Chicago Daily Tribune Newspaper, March 25, 1876, Page 4

4 TERMS OF THE TRIBUNE. AATES OF BUNSCHIPTION (TAYADLE IN ADVANCE). Postage Prepald at thia OMice. Dally Raition, postpaid, 1 F0ar.+.0045 $13.00 Pactral year at ramo ral 200 ERB for. ition: Literary and Koligion: Mailed to any address YOUR WE! cing bi 90 fri-Weottly, pos! - Gh0 One copy, $1.5 weniy, 5 The powtaeo a 1G opus Bpoctmon copice ront freo. ‘To prevont dniay and mistakes, be eure and give Woat~ Ofice address in full, Including State and County. Remittances may bo made elther Ly draft, express, Poat-Office ordet, oF In registered letters, at our risk, TENMA To CITY BUDSCRIDERA, Datty, deliverod, Runday sxceptod, 25 cents ver week, Dally, delivered, Sunday Included, 30 conte por week. Address ‘THE TRIBUNE COMPANY, Qorner Maditon and Dearborn-tte., Ohiorga fil. nes AMUSEMENTS, ACADEMY OF MUSIC—Lisinted atreat, between Pr Ma ‘roupe. , dt the Tegunene end ated,” Evening, “1a Fille Mad, Angot.” ‘WOOD'S MUSECUM—Monroe ntreat, between Dear- born sud State, "Richard E11," Afternoon and evening, ADELPIU THEATRE—Dearborn strost, corner ‘Monroe. “ Iiumpty Dumpty.” Afternoon andovening. HOOLEY'S THEATRE—Randolph atrest, botwoen Citkand Lefts. ‘Tho California Minstrels, After- fobn aud evening. MeVICKER'S: THEATRE—Stadieon ntrost, betwen earhorn sud Btate, Engagement of Juin E, Owens. “Our loys." Afternoon and evening. he Cbieaga Tribune. Baturday Morning, March 25, 1876. WITH SUPPLEMENT. Greonbacks at tho Now York Gold Ex- thango yestorday closed nt 87}. Tho" provalonce yontorday afternoon nnd evening of onc of the henvicat snow-storma vf the wintor hns sadly interfored sith the working of tho telegraph wires, and will ac. count for the meagre showing of dispatches this morning. ey Tho onterprising ‘own of Danville, al- though located upon the soil of Iilinois, offers facilities of access by railrond which yesterday sccured to it the session of tho Republican Nominating Convention of tho Twenty-first Judicial District of Indiana dlosely outlying. —_—_—_—_ The Republican City Central Committee has appointed ‘Thursday, April 6, as the day for holding the Nepnblican City Convention for tho nomination of candidatos for Mayor, City Clork, Treasurer, and Attorney, ‘Tho primaries for tho election of dologates to tho Convention will occur on Wednesday, April 5, —_—_——SSS Ald. Currznron is found on tho right side in the contest between the ropresontatives of tho popular will and tho aithorents of tho usurping Convin. His vote last evening with tho Republicans in favor of calling a spocinl section for Mayor is sn ovidonco that ho is nots membor of the hold-over Ring in the Souncil. —— Considerable surprise and commont ig occasioned by tho fact that Ald. Sttarryen and Frrzaznatp suddenly determinod to cast thoir fortunes and votes with tho freo- Uicensa saloon-keopera and Ring mombors of tho Council in tho contest over tho special election for Mayor, It wasa rndical cnso of Dopping in both cases, os Ald. Scmarrxzn hea horotoforo profossed to bo a Republican anda consciontious man, whilo Ald, Fure- ozratp has beon noted for his vigorous and obstinate resistance to the corrupt Ring of Colvinites. It would be interesting to know tho powerful and peculiar considerationa which oporated to produco this remarkablo change of front, Raseality of the most oxasperating descrip- tion ts doveloping from the headstone invose tigation by the House Committes on Military Affairs, Evon tho patriotic and sentimental Project of fitly marking tho graves of Union soldiers in the National Comutery with mod- est marble tablets was mnée tho occasion of rank frond and corruption. Bnivazs, tho’ successful bidder, is shown to havo obtained tho contract by menns of dishonest collusion with tho then Sccrotary of War, who, though ho may have hnd no sharo in the profits of tho job, was guilty of outrageous ond crim- inal favoritism, It is hardly probablo, howy- evor, that Denexar would rofuso remittances from Barpoxs whilo accopting thom from Mansu, ‘The headstone contract appears to have been by far tho Digger stent of tho two. ‘AN aud Ruan, the dis- tillers who rofusod to lay down,” prefer- ring to stand up and fight the thing out, ia Proceeding with vigor and dispateh, ‘Already A largo uumbor of wituosees hove beon Pro- duced by tho Govarnmont, and an immense amount of testimony has been given to show that the defondauts wore not out-crooked by the crookedest of tho whisky-makers, and that tho operations of tho Ring in Chicago wore carricd forward on o mugnificont tcalo of rascality. ‘Cho developmonts in the pond. ing trial sro neeful and interesting ag indicating tho measure of guilt of varions parties who havo entered pleas of guilty, and thrown themsclyes upon the leniency of the Court, and also domonatrating tho fldulity and skill with which tho cwopnign ogainst the whisky-thioves has beon prosecuted by the Government officers in thin city, —— At tho epocial moeting of the Common Council last ovening tho question of calling an election for Mayor camo toa regular yote, and the proposition was defeated by a voto of ¥G for and 21 against, Tho names of the Aldermen who vated against this resolution will be closuly eeanued and carefully noted for future roferency by the voters of thoir Tespective wards, In the list will bo found several professing to be Kepublicans, and who are in tho field for re-election on tho Ropublican ticket, Anathor opportunity will bo afforded these Aldermen next Monday evening to oboy the velco of their constitu. ents, and it ig earnestly to be hoped that they will by thot time have discoverod that neithor their duty nor thoir intorest es with the hold-over party, It is belioved that tho section can be legally called by the Council next Monday, and anothoreffort will be made to pass the order, ——_—————_—___ The Obfcayo produce markets were uusch. ted yesterday, partly by the weather, Mess pork was moro active and closed 17}o per orl lower, ut $23.35 cash and $22.05 for May, Sard was active and closed 100 Per 100 the ower, at $13.80 cash und $14.00 for May, Meats wero dol) und steady, at 830 for bored. houldors, 1240 for do short ribs, and 1240 or do abort clears, Wighwines were quict and o higher, at $1.07 por gullon. Flour was in fair domand and stendy. Whent was more active and fo lowor, closing at $1.02 for March and’ $1,060} for May. Corn was moro active snd te highor, closing at 46}o for March nnd 4930 for May. Oats wero moro active and o shade firmor, closing at 8340 for March and 34Jo for May. Ryo wos quict, at Gio. Barloy was quiet and firm, closiug at 570 for March and S80 for May. Hoga wero active and stronger, with tho bulk of the trading at $8.05@8.26, Cattle wero active and firm. Sheep wero a shado highor, owing to inadequate supplies. Ono hundred dollars in gold would buy $114.25 in green- backs at the closo, ————, From tho proceedings in tho caso of Mort- zen, tho Gaugor, who, after conviction, being allowod to romain at largo upon bail, skipped ovor to Canada, but has returned, it bogius to bo apparent how tha Whisky Ring have ployed it on the Court nt Milwaukeo. Morr ign would have been a valuable witness for tho Govornmont, which an amelioration of his sentence might have induced him to bo. come, Butho skipped. Upon his return ho walkod into Court to surrender himself, and asked that tho forfoiture of his bail might ba sot aside. Inquiry elicited from his counsel the interesting statomont that his bondsmen had been fully secured by mombera of the Ring. Morxzen’s doparture for Canada took placo when the onses against them wore about to bo tried, and his rotarn wos aftor thoso had been disposed of. That is, his bondsmen had beon indomuificd for lotting him run away, which it is undorstood ho was paid to do, so that ho might not bo used as a witness against cortnin of the Ring; and, their cases over, tho Ring have him return and coolly ask to bo let off from payment of tho bail which thoy had him forfeit, Tho Ppublio will now await farther procoodings in this mattor with interost, in order to learn whether the Iaw is inoperative to punish thoso who tamper with justico in such fashion, THE LATEST FINANCIAL SCHEME, It is gravely assorted at Washington that thore is a prospect of such an union among the hard-money mon of both parties in Con- gress os to lend to the hope that an act will be framed which will bo non-partisan, and will bo supported by Democrats and Repub- licans, However desirable ench a result may bo, we do not place much faith in tho proba- bilities of such an agroomont. Wo think it more than likely that a majority of both par- tics in Congress aro disposed to have noth- ing done, and are morely sparring for an ad- vantago, i This impression that such a bill will not bo agreed upon is confirmed by the statement of what tho proposed bill is likely to be. It is said that it will authorizo tho issuo of a 4 por cent bond, having thirty to fifty yoars to run, which shall bo givon in exchango for greon- backs on demand; tho grecnbacks 80 ox. changed to be canceled and destroyed and none others issued. Itis ono of tho undo- termined points whether tho Rosumption act is to be reponlod or not, This Inttor point is on immaterial one, because if tho first propo. sition be carried the Resumption act will bo unnecessary, The greenbacks will flad an immodiato redemption in the bonds, i But this schome is opon to two fatal ob. jections which have been repeatadly presont- ed in Tox {nmvune. Its provisions unqnes- tionably will accomplish tho retirement of the greenbacks, but at tho samo timo it will force tho retiromont of bank-notos, loaving tho country without ony curronoy, The ro- ilromont of the greenbacks of necessity vill compol the redemption of bank-notes in coln, and tho Banking law of the United States ronders it impossible for tho banks to main. tain sepocio-pnying circulation. Tho passago of this bill will bo the signal for every bank to gather greonbacks and forward thom to Washington for tho redemption of bank- notes, Even now, thero is an average do. posit there of $25,000,000 for the retirement of an equal amount of bauk-notes, ‘Cho rapid rotiracy of $700,002,000 of currency can havo but ono effect. It will of necessity suspend all lonna and discounts; will suspend tho bor- rowing of money ; will occasion wido-spread distrust and alarm, stop all industrial produo- tion, and lend to universal destruction and ruin, This result will be oven mora terriblo, because wholly unnccossary, Wo sympo- thizo fully with all movements to disponse with tho greenbacks; we think tholr continu- ance as a logal-tondor a perpotual obstacle in the way of o return to specie values; wo have no objection to their ovontual rotiromont and extinction, but before thoy are retired let us ave somo provision made for the currency of the future, ‘Uhis provision ia aimplo and casy, 1, Groenbacks should cease to bon legal- tender in all contracta mado after a certain day, soy six months or a year hense. Thoy should bo fundablo in a 8 por cent bond, pay- ablo fifty yoars honco; and tho bond should declare on its faco that it is a legal-tondor for any contract whore the greonback itself would bo o logal-tondor. hoy would then cease to bo ao disturbing clomont in tho busl- nossa of tho country, 2. Any scheme for the retirement of the Greenbacka ought to assume that thore will bo in this country, a4 in all other civilized countries, a eurroncy furnished by private capital in tho form of banks. No substitute has yot been found for Danks as tho financial agents of tho trade and commerce of tho world. Evory attempt to substitute Govorn. wicntal currency for that of bands hus disay trously failed. But in what condition is tho Jaw governing the issue of bank-circulation A bank proposing to issue notes reduamns blo in coin has to duposit with tho Treasuror tho oquivalont at par of $100 in gold; it has in addition to doposit $5 in geld; itia then permitted to issue $80 of notes redeemable on demand in coin, In addition, it lus to keep on hand a supply of coin equal to 20 por cent of ita doposits, It is not likely that any bank will attempt to maintain a guld- noto circulation under these circumstances, Whon tho Natioual Banking law fixed tho Proportions of circulating notes and secur ties, the bonds of the United States wore not worth par in gold ; thoso bonds now command, alargo promium in gold. ‘There can be no question that a bank-noto circulation scoured dollar for dollar by a deposit of gold bonds fs as well protected against possible lous ax ore the notes of tho Bank of England, and far botter than tho notes of any bauking circula- tlon evor known in the United States, Now if Congress should remodel the Bank- ing law, requiring tho banks to deposit as a security for thelr notes 25 cents In coin and 76 cents in gold bonds, and permit them to fsuue bauk-notos dollar for dollar of thoir security, tho currency would be bettor pro- tected than any bank circulation of any pro- vious date, and the hanks could maintain o specie rosumption, But to do this thre are other changes needed in the law, ‘The national tax on circulation and on doposita should be ropeated,—thoy ore a tax on trado and commerce, and on thrift and economy, THE CHICAGO TRIBUNE: SATURDAY, MARCH 25, 1876-—TWuuLyvi PAGES. ‘Tho repeal of thono taxes and the authority to iasno notes equal in amount to the gold socurity deposited will offer an indncemont to tho banks to issno and maintain a epocio- paying currency. ‘The scheme proposed in Congross, or any othor schomo for the retiring and funding of tho greonbacks, which docs not propose also aschomo by which tho banks can supply tho country with a currency which thoy can maintain nt par in apecio, would ba a positive injury to the country—will work such a con. traction as will prostrate overy industry and overwhelm tho country in rnin. Congress cannot ignoro tho fact that thore aro four thousand millions of dollars of indebtedness now outstanding; that this in- dobtedness was contracted in paper novor worth over 85 centaon tho dollar, and that any schome which will arbitrarily and sum- marily deprive theso debtors of the papor in which to pay thoir dobts, and which eball arbitrarily add 15 to 17 por cont to onch man's dobts, will work on injury and outrage, throatoning the payment of tho debts at all, and an injury which, ns wo havoshown, is wholly unnecessary and may rondily bo avoid- ed. Tho attompt to force by law tho pay- ments of all theso paper contracta at o coin valuo is precisely on n par with tho old dovicos of adding to the tariff to incronse the value of tho atockson hand. It is an abuse of power to which the country will novor sub. mit, THE YORM AND THE SUBSTANCE, The swashbucklor of the Chicago Times has dcliverod himeolf of » column and n half of charaoctoristio vulgarity in tho effort to show that Tou Tninuye bas been inconsist- ont in ita, trontmont of tho city certificates, Wo aro not hopeful that we shall bo able to yonctrate the dull oomprehonsion of tho Times man, with whom personalities pass for arguments; but that others may not be mis- led by his moro assortions, wo restate our assertions in tho matter. Tox Taow- ung hag novor, as tho Times londs its readers to bollovo, joined in tho effort of tho Inttor to ropudiato the obligations of tho city and forco the municipality into bankraptey. But, whon tho question arose of renewing the cortificntes that hand boon issued under the old charter, wo criticised tho retention of the oldform in which it was proposed to rendor thom under tho now charter. Wo pointed out the palpablo illegality of issuing cortificatos undor tho warrant of a charter which was ropealed and nullified by tho adoption of the charter of 1872. But that Toe Tamone never intended to question tho validity of these cortificates, if issued in tho manner and form pormitted by the now char- tor, is best attested by the fact that Tun Tomong ot tho same time and in tho anme article indicated a formula which should bo adopted. Tho inability of the Times awashbucktor to distinguish betwoen tho substance and the form in thia instance ia accompaniod by equal obtusoness concerning tho prohibition of an incroaso of indebtedness mado by tho Constitution and the charter of 1872. ‘Tho languoge in both is matorially the samo. ‘Tho Constitution says that no municipal cor- poration ‘'shall be allowed to become indebt- ed" in excess of 5 por cont on the valuo of ita taxable property; and the chartor of 1872 says tho city “shall not become indebted” be- yond this 6 per cont og ascortaincd by tho last assessment” provious to tho sneurring of such indebtedness.” Tho language of both in- dicates unmistakably that tho prohibition is to becoming indebted and incurring indebted. ness in excess of tho 5 per cent limitation, ‘Tho issuo of cortificates is not the act of be- coming indebted. Tho certificates themselves are meroly tho ombodiment of a debt already incurred. Thoy aro not and cannot be illegal, unless thoy ato issued to represent a debt which was nover inourred. Wo do not undorstand that anybody sots up thnt tho certifleates in question wero so issued, or that they aro forgorics, or that thoy repre- sont dobts for which there was no approprin- tion. ‘Thon tho cortificates thomsolves aro in no senso prohibited by tho Constitution, if thoy aro issuod in proper form of law. Thoy aro a8 legal ay any other ovidonce of tem~ porary dobt, and thoy are ontirely lawful and constitutional in thomselves if tho dobt for which thoy are issued was lawfully incurred. ‘Tne Trmone objected that tho old form of the certificate was unlawful undor the now charter, but novor that tho debt which the cortificates ropresont is unlawful. If tho Times makes the point that tho temporary dobt itsolf is unlawful, then thero is a propor issuo; but it does not justify the Times ina dcliberato misropresontation of our position, We hold, and have always held, that the tom. porary dobt reprosented by tho cortificates was not unlawfnlly incurred, ‘This kind of temporary indebtedness is necessarily and constantly incurred by tho city. A tem. porary dobt is croated every month to policomon, firomen, bridge-tonders, school. tenchoru, ond others in the employ of thocity. Ia this debt unlawful becauso it is incurred at a timo whon the monoy is not actually in the City ‘treasury (without bor- rowing) to pay the monthly salaries? These salnrica aro in tho naturo of bills payablo—a debt—and the city has bills reccivable, in tho shapo of uncollected taxos, to moot this debt. But tho people to whom tho salaries aro duo want their monoy, and their claims are tom- porarily transforred to bankers who aro will. ing to wait for tho monoy until tho taxes can be collected. ‘Pho avidonces of this transfar are called cortificates of indebtodness. 'Thero is nothing in constitutional law or commor- cial customa to warrant tho donunclation of theso ovidences or certificates as unlawful, if thoy ore issued in propor forin and represont adobt which has actually boeu incurred. Tho Times roally admits og much, and thoreby contradicts,its previous utterances, by rolter- ating Tux Tamunr’s statemont that “tho prohibition of tho Constitution is not to the Jorm of indebtedness." ‘Tho roal question, thon, is whother, tha temporary debt was lawfully or unlawfully incurred, If the Zimes imaintaing that tho city cannot lawfully become indebted temporn. rily, eo 4a to pay ity salarica until the taxes can be collected, then the Z¥mes cannot avold the logical conclusion of such o posi. tion. ‘Thiy conclusion, and the inevitable re- sult of such a ruling, ia that Chicago must close up ita schools, abandon its bridges and publio works, discharge its policemen, dis. band the Fire Dopartment, and leave the lives and property of nearly half a million people unprotected fora whole ycar, Is the Times propared to say that this must be done, in addition to ropudiating the ovi- donces of dobt already incurrod to meet the tomporary necessities of Olty Governmont ? If so, lot it make tho announcement onco for all openly, and not seck to gwindlo those who havo advanced money to the city, on the col- lateral of taxea that are duo, by quibbling as to tho Hlogality of the certificates themselves. If it can distinguish botwoon the form and sub. stanco, and if jt means to say thatit is unlaw- fol (not to isnue certificates fora tomporary | nine montha, Tho amount actually aot} ‘ The card yon published in 1872, donying that Gov, dobt) but to tneur 2. tomporary debt, thon it should openly advocate tho immediato disrup- tion of the City Government, and tho dis- charga of all tho city employes, until tho taxes can bo collected to pay them for thoir sorvices, But, in the menatimo, it ia at once absurd and vicious to maintain that 1t fs tho eertificates which aro unlawful, and that tho pooplo who advanced tho funds which enablo tho city to maintain its systom until its taxca can bo collected shall bo dofranded out of their monoy, Which will the Ztmes do,— abandon its false position concorning the un. lawfulness of tho cortificatos, or openly *do- mand tho disruption of the City Government for a yoar or moro to come? THE DEVIL'S CURRENCY SYSTEM, In that wondorful picturo of human life which Gorrne has drawn from tho legond of Faust, tho post has painted o financial episode in tho second pnrt of tho tragedy, tho particular features of which will bo ap- plicable for alltime. In tho first act, Favar and his Satanic companion, Mernisrornenes, who is tho invontor of paper money, appear at the Conrt of, the Gorman Emperor. Tho realm is {no ruinons condition, and tho situa- tion affords Murntaropunes an opportunity of sconring power for Favat.by the introduc- tion of the financial systom which is now 60 dosporately urged by Keniry and his rng-baby followers, ‘Tho Court officials aro gathered about tho Emporor, ‘Tho Chancellor com. pining of the declino of justice and tho in- creaso of plundorcrs; that Inwlesansse is up- hold by law, and that ‘the man of good in- tont to fintteror and briber bondeth.” ‘Tho Gonoral-in-Chief complains of discords, moutinios, and dovastation of the realm. Tho ‘Trensuror complains that the allies havo not contributed thoir promised subsidies, and that “tho strong box is void indeed.” ‘Tho Lord High Stoward complains that ho is alway try- ing to bo cconomical, but is avor greator in need, that the Court is short of wine, and that tho Jows will have him “past all chances.” Tho Emporor, in despair, appeals to Mermstoruetes, who shows that only monoy 18 Incking; that the earth is full of gold, and that os the carth is the Em- poror’s ho has only to take hoo and spade, ond bring it to tho light. Tho Emperor, however, is disgusted with this proposition, and demands that Mxrutsrorn- Enva shall procure him monoy. Thoroupon Mermistoror.es, with his dinblorie, sots up- on foot o grotesque carnival masquerads, and after tho mad revel is over, to the Emperor's astonishment, money is plenty. Tho Lord High Steward is safo from the Jows, and hos blunted’ the usuror’a claws, Tho General poys up his arreara, ‘Tho ‘Treasurer's box is running over. Tho Dovil bag cronted papor monoy, ond tho Trensuror thus informs the astonished Emperor how tho transformation was offectod : Temember f Thou this note did undersign; Last night, indeod. ‘Thou stocds't na mighty Pan, And thus the Chancellor's speech, before thoa, rant “ Grant to thyself tho festal ploasuro, then ‘Tho poople's good—s few strokes of the pon!’ ‘Theao dids't thou giva; they wore ere night retreated, By sldilful conjurors thousand fold ropeatod ; And, that a {ike advantsgo all might clatm, ‘Wo atamopedt at once the acrics with thy name, Tene, thirtes, fifi{as, hundreds, are proparod, ‘Thou cana't not think how well the folk havo fared, Ushold thy town, half dosd once, and docaying, How sil alive, onjoying life, aro straying f Although thy namo long sinco the world made glad, Buch currenoy as now it never had, ‘Tho Lord Nigh Steward informs the Em. peror that tho currency was scattered ovary- whoro; that overy note was accopted for its worth in gold andsilver; and that the people nt onco commenced fonsting: and ravoling. Even tho Dovil himsolf growe merry ovor his now currency, it is so bandy, and tho Emperor ordors avery ano to do as ho royally pleases. Even the Court Fool rojoicos that he shall bo a landed owner, and Mermis- ‘rorneres pnecringly snys to himsolf: ‘¢ Who now will doubt that this, ono fool, has wit.” All goes swimmingly for a time, but at last comos the logical conclusion of the shin- plastor madness, In tho third act, Mxrn- istorHeies, upon tho ove of battle betwoon tho rival Empcrors, tella Faust; +, 6 » Hodfd onjoy, sven he} ‘Moanwhilo the realin waa torn by anarchy, ‘Where groat and small were warring with each othor, And brother drova and alaughtored brother, Caatlo to castlo, town ’gainat town arrayed, ‘The noblea and the guilde of trade, ‘Tho Bishop, with his chapter and congregation AU meeting ayes but looked retaliation, In churches death and murder; pact the gates, ‘Tho merchants travolod unider ovil fates; And all grow bolder, since no rule was drawo For life, but self-defense !—So things want on, Tho Dovil having invauted irredoemablo paper money for tho Emperor, and plunged him into all his troubles, takes pity upon bn, and roscueshim. Murrnisropaenes' sya- tom isn fair oxposition of tho modorn infla- tion businosa, ‘he post has painted a pict- uro which has always been truo in the past, always will bo in tho futuro, but tho way of eacapo in tho pootical ercation is notavailablo in real fifo. If the people of the country vail thomsolves of the Devil's system of cur- renoy, tho Devil himsolf will not got them out of tho troubles that must flow from it, —_——_—— PLUNDERING ‘AX-PAYEES, Notwithstanding tho necessity conceded on all sides for rotronchmont in publio and pri- vate exponscs in keoplug with the gonoral contraction of prices, and in spite of the par. tloular distress of tho City of Chicago on ao- count of tho vicious system of anticipating the taxes and tho failure to collect tho tax. levy entire, the present Commo:f Council havo rofused to reidluco the expenses of run- ning the City Government, but, on the con. trary, have mado the appropriations for tho ourront yoar at a rate largely exceeding thosa of provious years, Whilo the Comptroller is constrained to resort to unprecedented efforts tornigo monoy and renew tho,outstanding cer. tiflcates of indobtedness; while the City ‘Treasury {s almost barron, with obligations amounting to $5,000,000 to bo mot before next Boptembor; while there is a prospect that tho payment of taxes this year will bo even more dilatory and partial than heroto. foro ; aud whilo tho poople with one accord have exacted and expected a roduction of ox. penses, tho City Council has mado an opon deflauco of all the lows of political economy, of the sentimont of its constituents, and of tho straits and necessities of the times. The Council has declared ite preference thnt tho city uball ran the risk of bankruptoy, and that business shall bo paralyzed by an excoss of taxation that it cannot sustain, rathor than reduco the number of official bainacles or cut off any portion of the fodder of the professional tax. cators, This Ja tho not rosnitof the prolonged discussion and final outcome of the City Ap- propriation bill, ‘The Council rafused to tako advantage of tho change in the beginning of the fiscal year, whereby some headway could have boen made on tho reduction of tho floating dobt, but chose rathor to make it the meansof an effort to deceive the people ag to the amount of money actually appropriated for the year by appropriating at the prosent time for only aside for tha current oxpenses of thoso nino months is $4,015,626, or at the rato of 95,604,035 for tho yoar, This is moro than haifa million dollars in exeess of the appro’ priationa of last ycar, Tho amount appro- printed for tho yonr is fully oqunl to on approprintion of $8,000,000 in the year succeeding the fra or thot immodiately precoding it It is, in o time of gonoral rotroncliment and contracted resourtes, on unprecedented incronso of ox- penditures. If thero had boon no firo and panfo; if overything wero flourishing in tho samd speculative and dolusive fashion as in tho few years immadiatoly succooding tho War; if thore wero no domand nor nocossity for rotrenchment,—thia inercaso would bo bo- yond all ronson, and would jnstify ovory logal resistance; but, undor tho clroumstancos, it is simply infamoua, Still, in the language of that Princo of tax- enters, Mr. warp, ‘what aro you going to do about it?” The Chicago tax-entors ask tho question with the most porfeot assurance. They are utterly indifforont to criticism. Thoy do not pause even to considor tho ob- jections or interests of tha tax-payers. Thoy have on cyo ainglo to tho disposal of the horde of ward-bummors who control the pri- marios and stuff tho ballot-boxos, With this class properly provided for, thoy bayo no apprehension of the wrath of tho tax- payers, and no fear that thoy cannot get re- olected, It is time for tho poople of Ohi- cago to undacoive these professional tax-cat- or It is timo to show thom that public opinion still has some forco in this community, It is time to givo notice that this plunder shall not bo continued, or ot least not by tho same set of tax-eators who havo already betrayod thoir trusts. Evory voter is cithor directly or indirectly m tax- payor, untoss ho is a tax-eater, It is for ovory voter, therefore, to inquire at to com- ing city clection whether any of tho candi- dates for Aldermon in his ward havo been members of tho present Council, and, if so, whothor thoy havo voted for tho oxaggorated appropriations which Lave beon made to sup- port the horde of official bummers. Whorovor such candidate ia found he should bo neratched, no matter of what tickot ho forms apart, Tho presont city charter vests tho Council with extraordinary powors. Any offort to reform the City Governmont or ro. duco city expenses must begin thoro, If tho people of Chicago are not supine, if thoy do not desire without further struggle to sacri- fico their property, if thoy hava ambition to sustain tho business growth and pros. perity of tho city, thoy will postpono no longer a serious and combined offort to drivo out of offica all tho mon who havo tnrned a donf car to tho ery for rotronchmont, and to fill their places with mon whoso interests nro moro idontical with the tax-payors than with tho tax-eators. ‘Cho provocation to action is cortainly groat onough and apparent enough now to frouso the people te 4 ronlizing sonszo of tho fact that they aro being plundorod, and the only'way to stop this plunder is to drive out the mon who aro doing the plundor- ing. GOV, HENDRICKS AGAIN. Itis o drondfal visitation, tho loas of o favorite son, and it's no wondor the Democ- racy of Indiana are awfully toro up in thoir foolings about it. Their favorite son, Hen- patoxs, ig no moro, and they willnot be com- forted. In him it was that tho untorrified of tho Hoosicr State took stock to their bot- tom doilar, and deposited their confidence as with a savings bank; and now that stock is worthless, and thoy bowail that confidence misplaced oven os in o savings bank that has busted. Thoir grief ia intonaifled by the manner of hig taking off. It was their boost and prido that he was proof against Crodit Mobilier and Whisky Rings and such. But ho only soared above these to be dono for by water, not with o “stick” in it, but the foul pool of tho Indiannpolis Water- Works Ring, into which ho plunged from his toploftical heights, toriso no more. Moro exasperating and lacorating is it to theso mournors ovor their favorite son that tho moro that pool is dragged tho worse befoulod are tho remains. The Cincinnati Gazette's correspondent who first brought to light Mexpnices’ connection with tho Wator-Works Ring has beon furthor exploring tho facts as to Henpnrons’ accept- ance of the $35,000 bribe—stock which fell to his share on tho gratuitous distribution of shares whore thoy “would do most good ;"" thon as Director making sale of tho Wator- Works bonds at 97}, buying thom back at par, and selling them to tho Dircctora' ring at 70 conta,—all of which netted a handsomo profit tothe ring. ‘Tho correspondont called upon Mr, J. 0, Woonnurr, President of the Wator- Works Company at tho timo, with whom ho had tho following intoresting intorview : Cor.—Gov. Henpntoxs was given $35,000 for bis in- finence in floating the Company, was he not ? Mr. W,—Well, he was givon $35,000 worth of stock to ald us in carrying out our project, Gor.—Do you remember about the $10,000 boing givon to five Directors for aocuring the payment of the interest on certain bonds 7 3 Az. W.—I do not now remember the exact amaunt, but cortain Directors wore paid for ascuring the ine torent on certain bonds, Cor—Who were theso Diroctora ? ‘Mr, W.—Hexpntoxy, Byapex, hoor, Henpenson, and Moonxy, ‘Cor,—Did tho Indianapolis Ineuranco Company Bank boy theso $200,000 worth of bonds 7 Mr, W.—I cannot remembor exactly how that was douc, I think » note wea drawn and the bonds hy- Pothocatod with it, Tho fact ia, I dou't romembor, Cor,—Qon, MoGixnes chargos that subsequently the “Ning Directors,” as he calls them, bought those Donds at 70 cents on tho dollar, theatockholdara there- by eustaining 5 fogs of $37,500. Mr. W.—I do not know what they did pay, The Company's books will show, Cor.—What amount of these bonds did Mr. Hzn- pnicne buy ? Mr. W.—He bought several thousand dollara’ worth, butIdon’t remember the amount, The Company's books will abow all this, Having socured this additional testimony from an unimpeachable witness, establishing Hznpnicss' accoptance of the $85,000 stock bribe for his influence, his yoting to himsolf, a8 Director, $10,000 as his share of 350,000 by the Board votod themsalves for haying guarantood interest on the $100,000 bonda which the Dircctora, izypnicza among tho number, sold themselves ot 80 per cont ba- low their market valuo, the correspondent naturally wantod to sce the books giving the dates and amounts. But tho prosent Preai- dont of the Company absolutely refused to pormit this, though informed that tho object of the oxamination proposed was to vindicate enpnioxs, if tho fact vindicated him, Man- ifostly tho facts as shown by the books do not vindicate Henpatcxs, which explains why they wore not exhibited, Anothor suggestive incident connected with the business is, that following the Ga. tette's oxpouuro of the job was the publication in Henpricus’ organ, the Indianapolis Sen. Gnel, of card from Woonsury completely exoncrating Hexpnioxs, ‘Che history of that card, us detailod in the interview with Woop- nur, is interesting + About the card which the Sentinel republishes in its Aaturday tssue, what have you to say 2" 1 inguired, “What card" ho askod, with @ look af surprisc, Hexpotons bad anything to do with tha aslo of water. ‘works stock to Gon, McUinnte,” T roplied. “ Oh, yoat Did tho Sentinel republiah that card Tagt Batnnday 2" Boing sasuroit that tt did, bo continued, “That cord was publiniod almply for political purpasos, I've been sorry alncn that T aver signed it, It han nothing to do with the charges that MoGrnxs makes against Mr, igxpntons {11 connection with the safe of $100,000 ‘worth of bonds, 8o it appoars thot the only dofenso Hen. pators has essayed to the charges ngaiust him has been the ropublication of nn old card designed for political offect in 1872, and no worded as to convoy an ingenious Na, thottgh in torma literally true. Tho wholo is charnc- toristio of tho slipporicst politician in the country, who has been on oll sides of nll questions, and novor whora anybody conld put thoir fingers npon Lim, until this Wator- Works-Ring stoal was divulged. But thoro is now no difficulty in placing him where ho bo- longs—among tho political corpses, eens HANDLING OTHER PEOPLE'S MONEY. Cheating the Governmont—porhaps stoal- ing its funds would bo tho bottor word—has become go common among publio officers, and 80 enormous havo been tho sums stolen that the honert masses of the people stand ap- palled and their sonse of justice and right- cous indignation scoms to bo sadly blunted. Thoy really appcar to bo unequal to tho task of condemning theso rascalitios as thoy de- serve, Neithor political party hos thus far obtained any ndvantage ovor the other, for too many lending men in onch have filehed from the Governmont whonovor tho oppor- tunity offerof. But this thioving mania seems to pervade nenrly all classes of socicty, Tho ability to handle othor peoplo’a monoy honestly is a sterling moral quality by far too raro throughout tho ontiro country, Bank offi- cers, agents, and clerks, and hosts of othors, show a fearful want of it, and it is plain that somothing must be dono in soveroly punish. ing tho guilty, and in throwing snfoguards around the innocont, or the groat business in- toresta of the nation, as woll as ite social and political walfare, must suffer irroparablo in- jury. Passing for tho moment the imporntive duty of punishing official villainy, leading men in business life must givo moro careful personal attention to the habits of tho men who aro intrusted with their monoy, Tho first thing for thom to know, and not difienlt to bo found ont, is whother thoir agents and clorks pro living within thoir moans. Even on tho largost ralaries that the best of clerks and agents can command, thoy can- not maintain anything moro than n respoct. able stylo of living. If thoy branch out into extravoganeo, amployors can assuro thom- selves without furthor tronblo that tho money is stolen to do it. Thoy muat also givo moro personal attontion to their books, Froquent examinations, and a caroful com- parison of monthly statements, with tho accounts of customers bank accounts, oto., oust bo mac, and gonerally more cara must bo oxercised by responsible officials in all dopartmonts of business, Within the past fow years agoncics of lifo and firo insurance companica have bean es- tablished in all tho citios of tho Union, ‘These agencies handle an immenso amount of money, ond so vast is tho business of tho homo office that the agoucics aro often not hold to a strict accountability in the trans. mission of funds. Agents soon find that thoy can roport monoy not collected from month to month and uso it to speculate. More than one notablo instance hns occurred in this city whoro agents have defaulted in vory considerable amounts, Theso agonta, and all others who handle other pooplo's money, must be roguired to transmit it promptly to tho homo office or to tho partics to whom it belongs on tho day when the accounts aro to be ren- derod. Fiduciary agents must be made to know that tho money which thoy haudlo is in no senso their own, and if caught acting on any other principle thoy should bo promptly discharged. Mannfacturers, bank. ora, merchants, life insurance and other.com- panies and capitalists must act sternly on tha principle of not pormitting their funds to bo used by employes for speculation, or for any other purpose, if this sad degeneracy among thoso who handlo thoir money is to give placo to an era of honcsty and substantial pros pority, ae, NEW MEXICO AS A STATE, On the 10th inst,, tho Sonate of tho United States, by a voto of 35 to 15, passed a bill to enablo tho ‘Territory of Now Moxico to form a Stato Government and bo admitted into the Union as a State. It was reasonablo to suppose that a mensuro affecting moro or less tho rclations of overy Btatoto the Union, and which placed the groat States of Now York, Ponnsylvania, Ohio, and Dlinols ona level with a few thousand ignorant Moxicans and Indians not speaking tho English lan- guago, would havo attracted yomo attontion, Butsuch does not secm to havo beon tho fact. ‘Tho discussion over tho bill was mostly con- fined to the frionda of the mensuro, who urged it with an utter disrogard of tho true situation of tho caso, To tho credit of Moz. RLY, of Maino, ond Monn, of Vermont, they opposod tho bill, but in o somewhat irresolute manner, thoy ovidontly not being in possession of such facts as to mako thoir opposition most effectual. ‘The poople of tho older States havo generally looked with favor upon the bringing of new States into the Union, bocauge thoy havo, with one sin. gle excoption, given promiso of a rapid growth, and wore peopled by an intelligont and ontorprising population at tho time of thefr admission, ‘Tho Stato of Nevada was anoxception, It was admitted on os entire a misroprosentation of facts as it is now at- tompted to surround Now Moxico, Its pop- ulation, inatend of incrcasing, has actually di- minished, having in 1870 loss than one-third of tho numbor of population for 9 singlo Hopresontative in Congress, and having beon compelled to draw on Galifornia for both of hex Scnators, yct theso Sonatora, ropresent- ing less than 48,000 inhab{tants, noutralize tho votes of tho two Sonators from Now York, who ropresont five milifons of people, ‘Tho vote by which tho bill for the admis- sion of Now Mexico was passed was o non- partisan one, but it is woll understood that Republicans were assured that it would ro. silt in bringing two Republicans to the Son- ate, whilo the Democrats wore os strongly impreased with the othor view of tho subject. To bring in o Stato upon any such ground as this would bo most disgracaful, ‘the hope now of staying this outrage on tho pooplo of the old and populous States is in the House of Roprosentatives, and we desire to call ita attontion to a fow leading facta which are all mattors of record, The objections to the admission af Now Moxico as a State aro; First, that it bas not sufticiont population out of which to make» Btate. Sooond, that what population it has is grossly ignorant, and incapable of main- taining m respectable State Government. ‘Third, that the character of the country is | Thoro are in the Torritory 48,838 perso etch ag-to repol rathor than invite tlon, and thoro is no reason to beliove thay tt will havo the wonlth and popniation muflletent to maintain o State Government in the next twenty yearn. ‘Tho first objection wo havo named, the Inck of population, is established by the last census, taken in 1870, which showa that tho entire poputation at that time was 91,87 boing n falling off from tho census of ‘1969 of 1,642, Thin dagroasa in tho Population was acconntod for by tho frionds of tho bi by stating that by the creation of tho Tor torics of Colorado and Arizona, Dotween 1860 and 1870, Now Moxico lost 24,099 ot her populntion which wore enumcrated fn 1860, ‘This statement, go untruthful, there f waa no ono in tho Senate to dony. Tho sim ple truth is, ag tho congas will verify, th Arizona had in 18600 population of 24 E whites and 4,040 Indians, who wero onume, ated with tho poople of Now Mfoxico, Hy thy organization of Colorado, Now Moxico Tost nono of her population onumeratod in 154 & A vory small part of tho Territory of Col & rado waa farmed from Now Moxico, Andthy & portion hnd not an inhabitant which was en, B umerated in 1860, and it may well bodoubtey if tho Territory sot off from Now Mexleg to Colorado had n single whito inhabitant jy 1860. But tho frionds of this bill, in tho diy cussion in tho Sonate, atatod, with an entiny disregard for the truth, that New Moxico low 16,000 of hor population by tho organtzatiog of Colorado, The Hon. Mr. Hiren Ohairman of the Commiiteo on ‘Lorritor and who ought to havo known whoreot ty spoke, made the following atatemont, whi in our opinion, does not contain one ayllty f of truth: " Sinco 1870, the increase of Pp wation in Now Moxico has boon unprem dontediy rapid. . . From tho best data th ff Committco could obtain, wo believe that te & Population of Now Moxico to-day is from i 180,000 to 160,000, and that of that popn tion from 85,000 to 45,000 nro Americans,” Of courso wo do not know upon what diy the Committoo formed its judgment. course thoy did not, in soarch of data, fy to look at tho census returns, and thera found that the County of Bornadillo, whi had a population of 8,769 in 1860, had dwin. & died down to 7,691 in 1870; that Rio Artib, which in 1860 lad 9,849, had: but 9,294 1870; Santn Aria in 1860 had 3,672, and fy 1870 but 2,599; Jove, that in 1860 hij @ 14,103, in 1870 had 12,079; ond Valonca, whivh in 1860 had 12,821, had ron down 1870 to 9,093. Nono of theso counties wen affected in any way by tho croation of ty Territorics of Arizona and Colorado. We & not and cannot know upon what data th Committoc mako thoir statoment that the population had increased since 1870 fra 40,000 to 60,000, and that of tho populatin “from $6,000 to 45,000 woro Americans.” It isto bo regretted that tho Committoo did not state upon what dataits judgmont was found od, a8 our data, which consists of the consu reports, tha roport of the Commissioner of the Gonoral’ Land Office, and statoments ¢ reliable citizens who havo visited Now Men ico,lead us to an ontirely differont conclusion, By tho consus of Now Moxico, takon in 1870, itis shown that, of tho total population ¢ 91,874, 83,176 wore born in New Maxis, 8,918 in Moxico, 361 in Indiny Country, 2,701 in tha Btatos, and tho remainder, 1,024, 1 European countries. Tho nativities of th American population in 1870 wore as follows 30 [Now Hampehizo + 43 Now Jer F 28|North Gsroling .. u ay Obio, i Californis....66 Connectl tho consus of 1870, that tho American pops B intion was but 2,701, Mr. Hurcucoos hag tht offrontary to say, and there was nobody contradict him, that the American populatios has increased from 85,000 to 45,000 up to this timo! Wo don't boliove ono word of th atatemont. ‘To ontice paople to Now Moxie, the Government has boen excecilingly Uben! [i in its survoys of Innd, offering of homesteads, ete, Thoro is no better dats for judging of Ft the increaso of population in any now Bialt f or Territory, when on actual census is want ing, than the business of tho General Land & Office, By tho Inst report of tho Commis § sioncr itappeara that the Government bi caused to be survoyed and put into market ia Fi Now Moxico 6,696,503 acresof land. Of tht f amount, 732,864 acres wero surveyod in ths ¥ lost yoor, at an exponso for surveying xt Surveyor Gonornl’s Office of $11,619. New fi Moxico was blessed in having a Survoyct Goneral from Wisconsin. This gentloms was go impressod with the necessities of o> tening the surveys in tho interost of sottle ment, that bo actually urged in his last roped an appropriation for this purpose of $150,00 to continue tho surveys, but unluckily fo him he waa recently dismissed in disgrace w+ dor chargos of robbing his Doputy Survey: ors. ending tho rose-colored roport of th Survoyar General, wo said to ouraolf, surcly hero is data from which wo can got some ide of tho progress of the sattlemont of Net Mexico, Turning, thon, to tho report of tht Commissioner of tho Govornment Land 0h fice, pago 892, whot, gentle roador, do yot suppose we found as tho rogult of tho 185 nificont Inud syatom in that Torritory,s0 18 idly increasing in population? ‘That report Fe shows that tho total amount of land sold 3 tho Inst fiscal yoor for cash or Revolutions By; bounty scrip was 206,89 acros, bringing 0 the Treasury tho onormous gum of $2554 ‘There was also ontored for homostead settle ment a grand total of 500 acres, upon w the Govornmont recived #40, ‘Tho tol amount of Innd disposed of in Now Mexico in 1875, to supply tho v4 army of sottlers rushing thero, & grogated tho enormous amount of 766 acres for which tho Govornment roceived tho v4 sum of"8305, Wo cannot pursue this pols! further, oa we think wo havo alroady f onough to convince tho moat skeptical oft f utter inaccuracy of the information laid br fora the Sonate, ‘Tho second objection s+ F ed by us, having reference to the ignorance tho people, wo shall disposo of by o ft Bi statistic, By tho census statistics it 1 Fy shown that in all Now Morico thero are bt! fy flva public schools, having five teacherd told, and an aggrogato of 148 pupils. The is no taxation or public fand to sustain thes re Pe over 10 yoars of age who cannot read, 52,220 who cannot writo. The third objection which wo nants that the physical charactor of tho Territerf was such as to repel sottlomont, is proved by the reports wo.haye already quoted from th % Commissioner af tho Gonoral Land Of §