Chicago Daily Tribune Newspaper, November 20, 1877, Page 4

4 THE CHICAGO Tlye Tribune, RMS OF RSUBSCRIPTION. RT MAIL—IN ADVANCE—POSTAGE FREPAID. Patiy Fdltion, one yea 31400 TAtAof 0 yeAr. pefm 2 Sonday bditlon: | Literary and - iteliglous Pouhle Sher ;. 0 i i Ny ey bar : BV ar A Year. o monih. g1 WREKLY RDI ” Cne copr. peryea | i of e, 350 £peclinen coptes sent res. Give 'ost-Uftice aadrese in full, fncludiag Blateand Countr. Liemittances may be made efther by draft, express, Tost-Utiice orrer. or in Tefsterrd letters, at our risk, TRARMS 70 CITY SUBSCRIBERS. Tally, delivered, Snnday excented, 23 cents per week. 3 a1y, deltvered, sonday included, 30 cente per week. Aadresn TIE TRIDUNK COMPANY, Corner Sadinon and Dearborn-atx., Chicaxo, Nl Orders tor 1he dellvers of Tax TAINUNE at Evanston, ¥ ngiewond. and Hyde Park leftin the Couatiag-room WUl tccel re prempt atiention “AMU MeVicker’s Theatres Malltson etreet. beiween Fiate aod Dearborn. **Litlian, or Woman's Last Love." Hoaley’s Thentre, Randelph rtreet, between Clark and Lasalle Eugagement of Fryer'sOpera Troupe, **Masaniello," Mnverly’s Theatre, Mozroe street, corner of Dearborn, Engagement of Alle. Zoe. **The French Epy.”™ Colisenm Novolty Thentre. ark etreet, Letween Randolph asd Washington. erformance. _Alternvon and evening. NOVEMBER TUESDAY, 0, 1877 CBICAQO MAREKELT SUMMARY, Tho Chicavo produce markels were moderately selive yesterday, and gencrally irmer. closed Hé4Ttc per brl lower, at $12.10@: for Novcmber and $12.25@212.274 for Lard clored 2%c per 100 1bs higher, at $7.87% @7.00 carh or eelier January, Mcats were raricr, at 5¢ for boxed rhoulders and Glc for do short rits, Lake frelghts were less active and firm, at hc for wheat to Duflalo, Whisky was auoted at $L.00 per gallon. Flour was steady. Wheat clored 1c higher, at $1.083( for November and $1.08% for December, Corn closed e Nizher, at ¢ for November and 42% for Decem- Ter. Oats clored steady, at 25%¢ cash and 25%¢ for November. Ryo was firmer, at 5iige. Inr- Jey cloend stronger, 4t 63c cash and G3Ye for December. flops were active, firm, and 10c ugner, closing at $4.35@4.00 for common to choice crades. Cattle were dull and unchanged, at r common to cholce, Sheew were ¥24.25. Inspected intu store in thiy clty yesterday momine: 208 cars wheal, 59 eara and 5,000 bu corn, 51 cars oats, 13 cars and 57 cars and 21,800 bu barley. Tolal (778 cars), 328,000 bu, One hundred aollam in #old wonld bny $102.62% In grecnbacks at the close, Greenbacks nt tho New York Stock Ex- chauge yesterdey sold at 973, Tho movement by tho Citizens' Loague or- ganized to suppress in Chicago the sala of liquor to minors may well receivo the earnest and vigorouns co-operation of the churches; it begine tho work of temperance roform st tho right ond, and desorves the support of nll good peopla. The Baptist and Mothodist ministers at their regular weekly meotings yesterday ndopted resolutions pledging to tho organization and its aima their hoarty sympathy and active assistance. The Common Council last evening passed su ordinanco, nmondatory of the Bnilding ordinance, which requires that all buildings which are four or more stories In height, cxcept thoso used for private buildings ex- clasively, shall be supplied with one or moro metallic ladders or firc-eseapes extending from the ground to the roof; n failure to comply with tha provisions of the ordinance within thirty days after notification by the designated authoritios to involvaa fine of not loss than §10 nor more than $200, beaides a fine of 40 for ench week of neglect to com- Ply with the requiremonts of the ordinance. Tho Fidelity payment of a dividend of 10 per cent to de- positors, aud the sums thus disbumed, though small in individual cases, will bo godsend to many poor people, and extromely welcomo to all. By the report of the De- positors' Committee, which is published this morning, the gratifying prospect is Leld out that the proportion ultimately roalized by the creditors will excood the estimato of the Recclver in hls rocont report, the Committeo Lelieving that the Rocelver committed, in many 1nstances, the excusable error of undervaluing the assets, and that the differ- ouce butween the estimate and the results will bu suflicient to cover the cost of lquida~ tion. All of which is most oarnestly to be wished, ——— . Anattempt was yesterday made by tho retiring ringsters of the County Board to re- store tho snlaries of county employes to the figures os they stood previous to the recent reduction. ‘Tho proposition was dofeated by avotoof 7 to G, and the new Board will como into existence with this portion of an unpleasant but imperative duty accom. plishod. Therv are a thousand other ex- travagauces to bo pruncd down and abolish. ed, and when all is dono that tho taxpayers demand sud expect of the now Board lu this direction, and the policy of retrenchment is impartially enforced, the employes who now protest ngainst tho reduction of their sala- ries will hava no right to complain,. But the retronchinent must be Bweeplog and iwnpar. tiul,—uo exceptions and no favoritiamn, The policy adopted by somo of the Senate Commitiees of refusing to moet snd prepare reports upon matters referrod to them for considerntion i likely to result in one or more spirited contests, The Democrats, baving waited uutil thelr patience is ex. Lausted for o roport from the Elections Com. mittee on the South Carolina case, yosterday resolved in caucus that Mr. Tavnaan shall move in open Benato to discharge the Com- mitteo from further responsibility in the caso,—this attempt, if successful, to be fol- lowed by awotion to swear in Buries, the Democratic contestant. It is said thoy count on the sssistance of two Republican Benators, PatrensoN and CoNoves, to carry out the project. 'Then, too, the friends of the Silver bill have a - grievance whick they are tewpted to resent in a similar manner, Ihe Finsuce Committee regularly fails of n quorui, the monometallio obstructionists refusiug to act on the LI, and the silver wen, who are believed to have o decided wsjority—one estiwate places the Senate at 48 to 22 in favorc! the bill in some form— mey wso conclude to take the atter from the hands of the Comwittco and force a vote at once. 1t was comedy day in the House yestor. day, aud Mr. 8. B. Coz, formerly of Ohio, but now hailing from New York, was under. lined on the bills, Mr. Avxaxw Hewirr, who elecled Mr. TiLDEN 10 the campaigu of 1876, wos down for a solo on the coiue dodger, au justrument which, its inventor claitus, will stic the great heart of the French nation if the United Btates Govern- amcot will seud it to the coming Exposition in clasge of a competent performer, The programme wan carricd to com- pletion, bat Hewirr's part, either from somo nnexplicable Llunder of the intelli- gent compositor who sot up the prograinme, or from some other causo as yeot untold, becama transposed upon the list of perform- ances, and thns seriously interfored with the symmetry of the entertainment, prin- cipally to tho chagrin of the witty Samuer. The Ilgwsrr instrument groand out the mnsic to the apparent delight of every one upon tha floor, except the artist above allnded to, and somo of its strains woro really of a pleasing character, especially those which touched upon the rotten- borongh system, in which Ay, Cox has a o personal interest, Yesterday's brief announcement of the apture of Kars is fally confirmed in the dis- patches printed this morning. Buch details as are at hand show that the historic strong. hold of Armenin was taken only after n series of most nuagnificent nssaults by the Russiang, commoncing nt 8:30 o'clock Saturday evening and continuing until 8 o'clock Sunday morning, at which hour the Turks abandoned their last redonbt, and the garrison fled in hot haste toward Erzeroum, only to be pursued and captured by the Cossack cavalry, Kars was to the Russo-Turkish war what Vicksburg was to the American war, and Plevna is the Rich- mond. With the fall of the former the back- bone of the defense of Asia Minor is com- plotely Lroken,and Erzoroum and Trebi- zond must soon follow in the train of Russian victories, It may weil be doubted whether Turkey will evor again rocover possession of the city and fortresa of Knrs; Russin will undoubtedly take good cara to prevont her ancient enemy from re- covering control of this koy to tho situation in Armonia. Tho fall of the Richmond of the campaign is now only a question of timo, and with it such a complete and over- whelming defeat of the Turkish arms that nothing will remain but for the Torte to make peaco on the best terms it can securo, THE BILVER DOLLAR. aletter published in Tue Trinoxe, Mr, Poitir S7emy asks for various information concerning the demonctization of silvor. The nact of 1873, under which the coinage of the silver dollar was prohibited, was not, whon beforo Congress in the form of a Lill, smch n measare of legisiation as to invite or attract goneral and mucli losa tho special attou- tion of mombers of Congress, There was nothing in ita title, nor in ita genoral char. nctor, to suggest that there was any change in the coinngo, silver or gold, or in tho weight of anyof tha coins, much less the abolition of the further coinage of the then existing coing, The bill was of enormous length, containing nbout sixty sections, and covering nnny priuted pages of the statutes nt lurge. The title Liad no reference o any change of the coins, or to the demonetization of silver. It was propnred outside of Congress, by the Dircctor of tho Mint nnd others. The 1aws and rognlations of the Mint were scat- tered through n long series of acts, This bill was to reduco all these acts to one, and to modernize the regulations of tho practi- cal oporntions of the Mint as had beon sug- gested by ecxperience both in this andin other countrics. Nothing of all this had any relation whataver to nny change or reform of colaage. It rolated wholly to the mechanical | operations of the Mint. Tho bill waq re. garded ns n special measuro, propared by ex. perts, to place the mechanical operations of thoe Mint under proper regulations. It was not a bill to demonetize silver or gold, or to changa thoir relations, or the weight or fine. ness of any coin of either motal. Nominally the bill was referred to committees in Loth Houses, but it {s doubtful whether any of the mombers ever read, or, reading, under- stood any of its dotails. It was taken in good faith by members as propared by the Mint officers and other experts, as containing nothing but what it professed to contain, and which such ofiicers were specially con- petont to recommend. The bill was reported in tho House aund was passed, never having been rend oxcopt by ita title. It was passed in the Senate without being read in full. We admit, however, that, kad tho bill been road, it is not possible that the fraud would have been detected in the mattor of the abolition of the silver dollar. 'The forty-seventh sec. tion of the act provided: ‘The silver colns of tho United States shall boa trade doflar, a Lalf dollar, & quarter dollar, a dime, "I'he fiftieth section read : No coina either of pold, silver, or minor colnage ahall hereafter be 1saued from the Mint other than 1hoseof the denominations, standards, and welights set forth In tbis sct, ‘This was siwply o re-onactment of the ex- istiug law, with tho silver dollar of 412} graing omitted from tho list of colus, The fraud was in the manner in which this omis- siou was made under the form of re-enacting the previous law. It was adroitly and successfully doue, npd the coinage of tho eilvor dollur was arrestedon the 12th of Feb- ruary, 1873, 8Six wonthslater, the President, writing to a friend, exprossed his regret that silver was not more largely colued, and then for the firat time learned that Le had signed tho law prohibiting its coinage, ‘This act, however, in prohibiting the fur- ther colnnge of the silver dollar of 412§ grains, did not fully demoyotizs it; that is, that dollar remnined a legal-tender, as it had been for cighty yoars previously. 8o, in 1874, when the codifiers of tho laws propared their work, they roported the codo as embodying the existing law without change. The snct ©F 1873 had declared that the silver trads dollar, the half dollar, quarter dollar, aud dime should be a legal-tender for all sums not exceoding five dollars, This did not {n. clude, and therefore did not directly demon- etize, the old silver dollar, Bat the code, changing the language of the act of 1873, provided that ** the silver coins of the United Btates,” iucluding all, should thereaftor be a legal-tender for suws not exceeding five dol. lars, Then demonstization of the silver dol. lar waa cowplete, ‘The secresy, the adroitness, the peculiar phraseology adopted, all indicate that this was deliberately done by some one sware of ity effect, which effect was not disclosed, and the law wasenacted, The fact that silver had been demonetized was not generally known uutil late in 1875 or the beginning of 1876, ‘I'lio act was legally passed, and is as effect- ually the law of the lsnd as if every memboer of Congress and the President had been aware of its contents; but the manner in which the measure was foisted upon Cou- greas and the President was evidence of a purpose to accomplish that secretly which would nover have boen permitted had the purpose been kuown. Whilo the act was passed accordiug to the forms of law, this particular part was fraudulently jmposed on Congress and the Presidept. 'The remedy {or such Jegislation, whethqr it be fraud or s blunder, is the same, that is the re- ensctment of the %aw| under which the silver dollar was colaed and under which it wae a logal-tender. That is the sola measure proposed by the Silver bill now pending in the Senats. It is to restora the Inw relating to the silver dollar of 412} grains just s it existed in 18774, when the prohibition of coinage and the demonctization of the silver dollar were enacted. No human being had over peti. tioned Congress to demonetize silver; no such question was over publicly nrged in Congress oront of it. It was known that thero was n party in Earope who wished the genoral demonctization of silver and the universal ndoption of gold as tho exclusive moncy ; but that question had wvever been discussed or ngitated in this conntry, yet a fow mon iu Congress and ont of it, nnder the protensa of revising the regnlationa of the mechanical and ofticial operations of the Mint, secrotly obtained tho demonctization of silver in this country withont the knowl. edgo of the members of Congross and with. ont the knowiedge of tho conntry. The question now is, 8hall this fraud, or blunder, or nationnl wrong be remadied by the restorn- tion of the rilver dollar to free coiusge and s a legal-tender 7 THE FUTURE VALUE OF SILVER. The whola burden of the argument usod by the opponents of the remonotization of silver mny be found in the following son. tence, taken from the Baltimore Gazelte: The greenback now {s worth 07 cents, the sllver dollar 02, To make tho Iatter legal-tendor makes it as goud as paper, or rathier makes the pnper as bad as itself. Every man who owns a greenback dollar or National Bank dollar suffers repudiation 1o the diference between 07 and 92 cents. The Silver bill steals five cents eut of every dollar that ha owns, cvery bond that he holds, every credit that hie holds against & debtor, however 1t may be necured, It is this statement that goes flying around from one Enstern newspaper to another, and is reiterated day after day in as many diffor- ent forms ns tho rosources of the Euglish Ianguago and the tricks of ciphering will ad- mit. This reckless nssortion has beon an. swered in part by Sonator BouTweLL, an ex- Becrotary of the Tronsury, and an uncom- prising monometallist. When questioned in regard to the proboble effect of the Braxn bill becoming n law, the purport of his reply wns as follows; The immediate result of remonetization wonld apparently be good. A greenback e a debt 1t allver in to pay a1l debts, the sliver dollar will ab first rise to the value of the greenback. bilver has an_Intrinslc valne which paper money does not possese, and consequently the commercial value of the former could not bo forced as low as that of paper moncy by excessof prodguction. The uppar- ent poud effect might last for several years, until soma check came; then resumption would agaln bo & problens, and it woitld be much harder to go from ritverto golit than from paper to gold. There woulil be such abundance of silver that apparently wa could never make the rabstitution. We hava passed through all the perilaof resumption; the remonetization of silver asa legal-tender for all dcbta wouid be like taking o plunia in agaln, "T'his Is tho opinion of a gentleman who is opposed to the remouoctization of silver, but who s still not so obtuso in financial mat. ters ns to ignora the difference betweon the commerciol value of silver in o domonetized condition and ita function as money when made n legal-tendor. © We cite his opinion on this point ns likely to command the atton- tion of those with whom he sides ontho gon. oral isgue, Mr, BourweLn understands that the remonetization of silver wonld not drag down the present paper value, but wonld on. hance the coin value to par with the paper. If the paper dollar, irredeemable in charnc- tor nd worth about two conts n pound if di- vested of ity legal-tender charnoter, can be maintained at 07 or 97} cents valuo in gold, thon it is ridiculons to nssume that a silver dollar, which has an intrinslo value of 2 cents in gold without any legal-tender quality, could not be kept at par with at loast tho presont valuo of thepapor dollar, if invested with thelegal. tendercharacter. Mr, Bourwery understands this. e thinks that this approciation would last for several yoors, This muy ba ten, or twenty, or thirty years, Itisa more specu- lation, howover, to say that, at somo time in the future, silver will be so nbundant as to render it comparatively worthless. With an aggregate of 35,000,000,000 or $6,000,000,- 000 of debts, and n necessary limit of silver colnage to about 850,000,000 a year and as much hkelihood of an increase in the gold production, this speculation js eo senti- mental that it will not pay to lay awake nights thinking of it, . The point is tho tes. timony that the remonatization of the silver dollar wiil immediately givo it tho full valuo the paper dollar now Las, and that this con- dition will 1ast for an indefinito term, Tho value of sllver in bars at London for mero commercial uses is equivalent to 02 centa for the American dollar; but it was not moro than cighteen months ago that the valuo of uilver i bars in London was equiva. lent to only 8% and 80 cents for the Amor- lean dollar. Tho change was mainly effoct- ed by creating an American domand for some £10,000,000 or more of silver for the sub. sidiary coine, This single circumstance was sufficiont not merely to arrest the decline of silver, but to enlinnceits value, Now if an American demaud for $10,000,000 of silvor, to be used as money, can work wuch an ap. procintion of silver in the open markets of the world, is it absurd to imagine that a de. mand for several hundred millions of silver for money purposes would leave the valuo of tho metal just where it is now? Alnost as absurd ax to presume that the legal.tender valug of paper, intriusically worthless, can be dragged down by making ailver, worth in ituelf 03 conts on the dollar, its equivalunt as legal.tonder. ‘Thore is another way of getting at it. The subsidiary silver coin is worth less than the former silver dollar on'sceount of its debased claracter, Two half-dollars are about the equivalent of the five-frano plece, or worth about 4 cents ss compared with the stand- ard ailver, which brings the value of two sil- ver hulf-dollars, or four silver quarters, at obout 87 cents in gold. Yet a imited legal. tender charncter given to these subsidiary colng hag placed thew and kept them at par with greenbacks, though the relative value of the latter in gold is 10 cents more on the dollar than that of the debased subsldiary coln. Some $30,000,000Z0r 40,000,000 in swall coins, worth 10 cents lesa in the dollar than the greenbacks, are in par circulation with grecnbacks by making the forwer legal-tender in amounts not ex- ceeding 35 ; if they were legal-tender to the awmount of 10, probably §60,000,0000f them could be kept ut par; if legul-tender for $20, probably $100,000,000, aud so on. Now,1n the faco of the fact that a coin worth only about 87 cents is kept at par with paper dol- lars worth 97 cents by making the former legal-tender in small smounts, it is prepos- terous to maintain that & coin intrinsically worth 93 cents cannot likowise be kept at par with the sawme paper dollar after it sball bave been made an unlimited legal. tender. To argue tbat this will not beso is o argue that a new use for a commodity does pot enhance its value, or that the useof a dobased coin a3 money may give it & greater WRIBUNL ‘FUENDAY, NOVEMBER 20, 1877, valua than the same monetary use of a coin of greater intrinsic value. It is not easy to treat this particular phasa of the silver question with patience. It is timo for the most atnpid and perverso peoplo to abandon tho absunl theory that remonc. tization of silver will depreciate the paper instead of appreciating the coin, ‘Ihero is nothing in expericnee or renson to justify such an assumption, We suspect that tho ontery is maintained with the deliborate pnrpose of deception, for wunder no other theory can it be charged that the remonetization will enablo debtora to nwindlo creditors. Ionest opponenta of the remonetization project like Mr. Bovrwrit admit, and for thoe rest it is sell-evident, that ‘when the silver dollar shall be legal-tondor {twill be worth in gold ns much es tho greenback is now, to be affected in the fu- ture by circumstances of which nobody can judgo now. Wil it then be dishonest to pay debts in coin worth 97 cents nny more thau in a paper currency worth the same, which debts wero contracted on a basis of from 80 to 85 cents advanced originally by the creditor ? THE PEACE RUMORS, It it be true, s the dispatches report, that Kars las fallen befora tho victoriaus Tussians, we may expect fresh flights of peaco rumors befora loug, and of all sorls of propositions made by the Powers. Tho London papers are already discussing tho possiblo torms that may be offered, and all of them agree that England Las suggested that * tho Powers wonld drop the iden of intornntional control over the Christian provinces domanded by the Conference, if the Bultan, in return, were to pledge him. Belf to the Powers to give to the threo provineos loeal and administrative sutonomy, enubling tho population to contral* the provincial authorities, and providing courts of arbitration in case of diffcrunce.” 'Thers are two very good ronsons wiy Russin will nevor accopt such a proposition. First, Turkish pledges are not worth the paper upon which they are written, A Turkish promise to grant ndministrative nutonomy to the Sclavio provinces would be of as much value ns thvir promiso to pay the interest on the English bonds, which they have repudiated, principnl and interest, The Turks have hover yot mado a promise that thoy have kept. Thoy bave promised over and over agnin to reliove the Sclaves from their burdens, and only imposed fresh oncs. They promiscd last year to investigate the Bulgarian massacrea and punieh the authors, Iustend of doing it, they promoted Curveer Pasha, under whose authority tho massacres weto perpetrated, to tho command of an army corps. They have put forth innumer. nble promises of good government which have never been kept, because thoy were never mado to bo kept. The Bultan wou'd not koop his promises if he could, and could not if he wonld. It would be as contrary to .the lotter and spirit of the Molammedan roligion to keep a promise mado 40 8 Cliris- tian na it would be to recognizo n Christianaa entitled to the samo rights as a Mohamme- don, Reform under Turkish rulo is sim. ply impossible, becnuse, as Mr. Fnee- MAX shows in his colebrated essny, ** Real roform—the granting of resl equality to mdn of other religions—is contrary to the Moham. medan religion. All that pretended Turkish roforms have over done has beon to throw dust in tho eyes of Europo, and to incrense the batred of tho subjoct nations by the further wrong of making promises and then breaking them.” There is another resson why Rusain will not consent to a peaco bused upon the torms imptied in the English prop- otition. Defore the meoting of the Confer- once, Nussia proposed a certain ultimatum to bo discussed by tho ropresontatives of the Towors ns o condition of peace. In order to oppease tho Turks, this ultimotum was whittled down by the Powers until but little was loft of it, and even that littlo was con. temptuously rojected by tho Porte, where. upon Russia declarod wer upon tho basis of its original proposition, and announced hoer intention to enforce it by the sword., Au she has now nearly completed her mission without the aid of the othor Powers, it is not likely that she will consent to any penco that will not foruver reloase the Holaves from Turkish tyranny, and at tho game time scoure her awple indemnity for the expenses of the war, The London Spectator, a pronounced ‘Turkophobist, in discussiug tho question, takes very radicul grounds, and declares that any termination to the war which leaves a ‘Turkish Sultan in Europe will bo dispropor. tionate to the offort that has beon mude, and that *if they (tho Turks)stop, if they ro- tain one vestige of suthority, one province, or one city, the work will bo left uudone, oud within ten years will bave—amid mnuch moro dangerous disturbances, for Europo is just now lceping n ring—to bo begun sgain." 'The only compensation that can come out of this war Is the freedom of East. cm Europe from Asiatic dominlon. *The Pashas, the officlal Purks, the namo of Turkey, must depart from tho earth on which it has wrought suoh wrong.” It pro- posea the disfranchisoment of the whole Empire, leaving it Greck instead of Turk, If tho Russians distrust the Greek, it sug- gests Omasrxs of Roumania as rnler, who would be upheld by the Hohenzollerns, sad if the Roumanians ave not watisfactory to Runala, then it suggests *‘the Enplish Prince, whoso son will be at once Coburg and Romenofl,” reforring, of course, to Princo Avrnep Enxest Ausear, Duke of Ed. inburg, who married tho Russian Princess Mamz ArzxaxpsownNa, The general posi. tion taken by the Spectalor with referonce to the onfranchisement of the whole Ewmpire and the extermination of Turkish power and name will commend itself to Americans, who cau look upou tho merits of the contest with impartiality, baving no intorest at stake, It is the ouly result’ that can insuro lasting peace, and theonly settlement that will bein the interests of bumanity, There is no prospect of peace in Eastern Earopo so long a8 the Turks exist ns a nation,and there never was o tinie when thet oxzistence could be endod with so littls regrot or protest us now, THE FINANCES OF FRANCE. ‘We have received the following lutter from & gentleman in Colorado, well kuown in thiy State, who has evideutly beon bewildered, o4 wauy others bave been, by the reckless statements made by Greeubackers and oth- ers concerning the finaucial operations of tle French Government siuce the war with Germany. He sceks information, and asks various questions, as follows: To Lhs Editor of The Tridune, Bovtner, Col., Nov, 13.~Will you please ex- plain fully the Soancial systewof Fruuce sinco the late Franco-Prussisn was? State tho kuid and auount of paper [currency;as to whether their legsl-tender psper curreacy is receivable for all duss, public and private, eic.; comparing the money system of France with the Unitcd Statce, Also, give the French system or plan of returuing W susclu-pariients, wnd 03plain wAy tbo pever . Ife has hosats of friends in London, whom he currency of Franca has remained st pac with gold and sliver, And please publish the eame In Tun Wersty Tninung; and mach oblige s constant reader of Titm Tainuxe and many other earnest Inquirers as to & eound and healthy enrrency. ‘Truly yours, Jas. M, Nouwtin, The French war closed in 1872, the Ameri- ean war in 1865. Tho national debt of Franco at the close of tho war swwaa about $4,000,000,000, that of tho United States about $2,700,000,000. The French were re- quired to pay a cash indomnity to Germany of $1,000,000,000. This wns required to bo paid in certain installments. which wero promptly made. The Bank of Frauce, like tho Bank of England, is a private corporn. tion, The Government of France, like that of England, has no paper money in cironln- tion, It horrowed Inrgely of tho Bank of Franco in Dbauk-notes, which noles wero made o legal-tender in payment of nll debts, public and private. The Bank, to meet this loan, was nuthorized to issuo its notes far in excess of its ordinary oirculation, The Gov- ernment agreed to repay the Bank in cer- tain 1nstaliments, and when the debt due to the Bank shonld Lo reduced to $60,000,000, then - tho Bank might resume specie-pay- ments, and the time fixed for the reduction of the debt to this sum was Jan. 1, 1878, Previous to the war the maximum sum of paper the Bank was allowed to issue waa £440,000,000, nnd this issue was required to be secured by a resorve of 60 per centin coin and 40 per cont In Government bonds, At tho time, however, of the brenking ont of the war, the Bank liad ontstanding a cir- culntion of only $251,000,000, and held a re- Borve of 9229,000,000 of coin, equal to 90 conts of coin to the dollar of circulation. Thero waa no other paper-money in France, It was this sound condition of the Iank that enabled {t to nfford such prompt and effoctive nid to the Governmont, Tho Bank loaned to the Government 306,000,000, and waa allowed to incrense its legal issuo of paper 2200,000,000, and suspend specle- payments, on the torms wo have mentioned. This paper was mnade n legal-tender for all purposes, The mazimum limit placed on the issue of paper was (40,000,000, In January, 1874, the actunl issuo of notes renched its highest point,—$583,330,818. The Government was faithtul to its obliga- tions, and made its rogular annual payments of $40,000,000 to tho Bank, and the Bank as regularly canceled an equal sum of its notes, thus reducing the circnlation. In tho mean. time the Bauk had adopted the policy of ac- comnlating gold and silver, and, while it re- duced its paper, it increased its coin. Alarge portion of the Gorman indomnity was paid in silver, then o legal-tonder in Germany. Silver being soon after demonotized in Gor- many, the five-frano silver coins rapidly fonnd their way back to France. The Bank thon voluntarily withdrow all its five.frano notes, and paid ouat the silver coin for them. ‘The small notes being withdrawn, the five. franc coln became in demand, and was all restored to general circulation, Gold having in like manner accumulated in the Bank, the managers of that institation further redaced the paper by paying out gold in exchanga for the 20.franc notes, which weroe in due timo all redeomed and destroyod, nnd thero are no paper notes now in Franco for less than 50 francs—or §10. Prior to the war thera was no bank-noto of less denomination than 100 francs, or 920, all tho circulation undor that amount boing motallic. 'The withdrawal of tho 20.franc notes reduced the total of outstanding paper $60,000,000, and put that snm of coin in circulation, In con. sequence of ol this, and the sound condition of tho Bank, the bank.notes have never been at more than o nomina!l discount. Having both silver and gold as a logal-tender, it re- doemod on demand all its small notes in sil- ver; it thon redeemed tho notes of a larger denomination in gold, and the still larger notes, being moro conveniont than coin, aro alwpys preferable Lo the motallic money, and are not presented for redemption, though tho Banl Las always accommodatod the pub. lie by cashing checks in cither gold or silver, or giving the coln for notes for any business purpose. ‘The policy of the Bank of France has been to accumulate coin sud reduce tho amount of outstanding paper, thus by tho doublo process reaching spacio-psymonts without any serious contraction of the cur. roucy of tho conntry. These details may be summed up in the following comparativo manner: Bapik circulation authorized In 1870,.$440, 000, 000 ‘Actual cirenlation 1n 1870,, +u.. 1,000, 000 Coln on hutidyees vevesene 1, 000, 000 ‘Totul coln ani notes in 1874 « 480,000, 400 Noto clrcalation authorizod, 167,707 (40,000,000 ilignest noto circulation, 1674 B, 040, 000 Coin at kamo date, Circnlation Neptol Coln beptembcr, 1477 B Circulation September, 1877, ‘Tho dobt dus by the Government to the Bank waa in October £62,000,000, which has since been reduced below 40,000,000, and it is now lawful for’ the Bauk to resume specie-payments ; but the Bank, though it liolds 93y conts of coin to the dollar of jts olrculation, will not venture upon any ox- periment until the day fixed, It will bo seen that the Dank has now outstauding sbout tho samo nmount of paper it was authorized by law to issue before the war, but it has largoly enriched ita means by acoumulating ald and sitver, Iu this country we propose to resumo ecie-payments with not over 25 cents in old ou the dollar of our outstanding paper, ud the Becretary of tho Freasury obstinate, ly persists that silver sbill not be colued allowed to bo used in tho matter of specl aymeonts, EXIT PONGO. Poxao, the best friend of Ar, Danwiy, is dead nnd gone. Poxao was a gorills, but none the less a gentlewan, and he leaves be- hind him & record for high and honorable conduct and an exemplary daily life that should commend him to grateful remem. brance, Ponco died away from home. He sulfered from bronchltis, and ko weut from London to Germany to take the waters, but they wore of no avail. He languished and died, and thero is nothing to intimate that he did not die s he had lived—a gentleman, wus accustomed to receive at stated hours with the utuiost courtesy. He smoked, but not too much. He drank his glass of wine, but he drauk it like a gontleman, and was nover intoxicated, As tho representative of the grand origiu of buman lifv, Lo looked upon men snd women with sywpathy and kindness. Ho sat at table and conducted himself acoordiug to the code uf etiquette,— did not eat with his knife, nor reach over the table for victuals, nor spill the gravy on his neighbors. He always conducted hiwself with moderation, never giving way to those excesses which charaoterize his bretlren who are made *‘a little lower than the angels.” At the time of his death he was civilizing very rapidly,—so fast, in. deed, that his keepers .sald he had but little more to learn. Indeed, they wera not sure but that he might teach the human Faoo sousthing it ought to know, Perlaps, therefore, it fs better that ho died before his primal idens of honor, robricty, and moral- ity were corrupted. 1Iad he lived n fow yonrs longer hé might have been a brulser in a prize-ring, the propriotor of a faro-bank, a dofanlting Sunday-school anperintendent, an election bummer, a ballot.box stuffer, a check-raiser, A gonteol forger, a Credit- Mobilicr enginoor, an aristocratic dend-beat, or have dono soniething olso that would have disgraced his Simian sire. In i carly tak- ing off, therefore, thore is the consolation that Yoxco was saved from the temptations of the world, nnd retired from it with n clear record, The cpitaph upon his monument, if ho have one, will not be ns mendacious as the averago posthumous tributes, A pecnline intorest nttaches to Poxao. Thorude uncultivated world looked npon him na o brute, but many men of keen ob- servation and sciontific inatinet snspected he might bo a mnan and a brother, and, more than that, the missing link in the long chain of subllo causations that unites man with the monkey and evolvos him ns the matured product of a crude Bimian beginning. Messrs. Darwiy, Huxiey, and others studied him with assiduous zeal to sco it they could not wronch tho secrot from him, but they did not succoed. Perlapa they did not approach him in the right manner. Terhaps he did not understand their scien- tiflo jargon, or ngnin le may have been too proud to acknowledgo his relationship to such specimens as lio sometimes saw about him, and proferred to earry the secret with him to the grave, He certainly tried to behave like aman. Ila walked erect on two legs, dressed with duo reference to the atyle of the period, and used the two hands which had once been feot politely and gracefully. o usually looked alout him in a grave, ob. servant way, evidently studying mankind from the high plane of the philosopher, but ot the samo timo always had a kind smile for gentle paople. Ilo was affectionato in his disposition, gollaot in his manners toward tho ladies, atrong in his friendships, shunned the nppearance of avil, and voluntarly chose the strai;ht and narrow path of good, though he lLad no well-defined theological idens and did not attond any church. If ho had, tho whole tenor of his life shows that e would have kept awake aud paid his pew- taxes regularly. With all Lis amenities nod his disposition to look upon lifs in o kindly way, he hnd a secrot sorrow that may in some mysterions manner have nffected his goneral health, It grew out of his manifest regret that ho had a tail, and that the tail was nelther useful nor urnamental whilo he was in an erect atti. tude. Ho did not stop to roflect that all Lis human brothren have the rudiments of o tail. Tlo only saw that his tnil was unneces- sarily long, and that, with this candal excop- tion, he was a3 ‘good looking as many who came to see him and lad the advantaga af him jn ultimate brovity. 'This occnsioned him much sorrow in his solitary hours, though Lo has left no record of his medita- tions, which may have been, for aught any +one knows, a3 interesting na the sorrows of WenTnen or the confessions of LayanTINE. Whatever Povao may have been swith ref- crenca to the rest of mankind, ho was cor- tainly moro of a man than the Digger Indian, the averago Hotlontot, the King of Dnhomey, or Hrrrivg Buiy, and more human 1n his in- stincts, actions, feelings, and sentimonts than a very gencrous proportion of thoss who hro not gorillas. Evon as a gorilla he is entitled to the respect an@ romembrance of the wo.ld for the noblo effort e made to risa from his brute condition and become a usa- ful member of society, On the other hand, g there is a well-grounded suspicion that he may have beou a man and a brother, ground down below his rightful plane by skepticism and a tail, §t will not be unbecoming for us to mourn his domise with gentle griof, and to wear that style of mitigated mourning which manifosta itself on handkorchief bor. dera, fan-tips, and conchmon's cockades, whileMr. Danwix may wear a weed o yard in length, Whatever Poxco may have been in life, hio ja now o handful of dust, and that dust is quite ns fine in texture and elevated in its chomical cloments as that of Ozsan or Bowarante, R. 1, P. ] 4 'The vendetia exlsting betwoen tho New York medical students and the Liberal Club has taken s newphase. At arecont meceting the students created such a tumult that the police were forced to iuterfere, but last Friday night the bogs changed thelr plans ond scattered red pepperover the floor, Tho effect was ludicrous, audus an ilustration the New York Tribune's report of Uen. BiasL's speech, between sneczes, may bo adduced: Ladies and gentlemen o allin picces. 1lis backbone which I8 now jua little vox. sixtecn Inchea . . au- thentie , .. 1500 ag Hol Ly died, for ho waesick ., . Iu i Acub mingo with the remalon of his son Jac . . Aulute au seventeon hundred and ninety-Afth, it v+ o onlyonecoln , nacriptions were ‘oD, delaa prralte," which mea— . . The medical men might know how flopg bones will + o+ . [lllere the General snevzed timself, + o somctimes’ chicken bones and rabbi o o o mized wp , bulld a monuiaent . + o o many thanks men and ladies, . Lones are want three things to « Inoney, money, and e o oo tun, gentle- {Grest applauo. | 11 thoro cver was a mun vminently fitted for Judiclous discrimination between truthfut peo- ple and tlurs, that gentleman is Mr, BirTiNg ULl With a view to Lupressiog himself, he speaks (n Lis Jerald futerview of times prior to his birth and subsequent to his conception, when le thougiit of his people and studied their wants, turning over on his slde to aid him (o his retlections, Nordid he Umit bis juvestigations to the moral requircments ot the sge, but ex- tended them to such minor matters as the small-pox, probably fearing that his mother might boattacked,—a calamily which would have @ tendeney to turn bl over on his back. . We recall but oue precedent for this phenomenal development of the reasoulug faculties before birth, and that was the case of & young man who cried bitterly three months before be was born for fear that he might be a girl. Thess ln. stances of precocity dre rare, but they serve to dlatingulsh themselves as capable judges when. ever veracity Is uudur lavestigation, An unfortunate gentleman by the name of Davis, having by some lascrutable means found bis way from West Virginla futo the United States Scnate, 18 alring a poculiur manis. Bome- bow hokas conceived an Impression that they don’t kuow how to keep books in the Treasury Department, snd ho s therclore clamorous for an wvestigation, of which be sball be the top and bottous. A dozen thmes ho has been satls- ticd that ho Is utl wrong, but be turns up after cach conviuclug and demunds that ho be cou- viveed agawn, Thero s no disposition to sit dawu on the poor geutlemsan, for on all other puluts ko Ls tomparatively sane,sud his brothers Beoators fncline to trest him teuderly, It mlight be a good fdea to let him bave some old books und stast bim at work investigating. No baru could result, and in humoriog bis weak- ness ho could be kept quict, and possibly re- stored to u normal wental’ condition. Anyway, 1t i3 worth trylog. e ———— Already the peculiarities of Amerlcan jour- n&m are felt in Turkoy. Not long axo the Uunited States press clabned OsMaN Pasha a3 & fellow-citizen, and now the Zemur and Damird contends that GLapsTOXZ {8 & Bulgarian. It says the ex-Frewicr's father dealt in pige at tbe vilsyet of Kusteodle. At the age of 18 young GLADsTONE ran awpy to Servis, whence, N A with another pig-Icaler, he was rent. to L to sefl pigs. BStealing the procecds u‘rm‘.‘{:;' venture, he changed his name from Tvmv.\m:l to GLADSTONE and becamo naturalized, G, might naturally wonder why thia revelation ,: his tate day, but tho question i1s answerel |, the nssertion that Grapstome | m.mm“ inimical to the Turks fn feeling, We nu: anxlonsly awalt forthcoming numbers of the Zemur and Lawiret to know who the |ae lamented Gronee WasniNaTox was, —— 1tianow In order for 8rrrinG Burr, to arisg in "lm “council lo( his natlon" ang isclaim employing tho Identical Iangunge attribute, nim fo the New York Heraidy ot to o —ee— 8itTiNg ButL pasaed through Chlcazn';-e-zer. day on hls way homo from the New Tork Herald offco, where his had been to secure an interview with himeelf, - —— Notwithstanding his denlal of the roft, im. peachment, 8iTriNg Bunu's intense, hatreq ot civilization stamps him a college-bred man, NS = How much, more rope do those Senatoriy] cau-cusscs need ! ———— PERSONAL, Henry Watterson will lecturs in N Tnesday, A Mra. Knte N. Doggett has §n Louisvillo an **Raphaol ** and Joln Morrissey has gone Bouth for hiy hell:h. e will Lo absent from New York [ weeks, The Emporor of China hias subsidized g steamship fino with $1,500,000. Iie is thay bebind thooge. e The Marqnis de Talleyrand Perigord gives lhbl:;qnel lln hll;lllnr of Gen. Orant on Nov, 22, anq the General will dine with the Camte e les F amte de Pasin on One of the London Police Maglstrates has sentenced a child of 10 yeare to twenty-one daya® imprisunment at hard Inbor for steallng & loek from St. Fancras churchyard, A country journnl in France, tho Proyres of the Cote d'Or, recelved an electioneering Pam. phlet, upon the titlo-page of which was a pictare of Marshal MacMahon on horscback. The only notice taken of the work was the remark, **Tae horso has an intellicent eye.” For this clever nit st tho Marahal the cdltor was fined $100. William Callen Bryant thinks W, W. Story, **1iko Michael Angelo, eminent In the sister arty of scuipture and poetry,* and calls him **n groat genlus,” The New York Sun thinks Mr, Story, an American born, necd not have come all the way from Rome to tell Amerlcan sculntors that thelr c‘hln'{ characteristics wera ** literallam and trivial. ity The groat Whistler-Ruskin libel caso hag been fitted by report with a very ponceful, almost pastoral, conclurlon, It ssome, nccordingtuthe story, that the great art critle and the great painter happened to ve In Venlco at the same time a fow wewks 8go, that thoy ware brought to. gother, aud that, over a friendly cup of tea, they quietly discussed tho casus belll, and quietly agreed to let tho matter drop, Iu decliniug on invitation to attend a re- unlon of the Doston Latin School this week. Mr. Italph Waldo Emerson wrote: ** With the many excellent men who have enjoyed the achool 1n the Inst sixty yearal should gladly meet If 1 coull converse with them, but nearly seventy-five years have put it out of my powerto take any natt in conversation, and it ie but dae to my friends not to worry them with my Incapacity. 8o I pray you to excuse mo to the Soclety."” Commodore Charles Morgan, the famons steamshipman of the Sonth Atlantieand the Guif of Moxico, now owns five-clzhts of the Texas Central Rallroad. He {s over 80 years old. The road and its rolling stuck, its landa and franchises, atretching from Honston to Dentron, a dintance of 800 miles, with branchesof 100 morv, {s valued at $20,000,000. Wera 1t possible for the octoge. narisn: to live & quarler of a century more this n:uneuy would be worth all of $30,000,000 to him, A recont numbor of Purich hns one of tha mont admirablo carloons which cven Tennlel's genlus has over produced, It Is the Marshal, with dull fury [n his eyes, but with each top- boot planted deeply {n a ses of Imperialist and Legitimiat mud, uttering the well-known magtc words, ‘*J'yauls, J'y reate," Tundeed, his evident pride that having got Into the mud, ho declines ty get ot of it again, seems to flash out from every one of his obatinate features, and to make the Indlcrous position of one *‘*stuck fn the mud* tar more Judicrous than it otherwlise would ne, A New York paper says: **In the matter of Mr. W, F. Coolbangh' e Insurance, which Chlcago tolegrams reported as lucluding a policy of $:5,000 In the Mutual Life 8¢ New York, and $30,000 in the Equitaule Life, of this city, the Hecretary of the former Company says itis truo that Mr, Coolbaugh Liad a pollcy of 825,000 in thelr Company, on which the premiu wero pald to date, but that the policy had a clausoin it to tho effect that In ease of sulcido tho premiums patd only would be returned, 1nthls caso, the pre- miums pald would amount to something over $0,000. No proafs of death had yet been re- celved, and coneequently no action takon by the Cainmittes on Murtuary Claims, Socretary Alox- ander, of the Equitable, sald the maiter having not yet coma oficlally to the notico of the Come pauy, they would prefer to say nothing more than that Mr, Coolosugh bad alarge lnsuranco with them. " ‘Che English papers report that Mr, Glad. stone, traveling in Ireland, has been politely ree celved by the peasants, He has visited farm- houses and coltages, and smiably asked bucolic questions, One old woman gave him a cup of tes, and tho Lundon ZVmnes solemnly relatesthat * saie 10g his opinion of it, she was gratifled to near bim ceclare that it was very good." Mo went to the **mecting of walers " sud bought & branch of the tree knuwn ae ** Tommy Moore's Tree, " under the shude of which the poet la said to have compused the song commenclug, **There s notin this wide world & valley aweet.” AMr, Oladstone was grestly sumused by an lnscription In large @it let- * teraon a board wvalled to tho tres under which Muora sat whilo composing his lyric. 1t expressed the homage pald to bis memory in the mllovn:g enthualsstic torma: **Touriat! read Mooro's nam in letters of gold, who made Avoca's aweet vale o be & nainv, & prales round the world. Ifis trev he wrote under Is hero. Nol! Ne plus ultra. Wt veraa, Cead mlile faithe, J. W.* On the 26th of October the London Times *stopped the press® to exclse certain sigmificant scntonces in ono of Ita correapondents® mosvaucd, This correspondent was with Sulonnan Pasha's arwy, and wroto as follows: **According to lrt- sl prachice, 1 am an object forthe scorp of the atrect Arab; but among the Turklsn soldiery not only have I never cxperienced an unclvil word, never Leard & jest at my expense. but I—ond atranger among thousands of anti-Aumans—have to sckuowledge numbericss swmall scrvices ren- dercd by clicerfal, wiling bhands, with all the hicartiuess and dlsinterestedncas of wlwplo patrl- archal hospltality. Z¢ nports Uittle that my Acart should acke becauss the greal cause of Auwmanity demands the wholesals slaughler of these brave and gentle Jolk ; dut it does a0 uche, and I with that dome of our blilereat anti-Turkish agitators could apend a month dn @ TurklsA camp that they inlght 4¢8 these people for themadlres. Among the cawp- followern ls an old shriveied Todlsn,™ cic., eic 'The words printed In italics were afterwards scored out, They sre not to ba found in other copies of the same lmpression. An intercsting case, reported from Ger- many, in which hydrophobia was, sccording to the ststoment, cured by 1ho use of that terrible drug carare, which paralyzes the wmotor nerves, though witloul afecting the sunsitive nesve muscalsr convalsion, was given I paper, The somewhat darlng experiment was wado by Dr. Offenburg, who treated the case st Muoster, iy Westphalia. The patient, & peasant girl, was bliten by a mad dog on m{m ol July, 1874, but the symptomes of bydrophobis did not cowe on th) the 10th of October, when morphis snd cbloroform were tried tu vain. Dr. Offenburg then Injected threo centigrammes of curare, a fo- Jection five tinies repeated, though not slways in Qquite equal quastity, during the Dext fouraud & half houre. The convuleions begsa to diminlsh after the sccond Injectivn, and soon disappesred; but then beguu the paralysls o the muscles o2 th cheet, 80 that the woman bad to be kept olive by artificial inapirstion; but after nearly ninv bours from the Srel Injection the psaralysits dlminkbed, aad from that time the recovery waa rapld. sxcsit ono slight drawback, treated by & mew injection, and {2 8 fostaight she waa quile well agala.