Chicago Daily Tribune Newspaper, October 2, 1877, Page 4

4 THE CHICAGO TRIBUNE: TUESDAY. OCTOBER 2, 1877. “Thye Tribave, TERMS OF SURSCRIPTION, + BT MAIL—IN ADVANCR—POSTAGB PREPAID, Clubof tweniy. £neeimen con To prevent delay and mistakes be nure and ive Post- ©ffce addrers tn foll. (nclnding State and County. Temittances iy, 1 made either by draft, expressy Poat-Office order, urfn registered leccrs, at our Haks TEHMS TO CITY SURSCRIDERS. Dafly, delivered. Sunday excepted, 25 centa per week. Latly, delivercd, Sunday included, 0 cents por wack. Aditre-s TUE TRIBUNR COMPANY, Cotner Madtson and Dearborn-sta., Clileago, 1l Orders for the dellvery of Tie TRINUNE t Evanstor, Englewod, snd 1tyde Park left In the countlng-room will receiv prompt attention. Little Red Riding.Hood. At McVicker's Theatre (3sdison street, between State and Dearborn) at 2::10 v, M. Benent of the Haknamen Hospital. Performunce by 100 chihiren, McVicker's Theatre. Madison strect. between Stato and Dearborn. Ene gagenient of Edwin Booth. ** itichard 111" Mesdames Dun, ¥rice, cte.: Mewre. Booth, Wheelock, ote Ilooley’s Thentre. andolph street, between Clark and Lasalle. En: gagement of the Lingardu *‘Heart and Crown,™ Mewdumer Liogand, Variao, etc.; Messrs. Ligard, Lardle, ete. Wond’n Musenm. Monroe sirect, between Dearbomn and tate. **Hobe {nson Crusoe.™ Speciaity Olfo. Now Chlcago Theatre, Clark street, opposite therman House. Iaverly's Minstrels. Messrs, Thatcher, fiyman, Cushman, eto. Adelph) Theatre. Mnnrue street, corner of Desrborn, **Molly Ma- Rulzes™ Inter-State Exponaition. v Lake Shore, foot of Adams stroet. Exhibition of Industry and Art. _Day and evening. SOCIETY MEETINGS. ASHTLAT LODGE 208, A, F. and A, M,—Regu- lar \eeiing tits ¢ y) ‘evening 1o thelt hall, 70 Monrue-at., for work un the M. 3. De The fratere ity cordiaily fovited to meet Wity C. 1. CRANE, Bee TUESDAY, OCTOBER 2, 1877, CHICAGO MARKET SUMMARY. The Chicaso vroduce tarkets were activo yester- day, and irreqular. Mees pork closed fifner at £14,00 for Uctober and )744@13.00 for Janu- ary. Lard closed casy at 8,70 per 100 Dr cash and B0 E, 3215 sellor the year. Meats were quiet, 8t (¢ for lonsa shioulders and 8e for do short ribs, Lake frelats were active, nt dl4c for corn to Naf- falo. Ihghwines were steady, ut $1.08 per gallon. Flour was dull aud uncharved. Whentclosed fru, 01%1.10% tor Septemner and €1.05% for October, Corn cloecd e higher, at423c eaeh and 42%c for ats closed le¢ lower, at LXe for 43¢ for Novervor, Hye was steady, at5dige. Durley closed 1c lower, at 60c cash and O1i,¢ tor November, Tlogs were active early, but. closed dull and casy. Sales were at $5,0026.00. Cattle were insctive sod unchouged. Shecp wore dall and steady, ot SLTL@4.5LU. The expurts from the seaboard Jast week included 52,017 bris tour, 1, 5 5 bu wheat, Y80, 410 bu corn, 4.047 brla pork, 2, 1 1ba lard. and 6,105,005 1bs meata, There was inspected Into store in this clty yeaterday 018 cars wheat, 428 cars and 116,000 bu curn. 114 cars and 11,700 bu oats, 35 cam and 3,500 bu rye, and 117 cars barley. Total 14,012 Cabsf, T41,000 bu. Oune hundred dollars in gold would buy §107.00 In grecubacka at the closc, e e Greenbacks ot tho Now York Stock Ex- chango yesterday closed at 97}, During tho year 187G tho sugsr exporta- tion from this country amountod to over 73,- 000,000 pounds, “on which tho drawback under the law of 1875 was $2,609,876. '"The sugnr thus sont abroad wero mostly of tho higher grad From the vil region comes tha nnwolcome news that competition in petroloum has again been throttiod, aud that the unnectnous monopolists will soon lock their yoko firmly apon millions of necks not yet free from tho galls of tho Iast extortion. entered upon & theological discussion, which is to Inst six days und settle the question of the divinity of Cnmsr. For some reason, which bafiles human philosoply, tho greatest of public intercst and excitemont attends tho outcowe of this debate. A fow doys since six companied of United Btatestroops crossed the Itio Graudeinto Mex- icoinpuranitof aparty of depredating Indiaus, It i3 not certain whether thoy have captured the suvages orthe savages hiave bagged them, but the fuct that two companies have follow- ed across tho border aa reinforcements’ indi- cated that the invaders havo mot something which bins resisted their ‘progress or thrent- ened their safety, News comes from Gal- veston that Mexican troops to the number of 1,000 have been sent in tho dircction taken by tho Americans, and the chances for & col- lision Letween the two bodies aro conmdered 88 very promising, The proposition to pay over to the First and Becond Regiments the amounts appro- pristed to defray thelr srmory rent, otc., still hangs firo in the Common Council, owing to a question of tho city's suthority under tho charter to appropriate money for such o purpose. Tho paywent of the snms alreudy sppropriated would help to lighten the burduens sustained by the two regiments, and the sentiment in Chicago i practically o unit in favor of the icasure, providing it can be legally carried into effect. The mat- tor is now in the honds of the Judiciary Coumittee, und it is to bo hoped some way will be discovercd whereby the monsy can bo prowuptly paid over. Judge Wust, candidate for Governor of Obio on the Republican ticket, spoke at Columbuy last night, and the publio intercst fult in the campaign was evinced by tho at. tendanco of a very great multitudo of listen- ¢ri. The Judge very ably dopicted the re- warkable feats in financial acrobatics per- formed by those Kuights who, having, in 1863, drown the Golden Circle around them. sclves, and launched the awful Copperhead cume upon ** Liscorx's scabs,” now} in 1877; with the stop-thiet shibboloth of * Reform * inseribed on tleir piratical flags, aa bitterly curse the efforts of the Republicans to make tho sum grecuback worth what it says it is vorfh ou its face, snd cry out frautically, “ Give us cheap greenbac! 8ix persons bave been indicted for murder, and twenty-tive 08 accessory to murder, in Kemper County, Mississippi, It is sur. mised that most of the persons indicted were implicated in the riots which led to the death of Judge Cumisorx and others last summer. We hope that this will pruve to be tho case. 'That oufortunate man, hig hefoio daughter, and friends were murdered in cold Llocd, and thero is no doubt but the attack on i was instigated, partly 6t lewst, by political reasons, The affair shockud thy friends of bumanity overywhere, und, fullowing so closely upon thoscttluncnt of the Louislans question, it produced n most injurious effoct at the North. It has not yot psssed ont of public recollection. If the nuthoritien of Missis. sippi ahall now tako up the easo, examino it patiently, and punish tho nssassins as they desorvo, the character of the State will be retrioved, and one vory slrong argument ngainst the policy of reconciliation will be removed. It is understood that the Grud Jury sits in Komper County but twico o year, nnd the caso of tho rioters could not be reachod earlier, The movement among prominent Repub- licans in New York City to obtain a mani. festation of support and approval of the Ad. ministration of Presidont Iares on tho part of the large class who dis- sont from the nction of the Roches. ter Convention has now assumed definite form. Thoe Committee-of Fifty, appointed from tho membership of the Union Leagne Club, last evening issued a ¢all for n mass- meeting, to bo held in Cooper Instituta on Wednesday evening of next woek, for the purposo of giving cxpression to ' the sentiments of Republicans in sympnthy with the efforta to bring nbont o perfcot ros- toration of union and harmony between the North and South, and to purify and clovate the Civil Bervice, Greonae Wirriax Cunris, Geon. Dix, and Josern H, Cnoatx are invited to addresa the meotin, Notwithstanding the absenco of two prom- inont and inflnential mombers, whoso pres- enco was required in anothor part of the building to defend thomselves against an in- dictment abnrging them with having robbed the taxpayers, the County Board yesterday mansged to andit and order the payment of o largo number of bills, aggregating nearly $30,000. They nlso yielded so far to the pressure of importantinterestans to given fa- vored contractor a foothold for a future claim for *“damnges,” but thoy conlid not possibly consont, in the nbsenca of tho two prominant and inflncntial mombers accupiod se afore. sald, to comsider a resolfition, which has beon ponding for sovoral months, contem. plating n reduction of salarics which would save tho taxpayers $60,000 & year. ‘Tho reso- lution bad to go over—n fate that will Lo perpetunl heroafter, unless betwoon the Crimiual Court and the fall election o fow more prominent and influential members of the Board aro permanently compelled to ab- sent themsolves, ‘I'he September public-debt statement, just published, shows ndecreaso dusing tho month of nearly foar milliona ($3,882,524). 'The amount of ourr:mey wm tho Treasury is §14,206,417 ; special fund for the redewption of fractionhl curroncy, £8,835,468; special deposits, lognl-tenders for the redomption of certificaten of depowit, §13,110,000; coin in tho Treasury, $119,152,043, including coin cortificates, R117,097,600; outstanding legal- tondors, #356,914,932, Tha legal.tenders, notwithstanding tho contraction that has been going on, aro still nearly a million moro than thoy wore nt any timo botween 1866 and Septomber, 1873. The Eastorn banks daposit Inrgo quantities of legal-tendors with the Treasury for safe-kceping, aud take certificatos of deposit therefor, which they us0 a8 curroncy when necessary. Over forty- threo millions of groenbacks ave thua repro. sented by demand cortificates. About thirty. cight millions of gold are similarly deposited for snfo-keeping, but the certificates aro re. ceived at tho Custom-1louso the samo as gold, It i3 becoming moro nnd mora evident overy day that Senator Coxkriyaoverreached himself in ** bossing" tho Itochester Con. vention, and subordinating the popular senti. mont to his own individusl groed and solfish- ness, ‘The renction was almost fmediate, a3 shown by the prompt ropudiation mnado tho very uest day by ono of the leading countles in the State, 'Thefecling of resont- wment 1o Now York City s brondening and assorting itsolf, Acconding to interviews priuted yesterday by the New York Meruld, the provailing nentimont in the Union Leagua Club, which represents perbaps the beat Re- publicanisis of New York City, is bitter nguinst CoNkLivo's dictation ; and the Herald, which is independont of partics and prides itsolf on forocnsting tho drift of public sentiment, sayu that the appronching mnss- meotings will overwhelm Cosnrive with the weight of antagonism they will develop, The Administration policy of Civil-Servico ro- form and Soutbiern pacification hos been the gainer by CowgriNa's nttack, which lns wedo a latont approval activaand aggressive. Tt will bo observed with o feeling of pro- found astonishmoent amnong Gen. GmaNt's friends that the telograph roporta his daily round in Scotland is ** to pray haif an bour, Lreakfast nn hour, be made a burgesa, or go sight-socing three or four Lours, lunch half an hour, go sight-seeing again, drive from ono to five hours, or, after dinner, spend the ovoning with invited guesta of -*his Lord. ship,’ tho host.” 'I'he Beotch are proverbial for their ploty, their long prayers, and thoir regard for the kirk. Can it be that the Gen. eral is simply paying respoct to tho practices of tho country in offering up suchnlong peti. tion botweon bed and breakfast, or has he actaally turued Covenanter, or is it possible thattho thrifty and Godly Scotch will not givo bim bis breakfast until he has prayed half an hour? Whatever way bo the motive of this remarkable outburst of pious fervor, it ischeerful to notico that ha still retaing sufll- clent of the carnal man to bo twico as long eating Lls breakfast as ho is saying his praycrs, ILis rather significant that after the last duty of the day—** the ovening with invited guests of his Lordship the host"— thero is no montion of further prayer. ‘Lhis may be accounted for by the fact that the average Scotchwan, after an ovoning with the guests of his Lordship, is not in n con- dition to say his prayers. 1If the Goneral is following Scotch fashions in the morning, it would be inconsistent for him not to follow them in the ovening also The foreign dispatehies reportiug the prog- ress of Gen. Graxt in Europe announce that he is seriously provoked with Alr.Cunris for his recent attack upon tho Prince of Wales for trenting tho Goueral with disre. spoct ot & dinner. Tho Ueneral's anger or displeasure, however, is quite. gratuitous, 3r, Conmis mado hiv comments condition- ally, 80 as * to Lit if it were s doer and nise if it wora a calf.” Ho was very careful to state thot if the facts were such as Mr. Baarrzy reportod in his letters, then the Prince of Wales had been guilty of gross discourtesy. This was tho deduction to be drawn, if Mr. Susrrry wes correct in bis premises, If incorvect, thon there wore no deductions of any sort to bo drawn. Under such a condition of things, there is B0 occaslon for the Generul to be incensed ot Mr. Custis. The unly question involved way, Who was the gucst? As Gen. Guanz pow states that the dinuer was given in houvor of tho Ewperor and Empreas of Brazil, and that ho was invited simply be- eango he happencd to bo in London, of course their Drazilian Majesiies weve tho lion and lionoss of the oceasion, and, as Gen, Gnant wos only a looker-on, no disrespect was shown him. At the same time this docs not affoct the brond proposition in etiquette 1nid down by Mr. Currm, that the party who is the invited guest, whether titled or un. titled, takes precedenco of all others. Tho explanation made by Gon. Grast will st at rest any suspicion that *¢ the first gentleman in Burope” waa guilty of ungentlemanly conduet, The Cincinnati Vindicator, nn Irish organ, and the Cincinnnti Knquirer, s Domocratic organ, havo locked horns, The Vindicator re- fuses to support the Puritasical, ex-Know- Nothing Bisuor for Governor, and tho Fn- quirer undertakes to whip it into tho traces. Col. Harriy, tho editor, rosponds in a para. graph which indieates a familiarity with the cago that accounts for the Enquirer's sudden cegsation of hostility to Mr, 'TILDEN a year ngo, Tlereitis: ‘The organ of the Democratle party threatons the *tkickera™ that ronic of them may be candidates hereatter, and in view of that fuct had better atop. It wonld bo well If the Eaguirer would take ite ownadvice. It claims as much independence ns any manin the party when its men are not nominai- ed. 1ts abuse of TILDEN n yesr ago mnst be fresh 1 hie memorics of all fta readers, until the timely salve of $50,000 cored its eyoalght and corrected {ta wicked partners. Thero was also n suddon and romarkablo change of front a very fow days after the St. Louis Convention on tha part of the Chiengo Z2imes,—even moro suddon and more remark- ablo than that which oceurred to the En- quirer. Tho T¥meshad been flercely nnti- ‘TLDEN up toa certain day ; it gave him par- ticular fits, and pitched into him in langunga not unliko that it now employs toward Hes- ™o, Hamnes, and Winrntams, All at once it floppod, and from that date until tho eloc- tion, and from tho olection until Havra was declared President by Congress, Keexax nnd Srongy devoted the 7ines to the servico of the * Usufruct,” and transferred their opithots and diatribes to’ Iayes, Col. Hawurty indi- cates tho cause of the Enquirer's change of front. Tho ZVmes at tho same time, by n singular coincidouce, also changed front. Do liko causes ever producoe like offects ? BECRETARY SHERMAN ON RESUMPTION. Mr, JonN' Suensax is Socretary of tho Trensury, and thongh when he writes a let- ter concerning an cloction nbout to take place in Ohio a reasonablo amount of gnsh- ing enthusiasm mny bo oxpected, noverthe- less his uttorauces cannot bo divosted of an officinl significance. We had occasion at the timo to call attention to what Mr, Sueraay did not say and what he did not explain in his Obio speech on tho subjoct of resump. tion, nnd Lis recent lotter, whilo it expresses tho sanguine foith of the Becretary, fails to give auy of the rensons on which that fnith is founded. If the Bocretary expocts a mirncu- lous interposition to cusble him to resumo specio-payments in January, 1870, ho mny feol warranted in Lis hopes ; but the conntry i hardly disposed to rush on to ruin, from which a miracle can alono save it. With a view of describing the *‘magnificont chance " tho Rtopublican party of Obio has, not only to placo itsclf in *‘tho vanguard” in tho United States, but to do the country A servico as great a8 auy vietory won by the Union ary during the War, ho writes: Now, when it is demonatrated that tho difical- tlea in the way of resumption were myths conjared up by the phantasies of demuagogucs, when our notes arv within 3 per ceut of gold, when Provi. denco has favored us with boundlcss crops, and Prosperity a coming upon us after a dresry thus of distrees and trlal caused by inflated paper mon- cy, why lsitthat we cannot aco sl thess thines and avall ourselves of the advantage thuy give us in vur political contest? Fifteon months only aro to pasa away bo- foro the Beeretary proposos to pay out on demand gold coin in exchanga for green- backs, What is lthe preparation made for this work? It should be borno in miud that to redeom tho greenbacks in gold coin must involve tho redemption of bank.-uotes in coin ; tho aggrégate of tho currenoy, thero- fore, to become redecmable on demand i $650,000,000, Tho Secrctary of tho Trens- ury docs not state, and refuses to state, how and whero ho 8 to got gold enough to begin this work of re. demption. It is easy to understand what will becomo of tho bank-noto circulation, Tho banks will retiro their circulation to an amotnt equal to tha sumn of the greenbacks thoy may bo able to hoard. When payment is demandod of thom for their currency, they will hand out their greoubacks, so that oventually the whole bank.note circulation will be retired, leaviug tho greenbacks alone to bo redcamed in gold. Here, then, is the first brauch of tho contraction. IHow is tho Hecretary to got the gold? Therc is nono accumulated, save such as miay be sot npart from the recont ealo of 4 per cont bonds, It is not likely that any considerable nunber of 4 per cont bonds can be “exchauged for gold hereafter. Indeed, thero is morv likelibood that.those already sold will be obtainable shortly at loss than par, The other bond available i tho 4} per cont bond. To offer a 4§ por cent bond in exchange for another bond Is quite & different thing from the sale of such bond at par for cash. Tho Gov. evnment can compel the surrender of the G per cent bond, but it cannot compel the salo of gold at 4} per cont, particularly when gold is 1n demand beyond tho supply, Ger- many has been waiting for gold for severul years with which to replace her silver, and has to tako the gold in comparatively small quantitics, and peying for it in silver at largely reduced valuation, ‘The offer by the United States to exchango n 4} per cent bond in Europe for gold to the amount of ono hundred to two bundred millions of dollars will hardly mect such a responss as will justify the Bucretary's sanguine expocta- tions. The Bonk of England, which practi- <cally controls the gold supply, has a pecul. iarly effactive way of cheoking the exporta. tion of tho commodity, It simply raises the rate of discount. To draw fifty millions of gold veturns to the bank that omount of its own motes, and the bank checks that business by raising the rate of discount in just such proportion as will mcet tho emergency. The 4§ per cent bond will Lave to competo in the market with the rals of discount by tho Bank of Eugland, and therofore it i not likely that such a bond can. bo sold sbroad, except to tho extent that there may be a surplus of gold,~—an event al- together improbable. ‘I'ho Becretary will probably bave on the 16t of November ten millions of dollars in gold availablo for redemption ; the accumu. lation of gold during the succeeding fourteen months must be at the rate of ten millions of gold a mouth, in order to have, by the 1st of Junuary, 1879, the lowest sum named as necessary (o begin resumption. He bas never yet explained how Lo iv to get this gold, though he has ventured the opinion that he iv authorized by law to sell bouds for that purpose, if ho should conclude to do so. Az, Becrotary Suxzaay has been extremely earcful, and eannot bo coaxed into a doclara- tion whether the greenbacks, whon redeamed in gold, are to be reissued by tho Treasury Departmont again or not. Thers seems to bo somo peril fn an angwer to that question before the Ohio election, ko the Secretary, in all his anxioty that Ohio shall becomo ** the vangnord in the United States,” preserves within his own breast the knowledge whother the greenbnek is to bo retired from oivenln- tion or raissued aftor it Las beon redoemod in gold. This is a very important part of tha pro- gramme of specie-paymonts, and a mattoer of doop interest, but tho Sccrotary eannot be tortured into an explanation. 1If the green- back i to bo reissued, what is it to Lo {ssned for? Is it to bo employed in buy- ing up tho bLonds, aod then aro the bouds to bo sold agnin to redeem the greenbneks, nnd how long and at what cost i3 this procers +to Lo continued? -But the Sceretary, for some reason which no one can explain, rofuses to say whethor silver shall be remonetized or not, and yot nothing can 5o directly focilitato n roturn to general Bpecio values ns the freo coinage of the silver dollar, 'There scems to bo n drend lest somo clection might be infuenced by an ox- pression of opinion on this subject, but the Becretary ought to know that the country has made up its opinion on this subject, to which Congross and tho Government will lave to submit. THE USES OF INTERNATIONAL BARTER. Tux ‘Inioune reprinted Mr. Davio A, Wr11s' cssay entitlod, ** How Shall the No- tion Regain Prosperity ?” at the time it first appeared, and spproved of his plan ns the only ono whereby Govornment interforonce could nssist fs the ro-cstablishmont of com- mercial nctivity. His ranedy is, in brief, tho incronsed exportation of American prod- ucts, and his plan for attaining this increnso is nremoval of all tho artitlcinl burdens with which foreign tradn is handicapped by tho American tariff, To {llustrate his theory, Lo tronted all reciprocal trndo as in the nature of * barter," or tho exchauge of one com- wodity for anothor, nnd advocated the culti- vation of such reciprocity ns tho spoedicat meons for obtaining o market for tho sur- plus product of American Inbor. This theory has called ont n protest from n, Philadelphia ¢¢ Morchant," which the Nution prints along with Mr, Werrs'roply thereto, Tho Philadel- phin**dlerchant " hasovidontly beon educated intho Hexny Caner school of politieat econo- my, which regards all forcign commorco ns undesirablo, but his protest ogainst the WeLrs . statement of liberty for trado is largely technical. Ho objects that interna- tionnl trade cannot Lo likened to *barter,” which he defines as paying for n pair of shoes with o wheolbarrow.load of enbbages. This 18 o roturn to tho primitive notion of ** bar. ter,” which Las ncquired a broador signifi- canco with tho improvement of agencies through which trade has advanced to com- merco, Mr. WeLLs snswers this objection very completely by quoting Hesny Caney himself to the offect thai *‘Tho skip, tho road, the mill, and money aro all portions of the machinery of exchango, not tho thingy cxchanged.” Tho fact that an export is paid for in monoy or a bill of exchange does not eliminato tho idea of barter from the transaction. If wo buy copper from Chili and pay for it with a bill of exchange on London, we practically cancal the bill of exchange by tho delivery of o cargo of whont whero it folls due. "I'bero is still barter, but wo have suffered by the indircotness of the transaction and the unnecessary increaso of tho machinery of exchauge, which might have beou saved by o direct exchango of eomo Ameriean product like cotton cloth for the Chilinn copper. There would thon have huen o doublo profit,—ouo on tho direot salo of thae cloth and ono on the dircet purchase of tho coppor, bealdes tha incidental *profit of carrying two cargoed, ono ench way, in- stend of only one, leaving tho ship to make tho trip ono wny withont a cargo. ‘I'ha waterial point in tho controversy re. Intes to thoe effoct whick n high tariff exerts on tho sale of the curplus products of American labor abroad, Tho Philadelphin Merchant” contonds that it is tho ** Amer- icon system ** (by which protection ismeant) that bas produced tho increnso of exports noted within the last two years. To tho ex- tont that this is true, its operation, na Mr. WieLis poiuts out, bas been by ahutting off foreign markets to begin with, and thereby producing a glnt of product at home which bas paralyzed Inbor sud reduced wages; prices have thuy beon forced down to n polut which revives tho export trade in spite of tho embargo ploced upon it by the tariff, Dut wo think the Protectiouists will scarcoly press this view of the caso in urging the matier with tho laboring classes, who will avawer that they prefer o foreign market should be found in somo other way uot s0 aoppressive upon them. Tho other way fe froedom of trade, or n dircet interchango of products, which will encournge the purchase of American prod. ucts in foreiyn mnrkots whero wo buy by knocking tho shaclkles from trado in tho sbapo of dutics and tho multiplication of agencies which thoy create. To sell those things abroad which America produces at best advantage, it s necessary to buy from sbroad whiat is there produced at best advan- toge. If five days of Awerican labor in pro- ducing u certaln commodity can command a price abroad equal to six doys' labor, it is folly mnot to sell it when we have more than wo want; and it is oqual folly not to buysome other comwodity abrood et a prico ropresenting five days’ la- bor which requires aix days of labor to pro- duco at homo, The advantago of reciprocity in trado is in the direct interchange of com- modities on this basis, without the burden of taxation, of tho cost of bills of excliangs, or tho cireuitous transportation of ono or both cominoditics by the intorvention of another country acting as agent, It is a4 true of na. tions asof individuals that they buy most readily where thoy can also scll, all other things being equal. In sceking to controvert thiy, the FPhiladolpbla **Merchant” says that sinco nitrate of sods lus been sdmitted free of duty wo have doubled our imports of that articlo from Chili, but Love mot increasod our sales of cotton goods to Chili, though we can now eom. pote with Mancheater in the price. ‘Whe roply to this iy, that wo can compete in tho price of cotton goods st tho point of pro. duction but not at the point of delivery, and this is on mccount of other restrictions of the tariff which have not beon removed. ‘The American tarif has ot ouce increased tho cost of shipbuilding ond destroyed re- ciprocal trade between the United Btates and Chili. As American sbips cannot bo profita. bly cmployed, tho zesult is that Europe sends on au averoge ono large ship & day to South Awerica, whilo the United Btales sends only ons in two wonths, and this ine, o order to live, is obliged o take roturn frafght for England snd traushp it at Bos. tox, it consistiog of copper and wool, which aro excluded from this country by the tariff. It corta in gold 344 a ton to sond goods by steamship from New York to the wost const of Bouth Amorica, and only from 315 to $20 A ton from Engiand to the same destination. Thoe same ratio of disadvantage pro- vails in sniling vessels. DBut, oven if Amorican cottons conld be delivered in Chili, in tho nbsence of reciprocity, at compoting rates with British cottons, they would be paid for in exchange on Lomlon,\yhlr.h in Chili rnlos a8 high ns 12} to 15 per cent,—a tax saved by tho English manufactnrer, bo- canso ho practically takes the Chillan wool and copper in exchange, which are excluded from tho Unitod States by the high duties. Buat wo think wo may go further than 3Mr. Weres and hold that, oven if n system wero practienble whereby American oloths could ba rold in Chili in preferonento tho British cloths, taking pay in money, we would lose our seoming ndvantage. We would not only loso the profit of the carrying trade by the lossof a cargo in return, but wo wonld re- ceive gold and silver, which ‘wo do net need, only to expend it by paying higher prices for foreipn products wo mnst purchaso than wo would pay in the di- roct systom of trado, or by paying at home the prico of six days’ labor for a product wo could othorwisa purchase abroad for the price of fivo days' labor. Wo produce gold and silver nt kome in sufficient quantity, and do not want to buy it abroad with other products of American Inbor. What wo wout in ox- chango for American produco sold abrond aro thono commodities which we do not produce ot homo, or which we only produco nt a gorious disadvantage. Admit these forelgn products free of taxation,—rny copper and wool from Chili,—and we take theo first stop towards reciprocity, whick includes the triple profit of buying, selling, and car- rying. This, of course, cannot bo secured in full by specific oxceptions; but, ouce cstab. lished ns n general system, wo shall sell whero wo buy, or take in exchaunge commo- dities wo want for those of which wa havo too much, 1If, in pursuit of this policy, we shall reach n point where wo liave moro to gell than we need to buy, then begins (1) the roductionof our foroign indebtedness, aud thoro will follow (2) tho loaning of our kur- plus capital of intorest. ‘This was the his- tory of froedom of trado in Great Dritain, and the samo result can bo achioved even moroe quickly by the United States under the samo conditions, MR. KEY AND THE S0UTH, Tho Robellion was an error, The porsons who went into it and wore whipped wero “orring brethren.” Whother it bo judged by ita endeavoror by ita results, there can bo no justifieation of it in history or in the con. refouces of men. Thoese are simple proposi- tious which stand of their own strength, and no process of casuistry can overthrow them. Yot tho statomont of them by tho Post- maoster-Genoral in Vormont provoked o slorm of indignation in the South. Mo waa callod o “ time.server,” a ** baso trucklor to Northern scntiment,” and “a traitor to his 8tato.” Mr. Kex scoms to have been sur- prised ot tho result of his words, which be had good reason to supposo wero as junocent as mathomatical axioms. o was {rightoned into explaining thom at Chattanooga, whore, in n spoech half-apologetic, ho fell into tho Llunder of maintaining that tho Icbellion waa an error only bocauso it did not succeed. Ho might better have stood by bhis Ver- mont spoech in its brondest and mostobvious sonso, aud appealed to tho intelligence of tho South to justify him iu time, If ho had ovoupled this manly position, he wonld have discoverod that tho fecling against him wos mercly temporary, nnd boforo this thero would have Loen a goooral assont to his statoments, His apology at OChattanaogn was lamo; it wos ot the most only half tho truth, nnd it was given® under a specios of mornl daress which doprivea it of historical value. ‘Tho gront error of the South was tho de- fonso of slavery, Stato sovereignty, about which most of the clamor wos ralsed, wns a buttress of tho Divine Institution, When tho Intter fell, tho former becamo a uscless work, Except for slavery, the South had no moro reason to do battlo for Statosovereignty thon tho North had; and, since the sboli. tion of wulavery, tho strong advo- cates of tho abatract politienl right bave beon found iu the North. Wao do tho Southorn people the credit to baliove that thoy would not be foolish enough to fight for a question of interpreta. tion which did not affect proporty.rights, Unquestionably they fought for slavery— for alavery nait was, and ns they drenmed it might bo; for the 4,000,000 thoy had, nnd for the 40,000,000 still unborn or weltering on the plains of Africa; for the tarritory they posscssed, and for tho Ewmpire they sought to found, Btripped of verbiago and sontimentalism, the main question is, Was slavery in error? Humanity bns decided, wo bellove, that it wos. Events havo shown that it was. Candid persons among the Southern people sdwit that it was. Morully, politically, and socially, it wns o curse (o the people that protected it. 'Tho {njury it did the negroes was not ‘moro than that which it inflicted on thoe whiten Whilo |t grouud the former down in bestial ignoranco and trampled on their dearest rights, it en. courngod tho Jatter in wastoful babits, and sapped the coorgies of the whole poople, Froo Inbor has already given o mighty im. pulso to the South, and is destined to do still moro for it. Hensible men recognize this fact, and affection for alavery, if it still oxists in thyp South, lingers principally with the women, who are not accustowed to rea- son on political subjocte. If wlavery Liad not been an crvor, tho de- fonso of it would have been, Tho fact that the defouse deprived the South of recom- pouso for the slaves; that it brought hostile anoles over tho wholo land; that it cost milllons of treasure aud bundreds of thou. sands of lives; aud that it wos unsuccessful in the end, proves the wholo cass ugaiust the Bouth, 'This, howover, is a low view to taxe of tho quostion, becauso it loaves un- touched tho main fmue as to tho in. defensiblénces of slavery; and wo regrot that Mr, Key should have abaudoned tho solid ground which ke occupled in Vormont to stand upon the quicksands of expediency in Teonnessse, Nobody in the North desires to put tho Bouth ou the atool of repentance, It is im- waterial to us whother the poople thero con- fess their orror publicly in words or mot. ‘They bave already confessed it iu doeds Their rooeption of the President recently was a confesalon, ‘The conduct of their rep- resentatives in Congress dnring tho eritical period of tho Eleotoral Commission was a confesslon. 'Their law-abiding conduct and industrious attontion to their own businces is a confession moast public of all If they did wot feel that thoy were wroug, they never would returu to their old relations with the Amorican Union. They woukl bo constantly plotting rebeilion, and they would bring to their causo the uncon- querablo spirit of tho Anglo-Saxon race fight. ing in n just cause. Wo kuow that they do not contemplato anything of the kind. Thoy givo to the Goneral Government a generous and sincere support. Moreovar, their pnblic men and many of their nowspapers mnke the avowals of error which wo neither solicit nor desire. Itis cnongh for us that they behavo as honest men, and that, although onr *‘orring brothren,” they aro atill our follow-citizons. THE DECLINE OF ENGLISH TRADE. That sagacions and far-sceing statesman, Jonx Brionr, made aspeech upon the ocea- sionof tho recent opaning of tho new Man- chester Town-IInll, which is nttracting much nttontion in England from the important chnracter of tho topic which ha selected—the future of the materinl prosperity of Englaud, the dangers which {hroaten it, and the remediea by which its declining trade’ may Do rostored. In discussing this topie, Mr. Briont pointed ont that English manufac. tures ean bo exclnded from foreign markets by other canscs than prolective tariffs, and that any canso whioch incronses the cost of producing them at homo has tho samo effect as n foreign duty. Buch a causo—tho resolu. tion of tho working classos not so much to get higher wages na Lo do less work, which in ronlity involves higher wagea—ha declarod was in operntion in England, aud constautly widening its operntion. Upon this point ho directed some worils of warning to En- glish workingmen, showing them **that the incomo of tho nation in lessoned if its citizens work loss; that if the share of the laborers is Incrensed while the whole produca is dimin- ished, the share of the capitalist must bo donbly curtailed ; that the nbstinence from enjoyment implied in the maving is not so ngroenble to the majority of mankind that they are likely to practice it without hopo of rowstd; and that, s capital ceases to be saved, omployment for Inbor falls of.” 'Tho Tondon Z'imes attaches gront weight to Mr, Briour's suggestions, as furnishing ono of tho most important causes of tho decline of trado, while It still recognizes na partinl canscs tho wasto of capital in Amorica, the overspocnintion in Germany, and the uncor- tninty of tho faturs. It rocognizes that there hns beon a gonaral reduction in the bours of work in tho Iast fow years, and thot nt the prescnt time tho fuud available for paying wages is not onough to support » satisfactory manner thoso who are able to. worlt, While Mr. Bnant's suggestion of one of tho most important causcs of tho paralysis of business in England is so truo that it hardly needs demoustration, it is doubtful whother English workingmon will soo it or accept its lossons until thoy aro forced to do so by stern necessity and tho logic of lmnger. The avil will care itself, but not without soveroloss. DBy cutting down time, tho English workingmen are reducing pro- duction, making tho cost of everything donrer, decrensing tho wage-fund, losing thelr market, and bringing want upon themselves. English commerco ‘will declino and exports fall off until nt logt they must find thomselves in dobt, the balanco of trade must run against thom, and their financesbecomo disorganized. As thoy lose thoir foroign markets, tho work- ing classes must continuo to loso employ- ment. Tho idle class will jncreaso both in numbers and in penury. Distress will multiply and crimo inerenso, and this dis- astrous condition will continuo growing worse and worse until tho laboring class Roos back to work, nud thus rocovera trade. Wo havo boen through this disastrous process, and aro now endeavoring to rocover what we havo lost. 'Prado is already in- croasing, and, if the tarifl is so rovised ns to removo oxisting burdens upon manufactur- ing, it will only bo a short timo until our ex- ports ko increaso in tho British markoet ns to compol tha Trades-Unlons of England, now endeavoring to produco denr goods, to re- verso thoir ruinous process aud lesson the cost of production. France, Belgium, and Germnany, which has got through with ita squandering of the Fronch milliards, are also rocovering from their oxcesses and nre cnt. ting into tho English. 'The evil sot forth by Mr, Buianr i not n permanent one. It will go on, however, uutil other nations take thelr morkots away, and then they will turn abont and reek to recover thom by the ap. plication of the ordinary lawa of trado under the cowpnlsion of necessity, Tho livelleat newspapors in o personal way jnut now aro thoso in Ohio, and among those in Ohio that may be singled out for com. mendntion oro thoso printed in Clovoland and Cincinnatl. After oxhnustiug tho ro. sources of typography, snch as caps, big caps, italics, dashes, and cxolamation points of astonishing sizo, in abusing aud villifying each other, thoy have called in the engravors to their nid, and aro now assniling cach other in a pletorial way. Although they aren good ways *‘after” Nast in slinrpuess, and #till furthor “aftor " Rarnazy ond TiTIAN in artistic exocution, correotness of drawing, aud facility of oxpression, still they answer thele purpose. Wo havo before us tho Clovelnnd Pliindealer, which contuins o picture of *'I'he Editor of the Leuder ny tho Modern Jeremiah,” in. which the latter ap. pears as a Bwitzor with a gorgeously-plumed "T'yrolean hntand hob-nailed shoes, sitting up- on histrunk marked “E. 0." uponthoend and addressed to ** Berno, Bwitzorland,” bitterly weeping, and utlering o plaintive wail. Tho portrait bears ns auch rosewblance to the editor of tho Leader as it docs to Narorrex Donarante, but this is fmaterial, since tho editor of the Plaindealer is careful to explain who it fs. The Cinciunati Z'fmes is moro fortunato in this respect. It has a cartoon of Munat Harsreap straddling a fonce, at the extremitics of which are tho Fronch and Gor- wnn flags, and beneoth which aro tho dead and wounded of the battlefiold of Gravelotte, with bis famous exclamation, in o scroll, # Forty square miles of dead bodlos have X straddled.” ‘I'hero is no mistaking the like- nesy in this portrait. Wo do uot refer to theso two plctures to call atlontion to their particolar werits, but to notice this new de- parture in personal journalism. As ‘% Art is long and time i3 floeting,” the cartoon may yot prove to bo a very handy means of rotort in the hurry of nowspaper business. The more Gun, Gaurzup discussos the fluances in joint debato with Grouoe H, Pex- vLETON, the more ho comes to the conclusion that bo i4 in favor of the silver dollar, and that it wust bo remonetized. He has almost progressed to tho point whero he no longer belioves that its weight noed be changed. Not long ago he saw in the proposed remon. etization of silver only * the casontial elo- wments of vast rascality’ and colossal swin- dling.” He now wauts silver romonetizod, ond wants “ both metals * in ciyculation. Ho s8ys ho know nothing about what was going on when silver was demonctized,—absolutely nothing,—enddoesn't know whethor he voted for it or not, ns the yeas and nays wore not called. Itis just beginning to b porceivad by Gon. Ganrrern that demonetizing silvor s 8 wrong to be rectified. Ho says now of tho two metala: 1 balleve the example of France shows they can be kept In tho country together. And hern T tako the lberty of anavering my friend by'saving that T do nat care what modo of miljustinent, onty sn thae adjustmont shiall keep both the coing in cirenlation o thin conntry, I belleve it is posible to do that, and it mignt likely bo powsible to do It withont changing the rn. Hoatall, 1If it can be so done, wall; but whateyer menns may be necessary to keep Up the clrcaln. tion In this country, that mesna shonld e adapte ed; and It Is the bmainess of Cangress to fiad out nnd adops the necessary means, In 183 the Democratic Congress read)nsted the reintions between siiver and gold 20 ns ts make the ratio sixicen toone. 1 helleve that was unfory. nate, Fifteento ona drove out the rold; sixteon toone drove ont the silver. In the meantimo France, having adovted fifteen and one-hatt 1o one, Just half letween thone, was enabled t kecp both gold and silver In elrcalation in her couny ¥, 'Tho change wns mado in tho weicht of tiy gold ; tho lattor was mado too light. V)en the silver dollar becomos worth more than the gold doliar, let the lattor ba chinngod Lnlf. way back to the old ratio, which will be 15} to 1, and thore lot it atand. As late ns July 13, 1876, Gon. Ganrzep in Congross talked this way : & Dare any man say that we can pay In this so0 greatly depreclatod sitver and renlly obey tho las of equivalency which was the basle and apirit of tha law of 18007 He dealea tho principlo of equiy. alency who propores to pay in silver coin. 1¢ you insist upon paying In silver, then I inslst that your silver dollar muet be equivalent to yone gold dollar, Do gentlemon consent to maintain equivalency in the two standards, and then pay In sllver? Manifeatly not. Thelr incentive fs gong the moment they ara asked to pay 100 cents on the dollar. Tho Goneral {s now gotting his oyos open to tho cause of tho *‘grent doprecintion® and the disturbance of the *‘equivalancy” which distressed him so greatly. Io per- ceivos that it was eaused by that wicked sct of 1873 domonotizing silver, wlhich wng aneaked through Congress in tho interast of schoming Shylocks; wo feol confident that ho will ot tho extra session voto o restors the old silvor dollar of 371} grains {o the stntus it ocoupled provions to 1873, A letter from Massachusctts reprcsents thay the political pot {s bolling merrily In tha Lailiwick. - There are four partles, awd the be- wildercd voter who s not so particular about principles ns ho s about belng on the successful side, 1s hunting around to fnd out which mob §s thelargest, that hie may shout to some account, ‘The Republicans present Gov, Rics on tho stralghtout platform, while the Democracy * offer GASTON ns representing tho principles abandoned by all other partics and upheld only 28 a last-straw dodge by the remnant of the un- washed. Close beslide §s the Prohibltion party, offering Ropent C, PITMAN ad o frightful cx. ample of tho evils of strong drink, and right behind Is tho Greenback faction, shoving along WaNpeLL Piuirs as an indicatfon that al- most anything may pass current if the party should by any means succeed. The prevalling fmpression s thal Ricw's calling and ele.tion are already made sure. The Greenbackers will be supplicd with dribleta from the Republicans and Democrats, wmostly from the latter. By Rica's opponouts it s claimed that ho has lost conslderably by his veto of the Hoosne Tunnel bill, while, on the other liand, 1t Is admitted that he bas vastly Increased his pop- ularity by vetolng the Local-Option Liquor bill, oug of the moat remarkable elorts at alecholie legislation ever perpetrated. All thesu things conduce to great excftement fn Massachusetts, aud all cyes are turned towurd tho * Working- men” who occupy an independont attitude toward the four partivs, but who are expectsd to declde tho day by Joining ono or tho other of tho regular organizations. i Tho Loudon Zimes of the 17th of September pays this handsome compliment to Usuax Pasla, the victorfous Turkish General: 'Tho defense of Plevna by Osxan Iasha has stampod that Geaernl's lmmo{ll;h on the ecroll of milttary fame. ~His perception of the value of the position, the energy and rapidity with which he canverted an opey town it a formidable fortress, thie coulnoss and courago with whici he hus reaiste vd o fong bombardment and 1 dosperate aasault, and his just approciation of the oxact moment at which 10 abandon the defensive and deliver an at- tack, cetabiivh hini 04 a commander uf uo ordinary cavucity. Yet it would be premature, {f not, fn- dued, orroncous, to bellove that thu fallure of the attack uf tho Rursians upou Plovas is o certain }lrl.'hllhl to their relinquisiting the offensive, cven or thin campaign. it would be as unsound celti- clsm now to prosage thelr fnal defest as it would have been o snticiate their indubllable success % 3000 28 Lagy sucured, without oppoultion, tha paesugo of the Dunube,’ lu war thore are tnany accldente, And even if all tho ruwnors which were tloating nbout yestorday ufternoon werw trug, bo mlrucie would dye: be neccsaary to restore victory to tho shattered standards of tho Cznr, for tho Itunsinn srmice still holy she contral position bes taveen the dlvided srmivs of their opponents, aud ::""“3'1 this solo advantaze have good couse of opo. i — a2 The Boston Journal says of the {mputations in Gen, GraNT's conversation in Scotland upon the character of JounN Lotuuor MoTLey and CuanLes Busnan: 0 far as tho objeciion to Mr. Suunrias Chalr- Toun of the Schato Forcign Commitice ls concerns cd, uamely, thut ho Lud porsstently vbstructed th transactlon of public buslncss relating (o fors olgn attairs, 1t {o cortutuly vory wingular that such & churye was not nade at the time when the whole country wae enger Lo Knuw the roal reasons of Alr, busuicy dopodition. and, wo may udd, was niot at ali satisdod with such reavons o were then miade public. Tt was weil known that there wad u conntitutional incomputibility betweon the tom- perswont sind whalo maka-up of M. Susxen snd of Gen, Guant, which mada It very digicull fur them to get aloug well together; but thero was the wame recognized dlversity botwesn Senator Husxxn und Senator PEsSENDUS, Yot nohe can posivly unagine either of thess uoble men us cupshie of rumlllu% thelr dilferunces over the grave of (ha uther. 'The quoted rofercncus 10 Mr. MotLy 0 thle interviow aro munnv uucalled tor and ohjectionable, whatever llems of fact thoy may embody. It fs hinted that DAVE ARMSTRONG, Of St. Louis, wil not accept the avpointment of Sona- tor, vice Boay, deceased. AnMaTiONG has pecn a candidate for every position in the gift of the Exceutive for tho last twenty-one years, fron Pollco Commissioner (which he got) to Private Becrotary (which he didn't get). His uopopu- Iarity in his State will not affoct hls meceptunce, but he may be scared out of it by a threat to tako away his Pollco Comuissloner's badge—3 bauble which to him s brighter thau oll the glories of Huaven. R The United States Supremo Court decidos that cowmon carricrs are respousiblo for losses from the izross negligence of all the lues wud agencies employed In thelr business, Tho Adams Express Company is held for the loss of money destroyed by the fall of u rotten bridge ou thie Loutsvilio & Nashville Rallroad, This la, moreover, one of the responsibiiitica which tko Court holds 1t would be contrary to public policy to permit the cummnon varrier to vold by eypress stipulation, ———— Dartmouth young gestlemen are torn and distracted by the question, Shall the collegisto cup sud gown of the Euglish Uuivenity bo adopted! ‘The Freshmnan class has ruspondud i tbe affirmative, but the rest cliog to plug Lo and tail coats, aud the discusslon wased warm. Asthe rowiog and basc-ball season ard over and thero s nothing besldea to distruct the scholastle mind from 'varsity dutics, thy argu® went will do as well as anythiug clée. e ———m Terbaps a uote frow Blue Jusns WiLLiaws stmiter to that which secured the passuge of bis son-ju-law through the lues of the wob would help Mr. 8ux 8. Cox Iu hiy candidature for the Speakership. WiLLIAM$ has commenced mod- estly with recommending o Doorkeeper {0 the House (not exactly of tho Lord), sud, if ho wins in that deal, great things msy bo expected of his interference In the higher otlices. An exchange sums up the ridiclous plat form adopted by the Wisconsin Dewocracy 88 follows: ‘The wuddled mass which makes up the pll“vrf: of the Wisconsln Demucracy wost excito gene ridicule, Lnouo clavssitdominds Stave sovervigald