Chicago Daily Tribune Newspaper, October 4, 1875, Page 4

& OO ————_—SS==_== TERMS OF THE TRIBUNE, RATER OF OCRACRIPTION (FAYANLE IM ADVARCE). Postnar Frepatt ni thin Ofiicr. Daily Fdition, nort-raid, 1 sear, <a! Parts of year at amo rte, Mailed to.any address FO! Bunda; One Free Copy wit Every Club af Trent. On al) clube the subscriber must remit tho postage, which fe 18 cente a copy per year, Bpecimen copies nent treo, ‘To prevent delay and mistakes, be sre and give Post-Office addreen in full, ineluding State and County, Remittances may be made either by draft, express, Post-Ofice order, or in registered letters, at our tiak, ‘TRASS TO CITY BUDICAINERS, Dally, detivered, Bundtay excapted, ‘25 cents per week, Daily, delivered, Sunday Inciuded, 80 cente per week, Address THE TRIBUNE COMPANY, Corner Madison and Dearborn-ata,, Chicago, Il, _—<—<——$——— ee AMUSEMENTS, WOOD'S MUSEUM—Monroo street, between Dear born and State, Afternoou, East Lynne. Evening, 4 La Tentation,” McVICKER'S THEATRE Dearborn aud Blate, HOOLEY'S THEATRE—Nandolph street, between Chart sod LaSallo, Engagement of the California atrela, * ADELPI] TREATRE—Deatborn atreot, corner Monroe, Variety perfurman ladiaon atreet, between bea of Ica,” ACADEMY OF MUSIC—Ilalsted street. between Maditon and Movroe, Engagemont of W, T, Melville, ‘The Shingaun,” INTER-STATE EXPOSITION—Lako abore, foot of Adama atreet, PLYMOUTH Gti Flalda, Subject RCH—Lectnro by Jamos T, Loupfell BUSINESS NOTICES WILROR'S COD LIVER OL AND LIME-PR tons who hare boon taking Cod Liver Oi will be pi to learo that Dr. Wilbur has suceended, froin dire: sf sovernl protossional gonticmen, in combininy the pure pil and it ; imannor that iis place ty the a lee non ye taken. thy eloar fl for a Jong timo ct, have been entirely cured by using whia preparation. Ho sure and wet thy gem ‘Manu ‘actured by A, 8, WILNGK, Cuemist, Huston. Sold by druggists. NATURE RECEIVES THE CREDIT OF HAVING foevoloved many uxauisita complucione which, Iu reality, Aro dus olely to Galrd's Blowin of Youth, | Tho palo oF ‘os which becomo radiant under [t9 oporath bre np » have derived thelr now lorelinesa from hays ciange In the phyrieal condition of tho party beat Mod, “Suid hy all deuzglsts. THE CHICAGO TRIBUNE: MONDAY, OCTOBER 4, 1875. better demand and firm. Wheat was loss active and declined 2}0 on options, closing at $1.12 ensh, and $1.03} reller October. Corn was active and irregular, closing at 5540 cash, and 50{e for November. Onte activo and J@je lower, closing at 32}0 for Octobor, and 31ic for November. Rys was active and firm, at 72c, Barley was active and 2@3e lower, closing at 99Je for October, and 970 for November. Hogs wera in fairly activo demand, and bacon grades were steady. Heavy weights declined Sc, and closed easy, Sues wero at &8.00@9.00 for common to choice, Cattlo were inactive and wenk. Sheep ruled steady, at $5,50@5.00. One hun. dred dollara in gold would buy $117.12} in greenbacks at the close, The success of Tus Trinusr in calling forth so gencral an expression of views and experiences on the subject of matrimony has been the occasion of another success—that of the Rev, Ronent Coutyen, who yesterday afternoon opencd the season for tho Sundny- Afternoon Lecturo Society, and attracted to McCormick Hall a crowd targer than tho great ntiditorium could contain. But those who were unnby to gain admittnneo, and those who did not try, will be consoled in the opportunity of reading Mr. Conuren's lecture, which we publish in fall this morn. ing. This celebrated preacher nod lecturer lina rarely struck o happier: vein than that which characterizes his treatment of the interesting topie which yesterday formed his theme, He ig not much disturbed about tho prospect of a hitch in the general system of matrituanial economy; ‘the stout old habit of our race” will take caro of that when the right match coines along; but ho confesses to fecling anxious about ‘staying married and making of this snered deed whaM@wa aught to mako of it,” and in this connection ha urges that young men shall bo ** wholesomo clean through,” and that young women shall train themselves to the purest and strictest woman. hood. THE DIVIDED DEMOCRACY. No maa can longer question that tho divis- ion of the Democratic party on the currency question is a fixed one and ennnot be com- promised. Tho line of division is more close. ly drawn every day. At prosent it is con- Che Chieagu Tribune. ‘Monday Morning, October 4, 1875. At tho New York Gold Exchange, on Sntur- day, greunbacks oponed at 854, and closed at 35}. The causes which impelled Mr. Wane, the British Minister, to threaten to pack his off. einl grip-sack and got out of Chinn have been rendered inoperative by the Celestial Govern- ment, and immediate war between Great Britain and Chinn is not considered possiblo. An affecting episode is chronicled this morning of o meeting of whisky-men in San Francisco whereat the idea of the existence of a ting on tho Pacific Const was scouted, and the continuance in office of publio ser- vants officially decapitated not long ago was lugubriously prayed for, the whisky-mon tnanimously staking their honor upon tho severe probity of the men who have hitherto sat in tho receipt of customs, et cetera, in San Francisco, A notable evont, and, na wa believe, one by no menns gratifying to church people gener- ally in this city, was the farewell sermon of tha Rov. Dr. H. W. Trrostas, preached to hia congregation of the First Methodist Church Inst evening, Chicago, with all her fino ar- ray of pulpit talent, could ill-afford to lose Dr. Tuosras, and the church whose gain this Yosa shall prove tobe can thank the Meth. odist system of itinerancy for a piece of gon- wine good luck, The news comes that a Inrgo party of Spaniards in Cuba are moving actively for Peace at almost any price. Among the rep- resentations which they mako to the Homo Government aro the facts that 100,000 men hove for many years, at an enormous outlay of money, beon combating less than 6,000 in- sorgents, and that, although the denth-roll of the Spanish army in Cuba contains 18,000 names, the ends for which thoso lives have ‘beon ascrificed aro more romote than at tho fined to mutual defiances hurled from Ohio to New York, and from New York back to Qhio. In Ohio the Democratic papers abuso Tuvnsan and the hard-money Democrats equally with the Republicans. In New York the Ohio Democrats aro abused in like man. ner. This, at present, harmless warfaro will reach a climax in a few weeks, Tho ox- plosion will follow the Ohio election. If Ar Len be defeated, then the rag-money Demo- cratic party will ceaso to exist,—will vanish in very bad-smelling gas, and be heard of no more, and the Democratic party as a whole will turn to New York, But if Auten shall bo elected in Ohio, then, though it is notori. ous that he was voted for by hard-money men, tho victory will be cleimed for inflation, Then tho Ohio Demo- erata, bold and defiant in their success, will, with Auten at their head, invade Penn. sylvania and New York with all the eclat of professional candidates, nor pander to con- ventions, ‘The men who do this sort of work show an anxicty that cnnnot reasonably bo accounted for on the ground of devotion to the public interest. ‘Tako as an instance tho enso of Mr. Crovow, who has served the county well and faithfully as Commissioner, and who is positively disinclined to further servico in that enpacity; he is the kind of man the people ought to nominoto and elect in spite of his personal opposition. A man of the same character could be found for every important oflice in Chicago and Cook County by looking among tho largo class of those who are not seeking and do not want office, UNFETLERED TRADE. Freedom of trade, in its simplest form, menns inereased purchasing power for tho products of labor. You, the individual read- er, can get moro for what you produce if trade is free than you can now, whon trade is shackled. If you aro making shoes, your shoes will exchange for moro commodities than they do now, If you sre earning wages or a salary, the moncy you receive will enable you to buy moro than it will now, In other words, every man's labor exchanges for more, under free trade, than it does under the burdens of so-enllod * protection.” For, when trode is free, ho can buy in tho cheapest market, ‘That is, he can make the best pos- sible bargaina. If A, an Englishman, is will- ing to seli him a catico dresa for his wife cheaper thau LB, an Amencan, will sell it, he buys of A and has patt of the price B asked to spend for some- thing else, ‘Tho saving may bo great enough to cover the cost of apnir of shoes. 'Thus ho gets, in thy one ense, in exchangs for a certain amount of money, the prico of a certain amount of his labor, a dress for his wife and a pair of shoes for himself. In tho other caso, he gets, for the samo Inbor, only the dress,‘ Protection " has deprived him of a pair of shoes. ‘This is his net loss on tho single transaction. He loses in the samo way on every transaction, If trade were free, his Igbor would bring him 50 per cent more com- modities than it does now, He could earn as much house-rent, food, clothing, etc, in a week as he can now in ten days, What he gets by a year’s Inbor now, he could get by eight months’ Inbor if he was not * protected,” If this hypothetical ‘*ho” is a farmer, ha may have 50 bushels of corn to sell. Ho could get for this 45 yards of cloth, if tho tariff dil not prevent his buying imported cloth at tho foreign price, plus the cost of transportation. The 45 yards would clothe his wife and two daughters, But as matters stand now, he will get only 80 yards of cloth for his 60 bushels of corn, Then one dangh- ter must go withont o dress. How is she “protected”? Undor freo trade, 334 bushels of corn would buy dresses for wife and daughter, and 16} bushels would bo left to buy tho other dress, That is, ho would get as inuch cloth for 834 bushels as he does now for 50. If he isa fool, he may be per- suaded that tho law which thus tricks him out of 163 bushels of corn in this single bar. gain isa boneticial one, If ho is not a fool, he cannot be so persunded, conquerors, and proclaim under the very nose of Gov, Tinpen that the Democratio party is forinflation, AnLex has more than intimated his purpose of taking the stump in those Statea after he shall have been elected in Ohio, The Obio Democrats will not stop there. Their policy will bo even more aggressive. In New York they will justantly organizo a Paper-monoy party, at the head of which will be Fennanpo Woop, and with this party make war upon tho Stato ticket and upon ‘Tinpen. Thera will be a double purpose accomplished by this, It will possibly defeat the election of the Trtpzy hard-money ticket in New York, and it will bo a Demoeratio or- ganization that will elect paper-money delo- gates to the National Democratic Convention in 1876, who will bo admitted, to tho exelu- sion of tho Tildonites, The Ohio faction aro fighting a game of life and denth, and are restrained by considerations that do not begin and end in the succosa of the Ohio leaders. If Axuzn should be elected on tho 12th of Octobor, hin succoss will be accopted by the rank and file of the party genorally as conclusivo as to tho policy to be pursued. It {ucoption of hostilities, Yesterday had beon appointed by the Catholics of Toronto os the closing day of a sorics of religious obsorvances commemora- tive of events inimical to tho interests and opinions of Orangemon ond Young Dritons. Tt had been apprehended thnt tho part of these observances consisting in jubilant jour- neyings from church to church would elicit violont and contumolious demonstrations from certain of the populace, and these appreprehonsions wero _yerified. As the procession moved it was greeted with volleys of stones and somo pistol-firing at ovory corner. A number of people woro killed, and many wera Wounded, the faithful and courageous police of tha city being reckoned most nmmerously among tho latter, but tho attendarica on a parallel utrect of a large body of trowps ourbed tho rabble, and did much to minimize tho deplorable ro. sults of a disgraceful exhibition of ignorant intolerance, The recent action of the Board of Educa Hon in rescinding the regulation requiring the reading of the Bible in the publio schools will givo him control of the nominating con- ventions in 1876. But thero is no mistaking tho fact that the hard-money Democrats do not propose to surrender their policy, oven if the National Convention should so command. ‘These hard-monoy Democrats are numerous enough in every Northorn State, including Ohio, to defeat any paper-monoy candidato ; and that they will do sothero can be no question, They may not unite with the Re- publican party, but, should the Republican party not declare for hard money, it is moro than likely thero will be a coming togethor of hard-monoy mon of all parties, determined to stand by the national credit and honor and tho uation- al proservation, despite all the schemes of politicians. Be tho result what it may, the hard-money Democrats of New York and of the Northern States will not vote to elect a Democratio President nominated on a graen- back-inflation platform. If they are defeated within their party, they can defeat the party atthe poll, ‘The nature of the division is peculiar, It is not a matter that can be com- promised. It does not admit of an indefinite Tho average clork earns perhaps $900 o ‘sancod in price, ina ratio nearly equal to the deprea- slow in value of the eurrovcy which paid for tt, the markot value of the public linds remained the aatno, and tho aatna amount of the cheapestod eurrency would purchase tho same quantity of the Janda, Though this was written in 1838, it na aptly describes tho cirenmstances preceding tho panic of 1873 as well as if written to- day. The report. after thoroughly reviewing tho legislation of Congress from 1789 down, held that it established coin to be exclusively tho money of tho Treasury, ‘I'he Committee then lait down tho doctrine of tho Constitu- tion on tho subject of money, raying: Tho Constitution given to Congress the power to “coin money, regulate the value thereof, anit of for- eign cain; and the two acts inet referred toare an exercine of that power; the latter providing for coln- ing money by means of a mitnt of the United Staten, aud regulating the valie of the money ao ta be coined; and the former regulating tho value af foreign cols. ‘This power ie exclutivo In Cougress,an tho Const tntion of the United States expressly prohibita tha States from coining money. What, thon, ts “the money of the United States” hero intended 7 In the opinicn of the Comuittes itis the coin of the United Btates: the product of the mlat of the Uuited Staten; the money coined by tho authority of Congress, In this opinion they do not aupposo it possible they can ve mistaken, The construction reems to them too clear to admit of argument or question, Repelling tho idea that a refusal to pass this resolution would bo construed as on act of hostility to banks, the roport said: ‘What ts required at tho tanda of Congress to robut this unfounded presimption of Lostility? To mako thenotes of the cight or niuo bundrod Lanks of the country a legal-tonder so feat as those bauke shall re~ sume apecle pasinent! Sweeping remedy, truly, for an iinaginary iiecase, The Congresa of the Unitud Btates in usked to change tts whole policy; to abandon tha hope of extendiug and rendering stable and firm a apecie basis for tho currency of the country; to throw away the orcasion now offered, when coin Is tlowing into our porta; and 10 adopt and legatizo bank paper as the standard of currency for tho National Treasury aud for what? Siuply to rebut the suspicion that the Government Is bostilo tu tho banka. ‘The theory of a paper currency mado a legal-tonder is thus stamped out: Tait deateable for any purporo that s wider circuls- thon should bo given to tho notes of theso xpocie-pay~ {ug banks by the action of thia Government? ‘That they should bo mado a legal-tender in the payment of dobta to the United Btates in all parte of the Union 7 ‘The Committee thinks this {s not desirable, and would nol do useful to tho banks theruselves ; and they are certain st would bo eminently hazardous ta tho Treas- ury to givo them that currency, It would almost corm tainly lead again to daugerous expansions on the part of the banks, aud toa ropetition of the present scenes of revulsion, contraction, anf depression ; and wera taoge scones agsin to bo repented, and under such o lnw, the Governmont might not escape ss it hae lalely done, In overy reapect in which the Committeo hare been able to view this subject, the; nothing but evit Ukely to follow from the passage of thie part of tho resolution—evil to the Treasury, evil to the currency generally, and ovil to the banks themaolves, Thus did tho venerablo Wituiax prench Democracy and hard money in tho days when ho wrestled with Henry Cuay, and Tost Ewina, Senior, and Wenstra, and tho “‘ British Whigs,” who wanted to deprive the people of their constitutional monoy,— gold and silver,—and rob thom of their labor and their property, by forcing upon them ir- redeemable paper promises-to-pay. Old Mr, AxLEN has fallen from grace ; hois now tray- eling all over tho Stato of Ohio repeating Henny Cray's old speeches in favor of mak. ing paper money s legal-tonder for Govern. ment dues, to the exclusion of tho people's money,—tho honest, incorruptible hard cash. year. He buys with this 8900 worth of com- modities, If trade wero free, ho could buy with it what would now cost him $1,350, His logs by protection ia $450 a year. A common laborer may earn $450 a year, If trade were free, he could buy with this sum what would now cost him $673. His logs by high tariff is $223 a year. These aro all plain and simplo facts, but they make it plain that every man who ox~ changes the products of his Isbor for other commodities is a loser by the system of ultra tariff now in force. Hen! protection is found in freedom of exchange. DEMOCRATIO (MONEY IN ALLEN'S TIME Old Witttast AuLEN, of Ohio, who is now advocating the issue of paper money by the roam, and advocating ita compulsory circula- tion among the people, was, whon in the Sonate, ono of the champions of hard money and fierce denouncer of every form of paper currency, He was the associate of Benton, Stras Wasore, Buoganax, and the whole Democratic party, in hostility to every form of paper money. Mr, ALLEN, having greater lung-power than any other man thon in Congress, was of course the loudest in tho denunciation of paper money os a crime against law and the people. ‘Tho Cincinnati Commercial has unearthed a report made to the Senate by Srras Waront in 1838, Autry being then a membor of tho Benate, In 1835 there was an immonso spec. ulation in public lands. Everybody in tho country was running a bank of some kind and issuing money at evory crossroads. To get rid of thia money there was n great de- mand for public lands, and paper towns wero Joid off in all parts of the Union. Even in Chicago "' inside lots" wero commanding al- most 18 much money per front foot, payable in red-dog and wild-cat, as in 1875, A reault of this was that the Treasury of the United States received its revenue from lands in tho notes of overy imaginable form of banking institations, a large portion of them wholly irresponsible. ‘This led to the famous specie chroular directing thot tho land officers ro- eelve nothing but gold and silver, This cut of tho publio lands from tho grasp of speculation by the holders of this wretched currency, snd a year later this currency all perished,—no- declaration, It must be one thing or the of Chicago bay provoked not alittle contro- vorsy throu yh the coluznns of the press; and yesterday notice was taken of the subject in atleast ttro of the pulpite in this city, It will prot ably excite surprise upon the part of those Who have eo bitterly condemned tho exclusion of Bible reading from tho schools to fin d that their alarms and apprebension are not shared by the Protestant clergy, From the sermons of the Rev, O, L. Tuosaraon, Presbyterian, and the Rev. Dr. Fatrows, Veformed Episcopal, which are given elsowhera, will bo soen that no victory of Ro- manism or any other isin is perceived as tho motive or the outcome of thia settlement of the Bible question in the Chicago schools. Fault {8 found os to tho off-hand, carcless manner in which the solemn subject was dia- posed of by tho Board of Education, but the conviction is nono the leas firm that Protes: tantism has not received a deadly thrust, and that the Bible will take caro of itself, ‘The Chicago produco markets were irregn. iar on Saturday, Mess pork was active und Mronger, closing at ot $22.30@22.85 for Oc. tober, and $10,37{@19.40 seller tho year, Card was in fair demand, but 100 per 10v tba lower, closing at $13.43@19.50 cash, and $12.32}@12.85 seller the year, Moata were quiet and 4@jo per tb higher, at 84@¥fo for shoulders, 13{@13jo for abort riba, and 1330 for short clears. Lake frelghte were lesy active and unchanged, at 14@2o for oorn to Buftalo, Highwines were dull and on. changed, at 81.18 per gallon, Floyr was in other. It is regarded as a question involving the life of the Union—the destruction of the Government, On that issue it will not be dificult to rally men without references to thelr past political nysociations, Allegiance to the country will triumph over allogiance ta party, ——— Sust at this time, nenrly every daily paper in Chicago containg thres or fee columns of local Political news, A notable fenture of this daily budget, though it may havo escaped general notice, is that it is devoted almost ox- clusively to the people who aro seeking office, managing Ward-mestings, laying out pri- marics, and otherwiso preparing tho way for tax-eating, Would it not bo a good idea, ag well as a novel one, to begin to canvass ‘tho men who do not want office, and select candl- datea from that claus? If the people who vote and elect men to office without any per- sonal or selfish purpose would take the same amount of preliminary troutte, and ingist upon the nomination of men who are not candidates, there is reason to believe that publio affairs would bo more honostly and capably managed. All, other things be. ing equal, the man who docs not scek an office iy tobe preferred for public sorvice over theman whois willing to “bum” for it, and epend money for it. There are few men who will not sacrifice personal affairs to some extent to take publio trusta, if the People insist upon it for tho public good; but sych men do not court ward-meetinge, nor’ peddle tickets and greenbacks at pri- martes, nae ged into the newspapor lists of body consenting totake it, The Whigs, tak- ing advantago of the panic, declared that the country was suffering for currency, and Mr, Cxax offered a rosolution requiring tho Gov- ernment to receive paper money in paymont of ravenuo and of all debta duo the Govern- ment, Then Witutast ALLEN lifted up hia voico and sounded an alarm. Then it was the fog-horn was heard announcing the dan. ger that wos at band, Thon the same Wiu1- 14am ALLEN was heard all ovor the land insist- ing that there was but ono lawful monoy,— the ‘ people's money,"—gold and silyor coin. Crar’s resolution was roferred ton com- milteo which, through Sizas Waraur, reported adversely, Then Wiztiam Azten was heard again demanding that the report be printed by the thousand and distributed among tho People. We givo somo of the “ living truth” of Democracy which Wiorax Antxn then franked voluminoualy to the people of Ohio, ‘Tho report said: Tn the frat place, an exce: currency of any char seter has a nectasary tendency to vluk the value of that currency when compared with tho talue of marketable property for which st is exchanged, Hence tha invari ble nominal rise, in the market, of property of al) de scriptions whith je open ton free market, when that which $s used as money {s abundant and cheep; and gest evidences that our paper currency during the years 1655 end 1896 is found vundsnt, abd no extrsore dinsry demaud was knows to exit. Gpeoulations were caceseive in almost every branch of trade aud every description of property, bus most 40, abd of thelongest continuance, in the publi lend. Why wea this to? Clearly becaues a6 our pepur Gute saucy becatue more abuodant, it becumte more ches} and while every vlhes dizoription of property BRITISH PANICS AND INFLATION, A writer in the Cincinnati Commercial has restated in an interesting form tho story of commercial panics in Great Britain within tho curront century, and traced their connection with inflation. The lesson which the history of theso panics teaches is, that they ara the outgrowth, not of contraction, as many still suppose, but of inflation. Un- der the general term of inflation is to be in. eluded not moroly an increased issuo of paper eurrency, but expansion of credit in some form or other. This inflation may come from a dilntion of Government currency which is not redeemed in spocio on demand, or an overissuo of bank notes, or o disten- tion of individual credits which aggrogate an attempted transaction of business far beyond tho capital and resources of the people who engage in it. OF course, tho most oxragger- ated and dangorous phase of inflation is on ovorissuo of irrodcomable cur- rency which is a forcod logal- tender, for this involves a whole peoplo and affords nobody engaged in active business an opportunity to protect himself. Wo neod no more glaring instance of this than the panic of 1873, which occurred ot o time when tho circulation of this kind of ourroncy had reached its highest figuro. Boginning with the British panic of 1816, wo find that it came on shortly after tho overthrow of Bonarante, and that it was tho direct result of an unwarrantod expansion of erodita, Ono of the phases was tho ciroula- tion of a depreciated paper currency. Tho amount of paper money in circulation was only half a million less than in 1814, when the demands were much larger, and it stood at 17 cents below par. The amount and char- actor of this currency wera such ag to promote speoulations of all kinds, which resulted in disappointments, and finally produced general distress, Tho noxt panio in Great Britain was in 1825-6, and wos caused by the postponement of specie resumption ordered by Parliament in 1823, The redemption of onc-pound and two-pound notes was suspended for eleven years, and tho bankers put out their papor almost with- out limit, A natural rogult was that monoy rushed into stocks of goods, foreign loans, mining stooks, etc, Tho crash was inovita- ble. First came tho suspension of the pri- vate banks, which had mado on almost un- limited issue of notes. Then the panio ex- tendod to commercial circles, There wore 1,100 bankrupteles in 1825 and 2,600 in 1820, Credit was destroyod, confidence lost, industry paralyzed, and salvation was only found when Parliament provided for practical resumption by the withdrawal of the notes of tho smaller denomination and the substi. tution therefor of metallic currency. ‘Tho next panio in Groat Britain really com- menced in 1636, and, Ilke tho rest, was due to the expansion of credits, of which a Gov- ernment promise-to-pay is but ono form, Joint-stock banks wore then 4 novelty, and attracted unusual investments. Companies of all kinds were started without atint for all kinds of entorprises,—railroado, mining, man- ufacturing, eto, Stocks rose to an abnormal figure, and the state of the country was ripe for the shock to which the American panic of 1837 contributed, and showed tho offects of that shock immediately, The connoction with suspended American houses was just large enough to occasion the loss of conf. denca which first shows itself in the shape of a panio, and afterwards in the genoral prostration of all business, There was an- other and greater panio ten years later, whgn expansion of credits was mainly in the direction of railroad building and the manipulation of railroad stocks. The frenzy of speculation poshed astocka far beyond thelr highest value under any con- tingenoy, and led to {nvestment in enterprises that could not fail to prove unprofitable, Tom years later still—in dasfethe panio wea intimately connected with tho straining of bauk credits, nnd Levi, in hia history of British commerce, traces the failures of that year ag ‘tho effect of a system of accopt- ancos and open crodits, or from trading on fastidious credit, then largely prevalent.” From 1855, when tho French Credit Mobilior system wns first introduced into England Gc, tho limited liability of stockholders nnd the indorsement of the bills nnd bonds for spoculntive ontorprines), up to 1866, thero wore 7,000 of thoso jointatock companies organized in Great Britain, with a nominal capital of 893,000,000 pounds sterling, or mora than $4,000,000,000,—double the amount of our entire national debt. OF course, the result was bankruptcy and a com- mercial panic. When wo aro told that a dilution of paper money will bring prosperity, it is well to re- member that panics are uniformly produced by an expansion of credit to an abnormal and fictitious degree, and that there is no form of credit Ro fictitious and dangerous as on irre- deemablo currency of an enforced legal ten- der, CONDITION OF LOUISIANA, An official transcript of tho returns of the late census of Louisiana furnisbes food for muoh serious reflection. Tho following sro the general results: Acres of Inod improved Acreaof Lind unt Total popuiatior ‘otal whites, Totn colored, Indiaus and Chine Natives of United + Whites, able to read and Colored, able to read and write ‘Whites, ‘unnble to read and. write, Colored, unatto to read Number of tegal voters Dirths in 1874... 52 RM a 687,039 anion 450,601 1,012 ase coast Tt will bo scen that less than one-fourth of the lands of the Stato are under cultivation, and this discloses how rich and poworful tha State may become when her vacant lands aro occupiod, and the Stato produces according to hor capacity. The white population is in nslight minority. Outside of Now Orleans the colored peoplo exceed the whites by 133,000. In New Orleans the whites exceed the colored by $7,000. Outside of New Or- leans the males aro in a majority of 14,000; in New Orleans tho females exceed the males by 10,000, ‘Tho statistics npon tho ability to read and write sro exeecdingly stupid. Tho figures ineludo persons of all ages,—tho infants as well as the adults,—and aro useless as indi- cating the extent to which tho adults of either color aro ablo to read and write, Tho number of children of school age—6 to 21 years—is put down at 283,768, or more than one-third of the wholo population, but only 66,084 are attending school, In some of tho counties or parishes the numbor of whito persons who can read and write appears to ba very small. Out of a total white population of 404,916, there aro but 229,000 who can road and write, and 104,000 of theso reside in Now Orleans. Of the blacks, only 42,000 can read and write out of o total population of 450,000. Noarly one-half of thoso who can rend and write live in the City of New Orleans. Louisiana hashad six months of pence. Tho Stato has been in o condition of war over since 1861, Tho close of the Robellion was followed by years of domestic atrifo, mis- goverumoent, and distress, Sho has lost ten years’ time in tho work of regoneration and recovery. With continued peaco and sound, liberal Government, the State ought now rapidly to improve. With the renewal of industry, the occupation of labor, and tho increase of production, there ought to bo an inereaso of population by migration, Tho labor problem is, of course, a difficulty in Lonuisiano as in other States, and will con- tinue to be so until the white population be- come laborers as well as employers; then, and not until then, will thero bo any migra- tion to the State. Tho white men who may goto Louisiana will not go there morely as laborers competing with tho negrocs for wages, Thoy will go thore as thoy havo como to tho North- wost, with their money, their skill, and their strength. Thoy will sottle there, aa they have in the West, as proprietors and owners of the soil which thoy will cultivate themselves, and will tolerate no social or political exclusion because they labor person- ally upon their own lands. Whon tho whites of Louisiana make up their minds to do the same, thoy will discover that the labor prob- Tom is not a difficult one at all, but is natural. ly solved by each man going to work, Tho owner, farmer, or planter who works him- self need never bo troubled for the want of labor. THE LAW O¥ ELECTIONS. Tho Hon. Gzonoz W. McCrany, a lawyer of groat ability, for many years a mombor of Congress from Iowa, and for a long timo Chairman of the Committee of Elections in the House of Representatives, has added to his public services the publication of “A Treatise on the American Law of Elections,” This contribution to political and logal litora- ture is a timely one. ‘Tho volume includes in a compact form all the adjudications of the courta and other tribonala of the country touching cases of olections involving the following pointa; 1, The qualifications of voters, 2, The qualifications, duties, and powers of election officers, 8, The times, places, and manner of holding clections, and the notices thereof. 4, The prima facie right to an office, 5. Eligibility to office, 6. Practice and evi- dence in contested election cases, 7, Imper- fect ballots, 8 Violence and intimidation. 9, Fraud and illegal voting. 10. Proseou- tions for violation of lection laws, 11, Civil Vability of election and registration officers for a failure to discharge their dutios, Mr. MoOnany has collected the decisions on all these questions as determinod by the courts and logislative tribunals, and his bool {a fairly said to contain tho ‘American law of elections.” In addition is given the vari. ous constitutional provisions on the subject of elections, and also the laws of the United Statea in relation to the elective franchise, the election of Senators, election of Represont- atives, organization and meeting of Congress, contested oleations, and Prealdential elections. The work will be of value to the Bar, and to all persons interested in the mattor of elections, ‘The author gives as ono reason for ita publication thats knowledgo of the law ag determined by the courts will prevent liti- gation In the way of contests. It is a mis- fortune that the offeers who administer the election laws are to a groat extent ignorant of the law, and substitute thelr own uneducated notions‘and their prejudices for the statute, The greater part of the legal controversies over the results of elections are based upon the errors and the misoonduot of the election officers, If tho law of elections could be maade familiar to the public, and especially to election officers, there would bo less com. plalut, at least from misconduct resulting from ignorance The ohecé of fraud are ta bo reached by public opinion, which must hold the election officer who commits tho fraud to bo aa depraved ns the pickpocket and forger, This valusblo book is published by R. B. Oavey, of Keokuk, and E, B. Mrens, of Chiengo. 2 ——— THE DAY OF SHINFLASTERS, Acorrespondont of tho Cincinnati Gazette publishes in that papor fac-aimiles of tho cur- reney which was isaned to ‘supply the wants of trade” in tho period between 1814 and 1825 in Kentucky and the Southwest. There were banks in thaaa days, but that was not considered sufficient, and thero was 6 demand for a greater volume of currency, Tho result was that ench merchant, trader, stago com. pany, issued small notes, Ono of theso notes read thus: Commonwealth of Kentucky at Falmoutt i pay lo2B, Gnaven or bearer, alz and jourth ecnte, Covine duly 10, BW, Leavy Anothor specimen is a note which rends as follows This note for twenty-five cents will bo pall in noter of the Siate of or Comnmon- | E wealth Bauks of Kentucky, whet tho ! ; amount of one dollar fe presented ot my dtanyard, mest Potorsburg, Kentucky. Suly 10, 1922. Gxonor Conystiva, One of the complaints made by the earlier settlers of Illinois waa that they had to do business in silver, while over in Kentucky there was an abundance of paper monoy; and that tho prices obtained for goods in paper inoney wero greater than could be got in silver in Mlinois, So tho demand was made that a bank be chartored, and the Leg- islature of the Territory of Dlinois actually chartered a bank, located atShawnectown, to make moncy as plenty and as cheap os it was over in Kentucky. As soon as this bank got its notes out, the silver, of which there bad boon a libernl supply, instantly disappeared. Prices on the Ulinois sido went up to the shinplaster standard ruling on the other side of tho river. It {9 hardly necessary to add that the end was the inevitable ono in all cases of the issuo of such papor money, Silver becamo an un- known commodity. Every man who bad nny put it away, and did his business in the shin- pinatora. Holders of those in large amounts bought tho farms orstock of their ncighbors, paying largo prices therefor in shinplasters. Prices reached extrnordinary figures, and finally there was a crash. Shinplasters bad ecased to be exchangeable, and wero repu- diated, and ceased to circulate, and when thoy had reachod that point tho silver reap- peared. In the meantime the pooror portions of thocommunity, who had sold their prop- erty at enormous prices for paper, found themselves destitute of property and of money. Notwithstanding this sovoro lesson, the people of Illinois some years later insisted again upon making money “plenty and cheap,” and went into the manufacture of paper money through a Stato bank with branches,—tho bank being a State institution. Tho intention was that the bank was to print money with which to carry out the vast sys- tem of internal improvemonts. The samo old story was ropeated. Tho paper currency doprecinted; tho State was overwhelmed in debt ; and ovon nov, in 1875, tho State has outatanding some thonsnands of bonds, tho remnants of tho debt of that day of inflation. No wonder that the peoplo of Illinois havo fixed in thoir Constitution an irropenlable pro- vision that the State should never again boa stockholder or otherwise responsiblo for the debts of any banking corporation, and made it a ponnl offense to issue or circulate shin- plasters. THE BANK OF CALIFORNIA, For years tho whole business of the Pacific Slope has beon supposed to turn on tho Bank of California as a central pivot. It was indeed a gigantio concern. It hed a capital and surplus of $6,000,000; its de- posits wero $12,000,000; its daily balances wore closo upon $4,000,000. It was interest- ed in all mannor of things,—from staye-lines to mines, from farms to steamships, from railroads to manufactories, It was tho entor- tainer of all prominont strangers, the organ- izer of all prominont schomes, the indus- trial backbone of the Pacific Slope. It would naturally be supposed that the failure of such an institution would ba like the do- struction cf a foundation, and would ao bring tho superstructure toppling to the ground. But nothing of the sort came to pass. When Raxston had madv away with $3,000,000 of tho bank’s monoy—an amount nearly equal to tho combined capital of the four largest banks of this clty—paymont was necessarily suspended. But this failure involved none others, The two banks which closed thoir doors for a few days have reoponed thom. Not a single mercantile house has failed; not a singlo broker ; not even a stock speoulator. Manufacturing has not been interrupted. Building has gone on without a day's delay, The mines hava been worked. The mills havo been ron. The aavings- banks have not been ran upon, Wo quote from ao Son Francisco papor when wo say that “not one single mechanic or laboring man has been thrown out of em- ployment.” Collections, thanks to a judi- cious and mutual forbearance, have been made without difficulty; the courtdockets have not been made to groan under the weight of new suits against old debtors; and the “panic” has boen a mere tempest in a teapot, beginning and ending inside the offica of the Bank of California, and doing precious little permanont damage there, This is a marvelons story of commercial strongth. In 1878, whon one Enatern bank—a bank which was not intereated in half as many schemes as those planned by Razston'a mind and pushed by tho money of the Bank of Califor- nis—failed, our great business houses fell like houses of cards. ‘The wires were overladen with the atorics of failure, of assignments, of busi- ness wrock and ruin, This crash camo twenty-thraa months ogo, but we havo not yet recovered from our hurts, In California, the wounds bave been mero scratches, and forty daya have sufficed to hoal them all. We nced not go far to find the reason for this striking contrast, Eightoen centuries ago, an inspired hand penned tho parable of tho house that stood on tho sand and the house that was built on a rock, Wo know what happened when the rains foll, and the winds blow, and the floods came, And #0, when a commercial oyclona aweeps aver the country, the business that is built up on Paper falls, and tho business that resta on solid gold stands tho shook triumphantly. Commercial seems to be Plossed with Tia Tarsuxe's dilution” syno- tinfation; end ‘Tus Taruns te plesacd to have pleasod the Commercial, Tho firat ef- foot Of w verdict for dilution in Obio, sooosding to the Commercial, would be contraction, “Notea could not be renewed for so many dollara, with the certaluty boforé the uotebolder shat the rapid deprecistion of the dollar wae brs aquestion of ® short time. Our statoment to thin effect ia called a throat, but it ta not a bit moro of a threat than to say throo limes threo aro nino,” ee ee That town in Minnesota which ina moment of enthusiasm took on tho name of *Delang" ig thinking of applying to tho Logislatura for roy. miesion to change, People who aro fooli y onough to namo their villagou after living staten. men ought to bo mado toatsnd tho consequences, Mabel Young's mother is not mad,—only aed, Anthony Trollope was In San Francirco on the 26th inst. Prof. Goldwin Smith was martic’d, Sopt. 90, ty Mra, W. H. Boulton. The Hon, Thad GC. Pound, of Wieccnsin, rogistered at the Grand Pacific. 0, mamma!" esid tho youngest darl.ny Yoatorday, “I tried to read, and I rode.” Capt, Mayno Reid is writing 0 contenynis novel, Tho boys may na’ roa it—probauy wi, not. Capt. Cook haa baon upsoimously re-rfocte, by tho Yolo students to command tho Uriverniny crovv, Gen. J. M. Hedrick, Chief of Internal frye nuo Service of Iowa, ia wtopping at tho Gray Pacific. Tho residence of the Jate Mr. Tataton, new San Francisco, is to bo usodasan aljaust y, tho Palace Hotel. Baroum has been socd by another shoxmy p Cincinnath Tho plainti® alleges livel ax cinima $50,000. Give Theodoro Tilton s chance, That i what tho peoplo in New York wuo attend bi, loctures aro doing. Tho Rev. F. 1. Moyor, Pretident of tha State Board of Charities, of Springiiold, is & guest o, the Grand Pacific. Emory 8. Foster, editor of the St. Loui Evening Journal, ona of tho Rocitord dustste ia a guest of the Tremont Houao. Brot Harto’s ngvel is callod Gabriel Con. roy.” It will follow Dr, Rolland’s sorial ig Scribner's Monthly, and be publistiod slmultoco ously in Australia. Beandal triala make atrange bedfollows, Nox wo havo tho elovated Now York Tribune pufling Jo Howard, the proclamation forger, and bi feable little Star. ‘Tho Popo has commanded Father Galborry te become Bishop of Hartford. Tho Father do. clinod the office twice; and bo will bo a Bishor in spite of himeclf, + Aunie Loulso Cary bas ackieved a great tri umph as Azucena at tho Imperial Opera-House in Moscow. She was called before tho curtain nine times tho firat night, Tho {ntelligont compositor who yostordsy transformed the sentence, “ Maunagora hase waxod rich and {nsolont,” into “* Managers have waxed rich and insolvent,” did a protty gooi day's work, Poor Dr. Portoous was buriod from Tit Little Ohureh Around tho Corner, " tho orthodor paetor of St. Ann’s-on-the-Heights refusing tc officiate. Ho said Dr. Portoous had departed from the doctrines of the trae church, Moasrs. Jay Gould and Bidney Dillon, the rail. ‘way magnatos, arrived hero yosterday morning ina apocial car on tho Michigan Coutrat Rall road. In the aftorooon they left for Omaha vit tho Chicago & Northwostorn Railroad. Time dosa work changes. ‘A Mr, Mareh has succooded, at last, in making ‘a Mr. Dol» no” out of tho former Secretary. Now we car mention them both appropriately in tho persons column. They are no fongor politicians. Peter Reid has asked the English mint to car him two cents, one of which shall hove tre heada and tho othor two tails, Ho waute thea for tossing. Tho plous people about Peter't homo ought to call a mesting and toss him, Somebody in Massachnsetts claima to batt discoyored the original Mary, whose amb fol- lowed hor to achool ono day, {n the porson of az old lady, now approaching tlireo-score and ten Wo'll not believe it until she produces tho Ismb Itissaid that Dr. Porteous, the clorgymar who was drowned near New York Inst week, might bayo been resuscitated bad not poms official :diot forbidden the byatandcrs to touch tho corpse till it bad been viowed by the Crowner.” Mamma (to her oldest son)—' My deat George, whero are your mannera? You shon!d slwaya say ‘thank you’ when anything fs hand edto you.” George— Ob, bother having to say thanks evory time, ma! Can't a fellowbave @ acagon ticket ? "—Current Item, Billy Emerson makos $500 por wook in the minstrel business, while poor Balyi Waldo, who 8 only o philosopher, has an income of avout 50, Tho Detroit Post 1 disgusted at the dis- orimination. Now, in fact, Billy is somotimes & better philosopher than Ralph Waldo. A friend called on tho hiatorian Rank in Bor Un Iatoly, and obsorved, ‘Well, Profvsuor, 1 auppose you work as hard as avor in your old aga?” “Yes,” roplied tho vetoran, tonderiy, “my wifo ie dead now, you aoe, and £ havo less annoyanos, and can accomplish incre.” @. W. Smaliey, tho English-Anorican, thinks Mr, White’s views of England will change with time. ‘The Standard has picked out and pab- lshed all tho English parte of Mr, White’ articlo, leaving tho impression that the sutbor {a @ very tin-Amorican American, which ls wholly falao, Avict Agabeg, whom Mlsa Edith Wynne, she actress, fe to marry, is not an Englishman, but an Armenian, Ho {ea graduate of Cambridge, anda barriater of the Inner Templo,—a mice enongh fellow, no doubt; but Juat think of deing Mrs. Agabog, when ono might remain protty Edith Wynne. Mrs, Albort Edward, Princess of Wales, wants very mach to go with her huabsod to India. But Pasliamont has not provided for bor, sud the Princo does not seem to be very unlappy over the omission, He has plans for lls Indian tour that can be as well carried ont without the assiutanco of the Princess. Dr. Holland, tho oditor of Scribner's Honthly has made a terrible fauz pas. Io ono article this month ho vigorously defends Bir. Beecher, and in the very next he denouncoa tbe jury-st tem, eaying: “After one has picked out the thros best men on @ jury, be bas # bettor jury than in the nine which aro loft.” orbaps Tile ton’s friends will olalm that bis treo men wer * tho bottor jury.” “Purkey,” aaya Mr, Jones, atadylng the A zegovinian question with bandsxes around li head, "bas notiflea the Sorvian Govermnent haait? I'm glad of that, Tho Bervisui sr? massed 24,000 strong : they ought 40 davour He Turkey, They're encroaching oo Crontin. _ Prince Milan, who's somehow got out of af Ht tranafers the seat of the Skuptschins. fe! Hs ‘They must have been sampling the sublime orb Don't let the children get thie paper, Mrs. a Graphio. norEn ailnrvats. Palmer House—Dr, George W, Franwile, leana; A. 8, Avery, Aissaurt Malla, tom we York; W. Ge Trovidence, ‘it, 1.5 Moore and H, Naan York BLA, DoWalf lion, Ellzabot, NS. Wrignt, Boston; W. 4. Houghton, New York; George We Ht, French, New York ; J.D. Molans SM. 8, McQullough, Philed x ¥ fsahington, D. os Hon. aki Da a, Brooklya, Tremont r seerban Neg fork t G. U, Walker, Detroit, ‘enn. Hawerds' Boston} W, ¥, Andervon, thtemphis, Fen | a 4 tam 3, Avery, Louavillot Genf! Gea Boaldst y. Bhalph, preted Sulll, Norwich,