Chicago Daily Tribune Newspaper, February 15, 1878, Page 4

@Iw‘ Tribyne, TERMS OF BUBSCRIPTION. TY MATL—IN ADVANCE—POSTAGE PREPAID, iy Edition, one yoar, 12. rid of & year. per edr. per mon ditions Liters heet.. Give Port-Uffice address (n fall Incloding Stata snd County, Temiitances maybe mads elther by draft cxpres, Foat-Ofice order, o In registered leiters, at our risk. TERMS 1O CITY SUDSCRIBERZ Datly, delivered, Eunday excepted, 25 cents per weak. atly, dellvered, Eunday Included, 30 cents per weok, ddress THE TRIBUNE COMPAXY, Corner Madison and Dearborn-sta., Chicago, fil. Orders for the delivery of Tuz TRIBUNE at Evanston, Englcwood, and fiyde Park leftin the counting-room ‘willrecelve prompt attention. TRIBUNE BRANCII OFFICES. 0 — TE CMICA00 TRIMUNE has established branch ofilces for the receipt of subscriotions and advertisements aa followa: NEW YORR~Toom 29 Zribune Dullding. F. T, Mo- Fappex, Mansger, PARIS, France—Ko, 16 iug do Ia Orango-Dateltere, . ManLrz, Agent. LONDON, Eng.—Amoricsn Exchaoge, 440 Strand, Txxry P GiLLia, Age nt. BAN FIANCISCO, Cal.—Talaco Hotel. T AMUSEMENTS. McVickor’s Theatre. Madtson streer, botween Dearborn and Btate, *The Laacashiro Lass.” Ilooley’s Thentro. Randolph street, between Clark and Lasalle. Eogagement of the Birakosch Overa Troupo. _ Firatact of ** Traviata," socond sct of *'Martha,” and third act o ' Faust” Now Chleago Theatre. Clark atrect, opposite Sherman llouse. Engage: ment offNick Roberts' Pantomime Troupe, **Humpty- Dumpty." Tlaverly’s Theatre Monroe streec, corner of Desrborn, Engagementof McEee Rankin and Kitty Blanchand, **The Danites.” Coliseum Novelty Theatre. Clark strect, opposite Court-House, Varloty per- formance, Afternoon and ovealng, Hershey Music Hall, Asdison strect, between Dearborn and State. Cone cort by Miss Neally Stovens. Farwell Hall, Madison street, between Clark and LaSallo, Lecture by the ey, Dr. Thomas. Bubje Problems,” ———— BOCIETY MEETINGS. WASHINGTON CITAPTER, No. 43, R. A, 3.—Reg- niar Convocation this (Friday) evening &i7:30 o'clock, e e hpEsions ComIany (ovited. -y Sedey o The mpaalons 3 MR CHARLES D WilGHT, Geays ORIENTAL LODGE, NO. 13, and A, M.—Tal} 122 Lasallo-st.—Stated Communication this (Friday) evening at 7:30 v'clock for businy 150 lodge of ins atructton. By order of tho Mlaater, oy T O FUCKEIL Beerotary, FRIDAY, FEBRUARY 15, 1878, OHIOAGO MARKET BUMMARY, Tho Chicago produce markets were moderatoly active yesterday ond generally frmer, Mess park closed 244@5e per brl higher, at 810.40@10. 4245 for March and $10.56@10.67% for April. Larl closed 2ic per 100 ™a higher, at $7.35@7. 3744 for March and $7.4567.47% for April. Meats were firmer, at 830244 per 100 1bs for boxed shoulders and 85.37% for do short ribs. Whisky was steady, 8t 8).04 por gallon. Flour waa In active demand. Whent closed e higher, ot $1.07% for February and $1. 08@1.08%4 for March, Com closcd steady, ot 41c tor February and 43%@43%c for May, Oata closed e higher, at 245c spot and 27c for May. Ryo was highar, at BS@Gidlic. Darley closed Yic higher, at 47c spot and 47%c for March, Hoga wero strong, at Ge ndvanco, closing at 83, B0@ 4.05. Callic wero nactlva and lower, with salos 8t $2,00@5. 05, _Bheop were firm, at $3.00@4.76 for common to clolce, Inspected Into staro in this clty yesterdoy morning: 756 cars wheat, 121 cars corn, 27 cars onts, 3 cars ryc, 24 cara barley, Total, 250 carx, or 100,000 bu. Oue bundred aollarm in gold would buy $102.26 in grecnbacks at tho close, British consols wero quoted at U6 7-16 and sters ting cxchango at $4,50, Groenbacks at the New York Stock Ex- chango yeaterdny cloged at 973, ——t Yesterday tho Catholics of Chicogo united in testifying their voneration of Popo s IX., and thoir senso of bereavomont at tho death of tho earthly Head of tho Church. Theo funeral services at tho Cathodral of the Holy Namo wero profoundlf lmpressive nnd solomn, and tho cloquent eulogy delivered by tho Rev, Father RionbaN, which is givon clsowhoro in this issue, provod that the honor of his seleotion na the orator of 8o memora- blo nn occasion was not misplaced. — The Benato yesterdny, by tho declsive voto of 40 to 9, passod the Mouso resolution doclaring ft iun.xpnd.lunt to reduco the tax on distillod spirits. As tho Koentucky and Cin- cinnati whisky speculators have now been dofeatod in both Houses by an overwholming vote, itZwill bo an act of grace on thelr part, to retiro and drop their periodical efforts to tinker tho tax. As thero novor was any renson why tho tax should be disturbod, Congroes may bo credited simply with doing ita obvious duty. . Ono of tho proofs adduced by the defonse in tho RawpE caso to show that tho prisoner is of unsound mind was his proclivity to kill Lons, and to collect old iron and ecll it when o boy, If theso aye symptoms of insanity, it is somowhat dismal to contemplato tho prolific crop of lunatics now growing up. 1t tho unregenerato small boy has ono ten- doney more pronounced than another it ia to subject hons, and cats also, to the stylo of wartyrdom that overtack Saint Srernen, and tho firat commorcial instinets of adoles- cence aro manifested fn-his foverish desire to colloct old 1ron, for purposes of trade at the nefgbboring junk-shop, even at tho ex. Ppouso of the domestio hardwar — Tho arrival yesterday of the Russian flest ot a point about thirtcen miles froui Con. stantinoplo has produced no material chnge in the situation, Tho big slups have cast anchor at this convenient distance, and Juo bint of a possible compromise i conveyed in the suggestion that if they advance no ucerer the Russian troops” moy alio bo kept in the background, Yublio ex- pectation now tums toward the attitude which Gerwany may be oxpeoted soou to tuke in roferenco to the pending complica- tion. Umsaanck arrived in Berlin yestorday, and the impression scems to be gaining ground that Germany's peaceful offices will 000 be exertod with salutary effect, —— Qur Canren liberated his screaming osgle yesterday when it would have been better to Eave kopt the fowl in its coop. The vesult was, vur Oietes had to retire to tho obscurity Ghich he is 60 fitted to adorn and from which be so seldom emerges. He unwisely oxhibited bis ignorauce of law aud usage by susailing Bocretary Suxsman for the per- formanco of & plain duty~the votification to the Houso of the fact that at the Ppresent rate of decrenso in fnternal-revenue ro- colpts & deficit of about $5,000,000 is cortain to oxist at tho closo of the yesr. The Becretary would have been justly censursble hod ho withheld infonmatiou o fmportant, and be way per- fectly warranted in stating o4 his opinion, what is an undoubted truth, that the clief causo of the falling off in revenne is the un- certainty which‘hna prevailed regarding the action of Congress on the whisky and tobacco tax, Forlunately for tho revenue, the Sen ate yesterdny adopted the Honse joint reso- lation offered by BMMr. Fosren, of Obio, do- claring that any reduction of the tax on whisky is inexpedient. This clinchos the matter, and provents any farther agitation of tho question during the present sossion. Last ovening's meoting of the Common Council, nt which it was hoped that some- plan wonld be presontod for tho relief of tho city finpnces from their present cmbarrnssmont, was productive of nothing but talk. Bat it was in the main the right kind of talk, sinco it showed that the Coun- cil s in o framo of mind to sustdin tho labors of the Finnnco Committee in cutting down the cstimates to the lowest possible point. It is in tho power of the Aldormen to make tax-fighting yet moro odious than it is now by reducing expenditures for the current year to a point which Ieaves tho tax-fighters nothing to gramble about. The experiment 1s worth trying. Senator JoNes' spuech on the silver ques tion proved to be o most able and intoresting presontment of the case, and it was listened to with close attention and intorest by both gidos—suro proof of matter worth listening to, when it is romombered that the Senate hins been bored to death with dull speechos on a subject which would havo beon in dan. ger of boiug talked to death hind it beon pos- scssed of any lessvitality, Tho goldit spenk- cers and nowspaper writers who Liave made so mtch ado about the injury to tho credit of tho United States to be apprehonded as the result of tho silver movement will do well to make 8 personal application of that portion of Mr, Joxzs'speech which locates tho credit- injury business just whero it belongs. The misfortuno inflicted upon Chicago by tho Illinois Supreme Court has been furnish- od a companion by the Commissioner of the Goneral Land-Ofiice in his decision confirm- ing the claim of tho holders of the Varex- TINE Berip to the right to locats it upon Doarborn Park and that portion of tho Lake-Front Park betweon Ran- dolph ond Madison etroets. Tho decis- fon, which {s mnot yet announced, though its torms are woll understood, is subject to roview by the Bocrotary of the In- terior, to whose integrity and sense of jus- tico Chicago looks for protection ngainst what cannot but ba rogarded as an outrago upon the equitablo titlo of the City of Ohi- eago in tho lands which are covered by the decision of the Land-Commissioner. From assertions mado in the spoech of Roproesentativo Ginson (Dem.), of Loulsi- ang, in the House yosterdny, it may be infor- red that the- political porsccutions in New Orleans, which have been encouraged and alded by n fow dissppointed Republicans, in conjunction with. the White Longuors, will fail in thoir object. Itis hinted quito plainly that Gov. Nicniors is not in sympathy with tho meddlesomo irreconoilables, and that, though Lo will not openly interfero whilo tho Returning Board coses are within tho jurisdiction of the courts, ho will at tho proper time interpose his Exocutive function by cither fully pardoning the por. secuted partios or in so'far mitigating tho punishmont inflictod by tho Conrt as to ren- dor the wholo schemo of the conspirators aboriive. Tho resolutions which the Wisconsin As. sembly ndopted yestorday, and which will undoubtedly bo passed by tho Senalo to-day, domand of Congress the restoration ns full legal-tendor of the silver dollar which was domonotized by the act of 1875—the dollar of 412} grains. 'Tho rosolution rolative to the future adjustrent and cqualization of the gold and silver standands ndds nothing to the forco of tho memorial, aud might as well have boon ornittod, Itisamatter of course that if experlonce should demonstrate tho nocessity of such a monsure of adjustment, it will bo adopted; but, inasmuch as it will roquire soveral yoars to tost tho question fairly and thoroughly, it will suffice to attend to ono thing at n time. First and foromost, tho old dollar must be restorod and given na equal chanco with gold. That is what the people want now. S ——————— THE DEMOCRATIO ROW. The Dewocralio party scoms just now to be litornlly a house divided ngainst jiself, with all the imponding woo which such o coudition threatons. The Eastern Demo- cratd and Western Democrats have actually come to blows, Brraont strikiug out in be. Lalf of the former and Hexonioxs respond. ing vigorously in Lis own intercst, o Tho Northern Dowocrats and Southern Do crats aro arrayed ngainst each other with such bittorness that their differencos seom irrcconcilable. ''ho Bouthern Domocrats cannot forgivo the Northern Democrata for first botraylug them iuto the War of tho Rebollion, aud thon leaving them to their fate, and tho fire-esters who wore in tho Rebellion never miss au opportunity to taunt the Domocratic non-combatants of the North with thoir decoption snd cowardive, ‘Tho Northorn Democrats—those who looked upon L1LoeN's uauguration as the means for o redistribution of the Fedoral officus— cannot forgot that the Bouthorn Demoorats refused to join in tho flibustering move. ment to dofent & Congresalonal 'confirmation of tho Electoral Commission’s decision awarding the Yresidency to Gon, Hliyes, ‘Tho slightest provocation serves to Lring theso onimositics to the surfaco, and even the discussion of the West Point bill opencd | the tloodgates of wrath, whenco great tor. routs of crimination and rocrimination pourcd forth, The battle of words was waged betwoon Hewrrr, of New York, and Aikex, of Houth Carolina, to tho extent that o disinterested member suggested that Bla- densburg {the favorite dueling ground) was ouly o short way off ; but, while these gon- tomon did tho talking, they represcnted severally tho Northern fuction of the Detoce rocy, under the thumb of Tamwany, and tho Bouthern firc-oaters, as scctional and rabid as aver, aud they merely gave expres- sion {0 a deop-rooted aulmosity ‘which wil} scarcoly be assusgod in timo for the mext Presidentlal eloction. ‘Thero wero two or three incidents of this dispute which have a general interest, In the frst place, it furnished on occasion which would have brought out tho story of the secret compaot or conspiracy for seating Hares, if thero had been any such thing. But all that was clicited in this regard was a ropetition of the Fostzn spoech and letter, Which is no doubt tho true yersion of tho so- called * conspiraoy ”; aud which was a very simple and honorable, though also s yise and succcasfal, suxiliary fu the peaceful and satisfactory solution of the controversy. Mr. Hewirr created somo excitement at ouo polut of tho debate by threatening to dis- closo some “‘unwritten bistory,” which was THE CHICAGO TRIBUNE: FRIDAY, FEBRUARY 15, 1878, supposed to ba of startling charactor, but this myatorious and ominons disclosure proved to be nothing but the revamping of the stale ©old Proxerr-Mabpox story abont Wxrrs have ing offered tosell tho Lonisiann Retarning Board for $500,000. This was complotely exploded by a committeo investign- tion, and if the ftrue vorsion of that affair shall eover bo made, it will probably roveal an attompt on the part of cortain Domocratic managers in TiLnex's interest to buy up both the Lonisiana nnd tho Floridn Returning Boards. Tho chief point of intorest on Mr. Azxex's side of the lively debato was the old-time blustor of Bouth Carolina, and o strong intimation of the continued provalence of the Stato-Rights and firo-eating sentiment which has betrayed tho Sonth into so many seriona errors. The Republicans and the conservative Democrats on both sides can contemplate theso passages at arms with a considerablo degreo of complaconcy. The country can afford to look on quietly whilo the Tammany Domocrats and tho fire-oaters fight out their differonces. ‘The more thoy fight, the moro exbausted they will both bocome, The more truths they toll about esch other, the botter enlightoned the counlry will becomo as to tho real charncter of both factions, The influonce of both factions will bo materially impaired by these tilts, ex- posing selfishness and rocklessness which will convinco the country that, o long na cither the Tammany faotion or the oxtramo firc-cators aro likely to dominate tho Demo- cratio party, it will bo wiso to keop the con. trol of tho Government outsido of that party, In this respoot, both Mr. Hewrrr and Mr. Axey rondered somo servico in oxposing the clemonta of Democracy which in komo senso they roprosont in Congress. Tho lesson loarned from such a squabble may partly componsate for tho waste of timo that should bo logitimately omployed in tho business of legislation. A SINK OF CORRUPTION, BRIBERY, AND FRAUD. Tho Now York papera roport *‘overything going on as usual at the Custom-Houso.” Wo know of no botter wny of nscortaining what is **usual” at tho New York Custom- Houso than by roferring to tho reports of tho Jay :Commission of 1877, six months ago, Tho *‘irresponsible” Antnun, in his testimony before tho Commission, eaid : * Tho larger number of complaints (of in- officloncy and corruption) come probably from the Burveyor of the Port ”; and, being asked their cliaractor, continued: * 8ome ara for inoflicioncy, somo are for mogloct of duty, some for incbriety, and somo for im. proper conduct in varlons ways; some for want of integrity, and soms for accepting bribes.” A tolorably complote catalogue of vicos, this. That is to say, somo of tho Gov- ornment employea under tho contral of Mr, Antnun aro ignorant of the dutics they are sworn to perform, somo know how to por- form thom, but willtally neglect to do so, somo are drunkards, somo behave bad gon. erolly, somo are not honest, and some meroly accept bribes—aro hived to stonl from thelr omployer, the Govern. ment. Upon this rathor surprising stato of things in tho Survoyor's department the Commission remark: *Tho investigation showed that ignorance and incapacity on the port of tho employes were not confined to tho Burveyor's department, but wero found in other branches cf the sorvios,— cronting delays ond mistakes, impoeriling the snfoty of the rovonuo annd tho intarests of importers, and bringing tho sorvice into re. pronch.” ‘T'ho Commlission furthor romark : ‘It waa intimated by chiofu of dopartments that mon wero seat to thom without brains enough to do the work, and that somo of | those appointed to perform tho delicato du- tica'of tho Appralser's offico, requiring tho special qualitics of an expert, were botter fittod to hoo and to plow. SBome cmployes wera incapacitated by ngo, somo by igno. rance, somo by carelessness and mdifforonco,” Tho investigntion furthor rovealed tho fact that tho involcos sont from the Apprals. er's office to tho differont divisions, to bo passed upon and then returned to the Chlef Clerk, oxhibit on their roturn errors to the numbor of abont eight hundred per month, Fully ono-half of theso ervors— aoy fivo thousand o year—aro attributed to carolosaness, and invoivo about a million and & half of dollera per annam, Thero is o law—S8cc, 5,462 of tho United Btates Rovised Biatutos—making the offonso of bribery of customs ofiicials by importers or their ngents punishable with fino and imprisonment.. The Commigsion found this law inoperativo and void, so far na the Now York customs servico is concernod. 'Thoy say: ““This law, a8 it was frankly admitted, has bocomo a dead-lotter, and tho Burveyor tostified that ho had known no prosccutions underit”; and tho effect has been, in the langunge of tho Cowmission, that *Qustom. Houso officials have cnlarged their salaries by the addition of irrogular foos, omolu. monty, gratuities, and porquisites,” 'Tho Commisslon remark genorally : Trreaularities have been disclosed among the Ine specturs, Welghurd, and Usigers, tho Kxaiinsre, Famylen Appraliers—mien deating wslh enor- tnous val; and thess dlsclosures, considered in conuecll Ith the views exprevaud by the Cole lector, Burvoyor, aud Nuval Uflicer, on tho Hability ofumbloyes {0 Wompratiun, sulcicntly indlcato the volut to which both the Govermuent and the mer- chants were oxpused by i wywtem of political ap- polntments in which political {nfuenco afuponsud with gtnes for the post. And thon follows the most singular para. graph in tho report of the Commission, Thoy 6oy Anopinion, however, was oxvressed [by ono of the Custow-Tinuee oticlals] that thero would ba nu dificnily in putting a stop to the gractice of facs pald for services no mplated by law, witboat puaty dlelasale; thut, 1f employes neww that thetr superiors were'opposed (o the syatem of iile- wak churgea, they weuld soon ceasd (o eact them, Bo it sppears, on the admission of the chiofs of the New York Custom.Ilouso, that thelr subordinates will conse to steal ns soon a4 they aro convinced that their superions are opposied to atealing! Tho third Commission report, on page 8, contaiud an enumeration of about forty arti- cles, ratod per ton, barrel, or case, with the following title: List of feregular feca to bo charped for coples of returns of welght, uald, by a welger, 1o havobeen adupted by the Loard of Weighers, Ou pago 9 of the same report may bo found the following samplo lotter, addressed by a Oustom-House Gauger to a wholesale lquor. housae: Nxw Yanx, Dec, 30. 1870, ~Gexrrewzx: Vleass give bearer one ymllon of brandy and one galion of glufor we. I aw sorey o tragble you. bt thia I¢ New Year, and 1 bope you will bonor my order, 1 will reciprocate on sonie other occasion, Heapect tully, + Gauger, In tho face of theso facts, and hundrods of others of similar import, brought to the ate tontion of the Commission, the Ohamber of Commerce Committes appointed to asaist the Commission gravely suggestod that * cor rect dutics are wmost prodadly assessad at the port where the importations are largest,—that is tosay, atthe port of New York.” Aud the Commission (consisting of a 'Ireasury official, Mr. Jav, aud two New York mer- chants), with ovidenco enough i their pos- sosalon to damn to eternal infamy tho wholo conduct of the Now York Custom-House, gravely indited tho following paragraph : In these viewn (of the Chamber of Commel Committeo) wo entirely concur, nnd we think fystem can be readily azranged by which tho classi- fication nna rates eatablished at the New York Custom-1Tlouse shall bo known and recognized at every port in the country, and by which the quos- tlon'as to what is the rate in any particnlar cana may bo determined with the least poasible delay, assnming the Appraiscrs to be exports, Having shown conclusively that the New York Custom-Ifonso management was absoa Intely rotten with overy formof corruption, the Commission proposed to make it the snpromo tribunal for the decision of quos. tions of practice in all other pnrts of the couniryl The proposition is idiotio or vi- clons in tho extrome. Wo have seon how the businoss of the Now York Qustom.Honso was conducted aix montha ngo. Tho Commercial Advertiser of that city says ** everything is going on thoro s usual, and Mr. Collector Antnur, tho Har- ol Skimpole of the period, says: * It thero is any corrupt practices in his offico thoy must be among his subordinates,—he knows nothing about them.” Wo commend to him o carofal pernsal of the reports from which wo have quoted, and wa suggest to tho Pres- ident nnd the Becretarysof tho Treasury that General Cuesten A, Antmum is uttorly unfit to hold hia present offico or any othor offico in tho Civil Borvice. Away with him 1 —_— OUR AMERICAN NEIGHBORS. The United States have upon ,their bor- ders, within easy reach, n numbor of nation- al noighbors who ought to be our ecnstom- ors. They aro in ono sonso customers,—that is, wo buy largoly of them, and thoy take our monoy and buy goods with it of other countrice. Wo rofer to Moxieo, the Btates of Contral America and of South Amariea, and to the West Indin Islands. The char- neter of this trade with States almost at onr floors is shown in tho values of what wa buy of them and of what wo scll to them. We givo tho totals for 1877 ¢ What we ¥hat we aelt, 508, 1,545,401 3 0,454,303 y Total veua 8155,330,010 §41,004,023 Included in tho importa and exports wero the following itoms of silver and gold: Y 850, Gold eolnand bullion. Silver coin and bullton. 815,121,647 160, 502 Excess of specle imports $13,071,085 In addition to these figuros, wo rooeived from these States, for exportation, morchan- diso valued ab about su,mq.ooo, incinding £3,800,000 of specic. The hoaviest items of import were coffeo, about $44,000,000 ; hides, skins, and undressed furs, 811,000,000 In- din rubber, 20,000,000; nitrato of soda, $1,000,000; sugar and molassos, from Cuba 269,600,000, from Porto Rico 4,000,000, from Brazil over £3,009,000; total sugar and ‘molasses, §66,000,000; and nbout 82,600,000 of raw wool. In roturn wo gold them of our manufac. tures: Cottons, #9,600,000; glasswaro, $1567,000; iron manufactures, $3,270,000; stoel goods, $000,000; silks, nono; woolons, §22,000; Inrd, $5,600,000. And this is the beggarly oxhibit of our sales of mannfac- tured goods. The wholo continent and the ‘Wost Indics, to whom wo might sall 3250,- 000,000 of productions, and especially of mauufactures, ara lost to American trade. ‘Wo buy..of them..€165,000,000. of thoir products nud “payfor thom in bills on Lon- don, nnd these billa aro there used to pur. chaso cotton goods nad other Dritish manu- facturos to bo sont to theso American neigh- bors of ours to whom wo rofuse to sell. WHY THE REACTION DOESK'T COME. ‘Tho financial crisis of 1873 has reached forther and lnsted longor than any of its predecossors. The reaction which was con- fidontly predicted in 1874 and each subsc- quont year hns not come. People aro still waiting for it and still talking sbout -it, but the first glimmor of it Las yet to be scen. As its coming is postponed, faith in it growa less. Eminont European cconomists say that it nover will come; that the industrial dovelopmont of the world has reached its highost point, and wiil hereaftor gradually docline; and that tho relations of borrower and londer formerly existing between poor countrics and rich countrics will novor be ro- established in their full extent. Thoy give various ronsony for the continnance of tho prosout deprossion. Ono reason more im. portant than all others, and sufilcient in itsolf to oxplain tho facts, is the destruction of n part of the world's stock of mouoy. England and Germany have discontinued tho usy of ono of the precious metals, and the Latin Unlon—ombracing France, Italy, Bwitzerland, Belgium, and Groeco—hns stoppod partinlly the colnage of the samo wotal, The cffeot of their action has been to increaso tho work required of gold, which is equivalent to decronsitg tho supply, Decronaing tho supply of gold in. cronses it value ey messured fu ol other commodities, or docroases thoir value as mensured in gold, As tho valuo of property is diminishod, debts are increased ; taxes, {ntorect, and every forn of obligation bacoine more burdensome; ol sales are made ou n falling market, and consequontly with & prospect of loss to some ono of the per- sons concerned, The fimt effoct of n falling market is to discourage wpeculation, which 1a charnctor. istio of all seasony of prosperity. By spoc. ulation is meant risk-taking,—investmunts mado on long time and extra hazards; theso aro measured and paid for in ordinary com. mercial transactions os regularly as rates of insurance or intorost. When the manu. facturor of Loots and shoes puts a full force of men ot work and runs his machines over- bours to tako advontaga of a prospective hoavy crop aud active market, Lo ongages in wpeculstion, When the drs.goods werchant doubles his stock to meet & probable active demand, Le takos o risk for which ho oxpects to bo fully paid. Bo itis in overy dopartment of industry. Risk- taking, venturcsomencss joined with asa- gaclous calculation of chancos, constitutes the wholo differenco between good and bad business men in ordinary times, Tho conse- quenco of discoursging this spirit is, firet, to place mediocrity on a level with excel- lence, and, sccondly, to diminish the actual volume of business transacted. Whon o rigid cconomy Is introduced in overy form of busi. ncus and every grade of life, tho production of the world is, for the time being, dimin- ished. Thero is Do virtue in economy of production. The world gaics only by econ. omy of consumption, and uot even by this when It is carried too far, If the ef. ficienoy of the machine ia impaired, it is nmot cconomically run, but foolish Iy, wastefully, and extravagantly. If the peoplo consume less than is neccessary to keop them woll-fed, well-clothed, and con. Exports of gold and siiser... tented, their so-called economy is only wear ond tear, sinco it evontually diminishes tho powor of production. When sapeculation, enterprise, or whatever itis that makes busi. ness nctivo, is checked, labor suffors, Indus try ia disturbed, A new distribution of it A8 botwaen the various departmonta of effort is ordered. While tho tranefor is making, there i waste. The new adjustment of torms requires time, and tho diversion of Inbor from forms of employment in which it ia skilled to others of which it knows noth. ing involves n separato loss. Tho socond importent effect of a falling markot Iato Qestroy or impair credits. The Lasis of business prosperity is (1) confidence in the ability of men to pay; and (2) confl. doncain the willingnoess of men to pay when thoy bave the meana, Ono kind of confl- denco dopenda Iargoly upon the other. Tho nverago man would rather pay than not whon Lo can. The inducements to bo honest ara 80 much more powerful than tho induce- ments to bo dishonest that the former goner- ally provail in good times. Tho contraction of crodita diminishes both tho ability to pay and the desire to pav. If honesty is not to bo rowarded by continued confidenco aund ac- commodations, thera is from the business point of view no motivo to be honest. Honce the stondy ratio which exists between tho in- creaso of povorly and of cvime. This is one of tho indircot and least importaht conse- quencod of a geuoral impairmont of credit. The most important and direct consequonce is tho temporary withdrawal of capital from the ordinary channols of trede. While eapi. tal is walting for now invostments, it loses its wages; and finally it is compolled o take lower ratea in order to increase its safoly, Mennwhile the merchants who have boen nccustomed to transact business on borrowed capital—which s often tho most economical mothod of doing busincss—are obliged to ro- tire, or to continue operations on a reduced scale. The not result is o heavy loss both to individuals nnd to the community, aad o gain to nobody. A stondily-falling market is an indiention of & gradunl apprecistion in the value of moncy. All tho hardships which result from it are recorded in history ns conneeted with & comparativo dearth of the procions metals, From the deolino of tho Roman Empire to tho discovery of Amerlca tho purchasing power of gold and silver constantly in. creased; tho price of all other kinds of property diminishod ; and tho average of comfort among tho poople of tho ecivilized word was roduced to o'very low point. The moral, socinl, political, and intellectual con- dition of Europo was, during this poriod, ‘bolow that of Greoco and Romo bofore tho Christian ern, of Oarthogo during tho Punie wars, or of Babylon in the daya of hor splendor, The masses wore sunk in sonsu- ality, sloth, and poverty, and the upper classes wero ignorant and degraded in their tustes. Whilo tho scarcity of tha precious motals was not the sole cause of this state of affairs, it was an important cause, Whon that scarcity was removed by the flow of gold and allver from Moxico and Poru, the aspect of socioly was changed. Spnin bo- oame on this account the first Powor in Europe. Industry of every kind was stimn. Inted. A middlo clnss grew up, and carried on tho commerco of tho world. Tho samo experionca was ropeated before and after the discovery of gold in Australia and Californin, It hna beon cstimatod that the value of gold ros0, from 1800 to 1849, in tho extraordinary ratio of 100 to 2456, or 145 per cent, and dur- ing this poriod all the evils resulting from n falling market wero felt. Tho rolief that was afforded by the gold discoverica was in. stantancous. It would have beon prolonged porhaps for 100 yonrs, in connection with the Iarge nddstion to the stook of silvor, if a mis- taken publis policy had not induced two powerful nations—Gormgny and tho United States—to disponse with one of the procious metals, aud thereby incrense the domand for tho othor. This nction ot once chocked the rise in prices, and ro- stored tho old condition of things causod by a falling markot. As the supply of gold is limited, and tho aunual consump- tion in the arts and in wastage is constantly increasing, the markot must continue to fall for an indefinite porled, if silvor is thrown out. Ina book published in Vienna recent. ly by Prof. Suxas it is maintalned thiat much moro than half the attainable gold has al. ready boon acquired by man, and tho time will come when its production will diminish in o ratio 08 oxtraordinary as its recent ratio of incronso. The nationa that have the sin- glo gold standnrd must suffer from a contrac. tion in prices for which thoy have provided, and other nations which have commorolal relations with thom will also suffor, but in n lesa degroo. It i3 the part of wisdom, then, for every nation which has or can get o supply of silver to use it in tho ourroncy ns o compensation for tho drain of gold. In this manner tho goneral fall of pricos mey bo checkod, Unless somo such substitution {8 aade, it is perfecily gafo to say that tho reaction from the panio will bo long in com. ing, and will be only partial when it comes, THE BI-METALLIC OPTION. The standard dollar of the United States from 1702 to 1873 was ono containing 871} grains of pure silvor, ‘Chis standard dollar was not establishod under any nssurance that it wns to equal the gold dollar, or to equal in valuo any weight of gold or other motal 1 the United States or in foreign countrios. A dollar of 871} gruins of silver had beon In universal use in this country for acontury ; it was tho old Spanish dollar which had a world.-wide circulation, That dollar was known to the American people, and the dollar of that same woight was wmado tho unit ond atandard of American colnoge, In propering the weights of metal for tho gold coinago, tho gold was un- dervalued ; that is, thero was more gold put into thogold coin than wasroquired 10 cqualize it with the milver. 80 the Ameri. can ailver being cheaper than tho American gold coin, the latter was meltod and exportad, Alter an exporionce of forty years, Congress, with a view of oqualizing the values of gold and ailver in the coinage, reduced tho num. ber of graing in the gold cagle, making that coin worth about #9.75 in ilver dollars. The gold coin, being thus, the inferior coin, got into general circulation, the silver dollar remaining the standard and the unit. ‘Tho parpose of those who adopted the bi- metallio curroncy was to provent any disturb- ance in the valucs of property Ly any sudden increase in the value of either metal. Whilo both gold and silver were mado a legal- tender, 371} grains of silver remained the standard dollar, If the gold coin were tho dearer, as it was from 1793 to 1834, then gold coin was quoted at & premium, because worth more than the standard dollar, From 1834 to 1878, gold coin being the cheaper, it 'was quoted as greenbacks are now, as worth from 95 to 97 conts iu silver dollars. Tho silvar dollar was alweys the standard by which foreign a8 well as American coins, gold and slvor, were measured and valued. The policy of making the two motals legnl- tonder was to protect the people from any oxtraordinary riso in the valua of cither motal, Thus in caso of tho risc in tho valua of silver motal the country could atonco resort to gold, which, being n legnl. tender, would be a legal snbatitate for the dearer silvor. This was practically tho caso from 1834 lo 1875, On tho other liand, if gold should advanco in value beyond ita ordinary relation to silver, thon the coun. try could rosort to silver coin, which conld bo legally substituted for the dearor gold. In 1875 this contingency occurred. Gold nd- vanced largely in consequence of n sudden demand for $400,000,000 by Germany. The oconsfon for the exorciso of the bi-motallic option iad nrrived, and then it was discov. ored that tvo years proviously tho standard doliar and the bi-motallic system had both boon abolished, and that Congross hnd pnssed o law providing for the payment of all debts, publio and private, in gold coin oxclusively, after thae 1st of Janunry, 1870, Tho loss to the country resulting from this legislative action can hardly bs measured. In tho first placo, it has provented tho coin. age nnd the addition to our currency of over 100,000,000 of silver dollars; it has pre. vonted the deposit with the Tressury of an- othor 8100,000,000 of silver in bullion form ropresented by outstanding coin cortiflcates, It has contribnted to the gront advance in tho markot valuo of gold, and to the conse. quont deprecintion of * the valuo of all kinds of property. It las reduced the vwoluo of all the neenmulated snvings of labor, and added, without any consideration, largoly to the burden of debts, It will require 50 per cont moro labor and of tho product of labor to satisfy a dobt in gold thau would be requirad to satisfy such debt had silver not beon demonetized. The injury to busincsa ond production by the destruotion of tho value of property, which wna only possiblo by the ropesl of the bi- motallio systom, i faintly reprosonted by fallures of banks, corporations, and individ- uals all over the country, and tho continued doprossion and stagaation in production and trade, ‘The propositiun now before Congress for the abolition of patents hus called forth o mass of literature upon both sides of the subject. The Boston Advertlser prints some fnteresting remi- nlscences of fuventfons and the reat inventors of the past. Tho flrat cast-fron plow was in- vented by Jeriunro Woop, of New York, in 1814, and sinco then over 2,000 patents have been fasued for now or lmproved plows. The thost versatilo inventor that wo have had in this country was Jacon I'rnxixs, of Newburyport, Mass., who patented the first nall-making ma- chine,a process for plating shoo-buckles, a sterco- typechicek-plate for bank-note paper, fire-englnes, hydratlfc ongines, a machine for horing old honey-combed cannon, a method of sottening and hardesing stcel, a bathometer for mensur~ Ing the depth of the sca by the pressure of wa- ter, o pleomoter for measuring the rate of n ship’s nolling, and a steam gun dlscharging 1,000 ballsa minute. Ho dled In London in 1849. Nearly 8,000 patents have been issucd on scwing-machines aloue, 4,000 on fire- arms, and 1,500 on carrlage-wheels. During the past fittecn years the West has bronght out by far the greatest number of useful patents, Ona of these was mentioned in our Washington dis- patehica last week. It was that of a knftting- machine, patented by a 8wede of Rocliford, 111 Twelve of those machines are operated by o boy who roclves $4.50 a week, and knits stock- ings entircly In one plece, at an actual cost for tho knitting of sixty stovkiugs of one cent. Ieretoforo that woman who could finlsh up o singlo palr of stockings by a hard day's work las been cousidered phenomenal, but think of 120 stockings in ten minutes! Thero 8 & rumor alloat (?) concorning Disxanck and the silvor movement which 18 nut without In- torest, It goes without waying that the German Chancallor keops on cye upon the whole warld, that ha knawe what s transpiring in all tho leadiugz Governments of the globa nbont as 1000 ka they do thomnolvey. For his special Dfenta are at ovor Cavital und they aro tircless and sleepleas in thofe watch of affaira, 1t is known nlso that i its re- colnage oporations the German Government took inlnrge quantitios of ailver which It is not nt all unwilling to make some dispusition of. Now the story is that aiz large vessols loaded down with ail- ver iave crosded the Atlantic (7), and that three of thewn are walting in the vicinity of l‘hundolphln&n aud the othoer threo noar San Franclsco (1), If the BLax bill passcs theas vessels are to Jand at once nind rush theie silver bullion into tho wints for freo cainnyo (1), the rule as tho bill standsnow and in accordance With customn being that the firet comio shall bave the flrst servivo, It is thought that thero e stivor enough in roadiness to keop the mints running a full year (1), If vo 1t Wil bo some Tittle time before the ropudiutors pockots with the dollar of tho dndd on tha dollar.—Albuny (¥, Y.) Eoening Journai. T'hi3 18 ono of tho weakeat, ailliest, shallowest, absurdest, nonscnslcal lies that hus yet been put forth for the editication of slmplotons by any subsidized Shylock newspaper, Not even tho Chicago Journal will belleve so ridiculous and prepostorous o falschood. Would you, Journal 7 e ee— To the Editor of The Tribune. Cnicao, Fob, 14.—Can you inform & constant roaderas 10 the oxact atatua of th liritish Neet now solog up to Convtantmople? Ilow muny vossels ure thero, and how mauy guus do they carry? can flll their LO0 cent (1) "The flect now under the command of Admiral llorxny comprises cloven Ironclads and half o dozen or more unarmed frigates, sloops, and gun-vessels. The burbotto ship Temcrairo is tho most heavily armed war-vessel afloat, and carriva elght 23-ton guns. Tho Alexandra cur- rics 13 guns of smailer capacity, ‘The SBultan, commanded by the Duke of Edinburg; the Agincourt, 17 guna; the Achllles, 16 gs the Swiftsure, 14 guns; tno Pallas, 8 zuns; the Re- search, 4 guus; tho Devastation, a turret-vesscl, srmed with two 83-ton and two 23-ton guns; the Ilotspur and tho Rupert, fronclad raws, complete tho liat, formivg one of the most formidablo flects over under a single commund, e ——— Ducling fs sttll o popalar pastime in Col- orade, A few days ago Coruuny and Stine quarreled about yan estimable malden of White Earth, aud arranged for o hostile necting ot Cebolla Bridge. Tue weapons wera shotguns, At the mignal CoLpusN pulled the trigger, and cxploded the cap, 81N, Instead of taking ad- vautage of this nilshap, rushed towards him. CoLpurN sclzod & ponderous bowlder, The scconds sprang to Interfere, but fortunately o BherlfI’s poaso rode up and arrested tho princis puls at this moment, They were subsequently bound jn $300 to keep tho peace, * sud thus ended,” romarks the local chronleler, **what might have been a sanguinary duel, had nat the scconds been 50 incxcusably careloss as to loavo out the bucksbot when they luaded the guns,' e The horoscopo of the London TYmes is sadly out of joint. Laat Suturday It published an edi- torisl saying: All danger of & renowal of war between Turkey snd Russls ls now over. ‘The lussions are prac- tically masters of Coustantinople, Nothing re- mains for us tu be concerned abunt except tue dua sottlontent of the terins of eace aud the protection of our fnmcdlate futerests, Husuia iy uuder hoo- oruble pledye not W advance further, Shouald vba do »o uuder ony pretext, she would arouse the auspicion aua oxcitéument of tuis country, of which the last two doys have afforded womo dangervus premunltory symptome. Yet at this time orders were bolug giveu to the British fleet to advance up the Bosphorus and take a position Lefuro Constantinople,—a threatening act, aud one that placcs England ln the attitudo of an aggressor. 7o ths Editor of The Tribune. Cuicaoo, Feb, 13.—Will you oblize me by giv- fng inforwation & ta the ‘maoner I which the Pobe is generully elacted? 4. P, Four methods have been pursued by vario Colleges of Cardinals lutbepast. The usua) voe, aud that which will doubticss be pursued in the present lustauce, is kuowo &s election by * scru- tiny.”” Each of the Cardinals writes bis own uawo aud that of his candidata on & ballot, which 4 deposited with many cereonies upon tho altar. A two-thirds majority s required for an clection. If this cannot be sccured atter many trials, the clection by *“nccess’” may be resorted to, and Ly this method any Cardina) may change or sccede his vote. Tho election by “compromise’ was never {ried, we belleye, but once, in the casc of Jonw XXIL., who, bay. ing been delegated Ly tha College to cast theiy vote accordling to his best judzment, very na. urally olected himself to tho Pontificate,” The fourtli method fs called election by *inapirg. tion," and is done by a stmultaneous ealling-ong of their candidates by the Cardinals. Tuls Is obsolete. The Now York World suggests that Lony BraconsrizLD might take a lenf out of thy bovk of Lord Meunounsz, who scttled the Byrian question with France {n 1840 by sending to the King of the Belzians, as soon as he hearg that Tiigus had ordered an extraordinary cop. scription of 150,000 men, this cmphatic meg. saget *‘Tmicrs’ anoouncement i o threap, By G—d, 1 won’t stand {t.” Diplomacy to-day Is not so0 outspoken. The languaze of the Eg. lish Cabinct might ke construcd as followss *“Is this a threat, and can wo atand 1" ————— From timo fmmemorial St. Louls has been thy Western Jasacuanstooplug between two buniens; its dolo e been more kicks than halfnence; it hag not even heen allowed 1ta meal of thistics atter jtg Iabora, —Gilobe- Democrat, Cousldering that everybody understands the osinine character of 8t. Louls, this confession of oncof Its leading pupora Is quite unncces. sary, and cannot certalnly be accepted us a plreg of news. —————— 7o the Lditor of The Tribune. Lixcoy, 1., Fev. 18.—~Will you kindly Inform & conatant renilor of Jasie panor, what s ncant Uy the quotations: ‘*Silver bars here, 118 yreens back, o 116 In gold*? Ts this tho price per outice of pura stlver, or of atandard Allver 900 hot Axswen—The quotatlons given nbove arg for purc sllver 1,000 fine. The London price frequently given with the New York quotation 18 for allver 025 fine, ——————— The Duke of Edinburg is reported s ncon vert to the views of his motlier-in-law, although particulars of the domestlc cconomy of the ducal houschold are wanting. Inthe cventof a con. flict. between Hussla and England, he would probably oceupy the position of a neutral power, ‘The Duka I8 slightly bald. f To the Editor of The Tritune. Bunn Oars, Mich., Fob, 12 —Pleass glve the dato of the Nationa) anking act. F, F. B, Answen—The date of tho original Natfoaal Banking act was Feb, 25, 1803, but this was re- pealed and roplaced by the act of June 8, 1564, which, with amendinents, {8 still fu force. e e Mr. Munrny, the tomperance reformer, fy meetlog with great success in Washington. But steam has not yoo been obscrved to rise from the Congressional ten-cup, 1t way be, how- over, that Congresamen prefer thelr tea cold. St el il Tha Inter Owe Iis Edifors lins been 80 overs whelined at the death of the Pope that It haso't mentioned {ts allcged circulation for nearly x week, This paper should not give away to fte feclings In this mavner, at— Asitis quitolikely that tho citizens of Chl. engo will bu oblized to act as thelr own polices men, they should at once bogin the practie neeessary to perfoct themselves In tho use of the club and the revolver. ——— AvousT DBELMONT stll declares that Mr Huxopnicks was onco opposed to tho remons. tization of silver; and the latter wants to knon 1t the follles of youth and fucxperience cannot be forglven and forgotten. ——— ‘The actlon of Qov. NicirotLs in refercnco tt the Loufsiana Teturning Board leads ono almost tobelfeva that a patient scarch wmight yet dise cover tha site of the late bioody chasm. S e 1 An cvening paper asks, “Where is Droge sxosi" We belfeve that this geutleman died somne years 2o, At any rate, the gentleman of whom ho was in search died. ———— Congressman Hzwirr, of Now York, had ¢ spat with AikeN, of South Coroling, ou th floor of te House the other day. Stab him with o corn-dodger, Mr. Hewitr, —— Oncof themost doplorable foaturcs o the clty’s troubles Is that cltizons will buve to serve in the capacity of pollcemen. No thict or gam. bler will feel safe, —————— Euglund would let slip the dozs of war upoen the Russians, but thoy aro belleved, Just now, te bo chaaing a yellow eat up o back alloy, e —— Isn't it about time that Chrlstian pence- makers stepped in and scparated England and Russsial LEnough gore hos been shed. e ————— 1t may bo delicately hiated to the Czar that tho English flect is o first-clnss one. Mo could nover got a better vna. Bhould tha Czar carry out his cherished de- sigus, Eneland will bo obiiged to cuter India by way of the back door. 4 | 8irriNg BuLL wears crow's fosthers ont of rospect to the late Ahkuond of S8wat. * Tuxnentwashis father's favoritoson. Vioros EMMANUEL felt him all his debts, f Disnarct dacsn't bellove In o ** Southern pols Iey™ for tho Russiuns, % Tho gold-bug fs supposod to be a apecles of the low-cuss. | ‘Thesc ore hard times. And now Chicago hat taited, ——————— PERSONAL., Stanley is going to visit the King of Dele glum at Drusscls, De Witt Talmngo soys ho beliaves the time will come whon every prominent church will have a hospital on ono side and s bakery on the other. Tho Rov, Dr. Bridginan, of Albany, Las flnally consented to accent tho pastoral cliargo Of 90 Madison Avbaue Baptist Church in New York. Bince the death of the Hon, Gideon Walles, Bimon Camoron and Montgomery Dlsit are tho only survlving mombers of Lincoln's find Cablnot, The revival labors of Moody and Sankey at Hartford closod last Priday night, Eight bune dred porsons converted by thom were prosest 8 the last meetlng. Miss Phelps, in bor “Btory of Avis," 1nskes hor hero tell s noal and touching anecdots 10 his collogu class concorning an unknown bird wkich looked at hlm so trustingly that, ia spite o} sclonce, he conld not bring Limaelt to kill it, 1t 1 sald to be a truo story of s incident In the sclentific 1fo of Prof, Dany, of Yale, and ls told 54 he himacl? onca told it A correspondont writes wildly of Ledy Dufferius **fven the Canadian womea seom to be bewitcnod by her, and Ibavoyet (o mest tho frst one who lias not, at the montion of her Excellen cy's namo, grown enthusisstic over her mady gracofa) snd attractive charactocistics, Lady Duf- ferin has Ruely-cut, regal tares, slmost clase sical In thelr outline; heroyes sre of a deup Irish blge, and hor hairof a dark brown, and herun< allected mauner, liko magic, drawe sll people 40 her" ‘The Rev, Mr. Hatfleld chargos Col. Inger- s0l} with sttacking Chrlstianity because ho wss disappolnted in bis application for the Berli Mis- sion, This fs not tho case. Whatover faults Colo Tugersoll msy have, want of coursge and sincerity 1s not one of them. If heo had been contentd koep still when thero was no occasion for bim (o speak ho might bave been memborof Congress Uovernor, Unlted States SBenstor, or lni»clfll; Mlulster, With his gifs of speech and mmmfln‘ over tho masées, thero ls o ofiice below that ' Prevident to which bo might not have successfull? sepired, and evon tha last-named ofico might i3 timo have beecfopen to hiw. Ho choss ratber W0 speak bis wind on religious subjocts, sad lhnxe:’ offond and allenate tooussnds of persons Who would otnerwlse Lave supported him for ofco- Joreover, Lis herosies are not new, but almost 34 old a8 himsolf. ile began to promulgate them 8 dozen oF twenty years 830, aud bo has never slocd permitted tho people ta forget that bo wutertalad thoso oplulons.