Chicago Daily Tribune Newspaper, January 30, 1877, Page 4

* unparalleled in breadth and ingenuity has @Iw Tribmae, TERMS OF SUBSCRIPTION. AY MAIL—I® ADVANCE~TOSTAGE FREPAID AT TRIS OYFICE. Sii ttfon, 1d1 1 yew X B i . n'.nify'fla O erary and Ttellgions Doubie s t % g i 0 of & Jears por onth 50 WEEKLY EDITIO! POSTPAID, , per year., Dty "Fostage prepaid. Bpecimen conles eent free, T preveat delay snd mistakes, he sureand give Post: Office address 1 full, Including State and Connty. Temittances may bamade either by draft, express, Tost-Office order, or n registered letters, ataurrisk. 7ERMS TO CITT SUBSCRINERS. Tally, delf eered, Bunday excepted, 25 cents per week., QUally, deilvered, Sundsy tncinded, 50 cent per week Addrens THR TRIBUNE COMPANT, Corner Madison and Dearbor Chicago, 1l AMUSEMENTS, Adelphl Thentre. ) olontos street, corner Dearbor. “Oacte Tom's AR 5 Hnverly’s Theatre. street, betwee: Clark and Lasalle, Con- o et Fainiiy and Bol Smith Huncil. McVieker’s Thentrss son strect, hetween Dearborn and ftate. Eae ll)l':ldnxenl of Saggls Mitchell, Mignon.” New Chicago Thentre. Clayk street, between Lako and Randolph, mandeur Cazeneure, the Prestidigitateur. R T e Le Com- TUESDAY, JANUARY 30, 1877. — e _—— Greenbacks at the Now York Gold Ex- change yeaterday closed at 943, ———— The telegraphic announcement yesterday, that Arzxaxpzn Il Sternexs was dead, proved to bo premature. At midnight Dir. Srermexs was in n comparatively comfort- able condition, with no immediate probabili- ty of dissolution. — Tho President, in his spocinl mossage ap- proving the plan, makes a statoment thot 18 historically truo, viz.: that in no instance sinco the foundation of tho Government to this time has the President of the Senato wvor cxercised the power of dociding disputed dlection returns. Thers iz no precedent therefor, Tho irades-unions of Chicago, moving through their represontativo organixation, tho Labor Leaguo, are engaged in an effort ‘o secure at the hands of the Legislaturo a more satisfactory recognition of their rightas In reference, moro particularly, to the col- lectionof wages from dishonest contractors. It will ba noticod to the credit of the League that it proposes to accomplish the desirod reforms in an orderly and legitimato man. ner, and that it flatly rofuses to have any- thing in common with tho Communist or- ganizations, Thero is no occasion for furthor worry or speculation concerning the propriety of re- garding Judge Davis as eligiblo for selec- tion ns the fifth Judge on the Arbitration Board, He hns sottled that matter, just as we predicted ho would, by announcing to his brothers of the Bench that, under no cireumstances, in view of his election ns Benator from Illinois, will he consent to the wuso of his name in connoction with tho Ar. bitration, From this the inferenco may ensily be drawn that Judge Davis will ac. cept the Senatorship. ‘In our comments yesterdsy on the bill prepared by tho Bar Association cstablish- ing Appellate Courts inforior to tho Bupremo Qourt, wo failed perhaps to explain ss clearly as should have been dono thst the bill mnkos the decision on appeals by theso new courts final. The Constitution provides that in certain classes of cases—criminal cnses, and onses in which a franchise or a frochold, or the validity of statutes, may be involved— tho sppeals may bo taken to the Supreme Court. In all other cases, where the amonut in controversy docs not oxcoed $1,000, tho oppoals are to be taken to these now Appel- late Courts, and there dotormined finally. A system of customs frauds thought to be just been unearthed at Washington, Tho dircct meana of defrauding the revenue hns boon through false invoices, and the only means of their detection lay in attaching guilt to United Btates Consuls in LEurope. This has been done by meaus of a United States officinl traveling incognito among the crooked Consulates, and the clows needed to overwhelm tho pharasaieal assurance of many great firms in Easstern Amorican cities are now in the hands of the District Attorneys, who will, within two weeks, pounce upon thess merchant-princes with & judgment which may sadly cripple thelr further usoful- ness a8 fashionable ecclosinstical pillars and beacons of benevolonce, Tho developments promised are of startling clinracter, The National House of Representatives was {n imminent danger yestorday. There wos a possibility that the Toxas Pacific Railroad bill might, through some parlia- ‘mentary dodge, be brought up for action, aud a3 & conscquenco the friends of that messure, as also the friends of members who would vote for that bill, wore on hand in overwhelming force. It s also intimated that this army of persuaders had that with them which excels even personal pleadings in its convincing powers; but of this there is no positive evidence. Tho influx, howover, waa altogether too gross in its proportions, snd too clamorous in its action for its own good, and startled even a Bouthern member's sense of propriety ; and at bhis instance the whole army of invaders was uuanimously vejected. e Judge MoALrisTER hiaadelivered an opinion in the case of Mixz Evaxs which the South Town Justices of tho Peace aro unable to understand, and it is groatly to be feared that many others of an order of intclligence cer- tainly no lower than that of the average J.- P. must come under the samo condemuation. It is even hinted that Judges Rouxss and Boorm, who were popularly supposed to bave had a volce in the decision, though mot in the opinion, are in s painful state of uncertainty as to whether they had much to do with the caso anyhow, ‘The long and the short of the matter seems to be that Mixx Evaxs is the Collector, and that Mixe Evaxs is not; that Supervisor LxcoLx must require only such & bond as a zeasonable man would consider necessary to cover all possible loss, and that Supervisor Lixcory is the sole judge of the smount of bond that a reasonablo man would require, The Chicsgo produce markets wero rather quiet yesterdsy, provisions being firmer sod grain easler. Moss pork-closed 850 per brl higher, at $16.70§16.76 for February and $17.024@17.05 for March. Lard closed 200 per 100 s higher, at $10.85@10.90 for uso to : HE CHICAGO TRIBUNE: TUESDAY, ‘JANUARY 30, 1877 February and $11.02)@11.05 for March. Meonts closed steady, at Go for shoulders, ! peace. most conservative and forbonring in timo of At last the people of this country boxed; 8jc for shortribs; and Bje for | Ty Lrenthe freely, and without awaiting the short-clenrs. Ilighwines were unchanged, at 21.05 por gallon. Flour was quiet and firm, Wheat closed 2]c lower, at $1.244 cash and $1.26} for March, Corn closed }o lower, at 420 bid for Febrnary and 4Gfo for May. | Onts closed tame at 350 for February, Ryo was stendy at 70c. Barley closed nominal at 60c asked for Fobruary or March. Hogs woro in fair demand and firm, with sales nt 25.00@6.40 for common to prime. Cattle were quiet and unchanged. Bheep were firmer. Ono hundred dollarain gold would buy $105.75 in greenbacks at tha close. The mnjority of the Committes of the United States Benate which visited Florida to investignto matters connected with the Iato election have mnde their roport, in which they give nt longth their views as to tho merits of the cnse. The investigation was of the mosat thorough character, and the facts clicited aro some of them pbeulinrly in- digenous to tho Southern climate, They found many frauds which had their origin in the camp of the Reform Democracy, the most barefaced of which was tha voting at one poll of a miscellancons train-lond of passengers, resldents of other States, who wers all of the Teform stripe, as they cast their ballots for Tipey.® This remarkably Democratic pro- ceduro seoma to hinve struck this Committeo as somowhat irregular at least. The report s & wholo gocs to show that the more the returns were sifted down, with n view of counting in Troey, the moro thoy showed in favor of the Harzs Eleotors, There wero two features in yesterday's proceedings of the County Board that will not fail to attract the attention of the tax- poyers. Tho first was the nward of the con- tracts for furnishing supplies to tho county's charitablo institutions, and the recond wns the ndoption of a resolution authorizing a tomporary loan of $100,000, Thoro is n very intimato conmection Detwoon thess two transactlons. It is of mno sort of awnrd contracls to the Ring favorites unless thero is money to pay the monthly bills. The Ring having given O'Dosyent the ment contract nt n rato amounting to $12.000 or $14,000 moro than that proposed by the lowest responsible bidder, and the Ring having given Peatorat the grocory contract with tho privilege of charging from 15 to 50 per cent moro then enrrent market rates, of courso it becomes necessary to have o money to pay divi- dends with, Henco the resolution to borrow $100,000. Tho preliminary steps necessary to get the Arbitration mnchinery in working order have nenrly all been taken; it only now remnins for tho four Supreme Conrt Justices to chooss tho fifth, who, since Judge Davis lins declined to be named in that connection, must be cither Swarw:, Braprey, or Huxt, For the Senato branch of the Commission five most admirable selections wero madoe yesterdny : Sonntors Epxusns, Monrtoy, and Freniso- uuyseN for the Ropublicans, and Senators Trurmayand BaxanpfortheDemocrats. The House branch is now comploto, and consista of Grorar F. Hoan and Gon. Ganrienp for the Republicans, and Mossrs, PAYNE, of Ohio, Huxtoy, of Virginia, and Anpotz, of Massn. chusetts, for the Democrats, Tho threolast- named were choson yesterdny, and in point of moderato partisanship and n high order of ability their appointment reflects credit upon the Ifouse mnjority, Tho political portion of tho Arbitration Ioard is a notable body in respect of patriotism and statesmanship ; tho judicial portion needs no indorsemont ; and the Commission will bo searcely less dis. tinguished as regards tho legal talent that will bo engaged in ndvocating the claims and rights of the two partics—WiLLtax M, Ev- anrd, Brascey Marriews, Rosent G, Inoen- sorn, and Judgo Stoventoy, of New York, aa counsel for tho Republicans, and Jenz Brack, Marr CarrenTen, Judge Castenery, of Louistnna, and Gen, B, F, Botuen for the Domocrats, Certain papers and politicians aro saying that, by the adoption of the Arbitration Plan, the Republicans have thrown away their chanee of sccuriog the Presidency. Bnt they refrain from explaining how. If, by tho election, Hares is fnirly entitled to the Exccutive chair, the arbitratora are sure to award it to him. Every equity and right e possesses will be duly considered. 'Thero is overy reason to bellevo that tho man best entiiled to tho Presidoncy will havo his claims recognized, and thie other parly can nceept his defeat without humilintion. 'The anger evinced by certain partisans ngainst the bill must arise from a feeling of lack of confidence in the rightfulness and justice of the claim of their side of the question, and from an idea thot their man could get the office by some kind of grab process, wero it not for the Arbitration Plan. But, if auch persons would stop long onongh to veflect, it must occur to them that the other side might also grab at the Presidency, and, fur- thermoro, that the Excentive office would ho of no value to the Republican party it it were, in the judgment of the country, ob- tained unfairly or by improper wmecans, We often think of the epigramwmatic foreo in the passago of the President’s letter to Gen. SnenyaN o few days after the election. o sald: No man worthy the office of Presldent should be willing 1o hiold it if counted In or placed there by any fraud. Either party can afford ta bo dlsap- polnted In the result, but the country cunnot atford picionof Hiegal or false returg The messago of the Presidont accompany- ing his approval of the act providing for the count of the Electoral vote will give addi. tional dignity aud force to tho project, and render it moro popular than over with the mass of the people. Ho hns properly appre- hended thoe peril that threatencd tho nation, nnd hails with joy an opportunity to assistin perfecting a scheme that removes it Tho 1nessngo showa that ho hos at no time yym. pathized with the extremo Ropublicans who have hold that the President of tho HSonate could of his own motion and in spite of Con. gress exerciso tho power of deciding dis. puted clection returns. Yot tho cholce was botween this and the mssumption by the Ilouso of Represcutatives of the same power without any regard to the Benate. 'Thero was no middle pground in the “ab. senco of s law regulating the count, and it is o blessing to the nation that Cou- gress posseased the ability and patriotism to dent Grant's keen apprecistion of the boon of o peaceable settlement when resistauco and civil strifo wero imwinent, and the ongerness with which he bas spproved the measure thot assures peace, ought to relieve bim forever of all suspicions of Cwsarism or unfuir party designs which have been ime puted to him by the scnsationalists in poli- tics and journalism. As he was tho most successful of our wilitary men io time of war, 50 ho bay shown lumself one ¢k the frame o law tomeot the difficulty. Presi.’ actual resnlt of the connt. ———m Agnin may the people of this country thank the vigilance and uprightness of President Graxt for defeating a raid npon the Dnblic Treasury, which would probably have result- ed in tho paymoent of 225,000,000 or %30,- 000,000 of claims that aro entitled to no recognition whataver, A fow years ngo it was President Gnaxt who similarly defented tho cotton raiders, and last year ho refused to sanction the expenditpro of the millions appropriated in the River and Harbor bill to gratify Cougressional trading. This time it was o littlo bill that originated on the Demo- cratio sido of the liouse, permitting one Wanrnva, of Bavannali, to bring his claim before the Court of Claims, though he had failed to filo it within the time prescribed by Inw., 'The Wannixa claim in itself isinsignificant ; but its adinis- sion would reopen the doors fora host of others, and even for thoso already re- jected, which would put inan appenrance under gomo new shape. The Republicans in the Senate aro blamoworthy for permitting o dangerons a bill to pass, whether its pns- sago was secured through negligence or with design. If Presidont Grast had not been attentive enough to discover the purport and interpose with his veto, the Iiebel raid on tha Trensury would have begun at once, Would Mr. T1LbEN, ns President, have thus placed himself Letween the Treasury and the ¢“Holid South " electing him? MUNICIPAL DEBTS IN ILLINOIS, Taxes in Illinois aro lovied now nuder tho Btato valuntion, but prior to 1875 alarge portion of city taxes wero levied under special valuations, The Auditor reports that the nmount of taxes lovied in this Stato on State valuntions in 1874 and 1876 was as follows : ObJect af tar, 1874, 1875, State tax. .. $ 0,440,477 § 1000, 600 County tax. 0,015,488 6.AT8, TR {triax, 1,450,087 0,005,002 oirn, 10cal tAXC8, ..0er veve 30,030,461 11,600,415 Total, .o 821,540,410 §40,007,401 Of thia eum, the tax for interest on rallroad-aid }Jon;l;l)]cnunllcs. towns, aud cities was $1,051, 105 or 1875, 1t will be seen that the taxes for the sup- port of loeal government, including interest on local debts, exceeds $253,000,000 per year. ‘This taxation is enormous, and is largely duo t the improvidence, waste, and extravagance naturally following a state of war, encour- naged by an inflnted, and deprecintod, and irre. deemnble eurroncy, The Constitution wise~ 1y limits the amount of municipal debt, and wisely limits the rate of taxation by counties for current purposes, but unfortunately tho limitation of debt had been reached, nnd in many instauces exceeded, when tho prohibi- tion was enncted. A part of tho system of local debts so extravagantly incurred was the high rato of interest comtracted for; tho averngo rato of interest on tho railrond-nid Londs, and on the other internal improve- ment aid bonds, is over 9 por cent. The ng- grogato of theso debts is $16,760,141, and it is an impossibility for many of the commu. nities to pay this rate of interest, and equally 50 to pay the principal of tho bonds, We cstimnto the municipal debts in this State somewhat as follow: Tailrond-ald debts., oo ... §16,000,000 Clty debts (exclualve of rallroad debia) 18,000,000 Coitnty debts.., L7000 ‘Fown und district dobta 3,000,000 Total munlcipnl debt 14,000,000 Whilo we may not be exnet in tho classifi. ention of theso debts, tho apgregate will in nll probobility oxceed rather than fall below the sum cstimnted. A fow wocks ago waocalled tho attention of the Legislaturo to this subject, and suggest- ed n scheme by which relief might bo legally extonded to these municipalities in & manner that would do no injustico to other paris of the State, but would bo an emancipation to the greator part of the people now remorse- lessly taxed, aud many of them hopeless of an ability to pay the prineipal of their public dobt., 'That plan was, briefly, to submit to the peopls an amendment to the Constitu- tion providing that on tho lat of Jauunry or July following tho adoption,of the amond. ment the State of Illinois would issue State bonds payablo fifty years after date, bearing 5 per cent intorest, to bo exchanged ot par for an cqual amount of the bonds of the cities, towns, and counties within the State. When such exchango shall be mado, the State Auditor is, in hls anunual apportionment of taxation for State purposes, to include in the levy for each town, city, county, or district arato of tax equal to the paymont of tho in- terest on Lthe bonds of that wunicipality thus exchanged, and aléo equal to 2 per cont of the principal of such bonds,—theso taxes to be applied, as collceted, to paying the inter- est and tho purchaso of tho Stato bouds thus issued, We print this morning a copy of a pro- posed amendment to tho State Constitation, which, it iy said, will bo presented totho Legislature; we print also the comments thercon by a number of members of the Legislature and others at Springficld. The amendment, as framed, requires at least two changes, (1) Tho exchango of State bonds should be optionnl, and in no case except ugon the official request and consent of tho suthoritles of the muunicipality, Many of these bonds are in litigation, and no exchango should be mado without the consent of the defonding corpoml})mm. (2) 'he main ob- jeet soughit by tho amendment ia to enable theso communities overwhelmed with deht to extricate themselves, and, in furnishing this menus of escape, thero should be an im- perative prohibition upon incurring like in. debtedness again, It left freo, thess munici- palities would in all probability engago fmmediately in jssuing ond selling more bonds so long as they can get anybody to take them. Assuming the whole bonded debt of the munleipal corporations to be $45,000,000, and the avernge interest 8 per cent, we have an aunual tax of $3,600,000 for inter- est alone. Under tho operation of this con. stitutional amendment, tho anuual tax for in- terest would be $2,250,000; tho tax of 2 per cont additioual would be for tho first year 900,000, leaviog o saviug of aunual tax $450,000 after paying the interest sud 900,000 of the priucipal. 'Flie relief to many towns and countios where the rato of interest is 10 per cont on the bonds would be, of course, much greater, especially os in o wmajority of cascs the towns whoso outstanding bonds bear that rate of interest are tho least ablo to pay. In fact, we regret to say, many of thein are unable to pay, and do not now pay thelr intercst, It is impossible to iguore the fact, which is becoming daily more cvident, that pay- meut of interest on alarge portion of this debt must soon be suspended, and these towns be involved ina system of litigation that will destroy not ouly their municipal credit, but also the ercdit of all their 1nhab- itents. " In 1869, the Legiclature passed an act providing for the diversion of a large L 000, 000 portion of the Btato revenuo to the payment of tho interest and principnl of the railrond- aid debls. That act was n fatal snare. Un- der its frandulent provisions, conntios, cities, and towns hastoned to incur debis. That nct hns sinco been sct naide as unconstitu- tional, but the debts incarred remain, That act wns unjnst beeause it compelled the non- indebted communitics to make good the de- ficieney in the Btate rovenno resulting from the application of a portion of it to theso Jocal debts. Wo are confident that tha peo- ple of the whole State will give thoir assent to this proposition that the State credit, atn low rato of interest, ba extended to these communities, that they may bo relieved in part from tho excessive taxation to which they aro subjected, nnd at the samo time bo abla to keep up their credit, and, by small annual installments, pay off and dischargoe tho principal of their debts, Incase this smendment bo adopted, wo have no doubt that the creditors will be glad to mako the exchange; but,even if they refnse, the exchange can bo made as tho bonds fall due. State bonds, having fifty years to run, bearing G per cent interest, with a sinking fund of 2 per cent per aunum, will be preferred in the garket to noy short municipal bond, no matter what the rate of interest may be. Weo hope tho Legislaturo will carefully consider this matler, and that it will mature a proper amendment to the Constitution to be submitted to the peopls at the election in 1878, To be of. any avail for tho next four years, the amendment must bo submitted to the people by tho present General Assembly, THE LATEST GREENBACK S8CHEME. Tho farniers of this State, or, more prop- orly spenking, a certain coterio of persons who profess to represent and spenk for tho farmors of this State, held a Couvention in Springfield last week, in tho courso of which tho currency question was considered, ns usunl. The following resolutions * wero adopted ns an cxpression of tho sentimont of the Convontion: First—=Wo demand n legal-tender currency, re- colvable for nil debts, both public and private, and fasacdd directly by the United States Government in aufltclent volume to answer all the demands of trade, and made Interchangeabio with Government bonds bearlng & low rato of nterest. Second—-QOpposition to all hanks of lesune, Third—That we domand the freo colnago of gold and eflver, and all moneys, both metallic and pa- per, 1o bo endowed by Jaw with tho full function of money and a legal-tender for sl debts and pay- ments whatsoevor. Fourth—That we demand of our Senators and Representatives In Congress to pass such Iaws oy will carry out tho intentlon of the foregolng reso- lutions, It is not ensy to work out in advance tho resnlts of so chaotic o projoct, because it 18 difticult to reduco it to anything logical, In the first place, however, it is ovident that all the existing ourroncy—tho groenbacka nnd tho National-Bank notes—will be retired, and thoir placo supplied with bits of tinted paperbearing the legond, ** This is n Dollar," or something of that kind. But this is ovi- dently not enough, for tho farmers would then havo no more currency than there is now, which they complain of principally be- cnuso there isn't enough of it. "Then the balance of tho mnow currency demanded (which is practically unlimited, sinco there is nobady to determine whon the * domands of trado” aro satisfied) must be issued direetly. Just what this means js not ensy to imngine. 'The Government may print indefinite amounts of currency, but it cannot put it out without soma provocation or pretext. It might pos. +ibly repeal all taxes and issue thonew money in payment of its current exponscs; but we think even the farmors will adwmit that this couldn't go on very long withont destroying il confidance in tho Government credit and rendering its so-called moncy nabsolutely worthless. Another plan for tho direct isauo of this now money would bo for the Govern- ment, which is a pauper, and merely lives upon the contributions of tho people, to go intothe loan business, and advance moncy on marsh lauds and farms already mortgaged for all that privato copitalists will lend on them. Bat such a courso would dopreciato Government credit more rapidly and make tho Glovermmnent money moro worthless than tho other, ond we can scarcely think that so wutterly absurd a proposition was contemplated by the Bpringfield Con. vontion, The only other method approxi- mating n diroct Issue of tho now monoy that wo can think of would bo for the Govern- ment to buy outstanding bonds at curront rates. 'This would be a rather costly opera- tion, sinco it is likely that the & por cent gold bonds would comnand about 150 cents to the dollar in tho now irredcemablo and il limitable curroncy, while tho Govermnent, under tho terms of tho abovo resolutions, would havo toissua the interchangeable bonda for it at par, thus making n dead loss to the Government of about one-balf tho monoy is- sued In this manuer, But supposo that the Government mokes adirect issuoof n thousand millions of this new money, moro or less, then it becomes under tho acheme immedintely exchange- nble for bonds boarinug probably not less than 3 per cent interest, and perhaps more, Of course tho cur- rency would immediately go into the bouds, beeanse an interest-bearing noto is always preferablo to one that bears no intcrest. 'This {s on the supposition that tho inlerest in payablo in something besides other notes, for if not, then it is simply a scheme for an interminablo issuo of notes all around, But, it tho interest on the bonda is to bo paid in money worth auything, there is no rensonablo doubt that sho notes got into circulation by the purchoso of bonds at 150 will immedi- ately rush back upon the Government for the new interchangeable bonds at par. Thus wo have at once two results which tho Illinols Greenbackers have probnbly not stopped to consider, It the amount of the now currency issued bo $1,000,000,000 (and its advocates probably do uot think of any smaller amount), then the 8 por cent bonds for which it would b oxchanged us rapidly as issued would represent a now expenso to tho Governmont, not now borne, of 330,000,000 n yeor interest, which in turn would add $30,000,000 to tho taxes of the Greenbask farmers and other citizens, It tho lssuo should go on indefluitely, then the interest account would bo swollen in propor- tion, But another featura of still greator concern to the Greenbackers is that the old money having all been withdrawn, the bauks of issuo all abolished, and the new wmoney having pretty much all goue into the bouds for which it is exchangeable, the coun- try would have about $000,000,000 less of currency than it has now, and thus the scheme defeats its own purpose. It is truo that the now bonds might circulate to somo extent in large transuctions, but then for the first time would be felt & genuine dearth of currency. 'The rewmedy suggested by tho Greeubackers would only result in bringing on the disease which they now merely im- sgine. Wo bave not considered the frightful de. preciation of the so-colled money necessarily incidentnl to this project, nor is it worth while. Wa have simply desired to show that the project, instend of incrensing the volumo of circulating enrroncy ss intended, wonld practienlly leave the country swithout any curroncy,—for gold and silver, of course, would not circulate alongside of tho deprecinted paper, whothor in notes or bonds, 'The fundamental error of tho Greonbackers ia in tho misapprehension that thero is any deficiency of currency in this conntry. There {8 currency enough lying idle, which would be loaned at n lower rato of interest tfinn evor before, to enable the producers and manufactnrors of this country to enlarge their products for the coming yoar by a thousand miliions of dollars. But the producers and manufactnrers will not bor- row it, and would not borrow it if there wero twice ns much, becnuso of the lack of de- mand for consumption, Show these peoplo whore they can sell for cash any increnso of products, and tho money to set the machin- ery at work will bo rapidly forthcoming. —— THE S8OUTHERN STATE DEBTS. A notable meeting was held in Now York City on Thursday Inat, its object being the institntion of some plan, acceptable alike to debtor and creditor, which will ennble the Southern States to rottla their dobts, Among those present were such prominent business- men ns H, B, Crarnuy, Leve P. Montoy, Geonae Orprre, Crnus W. Fiewp, Moses Tarson, F, 8. WinsroN, Joserr BELIOMAN, and others, and Wiuntax CutneN DBRyant prosided over the meeting. After a full nnd freo discussion of the situation, and the announcement that nssurancos had beon ro- ceived from the Southern States of their willingness to co-operate with a committeo of arbitration, a serics of resolutions wns introduced by Col. Stenpins, and pnssed unnnimously, recommending ** the interven- tion of n committea of disintorested arbiters betweon tho States and their bondholders 88 offering n.method faic and honorablo aliko to debtor and ereditor,” and commend- ing tho movement **to the enrncst considor- ation of the nuthorities of every default- ing State.," Under the provisions of theso resolutions, the Committco was constituted as follows: Geomoe 8. Cog, J. D, Vemuuye, B, B. Brenwax, B. B. Coxeovs, Esoon Prarr (all Bank Prosidents), Hexnr G. Stenpivs, and Ornus W, FieLp. After an intimntion that tho meeting would be followed by a request for tho bondholders of the respectivo States to come togother and ratify its action, so that the Committeo could convens and or- gnnize at once, tho meeting adjourned, T'he meoting, both in‘the character of its organization nud in the nature of the results which it accomplished, was at once philan- thropic and patriotic, Virginia, Louisiann, North and South Carolinn, Mississippi, Ar- Lansas, nnd others of the Southern States, aro hopelessly inrolvent. Thero are nearly £200,000,000 of bonds upon which interest has not Leen pald, in some cases for yenrs, weighing them down aud rotarding their prosperity. They aro tho Inst relica of tho War, and their removal will tend to comploto tho ern of harmony and good feelivg be- twoen both sections. It will lift the grind- stono now hnnging to their necks and drog- ging them down, notwithstanding tho im- menso productive power of tho Bonth, of which Mr. ATzixsoy, in tho course of the dis- cnssion, snid ¢ The South was never beforo so rich and pro- ductlve, but her force of proaperity Is hampered by burilens of debt. Never before had they made thelr catton crop their surplus, Nover beforo had they, 84 In the part fow years, subsiated thomselves as they do now, and at tho samo time increased thelr cotton crop 1,500,000 bates beyond the crop for tha samo period before the War, Itemove the debt and the cuntamination of bad money, and they will give the North a hard straln ta keep up with them, ‘I'he removal of these intolerabla financinl ombarrassments will furthermore open a uew field for the investment of Northorn capital, and will invite Northern immigration and enterprise, and thus give these 8tatos o now impetus, Its effect will bo of genoral beneflt to the whola country, ag the preamblo of the rerolutions recites The various States of the Unfon aro so indls- #olubly bound together by commerclal and politi cal relations that when one member suffers all the members suffer with It; and while the public dehte of any State aro In disrcpute, not only aro the bonds of that State banished from the markets of he world, but tho credit of tho natlonal securitles 18 likewise measurably affectod. With tho political complications removed by tho Congressional Board of Arbitration and tho Southern State debta adjusted by the Financial Board of Arbitration, the gen- eral restoretion to prosperity of tho wholo country scems assured, and the two sections will soon bo competitors in the raco to mate- rinl success and national wealth, 'Tho Bouth- ern States thomselves are ready and willing to co-operato with this Board, so that thero is every prospect that this great and patri- otie object will be accomplished. ‘This done, and tho politicnl complication peaceably set- tled, thero is no reason to donbt that tho gober genso and cool judgment of the poo- ple, both North nnd South, will unite for the common prasperity, and that the coun- try will once more resuma its old clhonncls that lead to poace and plenty. —— A POST-MORTEH SUGOESTION, A society has boen organized in Parls of amutual dissection and decapitation cliar. ncter, which puts dend men to a much bet. ter uss thian Col. Orcorr bas mndo of tho Iate Baron Payt in Lis cromation furnace. A Iargo number of the most prominent medical and seientifio men in France havo joined the Hoclety, tho constitution of which will ex- plain its objects. The first articlo contains tho resolution of each of the membors agree- ing that his sutopsy shall tako place. Tho second article contains alast will and testa- ment of each of the members to tho follow- ing effoct: 1, the undersigned, desire and wish that, after my death, iy autopsy may tako place, inorder that the discovery of vices of conformntion, or the hered« itary maladics to which they may give rise, may wervo as a gulda to the proper means fur opposing thelr development fn my descendants, [ desire eapecially that my body by otilized to tho proft of the scientigc ldea that [ have pursucd durlng my life. Tothis end [ bequeath my corpao, notably my brain snd akull, to the Jaborutory of anthra- pology, where it will be utillzed In any suitable way not opposed to the provisions herelu stated. The parts of iny body remalning unutilized will bo burted or disposed of In the following mauner. ‘We would, with as much delicacy ns pos- siblo under the circumstances, suggest to the physiclans and scientifio meun of Chicago that they can moke a very useful disposition of their encephala by imitating their French brethren. By bequeathiog their heads ond skulls to each other, aud the rost of thoir bodies to the students, all hands might bo kept busy, and the dissecting-rooms could be supplied quite liberally without uny neces- sity for robbing the graveyards. Indeed, considering the enthusiasm which thoe mem- bersof such a society would have in its ob- jects, they could procure at least twenty-five good subjects & year, In ordinarily healthy seasons there would undoubtedly Lo a good many doctors who would not object to committing suicide for the neerological the sako owing to the remarkable this clnsa, carried to dissecting-rooms. for purposes of dissection. the origin of species. Prof. Blank, howover, is confldent thnt hois doscended from a gorilln. Ho dovotes his life to proving it. Heis confidont that {here is somewhere in his organization a hidden link botweon him- Now it self and his remoto siminn ancestor, is possiblo if o would give bimsel? to an anatomiat this hidden link might be found and o great truth Lo established beyond question. ‘The proposition is at lenst worth the serious consideration of our physicians and savants, especially of thoss with whom business {s dull, The fdea of turning a munlcipal corporation into a dram-shop keeper, which Mr. CuannER- LAY, late Mayor and present M. I of Man- chiester, England, has recently imported to that clty from Clirlstlana, 8weden, has already been trled on the other sido of tho world. Inthe carly days of the convict-scttlement at Botany Bay, the Government monopolized the salo af spirits, Sypxny Syitim, In onarticle pub- lished in the Bdinburg Keview nearly sixty years ago, quotes the following passnge from a pam- phlet written in 1810 by one of Mr. Citambrn. LAN'S predecessora fn the Parllament of En- gland: Heretofore all ardent spirlts brought to the colany (Dotany Bay) wero purchased by the Gov- ezament and “erved out nt fized prices to the officors, civil and mliltary, nccording to thelr ranke. Tlence atose n dircreditablo and gainful trado on tho part of these officers, thelr wives, and mistresecs. 'The price of apirita was #o high' that one or two gnincas have been given for aefngle bottle. Tho thirst after ardent spirita becamo a manla among tho sotticrs: all the wrlters on the etatu of the colony, and all who haya resided there and have ¥iven testimony concerning it, describe 1his race and passion for drunkenness ns prevails fug I o)l clases and ns being the principal founda- tlon of all the crlmes committed there, The prevalent anla for potations in tho col~ ony may be attributed in large part to the char- acter of most of the nhabitants and the hard conditions of ploncer Hife, but it s o noticeable fact that tho Government monopoly was so in- effectun] a chieek on the evil that it was soon sbandoned. Manchester will probably tread the same path, A student of political patholo- ey could find no better fleld for Investigation than a mmnlelpal clection in Chicogo, f tho Mayor were ce-nficio the keeper of all the sa- loons In the city. ~ e ———— In order to exnlbit what aectionsof tho coun- try tho financfal pressura haa visited with tho greatest rity, R, @. Don & Co., In thelr an- nual eireular, have compiled the following in- structlve table for 1870: No.in No,of Amountof A visinens fuifre, liatidiies Houth'n St Pacific Stat Canada.. An examination of tho nbove tablo confirma the Impression, which has become very general, thut the trade fn the Western and Southern States has been less disastrous than fi the Last- crnand Middle States. The figures showing the number of fallures throughout the United States, together with the amount of Habllitics, for the past and several previous ycars, arc as follows: Xo. of Jsailiires, Totqt liabill- Average 4 nl et [t A abitities, B0 §21,020 20,027 44,085 v esnares 4050, 20,590 An fuspection of this table docs not producn n very cheerful or comtident feellnz, While tho total labllitles are leas than In 1875, the numher of failurcs Is considerably Inrger, and Indicates that the sweep of the panie reached n wider cirele of small traders and crushed them, e T The impression that Congress cannot chooso tho President and Vica-Presldent from tho samo State la common, but crroneous. Tho only pro- visionon the subject in the Constitution or the umendments Is the following: . The Electors shall mcos in thelr l!F‘\lnfll\'c States, and vote by ballot for President and Vice- President, one of wwhom, at least, ehull not be an inhabitant of thy sniuo State with themacives. This does not nct ns a proufdition on Con- gress, but only on the Elcctors In speclal cases. 1t would be law{ul for the Electors In any State to voto for persons as Prestdent and Vice-Prest- dent who might both be inhabitants of any State Lut that which the Electors represented. Indiana Electors might vote for twolllinols men for President and Vice-President, and yfce versa. The power of Congress, when the elec- tion {s thrown Into that body, s not at all affected by tho constitutfonal provision re- ferred to. ———— The Springfcld (Mass.) Jeepublican is the aue thorlty for this apoeryphal [tem of information. Who fa the authiorof the “report” Is not stuted, nor da we belleve it true: The report now s that tno Senate Republicans who went down to Loulriana will report that there was intimbdation cnough (o Justify the leturning Hoard In electing Have«, but that they viulated the Stuto Constituiion (us tho Xepubilean hay pointed out In retnrntng Packann and o Republiean Leg- islnture, ay the requirement I8 finperative that the Legislatueo enall canvasy the vote for State otitcers, as well ad declde who have been elected to elther branch, 'Fhe Commities, therefore, holid that the Lepislature whould have been organized by the members elected, —in other worda, ss the Democrats have done,—and should then have canvassed tho vote for State atlicers,—as the Democrata have also done. Whether in thly or somo other wuy, it {8 now generally agreed that the NicuoLrs Governs wment wilt stand, e — Thio teetotalers of England are still “agitat- ingz" in behalt of what is called the © Permis- sive bilL'—in this country It s called tho ¢ Locul-Option* echeme. The late TLord Neaves, one of the Judges of the Court of Besslons in Scotland, hit off the principle of the bill in o lttlo sung, the refraln of which states the wholo case, and s as follows: A little slmple bil} That wishies to pass Incog. 'To permtl e 10 precent you Froum having your glass of grog. e —— This extract from the Benate debate is not bad: hsln-. Sherman—Can you tell mo how they will de- 14 ke, Thurman—Xo; 4 could, 1 should not vote Jor the blll, The strength of the plan of scttlement is well Hllustrated by this auswer, Braings calls the uuknown fifteenth member the #coy and Lashful blauk." e — e Judge Berrie, of North Carolina, who pre- sided vver the Republican Nutional Conventlon of 1872, aud made the canvass for Governor last fall, has been appoluted District Judge of Florlda. e — " The last flop of tho Chicago Bulldozer on the Arbitration bill was yesterday, unless there is snotber this morning. ‘Iho LIl which It pufted and pralsed lastweek, from Thursday uutil 8un- oy, on Mondoy it denounces s tho * The Ab- dication Bill.” Tbe cause of the last flop s sald to be private loformation from Col. Kxx- of. honor they would se- curs and the fame thoy would enjoy, disclosures their encephnln might make, Some ordinary physicinn, for instance, who wonld go through lifo with limited opportunities for killing persons, and die in tha ordinary manuer of average people and then be forgotten, might | blossom out a3 & GALEN or /EscULATIUS, nipped in the bud, after somo expest dissoct- or had rummaged round his brains, In point of fact, tha skillful anatomist might find any quality of villago Hasroens slumbering in hin collection of cranin, There .hns been hitherto a singular lack of enterpriso and practical devotion to scienco on tho part of They aro always ready to experi- ment on others, nover upgn themselves. The community in general has o projudico against having any of ita mombera resurrccted and It would not object, however, to the formation of n mutu. al admiration soclety of this sort, whoso mem- Ders would bequentl: themselves to ench othor For instance, the community in goneral cares very little about NAN that TILDEX has slim proapects of getiing the Prestilency, and that his chances wonid hayg been hetter under the original tutldozing plag of operatlons—to have the Ifonse declare him clected, and WaArrerson's 100,000 unarmeg = Jamba fo instoll bin in the Whito louso on tly 4th of March. % PERBONAL Daring the paet year the New Vork Eoclety fop the Preventlon of Cruelty to Children han provideq homes for 223 children st an ontlay of 86,817,185, Presldent Grant, 1t fa reported, haa lntely heey rpeenlating in bonanza stocks sith good resnits, 1fo has sald ont, and s wisely content with big gainy. A newspaper opposed to the Compromiso bill ip. varlably printa tho list of Senators who voteq H agalnat it, and thereby furnlshics s strongargument i Inits favor, George Ellot has gono to France for the winter, and is to divide her time between Giap and Embrup, two delightful reaorts, Rumor Indicates that she 18 at work on n new novel. ‘*Discoveries on the Sitoof Ancient Mycenw by Dr. Henry Schilemann,* fs tho title of n book now In press which promlizes to be an Important contrl- Lution to carrent lterature, Mr. Erncst Renan 18 golng to Holland In Fehras ary to attend the ceremonies celebrating the 200ty anniscraary of tha death of Spinoza, and has pre. plnn:d alecture which will bedellvered on the occae elon. Too late for tho fair, a9 usunl, comes Mr. Drep Harte with a Centennial etory entitled ** Thanktu Blossoms,* 1t I8 described as s pretty taleof Revolutlonary times, The herolne Is o fascinating creature with troops of lovers and too much mind for thein all at fieat to declde In favor of any, George Washington and Lady \Washington are figures in the acene. Can anything be more perplexing than the sitna. tion of the Unitarian organ ot Boston, which feely in duty bound to praizo both Benator Boutwell and Senntor lloar, as bellcvers 1n the true faith, bt feara In praluing elther to offend the other. Sllenco in this case la not tho golden mean, for it wonld bg interpreted as indifference, o the organ hns com. promised matters by not telling the exact truth, A wealthy Copenhagen brewer, J, C. Jacobsen, han glven the sum of o million of crowna for thy promotlon of mathematics, natnral sclence, tly rcience of language, history, and philosophy. 1 would take many times one million of crowns t *'promoto*’ 2o many subjects oven an iInch, noth withetanding the valgar hellef to the contrary, Gold waa not the falcrum that Archimedes neede? for hia potent lever, The Irish World hae no bosels of compaesion, 1t cannot leava Charles Francls Adams alono, aver Inthe hour of hls adversity, but printa a cartoor reprerenting him in the act of reading a bulletln o (he voto for Benator in tho Massachuscits Leglels. ture. Iolsrcported ameaying: ‘*Only onae vote for & man of the tllastrious Jine of Adamscal Do wenerato Massachuscttal 1havea notlon of quit- ting this miscrable courtry nltogother, and going to England."” Mr, lenry Ward Deecher'n Jectnre at Richmond, ‘Va., was made the occaslon of ecvere strictures by the local newrpapers, and the feoling azainst him ‘was 8o common that few ladles were prescnt In the audlence, The-speaker bosan his address with **tentlemen and Ladles, " but, glancing dublonsly aronnd the dress-clrele, he added, **If'1 oy be atowed to use the plural in regard (o the latter.” The Wiig mald =frlly «that Mr, Beccher's name onght never be mentloned In good sociely. ‘The following pasange of o privato lettor from Mr. Frederick Douglass shows how colored men of ‘Vrains and education are still esteemeil In tho be. nighted regiona of the South: **I am now, as you sco, in Southwestern Missourl. Yesterday (24th) ot Springficld, I was tnvited into the Xiteken to gel wy brenkfast, This wasa little too much, and [ did not go, Tne South iu stlll the hell-black Sonth, and will remalin so for o good while longer. Care thage (whero I smnow) Isquitoa decent place, The people nra mostly from the North, 'Thia accounts for my boing calied down hera to lecture, " The good peopls of Lancastcr, Pa., are moving in o schemo for the consecration of pparkand 3 = colossal statuo in their midst to the memory o* Tobert Fulton, Lancaster waa tho birthplace o Fulton. and his fame is desr to the Inhabitants oy that village; hut it may be questioned whether ¢ monnment to him in that remote locality would n the best possiblo compllment to hiw, A monu ment in another place could tell the world mort widely where Robert Falton was born, and thero by reflect auch lustro ns Is deslred upon the do rcendants of the parsons that hiad the honor of be- Ing his townsmen, A gooll sory i told of n young man belonging fo Toston who hiad been to ** Ynrrup, " and catne back Justin tho heat of the polltical campalgn, Ha ‘burned with patriotic fires, and beseeched the Tepnblican managers to Jet him make a apeechi. ‘They rent him into the countty a fow miles from Toston, e begant **Lantks AND GENTLEMEN! 1t must be pleasant for you to have gentlemen come down from Doston to Instruct you in regard to the political—'"" That was ns far as he over ad- vanced., A howl of derisive laughter drove him from the atago, and his political carcercame to sn abrapt end for the timo being. The contest over the electlon of & member of the Toston Bchool-Buard which torminated In the cholea of Willlam T, Adama, the story-writer, was a defeat of the womnn Intercst, which had strenu- ously endeavored to clavate Miss Lucretla P, Hale to tho position. There fa no doubt that the major- Ity of taxpayers concerned wers in favor of Misy * Hale, but the members of the Doard, who had the w. matter to declde, deemed themnelves either too good or too bad to have n woman for an assoclate, ‘Whatever may ba thoughit of the merits of woman- suffrage In Massachuaetts, there I8 a pretty declded ye opinfon thero that the sarvices of woman miay proftably be employed in tho managemant of tho schools, y The Washington Repubdlican, having reduced fts sizo and put 1ta brain forcoon oatmeal diet, hss achleved tho following bit of burning nonsense: *‘Tho HRepublican party has had its ups and doivns, That Omnipotent Power, who made 3 universe and by thosubtlo skill of a master creator formed systemy of solar light and stellar worlds; He who hias made kings and unmada them with & breath; reared powerful principalitics and d them to shatterd fragmenta at will; e, in a crirle which made It a grave neceasity, hrought Into ex fatence the Republican party, only fo have It dis embaweled by its weak-knced leaders, who havt thrown its victory into a lottery, placing folly o tho wheel and allowing defeat to draw the glittere - ing prizc of national power. The New York peopla are beginning to lesrn the gricvous Import of the words that Tux Tma- vxE spoke whon it warned thom, some months = g0, that Maurice Strakosch was & gay decelver. ++ Beware," was the meesago at that time, *'hols foollng thee,” notwithstanding which they poked thelr fingers into their ears and porsiated InbelnZ - foolod. The castlo in 8paln, ycleped by tho slm- ple and credulous **s grand TOpera-louse, ™ Lis vanlshied, and, 1ike an unsubstantial pageant faded, left nota wreck behind, Mr. Juhn H. Bherwoud, the only gentloman who scoma cver to have had an Interess In tho subject, las withdrawn from tho enterprise. 1le gives as & rcason for bls |, action tho bad falth of Mr, Btrakosch, who re- vealed to the public, in his pecullarly magnificent = way, plans that had only Just been conceived, and thereby prevented thofr sccomplishwent, M . Sherwood says Mr. Strakosch made the mistakeof attempting to manage a party of gentlemen asbe would & company of opera-singers. Tho theory of Mlas Smith, the Amaorican lady fa London who claims ahe has discovered the secret of perpetual youth, 1 beautiful, 88 many theories fucapeblo of proof are. She holda that fels s specles of nervous force; that tho nervous finid expande in wakipg Lours, and contracts during sleep; that there aro ebbs apd flowa of electrlé | currents which have s perceptible Influcnce for good or ovll on the nerves. In the temperato zons tho flow beginy ot 4 a. . Thure is s elizht cbd about noon, another Aow usth about 6 p. m., and along ebbuntil 4 azoin. She belloves that comn 1non sense suggests tha propricty of barmonizing the nerve-perfods with the electric-periods, nd. would consequently retiro at 7:30, rise ot dinoat and aup at 6 o'clock. The cathusl- auta of Mlss Smith 1 wouderful. A less courageout woman would have chiosen 3 more promising natlon than the English to deal with, for in Londua, while Parllament sits untll early morniog, 10 or 11 Ls the Ureakfust hour, 7 of 8 tho time for dinver, sod aupper deponds much upon the fancy, But Mis Bmith reeolutely practiccs what she preaches, sud when she recently went to hear Gladstone, and the grest orator did not rise to speak nntil her perlod of “puicmplory neree conlraction ™ had couey she recolutely eibowed hor way out of the ball,an¢ was snugly ju bed by 7 DIED IN HIS BED. Erama, N. Y., Jan. 20.—Peter Wintermute, ;h% lhtul and killed %fil ll-:,c‘nk at Y:«l;k‘:fl‘ . T, ars ago, died of consum) his l'm‘x'eor”ne bome fn Horss Heads, d;acmun’o' County, on Baturday last,