Chicago Daily Tribune Newspaper, February 8, 1876, Page 4

4 TERMS OF THE TRIBUNE - RATEA OF SUTACRITTION (FATABLE I ADYANCE). Postnge Prepald ne this Ofce, Datly Editien, e S13.00 Mailed ta any Bunday Editlor riWeeily, voun Aerary and ftoigto . WRKKLY EDITION, PORTFAID, Dol e v Caigisses Blab of twenty, per cn The postsge ia 15 conts & Bpecimen coplea sent free, *To prevent delay snd mistakes, be sure and girs Post-Offico addrern In full, including Blateand County, Itemittances may be made ellkier by draft, oxpress, I'oat-Oltico onler, or In regiatered lettars, at our risk, TERMA TO OITY SUBSCRIDERA, Daily, delivered, Bunday excepted, 23 uu:- per vm:. o Iay ineluded, 30 centa per weok, e R B, GOMLANY, Corner Madison and Dearboru-¢s,, Chicago, Il which we will prepay. AMUSEMENTS, B¢ KER'S TIEATRE—Madison ntrost, hetween Dl‘ll"‘bvu‘lg and Btate, Engsgemiont of Mr, and Mrs, We 1. Floreuce, * The Mighty Dollar.” Hi '§ THEATRE—Raudolph strest, botween Dllflckolfiffiafll\ln. The California Miustrele, ADELPII THEATRE—Dearborn atreet, coruer Monror, Variety performance. WASHINGTON CHAPTER, NO, 43, It. A, M.—8po- cial Convocatiou thia (Taceday) evening, st 730 0'clock, ‘Work oo Mfi P, lvn,l.i !‘\L I-‘.“Dt‘[(rffl. ;lnliolnfi O'qni cordi . ordor of tho AL E, H, I\ don o ’mmfinu;u'n. WRIGHT, Becretary, @he (Whieago '@Tnlmm. Tuesday Mormng, Fobruary B, 1870, Greenbacks nt the New York Gold Ex- chango yesterdny closed nt 883, Coalder wenthor, to Lo follo: :ad by rising temperatnre, is the meteorological prediction for this locality to-day. Mr, Moony inaugurato s campaign ngainst tho hosts of sin in New York City Inst ovening, The sorvices at the 1lippo- dromo were attended by 9,000 peaplo. Admiral StriNonaw, of the United States Nnvy, died in Now York yesterdny nt tho nge of 78, lo had belonged to the Navy for sixty-scven yenrs, first as midshipmnu, and Iatterly s Rear-Admiral on the retired list, Prvennack's littlo matter was tolked over in the Senate yesterdny, but uo action wns takon. Messrs, Tuvonuay, Cumsriascy, and Iows participated in the debate, the two former apposing and the latter favoring the admission of PINCUBACK. The Second Congregntional Church of Norwich, Conn., has voted nuanimously to decline tho invitation to participate in the Piymouth Advisory Council. The Rev. Mr. Trrry, pastor of Plymouth Church, St. Paul, exprosses the opivion that his church will cither ignoro the whole affair or refuse to tnke part in the Conncil, There ave some compensations for our manifold municipal troubles, En Pninrips, the South Town Assessor, ins nsked to bo oxcused from gervice on the Grand Jury, a4 he has learned that his name may be pro- sonted for inquest for alleged malfensance in office. It is pleasant to know that Judgo McArtasten has excused him without auy hesitation, ‘Tho Sick Man bns auother swkward cus- comeor on his hands, Roumnnia objects to the payment of hor customary tributo in ad- vance, in accordance with the request of the Porto, ond intimates that she may conclude not to pay at all, a9 tho Turkish part of the obligation—that of undertaking the defense of the province from foreign invasion—is sodly in arrenrs. Not longago one MesTz, who disponses with justice in tho Parish Court of St. Mary's Porish, Louiriann, wns requested in open court to resign hin position as Judge, and he refused. Once more the disgusted members sof the Bar return to the charge, this timo . esking MeNTZ to resign for the reason that ho has neither the iutegrity nor tho capacity requisite for tho office, nnd giving notice that, in the ovent of a repested refusal to vaente, the caso will bio submitted to thoe Legislature in the form of impenchent procecdings, Washington dispatchies announco that Joux L Rivaxen. Esq, of Carlinville, n vory ablo Iawyer, has been appointed United Btates District Attorney for the Southern District of Illinois, in place of Vax Donsroy, removed for incbriation and ineftcioncy, Mr. Taxcor's adnge, thnt it is dangerous to Bwap horses crossing tho stream, will Lardly provo true in this instance. The change was im- perntively needed, and wo may now hope for some show.of ekill and activity in the Whislky-Ring prosecutions at Springficld. A curious question will Lo raised in con. nection with the Bancack tria) in 8t. Lonia, Col. Luckey, the President’s Privato Secreta. .1y, will bo placed upon the stand and asked by the prosccution to furnish the key to the cipher in which were written tho dispntches -which passed between Lvoxey and Bancock during tho progress of tho Aveny trinl, The .defense, it is expected, will resist this :move, urging that the ecipher being that of the Government, it would bo ngainst pub. lio policy to make kunown the koy. 'Tha prosecution 1night rensonnbly ingist that publie polley in alarger sense and broader application requires that the exact and literal ‘translation of theso sceret dispatches should bo made known to the Court and jury, It will rest with the Court to determine this unique question. —— Our Oanten has clipped tho wings of his extraordinary eaglo o fur £5to seftle down to one item of business of actual cousequence to his constituent. o yesterdny introduced in Congress a bill for the removal of n serious stnmbling-block in the wuy of o disposal of the Lake-Front property—the fact that the City of Chieago has no title to the praperty except throngh the original dedication by the Goverument for park purposes. Mr. Han. + muson’s bill proposes tho absolute grant of the tract, with all reparian righta and acerations, to tho City of Chicago, Such a bill isnot likely to meet” with opposition In Congress, and ita passage will take awsy tho last pre- text for resluting the sale of that portion of the Lake-Front which the railroad compauies bave been trying to purchase for 80 wany yeary, "Ihe Chicago produce markets were irregu. lar yesterdsy, Meuws pork waa quiet and 200 per brl lower, closing at §20.20 cush and §20.85 for March. Lard was dull and 7jo per 100 Ibs Jower, cloaingat 812.20 cash and £12.30 for Murch. Meuts were quist aud easier, 6t 7{c for boxed shoulders, 1140 for do short vibe, and 11jo for do short clears, Kighe THE CHICAGO TRIBUNE: TUESDAY, FEBRUARY 8 e e s 1876. wines wora quict and nnchanged, at £1.06 per gallon, TFlonr was in botter request and ntenlyn Whent was more netive and 1o higher, closing at #1.013 scller the month and RLO0Y for March., Corn wns in bot- ter demand and 4@{e higher, closing at 4030 cash and 40§c reller March. Onts wers quiot and Jo higher, closing at 30}c cash and 303c for Mnrch. Ryo was steady ab G6j@07)c. Barley was dull and }@1e lower, closing at 750 for Fobruary and 6%¢ for March, Hogs were dull, and elosed weak at fi@1fo declino; quoted at §7.70@8.10, Cattlo wero quict and unchanged. Bheep woro firm. One hundred dollars in gold would buy $112.76 in greenbnoks at tho olose. Our poker-playing, claim-collecting, mino- manipulating Ministor at tho Court of St. James {3 about to become the recipient of the polite but pointed attontions of a Con- gressionnl invostigating committeo, And the Democrats will not be able to claim the credit of it, either. Ar, Pienck, of Boston, n Re. publican member of the Houso, yesterday in- troduced a resolution, and it was ndopted unauimously, instructing tho Committeo on Foroign Affairs to tako a pecp at the files of tho 8tato Dopartment and seo what thoy have to say nbout the Emma Mino and tho AMacnano claim transactions. Secrotary Fisit in requested, notto prepare and submit a diplomatie note on tho subject, but to per- mit tho Committeo to look throngh the papersand sco for thewsolves, Botweon tho English Oourts and the United States Con- gress Gon. Scueyck is in afair woy to acquiro n disagreeable prominence before long, A Southern individual by the namo of Jaes 8, Jouxstoy, 8r,, has rushed to tho de- fonso of Jerrenson Davis, and makns afiidavit, that, after the first battle of Mnnassas, in July, 1861, J. D. mnde a specch in Richmond in which he used the following words : In conclurlon, fellow-citizens, allow me ta romind you that & large number of Federalzoldiers aro now on ihetr way to thin city, and will soon arrive, for coufine- ment and dstention hiere as prisoners of war, Let mo beapeak for these prisoners, and particularly tho sick hid woanded, buniane treatment and kind_conafdars- tlon at your banids, Troveto tho encmyand the world that whilo we do mot proposo to be humblo to the haughty, vet at tho samo timo we will nover show onr- selves Lisughty to the bumble, This was very carly in the War. What doces Mr, Jasms 8, Jouxsron, Sr., think of Jerren- soN Davis' indorsoment, later in the War, upon the protest of the Confederato Inspector of Prisons agninst WINDER's cruelties, that he was snlisfied with WinpEr's awful ndminis- tration? Whnt docs ko think of his indorse- nent upon another documont: “I know of Wrxpru's cruelties. Ile hos dotie well in do- ing my bidding"? A REW WHISKY CONBPIRACY. Wao aro now in possession of information which warrants us in exposing a new phase of villainy in connection with the whirky prosecutions, 'There is without any question a deep-laid plot to bring these prosecutions to anend, or break their foree by producing n rupture between tho President and tho Secrotary of the Treasury, Wo had not be- lieved the rumors that have been flying ahout owong the nowspapors indieatiug as much, until they received confirmation from private ndvices that wo are no longer justified in questioning. 'Tho external ovidenco of it has also incrensed within n day or two. The publication of the Attorney-Genoral's singular circular letter to District Attornoys would seem to indicato that he, too, is likely to be the dupo of this Intest conspiracy. When he lnys particulnr stress on the charge that the Government officials shall in no easo offer to ‘favor or protect any of the accused,” aud says that *no guilty person who has cither boon convicted or ko has confessed hix guilt (and furnished evidenco to convict others) shall be left unpunished,” his words are susceptible of tho construction that not the slightest immunity shall bo offered to securo evidence withont which it will be impossiblo to press the more guilty to conviction, If this is what Attornoy-General PrenneroNT moant to convey by his letter, he has misatated the Government policy which Lins led to the important convictions in 8t. Loujs, which controlled tho sontences in In. dinun, and which alone can lay bare the operntions of the Ring in Chicago, Spring- ficld, aud Milwaukeo. If this was tha con- struction Mr. PrerneroxT intonded should be put upon his lettor, it is in violation of the common and recogunized rule of exposiug conxpirncies and securing the pumishment of the arch conspirators,—a rulo which in this caso hng received the approbation of the American people, and whicl must be followed .out (despite Mr. PierneronT, if he opposes it) until the Whisky Ring shall bo completely .broken up and routed at all points. A Wnshington dispatch to the Whiviy. Phieres’ Organ in this city secms to bear out this construction, and would indicate that President Granr ia also likely to bo deceived by this new and deep conspiracy for the sap- pression of evidence. Tho Infer-Ocean, it must be romembered, is the confessed and oceepted organ of the Whisky Ring, and the Washington statement it printed yestordny must be inspired” and taken as a fair in- dicntion of the Ring's designs, The purport of this statement is, that a prominent Treasu. ryofticinl has been whispering a story into the President's ear that thero was n conspiracy among certain high officials to jmplicate somo of his (the President's) most trusted and con- fidontin! friends; and that, with this purpose, o prominent legal attache of the Treasury De- partment ad appronched several indicted distillors and Gaugers in the City of Chi. eago, and offered them absolute immuni- {y from punishment (which js utterly un. true) if they would furnish evidenco to con. vict certain persons high in esteem of the President, but inimical to the managemeont of the rensury. The story procceds that tho President anccoptod theso statements as truo! and that thereupon onsued the stormy scene between him-and Beeretary Bristow which has been reported, nnd which, it is predicted, moy lead to Mr. Brisrow's retivement, The Treasury legal atlache reforred tons having opproached the indicted Chicago distillers means, without doubt, Solicitor-General Wir. BON, ‘This I8 the external avidenco of the now conspiracy. It is a plot, deliborately and shrowdly conceived, and, 5o far, systomutical- ly and skillfully worked out, to betruy the President and bis Cabinet into a rupture with Becrotary Bowstow, which shall include his retirement and the dismissal of Bolicitor Wisoy, and lead to s practical shan. donment of the war ou the Whisky Ring, which bas but just begun. We bave resson to believe, and sufficient couse to charge, that the Yago who has been employoed to polson the President’s mind, and who whispered into tho President’s ear tho false and insidious lies which are recounted above, ia no other than Bupervisor A, P, Tur- ToN, of the Philadelphia District, who was in this city a few weeks ago. If we are wrong in thiy, our columns are open to Alr, Turrox to deny the suthorship of thestory, If we nro right, wo do not hesitato to chnrgo that ho {a the agent of an undireovered link in the Whisky Riug to ward off exposure and pun- ishmeont in their cnse, and that ho is secking to make tho President and the Attorney-Gene ornl thoe tools of the Whisky Ring to work out their own salvation, Tho whisky proscentions in this city have thus far beon conducted in good faith aud with tho purposs of approhending all the porjured and gullty officials and all the men of high position who have beon partners in this wicked cousplracy to rob tho Govern. ment, Nowhere hns tho work of Boalicitor. Goneral Wrrsoy been' moro effective. Tha plan of tho prosceution hns Leen in accord with that puraned olsewhere, It ling been in the line of public poliey nud in the interost of the Governent, and it has received tho hearty approval of tho people. Thero can be no abandonment of this polloy without disnster to the cause of reform. Any such chango ns indicated in the Attornoy.Genoral's letter orin the dispatch to the Whisky Ring organ will bo in tho interest of tho ofticials who have been already indicted, of the men high in influcncoe who have DLeon brought to the bar of justice, and of men atill kigher {n place and power toho are now secking to cscope detection. Weo ean inform the Presidont that the story told him whick wo have accredited to Bupervisor Tut- ToN In a pure fabrication, ealenlated and in- tonded to deccive him and to botray him into action which shnll cnable guilty mon to es- cape. Wo can toll Lim that his best friends —all thoso whow ho may have nny desiro to retain, those who have stood by him for fif- teon yoars—aro in favor of the continued prosecution of the Chicago Whisky Ring and its partuers and accomplices aftor the manner that bag been employed so far, and to the end that all the guilty men, no matter how exalted their position nor how long their purso, shall Do aspprehended, exposed, ani punishel. Wo can tell him that tho peoplo demand that ho shall adhere to this policy and pursue it to its logical rosult, Any doparturo from it at this time will creato npanic among the distillers who have con- fossed, will doter other guilty men from con- fessing, will destroy the evidonce which hns already been promised tho Government, and will bring the whole proseeution to alnme aud impotent conclusion. Neither Prosidont Graxt, uor the Republican party, nor tho Amueriean people, can afford to risk such o re. sult; and,if the President should bo even the innocent means of bringing it nbout, the people would not forgive his terrible error because ho had been misled by insinuating Ingos. Ho {4 now forawarned, nud mny arm himself and slicld tho Government against tho cunning suaro that n ot of scared and guilty men have propared for him. Lot the ‘work go on without any varlation by so much s o hnir's breadth from the policy which he himself hoa insugurated aud his Secrotary hins oxeented with adimirable skill and persc- verance, and which has alrendy brought forth 50 many fruity. JEFF DAVIS' LETTER, Jerrenson Davis hns ot last beon com. pelled to break his silonce under the torrible charges of Mr. Braive and tho proof of Mr, Ganrienp of responsibility for the Anderson. ville atrocities, aud has written n long lotter to exculpnte himsolf, which, it is safo to sy, hig friends by this time aro wishing ho never hind written, His whole letter is mado up of miscrable quibblo and defiance, 1o devotes its contents to Mr. Braxve, who only made charges. Ho gives no attention to Mr. Gan- Fzwp, who proved tho charges by Confod- erato testimony, The burden of theso chiarges was tho fact that inhoman atrocities weru perpetrated at Andorsouvilla undor his sanction, knowledgo, and approval, and that ho’ promoted the man who perpetrated them to o station whero ho could have incroasod op- portunities for ernelty. This damning charge he does not moot. There is nothing in his lotter disproving tho Andersonville ernelties, Evory fact remnins uncontroverted. 'Tho letter I8 not even creditablo to his own intcl. ligenco or to his cstimate of the intelligenco of his own peoplo, Ifo begins with a vehoment denial of the faot that thoro wero any atrocitics | Before he is Lalf through, he is socking to brenk tho force of the charge with o wretched quibble; and he closos with the affirmation that he is not re- sponsiblo for them! 'This is ingeniony even for Jevwy Davis, but the sophistry will not avail him, It is nltogether too trans- poront. fle himself in denying the atroci. tics hins ndmitted them, and the fact of his porsonal responsibility for them ke has not met at all. Againet his affirmation atand tho official Confedernto records, cited by Mr. Ganrieen, to which he makes no allusion whatever. Ilis own orders and indorsements and lotters give him tho lie direct to his lotter, Tho quirk with which Jerrensox Davis secks to shift the responsibility for these atrocitics is tho same that Bex Hrwe used, and which hns heen tho convenient npology of Southern politicians and the Southorn press for some time past, namely, that Graxr and Lixcory were responsible jn refusing to cxchango prisoners. This quibble wns met by Mr. Ganricin, and completely refuted with two great fucts, Fimt, the Confederate authorities refused to recoguizo the colored Union soldiers ns goldiers at nll. They held and trented them oy slaves, aud the officers of the colored troops were rogarded as folons, to bo punished with death when taken. In tho sccond place, whep they mada the proposi- tion to exchangs, thoy held between 70,000 and 80,000 of our captive *soldicrs, who hnd already beon reduced to skeletons Ry starva. tionand inhumanbarbarity of treatment. They had brought them to such a dreadful condi- tion that they never could re-cnter the serv. ico again, The most they could do would be to crawl home, many to die. These wrecks of men thoy sought to exchango for an equal number of their own prisoners, who were in good leulth, who wero robust and well fed, and who were able to return to the ronky again fmmediately aud do as much vebel servico na ever, Thoy made this prop. osition ut a time when the Southern Con. foderacy wos tottering to its fall. It was in the very throes of dissolution. By this ex- chango they would have been relioved of 80,000 skelotons aud human wrecks, and added to their srmy 60,000 fresh, strong troops, with which they might have repaired their falling fortuncs, and perhaps have eventually triumphied. At least, they would have been abla to protract the war and entail fresh miseries and the loss of tens of thou. sands of lives upon the country, Aud all thiy time they refused to give up any colored ol dlers as prisoners of war. ‘These wero elther massacred or reduced to slavery, Jevv's wretcied quibble will not hold, Its absurdity in Bex Hir's case was too thoroughly ven- tilated and oxposed by Mr. (Ganrrip to be of any scrvice to JerversoN Davis, Ile standa now where he stood before ha wrote his lotter,—the author of the Andersonville atrocitios, and proved as such by tho official records of tho Confederate Government, which ho does not pretend to deny, nud to not one of which does he make any allusion. That Jrermnsoy Davis knows ho was the antlior of theso atrocitics is manifoest from tho whole tono of his letter. 1is hatred of the North has not abated a whit in malignity. Heo acouts the ninnesty which the Confedor. nto momnbers of {he Houso and tho Northern dough-faces seck to thrust npon him. 1o follows in the wake of ‘Toombs, and tannts the Northorn proplo in the following impu. dent Ianguage : ** The indictment wag finnlly quashed on no application of mine, nor have I over evaded or avoided a triol upon nny chargo tho General Govornment might chooso to bring ngainat mo, and have no view of the futuro which mnken it desirable Lo me to Le iucluded in an amnesty bill.” Notwithstand. ing thia jusulting declnration, there is no ren- son to Lope that his Confederato frionds will not continuo to demand that he shall bo am- nestied, and that the Northern dough-faces will not continuo to got down on their knees aud beg him to pardon them and como back to tho Sennto, It ia Yoo lato now. His own letter hns settled tho case. It will not help Lim in tho North with Union men. 1t isfull of embarrnssment for Southern men, and places them in a position more awkward than over, Intho linnds of Mr. Brarxe and Mr. Ganeretp it is o moro dangoerous weapon even than the Coufederato records which thoy hurled ot him and tho Northern dougli-faces. THR BOARD OF TRADE AND THE RAIL- ROAD DISCRIMINATIONS, Wo print this moring the report of the Bpecinl Committeo of tho Board of Trado, consisting of Moussrs, STeveNs, Baxen, Porn, nnd others, who have been engeged during the past wonth in investigating the diserim. iuntions practiced ngninst Chicago by tho eastward-bound railronds. Their roport bears ovidonce that thesa gentlomen hava done. their work woll aud thoroughly, aund their own position, as well ns the fmiportant inter. ests which thoy roprosent, ought to bring the abuses they havo discovered more consple- uonsly to tho notica of the public than any- thing that has appeared hervtofore during the cuntrovorsy, '"Lhoir conclusions ara based npon teatimony of shippers and railroad men which covers several hundred pnages, and upon personal inquiry and letiers in their possession, Though they have wisely rc- frained from making public this masa of evi- dence, thoy have embodied its purport in their report 8o clearly that n perfect caso is made out agaiust the railronds which have been suspected of unfair dosling, and it only rewnins now for the business interests of Chicngo to unito in rosenting it, and in coerc. ing n correction of the abuses. ‘Fho Coutimitteo find that the discriminations Lave been practiced under the combination, or *“pool,” of tho Michigan Central, Michi~ gnn Southern, Pittsburg & Fort Wayno, and Bultimore & Ohio Companies, courso, meraly follow tho dictation of Messrs, Vavpenoit, Scort, and Ganngrr. Thoe main condition of this combination is, that tho rato from Chicago shall Lo inflexible, leaving tho ronds to prorate with the cross-linesat tho interior points to the West, South, South- west, nnd Northwest of Chieago, 'The com- binntion does not confess this, but such tho Committee has found to be the practics and offcct, 50 that interior points equi.distant with Chieago from the seabonrd can send their freight at much lowor rates, snd even points further away can nlso ship for less monoy. Those discriminations are worked out in threo wayd, as follows : 1, In tho fixing of the rates. 'Though Chicago is the pinotal point where tho ratos aro first determined, relntively lower rates aro mado from other points, Thus Chicago, though 85 miles noarer the senboard than AMilwankeo, has no Lotier mte, while Indian- apolis, about as much neaver tho seabonrd than Chicago na Chicago is nearer than Mil- whaukeo, hos a difference in its favor of from 6 to 10 cents per100 pounds on grain. In other words, though no just concession is mado to n great shipping point-like Chicago, every little wtation and side-track that is Jocated any nenrer tho point of delivery demnnd and receivo n chenper rate, 2, In nddition to this open and confessed diserimination, thero isa practico of prora- ting and rebating on freight taken from inte- rior points, whilg the Eastern trunk lines have persistontly refusedto dothis with the Westorn trunk lines centering in Chiengo, When the local ngents in Clicago hinve been confronted with ovidenco of theso practices they havo claimed to bo ignorant of them, as they may have been, since the arrangements for rebates aro probably made ot tho Eastorn terminal points, but in no case in favor of Chicago, U. Astill moro reprehensible practico, of which the Committec have trustworthy ovi- dence, i that of *“underbilling” or over- weight, whick thoy say hus been not only toleratod but encouraged by the rnilronds at interior points, but is neither permitted nor desired in Chiengo, One notablo instance of this practico is cited, in which tho average “underbilling " on corn shipped to an Enst- orn city from an interior point was 86 busbels to the car-load, oxtending through an entiro month, which slone would make n qif- ferenco in froight charges of 8 conts per 100 pounds less than that at which corn could be shippod from Chicago. It is not too strong to charnctorize this custom as dishonest, Alltheso are but different phases of the common and persistent purpose to divert the carrying trade from Chiengo ns a terminal point. It is the result of a conspiracy to that endon the partof the Baltimoro & Ohioand the Pennsylvania Railroad Companies, which desire, as tho Committes believe and roport, to dircet tho shipping trade sonth of Chicago £0 03 lo givo them nn advantago over the for- midable compotition of tho Michigan South. ern and Michiyan Central in connection with tho Grand Trnok and New York Contral Roads, The Committee canuot satisfactorily account for tho consent of Messrs, VaNpen- uiur ond Joy to an arrangement having this effect, except by assuming that they wero blinded to its ultimato operation by their greed for on increased rate from Chicago, ‘Thelr criticism on tho position of the Michi. gon Central Railrond in this matter ia timely and pointed. It Iy within the power of the Michigan Central maungement, in connection with Comiodore Vasnrauiet, to bring the combination to an end, and they will bo justified in doing it by the evidenco of bad faith on the part of the othor parties to the contract. If they feil to do this, wo Lope that the people of Chicago will promptly take tho remedy in their own hands, after the pggestions of the Comumittco, ‘Lho Cowmittoo also oxpose the weaknesa of the position taken by the Enstern roads that all the *‘cutting” of rates at interior points has been done at the expense of the crosg-lines. These cross-lines, the railroad wen bave said, are all bankrupt and in a des. perato condition to take freight on any terms that thoy can get. But this Committes have which, of | found that the rebates and ‘¢ nuderbilling” havo beon 80 enormous that thesa cruss-lines could not suataln tho entire burden of the re- duetion without indesd paying a premium for tho privilego of carrying freight. If bank. rupt, thoy have searcely the money to parane thia sort of business, The Committeo have found, furthormors, that theso so-called “bonkrupt” ronda are doing n bolter busi- ness than they ovor did Lefors, nre earning moro money, improving their tracks, keop- ing up their rolling-stock, nund gonerally bet~ tering their condition under the poliey of making cheaper rates and hauling all tho freight they can get, All this thoy aro doing by carrying froight all around and nbont Chicago, with considerably more mileago than if brought through Chicngo, and nt much lower froights. An fmitation -of thia policy is commended to ronds not yot bank- rupt, in order to nvoid the oxporicnco of thoso with whom they now refuse to com- peta, This roport of the Board of Trado Com- mittco ought to Lo rend from boginning to end by not moroly membors of tho Board of Trado, commission men, and sbippors, but by all tho merchants of tho city. It is vory proporly and truthfully pointed out that, to the cxtent that Ohiengo loses tho handling of groin by renson of this unfair diseriminntion againkt ber shipping interests, the merchants will also sncrifiee thoir business. It is a plain aziom of trade that, ll other things being equal, men will buy whero they sell, nnd, if tho grain of the Northwest is divorted by diseriminating rates to oities othor than Chi- engo, whoro it would naturally come, tho merchanta of Chicago may be sure that they - will losa n part of their trada by tho diver- sion. This should prompt them to co-opor- ato with the Bonrd of Trado in any nction that miny be taken o break down these digeriminntions. The Committes recom- mend tho formation of an associntion for the protection of tho Chicago shipping Interesta similar to the Chenp Transportation Association of Now York, Meanwhils, they recommond tho offering of freight to a line of stenmers to run botweon OChicago and Grand Haven, to connect with tho Grand Trunk. Buch stoamers are now running bo- twoen Milwaukee and Grand Haven; they will tako Chicago business in proference if it is offered, and it is belioved that tho run can bo made during most of tho wintor, The Comuitteo nlso advise that uvery nssistanco and encouragoment bo extended to the com. plotion of the connocting links of railrond to give tho Grand Trunk o terminus in Chicago. Their report ought to carry with it great moral influence, and their recommendations should be received with high consideration, THE EFFECT OF BUERCHARD'S BILL. In the letter published in another column, tho Hon. Homatro 0. Buncmanp, M. O, ox- plains and defends his proposed mensure for compelling the National Banks to propnro for tho fodomption of thoir notes in coin by hoarding the gold interest of thoir seourity bonds for several years until it amounted to 20 .per cont of their ciroulation. Othber members hiave introduced similar bills requir- ing an nccumulntion of 30 por cent of coin. A Wushington correspondent wroto to Tax Trwone criticising this schemo, and making the point against it that the banks, instend of hoarding their gold and pnssing half their dividends for Lalf-n-dozen years, would prefor to retire their circulation down to tho min. imum allowed by law, viz.: $15,000, and that many of them would surrender their charlers and become private banks rather than comply with so unprofitable a demaud. Mr. Buncianp, lhowdver, insists that tho profit derived from the clrculation of notes is 50 great that the National Banks will cling to them in tho face of tho axactions of his bill. Notwithstanding all thie statistical rensona given by Mr, Bunomanp, we foel compolled to beliove that our correspondent’s opinion a4 to the result of tho proposed law is the correct one, and that Mr, B,'s bill wonld de- foat its purpore. Qur reasons for no think- ing wo shinll proceed to atato aa briofly as possi- blo. It'is ndmitted by Mr, Bunomanp that tho succoss of his schome turns on the question of self-intereat with the banks, which have tho logal right to withdraw their notes down to $46,000 per bank, and ho coucedos that many banks havo dono that alroady, and moro aro doing it. And that, too, befors any law has boen passed roquiring them to Loard their coin interost for a term of years, Ieo says tho banks, especially in tho West, are retiring their notes in order to realiza the largecurrenoy premium which can bo obtain. edon their bonds ; but his argument is, that, when tho greonbacks rise to par by resump- tion, this promium on thebondswill bewiped out, and then there will be a greater profit in issuing notes than there is now, notwith. standing tho largo gold roserves that must be maintnined for purposes of redemption, .- Thero is o wenk place in this assumption which Mr, Bonatanp scems to have not per- ceived. It iy clear that- by complying with the proposed law to hoard their gold until the Government resumes and retires its legal-tonder notes in 1879, the banks will not only loso the preminm on the sale of the gold, which he admits would be five millions a year, or about one per cont punu- ally on their capital, but thoy would alse bo obliged to reduce their dividends to the amount of 225,000,000 n year until after resumption commeonced, which sum ropresonts more than half the : am- nunl dividends of tho National Banks. nd, while theso two losses wore being sup- ported, the presont large currency premium on their bonds would melt away bofore their oyes, all of which loss could be provented by simply selling their bonds now, beforo re- sumption, withdrawing their notes and then loaning their capital, Mr, B, states the total of bonds owned by tho banks on the 1st of October last ot 413,237,000, Thoy have beon worth o premium of about 16 per cent for several years past, which amounts to up- ward of sirtysiz millions, 'This gront sum the banks would save by withdrawing their notes and gelling their bonds in case Mr, B.'s bill becomo a law, But Mr, Burciann says the banks will gain on all that part of their capital which {8 not invosted in bonds, which ho figures up to bo 8265,735,224, and which stands on their books a4 surplus and undivided earnings, Dut all this would not bo improved in value, becauso a part of it conslsts of the estimated premium on their bonds, which would be lost, and another part {8 ropresented by * slow and doubiful” paper. But whatever the gain in valuo to any part of this surplus and undivided earnings might be, the approcia- tion would Lb due to therise in valup of the greonback, and would have nathing to do with tho hoarding schemo proposed by Mr, Buncaixp, In comparing tho relative profit on bonds and notes s, capital, Mr. Burcuanp places’ the gold reserve to protedt tho circulation at only 25 per cent ; which {s much too low ac- cording to tho ante-bellum cxperience which lo cites, whiol, fora periodof thirty years, was nover below 80 per cont, aud from 1855 to L1800 wna 40 per cout, and from 1860 to "6 it wna 46 per cont., Tol us toke tho smaller of the two, snd assuto the coin reservo to bo 40 per cent. Tho experlences of England, France, and Germany demonstrate that this much at least s required by safoty and pru- deneo. Conaidor nokt the profits of n note eir- enlation when speclo paymeonts nre resumed if the presont Banking lnw remnins in forco, wlich restriets eireulntion to £/ of notas for 2100 of bonds, and tnxes the notes 1 per cent, Asthero are to bo no more i or G per cent gold bonds rold, thoso ontstanding are vory certain to riso nbovo par,—indeed, they aro nlrendy nbovo it ; and any large banking demand for them would quickly run them up to G, 8, or 10 por cont premium in gold. But a3 wo ore roferring to banks alrendy in pos- resston of bonds, wo will walvo the matter of gold premium after resumption, viz.: $100,000 & per cent bonds, nierent 90,100 notes less 40 por cent for res foancd at 10 por centieueeens $ 6,000 6,400 $10,400 100 Loan 1 per cent tax on noted,. Tolalvesssees $ 0,500 100,100 Toaned at 10 por cond 10,000 Losn on elrculatlonu.sssssesesaenisansienn $ G0 To say nothing of the losa of * passing dividends " whilo honrding gold, or promium on tho gold or premium ¢u the bonds, or risks and perils of redemption, the above figures very clearly prove that it would ba' ngainst the pecuniary intercat of the National Banks to mnintain and support tho burden of specie-redemption under the restrictions of tho present Nationnl Bankiug nct, Mr. Buncnanp refers to tha bank circuln- tion beforo tho War which was redoomed in specie. Mo says that botwaen 1846 and 1860 tho notes in circulation avornged $193,228,- 000, and the coin resorves for its redemption 76,032,000, or 40 por cent, and between 1860 and 1862 tho notes were $208,200,000, and tho coin resorves §97,036,000, or 40} per cent. Conceding these figures to bo correct, they do not prove what ho claims for thom by any means, bocause he suppresses soveral vital focts in tho problem, which ho must pardon us for bringing to light, 1. 'The oldStato banks paid no Federal taxes on their cirealation, deposits, or capitnl; and Stato and municipal taxation in thoso dnys way very light in comparison to these, . 2. Tho 1 per cent tax on circulation i equal to 15 per cent of the' profit realized in the West from the lonn of tho notes after deduct- ing the idle monoy for reserves, and in New England, whore the rates of interest are but 6 per cont,—oxcopt on tho sly,—the tax on cirenlation consumes 26 per cent of the not profit renlized on tho notes. The old Btato banks eseaped this onorous tax. 8. The National Banking law only permits 40 per cent of circulation to 100 of bonds de- posited to sccnro their redemption. Noneof tho State banks were so restricted. In the Now England Btates, which furnished a largo part of the circulating medium, no bonds wera roquired to scecure notes, 'The banks wero pormitted to issno. ns many notss na thoy worenbla to keep in cirenlation, and redeem through tho Suffollc Baonk in Boston. Tho New York law required the bauks to doposit Stato or National bonds with tho Comptrolloronly to the amount, of the notes issued. A fow othor States had similar requiromonts, Ohio had both the New Yorl: and Now England systema. But in all Stales where bonds wore required, the notes that conld be issued woro equal to tho face of jtho bonds, and in somo of tho Western and Southern Btates it wns not necessary that tho ‘bonds should be worth par, and the nates isaned upon thom were never redoomed in coin, but foll into a discount and became * stumnptail,” But leaving those stamptail Lauks out of the account, aud taking the Now York and New England systems, it will Lo seen that the in- ducement for banks {o issue notes and re. deom thom was altogether greater than that afforded by tho cxisting National Banking law, If the tax on circulation wero removed, and 100 of notes instoad of 90 were per- mitted to bo issuod against 100 of bonds, there would bo some pecuniary temptation to venturo fo issue gold notes. 4. The demand for gold in those nute.bel- lum days was slight in comparisont to what. it is now. Only $27,000,000 a year was ob- tained from tho tariff in Jaosson'ns and “Van Bunen's timo. And in Bucmanan's Adminis- iration only $57,000,000 annually, Ouv im. ports under the low tarilf of 1857 wero only about Llalf a8 much s now under ultra protection. The +wholo amount of paper which the iwporters presented to the banks for redemption to ob- tain gold to pay duties and remit Rhrond did not average more than £90,000,000 & year from 1855 to 1861, whereas the arnount now required would bo fully three times that sum ; tho dutics alone would require nearly twice the total amount needed for all purposes be- foro the War, Before the Rebyallion the ox- portation of gold was comporatively small. Of luto yoars it has becomo inumense. The balances of trade, the interests on our securi. ties hield abrond, and the expamnscs of tens of thousands of American wonfun and men trav- oling in Europe, require ah enormous ox- portation of gold, and while tho present tariff and trado relations with Citha continue thero, can be no decreaso of the dewmnnd for gold to shipiabroad. 8till wao bolievo the banks conld maintain a paper circulation adequate to nll the waunts of trade and redeem it in coin, aud furnish all the gold the foreign and domestio commerco df tho country demands, if the Iaw mado it to their interest to doso. But it does not, and they would lose money heavily by at- tompting it undow present oncrous taxes and restrictious, Ar, Buncuanp does not secm to know that it costs specic-paylug banks something to purchase coin to renow that which is drawn out in redemption of their notes, At timos this expenso is quita large, Bankers will also inform Ar. Buncitanp that tho oxcess of yeserves’ held by the banks last October, to which he calls our attention, was duo to the wide- spread staguntion of business since the panic and the utter absence of speculative demand for money. Tens of millions of dollars havo Inin unused and unwanted in the vaults of tho banks becauso no safe employment could bo found for tho monoy, What grentor mis. take could bo made than to Laso legislation on the supposition that money unused in time of great and protracted depression can bo made tho mensure of the reserve that should be exacted in tho era of prospority wheu bank notes can bo redeemed in legal- tendor paper? ) 1t asufliciont inducement woro offered to tho National Baoks to jssue gold notes in 1879, no coercive laws to hoard gold fs needed. Self-nterest is quita strong enough, and tho banks will provide all the gold re- quired to tako care of all tho notes they feel ablo to circulate and protect. 2 this motive of profit bo Incking, the cnnotmont of qy, propored bill will bo the signal for tho cor, mencement of o general withdrawal of pres, ont circulntion down to the §45,000 limit hnlf tho banks, aud a comploto withdrawy by tho other half, including tho surrender of their charters. They will reorganizo 08 privaty bauks of discount aud deposit under Bty laws, ns tho *“‘ndvantages of tho nationy syatem,” of which Mr. B. spesks, consiyy chiefly of tho privilego of boing tageg twico or thrico na high o8 privato banky on liko capitnl. Wo shall leave to 3, 1. the cheerful task of ciphering ot tho offect on tha businoss of the country of contraction of 8360,000,000 of bank circuly. tion between now and January, 1879, ninlegy tho Covernment should step in and fill thy void .with n new emission of lugnl-wndem, and thus permanontly postpone, all hopo ang prospect of apecie-payments, and at tha samg timo subject tho country to the imminey| rink of boving the Suprome Court declarg that the $400,000,000 limit of forced notey eannot constitutionally bo exceeded in timy of peace, -, 3t The Memphis Aralanche snys Tiz Cutoaao Trinusk prefors the Huntingtey Houthorn Pacific to the Tqxas & Pacific Rallroad prop ositlon, A8 tlio Asaianche has frequently explalned, HunTINGTON controla the Central Pacific; and if Ly propoaltion carry, the no-called Southern Pacifio wiy bo turned nortiward as a feeder to the Unlon ang Contral Pacific routes, the former controllod by Jix Goutp, and become a Southern road onlyin name This will increaso Chicugo's trans-continental bus uess, TuE Tnivune talks for Chioago, That's all, Will (ho Memphis Avalanchs oxplain to ng how nroad built by a Philadelphin Construction Ring ont of the Federal Treasury is going to bonefit tho busincss of Momphis any mors than aroad built upon the same lino by the Gnlifornin Company out of private capital} Will tho Avalunchs kindly oxplain why it wants Ton Scorr, who hos alrendy forfeited his charter by non-fulillmont of its condi. tions, to put his hands in the Pablic Tre nnd build this road by incrensing the taxes of tho poople, and by incrensing tho national dobt, whon another compnny stauds ready lo build it without tho aid of a dollar from the Government, and has alrondy proved its abil. ity todoso? We are open o conviotion on theso two points, and would like to have some Jight. Iu dofondiug the Exocutivo abuse of the pan doning powor agatust the enticlema of Tmx Trisune, the 8pringtlold Journal replios : 1 wo were dispoicd to deal in the od hominem xn gument_in anwwor to the condecture ng to 1o motive for tho dlactinsion of thin subjoct by tie Journat, it miglit not bo entirely out of placo to suggeat that it would net bo necessary to go farther in scarch of Tnx ‘TAIRUNR'S motiven for iis critichun on the oxercise of tho pardoniug power than the fact that tliat { paper i presumed to uva u favorito candidate for Uovernor on tho platforns of * minority representation* in the porsun of ita editor-dn-chicf, An Jong a8 this Insinuation waa confined (o the pleasantries and porsonalitios of our city con- temporaries, wo Lavo let it pass for the sake of tho plensure thoy scemed to deriva from {s. Bus mow Lhat tho gravo Stale Journal, at tho Capital, whoro thoro are soveral eandidatos in dead earn- ost for Governor, imputes such & design to the aditor of this paper, wo Liaston to correct the orror into which the wits aud wags have lod it Tho * oditor-in-chiof * of ‘Pue TRIDUNE {8 not & candidato for Governor (nor any othor offico), not becauso tho afico is not high, honorablo, and importaut euough to fiil the moasuro of any’ wan’s ambition, but slmply bocawio be holds & position now—tho editoralilp of Tue Cnicago “PoisuNe—which gives bim fnil occupation, wilt last daring life, and is more congonial to his tastes than any politieal otlica could possibly bo. Othor reasons might Lo given for not being a candidato for any offlice, uuder any cireume stances, but tho oxplanation given is deemed sufficlont. Littlo bits of historical fuformation continua coniing to tho light sinco Mr. Hinv's description of tho varions Paradises oxistlng in the Robol prigon-pous, On {he 21st of March, 1863, Rop- Err OuLp, the Confodorste Commissioner of Exchange, wrote to Col. A, O, Myers: “If the exigencios of our army require the use of traing for tho teansportation of corn, pay no regard to tho Yaukeo prisuners. I would rather thst thoy ghould starve than our own poople suffer,” Aod yat our prisoners In the Houtl, according to Hiry, wero enjoyiug tho delights of Paradiso! PERSONAL. Tho Boaton Post says Gon, Shcrman's religion js——mind your own husinoss, Mark Twaln is wrlting a now play, The titls, Wo prosumo, will be * The Punch Brothiers,” Tho actors tn Londou who made up the donse tion of £1,000 to {ho Contennisl fund wors Mies Nellsop, Mr. Sothora, Mr, John Clarke, and M. Jefferson. Fechtor has loft the stuge and will give v readings.” Notwithatandiug the rocommondas tions of Dickons, Lo has 1nada many bitter ene- 1wies fu this country. Ars, Paran Stevous’ house lo Tifth avenne, Now York, will cost, wheu comploted, about $2,000,000, Tho malachite mantels in the draw- ing-room come to §20,000, trs, Postmastor-Gonoral Jewoll atiended the balt of Doss Bhophord in Washington last weok, notwithstanding the Bosa onco called her huse baod **a littlo bob-tailed clam Yankea.” Montaguo, the pretty actor of Naw York, Las just tinishica an ougagomout at the Brouklyn hoatro, At lus last porformance ho prosentod ono of his own pholograpbs to svery lady in tho audionce. Tucodoro Thomas vory prettily says that an and culture in this country can look for supe port nud oncouragemont anly to tho women The majority of the men, ho wsays, aro only takon atony, ‘Fhia Princess Boatrico, according to the Brook- lyn Argus, Liaa Just refuced tho heart and fore tuna of & youug American nobleman, Ho wrote It »ll out on a piece of paper nod sont it to her, in theso wordy : “Iluy' yu' as Goad is my wit- nus.” Clark Mills s at work upon a group represents Ing Johu Brown a fow moments befors his ex« ecution, when, sftor kissing the child of the negro mothar, he held it high above his head, and presonted it to Heavon. Itis saldto be s fiue work, Mige Gonevieve Ward, who was without honor 28 an actross in her own country, atill maintalns the bigh roputation she has wen in Eogland. Hor porsouation of Lady Machelh st the racont Contenntal bouefit in Drury Lane was pro- nounced by mauy eminent critios the beas thal hiad boon geon on the English boards for many years, The Btovons schoo!l bLnilding in Washington caught firo three weeks ago, aund aince that tine thoro have beon soveral groundless pauica among the childron in sttondance. The panics have anson from mallcious falee alarms, and the coo- soquences wore onoa near being as disastrons as In tho caso of the Robineon Opera-Houss st Cine clonatl, ‘The Trustoos have closod the school temporarily, ‘Tho Indlana editors havo been much dlsturbed in epirita by the gratuitous flings st the rocent exourslon parties which thoy have gotten up. Bome of them say that Alr. Keenan, of the Chl- cago Tlimes, is the promoter of the ridicule which Lias boon heaped upon them. Koonan bas hed eoms gxporience of Indians journalism, sod was divorced from it in consequence of incompatibile ity of tempor. -~ ¥ Mrs, Blgolow, wife of the Becretary of Biate of New York, sppesred in the gallery of the Bonato Onamber one dsy last weok, sccompauied by Miss Tilden, » nioce of the Govetnor, The object of Mrs, Bigelow's visit was to offer her tuanks to two Beuators who bad dofended her