Chicago Daily Tribune Newspaper, February 26, 1878, Page 4

4 THE CHICAGO TRIBUNE: TUESDAY, FEBRUARY 26, 1878 The Tnibyne, offlefal rascality. TERMS OF SURSCRIPTION. 'artact &1esr. per mon WEEKLY EDITION, POSTIPAID. One comy. peryear. uted to the Prosident be recognized, that ipecimenca silver cannot bo mado a logal-tonder in pay- Give Post-Uftica eddresa fn fall Inclnding Statoand | ment of dobis contracted since 1878, when Coumy. silver was demonotizod. Wo do not under- Ttemittances maybo made efther by draft, oxpresd, Fout-Ulice order, o [ reglatered letters, at our risk. TERM3 TO CITY SUBSCRIBERS, Datly, delivercd, Sunday excented, 28 cents per weok. Latly, delivered, Eunday included, 30 centa per week. Address THE THIDUNE COMPARY, Corner Madiron and Dearborn-sta,, Chicago, Iil. Orders for the deliveryof TiE TRIGUNE at Evanston, Englewood, and ilyde Park feft In tho countiog:room wiliseceive prompt ttention. stand, howevar, that the President objects to making silver a legal-tendor in paymont of privato debts contracted- sinco 1873, tho dishonor and bad faith supposed ta exist in such' 8 proceeding applying only to publie debts, This, howaver, does not chango the legal nspect of the caso, and we commend S——— TRIDUNE BDRANCU OFFICES, Tnx CnicAno TRENUNE has established branch offfces for the recelptof subscrintionsand sdvertisements as follow: , NEW YORR~—Ticom 20 Tribune Dutldlng. F. T. Me- Tannes, Manager. T'ARIS, Frauce—Xo. 16 Ttae de ta Grango-Batelfore. I ApanL: in the subject and tha ability of the writer, to the attention of those who have followed the discussion of tha silver questiop. Tho Hartford Courant still writes furious. 1y of the design of tho silver peoplo to cmpty their 00-cont silver into tho mints and get 100-cont dolldrs therofor, It finds somo merican Exchange, 410 Strasd. t en Cal.—Palace Iotel. 6ge, and, while claiming that the Govern- ment will pockot tha 0 conts on the dollar, thinks the profit will bo n national loss’ be- canso of tho iniquity of the scheme. -How far tho silvor quostion has been intelligently considered in the Courant office, and in oati-silver circles gonorally, is illustrated by the ignoranco shown in this assertion con. carning tho profits to be made in converting 00 cents’ worth of silver into doliars. An avernge boy who would repeat that story in o Ohicago schiool would bo laughed at con. tomptuously by lus associntes. Andyot that gilly nssortion, that the coinage of silver dol. lars would afford o profit of 0 conts on each coin, has been ropeated by all the gold organs from the Hartford Courant down to the New York Vation, and echoed in all the religious .| papers, and preached from scores of pulpita LUSEMENTS, McVicker’s Theatre. Madieon street, botween Desrborn and Btate. **Tho Two Orphans.™ Hoaley’s Thentre. * Pandoiph street, between Clark and_LaSalle. Engagement of Mme. Jansuschek. **Mary Stuart.™ New Chiengo Theatre. Clark street, opposita Sherman louse. Engage: ment of the lycrs Bisters Combimation. **Out of Dondage." linverly’s Thentre, Montoe mrect, vorncr of Dearborn. ‘Engegementof Colville’s Folly Company, **Liabes fn the Woods.' Coliscum Novelty Theatro. Clark street. opposite Court-House, Varlety oers formance, TUESDAY, FEBRUARY 26, 1878, Greenbacks at the Now York Stock Ex- change yehterday olosed at 08, WILL THERE BE A VET0? - Tho all-inportant tople now exciting the country is the possibility of a veto of the Silver bill by tho Presidont. We have not bolioved that the Presidont has intonded to tako any such action. Thero aro_soveral reasons why ho should not doso, In the firat place, at tho opening of Congress ho communicated his own.viows to that body, in which ho advised that silvor dollars should not be made a legal-tender in pnyment of tho principal or interest of that portion of the public dobt issued since 1878, on the ground that sinco that time silver hns not been a legal-tender. In communicating his viows to Congress ho concedod that the pow- er of Cougress over tho matter was boyond all question, and that the only point open for discussion was addressed to the expedi- ency of such logislation. Coucoding,that it oll rested in tho discrotion of the National Legislature, and disclaiming any purposo on his part to interfero ns Executive with this legisiative discrotior, ho submitted ‘his opinion on tho question suggested ag o mat- ter to be ‘carofully considered. That ob- jeotion by him was considered, was elab- oratoly discussed, and in both Houses, by unusunl majorities, bis theory was overruled. Binco then, both Iouses, by more than a two-thirds vote in each, have passed the bill which ho now holds in his hauds. Both Houses of Congress have, after hearing and considoning his objection, decided that that objoction furnishos no valid roason why Congress, in excreising a sound discretion, nnd acting wholly within tho unquestioned jurisdiction of the legislativo power, should not pass tho bill in the form fu which it has beon passed. Tho President in his message did not say that ho would not veto the bill, but ho substantially rocognized and admit. tod that, should tho bill ba passed, it would not progont o case in which the Executiva ought or could with proprioty Interpose n veto, i 8incothat time the bill has been passed by a vote which wns purposely intendod to notify him that the constitutional majority of two-thirda which provails over a veto |, npproved tha bill, thus rolieving him of all responsibility for tho logialation, and leaving him, if so disposed, to file, his objections to on act which it was no longer in his power to dofeat. Should Le voto the bill, and thus to the last soek to defeat the will of the coun- try, his action, while impotent in itself, will havo the effect of intensifying the popular indignation, and of further complicating the disturbances which’ have resulted from the struggle to koep silver demonstized. Tho National Banks as a clasy, and espe- cially thosa of New York and othor Eastern States, have made themselves consplouous in defonding tho secrot sud fraudulent legisla- tion of 1878-"4 by which eilver was demone- tized, and by their efforts to provent tho passago of tho Silver bill, In their xeal thoy Lave threatonod o susponsion.of business ro. Iatiens with various seotions, especially with the Western citios and Stgtes. The malig. nity of the opposition to tho Bilver bill ia largoly attributed Ly the country to the Na- tional Bauks, and the veto of tho Bilver bill, nuder the extraordinary circnmstancea, will bo nccopted by tho country at large as con. firmation of the great power popularly sup. posed to bo exercised over tho legislation of the country by thobanks and the moneyed interesta gonerally. Whilo no ono will sug. gost that tho Presidont-has boen inftuenced {u any way by theso jnstitutions, the popular indignation froshly arousod by the voto may take tho form of direct hoatile logialation directed ngalnst tho banks, which aro, it ls ‘useless to disguise, now unpopular with an jmmense portion of the people. If, instoad of accopting the almost unanimous verdiot of the people in favor of the remonoctization of silvor, thero shall boa resort to the ox. tromo measure of o voto to nullify and defeat tho Bilver bil), there will be offered additional provocation for a hostilo warfare to destroy tho banks, and thus furnish an exciting and protractod agitation of financial wattors, to tho great disturbanco of = busl- ness. Is tho empty, lmpotont exercise of the veto power in this ocaso a sufficient componsation for plunging the country into an ogitation of which no man can sce the end or mcasure the conse- quences? Will the barren voto componsate tho Preaident or the bauks for tho bitter ani- mosities which will grow out of it, and which may demand the practical repeal of the National Bank system. A struggle, with tho country on one side and & faction do- pending on Executive votoos, can have but onecnding. Awpazw Jomnson's Adwmnin. istrstion furnishod an illustration of what au Execative and Lis veto power msy do sgainst the poople outraged, insulted, aud wronged by tho effort of a wora faction ta coerco the country, 1Is thero any President or Adwinistration anxious or desizous to The peoply must wie all the | fmitats the cxamplo of Jouxsow, or to fuvite Last night ex-Senator Bex Wabg, of Ohio, was again sinking rapidly, nnd all hopes of bis recovery hind been abaudoned. The $hah of Porsia is about to pay a visit o tho Czar at 8t. Petersbnrg, and will bo en- tertnined magnificontly by the Imperial , Gourt of Russin. The circumstance hias no immndinte connoction with tho Eastern ques- tion, but may have some remoto significanco aot now perccived. Tho weathor roport this morning prescnts nn unusual peculiarity, the word **cloar ” ap- pearing opposito evory one of the nincteen points named in the table, and indicating o perfect uniformity throughout a range of country reaching from Cloveland to Denver snd from Pembina to Loavenworth, A Paris dispatch yestorday stated that the question of a cession of territory to the Rus- sians s a war indemnity, and tho limits of Bulgaria will bo excluded from the delibera- tions of tho Conforonce. Tho Confercuce will thus bg enabled to transact ita business with promptness and dispatch, as there will to nothing to confer abont. Balonicn, named in our dispatches yostors day o4 the now soufhenstorn limits of Bul. garin, according to tho Russian stipulations, ia ono of tho oldest towns in Earope. It was in existonco as for back as 500 B, O,, whonit wns known as Thermn. Later its namo was chauged to Thossalonica, and whon tho, Apostlo Pavn visited it, A. D, £2, It was largo aud prosperous city. It wes to tho church at this place that Pavw nddressed tho two Epistlos to the Thessalonians. Salonica is to-day o comparatively mportant seaport. It is 305 miles southwost of cauALnnUnnplu.' — d Judgo Warrraxen, of the Superior Crim. innl Court of Orleans Parish, an incident in whose carcer Secrotary Buensax pointedly slluded to recently, has terminated his con- nection with the caso of Axpensow, of the Returning Board, by sentencing the Mcmcq to two years ot hard labor in tho Poniten. tiary. It now remains to bo seon whdher there js cnough of tho partisan demagogue in Gov. Nicnorys to allow the sentenco thus procured to bo carried Into oxccution, A motion is now pending to transfer tho casea of WrLLs, Cassanave, and Kxunes to tho Unitod States District Court. British interests aro touchiod, we may say stabbed, by two points in the permanent peaco conditions,—one being the proposed acquisition by Rlussia of tho Turkish iron- clads, which wero built and equipped with mouey borrowod from England and never pald; tho other, Russin's porpolun.lmarlgngg upon the annual tributo paid by Egypt to the Porta. 'The voto and speechos yesterday in tho Ilouse of Lords indicate that the real tender point s the pockot, aud just in the proportion that the prospect of realizing anythiug upon the Turkish securitics held in England is obscured by Russin's conditions, Dritish intorosty are affected, ————y With an uaexponded balanco of §216,000 to tho credit of the Beworage Fund, of which $190,000 will bo colloctod this yoar, it wotld scem that the regular aonual bid for popu. larity by the mombersof the Commion Couns cil might bo withheld for onco. But tho bars wero lot down as usual at lnst ovening's wmeeting of the Council, and, before the trad- ing and log-rolling was done with, o total of $161,000 for suwers in varlous wards had been,ndided to the Appropriation ordinance, Badly as somo of the districts need sewers, the peopla are fully reconciled to the noces- ity of woiting auother year, and will be perfectly sutisfied with such sowers s can bLe built out of the nuexponded balanco. The action of last eveniug in Commitéee of tho Whale will undoubtedly be rovoked, na it ought to be, when roviowed by the opon Council, publican Commissonors, the O'Dosxrry Lting in the County Board has grown loud- moutlied sud insolent, and its determinution to carry forward tho meat.contract steal is flaunted in tho face of the taxpuyers witha regular Boss Tweep alr of * What are you going to do about it?” ‘The Ring looks ypon the award of the contract to 0'Dox- NeLL without a protensd of compotition as au accowplished fact, but there arp some serious obstacles to bo overcome before the plunder can bo filched from tho Treasury und adividend declared. No contract is valid unless it contalns tho signature of Mr, Bexne, the Chairman of the Board, who will fight tho steal to the last extremity; and Treasurer McCrea can vender efficient co-operation by refusing payment upon or- ders bsued in accordanco with tho defuctivo wontsact, weapons at their command until the fell olection furnishod a sovereign remedy for We print a communieation on tha subjoct of tho cffect on contracts of the law of 1878 abolishing the silvor dollar aa the unit of value in the Usited States and substitut- ing thbrofor tho gold dollar. The writer dis. cusses in this relation tho complications which may result should the doctrine attrib. the communication, because of the interest comfort, howover, 1n the defoat of freo coln. the ignominious failurc and wrock of that Administration ? In the name of a distracted conntry, Iabor- ing wnnder oxtraordinary excitement and gosded by the scandalous attempt to entrap and dofraud them by tho secrot demonotizn tion of mlver, wo ask the Presidont to restore ponce and confidence, ot him accept the nationnl verdict, nor sock to sot it nside. Lot him submit to what ho cannot undo if he wonld. Lot him not veto this Silver bill, nor thus open up a conflict which may lead 10 man can forotell where, TEXAS PACIFIC AND SUBSIDIES, ' Qur information from Washiugton fs to the offect that, notwithstanding the New Year's resolution in the Houso of Represont ativos to abstain altogether from the vicious stimulant known as subsidics, tho lobbies aro as notivo and slert ns ever; they havo ovi- dontly taken tho resolution in the Pickwick! ian sense. The most porsistont’and tircless of theso Congresaional raiders aro to bofound in tho intorost of Toxt Bcorr's Texns & Pn- cifio schome. The policy adopted Ly the Hoorr lobby is rathor novel and certainly shrowd. A half-dozen of Lills, moro or less, have been introdnced to provido subsidics ranging from $17,000 to $35,000 n mile for tho complotion of the Toxas Pacific route. ‘Thoy vary in terms nol onlyas to the amount of the wubsidy, but as to the branch Lines which it 18 propesed to include in the echeme, and a3 to tho Eastern terminus of therond. Ono of thom looks to Memphis, anothor to Now Orleans, nuother to St Touis, and 8o on. Theso bills aro presented s indopendent mensurcs, nnd tha advooates thoreof profess to antagonize one aunother; but thoy all have this in common, that each includes the main subsidy to the Toax Beorr lino. The varintion in amount of subsidy simply monns that Tox Scorr and his friends have concluded that half n loaf is better than no bread, The purpose is to test the relative strongth of the difforent propositions, make up trades on tho basis of other subsidies nnd patronage, nand then concontrate upon the bill which haa the bost, chance for passing. Tho programme bns been shrowdly con. celved, and the only safe plan fog honost and prudent Congressmen to adopt is to set their faces ogainst all of tho subsidy measures aliko. Thero is just ono Texns & Pacifio propo- sition which asks no Government aid boyond tho lands already grantod, and this is the only one in which the Bcorr crowd are not intorested. This is the bill introduced by Mr, Moxey, of Mississippi, which gives the Southern Oalifornis Company tho right to push thewr road from Fort Yuma eastward, nssures to it the land-grant alroady made as far as it shall construct tholipe, and requires of it to finish the road ns far ns El Paso within tho next six years. It is understood that tho HuntivaTon Company, which owns this Bouthern California Road, and had amplo capital to push it ohond rapidly, is in full sccord with this measure, and prepared to nccopt all ronsonablo couditions, including tho agrooment to build GO0 miles mora within six yoars. ‘Tho fact that this Company has already constructed 785 miles of rond from San Francisco south aud cnst, nnd that it has solually tho material on hand to build 100 miles moro at omeo, 18 tho best ovidence of its will ingness and capacity to continue the work without Government aid. It is probable that the rosd will be built more quickly under tho auspicea of this privato Company that it would bo a8 @ quasi-Govornment undartaking, and it is certain that it will bo built moro oconomically. Tho Bouthern peopla will galn a notablo advantago in rates from an oconomical construction of tho rond; ond, s the HoxtivaTon Company's {nterest will prompt it to push tho rosd forward till it has an Eastern connection, the commer- cial contres of tho South may then vio with ceach other in proyding suck a connoction. If the Congresimen who reprosent tho South havo no other object than to sccuro for thoeir peoplo the advautagos of a now railrdnd connection with the Pacifio const, then thoy will unito on the Moxer bill as the surest, and spoediost, and chenpest way to socuro it. If thoy opposa this bill to favor sy one of tho other bills introdnced in the intercsts of Tox Hcorr, they will plainly rovenl tho fact that it is not o Pacifio roil- rond connection they want so much naitis tho monoy-making opportunitics incldont to a huge Government subsidy., 1f the South- orn Brigndiers are not to be concilisted with anything but subsidies, then tho country can Dbetter afford to poatpone conciliation. Not ono dollar of tho publio.monoys, norany plodge of tho public credit, nor any device for plundering tho Public Treasury, can be supported without subjecting the advocate of such n mensure to a suspicion of self-in- teroat and corrupt motives; and Congross. men who are looking for future proformont from constituenclea north of Maisox & Dix. ox's line, whother Republican or Domocratio, will do well to make war on all subsidy propositions, mer———— ‘THE, RUSSIAN TERMS OF PEACE The somewhat dramatio spectaclo which England exhibited to the world upon the stagae of tho Bosphorus by sending its fleot up to Constantinople, and thon ordering it back to Moudanin Bay, whatover other pur- posocs wore contemplated, hina cortainly failed to make any lnprossion upon Kussia, since her armios have drawn still nearer to Con. stantinople, and the fresh conditions of peace formulated fox Turkish socoptanco are ovon moro’ rigorous than those first announced. ‘The conditions now Include the cpusion of Podgoritza and Antinavari, with territory, to Montenogro, which will give hor a small in. creaso of territory on tho south and south- east; permisuion for Russia to cedo the Do- brudscha to Roumania in exchanga for Bessarabis, which will give Russian con- trolling intlnenco on the Danubo; cession of territory in Boania and Old Servia to Borvia; prohibition of passage through tho Btraits to mon-of-war excopt in isolated cases, and absolute fracdom of the pasasge of mer- chantmen even in time of war; tho creation of anew provinco of Bulgaris, to be super- intendod for two yoars by a Russian Com- 1wission, and occupied for the same time by a strong Russian force, and to be governod ultimatoly by s sovereign Princo, whose nowination shall be approved by Turkey and the European Powerd. Tho last two propositions are the wost sigoificant, and deservo attontion. , The present limits of Bulgaria are the sight bank of tho Danube, from the "fimok to its mouth on the mnorth, the main range of the Balkans on the south, the Black Sea on tho cast, and the Servian lino on tho west. It comprisca an area of 82,433 square miles, and a population of about two millions, of which nearly three-fourths are Bulgarisns, the remaluder boing a mizturo of Turks, Tariars, Albanisns, Circsswans, Jows, and Grecks. Tho boundaries of the new prove ince will include the country between the Danubo and tho Balkans, about two-thirds of Roumelia, including 8ofia and Philippopo- lis, the larger part of Thraco and Macedonis, and tha wholo valley of tho Maritza, oxcept Adrianople, which takes in the richest parta of Turkey. This change of boundariea in reality will orect the now Principality of Dulgnrin upon the rmins of Turkoy, froed from a Moslem population. It will wipa ont Turkey na s Powor, confining her pooplo to that small ponin. sular * strotch of torritory of which Adrinnople is the bass and Constantinople tho apex. It will give Bulgarin not only her presont Black-Soa front, but two important ports on tho Son of Marmora,—Radosto and Karall, It will incrense both lier population and aren nearly fivo-fold, and thus orcot n poworful Sclavonic Kingdom, forover frood from Turkish opprossion and directly under Russian influonces. For all practical pur- pones, it oxtinguishes Tnrkey in Edropo and loaves her impotout on laud and water, It will Lo observed that this programmo con- tomplates no territorial aggrandizoment by Russin in Enropo, oxcept of the small strip of Beasarabia which onco belonged to her. The indemnity proposition, however, is likely to bo tantamonnt to territorial ncqulsi. tion. Russin demands 1,400,800,000 roubles o4 direct indemnity, !or'whleh Batoum, Kars, DBajazid, Ardahan, nud adjacent territory—in othor wards, tho wholo of Armenia—stand pledged ; £40,000,000 for interest, which are to be guarnnteed by the Bulgarian and Egyptian tributes, tho Anatolian revénus which comes from the Asis Minor Ponin- sula and tho Horaclon mines; 10,000, 000 roubles for indemuily to Ilus- sian residonts in Coustantinople, be- sidos somo smaller items incidental to war oxpenses. Tho total will amount to nearly 81,500,000,000,—n much larger sum than that oxacted from France by Germany; but it must bo remombered that the prosent war hins boon hoarly twico os long and ox- pensive ns the Franco.Gorman. With the oxcoption of tho $200,000,000 Intercst, which is guarantaod by essli, there s no possibility that Turkey can pay this indemnity in money. Bhe is hopelossly baukrupt. Bhe lhias beon o borrower over since the Crimoan waor. In tho two yoars following the close of that war, sho borrowed $40,000,000 in two lonns. Inthe twonty years following, sho hogotiated twelve moro loans, at rates of interest varying from 5 to 9 per cent. During all this loan poriod her oxpenditures have exceeded rocoipts by from $10,000,000 to 280,000,000 por yoar. Tho official exhibit of 1875 showod the whole dobt amounted to $1,074,008,015, to which must bo added the nunual deficits since thon and the exponses of tho present war, which will probably swoll the total to $1,500,000,000. Paymont of tho principal is ont of the ques- tion, ond the intorcst even she long ago repudinted, nud now comos KRussia with an indemnity domand almost ns largo ns hor wholo indobtedness. Paymont of it ia out of all quostion. If she accopts tho indomnity proposition, sho must lLand over Armenia and othor portions of Asia Minor to Russia. Thus whilo tho latter will wipe out Turkey in Europo and place o Selavonio Principality in her stoad, sho will wipe ont Turkey in Asia by anncxing the largor part of it to her own torritory.' If tho English people could go to thoe extromo of ‘hnoting Mr. GrapsToxe, who haa done moro for them than any other Englishman, and broaking his windows morcly beeauso of an attempt to hold a peaca mooting, what will’ bo the extent of their wrath if Russia should conclude n treaty with Turkey . on these torms, and cowmo In 88 o preferred creditor to tho despair of the English bondholders? ‘Would sho not bo justified in decloring war ogainst Turkoy, which under tho now ar- rangoments would be about ns big as tho lowor part of Michigan? THE BILL T0 rnogogn ‘WHIBKY-DRINK- Mr. Uanren Hanzison's schomo to revive the income-tax and reduco the tax on whisky hos brought out some intoresting statistics. The Commisaioner of Internal Revenuo has propared o statemont of the number of per- sons subjoct to income-tax in 1870, and tho amount of revenuo derived from this source. ‘Tho rato of texation was 2} per cont on all incomes over $2,000, - Tho numbor of per- sons who paid tho tax was 74,775, and tho total tax collected was 87,862,611, Of this smount New York paid 36 per cont; Peunn- sylvanin and Massachusetts, oach 13 por cont; Ohio, 7 per cont; Now Jorsey, 6 por cent; Illinols, 4 per cent; Maryland and California, each 8 per cent; Kontucky, Mich- igan, Counecticut, nud Rhode Iuland, each 2 por cont. Thesa twolvd Btates pald 92 por cont of tho wholo amount. Of the 74,000 who paid tho incomo-tax, 58,000 had in. comes of less than 4,000, 10,000 had in- comes of moro than $4,000 and less than 210,000, and only 5,800 had incomes of more than 210,000, Theso flgures show that Mr. Hanmison's sohemo for tho rolie? of whisky.drinkers would not be succossful, if it were odopted by Congross. Tho Governmont caunot afford to loso by & roduction of the Jtaxon whisky more than it wounld have tho prospoct of gaining by the tax on incomes, It tho recoipta from tho latter source were only $7,800,000 in 1870, whon busincss was activo and the people prosperous, it could not be moro now, in a season of jutenso financial deprossion. Estimating tho yooeipts from Mr, Hanuison's income-tax ot 7,800,000, the total receipts from tho tax ‘on whisky could not bo reduced by moro than that amonut, The whisky-tux yiclded in 1877 about 857,- 400,000, If this wore reduced to $19,600,000, &nd tho deficiency sapplicd by an fncome-tax, tho whisky-drickers would experience’ no benefit. The diminution in the tax would bo so slight—say somo 14 por cont—that a consclentions rum-seller, with n wife and family to sapport, would not feel justified in reducing tho prico of singla drinks. Tho whole benofit of the reduced tax would be cufoyod by tha distillers, the wholesale deal- eré, oud the nristocrats who bLuy whisky by the gallon. Now, thess aro the vory persons who would be caught by the income-tax, un. loss they evaded it by making dishonest re. turns, Mr. Hasnison's scheme would not, consequently, bolp them any more than it would help the poor and industrious men who drink whisky by the glass. Besidos exposing tho errors of Mr, Has- wison's particular scheme for the relief of whisky-scllers, the figurcs that havg been quoted above emphasize the goneral objece tion (9 an income-tax 08 an ordinary mode of ralsing revenue. This objection is the difficulty of colleoting it. "There has boen a great doal of criticism of tho incomo-tax as inquisitorial ; but, odious as it Las been on this ground, it has never beon inquisitorial enough to accomplish its purpose. The tax has novor hunted out and attached itself to every income that was subject to the law; and, in so far a it haafailed to do this, it hay been a purden and on injustico to every per- son who mado honest ruturns. In this man. nerthe tax bas acted as an incentive to fraud and a penalty upon honesty, These faots wore all bofora the country when the income-tax was discontinued, and it was dis- continued beeause the injustico of it was ap- parent, How preposterous it is to presumo that there wero in 1870 only 75,000 porsons in this country posatesing incomes of over $2,0001 or that 5,800 of this numbor had fncomos of less than $4,000! The figures would be much nearer the truth now, but ovon now they wonld nmot bo truo, They aro, howaver, a protty suro indication of the nnmber of persons in the country who wonld be likely to pay an incomo-tax.if it wero rovivod. | "MRB. BURCHARD'S SAVINGS SCHEME, Mr, Boronaro's bill * to promote tho de- posit of savinga in the Treasury and the ro- funding of the national dobt,” ns reported in the Houso of Repressntativea Fab. 18 last, and referred to the Ways and Menns Com- mitteo, diffors materially from the telegraphic nbstract which bad been proviously fur- nishod, and it {s much more worthyof favor- ablo consideration than it was thon supposed tobo, The Governmental and popular nd- vantages of n national snvings deposit aro now gonerally admitted on all sidos, Tho Govornmont's advantage can be readily dis- cerued. If there were $100,000,000 of sav- ings deposits in ono form or another, the av- crage {nterest paid theroon would not oxceed 3} per cent, or $3,500,000 a yenr, to which may be added $500,000 more for expenses. Bat 200,000,000 of this monoy can be safely used to buy up onistanding G por cont bonds, =8 this wonld leave n rescrve of 10 per cont, which o)l cxperienca teaches to Lo ample. The intorost thus saved would be the difference botwoon $4,000,000, pald on account of sav- ings doposits and exponses, and 7,400,000, tho G por cont intoreat on $90,000,000; this would bo asaving to the Govornment of nearly a million and o half a year, and such saving would {ncreaso in proportion to tho increasod deposits. The advantages to the people need not ngain be pointed oat, for it iatho failure of so many private savings banks and the success of a Governmont Bys- tem in other countries which have oc- cnsioned tho domand for theso facilities. Tho favor with which a Government guar- nntoo at a lowor rate of intorest i rocoived finds an illustration in the English postal savings system. The Dritish Govornment pays 2} por cont intorest, while the privata savings banks in England pay ordinarily 3} por cont ; but, whilo tha deposita of the pri- wvata savings banks grow from 204,767,526 in 1863 to $216,417,850 in 1876, ‘the postal doposita incrensod during the same period from 810,884,140 to $184,982,750. If the savings deposits in this country should sclect Governmont guardianship in the same pro- portion s in England, the fund {n the hands of tho Governmont would quickly roach £300,000,000. Mr. Bunonanp's bill proposes an allianco of the poatal rystem with tho cortificates and popular bonds proposed by Seorotary Suen. aman. It provides for a current account, drawing 8 per cont intorest, cortificates of doposit drawing 8,65 per cont interost, and tho bonds drawing 4 per cent interest, Any holder of United States notes may doposit them at any postal money-order offico, and recaive, free of charge, a postal monoy-order on the Tronsuror of tho United Btates, in matorinlly ‘the same imanner and form ns §f ho wero sonding the samo amount of monoy to o privato person in o differont part of tho country. This sum is placed to tho eredit of the do- positor on tho -books of tho Treasury, and draws intercst at the rate of 8 per cont, com- puted and credited quarterly. Thoso de- posit-accounts aro convertible in sums of $10 and multiplos thoreof into cortificates of de. posit drawing 8.65 por cent intorost for tho torm of ono year, but no longer, aftor which thoy become redeemnblo in United States 4 por cont bonda. It is olso provided that theso cortifioatos of deposit may bo issucd at tho Treasury, Sub.Treasurles, and United Btates depositoriea in exchange for United States notes in sums of 810, 820, $60, and 8100, and that tho National Banks may hold them a3 a part of thoir roserve not required to bo kept in specio or logal-tendor notes, ‘Whenovor any one savings depositor shall have accumulated $1,000 or upwards to his crodit, tho Bocrotary of tho Troasury has the option of {ssuing registerod 4 por cont bonds in payment thoreof. The with- drawal of funds is accomplished likowiso through tho money-order systom, -with tho difference that tho depositor making such withdrawal must pay the usual charges on the money-ordar. Finally, it ia provided that tho Bocrotary of tho Treasury shall malntain n reserve of 25 per cont on the nmount dus dopositors on open account, and the ro- maining 78 por cont shall be used exclusive- ly for tho redewsption of bonds subject to the call of tho Governmont, ‘Tho provisions of this bill seem to moet the domanda of the caso in a gonoral way, but there are two changes that ought to bo made. It is not nooeasary to koop so large o reserve a8 20 per cent; 10 per cent lsam. ple. The roserve of the privals savings banks of the country in 1877 waa lcas than 5 per cont, and if dopositors will trust indi. viduals on that bosis, thoro will be ample confidenco in the Goverument with s roserve moro than twioce as large. Experionce shows that savings dopoaits in this and other coun- tries constantly increase, and it is only nocessary to rescrvo a small fund for rodemp. tion; the uso thercof would be much tho samo as s made of the & per contresarve kept in Washington for the redemption of Nation- al Dank notes, which has proved to be sbundant. The British Government, indeod, invest almost the entire amount of savinge doposits in consols. Another criticism we would make og the bill is, that it does not seem to bo neceasary to Uimit the life of the 8.65 per cont certificates of doposit to one year, attor which they bocome redoomable in bonds undor the torms of the bill. Theso certificates should bo allowed to run in. definitoly and should be redeemsblo’ in money (exoopt when they exceed the sum of 1,000 in the bands of any one depositor), on thosame basis as the open deposit ac. counts. The minor details of nscessary blanks, forms, eto., are left for the Beore- tary of the Treasury and Postmaster-Gen- oral to dotermine ; and, with the two amend. ments we have suggested, Mr. Bumomisp's bill will probably prove an acceptable plan for providing the facilities for national sav- inge deposits which ero universslly de- proposition to subsidize a Brazilian. line of steamsbips. It is simply proposed to give out amnail contract.” Then wa objoct to the mail contract, It would be s monstrous fraud upon the people if they should be compelled to pay for carrying lettors to Bra- zil sufficient monoy annually to build the steamship that carrics them. Yot tMis is about the size of the mailcontract propoui- tion. Roicm wanta $i00,000 to £1,000,000 in annunl paymenta to compensato him for carrying lottors+on a lino which he has-al- roady nagreed to run, whother ho gots & “‘mail contrnct” or not! The componsation ho nsks is exorbitant. 1io ought to be ro- quired to carry the mails for the postnges, as other ocean stonmeors do, and the *‘con. tract” ought to bo awarded, not. by Con- gross, but by the Postmasler-General. The impudonce of all these subsidy-seokers s well fllustrated In tho resolutionof the alleged “ Exporters’ " Convention, which doclared it to Lo tho duty of Congress {o make allow- ances of 3 per mile to Atlantic Ocean steam- vossols, and $4 por milo to the Pacific Ocean service. This ia s combination of Roasm nnd Pacifie Mail, which indicates a resoluto atack upon tho Treasury, Though the torma asked scom to be modest, o little figur. ing will show that they contemplato tho pay- mont of 820,000 to 840,000 for each trip these stoamors may make, Tho proposition is, in short, that the Government shall buy up Roaon’s ships and givo them back to him. It makes no difforence whother this frand is consummatod under the name of a subsidy or *‘amail contract,” it is a fraud all tho 8ame, SCRIBRER'S M AND THEY WEST, this country as Scribng’s Magazine, which ia edited by Dr. Hortaxo, This publication professes to furnish ils readers with a choico the silvor question. This all-wise samitarian with this terrible epidomic of dishonesty ; dollar"; and, having a Jargo cironlation in tho Western States, tho editor says that— {8 engaged In forwarding this shockini business from scelni that hie 1w sapoing the nationaj credit, tainting tho nutional honor, Infifeting incMculablo Dimeelf of belng & thief. . sumed must bo self-ovidont, that every man who favors tho 8ilver bill is a solf-convioted victed thioves is so nwmerous in tho country, idontinl veto cannot stop the dishonosty, drivel, Dr. Iloruaxp rolla up his oyes, and, Pocksniffian unction exclaima: ‘Words can do no justico to thoe aurorise and in- dignation of the honcet vatriatisn of tho country in” conteruplating this horrivle lapse from the ua- tional digaity aud bonor. The magazine editor, being perhapan little shaky on the subject of oternal punishment, doces not, thronten theso thiovish subscribers of his in tho Wost with the bottomless pit, but ho warns thom that their ** punishmont is inevitable, and whon thoy are undergoing it the **honost patriotism " of the country, ropresentod by himself, will not regret their merited suffering, expoct, ho oracularly announces that * thero aoro Btates that can mover borrow any more money." Terrible fate! Tho West will not ovon boable to borrow 00.cent dollars, the Eastorn Btates intonding to koep all that kind of monoy to lend ono anothor, @lhe Wost will not bo sblo with their silver dollars to buy ploterial maga- zines, or tndulge evon in the luxury of moral pootry, or rovel in the exciting romances of tho Mussachusotta school. Lot the people of tho West consider the moral degradation to which thoy will bo reduced whon they ‘will be unable to borrow o dollax—a 00-cont dollar—to buy a copy of one of Dr. Hor. 1a¥D's novels, Can convictod thieves hopo for a brighter futuro than having to read somothing olse? Somo yoars ago, when greenbacks wers worth 40, 60, or 60 conts on the dollar, tho Eastorn States wore anxious to lond them to tho West, ond have been pald in dollars worth U7 cents, with 10 per cent intercst. Never in any ngo or country hag.thero beon a meher harvest than theso monoy- lenders have boon roaping at tho West for fifteon yoars, But now this man, who styles tho poople of whole States and soctions as ségonvictod thieves,” throntons tha’ theso samo monoy-lenders will not in the future lend avon cheap silver dollars to the peoplo of tho West. Bobo it. Keridner's Monthly, reprosenting tho * honest patriotium * of the clean gold in all its dealings with the Wost, 8o long n4 itls acoursed with this * epidemic of dishonesty.” WESTERN PARM MORTOAGES. If that *litorary feller” who los boon writing editorials in the Now York Z'imes about tho worthlessness of Westorn fdrm mortgages did not Lelong to tho +irreclaima- ble class with whom adjoctives arb argu. menta and phrases arc focts, he would recant in faco of the direot and unanimous evidonce that bias been given against his atatements, The Times baos studiously ignored the an- swors made by Westorn papers to its base. loss attacks, but it cannot keop from its readerg tho very damnging exposuro made by tho Public, published in the samo ocity, of its misstatomonts and want of candor, The DPublio has gathered from the recont report of the Insuranco Cowmitteo of tho Conuecticut Legislature, from returns and afidavits of leading loan agoncies East and Wost, and other sources of information, tho facts about tha security of Western farm loans, Thoe Conneceticut Legislativo Com- mittee found that 07 per cout, or §46,186,. 936, of all tho loans outstanding of the Con- pocticut insurance companies are on Westarn real estate, and that there bhas been no loss on these loans, The foreclosures made have prodaced a net galn of §3,140. Asto foreclosures now ponding, the Committes, aftor sn investigation of great saverity, stato thoir bolief that ¢ our insurance com. ‘panies will sustaln no notloss upon their out. standing loans on real estate at the West.” A leadiug Eastern company roports that, while it bos had to foreclose on an average of four farm lonns out of a thousand, its foreclosures of city loans have been fiva and a halt in every bundred. A firm that has made 5,000 loans on Western property has mnever lost & dollar for jteelt orits customers, A Wostorn agenoy that has loaned $3,000,000 on tho security in question has had to fore- oloso for only goven-tenths of 1 per cent of the amount, Bore than one-fifth of this minute proportion bas been paid in full. A Chicago compauy that has wade 420 loans, for nu aggregate of $1,000,000, on Ilinois and Iows property, Lad only three in default. Thers s o monthly publication known in colloction of literary food, useful, justruet- ive, and enterlaining. In the March num. Der of this magazino the editor treats his subscribers to o lomily on tho subject of ¢ An Epidomio of Dishonesty.” A sndder cxhibition of ignorant scif-sufficioncy has hardly boon made in the wholo disoussion of declares that the Westorn Btatos aro affticted that the disenso consista of paying dabts * at tho rato of a little mora than 00 conts on tho Nothing but the most stupondous foollshness or tho wiidest hinlincination can prevent any man who damuge upon the busiuess world, ond convicting Notwithstauding the foot, which it ia as- “thiof," this gontlomanly editor of polite litoraturo is forcad to admit that it is * aim. ply nstonishing that the number of self-gon. ond ospecinlly in Congross, that even a Pres- Bpenking from a roctitude inspired by an in. ner consciousncss of his moral superiority to’ the bonighted fools who pay for his litorary crossing his arms on his broast, with forvid As n sample of what thoso * convicted thioves" of tha West moy country, will touch not nor handle the un« clean silver dollar, and will dewand pure, |- Witson & Toums of 8t Louis, have hng defaulta on bnt ono io o hundred of thejr lonns. A. O, Bupsmax & Co., of Cham. paign, T, on lonns of $5,696,478, forocloseq $183,078 in sixty lonns, on all but twy of whicli they medo themsolves good, Oy many of the foroclosures thoro was a profit, T. B. Warzixe & Co., of Lawronce, Kan,, have never lost a dollar by foraclosure, Tha Dank of Creston, Ia., has made 1,500 loans, and lost nothing. Witnaxs & Buna, of Bloomington, 1L, in nnswer to tho assertion of the ZTimes that in that *‘oxcoptionally rich part of Illinols the sccurity lLad sunk to nothing,"” says the holders of loaus there will suffer no losa. Thoe I'mes mndo the lndicrous mistako of 1magining that the fail. ure of the loan-ngent Weep, who had madg most of tho loans there nnd hnd indorsed them {a the regular course of his busi. nesa, spoiled the loans, WEED ia gone, but tho lands, and the farms, and tho crops re. main. Tho Indianapolis Journal testifies that on all the loans mado on Indinna farms’ tho loss has not exceeded 2} per cent, and that ronl estate morthngos have held their own better than any othor credits. The Prosident of the Now Brunswick Fire.In. snrancg Company has found seven years' ex. porionca of Western farm lonus **entirely eatisfactory.” Theso inquiries have reached about $95,000,000 of invostments on farm loans in tho West. Asarulo, the foreclos. ures have not amounted to moro than 1 per cont of tho amount loaned; tho ogents have alternately made a profit on all the property they havo. taken, and the individual investor loses mnothing, Comparo thoso results with thoso of other invostmonts, Government bonds havo do. clinod so much in tho last threa years that holders have lost 7 to 10 per cent. Ono New York bank was injured in this way to the oxtent of an impairment of ita capital. Only 80 per cont of the capital invested inralrond stocks, excluding the two Pacifio railronds, makos any roturn, and only two-thirds of tha railroad bonds, oxcopting the Pacifio rail. ronds, outstanding yleld intorest. Tho de. faults on State debts amount to $242,500,000 out of n total of less than 400,000, 000, In municipal bonds tho default is ecstimated at 10 per cont. County bonds are still worse. Ten per cent of all the nssets of lifo-insurance companfos and 14 per cont of the policies have been swept nway within o year by bankruptey. Against theso losses of 7 to10 per cont in Govornments, 70 por cont in rail. rond-stocks, 38 per cont in railrond bonds, 66 porcont in Stato dobts, 10 per cont in mu. micipal bonds, still more in county bonds, aud 14 per cent in lifo insurance, Western farm loans havo to exhibit nloss on tho aver. ngo of lesa than 1 per cont, and of no per cont when mado by respousiblo ag.nty, The roaders of tho New York ZWmes who have monoy to invest had Latter take some other paper if thoy wish to got trustworthy infor. mation. Miss ‘Kate FigLp has writton to the New York Graphic aenylug that sho 1s the author of the * Macpillicuddy Papers,' a satire on New York soclety recently published n Blackuood's Magasine. Miss Fixip {s personally an ate tractive youog lady, and bas rceeived many flattering uotices from editors with whom she is Sequalnted. As long ns Nir. Lasouvcnzus chiooses to allow her to write wishy-wasly verbiage for London Trufh, it is certainly not the business of any except hils subscribers to lu- terfore, Yet wo must protest sgalnst the in- fustice of charging her with the suthorshio of thao oxceedingly clover * Macgillleuddy Papers”; and the prompt denlal from the young laay her- seif is creditable to her good taste and judg- ment. Nothing could more clearly confess tho weak- ness of the nntl-Turkish mecting In London on Sunday than the fact that the resclutlons were preposed by CHARLES Brapravai, the Radieal, ‘That he took a prominent part fn the mecting is proof conclusive that it wns not fnspired or attended by any {nflucatial members of tho Lib- cral party. P ————— A ‘The New York Evening Post mildly alludes to tho political thing brought to life tho other day at Toledo es & superfigous party. This will give the greenback editors a chance to retort by calling the Evening Post & mellifluous paper. e Doxn Caxznoxn'slongest speceh In tho Senate: “1insiscon my motlon that tho Benate uow adjourn,” 1iis Pennsylvania admircrs have not yet ceased copgratuluting him upon this brill lant effort. * Russia will probably get about one-biillonth part of the (ndemnity in cash, and for the rest will havo to take s trust-dced oo Turkish resl estate. The Mohammedan who was arrcsted in Chica go Saturday for drunkennoss haa sluce explalued that ho took nothiug but a little Koran-juice. f 4 GLADSTONE 18 protesting sgainst his glaziers’ bill. . PERSONAL, Mr. Honry Irving expects to sppoar soon as Louls IX, Ralph Waldo Emerson delivers his locture for thie bonefit of the O1d South Fund to-day. Tha sshes of Mra, Ben Pitman camo to ber sorrowing husbsnd by express. They welghed about four pounds. Tho Rov. Honry Morgan, a rovivalist from Doston, glvesa chromo to overy person who ate tondg his sarvices, Two years sgo Henry W, Larkin, formerly one of the propristora of the SBacramento, Cal Union, was posscaved of an jocomo of 82,500 month, He occupled a fine mapsion In Ban Fri clsco, Juzuriously furnished, To-day bo is utterly destitute, aud Lus & wreck, shatterod In health, 18 poor lodgings. The quostion sgitating the San ¥ranclsco popera is, what has brought thls sudden wnd mournful coauge in My, Larkin's fortunes! The CAronicle clalms to have ditcovored that the principal caus ono Mra, Addie Marsh, wife of 8 short-hand reporter, Who s sald to have beed gradually polsonlug the unfortunato man to desth with doses of aconlts; that since destroylng bt mental facultics aho has succeeded in gottink pos seasion of tho greator part of bis property, and I8 squandering the rest In stock-spoculstions, Thid 1s one of the romances that light up phe usually sombre routine of ife on the Pacifo Loast. Laoking back over o lifo of unfulfilled hopes, of slmoat constant fnancial distrest mingled with some floeting Ntersry triumphs, 1h8 poet Goldsmith once sald that the ouly period of happiness ho bad ever enjoyed was when fa youi Lo wandered over the Continent 8 penntless mio® strel. Inafterlife he rotraced his stops, having plenty of money Io bls pocket; but in valo be ca* deavored to recall the enthuslasm which those scenes bad fnspired In him formerly, In thls ex- perienco we bave ons of s inevitale views take from the many-sided landscape of life, und thossh at times wq‘ may nut be abloto qulte subdue the {nnate rabellign arlsipg pgeiust such apparentin- Juatice, there does not scem 1o ba ony redress €X* capt in enduring with as good & grace as poselbls this and other unpleasant lmpositions of bumsd existonce, Mon harden as thoy grow older. . merchant of 40 wncers at iho tale which schoolboy bo wept and moaned over. Io tbe of thiugs it 18 nol possivle for Mr. Baysrd Tay! Ambassador 10 the Court of Germaay, fo bave same feelings of snthusissa and deligut 1o going over tho beautiful scenery of tho Kbine ss be e perianced wtivn, travel-stajued snd slmost pest less, ho trampad on foot across tho Uerman frof- tler wany years 8go. Siuce that time he basvie ited overy corner of Europe, gazing upon ‘“‘:{ charming scenes, aad enjoying the luzusics of t beat raliway sud botol fare, but we venture t n‘u tuat to-day be regards the oxpérlence told by b! o 1n **Views Afoot" as the greancat snd most chel % lubied of hly rocollections.