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

organization, a THE CHICAGO TRIBUNE: WEDNESDAY, AUGUST’ 15, 1877. Dye Tribune. Pi 3 OF SUBSCRIPTION, BY MATL—IN ADVANCE—POSTAGE PREPAID, Yally Fdition, one sear. Fartaot w year, per mon lrees four Specimen coptes sent tree. ‘To prevent detay and mistakes, be sure and give Post- OMce addreea tn full, Including State and Connty. Remttiancea may be made elther by draft, express, Yost-Ontice order, or In registered letters, at our risk, TERMS ‘TO CITY SUNRCHIRERS. + Daily, detivered, Sunsay excepted, 23 centa per week. Dally, delivered, bunday Included, 30 centa per week. Address THE TRIBUNE COMPANY, Corer Madison and Dearborn-sts,. Chicago, 111. Orders for the dettvery of Tux Trinune at Evanston, Engleweud, and Hyde Park leftin the counting-room ‘WIN receive prompt attention. “AMUSEMENTS, MeVicker’n Theatre. ‘Madison atreet, between State and Dearborn. *'Ser- aphine,” Mesdames Meek, Maye, Prive, etc,; Mesars. Wheelock, Mamflton, Pearson, etc. Hooley's Theatro. Randolph street, between Clarx and LaSalie. Ear agement of the Unton-Square Company. ** Miss Mniton,” Mesdames Morris, Meron, Jewett, etc.t Messrs. O'Nel!, Parscile, Stoddart, ete, Afternoon and evening. Adeiphi Theatre. Monroe street, comer of Dearborn. Rogagement of J. HL. Mack's Metropolitan Olympiad. The La ttue Family, the Grent Lolo, etc. Afternoon and eventng. Tase-Ball Park, ‘Twenty-third and State etreeta. Game between the ‘Indiengpolla and Chicago Club . sO TRSTERIA LODGE, No. 411, A. F. and A. M. Teauiar Communication at Staronie ‘empl Geils aud tain thie (Wednesday) erent Auk IB. UTHMO OLURER. Vielting brethren cur diallyfavited. By order ot CHAS. HRATILBRENAN, W, SM. AS. ¥. FURRSTEIt, bee. . hi AUGUST 15, WEDNESDAY, 1877, CHICAGO MARKET SUMMARY. ‘The Chicaze prodace markets wero irrogularly fteadier yesterday, with less doing. Mews pork closed 10 per bri lower, at $12.85 for September and $12.75 for October, Lard closed steady, ot 88.5234 for September or October, Meats were firm, at4xe for louse shoulders and Ose for do short ribs, Lake freights wero active and wi changed, at 4c for corn to Nuffalo, Iighwin were steady, At $1.08 per guilon, Flour was less active, and weak. Wheat closed 11;@2c lower, at $1.0215 for August and 95Xe for September, Corn clared KNe higher, at 49h for August and 43!j¢ for September. Oats closed firmer, at wae for August and 3c for September, Itye cloced at H2tjc. Barloy closed steady, at GO'%;c ‘seller September. Hoge were quiet and 5@1Uc Jowar, closing steady, at $4,009.25, Cattle were falrly active and higher ‘fer good to extra Bratlen; sales at $2.0080.40, Sheep were quoted OtSi.50@4.50, Last Saturday cvening there was ‘m atore In this clty 137,055 bu wheat, 2,595.100 bu curn, 287,048 bu oats, 140,760 ba rye, aud 70,743 Un barley. One hundred dollars in gold would bay $105, 1214 tn precnoacke at the close, ——_ Greenbacks at the Now York Stock Ex- change yosterday closed at 95, ————— ee Fx-Minister ‘Wasnnunxe is expected to sail for America on the 11th of Beptempor, Senator Monroy's prospects for restoration to his usual state of health aro improving. It is now belioved that the paralytic attack will soon bo overcome, and that speedy recovery will follow, "rho new Stato Boord of Equalization met yeuterday at Springfleld aud perfected its 4n abstract of tho assessinont returns forwarded to the Hoard froin all the counties of the State 1s given in our columus this morning. Whilo the Democrats of Maine aro “reso- looting” that it all comes of an inflated cur- rency, the Greenbackers of New Jerucy and tho Workingmen’s party in Ohio lay it to nscareity of paper monuy. [t is dificult to reconcile theau views, After a careful examination of the materint presented, tho Cormitles in chargo of the selection of the American rifle-team kaye filled up its ranks, and the team ia rendy for Tractice, {another column a description of tho meu is furnished, with an interesting rocord of their shooting, Bonnington is all aglow with preparations for the Centennial exercises which are to be- gin toudoy. ‘the town is full of voterans, distinguished guests, aud patriotic wpectn= tors, and tho arrival to-day of President Haves aud pnriy is all that is needed to com- plete evorybo:ly's satisfaction, Exainino your five-dollur bills with caro, From Iowan City comes tho explanation of n uow swindle, by which tho ingenuous are taken in remonivlewly, A “ono” and a “ five" are torn carslesily in half, and the halves of the “ouo” aud “five” pasted to- gether, so that six dollars of the new genera. tion will go ay for os the “tens” of cur dads, The Muine Democrats Yesterday enjoyed tho Inxnry of a State Convention, with all the accessories, such as nominations and the adoption of resolutions, the appoiutmnout of nnmerous committees, and the solection of sixteen Vice-Presidents, ‘The distinction of being the benten caudidate for Governor nt the ensuing election wag conferred upon Josera H. Witttaus, of Angusta. —— The Mark Lane xpress, reviewing the crop prospects throughout Great Britain, finds the outlook quite discouraging, In En- gland the wheat is very poor, with bad weuther fer gathering the crop, uuch as it ia, and in Scotland the delay of the harvest by excessive raing increases the probability of damage. Both in England aud Franca the harvest anticipatious are in gloomy contrast with the fecling of elation which comes from the ussured enjoyment by America of pro- duction seldom equaled in quantity or qual- ity. ‘The annual report of the Texas & Pacifiv Ruilroad Company presents a showing of a touishing prosperity, If the road is inak. ing mouvy so fast as all this amounts to, at will be able gradually to extend the line westwunl’ out of {ts own earn. ings, aud if it is such a valuable investment as the Directors exhibit iu their Feport, there can be no difNeulty in enlisting Private cupital to push forward the enter- yrise. I would be @ shame to let the Goy- erument in on such a good thing; Tox Soorr and his partiers should keep it all to themselves, ‘The Moniteur, the semi-official organ of the MacMauoy party, stoatly denics the re- port of a “state of siege ” supposed to have been resolved upon in furtherance of the Marshal-President’s scheme for controlling the coming election. The position of the Muniteur is intended to allay the fever that tear of coming events bas excited. In order tw overcome the feeling that MacMauoa’s threatened coercion has aroused, it bes bo- come necessary for him to recede somewhat from his advanced position, and the effort now isto prove that the question of riego Ins never been raised in the Cabinet; that |} there has never been any representation from Germany or any othér Power on the pres- ence of the Duke de Broan at the head of tho Nationnt Council; and tho dangers that threatened the Ministry of the 16th of May are quictly disposed of by a ‘firm resolve” of the President not to interfere therewith “nntil the cle ii the Conncil, compelling insurance brokers to take out licenses, ia considered by the better class of agents a reform: calcilated to root ont tho irresponsibles who are not always relinblo in their dealings cither with tho insnrer or the insured. ‘Tho nmount de- manded by the city ns n condition precedent to setting forth tho advantages of this, that, or the other company, is $100, and the only objection so far raised is that tho amount fs perhaps not quite large enongh to seenro the object of the enactment—that is, to bar out the scallawngs. : Apecnliar mit has been brought by one P. H. Wenstrn ina local court, demanding that the cloud upon his title to ecriain lands bertraightway romoved. In his bill Wen- stxnalleges that beforo tho geveral election ho wagered a deed to $10,000 worth of real estato against n deed to some other land, put up by Henny Warrere, that Truex would be elected President, Jonny E, Bunton was stakeholder, aud upon the inauguration of President Hares ho handed over the two deeds to Waurriy. Wester assoverated that the bet wos ‘a corrupt and illegal agree. ment,” ond demands that his property bo relioved of the incnbus which, in the shape of Wurrrtr’s decd, hangs over Reports of the famine in India represent nsickening state of affairs in tho Empire. It is rtated that tho stricken orea contains 18,000,000 sufferers dependent for food upon tho activity and exertions of those who transport grain to tho country; that the Prosidency is powerloss to satisfy their wants, and thatallatd that can bo secured is necessary to tho salvation of life, Over 400,000 people have perished, and more havo been found dead on a single wnorning than died during the whole’Bengal famine, Pas- songer trains havo been partially discoutin- ued on the ronds to onable relief trains to get throngh, and a frantio’ appeal is sent to the principal cities of England, Scotland, Ireland, and Tudio for assistance in tho hour of peril. ‘The speech of Queen Vicronta, read at tho prorogatiou of Parliament yestorday, contains no matter of graver importance or more thrill- ing intorest than is customary with these formal communications, purporting to pro- eecd from ber Majesty, but in fact prepared by the Cabinet. The upocch announces, what the world already knows, that En- glond’s role of mediator in the Eastorn dif culty was not successfally played, nnd that thus far she las observed tho policy of neu. trality laid down at the beginning of hostili- ties; that her efforts will bo exercised in be- lalf of peaco whenever an auspicious moment arrives, and that sho will fight for the pro. tection of interests whonaver thoy may bo endangered.: What the world is not so posi- tively Informed of is tho statement that the gobbling up ‘of Transvaal has been hailed with outhusiasm by the peoplo of that ox. Nopublic—tho genural impression being that tho Boers had little voica in the matter, and were not violently plonsed with the new ar. rangement. Parliament gous over to Octo- ber. en 3 THE CITY-HALL FUND. ‘Tho last State Sonate uppointed a speoinl eonmmittee, consisting of Senators Haryes, Maynonyz, and Bosrtzzn, “to examine and report what disposition tho city has mado of the Cunal-Lien Fund received from the State,” aud why nono of it haa yet heen ex- pended in buildiug tho City-Hall, ‘The Com. imitteo have had ona meeting and prosecuted vome inquiries, They found that the Com. mon Conucil, on the 1ith of Angust, 1876, passed certian revolutions establishing thu order in which the floating debt of the city was to be paid, ‘Throo classes were estab. Niahed. Class °C” embraced * such parts of the unexpended balances and spocial funds ag wight properly be deferred.” ‘Che Mayor, Lomptroller, and Finance Commitreo, act. ing, we believe, under the advice of the Law Department, avsigned the unexpendad Canal. Liew Building Fund monoy to this Class “OC,” which puta it in the * may-be- deferred” category of necounta, ‘Tho Legistative Connnitics appears to hold to the opinion that the money ia of such special churacter that it should bo classified with 4," the same as other trust and spo. celal funds, Senator Marsosnz made a strong argument at the Committee meeting in support of thia view, although he was combated by the Comptroller aud Corpora. tlon Attorney, ‘The poiut is not yet sottled, ‘The previous Comptrollers had both treated the residue of the canal-lien money axa Cand which might be temporarily used by the city in poywert of debta until it was required fur building the City-Hull, ‘Cho previous Finance Conmmittevs, and Common Councils, und Mayors acted upon tho same theory as tothe fand. The Law Department never cdvived them differently, But | Bena. tor Matponxz ‘makes a strong argument ethat the money isa special trust fund, and shat the Comptroller should place it iu Class “A.” If this shall be dono, then there are about $40,000 now in the ‘Treasury which would beloug to that fund; so the Comp. troller stated to the Committee. If the fund, on the other -haud, is only to be crod- ited with a pro rats muouut as compared with all the other fauds, nud charged with its proportion of the Gauz and Vox Hone defalcations, the sum on hand will be re. daced to womething like $200,000, which in amply sutticient, Lowever, to put in the foundations of the City-Hall, ‘Tue ‘Tnipese is dispowed to coincide with the arguments put forth by Senator May. nouse that the fund ought to be treated ns a special trust. Whether this conclusion shall Le Sually arrived at, remains to be seen. But for expressing this opinion, one of our city contemporarivs professes to think the editor of Tuz Tauscxe is ‘preparing on indict. ment” against an ex-Mayor who held office iu 1871-'3; and another but more amisbte contemporary expresses the opinion that said ex-Mayor and his successors have’ vio- lated the Criminal Code against ** diverting publio ‘moneys,” and aro liable to a tine of $10,000 each for so doing. ‘I'he matter is o question of law and fact. If the aforesaid ex-Mayor has violated Chap. 33, Sec, 206, of the CriaJnal Code in the manner alleged, ke should be made to pay the tine, and Tur ‘Tarnuwe will not try to stand between bin and the punishinens, ‘The City ‘Treasurer's balance-sheet of Dec. 1, 1873, when that ex-Mayor came into office, showed a balanco of enek on hand of $458,- 463.86. On the Ist of December, 1873, when Acting-Mayor Boxp retired, tho Trensnrer’s balance-sheet showed cash on haudof $1,118,- 100.19, Tho credit to the Public Building Fund on the Comptroller's books on that dato was &661,136.02, ‘Ths shows that the City Tronsurer reported plenty of money. on hand on Dee, 1, 1873, to cover the Buildiag Fund and Jeaya $553,064.47 in the Treasury fo the credit of other funds, which exceeded by £95,500.61 the sum reported by the Treas. urer in his hands on the Ist of December, 1871, when that Administration came into office, Now, jf any error has beon made by that Administration or the noxt two, it has been in not treating tho Building Fund na prefor- ential trust, and giving it precedence over all other funds, andin not holding the $664,146 intact—and never using. it temporarily for any purpose. The Building Fund monoy ‘was never appropriated for constructing tho Court-House nntil Juno 30, 1874. ‘I'hero would be uo question raised now as to whether tho Building Fund belonged to Class “A” or Class 0” had it not been for the defaleation of o City Trensuror and a Collector, and the successful tax-fighting of property-owners, who beat the city ont of a couple of millions of its appropriated revenues, It is this that has made the shortage in all the funds, and cansed all the controversy concerning * ille. gal certiticates of indebtedness and” other vouchers of unpaid obligations. But, now thot the question as been rained as to what eatogory the Building Fund should belong to, let it be definitely settled in order that the Comptrofler may correct hia bookkeep- ing, if he has been heretofore acting under erroncous advice or opinion. THE PANIC OF 1873 FORETOLD—178 CAUSE ND RESULTS, We published some days ago n statement showing the progress of the foroign trade of the United States, and tho great chango which has token place since 1873 in the relative values of our imports and exports, This table showed the Inrgo excess of im- ports over exports from 18¢3 to 1873, After the panic thero was a reversal, aud tho ex- cess of exports over imports has been annu- ally increasing. It has been a inatter of inquiry what has become of this large surplus of exports over imports, and what oflive it petforms in tho international trade. ‘Tho old theory that a balance of trade monsures a nation's prog. perity or Joss has been abandoned by all writers, as woll those who claimed that nu adverse balnuce of a hnudred qillioua rep. rexented that much national loss as by thoso who claimed that the excess in the value of the imports over exports is the mensnre of goin in the dealing with other ua tions, It is somewhat interesting to find the! ip the work on Political Economy by Prof. Carnves, in tha chapter on interna. tional values, is traced the progress of the United States tmde, and that it is there argued that to maintain their solvency theru must be a tinancinl disaster, to be followed by a reduction of prices and au oxeess of exports over imports, ‘Uhis work was written boforo tho panic of 1873, and in a noto the author states that in Soptember, 1873, thero wero reports from the United States of tinan- cint disaster, attributed to excessive railrond construction, ‘Iho grounds on which these predictions, which lave been so closely vori- fled, wero made may bo thus stated: ‘The equilibriam of commerco is dofined Generally ox that state of trado which results in maiataining the real exchanges, exports and imports, at par. ‘This ig rarcly, if over, exactly maintained, In Great Britain, from 1846 to 1870, thero ‘was auntaliy an excess of imports over ux. ports, arnounting to 520,000,000 inn single year, ‘Ho explains that this largo excess of importa was paid for partly in transportne tlon, aud largoly received in payment of debta due in England, uot debts duo ‘for exports, but debts Incurred outside of trade, Greut Britain has boon a lender of capital to other nations, and British capital has been invested in other countries, and in foreign stocks und Londs, All theso huve to make Payment to Grent Britain for juterost, divi- dends, protits, ete, in excess of payment for the ordinary trade exchanges. To pay this difference in specie would cause such an influx of gold into England as wont pro. duce a rise of prices thera and a fall of prices in foreign countries, ‘The result would bo that Eugland would purchaso moro foreign commodities und forelyn countries would buy leas of English goods, aud tho equilib. riym would not bo restored until Great Hritain imported goods in oxvess of imports suiliciently to obviate the necessity on the part of tho debtor uation to aemt gold to inevt theoxtra payments. ‘Chix equilibrium having been reached, prices would ngain bo at a level. Prof, Oainnes formulates the proposition thus: ‘The state of international demand which reeulle Jn conMucrcial equilibriuin Is teulized when tha reciprocal demand of trading countries produces suct a relation of imports aud exports among them ga chables each country by sucans uf her expurta to Slecharge wll her forewn Navilitics,—a postion from which the following currolury may be de- duced, that all payments due from one country to another, or ty other countries ou otter account than that of lmports, of s permanent charucter— for example, an annual tribute, interest un bore Towed capital, dividends on stock, and wo forth— pad in excess of stuuilur payments dua frum these latter te the furmer, will be represented In the Sorelgn trade of that country by an excess of ex- porte over tmpu whlic, conversely, an excess of payments of this character will Gud ite commer cial expressiou in au excess of jurpotts over ex~ porte, Iu applying this gonernl principle to the United States, Prof, Catanes, wring curly in 1873, thus described our condition at -that tine: thas already been seen that provious to 1800 tho uurmal coudittun of the external trade of the United states wusune In which the exports: steauliy exceeded the imports, thls belng the natural come Inercial outcome from the state of her fliuncial re- laions with Europe. But the adveutof the Civil War brought with it a ‘series of events, cach of potentinfluence, sud which tn their curmbination hove eufticed tu shake Americun trade to ius Centre, und to render the Mnancial positiun of tbe Union In presence of Europe unprecedented and crittenl in the extreme. Of thesy events the must, faportunt were (2) the enactinent uf the Monin. tarl@ in 18a), by whlch the United status passed fron what was substantially a free-trade com werclal regiue to one of lngh protection; (2) the sudden cersation of cotton cultivation, and, as a Sunacqueace of thls and of the Civil War, the temporary collajae- uf the cotton trade win Europe; i) the creation of an enurwous national debt, simultaneously with consideraule additions made to Stato and-other debts previously con- tracted, W larde propurtion of the fuuda in both cases being Surutehed by foreigners; snd, Tasty, the fusuu of au inconvertible paper currency to taku the piace of the mixed system of cuin and convertible credit waich tormerly prevuticd. Alter stating that the uew dcbts—nation. al, State, railway, mining, etv.—reached 2. 500,000,000, of which he put $1,500,000,000 as held in Europe, he explains that Europe uadertook to furnish the moucy to tho United States, and the latter to pay the in. terest on this sum to Europe until the princi- pal was discharged,—the amount to be sent to Europe annually being about ¢200,000,- 00. Ho thon explains Want, on the termina tion of the War, the exportation of cotton Hie et. the penalty of death for making profitable neo of them. Tf the aeeumuletion isin the shape of a house, the man who owne it must suffer denth if ho takes rent for its use. Tho Commnuist claime the right to move in there and livo withont money and without price. Tf tho surpius enraings aro invested in horses and carriages, tho owner mnst let them free of charge, and ‘nsuriona" livery-atablo keepers must be strung up to the nearest Jump-posts. Th. house-owner must lend his house freo of reiats the mannfacturer must lend his shop and machinery free of compen- sation; the possetsor of capital who haa it in tho form pf cash must lend his money frea of interest; tho farmer ninat Ict his form withont getting rent, They nroall on- Baged in the eame pureuit of charging for the use of their property, and all alike must bo hanged by the neck till dead, if thoy cou- tinno it. That this is not morely the logical ontcome of the Communist position, but prociscly what the Communists conut upon, is sufl- ciently evident. from the demand that" tho Government ghall bo tho ouly money-making agency in the country,” that it wall possess itself of all railroads, telegraph, ateatnboate, ships, canal-bonts, factories, mines, forests, ote, rin them on” the ‘ co.operitive plau,” and divide up tho surplus equally among tho Communists without distinction az to brains, capital, skill, or amount of Inbor. Let us make # parallel, A hard-working and economical man produces a certain amount during the yenr,—bo it corn, coal. iron, boota, or cloth, or what uct,—sells enough to live on and saves a portion of it at the ond of the year, For convenience seke he exchanges or turux this saving of corn, coal, cloth, ote., inton pound of gold, Now the Communists say that of gold: in coined engles must not be loaned for “interest,” but it may bo borrowed or seized and used for profit by some one else. If Government sauctions and applies this doctrine, why may it not revive the institution of slavory? Is there any moral or practical di ferouce be- tween seizing the surplus caroin ga of a man and giving others the uso and bow efit thereof, and seizing the man nnd forcing ‘him to lator for others without reward for tho same length of timo as was necessary for him to carn tho given surplus? Tho Communists, in ono wortl, nro op. posed to all property rights, Whon thoy vannot coerce a division of the accumula- was resnmed, and tha other dom porta (specie included) hud slight creased. But whilo this had taken pluce, the imports had risen fe 2m $335,200,000 in 1860 to 2617,000,000 in “1872, ‘This was nroversal of tho rule of an excess of exports which had prevailed prin to 1860, The excess of imports amounter{ in 1808-1872 to an aver- age of 244,000,030 annually, while in 1872 it renched $116 ,000,000, On this state of affairs ho writers, Now, from tho exptanations already given, the reader will unde rstand that such a atate of external Wade, aesuming it to be ound and normal, would imply a stato of financial relations bétween the United States and Enrope in which the former country was Largely a creditor of the latter; for it Jeonly on tht aenpposition that a large excess of imports over exports could continue conelstently sith natlov al solvency, So, far, however, from the facts be ing in accortance with thie sapposl- tion, they nre exactly the reverse of this, ‘The United St ater Ia targely debtor to Europe on Anancial account, wlile the exports ate not even tufticien’. to cover her commereia! Habilities, Com puting the extra commercial obliga. tions of tho United States to Europe aot 320,020,000 for interest ond dividends, $25, 40,000 for expenses of Americans in Eure.pe, and 824,000,060 paid for freights to & srergn vessel-owners, or a total of $150,- 000,00) annnally, ho proceeds: T.ow, ns I havo already explained, there te but ‘ote mena by which a nation can in the fast resort «lischarge her Iabilities to other natlons—namely, through the vaine of her products exported. We have even, however that the exports of the United States, aa things now stand (1873), far from being adequate to the liquidation of her annual aggrezate Nabilities, are Insutticient to micet those incurred on commercial account alone; the detlctency, tnk- ing the average of the Inst five years, having, 13 I hive = just’ shown, reached the urge sun of $44,000,00U, We have thits a balance of £0,000, U00 on commercial accaunt, plus n further sun of £20, 000,000 ($1:10,000,000) on extra commerclat account, in all £15,000,090, due year hy year by the United States to foreign countries, in excess of what the value of her exported goote enables her to discharge, ‘The question ntises, How ly this lablilty ta be met? How it has boen met np to the present tine IT have no means of anccurataly deters amining; but one expedient, we know, has been bronght extensively into requisition, Dire ing. the pertod since the War the sale of American securities in the markets of Ureat Britain and the Goutluent has been largo and Increasing, .The United States line ceased, indeed, to add to her public aebt, nnd has even mai sume progress In redvelng Its but Itty probuble that the proportion of thls debt in the hands of European holders haa of late tnereared, and it fm certain that the amount of European capital which now finds dts way to private Investment in America is immensely grent- pound erthun It has ever been atany former periud, Here, ten, te a revere which, #0 far as It gues, and a0 tong as tt laste, thy United States may euiptoy In Nquidation of her incurred Mablilties; the munis payable by Europe tn purchase of American secu- ritica being as much avallabte In dlecharge of Amer- dean debts us If they were oblatned in payment of exports, Ne pronounced this expedient of paying Datlauces in bonds os “ntemporary make- shift," nud that “no nation ean continue to pny its foroign debts by the process of in- curring new debts to meet o balanco yearly ncerning against it; yet this, in trnth, is the nature of tlra finnucial operation by which of late years the United States has continued to sottle acco nnts with tho rest of tho world, sentially ubiaormal nad temporary." atlded If that country Is to continue to discharge her Hrabilittes to fe.rolgnery, tho relation which at pres: ent obtalns uetween exports and Imports in her Her exports Must, once agaln, as previous to 1800, be made to exceed her {msports, and this by an amount greater externa} trade must be Inverted. (an tho excaes of that former time in proportion as her Unangial obligations to foreign countries have in the tuiterval increased. ‘This, 1t acems to me, ta reeult which may be predicted with the utmost confidence. The end may be roached vlther hy an extension of exportation, or by a curtailment of tinportat.on, or by combining oth these pro- vgeses, but by one means or other reached It will needtobe. It iv atmply the condition of her ro- inaining a solvent nation. He mnintained, however, that such n chango in tho relation of exports and im- ports could only bo effected through n clang in relative (coin) prices in the United States nud Europe. Prices would have to be lowered in the United States, and on this point he ndded: : Aconuiderable fall of general prices, however, in aremedy to which manufacturers and merchants witlonly eubmit when pushed to extromlty, It will, therefure, only coma when credit bus been strained to the utiont, and a ca@gytroplie ie scen to be inevitable; and then Uzjcill come with a crash, For those reasons I viuuld be disposed to took for ward to the hiimediate future of American trade sa period of mech disturbance and fuctuation, culini- nating, 1t 18 posable, from time tw time in com. ‘mercial crisce, ‘Tha reaults predicted by Prof, Camnes Lave all followed, ‘The tomporsry inake. shift of selling more bonds failed ; orcilit. Was stralned, aud snapped ; prices fell, but they fell with an ovorwhelining crash yand the work of recuperation, through an oxcoss of exports over imports, has sot in, in pro- cisely the manner in which he said it would have to bo done, ———————— HANGING MEN FOR TAKING INTEXEST. Au Indianapolis Communist writes to one ofthe newspapers that among the demands of tho Communists sro “thats inan who tukea interest on money shull bo hanged by tho neck’ till dead,” that nobody shall be ol. lowed to make money but the Government, that there shull only be direct taxation, ete. ‘Lhis uw probably a corrcet statement of tho ease, It is warranted by the resolutions adopted in New York, Baltimore, Cincinnati, St. Louis, Louisville, and other places where the Communists have held conventions, ‘The only thing omitted from the formal plat. forms is the proposition to hang, but ay that is ubout the ouly way in which the Com- munists could enforee their peouliar de- mands, it follows that the lender aud bor rower must both be executed in order to atop paying and receiving interest on property louned. ‘The Communists cannot stop with hang- ing thoss men alone who take interest on juoney, becauso thia is merely ono form of business in which the sane principle ia ap- plicd iu manifold other shapes. ‘he man who takes iutcrest on moncy which be loans is simply using the accumulation of past labor, of thrift, aud industry to earn him muore woney, ‘This fy the economic process in all forms of business. It is au invest. quent of capital for profit with risk, like an juvestment in land, dry-goods, a factory, o horse, a livery-stable, or any other commer. cial, industrial, productive, or trausportation business. If every man must be hunged by the neck ti dead who loans his spare funds for uso, then every other man who loans any form of property for use should likewise be auged by the neck till dead. For money is property, Gold or silver is as much prop- erty as coal, cotton, or corm. Bank notes und legal-tender notes are also property, If @ man converts bis surplus earnings of any kizd into money, he kas as much right to thu uso of that property as if it were in some other shupe, or in thy origi nol shops of the product he pro- duced; if he hax no right to use it for profit, then other men who retain their savings in other form should likewie suffer ‘Toso conmdcrations lead mo to tho conclusion that tho presont condition of tho external trado of tho United States is ce- Ho tions of Inbor and economy, they burn and destroy the proporty representing these ac. emulations, aud threaten to hang the men who havo accumulated it, At the Balti- more meeting the other day one O'Doxnuts, the editor of a Communist paper in New York, openly justified the burning of railroad depots and louded trains of cara, and tho destruction of property, aso, menus of showtag what the Communists are yeady to do if their demands aro not cou- ceded! The ov-idonces ara incroasing daily that this spirit a xists and is spreading among the proletariat classes. So lony ay it con- fincas itsolf to :rosolutions, specches, pam- philots, and political organizations, the great conservative msasos ean ufford tolook on vith wonder or {.ndiguation, but thoy nro not called. upon to cc mbat it with nny harder or sharper weapons than ituses, But when the Commune proce ad to carry their threats or their dogmas ia to effect, sterner revistanco miust bo offered. TURE (8H ATROCITIES, Pending the. 2-esumption of ‘active ojera- tions by the two armies in Bulgaria, tho y.ub- lic 18 shocked by the horrible, oven fendi, atrocities that «uro taking placo in tho dit- tricts recently occupied by tho ussinit troops, from whi'ch they have been forced by the recent divas! or at Plovna. It would bo absurd to suppos u that any war betweon two’ nations ‘conld be conducted according to the etiquette of rofli iment, or upon principles of absolute hum anity, much moro so to ex- poct that two eucl 1 coarse-flbred nud natural ly flerco nations us the Tartar and the Turk would mako war ngainst each other withont the commizsion «f somo barbarities, incident to the passionate and ferocious character of the Cosancks on thie one hand and the Bashi- Bazouks on tho other, not to spoak of. tha Dulgariana, who are actuated in thelr con- duct ‘by a revungo based upon con- turies of suffering, Lut those atrocities fre not vonflned to thoso which might naturally be expected to grow ont of such a war os this, and which presumably ara bo- yond tho control of authority. It is impos. sible not to belivve from tho evidence that there is n studicd and malicious deternina- tion upon the pertof the Turks to kill off all tho Slavic aud Greek population of Bul. garia acd Roumelia, men, women, and abil- dren; to burn their villages; lny wasto tlacir fields; and, if they are compelled to retrait. bofore the Russians, to leave belLind them a depopulated desert, ‘Uhe district in which the worst cruelties have been perpetrated livs fo the south of the BDulkaoy aud was recently occupiod by Geu, Gounka’s corps, When Gon. Gounga evacuated Eski-Sagra, on the Bist of July, the ‘Lurks ordered that all Christians, men, women, aud children, should bo shot as they loft their honses, ‘Chose who did uot leave wero burned alive in their homes, “Lhe hospital, containing .800 pa- tients, wos tirod und all its inmates were Uurned. The Tuchirpan district, one of the richest Iu that part of ‘Turkey, hea been completely davastated. ‘I'he villages were burned and as the inhahitunts tried to escape they were shot down, Along the rond from Kaki-Sagra to Kezanlik, ‘Turkinh suldiers wero posted with orders to shoot every Christian that passed. ‘Those who havo escaped are homeless, shelteriess, with- out food, and must starve. Inu the Exki- Sagra and Keaunlik districts alone, it is estl- inated that 15,000 Christians huvo been al- ready massacred by the inhuman ‘Turks. Tho correspondents of the London Tinea with tho ‘Turkish ormies are not preve uted by Turkish bribes or throats from discla sing the atrocities of these butchers, Ono a! them, with Suziisay Pasha's forces, tella a horri- Lie story of » ghastly pyramid formed of heads of Russian wounded. Col. Wenzzs- ry, the British attache with the ‘Turkish sroups in Europe, confirms tho reports of those atrocities, and Sir Annorm Ky spas; who occupies n similar pcsitios, with the Turkish army in Asia, witnented tho slaughter of fll the Russian prisoners who were captured at Bajazid. Suc. evi¢ience as this proves beyond question that. the ‘Turks are waging 4 wur-of extermination ogainst Greeks and Christians, and viola ting all rules of warfare in their relations to (sho Ressians, On the other side, the ‘furks aro not slow du notifying the world of atro tities alleged to be cominitted by tho Russia x, Undoubt- edly some cruclties have becu e pmmitted by the Bulgarians, They woull bs less than bumus if they did not show a bloody re- sentient when the opportun’ty offered it. self, If they have beex crucl, if they have burned and killed, it is only tho natural ont. growth of centuries of mass cro, murder, rape, arson, and pillage, ‘They have been gronud down into the dnst for 800 yenrn by the Tarkish nomads, Their wives have been ontraged, their — children have been sold into slavery, thoir crops inva. been taken from them, their homas have been destroyed, nnd they havo been held in a condition of servitude by those fiendish taak-mastera inflmtely worse than that of the negro in the days of African slavery. When tha opportunity came, thez not only welcomed the Mussinna as their de- liverera, reecived them with open arms, and {arnishod them with nasistance of every pose sible description; but the wrongs which they had suffered, tho memories of their burned homesand murdered children, drova them to take revengo againat tho Mussulmans. Tho testimony is simply overwhelming that the Russians have condactod tho war with sin- gitar mo.eration, and that the Turks are in- venting these stories of Russian atrocities, The Syracorrespondent of the London 7'tmnes Bays: : In the provinces the manufacture of them seoms to have become a regular bisincas, carried come fimes to the extent of tampering with the letters and oven forging the tclegrams of newepaper cor: responiente, In the provinces where Turkish an- therities bave control, buth letters and telegraus are enbjected to prewure to make them report im- aginary iusninn wtracitier, Another correnpondent, traveling with the Lirkish army, says: Of course, Turkish oficlal acconnts tell of the Otrocttics counted by the Russiuus, —plilaging of villages, ontrages an women, and slaying of chil- drew betng freely atirivated tothe foe. & believe None of there things, # have now for the Inst werk been following In the wako of the retiring: Rosetay ary, and can see no traces nor hear any reporté of any such tmuedecis, un the contrary, they mppear ta have behaved with the yicatest deratiun, and pald for everzibing they cou- With: regard to the sbsnrd stutisties of Russinn atrocities made by the Guvernor of ‘Virnova,-aud which were printed in onr last ne, the London V¥mes, which is by no menits a Hawsophile, says: There In. evtncthing wlinoat ludicrous inthe statlvtical preciaton uf the return which (he Gov ernor of Thnova hag made to the Forte respecting the ntinier of persons tmusescred by the Hussans in certuin Stulgarian villages, ‘That report, te which we referral the other day, and which is now printed mnt Parliamentary paper, gives precise do- talle of infamies which the Governor of 'Tirnown could uot have known, for the suaple reason that Hetled at the approach of the Huesiansand all the Torktah offlerals ted with him, Yet ho twas pre= clue an If ie were s member of the Stulletical $o- clety who had spent a month in the inapeguion of the unfortunate villages. . ‘Tho utter untruthfulness of those Turkish atatistics is shown by the fnct thal after they had massacred 60.000 men, women, and *ehildren last summer at Phillippopolix, and the attention of the Porte was called to it by tho English Government, tho Commissioners: sont by the Sultan to investigate the matter fniled to find that any Bulgarians had beon kitted, and were promptly promoted for thoir convenient ignorance. It is evident that if tho Russians do not striko somo swift and telling blows against the Lurks, or the other Powers do not interfere in the name of com- mou humanity, the Christians of Bulgaria and Roumelis will be exterminated. Upon the ‘Turkish sido it alrendy promises to be the most horrible and bloody war of modern timea, and has reached that pitch of cruclty which makes it impossible for any European nation to interfere in buhalf of ‘Tarkey with- out’ making it purticeps criminis with the ‘Turkish butohors, HYDE PARK ABUSES, We print elsewhere a letter written by an In- dignant llyde Park taxpayer. The immediate cause of complaint is the alleged utter disre- gard the Village Trustees, undef tho lead uf Mr. Baxsner, patd to the protests of citizens and taxpayers againat the construction of the Forty-tiret-strect. scwer. This sewer, it fa claimed, is mainly for the benefit of the Stock- Yards, located in Lake Township, bue the tox- payers of Hyde Park aro required to pay tho principal cust of building it, 1¢ was evidently telt in advance that payment would be largely 1 eelated, since the assessment was made ono t.lird larger than the estimated cost. [thas be eu suceesstully contested by many ot the taxpayers, ond tho result’ {s that the burden of the whole job falls upon the remainder, The contract was let for less t.ban was anticipated, and so, under popu- lar pre sure, the Trustees nt their last meeting: reducou'the assessment 20 percent. 8till the ainende J usecasment amounta to $95,503, while the cont.tact has been let for $27,426,—a differ- ence of 3,143 av u margin for the non-payment. of taxes upon the part of those who resist. The peculiar Inustice of the cave appears from the facts stated , that the sewer will be benefeial mulnly tothe Stock-Yards, located in another townsblp, and that the drain of that section could have beew weatward Into the Jake, Tho conformation of the ground ts such that tho Hyde Park people and taxpayers, who have no use for the sewer, have to pay moro dearly for the work done at thelr end than the Lake tax- payers pay for thelra. ‘This {s bad enough, if the case has been prop- crly represented, but it {s also sald to lead to somethhie worse. The charge is that “President” Besery, of Hydo lark, inaleted on the construction of the Forty-flrat street, eewer because he fa interested Iu the Stock- Yards, aud that, in order to sccure the conseut of other Trustees, he has given bls adherence too acheme for draining South Chicago at tho expense of Iyde Park taxpayers, and ong sys- tem only less extensive than the tMfolland dykes aud cauule, Certain owners of the awamp lands near Calumet are very. anxious that something should be done. to help them out; and the owners of -property in, around, aud worth of the Vilingo of Hyd Park are usked to share the expense. Mr, Waste, the Clvil Engineer, says that the proposed scheme of drainage, dykes, steam: punrps, ete., will not cost leas than $1,200,000, No wonder the taxpayers of Hyde Park are up in arms ubout it, Tho very suggestion of spend- fog such a yast amount of mouey in these times to improve overilowed or swamp lands for whiek there ta no immediate demand op use, nor evens prospect of profitably occupation In the near future, fs preposterous; apd such members of the Hydo Park Local Government as ure coumftted to the scheme will do well to recede us prowptly as posvible, There cannot be many more abitses of property-owners in the Townof Iyde Purk without somebody gelting badly hurt ; 60 far, the taxpayers have hod to stand all the damag Acorrespo udent at Mendota, Hl., after con- sulting the 4,1'00 peuple of that town, includ~ ing two Profes‘ors iu the High-Sclivol and, oll the dictionaries Wn the place, desires to know the meaning of (ue word “lutera,” go that bo can “understand \what was done by the Aus trian Goyerument shen it interned Desvoto- vite in Dalwatla”" Tho word comes from the Latin “ Iuteruus,” and means iterally to “put within”? Inasmiiltary sense, it means to im- prigon or confine by wilitery authority in a town or fortress. That was what bappene? to Desvotovitcn in Dalme tla, only bo externed by ruuning away. — Great credit is takeu to itealf by the Burling- ton Jiuwkeys for running several editions off on @ haud-car during the rallruad blockade. That's nothing. The Des Moines déeyisler bas run itself of un aband-press ever since it started, aud docs it Iu less time than it takes to publish any F other paper in the country. ee The name of Maj. W. M. Tarnoz, now con- nected with the Chicago Post, has been suggest- ed for the appolutment to the Clerkship to the new Appellate Court, Ma}. ‘I'aTLog bag wapy excellent qualidcations for the place. Chiles among them i his experience of eix years ny Clerk of the Supreme Conrt of the State. Ax the duties of the new position will be stailar 1, those in which he formerly acquitted hinsely creditably, he should bo preferred over thuxe 19 whom these duties ace entitely new. Ma}. Tar. Lon served during the entire War of the Rebel}. fon in the volunteer army, aul was subsequent. Jy appointed to a Captaincy in the reguiar Arnis, —A position which he resigned to accept t Clerksnip of the Supreme Court. He fe we known to the Jawyerr, and, we think, welt liked by them, so that his appointment to tig new Clerkstip will be proper and eommendatje.« et Lest any one shull be misted by tho atate. ment in the Cincinnatl Gazelle that “ Unce Dick denies that there was any row about his refusal to pay for the Democratic nomination for Governor with funds suflletent to meet the expenses of the cainpalan,” we will state that it was the Republican, and not the De: iovratie, nomipation that Unelo Dick Sstrrit indiguanily refused to purchase. Tho Gazelle bs Unelo Dick's paper, and in picking up a mistake of varty made by acontempurary {t talies a bag advantage of ‘a —~ barren’ technicality, ee Pixs may haye been nore poctical when ha put it “Blanched repression throush Con's white regiine,? but we prefer the simpler ex. pression, “Tha pale ale was streaked with | bluod,’? and ua for “With bristling, bearded divinities undammed, with seeried shichts im. Passioned apace is crammed,” it isn’t x paten to that tender conception, ‘The alleys were gulted of molten masses Uf madstened humanity.” mer Just prior to his defeat, the great Maton, uf Virginia, remarked of the Nebel yell, that ft us “us gwect as aheayen-ercated orchestra; rising, swaying on the moruing breeze; falling wor touring on the ulght tists? But he changed [is nnd when the ouildlug rang with that sume yell “swaying? to congratutution of his oppo bent, who walked over Lit os if le were a tua cadamlzed road. ae There {s great joy among the members of the Parayraphers’ Association over the refusul of one StaNnzos, an honored representative of tha craft, tu accept a foreign missiun. Had he av. cepted the appulutment, the whole organization would have gone for blin, In itustratiun of Swiet’s cpigram, ‘Fleas have other fleas to bite fem." oe Ifyou want tosca “a molten muss of mad- dened lumanity,” you should have jovke at old Mr. W. Fiske Storgy when he found tim. acl{ detected in stealing Tnimune war specials, ‘Then was his pale bafr streaked with passionaty Ongers. ao Dops Cuzsien, of Kentucky, has married fs step-grandmother, and the country will now be bored tu deuth by gentlemen of great gonea- Jogical atlalnments tguring out the relation slip ho will bear to his first child. =~ Following out the labor platform, the Mrs, R. B. Hares Teinperance Association” propuse to put the regulating of beer-drinking into tho hands of the-Government, eee PERSONAL, The heirs presumptive of tho Cardinal Antonellf having to produce in court the Cardinal's will, the Countess Labertini has declared her to tention of {mpounding it on tue grounds of forgery and ineficacy, ‘The appearance of Milo. ‘Titiens at the Leeda Festival, which fe fixed for the middle of Soptember, boing still doubtful, tho Committee have secured the services of Mile, Alban, Should Mile. ‘Titlens nuiiiclently recover tutake part inthe * festival, the principal soprano wolus will bo divided ‘between tho two ladics, Mrs. Frank A, Thornton, nee Ford, the eldcat daughter of Mr. John T. Ford, of Baltimore, died suddenly at the restdunce of ber huybuud, neat Washington, on Sunday last, ‘The Baltimore ta- getleuays abe posscared very decided talent aes dramatic writer, and had a right perception of wast ds true and noble in the drama, 'Yhe London slthengzum apeaks with some severity of the practice of closing the British Mu- scum for one month In every year, us if Lue curios itles and the paintings necued w vacution. Octuler fathe month chosen. The Athenqum holds that the closing fe uunccessary, aluco any repairs or renovations necessary might be made by a room at a tine. ‘Tho statement las been going tho rounds of the papers that Jonny Lind has had a child born toherat the age of GU, but it isnot true. ‘The Sun observes that not onc womun tn perhaps twenty milllons haso child at the ago of 6G. Io fact, the famous Douglas case mainly turned oo the unposelbliity of Lady Jane Heard ‘having & ebild atG2, Charles Brabin, a Liverpool butcher, has been arrested and fined for having on hls premlscs four bundred-welght of American beef untt fur food. Irabin bad been iined twice bofure, and was warnod that for the nuxt offensy be would probably be iumprivoned, Cases Ike this are having an un- favorabloetfect on thu trade in frosh meats between America and England, Tho eldest daughter of tha King of the Belgians, the Princess Louise, bas loft her hue band, the’ Prince of Haxe-Cobury Gotha, for the second time, ler marriage was a love-match. Prince Thillp, the husband, has gone to Paris, where bo visite all public pluces In company with anactrcas, ‘To all remunstrances he coully ruplics that be beboves no worse than his father-in-law, gua that lis wife lasllly tobe more dimcult thau her ltwyal and Imperial wother, Ju 1841, Mr. John Bright's young wife, whom he loved devotedly, waa lying dead In bis house. Mr. Cobden called on him and agdressed him with words of condolunce. After w time hejookedupand said, ‘There are thousands and thousands uf bumes in Evgland at this moment where wives, and mothors, sod children aru dying of hunger, Now, when the first parosysm of your Brlot is passed, I would advise youto come with me, sud we will nover reat antl the Corn laws ors repealod."* A high honor has just been psid to an American engineer, Mr. Geurge E. Waring, Jt He bas been madv an honorary member of the Koninklijk tnatitut vau Jugenieure of the Nether- lands, un the ground of his services, ane judze ab theCentennial, in behalf of the Netherlands uxhi- bition, and of thu further interest shown by hin in that country tn hie work entitled **A Farmor's Va- cation.” Col, Waring is, aside from the Royal Princes and the highest Dutch officials, the wisth person (now Ilving) on whom bonorary membere ship bas been bestowed, “Jennie Juue,” writing about Anna Dick- inson, sav8: ** From her father Anna Dickinson fuberite the ardor, passion, and almost insane love of justice. which dlvtingulsh her, while from ber mother cume tho luve of One and rato things, 1ho (tenacity of pury the pei rance and deterwl> nation to da or dle, which are equally « part of her nature, Underlying the whole tv a sensitive soul, which vibrates to cvery passlug breath like tbe scusitive plant, reepouds ao quickly and (ruly to tho winds that pase over ft, that {t almost depends wpoushem, whether {t discourses sweet music oF Glscordaut sounds, Hie belle * fangled ‘and * uut of tung.*™ ‘The Turkish Minister explains and qualifies 8 conversation be held with ‘ageutluman,” which, tohisaurpriee, be afterwards found reported In Sho Boston Adcertlser, Ile did not say thut the ** Republicans sided with Russia and the Demo- crats with Turkey,” out only that the sympathies Of those partics were o» indicated. Neither bat he donicd that oxcesses were committed in itou- niclia last year, buthe Lolda that they could wot have tcen prevented by the Guverument. Aste Col. Baber and Mr, Wenry Ward Becener, he did net Delicvs tt wus any more Jucunvénlent for Turscy tu employ the former than it was for Rueria ta en Joy the contidence of the latter. ‘Tho fcrtuow of President MacMahon of ¥rauce was laid by a thrifty anceator, a doctor, who won the faver of a bedridden old lady ut Autup. She quarreled with ber relatives, oud wade a deed conveying tu bli all ber property: amounting to 3,000, 000 france, Oo comditiun that he should maintaiu ber io je befitting ber raul dunng ber tvtime. The at-law disputed the wil, aud tbe case was in dispute at the Lime at the Hovolution, All the coutestante cuigrated. ‘The MacMabons took advantage of the invitativa of Napolvun to thy nvolease to return aud ocupy thelreatatey. ‘Tuoay who did nul come back for- felted their clalins, and {ng thiv mauuer ths titly wed coutrmud in tbe fawily of the Prveldeat.