Chicago Daily Tribune Newspaper, June 15, 1877, Page 4

g ; | £ | ! { f i i 3 O PR S TN i i ey A T Teilbane, TERMS OF SUBSCRIPTION. BY MAIL—IN ADVANCE—POSTAGE TRARPAID AT THIS OFFICE- ity Paition, posrald, 1 yesr. Partacf Ayear. per mont . Malied to any sddrees four weeks for. Sundsy Vditfon: Literary snd fiell e 25 ey Kdition, iweive wm i‘n-v’é&-m. ompads 1 yenr bl Arts of A YEAF, por ontfiues . WEEKLY BDITION, POSTPAID, Onecopy, Ciohof tén.. . Cinbot twen Fostsge prepsl pecimen contes rent ce addrem1n ull, Including Ftate and Connty. O reen nay b mad Giiher. by Arafl, ox ‘Post-Gince order, ot I Fegiatered Jetters. At onr ritk. ~ERMS TO CITY SURSURIDRRS. Deily, deltvered, Sunday cxcepted, 2% Dally, deltvered, Gunday fnctuded. ). ress Curner Madiron and Do conta per week, gents per week I nits. Chicheon L1k NGS. SOCIEXY ME, cotner o o sectet work, . The heetl g 8 hearty wesmE NS Cranceiior Commander. { B B DOCEMASTEN K.'of it ands. ORTENTAL LODGE.NO, 83, A. ¥, & AM.~1Ia1 122 . ted Commanieation this (Friday) even- € Master. . TUCKEIR, Bec's. ER, No. - Ao, ST Ty, Syeai A 70 6l Pastucss of importanco and work, liyordee ', CTIAS. B. WRIGHT, Bee. AMUSEMENTS, Vicker's Thentre. Wadison me"e': etiyeen | Dearborn sad_State. 3tr. Leonsrd Grover's ** Our Doarding-fouse.” Messra, Btuars Robron, McKee Pankin, Frank Plerce, 8. W, Piercy; M Virglals Buchdnan, Lizzle Hunt, Hnveriy’s Theatre, Tandolph street, between Clark and LaSafle, * 1 Joshus Whitcomb." Messre. Den Thomipson, 3. W, ‘Diatsdells Mlss Witson, Miss Julta Coventry. Adctphl Thentres Monroe Mreet, corner of Dearborn, Varlety com: Lo Clalr; Miss Edna Msrkley. Dutterfies Ball, of the Central Tomeopathic Free Dispensary. JUNE 15, FRIDAY, 1877, CTICAGO MARKET BUMMARY, . The Chicagy produce morkets wera generally weak yesterday. Mest pork closed 150 per brl low- ., st $12.5214@12.55 for July and $12.024Q ;;.BE for August. Lard closed steady, at £8.002 B.02% for July snd $8,70@8.72% for August. Meata were casier, al 4%c for loose shonlders, Bifc for do short ibs, and G%c for do shorl clears. Mighwines were unchanged, at §1.07 per gallon. Lake freighta were quiet, at 2¢ for corn to Buffalo, Flaar waa lees active and firm. Wheat closed e lower, at $1.40) for cash vr Jane and $1.474@ 1.48 scllee July. Corn closed %5@2a lowor, at 453c cash and 40c for July. Oats closed steady, At 38%c cash and A7%¢ for July. Ityo was dall, at 66@07c. DBarley sold st D2%c for new, seller Soptember, belng the Arst transaction of the sea- . son, Loge were fairly active and 5@10c lower, closing at $4.40@4.75. Caltle wero less active and 16@25¢ lower, closlng weak, Sheep were firm and anchanged, One hundred doliara in gold would buy $103.00 in grecnbacks at the close, Groenbncks ot tho Now York Btock Ex- chango yostorday closed at 95}, e Tha various companies mnnTm; fast trains, having sufficiently advertised themselves, now propose to take thom off. s Ta o clas of twenty-cight at the Spring- field High Bohool, Gentuupe Wmiamr, tho first colored graduste of an Iitinofs school, stapds third. Tho Russion loan of $15,000,000, origi- nallyoffered and refused in London, hus been takon by a syndicato in Paris and Berlin, so far below the issued price, 70 per cent, as to loave an amplo margin, The announcement is made officiplly from Darmstadt of the accession of Princa Loum of Hesse to the throneof the Grand Duchy * of Hesae, under tho titlo of Louis IV, He is n sort of one-horse potentate anyhow. ———— The Rockford Court-House dificulty Is ended. A contract was entered into be- tween tho Commmittee and W. D, Ricmanp. son yestordny, wheroby the latter agrees to rebuild aud complote tho edifice for $46,000 extra, or a total of §2 Coxrcluding that the spoctaclo of a gang of thieves clustering around the Court:Houso on the Fourth of July would scarcely be fu keoping with the day, or shrowdly suspect. jug that at aLout that time the more intor. ested of tho party may bo in jnil, the County Commisslovers Lavo ngreed not to lay thesr corper-atone with clnborate ccremonies on o great nationad anniversary. Iou terso, but comprohensive ordinance, the Council hava prohibited the retailing of fire-works in the city, imposing a penaliy of not lesa than $25 nor wioro than $100 for violatlon, A vigorous cnforcoment, for once, of this ordinanco is now In order, The dmnoge accrulng from the indiscrimi. uate uso of sqniba is almost jucaleulablo, and in preseribing o way for nipping tho evil the Council ore entitled to tho-gratitude of ovory denizen of Chicago, Only let the ordinance be enforced. Elder McGuEr's case grows even more mysterious ju the light of the prisoner's con. duct yesterdny. IHo waived his motion for o new trinl, and, on being sentenced to four- teen years' hard labor, with one week in cach year of sclitary confinemont, urged tho Sheriff to tike Lim to Joliet without delay, ‘The reason assigned for this nction is Ac. Gure's fear of a cousplracy sganst bim, in- volving the manufaclure of new tostimony and the cxhuming of his wife's body for an analysis of tho liver, , ‘lurkey sppears to sppreciato the value of the Buez Canal. In reply to tho English notification, it iz aaid the Porte will mafn. talu thot the canal is Turkish property, and 83 the right to fight any euemy on the . high scos includes the right o fight him on invaded territory, sle proposes to keep that encmy out of the canal, even though it be necessary to deprive other na- tious of the use of it. Ruseia, on the other hand, has pledged hersclf neither to block. ado, ioterrupt, nor mensce the navigation of tho canal in any way. E———— The French Assewbly convenes to-morrow, atter tho prorogation ot one month decreed by Miodauox on the 16th of May, and the ccaslon is cortaln 1o by & memorsble one in ‘e bistory of the Republio. With the threat «f permanont dissolution banging over them, the Ropublican wmafority of tho Chamber might Laturally bo expected to wanifest in. tense indignutlon and excitement, but it scems they are studipusly cultivating the art ng repression snd moderation under trying sircuustances, and are dotermined upon een $12.00 S50 100 tfree. K ‘o present detay snd mistakes, be rurosnd sive posts 1 0. 37, KNIGITS OF PYTI: lA’l"l'—rAn'!!l‘e.gllloll\n!E.fi‘n;‘m 'lku!lcl At the Grand 1odge 1Al Adatng and_lasaite-ate,, fuis Filfay evealng at 76w, The Supreme Chancellor will e, Viittors (raternally fnvited to atiend, iy or+ ST E. N, 43, Tt A M. —fieg . 608, A. F. and A, M. =Regular ncnhlbllln wkl;? nl'ahk'r n’flr’f:‘ln Illfhl brethren cordially favited. By z ICK. Sec. Bi1ss 1da Bavory, Miss tloation. Messrs. John 1ild, 1t G, Michmond, Shed At McVicVicker's Theatro at 3 p. m., for the Benedt e —_———— P Srpr— demonstrating to France their to act with prodence bling of the Chamber. moderate groups of the Loft. organization and from participation in he must bo better strangers. tending to clerical business, thoy weremn » the Exposition of 1878, not to abandon them. Ho roplied that ont of patriotism he would not, but at the same time soverly condomned tho attack that has besn mnde upon the ‘With regard to tho liberties of tho country. genoral outlook, thiscorrespondent writes s and bis Minsters wish to drag France Into o war, bat with tho practices they are resortIng to, and swith tho difficultica gathering round them, 1dare not pretend that they may not drift Into one, The sltuntion Is by far more critical than any in which France has been placed since Fobroary, '48,andthe unanimous good senna and calm decislon of the en- Btrango as it may tiro nation can alono eave her. sppear, it ts In the name of M. Tuiens in which, probably, the battle will bo wage: THE WEST AND THE SILVER CURRENOY, The most conspicuous, because tho most offensivp, advocate of gold as tha oxclusivo logal curronoy of the country, is the New York Times. Wo have recontly commonted on o malicions nssault on the financial credit of Chicago,'and now tho same popor haas Jong and nbusivo articlo denouncing the peoplo of the Wost as deeply involved in dobt, and attributes their wish for tho resto- sation of .silver to a dishonest desire to pay thoir dobts in cheaper curroncy than they now possess. Upon these promisos the srgumont is raised that, in advocnting silver, tho poople of the West are urging their own ruin,—firat by compelling the Eastern cred- {tora to onforce immediate payment of tho debts; and socond, rondering it impossibla for the Wostern peoplo evor to borrow any moro monoy nt the East, The demand is, that papor and silver shiall both be domone. tizod, ond that the Wost shall poy its dobts in gold. In the first place, it will bo perllnent to ask, What form of money did tho West re. colvo in exclinnge for ita bonds and {ts mort. goges? Did tho Wkt receive gold? Did it recoive silver? Though both weroa legal. tender, no lonn in-oither was ever mado to the West, Did the West receive in exchangs for its bonds and morlgages greenbacks worth 05 centa in gold? Certainly not. he Eastorn creditors pushed off on the Wostern borrowers the more {nferior cur. rency ; and for bonds and mortgages calling for paymont in dollars there were loaned to tho West greenbncks worth from G0 to 80 cents on the dollar, ‘The money loaned to the West was not worth from 30 to 20 conts on the dollar what the samo clnss of monoy i# now worth, Ono of tho prosent depreci. ated sllver hinlf-dollars represonts more prop. erty, and will buy more Jands, labor, goods, and food, than wonld the groenback dollar whon it waa lonned to tho West. If tho West should pay its Enstern debts now in silver hnlf-dollars, each pioce of the coin to reprosent o dollar of tho indebtedness, tho Last would recoive an amonnt of money hoving o greator purchasing power than had the wmonoy lonned to tho West, The West is" not proposing to pay its dobts in the deprecinted hialf-dollars of the prosent day, nor does it ask that each half. dollar in coin sball Lo taken in payment for the depreciated .dollar note recolved; but the West domands that the paper money and tho ailver money which wore legal. tenders whon all theso dobta were con- tracted shall not bo eweplk out of oxlat- once in ordor that payment of those debts shall bo extorted in gold Iad the Last loanod gold to the West, and it was now proposed to substituto for gold a new and hithierto unknown and now dopreolatod legal-tender, the complaint might have somo force ; but the creditor, having unloaded his G9-cont dollars on the West, can hardly ob. Ject to belng poid ia the samo kind of cur. rency, worth now, Lowever, 95 cents on the dollar, Justice is not Incdusistont with honesty. When all these debts wors con. tractod the silvor dollar was a logal-tender; tho Weat demands that {t shall be rostored 04 & logal-tender, and Lo as legally uvailablo in poylng debta ns it was whon tho dobt was contraoted. In this secking to pay debts in a cheaper monoy than that in which thoy were contraoted ? The other branch of tho argument is, that, it tho silver dollar bo made an unlimited 1egal-tendor, tho credit of the West will be ruined, and Eastern copitalists will lend no miore money or capital to the West. That kind of stufl has long since lost vven tho weak siguificanco of a threat, Tho West is not in the coudition of ‘a pauper askiug alms, It it borrow mouey, it offers ample security, and whatevor money has been loaned by the East to the West has not been loaued from auy spirit of kindness, but be. cause the socurity and intorest offered wero bettor than were obtaiusble st the Fast. ‘That, therefore, ia the wlole story, Now, if silver dollars be made a legal-tonder, and the West want to borrow, offeriug ample secunity and liberal rate of interest, will not the East lend tho silver to tho West? Why not? 'Will the Enst hoard the silver, and let it lio idle and unproductive, or leud it to the West to be employed innavigation, transportation, mining, menufacturing, and in all branches of agricultural production? Isit to bo sup- posed that capital can Do rostrain. nbility and patriotism in tho pending crisie. The dispatches tell of tho cavefnl preparations which tho leaders of the Left are making to gnard againat tnmult and disorder on tho reassem- Evon thoe irrecon- cilable Radicals, or Reds, havo undertaken fo abstain from participation in the debate, and 1o leave everything to tha control ot tha moro It is probable that the very excellont prine ciplesof Civil-Bervice reform embodied in the order concorning the managemont of the Now York Custom.lionse will soon be ex- tended g0 08 to includethe entiro publia sorv- ice. Tho President is ovidently very much in earncst in the intention to abollshthe sympatliotle connection betweon office-hold- ing and office-hunting, and to requiro the en- tiro withdrawsl of sll persons connected with the publicservice from the machinery of party cancuses and conventions. Colloctor S1attoxs, of Boston, found it hard to believe that tho President roally moont business, but was nt Iast convinced, and wont home with a very pronounced conviction that so long as he Tuns tho Boston Cnstom-House politics and The woll-informed Paris correspondent of the New York Z'rilunesnys that the sitas. tion of tho new Ministry is one of utter con- fusion because of its wenkncss, and says: # An adventure as desperato aa was the coup d'etat of '1 has beon confided to men who hiavo neither tho pluck nor the position of advonturors.” As instonces of this con- fusion, Lie says thot they began by denying the right of the Ultramontanes to interfors, but, when the Ultrsmontanes dofied thom not to be clerical, straightway they denied their denial of Ultramontane supromacy. There- upon, when BisManck appeared in Berlin, at- shiver. As another instance, they implored M. Knaurz, who hns ciarge of tho works of T would not_even now declare that the Marahal ed from secking productive employment? Will it not follow the commeres of the conn- try to the interior centres P Will it not secck employment where capital is needed, nod if the money of the country be in silver dol- 1ars, and that mowey be a fraction less in wvalne than the gold, Ia it rensonable that the holders of it will atore it away in barrels, Why did thoy not hoard tho doprecinted greenbacks ? And if silver shiould be slightly depreciated, will not the samo considerationa that induced the investmont of timt cnrrency lead to tho investment of silver? Wherscan tho monoy be invested so safoly and so profitably as at the West? Evon at this moment, whon real cstate in citics is at s lowost valuotion {n all parta of the country, tho only scction offer+ ing sny inducomemis to investors is the Wost, and the New York ZT'imes mmst bo in dobt-bur. dened Chicago is far more valuable, both invoatments, in New Yotk City. The threat that if silver be mado a legal-ton. der the West will bo the sufforer, ns the Eost will Iend no monoy to the West, fs the most illogical of the many nbsurditics expressed by that paper. ‘The poorer and lesa valanblo tho money, the mors anxjous will bo the of- fort to lond it. When was there any unwill. ingness to lond greenbacks and bank-notes, and was thore any difienity in gotting loans from tho East from the time greenbacks foll to 90, and then foll and rose ta 89, 70, GO, 50, 65, 65, 75,'85, and 95 conts on tho dollar? It is absurd to nssumo that if silver be mode a legal-tender tho East will forecloso all mort- gnges and Jond no more, nud that it will do this nnless gold be made the only logal-ten- Thia threat, nnd others of a like char- actor, slarm no person, save to the extont of uniting public sentiment in favor of the bimetallic currency, which slone can pre- rathor than lend it to tho West ? aware that real estate for present and han real estate future der, vent any cornering of tho market on coin, both metals at & nearly equal valuo. ver must be temporary. United States, acting nlone, is rank stupidity. tho peoplo of the world, It hns always been draw ber silvor and substitnte gold, and the will likely remain so for all timo. In fact, curroncy, tha gold being now a legal-tonder as well as 'tho silver. In Franco the two meotals are a legal-tender now, as they have always been, and, by tho oporation of buy- Ing up silvor, Frauco is propared to rosumo specio-payments, oven in advanco of the timo fized by law. France will have no hesi- tation in paying lier debts in silver, even though that silver hias boon purchased st a discount, The remonatization of the eilvor dollar will have an immodiate effoct in restoring silver to its acenstomed rofative value with gold. These metnls have had disturbances in their rolative valuos repeatodly, but thoy liave always boen temporary. Tho wido dif- ferenco which cxisted last yoar has beon Inrgely overcome, and tho remonctization of sitver in this country will do much to restore the dollar to par with gold. THE TE 10 BCHEMES, * . There aro 8o many differont schernes on foot to rench tho common ond of securing a Government subsldy for bmlding a Bouthern Pacifio Rallrond that it is difficult to keop track of them, and impossiblo to fell what shapo the mensaro will Lo in whon the lobby shall prosent it bofore the mext Congress, The San Diego (Cal.) Union snys that the bill “supported by the poople” (thongh we woro not awara that any of theso bills had popular support) i not tho so-called compro. mise bil, which proposed to subsidiza about 1,100 miles of castorn connactions as well nathe main line ata cost of 175,000,000, but a substitute Introduced by ox.Congress® mon Laxoens, of Indiana, Tho compromise bill, the Ban Diego Union freely ndmits, is a awindle, because 1t is not the kind of subsidy it wants; but the other is all right, becnuso it §s tho kind of subsldy the Ban Diego organ bolieves in. To givo on idea of what tho Laxoens bill is (the bill which is not a swin. dlo) we quots from tho Union: The Texas Paclic bil} now supported by the peopla was Introduced by the Hon. Fraxreix Lax. pxus, of Iodlana, IL cuts off all **extensions, " s'branches,” and *!connectlons,” and provides only Jor fha construclion of the main (runk line JSrom Its present terminua at Fort Worth to San "Diego by the shortest practleable routs, a diatan ca of about 1,100 miles. The third acction providos that **Tha Company ahall uxccata and doposit with tho Socreotary of the Treasury bonds of the Com- pany, properly secured by mortgege on the road, lands, and frauchiecs of tho Company, to the amount of $30,000 permile of road tobo conatruct. e, eald bonde to be payable in lawful woavy Afty yenrs ufter date, and to bear Infereat at {he rato of 2 per cont A year, interest not $o begin to run until threo (3) years after dote.” The fourth section provides that, **On the construction of ten or wore miles of toad, and thelr acceptance by the Govornment on tho certificate of commissloners, given nndor cath, tho Sccretary of the Tronsury hall deliver to vald Company non-interces bearing Treaaury noteg of tho United Statos (o (he actual coat of tho road, not o exceed tho averaze rato of $:30, 000 per milo, " The Lanpxus bill, it will be seen, is ut onco a bill to inflato the irredosmable curroncy to tho extent of about $50,000,000, and lond it st the rato of 2 por cent per annum to the ‘Pexas Pacifio poople, This kills two binds with oue stone. It complies at onco with the demands of the paper-monoy dilutionists and thoso of the T'oxt Beorr speculators, All tho Government has to do is to print tho money, and advance it o3 sapidly as may bo required. Maving the printing.pressos and all the nccessary machinery on hand, this will bo a comparalively easy matter. Tho QGovernment will set up as a bauker, with tho advantage of making ita own monoy, Ot course thers is no swindle or fraud about this. The 'Texas Pacifio people wny never repny tho money, but then the Government will only loso the cost of manufacturing it, as it is not the iatentfon that tho Govern. ment shall ever redesm it in what the world rccognizes us money. Fnaxz Lawpess' idea of Government money was not a promise to pay, with the uithoate iotention of redoeming the mnotes in specis, or otherwise, but simply to print on a piece of paper, “This is a dolfor," stamp it as gold and silver monoy isstamped, aud issue it a8 a perpetual circulating medium, As the Government can print any amount of this monoy at a comparatively small cost, of course it can lend it at & very low rate of intercst, and it is proposed to charge the ‘Texas Pacifio pecple only 2 per cdut per annum. If the Texas Pacific people sver paid the interest, this would be a profit. able arrangement for the Governmont oxcept for one unfortunate circumstance, viz.: the interest would be paid fu the same irredecmn- ablo notes tho Govermmnent bad issued, and thero would bo nothing to do witlythem except to burn them up, or give them to other bosrowers. 4 Of course, when the Governmeat goes and which of necessily can keep tho coin of With a bimetallie currency, any riso in gold or insil- All the talk of domonetizing silver by tho Bilver is now the currency of two-thirds of ond must nlways be. Germany, after four yoars of effort, has not been nble to with- silver thalor is & legnl-tender to.doy, and at this timo Germany has the bimetallic THE CHICAGO TRIBUNE: FRIDAY, JUNE 15, 1877. private entorprise ita own notes ns money, thero the world why it should the BSonthern Pacific Railrond. advanced onongh conslruct the Kanawha nnd eanals, Nobody neced sulfer for want 18 hinppily a question for thd faturo. next Congress, In the Hraf tion of the ington to where funds from the money wonld be worth after it got thare, which it s proposed to subsidizo than by the main lino; so that any subsidy scheme which noctions. It Isprobable, therofore, that, what- ovor shapo tho schomo may assumo, it will cor- tainlyinclude aanbsidy forall the connoctions, a8 well as tho maln line, and not fall ahort of our original estimate of $175,000,000, Aennwbile, it must be remembored that tho Central Pacifio ownors aro going shead build- ing a milrond on the lino of the proposed ‘Texns Pacifio, and will finish it without any cost to tho Govornmont if only let alone, s DISHONEST BONDS, ° Thero ia a statement published to the of- fect that the Supremo Court of Arknnsas has docided that the isaue, some fow years ago, of $16,000,000 of-bonds in that State was unconstitutional, and thorefora tha bonda aro void. The grounds for this decision have - not appeared in print ss yot. We notice by the local papors that an offer has beon medo by Mr O. B. Mancr, ropresonting tho holders of alarge portion of the bonda of Warron County, in this Stato, lssned in aid of tho Nockford & Rock Island Railroad, to compromiss the suits now pending for the recovery of interest on tho.sald bonds by accopting nmow bonds. The original Donds amounted to §200,000, dated Beptem. ‘bor, 1870, and bearing intorest at 8 per cont, Principal and unpaid inlerest now amount to 300,000, 'The offeria to tako now bonds for thio sum of $200,000. “Wo do not romomber tho exact grounds on which the county refuses to pay the bonds, excopt, gonerally, that the whola proceoding was unconstitutional aud void. Other suitaon gome of tho Illinols county bonds have boen decided adversely to tho holders. The fact that somo of these municipalities havo rofused to pay interest on some of those bonds has been used by many persons and nowspapors as A pretoxt for nasalling the {ntogrity aud charncter of the peoplo of tho Western States. Inaro. cont article contrasting tho dishonesty of the peoploot the Southiorn Statos with that of the peopls of the Western States, the Now York Timeahias tho following: ‘When we come to county and munlelpal fadelts ednoss, there is not much room for cholce betwoen' tha two sectlons. They have been equally eager to fesuo bords, and equally unwilling bonoatly to redeon thom, The repudiation of Mlssouri coun. ty bonds, judicially sanctioned soma months ago, has since beon followod by elmitar repudtation in linels. In each caso the proceeding has some technical pretext, but tho pretoxts are almost in- variably of a kind which no private cltizen coutd resort toin his own behslf without Incurring the stigns of a sconndrel. Thoy are all aggravated by the fact that the repudlating countion and towns aro In tho full enjoyuent of the results of tho lToans of which thoy thus summarlly nd them- relves. Wo have no sympathy whataver in any procecding by any municipality to avold tho poymont of any dobt, While it is notorious that in the great majority of instances the elcations at which subscriptions to railroad slocks wero dishouestly condacted, and afe firmative votes obtained by all manner of trickery and fraud, atill the snbscriptions wore mada according to the forms of law, Noris the fact that theso subscriptions were votod under mistaken oxpectations, nor that tho conuty or town uever supposed it would e called upon to poy either principal or in. terost, nor that the stock to pay for which the bouds were votod has been swept out of cxisteuce, any possible exouse for refusing to mect the logal obligations assumed by the municipality. None of these thiugs offer the least apology for repudiation or bad faith, or in otber words for dishonesty, . No matter how bad the bargain may have been, the contract should be exocuted uone the less falthfully. Though the poople of the towns and countics in thia Btate voted 315,000,000 of bouds (o purchase an equal amount of capital stock in the rail. ways, and though there {s not a sbare of that capital stock now in existence,—anll be- ing lotted out by the sale or leasing of the ronds,—wo do vot consider that this fact affords any fresh reasou for failing to pay both principal and interest. But (Lera ia & class of bonds which are not ontitled to such considoration, Municipal governments are not soverolgn powers. They sct within limited jurisdiction and within limited outhority, The power to take one man's property from him withont o consideration, and give it to another person, is about as extremo an exercise of authority s can be imagined. It it were a new ques- tiou, the oourts would hardly sustain its ex. ercise by any government; as it is, all the courts in sll tho States have declared that no such authority is iohercnt in any municipal- ity, and that to exercise’ it &t all there must bo an express grant of power for that pur. pose from the Btate Government. ‘We do not remember the circumstances of all the Missouri cases, but a8 & class thay into the business of issuing and lending to frredeemnble in no ronson in stop with Having money to build this Tond, it onght alsa to advanco snfficient funda to build the Northorn Pacifie. Then it might contomporanconsly irsme the notes to con- Atriet levees on the Mississippl River, and to & James River Canal, Indced, there is no renson why its ‘beneficence shonld bo limited to railronds It ought to come to the rescue of the farmers who nre carrying mortgnges on their farms, and the manufacturers aud morchants who ara finaneintly embnrrassed. ‘Why should all the pour devils who are in dobt continue to pay the Shylocks 7, 8, 0, and 10 per cont juterest, wheu the Govern. ment enn just na woll ns not print a few handred millions or n fow thowsand millions of paper dollars, and Jend them to everybody in need of money at tho rale of 1 or 2 por cont per snunm? Thia is what might be called the financial millenniam, of money under *these circumatances. We won't undertake to calculate how many thou. sand millions it will requiro to go around, or how littlo avery papor dollar atamped by tho Government will bo actually worth after overybody's wants hiave been supplied, That 1t in porfectly obvious from what we have said that Franx Laxpens’ Texss Paciflo bill is all right; but wa fonr j¢ will not pnss tho t placo, Mr. Lax- Drra {2 no longer a mombor of Congress, and cnonot give his pot measure tho benefit of his personal influonce. In the next place, it i possiblo that a majority of the new Con. gress moy comprehond that an unlimited ls- #ne of irredeemable paper money on the plan proposed hy Laxpens would very soon make Government notes worth less tham threo conis 8 bushel, so that the transports- ‘Wash- the Sonthern Pacifio Toad is to bo built would cost more thon Again, the peoplo in Congress nnd out of Congress who aro in favor of building the Southern Pacific Road at CGovernmeont ox- penso set moro loro by the conncotions hopes for euccess must include all the con- woro the most flagrantandseandalouafrauds, which no private citizen would defend with. ont confessing himself a scoundrel. The goneral Jaws of the Btato authorized organ. ized townshipsto vote bonds in aid of rall. ronds, Another law authorized a cortain numbor of inhabitants residing within a geographical township having no government to orgnnize o town government therein, Tho bond specnlators started out, with two or three conches, on twoor threolines; roaching 8 spot mhrked on the map As atownship not organized, tho conches wonld unlond the *¢ inhabitants,” and then organize a township government; hold an- olection for fown officers, and another to vote $100,000 bonds in nid of the railway; the '‘peopls wonld vote the bonda; theoflicers would fill up the blank bonds, and deliver them; the “‘in- Lnbitants " would immediately ro-cmbark in the coaches, nnd drive off to the next town, where tho same proceeding would take place, an hour or two answering for each township. Bomelimes *'counties” wero organized in the, same way, and thuns, in time, bonds 4mounting porhaps to millions of dollars were voted by the *peoplo of tho towns and counties,"—the people consisting exclusively of iho migratory gangs wo have described. In courso of time theso towns snd counties camo to bo occu- pied by bonn-fide residonts, all innocent of theso provious proceedings, and wero callod npon to lovy taxes to pay interest on theso bonds held by speculators, gambiers, thiaves, New York T'imes, *'scoundrels,” Wa do not say all the Missouri bonds were of thia class, but this class formed a largo proportion of the Missouri bonds of which paymont was rosisted. In this State tho only bonds declared void by tho State Court were issucd by certain towns pursuant to cloctions hold under what purported to be a law authorizing them. Subsequontly it was ascorlained that no such law had ever been passed by the Legislature, but bad boen fraud- alenlly palmed upon the Stats officors, and by them had boen included among the printed laws. Wodo not know that it ia scoundrelism to rofuse to pay a forged note, or to decline responsibility for the illegal and unaothorized act of an agent. Wedo not beliove corporations hold themselves bound to pny dividends on certificates of atock fllegally issued nnd by unauthorized officers, Wo do not know that countorfeit paper In any form—bonds, notes, or drafta— constitutes a moral or legal obligation upbn tho porsons or corporations whose names aro nimulated. Legal nuthority to issne is o primary and essential requisite to the validity of any bond by a municipality, and the more 80 whon the bond is fssued for an extraor- dinary objoct,—ono wholly oxternal to the ordinary objocts of municipal governments, We assume, thorefore, that thoro is a wide and matorinl difforonco betweon municipal bonds which aro issned under logal suthori. ty, and in conformity with law, and bonds whiclr are forged, counterfoited, roissned aftor being paid, or issued without any logal authority, or in cxcoss of legal authority. 'Thero I8 n provision in the Constitution of this Stato prohibiting tho issne by any munioipality of bonds, cither as a donation or as o subscription to tho capital stock, or othierwise in ald of any railroad or other cor- poration. If any person should so far suc. coed In inducing any municipality in Ilinois to voto and issue bounds in aid of railronds, wonld it bo scoundrelism for the property- ownors of that municipality to appeal to the courta for protection agninst beingcompelled to pay such bonds? That provision was piacod in the Constitution to break up this scandalons and fraudalent aystom of issuing municipal bonds na donations, and pa awarn- ing to all persons thnt all auch bonds there- nfter issued wonld bo void. Btress is placed on the ground that tho munjicipalitios ars in *“ the full enjoyment of tho rosults of the losns” made by thom. This s absurd. In this State the bonds wera voted to pay for copital stock in the railrond companies, and wo suppose that $100 cash will purchnse all that romaina of tho $15,000,000 of capital stock purchased by the communities, That fact, however, 08 wo liave stated, affords no roason for not poyiog tho debt; wo mention it to show that tho invostment wos a total and absolute loss, leaving meny of tho localitics with com. parativoly enormous debts, which thoy are bravely and honestly taxing themselvea to puy to the full letter of the contract, Bo long as “‘ropudintion” of munfeipal bonds {s coufined to thoss which nover had any logality, or are forged, counterfult, frandulent, and dishoneat, the *protext" for not paying thom will probably be made as freoly oa it will bo made in private transnc. tions, and by persons who aro not in davger of boing ranked as *scoundrels,” NEWS FROM THE REVOLUTIONISTS, Wa aro unwiiliog to think so poorly of the aversge Democratio Intelligencoas to placs ooy confldence in the report that comes from Washington to tho effect that the Domoacrats are meditating n coup d'etat 1 favor of their defeated candidates, Tinpex and Hexpnioks, It is easy lo start and clrenlato a rumor of any kind in Wasblugton, and tho ill-timed and unpatriotio utteraucos of these two gon. tlemen at Mr, Hexpnicks' recent receptionin New York would just now givoa report of this kind an atteution which it would not otherwiso recelve. Nor do wo doubt that thero are desparato politicians in the Domo- cratio party who would Jend themselves to any schemo which promised to transfer tho Governmont oftices into their hands; snd, with the slightest prospect of success, Mr, upeNy might be tempted (o joln such a movemout, The proposition talked of is to gain posscasion of the Benate, where the Republican majority is now very small, ond oxcogdingly uncertain on strong. ly defined party measures, and then refuse any sppropriations to run the Government till President Hayes should retire Iu favor of Mr. ‘o, and Vice-President Wurzxrxs in favor of Mr. Hexonicxs, 0f course any such schemd as this would ba notking more nor loas than revolation. It would be less justifiable rebellion against argonized government than was the seces sion of the Houthern Btates. The politiolans of the Bouth who botrayed the pooplo of \that section into taking up arms sgaiust the Government claimed the right of severing a compact on tho basis of State’s Soveroign. ty. Thero was st least the protense, and, in large part, the belief, of a principle. Batthero could be no claim of principle in a oup detat to drive out President Hares to make room for TipzN. Pres- jdent Mavzs mnot merely received a majdrity of the Eleotoral .votes which con. stitutionally masde bim President of the United States, but hisclaim to the place was morv strictly scrutinized than that of any of his predecessors, and the sanction of Cou- gress was given to hisinauguration after tho most dosporate struggle to doprive him of the office. Every atep iu the canvasa of the and, weo may add, tho class referred to by the | voto was taken in o lawfol manner, and sib- Jocted to the most litoral constitational in- torpratation, Any oonspiracy, therefore, to unacat him now would bo rovolution of the rankest kind, and worthy of more sevore punishment than was ever visited upon tho loaders of the Sonthorn Rebellion. Porlinps a largo nnmber of the Democratio politicians would not be deterred from at- templing 8 coup d'etat simply becauss it would be treason; but thoy will bo terrified at tho cortainty that nny such attempt wonld bo mors unanimously resented than any other tronsonablo conduot has been in the whole history of onr Govornment, Any indicatton ‘of such a purpose, instead of glving the Bonnto, ns well as tha House, to tho Democrats, would lead to an overwholm- ing combination of Republicans and Domo- crats to organizo an Administration party to control both Houses. The recollection of onr War of Robellion is not yet so dim and shadowy as to admitof the peopla being be- trayed Into nuothor, and especinlly in o causo, that hins no bettor motive than the soizura of political spoils, If the Titoew partisans who telked revolution before Hayea' inanguration did not dare to antago- nize public sontiment at a time when party spirit was runningat its highest, it is shoer madness to think of such a thing now, whon partsenn prejudico has beon notably allayed, ond whon Presldont Hares has carned the respect and. gratitude of the whole country, THE MONTENEGRIN DEFEAT. 1f Turkish reports msy be bhelleved, the Montenegrina for onos have beon defoated, or rather hava been compelled to retiro be- fore an overwholming forco of Turks, after inDicting a torrible Joss upon their old-time The scene of the strugglo was in Southorn Herzegovina, justboyond the Mon- tencgrin frontier. For some timo past tho ‘Parkish fortresses of Piva and Nicsio have ‘been invested by the Montenegrins, and so closoly that the fall of the latter appoared probable unless it was rovictualed. The Montenegrin right, under Gen. Vuxovics, held Krstao, tho contre held tho Pnss of Dugs, which commands Nicsio, and the loft was nt Petrovia. To reliova theso two for. tressos was o matter of suprame nocessily, and Bureyaan Pasna, commanding the Turk. ish forces in IHorzegovina, concentrated On the Oth onemies, them for this purpose, inst, ho succcoded in rolloving Piva, madon show of reslstance and thon retired. numbered them five to onme, and the ox- Lauated Montenegrins wera compolled to fall bock, their only compensation being the terrible losses they had inflioted upon the Turks, Thoy fell back on the 12th, and on thio night of that dato the Turks advanced nlong the Pass on their way towards Nicelo, ovidently boliaving that the Dlontenegring wore in fuoll rotreat, and that they would moot with no resistanco on thelr way to tho foriress, On Wednesdsy morning, howerver, the Turks found the Montenegring confronting thom agaln at Dobutchka, and, according to latest dispatchos, they clalm another victory, If this bo true, the invest. ment of Nicslo is complatoly broken. Much allowance, howovor, must bo made for the untrustworthy charncter of ‘Turkish dis- potches. Assuming it to be true, howerer, tho Montenogrins, though defeated, are by no means conquered. Thoy may rotire into thofr own mountains, where the Tarks will hardly care, or dare, to follow them. How- over overwhelming the odds may have been, thoy havo naver boon conquered on their own soil, Nolthor can the army pf Sureran DPasna leave Southern Horzogovina, for that wonld only be to exposo Nicalo to immediate danger., 'The Montenegrins, thersforoe, aro doing_ effective servico for tho Russians on tho Danube by compelling Sorevaray Pasma to malutaln an army of observation on the Montenegrin frontier, and alarge one at that, for the Turks can never defeat these moun. taineors oxcopt ot large odds, and k:oping hism powerloss to give the wain army in Bul. garia any asslatance. A correspondent writes us desiring to know the meaning of the term * Softa™ as applied Lo certaln classes of Tutks. In general, the Soltas aro tho cducated and professional clusscs. Ma- uoMet 1L was the reformer of the old system of Turkish education. e formed a number of elementary schools called * Mektebs,” which ho seattered all over Turkey, Foreseeing, hows ever, that thess would not besuficlent, and that tho Turkish statesmen of the future would need somcthing more than an elementary education, ho established and endowed numerous schools and colleges ot a higher order called ** Med- resses," fu which the students went through ten courses, as follows: Gramnmar, syntax, logic, metaphysics, philology, trobes, style, rhetorle, geometry, and astronomy. Thoso who tovk de- grees in theso subjects recelved thu title of * Danlschmend,” uifying *Qifted with knowledge. The term has sloce becn ex- changed tor that of * Bofta," which, as our cor- respondent will sce, fncludes the higher odu- cated cafte of Turks, e —— Joux Grune, a Christlan, despite & long resl- donco in Indianapolis, eloped with & Jewess sume months ago, and the pair were married by a Protestant parson. Not long after, JouN an- nounced Uls determination of cmbracing the Jewish falth, and, regandiess of bis wife's sellsh praycra aud entreatics, has undergone circum- cision aud been taken intothe fold of ABBAAM. e —— e ‘When the averago Chicago reporter is abort of news, he turns his attention to the Scrlptures, One gontleman, of great discrimiuatlon, yester- day fnformed she world that **Thou shalt wioy bear false witness ' is one of the shortest but nevertheless one of the most important of the Commandments." e That distloguished patriot, Sawuse J. Tit~ D=y, who talked recently of the “four anda quarter milllons who were defrauded of the fruits of their elective franchise,” pleads the statute of limitations fn & suit agalnst him for the amount of bis income tax. e e——— Another of thoso thin and sickly jokes, de- nowdnated *shaw duels,” and greatly enjoyed by slender-legged, weak-bralued people, has just been perpotrated by Lh; m;lll‘btl‘l [14 h:)u Luxssix's party 10 the Yose uo pasty ,:l_‘:m_;__ ’_’JJ‘""'M_;‘( g which was bosioged by a comparatively small forco, aud then commonced operations on the noxt day for tho roliof of Nicslo. Iis first movement wns to detach a column to sdvance upon Goransko, which was intendod to call off-n column of the Moulenogrins, It bad this effect, A force under Gen. Socroa sttomptod to intercopt them. The Turks Meanwhilo, Suteviax Pasna attacked the main body of tho Montonogrins at Kratac with groat fury on the 8th. Thoy were ro- pulsed threo times with vory heavy loss, but thoy eventually succeeded in galning the po- sition, after losing 4,000 men, Gen. Vuxovics then rotired to the Duga Pass. The Pass was nttacked on the 12th, and o most sangninary ‘batilo onsued. Tho Montenegrina from their vantage ground behind rocks and on the mountaln mdcs nssaled the Turks with o galling firo. The lattor behnved with great conrnge, and over and over again sought to force their way through the Pass, but over and ovor ogain thoy wero repnlsed by the bardy mountaincers. Tho weight of num¢® bers told st last, howaover. The Turks ont. e — chap, with enough vanity to stand hefore what ho considered nn honest fire, was peppered with blank cartridgea by a distinguished nas who wag in the Joke, and who therefore assumed all the feroelty that’consclousness of eafely breeds, The other members of the party looked on with that keen delight which asinfuc natures feel ‘when thoy find other simiiar natures in closs proximity, and they are now roaming at large through the West telling how' much fun they ‘““had a% the duol.” e eT— Maroa (T11.) has been thoronghly aroused by o little game between threo mothers. When the hands were shown, one Liad four boys, another three girle, while the third had been blufing on a bobtail flush of two girls and a boy, ———— The Times ruminates upon the general ques. tlon of editors whipping women on sight, Wasn't there something or another some time 2go about s woman larruping an cditor, who ap. pealed to the police court to avenge him1 ——— A modest Cincionatl octogenarian vrrites to the Commercial Lo provo thst hels the greatest contortfontst pf the age, and all becauss he never used tobacco, or drank beer, or pi base-ball, A o ————— PERSONAL, Jonqnin Miller hos remarked in sixty.ning nd one-half Imeathathols **As Loneas Qod,” nh{‘r. ‘Bunch:r rode from Canandalgua to ocheator, o distance af Ly mmyulx' minutes, i Queen Vicloris obsoryed the proprieties having Adehna Pattl and Bignor Nicoiinl llngiz different state concerts at Buckingham Palace, Tho denth {n announced of the Rov. N. L, TRiice, for forty-cight yearsa Preabyterlan minis. tor, and lately Professor of Theology in Danrille Seminary, Robert H. Newell (‘' Orphous O, Korr™) gatned nothing by his trip acroes tho Atlantle, 1o had » hemorrhage on ahipboard, sndis low in London, % s The extra session of the Now York Legis- hluz at ,BlflLflkl will not Jast more than two weeks, unless the races are prolos date announced, ¥ et it Anno Isabolls Thackoray, the only sur. viving danghter of the novelit, fs at present 35 years old. Her slster Harret (always named **Minnle " by the family and intimate feiends), wha martied Me, Leslle Stephen, died neatly wh years ago, atthe age of 35, It issald that Dr. Lo Moyne, the Ponn. sylvania cromationfet, s determined that all his children shall follow his example, and be burned, 'Ta makogury of thiaresnlt ho hnamade a provision fn hiawill that a1l the doviscee shall agreo to bo burned bofora gotting thelr legactes. ‘The Rev. Dr, Hopworth regards dyspepsi; ashostilo to the growth and dn\'elnpmeilgfg:\\: religlon. Grace fa not compatible with a weak stomach, More serious atlll s the fact that fndl. gestlon dostroys self-cateem, which Lioa beon Inan time tha intollectusl motor of tho age, Two vacant churghes in New York have sont committees hunting throngh the conntry rg- glons of Scotland, not for grouse, but for parrons, ‘The latter game la caster bagged, but somchow not 80 “aallefying,' asorulo. Most of the forelgn pastora In New York have falled to satisfy the con- gregstions that engaged them, The Springfield Republican sayss * John Bigelow wouldn't recognlze Mr, Evarts ns Secre. tary of Etate by attending the Albany panauet, and now tho question ls whether Johg Bigelow's san, ‘who gradiiatos at West Polnt (hln week, will recog: nlze n Secretary of War who holda bts commission from n ‘fraudulent Preatdont,* One reason why Mr, Knsson could not be acceptablo aa Ministerto Spain wos Wis avowed sympathy with the cause,of the Cuban rovolution. fats. Austria will bo more agreeabls to him, whila Spain will prove inviting to Mr. Lowell, and sug- gest a new contribul to Amerlcan Htoratare ss delightfnl na Jrving' Albambry, Mr. Nathon Appleton, of Boston, is to de. Hyer an oratlon on the Star-Bpanglod Danner in the Ol South Church Thursday evening, which Is the centenninl of the adoption of the tlag as the national standard, Tbnflgwn floated over Fort Henry on tho night of {1s bombardment, snd whlch {uspired the song, will be exuibited, Col. Bellors bought an interesting deg at the boncheshow dn New York and named It Cly. temnestra; In conversation®afterwaras he ealds ++] chone tho name, slr, bocauso it was sonorous and classlcal, and scomed to me fiting for the animal, Ishall not now change It simply because tho dog happens to have asex that I had not obe served." President Hayes, somowhat, against his will, has been looking at & patent fan. It a4 won. derful inveation, designed (o keep (he logs warm in winter and cool In summer, and s attached to the inside of the trousers. Tho Fresident rofused to Invest, although assured that tho fan was jnat he thing to sssuage the grie? of disappointed of- fica-soekors, A and atory comos from Now Orleans, AMr, James M, Walpolo, of the Picayuné, was expect- ing to rarry Mias Monnlo M. Pritchard on the 10th ofthia month. On the aftcrnoon of the 7th inst. he recelvod Intelligence that alie had been stricken with anddon and probably. fatal iiness, o has: tened loher. At 5:30, at her requeat, tnoy wero martled, and three hours later sho dled. Concorning ghosts, tho Reov. B. 8, Btorrs, D.D,, says: **1 remember the roply of & promt- nentoficer In the naval service, whon a friend asked him If he possibly belloved In ghosts, —some- h{pg which he hiad sald having secmed to Indicats thathe had o certsin unconfessed faith Inauch apparitions, *Nota blt of 1L1n tho day time, ' was his reply, *bat in the night Imust confess thatl have my doubts."" *Tho lawyers of London bave a flne volun. teer corps, mustering 1,000 atrong, and approprls ately called **T'ho Dovil's Own." 1t Is a frequents 1y-oxpressed hope amang the victims of the ‘logal profession on both sldes the Atlantic thattbe Devll may get his ow: the earlicat practicablo moment. The artists & regiment of 1,200 ‘men called **Tho Mauls, 1t is related of Thomas H, Benton that a xontleman whose guest e was up to his rgom an the morning afler bo had may speech, taking & newspaper conlainiug s vory laudatory notico of bis remarks, ** Have you read it, ale? Docs it do Justice 1o the subject?” asked the hast. ** I know #1f sbont It, slr,” roplied Denton, with great dig- nity; **1 wrote 1 8l myseif.” ‘The Mobila Register is of the opinion thet Forragut went up lu the maintop through coward- fcel Iteays: '*The fact romains that the mast head was s safer position than thodeck, ‘Tha Cone federate shota wera dirccted at the bull, snd If tho vesscl had gono down tho mast-head would bave been abovo water. We have never been able 1o sco any romarkable gallautry in the mast-head fnci- dent.™ A Ban Franclsco edilor gives & brief bub interesting aketch showlog what has become of someof the men who have been prominent in the political bistory of Calitornia. fe namea cighteen, nad of these elght became confirmed drunkards. Among them was John McDougsl, who was & United States Senator, All wero brilliant men, the contemporaries of Broderick, who was killea In & duel, and of Daker, the Seuator who fcll on the battle-eld early In the War. A compromise has been agroed upon amoog the Uarvard Senlots with refercnce (o Class-Day, Iu the furencon Prof. Lowell will give a breakfast to Ibe Benlors, Prof, Thaver to the law-graduates, Prof. Stearns to tho theological graduates, and Prof. Euslle to the candidates lo sclence sud engineering. ln tbe alternoon the Yale and Liar vard nince play a gawme of bsll, and Lhe Senlore ene tertain their friends tntheirrvoms with **spreads and **teas,” In the e¥ouing the college yard witl be filuminated, snd music will be fariehed. President Bliot will give s reception, and there witl be danclog 1o Sanders’ Theatre and Momorial Hall Dr. Schliemsnn was an honored guest at ibe grand banquet given by the Grocers® Company of London, recently. In rcsponse to 8 tossiihe distingulshed gucst ** pointed with pride to his secord” assgrocer. Hesald: ¢'Ifectan fnfaite plessure in thinking that ] am wysell g grocet, aud that In pralsing here the grocer's business, I praso 8 trado which 1 bave followsd up with noremittiog seal for a period of twenty-cight years. Iwas uardly 12 years of ago when I became » grocer's sppeeatice 1n 8 small country shopin Mecklenbarg, where. during Ave years and a half, § was eogaged in selllg herrioge, bulier, aait, ‘whisky, sagar. o e Pty et wa sld £ sieciog wortkor .mur{nl oneday.” .