Chicago Daily Tribune Newspaper, July 17, 1877, Page 4

She Cribune, | TERMS OF SUUSCRIPTION, — RY MAIL-IN ADVAKCE—1 Dally Editfon, ane year. Varta of n year, per mon Matied to any adiresa fou Sunday. Faltion: Literary and Leouble sheet Fattaday Fultion, ‘Trt ly, one yore, _ Parts of a year, per month. PERLY ED} SRERET EDIT, s0Ny POSTPAID. 3 One copy, per seat 2, Club of te ety 1.2. Chit of twe 34:94 Brecimen. 0 To prev G nt free. Ofied ntdreat ta”. and mutakea, be anre and give Poot- PousUitenes shay be made ehthier uy deaths exprens, one maybe ; t — ler, or In registered letters, at our risk. Dally, de’ ARMS TO CITY SUBSCRIBERS. : DALE wilted EORIRY G2chetew 0 Conta fet Wesk 4 ) Sunday frelived % oe vere SUPE TRIBUNE, COMPANY, fner Madison and Dearborn-#t&, Chicago, Il. AMUSEMINYS. Hooles’s Thentres Mandotph street, between Clark and LaSalle, En- agement of tho Union-8quare Company. ** Lea Dane Icheffs"" Messrs, Thome, O'Netl, Stoddart, etc. : Mes+ danies Fanny Morant, Bara Jewett, Katharine Rog: era, etc. * Adetpld Theatre. Monroe street, corner of Mearborn. Novelty, farce, ‘and pantomting, Messrs, Pat Rooney, EB. Me ‘Hall, Mamitt, ete.: Mesdames Larkeile, Adah Rich- mond, ete. Exposition Building. * Lake Shore, foot of Adams street, Summer-Nlebt Festival by the Thomas Orchestra. Hase-Hall Park, Etate and Twenty-third streets, Champlonaip came between the Bostons and Chicagos at 3:43 p.m. TUESDAY, JULY 17, 1877. CHICAGO MARKET SUMMARY. The Chicago produce markets wore active yes- terday, and averazed nearly the samo ag Saturday. '5¢ per brl lower, nt $13.55@ $13.05@19, 074 for Sep- ¢ per 100 Ibs lower, at 1690.15 for August and 84.00@0.224 for Ments were firm, at de per 1b for loore Phoulders and Zise for do short ribs, Lake freizhts were active, at 2022<¢e for corn to Buffalo, Highwines were steady, nt 31,08 per gallon. Flour was quict. Wheat closed firm, at $1.40 for duly and $1,184 for Anznst. Corn closed casy, at 484 for July anit 48isc for August. Oate closed 3 elower, at Btc for duly and 283¢c for August. ewas steady, of Gte cash and Sse fur Anzust, Lnrley was rteady, nt fe for new, weller Septem ber. Horr wero active, at 1%t20c decline, closing rteady at 4.9025. 10, Cattle wero qnict and nn- changed, with sales of common to choice ut $2.7 €:6,20, Sheep were quoted at 33,0025.00. Ona hundred dotlare in gold would bay $103.60 in greenbacks at the et Greenbacks nt tha Now York Exchango yca.crday closed at 94}. hand by reason of tome vigorous characteri- zation of the manner in which the Charter. Ok Insurance Company was conducted, Gen. Jor Hewtry, the editor, sbates nota jot of his vigor in inviting tho plaintiffs to inko their remedy, . Ben Wane refnaca to ba placated. Tho Washington Aepublican undertook to let the oid nan down easy by saying that ho had thought better of tho Southern policy since ho wrote tho Painren lotter, and was now a supporter of Prosidont Hares, Ifo won't have it so at all, but insists upoa being writ. ten down an Implacatle, : It is rensonably cortain that a conaiilernblo body of Russian troops, probably Cossack cavalry, have succeeded in piercing the Ual- kan range by an nafroquented. pag, and aro now scouring tho country south of the monn- taing, Constantinople is greatly oxcited, and the usual predictions of foreign interfaronco ¢| ya now tho order of tho day. Popular subscription to the new 4 per conts, at first vory backward, is now pro. greasing with great activ ‘Tho aggregate to last evening was over $68,090,000, an in- crenso of over $26,090,090 since Saturday. ‘Tho Syndicato gots its percoutaza on nenrly the entire amount, only 35,099,000 of bonds having beon subscribed for diroctly through “tho Tronsury. 5 Dr. DeWoxr has theories regarding tho ninin sourco of Chicago's stench supply. So has everybody olso; but {ho Toalth Com- issioner has tho advantage in boing backed by the power and authority of o great city to reduce his theories to practical resulta, It ix what ho is hired to do, and tho timo has about anvival when the Commizsionor should collnv and throw that stink if ho is ovor going to doit, or, failiug thorein, make room for Yomebody who can and will, Tho Orauyemen yorterday carried every- thing Lefore them in Montront, The ro- inains of Hackett, io a eplondidly-decorated hearxe, were followed by a procession 5,000 atrong, with an escort of nearly a thousand soldiers beside, A trembling multitude, an. able te stay ef home and repross {ts curlosity, quaked upon the atveots ia agonizing expect. ation of un emeute at any moment, but bo. yond u cowanily attack by a crowd of roughs on some boys who brought up tho fag-eud of the procession, thoro was little to mar tho sbolerinly trauquil aspect of a public ob- Bexuy, SRE ‘The bricf dicpatehes, forwarded by tho fariuers themeelyos, which mako up our crop reporty ura woll worth reading for the good news they contain, In Minnesota, Towa, Nebraska, Wisconsin, and Kausus the spring wheat is coming on splondidly, the fine weather of the past few days having prace tically placed the crop wlmost beyond tho scach of harm, ‘The sumo fortunate condi. tious have done 1 world of good to the strug- gling corn in Hlinols, Missourl, aud other Blates, enabling the farmers to unde in great taeasure the mivchic£ dono by heavy \rains. All other “grains seam securo for a Lountifal yield, and tho best of itis thut what is now 8 Hattering prospect will soon bea certainty, ‘The Common Council lust ovening took up the gas question, and, after on unusually spirited ucusion, got so fur as to decide tho Price to be paid the West Sido Company for tho gns furnished subsequent to Oct, 23, 1576, the date of the paswago of tho resolu. tion prohibiting the payment of moro than $1.50 per thousand feet. ‘This is the figure Which the Council now sticks to, and a alroug inclination is shawn to punish the contumacy of Mr, Uittiwas Ly cutting down tho prica to Lo paid for gas hereafter consumed. It is Probable, however, that a spirit of fairness and not of revengo will prevail in tho end, aud that the question of prico will be settlod tatlofactorily to pl! concerned—to Mr, Uizzisus because it is all ho can get, and to the taxpayers because it is all that ought to be paid. ‘The latest bonanza in connection with the Court-House construction was brought to tho surface ot yeoterday's meeting of tho County Board, It consists in a claim of $94,000 for “extras” by the Warxen-Mo- Neu. combination on account ‘of the use of thicker stouo than the contract called for, Nobody pretends that the Board ever or- dered the thick stone, and it will probably Sppcor upon inyestigation that there is nut the shadow of justics or equity in’ this claim, Nevertheless, it will no doubt be eventn- ally allowed in somo form tnless the stenl is prevented through the agency of the courts, Another grab for heavy plunder is also on the tapis. Sexton, the brick con- tractor, gives notice that he shall claim dam- ages for tho delay occasioned by tha stono contractor, and it is proposed to mollify him by giving him carte blanche in tho building of the foundation of the dome, and in this way to lot one steal eatiafy the other. It is get- ting difftcult to koop track of theso rapid and andacions ndvances npon the County Treas- ury. Tho taxpayers are outnumbered by the ringaters, and ninst wait until the fall eloc- tion for reinforcements, meanwhile offering such feeble resistance as they cau with tho holp of the courts. Reports are receivoil of great activity among tho Russian forces constituting the right wing of the Army of the Danube. A column moving rwiftly npon Nikopolis suc- ceeded in capturing that fortress, probably surprising the Turks, whose attention may be presumed to have been’ diverted to tho threatened advanco of the Rou- manians upon Widdin, and who wore not oxpecting on attack upon Nikopolis. Nodotails of the battle have beon forwarded, but the report is confirmed in London and generally credited. ‘Tho rumor of the destrnction of tho bridge at Sistova by Turkish gunboats comes by way of Constan- tinople, and is not entitled to full credenco. Contrary to the indications of tho past fow days, thero is now a prospect. of oxciting times in Bulgaria, Tho frit commission men of Chicago have effected ‘nn organization for the pur- pose of defeating tho ordinance reqniring honost meusare, and lest they should fail in this they have appointed a committeo to wait upon the Common Council and urgo tho suspension of tho ordinance until Jan. 1. It is enrnoatly hoped that tho Council will do nothing of the kind. Tho onlinauce is just and proper, and should bo enforced, A sufficient timo has clapsed sincg it want into effect to enable growers, shippors, and dealers to prepnro to meet its reqniroments, and it is late in the day to be complaining of injury to tho fruit trade of Chicago, Tho fact is that the manufacturers of barry- boxes and pench-baskats aro now, and for roveral weeks have been, farnishing pack. ager which comply with the Chicago ordi- nance, and aro ablo to fill all orders of this kind; they ara also making the dishonest boxes and baskets in large quantities, be- canso tha Intter are still in demand. It is therefore clear that tho uso of dishonest packnges is willfnl and doliberate, and that the ordinance can and ought to be enforced, » Louis and the partial panic which exists ‘there should not Lave: any serious inflnonce outside of that city. The ovent, howover disastrous it may bo in 8t. Louis, is purcly local to that city, and occasioned by purely local causes. ‘The broken banks were small, speculative in- stitntions, which have used up their fands in bridgo-building and real-catato speculations, out of which the values wero squoezed long ego, and, having no money, of courso whon | depositors call for it thoy have to close, A badly-managed bank{ng-houso can no more continno business without money than n badly-managed private house, The run in St. Louis is simply wiping out weak aud rot. ten banks which ought to Love gone under long ago, but it will leave the conservative and well-managed institutions stronger than over. It'mny inflict a present loss upon o conaiderable number of individuals, but it will rosult in greater socurity for tho future. We iu Chiengo have bo-n through tho enino exporionce. Our great fire and tho loses rosuiting therefrom causod a stringen- cy that tested all our banks, Wo had o aettlomont, and the {nscouro, speculating, rovklossly-managed institutions wore wipod ont, but the solvont banks, which wore so pradontly managed that thoy could look after their: obligations, romnined, and aro now stronger than ovor, St, Louis; being sub- Jectod to no auch direct prosuure, has simply arrived later at this interosting epoch in her financial existence, but will flod after sho has go rid of the chaff that her prosont mis- fortune is a blessing, and that it would havo boon botter for hor if sho, had long ago lost theso misorable speculative institutions, which should nover havo had o right to a logal existenco, or at least should nover hava been ullowod to tako other peoplo’s money alnply to waste it, GOLD CURRENCY, . ‘Tho nowspapera in the Eastern cities which aro inaisting that tho couutry shall have but one currency, and that gold, and that the Government shall begin to redeem ita ‘Troas. ury notes in gold on tho 1st of January, 1879, and continus to rodeen them so long a8 thoy are presonted, seem to be blind to sume of. tho inevitablo consoquences of such o policy, Among theso papors ara tho Now York Times and Hoening Post, Boston Ad- vertiver aud T'ranscript, Now York Tribune, Springflold (Masa,) Jtepudican, ond the Na- tion, Thoy inulst that thero shall be nolaw- ful moucy other than gold, and that all credits shall bo payablo in gold. One of these papors, the Bouton Transcript, ino recent article fiippantly dismisses the inquiry how the banks are to redeom their notes by saying: Suppose that the Government were to-day to Jake jn every ureenback and substitute gold for it, Then would thero' be any oblization whatever on the Government to redeem bank: notes to-morrow? Hurely uot. The banks wiuat look out for them. wetvoa, They con redeem In greenbacks ce longus they havo the tiovernment notes, which, having evn presented for redemption and catceled, have not to bo redvamed aguiu, Do these papers suppose that the business of resuming specie paymonts consists in redeeming tho greenbacky, and ‘that, when this is done, that is an end of all trouble? There aro uow something less than $700,- 000,000 of papor monvy in circulation. ‘Thero aruin tho savings banks, subject to dewand, $1,000,000,000, and in national and other banksy something Jike $1,000,000,000 more, Specio paymonts involves tho pay- ment of all these deposits iu gold. ‘Tho ubmost gold the Goverament cau hope to obtain Ly January, 1879, is $200,000,000, Until private capital is prepared to furnivh the country with a circulation equivalent to coin, aud in snfitciont amount to furnish the exchanges for all thesu deposits ond other demands, the -resumption of specic payments can nover be completo, nor cau it be suid to have begun. If the Government isto rosuino specie payments by paying out gold for its greenbacks, then the Goveramout of necewsity must thereafter receive nothing Lut gold in paymont of its taxes, ‘fho Gov. erument must become specie-paying at both ends of its business, aud this, of equal neced~ sity, must roquire that Lauks and all othor corporate institutions ay well os individuals must do busizess in gold. Do thes papers assume that $200,000,000 of gold will sailice for the business exchanges THE CHICAGO TRIBUNE: ‘ TUESDAY, ‘JULY 17, 1877. of the country? If the banks aro to take caro of themselves, then thoy will do ro without any hesitation. If thero arg to bo no greenbacks in which the banks nra to re- dleom thoir notes, then tho banka will take cara of themselves by ‘snrrondering their cirenlation and tanking their bonds. How olso nro they to mect the emergency? 'fha bank-note circulation haa so ceased to bo Profitabla that it is even now falling off evory woek; if it be insisted on that the greonbacks alinil be redeemed in gold in Jannary, 1879, and that thorenfter the banks inust redeem their notes in the samo metal, it will bo by that dato redticed to the min. imum allowed by law, aud this they will take special onary to protect. Theso news- Papers refuse to take notice that, aa the law now stands, National Banks cannot afford to put np $100 yold seenrity for 890 currency, payable in gold, and, in addition to all Jocal taxation, pay the Government a tax on de- posits and circulation equal to 2 per cent on the latter, and that their only safoty is be- fore Janunry, 1879, to withdraw their circu. Intion aud obtain thoir bonds, and that when tho greoubacks pass away tho bank notes will disappear withthom. Nevor mind, say these gentry, the Government, having oxtinguished the paper, gold will be in sttch demand that it will have on extraordinary value, and the creditor class will hayo literally a goldon harvest. With the currency of the conntry reduced to $200,000,000 of gold, these peo- ple think prosperity will bo sccured, Bofora such a condition of things is reached, the country generally will havo something to nay. ‘To havo the Governmont redeem its notes in gold is, after all, begin- ning specio resumption nt the wrong end. Private capital atono can reanme apecio pay- monts, and it must bo dono through tho agency of tho banks, oforo the greonbacks shall be withdrawn somo other currency must be provided, and that can only bea bank circulation, Tho banks must be encournged to enlarge their circulation, thé War taxca inust bo obolishod, and they must be al- Towed a circulation equal to tho par valuo of their circulation, Instead of be- ing drivon ont of oxistenco, the issue of bank paper should bo allowed to be profit. able, and then tho banka will frrnish tho country with all the paper currency that will be wanted. Tho silvor dollar being restored as nlegal-tendor, tho oxtraordinary value of gold declining with tho unusual demand for, gold, tho gold, silver, bank-note, aud great. back will rench a common yaluo, and specio- resumption will take placo as an casy and natural result. This, howovor, is not what ia wanted by tho Eastern preas, ‘They want a wholesalo contraction, and an exclusive gold currency,—regardiess of the wreck and ruin which these involve. Lot us have specio payments, but notin the shape of an earth- quake, nor in tho form of n geueral, over- wholining calamity. —_——— THE RESPONSIBLE SYSTEM OF GOVERN. MENT, “Tosponsiblo Government” has boon the subject of a large number of articlos in tho roviows, magazines, and nowspapor presa of this country during tho past year. Most of them have beon written with tho purposo ofurging the adoption fn the United Statea of tho system of Govornment known by this dosignation, ‘To this end thoy have de- scribed tts advantages, and havo dwelt. par- ticularly on the fitness of a Government that shonld respond promptly and directly to tho will of tho people; many of them havo clam. orod for the immedinte substitution of tho reuponaible systom for that which now pre. vails, as though tho substitution wore an ensy mattor; but nonrly all of thom havo failed to point out the radical changes that would bo necessary. For those who desiro to givo tho subject consideration, it will be well to notioa the différonco botween tho English nud American systems. The American system is baaod upon tho theory of three indopontdont and co-ordinate branches of the Governmont, viz. The Ex. ecutivo, the Legislative, and tho Judiclary, The indopendonce of the Exoentlvo and tho Legislative branches, each of tho other, is absolute, inasmuch as cack acquires author. ity from the people, who elect both forn fixed term. Tho President oxorcises the powors definofl by tho: Constitution through avote of the people primarily oy much as Congress, and the Govornor of a State can claim the samo indepondenco as the Legisla- turo, as the pooplo havo created both, ‘The Judiciary of the Btate {s likowiso clocted by tho peoplo, aud the Supreme Court of the United States acquires # similar indopend- once by oa lifo tenure and the anthority to construo tho constitutionality of tho laws passed by the Legislature. ‘Tho situation is protty. fairly described in tho Inngunge of the exhibitor who explaincd tho pictaro of “Danzen in tho Lions’ Den” to tho wmall boys at the peop-show, when ho said: “If you look at Danme to the loft, you will obgerve ho don’t care a damn for tho lions; and if you look at the Mons crouching on tho right, you will like. wiso obaervo thoy don't care a damn for Dante." Tho theory of our Governmont is thateach of the three branches, having clearly-defined functions, hold a power of attorney from tho people, and one is not eu- perlor to the other, Tho Legislature has no Guthority to ask the President to stop down, - uor the Prosident any more to tell the Con. gress to go about ita business, while the Bu- preme Court may sit in doflanco of both and construe tho laws affecting tha action of both, ‘This systom has worked harmonious ly and given pretty general satisfaction for more than eighty yoars, with tho occasional scrious jarring that has arjson from o com- borsome method of choosing a Prouldent, which could be abandoned without abaudon- ing the system on a whole, Now tho. peculiarity of the English ro- sponsible system fs that tho people choose tho Legislature alono,* Ioaving to it not snerely the making of the laws, but the ap- polutmont of tho Excontive and Judicisry who areto administor and enforco then. ‘The theory is that tho entire authority of Government rosta primarily with the body chosen «directly by the pooplo. In England a law of Parliament is suprome; no Vourt can pronounce it unconstitutional, though wide tatitude has often been taken in tho judicial interpretation put port onty of Parliament. Bo the Executive powor, repre- sented by the Cabinct, must give way when the Parliament votes a want of confidence. It cannot bo denied that this system Las ecu efficient in broadening tho libertics of the English people, aud establishing a Gov- erament that is raroly in opposition to tho will of tho popular mojority, and then only for a brief period, But itis oqually certain that tho system has had a strong support in the fiction of permanent and fixed Exeou- tive head known as King or Quoen, whose position is unaffected by any chunges in popolar sentimont, bat descends from one heir to anothor in s cortain family. ‘The point which thls contrast seems to press is that it will not be possible te engraft the responsible system npon the American theory, but that, in order to attain it, it will he necessary to abandon the Amprican theory altogether and anbatitute the Finglish theory, of which the Crown in an eaiential part. Solong as tho Executive andJuiiciary are elected by the people, they cJaim to derive their nnthority from as high a source ns tho Legislature, and cannot be foraxt into retirement beforo the expiration af their torm nt the behdst of tho Logisiature. If wo abandon the election of Executive and Judiciary by the people, thoir appoint. ment roverts to tho repros:ntative body. In this ene wo wonld. change Presidonta’ as often as tho people should change the political eomplorion of Congress, ‘ho Executive branch of the Governmont wonld bo vested in a Cabinet of Congressmen, aud would rosembio moro. nearly tho Swiss system than any other, Ab ail ovonts, the Executive would bo ontirely snbordinate and subservient to Congress, Tho dangers to be apprehended from a enbat under such o system, governing a country that embraces a whole continent and people of diverse charactor and clashing interests,. are matters to bo thought of seriously beforo: abandoning a nystem which was intended to net, and gonerally doca act, as a sories of chocks and regulators upon the various parts. Aformidable Congressional cabal, controlling the official patronage of the country fnd ianaging tho political machine, might casily mauipulate olections and leave to tho people no resort oxcopt in rovolution, An oligarchy may bo as despotic as a monarchy when un- rostrained. But tho chango of system would not stop with tho National Government, It would necossnrily follow that the responsible sys- tom should bo adopted for State and local Governments, The people of ‘n State would clecto Legislature, which would then np- point from itsown number tho Governor, ‘Treasurer, Auditor, and tho other Exceutiva officors; tho peoplo of n city would elect a Doord of Aldermen, who would thon ap- point Mayor, Clork, Comptroller, Troasurcr, and the others necessary to the work of ad- ministration, ‘The voto power is, of course, iheonsistent with the responsible theory, and local Government in America would moro than ever bé at tha mercy of the bum- mer class, who, by ingenious distribution and aggrogation, could almost always securo a ma- jority of Aldermen, ‘Tho adoption of this tystom throughout the country would con- siderably lonsentho numbdr of olections, and on this account it will attract the opposition of that lorgo class.that belicve in primarics, and caucuses, nnd the oxcitemont and mon- oy-sponding of campaigns. The chango would bo go sweeping and atortling that con- servativa mon, for very different Teasons, will hesitate to riskit, We think most of those who havo been discussing tho subject havo dono so somewhat loosely, and have ig- nored many of the -difticulties that beset the proposed change, —_—_—S MERCANTILE FAILURES, Wo print elsowhero a statement of the bankruptcies in tho United States in tho frat half of 1877, taken from tho Mercantilo Agency's circular, which will commond itself to business mon, and. give them ample op- portunities for speculating on the vored problam whether tho revival of business prosperity has commenced, ng somo sanguine financiers havo announced, Iogarding the umnber of failures, tho circular states that thero wero 9,002 in 1876 and 7,740 in 1875, ond thot during the first half of this year thera have been 4,749 against 4,000 in tho first half of 1876 and 3,603 in tho first half of 1875, At tho firat glance this appears to bo aconsiderable increngo, yet the proportion of insolvonts to tho number of persons in busl- ness docs not incroase'in the samo ratio os tha number of failuros, since tho cirenlar states that tho Hat of names from which thoso insolyoncies aro reported comprises 701,660 firms and individnals, against 691,154 six months ago. Tho oggrogate of commer- cfal failuros presents aomo interesting facts, ‘Tho total labilitios for 1876 wero %201,061,- 988; for 1876 thoy were $11,117,780, Tho total for the past slx months {s $99,606,171, If tho next alx months should provo as dis. oatrous as tho last six, the total would reach 199,212,842, or $8,001,566 more than 1876 and $1,847,001 leas than in 1875, A folror way to mako comparisons’ is to group the ro- turns by complete yoars, For tho year ond. ing June 80, 1870, the number of failurcs was 8,770, and tho labilitioa $233,682,616; for tho year ending Juno 30, 1877, the num. bor of failures was 9,241, an increase of 468, but the linbilitios wore $182,208,485, 9 dccrerso of 861,824,081. The average of Habitities in the one case was $26,662, and in tho othor only $10,726; ‘Tho increase in the number of foiluroa may be so counted for partly by the increase in the number of firms and partly by local causes, such as the disastrous collapso in mining stocks in San I'rancisco. ‘That city alone roports $4,825,816 of lisbilitios during tho last quartor, for tho cause abovo stated, agalnst %1,773,109 for tho first six months of 1874, an increaso of &3,1523,707, The Bos. ton Adrertiser makes the following compila- tion for tho various sections of the country from tho tables in the circular: Fizsthalf First half of 1877, if 1870, Now Engtond.... 13, 057,080 § gi. ens, Uo Middle Atlantic 8 O14 37,008, 258 The SUUthi sees e+. 5, 600 10,870,162 Central Western Blates, 24,000,054 24, 4b, 3 Hornet i 6,040,000 ° "ey S42)724 torle 8,984,724 2,404,030 000,171 $104, 415,420 The table shows that Now England and the South have made a very decided improve. mont, showing o combiued decrease of 816,- 742,044, Tho Middlo Atlantic, Contral, and Northwestern States combined are comparse tively atationary, tho increase being $2,010,- 932, ‘Tho Paolfto Slope has suffered vory heavily, showing an incronse of $5,022,064, ‘The roports from tho principal commerclat citios for the first six months of 1870 and 1877 show that tho Uabilities involved in insolvency havo docroased, being 8 per cont less in 1877 than in 1874, Ban Francisco shows an increase of $1,028,020, and St, Louis an increase of 32,401,017, ‘Tha other cities, however, de- crease. Chicago falls off $1,205,800; Bos. ton, 5,205,000; New York, $2,231,596 ; end Philadelphia, $475,927, Whilo these figures do not warrant the glowing hopes that have beon expressed by some as toa ropid recovery from the effects of the panio aud an immodiate restoration of business Prosponity, the great shrinkage of com- mercial capital which these figures ahow, which the circular estimates at 25 per cent, and witch isonly the natural reaction of the enormous expansion since 1874, is one eco- nomic sign that adjustments are bringing things down to their lovel; while the fact that there is a materia! decrease of liabilities going through liquidetion in New England, and uo serious increase in the great commar- cial ceutres of tho Atlantic and Western Slates, is an encouraging sign that wo bare at loast touched bottom, and that the close of tho nort aix months may find na better off than now. THE SILVER 20: ‘The Springfield (Il.) Journal indulges in ecstatics, and proclaims to an astounded world tho fact that it haa mado a discovery, in which no other person can elaiin any share. It says: Notwithstanding the amonnt of apace devoted to the discussion of tho ‘‘allver question” by many papers at the present time, tre hellere that the Journal Aaa been the first, Uf not the onty one, to call attention to the fact that the practical tle- smonetization of silver occurred In 1853, while the moch-abused act of 1875 merely perpetuated what had already been dong Jn effect. No ono will dispnte tho honor with the Journal. The discovery consists in finding among tho statutes of tho United States tho act of 1853, which reduced tho weight of silvor half-dollars, quartera, dimes, and half- dimes and made them Iegal-tender only for sume of $5 and less. Up to that timo the silver dollar woighed 412} graina and the small coins in proportion. The nct of 1853 provided: 1, The weight of tha Aaly-dollar, or piece of 60 cents, stall d¢ 102 greing, and tho quarter-doliar, dime, and half-dime ahall bo respectively one- half, one-fifth, and one-tenth of the welght of sad half-dollar, 2. The silver coins fssned in conformity with the above rection shall be legal-tencera in payment of debts Sor all sums not exceeding $3. “ Tho argument, iu which consiata tho grand discovery, fa that Congress, by making tho small coins alegal-tondor for $5, mado them moro yluablo as money than tho dollar, which contnined twonty-cight and a half grains moro silvor than o dollar mado up of small cuins; and therefore, being moro val- uable aszeoney, the silver dollars wero run in and rocoined into half-dollars; and that thus practically the silvor dollar was demon- otized as far back as 1853, & Tho silver dolinr was by law tho unit of valuo of American monoy, and it was imma- terial whethor it was coined or not, It woighed 412} graing, nine-tonths of which were puro silver, and that woight of thnt fineness was by Inw tho valuo of tho Amori- eon dollar, Tho weight of the gold dollar was originilly in the proportion of 1 to 1Ginsilvyor. This made our gold dollar too val- uable, and, it being moro valuabla as bullion . than as colin, it wna exported ng fast as coined. ‘To rémedy this, Congress reduced the woight of tho gold coin, making it in the proportion of 1 to 16 of silver. In duo time the grent discoveries of gold reduced its proportionate value, and American silver coin, in tho proportion of 16 te1 in gold, became more valuable as bullion than ascoin; 80 as fast as our silvor was coiued it was bonght in tho proportion of 1 gold dollar for 16 silver dollars, and exported. To remedy this, Congreas, in order to supply tho coun- try with amiill change, which would not be exported, provided, in 1863, that the silver coins lesa than a dollar should weigh 384 grains to tho doar, instend of 4124 grains ashorctofore. That coinngo has continued ever sinco. Before that timo silver coinage was froo; that is, ary person could tako hia silver to the Mint and havoit coincd; but this privilege was xoponled, so far of tho small. coins,. of which the Governmont retained the monopoly and the profit, The silver dollar, however, remained un- changed, o logal-tender, and tho unit of valuo of American moncy, and of its original woight. The coinage of silvor dollars was slight long before 1858, because gold was the cheaper; the silver dollars were not coined into half-doliars, because tho silver dollar was worth as motal 103 in gold, while two half-dollars wore worth only 06 conts in gold. ‘Tho dollar continned to bo coined in small qnantitios down to March, 1873, the coinago during tho last yoar boing greater than it had been for many years previous, Tho dis. eovary of tho Journal, that tho silvor dollar was practically demonotized when tho small coins wero made ‘moro valuatlo” by boing reduced in weight and valuo, ia romarkable, and is one for tho honor of which we have no {dea that any ono will dispute with that paper, THE REW PLEASURE-BOAT, Salling for pleasuro is more talked about than understood inthis part of the country. Most of the sailing on tho lakes fs better adapted to accomplish nt other purpose whatever, There is, Orst of nll, tho knowledge that these largo dodles of inland water are exceedingly treacher- ous. Morcover, the style of boat used, and the order of scamanship employed, aro not of o nature to inspire confidence. Amateur salling, asarule, resembles tho path of glory only in being adfrect and convenient highway to the grave. Tila state of affairs {9 not aa it ahould be, and mot such as wo haye a rcason to expect, Balling ts a healthful sport, und, under the proper conditions, can be made a safe one, With the present facilities in Chicago, the only precautions that can be taken arc the engage- mentof cosnpetent men to sall tha bvat, and the existence of a reasonable degree of prudence in the choice of o craft. There is room, however, for a very conalderable improvement in the construction of pleasure- boats, by which they micht be mado at ouco safer, more commodious, and swifter, Wo find this subject treated iu an Interesting articic ina Inte number of /farper’s Magaziue, the aubdstance of which we propose to give for the beucht of adventurous amatcurs. The commen form of pleasure-boat in Amcr- fen is cat-rigged, having a mainsail with a long boom and a shortor gaff. In our own Jako, how- over, and in the Wisconsin Jake-region there has recently been # move in the direction of in- creased security by the addition of a jib to the ordinary matnsail. A boat thus provided «is dignified with tho namo of yacht in the West, although it would hardly bu recognized as such on tho oceau, ‘The dangers towhich a eat-rigrod boat fa liable arise mainly, of course, from the incompctency of the persors who assuine to sail them. The most effectual remedy ‘for them would bo the removal to another sphcro of action of the aclf-appointed sailors; ,but this cure {a not always practicable for the want of means to enforce it, and tt ts objectlonalle on account of its exccssivoseverity. The fact must be taken for grauted that a large majority of our picasuro-Loats Srv vow, and must hence- forth be, sailed by persons exccllently quallficd todrown tMemsclyes and thelr friends. They may capsize thelr boat io a squall through care- lessuesa or ignorance, or thoy may swamp tt by jibing, or they may knock themselves in tho heal with the boom and fall overboard, thus vonsiderately incapacitating themselves from swimining if they know how. Any boat thut will capsize will not come amiss to these in- geuious men; and the problem Is, therefare, to provide them with a boat which they cannot conyert@into an ftostrument of death ond destruction, however earnestly they may try. The catamaran whieh bas beoo intro- duced here, and which was lately ad- mitted to the New York Yacht Club, was desigucd to answer this purpose. its pro- jectors gave the assurauce thatit would not roll. We areconstrained toadmit thatthe facts havo borne out this statement. Tho catamaran in New York did not roll. It had, however, oxe slight defect. It would plunge. It was as ob- stinate in this respect a8 Manx Twain's buck- ing-horse. The last time the New York cata- maran was out fora race it made splendid progress over three-fourlus of the course, aud was runuing at the rato of twenty miles an hour, when suddenly it was obscrycd to’ stop, shake itself in a coquettish manner, and plunge grace- fully kecla over bow. The crew were surprised by this maucurse, aud continucd thelr prouress, at the rate of twenty miles an hour, fora cer- tain indefinite period not noted by the time- keeper. We nre not surprised to fearn that this Acrobatic feat has had the tendency to aiminiah the popularity of the catamaran in New York, Catamaran {is a corruption of the native word in Ceyton for floating-trees, The chief defect of this form of craft consista in its adhering too closcty to the tree-structure, Tho catamaran fs mado by lashing two boards together, or unit- ing them by means of planks Infd transversely tothe keels. If the two boats thus united re- tain thelr original shape, the space between the inner alces will not be uniform from stem to stern, being widest at the ends and narrowest in tho middte, As the Loatadyances, the water will operate on the aides of the bont as a wedge, offering a resistance that at once puts speed out, of the question, and makes tacking or putting about a work of extreme difficulty, The flying proa of the Ladrono Islanda escapes these dificulties by a slight change in construc- tlon, The inner sides of tha two boots joined together os In tho case ofthe catamaran have not the usual curvature, but aro made fiat, They offer ttle resietance to the water, and act as n centre-board . when beating against tho wind. The primitive proa, however, is a clumey affafr, one of tha boats be- Ing in effect only a hugo outrigger, while tho other holds the mast and the crew. Tho writer in Harper's suggests o modification of this plan in such a manner that the deck should extend over both boats, and a. Intec sail, rieged ui. efently bigh, be suspended from o mast in the centre. The two hulls should be bullt of gal- vanized sheet-iron, anil in five compartments, A boat thus constructed might be run on the rocks without sinking, and the heaviest aquall could not capsize it, The greenest amateur who tempts the wrath of Providence on Lake Michigan could not sink himself on such a boat, Tho moat Important. feature of the modified pron, it shouht be noticed, {isthe Mat inner-side. If the new Channel steamer, the Castalia, had been built on this principle. it would not now bea conceded failure. Ita slow rate of apeod {fs duo solely to the wedge of water which is forced against its sides amidships. With flat sides thore would be no wedge, no decrease in specd, and no fallure; for {t is conceded that the Cas- talia, but for her slowness, would he the most comfortable boat on the English Channel, She rolls very little, and the chances of neasickness among her passengers are reducod to 9 mint- mum. The princlples of the modified pros are simple cnough, and ought to he giveno trial. The benefite to be derives! from safe pleasuro- boats and comfortable passenger-steamers are important, and should lead the bont-bullders to put thelr wits fn operation. The reproach so often uttered, that the ark of Noam conformed exactly to the proportions approved by modern shipwrights, ought no longer to be heard. ——$—— Mr. Zactantan CoAnoian ts credited by the New York correspondent of the Cincinngt! Commerctat with having Joined Cuances A. D4na in a conspiracy against President Harzs. Tho Sun of last Saturday printed foc-stmiles of two certifleates of deposit for 85,000 ¢ach, fs- sued by tho Second Natlonal Bank of Now York on the 12th of last September to the order of Cnanpien. The certificates are indorsed by Onanxpien to Hargs, ond in turn by Hares to two bank cashiers. The explanation of this mysterious fluancial operation fs suMictently ex- plicit, At tha time these checks wero drawn CHANDLER was cxasperated by private assurances that Tlayza meant to enforce the principles of Civil- Service Reform suggested in the Republican platform. Cuanpuur controlled the campaign fund, part of which sas mado up from the con- tributions of officcholders. Being asked for funds to carry on the campaign Inu Ohio about this time, he conceived the Ingenfous fea of making the drafts to the order of Gov, Ilarxs, instead of drawing, os usual, to the order of Wruorr, Chairman of the State Central Com- mittec, When these drafts reached Hargs he at first refused to sign them, but, belng aseured that the money had been obtatned from legitt- mate sources, and was contributed’ voluntarily by frlends of the cause, he did afterwards, at the carnest solicitation of Wrkory, indorse the drafts, Tho transaction was proof otily of tho alignity of CHANDLER, not of any Indecorum of the part of the Republican candidate for tho Presidency. a The remarkable spectacle ofa Coroner read- Ingo health-bresthing, life-giving poem upon tho dedication of a park devoted to the exten- ston of existence was afforded Sunday, But then Coroners aro improving {n their viows, and have Iearncd to look upon parks and political partics os materially affected by the nationality that enjoys the one and chances of nomination by the other, : ” —— ‘Tue Cutcaco Tninuns felt really aggrieved the othor day when a hardware man chnrgod {ta dollar for ninety cents’ worth of nalls. The b. m. had become confused by reading Tam Trinuxe on tho allver question. —siawkeye, ' ‘The Hswkeye {s misinformed, Tho bardware man charged ninety cents In gold for a dollar's worth of penknife, and took his pay in two sil- ver half-dollars with thanks. ————————— 8t. Lonis manifested a generous disposition when Chicago burned down, Why not get up a contribution now that she has gouo to smash, and euable her citizens to reach this city, where thoy can bo carod for, educated, and finally se- cured soma honest omployment? oo “ Regular Nubscriler” tg {nformed that the majority of liayxsover Tinpen in Ohio last November was 7,510; majority over Tinpzx, Sauitu, aud Coorgn, 2,747. ———— PERSONAL, The Life and Lettors of Charles Sumner, edited by Edward L. Hlerce, of Boston, one of Lis Uterary executors, will be published fn the fall. Theodore Tilton has taken with him to Europe bis eon Carroll, horctofore in the keeping of Mrv. Tilton, The agreement Is that the boy shall be returned to his miothor in the fell, It iv understood that the Prince of Wales numbered MreaIlungerforl, wiiose hnsband bas Just wloped with Lady Ernest Temple, among hia most Intlinate friends, #o that Royalty may be ina measure bold responaiblo for tho scandal. Prof. Sanborn Lonney was excessively modestand casily embarrassed. The story goos that, on being presented to 4 Jady In Williamstown, ho stammered out, '* You are delighted to meet me, Tam sure," and was auconsclous of tho ludicrous transpowition until Informed of it afterward by a friend. At the moeting of the American Philo. Jogtcal Association in Baltlmora last week papers were read by Profa. Whitney, Packard, and Carter, of Yalo; J. WU. Trumbull, of Hartford; Prof. Holdeman, of tho University of Penuaylyania, ond Othere, Its souslous wero followed by thoss of the Spelling-Roform Asuoctation, Bates Collego, which graduated a young woran as Vatodlctorian this year, 1san oxceed- ingly moral jostitation, Not ono of the young men iu the graduating-clase uses intoxicating drinke, and but one of them uees tobacco, Tho moral inflnences in and around the college are auch that absolutely vicloue young men would not be Ukoly to feel at homo tn it, ‘Tho London Saturday Review elegantly and trathfully “* No man dices out to alt be- tween two nie! nd he would aiuch prefer to dine athis club, In which case he can order bis own dinner, read his book, and get free play for his lege. ‘Tho ordinary attitude of men tawards mau a that of suspicion. ‘They mect lke doge in the atrect; an encounter may not take place, bat they are ready for one." An eminent New York physician writos to the Sus that the only sure cure for the oplum bablt iain ‘*tapering off," alminishing cach dose by fn- fAinitesimal deductions zo that the system may adopt itself tothe change. Hoe cured himself in this manner, and bas dlscorerzd thet many of tho advertised remedies procced on the sdbie principle. ‘His babit wow to put thirty grains of morphine in an elght-ounce bottle, and take o@ teaspoonful of the mizture, containing one yrain of morphine, fourtimeaaday. Inbi next bottlo he pot bat twenty-nine grains, in the next but tweniy alate andsoou. The change was very graddal, and causcd no shock tu the syatem; and tho babit bas Bover returned, WASILINGTON. President Hayes Has No Clemenoy for Ba'lot-Box Stuffers. Another Chapter in the Kautz. Clum Personal Controversy, Sixty-eight Millions of Four Pep Cents Subscribed For. Another Call for Ton Millions of Firce Twenties. NO PARDONS. : THIS 18 THE DECISION RELATIVE TO THE BAL! LOT-DOX STUFFERS. Spectat Dispatch to The Tritune, Wasninaton, D. C., July 10.—The Prestdent has declded a case which will serve asa prece- dent in several applications for pardon made in behalf of men convicted of ballot ‘stuffing and other frauds {n elections. The case is that of ayoung lawyer of considerable standing in New York City, named Ely, who was convicted of asslating in procuring fraudulent naturallza- tlon papera for usc atthe polls. He was een- tenced by Judge Benedict to two yeara tn tho Penltentiary. Ono year of his sentence has not expired, but a strong petition for his pardon Teached’ tho President a short timo aince signed by some very prominent Republigans. ‘Tho District Attorney op- posed pardon on the ground = that. Ely wana man of education and position, and therefore his offense was less excusable. Tha President tool prompt and decialye action, re- fusing to pardon. The grounds of this action are such as to render it morally certain that the President will retuee all similar requeste, no inatter what oxeuse, for attempts to corrupt the ballot. Tho deciston is equivalent ton de- nial of the petition for pardon now sald to bo circulating in Cincinnat! In favor of Eph Hol- land, the man whoelected Gen. Banning to Congress, It also discloses what the action of the President must be on application from Sen- ator Morgan, of Atsbame: to have all proreetn- tions abandoned against those Demacratic pol {ticlans in that State who participated [n tho frauds that defeated Jero Haralson for Cow cress, KAUTZ. HIS CONTROVERSY WITH Ti INDIAN BUREAU. Spectat Diapated to Ths Tribune. Wasuisaton, D, C., July 16,—The Becretary of tho tnterior recelved on Saturday through tho Wer Department diapatch from Gen. McDowell, commanding the Military Division of the Puclfle, defonding Cen, Kautz agafast the ‘accusations made by Indian Agent Clum, aud supported by Inspectors Vanderver and Kimball of the Indlan Service. It seems that on tho 23d of dune, on account of tho representations made by theses Agents, Gen. Sherman had submitted to Gen. McDowell a proposition that Gen, Kautz should bo relleved from the command of the Department of Arizona, and that Gen. Miles should be asslgued to succeed Tin. Geu. Mu Dowell osks tho Secretary of Warto delay ne- ton in the matter until Gen. Kautz cau bave an opportunity of submitting his sido of the con- troversy toa committeo of Inquiry. Gen. Mo- Dowell's dispatch is as follows: Ban Francisco, July 10.—7o the Secretary of War; 1 have received the indorement of tho General of the Army of duno 22, und one letter fromthe Dopartment of the Interior of Jone 15, suggesting a changu in the Cominander of the le partment of Arizona, based lmmediately upon a report of Inspector Vauderror, etating ho bad found it necessary to remain nt San Carlos because of thirty or forty Warm Spring Indianu raiding the road between San Carlos and Silver City, inthe Upper Gila occur almost dally, Tho mili- tary are inactive. If the War Department in ro- solved to change the Commander of the Dapart+ ment, the plan nuggoalsd by tho General of the Army, of replacing Kautz by Wilcox, in, perhaps, tho best oue now presented, but Ido not concur {n° advising the chaugo forthe reasons whatever murders took place, on stato Now Mezico and beyond the reach of Kantz’s com- mand, Silver City le in New Mexico, On tho receipt of the two indoreements above roferred tol Felenrappad not only to Kautz but to the Governor of Arizona as to the trath of the dally meardersin the Upper (ila, on stated by Vander- ‘ver, and the inactivity of the military. haute anys, ho depredations Jn Arizona .have.. been taDo! since thove near Bowie. Newspapurs have report- ed deprodations In the Upper Gils the last of May. The saing newspaper reporta the troopa In active urate, m The Governor of Arizona says, July 6: ‘1 havo no information of tha Siting of poopie since the two killed noar Camp Bowle about Juncl. I havo not suMcient knowledge of the movement of troops to judge as to the Joactivity or otherwiao.’? ‘The Arizona newspapers, by tholr silence ou the subject, confirm Kauts and ‘the Governor's telo- grams, Tho two murders at Bowle were a lon; way south of Gila, Ono party of scouts south a Bowre was ont at the time, and another was sent out which pareued and overtook one of the mur- derere, I beg the Secretary fodolay. action in thin matter, and order the court of Inquiry I have naked for to Investigate all tho charges against Kautz, mode He Bade Ma delluquent slall be the oak for bis removal, see McDoweLt, Major-General. TITE OFIICES, ‘MB WBEDING OUT. Bpecial Dispatch to The Tribune. Wasntnaton, D. C., July 16.—Collector Ar thurand the members of the Richard Grant Whita Comurttee appointed to recommend re- ductions in the Collector's offico have been in Washington today, Tho purpose of their visit was to consult with the officers of the Treasury Department touching the removale that hayo becn rocommended, and to secure, If possible, a substantial harmony betwoen thelr recommend: atlons and those of the Jay Committee. Gon. Bharpe, and tho members of the Committeo appointed for a similar purpose in his office, aro expected to-morrow, and the work of revislog their report and reaching a satisfactory conclu- sion in regard to them will occupy so much timo that the orders for removal will not be issucd before the last of the preaent week, instead of to-morrow, o8-it was supposed they would bo . on Saturday last. RESIGNED, J. H. Plerco, United States Marshal for tho : Northern District of Misaluu{ppl, bas tendered his resiyuation, to take cfluct on tho Bist of July, aud it has been accepted. ° ' ‘TO BE REMOVED, It{s understood that the removal of 8. G. , Kimball, United States Surveyor-Gene: for Utah, has been determined on, and his sucCeasor selected for appointment at at carly day. NOTES AND NEWS, CHARGES AGAINST ORN. IAZEN, Special Dispatch to Ths Tribune, Wasntnoroy, D. C., July 16.—Army officers . have recefyed iuformation that Gen. G. D. Btan- | Jey, Colonel of the Twenty-accond Infantry, has preferred charges against Gen. W. B, Huzen, aud , that coples of the samo arcon the way to tho) War Department for {ts action, Nothing is stated as to tho character of these charges, and the officers bere have no knowledge of any late occurrences upon which any charges could be * based. ‘THE STATUTES, ‘Tho Jast volume of the United States Statutes at lurge, contalning the laws and resolutions of tho last Cougress, the proclamations of tho President, and new treaties negotiated during the last two years of President Grant's Admia- fitration, has been recelyed by the State De- partment from the bindery of the Public Print- ing Office, Its cost, bound tu sheop, with 10 percent added, is $2.41 a yoluinc, which Ls the rice at which the State Department ls author- ed by law to sell it, Although the Furty- fourth Congress was io session seven inonthe longer than its predecessor, tho net result of its work, ag embouicd in laws and resolutions, oc cupics muck less space in the Statutes at large. MEXICO. Private letters frow officers with the forces ou tho Mexican border accord with olllctal dis- patches reported tu have been received here Inst ulght to the effect that Trevilo bas, in obedience toorders from Diaz, revoked his instructions that tbe Mexican toreea mone the pla Grande au ¢go-uperate wit! CH. ‘6 troops wheo shane crosaed into Mexico tn pursuit of robbers. TUR GLLVER COMMIBAION. * Numerous inguiries from all sections of the country are vy usking why the report of the Silver Comunission is delayed. [t has been aup- to be furnished several times, but as of- cu a3 it was about to Lo printed Senator Joucs has forwarded fresh tables aud other matter to added, aud it is mut therofore known beru exactly when it will go to press. roth ee ri tha Western Wasmumeros, D. 0., July 16.—Tho Treasury . .