Chicago Daily Tribune Newspaper, August 31, 1877, Page 4

THE CHICAGO TRIBUNE: FRIDAY, AUGU 31, 1877, BY MAI—IN ADVANCE—POSTAGE PREPAID. raliy Edition, one year, Partaot year, Per ino) sidreas four weekw for, Literary nnd Donhle I Securlay kal Gri. Weekly, Vartsot avear, peen SLERLY EDITION, POSTPAID. One copy, Club of ten fpecinien coptes rent tres. To prevent delay and mistakes be anre and give Post> Ofice aditrers tn full, tacinding State and County. Renilttaners may be made either by dratt, express, Post-Ofice omter, or in registered letters, at our risk, TeUMS TO CITY AUNSCRInERs, Usily, delivered, 23 cents per week. Lally, delivered, Sunday Incluted, 20 cents per week. Address. THE TRIB Corner Madison and Deathorn-sta,, Chitcago, Il, Orders for the delivery of Tue Tainune at Evanston, Englewood, and Hyde Park left in the counttog-roons ‘will receive prompt attention. “AMU! Hooley’s Theatre. Randolph etreet, between Clark and BaSalle. En- Frgemnent of Mia Mary Cai “Poor Ja." MeVicker’s Thentre. Madleon street, between State and Dearborn, **Ba+ oy.” Adelphi Theatre. ‘Montoe street, corner of Dearborn. ‘Uoner.” “The Flegof Cotton's Opera.ttonse, Mouror street, hetween Btate and Dearborn. Sleuth, the Devective."t “On Exhibition Building. Michigan avenuc, opposite Adame street. State lodustrial E: Day and crening, Tater+ convur . fur work on P. aud pe wlestred, — Visttin CHICAGO MARKET SUMMARY. The Chicago produce markets were more actlye Tos higher, ler. for Ucto- m, cloming’at Sic for tours ve for do short ribs, Lake Ircichite were levy active and cusler, at- 20 for corn ty Bath Aigiwines were atendy, at $1.00 . Woeat closed Ut $1,10932,1055 for August and 490 higher, at Oats closed Warley closed quiet at dat; oso were active and strony at $6.79 Fatty were qnict and nuchanyed, well 40, Sheep wera quiet at 4, 00G4. dalam i yold would buy $104.25, icke nt the close. Greenbacks at the Now York Stock Ex- chauge-y terday closed at 16. An estirinte of the lonses ut tho battle of Schipka Pass pluces those of tho Rassiaus at 8,000 and thuso of tho ‘Turks at 22,000, neem meee It is reported that the Russians have ahnost perfected their arrangements for an attack upon Plovun, and an overwhelming: defeat is predicted for Oasras Pada unless he shull succeed in“ golting onto? that.” ee eer Thorough senreh rill. faila to de velop the whereabouts of Srryczn, Tu dopnrted os tensibly fur New York to raise monoy, but adv from that city are that ‘ho has not been seen there, sud every efor, to secure information of his movements” bn failed. He is to ba found at none of tho hotols, pas. eengor-lists of -ontward-bound -yteatners do not distloun his-neme, and a stispicion has arisen there that he has made his way to Canada, ‘There is seareoly ndaubt that ho has managed to put himself out of the way until on opportunity nffords ; to cross the ocean, oe Auothor eflurt to override "aay failed in tho County Board Yesterday. Wann hay been assiduously working ‘to secure a ware rant for upwards of 20,000 on his founda tion work, for which {ho aroliitect has not ised ~ any — evrtifeete, Commissioner Scisnpr mado a brave otfort te force the jnatter through, but it wes promptly mot and referred. Hod. tho imensura succeeded it would have heen » yract ent abrogation of ILaussr’ contract. whish wonld have taken Lim out from under the paternal caro of E nd left the Beard tte take any action suggested by its own sweet will, With a view to the perp stuation of thelr orgauization and the stk nulation of thelr varied avd pronounced sovsial quatifeations, the acmbers of the old Board of Supervis- orm have hell a ronnion, aud, turther ‘to strengthen the haymonia az bonds of trater- nal love. they propose to throw. their botter fectings into the fonn at! 9 plenic, to come of at Lemont next month, In the minds of Chicntoans thelr mer ory is still green, and our fellowecitizens will hall this pro. posed reconstruction 9 { the Board with.a fceling of delight all Cae mure enhanced by the reflection that tha’ gumbols of tho breth- "ono longer of.ial, aud will in no. way atfect the adminiatiztion of county affairs as of yore. Among the mare available ssucta of tho Beate Savings Ine stitution are echeduled a nuinber of South ‘Park bonds, In the Juno statement Of thes bank theso were repre. sented as amount ing to somo $3200,000, but three weeks nga $34,000 worth were wold, fad wubsequey ly an offer was made by tho MWlinois ‘rast and Savings Institution ws take the balance at par, Tt was thon said that only 354,000 in the bonds remained, when thero should have been 9§120,000, ‘The sale was nut consninie ated, and naw not one of tho bonds a3 to be found. ‘There is no mora tracy of the a tian there ia of Srexcen, and there is a gcowing disposition to connect the ditappeary ace of the mau and the securitics, It wight be supposed that’ drummers are so intre 1 to dangers and dificalties, so thor- onghly armored against the slings and arrows of outrageous fortune, as to become perfect ly ilitferent to the minor annoyances aud. petty complications that beset and distract luss impervious humanity, “But the repro. hensible conduct of Winns L, Gavizy, truveler for a Detroit shoe house, illustrates thu converse of this proposition. Unable to beur longer in pationce with his 80-year-old aother-in-law, he essayed to infuse her with oro angelic cttributes by mashing her re. spected head with a cold, unfeeling paving- ttonv, Mer recovery ix considered doubtful, Dut, whether sie remain on earth or go hence, Ler experience Led demonstrated that after ail drummers ore human, EEE Somo uncertsinty appears to oxist at the Preseut time in Washington og to the where. ubouts of Sirrixa Butt. Ho iv reported on vne authority to have recrossed the border with 1,300 of bis wayward people, and is now ready, like the Prodigal Sou fa the Jewable, to return to bis free baked beans at 5522.0) + rRGH 200 the Agency, Another report binta at hia ultimately joining the forces of Chieftain Josern, when the combined hostiles could make it warm for n time for outlying set- "ora, Tho general belief nt ariny Lendt- quarters ia that the wily savage is not at all inclined, in the present demoralized condi- tion of his band, to try conclusions with the United Btates troops; and, morcover, tho Canadian authoriticn appoar. to be unaware of his departure. A mass-meeting of -Strte Savings de- positors is proposed with n viow to con- certed action on behalf of the creditors in winding up the affairs of tho bank. An impromptu mecting was held yeaterday, but tho intensity of the oxcitemont under which its components tabored militated against any cool action, and the only business transacted was tho appointment of a committeo to per- fect arrangements for the coming assemblage, whick will unqnestionnbly proceed in # calmer manner toward tho establishment of the rights of the defrauded. Considerable feeling prevails over the action of Srexcra in selecting a man to straighten out tho bank's affairs, and there is a proposition to onst Col, Tayton and substitute some one to be selected by tho sufferers, We havo given in another ntticle some ne- count of the advantnges which the New York people enjoy from tho restrictions placed upon tho ravings-banks by the Stato laws, but it is evident, from ostatemont in the New York World, which wo reproduco elsowhere, that’ economical administration is not included among there advantages, The atatement of expenses for the varions banks ranges from $14,500 to $931,200, consisting mostly of salaries, As the savings-banks generally own the bnildings they occupy, rent is not included in this exorbitant outlay. It is ouly fair to say, however, that the smallest of these New York savings-banks has o line of deposits nearly as large ng that of the State Savings, while the larger ones havo deposits ranging from $10,000,000 to $30,000,000. It is ovident, howaver, that savings-banks, like insurance companies, are ‘| inelined to largo salaries, St. Lonis rtained a peculiar malig- nity for Chicagocver since the collapse of sav- eral St. Lonis banking institutions, but the Globe- Democrat rather overreachen itvelf and exposea its malico by printing a dispatch Wednesday morning stating that six of the lending bankirig houses of the State had elosod their doors, that a conspiracy had been formed among the principal savings- banks to make a rimnitancous assignment, that all the savings-banks in tho city will be compelled to go under, that J. ©, Harszs aud Stpvey Mrens were missing, and othor Dare-faved lies of tho kame kind. We can -searoaly think that this dispatch was ever written in Chicago; if It was, it was probably the work of the editor of a small evening newspaper in this city, who is said tobe the Chicago correspondont of the @lobe- Democrat, and prepared under fustrnations, Such ma- licions falsehoods fortnuatcly damago tho slanderers moro than tho alandered, ae viananin SECURITY FOR THE SAVINGS OF THE PEOPLE, Yesterday we suggested that the exporionco of the laboring class of people of the United States in tho matter of savings-banks, tho genorally insecure and irresponsible manner in which such bauks are managed, and tho want of propor protection against fraud and swindling, required that there should bo an interposition of goveramental authority to secure the immense body of depositors in thelr hard-carned savingy, Wo suggested that the Government of tho. United States, being lurgely in debt, with groat suffs of money borrowed upon bonds bearing high yates of interest, was even in'n better pos tion than England to establish Post-Office unvings-banks, Post-Offices in England are nade depositories at which any person can deposit savings in xmall suma to an aggre. gute not. exceeding $125 for onach person, ‘This money ia’ forwarded to London, In- vested inn 3-per-cont Government bond, and tho depositor is allowed 2} per cent interest on his deposit, ‘Iho pntpose of tho Inw in to confine its Lenofits to the wages close, who had beon repeatedly plundered by privato Institutions, It furnished abso. Into security to the depositors, ‘Che United States havo ontatandiug over eight hundred mujlions of dollars of @ per cent gold bonds, which are mostly anbject to call on demand. The United Statew conld receive these deposits, employ the money in the pur- chase of thogo 5-20 Londs, and pay the de. positors 3.65 per cont interest on thelr money, ‘The differonce botween the rato of interest paid to depositors and tho rate of interest on the redeemad 5-20 boud will pay all the costa of managomont, and reduce the avorago rato of Interest paid on (ho debt to abont that of a 4 or 4} per cent bond, Blul- titudes of people who deposit money in savings-banks will soon learn.that absolute security Is worth much, and that 9.05 per cont interest ou savings, with tho security of the nutlon itself, is a better invostmont than higher rate of interest and an abseuco of security, In England, tho Post-Office savings-banks, despite the limita. tion of deposits to $125 to each person, have xo grown in favor thnt they have now noarly one-half the saving-deposita of the Kingdom, Tho savings class in tho United States are os numerous ox in England, and iheir savings aro larger, und if such a national cstablish- Inent was made in this country the Aggregate savings that would thus seek investment in absolute security would count up iuto the hundreds of millions of dollars. ‘Tho estimated sum on deposit in savings and trust banks in tho United States Is in excess of ons thousand millions of dollars, This money belongs to two classes of do- pouitors: (1) ‘Those who have emall weekly or monthly savings and want to deposit them where they will be kept safely, and whero they can obtain them in whole or in part whenever they necd the money, with the accrued interest; (2) those who have acca. mulated somo money, which they want to de- posit in safe keoping subject to call, and on which they can get interest, drawing the inter- eut aso means of living. ‘Tho savings of thesa two classes differ largely in amounts, Tho deposits of the first class aro made in small sume, ranging from §45 or less to 20, the total to each person not averaging more than 975 to $150, and rarely exceeding #500. Tho other class make larger deposits, and the total to each person will average perhaps 31,000 to $2,000, and often reaching from $6,000 to $8,000, It would be inipolitio to mako the Post-Office savings-banks so gen- eral as to attract to them the whole deposits of the country, ‘Tho idea in Great Britain ‘Was to furnish a placo of safe deposit, with absolute security to the class most liable to be svindlod, who have no placo in which they con safely keep their little savings. “‘Thoso who have means can hire vaulty or safes in which to keep their unouny, while the ordi- Bary workoiau or person living on wages, aud women and children, must run the risk of fire and robbery. Deposita in these Post-Oftice savings-banks, therefore, should be limited to n snm not exceeding for each person, ray $300, in the country. The Govern- ment, however, might readily, and for various economical rensons, supplement the Post- Office savings-Lanks with another measure to reach all that class of persons of moderate means who would be oxclnded from the snv-, ings-banks, or who would prefer their money in an immediately available form. ‘Tho Gov- ernment might, thorefore, offer to nll per- sons bonds for $100, or any multiplo there- of, having ninety-nine years to run, and benring 8.65 per cont interest; these bonda tobe issued at parin oxchange for green- backs or National-Bank notes. This would bea popularioan. It wonk! offer to all per- sons of moderate means, having £100 or $1,000, or any other snm of Moncey, to spare, the opportnnity of investing it in a National Bauk at par in curroncy. Tho difforonce between this bond and the 4 per cent bond Intely offored is that the Intter had to be paid for in gold. The holder of the currency had to sell it for gold, paying 106 or more in greenhacks for it. This pronium on the gold was equal to eighteen months’ interest on the bond. Sinco then the premium has fallen to 104, and every purchaser of the 4 per cent gold bond feels that he has lost six months’ interest in his purchase, and this crentes great diseatis- faction, Tho 3,65 bond will bo exchangeable atparfor currency. This, however, is not to be confounded with tho 3.65 intercontertible bond. That would absorb all tho curroncy and produce n contraction. In this case, the Government would apply the currency at once to the purchase of the 5-20 gold bonds, which aro subject to call, or to the purchase of gold and the redemption of called bonds, There would be no inflation of currency; there would be no contraction of currency, becanso as fast as received it could be paid out again for G6 per cent bonds. If tho Government made the 3.65 per cent bond interconvertible, then it would have to keep tha greenbacks in its vaults received for the bonds} whereas, by not making them in. terconvertible, the Government could pay out the greenbacks in wovhnse of 5-20 bonds, and thereby chy eit its high-interest gold bonds into low-iaj nest currency bonds. If the 8.6% bonds should ‘decline in the mar- ket Lor 2 pep. cont, then the sales nt tho ‘Treasury would cease nntil such time as tho demand for them would again place them at par, which wonld not belong. They would be held exclusively o8 0 convenient invest. ment, and would never be subject to tho fluctuations caused by speculation. So long as tho United States had n U-per-cont or S-per-cent gold bond ontstanding and sub- Ject to call, these 3.65 bonds would be ob- tainable for currency at par from tho ‘Yreasnry. ‘Two resulta would flow from tho issno of this bond:. Much of the monoy now do- posited in savings-banks and other institu- tions for interest na well as safe-keeping, and not finding its’ way into the Post-Ofice savings-banks, wonld obtain safety, security, and interest in those bonds. As collaterals for loans, they wonld be cheerfally taken by tho banks, and very few men would refuse them in payment for real estate, or other proporty sold, at their market price. In this way they would help to ease up n close money market and aid tho circulating me- dium, Another result would be to national- izo and popularize our public debt. It would cull home the 6.20 bonds from Europo, and placo that part of the debt in the form of the new bonds in the hands of the people, making the mass of workingmnen and wom- en, ond tho various families of moderate means, the bondholding class, and consti. tuting them as a body tho interosted defend. ers and supporters of the nation, It is not extravagant to assume that in a very fow years tho deposits in tho Post-Ofiice savings- banks, nnd the monsy invested directly in the ninety-nine-year 3,65 bonds, wonld enable the Government to recall the gronter part if not tho wholo of tho outstanding G per cont gold bonds, and placo that part of tho debt in the lands of our own people permanently and at a low rate of interest. Are not these objecta worthy of the consideration of states. manship ? . THE SUMMER-DAYS. Asummer withont fault or reproach ex- plres to-day, The husbandman, as he sur- veys his broad acres golden with the harvest oud silken with the tasseled corn, has occa aton to dedicate a special altar to propitious Cxnxt, The busy worker in tho city caunot be too thankful that tho genial san and health-giving breezea havo purified the at. mosphere and left him fresh and robust in- stead of debilitated with the summer's heat, A succession of favoring seasons propared the way for this golden suinmer. ‘The win. ter was cool and pleasant, and so covered the ground continuously with suow as to pre. yaro the way for spring, March did not roar liko the lion, but was as gentle as the Jamb, and tho April showers foll like a beno- diction; May opencd the buds, and leafy June made rich promiso which the sunuer laa porfectly fulfilled, It las preserved tho golien imean, and with regular altern. tions of rain ond sun has enriched the land with a barvest teeming with plenty. Now, having passed through one great harvest, the farmer confidently waits for the other, for which every day is as pro- pitions aw if it were orderod by tho farmer himself, In thosa great crops there ie work for the railroads; employment for laborers, notwithstanding their recent effgrt to raise their wages by destroying their moans of labor; mouoy for the farmers, the mor- chants, and the workmen; Lotter proapects forthe future; and an eloquent prophecy that nt last wa have reached hard-pun and shall soon emerge into easlor times, It is to be romemmbered also as a matter for gratitude that this glorious summer, with its clear skies and genial sun, its cool winds and ary atmosphere, has warded off the pestilence in all its forms and kept the country healthy. Our great cities have been ra- markably freo from disease, Obicago nover was hoalthicr or stronger than now, and never attracted more strangers withiu her yates to enjoy her cool breezes ant tho thousand other attractions which she pos- seases og o place of summer resort, Our own people have approciated the summer by staying at home, becausd they could find the comfort and conveniences which canuot bo had in the great stifling carsvansarics of Saratoga, Newport, aud Loug Brauch. ‘The wheat is harvested and the corn will soon be in the garners, aud the great lines of transportation will be taxed to their utmost to carry it to tho seabord. Tho delicate suumerfowers are fading, and already the brighter-hued asters aud goldon-rods be- gin to announce tho advent of autumn. ‘Tho yellowing loaves are whisking through the streets, Turkeys show November appre- hensions. The oystermen sro jubilant, Proirie-chickens will relieve the resy tints of tho fruiterery’ stalia with their brown plum. age. and disenssions of fall-snits already agitate the gentle femalo heart. So wo go into the fall, ready for the duties of tha de- cline of tho year, with ever fresher hopes, and moro couyage than when we commenced it. "Nature, thronyh all these perfect sum- mer-months, lias done her best to lift us out of onr embarrassments by fulfilling tho Scriptarnb prophecy that sced-timo and har- vest shall not fal, By virtue of her gentle and genial offices, so kindly porformed, wo may sit by our firesider next wintor, when the snow flies against the window-panes and tho wind Llnsters down the chimney, better Prepared to encountor the duticsof the now year, and better able to meet its demands with tho interest accumulated from hor sum- aner largess, THE SPENCERIAN SYSTEM OF BANKING. It was evidently 9 principle with D, D. -Srexcen, the absconded President of the State Savings Institution, that the funds of any bank which he happened to manage did not belong to the depositors, but were his own, to se and misuse ashe raw fit, Ho did not even admit thavany other stockhold- ers had any interest in the moneys on band ; if there wore lossos, ‘they were the lorscs of tho depositors; if tliera wero gains, they woro Spexcen's. Tho history of this indi. vidual's banking career, in the smaller town’ of Hlinois aud Town as well as in Chicago, proves that he operated on this system. It was the same system upon which B, F. At Lex conducted tho banking business, Srex- orn and ALLEN were. contemporaries, and whether Srexcen taught ALLEN tho, syatem, or ALLEN taughtit to Srexcen, the result was the same in , both cases,—the depositors had to stand the loss. Mon operat- ing on other people's money are apt to bo exceptionally liberal ond venturesome, whether grain, real estate, railronds, or stocks are the speculations in hand. The deposit ors having onco left their monoy in tho yaults which Srexcen superintended, they lad no righta which Srexcen was bound to respect; he would ropay thein if his specula- tlona turned ont well, and merely. keep the profits; but, if they turned out badly, thoy muat stand tho loss, It was in purauance of this doctrine that Srencen proceeded, as soon as ho was in con- trol, to swell the Calumet swamp-lond sccuri- ties from $100,000, which had been taken beforo his time, to over $600,000. He took notouly bonds, but stock ; his purpose was to make the investmont a personal perquisito. Having only £100,000 of these securities, he would ent no particular figure in the man. agement of the Calumet scheme; but with $600,000, partly in stock and partly in bonds, ha would bo in a position to dictate and gob- Ule if tho schome should pan out well; ns it panned ont badly, it was not Srexcer, but the depositors of ,the bank, that suffered the loss. But Srencen went still further than moat of the “personal” bankers of his style, Thero is now every indication that ho oven compelled tho depositors to pay for tho stock which he bought in his own namo, and by which ho was enabled to obtain control of their monoy for speculative purposes. Mr, Donnie was on old associate of Srencen’s, nd expresses himself of pratty snro' that this'was done. The modus operands scems to have been as follows: Srexcer borrowed the monoy of different banks and individuals to buy the stock, and within threo days, or immediately after obtaining control of tho concern, he ropald thia borrowod money. Donnins soya Srexcer had no monoy of his own, s0 that thia prompt repnynmient of the money borrowed to purchase the stock would {udicate with tolerablo certainty that the sum was stolen from tho depositors. It looks aa though a largo part of the $200,000 ofstock nominally held by the bankitself waa acquired in much the samo way,—oither the dopositora’ money being taken directly to pay for it, or indirectly by thus compromis. ing debts owing to the bank. b 'The investigation into the nffairs of tho bank, the flight of Srexcea, and the sudden dinappearance of iis cashiery, give coloring to the suspicion that there was at least this much villainy in the concern, There may have beon a good deal moro; indeed, it looks as though Srencer had nctually pocketed o large amount of the South Park bonds and taken them along with him to defray his ox- penses for tha noxt fow years, But, aven if thoro has been guch uso of the depositors’ money: as wo have described, wo think there ano doubt the Courts will hold that it was embezzlemout, which is punishable under the statute os larceny, It is high timo that some energetic steps should be taken to ar- rest tho flight of Spencer and the othor ab- seconded officers, if indeed it bo not alrendy too late, The only way to put » permanent stop to tho Spencorion system of banking is to send somo of its practitioners to the Penitentiary. BRIGHAM YOUNG AND HIS WORK. ‘The chareeter of Harcuast Youna fs hardly less deserving of attention than the institu. tions which ho left behind him. It united in strange proportlous indomitable energy, executive faculty, and integrity in ‘small things, with avarice, duplicity, supurstition, sud fundamental dishonesty, Ilistory will not withhold from him the pratve which be- lovgs to an adventurous aud courageous spirit, Atatine when our Western terri. tory was comparatively an unknown land, he ponctrnted the heart of it and established in aremote region a Church and Government which have endured and flonrished for thirty years. Tt was no small thing in those days to cut loose from civilization, The actual dangers to be encountered were enormous, ‘Tho plains were in posseasion of hostile uay- nges; means of transportation were small and uncertaiu, and the resongcas of the coun- try weraundeveloped. Sieraly so pas (rag it, or to exploro it, réquired resolutién of tho stanchest kind, Bnicuit Youna did some. thing more, Ho founded a colony almost midway between the Lakes and the Pacific, He gave uolice: that ho had come to stay, and forthwith msde preparations on the largost scale for the growth of lis pe- cullar people, ‘Timber was sparse, aud water wasso confined that tae plains were arid, Many of the supplies and tools had to bo brought from the Mississippi on hand-carts. ‘There Wore hostile Indinas to be conciliated and interval dissensions to be roconciled. Bmiouax YouSa had forescon and provided forallthe demands upon him. He howed stoua out of the hill-sides to supply the defi- clency in timber. Ho established au exten- sivo system of irrigation, by means of which the wilderness was literally brought to blos- som liko the rose. He made the Indians his friends by adopting towards them a gencrous policy, He was everywhere tha representa- tive of the church militant, as well as of the church triumphant, Finally, he reduced big ‘church government to a rational basis, en- grafting uponit many of the old Jewiah rites, and not scorning to borrow from bristianity whatover he considered vul- unable, The tithes of the Mormon Chureh, for instance, were suggested by tho Scriptu- ral injunction; and nowhere else ia the world has one-tenth of the frnits of labor been mora regularly and more promptly paid into the Chnreh treasury. ‘Tho Church ander President Youna was a vigorons organization so far ns mero tems poral prosperity was concerned ; it had also every token of spiritual activity, It pros- elyted in all paris of the world. England, Senndinavin, Gormany, Austrian, and Russia contributed to ita numbers, The wonderful spectacle was presented of an ohl man— vigorons, fauaticnl, and uncultivated—in the newest part of the New World sending out missionaries to convert tho oldest people known to civilization, Hardly. less wonder- ful than the attompt was the snecess which attended it. “Youna wag often known to say that he could have had many times the num- ber of couverts if ho had beon able to mpply them with transportationandhoimes; and itis A foct that interdicts against the preaching of his missionaries were isaned in nearly every country in Europe, notably in Ger. many and England, The converis were ig- norant aud of the humblest clnsnos, it ia true, but Batomast might with justice havo antd, if ho had beep interrogated on this point, that overy new religion takes root frst among tho lowly, Polygamy was an inducement to many who joined the Mormon Church, and it contrib- uted largely to the rapid growth of the body. Baronast Youna found the institution in ex- istence og a feature whon ho camo into the Church, and he could not oasily have abol- ished it if he had desired, Nor is there any evidence that he did so desire. He acto noble example, from his point of viow, by sealing” as many wives ns he could con- veniontly take caroof; and,ntan age when lust could furnish no excuse for his practice, ho protected polygamy as a sacred principle. It was horo that bis sagacity failed him, We ought to, havo foreseen the inevitable con- flict between American idens on the ono hand and Mormon ideas on tho other. Ho ought to have been prepared also for tho con- sequenco and to have met it half way. Not only did ho fail to do thia, but he precipitat- ed the conflict. Ho assisted with all the means at his command in the building of tho Pacific Railroad, and thus bronght the enemy tohisown doors, Then, with aatub- bornness choracteristic of him, he defied tho power he had himeclf invoked. _ He was nots man of whom nothing bnt good should bo said after death. Public morals were injured by him to an incalouln- ble extent. Ho lowored the notion of the sacredness of tho marringe vow, not only among his own people, but throughout tho United States. His scoundrels for many years ruled the ‘Territory by the fear of as. sassination, and it is more than suspected that he was in part responsible for the hor- rible Mountain Meadow massacro, If ho do. veloped the resources of Utah,—hor coal, stlver, and other trengures,—he also for many years ostablished an embargo on trade and closed the country by restrictive laws to the people who owned it and the Governmont who nominolly ruled over it. But the ond was approaching.’ Mormondom cannot long stand against the tide of immigration that is preasing down upon it. A fow years will sweep itoutof Utah, ond the memory of Batanax Youna will exint there only os a tradition. It will ba said of him perhaps in future generations*that he was moro fortu- nato in his death than in his life THE NEW YORK SAVINGS-BANKS. New York is considerably better off thon Chicago in the mnttor of savings-banks, as the July statements of tho thirty banks in that city show. This is owing in part to tho evident preparation that las been mado by the bank manogors to meot the exigencies of hard times nnd to mnake their assets as largely and readily convertible os possible; but it is duo in a still groater dograo to the restrictions of the Now York Jaw passed in 1874, und rendered still more rigid by an amendatory act passed last spring, The law provides for aGoueral Superintendent of savings-banks, who isa State officer. To organize a BAY: ings-bank, it is necessary to give notice of auch intention in tho local papers and to every savings-bank in the State, It thon be- comes the duty of the Superintendent to as. certain whether there is need of the pro- posed bauk, and it is in his discretion to rofuso tho privilege of © starting it if ho deoms it best for the public interest. ‘The rate of interest allowed is now restricted to 4 per cent, and no do- poult may be taken from any ono person that excecds $5,000, Tho.invastments of tho bank aro limited to United States bonds; Stato socuritics of any State that las not do- fqulted in the payment of any obligation for ton years; municipal bonds of New York State; so much real estate os may bo ro. quired for oflico purposes, but not to excecd one-half the surplus ; first mortgages within New York Stato on 50 por cent of tho valua- tion on improved, aud 40 per cont on unim- proved, property, but in all not more than 60 percent of the deposits. No loan can be made without tho approval of an Examining Committeo ; semi-annual reports are re- quired ; the Superintendent may examino tho affairs of any bank at ony timo ho choosos, but is required to oxamine them at Teast onco iu two years, and to institute pro- ecudings for tho removal of tho ‘Trustees or tho winding-np of the bank whenever he doems it unsafo or inexpedicnt for the bank to continue business, It is well known that every effort that has been made in this State to secure from tho Legislature a proper law for the government of savings-banks has been stamped out, with the reault that those who deposit in theso institutions in Illinois do go almost exclusive. Jy upon the falth of the ono man, or tho two or three men, who are understood to manage and control the particular bank in which they place their savings. We question whether tho New York Jaw is all that it ought to be, but if the Illinois law wero as good it would not havo been possible for Srencen to have invested tho depoxlts of tho Btate Savings Institution in a lot of wild-cot securities, nor to have recklessly manipulated thous depogits for tho purchuse of bauk stock and other illegitimato purposcs, His management would long sinco have been expose, and his carecr might havo been checked before he had gone so far ay to dis- embowel the institution. Indeed, wo may go even further back than this; had thero boen a proper law, with adequate penaltica attached for tho violation thereof, it is not likely that Srexces would havo been able to secure for himself a majority of the bank stock (which he apparently was never able to buy with his own money), and the men associated with him as officers aud Directors could not with impunity shift all responsibility upon bis sbouldors and-dis- claim any personal knowledge of the affuirs of the bavk, as they do now. Yho July ststements of the New York banks show total assets of @202,660,0S1 aud total liabil of 181,478,247, which, as compare with the atatements at the end of the year 1875, show a larger increase of ane sets than of Jinbilities, Included in tho assets are 360,360,873 in United States houds, amonnting to 30 per cent of all tho facets, while nt tho end of tho ycar only 2t Per cent was represented by this class of seentities; nt the samo time, the mortgages were deorensed by over 3,000,000, ‘Thia circumstance niatks the growing disposition to regard Government securities as the proper investinent for savings-funds. But this kind of investment is only practi- enble to o limited extent in Now York, where 4 and & per cent interest is allowed, and not at all practicable in the West, where Gper cent intoreat is allowed. Tho only way in which savings-dcposits can bo. on- sured the positive guaranty of the Govern- mont securities is by providing facilities for tho direct investment in a bond issued for that purpose, beating 3.65 {interest for tho sake of convenience, and ns about the proper tate to allow on a deposit bond, There is nothing in this suggestion which, contem- pintes giving the Government a monopoly of the savings-bank. business, or compelling mon cither to invest in 3,63 bonds or allow their surpins earnings to lic idle, Thero may be envings-banks then as well as now. under proper restrictions, and they may offer a higher rate of interest than the Govern. mont. It will then be for every man to de- cide for himself whether he prefors to draw 3.66 per cent interest on his deposits with an absolute certainty of being ablo to draw his moncy in full whenever he wants it, or to de- posit his money in private savings-banks at 6 or 6 per cent interest, running the risk of Joss that must always attond a deposit in pri- vate hands. We aro inclined to think that moat Chicago people, sftor tho recont expori- ence, would profer a Governmont deposit at 3.65 rather than a private deposit at doublo that rate, in the cnse of hard-earned savings. SALARY-GRABBER BEATTY, Salary-Grabber Beatry, who heads the anti-Hares ond nnti-Civil-Service Reform movement in Ohio, has taken occasion to publish 1 blackguard roply to on editorial in Tux Cutcaao Trinvxe commenting upon lia apostate course, in which ho says, with reference to the charge that he was a anlary- grabber : This ‘se ntterly false, aa every member of Con- Brean whoscrved with me will testify, and asthe Congreasional Globe will show. The editor of ae Tniswuxz knew it to be a lie when he penned Notwithstanding Salary-Grabber Beatrr’s venomous denial of tho charge, ‘nn Crt. cago 'Tnrnvve still maintains it, Wo havo been at pains to consult tho record of his enreer, and wo find that, while he voted against the grab bill on its final passage, ho then weut and drew the money and pocketed it, and thero is nothing to indicate that ho has over returned it. | 'Thia shows that he is evon ameaner salary-grabber than those who voted for it aud took it. If thero is honor among thieves, then the latter class is more honorable than the former. Salary-Grabber Beatty's action argues not only a willing- ness to take, but hypocrisy, which ig a dis- reputable quality oven ina crooked politi- cian, Salary-Grabber Bearry goes on to pay: tT dety avy man to point ton single land-grant, Credit Mobitler, Pacife Malt subsidy, or any other frattd upon the revenue for which I voted or from which I profited to the extent of a farthing, ‘Tim Cicago Trinunz did not charge that Salary-Grabber Bearry had beon engaged in these corruptions, What itdid say was as follows: f ‘This weak salary-grabber bolongs to that class of maching-politicians who have reduced the strength of tho Republican party to {ta present minimum, He belongs to that class who cut down the magalil- cent mijority of ‘three-quarters of a million, which the Repavlican party had im 1872, to Its present Insigniileance; who wiped out the majority in the Idoune and almost destroyed that in the Sen- te; who grabbed salurtes, rioted in Credit-Afobiller and Pacific-Mafl subsidies, and reveled in frauds uponthe reronue and ring-atealings, This docs not allege that Salary-Grabber Bearrr had ‘been involved in the Credit- Mobilier steal, or in the Pacifie-Mail subsidy, or in nny spocial ring steal, It charges that he belongs to tho class who wore in this businves. It charges merely that he flocked together with that kind of birds. None of them were guilty of every form of corrup- tion euunierated ‘above; most of them in- dulged in only one or other form of forbid- den fruit. Somo wero in Credit Mobilier, some im Pfcific Mail, some in salary-grab- bing, scame in other frauds, but perhaps not one in allof them. Somo wore in ono sical and some were iu another, Beatty was in tho aalary-grab. This is tho only charge made against him by Tne Ta:none, and this ‘Toe Taipuye still inaintains, Aud we may add that he was overwhelmingly beaten in caucus for a nomination for the second term, which shows what his constituents think of him, In view, therefore, of his po- sition, first, as 9 salary-grabber, and, | second, as tho lender of tho anti. Hares, antl-Civil Service novement, wo much prefer the scurrilous epithets of snch @ creature to his praise or approval, When ho’ says the editor of this papor opposed Gen. Guanr’s election or voted ogaiuat him in 1872, the salary-grabber Hos, He not only voted for Grant in 1848 and in 1872, but supported bis Administration in everything that could be justified or dofend- ad, and thoso things that could not be ex- cased or indorsed were either paved ovor in ailenco or criticised too mildly, The fact is, wo felt too much personal admiration for Gen, Grant to sco his faults in the light that multitudes of impartial minds did, and therefore nover could critleisa him with ju- dicial caudor, but were always to his errors a little blind. ——————n To alleviate tho sufforings of those who lost rolativas aud friends by the fearful rail- road slaughter near Des Mommes, tho wires dro surcharged with the information that the officials aro auting nobly, As thisis goner- ally the burden of news from all such disas. ters, tha ingafring mind naturally wonders why such conduct did not characterize the ofiicials before the ‘* accident" occurred, and ig inclined to look upon the enorgetio probi- ty of these tramway Pashas when the bridge is down with an oyo of distrust, Perhaps the majority of people would be better pleased with some information as to who 18 to blame in theso matters, than with glow- ing oulogiums upou the suddenly doveloped activity of officers, who aluost invariably escape to be immortalized for hovering over a wreck that unthinking persons aro apt to reason should hove been avolded. We aro more than plossed to learn that the railroad men wore rescucd from the ruin of that death-trap, but the fuss made over their es. cape by the official dispatches suggests the experience of the able physician who lost the mother and child, bat took great crodit for saving the old man. ee Ie the Evening Pust unabie to distinguish any difference between a Goverument Postal Sav- fogs-Bank, patterned after the English erate, end au intercourertible bondt It would sem not. Can {t sce no difference between a popular loan bond, nof Interconvertiple in currency, and abond that f Interconvertiblel If tt can yee no difference in these things, It fa utterly tise. less for tt and Toe Tarmusn to hold any dis. cussion on the eubject. The tirat-named aort, of bond would not disturb nar contract the currency. The second sort of Interconvertinig bond would suck about 93 per cent of the cur. rency fnto bonds, and hold it fm that incon. veulent shape by reason of the resistless power of twenty millions of interest. This schnme of funding the currency Tits Trius Lelleves to be unwise, and that {t were better to have q popular -loan bond, withont, in effect, retizing the currency f1 circulation. a = Lieut. Janz If. Braptcy, who lost hfs life in the bloody fight with the Nez-V’erce Indtang onthe Sth of August, was the leader of the seoutiig party that first reached the eceng ot tho Custen massacre and rescued Itexo's com. mand, He bad been on duty in the West ti many years, and at the tine of his death hady, reparation a book on the Sloux wars ho was an Accomplished scholar and brilliant writer. He Joined the volunteer service at tho outbreak of the War of the Rebellion, though then only 10 years old, and remained In {t till the close of the War, and in tho following epring was appointed Licutenant fn the regulararmy, , te was known to many eltizens of Chicago a3 4 young man of Taro personal qualltica, and was much loved by all who knew him. 4 - oe ‘The political situation in Massachusetts te fall of complications. ‘The indications are that the Republicans will not bea unit for the re nomination of tice. Tatnor {s not = cand date in the ordinary sense of the term, but the underatancing {s that he would accept a nom nation if {t should be offered to hin without solicitation om his part. Tatnor will 1 no event accept the nomination of the Prohibition. ists. which he mignt have for the asking. Ho {s too good a Republican tozo ontside his party, and foo good a Prohibittonist, it appears, to be of much service while he remalns within It. tt Senator Conkxino soys Mr. Connge will not resign. Of course he will not, But he will te turned out of office, and the Senate will support the President in turning him out. The Scnator from New York ecems to have forgotten that the managing Committee of Republicans in tha Senate has been broken up. Locax, Cray. DLER, and Camgznon have retired, and the ma. jority elther way ts so small that the defeat of the President on a question of appofntment Is Not go easy aa it used to be. ———— Dr. ALLAN THomsos's address on the opening of the British Association for the Advancement of Science fs described by the London News ag an historical account of the evolution of tha doctrine of evolution.” Danwis was the hero of the occasion, and the statement that nobody could long pursue the study of science without becoming an evolutionist was greeted with ap: plaure, ee ‘The Democratte success 1a New York last year was caused by av increaso of tho Democrat: vote compared with 1872, rather than by any decrease in the Republican vote. The New York Post warns tho Republican leaders not to eucourage another large Democratic yote by taking o position against the wise and Mberal policy of President Harzs, an In regard to Mr. dnstkee Frecp and his oracular utterances in California concerning What Mr, Justico Brapuer told him, the New York Tribune probably hits the nail on the head. Itsays: “If Mr. Freep bad anything to say, he inight have sald it ikea mang if he had nothiug to say, he might have held his peace Hke a Judge.” Twlze Daostwonp let hls rioters off by remit. ting the sentences, This was a better courss than the one pursued by Judge Dosouve, of New York, who shurtened the term of tnpris oument by counting the period when the pris oner lunguished {u defautt of bail. ———a— Svencer furnished ALLEN with @ character, and now Donuins bas provided Sprxcer with one, ‘ : ———— PERSONAL, Gov, Tom Hondricks will sail for America Sept. 8, Bret Harte has left Washington discour. aged, There Ia no office for him. Tho Independent describes Gail Hamilton's “a brilliant plece of guerilla work on the Secretary Evarts contradicts the report that he haseleven daughters, He has five dangh- tere and six sons. Mr, Ruskin bas nine books in the press, Dealdes various other bualness, and can't find time to anewor letters, Mr, G. W. Ohilds, of Philadelphia, recent- jy entertalned at dinner a number of raltroad gen- tlemen representing a collective capital of $200,- 000, 000, Jay Gould enys the roagon he {s not pop- ular on Wall stroct ls that his bablts are thorough: ly domestic, and he hae no. fondness for alssips- thon or display, Capt. Jonathan Walker, ‘the man with the branded hand," immortalized by Whutler, i still living, at the ago of 79, in Michigan. Tio bae a large family, aud Issald to bein extreme pov- erty, Mrs, Millie C. Pomeroy, who has con- tributed several meritorous poems to our column daring the past year, faabout to give aseriesof classical readingwat the Eust. Mer recitations ia this city lust winter wore highly spoken of, The house of Longmana, the senlor mem- ber of which died a few day: . was founded 144 yearesgo, The founder of the frm wae born in Bristol in 1090, and was the son of a soap-and- sugar merchant, Tho Longmans published Lind: ley Murray's Grammar, of the works of the Lake School of pocty, Ma Rookh,'? **Gay Mannering," *'The Monastery," and **The Ab- bot,’ and of late years the Edinburg Jevlew, Mr, Aloxander McOlure, In a recent isue Of the Philadelphia Zimes, ylves suund advice to young college graduates who contemplate entering the profession of journaliem., Mo reminds them shat journaliem {fs the most exacting of all profes- alons, and the wuoner young men diswies the ides that a college diploma qualifies them to taku am editorial of a reporter's chair the sooner will they Protect themselves against every disappolntment. ‘Tho roviewer of tho New York Post Is re- le of Thackeray, Is acarcely worthy to » ‘There arv certaloly puluts of resemblance between Becky Sharp ond Sidonte; but there ts alsoan Important difference. Becky sharp, under favorable circumstances, —- with good purents, homo-tralning, independent means, and an honorable busband,—milyht have @ noblo womanhood; whereas Sidoule ated the doctrine of oriciual and total ce- pravily in ite fullest development. Daudet's **Jack,"' by the way, ie said to be superior to hie *Stdonic.” Mr. Jim Keene, the California stock- operator lately estaotished in New York, ls ac- conted the credit of botding the market in that city firm during the great railroad stelke, Ils opetae tons bove Leen based on the assuniption shat th business of the roads must acon iniprove In comse~ quence of the abundant crops, Keenu was carry: ing 150,000 sharesof stock when the atrikes came. He bad the nerve to bold themall the way through, and has been rowarded, % Is said, by agatnofe millon and abalf. Gould broke falth with him, dot was not able to block him. Mr. Keene ts salt tobe in feebio health, and bas gone to the Vit- ginla Springs with Sum Ward, a new friend ant Aatterer, for hla nurse. Gail Hamilton attributes “the credit, if credit there be," of ber recent letters on politics to Archbishop Whately's rinclpics of Logic, which abe clalws to have read with great benefit to ber reasoning powers, Lord Slacaulay, who was not defcieut in reasonlog powers, onco wrote of the study of logic: ** Grammars of rhetoric and grow mare of logic are among the most useless furniture otgebelf, Givoa boy * Robiuson Crusoc.' That 4s worth all the grammars of rhetoric and logic ia tho world.” Wo recommend ** Robinson Crusoe to Mistress Goll Hamtltun. Tue perusal of thot tnost reasunable work of ction will perhaps teac’ bor the att of writing in the style of probability. while it will streogthen ber bablte of veracity.