Chicago Daily Tribune Newspaper, January 16, 1878, Page 4

THE CHICAGO TRIBUNE: WEDNESDAY. JANUARY 1 . Thye Teibwre, TERMS OF SUBSCRIPTION. DY MAIL—IN ADV. ally Edition, an yesr. Partaof ® yesr. bermo sundsy "Wditlon: ~ Literary " ¥nd itel Tiouble Eheet gaturday Fii Tri-Weckly, one year. I'atteof s vear, per mont| WERKLY EDY 0ne copy, per yes Cluh of four... - Epectmen coples sent teea, Give Post-Offica addrers 1o full Includiog Btate and County, Itemittances maybe made elther by draft, express, Tost-Oflice order. or In reglatered letters, at onr sk, TERMS TO CITT BUBSCHIDERS. Dally, delivered, Sunday excented, 25 centn per week, Tatly, delivered, Bunday Icluded, 70 conts per week, Addres THE TRIBUNE COMPANT, Corner Madfion and Dearborn-ste., Chieaso, 1l DOrders for the delivery of T Trinuxe st Evanston, Engleweod, and liyde 'ark left In the counting-room willreceive promnp entlor TRIDUNE BRANCU OFFICES. TR CritcA00 TRIBURR has established branch offices fof the recelptof subscriotlons and adverilscinents as follows: NEW TORR~Room 20 Tribune Dufldlog. F. T. de- Fapnew, Maneger. TAMIS, France—No. 10 Ruo de Is Grauge-Datellere, . Mantrn, Agent, LONDON, Eng.—~American Exchange, 449 Strasd. Brany F. Gt t. BAN FRANCI Hotel, AMUSEMENTS, Ilooley’s Thentres Randolph etrect, between Clark and LaSalle. Ragagement of Ellzaboth Von Btamwitz. Afternoon. **Ledydana Grey." Evening, '*Deborab," MeVickor’s Theatreo Madlson etreet, bLetween Btate snd Destbomn. *'Lost tn London " and '* A Quiet Famlly,” Iaverly’s Thontro. Monroe street, cornerof Dearborn, Fogagement of Joho A.Stevens. ** Unknown.” Afternoon snd evening. Coliseum Novelty Theatre. Clark street. between Washington and Randolph. Varlety porformance. WEDNESDAY, JANUARY 16, 1878, CBIQAGO MARKET BUMMARY, The Chicago produce marketa were firrogular yenterday, provislona being firmor and breadstufls casicr. Mesa pork closed 16c per brl hicher, at $10.80@10, 824 for Fobruary and $10.0214@10.05 for March, Lard closed 5 por 100 1ba higher, nt 7. 3027, for Fobruary and $7.37%@7.40 for Aarch, M clased steadler, at83.80 per 100 1bs for boxed shoulders and 85,60 for do short ribs. Whisky wos Ic lower, at $1.04 per mllon. Flour was dull. Wheat closed %@1c lower, at $1.04N cash or January nnd $1,04%@1.05 for February. Corn closed 4@l lower, at 40%¢ for January and 39%c for February. Oats closed at 24c. Ryc was dull, at Khc, Durley closed 1%c lower, at 51%c for February and 52%c for March, Ilogn were nctive and stronger, closing firm, at 10@31hc advance, ot $3.80@4.10. Cattle were dull and lower, with salos principhlly ut 32,50 4.40. Bheepwero wenk, selling at §2.87%@4. 374 for poor.to chofco. In store in thiscity 1ast Satur- day: 1,440, 181 bn wheat, 512,153 b corn, 144, 119 Lu vate, 107,367 bu rye, and 030,168 bu bar. Yay. Also afloat in tho harbor, %30, 741 bu wheat, 425,807 bu corn, and 51,087 bu oats, In Daltimore, 480,825 bn wheat und 1,01 corn, Do at Montroal, 306,001 bu wheat and 121,421 bn corn. Do at Inflalo, 655,080 bu wheat and 316,253 bu com. In Milwaukee, 416,- 24 bu wheat and 380,546 bn barloy, Inspected into store in thin city yesterday morning: 483 cars wheat, 187 cars corn, G4 cars onts, cars barley, Total, 571 cars, or 920,000 by, One bundred dollars In gold wonld buy $101,87!¢ in greenbacks at the close. British consola wero guoted at 03 3-16 and steriing exchango 34,818 . @d.Bil. —— Ureenbacks yestorday reachod 984, prob. nbly tho Lighest polat in thelr existenco. Thoy closed at 98, y e —— The collapso of 4he Continental Life- Insurance Company, of Hartford, aunounced in our dispatches this morning, furnishes on important nddition to tho already long list of disgraceful exposurea in that dopartment of business, Mismanngoment, misapproprin. tion, perjury, fraud, forgery,—all are com- bined in the presentmont ngainst the officers of the Company mado by the Spocia! Com- mission appointed last winter to investigato Its affairs by the Connecticnt Logislature, An engagement of considorable smagnitude isreportud to hinve occurred in tho vicinity of Philippopolis between the Russian forees commanded by Gens, Raberzxy and Gourxo wnd the Turkish army under Bunensax Pasha. No particulars of tho battle are at bund, but from the fact that tho Turkish commander has ordered the ovacustion and: burning of Philippopolis it fs very clear that tho Russinns weore viotoridus, and that the next stand mado by tho Turks must be at “Adrisnople. Srorrep Taww bas shown bimself to Lo overy inch o Chief by ‘Lis promptnesy in suppressing what might have proved o Jormidablo and dangerous outbreak auong e Indinns at the Agoncey which bears his name. A dozen insubordinato Sioux had ar. ayed themsclves jn war-paint, and defied ho nuthority of the officors of the Agonoy. Krorrep Tair undertook to nottle the matter, and upon being limsclf defied promptly drew his rovolver and killed two of tho wischief-makers, ‘Tho rest retroatad, and arduer was restored. In apponrs that the mansgers of the New York National Banku aro not 0 united on tho subject of bulldozing tho country on the silver question es they would like to be thought, Mr. TuoxrsoN, Presidont of tho Chnss National Bauk, writes to o friend in ‘Washington favoring the Braxp bill, and ex- pressing the opinion that its Passago Ia noces- sary to relieve the prosent finnucial distress, Possibly thero will bo mora expressions of this sort when tho New York bLankers have hud timo to consider tho bint thrown out by Uen. Burrenthat bulldozingisa gamotwocan play at, and that if the National Banks earry out their threat of o conspiracy to deleat the remonetization of silver in the evont of the passage of tho pending bill, Congress will retaliate by terminating their charters, — Gov. McCLkLLay, iu his lnnm;'u'nl mes- Bagu to the New Jersoy Legislaturo, places . himgelf on record as su cuewy of the monoy of tho peoplo, and wakes a strong bid for the eupport of the Eastern goldites in tho con. test for the Democratio nowination for President in 1830, A pressuro too strong to Lo resistod has evideutly been brought to bear by that clement of the Fastern Demac. racy which is sntagonistio to the ambition of fiLoey, and which, being oqually hos. tilo to the clsims of the West and Houth, Las burried McCrxLLan to the front on tha currency queation. Tho claborate prepara- tions for the inauguration coremonies and tho enthusiaam worked up for tho oceaslon bave a significance not commonly attaching to afairs of this kind, and point clearly to 1850 a9 the ultimate object in view. Tho experiment of securiog s format expres. elon of tho peoplo of Illinols on the silver question through the medium of s State Convention was successful beyond the ex. pectatious of any one who had taken into account tho dificulty of obtaiving a full rop-. resontution upon tho short notice given. The fact thet the Convention was largely attended by mon of ability and prominencoe {n their respectivo sections furnishos the most em- phatio and convineing proof that the people aro intensely concerned in the smecess of the movement for tho restoration to tho currency of the country of tho old dollar which did good servica for ovér cighty years, but which wns dropped outof the coinage surreptitionsly and withont the knowlodge or consent of tho poople. The spoeches made and tho resolutions ndopted tall the whole story. Illinols demands the undoing of a gront wrong and the doing of nn act aliko of justics and expediency,—in short, demands the remonetization of thoe sil- vor dollar. In view of the fact that n considernble ma. Jority of tho Utah Legislatarc 1s composed of Mormons, many of them leading func- tionaries of the Church of the Latter-Day Baints, Gov. Exeny will find it upbill work Lringing about the reforms touchod upon in Lis mesange, Novertheless, ho handles these matters without gloves, boing especlally out. spoken in his roference to tho attempts to bring to justice tbo perpetrators of the Mountain Meadow massacre,—attempts which have proved abortive owing to tho ac- tivity displayed by the Mormon population in sssisting the indicted parties to clude tha search of tha law officors, It {a n disgraceful fact that but ono trial and conviction Las been bnd,—that of Jonx D. Lrg,—and the prospeet of batter success in the futuro 18 nol oucouraging. It is equally ualikely that the Governor's rocommendation rogarding the suppression of tho crime of polygamy will bo acted upon by the Legislaturo, and bhis suggostion that the necessary legisintion wmust como from Congress is one that de- serves attention in Washington. THE BONDHOLDERS' ATTORNEY ~-ED- MUNDS' PLEA, Senator Epxunps, of Vermont, offered on Monday, under tho form of an amendment, o gories of resolutions on the silver question, ‘Tho resolutions in the way thoy are propared, a8 well as in their substance, read very much like tho special plens by which villago at- torneys make a proteuse of earning a fao in n caso whero their clionts havo no legal or moral dofonse, 'The resolutions were print- ed in Tne TatouNe yeutorday, and aro chiefly. romarkablo for thoir unwarranted assnmp- tions, suggostions in which the truth is art. fully suppressed and the falschood artfully insinuated, and for conclusions of law and of faot wholly irreconcilablo with intelligence, honesty, or justice, We roproduce a portion of thoso resolutions na follows : Witzncas, 1t sppears from the record of (he Mint that the total colnage of the ailver dollar has Léen €8, 045, 885 and Wueitas, The rilver dollar of the Unlted States had been long absolutely oleolcte 0y uny stubxtan- tlal part of the money of the coantry, and that which had been 80 colnied almont entirely converted 1nto uther formia of metal, and did not exist ot the time of making any of the cxisting loans of the United States, or {hoso from which the cxistiug louns had been rofunded s and WiEnEAs, l?’ the pruvistons of the Coinago nct of 1873, passcd on the 12th of Fohruary of thst year, and of the Rovised Statutes enacted on the fient day of that yesar, all provislons of tho law authorizing tho colnage ol such silver dollur were 1opealed; and . Witzukax, Since the passazoof salil last-men- toned acta, gold cofn, which, by reason of tho iremives, has been the only extsting tawiul coin, L‘ndur. ang standard of value for all vayments nbove tho sum of £5, as it had been tho anly ono in fact for many years before; and the Unlted States has borrowed In gold coin’ from the peapie uf this country tho sum of not Ices than $502, 500, - 700 atarate of intorest Jower than that of any foun over hefore made by the Uovernment and puyable in coin; and Witzneax, The holders of all Government sceur- ities have a rignt to expect thaut, howevepmuch the United States inny changa ite laws, 0 us,in fact, to nfeet their intoreats favorably, ft will never cvade or repeal favornbl Tozislation cithor for tho pur- poso or with the effect to make woney at tho ox- penye of its creditors and Winneas, Ditlering from ko transaction of affalrs Letween private versous, the pubhe crod- itora bave uo meana of enforcing the payment of their loana, it is a duty of the hizhest uLllunllnu «m tho part of tho United States (o pay its debts in stich & manner ns to meot the just expoctutions of itx creditore, and to refrain from taking advantage of tho clicapness ot silver by roviving other obeo- leta colna, or ybsolete or repoaled colnaga-laws in order to provido for puymonts ineilver, ‘Tho fuct {4 carelully supprossed that tho Unitod States bofore, at the time, nud long after, tho creation of all its. indebtednoss Lind, as tho leguily-oatablished polley of tho nation, reserved to the pooplo and the Governmont that all dobty, public or private, wero pnyable, at the option of the Govern- ment, in gold or xilver coin. "All the debts, public and private, in tho United States wero contractod ‘subject to that reservation, and that the Governmont might, in the exerciso of this right, coln gold and silver, or either, ot ita pleasuro; might discontinuoe the coin- ago of either and resumo it.at any time, withoutin thoremotest degres changing or deo. stroying, relossing, or surrendering, or weak- cniug its right to pay principlo and intorest, or cither of them, in whichover coln It might from time to timo think proper to adopt. I'ho Government might in 1877 prohibit tho further coiungo of gold aud order nothing but sllver coined, nud yot ten years Lenco resumo the colnago of gold and poy debts with it ns Lefore. Al (hig in uo way impairs tho contract, which s, that thio dabt shall bo paid eithor in gold or silver coin, tho cholce being with the debtor. Tho creditor’s domnnd s limited to tho right o bo puid, if not in ono coin then in thoother, but the option is not with him, but {s with the debtor, 'T'hio abolition of the silver coin. age in 187:) in no way altered the contract, nor will the restoration of the silver comnge now change the contret, becauso the con- tract is that payment shall bewado Jo which- over coin tho dobtor may select, ‘Ihis importaut foature of tho national and all private indebtedness, the boudholdors’ attorngy, Epuunps, in Lis special pleading, carcfully oud dishonestly supprossed, . If tho kolder of n national boud had tho right, which 3r. Epsunns says bo has not, to en. forco bis demand in tho courts, doos any lawyer pretoud (o aflivia that, under a spo- «itic contract to pay the debt lu cither silvor or gold coin, at tho debtor's option, the creditor would bo allowed to have payment in such coin us he might seleet, to the exclu. sionof the other? The statement that it appears that only 8,015,898 legal-tender silver dollars were coined falls uuder the classification whers the truth is 80 suppressed as to render the actual statemont false, 'The eolnsge of sil. ver, legul-touder for all debts aud for all amounts, exceoded $84,000,000, and this was fully as much of record s was the number of dollar pleces. 'I'lio sttewpt to make out that duringthe many years silver was a legal. tendar only $8,000,000 of it was coined, la thereforo untrue, and should not have been suggested. Binca the foundation of the QGovernment to June, 1877, thero hsd boon only 19,345,000 gold dollars coined; but it would bo scaudalously falso to state that ro. corded fact with a view of representing that that sum expressed the full gold colnage of the country. The asscrtion that tho silver dollar had long been **absolutely obsolote ™ as any sub. stantial part of, the money of the country, is bardly more dignified. When he penned that sentence, Senator Epuusps had before him the report of the Director of the Mint, which report stated that in 1673, the year tho coinsgo of silver dollars wus dropped, there were minted and put in circulation 97,716 silvor dollars. Tho year before, 1 thore were minted 1,112,961 silver logal. tonder doliars. What does Senator Epmuxps menn by declaring the falsshood that silver dollars had become *nbsolutely obsoleto”? From 1792 to 1834, a period of forty-two yoars, the coinaga of the United. States wns 76 per cont ju logal-tender silver and 24 per cont in gold, and the gold that wns coined never circulated ms money, bLecauso it was sold s bullion. 'The'silver remained as the goneral coin of the conntry. Was gold coin during these forty-two years *‘nbsolntely obsoloto " bocanse coined only in small smounts aud then eoxported? CUongress thon reduced the weight of puro metal in tho gold cofn, making the gold coin as much lesa valuablo than tho silver asthe silver coin bad previously beon less valnable than the gold. From 1792 to 1834 tha gold coin, though issued only in small amounts, was naverthe- 1o 0 nationnl coin, held m reservo by thb Government to be putincirculation whenever it was dosirablo or profitable to bo fssued. At the ond of forty-two yenrs this gold cofn, which Lad been held in rescrva to bo used at the option of the Government, was clipped or deproointed G per cent in order to make It choaper than the silver, nnd was then coined to pay nationfil debts with. It Lins romainod in general circulation for nefr- 1y forty years becauso it was cheaper than silver, just o it had romained * absolutely obgolete ¥ durlug the previous forty-two years whon silver was cheaper. Both coius wero held under tho option of tho Govern- ment, to be used at pleasure, und ncither ‘was ever ** obsolete,” Tho bondholders’ attorncy, Epxusps, spoaking furthor for his clients, asserts that sinco 1873, and ainco the silver dollnr ceased to e a legal-tendor, ** tha United States has borrowed gold coin to the amonnt of ¥392,. 990,700, and that the holders of these bonds have o right to expect that Congress will not ovado or repoal legislation in order to make money at the exponso of its creditors,” Tha trouble of this specinl plen ia that like the othor plens it suppresses truth essontial to an honest statetaont, Tho United States auring the War sold its Louds for papor money worth from 85 to G0 cents on the dollar. Tho intercst on thess bonds wns payable in coin, and the principal, as Mr, Secrotary SurnwaN states, ‘‘in tho samo woney that was lonned.” From that timo to 1870 tho holders of theso bonds drew interost in gold at 6 per cont on their face, being about 12 por cont on tho valuo of thoir lonn, In 1870 Congress authorized n now loan, that iy, the fssuo of bLonds freo of taxes bearing rveduced ratos of intorost, principal and intorest payablo in the gold or silver coins of the United States which wero a logal-tender at that date, Aud it was required that this stipu- lation, that.tho bonds were payablo In cithor of those coins, should be printed on tho face thercof, so that no man should complain that ho did not understand the contract. Tho bonds issued undor this law wero of- fored in exchange for outstanding 5.0 bonds, aud when the holders of tho old bonds did not voluntarily roturn them, the Hecretary called for the surrendor, theroby stoppiog the interest, Those new Londs were substantinlly cxchanged for the old oucs, but a compnaratively small proportion of them have boen sgld, except in the way of uxchangs, 'Thesa are tho Londs which the bondhioldors' Scuatorial attorney contends cannot bo paid now or hercafter cxcopt in gold coiualoue ! s claim fothat thoso’bonds are of ‘n superlor clasi—gilt-adged paper; that the holdord aro n sort of aristocracy, en- titled to spocial priviloges, But this claim is go uttorly unteuable that it must cvent. unlly bo nbandoned. If thoso bonds, poyable in tho cxpress torms printed on their face, in cither gold or silver coin, be recognized aa payable in gold coin to the exclusion of silver, then the holders of all other bonds will demand that thelr obligations shnll bo doclared oqually privi. loged, and tho clalin will boso just that it will'be impoasiblo to galneny it. Thospecial plen now interposed by Mr, Enarunps, whilo now confined to these 3593,000,000, s in. tended for tho beneflt of all Lis bondholdiug clionts, tho Lolders of all the bonds, and the rocognition of thia plea in this particular mouns the recognition of the whols dobt as payablo cxclusively in gold. In the prose- cution of that end, tho law, tho reserved rights and powers of the Governmont, ns well as tho expross lettor of the contract and of tho laws authorizing tho jndebtedness, aro all valued as ontitled to no consideration, aud all these must give way to the demands of tho -bondholders, who alone find chamn. plons and defenders in the Eastorn Btates and Treasury Dopartment, MANTON MARBLE'S MISSION, Whon BManrox Mivure went to Florida immodiately after tho Presidential cloction, it waa givon out that ho had goue to sco an hooest count. Ile was supposed te be puculiarly qualified to arbitrate the dostinies of the nation, jvusinuch g4 ho belonged o the swallow-tailed wing of the Democratic party. It was assumed that o man who cir- cnlated freely about tho corridors of the Manhattan Olub, who was roceived on terms of soclal oquality in the rogions of Gramercy Park, aud who lisd for yeans diroeted a groat moral ougino of a newspaper, would carry o suporior articlo of patriotism fu his brenst wherever ho wight chanco to be, 'Tho New York Domoorats said—and under the cir- cumstancos all felt bound to beliovo—that AaxToN Mannvy nud hia associntes formed n guard of honor about the Florida Returnfng Bonrd, and protected the virtus of that body from the assaults of politiclans and placo- Lunters. . It was somotling of & mortification and a surpriso, under the, ciroumstauces, to hear after tho result had been declared that the mission of MansLk wos a fallure; that in spito of hiu eternal vigilance—which is the prico of liberty—he had been overrenched, doue for, sold out by ignorant aud kunavish sdventurers, When ho said that ke had failed, it was understood, of course, that he had tried to keep the corruptionists away from the Board, and had boen overpowered. Porsons of vivid imagination pictured Mannpx in his grand and unparallcled act of stewwming tho tide of corruption, In their esteemn ‘‘ho bestrode the world like a Colossus, and wo petty woen walked under his huga legs and peeped about to find our- sclves dishonorable graves,” e was tho spothcosis of honor, of valor, of lofty Clristian purpose. Ho bad scied as the chiampion of right; and, though he had been vanquished, he Lad nono tho lass earned a title to tho gratitude of Lis con. tomporaries and posterity, There was just one thing worse than hear- ing that Maunix had boen boaten by cor- ruptionists, and that was the fact that Mazorx was & corruptionist bimsolf, This blow, bappily, was resorved until® now, when the country is, comparatively speaking, oble to bear it. It it had fallen ot the time tho In- telligenco of Alaxnrx's dofeat was first zo. coived, the country would liavo been well- To think that the Chovalier Bavanp of American politica should have gono to the Roturning Boari, bearing in tho ono hand gentle pence and in the other a fistful of bribes, is enough almost to destroy If it had boonn common mau,—a Jiaary O'DBrizx or a Jonx nigh distracted. foith in human nature, MMorniszy,—wo might have suspected it bo- fore, and been prepared for the borrid truth. But who could believo that Mannte would betray the confidence of thegcommunity ; that Minoue would net as a Lnso instrumont of nparty to buy a President; that Manorg wonld bo an ordinary dealer in bribea? ‘Thera s, nnfortunately, no way to avoid be- "Tho evidenco is too plain to bo gninsnid, Samver B. MoLiy, of lieving this of Manntr. the Florida Bonrd, tostifics on this point as follows: One of the Democrats who came down to Florlds for TILOEN's side cntno out to my lionse amil sald tome, *'iVe've gotall the returns, and knuw for A certainty that TiLnex 1a elected, Now, yon've ot tho inaking of & Preaident In your hands," T Inclaimed skything of the kind, but he kept - aisting, 1o aid, **We Know thete's ono member of the Tloard that you contral, f1c'Il voteany way {on do. Now, it you'll rieo nbove party, and vote 0 pive the State to TiLnex, there's nothing within ihe power of the Demucracy that you shan't hnve, " Thot was Mr. Maxtow Manmer., 1 told him would not aell myclf fornmillidn of dtlare; that il dla a poor man liret, and he sald, ** You needn't die poor It yor'll Just'give the State to TrLbex. The Democratic party will make yon rich. It fs 8 freat pacty, and knows low 1o reward lts friends, L will provide for you foe Jife.* I told him I would connttae vota according towiat 1 velieved to be rlght. 'That's the only offer or lnyll\lns( of the sort that was over tnadu to mo, ust the night before the count commenced, X How naturally the phraso *“riss abave party " drops from the honayed lips of Mr, Maznte, whon do is proposing a criminal fraud upon his country! Mo has writton and spokon so much of “rising nbove party” that he renily imagines he is doing 8o whou ho offers money for votes. But this 18 not rising above party,—not even above tho Democratic party. It is keopiug protty well within party lines and observing party precedents ns thoy hava baon estab. lished by the lenst serupulous of Minnie's party associutes, The use of such **lan. gwidgo” in such & connection suggeats that the gilt-edged wing of tho Democratio party i8 no botter than it should be, Porhaps gilt-cdge does not wear better than the ordinary kind, The preton- sions of Tivey and his compauions may bo altogether hollow, 'Chey may only have assumed virlues which they do not possess. It mny be woll in the fature to Loep an oyo on Mannre and the othor * Re- formers " when thoy begin to talk'cant and declaro that their holiness {a o notch above that of thoir neighbors, Meanwhile, the hard-flsted, rough-hoaded, short-haired Do- mocracy will be safer to trust than their more rofined brothren, ‘Cho former, at least, aro casily understood, whilo tho latter have only the art to concenl their dishonesty, not the graco to do without it. e —— GOLD GROWING DEARER AND PROPERTY CHEAPER. 1t wus As o medlum of exchange, hard money 1s an equivalont as well ns a measuro of valuos, Stability is consequently ono of tho first requisiten for money, though it does not ex- cludo ndeyuacy, convenionco, imperishability, and certain othor cusentials. Absolute sta- Lility {n o monotary medinm of exchango is, s0 far 03 is known, unattafnable; motallic monoy, boing n commedity ns well gs a cur- roncy, is necossarily affocted by tho oxtont and cost of production. Tho common good of mankind demands the noarest approach to stability that can bo obtained without sac. rifleing the othor casontinls of monoy, Prof, Buunen nud the money-lending cinss for svhom ho spodks ropresent that gold snswora this demand botter than any other metal, aud bettor than silver and gold togethor, ‘Thoir position {s takon in deflance of all tho facts boaring on the discuscion nnd all the oxperionco by which the question may Le dotormined. Their solf-intorast suggests that, as long as thero must ba somo variation, that voriation should Lo constantly in tho dircction of nn increased purchasing power of monoy. All recont scjontifio fuves- tigntion shows that tho anuual supply of gold in tho world has fallen off one.half in twenty-five yonrs, avd that from now on the aunuzl product will becomo smaller and smaller, oy it has beon for soveral yoars past, and that tho cost of production will bs larger. This means, in plain torms, o steady contraction in tho quantity of gold fn tho face of n constant lucroase in the demand therefor in monolary uses, Sir Hxcron IIaxY's records, prodnced beforo tho Dritish Parlinment Commlsaion, show that tho an- unol yield of gold decreasod from £36,650,000 in 1852 to £19,160,000 in 1876, or more than one-half in the courso of twenty-threo years, Trof, Buess’ (of Vienna) exbaustive ro- rearches show that it is alwaya to tho alluvial daposits that wo must look for tho chiof sup- ply of thogold, and that this yleld is contin. ually decreasing, . It we assumno that silver and gold togother ropresent 0 per cent of tho sggrogato values of tho civilized world, each in a proportionate degree, then tho climination of silver from monetary uses changes tho relation of hard mouey us uu equivalont from that of G to 94 to that of 8 to 7, or, in other words, n littlo mory thau doubles tho purchasing value of gold. 'Phis would bo o tromondous and unnecessary shoole to tho commerciul rola. tiony of the world, but it would not stop at this. From that time on thero would Lo a constantly-deeronsing supply of hard mouey ond o constantly-incrossing demaud for it, whilo the single standard gold mensurs and equivalent of exchange would go ou con. tracting. ‘fho purchosing power of thu ouly rocognized melallic money would bo en. Liancud from year to year, with the fuevitable result that tho valuo of all property and labor would shrink from yoear to yoar, ‘Tho final cousequence of this unavoidablo anf} relont. less toudenoy would be the concontra. tion of the monoy-power and -proporty wenlth into ‘tho bands of tho money. londing few, aud the oppression of the industrinl mnsees. If the masses were to submit, the conditions of tho. dark ages and tho foudal system would bo vovived, If the masses sbould refuse to submit, which is the moro likely, property rights would cease to be respected, Comnunisin would become a roality, nnd thoro wouald be universal annrchy, To undertake to do tho businoss of the world oo a elugle gold basis of measuremeut and equivalents would be to undertako todo it indefinitcly on a falling market. This moang loss, bankruptoy, poverty, suffering, and despair. Debts will grow larger and taxes Locofle mora onerous, while property will deoreaso in value, and production of overy doscription will continually become less remunerative. ‘The actual cxperience of tho last fow years will by the outlook for the remaiuder of the century, The farmer will recelvo small pricos for his crops from yoar to year; manufacturers will produce at ono lovel aud scll at alower level; werchauts will buy on tho;scale of to-doy snd sell on tha lower scale of to-morrow; labor will be forced down, down, down, and thers will be a loug series of sirikes, lock-outs, aud a suspeusion of production. Those who own proporty, bult owa for it shrinking in value, of their property, to year, failures, ‘wages paid to labor will be steadily falling, and the circlo of wealth will be uniformiy contracting, ard timos will becomo pere petual,—uoless, indeed, ropudiation, revolt,* and Communism shall interpose to produce atill moro frightful results, Can nny reasonable man lonestly moine tmn that stability of valwes will be Sta- bility in ‘monoy- values docs not mean scenred under snch conditions ? the power lo resist doprecintion nlone, but approcintion as woll. Of tho two, o permn. nent and eternal appreciation of money valuo 18 vastly moro injurions than a tendency to deprocistion, For fifteen years pravions to tho susponsion of specie payments i this country, kny from 1840 to 1861, thero had beon a ulight Lut steady declino in the pur- chnsing power of coin, wilh n corresponding increnge ju tho value of land, labor, and The effect was boneficont, be- causo it was gradual, and stimulativo of en- Men in_business usually found n profit on their annual bal morchundise. terpriso and production, anco-shoot. Property-owners found their lauds jncreasing o little in valuo nll the time, Farmers, gotting a littlo Lotter prices for their crops, onlarged tho orea of oultivation, Manufacturing industry was stimulated by tho same experience. Tha wages of work- ingnien grew gradnally larger. New entor- prises wore ndded to tho resources and com. forts of tho country. Tho Inboring classes wero gradually nequiring homes of their own, which fucrenged thefr frugality and energy, It wos oasior to pay debts, both public and private. Nor did the capitalists oxperience any loss, sinco they enjoyed tho guarauteo of socuritics that wero constantly growing in valug ; their lossos by dofanlt nnd deprecia- tion of property were comparativoly insig. nifieant. $ The suspension of specio paymonts and tho ern of falss inflation by menns of an ir- redeemable paper currency disturbed the course of ovents for somo yenrs. Then it became necossary {0 pay the penalty of rock- 1uss extravaganco aud wild speculation, This done, thotimohascometo begin over on asub- stantial noney basis, Exporience and Judg- mcentwould bothsaggestaroturn totho specio DLasia that had proviously boon marked by prosperity ; instond of this, thoro is aa offort to cuforco a resumption on n contracted and constantly contracting monetary basis, which will necossitato in the futuro a repotition of tho samo disasters nnd suffering incident to tho offorts of the past four yonrs to como down from an artificially-inflated condition, If there wora any fmporative ronson for discarding the double metallie standard, all selentifio rosearch and commercial experi. enco wauld suggest the adoption of tho silvor standard, as the quantity of. it to bo had iy adequato to our needs without giving it nn’ oxcessivo value, such ns gold now lns, The American people, at all ovents, would not Lo confronted with tho nbsolute and inovitablo necessity of opornting always on a falling market, There would then ba some pronise of stability of values in the likelihood or possibility that the production of silver in tho future would bo in a proportion to pro. vent a stendy contruction of moncy cquiva. lents,—a calamity that no humnn powor can avert on o singlo gold basis, in view of tho certaln deficieucy in the gold supply, Dut thero is no imporative reason for diseard- ing tho doublo standard at presont, nor will thore bo till gold, like dinmonds’ or othor precious stones, shall have becomo rolativoly 80 scarco and dear 08 to lose nll the essen. tals of the monoy function. ‘This tendency will bo indofinitely restrnined ko long gu sil. ver monoy mny £erve to provent tho manipu. lation of gold for cxclusivo uses, and the mutual restraint and reciprocal dupport of the two metals offer the best assurancoe for stability of valuos now, and perhaps for ua- told generations to como, THE PAVING JOB. ‘The wholesalo manner in whioh the Coun. cil proposes to go into the business of pav. ing aud ropaving tho stroets of Chicago, and to lay tho foundation for. futupo jobs Ly waking tho majority of the property-owners porworless in the premises, will not commend itsclf to the taxpnyers of tho eity. The mognificont vista of future jobs which it has Inid out in three divisions of the city for contractors will coat from a million to s mill- lonand n bl of ,dollars. ‘Tho work can. uot bo dono until after tho nszossmonts ars mndo under the law and conflrmed by the courts, bocausa they will be contested by the property-owners, who imagine they lave some rights left which n Common Council cannot logislate away, The mioney caunot be collectod Lofora 1870 even nt the most rapld rate, 'Fho Council can only appropei- ate for the intersections. It bug no right to let contracts for paving until the money s collected, and tho money cannot be collectod until the asscasments have gone through the courts. If the object of the Council was to call attention to certain streots in tho city that need paviug ns a sort of hint to property-owners that it would be woll for them to privately subseribe the amounts necessary, that is all well onough; but if the object was to forco theso paving jobs upon the taxpayers, who are already suficiently distressed, then its action smounts to & public outrage, sud s opening tho way to all sorta of pocuniary complica- tions Ly involving the city in labilities to contractors. There scems to be an insatinte detormination on the part of somo members of the City Governmeut to get their hands into what littlo thore is left of the public monoy for the beuefit of contractors’ ringy, and to help cortain men whom they call their constituents to got jobs through these coutractors. It is nothing to them that the taxpayeru of this city are already loadsd down -with debts and wmortgages, that so many business mon are going futo baukyupt- oy, that every man is trying to save himsolf aud pay his creditors by the practice of rigid economy - ond by such sctilewouts as ha can make,—all they see 1s an opportunity for an. other grab at the public puri, and to nc. cowmodate * conatijucuts " for pousiblo po. litica) uscs Liercafter, To this sulfering com. munity the action of the Council looks very much like a conupiracy of contractors who want to pave certain streets next sdfumer, aud who have formed & ring for that purpose in part, will ree their morignge incronsing in proportion ..+ ,,0id nequires now purchas- ing power, while tho property itself will bo They will have nothing to look forward to but the nltimato sacrifice Those who own no prop+ orty will never be able to acquire any unfer the necessity of doing bnsiness on an ever. falling markot, or by earning less, from year The natural ambition of nearly alt men to bettor their condition will be crushed out by n succession of disappointments and Thero will be no relicf, it nust be kept in mind,—for gold will bo tho only recognized equivalont of values, the stock of gold will be conttnnonsly docroaslug; its purchasing power will be constantly grow- g ; bouco the prices of property and tha -opaned tho County: Agont's doora to bum- and pushed their job throngh the Conncil, and, whother rightly or not, they will sur- miga that there are additlon, division, and silonco in the job. Doth Conneil and con- trnetors, howaover, beforo they go any further, might s woll understand that ont of this long list of strocts only thosa will bo paved under the present ordi. nances whero the peoplo want them paved and where they subscriba the money fof it All tho rest will bo fought to the bitter end, and, if they aro paved in the ond, it will not bountil the taxpayers bave exhaunsted overy legnl right they have in tho promises, The people of this city aronot in a temper to havo -such a wholesalo job ag this forced upou them withont prolest and without making n fight. They have inancial difi- enlties enough of Yheir own, and their legit- imate taxes ato hoavy enough without hav. ing the wholesale job of repaving the city, i the interests of contractors aud favored constitnents, thrast upon them, Moro than this, no nmount of deprecation on the part of thoso interested will convines thens that the action of tho Conncil does not tond to open up avenues of fraud and corruption, and will not involva n ciminnl extravagance mud recklessness In the use of the public noney. THE COUNTY AGENT'S OFFICE, Itis to tho credit of five members of the County Board, Messre. Dorag, DBunnixe, Srorronp, WnrrLer, and Sexse, that they made a determined effort to reconsider the recent action of the Bonrd in repealing Order No. 4 fu the County Agent's office, and it is o the discredit of the eight othor membars, Messrs, Bnaprer, Crrsny, Coxry, Horr. Nany, Lvzen, MuLLoy, the turncont Mexen, and that thinly.vencered reformar, Firz. oxnALD, that they defented the motion, By their nction they repeat and emphasize the invitation to ail the loafers in tho city and tho tramps in the eountry to flock to the County Agent's offica aud obtain rolief for two months without work or withont any fu. vestigntion of their circumstances, Tho only condition imposed upon them is that they shall bo ablebodied, and that they shall say thoy have no employment. ‘Iho County Agent is nllowed no discretion in the promises, and hos no power to dis- criminate betwoon the deserviog and un. deserving poor, or botweon those who will not work under any circumstances nud those who wonld work it thoy Lad tho chance. Thero was nothing tnressonable in the motlon to roconsidor, as it would only have restorod tho discrotionary power to the County Agont, and under {ts operation no doserving poor person would have boen turned awny without rolief. Tho reconsid. eration, however, baving bzen rofused, the County Agoent’s doors are thrown wide open to the lazy riff.xall of tho city and county, nnd to ns many morae as may please to como hero from abrond. Tho offlco is now costing over $1,000 per day, bofors tho loafors have hind a fair chiauce ot tho publia crib, and the oxpenso is on the daily increase, As tho appropriation cannot bo excoeded, it is only a question of very short timo liow soon the moncy will bo oxbausted and tho county powerless to holp tho widows and orplians who eoven mow lhave mo protection ngainst the tramps and loafers who aro running over thom nlready. ‘These oight mombery of tha County Board havo voted to ko the desorving poor suffer, have voted o tax on honest and indusirions poor men to support the lazy nnd sluftless, and have mers, lonfers, tramps, Communists, and tho whole lazy horde who will not wurk even whon they -have tho opportunity, ‘The tax. payers of the city may bo powerless at pros. ent to prevent tho invnsion of the dend-bonts, but thoy will romember it in tho futuro, and will specinlly keop in mind such men s Mezcn aud Frrzoxnaio, from whom thoy had tho right to expeet bottor things, o S—— THE GOVERNMENI'S OPTION, T the Editor of The Tribune, . 16, =1 notico in spenking of the lous 10 pay 14 coin udebiedness, you sy ‘here was no bromive to pay It in gold; no anaerstunduiy or espectation or tne Kind." The underscorlng, yuu will see, 1 minc, lint aro YOu quita suru thit you are correct fn this statos menty If so, what means Senator Epxusos' state- nens that ut the time we laued vur coin bouds sllver was un obsoleto cuin, nuta standard; thut the Government's creditors expected, and had reason tu expect, thut vur coln obligations would be lvchurzed n goldy Again you uay, in speaking of tho kind of money wa recolved for onr bonde: **But the truth of the matter i, the mwoney loaned was nelthor gold nor sliver, 1t waa depreciated, Ieredeeinable puper of various valicy, * Bots of It waw worth 50 pur cont of it fuce In coln und suino of 1t 73 10 LU, * e, Busenow, in hiv resolutlon offered in the Beuate yesterday, vayw: *+1'he United Btates has bar- rowed in gold coin fromn the peoule of tuid conutry the wyus of nut lens than $ou, 000, 100 at & rato of uterest lowur tian thut of uu‘{ lodn over befory suade by the Governwent and payablo i coln, Which is luwest? 1 lisve noticed “that you bave worerul Limus tade mention of the kind 0f money we recelved In toturn for our Londs, as well as the low price, compuratively, at which wo psttod with them—scemingly us an ufl:unn-nl for paying these Loads inwllver éven ut u deorcciated vaive, Bt with wie, thens (o oIt or fucts bave uothiug whatever to do with thu wstter of dly. chargug _ our_ obliqution, and should oty I think, enterinto 1. 'Tume it wavors a Jittlo of aianoior utter we have vokd our bandu 1 the mar- ket, ut tho kighest price and test poy we coutd atiha toe, 0now come back uny lwllunrcmfi ore In guzard o the truda they mudu’ with us, —ns thougih thoy lisd 5ot ths better of yu in the bargsin, aud ue though we had_resson t complam. And | leave it tor you to say, ufter giving thie fusther thought, whether it doce ot luok & lttle unmer~ cuntiie, to soy the leust of i1, When we sald vur bunds we made the best trade wocould, 'They werd sold in vpen nurket, und tho Leat returus possible obtatued, and thiv, ) con- gider, yu fur as the trade 18 coucerued, shouli be tho chd of it, . H, 1. In the ilvst place, uobiody has any legal su- thority to declare the kind of moucy In which bouds are puyable, tho rete of Interest, or thuw when due, exeept Congress; and Congress Las enacted that thuie bouds above referred to are vayable In colu,—meantug silver ar gold, at the option of the Qovernment,—and Cungress or- dercd that the kind of payment should be priuted ou tho fuce of the bonds, so that there shiould be vo misunderstanding or quibbling about it hercaftér, We have becoms very tired ropeating this fact, but will republish once more what is priuted on the face uf the bond itaclf, so plaloly that & wayfariug waen, though o foul, cannot mistake it This bond 14 fesued in sccordanca with the pro. vistons of un act uf Congreds entltled ** Ay act to authurize the refundiog of the natlonal debt, ap. vroved July 14, 1870, utiended by au sct soproved Jun, 20, 1871,% and s rudecinnble at the pleasura of the Unitod States aflor tha 1st day of Beptems Cuited Btates on waid July 14, with In. torertn such Lo Frow tha 407 of ek pai ete., wit. 1f auy officer of the Government, or any Syn- dicate speculstor, or any Eustern ucwspaper, have wade s dilferent promise or agreement tn bebalf of the Goverument, such prowise or act 1s not”only null and vold, but fuiprudent and absurd, 2. When Cougress, i 18734, suspeoded coinlug the sllyer dollar, it made no contract with bondliolders; it made no prowise ot tore- Bow the coluage whenever It ploased; 1t waived Borights; It did not reliaquish its option to pay the bonds fu elthor silver or guld. There Ls not a word lu any law sayiog or indivatiog such pur- voso oract, und the people are not to bo petti- fouged out of thelr rights by any such ou{; fummon special pleading as thaf contsined Epyuaps’ “Whercases,” 8. Tho U3 milliops which EpNuxDs speaks of a3 recently borrowed i gold, relates wainly 0 exchanges of old 520 bouds for 5, 43¢, aud 4 per cent bonds. The holders of the 5-20s under differest calls were given the privilege of tak- iog uew, long-tine vouds, free of all taxes, ag luwer rates of uterest, or the monvy. Alost uf {hem—both In this ecountry and Europe—pra. ferred the new bonds to the cash, and 80 made 8 “swap with tho Government. There ey comparatively little mondy pafd or recelved on either side. These facts Epstuxns dlshones suppresses, and conceals. But in the ea where persons bought the new Londs the agree. ment of the (fovernment, as the act of Cone gress provides, fs to repay them in coln—silver ur gold, at the option of the Governmant. That fact can't be siurred over or rubbed out. What Ia falr for the woosc Is falr for thu gander. Mora than 2,000 millfons of the orlginal bonds—Buig aud 10-{0s—were pald for in deprectated green- backs. Formost of them tho Government hag to stand o merciless ahave; but {t has bravely . tood up to its promise and paid the lutorest i ““voin,"—palil more than 12 per cent for an ar. erage of thirteen years on the amount received, It the Uovernment has been paying gold in. terest, It bad tliat right by the oriminal agree. ment, and it may herealter pay sliver intercat by the same right, ‘The option Is i the Govern. ment, and it has never Leen surrendered and never will be. 1Tow often must this be repeate ed before the goldites will consent 1o reeept tne fnct? We have had enough Shylock talk shoug “publte eredit,’” * good fafth," “"honor,”! *up. derstandings,” “exuectations, and " supposte tions." The surest way to kill *publie credit, good faitk, and bonor " is to smash down the price of property, paralyze business, pauperize labor, baakrupt enterprise, and drive the people Into poverty and despalr; and that s vrecisely the role the yold-yelpers are playing. They have played thelr little game about far enough, snd would do wisely to let up a little, e — The Unlon League is the only one of the New York clubs which doca nat permit gambling on fts premises, The Paletteis a club of recent origin, having uvsorbed the short-lived Arex- dian, and ewbracing a large number of artista, actors, and authors fu fts lst of members, It gives receptions un occasions when new vaint iogs are exhibited, and invites theatrical stars and opera-singers to its festal board. Thera (s 0 absolute rule against eard-playing, but that Amuseinent Is frequently Indulged fn neverthe fess. The Club hias recently furnished o sensa. ton to the newspapers on uccouut of o quarrel erowing out of a came of poker. Joun Poxpin,, 8 broker, 8. 8. DuNias, a lawyer, and Muxny Ginps, an artlst, bave been In the habit of play- ing for considerablo stakes. The other day PoNpin suspected that the cards were marked, and accused s fellow-gamblers of cheating, The matter has created n great excltement in club cireles, where an act of that kind Is regard- edas the one uupardonable sln wentloned fn the Scriptures. Au essay appeared recently in Lippincoti's Muganine, in_ which the novels of that ecventrle authoress, Mine., DE 1A Ras, better known as *Qulda,” were soverely criticlsed. Tho article haviog been commented on In o London paper *Ouida® wrote to the editor as follows: Ae you have noticedtho hosthle article npon me in Lipplucott's Mugazine, | aball be ubliged by jour kindly muking wn (o your coluwns Lt recolved, two woeks uio, the” decpest apology aud 1most slicete wxpresstons of rogrot from. M- Lireiscorr, during whese fliness the - articlo fn Guestion wis Inwurted without bis knowledgo, almply dealro to stute thix, becauve, having most cordial triendabiy for my esteemed Amicrican pub- lishor, 1 shuutd bo very displeased §f uny une woro Ted to supposs tant my guod understanding with hicy wero affected by ou_uccldent more nnnoying and patuful to hia fiem than to any one. —— Tho weather prophet of 8t. Louls, Prof. Tz, has como out with unuther thoory which fs cu~ rlous It not correct, Mo thinks thut the con- . struction of telegraph lnes through desert. lands would have the offect of changing the climato and cventually the character of the soll. He says that the Signal Offico has ercetod tele- grooh lines across the Staked Platns of Texus, andina short time they will be spanned by cutivental raffronds, and ho expeets that they will become habltable before many years. It anybody has fuith {u these predictions it might lie well for Win to speculate In Texos laud, as there fs probably no commodity 80 cheap as the lande In tho Btaked Plains. e — Taxoponz R. Prealdent ot the Security Lifo-Insurance Corm-: pany, wont to the Penltoutiary at Sing Slng last week, When bis clothes were taken from him, and ho was dressed In the striped garb of tho prison, he almost Lroke down with grief, “I never,” sald the Warden, **saw o man s0 abso~ Jutely stunncd, as though bo could not realize s position.” But he ought to have realized long ago thu possibility of coming to his présont position, — Binco tho days of tho Romau gladiatorial coite bats there bas probably never been a public on- tertainment on so huge a scale as that provided by the wanagers of Agricultural Hall in Lon- don during Christmas week. Tha Messrs, 8anozg, tho great circus proprictors, gave a ropresentation of the *'Slege of Plevna® with 2,000 actors aud borses. Ou the opeunlog day nearly 20,000 people puld for admission. e— The SBupreme Council of the O, A. W, was in sesslon in Bridgeport, Conu., during the past weelk, and adopted resolutions recognizing In the denth of the King of Italy the loss of a nau who, by his stand againat the temporal power of tho Pope, made bimsoit dear to all Jovers of civll aud redgious lberty, The O. A, W, claim to possess Lotweou 800,000 and 000,000 mem- bers. ————— An Fastern paper _estimates that within the past two months 70,000 persons in Northern Now York have sigued the temperauce pledge and donagd the biue ribbon. et m—— PERSONAL. Evangolist Hommoud is ot Parkersburg, W. Va, Josoph Cook will lectura in the West the coming spting. \ The Pall Mull Gazetts pralses Charlea Dud- ley Warner's *'1a the Leyant.” Tho death is reported of Capt. L, IT, Co-{ ton, a veteran lake Captain, Ils connection with Iako navigstion covers u period of uearly kalf » century, Oliver P, Dunn, 04 years of nge, of New Brunswick, N, J., s secking & parson to unite him in marriage with a Mrs. Way, some twenty yesrs hls junlor, Poor Prevost-Parndol's family has bo- comoe extinct with Lls son's sulcide, hle danghter, & young woman of remarksble besuty sud talent, Dbaving a few months ago taken the vell. ! Prince Louls Salm Kyrburg, son of a me- dlatized German Priuce, was recently condemned by default to three months® §mprisonment for ree moving from bivivdgings during a distrass for dobs 8 buttla chased with sliver aud two other articles. Mrs, Hicka behavod in a lordly mannor at the funeral of her frst husband. She seat $400 to the clergyman, with directious to pay the auston $50, each of the colorud courlers $25, retain $100 for bimsclf, and dustzribute the rowsinder among 1be poor, Ligut. Bullis, the hero of the Mexiosn aids, §s & man of 30, with Jetty hair snd mude tache, about five feet elght luches fn helyght, sud & model of physlcal strength sud endurance, = He baa sorved on the Tesas frontier for the lasteloven years, and 18 now {n command of an cflective cum- pany of Seminole scouts, A recent dispatch from Buobarest ssyss **Osman Fasbs remains o atrict privacy, receiv- i0goo one. e manifests a true Turkish obettuscy in conucctlon with having his wound dressed, sometimes rofuslng, like & spollt child, to alluw the surgeons to lock at it for days at a ttme. Ue left Buchareat at 1 this afterncon §a & Russisn pan- itary tralu en route to Kischened, sccompunied by bLis surgeon apd an alde-de-camp of the Grand Duke Nicholad,” Brooklyn refuses to pay Chsplain Bass $500 for bis avangelics) ssrvices among the inmates of the Penltentiary. Tle decision la to the effect that, **When our Judyes soend criminals to the Peuitentiary, it 18 for ressons quite avart from 7e- gion, and it caunot be suy partof our boslocss %o pay misslonarics 1o vislt and admonleh thew.” ‘Tue Penltentiazy will not, bowaver, be an sotlzely godless place, 8 volunteer missionaries are in 1be Rabit of visiting the place on Sundays, and exbort- g tha fmnates free of chasge, Wrmatone, the convieted Vo™