Chicago Daily Tribune Newspaper, March 16, 1876, Page 4

TERMS OF THE TRIBUNE. RATES OF BUDSCAIPTION (PAYABLE IN ADVANCE). Pestnge Prennld nt this Ofice. Daily Bdltion, portpald, 1 yes. . 913,00 b Partsof yrar a tia 388 1 1. One copy, per yesr, Sepel i sl Fe poetage 1 10 sonti Bpecimen sopieasent I . To preveat delsy and mistakes, bo saro and give Post- Offios address In full, Including Btate and County, Remitances may be made either by draft, express, Poat-Ofion ordor, or In reglstered latters, at our risk. TERMA TO CITY SUBECRIDERS. Daily, delivered, Bunday sxcapted, 23 cenls per wetk, Daily, deltvered, Bunday tncladed, 3O cents par wosk. Addrem THR TRIDUNE COMPANY, Corner Madison and Dearborn-ets., Chloago . T cmet— AMUSEMENTS. \TRE—~Randolph atrest, between DR Tate Tuw Gallorala Mlcairele street, corner ADELPHI_THEATRE—Destborn Monros, * Humpty Dumpty.” MoVIOKER'S THEATRE—Madison atrost, between Dearborn and Stats, Engagemont of Emma Waller, ¥ Aleg Merrilies.” MUSEUM—Monroo sireet, botween Deare Vo Hiata. - Atermoon. Dhy Afler the Wod- " and % Alarming Sactifice.” fvening, ** Itose -l;na'lmx,'x by ‘the Richings-Deruard Troupe. The @hicago Tribame, Thursdsy Morming, Maroh 16, 1870 Greenbacks at the New York Gold Ex- thanga yesterdny closed al 87§, the freezing point in this region to-dny. A Memphis dispatch npnounces tho salo ander proceedings in bankruptoy of the en- tire estato of Confederate Gen. Gioeow Prn- 10w, whoso appeal to Congress for componsa: tion for mutea captured op his plantation by Volon soldiers wns lately -puoblished. Iis tiends, however, bought in his rcsidence ralued at $8,000 for $20, nnd his largo library for $11, and presented both to his wifo, o that ho comes ontof bankruptey in much Votter plight than ho entored. — e A cablegram announces tho deathof the Rt.-Rev. Ronenr Mmanx, D. D., Bishop of Calcutts, Dr. Mizaux was long onoof the most prominent divines of tho Church of England, ond was well known in literary civcles o8 tho author of tho * Lifo of Tasso,” “The Way Through tho Desort, or the Caravan,” and other works, deservedly giving him o high rank, o also wrote a number of religions works of considorablo merit. He was aged 69 at tho time of his death, The House Democratic caucus, after a pro- tracted session last night, consed their wrest- lings with the currency conundrumn by ngreeing by a voto of 80 to 42 upon support. ing the Payne bill, which in o mild way looks toward resmbption at some indefinite period in the future. The enucus, howover, acted with the distinct understanding that its nction * was to bind nobody who Qid mot cheose to be bound by it. So tho great Democratic party, after ponderous toiling with the ques. tion, solemnly takes both sides sand neither. Tull returns from Now Humpshire show that Ciuxyer, the Republican condidate for Govornor, is elected by 8,347 majority over uoll othor eandidates, his majority being the largest roceived by suy candidate in that Btate sinco 1870, cxcept that for Grawrin 1872, which was 05,848. In 1874 the Demo- wrats carried tho State for their enndidato for Governor by 2,100 majority. 'T'hio Republic- ans havo also carsied the Legislaturo by a majority of 20 on joint ballot. Tho victory 1s complete and decisive, and is an carnest of Ahat to como in November. e A dispatchs pppeared in yesterdny's Tan- vyn aunouncing that the Union Savings Bank of Cedar Rapids, In.,, had failed During fue dny wo wore ghown telograms from both Lhe Presidont and Cashicr of the bank, who nertainly ought to know about it, denying the rreport. Our Davenport correspondent, who tolegraphed it, dispatches us that ho did so on puthority of areport to that effect pub. lished in tho Democrat of that city, which must bo held responsible for giving currency to the roport thst our correspondent, as o matter of nows, trausmitted to us, but which, hnd its roliability beon suspected, would have Licon suppressed in this oflico, Nino failures on the London Stock Ex- change, some others anticipated, and failures fn the Stock Exchango at Liverpool and Glas- Bow, with busincss slinost nominal, is the summing up of tho finaucinl Alwry in En. glond yesterday, which was tho fortnightly Bettlement day. A later dispatch announces that tho market closed firmor and that a bet- tor feeling prevailed, indicating thut no panic need bo spprohended. Dotails have mnot been received, but from the fact that the fail- ures wero among tho stook oporators it is presumable thoy signalze simply a collupse In stock-gambling, Tho' rag-baby organs donbtless will discover that it was because tho English baven't an irredeomable paper currency and noed moro monoy, 88 certainly did tho euspemded firms abont sottlement timo yestordny. S—— From our San Francisco dispatches it op- ‘peard that there is prospect of tha exposure in tho courta of the operations of tho Credit and Finance Company, the Credit Mobilier of the Centrnl Paciflo Railroad, the tronsace tions of which up to this timo havo been cloaked jn impenetrable secrecy. ¥ what duklings of tho Credit and Financo Come pany's doings have been given out are not to be sot down as lies of monumental propor- « Mons, thet concern plundered tho stockhold. tra and robbed the Contral Pacific on a scale s compared with whicli the Credit Mobiliex -of the Unlon Pacifioc waa but petty larceny. ‘The suit fs brought by a stockholder; bnt peading it enough light may be Jet in upon 110 wholo affalr to indicate what beoams of ‘the millions of assots of tho Central Pacifio, which, could they be found, might be made syallable in payment of some of the millions of bonds fasued to that Qompany, which now there is prospect will have to be paid out of the National Troasur; The Ohlesgo produce markets wero steadier ' gesterday, Mess pork was less active and o shade firmer, closing at §£22.05 cash and £22.12) geller April, Lard was rather quiet and unchanged, closing at $13,20@18.25 cash and $13,80 for April. Meats were quiot and easy t 8io0 for boxed shoulders, 1240 for do short ribs, and 12§c for do shortclears. High- wines wero quiet and steady at $1.04} per gollon. Flour was quiet and irm, Wheat wea aotive and 130 higher, cloaing at §1.00} for March and $1.01§ for April, Corn wos Jess sctive .and Jo higher, cloaing at 48j0 for March and 48§c for April. Outs wero quiet and firmer, closing at 8230 for March and 84dc for April. Ryo.was quiat at 63} @040, Barley was quict nud firmer, closing at 670 for Mavch and 56}c for April. Ioga wers in fair demnand at 100 decline from Tueadny's prices, common to prima lght solling ot $7.80@8.10. Cattlo’ were mora sactive and stoadior. Sheop wore dull aud lower. One hundred dolars in gold would buy $114.25 in greonbacks ot the close. —— By our Washinglon spocinl, published this morning, it will be seon that the contost ag to the confirmation of Riciann IL Dana, Jr,, a5 Minister to Gront Britaln, hns assumod & now phaso, Tho controvorsy is no longes as to tho charge that DAxa, in his edition of “ YWneatox's International Law,” pirated tho notesof Wrrtiax Bzacxt LAwneNcE. Law- nexcr's editton waa from tho old States- rights, pro-slavery atandpoint. Because of this, Daxa, as it is understood, at the instancs of nDBoston book firm, compiled his edition from the opposite standpoint, and annotated to fortify his position. The Domocrats in tho Sonnto have been advised of this, and aro disposed to go for Daxa, becanse his cdition of tho book was n direct assault upon the Calliounism with which Lawnexce's odition was so tinctured that during tho War tho State Deportment discarded it So tho fight against Daxa's confirmation, so £ar, at lenat, ns thoy are concerned, is a de- fonso of Cnlhounism, it would scem, Dex Burrer's grievance is personal, and ho hopes through his personal influence—which, it is to bo hoped, is not ncarly so gront as that would imply—to sccurs tho twelvo Republie- an yotos necessary with the vote of the Dem- ocratic Senators {o reject the nomination of Daxa. Tho President hns @eclined to recall the nomination until after Dana sholl have been heard by the Commitiee, before which he will appear noxt Tuesdsy. It isrumoredat Waslington that, in caso tho nomination be rejected, the name of Mr. E. W. Srovantoy, the well-known New York lawyer, will be sent in insteod. Tho Somexck correspondenco’ communi- eated by Secretary Fisu to the House Com- mitteo on Foreign Affairs is a luminous and fitting supploment to Mr, Sonexcx's othor performances in connection with the Emma Mino swindlo, Of oll tho tricks he las played in the whole tricky business, it was tha sharpest. But it chanced that he played it on the wrong individual, On tho Oth ult., the London papers of which date announced the passage by the Ilousa of the resolution of inquiry in his case, in a state of boiling- over indignation and“high maral dudgeon, Scnexcr, by cablo dispatch, tendered his resignation. Next day, ovidently counting upon receiving in responso & messago do- clinlng nccoptanee of his resignation, he telegraphed asking leava to pub- lish | in tho London pnpers this high moral dudgeon dispateh, in which ho proclaimed his purpoge to remain in Lon. don and meet any suits against him, and to generally vindicate himself there. With this, of course, ho contemplated publishing the President's response, as he supposed it would bo, declining the resiguation. This made Mr. Scuencg’s little gamo of securing the whitewash of o Presidential judorsoment covering his Emma Mino operations dis~ tinefly percoptiblo; and lis xesiguation was promptly nccepted by the President. Nor ‘would tho latior reeall it, thongh in responss to Scmevex’s importunitics 1t was delayed long cnough to cnable Alr, Scannex to ar- range for his dsparture. And he took especial pains not to linger in Englond to angwer suits and vindicato himself, TAXING FUTORE GENERATIONS, In tho roport of the debate in the Common Council on the city financos, tho following paragraph occurs : Al QaxroELn then proceedsd with his specch fn opposition to tho ftem, Chickens would, Lo sald, come Liome to reost, aud he was glad to see tho aystem which Mr, Maves Lad {maugurated como back to plaguo himand the other men who had sasisted him in puiting the provision aguinat issuing bonda in the Constitution. e wea In favor of making some pro- vision for allowing future generations to psy thelr alaroof tho permanent lmprovements for which the citizens must be tazed, This stylo of logic is not new. Mr, Casr. neLy merely xepeated tho senseless twaddle always common among tho spendtbrift, reck. less domagognes who think that Govern- meontis aro instituted for no other purpose than to confiscate private property and ap- portion it among lonfers nand bummers. dr, Hayes bos probably mnever regrotted his agency in helping to placo in the Constitu. tion the limitation upon the creation of dobt by municipal bodies. It has proved of in. calculnble Benefit to tho people of this State. The bonded indobtednesy of oities, towns, villoges, and counties in this State hind reachod mnearly forty millions of dollars when the new Constitution was adopted. The arrest was by no means made too soon. Thore are towns in this State which have be- come 80 overwhelmed with debt, through the facility of selling bonds, that they have nc- tunlly succumbed, Capital and population have moved awayj taxatlon, it onforced, would be equivolont to conflscation, so0 toxation is omitted, intorést is mot paid, creditors have obtained judgments, oud munjeipal ruin is tho end, It may bo imogined what wonld bo the presont indebtedness of Chicago had not the re- strainfog provision been in the Constitution at the timo of the fire, There would have beon hundreds of evon Joudor-talking doma- gogues than Mr, OamrorLy, who would have ranted sbout making posterity pay ita sharo of bullding tho city and of wmaking perma- nont improvements, ‘T elamor for tho salo of bonds to give ecmployment for labor would have been intense, end conspicuous among those voting to inzroase the publie debt would bo a scoro of persons whosa names may be found with Mr, Oaurorry on the }ist of city Aldormen. We have already funded n reasouanbla bonded dabt of thirteon’ snd o half millions of dollars for postority to poy. When the now Conatitution was adopt. ed, tho Government of Ohicago had doparted from the pay-as-you-go systemn and discov- ered the easy process of golling bonds, That system wad in full blast, and such was its mo- mentum that, despite the prohibitions of the Constltution, the city has actually contracted an additional debt of three millions of dol- lars, After the fira thore was an insano effort made to have the City of Chicago contraot & loau of twenty to thirty millions, to lend it out to individuals to improve their property ; o like effort was mado to entrap the Uity of Boston into such an arrangement, after tho fire in that city, but fortunately nothing camo of cither suggestion. I'heso schewmey . wore of tho same class s those talked of by Oaneperr,—of making posterity pay a sharo of the exponsea of the city, and furnishing the means to employ labor, Posterity will in all probebility have all it can attend to, and will havo its own struggle with the rapa. clous people who insist upon making Govern. practiced elsawhera as woll ns “here. Now York it ns accumulatod a dobt of $142,- 000,000, and incronsed the annual tax at the samo timo to $25,000,000; in Philadelphin it has run up a dobt ranging betweon 60,000, 000 and 876,000,000, and in all tho cities of THE CHICAGO TRIBUNE: THURSDAY, MARCH. 16, 187G. This system of taxing posterity has beon In the country in the same way, Taxing pos- terity mevor diminishes present taxation, but the immediate extravagance keepa paco with the enormous draft on the futuro. The ono form of oppression but intousifics tho other, . But thoro is a positive misstatemont of the fnots. Ono-holf, if not moroe than that pro- portion, of the necessry expenditures of Chi. cago Ia to pny intercst on what wo owa nud to pny salarios, ‘Cho chinrge for interoat, now resching to nenrly 21,200,000 s yonr, is our annunl contribution {o the debt which it is said wo havo pushod on posterity. Tho next bunden is salaries, and this is but taking one man's proporty to pay it to nnother. Wo have but fow oxpenditures for what aro atyled pormanent improvements. Nothing is of o permanont character, Our stroct pavementa havo to bo renowed at brief intervals. OQur sowers cost for repairs and cleaning an im- menso sum annually, and it will e fortunate if they do not have to ba renewed at lenst once in every goneration, Within tho Inst six years wo have renewed nearly all our water-pipe, aud ruch rencwals will have to be moro or less continuons. The present wator- machinery is now, and will have to be re- nowed from time to time. Our bridges, sido- walks, lamp.posts, and all other improve- ments, sre by no means of a permancat character; on tho contrary, they aro of a very transitory and briof endnrance, At this time wo have no permanent buildings, nor hed wa nt the timo of tho fire. Tho patched-up Court-Housa and City-Hall, had there been no fire, would long since bnve proved too small, and a new one would now be in order. In point of fact, thereforo, wo hnve mo legitimato’ expenses save thoso noeded for current mattors. ‘Iho annual tax-lovy shonld moot all the onnual expenses; whon an ap- propriation ismade, n tax-levy shonld follow equal to the payment of the whole appropria- tion. Weo should pay ns wo go, Tho city shonld no more borrow money for current oxpenses than should an individual; and it should koep its current expenditurcs within tho amount of its income. But Mr. Cayenerr and his school do not want that kind of honest Governmont. If ho regulated his own personal oxpenditnres upon the same plan that o doos thoso of the city, his financial collapse would be inevita- ble. The pay-as-you-go principle is especial- 1y obnoxious to the dend-beat population,— tho class who live upon public exponditures, and share In the dividends of other peopla’s property taken under tho form of taxation, "T'a theso poople, the restraints upon municl- pal dobt, mpon municipal taxation, and mu- nicipal oxpenditure, are abhorrent in every sense, EXIT BELRNAP AND PENDLETON. Tho country has received two sickening rovelations which have brought the blush of shame to millions of chooks. If misory loves company, the Ropnblicans who feel miserablo over the exposures of BELENAP can turn for sympathy snd companionship to the more miserablo Democrats who have on their hands the remaiua of ¢ Gontlemnn * Pey- preToN, ‘The Ropublicans have lost a Becre- tary of War and tho Democrats n favorito caudidate for tho Prosidency ; tho one lovied blackmail on o post-trader, the other Petor. Funked the Government out of an immenso #m on o bogus claim which the owner in his lifetimo did not consider worth & centa on the dollar. Altogethier, the Republicanshaveno reason for fooling worso than the Democrats upon the results of Mr. Onyuen's investigation. "They have been rid of a dishonest character who had succeeded by hypocrisy in attaining a high place in the Government sorvico, and that place has been filled by a gentleman of sterling intogrity. So far, both the country and the Itopublican party are the gainors., But ‘how is it with the Demooratic party ? Their investigation hns brought down o Sec- rotary of War on the Republican side, but it hns aleo aid low oue of the most conspicuous members of the Democratic party, one who has reeeived Domocratic votes for tho Vice- Presidency, who for soveral terms ropresent~ ed Cincinpati in Congress, and who has been for many years a prominont candidato for Presidont. Tho Democratio Committeo have rovealed to the country that tho wifo of & quasi Republican ofice-holder had boen deal ing in post-sutlerships, snd have permitted tho witness to sscape who could have led to the impeachment and punishment of the husband of this woman, if he was implicated in tho bribery, os he probably was, DBut in doing this the Demoeratic Commit- teo also Dlundered upon a transaction, greatly to their chagrin and mortification, by which their good man PenprETox. wos im. plicated in gouging nearly $150,000 out of the Government. Every new development in regard to this transaction places Mr. Pex. DLETON in 8 worse plight than before. 'Thus Benator Srevensox, Democrat, of Kontucky, in tho effort to justify PexprrroN in pocketing mora than 50 por cent of the Logus claim he collected, really illustrated’ how onormously the Government wns swindled; for ho teatic fled that he had heard Mr, Bowren (tho principal owner of the Kontucky Central Railroad) say before his death that hoe wonld sell his interest in the claim at & centa on the dollar, which meant that it was really worth nothing. Yot Mr. PeNvrrron, fully ng fomilior with oll the facts as Mr, Bowren, procecded to collect from the same Bri. ENAP 100 conts on the dollar, and did so, appropriating nearly two-thirds of tho dishonorably-obtained monoyto his own use, As in most of the official corruption that has boen unearthed, the Ropublicans have almply traded off oue plece of rascality for another on tho Democratic side, There waasa James Bnoors foran Oixes Aues in Crodit Mobilier, a Scnvsuxes for a By Kixa in Pacitio Mail, and now a Pexpreton for p Berenar in the corruption of the War Department, 8o far, honors (or rather dis. honors) scem to be easy, ns between the two partics, That isto say, in all the disreput. able transusctions there hnvo boen found high Democrats a3 well us bigh Ropublicans; but in tho prosent Instance the relative fmnpor. tanco of Prnoreton and Berxwar i about that of o knight sud & pawn in agoweof chess, Instantly upon the publication of the Ber. XNAP exposurs, the Domocrats in Congress and the Domooretio presa everywhere ralsed o joyful shout that the eect would bs to sweep New Hampahire out of the bandsof the Republicans, and turn it over to the Democrats by a majority of thousands, Dut the resnlt of the election shows that tho people came to the conclusion that it would Lo bed poliy to abandon the Republican party becansa it contained a Brukwap only to take up wilth the Domocratio party who counted n Prypueroy omong its most conspicnons men., Tha portisan influence which the full exposurs and pun- ishment of Berxxnar might have exorted has without quoation been offsot by the Prxprx. Tox oxposure and the Democratic act of per- mitting Manrsg to oseapo,—in fact running him off. Inthe onocaso itis apparent that ono of the men most prominently put for- ward by tho Democerats for ihe Presidentinl offico hns been ncting ns claim-ngent against the Governmont in ona of the most disrep. utable of all Government jobs; in the other caso it i ovident that tho Democrats aro not compotent to punish official iniquity when thoy run ncross it. They are not likely to mdko any party capital ont of this situation, THE OITY'S GAS BILLS. Ald. Sparpiso started o proper and neces- sary reform nt tho lnst regular meoling of the Common Council by moving the appointment of ncommitico to walt on the South Bide Gas Compnny to securo o reduction of the prico charged tho city to &2 per 1,000 feot. A committeo was nappointed, consisting of— Trom tho Bouth Bide, Ald. Brarping, Rron- anpsoN, nnd Corx; from the North Sido, Ald, Scrarrvegr and Muneny; from the ‘West Bide, Ald. Warenwman, Quing, Oisy, Hitorern, and Crank, to waib upon tho Com- ponios. We presume that this Committeo is propared to present tho arguments to tho Gas Compnnics in tho strongest light,~a light hopofully stronger than that which tho Gas Companics are acoustomed to furnish the publio. If so, wo do mot see how aither Compnny ean well resist tho justico of the claim. Bome timo ngo, in re- sponso to A popular demsud that could no longer be ignored, strongthened by tho growing practice of burning lamps where gas had proviously been used, tho Gaa Companics reduced the prico to private con- sumers from $3 to $2.60, and mado o special prico of 32 to very heavy consumers, But, notwithstanding tho city is by far the largest consumer of all, tho Gas Companies made no change in the prico for strect gas, because thoy had n contract supposcd to be binding onthe city. But the unfairness of this is obvions. If thoe Companies can afford (of which there is no question) to furnish gas at £2 n thonsand to persons who pay them per- ‘haps $6,000 to 810,000 a year, then they cer- tainly onn afford to make tho samo prico to tho ecity, which pnays them more than half a million, That they should refuse to do this while enjoying n huge monapoly for which tho people have paid dearly, both in a publie ond n private cspacity, is an unwarrastable injustico. If, however, tho (ins Companics rofuse to bo guided by any considerations of justice, nnd continue to insist upon their pound of flash, then it 19 likely that they will over- rench themsolves. At the presont rato the City of Chieago is consuming about §740,000 worth of gas, nnd Las only nppropriated somothing like $500,000, and the city already owes soma £260,000. This differenco bo-~ twoen tho amount appropristed and tho smount of their bills, the Gas Companies will bave to wait for until tho cily geta ready to pay it,—aund they may find that to boalong time,—and the only remody the Gas Com- panies have is to turn off the gnsand stop the qupply. Now we oro not surc but this is the very thing that the city would hail with pleasure, Thero has alrendy been very sori- ous tallc of substituting pgasoline for g in tho now process of masnufacture whereby each lamp will manufacturo its own gus by furnishing o prosaure from tho small resiorvolr connocted with it to the wick, The light prodaced by this procesd is an excoed- ingly good one, aud tho same amount of light which now costs tha city-$2.40 can be ob- tained nt o cost of from 80 to 50 cents, cer- tainly not more than tho Intter figure. Thoro is no manner of doubt that, if the Gas Com- panies continno to oxtort from tho city 81 more than ought to bo paid, this new process will be substituted, and sovoral hundred thousand dollars o year may be saved in taxes. 'Tho Gas Compnnies will thereforo gerve their futorests by treating the city at Tonst n3 well ng they treat their largest pri- vate consumers, their contract to the contra- ry notwithstanding. THE ALABAMA PLAR, Thonownationally notorious Mr, Geonoz H, Pexprrron was in Congross when it was pro- posed to issuo greenbuoks and moko thom lo- gal-tenders. Ho was thon young, vigorous, ond honest, and as o lawyor and rensoner he denounced the net ns a violation of thae Con. stitution, and prophesied that these notes, aftor having accomplished their office of rob- bing tho widows and the orphans, demornliz. iug tho trade and commorco of the country, and producing national and personal bank- ruptey and ruin, would, by univorsal consent, boar tho brond of Oa, Bubsoquently, this samo Mr. PeNpreron hod it whispered that such a good-looking man, sach an ablo man, and such a fiue ora- tor, ought to bo Presidont, and forthiwith he prepared o * plan for the payment of the na- tional debt,” which plan was to print 'groen- books branded with the mark of Oawy, nnd pay thom out in enforced exchange for all Government bonds. Lheso greonbacks, thus used in paying off all the nationnl, Stato, and manicipal dobts, being doclared * monoy * and not * promisory notes,” conld bo used to pay off all privatodobts, and thou, when all dobts were pald and thoro was no further uso for them, the uotes could be put into the fire, That * PexoreroN plan” failed to meot tho approval of tho peopls, both in 1804 and 1808, and has passed into history. Varlous other plans for the payment of all dobts, pablio and private, have been pro. posed from time to time, but they have all included, moro or less, the manufacture of papor dollags and their nse as money, Thero havo been suggested tho celebrated 8.06 bonds, which are to be notes, or bonds, or dollars, just as tho holder may decide for bimself, But tho most rccent plan, that bearing the stamp of high-toned, unaduits. ratod Democracy, frea frowm all suspicion of carpot-bagism, is the oue now bofore tho Legislature of Alabama, framed by a Stato Comuission, at tho head of which is the Governor, Gronor 8, Houvstox., The plan is simple, easy, and direct,—is solf-oporating, Tho debt of tho State Is, in round nambors, $30,000,000, of which a swall portion iz trust-funds. Doducting this latter, tho ag. grogate dobt is $27,230,893, This dobt the Commissionors divide into four classes, and they propose that the State shall offer to tho publio creditorain full satisfaction of out- standing indebledneas now bonds, au follows: Now bonds S L ':‘n‘:‘,«% 800,000 3,000,000 o $9,702,701 Al nccruod and wopald interest on the thiat dnto the now bonds nro to boar interest at tho rato of 2 por cent for five years ; afler fiva yoars tho intercat is Lo ba & por cont. is to loga all. fusos to do nnything else, and whon publ sentiment ever sinks low onough to adopt the proposed policy, that is the endof tho matter. tho old-fashionod notlons of honosty and public honor, tho Alabama plan wili com- mend itsolf to the judgmont as nn infinitely bottor way of paying old debta than by the fssne of paper dollars. The reador is npt aleo to ndmire tho liborality with which the Stato hins noted townrds its croditora. It only blotted ont two-thirds of the whola dobt when it might havo blotted it all out. *] rendor will notico the koon senso of soverocign liberality by which the Btate lavishly offors a million dollurs in exchange for fourteen millions of bonds in Class No. 4, thority less than that of a sovercign Stato would have ignored the creditors of Clasa 4 altogother, ors of that class, that thoy have to deal with tho ropresontatives of a sovoroign State, and not with the mere agonts of a commercial corporation. Bovereigns who repudiata their tailors’ bills ofton make large gratuitics. lutely undor tho control of the Demooratic party, and is cartain to vote for a Domocratio Prosidont noxt fall, wo suggest that the Democratie party gonorally shall compromise with Lanpens, and Honsan, and WinLias AziEN, ond the Cincinnati Enguirer, by adopt- ing the Alabamn plan ns the Democratic solu- straction of o trunk raliway line from that city to Ohattancoga, and practically to At. lanta, to connect with the two great railway systoms of the Sonth centoring at those points respoctively. Prudent, after the atyle of tho old-fashioned safo business men, and realized that on the north and west thoir rocognized, nlso, that it was out of tho ques- South. hoenvy filla yet to bo mado. Cnroful estimates show that $6,000,000 will be required to com. ploto the rond.bed and lay the raile, aud that antonut the people of Oincinnati on Tuesday voted, Under tho nct of the Legisinture, which, we beliove, rosorves to the city in o modified form the right to rogulate freight xntes, the rond will be lensed to a compony which will operate it. When comploted, it will supply the missing link botweon tho great railwny systems of the North and South, and will give Cincinnali oppottunity lo eciza upon n vast Bouthern troflle from which it has been in effect wholly cut off Ly the policy of the Loulsville & Nashvillo Rond, operated in tho Louisville interest, avd which lna made overy offort through tho Kentncky Lepislaturo to throttle the Oincinnnti project. Tho scheme is the giant undertaking of n city to rognin its commercial position, and, from the far-sighted ontorprise with which it has boen embarked fn, will donbtless be crowned with success, while in tho end it will have cost loss than ton yenrs' stealings of a munic. ipal ring such as Chicogo has lad experi- ouco of, Tt is truo thoe cveditors have the option to nceopt thesa tarma or not; but to reject thorn The Btate sita down ond r,% ) ‘When onco the mind oan divest itsolf of Tho Any au- Fortunnte indeed are tho crodit- e, Porhnps the most creditablo thing dono by the Democrats anywhero for somo time is the nomination of Mr. Davip A. Wers to fill the vacancy in Congress occasionod by the death of Mr, BrangwrsTaen, of Connectiont, The district which was roprosented by Mr. Brank- WEATHER is Ropublican, and ho was the only Republican Represontative from the State, having been cleoted by n mnjority of about 900 votes over his Domocratic opponent, We presumo that Mr, Werrs will be defeated, but his defeat will not probably be owing to tho division of parties ns thoy stood when Mr. BrAnswEATHER wWas olected, but beeauss Mr, Wents will lose moro Demooratic votes among the high-tarif and rag-baby Demo- crats than he will gain from the eonsorvative Yeepublicans who will vote for him on ne- count of his gound vietvs on currency, tariff, snd taxation. Wo bave no hositation in saying that, asldo from every partisan feel- ing, Mr. WeuLs is tho sort of man to send to Congress, and ho wonld bo a credit to any distriet that should elect hisu, Ho conld bo of great servica to his country in the elu. cidoting of every quostion that should come up with o boaring on the tariff, on taxation of overy kind, on the national cur. roncy, ou banking, and overy unotable subjoet of politicnl cconomy, But it is precisoly on this nccount that thers will bo a despernte, and probably successtul, effort to defent Mr. Wrris, Tho bonoficiaries of tho infamous syntom falscly called Protection and the speculators who hope for a dilation of the currency will sparo uo offort to keop out of Congress n man who might prove so formida- blo to their solflsk schemes ; and in the State of Connecticut such opposition is more lkely to come from the Democratic than from tho TRepublican part; As tho Stato of Alabamn has passed abso- tion of all our financial troubles. A O[TY'S BIG ENTERPRISE, One of the boldest and most striking en- terprisen of the timos is that in which the City of Cincinnnti has embarked, in the con. o littlo disposed to ongago in spoculation that Liero they 1wight be called alow, tho capi- tolists of Cincinnati, fuoll fifteon yonrs sinco, trnde was being rapidly seized by Chicago, which nltimately wonld monopolize it, while ot the southwest Bt. Louis was mnking great inroads upon Cincinnati's trafle, Thoy tion for thom to mucceastally copo with cithor, Ohicago or 8t. Louis for the commercinl supromnoy in theso regions. A market for their manufactures and customers for their morchants wers to be found ouly in the The Soathern trndo had made Cin- cinnati. But that was in the days when the rivors wero tho great channels of commerce, not the minor by-wnys they have becomo in this ern of railroads, And from tho trado of the South Cincinnati’s business men found thomselves cut off by an intervening stretch of ebout four hundred miles of country, most of which wns o comporative wilderness, mountainous, and ent by unbridged rivers,—a wildernoss in which the emort of the iron horso hiad not been heard. Beyond wero the grent milrond systems of theSouthcenter- ing nt Chattanooga and Atlants, with com. munications extending throughout the cot- ton Btates in overy dircction. A trunk line tapping the Southern railway systemsat thoso points wes tho &ing gua non to tho acquisi. tion of tho Sonthorn trade by Cineinnati, and withont which that city must sink to tho rank of a mero sido station botween Now York and Chicogo and 8t. Louls. It wes o road, that trunk lipe, which, when its prospective trafflo for tho noxt dozen years was reckoned in comparison with tha enor. mous cost of its construction through that mountsinons waste, it would not pay to ‘build,—except for Cincinnall. Desides, from ita goographical gituation, Cincinnati is not, like Ohicago, a place to which railronds of necessity must come. To got the Sonthern rond, Cincinnoti must build it, nnd sink the money that must bo sank inits construction, looking to tho incressed trado it would se- curoe for the profits of the undertaking, After various frultlesa cfforts, by offers of bonus and subsidies, to induce somo com- pany to build the rond, the City of Cincin. nati undertook it, It was a novel project for a municipality, and seemed legally imprac- ticable, A carefully-prepared bill, how- aver, was presented to tho Ohio Legislature authorizing the city to sell $10,000,000 of its bonds nnd apply the proceeds in tho construction of the road, and after n vigoroua contest the bill was, some four or five yenrs ago, pnssed. Then followed stontly-contestod litigation as to the consti- tutionality of tho act. It waa foraibly urged that to build a railrond, not only outside its corporate limits, but through Kontucky and Tonnessoo aud outsido the jurisdiction of tha Ohio courts, was boyond the ntmost stretch of any powors granted or that conld be grant- ed the city. The case, however, was con- ducted with groat &ldll in behal? of the city, and finally the Supreme Court of Olio sus. tained the act. 'fhe bonds of the oity, to tho oxtent of $10,000,000, bearing 7 por cent interest, wera then sold in Europoe, and 8o well was the negotiation conductod that thoy were disposed of at par. With the procoeds the T'rustees proceeded with the construction worl, Mr. Geonae H, Penpreron's Kontucky Oentral Road oxtonded over go much of the proposed routa as Iy botween Cincinnati and Loxington, Ky, Itwas a rottle.trap concern, pursuing & roundabout course, and, ns an oxorbitant price was asked for it, the Trus- tocs declined tomako the purchase, and com- menced work acrosa the river from Ciuncin- nati, Simultanecously work wos commenced nlong almost the entiro ling, Only 13 miles of tho road, from Nicholasville to Lexington, are in operation; botween Cincinnati and Lexington, but 80 per cent of the work ia done; and, atarough estimate, two-thirds the work fs done for the remainderof the lina, Kieng's Mountain hes been tunneled, the bora being through solid limestone about 4,000 feot; nlarge number of other tunnels have beon completed or sre near comple. tlon ; the bridges acroea tha Cumberland and Kentucky Iivers are under way, and the $10,000,000 1s mbout exhausted. Even in ita present slate, such are the difiulties of pushing the rond over the projected route, that it is gonerally conceded no com- pany would take the road as a gift. The $10,000,000 hes been judicloualy exponded, and thore iz work to show for every dollar of it. But the road is ono that will require more tunnels than any othor 400 milos of rallway in the world, The bridgo over the Kentucky River is only prac- ticable by crecting plers to the helght of 273 feet; besides, thero are the Cumberland and New ' Rivers and legser -streams to be bridged, iron viaduots to be comploted, and It is ounounced that Mr. ‘Trupey and his frionds in Now York aro clated over the ox- posure of Mr. Pexorrron as a claim-agent for swindling claims agninst the Government. Wo are inclined to doubt this; tho circum- stance {8 woro damnging to the goneral interests of the Democratic party than it can bo possibly beneficial to the individual intor. csts of Mr. TiLoEN a5 o Presidential candi- date. Apropos of the killing-off of Demo- cratio coudidates, it mny bo mentioned that tho Ohicago Zimes has recontly printed a lotter from 8t. Louis which charges that Mr. TizpeN, 03 one of tho Diroctors of the Terro Haute, Alton & Bt. Louis Railrond, has been engaged in defrauding the stockholders of that Company. he chargo is in affect that of misappropriating trust funds by tho man- agors, by taking up somo $280,000 worth of surplus bonds for their private benofit, when the bonds wors' not nocessary to the pur. poscs of the Company, and giving no con. sideration for thom. 'Wo are not disposed to credit this statemont, which probably grows ‘out of somo disputo in rogard to the mannge- ‘mont of the rond. Certainly if Mr. Trpex is not without o smirch, then we do not know where the Domocratio party will look for o Prosidential candidato, The Now York Herald of Monday published & cable dispateh from London roporting Lo olope- mont of tho Marquis of Draxpronp with Lord Avprsronp's wife. In tho faat-note appended to tho dispatch tho Herald stated thst tho Aure quis of Braxpronp, who ls tho son snd heir prosumptivo of the Duke of Manrnomouai, is in his 824 yoar, and that tho lady with whom ho eloped was nmurried In 184G to tho present Lord Ayvimsronn. There 18 & mistako hicro. The Herald has mado tho dlarquis of BLANDFORD elops with the mother of Lord AyLesronp, nob with bis wife, Tho wifo {8 tho woman who hea oloped. A Mar- «quis of 32 who sbou!d elope with a Countess of 50 would bo open to scrlous roproach on the #eoro of taato, na well as for his treachery and immorality. Lord Ayresronp was & near friond of the Marquls of Braxpronp, and both wore frionds of tho Priuce of Wales. No sym- pathy need be wasted on cithor of the mon con- corned. Both are proftigates on principle. Bat. tuo lady in the case, beforo marrisgo known as Miss Epsiru Witrtaus, third davgbter of Col. WiLtiamsg, of Temple Touse, Buckinghamehive, 18 described as n charming woman, noted for fominine eccompllehments and a singularly wine ning disposition, She is more sloned ngainst thao alnning, though she has beon guilty of foolish and erimloal conduct in abandoning ono profligate to run away with suotbor, Bonator SrevensoN, of Kentuoky, undertook to shiow what o smart man iy friend Gronax H. PenpLETON wad, and teshiffod in rogard to the swindling rallroad olalm for a gecond compensa- tlon for services alroady paid. Baidhe: * Evary- body Interestod in the road was plerscd, sa they oconsidered it just a0 much money made, Mr. Bow- rex in Ll lifotime sald Lie would el bis fntercst for five cents on the dollar, Tho Banator thought 1t was ag just & clalm as was ever prosonted. ‘Tho Boustor had regardod it & good claim, but bard {o got. o beard that BraxToN and Mmas had decided adverssly to the clalm. Ho was gratifiod ana & little surprised whea . it wont through, it baving booun bhangiug so long." This teatimony has not done PENDLETON much good. While it exhibite him in the light of an adroit and successful lobbylat, it also shows the chsracter 0f tho claim ho vulture-like fastened upon tho Government. Thoe Bonator's idos of & # Just clalm ™ 18 not different from that of most ‘other Confedorates and ox-Robels,—to blosd the Preanury of the United Htatea to the utmost ax- tent, and conafder all theycan clutch sa cloar galn, or, as he expressod it, **just 8o much monoy made.” Any bogua claim not worch 5 centson tho dollar fa **just,” it theycau only get it cashod by the National Troasury, Thasweems to ba uot only the Oonfederato ades buc that of PENDLETON Al80, A groes lbel suit in London waa rocently com. vromlsed on tho offering of a complate apology by the offending newspaper, the London World, Tho allogation on which the suit was founded waa that Mr, Honmuax, M. P., had defrauded hls brother-in-law of £400,000. Tho traih proved to be that Horsxan had borrowed the monoy and provided amplo security, Tho scene in court, on the motion of counsel for the plain- i to accept the retraction of the defendant aca drop the proceedings, was in many respects re- raarkable, The Lord Chist Justice spoke very Pt e s —_———_— e X ment a mero machine for extortion and con- dobt up to Jan, 1,-1877, iasponged ont. After fisention, atrongly aainat the compromiso, saying dhat the courts of England wero not intended to be uaed for tho purposo of extorting spologles from libolons nawapapors, aud that in future, if thery seomed to be any doubt in the maitor, s sufl. oiont bond would ba roqaired from plaintiff ¢ insuro the honeat aAnd complato prosscution of the snit. The rulo for & eriminsl information was most roluctantly dismisnod, —_— The vctors of Now Hampahire wers ina *tairall botween two® Tha BRukNAF black. mail Luainoss made them feol sick at the stomach, but when it was followed by tho PRNDLETON rav- elations, showing how tho Govoromout had boon swindled ont of $148,000 nn a bogus railroal elnlm, thoro was nothing loft for thom to do than voto with their rospoctive partics. For Rernb. lieans to support tho Domocratic ticket nndor thoso clreamstances would bo jumping out of the frying-pan ioto the fire ; thoy would make thelr condition worso instead of bettor. The Republican party ie haneatly atriving to dateat and punish tho gullty roguce who have viclated tholr oatha sud betrayed thelr trosts. The Domacratlo leadera exhibis no alacrity or desire to doanythingof tho kind with their own roguea, Thelr polioy and practice has always been to caver and concesl official dellnguency of Demo- oratlo office-holdera. —— Tho Rov, Dr, Enwanps, eandidats for Cans groes in tho Bloomington Disttiot, #aid, when he rosigned the Prosidency of tho Btate Normsl Bchool, that ho desired to dovoto himself entire. Iyto tho work of the Goapel miniatry. The passion s ovidently growing on him; and he #eos no placo whero the CGospol ministry could do more good than in Washington. By the way, thore i3 a good doal of naaty slang, intheso days, sbout * Ohristian statesmen.”” The Christinas who are statesmen are not o bad lot; it is the - statesmon whoare Christiane secondarily and for tho aaka of asteniug votes, who pray with ona band bobind thom, mud porjure themsolves whon they aro cavght talung bribes. Tho worat rascaln of all are the 1oncgade politiclans, withe ont principlos of any sort, who pretend to be atatesmon, cousln, called ** Pump " Canrextey, has, incons junctlon with Winniax Ontxae and Axni ITaaenaAN, srhoover thoysre, and a fow other soft-patod and visionary persons, organized a rag-baby party in Milwaukeo. Tboe report eayas W, W, FizLnt, Secretary of the Btate Agricultural Asgociation, was in favorof groenbacks, convertivte bonda, pisuty nf currency, nnd newspapor s A number of olher geutlemcn were of the opinion, Everybody thought gold sas scarce greonbacks plenty unid easy to print, and woilld vaper their houes with theni, Homa of thom wars argumentative (?) and all mora or leas plausible, “The mocting_ was ouly o nuclesa for tho formation of n permunent club,” looking to the tackiog of & regnback Immk {u somo party platform, or the estabs lnicnt of # third party in caso of fallure to make the attachment, ———— Tho proposed Btato of Now Moxico has aboud tho population of a good-sized wardin New York Oity. Jonx Monnissey, who awns sovoral wards, might bo admitted jnto tho Unton, nnd sond two Bonators to Congress, aa wollas Now Moxlco. ‘Tho people are really clamoting for o Btate Jomn Monnssey, We kuoow * what auvils rang, what lismmors beat, ** when he had his colebratod fighs with OEeXAN, and his 1ibs of steel, we are core tain, would withstand the attacks of the most tompeatuous ocean on which the Sbip of State s over callod to sail, R A correspondont inquires whother the spelling * panlcky " or *‘panioy " s correct. The word “panicky" has not yot been rogulsrly rdmitted to the Englwsh lsngusge; I8 is ntill standing on tho threshold, and bag not found a plach in the dictionarios, Dut it Ia obvlous that the apolling ** panicky ” is required by tho analogy of the langusgo, for the lotter o, boforo o, i, and y, bas ths soft sound, and ‘*panicy,” if properly pronounced, would not preservo tho vocal oquivalents of tho root- word, —_— It the Domocratic politiclans who aro anxions for an organ in Ohleago buy a 49-100th futerost in Mr., Wuook F. Stongy, ibey will somo day discover their mistate. Mo jas man whom it would be well to own, body, soul, sud breoches, or nat at all; wo fesr another person, nama sup-~ pressod, hos a mortgage oo somo of tho articles in tuis invontory. —— Gen. WepsTeR died & poor man fo this world's goods, bata rich ono in everything olso. He bequeathed to his family a good nams, more provious in tho ostimation of thoso who knew Lins thon millions of money. e s Epwix Boorn returns tho lovo-lsttors ho re= ceives from married women to tholr husbands. Justns if any high-minded woman cared what Dor husband might do! This {8 an age of prog- ToEs. —_— 2 Tho Damocracy Liave tho remaina of the late Gronox H. PrNpLETON on thoir hnude. The soonor they send for an undertaker and have thom interrod the batter, for they slready smell worge than Lazanus over did in hot weather. Tho peoplo in Now Hsmpshlre sesm to havs balancod PrxpreroN against DBrrxxar, wiped out old scaros, and elected tho best men, es if nothing had happened, e Was it & tidal wave or an ocarthquake that struck New Ilampatiire 2 Tio favorito BEVERIDGX is not 80 much called for a8 ho was. ———— PrNDLETON Las bean moat effectually Bowzxd dowa. PEREONAL. Carl Schurz has threo childron bostdes surd one Iately ‘urrived. ¥ Robort Dals Owen hias parilally recovered his health, sud is about to mail for Europa cu » Pleasuro-trip, _ Mr, Jamos P. Voorhees, son of tho Hon, Dan Voorhoos, of Indians, hns made an engagement ta play with & stock company {n 8¢, Louls dux fog all of next sossoa. Misn Xato Fiold appeared at & theatrical fancy= drous ball {n London aa *'The American Yacht- Club. Sho probably showed **a clean pair of hoola™ to the DBritishers. Are. Horachol V. Johnson, Jr., dlzd in Qeorgia 1ast weok, within loss than a yesr of her mare nago. Within & comparatively whort period no loss than twonty-two of her near kinsmoen have alao dled. 1t {8 generally understood that James Gordon Donoets himself ia the writerof the personsl {toms In the New York erald. Nobody else . woutdbe sllowed #0 4o glorify himself in tho cole umns of that paper, It hes Leen suggested to Alr, Qoorge Alfred Townsend that he is not doing exmatly the square thing In writing letters about the vora- cions appotite of 2(r. Bolknap at his own dioner- table, and printing privato notes addressed to him by the ex-Boarulary. ‘ Dr, Newman spoke, in & resent sermon, ol the wad funeral processlon® which followed Abel o tho grave. An irreverent woman In the sudlence nudged her companion and whispered “Nov such alargo procsssion, but vory sslect. Nono but the flrst families," Viscount Mandovllle, the oldest son and bels of tho Dake of Maucloster, ls engsged to bo marriod to Misa Yzoags, ona of the belles of Now York. Viscount Mandevillols m young man of 23 or 29, aud bas for some time beon well known in New York fashionable soolety, Tt waa worth the price of a box at the opers ¢ sco Mo, Titleus dspense ber sutograph at tbe Papyrus Olab, Bsturdsy evening, No sooner had one pervon asked hor to sfilx hor name to his bill of fara thau the affeble prima donna was sur- rounded by a whole bovy of lsdies snd- geutle- men eagerly besesching a similsr favor, Mlle. ‘Titions made {ho supply equal to the demand, howsvyer, and, wbile taughing and merxily chat~