Chicago Daily Tribune Newspaper, April 23, 1878, Page 4

THE CHICAGO TRIBUNE: TUESDAY, APRIL 23. 1878 with the gold and silver now lying idle and the coin which wonld coma into the country in exchango for our surplus products sent abroad. ‘The roason why tho Wall-streot sharks are opposed to more moncy is obrious enough. With monoy moro plenty and a specio basis folly cstablished, gold wonld gradually loso somo of the exaggerated and abnormal pur. chnsing power it has scquired fn the pros. peot that it wounld bo the only currency some time, and his enorgotic Iabors proba- bly hastenod his physical prostration. ‘Tho Weatern Union Company has many ablo and experionced men in ita servico; but it will bo difficult to find a man uniting nll tho rare and peculiar gifts of Mr. Onrox to tho rama extent, and thus be n euccossful snccossor of that gentleman, ing matorisl ont of which to frame an sssignment of causos for the removal of the New York customs offlcinls. Naturally tho Prosident's friends soo in the cbanged sitnation everything to encourage n ronewal of tho contest against Mr. CoNx- uina’s frionds; and, as tho President is noithor less nor moro than human, ho may reasonably bo credited with a probable will- ingness to humble the man who bas never spared him, and who now openly troats him Ono of them, curiously enough, is derived THE COUNCIX,- from the passago of the Silver bill in Con. grosa, Itis held that tho discussion on this 1aw, In romo peeuliar manner, was injurions | Veto of the Repeal of the Dear. to tho publio peace; ahd that, snce it un- born-Street Assessment, sottled confidoneo, tho Btay law is n neces. sary moasure. We hnve beon nnnblo to fol- fow tho ambtle Now England intcllect pro- And Also of the Lake and Twelfth clgely throngh this frain of ressoning; Btreet Railway Ordinancos, suffice 1t to sny, thatit is substantially s i atated. It is n gorry nrgument. ThoNow | Canvassing the Returns-.-The City. into a lawsnit without first taking some meas- 3 @rih’nn R arer to ascertain the legal benrings of tho & | guestion. TheCounty-Attornoy, Jndge War- LACE, 13 understood to havo nlready prepared TERMS OF SUBSCRIPTION. on opinfon gormane to tho subject which Commissioner Frrzazrarp has contrived to supprosn 3 and from this it is to be inferred thnt Judge Warracs's opinton is not favor- Linuble ol %{‘,fl abla to the plan of {nstituting proccedings E'-'r't'.\:r"-"'iff'p{fii' .04 | for nn_injunction and of corrying forward WEEKLY RDITION, POSTPAID, tho litigation at the county’s expense. It BY MAIL—IN 4D iy Fition, one ye! arts of B yedr, verm bunday | Kdi Double Siiee THE NEGRO EX0DUS. Tha exodus of the firat ship.load of negroes Opeconp. peryear. wonld have been nothing moro than decent | availabla as legal-tender after tho 1st of Jan- | from Charleston, 8, C., to Liberin, on tho | with mossureloss scorn nnd contempt, | England people who hold the Silver bill to all Fight to Begin, ”2;‘.’:‘"\‘2',‘,';;;, nnd geanly for Warxen's henchmon in tho | uary next. Tho monoy-lendora of tho Enat 21st innt., marks o curions and intercsting | Theso nro ronsons in support of immediato | bo an iniquitons monsura hardly expocted Give Fost-0tlice sddress in fall, Includiog Statessd | Board to havo made public the opinion bo- O enTitances maybe mads elther by dratt, express, | {0t instructing the Gounty Attorney to pro- Pott-Ofice order, or n registered letters, ot our ritk. cced with tho enit and to ** employ necossary Daity, 4 J":':;’::af'g\-:fi'::cfl::x per woek. counsel.” Tho taxpayers have hed cnough , dellvered, Bu , 3 Dany, delivered, Bunday inclnded, 20 centa per weok. | Of WALKER in the connty's Lnlf of the build- Adéress i Tllnl: 'tl“l:g!fll :0}:';"1\“\'- i ing; they are now congratalating thomselves ¢ L8, lcago, Hi. Oty e the gorvarsof Tun ThimGieat Feansten, | pon tho prospect of getting a bettor build- Foglewood, and Hyde Park left In tha countisg-room | ing at a far less cost on tha city's sido of tho Murecetve prompe attention. Coust-Houso square, and will nat look with favor npon tho action of the County Bonrd compalling them to pay the heary coata of a Iswsnit which they would rathor not win. Lot Warker fight his own battlea and foot his own bills, [ — Tho mercantile establishments of this city aro now doing a heavy business,~much moro then at a corresponding time in any provious year,—and tho movement of prod- uco,, nlso shows a satisfactory increaso. This is nndonbtedly due in part to tho fact that intorior freight-rates aro now down to n ron- gonablo point. Iolders of grain in the country are anxious to sond it forward, and rveturn rates favor the stocking up with city goods. Denlers in lamber, dry goods, gro- ceries, aud other ataples, all find active em- ployment in filling theso orders. But it is not unfair to accept tho activity ne n sign of roturniug prosperity, ‘The peoplo are buying mow becauso they can af- ford to purcheso, Tha conntry has ‘been blessed with a yield of produco which wonld probably have spurred tho commer- cial wheols to active motion long ero this but for tho misorablo state of susponse which was incidental toa protracted dis- cussion of tho currency question. As Miss Ross Dartle putit, wo may well ba **glad that point is sottled ; and now look forward (o better times oven than those which pre- codod the panic of 1873, ns, having learncd wisdom by experience, wo may hopo to avold the unwise inflation which gave birth to that collapse. EITHER EXPANSION OB INFLATION. It any additional evidence were necossary to prove that Mr. CoNgriNe was right when Lio said that * the great dailics of Now York aro under tho shadow of Wall atrect and completely controlled by its monsy-bags,” tbo confirmation could ba found in the pres- ent tone of tho New York journals on tho Senato proposition to aid in the resumption of apecie payments, This bill has been agreed upon by the Firance Committee as o substituto for the bill passed by the Housa repenling tho act providing for resumption Jan. 1, next. Tho important points of the proposed substituto ore: (1) That 4 per cent bonda shall bo oxchangeable for greonbacks atpar; (2) that legal-tonder notes shall bo rocelvablo for customs duties after July 1, next; (3) that greenbacks shall no longer bo retired in tho proportion of 80 per cent of tho now issuca of National Bank notes; and (4) that legal-tenders shnll not be destroyed after redomption Jan. 1, 1879, but reissucd. These propositions, with ono exception, wero tho conclusions arrived at in tho confaronces botween Socrotary Sneraan and thoe Con. gressional Committees, aud thoy have beon indorsed a8 o means to rondor resumption practicablo ot tho dato fixed in tho Itesump. tion act as it now stands. After all tho pro- tonsfons made by tho Eastern presa to devo- tion to the cause of reeumption, ono might reasonably infer ibat thoy wonld favor any proposition calculatod to nssist in bringing hold cortificatea of indobtedness in tho shape of bonds and mortgages which represent hnodreds of millions in valne. Theso secuntios were ob- tained by ndvances of a depreciated cur- rency, ranging in valuo from G0 to 80 per cent of tho par value of tho securitios they accepted ns a pledgoe and guaranteo of pay- ment, All thefr efforts ara now dirceted toward exacting paynment in n currency of thio largest possible purchnsing power. They are not satisfied with recoiving a par valuo on o specio basis in return for the G or 80 per cent which they loaued in. depreciated surrogoy, bul they want thnt par valuo un- naturally incroased by contracting the volume of logal-tender money within the narrowest possibla limits. Thoy know that, if the country enn bo forced down to gold alone as a legal-tender after noxt Decomber, by the absolnte destruction of all greonbacks, and tho possible repoal of tho Silver nct, then many of their dobtors will find it impossible to dischargo thelr obligations, and will be compelled to sacrifice their eccurities aud proporty nt nbout onc-half ita value. It is the ambition and purposa of tho money- londers to grab all they can, and to absorb ng much property and acquiro as much wealth now belonging to other men as thoy can loy their hands on in a technically logal way, Thoy havo no considoration for tho genoral prosparity of the country, and Lonco opposo tho very relief which thoy admit will result from tho restoration of s specie basis s proposed by *Becratary Suersax. Thoy shonld be careful not to overreach themsolves in this mattor ns they woro in danger of doing in tholr opposition to silver romonetization. Actual rosumption on Jan. 1 noxt is practic- ablo aud probable, with an adequato specio reserve in tho hands of tha Government and tho understanding that the greenbacks 6o ro- deemed shall bo reissucd. This plan will add gold nud silver legal-tonder to the pres- ont limited supply of greonback legal-tender, and the nddition will bo a real relief to tho country, bocouse it will bo of an intrinsie, stoady, and permanent character. But if the Wall.streot monoy-lenders should succeed in defrauding tho people out of this legitimato relief, let them look out for 8 new *‘crazo ' which will oxact and socure an inflation of irredeemanblo curroncy instesd of an cxpan- sion of resl monoy. opisode in tho history of tho black race in this country, and, a3 the trip of the Azor js only the prolude of many moro to follow, tho 250 persona who constituted hor pas. gengora, ropresonting o million more who will follow them §f thoy can get the passage- monoy, it is worthy of some consideration. ‘This eisigration fovor ia not of sudden origin, nor is it’confined to South Carolina. Tho dediro to go back to Africa is as strongin some of tho districts along the coast as avor was tho feoling of the Irish people to come over hore, and in every part of the South the colored people, especially the poor and unemployed, ara easting longing oyos to tho land of promise, If thoy had the monns, hundreds 8f thousands would leavo ns fost os vesscls conld bo obtaiued to corry them. At ono tima Fnroznicx Douarass, their principal advocate, was in favor of ncquiring Haytito the extont of establishing a protec. torato over the island and colonizing it with tha surplus blacks of " tho South, who would cnjoy in theie now homo the protection of our laws and industrial and domostic advan. tages which thoy bave thus far failed to nc. quiro in this country. As thero {s no pros- poct, however, that such a protectorato will bo catablished, they have turned their faces towards Liberia, which is a quasi-American colony, largely under tho control and irfu. enco of Amurican colonization socloties. The details of tho doparturo of tho Azor, printed in our last fssue, show that it was marked by unusual enthusinsm upon the part of the blacks, and that many were so eager to go who had not tho money to pay for tho passago that thoy smuggled them. selves aboard and hid among the luggnge. When the situation is considered in all its surroundings, tho cagerncss of the colored men to got to Liberin is not romarkable. Emancipation bas not brought them *'tho mulo and forty acres” they cxpected. It hns not oven brought them tho advantages they had o right to expect, nor hos it im. proved their condition as o race in the mon. ner that was looked for by the white people of this country, Tho race projudico exista stronger oven than beforo the War. To mnoy of them frocdom has been a question- ablo boon, bringing with it somo privileges, but nuwerous evils that did not oxist before, They have failed to obtain social recogui- tion upon anything like terms of oquality. Thoy have not been admitted to the white scliools or churches. They have not been rocognized in tho political portics sccording to their deserts, They Lave not had what they considor theirshare of thooflices. They have not hLad justice awarded thom in the courts. Thoy have baen dobarred from the oxorcise of their ordinary politien rights by an organized nystom of ostracism and terrorism. They have beon thrown into Ponitentiaries upon the slightost provocation. Thoy have beon drivon from | thoir homes, have been whipped and tor- tured, nnd have been shot down like dogs for no other offense than exercising the privileges of a citizon given them by the law, and in no caso has ono of thoir oppressors boen pun. islied, The hard times hove loft them with. out mecans of support, and thousands of thom lavo crowded into the cities, whera they hiave boen living in destitution and idlencss, unable fo obtain work. Under such circumstances as those, it is no wonder that thoy eagerly turn their oyes towarda naotion by tho Prosident in the removal of tho Now York customs officials. Ato they suffi- olent? Wo think not. Tho Prosident should mnot allow porsonal feoling to dictato his condact in this more than in any other official act; that ho will not, wo feel quite sure. 1laought, so far as hia official action is concorned, to ig- noro altogether Mr. Coxkrixa's bitter ani- madversions upon his Administration, ns well, nlso, as his pussionats personal sncers nnd flings ; that ho will do o, wo have no doubt, What ground of action, then, has the President now that ho has not had those six months ? Bimply the disclosures of tho Houso Appropriations Committee investiga. tion in regard to tho ** charges and commis. slona " enses, 'Those nro bad enotigh no doubt. That thoy seriously compromise the official capability, at least, of Collector Antnom, we think is quite clear. But thoy affect no other high officinl in the New York Custom.-House. If we undoratand the case rightly, Naval Officor Connzty is unnffocted Ly thom, as is also Appraisor Dotonen, The sitnation, as it will prosent itself to the mind of the President, touching the propriety of official action, 18, according to this view, unchanged, oxcopt in tho particular mentioned. Noth. ing bas beon said in the Washington dis. patches about the purposo of tha Prosident in regard to Appraiser Dotenkn. We can- not doubt, however, that tho Presidont intends to remove Durcnen when ho re. moves Artuur and ConNeit. Tho chief loss to the revenue occurs through under- valnations and damnge nllowances; and theso frands ore committed in the Appraiser's office, oither through the ignorance or con. nivanco of the Appraiser and his subordi. nates. A proposition to purify the customs sorvico nt tho port of Now York without any rogard to tho Appratser's office is stmply ab- surd. Wo nssume, therofore, that it is tho purposo of the Presidont to remove Durcnen, as well as Artaun and Connern, But if he proceeds now, ho can assign causcs only againat Antnun, Ho will bo as lamo with regurd to Durcaen and ConNzry ng ho was formerly with regard to AnTuon and Con- wszrn. Meantime, it Is reported that the Bivamau and Hivps Commission have in thoir possession o mass of evidenoo showing incfilcloncy and corruption in overy branch of the Now York Oustom-House. They desiro o little more timo to visit Now York, and there completo their invoatigation, Then they will report, and in that roport, wo venturo to say, the President will find smplo causo for the entire roorganizstion of tho Now York Custom-House, Doubtless tho Tresident enn now defeat Mr. ConkriNg, but tho mere dofeat of Mr. Congviva is of small consequonca compared to the importance of erushing out frauds in tho Now York Custom.Ilouse. Tho faots of the forthcoming roport of the Binoamast and Hps Commission constitute the Presidont’s reservos. To go into battlo without these resorves would, it seoms to us, be unwiso, to say tho least. #0 soon to cast it in tho shade, or to find in The Counclt held a regular weekly meeting it justification for n broach of fmth which | yesterday evening, Ald. Cook In the chair, Toy hos no parallel in the Hhistory of | absentees wers Cary, Tully, Kerber, Thompiog this counlry. oxopt in Fomo opon repndi. | (Thirteentl), Linscabarth, Kirk, ationa of Stnte debts. Tho othor renson M‘; mfl;“:::mgo‘:' "T';:l'fi:":pflprg:!;\ e ayor, fo J al, the 'l'::: u&c(:v{;r :::dp n::ug‘:lt;; ?;: ::{:::v “:: ordinance for hurse-rallway on Lake street ang Wabash and Milwaukee avenucs. Mis reasoy transfer of the savings of the people from wag, that, at the tino of its pssage, the petition Stato banka to tho postal mavinga banks | of the owners of land on Lake street did ng which it is proposed Congress shall estab. | rapresent onc-halt of the Irontsgo of the street, lish. This is no botter n renson than the { Ho thought the ordinance, belng a substitai othor. 1t thore is any ronso or justico in } for the ono submitted by the Committes anq favoring privato corporations at tho oxpense published, was passcd wunn:: llul:flt'lnfi oppor. of the Qonorsl Tovernment, tho people tunity for examination, and with exceptiona haste, Hao was Informed that the Rallres would like to know whnt it is, Perhaps the Company had sinco procured the signs. truo stato of tho case will mora cloarly ap- | qurcs of property-owners representing a largs penr when tho wonkness of Massachusetts | excess of tho frontage required by law, savings banks is fully proved, ay it sarely | but hio couldn't recognize this 8s & compilagce will be when tho day of reckoning comes, | with the spirit of the charter, and he wouldn't Mennwhilo it seema nppropiate that tho | souction such a NMMH;- ,fln bc]tleve&m peoplo snd pross of Now England shoald veople along tho line were I favor of the fm. coaso lecturing the West about dishonesty, provement, and that it wo;xln bclnenthlho cty d be would favor it when or assnme to inculeato virtues which thay do generallys and o i not posscss themsclves. MeVicker's Theatre, Madiron sireet, between Uearborn and Etate “'The Exlles.” Hootes's Theatre. Randolph streer, between Clark and LaSalle. Eogsgoment of Mad. Modjeska. *'Camllle.” averty’s Theatre. Monroe street, rorner of Dearborn. Engagement of the Kate Claxton Comblnation. **ThoTwo Urphsas” Now Chicago Theatre. Clark street, opposite Bhicrman llowse. “*Uncle ‘Tom's Cabin.” Colissum, Clark street, opposite new Cley-Tiall. Varlety pere formance. tioned by a proper ordinance duly considerea, Ald. Throup moved to reconsider the vota by which the ordinance was passcd. The motion was unonimously agreed to. Ald. Cullerton moved that the ordinance by passed, notwithstanding the veto, 3is Honor's reasons wero not sufficlent. It was conceded that the people wanted the road, and that the necessary property-owners had signed the pe. titlon for it. e saw no nccessity for delay. Ald, Giibert satd the ordinance was bulidozed .torough, and bo was opposed to passiog it AW, Ryan remarked that ho was led {oton trap, and voted for o fraud—the Dearbom strect ordinance—which the gentleman from the Fourth (Gilbert) Introduced. e was notin favor of passiug the ordinance over the veto, Ald. Trlulmon moved that 1t be recommitted to to the Committee ou Rallroads, ‘Ald. McAuley know that the people on thy streot wanted tho road, snd that thoy fayored the present Company, sinco it had the taciitles and the dispasltlon to sccomimadato the public, The vrdinance should go to the new Comizittes for consideration. Ald, Baumgarten belleved it was good to pass the ordluance atonce. Iis constituents demanded the road, “The motion to recommit was agreed to, TWRLETIL AND RANDOLPIL Anothor communication was recelved from his Honor, returning without his approval the ordinance authorizing the laving of tracks ou Weat Twel{th strect, and Randolph street from Stato strect to Michizan avenue, ‘There wss no petition of property-owners asking for the fran- chige on Randoioh streot, and for this resson Le withheld his approval. The vote by which the ordinance was passed was reconsidered and the ordinance recomalt- ted to the Committee on Rallronds. DHARNORN STREET. Another communication was recelved from his Ionor, returning without his approval the ondinance repealing the ordinance and atnulling the asscasment for the opening of Dearboru street. Tho reasons urged for the abandonment of tho work, he sald, were: (1) That the dam- nges awarded for some of the provcrty tobe taken for the improvement uro esies sive;, (3) that, on account of alleged frandulent subdlyision aud & convey: certain of the property ascsscd for bencfit way assessed too little or not at all; and (B) that the asscasmetits for beneiiia against a large prosor. tion of the property aru uxcessive. If thew rensons existed, suys his Honor, aud the owners of property asscsscd 0o bigh could be rellered " by o repeal of the ordinanco and abandonment of the proceedings without subjecting tho city to llnl)lYlLv for the compensation awnrded or for damages at tho sult of the partics Interested (o the procecdings, ho would gisdly approve the ropealing ordinauce. ‘Theseobjections liad beeu paased on by the courts, snd he did not feel st fiberty to oppose his fndividual judgment to such legal adjudications. No evidenco of frsud- ulent subdivisions was offered. In the eveatof now procecdings, the thie Commissioners mut constder §t. 1t was o matter of very g doubt whether the procecdings could Lo abandoned as _proposed. In his opiniva there wasno immedinte necessity for b, Negatls tions were pending between the owuers to —tee TRIBUNE BRANCH OFTICES, Tax Cnicadn TRIDUXE has eatablished branch ofices for the recetpb of subscriptions and sdvertieements as follows: ¢ NEW YORK-Room 20 Tribune Dullding. F. T. Mc- Fapozx, Manager, PAWIS, France—No. 16 Ttuc de 1s Grange-Datelfere. 1T, ManLen, Agent. LONDON, Bug.—American Exchange, 449 Btrand. Brany ¥, Gitio, Age SAN FRANCISCO, Cal.—Talace Totel. - ] TUESDAY, APRIL 23, 1878. Lot na confing ourselves to facts. Tho sllver ag- 1tation did atop tho sateof Londs. 1t i foree tha return of probably more than $100,000,000 of those alrcady sbroad: bnl for which e shonld bave drawn many iilllonsof—what? Silverr No, of gold, from the Europcan stock. What fnflue ence has (he Bilver act had upon the minrketnt Nono whatever. A fow of the coins are in private ockels aa carlositics, but wo have never veen ono u circulation, What eflect upon tho Troasury? ‘Thus far none st ll, To the extentallver s coincd the Govermment will make precisely the difercnce Uetween the bulllon and the nominal cofu valna of silver dotlars, That 18 tho beginning and the end of the helv ailver glves to resumption. On the moxlinum coinoge of o year, 348,000,000, this wonld be a profit of something bettvecn $4, 000, 000 and $4,1,00,000, or loss than one mouth's bond wales,—Dosion Advertiser, You havo a curious way of *‘confining yoursalves to facts,” if tho abovo must be takon as o snmple. 1. The Syndicate had broken down in the salo of bonds before the Silver bill passed tho ouse, and long boforo tha goldites deomed it possiblo it wonld be- como a law, 2. Tho passaga of tho bill did not *force” ihe roturn of ono-flfth the amount of bonds stated by tho Advertiser, and they mot a very ready sale at lome, 3. Had it not boon for tho maliclous misrep- resentations and downright falachoods of tho Boston and New York newspapers, not a sluglo bond would havo beon sont back on nccount of the enactmant of the Silver bill, It was tholr lying clatter that frightoned a few Umid, nervous holders on the other sido into roturning thoir bonds to this country for salo; and now thoy aro saying that thoy listoned to the mondncious nssor- tiona of tho rockless press of Boston and Now York and parted with thoir bonds, 4. Tho market for Fodoral bonds .is now as good as bofora the how! of opposition to silvor-remonotization was rajsed. Europeans have got thoir eyeaopen to the fact that, aven if their coupons aro paid in silver, thoir agonts in New York can soll the silver far gold drafts on London ot sbout par, and they will loso nothing in any ovent. An Englishman owning Fronch bouds, when the intorost is paid to him in silver, exchanges tho silver for gold drafts on London without loss, Tho same thing ecan bo dono in this country, no mnatter what the discount on silver bullion may be. Not ong of the Boston or New York goldito nowapapors had tho foirness or loneaty to point to Earopoan holdors of our bonds this simplo solution of tho matter. On the con- trary, they assoverated in lying chorus that Groonbacks at tho New York Stack Ex- chango yesterday closed at 99} in coin. — Mayor Heatn last ovening roturned to the Common Council without hia approval the ordinance repealing the ordinanco and annulling the assessmant for tho opening of Denrborn strect, Tho Mayor's reasons for intorposing his voto sre substantially thoso nrged by Tue Toinune for preventing the consummation of the repeal ordinance, whicl: was ovidently passed withouts full understanding of tho scrious consequonces it involved. s —— Closely following the heavy defalention of Coace, tho Treasuror and Managing Diroctor of tho Union Mills, comes aunother and a hoavier blow to tho msuufacturing intorcsts of Fall Rivor, Masa. It is now the Treasur- er of tho Border City and Sagamore Mills of that city, Georoe ‘L. IIATuAWAY, & relative of Crace, who has outdone the rulnous work of his oxemplar in o defaleation footing up somothing liko $700,000, and, as in the caso of tho Union, the owners of tho Border City and Bagamoro Milla ore confronted with a proapect of bankruptoy and ruin whero they bad supposed everything was thriviug and prosperous. THE LATE WILLIAM ORTON, Tho death of Mr, Wirtiax Ontox, Presi- dont of the Western Union Telegraph, will Dbe recoguized as a serious misfortuno to tho country, and espocially to the press and to thoso to whoso business tolegeaphy has be- comno cssontis). Born withont any special advantages, ko owed all his success to hisown cnergy, industry, nnd natural abiity. IHe was a close, practical student, taking knowl. edge rapidly from tho actual circumstances by which at tho timo Lo was surrounded. In 1845 ho engnged in tho book trade, but in 1862 was mndeColloctor of Intornsl Rovenue in the Bixth District of Now York, whoro his ability, Lis integrity, and his industry wero brought into full roquisition. In 1806 ho wos appointed Commlssioner of Internal Rovenuv, to which ofice ho contributed tho samo ocnergotio and intelligont ndmiris. tration which had morked his previous service, This offico, howover, ho re- signed to accopt tho Presidency of Thero is reason to beliove, from the for- eign dispatohes printod this morning, that Germany hne beon snccessful in tho effort to mediato betwoen IRussin and England, and that o basis has' boen agreod upon which reudors it ponaiblo far both Governments to submit their griovances to a Congress of tho Powers. Thewithdrawal of tho Russion land forces aud tho British war.vessols from tho viclnity of Constantinople was snggested by Germany s a mutunl concession necessary to bo made beforo either party could considor THE MASSACHUBETTS SAVINGS BANKS. The Stay law of Massachusetts was intend. ed to protect tho savings bauks of that State against tholr creditors. Its nssistance has already been asked for by half-o.dozen banks, and othors ave in Immediato noed of its pro. | the foreign holders- would loso 10 por cont | whom dam awarded and uwners whote the question of a Congrass, and to this both | resumption about ns promised, but the in- | the United Btates =Tolegraph Coin- | Liboria, o land colonized by ihelr own | yootion, ‘The banks wero organized to take onev,hulr ‘!;:torost, aa silver dollars, thl:y said, gl':;“; i ) With & "”," A0 8.compr Governments have now agroed, and o pro. | clination of tho Eastorn papors generally is | PADy- His iuvestigation of its affalrs | poople, fertile anad fruitful in sofl, and whore inise, by which the burdens of the latter woul the money of the poor for safe-keep- ing. They have called in the law-making power to reliovo them from the consequences of inveating it foolishly. They are, on their own confession, guilty of fajlure or defalea. tion. [Either way they are unfit to continue in business, and should be wound up ns quickly ns possible. Tho Leglalaturo has at. tompted not only to save thom from the or- dinary penalties of acts of bankraptoy, but to give them the priviloge of realizing on their gagota in their own time and in their own manner. This is an Interforonce on be- half of tho dcbtors which s contrary to ‘business experienco and publio policy. Ored- itors under auch ofrcumstances aro entitled to {udge what is best for their intoreats. The interferenco of any court or sny Legislature to tako tho right from them s an extraor- dinary stretch of power, Tho banks were in a bad condition when thoy asked tha Legislaturo to help them. It appears from tho latest roports that thoy had deposils amounting to 8244,596,614, and asurplus of only $5,182,570. This latter sum includes what g known as the Guar. anteo Fund, provided for by tho Stato lnw of 1870, The surplusis ridioulously inadae~ quate. Ordinary business principlos would require a surplug of ton times that amount, Tho most reckless speculator, under similar circumatances, would hardly iuveat his money so that ho could not realize on it, and rescrve for possible demands on him uot 8 per cent of his total Labilitles, Dut it s shown not only that tho savings banks fail. od to keop a sufficiont surplus, but that their invostments were almost oriminally loose and carcloss, Of tho whole $244,000,000 owed by the banks, $123,000,000 s finvest- ol in real estate, 116,000,000 in mortgages, $33,000,00¢ 1n public funds, 820,000,000 in ' baok stock, a little over $9,000,000 in raflroad stocks, and $34,000,000 *“on personal security,” This Iatter item is eald to represent loans made to manufacturing corporations on the seourity ot tho Becrotarics, Treasurers, or other offi. clals, Much of it has proved immodiately unavailable, and much more, it i presumod, would only pass current for 90 conts! Tho docoption practiced by those Eaatorn prints on foreign investors was shameful and scan. daolous, 5. Tho influonce the Bilver nct had was to domoralize the gold gomblers. Thoy saw that they had mo longer a corner on coin; that it was uscless to try to keep o promfum on gold, to prepare to mako a run on tho Tronsury mext Junuary, as silver wonld bo flowing into circulation at tho rate of $4,000,000 o month; nnd that so much of it as renched tho Treasury for dutles would bo in thelr way whon they demanded gold for their notes. After tho bill passed, tha 3 per cent premium on gold rapidly gave way, and now, at the endof uix wocks, wofind @old down to n moro fraction of a cont above groenbacks, 6. Tho Becrotary has not yot commencod paying out silver dollars for silver bullion, but he wili shortly, Thus far ho has rofused to exchango them for groenbacks, and thoro is no object in paying an cqual nmount of gold for them, as the gold and silver are of precisoly the same value. 7. Thoe profit of $4,600,000 on a year's colnage of silver bullion Is equal to the interest nt 4} por cont on $100,000,000 of bonds, which is & sum not to be despised. It is also equal to tho eaving of Iutorost on $300,000,000 of 8 per cont bonds purchased with the procoeds of $300,000,000 4§ bonds; and we have mever hoard of one month's saloof 4§ bonds amounting to $:00,000,000, Tho Advertiser makes tself ridiculons by tho rensons it adduces for its houtility to the restoration of tho old, houest standard ullver dollar. Reform is necessnry. Onc of our antl-silver exchunges says: 1n view of tho great clsmor thero was throngh. qut the country for the coinage of the new silver doltar, 1t is not 8 Hitle remaranble that, since their coluago has actually begun, the people have becoma nite Indifferent reparding them. A Washington :}l-p-lch usys there tu scarcely any demaud for tho Dew €o! Of the 2,450,838 % W] have thue far been colited, the Treasury hiss been ablo to disposs of only 8424,:10 all told, and most of theuo hiave boen bought merely for pucket-ploces. Tnis might be called s contemptible fling at miver-remouctization, 1t it was not (diotle. +‘The people bave become perfoctly ludifferent,” haye they; snd don't wun't any of thetn except for “pocket pleces,! dou't they! Docs not liminary conferonce will at onco be hold to arrango the basis npon which tho Congress sball meot and discuss the questions which Lavoso long throatoned o ronewal of the war upon a moro oxtended scale, satisied him that the Compnny wns substantially bankrupt, and especinlly that tho opposition with the Weslern Union Com- pany was injurious to both. Owing to s efforts, the two Compnnics wersconsolidated, under the name of tho Western Union, Mr. OntoN was olectad Viea-President, and in 1867 was mado Prosident of the Western ‘Union Compauy, and this ofico ke hield until his death, Hlis sdministration of the affairs of the Company was eminently successful. He maodo the organization completo, thorough, and efticiont. Ho had various troubles to contend with, 'Thero wos a continuous op- position and compatition which he had to conciliato, strugglo againat, and to overcome. In this ho was succossful, and at tho time of liis death tho Company waa the ownor orhad the control practically of all the wircs in tho United States and of tho Oanadns, This ho accomplished by purchaso or con- solidation or by lenses, and was In abgolute posscssion of tho business. Necessarily, ko was bronght into diroct collision with the press of the wholo conntry, The domands of the press. wero oxscting, requiriug at times the most oxtraordinary scrvice rondered promptly and accurately, sud at tho same time with a3 small cost a4 practica- ble. Mr. Oston had to protoct the Com- pany in order to moke this business profita. ble and at tho samo timo os naeful to the press and tho publio ss pousible. In this somewhat perploxing proceeding ho scted with great skill and considoration, and throughout bis many yoara of service gave general eatisfaction. Io like manuer ho had to zealously gusrd asud protect tho Company from the sggrossivo pro- ceodinge to have thoe Govornuient assumo control of tho telegraph. . By his ability aud adroftuess ho was ablo to defeat all such scheomes when proposed in Congress, The cry of monopoly aud oxcessivo tolls was u constant menace, Thoe charges for telog. rapby have slways boon o causo of com- plaint. Mr. OnztoN lad to meet two op- posing interests,—~that which demanded telegraphy at nominal ratcs, and that which to opposo tho Senate plan. We have befora us two articles—one from tho Nation and one from the Evening Post—~which read very much like articles printed by the Now York journals ponding the passsge of tho Silver bill, Tho oxplanation of this sceming incon. sistency on tho part of the Wall stroet orgeus s to be found in the fact that tho Shylocks still hope to force tho country dawn to a single gold basls, eliminating greonbacks and silver altogether from tho currency of tho country, They demand that tho greonbacks aball be all redeemed in gold Jan, 1, 1879 (which is palpably impossible of accomplishment), and express tho hopo that “ by next wintor tho mistako of making silver o full legal-tonder may be discovered and corrected.” The Nation pronounces the Benate plan to bo **inflation,” thus designed. ly practicing deception by substituting in- Hation for expansion, and the Fvening Post rovoals the real animus of the 8bylock op. position to tho now Resnmption scheme in tho following paragraph: 11 the bill shall become 8 law, It {a not at il likely that 1t will defeat the reaumption of cola payments at tho appointed time, Syecie payments will then be begun, and thore vughtio be an enor- fmous expansian of the currency in comswqueuce. ‘Thia ought 10 continue &0 Jong aa specio paymients are maiotalned, which may bo for cionths or years, The tendency of this bill will be, how- cver, 10 mak y would otherwise be, With the cach hosd of o family will be ontitled to a froo grant of twonty-five acres, with the privilego of occupying as much moro as ho plonsea nt o coat of fifty cents an acro. In ono respeot, the new tide of omigra. tion will bo of great bonofit to tho Bouth by taking off the Idlo surplus of the negrocs. Thoir departurs will open up new avenues of trado and commerco botweon Liboria and tho United States, will improve tho condition of their brethiron left bohind, for those who can obtain work will stay horo, and will pro- pars tho way for the tida of Northern emi. gration that Is dostined to flow into tho South aud opon up new flelds of labor there, Tho South {s bound to be moro and more crowdod with Northern whites, which of itself would tend to mako the condition of the surplus negroes more snd more miserablo, The nogroes them. selvos ronlize this, aud feel that the timo i rapldly coming when they will be elbowoed out of overy source of employment. Hence thelr eagorness to go. Nothing stands in their way cxcopt the pnsaage monoy. As fnst as thoy obtaln it they will leave, and undoubtedly thoy will bo belped by the Exodus Association, which has already eatab- lished agencies in various parts of the Bouth, with tho view of oncouraging this emigra. tion. It bida fair to offer a solution of a vexed question that is at oncs diroct and feasiblo, eased, and it was not improbable, It thao ‘\z!el"luuu‘ivun,d; satisfactory adjustment might o made. In the meantimé,'tho city might nlu{u from any act In relation to the atrect whlch would change the present status or lessen a0y nower whlng it might now havo to absndug the woAclffid(‘l?mu moved to rccunalder the vote by dipance was passed. “flfi.‘{}:;:onl urged tuat the only way g‘u have the matter seitlcd was by perm! ttlog ¢ property-owners to comprumise. Tho motlon was agreed to, and, On motfon of Ald. Gilpert, the ordinance was referred 10 the new' Judiclary Commiites sod th Lasr Do etwa T nETURXS, ‘Tho speclal order—tha canvassing of thete: turns of the late election—was then takeu up. The Ch"'fif".f)‘flfi%rf’""“m' Beaton, 8! ’ u (Thir . m\%"l’a‘ffin&‘ Cnn‘mflueu had gotten all the iz returns, “'rlg“l&:m:m moved that the Committea sdd up the returns, and declare the result o000 week, Merton apposed the motion, althouzt 1 foroced the 18LtoF et of . Uy decariee the vote at ouce, the now Aldermen would - : 2 week {n which to uul!{; By tho defcrinchty they wouldn't bo ‘able to 1ake thelr seats for tw weeks. i . Daly sald the result could be gotien at u# m‘ R(‘n.!e::‘ ml““:’f‘f o could not see Wby there should be nnr clay. L By s withdrew his motion. fl?l }:fi‘lfc‘?&n ‘moved that tho result bo de ared. 5 - Swoeney—It that were doe, could 4 cfifflfflom & mecting this week to fnish up ‘ old business & 4, Cullerton—It could it thonew Alderm wcfix‘ld withtiold qualifylog for two oF thred days, 3, Bweeney—Bat If not! %‘u. Cn'l’llw:c’onn—g‘hely could rush fo asd [fy and cut ol busluicss. 'l:xllnl.ylt:wlolnlh‘-’l‘nu old bustaess could go 1o the now conunitiecs, fud. Pearsons—Ia thero any old busivess? + three boxes full. Al Rawlelgh=-) Bomo of tho particulars of the ribbon drawback swindlo that havo como to light through tho ecxploration of the Treasury ‘Commission are quite intoresting ns showing tho dovious ways by which the Government whas circumvonted and tho Troasury tapped to tho cxtent of $2,000,000 upon a mani. fostly bogua baals for tho claims, Manifoutly for the cxpress purpose of 'evading tho duty and defranding tho revenue, the Earopean manufacturers of ribbon caused to bo wove into the odge a sin. glo thread of flax, thus laying tho foundation for n drawback claim of 10 per cont by tho Now York importers. Tho lattor ‘wero prompt to take advantage of tho opon- lng; no doubt it was they who dovised and suggestod the evasion. Justico Crirromo, of tho United Btates Supreme Court, ruled ngainst the olaim, and Becretary Dourwern rofused to pay it after it had boen favorably pessed upon by Attornoy-Gonaral Wieriaus, Bubscquently 8 more accommodating Court wes found in New York, and a more accom- modating Hoerelary in Itronanpsown, and the Ribbon Ring triumphod $2,000,000 worth, dificult thau (! gencral exoanuloi that will fallow reaumption, it 14 reasonable (o ucecl that the prices of com- moditics aud of a1} kinds of property will advance; tbat then thero will soon he & clamor for more currencys that Coovress will be appealed to for relict, nud usked to make the cutrency cqual fo *iho wonts of trade 0 that tust sspient body, which will have aseumed the fonctious of the laws of trade, will grant the ruquest, snd ::,',‘,':'.'." the tssue of the legal-tender note ** ra- Tho objection urged to tho proposed aids to resumption consists mainly in the puspose of relssulog tho groenbacks aftor thoy shall have beon redcomed. Sccretary Suxsaman has domonstrated how materially thia cou. struction of the law will ligiten the burden of resumption, and render it practicabls to koop greenbacks ot par with coin, It {sthe same principle which onables a bank enjoy- ing publio confidence to waintain its notes ot par with a reserve of 80 per cont, and re- log-rolling, the River and Harbor bill, has beon achioved this year in tho Iouse under peculiarly disgraceful ciroumstances. Tho bill was yestonlay rushed through under a susponsion of tho rules, und ne dobato por- mitted, It approprintes §7,293,700—for what, nobody knows ; the only thing that is vertaln is, that it sppropriates that suwm in gross. ‘Thore is not & mau in the Houso who can give an intelligent sccouut of tho bill, or a croditablo explanation of his ros. wons for votlug for §t. It fs a ghost of shreds and pstchos—an agglomer- stlon of local grecdiness and dishonest truffic In votes. The traders who succeeded in passing it lacked the discrimination to per- DON'T STRIKE TILL THE IRON IS HOT, Wa trust tho reports from Washington to the efect that the President will attempt to remove Antnun and Corwxur, New York customs ofticisls, beforo e receives the re- port of ibe Dinouan and Hinos Commls. slop, are not true. Wo thiok the first at. temapt would havo been successful if the Presidont had sssignod cauies,—causes which wero to bo found in the various re. ports of the Jay Investigation Commission, But the Presidont did not procoed upon the theory that lis action was prompted or juatitied by the resulls of that investigstion, lence Mr. Conxring held vantage.ground in the contest which bo was quick to avail him. Yo will take two mouths to uu: v.hru:xgh wtllua\'l b, d;rn: ng members should 0 LU on “Ald. fi-fir'f.;p w-nwd{}lw :‘:n‘l‘ .‘.’.‘:‘;‘:fl:‘e :o;j;fl‘ up, 88 thero wers many im) 'g"“ll'i'm"e“ acted on, and not throws upos U 3 new lermen. "Ald. Ryso said tho people had alnw& A‘hi;; men who could tronsact business. It wa B usual to lu‘eln them clu l:nr g&‘ of thelr & ngl?n\:lz fi:v:d l'l’ul- when the Causclt adfourn it adjuurn until Thumh’y alzb‘li’° auy 1d. Cullerton remarked that it wae ol of the Councll to declare the result witho h{'fl:nu this talk wis 'gcmz on the returs new dol ' adud 0d at this juncture seive the satire in the remarks of 3Mr, Cox, | doem all that aro presenled for redemption, | insisted upon tho highest ible rovenue | solf of, and so ho won an apparont vietory, will be ¢l with worthless or doubtful | the writer of that jtem ‘l;now l:m n;: .|3,‘,, “Ji‘i‘u. T:g Il\:pp: o'n d ot thls JUICES, | ere pre- of New York, that it would bo necessary to | It requires no demonstration to show that | from the lowest possible sorvice. o so | but * by the skin of histeeth.” It s truo, | 28sets With regard to the surplus of the | dollars can be bad cxcept fo excnange for gold | pared to re e 1o, F ‘to adjourn was not sgreed 2 {hh: ?l‘ifl'é’.."- ‘wera then read, and tbo 1‘;!1[1%1 . fog arc the uttlcial returus of the huwz_ scatterlug votes, lmwstwr b;{ng omitted: make an appropristion for supplying water fo sowo of the streams to bo improved ; and they lacked the courago and deconoy to allow the Government will not ba sblo to accumu. late by Jan. 1 uoxt .$350,000,000 in coin wherewith to redeem and retiro the ontiro regulated this matter that ho claimed the sorvice was performed at the lowest possi. ble rate consistent with moderate profit, In banks, it is said that two savings banks in Now York now hold a larger cash rescrvo than the 179 savings banks in Massachusetts. coln § What object would any one baye to buy the situstion since then boa materially from the Treasury a thoussud silver dollars for changed, (o the advantage of the DIresident. d gold dollars{ Why should any- Mr. Coxxuwva's exhibition of vaaity, [Pl 4 o body want them exvept for “pocket-pleces 18 the entering upon tho record of the indige | volume of greenbacks, aud then cancel and | this way ho furnished tho greatest scrvice | cgotism, and spleon, . as sbown in The 'f‘“" banks {n Boston, holdiog doposits | o jer such circumstauces! The holder can only | Tuley. % ;',fl uant protest, wigned by twenty-olght mew- | destroy them, Yot it Is this impossibility | to the groatest number of poople, and ot | the World interviow, has greatly lowored of §19,101,483, had on hand as surplusabthe | poy helr face valuo In gold for them, Whio but | 8808, 3 bers of the Iouse, against so flagrsnt a specimen of wastcful and vicloua legisiation, The bill has yet to go to tho Bonate, whero It will not bo rushed through without tho sorutiny which its rottenness should attract, and if the Benate fails to do its duty there la still the President’s veto as the last resort, ——— The Board of Oouanty Commissioners bave shown extroordinary zesl and alacrity in the proposition to fght Ep Warsw's battles and saddlo upon the county all the cost of o protracted litigation to preveut the city from using any but Warxes's stone 1in the con. struction of the City-Hall. It would bo well for the Board to move with comwoa caution in this matter, and not to got head-over-cars which the Eastern Shylocks snd their’ or- gans demand, and for the same selfish resson which prompted them to resisl tho restorstion of the silver dollar to tho legal-tender currcncy. They are opposed not merely to “iuflation,” which means an enlargement of the currency by artificial means, but also to * expansion,” which simply means an increase of the cur- rency by adding roal money to the prosent volume. They ars opposed not merely to moro money of a fictitious character, such as the inflation of greenbacks and an indefinite postponement of resumption would provide, Lut also to more reql monoy, as the addition of the gold and silver products of our mues to tho present currvucy would provido, ulong the same time mado it profitable, Mr. Osrton was o progressive man. Ho never refused knowledge, and expended lib. erally in the purchese of overy discovery and inveution pertaining to the art of telegraphy. He was onv of the friends and aiders of Eptson in his discovery. Uuder his man. sgewent telography has improved in many vespects, Ho was keenly alive to businoss, and his vorsatility was of great asslstance to the Compauy, He wasa genlal man, able to 1nake himuclf sgreeable and entertaining on all cccaslons. An admirablo speaker, a good logician, and & forcible writer, he gave to tho Company the benefit of all thesc qualifications. 1o died at a comparatively carly age. Mo had been in poor health for close of business Oct. 1, 1877, only $24,023. ‘There soems to have been absolutely no pro- vislon for a shrinkage in value, or for & pos- sible panic. Dividends were paid frecly out of tho earniugs of the banks, and what remained was insuficient to pay depositors on demand, and provide for the contraction of values consequent upon a resumption of spocie payment, It must be sdmitted that a showing of this character ia not caloulated to inspire confidence, or to encoursge the belief that the officlals who bave thus squandered money intzusted to them for safs-keeping will wind up thelr institations economically. and quickly. Two reasons have been given by the Biate officials for the passago of tho Btoy law. bin in publio esteem. It Is safe to say that indiscretion could scarcely have gone furiher, From the interview it is plain that 3r. Conx. Lina hates the President cordially, and it is oqually plain that tho sentiment of hate springe from peity spite and envy engon. dered by his own defeated smbition. Alr. Coxxuing's display of pique, wounded vaui. ty, snd nialice has produced in the minds of people generally a fecling of intenss disgust, from the effects of which tho New York Benator will never entirely recover. Then, too, the unearthing of the ‘‘charges and commissions® fraud by the House Appro. priations Cowmittees investigation shows gross inefficioncy, at least, on the part of Collector Awtuvs, thus furnish. a simpleton would purcbase silver dollars with ©old at par, and then turn yound sud sell the silyer for gold at pari Tbis would siilier than swapplag jack-knives. Tho Becretary of the ‘Froasury refuses to scll silver dollars for green- backs, eveu st the ) or 3§ percent premium which gold bears; Lie decliues for the present to part with thems coxcept at par for gold; and, ss they arv worth preclsely as much and no more than gold, of course nobody can afford to buy them for purposes of protit on such terms. Io ashort time tho Secrctary will begin ta pdy thewn out in the purchase of silver bullion, as he annouuced some time ago that he would do, ‘They wiil then begin to sppear in circulstlon, and the people will be no wore * fudifferent”™ 10 them thau to gold, as they Will bave exactly the purcusstag power sud tne legul-tebder power vt gold Eugel. Bcngfinn; s TIIRD WADD.