Wo havo received from AMr, TenrER, the Becrelary of the Nationnl Cotton Exchange, a circular giving the detailed ne- count of tho cotton crop of the United States for the yoar 1874-'5. This year bogun Sept. 1, 1874, From this report we learn tho fol- lowing facta : Whols cotton crop. Pxported....... Taken by domen AT Htock on hand nq,;.’x, 75 e Stock on hand Sopt. 1, *74 124011 + Tho weiglt of tho bales ranged from 316 {o 502 pounds a bale,—the general averago being 468 pounds per bale, The aggregate weight of the crop of the yoar was 1,790,522, 656 pounds, The total erop of Soea Island cotton wna 16,687 bales of 346 pounds each, aggrogating 5,773,702, The crop was produced in the following Statea in the quantitios named : 4 No. Averane bales, weights, Pounds, WASE 432 440,051,804 WG Gul 194,83, 1 438 159,769,360 ATL 4884500 I 450 2M,3711,250 ST AT0 268,201,000 68T G 6,174,701 WHKILEIE 48 1,700,522,630 The largest crop was in Lonisiana, which was equal to one-fourth of the whole; Georgin, ‘fennesseo, South Carolina, Vir- ginin, Toxan, and Alabama following in their order named. Tho Sea Island colton was produced in Florida, Georgia, and a small quantity in Toxas. Tho consumption of this cotton is given as follows : g ‘Total erop, United Btates, 1874.7! Ktocks at porta commencoment 4,827,815 i 951,850 Total supply, Ea[mr(cd durm:) lurat, ... Btock Bopt 1, Takings of spinners In United Stales. , 1,200,473 Takon by spiniara in Southiorn States..... .. 120,613 . Total takings by Northern +.1,070,800 The Sen Francisco Chronicle notices the fact thot for tho first timo since 1824 the Congress of tho United States of Moxico com- menced its session on the 16th inst. with two Ionses,—n Senato and o Homse of Represonta- tives. A maojority of the State Logislatures have approved the Constitutional Amend. meonta to this effect, and the various elections pasted off quietly, Tho Congress s now constituted s closely modeled after that of the United States—the main differenco being that it will hold two ordinary sessions cach voar, tho first from the 16th of September to the 15th of Decombor, and the socond from the 1st of April to tho last day of May., If the Moxicens havo ns decided s manin for Iaw-moking as tho Amerieans, thdy will be overrun with statutes in o very short time, The Viennn correspondent of tho London Times, in slluding to tho relalive strength of tho Mahommedans and Christians in Bosnia and Herzogoving, contributes the first rolia- blo data which have yet baon furnished on this point. He shows that by the church registers of the different Christian communi- ties and the conseription rolls of the Mahiom- medan population, thero are 135,000 Catho- lics in Bosnia and 48,000 in ITerzogovina, or 183,000 in all; thoro are 460,000 belonging to tha Eastorn Church in Bosnia and 75,000 in Herzegoving,—that is, £35,000 in all ; while there are 330,000 Mahommedansin Bosniaand 60,000 in Herzogovina, or 890,000 in all, Tho Mahommedan population, thereforo, is little lesa than four to eleven to tho Chriatian pop- ulation, Personal jouruslism of lato hao been consid- orably exomplified in tho conduct of cortain Amorican nowspapers, Lut there is a paper printed at Port au Prince, Iayti, which Lan car- ried tho ort to tho highest stage of porfection, Tho oditor ia also a storckeoper, and this iy tue manner In which he makes Lis nowspaper con- duce to tho intorests of his toro: Ez-Deputy, . A, 8., of Corall, la requested (o pa; o the fow hunitrcd doilare o owea' mia smca 190, 3(r. 1. G., of Pstit Goave, i roquesicd to settis for thy $700 Lis bas to my credit, Mr, M., of tha Cape, wiil pleass tall me if 1 ought 0 lovo the $3,000 I paid fitm for his houso of Mourne a-Tuff, beaides the Iawyers' fers, Thelr names shall all ‘appear in full within fteen doys unloss tbey eettle thelr sccounts, aud thero shull also bo given tho tuitlals of otler tardy yers, oud, amounts duo for subkcriptions to Le euple, and tho names of men owing me §| for Huch s papor ‘ss that onght to make things livoly in Iaycl, whether it over has nows or not. The New York Times, speaking of the forth- coming English opera soason, says : * Bosidos tho woll-known operas sung in past seasong, Bov- oral noveltios aro promisod. 'Thus tho sorics of porformances at Booru's will be entored upon with the production of Bexeoicr's * Lily of Kil- latnoy,’ which has never a8 yot beengivon in tho United States,” This mdnouncoment lias also Leen made by all tho othor New York papers. It contains, howover, s very gravo error. Tho “1Lily'ot Killarnoy " has boen given beforein this country. It haa beon given in Chicago, al- though not in New York, and so havo other operas. The New York papers have befors this made tho mistske of inforring that works have nat boen done in this corutry because they have not been doue in that city. Thero isquiea strotch of ground outsido of New York,—a fact which the peoplo and papers thore do not scem to appreciato. Daron DRAMWELL, ose of tho mosb distin- guishod of Enghsh Judges, Las aaid thatinn railroad caso no jury can bo relied upon to return a corroct verdiot, In fact, nccording to this high autlority, the jury **almost alwayy goes wrong" in suoh @ case, 'Thin is one of many urterances sgainst tho abeurd systom of submitting every question of fact mooted in & comnon-law court to twolve mea who are required by law to be stupid instead of ¢o ono who §u presumed to be wise. ‘I'be whole movement in fuvor of arbitra- tion courta sod the establishmuut of such courts by Boards of Trade aud other semi-public organ- 1zations all avor the country are simply a formal protoxt againut the expeuse, the delay, and the grosa injustice of the jury-system. ——— The progress of Mr, Mooby's revival woik in this courtry Is evideutly doomed to proteat and intarruption. e has commenced his campaign at Northfield, Mass,, aud oven in thatquiet little country village he bas waked up an op- ponont, the Rev. Mr. Suxprrrawn, a Unie torian clorgsman, who decidodly objects to the orthodoxy of which Mr. Moopy professos to be an oxponont, 'Chis indicates thet tho road will nat Lo all rodes. Fortunataly, Mr. Moont s of that sort which dolighta In npposition. The more ho Isopposed, the hineder ho will work. He thrivos upon opposition, and, wore b to make Diis own choloo of & flold in which 1o work, be would pick ous one whora tho opposition woald be tho florceat. pa e S In the local roport yeatorday descrildog the failure of the partios who sold the absiracts te tho county to get thoir pay, on sccount of the Injunction, occura tho oxprossion: **He (Mr, Prrvzen) st quito an early hour was limping around the Court-Houso bullding in search of Lis money,” ote. The word *limplug" woulq certalnty have boen stricken out by the oditor it he hoad scon the roport bofors it sppesred in print. While it i calculated to wound Mr, Prrxzeu's foolings, we ean assuro him $hat & wns thouglitlessly writton by tho roparter, and wo rogrot its appoarance in the papor. ————————— ‘o hiave another rtraw toshow the way ig which tho Gorman vote is to bo esst in 18Y6. Col. ¥rep Hrogen, who cannot bo accused of nay recent fondoose for tho Republican party, lias beon writing somo atrong lotters againut the rag-monoy Democrats of Olio. Itis mors ovi. dont overy day that the bard-movey platform of 187618 tho ouo upon which overy Gorman vols will stand. e s ‘Wo insert thie morniog tho sscond articls o} " Investigator” on tho Finavcial Problem. It containg tho rcsults of considerablo reflection on the naturo of money aud its valuo a8 come pared with other proporty. But the writor has not progressod far onough yet in the, dovelop. ment of s echome of finance to onable us to #eo where he is coming oat. Tnr Triuse will pay liborally for flve copfles of tho paver of tho isauoc of Feb. 19, 1875, .Ap. ply at tho busineas oftics. e OBITUARY, v SIGNOR RONCONT, The Journal de Sl Petersburg anuouncos thy Qoath of Bignor 1toNcoxr, the once eminent Lufte bnaso, who is ploasautly familiar ssan artint in Chicago, Ho was oue of tho foremost of 1yria artists of the last generation, being at ono timo agroat singor and always a great actor, his gonius being equal both jn tragedy and comedy, while his versatility has nevor besn equaled on tho operatio stago. 8o decided was hig ability that Doxwzerrr wroto two oporag i bim, *The Elixir of TLovo,” in whith ho creatod tho comlc role of Dr, Dule.y mara, and ‘' Marie ¢i Roban,” {a which be erew ated tho tragio rolo of Enrico. o made bisfirst tour of America in 1853, making Lis dobut i April with immensae success. In 1863 ho mads his socond visit, and appoared in Chicago twio tbat yoar; first, in February, fn the com- bination Ttaian and CGerman troups with Gazzaxias, Missie Havox, Kare Yooso, Haprraany, Iiznxaxnns, BrroiNi, and Axe ToNuUccr, at which timo he playod Orispin) and Lord Allcash in *“Fra Diavolo”; an} socond in Beplembor, whon ho added t» these two roles Figaro in *The Barber of 8o ville.” His third visit was with the Lacen troupe in 1873, at which timo he added toths above rolos thoso of Antonfo in * Linds,” Masctto in ** Don Giovaonl,” sad Dr. Barlolo n “ Nozza di Figaro." At that time, however, with tho oxcoption of his dramatio talent, ho was but the shadow of his formet self. GOUVERNEUR KEMBLE. Tho Now York Herald of the 18th inst. sme nonncos the doath of GouvinNgUs Kxunrx it his home at Cold Spring, on tho Hudson, and says: 11is death revives tho memory of that coterls (¢ dlstinctively American authors and thelr sympathizais of which WABIINGTON TaviNt waa tho ocentrsl fguis and Javes Ropauy Duaxxand Jaes K. PAULDING wara loved and admired mombers, Ar. KeusLE wis & member of that coterio, Bealdes interoating himself in litarature, ho also took an sctiva part in public afe fairs, When young in years ho was sppalated Consul 10 Gadiz, in Bpain, While in Spain be beeame inter- eated in tho procuss of gun-: a8 practicod thers, aud, baving loarned it detatls, introdiiced it into his eountry, Ife first exparimentod a4 Cald Spring, sod o arduance bo rroducod belug pranctmond good, be started the foundry which s now calebtated ti h- out tho world aa tlio West Doint foundry, Wit that institution Alr, KEMDLX wos associated the rematnder of his Iifo, From 1837 to 181 Mr. KxaoLs was b member of Congross, and in 1840 he was a mamber o' tho Stato_Constitutional Convention, He was one o the foundern of the Century Clubef thiscity. Mn KrMoLe wan s brothor-in-law of Jauza K. PavLoixo, After a life of 90 yoars, kept bright by literary studiey and ngeful deeds, o doparts, and, though but fow of Y old friends now live, ho lsavos many mourners among tho younger, who imow of him mainty fxon thio memories of his early years. PNINCE ADALDERT. A cablo dispatchi o day or two sinco snnounced the doath of Princo ADALSERT-WILLIAM-G£OROR. Lours, unclo of the presont King of Bavaris Ho was bora at Munich, July 19, 1828, and keld the rank of Lieutenant-Ceneral in tho Bsvarian army, and was Colonol of the Second Regimeni ot Cuirsssiers. . He was married, Aug. 25, 183\ to tho Princess AMELIA-PRILIPINA-PILAR, lir fantn of Spain, by whom he had four chitdreiu Boyond these facts, namoly, that ho was borg, married, sad died, nad was & Prince, thevo iz nothing i hia lifo worthy of spoclal commomi» ration. rot oy EMILY GOULD, Tho Toman correspondent of the Londot Feho, writing on Sept. 3, rocords the doath of Mrs, Exary Gourd ac Perugla, and says of her: Blie was well known as tho foundress of tho Ttlo Amierican school at Rtomo, which was flourishing unds fier energetie diroction, he was the firat to introduce the Kindurgarton » : lom alraady prac! s calo foralyu rosidouta’ famillos, Heveral Lright, intalligeny and civfirzed children withess to her exoe truining, although she wae permitted but s Zaw years 16 carry on ber work, ‘Theflay, SOMXRAET DURTOLLELY was summionod from Sipoleto to rand part of tho burial offica over Lior remainis which are 1o Lo sent to her na t1ve country, Ameri PEREONAL, Mr, W. O. Lyman, ot Now York, is st thé Qardoer. Tho Hon. J. Marshall, New Sork, is registered At the Gsrdnor. Btoinberger is & small man, bnt ho Las 138 Mormons among his subjecta, Mr, A. F. Richardson, of the Davenport, Ise Democral, in at the Gardnor, Donnor pays a good story-writer on the Ledger 210,000 » yoar—or would if ho hod ono. Ed Larne aud R. Loeligor, from Havre, the port of Paris, aro at tho Grand Pacifie. Dr. Eroost Friquet, & capitalist of Pars France, is & guost at the Grand Pacific. A. B, Bennott and 8, Stopheuson, of Uscle Bam's trampers, are at tho Grand Pacific, Aridioulous English tombatons marks (he little rosting-placo of Methuselah Cony, aged 13 months, A philosophical exchange saya: dled his own canoe, sud had no ambition," Prosident Grant and femily, it ls snnouscedy aro on (hels way to* Calorado in a epecisl &7 from Loog Branch, » Mrs, Lizzie Enling is a lady aeronsut who & contly made an ascont at Harrisburg, Pa. withe out breaking her neck, Danta's house in Florgnco has basn purchseed Dy the Jocal authorities, aud will bs restored the stylo of the fourteenth century. Joaquin Miller fs in New York, clothed sod % bl right mind, IIis hair 1 short, bis beard lovk sud his iwaungr that of a stock-jobber. Weartly goos the work, bat Mlsa Antlw\"; pathing daunted, takes the stump in Tows nax month, plesding for womsn sufrago ‘woman's wishes, Mr. (icozge Armstrong, of the Inter-0ocaty yonterday roccived s lettar from his wife in Rland, whom, with her tive chuldren, ho des! seven yesrs ago. 0. i, Taylor, Esq., of the Board of Trade, bsd returuod home from & longthened visls to Et- ropo. While there he acaled the summid ¢ Mont Blana in the shortest timo on reccrd. E4 4 Noals pad- Iner-archics!