Chicago Daily Tribune Newspaper, September 1, 1877, Page 4

, 4 THE CHICAGO Ghe Tribune. TERMS OF SUBSCRIPTION. BY MAIL-IN ADVANCE—POSTAGE PREPAID. Fotuntas Ftitian, Trl Weekly, one ye: Tarts of a year, pr One copy, Specimen copirasent tree. To prevent delay and mistakes be eure and aire Post Of:ce address tn full, Including State and County, Remittances mar be made elther by draft, express, Tost-Ofice order, of in regiatered letters, at our risk, TERMS TO CITY SUBSCRIRERS. Dally, dcitvered, Sunday cacented, 24 cente per week, Dally, delivered, Eunsday included, 90 cente ner week. THE TEIBUNE COMPAS Dearhorn-eta,. Chile le Orders for the dettvery of THe TRiIntNE Rt Evaniton, Encteweod, anit Hyde Park left in the couuting-room will revelve pronipt attention, “ AMUSEM Montes, The: Randatph street, hetweett agement of Miss Mary Cary. and evening. re. and Lagalle. Fas Poor Jo." Afternoun ‘Madison atreet, bet weet dy." Afteravon and eventnig. Adetpht Theatres Monroe street, coruer of Hearvorn. Nonor.” Afterncon and evening. “The Flagot Catlon's Opern.tonse, Monroe atrcet, hetween Ktate end Dearborn. Bleuth. tie Devective.”” Afternoon and evening. “Old Exhibith Michizan arcane, upp: uatpial Lzpositte Bulldlog. te Adams street. srening. Inter- SATURDAY, SEPTEMBET, 1, 1877. CHIOAGO MARKET SUMMARY. The Chicago produce markets werenctive anil fr- regular, eran losing strung, Mvss pork clneed 7g for september nnd $12.40 for October, Lard closed 5@BTyc low- “4 conh and SH.45638,3713 for October. Girmer nt hige for loose shoulders and Bic fordoshort ribs, Lake freishts were fairly atctive, at 2c for corn to Buffalo, Mighwines tere steady, at $1.00 per gallon. Flour was in Jairdemand, Wheat clused gc higher, at $1,003 Yor Septemner and M4e for Uctober, Cor ciored drm, ot 42!.¢ for September and 43ike for Octo- ber. Cate closed firmer, at Ube for eptember: and 24!g¢ for October. fye closed nt Mar- Wey closed 1!3¢ lower, at G7e for October, Greonbacks at tho New York Stock Ex- dhango yosterday closed at 264, Se ee ee Dr. Sstirt intimates tliat tho Vice-Presi- Hent of abank is only a figure-head, op. pointed to place implicit coufidence in the hoad of tho President for figures, —— “Song” Joux Wexrwonth complains bit- terly that ho is taxed 310 per ncro, whilo his neighbor is only inxed $1. This does look like discrimination when wo reflect upon the number of acros there aro in. ‘Loug” Joun. Adispatch states that the Ruasians havo fallen back on Pop, but this report comes from Turkish sources, and is evidently in. tended to inflanc Germany, which has all along contended for beer. Brranam Youxa's remaina are to bo in- terred with grent pomp and circumstance to- morrow. It is given out that tho question of succession will be held in abeyance for gome time, and that tho Church will bo governed by the Twelve Apostles during tho dnterval, ‘Tho first advance has takon place in tho telegraph rates under the amalgamation of the Western Unio nnd Atlantio & Pneific in- terests, ‘The tariff between tho principal points at the East and Chicago and Cincin- nati has been increased from 26 cents to 40 cents for messages of ten words, and to 60 conts to Louixville, St, Lonis, and Mil- waukeo, —— A commiltce appointed to look into the affair have reported advorsely to the Hyde Parke pumping-worka schome, Thoy find that the eutimated cost fe butn very amall proportion of the exponditury actnally de- ananded, and, afler going into the details of what will become necessary to make the plan operative for any good, find that the game is uot worth the powdor, Thoso who profess to kuow awmert that thero is no probability of a declaration of war by the Connutna-Convany combination, but that, on tho contrary, Mr. Connecy las written a letter to the President exprussing dis intention to retiro from nctive participa- tion in politics 60 Foon ns the meeting of tho New York Itepublican Convention shalt anablo him to resign the Chairmanship of the Stato Exccutive Committee, Mipuat Pesha has been interviewed in Paris, and announces that unlews the Turks shall stumble upon’ eome rash onterprixo the war will linger along until win- ter, ‘This, he thinks, will precipi- tatoo settlement of the tronbles, for oll Luropo is suffering, and Russia can. not stand an extended war. A dispatch from Bucbarest seems to upsot the gentle Mipuart's theory, for it gives the details of extensive Russian preparations fora winter campaign, Accounts aro recelved Ly way of Constan- tinoplo of n battle fought on Thuraday last between tho Nusslans aud tho ‘lurks under Mcuexzr Aut. ‘Tha latter made the attack, uud his report of the fighting. olaims a vice tory for tho Turks, with a logs of 8,000, whilo tho Russians lost 4,000, A Shumla dispatch, also Turkish, confirms the clalin of 8 decisive success, and representa that the Rursian positions were carried after repeated assaults, Some minor victories ure also claimed. — Senator Ivoaxxy, in his speech at the dedi. cation of the Joun Brown monument at Ossawatomie, improved the opportunity to unveil Lis hostility to the President's South. em policy, If Joan Brown could have lived to hear tho speech, and to know that all he fouyht and died for has been secured to the ocgro largely through the policy that the brutor of the occasion condemned, the old dnen would doubtless have beon troubled to discover tho appropriateness of the senti- ments. “Whom the g would destroy they Srst wake wad.” The prosecution of Bf. Gamuetta, the acknowledged leader of the Mepublican party in Franca, for criticism of MacMauos’s policy, is only another step in she reckless progresa of the Marshal toward revolution, ‘Ihe iinmediate object of the Duk de Brocuy in jnstituting this sult is tomake Gampetta odious, because he may be a candidate for the Premiership in case of Republican success. Unfortunately, bow- ever, for the Duke de Bsoazts's ond Marabal MacMauoy’s designs, the prosecution will zpuke a martyr of him. With such tyran- nical encroachinents as those, aud with the alinost insurmountable obstacles that the unscrupulons MacMahonites cen throw in the way of tho Republicans, the Govern- ment may carry tho day, and MacManonx may evon, with Ultramontane help, pro- elnim a coup @etat nnd make himself Dictn- tor; but there can only be one end to it ail —the Revolntion. ‘Thore is every indication that the excito- ment among savings-bonk depositors, ex- eluding those rained by Srzxoen’s Institu- tion, has pasred, Affairs at the Fidolity and the Merchants’, Farmers’ & Mechnouics’ have assumed a moro business-like shape, and fererish depositors no longer clamor in crowds for their money, A forling of se- curity is taking the place of distrust, and n apirit of confidence has nanrped the Inte anx- fous desire to pull ont money regardless of consequonees, The panic is over, what panic there was, and the crisis is passed, Tho banks have taken steps to secure their patrons, and this has encouraged thom to ro- main qniet in the future and trust the finan. efal powers that be, A compilation of figures, facta, and. de- ductions on thesnbject of the wheat crop of 1877, snd the relation of demand to aupply inthe markets of the world, is given olse- where in our columns this morning, and will bo rend with interost ne casting somo light upon tho important question of tho price which the farmers of the United States are likely to renliza for the enormous yield of grinnow safely harvested. While it is not possible to answer this qnes- tion with anything like accuracy at the pres- ent time, thera would seem to be ample ronson to anticipate thatthe ronson of 1877-'8 is to be one of remarkable prosperity among the grain-growors as woll in prices obtained na inthe unexampled bulk and qnality of the crop. Tho perfect unton and concord which exist in the ranks of the French Republicans con- trast strongly with the dissension and rivalry among their opponents. In no single in- stance has ncompeting Republican candi- date entered the canvass for the sents repre. sented by the 96:3 Deputics who voted tha want of confidence in MacManon’s Govern- ment, and ont of 166 other constituencies to be contested there are but fivo in which o single candidate has not beon agreed upon. By thus consolidating their forcen the Re- publicana confidently expect to return to tho Assembly with a mojority even Inrger than that which censured the coup of May 16, aided thereto by the wrangling of their op- ponents, who have not beon able to agreo upon a division of their candidates, and who willbe found fighting against cach other at the polls, THE SPENCER ROBBERY. If any timorous persons have hesitated to callD, D, Speyerr os sconndrel, or if this man had any friends who fondly hoped the result of the investigetion might at least show him guiltless of criminal conduct, both clanses may og well abandon their theories, Every day revenla somo new evidenco that the bank hns been infamously plandored and the. dopositors robbed of their money, Srexcen did not fly from more mortification, or to savo his wounded pride; he knew what wonld be discovered, and fled to avoid criminal prosecution, The leaving of his notes behind him for more than 500,000 was a formality he might have dispensed with; he has not been less guilty of larcony than if he had destroyed these ovi:lences of indebtedness, or packed thom up along with his other movable effects, Tho only sorvico theso notes aro to anybody fs tho confirma. thon they fnrnish of the fact that Spexcen never brought one dollar of his own to tha State Savings Institution, but used tho depositors’ money to pay for the stock which gave him the control and enabled him to plunder them, If this is not ombezzlement of bank funds, then the word covers no act except that of thrust. ing tho hand into neash-drawer nud trans. ferring money {into the pucket; if this is not embezzlement, thon the term may as well be dropped from the criminal code, and all no- tion of prosecuting any dishonest bank of- ficors may as well bo abandoned, But it fs ovident that Srexcen did not plundor tho depositors merely for tho pur- pose of buying the stock which stands in his name, Sprencen how left bohind him two notes,—one for $479,177, which is dated Doo, 31, 1875, and which is supposed to rop- resent saveral smaller notes givon provionsly at difforent timer, and another for #89, 210, making his confessed indebtedness to tho bank nearly 2420,000. How inuch more ho took for which ho {niled to give any ovi- denco of indebtedness, no one can tell, but it is not likely that he went away ompty-handed when he know that ho was going for good and all, But Srrvcen did not invest all of tha 520,000 in bank stock, ‘lho capital of the bank was 500,000, but it waa watered to this figure from 103,000, which was the capital stock for many years, If tho stock standing in Srexcen’s nuino was paid for at par, this would represont only 272,000 of his “borrowed” money, and thore wonld be nearly as much more unac- counted for, ‘This difference Srexcea must lave spent entirely upon himself and his private schomes, except such portion of it as ho may have saved and taken away with him, What disposal he has indo of it proba. bly no ono but himself can toll, It Is likely that ho paid out of it for tho house which ho subsequently gave to his wife, but this would account for only $30,000 more of it. It is sald that Srexcen was in tho habit of specu. lating on the Bonrd of ‘Y'rade, in which way the other €200,000 may have been sqnan- dered, However the money was used, ho atole it from widows, nnd orphans, ond workingmen, who had Iaid it by from hard work and self-sacrifice, and who had in- trusted it to himn for aafo-keeping, Iobbery of this kind is cortainly worse than {a por- petrated by tha thief who ontera the rich nisn’s house by night, and no efforts should be spared to apprehend the villain who iy guilty of it, bring him back, and send him to the Penitentiary, The moral effect of his crime extends away Leyond that of the ordinary theft or burglary, and the entire community has a lively interest in its condign punish. ment, . Without awaiting a full statement of the character of the assets which the bank has, it is easy to wee that they will dwindle down tu & very small percentage on*the amount duo the depositors, Of the loans secured by col. laterals, there aro only $1,167,850 reported; but the $600,000 invested in Calumet swamp- land securities, and the $520,000 owed by Srxxcrs himself, would about wipe out this item completely. Of the $1,800,000 of loans secured by mortgage, it ia safe to estimate thet not more than one-half will bo realized, aud this is about all thero will be. ‘The real estate will not sell for one-half what it is valued aot in tho assets; the stock of the bank is absolutely worthless, nud tho most hopeful view of the condi- tion of stockholders who may possibly SATURDAY, SEPTEMBER 1, 1877-—TWELVE PAGES. TRIBUNE: U ‘950,000; the Sonth Park and other bonds Ac- seem to have disappeared altogether. cording to present indications, theretors, there will not be more than #600,000 to di- vide among the 14,000 depositors, to whom 33,000,000 are due, and it is not at all likely that more than 20 per cent will be paid them in all, It is an exasperating oxhibit, In dwelling upon it, the conelnsion cannot be avoided that Srencen did exceedingly woll to leave for parts unknown, not only to escape the danger of going to the Penitentiary, but to eacapo with his neck. People who have been so ontrageotaly swindled, not by the accidents of hard times, but by systematic robbery, could seareely bo blamed for ap- penling to n higher law than tho statute, and taking revenge whero they could hope for no restitation, If there aro any other bankers in Chicago who have been conducting their business on tho Spencerinn system, they will do well to imitate him in his flight as well his method of plunder. NATIONAL-BANK CURRENCY. We print a letter from Princeton on the subject of National-Bank curroncy, The question asked is: If the valuation of com- moditics is affected by the expansion or con. traction of the amount of paper monoy in cirenlation, is it not possible for the National Banks, by enlarging or contracting the vol. tumo of paper money, to thus affect prices? And is not such n power too dangerous to be intrnsted to a fow corporntions ? Itisafnet that au infistion or Iarge in- crease of money in n country, or aven inn particular district, and its exponditure, will, by increasing the demand for commodities, incrense the prices of such commodities, and, for tho time, of the lator that produces them. This, however, is not peculiar to papor money, but will bo equally truo if the money be in the form of gold coin. The incrense of prices would continue until the increnso of production would restore the equilibrium, An inflation by means of frrodeomnble, and of course depreciated, paper enrrency, {s something more, As the money is inflated, its valua declines, and prices nominally advance in Proportion aa the worth of the paper falls of, The element of speculation—the bet- ting against fluctuntions—ndds to the dopre- ciation so far as to incronse prices. This in- crease extends toall the items entering into the cost of. prodnetion. Of course, during such inflation speculation is pushed to the utmost, and credit is strainod; everybody pushes the doprecinted monoy off in ox- change for somothing else, caring little for tho prices. There is, of course, an inavitable result to follow. Crodit is exhansted, specu- lation in prostrated; bankruptcy and strin- gency are natural resulta. Retrenchment and contraction set in. If the inflated papor money does not prove n total losa by repudi- ation, tha recovery of the value of the paper will be attended by a fall in prices. : National-Bank notes are nota logal-tendor, but, being redeemable on demand in legal. tender, thoy havo the samo value in tho mar- kot ng greasnbacks. Iu the article on Nation- al-Bank circulation to which onr correspond: ont refers, we had reference mora particn- larly to a bank-note curroncy redeemable in coinon demand. Wodo not think o cur. rency of that kind is capable of any infla- tion to tho extont of increasing prices. In the first place, the bank has to pnrchase tho bonds which it deposits for circulation, Tho bank bas thus to deposit a security equiva. lent in coin to its notes; it has also to de- posit a certain percentage in tho ‘Trensury for redemption, and to keep another supply of coin at tho bank to redcem such demands as may be made over its counter. It cannot evade payment.. The moment it falls to ro- deem the notes in coin it is closed; tho sccnritics aro forfeited ond con- yorted nnd the notes redsemed. Tho bank therefore necessarily has on deposit for the redemption of its notes $1.26 or more for overy 31 of circulation it has outstanding, It is hardly in n condition to inflate tho cur- rency. Tho obligation to redeem its notes on demand in coin is an all-sufliciont re. straint upon the manufacture of paper mon. oy for apeculating purposes. ‘The capital of tho bank, whou reducod to the form of bank- notes under the law, is contracted instonad of boing expanded. Another restraint upon bank cirenlation fs tho fact that circulation must be profitable, If im excoss of tho de- roands of business, if beyond the wanta of those who purchase and thoso who pay debts, then it censes to be profitable, Bank. note currency ia inno danger of being in- flated so long as it has to bo redeemed on domand in coin, and whon the failuro to re- deom it on demand inflicts n loss not upon the note-holder, but upon the bank, Se THE 10WA RAILROAD DISASTER, Tho recent failuro of tha State Savings Dauk, which in itself amounts to a disaster, has so accupied the public attention for a fow days past that tho railroad disaster in Towa has passed almost without comment. 'Tho casualty, howover, is too severe and the attendant circumstances too horrible to allow It to oscape with only a passing notice, There is a responsibility somewhero, and that re. sponsibility should be ascertnined. It is not ous of those cases which can be consigned to a mysterious decreo of Providenco and left there, without farthor care or attention, ‘There is an clement of human responaibility in this dienster, as thero is in overy disaster to material things under control of man, and justice to tho living and pity for the dead both demand that a searching investigation should be made, From the tatest intelligence the dreadful Darrative may be briefly told. The Pacific Express on tho Chicago & Rock Ialand Rail. roul, comprising o train of a baggage-car, a circus-car, three passenger-coachus, and a sleeper, which left this city at 10:30 Inet Monday morning, at 2:30 the next morning was approsching n trestle bridge at Four. Mile Creck, between Dey Moines and Al- ona, at ordinary specd and on time. The night was intensely dark, and a farious thunder-storm was raging, the rain pouring down in torrents. As the eugine approached the bridge the glare of the headlight showed that it was apparently standing all right. ‘The traln dasbed upon it aud in an instant was hurled into the abyas below in promis- cuous ruin, with the exception of the bag. gage-car, which, in some mysterious manser, shot over the falling engine to the track be- yond, and of the sleeping-car, which kept its place in tho rear, With theae exceptions the wreck was a complete one, and seems to have involved every phaso of destruction charscterizing railroad accidents except the horror of fire. From out this debris have been taken seventeon dead bodies and thirty. five victims more or less mutilated, some of whom will probably never recover, ‘The details which we have of tha con- struction of this bridgo ore very meagre, The wires have been so burdened with the story of death and suffering, and with such ostentatious and eager news of the efforts of tho railroad officials to recover the dead and be- held Hable will yield only abput | send them to their friends and mitigate the condition of the wounded, that they havo told us very little about this important fon- turo of the disaster. The little stream crossed by the treatle.work was ordinarily an insignificant one, and vory often dry, but the unustally heavy rains had awelled it into qnito a torrent, sweeping through a channel fifty foet in width and very deep, The bridge itself was on ordinary trestle.work, resting upon stone arches, and these in turn, it is ntated, resting npon wooden piles sup- ported by stone at the base, The bridge was fifty feot in length nnd twenty feet above the bed of the stream. From the manner in which it Instantly gave way it is ovident that the swollen stream had washed ont its foundations, so that it only needed the weight of the first passing train to cram. Vio it away. The bridgo appears to havo been built upon tho accepted model of thesa small culvert bridges, and only o day or two before the disaster had been oxamined by the - President of the rond, on his toursof inspection, and. prononneed secure, It {a somewhnt signifi. cant, howevor, that only :a few paces away the Des Moines Valley ind haan bridge of tho same character, acrods the samo stream, which was exposed to the same action, and yet remains intact. If we are correct as to the conditions, then the wrecked bridge was not as secure as the otlicr, and its founda- tions conld not have ‘been as atrong or aa tleep, This point should be rigidly investi. gated, as should also every dotail of con. struction, not only ag to the foundations, but also ns to the superstructure, The washing away of culvert-bridges is one of the most frequent causes of railrond disasters, and it is well enough known to builders that every culvert is exposed to danger from the sudden tise of the streams they span, It fs not creditable to tho mechanical skill of the builders, knowing the dangers, that a culvert should give way. There must have been olther ignoranco or recklessness—nt the very lenat, a failuro to provide agninst a well- known emergency—in the construction of this particular bridge, This should bo made f matter of rigid inquiry by experts. If the bridge was properly constructed, the Com- pany should have tho beneilt of such # declaration, If it was not, then the Com- pany should bo held to a strict accounta- bility, AND NEW ORLEANS. The Guat purchase by the Itinois Central of tho Mississippi? Central Railroad entitles it to asaume the titlo of the Chicago, Cairo & New Orleans Railroad, It completes an ambition which tho Illinois Central people have warmed to their hearts ever ninco 1860, and, thongh the connection has been theirs for sevoral years, the scheme was not fully realized until tho entire line was under tho absolute control of ownership. From now on, it is cortain that Chicago will derive much more benefit from this Southern connection than over before. The same enterprising and oxcellent management which has been characteristic of the Tilinois Central proper will bo extended to tho entire Hine between Chicago sud New Orleans. Tho rond is as much of ou air-lino a4 could be constracted, ‘Thero will be no difference as regards tariff, but tho Illinois Central will be in » position to fix rates that will be ndvantnageons to Chicago and its own intor- eats; thoro will bo no transfor of freight or breaking of consignments. In one word, thero is now established as complote and tapid ao connection betweon Chicago and Now Orloans as between Chicago and Now York over nny of the trunk lines; tho distanca is abont the same, and the trade rolations be- tween the two cities should bo ag intimate and mutually aa profitable as they havo been for so many years hotween Now York and Chicngo, nnd as they are now betwoen Phils- dolphia and Chicago, and Baltimore and Chicngo, Foratimo tho main advantages of thia direct railrond under one management will ‘be to secure fast trains for travel, and fast frvights for bringing the oarlior vagotables and fruita of the South to this markot moro quickly and cheaply than to any other North. orm city, The ‘reciprocity will bo ap parent in tho same facilities for supplying the Southorn States with Chicago's meats, and flonr, and clothing, and boots and shocs, and dry goods, ond all rtaples which the Southern poopla aro accustomed to buy mainly in the North, This road traverses Louisiana, Mississippi, and Tennessce, and taps the most fertile parts of Alabama, Arkansas, and neighboring States, so that there will bo nothing in the way of Southern products which Chicago may not obtain as quickly and favorably as-8t, Louis or Cincin. nati, and no other city will bave any advan- tage inthe competition for selling to the South, Dut the prospects for the future aro still broader, If Chicago shall ever desiro to maks astrike for tho cotton trade, she will enjoy equal facilities for reaching into the heart of the cotton Statoa, and the tine moy not be far off when the For and Rock River regions may hum with tho sound of numerous cotton factories, In the xamo way Chicago will reach out for tho trade of tho Wost Indics, always sure to be one of the great phases of our foreign com. moerco, and protty sure, sooner or lator, to find ita main ontrance into the United States through the port of Now Orleans, So, too, Chicago may find It advantageous after a while to give a part of ita grain trado to New Orleans, as it has already shared with Son- treal, Portiand, Philadelphin, and Baltimoro what Now York onco had all to itself,. In the commerce of this country all roads lead to Chicago as tho contra and outlet of the great grain-growing district of the continent. Europe comes to us through half-a-dozen Eastern ports, China and Japan reach us via the Pacific Railroads, nnd now the Weat In. dics will seek us through New Orleans and our direct railrond connection with that city, ewe ‘neg Tarnune’s Proposition of Government Savings-Deposi- tories, but doubts the propriety of pressing the Post-Office Department into the service,” and suggests the nine orton Sub-T'reasuries and the National Banks. As to the latter, the ‘“Greonbackers” insist upon abolishing them, and the ten Sub-Treasuries would hardly be enough for thirty-eight States of more than 4,000 counties, We suggested the registry class of Pout-Oftices because they oro the larger ones, aud the Govern- ment has special money dealings with them now, and because they are just about numer- ous enough to accommodate the people of the United States, Wo named the agency of those Post-Oflices for the reason that that plan bas beon found to work excellently well in Great Britian for more than twenty years, It has proven to be safe, cheap, commodious, and satisfactory to the people, As the Gov- erment would have to stand avy loss for defalcations on the part of the Post. masters, the depositors would run no risk for their money; thoir deposits would be as safe as the Govorn- mont itself. Tho Post-Ofice Department would exact ample bouds from the Post. mastora, so that its losses would bo fow and far belween. No large sum of monoy would remain in their handa at ony time, as they wonld be reqnired to mnke in tho Inrge offices daily, and in the small offices weekly, remittaneos to tho Sub-Treasury, Bat if the Greenbackers refrain from dostroying the National Banks they could bo employed to excellent advantage ns savings depositories where they aro located, But in many of the Sonthern and Wostern States there 1s not an average of one National Bank to a Con. | gressional district, In soma sections there is not a National Bank in twenty connties, In New England they are ns plentiful as blackberries, The pinces of deposit can be easily worked ont after Congress has deter. minod to adopt the system of National Savings-Banks. When that step is taken all the rest is merely a matter of dotail. THE CONSTITULION OF GrORGIA. The Constitution forthe State of Georgia recently framod by the State Convention lias been submitted to a vote of the people, and will be voted on in Decembor next, The Constitution is n rather verbose document, and contains a large amount of legislation. Taking the provisions ss they occur, we find the following, which aro in nddition to or ont of the line of ordinary constitutions: Whipping aa a punishment for crime ts abol- ished. No public monay shall bo applied to the support of any church or sectnrian tn- stitution, The social status of the citizens shall not bo a subject of logistation. All citi. zone of the United States resideut in Georgia aro declared citizens of thnt State. aud to be protected alike by the laws, Lot. teries are abolished. Lobbying 18 declared a crime. The Legistature shall make no irrev- ocablo grants of specinl privileges. Every male citizen 21 years of ago, a realdent of the State one year, and who shall have paid all taxos roquired of him, except for the year of the lection, shall be deemed an elector; but tho following classes of porsons shall not bo permitted to register, vote, or hold any office or nppointmont : Those who havo been convicted of treason against the State. em- bezzlement of public funds, malfenasnce in office, bribery or larceny, or any crime in- volving moral turpitude punishabla by im- prisonmeht in the Penitentiary. Members of tho Legislature to recoive 34 per day. All property of the wife at timeof marrings, and all given to, idherited, and acquired by her, shall romam her separate estato free of lin- bility for the husband's dobts, Tho Legiala- turo shall have power to regulate railroad tariffs, The Governor is to hold office two years, to be pald $3,000 year; may veto all bills, which can then bo passed by two- thirds votes of the Legislature, Ho may veto ony items in an approprintion bill without vetoing the whole, The Snpreme Court is to consist of three Judges, and be ex- elusively a Court of Apponl; tha Judgos of the Snpromo and Superior Courts are to bo electod by the Goncrat Assombly, Tho highest judicial enlary is $3,000, and tha next is $2,000, No divorce shall be grantod except on the concurrent verdicts of two jurics at different terms of the Court, There 4a to be raised annually by taxation $100,000 ag n sinking fund to pay off tho State debt. “A thorough system of common schools for the education of children in tho elementary branchosof an English education only" is to bo maintained by taxation. Cho sclooln are to be free, but separate schools ara to ba provided for tho white aud colorad races, Thisis the only referonco mado to color. 1n addition, a poll-tax not excceding $1, 8 spocial tax on shows and exhibitions, the tax on the salo of liquors, and all com- mutations for military nervico, ara to bo ap- plied to the support of common schools, Schools may bo maintained by local taxation. ‘Tho existing school system to be continued. ‘Tho Legialatura is authorized to ald colleges, Tho people ara to vote separately to re- tain tho present homostend exomptious, which amount to $3,000, or in favor of ona redueed to $1,600, Among the euumerated objects for which taxcs may be levied is to supply artificial limbs to those soldiers who lost limbs in the military sorvice of tho Confederate States. Public crodit is not to bo loaned to any corporation, Conntics shall create no debt in afd of any corpora. tion, LABOR AND LOW PRICES. Tho laboring-classes strive coustantly to secure high woges and low prices, Thoy do not perceivo that their efforts in one direc. tion partially destroy or nontralize thoir of- forta in the other, They cannot have their coke and cat it, Every addition to wages, other things remaining equal, isan addition to tho cost of production; every incrense in the cost of production raises prices; every riso in prices onhauces the necessary ox: ponses of labor, Nor is the increaso in prices morely sufficient to cover the exact sum added to wages, As the offect passes from laborer to manufacturer, from manu- facturer to merchant, and from merchant to consumer, each makes a wider margin to pro. vide for new contingencios, and each on- doavors to swell tho porcentage of profits, The circle is completed when the Jaborer again becomes an elemont in the problem, no longer appearing a3 a conspirator in the arrangemont for high prices, but as a con- sumer Intorested in dopressing the market, Labor is the bed-rock on which all com- mercial trananctions rest. When the em. ployor concedes an advance of wages, ha docs not expect to take the difference out of his own pockot, It must conie out of the labor of the country, or out of capital ac- cumulated by previous expenditures of labor, Hence labor is taking only its own, however much it may obtain in nominal wages. In the samo way, labor pays for every generat decline in prices, When the shoemaker buys his coat cheaper, the tailor makes it for less, and when the tailor gets his coal below the cost of production he forces s reduction of wages upon the miner, the raflrosd-em- ploye, or the yard-hand. The action of the laborer a3 a bear” in the market is uncon. scionsand necessary. He seldom realizes what tho effect of deserting a dear dealer for a cheaper one will be; and, if he should realize it, he would not care, It fs asneces- | sary that the laborer should buy in the cheap- est market and sell in the deareat as it is that the merchant should doso, The principles of healthy competition cannot: be partial or occasional in their operation. ‘The employer befriends the laborers when he attempts to keep up prices. A rising market enables him to pay higher wages; a falling market compels him to reduce wages. He must always receive for his products money sufficient to pay for his raw material, hia labor, his interest, and @ certain addi. tional sum called profit, which is the induce. ment to his remaining in business. If the returns are not sufficient to provide for all these funds, the percentage of profits may firat bo reduced, and then labor will be com. polled to bear ita share of the loss. The price of raw materials frequently is not con- trolled by the local market, as ig tho case of agricultural products, which with ua are regulated in value aolely by the foreign de- mond. But even in the case of raw material tho fail of prices eventually comcsa out of tho Inbor engaged in producing it. These views of tho interchangeable rela- tions of Iabor and prices at first glance seem to lend to the conclusion that Inbor haa noth- ing to gatn or lose by fn rise or fall of prices. But this is not the ease. ‘Tho terma of the problem ara constantly disturbed by local circumstances. Individual gaina arise from the slow adjustment of the equation between supply and demnnd ; and it is tho eagerness of individuals to overrench each other, and the frequont success of mony in doing s0, which supply motives for tha Inborors on the one hand to demand higher wages, nnd on the’other lower prices, Morcover, n period of inflation in prices, while tt Insts, concedes to labor more than its corresponding ratio of incrense. But labor suffers when the poriod is coming on and when it is passing away, Low wages invariably precede low prices, aud high prices are the antecedent condition of high wages. ‘Che laborer gains, or may gain, in flush times, from the improvidence of his employers, and, in seasons of cluso denling, has the bonefits of decreased cont of hving. His losses are always in the period of transition from one state of affairs to the other, It need scarcely excite wonder that crambs of comfort should bo greedily soized by a commnnity which owes £135,000,000, and it may be that New York taxpayers will feel somewhat reassured by Comptroller Ketzr's statement of the finances for the fiscal yonr just closed. ‘The consolation, however, is pretty much all of a negative charactor, and consists maiuly of the assurance that things fre not as bad as they might be or as they have been m the past. Thus it is necessary to cite the fact that the shrinkage in tho total valuntion of personal ostates has been over $100,000,000 in the last tive years to mako palatable the information that -tho shrinknge of the past year in tho same estates has been only $3,000,000; that is, it has been less than the average of the past five years, Tho shrinkage in the valuation of roal estate during tho pnaat year has boen nearly $10,000,000. Notwithstanding this, the rato of taxation has been reduced some- It wan 2.80 in 1870, and is 2.65 this year. The Now York officials generously what. Propose to exnond only $29,178,940, instead of $51,109,521, which was the expense ac- count Inst year. Wo prosnme that, with tho Now York taxpnyors, small favors are fully recoiv A NTIFIC PROBLEM, Anumber of English naturalists are trying to get hold of live Colorado beetles with a view to ascertaining the powers of eating possossed by these creatures. We sincerely hope they may be successful in obtaining the supply de- sired. Tho world will be grateful to the En- glish naturalists if they shall fix any Ilmits whatever to the cating-powers of the beetles, which arc tore familiarly Known to us as bugs. Tn vain have our own naturalists, professional and atnateur, endeavored to solve tho problem, ‘Thetr methods, too, have been rational and ex- haustlve. A most systomatic plan of operations was laid out, we havo good reason to know, in the recent Convention of the’ Potate-Bug Sec- tion of the Academy of Sciences at Light-Houso Polnt, when every agricultural college In the country was represented, and «ays were con- sumed in reading papers on tho prehistoric potate-big, ous iistory, The lcarned gentlemen present proposed to begin thelr Inquiries Into the habits of the potato-bug by ascertain- Ing, trst, what food the animal preferred; secundly, the temperature that scemed best adapted to its organization; and, lastly, in what decroc it gave evidence of the dawning of amoral senso. A cordon of potato-bugs was drawn around the learned body In a field arlja- cent to tho Academy of Sclences, ant fond of varlous {cinds was offered. Thov disappointed expectations by eating with equal readiness whutever was presented, and never leaving off, Green leaves, fish, flesh, and fowl were devutred with avidity. Arrangements were further dis- euncerted by an attack in mass upon a small boy, the only son and holr of a Wisconatn Pro- fessor, who had strayed imprudently near tho banqueting Meld, He lost large patches of epl- Uerinis, aud would haye been dangerously bitten bud notarescuing party snatched him away. ‘This untoward incldent alarmed mony standing. about, and a panic was with diflicuity prevented. But quiet was eventually restored, and tho trial by flre was ordered. The field was saturated with of] and each bug anointed with a solution of naphtha. The injured Wisconsin father was then Invited to apply tho torch, The af- fect was magical, A shect of flame shot up many fect in the afr, and simul- taneously was heard a humming sound, os {fan army had joined in a mighty peon. The flames were tufted with masacs of atriped in- sects, all quivering with excitement, and move ing about in frce-and-casy conversation, A fentle perspiration~—no more than the laws of Rood health would recommend—suffused each countenance, ani peace prevalled wherever the fire reached. As Sutapnaci, Mesitact, and Aungpxeco walked in the tery furnace that King Nenucuapnezzan set up for them, eo did these martyrs riot in the warinth about them, As tothe moral acuse, there seemed little need of proceading farther, The Wisconsin Profosror in particular Insisted that the case had been Broved against defendants, and their perfect adaptability to n red-hot climate did indeed suggest thelr acquaintance with the Prince of Evil. But it scemed best to fallow the’ origtnal plan of Inveatigation to the end, and the cholco ‘between good amd evil was several times offered to the objects of inquiry without eliciting tho slightest cvidenco of a discriminating acnsc. A moratlst present who attempted to persuade a refractory insect that carrion, decay- ing vegetation, and other bugs, con stituted the best dict. for Coloradu beetles, was overcome ina set argument by the Presl- |. dent of tho Fraternity, who modestly disctalm- ed any credit for his arguments, and attributed the glory of them, like another Gait. HaMitton, to Archbishop WitaTsty and his book of logic. This ended the proceedings. It was felt that, if any outside parties were to jolnin the discus- sions, the session would necessarily be protract- ed beyond reason. The only safety seemed to bein hasty and uniyorsal flight; and this course ‘was pursucd, This minute of the proceedings at Lizht-House Point, somewhat abbreviated for the occasion, ts respectfully submitted to the British gentle- men who wish to ascertain the powers of eating by the Colorado beetles. It ls not only their wers of cating that have excited admiration ir them througbuut the leugth and breadth of this land, but thelr powers of biting without eating. Tho English Profcssors should not fail to examine closely this branch af the subject. By takiug abcetic of average health between tho Auyer and thumb, and firmly approaching the other hand something less than a millimetre from the: nose of the ob ject, & most beautiful phenomenon will be observed—and {elt, This experiment may be supplemented by throwing the beetie out of the window, aud giving him a fair chance at the garden, protiding for his loneliness, of course, by sending a female coadjutor after him. If he docs not clean out that garden in a marvelously short period of time, he will be unworthy of the reputation which has been universally accorded bho fo thie convtry; aud if be dues not make all England confe.a his presence and bis powers of catlug withiu a year we shall luvite bin buck to bis old bome ww Colorado, where the climate must be more congenial. There is a vast Held for the bectie also in Ireland, where the potato, da the nations] food as wel) aa the bectle-food. thank. the evolution of the potato- bug, and the potato-bug of contemporanc- We shall hope before long to sce a generouy rivalry springing up between the Irish. peneantry and the Colorado beetles for the exclusive pos. session of this most succulent of tubers. By all means tet the English Professors Proceed, They areacurious class, No other nation tan rival them in curlosity. Alt will cheerfully sur. render to them not only tho few beetles they may need for experiment, but as many as may be necchsary to devastato the British Islands, ——————— A case Is to bo prosecuted hy Cranies O'Cowor at tho next sitting of the Unitel States Supreme’ Court which not only Involres an {immense amount-of money,—some thirty millions of dollars,—but also promises, from the pecullar character of fits eurrowndinzs, to, become a cause celebre. "Tu bein at the begin. ning,” Jos Youso, a Philadelphian, took 4 his realdence In Alexanitrl, Vr., in 1737, where ho Jaunched out quite heavily in the bread ant cracker line. His business protpered. famously, ani after a thme ho invested some of his aurotys cash fr 114,801 acres of patent lant in various counties of Virginia, between tha ycars 1737 and 1800, the denis being reelatorog In the County Court-Houses where the purchases were made. Among the selicry were Patnick Hexnr, Epmunn Rannourn, James Monnos, Hexnr Lez, and other historic characters, The bread and cracker baker bought the property very cheaply, paying all the way from half cent to flve conig per acre, ao that Ils whole investment cost iim only between $3,000 and $4,000 of the depra. elated currency of that day. Eventually mis. fortunes overtook him. Thirty vessels loaded with bis bread and crackers were’ destroyet by British crufsers in the war of 1812. The tog madg him insane, and shortly afterward Ied to hisdentn, After his deceaso there: remained barely cnough of nis estate to educate ils cignt children, One of the eight, born In 1s0ta Lousiana planter, fs now his only survivor, and his daughter, Mrs, Minven, brings the anit, It is only within a few years past that the children havo had any flea of thelr claim to the estate, thetr careful stepmother having burned up all the oll papers in tLe house, ——— ‘The British Partlament assemble: last Fehr. ary ond adjourned in the middle of August, having been fn session six months, Sstanter, writing to the New York Tribune, thus eplt- omizea its labors: The Parliamentary sersion of 1877 came to an end on Tnenday, ond epitaphe without numrer have alrendy been written on It. Unlike ajltanhs In general, they aro anything bit flattering.” They agree in pronouncing the session the most feuttless that haa been known fn thia gentration. Most” lugubrions of.ail ts tho verdict of the mon who ara responsible for the failure~Ministera thomanlves, they who comnose that cartons funeral aration delivered at the end of every reason, which used to bo called the Queen's sneech, and now gore liy the name of the Queen's message; the republicans taation of the {istitations of in sand having advanced to that noinm if no furttier, When ao greatan artletne Locd Braconsrinttdescenda in search of a tople for congratitiation to the passage ofanact for extending 10 the Sheriff Courtsat Scotland juriadiction tr regard to beritable right, matters niust bo at a very iowebb Indeed. Exce it: ing thle, nuts dill relating ta Trial Courts of law, tho solo measures of (ho scrsions, witch even tho Government think Wworthy of mention, are the font African Confederation vill, an act to’ centralize the present Administration, aud a thitd entarzins to gore extont the educational benefte of Oxford ant Cambridee Uitversities—an act with a clerical twist init, unhapplly, To the true Tory this may well enough be a cane of prile, nota reason for apol- ogles, In view of the great rel thera was that Lord Reaconerwty might embroll all Kurope in war, it te a anbject for universal congratntation that En- gland, for onc year, has had no history. —————— ‘Thia condensed statement shows at a glance what the United States balanee-sliezt for the last threo fiscal years has been: Totat imports, $555,000, 7 States exports over imports for cach year as follows: that the peo pte of the United States have pale off 3333.5 19,003, of its forelzn indobtedtness. . We have bought back national, State, and rallroal bons to that amount. Tho worst of it fs, they stil! hold atbousand millions more of the sama kind of stuff, sold to them by our speculaturs previons to the panic, whon thls country was enjoying a carnival of spreeing on borrowed money, That was tho glorloua era of shoddy and flim, wien the Spencerlan system of Iinancicring was do veloped. * . The Washington Jtenudican digs up the fol- lowlng long-forgotten officc-scesing Ictter to acting President Aypr Jounsox. It says: Tho following from Cuantes A, Dasa, the ode Mtor of the Si, 18.0 good formula, which tnex Pperienced aftice-scakera would do woll to cut out And paste in thelr scrap-buoke: arcutd= ly addrens my: have heon a Ment of New York City or nearly Hweaty pears, Atew months since, when I came here ot teaving thy War Departinent. kn iw York, (tem tk, and {tx pollsicians: renean of any with the War 1 Heys aso absent, x0. bo frea from all {de fou with the palltteal fa tans fe and personal coatruserstes by whieh the U, thers had been much divided. T Lellevs taat there No perton Of any prouilurucn In (to party whine ab bulntment would give greater general satisfact’o thao Plae. | Bhould you bo de. od so far to enter in te idea na to wish for Infurmatiun ginverning my eapacl: 47 dogdminieter the ofize, thers fs wy ona wh ct tudge better asta that thao Me. Braxton, Let mead hast am myself canndens uf performing the quite, id bhey bo tutruated ta me, to th: ivaataze of thé an, lu service and to your eniire satisfaction. 1 prufound rea) our faithful acrvant, pelea repre? ante A, Dasa. ———a According totha dust, a receipt {esucd by & nostal savings offico in Qreat Britain ford cents or upward, and payable on presentation, “‘amounta toan interconvertlble bond. On this theory a certified check on any bank amounts to an interconvertibla bond, Any banking Institution then that pays its notes or depusttors {aa sort of intervonvertible bond. The Jost adds that “The systom mgt be eat ried on by means of paas-books, and so avoll the risk that certificates should be elrculated as money." Wo suppose the pass-books of savinys- banks must also bo considered as intercoaverti- Dic bonds; Iu fact, everything scoms to ho playing shuttlecock, acrording to the Jostts Ideas of finance. We will not try to argue tho polnt. <a —— A Kansas correspondent wroto ts tho other day that only a few counties {u that Stato were Indebted, and they not largely, Tho Statu Au- ditor has just furniahed tlio following extubit of the. total indebtedness of sixty-six counties of the State: Total.cosreveee . a ‘The Auditor says that the indebtedness of the four other counties, togetheravith tho State in- debtedness, will make the total amount less than $15,000,000. We conalder this to bo quite large enough # debt-for s new Stato of a tittle more than half a million population. a ‘The President bas no {dea of spending the sweltering, sickly dogdays in Washingtot where there fs nothing but routine work to do. He witl stert again on Monday upon quite 30 extensive jourucy through sone of the aid- Western and Border Btatcs. ite ts to unvell s monument at Dayton, O.; to attend a reunfon of his old regiment; to be at the opening of the Loulsyille Lodustrial Exposition; thence to visit Nashville, Chattauooga, Knoxville, Richmond, and other prominent Southern cities. Several of the Cabinet ofilcers will accompany tue Pres ident, among them Mr. Ker, tho Postmaster General. The people of the South have been urging the President to come and vislt then and judge of the effect of his pacification pulley for himself. American becf is finding a formidable Euro, pean rival In American fruit. The J's Budget says that “Tuo foreign demand tor ‘Amorican fruit is now so great that Europe and ‘Austraa will tako nearly sll the fruit, fresh | and dried (dried peaches excepte:l), which ey United States can lund in their markets tu fou condition.” Since last October England has taken 396,000 barrels of apples from ibis coua- try, and it 1s estimated that sho will take on average of 15,000 barrels per week, ‘The Buds alsosarg: “The working classes of Germa