Chicago Daily Tribune Newspaper, January 4, 1878, Page 4

L) THE CHICAGO TRIBUNE: FRIDAY, JANUARY 4, 187, The Teibware, TERMS OF SUBSCRIPTION. Y MAIL—IN ADY. ATAGE PREFAID, »1! £Xturdng Editlc TI-Weekly, one yew ‘atts of & VERF, per WERRLY BDITION, POSTPAID. Cne copy, per yeat Elor ot Epectmen copies sant fres. Glve Post-Utice addres in fall Including Btate snd County. Ttemittances mayhe mado efther hy draft, express, Fost-Office order, o fn registered letters, st our riske TERMS TO CITY BUBSCRIBERS, Tolly, delivered, Sunday excented, 2% cr 140y, deltvered, bunday incinded, 50 cente Address THE TRIBUNE COMP. Corner Madison and Deatborn-ste., Chicago, Il Orders for the dellvery of Tig TRINUXS at Evanstoo, Fnglewsol, and Hyde Park left {n the counting-rooin Willieceive prompt attenttor TRIBUNE BRANCI OFFICES, Titx CHICAGD TRINUNE has eatablished branch ofices for the recelpt of subscrivtions and sdvertiscments as ONK—Room 29 Tridune Bullding, ¥, T. Mce Manager, ¥rancc—~Xo, 16 Rug de 18 Grange-Bateliere. t ot . —American Rxchange., M0 Strand. Lin, Agent CISCU, Cal.—Tatace Hotel ittt St ey "AMUSEMENTS, MeVicker's Thentre. Madltop street, between State and Dearborn, **Beauty and the Reast,” snd **Bimpson & Co.” Hooley’s Thentre. Tandolph strect, between Clark and LaSalle. Engogerent of Joseph Murpby. **Maum Cre.” 1inverly’s Theatre. Monroe street, corner of Dearbora. **Our Boarding- Tiouse.” Colisenm Novelty Theatre, Clark street, opposite Court-House. Varlety Ollo. New Chicago Theatre: Clatk street, oprovite the Bherman House. Callen- WABHINGTON CHAPTEIR, NO, 4% Tt Bpecint Convocatfon this (Fridsy) evéning At 7:30 1 A M.— »ulock for instailation of oficers. avited, 1 Visttors cordiall ponier: A, J. GUILFORD, H. I Cuanirs . Waionr, Becreiary. IGE, NO, 23, A, ¥, and A, M.~Hall ated Communication this (Friday) Amewtnds "y opler oF s Saster o ne® s E RO R Sectotary. HOME LONGE, Yo, 50, A, F. and A, M.—Hegular Cowmuuteation this (Frilay) evening.” Work on M. M. Degree, Vieltors cordiafly fnvited. g 1. Z. BERRIC FRIDAY, JANUARY 4, 1878, THE TRIBUNE ANNUAL ROVIEW, Arrangements have been mado for the unlimited supply of orders for Tie Tmbuxe Annual Reviow in o camipact aud convenlent form, Extra coples can be obtainad 8t the counting-zoom at §3 per 100 o five cents each for slngle numbera fu wrappors. 1t Iy everywhore conceded that so completo and ex- hauetive o compendinm af the trade and commerco of Chicago for one year lias never been prepared; rertainly nothing could he more sdmirably adapted for saatling to friends at the East or In Eunrope ne Ihe strongest poselbla refutation of the statementy made and the storics circulated with & view to the Uelittiing of Chicazo’s comumercta) greatness of the injury of her credit, CHICAGO MARKET SUMMARY. The Chicago produce markets were Irregular yesterday. Dless pork closed 15 per brl lower, at $11.1 15 for February and $11.50for March, Lnrd cloved 15¢ per 100 lbs Jower, at $7.40% 74254 for Fehruary and $7,474@7. 50 for March, Meats wero casier, at 4c for boxed shouliers and €3, per 100 s for do whort ribe, WiRsky was steudy, ot §€1.05 per gallon. Flone was'dull, What closed !¢ Juwer, ot $1.08% cash or January . Corn closed vteady, at c for Fedruary, Oain clored 1ic lower, at 24%c spot and 245G 244i¢ Jur February, Itye was firmer, at iu@a0c. Darley wus 1ic higher, at 38c cash and GHiie for February, Hops were activo and firm, closing steady at $4.00Q4.20, Cattle were ve ond steady, with commnon to cholce grades selling ot $3.00725.00, Bheep wers active; puor to extra s0ld t $3.00@5.00. The rtocks in Liverpool snd London nggreyate about 840,000 quarters of ‘wheat, 220,000 brls flour, and 105,000 quarters corn. ‘The packing of hogs in the Weat Is about 615,000 head behlnd year, owing to bad wenther, Inepected into store In this city yes- terday mormng: 47 cars wheat, 10 cars corn, 12 cars oats, 1 car rye, 10 cars harley, Total, 80 cars, or 15,000 bu. Ono hundred aoliars in gold would buy $1 in grecubacks at the close, ot ond Q- il St bty Gracnbacks at tho New York Stock Ex. change yoaterday closod at 97{@07E. Tho movement for the organization of o Mining Stock Board In Chicngo seerus in a folr way to nccomplish the dosired end. Beveral mooetings have been held, nnd the project 18 in n fair way of oxccution, France I8 a' conntry in which there are 85,000,000 Catholies and only 1,000,000 Prot. tentonta, and yet of tho now Durauns Min- istry four oo Iroteitants, Against this un- eqnal distribution of offices tho Catholic ‘papers aro makil Rreat outery, Miviat Pasha is, perhaps, the only in. stauce in tho world of sn Ambussador with 'a roving commission, He hus during the past year been intrustod with tho wost jm. portant diplomatio business at London, Puris, aud Vienns, and now he has gone post-haste again to London, l’mpflmfloqn for the slege of Erzeronm s golug forward as vigorously as though tho subject of peace negotiations had never been discussud. Mugntan Pasho Las arrived in Coustantinople, but it {3 understood that the ‘Turkish forves dofouding the Armenian Captal are well equipped for a prolonged rosistauce. With tho fall of Plevna the second line of dofense, upon which Turkoy has depended, sy be said to bavo been taken. ‘L' latest iuformation i that the Russians have al- ccady crowsod the Etropol lialkans, and Bu. ryisaN Pashw {8 in retreat. It is reported tLat the third line of defonse, the Balkan runge, will bo baudoned without a struggle, and thut whatever. declsivo fighting occurs Lereafter will be on the plains of Roumelia, ‘Tho bulleting regarding the health of Sou- ator Pazreusoy, of South Caroling, that Lavu buen s2at out from day Lo day for some time pust wre belioved to have becn con. cocted chiefly for the purpuse of accustom. {0y tho publio miud to the prospect of the . ewly resiguution of that Benator. His bargain - with Iawburg Buries was not entirely satisfactory, since it lacked the essential element of Gov. Haurros's acquiescence, and at the end of bis painful floundering at the thng of the meworablo confliot for the political control of the Benato PaTTERsoN felt far wore secare 83 to his future, Tho Penltertiary still yawns for him, and it is now belioved that be will make sure of immunity by stepping dow and out and leaving a vacaucy for IamrTox to step up and into. ‘The cry of ** Work or Lread!” heard in Chicugo two winters 8go now ascends from the stroots of San Prancisco, tho very copi- tal of that lund which Lus always been be- lioved by the laborer east of the Mississippi 10 be *Go's own country,"—s phrose con- veyjug the workingman's bighuwt idva of social prosperity and happiness. tade of mondicant citizens yosterday waited upon the Mayor of Ban Francisco and suggosted oun the streats, bul forced to refnsa a consideration of their proposal. Upon this refusal the poor Iabor- ors fell aghast into the opon nrmsof the city domagogues, who at once organized a great moss-mooting, and exhorted their needy hearers in tornadoes of windy speech to introduce chnos and anarchy, and repeat the onormons blunder of the unfortunate peopla of Pittsbnr, that Chicago should have asked for n loan of o milllon of dollars and was rofused be- cnuso the bonds were not mado payable in gold. This story substantiplly originated with the New York T'ribune, sud all the gold organs are holding it up 88 n warning to peoplo against favoring the restoration of the silver dollar. in ity esventinl particulars. Chicago has not endeavored to borrow a million of dollars; somo of her bonds folling due, she asked offers for A now loan to meet tho old ono; theso bonds were largely bid for by New Yorkers, and o premium offered; tho loan, about $200,000, was madaat such & premium in curroncy as to net tho city over 100 in gold.—though the bonds were payable, principal and interest, in paper, silver, or gold, whichever may bappen to bo tho cheapest legal.tondar. advance on revenue-notes, in order tomeot the sami-anotia] paymant of intorest; it applied invarious places, in ovderto got thebest terma, Ono New York concern offered to land gold, but the city did not need gold. Thore was, howaever, no dificulty in getting tho mouey ; many timos the amount necded was offered, 1ho partics lending agreeing to accept papor, silver, or gold, whichever happened to be tha chenpest form of legal-tonder at the tine of payment. lon, or auy othor amonut, the monoy could Lliavo boen obtained hero, Mr. Commissioner Meren's standing in the community or {ha local Republican organiza. tion whother or not he be expolled from tho Repubtican Club of the Fourteouth Ward, whero he lives ; ko that, ns far 0s any future political preferment or gemeral respect is concerned, he may as well spare his hench- men the troublo of intriguing aud bullying to save his skin, Fourteenth Ward may do themselves and tho ward ome crodit by formally ridding them. selves of oll sympathy with Meves's con. duct, but Meyen's status will bo the vame in any ovent., former than as a Republican ; and, in go- ing over to tho Democratic Ring under thiese circumatances, ho betrayed the whola taxpaying community rather than tho Re. publican party. thint the Repablican party put him forward amang othens as a man likely to be true to the intorcals of tho peoplo and to fight the County Iting to tho bitter end; Lut that he was 80 ensily captured by tho enemylsa common calanuty to the whole taxphying public, aud Mzyes is politically as doad 08 a mackerol, whethor Lo trics to associate with Republicans or Democrats, The Republican party may cougratulate iteclf that it succeed- ed in securing four straightforward men ont of tho fivo that it nominated, and tho Dem. ocrptio party must stand the greater respon. «ibility for Ring politics, inasmuch ay the present wmajority of the Connty Bonrd is coposed of sevenu Dewocrats sud one rene- gado Republican. ueed. casily supplied. A multi. that they be set at work the Mayor was oo much faith shoald not be planed upon the utteranco of the Earl of Carnarvon. ‘Wo have often pointed out that the British Cnbinot is n house divided ngainst itself, that is, that, while the Cabinet is composed of men who nre conservative in . polities, thero is among tliem upon the Eastern question. Lord Carnorvon has been all along an outspoken advocate of any-prico” policy, and, well understood by this timo that in the Cabinet, nt loast, that policy is at a discount, thare is little use in attaching significance to his speech to the Cape Colony delegation, It was au expression of his personal opinion, snd not of the British Ministry, a wide difforence of opinion the “‘poace-nt- es it ia protty Indictments wore youterday returned by the Grand Jury of Ilartford, Conn,, agatnst Messrs. Foroen, Warsiey, Worre, snd ‘Wiaa1n, whose performances as officers and managers of tho Charter Oak Life-Insur. ance Company were very thoroughly ven. tilated Ly by the indictments were found in nccordance with tho instructions of Judge CuLver, who charged tho jury that the parties should be subjacted to criminal prosecution if it was shown that they had solicited now business knowing the Cowmpany to be insolvont, or had beon guilty of many of tho acts alloged by the Committee. ing of true bills chiarging » conspiracy to de- fraud the policy-holders. the Committee appoiuted the policy-bolders to investigate condition of the Company., The The rosult was the find. Tho Boston Adcertiser is ospecially gricved 'The story is true, except The city wanted an Had Chicago wanted the mill. 1t will not make n particlo of differsnce in The Republicans of the Ho wes clected more as a Re- It is cortaiuly o misfortune Elsowhere moy bo found, this morning the report of an interview Leld by o corre. spondent of the Boston Post with a promi. neut Republican of the machive typd, who is spoken of as **General,” and is doubtless thoe Essox statesman under a thin disgulse. 'This * General”, says pluwmply that the ma- chiubd ‘politiciaus intend to drive President Uartes out of the Republican party. “General” confines himsolf strictly to the statement of this slmple proposition, offor- The jug ncither the reason nor the spology of whicly the proposcd polioy stands so much fn ‘Tho doficlency can, Lowover, be Houest wen know that the machine politiciaus desire to drive Prosident Hayes out of the Hepublican party because ho is falthful to the principles of that party ; becauss he adopts in praotics the policy of Civil-Hervice reform which was sunounced st Clocinuati; snd because he seeks $o destroy ** the machine,” the very ex. isteuce of which was donied bofore, during, und after the Presidential clection. The President has committed tho unpardonable siu—as sin is judgod by knavish politicians— in mukiog the iuterests of the country para. wount to personal intercsts. It rowaius to begecn whether ke s an unfaithful Ropub. licllh for doing this, snd whether Buy Burrrs, who has been often ropudiated by the decont Ropublicans of Massachusotts, aud Coxxrive and Brawse, who were both rujected by the Convention that nominated 3layes, have more autbority in tho Republican party than the man it elected to the chief oflice in the nation. ‘The list of failures and susponsions in the banking, fiduciary, and conun>rcial business is fncreasing to tho oxtent that tho columus of tho daily newspapers present an appear- uace uot unhiko those of tle panicky period been no grent and goneral prospority imme- diately preceding to mark the change. snnouncomenta scem to be received with a scttled ond sullon despair, and poople, Ret- 1ong the agony is to continue, nnd who is to collapsed inatitntions and firms como to be sottled up, tha shrinkaga in the valuo of all kinds of assets, securities, and properly be- comos nlarmingly apparent, and the forced sales incident to suspension and settlement spread and incronse this shrinkage from day to day, and the lines aro drawn tighter around every man whose means are invested in trade or in property. All this is not due to any publio no no recont inflation; no speculative in- vestments have boen made for years in un- romunerativo enterprises. groat underlying cause for it all man's property i8 valued upon an artificially- contracted basis, and ovory man's businosa is hamperod by the confusion and losses in- ovitably incidont to this contraction. Tho whole country is confronted with tho neces- sity of paying debts in a currency worth from 25 to 80 per cont more than the value roceived, and of rating and sclling property at a value reduced G0 per cent by renson of the abnormally.contracted money resourcos of the time. greenbncks aro neatly at par with this gold in anticipation of a resumption in gold alone —has changod the mensure of values in this conntry in such a way as to affect all classes of proporty, busness, and labor. change is solely in the interest of acomparn. tively small class of monoy-lendors, whose purposo ia to exact more than is due thom; and to achieve this tho very lifois to be squeczed ont of the land.owners, the farm- ers, the mercantile and lnboring classes. This is the situation which will confront Congress on its reassembling after tho holi- day vacation. lay, but the whole country domauds a prompt rendjustmont of tho old measuro of values,— silver and gold. erazod in their demand for gold should begin to consider whother their greed is not blind- ing their roason. money in national bonds, in railroad and municipal obligations, and in mortgages upon tho lands of the country. theso loans ond invostmonts with paper monoy of dopreciated value, and hardly any atlcss than 10 per cont below coin value, ‘The law of the land, and tho full consent of tho debtors guarantee, the payment of inter- ost and principal at par in such lawful money aa may exist, nolwithstanding the great incresse in tho valuo of tho papor money. Thus, & man who loancd $10,000 on mortgage at 9 per cont, when greonbacks wora worth 00 cents, drow the oquivalent of 0 per cont interest in gold on the gold value of the monoy losnod; but the advance in tho valuo of greenbacks to 07} conta in gold mnkes the intorest now paid on the loan aqual to 97 per cent in gold on the valuo of the money loancd. tho valuo of the to satisfy any reasonable demand, but it docs not. The demand is not only that the in. toreat shall now be paid in gold, but that all forms of motallic monoy shall ba abolished save gold cofn; that gold coin, boing thus mado the exclnsive legal monoy, and being scarco, shall have an incroased valuo; that all other property shall bo proportionately deprociated, and gold have a purchasing power greatly in excosa of its present powar. Under the now arrangement, in tho case of the transaction montioned, the interost on the gold valuo of tho original loan will be advanced to possibly 12 por cant gold, and the principal of the loan bo mado equivalont to from $12,000 to $15,000 in the property mortgaged. That is the plain Euglish of tho strugglo to havo silver demonetized; that gold, boing searco and gotting scarcer, shall havo o greater value, and that there will ‘bo practically an addition made of 25 per cent to overy.debt outntanding. That is the eud sought by tho inordinato greed of the money- londors. Aronot those who make thia de- mand blind to tho best intoreats of the coun- try? quektion ra to tho causo of business stagna. tion? Ever since 1873 all business in this country has been dono on a falling market. Every man who bought to sell, every man who manufactured, hns done so uuder the embarrassmont of being competled to sell at 8 loss. Those who stood up under the imme- dinto offects of tho panlc have been golng down year after yeor, and the commorcial Qisastor and distress are s startling to-day a4 thoy have ever been. Every man in busi- ness has been looking for the bottom to bo reached, has been expecting that * hard pan " would be touched, and that, when things had got o low that there was no low- er, thero would ba a recovery, and a riso, and arenewal of business. The outlook for the re-omployment of labor is oven darker now than it was a yeor 8go. reached that paint, as was happily exprossed by Gen. ButLen a few doys ago, where, in- stoad of thoro bolng an ovorproduction, there was 8 want of consumption, resniting from the inability of the mass of tha laboring popula. tion, bocause of their poverty, to buy and thus consume what is produced. And yet wo have not touchad the bottom. Labor and matorial and the Aieans to purchase and all forms of property continue to decline in value, and this condition is of neceasity ag- gravated by the efforts to still further depre- product of labor, by demanding that the dollars shall be inoreased sud every wan’s years havo been borne down by enormous acren? In it wise to so increnso the dobts by law, and withont considoration, and so erush ont tho debtor clasa as to reduce thom to pennry and want, aud arrest production by expelling the producers from tho land? Is it wise to confiscate the only monnawhero- LY theso people may be able to pay their dabts? Is not greed overronching itself, and ia it not destroying the very people from whom it seeka to mako this oxccssive extor- tion? 7 Tho only direot and immodiate mode by which values of property can be arrosted in thelr fall is to remonetizo silver, It will ar- rest the undue increase in tho value of gold. It will restore the rolative values of the two matals, aud keep them moro or less perma- nent, It will provent corners in eithor metal, bocausa, both boing a legal-tender, tho chenper, whether it bo silvor or gold, will be that resorted to in payment. Tho people of the South and West do not favor the remonotization of silver with any purposo to chent anybody. The South and the West produco more annually than would pay their whole indebtedness, and this they propose to soll for the silver dollar. They ars practically the only producors, and if they nro willing to'taka this chonp money for the product of their labor they are willing to Lo the vietims of their own cheat. If the peoplo of the South and Woest are willing to scll to the people of New England all their cotton, their tobaceo, thoir engar, their Aour, wheat, corn, oats, rye, barley, oggs, butter, choese, beef, pork, lard, bacon, poultry, their lend, copper, and irom, their lnmber, wool, hides, and all their other products, and teke pay in silver dollars, tho peoplo of New York asud New England might woell afford to accopt tho samo money in payment of interest on mortgages and principal of municipal bonds, If tho peoplo who pro- duca the food and clothing of the nation, who furnish by their Iabor 90 per cent of all tho cxports, are willing Lo accopt the silvor doffar in payment for that labor and in ex- change for their products, may thoy not of right ingist upon the contract which makes that same silvor receivable in payment of dobts, principal and intorest? Who is to bo chéated ? Tho remonetization of silver will put an ond toall schemos for incrossing the value of gold. Tt will givo the country a metallio monoy of fixed value; it will put an end to tho decline in values of property; it will romove the clouds which throaten all ontor- prise, Hard-pan will be reached, and, the racovery will begin., Thoro will no lenger bo nny uso to hoard money; the futuro will not bo uncertain, Thero will be an incranse of investod monus, an incrense of cousump- tion, an incrense of employment, an increase of production, aud of buying and selling. Thore will bo an expnusion of actual monoy, o revival of industry ; more land will be put under cultivation, more stores rented, mora furnncos and mills in operation, more poople at work, moro money in genoral circulation, and 4 rigo will tako tho place of the fall in values, ond all this certainly will be better for copital than tho nnnihilation and ruin which ara inevitablo from the forced ostab- lishment of sn advanced and oxclusive gold standard. THE NATIONAL BLACK LIST. Wo print olsowhoro a formidable black list, oxtonding over n poriod of four yoars, showing tho nmount of monoy stolen in the Unitod Statea. It is a rocord of high.lifo rascality; of doliborato botrayal of public and private trusta; and of the dishonor and downfall of mon who held positions of re. sponsibility in groat corporations, and con- trolled vast sums of money. The stealing has figured under various polite and softened noma de plume, such as * embozzlement," “dlefaloation,” **broach of trust,” and * mis. application of funds,” and not ono in a hun- dred of the stealers has paid the penalty of his crime. Tho list includes only thoso who have stolen sums abovo £5,000 in amount, and yet foots up the startling total of 330 000,0001 1t 18 an appalling exhibition of so- cial dishonor and moral corruption, and the shadow which it caats over the Old Year ia so vast and sombre that it even clouds the Now Year, and ppakes us wonder how much fur. ther this dishonor must beforo tho Lot. tom fa renched and publio confidence ro- stored. The reader, in glancing over the long cataloguo of corruption, will find that tho stenling has not been confined to any particular closs, but hos pep- vaded nll rauks of ‘mon lolding publio and private trusts, There are Bank Presidonta and Oashiors, commercial agenta, Collectors of Internal Ravenue, State, County, and City Colloctors, Postmnsters nnd their clorks, railroad and insuranco officiala, Wall stroot brokers, troasurora of churches and Bunday-schools, State Auditors, guardians of tho trust property of widows and orphans, and managers of estates. Tho thirty mill ions of monoy ewmbezzled and defaulted by theso gentlemen is monay stolen, and ineach cnso the nct was in violation of the criminal statutes. In the vast majority of cases, no ponalty has attached to the commission, and thus justice has been wofully choated, and the viotims have no compensation, It adds to tho aggravation nnd enormity of the offenscs that tho victims in most cases have Leen represontatives of the honest, industri- ous classes, and the money stolen has con- sisted of their savings, Tho thioves have elmost invariably succeeded in escaping from the country with a large proportion of their plunder, from the vory fact that their opera. tions involved largo mmounts. The smail {hieves, whose peculations have not involved auy considerablo smount of suffering, and whose names do not appear in theso luts, bave met with a degroe of punishment that sppears grotesque in contrast with the im. munity of the others, ‘The list appeals with peculiar force and pertinence to students of morals, An in- vestigation of the causes and results of this shocking czposition of depravity, affecting every class of poople holding positions of trust, spread over every part of our country, and undermining public confidence, would be timely and practical. Undonbtedly its origin dates baok to the time of the War, 1t had its inception in that civil strife which not only disorganized the political and com. ercial interests, but had the still more dis- astrous effoct of breaking down all sense of moral obligation and responsibility, It opened up avenucs of wealth that had not cxisted before, and temptations to amass for- tuues by short-cuts and irrcgular cross.roads that one could travel with cowmparative safety, bocause the attention of the Govern- moxt ond the people was sbsorbed in the War, Thusan era of reckless, irresponsi- ble speculation set in whieh lowered tho tone of public sentiment, iuvolved profligate extravsganca and expendituro, and so0 inflamed the passions of mon with the dosire of sudden wealth thot the manner of obtaining it was never regarded. Pcoplo saw half a dozen previously obscure mensuddenly rise into the possession of vast fortunes, and saw thew courted, aduwired, sad sun after, and of 1873. 'Thero {8 no such rovulsion or shock speedily the infeotion spread and speculation now as there waa then, becauso thoro has becamn woll-nigh universal, and the wholo Unsiness of the country was run upon the high.preasure principle. Tho reverso came sooner than the speculators, kite-fiyers, and Dubble-blowers had calculated. They wero caught In tho genoral shirinkage of values ond the paralysis of trade, The storm camo, and, na thoir honses wore not founded upon the rock, thoy mado shift to save thomsolves aa thoy conld. A few solved the problom by suicido. Somo rushed to tho gambling table only to involve themselves in utler ruin, and the large mnjority deliberately com- mitted theft and ran away with their steal- ings, Ilow many have done this duting the past four years, tho long list clsowhero shows. In view of it, whom aro wa to trnst? These pecnlntors woro not all men of tho world, There wors many of them who held prominent places in the church and stood high in the public eatimf- tion, not only as respectable and moral, but aleo ns roligions men, How is it to be chocked? If noithor publio sentiment nor even roligious duty will debar them, what other resource is left but n vigorous appli- cation of the- penalties of tha law? We are prompt and thorough in punishing little criminala, Wo pay titho of mintand anize and cummin, but do we not negleot the woight- for matters of the law and judgment? ' Un- less some radical chango specdily takoes place in public sontiment, tha New Year offers ns only that poorest of all consolations, that it can be no worse than the Old. The disgrace is not individual, it s national; and when stonling nssumes such dimensions that it is almost the rulo, the measures for checking it should be as comprohonsive sa the crime itself. BILVER AND THE PUBLIC OREDIT. Tho most effective objoction urged against the romonetization of silver, if it wore trus, haa been the reiterated assertion that p proclamation that tho United States bonds would be payable in silver would injuro the Govornment oredit. Buch ‘a statomont, though only an oxpression of opinion (and perhinps not candid at that), has suggestod so serious o condition of things that no doubt many persona have boen influcnced by it. It ncquired pecial forco by reason of being promulgated by the President in hia messnga at the oponing of Congress; sa advised by Boorotary SuznuaN, tho President was in. duced to hazard the assertion that the re- funding of tho publio debt at a low rate of intorest conld not procoed on a silve? basls, thus ignoring tho fact that the samo condl- tion of tho monoy market which {nduces mon to lend gold at 4 per cent will induce them to lond silver at tho same interest. It hiaa also boen industriously ropeated that tho payment of silver for bonds would be re- garded abroad ns repudintion, nnd thus shut off alt future opportunitics for negotiating American securitica in the monoy-contres of Europe. Wo have pointed out from timo to timo tho fallacy of theso ¢nssertions, and havo exposed tho sentimentalism of tho argument that any injustico or injury wounld Lo done in nnnouncing the payment of all dobts in the doublo-coln standard—silver and gold—in which the public obligations aro made payable on their face. Wo have not gone 6o far as Becrotary SBuznaan wont in 1868, when he said, **I think the bond. holder violates his promise when ha rofuses to take the same Lind of money he paid for tho bonds,” because that theory would in- volva paying foreigners in non-intoreat-bear- ing Guvernment notes of no intrinsic or legal. valuo outsido of tho United Stotes. But we have ucouted as proposterous the notion . that Injustice would be done the bondholders by paying them onn basis of the double-coin standard instead of a singlo- ooin atandard, and as altogethor Improbabla that tho oxercise of this right would in the Jenst affoct the public credit. It scems that thero is not nearly tho eamo amount of ap- prehension in England in regard to the American remonctization of silver that the money-lenders of this country ‘pretend to feel, though England is tho country which was firat to adopt the singlo gold standard, and, except for subsidiary coin purposes, now deals in silvor simply as a commodity, The following dispatoh conveys theopinion of tho London Times s to'tho intluence of silvor resumption on American bonds: Nsw Yonx, Jan, 2,—The fnanclal articlein a recont lasue of the Loudon 7Times poluts out that the proposition to remanetize silver has nothing to with projects for unlimited paper fssues, and u that repudistion le = word thatcan in no senue strictly apply tothe Unlted States, auppos- Ing it ahould decroe silver asthe sole lawfal money of to-morrow, and we doubt whether the bond- holders would Joss much by the change, Athe t prico of sliver, say Ofty-fvo pence per , the loss (o the bondholder would be much smaller than ls commonly supposed. If paid otf atpar In gold in New York, his $1,000 bond would be worth £200 4s In London, and if paid in sliver Itwould be worth £1017%; & difference of 7% per cent only, sud it i not for s maoment (o be supposcd that the differonce would remaln so great tor a single day wero allver again monetized. We should probably sce it at once Jump to fally Gs per ounce, at which prico the above loas would be nearly obliterated. Tho London Times is tho acknowledged representative of the most conservative wouney elemonts of Great Britain, and while {ts homo constituents aud its own interests suggest an opposition tothe double standard anywhere, it is neither 50 stupid nor pervorso a8 to rofuse a recognition of the natural in. fluonce American remonetization would have on the intrinslo value of silver, The fall in silver was acoasioned in tho first instanca by Germany's unloading a couple of hundrod millions on the markets of the world, aud withdrawing a corresponding amount of gold from the other markets, 'T'his had she double effect of incressing the valus of gold and depreciating the value of silvor, thus widen- ing the relative differenco of the two metals twofold, The American remonotization of silver would creste ademand for an amouny of silver bulliou to be used for coin purposes more than equal to the amount thrown out of use by Germany ; the natural effect of this will be to increase the valuo of silver by oplarging the demand therefor, and rola- tively fo decrease the value of gold by con. traéting the demand for gold for mouetary purposes ; thus tha equilibrivm would ba re. stored. It is folly to cite natural laws to account for the declius in silver value, but to refusa to vecognize their operstion under reversed conditions, 'The Times' judguwent, which is probably not wrong and certainly not biased in favor of sllver remonetization, {s that a single day would serve to obliterate the difference between silver and gold valucs under the coudition that the monetary use of mlver would be as largo as, and the mone~ tary uss of gold no largor than, befors the wo-called Qerman demonstization, when the two metals were about at par in the propor- tionof 16} tol. If, theu, the very act of remonetiziug silver in tho United States wonld restore sn equilibrium in the bullion valuos of gold sud silver, is it not superla- tively ridiculous to maiutain that a legal- tender silver dollar will be worth only 91 cents of tho gold dollur, when, as a matter of £act, tho ailver dollar will coutain an excess of that metal over the catablished European proportions of silver and gold coina? There is no question ns to the fnmodiato payment of United States bonds in either silver or gold; it in simply a question whether the public debt and all private debjs shall bo paid on the basis of tho historio and natural double-coin standnrd, or the new-fangledand extortionate bngis of the single atandard. It in evident from the extract we have cited that tho money-lenders abroad are not so un- rensonable or groedy as the monoy-londers at home, and also that the outery about pro- spective damago to American credit is n mere invention to subserve selfish nnd unworthy designs. The ting thelr tooth togethor,simply wonder how tamble noxt. As tho affairs of tho varions THE PARIS BXPOSITION. 1t wonld appenr from the events of the past year as though all things wera working togother to farther tho devolopnfent of Amer- jcan commerco abroad, Tho war between Russia and Turkey has not only stimulated the oxportation of cerenls from our shores, but it has also proved of immonse benefit to onr manufacturing and industrial interosts. Only to mention ohe case. The Russian Gov- .erngnent has, within the last month, givenan order Yor betweon forty nnd fitty locomotives to tho Barpwin Works in Philadelphis, and lias thuas emphatically proclaimed the supe- riority of American over British-built en. gines, The English themselves aro forced to ncknowledge that they have been 'beaten on their own ground by Drother Jonathan. Only recently the RE Hon., Jauxs Barx, Lord Provost of Glasgow, reported on tho Philadelphin Exhibition in the following words: *‘In Amorioa tho jronmongering of o building, such as door-knobs, hinges, ctc., is usually coated with nickel, as are also the stovo-fronts, door-plates, and other articloes, and tho result is lightness and brightness. Fow, indeod, aro tho patterns of stair.rods in England, wherons nt Philadelphia the Ameri- oans exhibited about thirty differont patterns, nll of them artistic, many of them exceed- ingly 8o in brass, in various shades of bronze, nnd particularly in coating of nickel. I think onr manufacturcrs should especially intorost themselves in the action taken by Americans in tho use of this metal.” Another cominent authority, the woll- known Dr. JonN Anpznsox, of . Woolwich, is aven more outspoken in his roport. Sponk- ing of the saw trado he says: * Tho men of Bheffield will find that they cannot afford to fall back on these compotitions, whatever the troublo and expohse may be, and nothing loss than fighting in tho front at every on- counter will maintain our prestige,” At tho samo timeo we find English journals bitterly lamenting that American hardware is dis- placing the British not only fu England it- self, but in far-off Australinand New Zenland, ond farther bewailing tho introduction of American snddlery and harness into Walsall, tho vory centro of tho British saddlery and Liarnoss manufactorics. Together with this comes the news that American clocks, sewing-machines, woigh- ing npparatus, cutlery, and other articlos are superseding British goods in Japnn, and that oven in China the manufacturea of this coun- try are becoming populatized, All this is significant, It points to the one great fact, that tho Amorican oxport trado is capabloof a development which a fow yoars sgono ono would kave dreamtof, It do- ponds in great measuro now upon our man- ufacturers to dotormine to what extent this developmont shall take place. A grand op- portunity is presonted to them,—on oppor- tunity which is not likely to rocur for anoth. or ten years, Tho Ezhibition which is to open at Paris on Moy 1 next will undoubtedly be the grandest display of the kind ever made. Profiting by tho experienco of former Ex- hibitiors, the French Commission has done all in its power to combine the most affectivo arrangements possible. Traversing the main building on tho Champ de Mars from north to south, the visitor will have before him products of the samo nature sent by various nations, and will thus have the best oppor- tunity for instituting olosa comparisons. Crossing the bunilding from enst to west, the observer will havo presented to his view the various products of each country. Henco ench nation will be judged by the soantiness or the mognitude of ita display, as well as by tho degreo of excellence manifostod in the orlicles oxhibited. Experivnce, as above narratod, has shown that American goods can stand the teat of cowmparison with thoso of other nations,—evon with those of thit nation whose supremacy but a few yonrs back was acknowledged by ntl. Tho question thoreforo arises, Bhall this opportunity be let slip? It {s for tho manufacturers of the country to reply. Some may perhaps say that, having concontrated, their efforts on making au effectivo display ot Philadelphia in 187G, they ara, disinclined to incur any furthor outlay on such mattera. To such it may be replied that Paris fivo months hence will draw to {tself largo numbors of citizons from countrios which were practically un- ropresented by visitors at our Centennial, The South American Ropublics, Brazil, Australia, Japan, and China, civilizod Africa, —in short, represontatives from all importing countries, will attond the Paris Exposition, aud scan the products of tho exporting nations with a critical eye, Upon the ro- sults of thelr examination will depend in no slight degreo the course of trade for years to como. Now, putting it practically, we need increased commercial intercourso with all these nations. We produce far moroe than wa can consume, and fience we require ns mauy outlots as posaible for our manufac. tures, . Owing to the late day at which Congress passed the sppropriation for the Paris Ex- position, considerablo apatby on the subject haa been engendered throughout thu country. Many have thought that it was too Iate for this country to be worthily represented. Buch, however, need by no means be the caso. There is yet tlme if our manufucturers will but put the same energy into this mat. ter which characterized them at Philadelphia. A Commissioner has been chosen whose practical experlonce, acquirod at that display, a8 well ag in other exalted positions pravions- 1y held by him, eminently fita him for the work to be done. In a period of less thap three weeks Gov, MoCoruick has organized acomplete system for the transportation of goods to and from the Exhibition without cost to exhibitors. ALl that the latter bave to do is to make application to the' Comunls- sioner at the Post-Office Building, Nuw York, for the smount of space required, snd although these applications must be fled by the 10th iust., yet the last Pessel will not bo dispatched before the middle of March, 0 that exhibitors will bave say two months to prepare, Ina word, there is yet tizo for much to be done. Our manufacturers srein many rospects for abead of what they them- selvos imagine. 'fhe “‘rest.snd-be-thankfal system which was inaugurated in Euglaod somne years 0go has never been popular Lere, and wo trust it nover will be, Th8 Fremch Government has put overy inducement in apprehension ; ' there s panfo or scare; there Las been Thore is just one Every 'The exclusivo gold basis—aud The It admits of no parloy or de- THE BLINDNESS OF GREED, 1t is time that some of the mon who are 8o They have investod thelr Thoy mado That increaso in intorest paid ought Ponding such n struggle can there bo any The country has ciate every description of property and every debt enlarged by the addition of 25 per ccut increased value of the only motallio money left. 'To o nation and a poople who are aver- whelmed in debt, and who for nearly eighteen taxation, this attempt to incresse the value of gold is an act of self-dostruction. The people of the Bouthern and Western Statos, as woll as a largo proportion of thoss in tho other Btates, are largely in debt. They live by the product of thelr labor, ‘They toil and they produce; they maiutain themselves aud familivs; thoy pay taxes and thoy pay the interest on their indebteduoss, aud are hoard- ing to moet tho principal when due. Isit wise, therefoze, for the creditors to demand that, in addition to thoso charges upon the popular iudustry, thrift, and production, thero shall be an arbitrary levy of at least 45 per cent, without considerstion, to be paid out of the proceeds of the labor which is now hardly more than sufficient to meet tho lawful clalms upon them? Is it wiso to insist upon having two days' labor to meet & debt which sccording to contract can be satistied with one? Is it wiso to insist upon taking 100 acres of land to pay a debt which by the contract might bo satizfied with 81ty the way of trans-Atlantic shippers, for all gooda sold at the Exhibition will simply psy tho duty according to the tarilf of the most favored nation, Tlenco every possible facility has beon given to onable our manufacturera to show the world at Paris what they can do. We trust, for tho honor of the flag, the op- portanity will not bo Jet slip. Rathier would we hopo that Amorican produats of all kinds may come to the front at Paris, and show, for the first time, to thousauds of Europoan and othor visitors that the intornal resonrces and wealth of this vast continent havo been developed by dint of energy, enterpriso, and #kill to & degroe hitherto unattained by any othor nation on the face of the globe. THE 0N RASCAL, W. F. ExpicorT, Inte Presidont of the Cene tral National Bank in this city, has arrived in Liverpoo] safely. It will bo remombered that he loft homo rather suddenly, and car- ried with him aboat $160,000 that belonged to other people. Mr., Expicorr was a high- toned man, Ile was n member of all tho clubs, owned a front pow in church, and had everything lhandsomo about him. In busi. noss circles he was ranked first-class. . As o member of a flourishing grocery-house and virtually the sole owner of a bank, he was recognized overywhero as ono of the solid men. Ho was comparatively young, and had ‘what wore considered ** fine prospects,” His genorosity was much commended. No tale of suffering found in him a deaf or unsym- pathetic listoner, Iiis privata charities,done in a public mnnner, were munificent. He was, in short, a burning oxawplo of the truo, the beautiful, and the good to all the thrift- less young men about town, and they envied him accordingly. Mr. Expicorr’s careor s a fluancler will bonr examination. Haying laid by o snugsum of money,he thought it a good thing for him to branch out as a banker, Ho had yearnings after that mystorions reputation which at- taches, by the act iteclf, to everybody who is appointed a cnstodinn of other people’s money. Ho interested a few frionds and business acquaintances in his schems, ob- tained the necessary subsoriptions to tho stock, and opencd the Central Bank, with himsolf as Preaident and sole manager. Ilo bod & Cashier whose responsibility was morely nominal. Every noto that was dis- counted was oxamined by him; overy loan that was made was authorized by him, He dovolod himself to the bank with a fidelity only too scrupulons, Having no peculiar qualifications for the business, his man. agoment of the Dok -was nalurally and™ necessnrily bad, Ho contracted & large number of bad debts, drew about him just the kind of customors he should have avoided, and aliennted by inju- dicious treatment o number who might have begn useful to him, Ilis difficultica wore incroasod by tho fact that his bauk was smatl. It s n cardinal principle of banking that unto whomsoever hath shall be given, and from him who Lath not shall ba taken awny oven that which he hath. Mr. Expi- corr went into the banking busginess with hongst intentions, but ho was overwhelmed by tho resulta of his own incompeteiicy. 1lis bank conld not have made much money under the best mansgement; in his hands, and during this period of contraction, it was o perpetual oxtravagance. Thko Lime camo . when Exprcorr bad to choose between sur. rendering his entire fortuno and keeping his good name, or keoping his fortuno and sur. rendering his good name. Ho adopted the Intter policy. Having made this choice, ho Lina lost tho reputation which he acquired by years of lonest work, nnd now stands proclaimed boforo this commu. nity a common thief and swindler. Heo know whon ho sold his intorest in the grocery-honse for $70,000, sud dis. counted the notes, that he intended to steal that monoy, and ha notunlly did stoal it, as well as the $80,000 which ho took from the baunk vaults in payment of his own stock doposited thore as security, He las his plunder with him nowdn Europe. Hohas no right to cxpeot that he can take his former reputation there also, Ho sold it for $150,000, and the depositors in the bauk mean to have the little satiafaction there s to be dorived from showing up the assets that he left, Expicorr's robbery {sa greater shock to confidence among the commercial . clasaes than that caused by any other banlk failure in this city, or by all of them together, It docs not appear that any other Bank Prosl- dent haa enriched himsel? at the expenso of his dopositors. The best testimony is to tho effect that Srexcks carriod littlo or nothing away with him. AviizN, Hiines, and My- xns were each involved fu the ruin of the inatitutions which they represented. But Enpicorr probably has mors money with him in Europo than he evor had In his lifo before, Mo flaocod his depositors out of evorything ho could carry awny. Such s breach of trust committed by ono who pro- viously had beon eateewmed tho very embodi- ment of business honor and sagacity aliost destroys faith in human nature. It ralses tho question whother there are honest men among us, and whother any crédit can bo given on any account. In conjunction with the bad failures and susponsions that have receutly taken place, it works dircctly upon the public mind to destroy confidence fu all banking institutions, and to make the very name of financial operations a synonym for fraud and chicanery, This is the worst offect of ENpicort’s crime,—even worso thau the imwediate suffering which it will cause tho depositors in tho Ouontral DBank. Iudividual losscs oan be ropaired in & comparatively easy manuer, but credit cannot be restored except at enormous ccst and after tho lapse of a considerable time. Moanwhile society is disturbed in all its parts, and its clements ora separated by s force more powerful than that which former- 1y held them in combination. This tendency must of conrse in the long run cure itselfy sinco the effect of excossive distrust will be to make every honest person worthler to be trasted and more ablo to establish his hon- esty. But while the process of settling anew each man's character and fnancial ability is going oa, thers will be many cases of bardship, and much loss from a com- mercial point of view, Business thst might well hava been transacted on P credit will mot be transscted, becausd ' credit cannot be obtaned. There wil be more failures, becsuvs accommodations that were expected, and that under ordinsry circumstances would have boon extended will borefused. There will b other crimes* committed, because the temwptation to com mit them will bo jucreased, and men who, * like Ewpicorr, knew how to be Lonest i8 prosperity, will know how to be kosved _ in adversity, For all this gad experiencé: the end of which ia not yet, and fur all th mournful consequences of ‘s period of finsv cial distress, Expicorr and men like him 87 largely respousible. If thers had beon ! kesner sense -of commercial honor in th country, there would be zaore rewson o t&