Chicago Daily Tribune Newspaper, February 22, 1876, Page 4

‘TERMS OF THE TRIBUNE, BATES OF SUDSCRIPTION (PAVABLE IN ADVANCR). Pestage Prebnid at thia Diice. Daily Bditon, postpaid, I of yei gn‘l‘o‘a founy 5;:-- ,‘:a:iia& .( on1 Literary 1.00 *1.40 (o ‘will Dropay, To prevent delay and mistakes, bie wure and give Fost- Difios addrom tn fall, incloding Stats and Coanty. Remittances may bs made elthar by draft, exprees, Post-Offies ordor, of n reglstersd lettars, at our risk. TERMS T0 UITE SUDACTIBERS, Daily, dalirered, Runday excepted, 205 cents por week, Dally, delivered, Banday included, 30 conts per woek. THR TRIBUNE COMPANY, Comner Madison and Desrbora-sts., Ohlcage Ll AMUSEMENTS. MOVIOKER'S THEATRE—Madison strest, batween Pearborn and State. Engagement of John T Ray- mond, * Col, Muberry Bellera, domand and essier, closing at 8jo for boxed shoulders, 11ja for do short ribs, and 120 for do short clears. Ilighwines wore in fair #13.00 | request snd unchanged, at $1.06 per gallon, Flour waa dull and stendy. Wheat was moro active, and declined 1}o, but closed 309 | firmer, ot $1.03} onsh and $1.00} for March, Corn was moderately nctive and casfer, clos- ing at 4230 cnsh and 42jcfor March. Oats weoro quiot and firm, closing at 32}c cnsh and 82}c for March, Ryo was dull, at 66@C0}e. Barloy was more active and 2@8c lower, closing at G0}o for February and GOo for Mnroh. Togs were netivo and firm, with the bulk of tho sales ot $8.00@8.20. Onttle were inactive and woak. Sheop sold fairly at $1.00@5.76. Ono hundred dollars in gold wounld buy $114 in groenbacks at the closo, " 'Tho birth y anniversary of the Father of His Conntry will boa business day with tho National Democratioc Committee, which moots THEATRE~Tandolph strost, betwsen | in Washington to seledt tho place and dnte HOOLEY'S (QAarX and LaSallo. The Csliforola Minstrels, ADELPHI THEATRE—Deatborn onros, Vsriely performance. ‘WOOD'8 MUSEUM—Monr ‘batn snd Btate, Afternoon, aad “Toodles,” Evening, strest, corner ireet, between Dear SOCIETY MEETINGS. for holding tho National Convention. The strifo is spirited for the hionors and advan- tages of the Convention, which by common consent will bo held in some Westorn city. pul:‘: of the Watch Tho claims of Chicago are vigorously sot forth by a delegntion of prominent Demo. crats, who bear with them the especinl nssur- ance and pledgo of old Mr. Stoncy that the WASHINGTON CIAPTER, N0, 43, I, A, M.—Sps- | Plimes will mako nn ‘exception in favor of the eial Convocation this (Tuesday) nunlnf. a1 7:31) 0’clock, ‘Work on Past and M. E, Degreer, Visiting Compane fons eordislly inviied, ~ By ordse of the AL E. I, P, OHASB.'B, WRIGIHT, Secretary, The Ghicago Tribune, Tuesday Morniug, Fobruary 23, 1870, Greonbacks at the Now York Gold Ez- change closed at 873, Colder and olearing wenther is tho mateoro- Iogical programmo for this rogion to.day. Chicago is full of pol ans and candi. Convention if held in this city,—will “ treat it fairly,” snd will for the timo boing sus. pond indulgenco in its favorito epithots, ¢ Rock-Rooted Bourbons ” and * Puirid Rem- iniscence,” With this important concession to work upon, the Chicagn delegation are confident of fuccess. 'The Eastern hard- money men, supporters both of Tiupey and Baranp, are solid for Chicago, whilo the PrxpreroyN and Henbricks men are equally firm for Civcinuati and St. Lonis. The Chicago Whisky-Tlicres' Organ is now engaged in on effort {o misreprosent Gen. ‘Wensren, the Collector of this District, as having gone to Washington for the purposa dates from the Stato at large, who are hero | Of Testoring peace batween tho President and in attendance upon the meating to-day of the Republican State Contral Committee. What these gentlomen -think about matters and things politieal in Ilinois will be found sot forth ot some length in our local colums, 1In accordance with a resolution adopted by both Houses of Congress, tho President has, by proclamation, ordered that this, the an- niversary of tho birth of Gronrer Wasmina- 70N, bo honored and observed by an entiro suspension of business in all the Executive Departinents of tho Government. Resolutions and pi s relative to the . ordering of an clection of Mayor at the gen- eral eloction for city officers to bo held April 18 were presented in the Common Couucil last evening and referred to the Judiciary Committee, Prompt action by that Commit- teo and o roport at the carliest possible day are fmporatively requirod by the people of Chicago. Benator Smanoy, of Novads, being on his way to Washington, was intercepted by o Tnmune interviswer yesterdsy, to whom he expressed quite froely his notions of tho po- litical situation, the canvass for the Presi- doney, the financial outlook on the Pacifie Blope, and other topies of intercst, Perhaps the most interesting thing Senator Smanon bad to say was about the Comstock Lode, of which he is the chief ownor, and which i oxpected to yield up about $40,000,000 of The French Rep: in the clections for Deputies to the Assembly under the now Constitation, have succeeded far boyond their expectations. Not only have thoy car- riod in tho Inrge cities, but in several of the romote provinces, whoro heretofora the Bong. partists and Legitimists bave divided the hounors, Redical candidates hnve been re. - turned. Burrer, present Minister of the In- torior, who tried his fortunes in four arron. dissements, wos defeated in evory instance, Pavy Oausaanac, tho editor-dnelist, is ro- turned from tho Department of Gors. hies been exceedingly annoyed by the per- formances of the Itov, Father Coxxons,a priest of the Romish Churcli, who claims and has freely oxerciced tho right to visit the Trotestant schools aud address the childron on roligious subjects, his excuso being that some of the children ars mombers of his church, The Anglican Bishop perceives both Smproprioty and danger in this impudent at- tempt to interfero with and disturb the faith of the children in the national schools, nud ‘has addressed to the Roman Catholic Bishop of Quebec & formal protest against such pro. ceedings by the Jesuit priests. Tn regard to tho resolution adoptsd in the House yesterday calling upon Attornoy.Gen. #ral PrenneeonT to explain tho letter which e wrote recently to District-Attorney Dyru voncerning the punishment of the confessed and convioted whisky thieves, it is proper to say that Mr, Presnerost hog already in pri- nte ropudinted the constrnction which was generally placed upoun it. Tie holds that the settor was not intended to couvey the pur- pose of granting no favor to thoso who have furnished the evidonoes of guilt, und his ruling sustaining the Governmiont counsel in Chicago soctan to confirm this view of the matter, It is probable, therefore, that Mr, Puexnkeont’s explanation will be to point out that his letter was misconstrued by a portion of the publio in iguorance of the cixcum. stances that led Lo its promuligation, e The Brooklyn Fagle, o newspaper which js supposed to enfoy unusual facilities for get. ting at the **bottom facts in relation to the conclusions reachied by tho Advisory Council, 1a authority for tho statement that Plymouth Chburch will ba nustained aud its course in- dorsed by the Couucil in all‘the points speci- flsdin tho lotter-missive, It is understood that such will be the recommondations of the various Committees, though minority ro. ports are expocted, and a lively disoussion fn the Council is looked for, Fuank Mourton boa addressod to the Moderator a churactor. latio lutter, In which, premising from the fre. quent opportunities ufforded Mr, Brecurs for ths asseveration of his innocenco that the Advisory Coupcil intends to pass upon that question, Mr, Movrtox avmounces his readiness to appear and offor conclusive proof of Mr, Breonen'a guilt. At lust nccounts the lotter hsd not emerged from Dr. BacoN's pocket, and it may nover sve the light in the Council, The Chieago produce markets were general. Iy easler yesterday, Aless pork was more act- ive and 12§@250 per brl lower, closing strong ot $3L.40 for March and $21.67§ for April, Lsrd was loes active, and declined 200 per 1001bs, cloalng frmer at §12.77} cash and $12.07§®18.00 for April, Meats wers in folr Becretary Brisrow, and nlso s having failed in this purpose. Gen, WepsTER has not yet undertaken tho task of running the Govern. ment, nor that of controlling either the Pres- ident or Secretnry Dmisrow. Ho went to ‘Washington simply on business connected with his official position, and he succeeded in accomplishing what he nndertook, He do- sired {o correct the misrepresentations that bad been made to the President regarding the whisky proseeutions in this eity, and to assuro the indorsement of the general policy which has boen adopted in the Chicago cascs, ‘That ho accomplishied all this is sufficiently evident from tho fact that a letter has been roceived from Attorney-General Piennerost in which he officlally npproves of the ar- rangements made by the Government coun- sol in the Chicago casos, aund desires that they bo carried out in tho full senso of the agreement. If it was tho purpose, there. fore, of the Whisky-Thicves' Organ to break up the arrangement nud deprive the Govern- ment of its most important evidence ngainst the whisky thioves, the failure lies with it end not with Gen, Wensten, " THE SINKING FURD, Ono of the greatest abuses under the Gov- ernment is that practiced under the pretext of the National Sipking Fund, and which, begun by Mr, Bourwery, has been continued Dy his successors in the Treasury Depart- ment. Tho aot of 1862, commonly known as that cronting the publio debt, provided that asum equal to 1 per cont of the public delt should bo taken sunually for a sinking fund for tho pnymont of that dobt. No sinking fund by that nnme was organizod until 1869 ; but payments of portions of tho publio debt had beon mado as for back as 1866, Bince tho organization of tho public debt in 1869, thero have boon purchnses of bonds other than for the purposes of the sinking fund, tho principal of whick smounted to $182,- 241,766, 'Thero were purchasod for the sink- ing fund up to June 30, 1875, bonds to the pmonnt of $166,000,000, Tho sinking fand proper, therofore, contains bonds to the amount of $106,000,000. Theso bonds bear interest at tho rate of - per cent per annum. Though tho bonds have been ecanceled, an nmount equal to the interest which the bonds would have borne is aunually paid into the pinking fund. 'The annual interest on 3166,- 000,000 of bonds purchased for tho sinking fund is sbont $10,000,000, Tn computing the amount of the 1 per cent, there are in. cluded in tho public debt not only the out. standing bonds, but the greenbncks, frac- tional currency, and all the odds and ends of past-due indobtedness and other sums for which tho Government is linble. That 1 per cont was intended as a sinking fund for tho redemption of the bonded debt, or, pri. wmarily, for tho payment of tho 520 bonds, oud not for tho other indeltedness of the Government, The sinking fuud, therefore, hins nt its annual accrotion this 1 per cent of the total of all kinds of public debt, and the interest at G per cent on all the provious ac- cretions, Tho nddition to the sinking fund in 1875 was 31,519,601, which for all time Liereafter will boar 6 por cent intorest. I'he sinking fund takes from the public taxes o sumn oqual to 1 por cont of the public debt, which in 1874 was §22,616,903, and also 6 por cent intorest on previous purchasos, which is now about 110,000,000 o year, ‘Whilo the sum receivod from the tax of 1 por cont on the mmount of the publis debt de- creases annually in a small amount, that of tho intorest increanos at the rate of nearly 2,000,000 & year, and tho incronse is perma. neni, Tho publio debt on the 1st of July, 1866, was §52,778,20G,174, a largo sum having been proviously paid. On tho 1st of July, 186y, tho debt was 688,452,214, showing a de. crense at the time of the establishniont, of the siuking fund of £284,783,959, With theso figures we can show that there s no dunger of u violation of the pledge to the public creditors if tho sinking fund way suspended for soveral years to come, monts mnde on the debt ¢ Tere aro the pay- "Lotsl yayument of debt since 1860,ve. o "Tho obligution was that one per contum of tho public dubt was to Le pald snnuelly. But tho Unitod Btutes Luve not only paid the whole smmn required under that obligation, but more than $250,000,000 in cxcess of that requiremont, The United States, therefore, instend of raisiug 80,000,000 by taxation annually to purchiase bonds, of which no one iy dewonding or desiring payment, may, with. out tho slightest viclation of the national ob- ligation, discoutinue tho oporations of the siuking fund for cight or ten yeans to como, leaving that amount of taxation in the shape of working capiba in the hauds of ile people, The whole theory of a sinking fund where. 1o the Govéernmont purchoses its own debts, and coutinuag §o tax the people to paythe in. . THE CHICAGO TRIBUNE: TUESDAY, FEBRUARY 22, 1876. —_—e—— terest thereon, is one of those absurdities to which some of our statesmen cling rolig- iously, thongh it hes long since beon aban- doned by thoso who have tried it. Con- gross, in 1870, wisely ordered that tho $182,- 000,000 bonds purchased by Mr, Boorwsen In excesa of those required by the sinking fund bo canceled and intorest thercon stopped. It might now, with equal wisdom, direct that intorest shall conse on the $166,- 000,000 of bonds purehnsed for tho sinking fund, Tho debt iz n burden only to the ex- tent of tho annual {nx roquired to pay inter- est theroon. 'Tho country hina been taxed to pay the principsl of these $160,000,000 of Donds, but ia still compoelled to pay A tax of $10,000,000 in gold annunlly {o pay intor- ost on the dobt, tho principal of which thoy hava been already taxed to pay ! This i3 no time for sentimental legislation nor sentimontal taxation, ‘Tho suspension indefinitely of the sinking fund wonld reduce tho annaual interest on the public debt %10,~ 000,000, It would reduce the appropriation for tho public debt 322,000,000, and thus re- duco the annual expendituro some $30,000,- 00, We have shown that the payments on the principal of the publio debt are far in oxcoss of the contrnct, With a roduction of $40,000,000 in expenditure on this account and as much moro on othor accounts, taxa- tion can bo grently and beneficially reduced. This sixty millions of gold taxes, if leftin the hands of the people, will bo far more productive thau when absorbed in tho pur- chpso of bonds not due, It would be that much of the people's earnings left with thom to be employed in various forms of produe- tion. All exporience has shown that, whero taxation is reduced to the minimum of ox- penditure, publio prosperity is promoted and the revenue improved and not impaired by that policy. The sinking fund, with its an. nual grinding tax of $80,000,000 in gold, is o purely sentimental expendituro, which wo trust this Congress will not hesitate to sus- pend indefinitely. THE REPUBLICAN BTATE COMMITTEE. ‘The Republican State Contral Committeo of Illinois will ineet in Chicago this morning, and they will be sided in their conference by leading Ropublicans from all parts of tho State, who have come liere to cowmpare notes dud comsult ss to the best policy to be adopted, Ono of the points to bo considered is the time for holding the State Convention, and whether thero shall be ono or two Conven- tions, The uniforn practico in this Stato hns been in tho Presidontial year to hnve but one Convention, at which delegates to the Na- tional Convention are appointed, and sn clectoral and nBtate ticket nominated. In somo of the other Stotes tho practice has been to hold o Convention to appoint dele- gotes to the National Convention merely, and, nfter tho Presidential nomination, to hold onother Convention to nominato o Stats ticket. An ndherenco to thoe long-established rule is perhaps tho wiser policy. Thero is no danger that auy persons nominated for State officers will decline the pominations becauso of the action of the National Convention, So thero is hardly any reason why the ono Convention mny not closo up tho whole work at ono nnd the same time. This course will bo rondered more acceptable it tho timo of holding the Convention bo de- lnyed until a short time before the meoting of the National Convontion, which will meet in Cincinnati in the middlo of June. The Iili nois State Convention might meet as lato ns Wednesdny, Moy 81, and by 5o doing would then bo controlled by the mnture judgment of the people of the Stato in the seloction of delegates. Thet dato would not be so mnch in advanco of the ordinsry time forholding a State Convention as to render the seloction of candidates for State officers ecither premoture or inconsiderate. Onco known that tho State ticket was to be nominated at that time, pub- llo sentiment would rapidly concentrate in favor of the candidates who ought to ba nomi. nuted for Stato officers, Wo think this is the best policy to bé ndopted, and tho Stato Com. mittoo to-dny, aftor hearing all the opinfons on tho subject, will doubtless adopt the conrso hest caleulated to promota success, "Tho mecting to-day will be of especial in. torest beeauso of the very large attendance, ontsido of the Committes, of distinguished members of the- party, and it will be of im. portance as the preliminary action of the Re- publicans of Illinoi, who nro to exercisa o strong and controlling influonce in the grand campaign of 1876, ——— THE DEMOCRATIC CAUCUS ON FINAKOE. It is now reported that the Democratio Caucus Finance Committeo, nppointed a con. ple of wecks ago, have detormined to roport in favor of ropealing that portion of tho Re- sumption act which fixes Jan. 1, 1879, a4 the dny for resuming specie payments, and sub- stitute therefor a DIl postponing the date, if they can secure the consent of Horaax, of Indinna, and Briant, of Tenneasee, who are depended on to protect tho shinplaster intor. est, Tho proposition is to make up some sort of compromise bill which tho inflation. inte will acoopt, This s found to bo diffienlt todo. Membersof tho Oaucus Comunitteo sald as late on yesterday that the prospect for settling the difforonces botween the factionas of Demacrats on the monoy question is be- coming less every day. The offer of the hard-money men to compromise on repeal of the Resumption act 14 not satisfactory to the influtionists, who demand still further concessions, It sy do no’ harm to remind Mr. Layan's Financo Committes that a mere postponement of the date of resumption will uotisfy neither party and will fail to do any service, Thoe present schemo for resumption aliould be abandaned only for one which pro- vides a practical mothod for attaining ro- sumption at the earliest possible moment, and without unnecessarily or injudiciously disturbing the busincas of the country and 1he pold market of tho world. A failuro to do this will completely dostroy tho real ad- vantoge of ropealing the present nct. It is certain thot the present Resumption act, aud every other act fixing a date for re- demption (whether that date be postponed or brought nearer), must contemplate tho permancnt retiroment of the logal-tender currency when resumption does take placo, Buch was the construction that My, SHERMAN, a8 Chairman of the Seunte Finauco Commiite teo, put npon the existing law whon he ex- plained it ofloially. No other construction is rensonable, for o relssuo of the legul-tendor notes would afmply impose the most absurd und disastrous sort of banking business on the Goverument. It would bs com. pelled to sell bonds to obtain gold with which to redecm tho outstandivg green- hacks as often as they were reissued and pro. sonted for redemption ; and in order to get themw into circulation it would have to pur. chage bonds with them, It might not at times got 95 cante fn gold for the bouds sald, whila it might have to pay 105 in notes fox the bonda purchnsed, At sll events, there would bea greator or lessloss incurred so long as tha struggle was kopt up to reissue tho notes and keep them in circulation. It must bo admitted, then, thnt the amount of greenbacks redeemed would withdraw an oquel amount of notes from circulation and contract tho currency to that extont unless provision were mado for the vacunm thus cronted. The next thing to keep in mind ia the amount of greenbncks likely to bo presented for redemption Jan. 1, 1879, or nuy wther date which moy Lo fixed in lou theroof. It can bo demonstrated tuat pretty nearly tho entire amonnt of outstanding Government currency would bo presentod within o year attho outsido, First, all the ewrroncy ro- quired to pay duties on foreign importations (all of which are paynblo in gold) wonld bo offered in oxchange for gold at parat the United Btates Snb-Treasuries; second, all the foreign Dbalances duo and payable in coin would be obtained by the oxchange of green- backs for gold nt tho Sub-Tronsuries; thind, nll the gold required b travelers abroad would bo obtained in the same way, It is foolish fo suppose that auybody requiring gold for any purpose would disposo of their greenbacks at n discount to tho brokers, as they do now, when they could get gold for them from tho Government, The actual annual denand for gold in this country for which notes must be convortod into coin amonnts during the yenr to the following sums: Duties on fruporta, ,. Forelgn balances on Trarelers, eto, (eay). Totalivssseses Thus it is cortain that within n year after the day fxed for resumption there would bo n contraction of tho greonback currency at tho very loast to theamount of $250,000,000. But this estimato makes no allowanco for the numetous local demouds that would be made for honrding, growingout of tho rushfor gold, with greenbncks at o discount, when the ‘I'repsury doors wora first opened. Tho do- mand on this scconnt might amonnt to $100,000,000 more, and thus noaxly the entire volume of outstanding greonback and frac- tional currency would be withdrawn within a year, loaving in its stend only so much of tho gold as is mot required to pay interost on ‘bonds hield abroad and foreign balanuees. But tho contraction under this procoss of resumption will not stop here. 'Lho sevoro restrictions on the issne of National Banlk currency—which will thereafter be redecm- able in gold—are such undor the presont law that the Notional Banks will certainly avail themsolves of their privilogo of rotiring their currency or even surrendering their charters rather than comply with the embarrassments under the law, The issus of gold notes is limited to 80 per cont of tho bonds deposited in the Tressury, which bonds can only be ‘bought at a premium ; thero is a taxof 1 por cent on gold notes as on the notes redcem- sble in groonbacks; and tho gold banks are also roquired to keop a reserve of not less than 25 percent on their deposits. Asidoe from those restrictions, the banks issuing gold notes will have to oxoreise the usual business precantions for tho redemption in gold on presentntion. It is ovident that fhe banks will not keep ont n eurrency of their own at o loss to themsclves, so that the cur- roncy of tho country may underge a further contraction of $125,000,000 of National Bank notes, and leave the business of the country to depend exclusively upon gold and silver for a currency, with a constant drain on it for pnyment of foreign balances and tho in- terest on bonds hold abroad. To avert thia situation, it will bo necessary to provido for any succesaful schemo of re- sumption this ndjunet, viz. : ‘Tho removal of the present restrictions on the issuo of gold notes, so that National ‘Banks may issua them, dollar for dollar, in an equal amount with the bonds deposited to socure them, and unincumbered with any tax on circulation or deposits. In other wonds, it must bo mado tho interest of tho banks to issue gold notes or they will not do it, And until this restriction named bo re- moved it will not ba to their interest to put out such notes, ‘Tho suggestion relative to the issno of gold notes by tho banks is nbsolutoly essen- tinl to sny ‘schemo for resumption. Unless thore bo an inducement for private eapital to furnish tho currency for the country and provide for its redemption, resumption ia impossible without disastrous contraction. If privote capital shall be left unhampored, and thiero be inducements offered for the issno of gold notes in profercnce to having gold only, then tho private capital of the capital will bo sblo to bring about resump- tion, And whenover Congresa removes the dead.welghts and restrictions wo have named, the banks will bogin to issue gold notos, whothior thoe act of Jan, 14, 1875, is repoaled or postponed, Privato cnpital is ablo and stands ready now to bogin furnishing tho country with o convertible currenoy if the Danking law wers suitably modified and lib- oralized. IRTERNATIONAL MONEY. The measurs proposed by SonatorSnenyax, of Ohio, for making the dollar of the United Btates and the pound of Great Dritain in. terchangenble, hias excited favorable ntton- tion in Great Britoin, ‘The London Zimes davotes a rocent leader to explaining it to tho City, the approval of whose monetary mag- nates it bespenks for tho schemes, Tho con. servatism of the financlers of Lombard street would certainly regrot any proposal to change the valuo of the pound storling, but, os the Z'imes oxplaing to them, no such change is to be made, Senator Suzusay's plan, which in nlso that euggested by Jzvoss in his work on 1onoy, is to tako ad. vantago of tho present trausitional period in tho curroncy of the Unlted States, and change the valua of the gold dollar while it 4 out of general use o s to mako it an nliquot part of the pound storling. To do thia a very slight chungo in its value wonld be needod, Tho gold dollar is now worth 4s 13d in English money. It is valned; convention. ally on the Btock- Exchiango at 48, and if this were its real valuo it would be interconvert- ible with the pound at the rata of one of the Intter to fivefof the former, In fact, five dol. lary are worth soven or eight pouce more than a pound, and this is sufficient to throw them out of mutual relations, Benator BuEnMAN's plau proposes to get rid of this disturbing difference, ns our readers know, by making the valuo of the dollar just one.fifth thet of the pound, The ZTYmet naturally can oo no objection to this, as it involves no trouble or change for the Briton, It says: M. BurEman'y proposal would involve no ehange on our past, except, 1t 1nay bo, tho colnogo of somy uew gold ploces difering Ju degros of fnoueas, though not in value, from the sovorelyn or sube diviudons of tho soverelgu, On tho part of the Unltod tates it would juyolvo no serious aliock, 60 far se we cats too, 40 Gocll wud commiercisl srrangemcuts, for tue depreciation of 1o greenback currency Las alrcady produced much more oxtreine varistions in value, and in relurniug 1 specis payments the Amoricans will alosobd sater upon & naw phass ©f monstary davelops ment, 1t in trao st epectal legtelation will ba noaded 10 protect all porsona Intorested {n contracts declarad 10 be hased upon gold, as ile Jeading rallway bonds, munielpal loans, sud the fike, Dol fhe mess of Amerlean transactlons ean bo recommenced on s apeclo basls with the doflar st four shillings ascasliy an with tho dollar at 9,310 pence, The.movement, if it bo generslly supported, fa dectdedly concension on the vart of tho United Blaten, sud shows o croditablo sb- sence of national vanity, As tho 7%mes ncknowledges, the adoption of this plan by the United States would throw upon ns all the change and anuoyauce in the caleulntion of values of Govornment bonds, rnitrond and otber gold bonds, gold contracts, gold Intoreat, oto,, which it frankly confesses Englishmen would not take upon themsclves, 'This soems selflsh at first sight, but is after all gonsiblo, It puts this reform upon its only proper basis: Iait worth whila? If the gnin to this conntry of adjusting its cnrrency to that of Great Dritain to the extent pro- posed would pny for the trouble it wohld momentarily cause, wo would bo watrue to our rounil commercinl jnstincts if wo refusod to mako tho chango. If the reform wonld be practically unromunerative, doference to an idenl system of symmetry, and # vague de- siro for perfection, would not bo suflicient causo for its ndoption, Mr. Suenyax's bill has been reforred to the Henate Financo Committes, and will Lo care- fully disoussed thero and by the publie. We think publie opinlon in the end wilt approve tho mensure, Tho recent action of Gormany in the adoption of n national currency hns postponed indefinitely the realization of a world-wido international momey. 'The choico is now botween two courses. The Ameriean clollar and tho French fh-franc picce may bo assimilated to each other, or the American dollnr nnd English pound mny ba tronted ns Mr, SoEnMAN proposes, nud fa ecither of these changes tlie United States mustlend. It is hopoless to wait for the En- glish to fake any such progressivo step. Tho first of the two changes enumorated cbove can be endily made. It is indeed deolared by Prof. Jevoys to bo * the most ensy and important step which can now Do taken towards an international monoy."” Tha dollnr is worth 49,316 pence; the &-franc picce, 47.68. A reduction of a fraction moro than 1} ponce in the valne of our dol- Iar would give it a circulation throughout Eu- rope,—whero the Fronch nopoleon has alwsys been freely taken,—oxcepting Portugal, where the English pound is the curront standard. TImportant ns tho advantages would bo of in- terconvertibility with thoFronch 5-frane piace, thoso of assimilating tho dollar to one-fifth of the pound outweigh thom. Tha groatestcom- mereial interests of tho United States abroad aro with the people of Great Britain, ‘One of iho chiof advantages of international money is tho facility it gives of understand- ing nll statemonts of sccounts, prices, and statisties. Tacility of this kind is moro valua- Dble to us in onr intercourso with Groat Drit- nin and its Australinn, Polyncsian, and Asi- atio colonies, than with any other country. Idontities of language, race, and other inter- csts, 0dd their force to theso considerations. The greater facility of travel, and tho moro rapid ndjustment of tho foreign exchanges, complete tho enumerntion of tho reasons which render it worth our while to make our dollar an international umit of car- roncy between England nnd America, In doing 80, we in no way aban. don our distinctive national curreney ; on the contrary, we extond the probabilitios that our admirable decimal system will in time bo universally adopted asthe basis of intornational money. ‘fhe most ominent of living English cconomists has writton of onr systom, that “Itis firmly adopted as the money of o nation which, a3 far as human windom can ponotrate the future, is destined to be the most nnmerous, rich, and powerful in tho world, That nation, which has arisen from tho best stock of England, has absorbed much of the best blood of other European nations, and has inherited the richest conti- nent in the world, must have an importance in coming times of which even Americnns aro barely oonscious.” It is not to be feared thet the currency system of such a nation will bo endangered by being made more use- fal. 0ITY COERTIFICATES OF INDEBTEDNESS. Wo print this morning tho legal opinion glven by Mr, Opapran Jicmson, of this city, ns to the authority of the City Government to issuo certificates of indobtednoss of tho form and character which have been general in this city for somo time. Mr, JacxsoN says that, in his opinion, tho cortificatos are illegal —that whatover power existed tomako tompo- tary lonns under the old charter and the old Constitution, such power has been roponled by the now Constitution and new chartor. It will be remombered that Judgo Zang, of Bpringfleld, hay decided that the Government of that city hay no authority to issuo such certificates, and in Springfield thoro has beon no chango of ohartor ; the prohibitions of the Constitution operating, Judge Zaxe lolds, as n repeel of all provious authority to contract dabts in excoss of the conatitutionnal limit, | ‘We repeat, that creditors of the city neod be under no apprehonsion that these cortifl catos will not be paid eventunlly, Thero may ba somo delay in payment, but as rapidly as the taxes aro oollocted tho certificatos will be taken up, There may be somo ombarrass. 10ent of the ity in its financial dealings for n time, but the trouble will eventually prove bonefieial, The City Govornment must limit its oxponditures to the rovenue in hand; all unoxponded appropriations that can bo dis- pensed with should be repenled forthwith, and appropriations for tho fnture must be made dependent on tho provious, and not futuro, collection of taxes. Tho city will not suffer from n year of economy and retronch- ment, oven if such virtaes be enforced by nocessity, . In the meantime, we suggest that tho Cowptroller will readily accopt theso cortift- cates in rodewption of tax-sale certificates and back personal taxes, and we have no doubt that the city would make arrangemonts to recolve thoso cortificatos in payment for city taxos, As thoy have boen issued in anticipation of taxes, thoy mlight equitably bo accepted in payment of taxes, Mr, E. I Druny hos writton an enrnest protest to the New York Z'ribuns against the reponl of tha Resumption act. He jusists that it is practicable for the Governmont to redeem its greonbacks in gold at the time designated, viz.,, Jan. 1, 1879, and bases his opinion upon the grentness of the population and resources of tho United States, He then proceeds to consider tho amount of paper currency that con be kept at par with gold aud in virculation, and says : i Sliould we ratse our currency to tho Jovel of gold, tho Airst questions that will come upwill Lo, What swount do we require? How much can bo safely foat odat par? After au exl:austing strugglo, France has mafutsiuod st par a clrculstion of $500,000,100 fn beuk notes, and bss done ihie with a population re- Quced 10 36,000,000 by thie loss of Alsace snd Lorraina, Her ciroulsiion of papor ia at the rate of §14 per oepls 13, and at this rate our cousizy, whoss population will ruach 80,000,000 (599, sy Bcal ab par & papez sure Tenoy of $700,000,000, By the return of October last, the smount of our paper curroncy, inclusive of greon- ‘aoks, bank notos, and postal currency, was $184,017, 288, If we deduct from this theamount held Ly ila fasuers, $170,200,634, tho actusl circulation fs only 854,050,601, And wo tmny safoly Infer that if wo re- duce thln by 10 per cent, or to $300,000,000, wo sy easily float it at par, ‘Theso figures are probably fair and enfo estimates, provided the Lanking laws mado it to tho'interest of privato capital to issuo gold noten and protect them ; but the present laws do not, There would be little or no profit in issuing 80 notes againat 100 of bonds, paying 1 por cent interest thorcon, no matter how few or many of them wore in actunl circulation, aud ot the same timo keop- ing on hand 26 to 40 por cont of gold with which to redcom tho notes ns fist as pre. sonted. Under such reatrictions private cap- ital will decline to issue gold notes. Thero i no uso in talking about $700,000,000 or 100,000,000 of currenoy under such circum- stances, s it would not be issucd, nor the tonth part thercol. The Buffalo Commercial says that Tne TniuNe misunderstands fts request * o namo some candidate who is noto apparently suro of geiting mors votes than Roscos Congring, of New York, We meant *morg votes’ at ¢ tho Republican National Conven. tion, Wo thereforo repeat our re-quest that ¢Tuz Triovwe will name some can- didato who is now apparently sure of get- ting more votes [in that body] thon the Now York Sonator—and 1olat toles these are)” The Conumercial omils telling us what votes Conkrineg is apparently sure of getting, It furuishes no basis for a comparison, Is tho New York Sonator sure of gotting any votes outside of his own State? If so, what ones? Wo will oblige the Commercial by naming o candidato who is ** apparently suro of got- ting smore votes in the Convention” than Coxkrixag, and his name is Jamzs G. Brame. This gontleman *“is now apparently sure” of gotting the following votes : Msine (Stato of hia odoption)..s.... Yennoylvania (Stato of Lis uativity {1 A QonsraNg fa ¥apparanily aure” of How Yor! Mojority for Branie, 1 We have now complied with the Commer- cial's request, but will add that, ns between Coxzrano and Branie, the West will bo sure to give tho latter two votos for every one tho Commercial dare claim for CoNmziNe from other sections of the Union. Now bring on your boars ! PERSONAL ;& 2 U0 3 . Col. Forney is now afloat on tho raging ronin, baving salled from Liverpool last Woduosday. Tho sod question of the hour in Evanaton st 1t Boveridgo drinke besr, whom can wo trust ? Mr. A. T, Btowsrt, of Now York, hos paid 980,000 for Gorome's now picture, ‘A Roman Chariot Race,” Owing to tho proiracted snd very serious ll- ness of the Hon. E. 8. Loland, Judge of tho Ottaws, Ill, Clrcait, the Court has becn nd- journed until Monday, tho 28th fust. The Washingten correspondonts notico tho presonce of Gen. Blioridan with ¥Mrs, Fred Grant, and Col. Grant with Mra. Potter Palmer, a4 the second #oirea of tho Japanaeso Ministon Earl Roscborry's marriage to Miss Dancan, danghter of William Butler Duncas, of Now York, will tako place early in the spring. It is statod that a daughtor of tho Iato Paran Btevens will bo murried to an Eoglish nobloman ia Lone don abont tho same timo. Ars. Emma Waller nas boon playing Zago and Romeo in 8an Franoisco. Blio hae boen called the successor pf Charlotto Cushman ; but, as the Springfield Republfcan says Cushman was tho only great actroes America ever prodaced, it 15 somowhat donbtful whether augbody can bo eald to havo inberited her position, Tho Re- publican always koows, Tho Providonce, B. I., nowspapors contaln congratulatory notices of the accoptanco of tho eall recontly oxtendod to the Rov. A, J. F. Bohrends Ly the Union Congregational Church of that city, Dr. Dehrends, it will bo romem- bored, s the Cloveland divino who recoutly sovered his connoction with tho Baptist Church from consclentious motives, In the Suoz Canal dobate in tne British Par- liamoat laut wools, Lord Robort Montagu spoke of tho transaction s glzantic stock-jobblng, and callod Egypt ** & neody bankrupt going for help to tho richest Jew.” Tho New York Herald, ab- surdly enough, iInterprots this langunge as sn allusion to Mr. Disraelt, whon it is porfoctly plain that the reforenco was to Rothechild, Botwecn the firss and second nots of * Rich- ard I1L,” in the Grand Opora-Ilouso at Cinein- natl, Batarday might, Mr. Damry Sulivan was presented with » superb copy of Applaton's + Plcturoaquo Amoriea” in two volumes, Tho donors showod thelr tasto and wiadom in mak- ing the prosontation during tho roprosontation of “Tickard IIL" Mr. Sullivan is withont donbt the best livig reproaentativo of that past, Sonor Castelar, the only Republican elected to tho new Spauvish Leglslature, asaorts that thore was CGovernment fntorforence of the grossost kind in the clections, Every expodiout was adopted to prevent lils succoss ; and everywhoro intumidation and fraud were frocly resorted to, An attompt wlil be made to nnnul his olection on the ground of {llogality. Castelor eays the King has thrown himeelt bodily into tho arms of tho Clerical party. The Loundon World, in s blographical sketeh of Goorgo Ellot, asya: *“Bo thoroughly does sho think out hor books, aven® tc the structure of hor sentences, bofaro sho commences ta writo them, that, unliko Dickens, though like Thack- ersy, her manuecript displays ecarcely an orasuro or o blot. Dotk of thess charsotecistics aro nothiog more than wo might oxpeot to find iu a writer to whom authorship is charged with the same responsibilities a8 axistouco." Tho Nev. **Adirondsck” Murray joined tho crowd of rolic-buntora after tho old olm at Bos- ton was blown down, and, politely asking a po- licoman what it was proper for him Lo tako, was prufily answored that ho might have whatover ho conld carry away, which waa aqual to a rofaaal, 28 a1l the emall piecos had boentaken ; but Mur- ray soized s limb 10 feot long, and noarly as many inchos thick, and etruck a boo-lino for the Golden Rule ofice with 1t on his snoulder, BIr, Louia Jennings, oditor of the New York Times, 15 #aid to be a porsonal frlond of Mr, Dis. raell, tho English Prico Minlator, An importaut oftica under the .prosont Govorument would per- Liaps ouhanco Mr, Jeunlage’ presont high estl- mation of Uritlels justitutions. He Las never boon naturslized, and will 10 doubt rosume his Dritish oitizouship ou the tormination of his editorial conneotion with the New York Times, which will tako place in & fow days, accordlng to common Teports Mr, Foohter made his first appearsnco asa reader in Philadolphia Iast Thureday evening, the programme consisting of nearly tho whalo play of ¢ Hamlet," divided iuto two parta. The Press saya that at loast two-tbirds of tho sudience left the Acadomy at the end of tho frat purt, His volce was so excessively modulated 4 to mako the words insudible to m very largo number of tho audience, and, as the resding of the firat part aloue occupled an hoar and a balf, every ono wag tired out, Mr, Lowe last week opposed the English Gov- ernmant bill which provides for the addition of the titlo Empress of India to tho presont official aesigoation of the Queen's ravk, Iu the courde of his spooch ho made & singular blunder, argu- log that England might ultimately lose India, This uakappy forecass of & dissgresable futaro, of whizh caly Xir. Lowe with his fesulty for Llondoring was capable, inflamed tha Conserys, tivos and gava thom A& decided advantage by allowing thom to appoar aa the champlous g an indivisiblo Empire, Bat Lowe aimost recay ared Limaolf whon, roferring to tha titlo, Dg fondor of the Faith, hiosaid : * Queon of Grey, Tritain and Ireland, Empress of Iudis, and Dg. fondor of tho Faith! What faith " A friond of tho Winslow family denonncon 1g falso tho statoment widely published fn tpe neowspapors that thoy woro couniterfoitrs, thievos, and asssasing, Tho mothor aad father of Winglow waro respoctablo Christian peopls and had nd convection with the Winslows o; Barre, Vt. Poor Winslow has had to suffer for hie crimos, Tho partraits which havo appoareg in tho {lluatratod newapapors sinco his audday riso iuto motorloty have boon puuishmeny onough fora slight brosch of falth. Charley Lamb's casay * On the Dangor of Confounding Moral with T'ersonal Dolormily™ never rocolved & moro apposlte onforcoment than in thin eass, Bonides this, to ave hia family deagged boforg the public and pllloried in print as tho worst of manhind i3 enough almost 1o break the hear: of groater criminal thap Winslow, IOTEL ARRIFALS, Dulmer House—P. B, Bbhumway, Streator; 7, w ‘Moorhesd,” New York ; J. E, Corwlith, Galena; 11, T, Chandler, Chandleraville, Ill,; G. D, Baldwin, Boston @, W, lloman, Jr., Omnb: be Rev. J. Dunne, Wis. cousin ; 4. B. Durton, G il m, Hageman, g0 Erle, Midner, ) 'Pa, '\ W, delphlai Ttogor M. Sfierman, Now Yore; Col. Bheridan, U, Ai Honator Willtyn Bliaton, San ' Francis rand Pacrfie—E, P, Champlin, New Orleann 1. Topuoli, Galoahrgs §- £ ort, Galeabueg; O £, Tivpincott, Springd] 1. E; lieed, S, Paul: 'F. O, Paruons and FL. C, Srwell, Baudusky; O, E. Oux, Quine; Qay, John L, Bavers 1gr, BpringAold; Jolin Tod, Oloveland: Gostge Pa. torbaugh, Looria: Howard Knowles, Yeorivs J. T, Stoddard,. Hartfords J, AL Tagmond, * 0ol Beers."' Now York: A, V. il _Carpenier, Milwatkoo, ., Tremont Housa—The lon, Lewls Stew. ard, Plano, tho Hon, Henry Baotz, Bhehoyyan; J, A. Tiontley, Shieboygn Willlama Dooth, New York; i, . Spritigor, Yorkvilia: J, i1, Burdick, Yankton. D, 'T.: Behnyler Colfax, Bouth Bend; Gen, J. G, Thorpe, Eau Cliro; G, ‘5}. MeBride, Thiladelphia; Wil inm_Rhodes and’ T A, Renney, 8t Pal; . Monntford, Tronton, N. 3.3 M. R, Teogarden, icing; B Emery, Pearin..,.dhernian Hou T{on. G. 8. Hatlow, Becrotary of Btato of inof Tion, It. B. Miils, lfnoxvm'-, Ti; A, Washburn, ford’; G, T, Piper, Portland, Ofo,; tho Il oo, I Hinxdslo, Kennsha ¢ JudgeJ. R, Frasar, New Yorl M. Singor, Lemont, Til; G. 8, 'Knight, York; B, E. Hukott, iokommo, b ! Bogne, Baltimaro; M. L, Lorig #ueldon, Lonisville, ... Gardner House B. &0, 1t, R.; G, G. fall, P, P, C. O icomingion; Loufa Laniington ani 3 : ingiton, Bt. Louin; G, E, Howos, Battlo Crook: O. Will. iams, Tidavla; A E. Irwin, Otiawa: W, G. Divis and Was'Mary Dyvls, Now York; Alisa Engllalt, Hartford, s i R e i POLITIOAL NOTES it ..y wonanks, tho mild and poaceful city oditorof tho New York ZTribune, who wasro- contly rdmittod to Tammany. A correspondony of tho Hartford Courant, gonorally wellinformed, saga that neithar Blaine nor Conkling would hos populsc Presidentiat candidate in Massachusatts, Gov. Beveridge has recontly pardonad two coovieta while en routa to the Vonitontiary, and it ia feared bis noxt stop will ba to grant plonary indulgences for tho commission of any crime the penalty for which Ia less than banging. ‘The Boston Advertiser bolieves that tho ro- tiroment of Mr, Bristow fromtho Cablootat this time would bo more of n misfortune to the Administration than to him personally. The common {mpression wonld be. howovor unjust, that tho Gonoral in command of tho Whisky Kobollion hsd hoen romoved for pressing the enomy too hiard, *Tho Indiannpolls Sealinel says that tho gracn. back movomentin Indisna will not cause the immodiate dlsruption of eithor of the great partieain tho Btato. Tho Sentinel hus tho caol effrontary to remark incideatlslly that most of the porsons engaged in tho now movement are Ttopublicans. ‘How did they como, thon, to nominate Mr. Laudors? Notwithstanding tho blustor and repeatod de ninla of the Counootiout Democraty, thero 18 too much reason to boliove tho report of tho growth of fuflatton sontiments in the party In that Stato, Ingorsoll and English and Eaton aro not now trainlng in that crowd, but theso are peril- ous times, and nobody can toll what political oxigioncies may arigo to fright the souls of foar~ ful Domocrata. An advocato of ailver resumption writes ta tho New York T'ribune, calling attoution to the fast that sllver was tho cnrront money of tho country beforo 1837. All transactions thon botwoen bavks and {ndividusls were to balf-dollars and Moxican dollars. Tho condltions nqw, howaver, aro not the ramo that provailea thon, Bilvor ros sumption will bo possible just s soon nsa grecuback dollar Lias approximated tho valua of @ gilver dollar, and not beforo. An Indgiauspolls gentleman has roceived a lotter from tho Hon. Godlove 8. Orth, Miniator to Austria, in which ho says: «If Tam nomlnate od for Govornor of Indiana by tho Republicaus, I shall at onco roturn homo to enter vigorously upon the canvass ; but I do not want my nama prosonted unless thore is a strong probability of my being nowminatod.” Thero ia sald to besn almost abaolute certainty that Alr. Orth will be tho cholco of tho Convention, aud that the Aus- trian misgion will soon bo vacant, District-Attornoy Dyer's roforences to tho Premdont in his recent speoch aro judged by tho New York Times to bave besn undignlficd and uncatled for; ‘‘but,” tho same authbority says, **Dyer's tack of dignity and resorve will not juatify tho President aud Attorasy-Gaenorsl in showing an excess of these qualities in deals ing with the causcs of hls resiguation, A per~ fectly frank and outspoken mannerof trontlug all ruch raflactions upon {ta importiality la the only #afo cousso for tho Admipistration ab the prosent junctare,” England suepended specle-poymonts Feb. 27, 1797, The raport of tho Bulilon Committee, recommending o roturn to apecie In two yoars, was rejected ia 1811, April 17, 1817, tho Daok Diroctors gave notica that on tho next 2dof Alay thoy would pay cash for all £1 and £2 notes datod prior to Jaw. 1,1810. Matters immedintely improved, and in 1819 Peel's blll passed, provid« ing for gradual resumptlon of apccle-paymonts, which was porfocted in 1822, avd could have Loon dono by 1812 justas well, A correspond- ont, noticing thoso facts, subscribea to Horace Groeloy's maxim, that +The way to resumo ls to resumo.” Tha oorreapondence botwoon Mr DBancroft and Bocrelary Bristow in regard to tho error by which the formor was roported as haviog boon eome time {u artesrs to tie Covernment re- flocts no credit upon Baucroft, AMr, Baocroft ¢hiosa to assuma that Mr. Bristow was personally responsiblo for tho false ontry, and addresiod Lim iu tho most insolent manner, The Bocretary in roply * waived all objections to the effensive charactor of tho letter ' ; told Mr, Bancrott thab tho Head of the Dopartment could not porsonsle 1y supervise the bookkeeping of higsubordinstes; oxplainod exsctly how the error occurred ; and inclossd & copy of the commuufestion o lad sont to Congrosa in justification of Mr. Banoroft. An fovestigation of the Massachusette Alme- ITouso aud Insane Asylum, at Tewksbury, hes slrondy develaped shocking mismsnsgoment aud eriminsl nogloct of ordiuary sanitary precaus tions. Inquiry iato tho coudition of the fnatitas tlon waa first mado in 1873, under tho dizectlon of Dr. Howoe, 8 momber of the Doard of Btate Charltles. A roport made and published at thab time cousured tho Buperintendent for onraleds: ness, aad noticed the want of proper ventilstion apd dralnsge. In1874 a new physician to the insane was appointed. ‘Ilo was removed for cruelty and dereliotion of daty in May, 1875 and the daties of tha ofiico devolved upon the Superintoudent's daughter, tho assistant pbysl- ciat, who had boen appoiuted by the favoritisn of her father, In one month thereafter four~ teen persona died, This startliog desth-rato aie tracted tho attoution of tbe Board of Charities, and the Buporintondent waa compelled to em- ploy a compotent physician. The whole subject 18 now being overhauted by the Charitable Come mittco of the Legiulaturo, One of the resuld of tua favestigation i to cast diseradis uped womaAR physieinns in the Biste,