Chicago Daily Tribune Newspaper, September 30, 1878, Page 2

3 i ! i | L4 +0n by 4 contraction of the currency; + fure vallantly stick o it, TE1 Cilt AGO TRIBUN + MONDA THE FIAT CRAZ ‘How [t Came On, and What Should Be Done to Cure It. Speech of Carl Schurz at Cin- cinnati Saturday Night. Tho Panic of 1873 Not Pro- duced by Currency Contraction ; But by Speculation and Gam- bling in Imaginary © Values. Mow a Sound Currency Is Es- sential to Everybody’s Prosperity ; Ooupled with Good Credit and a Safe and Reliable Bank- ing System. The Folly of Again Unsettling the Value of the Greénbdck Dollar, Which Would Be tho Effect of the Repenl of the Re- sumption Act. A Speech Which Every Farmer and Laboring Man Should Read. 3 Epectal Dispatch to The Tribune, Cincisnati, Sent. 20.—The Mon. Carl Schnrz anake Inat night in Muste Hall to the largest o~ Htival nudience ever assembled in-doors in Cin- clnmati. The fmmense hall was fliled In overy part: The number present could not have been Tess thun 6,000, about one-half Germans. The speccht was listened to with close Intercst hroughout, and cannot fall to have o good 2ffect mpon the German voters, who have been arzed by eome of thelr lucal leaders to support Uemocraticsoft-moncy candidates for Concress, After the speech, Mr. Schurz was serenaded at the St. Nicholas Hotel by a chorus of over 100 volces from the Saengerbund, and responded In Lerman. The specch was as follows: Low-Crrizexnt This s the sceond time tiat 3 have been honored by citizens of Cinclunaty with &n invitation 10 apeuk (v them on the financial guestionn beforo Lhe people. T thank you sincere- ¥r for the conlldence which that imvitaifon implics, ond 1 rerpond 10 1t with a fleep sense of reeporsle bility. ‘U remarka 1 am going to make to-night Skt In 4 cortain seiiso supplementary to thoto [ madz Lere three yenrs n2o, 'f then sketehed the dinastraus conseanences which a palicy of curren- € fniiation woulil bring afier it (0 tho merclnt, tie anufacturer, tho¥6usiness-man genvrally, weli o« the farmer and the laborer for waces, and sapecinlly the latter, At that time the people of Daie, I their State “election, administered & wise st noble rebuke to the Inflation moveent then aped by the Demoeratlc party of this Statw, 3t wus to bo hopad that this rebuke would suil #iently eheck that movemement to prevent its repo “Tiat hope las been disappolnited. Ine voliticnl partica, In thetr Natlonal s of 1830, pronounced.in favor of an rarly recguiption of wpecie puyments, and thua sceme to be agreed s Lo the object’ o bo-at- Laiurd: and IS THE PHEPARATIONS FOR RESUMPTION Tiave ko fur proceeded that {4 i within imediste aeach. Jhut winlo we are witlin & hsir's breadth of 4 nal scivicuient of the vexed qustion, the inila- manm Las braken wut afresn. aut it muse bo adintted that many well-meanini cilizons, onder the preewure of temporary distress, aro hongstly reeking for means of rebiel, and aro tending towards tonclusions which, in tha oblgion of “ those rno ik as o, are fallacious and Traughit with great danzer to the nationsl huoor as well o the bublic weilure, ‘wihat claerof honest and well-meaning citl zeas, L shall respect{ully addrees myself, and, in cufng ro, I shall, instesd of m-kln¥ an effort at flown oratory, express myself in the way of o Atraightiorward, homely, common-senso talk, V'rom time immeraorial, and w all countries, 1t has been the habit of all politicians, when tlio vwople wers laburing under businees depresson vl divtress, such 18 hna heen aflicting us for tho List five years, L charge thuse manazing the affairs of the Uovernment with the reepoisibility for 1t ull, Aud 6o they do uow, ~ When you ask thom to yarticularize thelr charge in our case, they will telt you that the busuiean collupee of 1873 waa bronght hat the Gov- ument withrew from the busduess of the couns 1ry the moans with which 1o carey o that busnesa; andthat, IEPORE, HUSINEAS RROKE DOWN, ari lian been #o often and o conc d that I well nigh cxhsusts un's ps- cuve Lo refer to L agaln, “Lut you bave heard uf men who tell the same yaru 8o ofton that. they ut it beheve it ihgmaelves, 50 It may be with those ve whu #til* inslst that t(ho crash of 1873 wae cnuwed contraction, lndeed, the fuflationste d that | wiory for | their tueury, ‘Fhey cannot do withuat it, and there. What are the facta? | huve the uMicyg) tables bufore me. Thore Was, in- deed, n conteaction of paper curroncy from isds tu 18C8: but the business collapse did not uceur in 1865 It cume five vears later, and thoso five yvars betwegn 18UBand 1878 urv generally regarded s yeary of uncommon Lrosperity, Now. what boppened with the currency betweon 1508 and 16731 Ju 186K contraction was stopped. _In 1800 tie wmount of paper carrancy outstsnding was IR UL L 4 INT0 L was STUO, 375, KDD, 48 It wan 877,855, 701005 10 N2 0L wad LR *jl wis $750, (42, 1A, 14, atutrument tcludes MOt only the’ grornbacks, the National-Bauk notes, and the fractionsl cur Tency, butalsu the Btate hank circdiation, the de Wmand notes, the one anid two-year notes of 18, et e compound fntereat nul 'rue, it ape Veara tuat during several years preceding THE CRASIL OF 1873 the eurrency was uot only not contracted, hutvery isterally Icreased, so that in 1873 it amounted W uver Arteen millions wore than in 18GW, ‘The fuct. then, wands thuat ‘Phe currency was' con- tracted Lsiween Ihiis und 18408, and several years ul prowpenity foliowed, ‘I'ne currency was expand- td [rom 16U to 18730, and the collusae of busiucss occurred. 1Fit weew true, 43 tho {ulationlsts In- 3iat, 1L werease o Gecrease 0f the curenncy were ut the buttoms of nur‘pm perity and depres- alun Teaniectively, we would have to anewer that, sccurding (o tue clearly sscortalned facts of hine Iur{. 11 was contraction that caused prosperity, wnd cxganniun that csused the collapse, | micht e and A874 the curcency Yoy €3 atitdid frui B750, 002, 568,04 Lo §781, 490, « 10173 thatds to way, over thirty-one milllous, wnd yetthe uepressinn wan 0ot only not relieved, but krew In distrewinge severity, Our nflation friends way ot rehish that kind of reusoning, but Whiat bave you loanswer? ‘fhoso who know e Wil beaz wio witness that L bave never gogtuteil 1o cntichse those 1 bower for thiogs 1 ght wionz: but Lcandidly twink to clarge thoss in poser with bavisg brooihl on the m.\‘. of 1873 by u contraction ol the curreucy wunld be uet K4 rous sonsblc aa Lo make thein Teaponsibio for the cqui- uoclial worma OF fur thu depredations of the locustd in tone Weat. If the Governownt is Lo be wade responmble for everythiug, Ihen 1 notemuly dewand that the sbundaut crops of hw year bo pul Lo the credis of the Adanntatras :luul, and of the Departnient of Agriculture i pac- icular. ; Let usexaming THE UAUSES OF TUE COLLAPSH of 1870, und the subsequent depression, a4 une prejudiced business ‘wen. We all know that st iheading Hime when the punic occurred here fu the auluwu. of 1573 . siwilar crss bruke out in aud swept over all Aysiria, the German e, sud ufinost®the whole Europesu Couti- , except Frouce, woile evere Lusiness dd- ou was felt 1o Kugia: urely, atthouk| ® great countty, our Congresy Anid Adminis- b sad tne Kepublican pacty cannut bave teen d thiat hetwy st Ve Lottow of all that; sud yel Lue vllects pro- T Uscud by (L cnais In Eutipu ware i sluivst @ Ferpacl thy same sy " Speculution eallapsi Yaluew abiuui violeusiy rial’ €elate went duw, Lagan, wenstucturers, syd pragiog frios falled in Tirje ‘nambett, ¢xtevoive brauckics of ludusiry stupped, laduring wen werd Lheown ual of eimploy- icul OF compelien to work fOF_Jower Wares,-and .:u- ':fu‘:m"‘“..‘;“d over n:m.hobubnmm. as ; Lwui aad upou candyd pzamshion You Wil '?ml LUal s the efechs were “rm“"u:u tae twp leusispberes. so were thy uudezlying coussd,. ;- 11 koue uf 10se GHULLTIGA WhY 1L B €QTEGACT BuBlractiun 1hat bruagtit abpul the dlsastur, just s Liltle us (b Our 0w u; Liete waa zalbive Al cEpan: nou of 1t, empecally in Terwauy, No the seul 3 cre, A 810 Wore (han once Bad i canton (0 deacribe (hems, Lront wanreom & luincusc uvatiuclion and waste of weall hidusliies winistering (o tbe work of strectiua fustead of produciug soditivusl wealtn; .bis muney fur tue cuuntr) but afler that, excexsive enferntine, atimulated hy Apparent succeses the sinking of Iarve amounts of canita) i greab andertaklinze which conld yietd no Imunediate return, ~such a3 the il of - oads where they were pot needed ; foranticipating ihe foture. The invention ana intradnation of new Iabar-eavine machinery, creating new Facilities of rodaction, and Inciting etcesaive manufactures while yond present demand * SPRCULATION, DEAL in atl anrta of Imaginary v ber of peopla frantically striving to make money anickly by any means except eolh work : an Infatt ated faith In the certain anceess of winde schem and_An nnnatura) stralning of the credit aysiem by pushing sprealation awd _enterprise beyond he means of those engazed In it and finaily almost everybouly, bellevine himeelf richer than he was and therefarn spenling moen than he conid aord; hence widespread extravagance and {mprovident bahita, And il we inqaire waat the currency had 10 da with it, we shall find that in this conntry our irredecmahlc parer money, by its depreciation running apprices to a fictitlons point, stimulated the apirit of recklessneas and eambling in atmost Rl hrancher of onterpriro And Misineat, dncited cxtravagante, anid thas strengthening all the TAD ANE DEMORALIZING INFLUENCES, swhich are nsually aciive at such a perlad, Snch things are Aot to go on awimaingly for rome time, But iHusions and Mee will not lat always, especially in hnainess matters, Aftor s while it wil) tarn_out that a million of men cn- eazed In aclivo warfare haYo conenmed and de- steoved wealth, but not produced any: that a ratl- road ranning from point nowhere Lo point nowhere cannol pay dividenda untll 1t has passengers and freight to carry; that tho value of real cetate does not depend upon the imagination of its_owner, but npon the uee hal can ho mada of lt: that corner lote in paper lowne, where nobody 1lves and nobody fatends to Jive, will not bear heavy mortgages; that articles of Intiintry_produced beyond nctual demand il bo- come & drog In the market; that ahares in joint- stack companies, hawever skilifully ballooned by operators, will at tast hecome worthless if the ene teentise yloldano profits: that mon who borraw mory than they can nay must atlast break; and ihat THOSE WO APERD MORR THAN TUEY EANN WILL PINALLT BECOME PAUFERS, Thir light. the light of sover trnth, usnally breaks all of a=adden npon the people, The fllnalon all at once vanishes, the bubble - bursts, and we a0 aet ' down heavlly mpon the hard rock of real . faet. ‘I'hat thing hflrl‘fflfll to na in 1RTA. Then we ral uar eyes and fook aronnd, and wonder how it all came aponit. And yet It was the most natural thing In the world, People who Invest an mir-castics have noright to expect anything elac than that theae nvestnicnta will at last vauish tuio the air lhvfi were made of. The beat thing we can do after ancl A collapre 18 nuletly to pather np our five rensce and ¢o to work like men to repair vur shattered fortnnes. AND IIOW CAX TIONE SIATTERED FORIUNES HE REPATRES] Firt, by recognizing the errore of our ways and discarding all nelf-deceptions aud delnsions; hy remembering that our wealth nnet consiet in what we produce and have, d notin what we dream of: by abstaining, con anently, from all windy schenies to make oure selves rich by printing "the word doliar npona mlece of paner; by acting upon the principle that the nnly huneat way to ret rid_of oar debts i« by poying them, and thut we can becowe prosperons anly by producing thinga that are nseful and hy spending loss thin we earn, These may look like very old-fashivned hnmn-lrun doctrines, but whatever our mouern finincial Jugelers may iry to have you bellove, these doctrines are now just as gon! a8 they were o thonsand years azo, and they ol the only way ant of our dificaltles. ‘hero is no other, ‘To the honor of the American ecaple bo It eaid, 8 very large majority of them ave heen acting upon theae principlea’tar tho laat five yonrs, and they are all the better for it. 1t is u‘:'c‘uwd deal of wild talic bas buen indulged In abouf . ALLBSORTS OF METIODS TO MANUFACTURE MONEY OUT OF NOTIING, and to diatribate It wo as to keep everybody's pack- «ein full of cash, thereby patting all the people At ease, Dt llmoflxh that wild taik has befogged #omo nnd Impaded ncedfal legislation, yet the people, on the whole; have been stoadlly at work vradacing ureful things ana practicing wiso econo- my, and while the revults of that activity have not vet been felt in all the walksof human industry, and all clanren of aoclety, yet [ venturo to uay that daring the Jast five yeara the American people haye created mare real substantlal wealth tiun darn, the Ove years of wild achoming, cambling, and spoculation which nreceded the crash of 1871, 1venture further to suv—and 1 think it Is felz all over the countev=that business activity In slowly hnt rarely quickeninz Aznin, and that the Ameri- can peopls now atand upon the threshold of a new neriod of posperity, and that.we sball reap an abandant harvestof It, unless we thiow away our opportinities by mischicyous intermeddling with the natural development of thingy. TUAT REVIVAL OF HUSINESS AND FROSPERITY will indecd not conalst in putting upon their lugs aznin old exploded speculations, or ingestoring to theie wealth acaln basiness imen who “Broke down by vonturing inta_operations larzel heyond their mieans, and sureading their capltal all over crea. tlon, To be sure. many of that elsve who arc still etenczling may still have W o gown, tind no flat money can belp thes, ~ Bnt new men will atep into theit olaces. Soch nerlods mean the snevival of the fitieat. Nehner mnast all of the Yaboring men who have been thrown out of work by the crials expect that n revival of businces ‘will in all the hands of the orizinn) purchasers original purchasdre have lonz awe real on them, Al those whn the ow Dave almoctall bouzit then at .o fnres, 0 large majanty of cises, pravably, at theie parvalne. And wi ara th JEEE Gniated that at one time abvint $1,000, 030,000 of one bonds were held avroad. {t Je atated’ by th Sccretacy of the Treasury, who has the best means of ascertalning the fact, that at present the amonnt of bonds held in forclan comitrics 1 jrea than S250.000, 000, ~probadly not over S0, (0, 001, 1o rest of thuxe farmerly held” abeoud “have cither been vaul off or “come over to this conntry, 0 that we find between H5 and 090 per cent of onr bonded imichteanes held ‘hy one own citizens, And Ia it tene that these bonds ara In the hands of a set of **hloated ** individuals down East? Hvery bustnces man knowna better than that, Nearly’ 810,000,000 of 4 per eent honds have within two years been sold, They Ars ecattered all over the country, especially tha West, and who awnsthem? Mosify small peo- e wno consider the tiovernment funds A DETTER DEPOSITORY FOR THEIR SAVINGS TIAN TIR SAVINGS NANK: and who this Invested In amall amounts, from 8ot upwanrd, You honest fatner or lborinz man who Invested your little surplus in A Government eccurity, o you Awara that you hare sunk dowa 1o ‘the level of the * *‘bleatedd blondesnckora™ wha fattenod upon the sweat of the people? Nt more 1han that, ~ A very larre quantity of 44, 5, and G ver cent bonds wera held by banks, by lnsurance companies, trast companics, saving institutious and In trast for widows and orphane, Thumth farm an Important pars npon which tiese inety tions ars hascd, ‘They are amony thelr most relia. ble and most avallable assots, l'rml:flfl{ most of wado not awn a Unfted States bond in the world. llut every one of ns who hohina policy tna lifes {nsuranco company. of whose honas or farnitre 1s insured ayminat fire, or who haa o denosit in a bank or savings {nostitntion. or who has Nne tional Uank note in his pocket, fe much _interested in tho valne of T national bonde, and fn o certsin scnec as mach 8 bonidholder a9 the owner of a bund himself; for if THOB VALUR OF THR NONDS 18 ATTACKED AND IMPATRED, the mecarity for your Investment goes to that ex- tent by the board. Now, my fellaw-bondnolders, are yuit aware of the diszrace of yone ** bloated ™ criminality? Do you eee now wno tho great, dresdful. plood-sucking bondholderist 1t is tho American people, And Yo cannot attack of Ime pair the Milue of tho bund without not anly dix, gracing and ruining the wood name and credit of the country the world over, hut withour under- mining the very foundation of tho most imoortant credit fnstitution in the country in which m some way or another the intereata of all of ou are involved. Do that, —disturb tiat credit aye- em, —and you may long_ wait for that revival of prosperity which wo su much need, and which s now withinour reach, for you have taken away one of 1ts most eseentlal conditions. “To pay a debt s not a pleasant thing, but it Is a mecessary and also & prodlavle thing, We have abiown the world that wa can pay ours, and that wo ara willing to pav it. In 13463 the totar of onr in- tercat-bearing debt waw §2,381,540,204.m4, In 1878 1t 18 81,704, 535, 630, a reduction In thitteen care of nearly S, 000,000, or ene-fourta of it. t hms been sald that' we have pald off our dubt more rapldly than was nccessary and !\rndan In sume respecis that s tene. Byt there » no duubt that this excess of zeal in discHarging our national obilgations s had a powarful elfect in strengthening our credit, sud it 18 owing to strengtliening of our credit that Government has been abe to REDUCE OUR ANNIIAL INTEREST fn A groater ratio than it reducud the debt, by fund- {mz our 6 per cant bonds Inio sucarities bearing in- torest only at i, 4%, and 4 pereent, In 18185 onr annual futerest charge was $130,0797,607.87, In 1879 cur interest chargo |a 801,504, 470, Thie wo have got rid of “about two-flthe uf tho aununal dnterest in the. mame petlod of thirteen _years. lu o atill preater ratio the debt dfnd fnterost has heen reduced n propor- tion ta povulation. “Thirteen years ago our deht was 878,25 per eapita, ~ To.ony it fs SUI caplta. Thirteen yeags azo the lnterest was 85,20 por capita, I91a now SLUT per capita, ‘\mrll our credit remains intact the funding process will yo on nlpldl(. and wo shall aoun be rid of further tens b2 miMllons of our. an- nuat burden, Insturb that credit by any act or attempt weak. ening the confidenca of the world at “lomo and Abroad In our bility 10 pay or in nur honest pur- nose, and the (nading process will cease, and with it the henedcent results lowing from it ‘Thun yoi wee 1n this. s la other thlugs, it ls not only most honorable, bt - IT PAYS DE3T, TO NB UONRST, The most expansive thing a nation can do Is to at- temot to get rhl of Jts obiizatlona without nonostly discharging them. The next expensive thing 1a to quivble ahout them. The ruin from which it la most difficalt to rise is the ruln of credit cansed by repudiation. Tho next worst thine for a natlon i% to vender itrell suspectéd of n lurking destro to repudiate. And thuw 1 do nnra.whrmver you hear that most foullsh and disguating cry of o dema- gogite azainst the bondnalder, yor will, as mon of honor, and 88 men of business, meet it with all the acorn it desceves. Tho sense of honor of o wnation fs the source of Ita cradit, and it credit {a ouo of Its best paying investments, The eccond arerequisito of o revival of business and prosperity In stated to be a sound currancy, ~acurroncy of real sud stablo value. Lot mo put to any thinking man 1n thie assembly, be he (armer,urlaborer, or trudex- ‘i man, opmerch: ¢ bankar, or mauufacturer, 4 3t M 1, PP, eBIOYmERt, ot | B S o Sk U ot wages, Many of ihem will have (o | ®wer: In what kind of money will you prefur tore- chiang thelr ocenpation, and those who nss thefr | celve tho wages of your lavor or the pruflts of your opportunities in that_respact smoat resolutely wiil | business. ina kind of inoncy whose value on pur- bo all the better for It Roviving prosperity will consist in produally opentug a fruitful ield for thove braoches of productive industry and corre- spondiak trade which sunply sctual wants. A4 old stocks are exhansted they niust bu roplaced, TIHE PRESAURR OF TI(R TINES has taught us to produce many articles, formarly bunght anrond, so cheaply and In stich excoilent qnality as to introduce them wafcesstully and largely into forelgn competition. Our abundant crops And a ready market and 2ood prices, A mul: titndoof_circumetancos concar 1o give (o almas® overy Lranch of business s nataral and healthy encouragemient; and, whatever chauges in iho wethods of production have taken place, thore Is uo doubt that locroased and varied wants will svon render poxeible and profitable the employment of the namo and evon a” larger number of mon than before, “Those will reap the frult of the revival first and mouss abundactly who o ahont thete basie uess with the most diligent industry and circum. spection, striving 10 riso slowly and aurely, nnd keepin their oxpeuses providentlally within their sarnings, Thus may we nope, as [ candidly be- Jeve, - fo meo the Awmerican peoplo within a comparativoly short period ncain envaged In genaine and “fraltful activity, and in the enjoyment of Inrguly-Increased wealth, hut so diatributed a4 10 sapersede the distreas of the last five years with u high degree of general well-being, ‘T, 1 think, {8 wi.hin our reach, provided al- ways wo put abd keep tha bualness of the country on a soutid and safe bavie, sud do not spoil eur chances h{‘lmluhflnz In foolish sehemes, To furnlsh that BOUND POUNDATION, without which business can have no healthy de. velopments and tho ptosperity of the people will ulwayw atand upon a voicano ready to explode at auy time, three thinge are of the fret necosslty: A vod natlonal and individoal credit based upua national and Individasl hone: second, u sound currency of tenl aud atahle valne: and (hird, 8 safe anil reltable banking syatow as the dopusitory of bualness funds and the machinery of business cxcnanges, 1n discussing these subjecta I sball run azainst roine popular criea in:lustrlounly used by demas il rooeated by untbink(ng mon, whicn are bt with mischilef” and disaster as well an dis. grace, Lahalt apeak of thum without ressrve, for at o moment wheu feom & period of distress wa liave at last a chiauce to emerye upon solid gronnia Uit chance seemn in danger of beinyg way u[v scta of dishonesty o fooliwhnoss, it 44 tintg tocall th ‘;- by thelr right namas, First as tocredit, Ournational credit rosta upon o faithful dischurge of our uational obllgstio and 1 ahiall snow ‘that In a great measura tho (i vidual credit anit the lntorest of must of ue rests upon thie same thing It liss become the fashion of inany pollticlaus and puulic sgiators Lo cry out i 4 THE DONDIOLDERS, and thus to exclte a prejodice agul whichis an eubodiment ot nativus) faith. Tha hondhiolders are reprosented 8s a scl of **bloated ™ Individuats residing duwn Eaet or in forelyn coun- triea, who bourht their bonde at 33 or 40 cents on the doliar, and now domand 100 cunts snd togh intercst 10 goid, Thue the bondholder is pictured us asort of crimival bloodsucker who with cald-tlooded cruclty fattens upan the sutfer- inge of wdowntrodden pouple. Nuw, sappoting wur pational bunde were stlil fn the hands of “those who onginally bouglit thom, cas you fall to re- member that, When bonds wore wolb at 40 cents on the dollar,—and he quantity vo sold was not large, —the life of the nation wae threatoaod by wmoustrous rebellion, that the lepublic sveumed to be in the azouies of deatt, 162l v apneared uncer- tain whethies the bond bougnt for 4U cents on Mon- uay would be worth JVor 1 ceul ou Ssturday, sad that the purchaser of tle bLond ruked filust as tanch ae ihe oldier riaxed bis blood? Did the American Gove eruwent not sk luw 10 take 1uat Lond at slinust suy price wlba the Republic was In uxtremitl Aud nuw when he has holped ne by taking it and iving us bia money at the risk? of lustog 1t all are we now, that everything bes gdue wel, nyal the prediciions snd expectubions of win, We ka8 nigh-minded beoviv toturn aronad i who belfed usin the buur of supreme trews, aua te!l him, M YOUAKE A BLOOD-STCR t tho bond IUAND A RCOUNDREL! T 1 bave knuwn individuals woo, when yau Bl belped the with a loun, would | feel aud act wg If nut thy tuey awed . you, livney, but s grudse. You Would dipies. such peprns a1 wuean and contempdlble fitlows, Would L be more buyorable for the geeal Aocrican poo- cinsclves upon t0u waavu level bY saye wamoncr, S [y SORARRIAPTY ToE they et But uuw, sgppose such & cry bo taken up by the Kuerdean peoule aud weied "upou, wy 3 refunal ay Vst which we uwe by dlract ur tudirect repu- _tistion of te whole or 3 part of to debl contruct- ;dv,m‘;l;\*u:.:yur al wed. ~have yua consldercd st ol FIVECLIN cups such an of 'ficed Bl W3ngUE ahatid Comg b0 s aoyin e ‘A vausk coufean, cven if sue basdboiders of - day obll wors tue sauie.aicn who dunioy Lbe, Cinl War buugbt the duade 64w low price, | shéutd ;A'J 4 -;Inldu'w.w “dalusl s as gtieely dabous auly o u D Wl 34 Toyien; ge a0 Tioua; Wingdo'ad werl Lo "aH Bt 88 4 04 U 10 eeF goud Bauie e welk Ka 10 00r Lrae Jntet- wls. LUT WHO ARE TO-DAY THE “BLOATED" HOLD- KK OV OUL KATIONAL LONLIY It fv u uotorious facd WAL ouly an iudoitesi b past, if avy, of Var uaiivdl LoLds i _ 7 — e e D o e e e e e e = e chasingpower s stable aua can pe dapendod npon o retnnin virtunily the same from day to day and from week o waek, or in a kind of MONEY WIIOSK PURCUASING, POWER 18 PLUC- TUATING AND UNCETALN, @0 that yoa do not know whather what §t will bay fram one_end of tha wani or of Ihe montn tn the otuer! Kvery sensible man who in the least uns derstands hia own interesta will anawer instinctive- 1y, **Qive us the Brst, tho money of stablo value, the monev that will nol cheat us, vo that we may know what we have "' und that instinct fs natural and right. [t would scein especially natural at o moment when, after a lon¢ and painful period of depressian, we aco at st a glimmer of daylight agaln, and begin to hope that with indostey and prudent managemoent we shall work ourselves up once more 1o a reasonable degrae of comfort and prosoerity. Why will you prefor the money of stable value? We hear mnch falk about tho ne- 9ty of confidence 8% onu of the 1ost necessary prorequisites of a vevival of businces, and junly #0. Ny, the most essontisl elemont of that gen- eral confidence which Is #0 necevsary ls confldence in tho woney you handle, **When I enrn 310, says the workingwan, **asthe wuzes of lubor, 1wantto know that 1 can take that money to the baker, or the butcher, or the shoemaker, or the clothier, aud that it will buy sbout so such of bread, or meat, ur_shoes, or cloth not only toe dny, buta montti hence., And whon 1 have saved some money, ad but it [nta a savings bank to ba used at womo futire timo, I want o know thag when | take it out agaln for use, bo it a month or a yuar or five years heuce, 1t will not have materiaily Uccrenacd in value, but’ have abont tho saute pure cliasing power which it now haw,” TUAT 18 BENAVILE, 44\When T have sold alut of poods on time, ray ona, twe, or* three months, ' says the merchant, *+1 want to know that the nioney coming in after that time has not wvanwhile duprecisted oo us to deprive we Of mv profit, or even (v luvolvo mo ina loss. 1 nast have money of stavle value, for te valy kind | can baso safe busineas calcul ttous upon In taying snd welling.” Senstble ausin, **When 1 make a contract, s the bailder, *+ 1 want to hu gole to fizure out Dbaforenand now mucl money will buy the materisl, —the lumhor, and thu bricks, and sions 1 whsll nced ut a future thue,—and that the money § get after the porform. ance of the contract will Dbe worth as imueh as tho maney 1 contracted for,” and s0 v throudis the et ‘I'hle, T say, I8 your natural inatinct, Thisis what ou really need and desiz, all oF yon, cxcopt por- Tabe thu_gamulere, who rely upan teicks tht ara dark to lecc tholr fhnucent nelghibors, Yes, oven thase of you wno da desire this, althoueh honest wun, have peruitted yuurselves to bo slfoctod by the fiat-monoy diseaso or kiudred mlmg You necugsarily want a monoy of staple valie, especial- 1y 1n dittcult times like th when ecarcful aud #afu business calculations ure more than ever ro- quired, If you ore slncere with yoursclves, you with oll admit that you really thluk su, Now, what fe that umoney of slabiv valae, and how can we get ity LET ME FUT ANOTHER QUESTION TO YOU: Many of us reumenther the time—it wus riznteen Years ago—bofore tno War, when gold and siiver Wero curront b thls countey, ait bank-nutes cons sertivle to guid and miver, Pha gold and ailyer colnof thu United Stales was Mien the only i tenderin the puyment of deots. DI you then thik, of can you romember anybody who then that it would be beet for (e people of this tado awsy with rold and sitver, and to snbatitute for them an Irredvonuble paper inouny, Worth s tnuch tu-day aud so tuch to-morrow't Am Iright ur uoi lo saying that a mian makieg wuch & proposition {n limes of peace wonld have been unlversally votud Gy for & place In a luastic seylum? Tueuuly thing you comvlsined of, and Justly ¥o, wus the exisience of wildcat Lank- Paper uuder a bsd bankinz system, because it could nut Do converted tuto vold sud siiver, contrary ta tho uromiss ou it face. Aad ia it truv or not that, when under the pressure of war seitic, an drredeemsble piper woner wad issucd and yold and silver doae away with, all of you thought it s yreat danger, fraught with wis- fortunar Surely yuu cannut fai) Lo rowemout this. What was I4 tuat wade you all regrot so wmuch the disappesrance of cuin nouey and tha: subshitation Of un srredeennblo paper curkency (ot iLe - Simply thy tuatingtive (coltic (ha when jyuu had goid dollar fn yoar pocke{ you knew what yon had, Jut whien you bad an frredeemable paver doflar J0u 'L aud (AL Appresiion Lag Beci justt: ud by subsequent events, You uay tell nye that for ten yoars afler tha firat beavy cquissons uf 'the DAVEF tegal-tenders {0 Jadd you yirudperud. Thut b ruo—alisdet 1t lyvked 0. Dub in 1873 the {uutl‘nhy.,:rm'ml Wuen the balages shoct was -xlrue s 804 whele Wese Jou theut CAll of a aud- deg . P TUE BALLOON BUHST AND wg CAdE 7@ fuz . aRQUND S0 Sl ¥0 Geavily that our bones il setlug. Aud I repeat that thas cullapeo wav upl'Brougtit ajoul by & contraction of ths’ paper curfency. .1 Nhvg eul- Beiently shown by proviuz with-otlicial §zures tuat tur Aye Yvars precodingtde coaw s tnd vurrency hd buen., nut ountrdcusk’ dot steadily -up.lm\nly uniil 10 1873 Wiepe wigaver $54. 000. 00 - more of' it vat han i 1457, wed uearly 330,00, WKlnore tapl o 1503, Youwell reggember alyo that dunng that wuole period of su-called progperity 1t was asaf an €vil couscience had baunted the American puuple onaccount of thal very paper woney; that for Fears fullowrng the close of the War bvery polit- el cunvention, every, meetlug of merchants, every Teapevtavie Board of Trade of Caadiucr of Cois meeco, deelared and resolved, nuetin and azaln, At the canntry mist et itsolf of The catae of Teee. diemalie Muetustineg po That vy cassudiration of wattal honor, of 10y, nd hnainess intarest, demanded a_ape FEINED 0 the apecle basts, Aa Jile Ae 1570 1 1he ereat politieal partbies of the asnmeans of temaoraty reliel lomdly protested hAt tan restaration of ‘specie-payments wae thelr mate ajm, Aad-why gll this? Whencs th nnlvereal “eurrency? Simply hecanso cvery andied man sidmits A0 nat thie country wanld have no that there conl 0 confi- dencn In_onr econanical movements: that there conld be no fiem and, safe fonudation for national Drasptrity natil our money avsiom should he basca Aagaln npon the fock of preciona metala; that OUR FORZION COMMERCR ‘woald not hear ita fuil fralt nutil onr Anancial aye. tem should be {n harmony again with the money of tho warld, ‘That was the Instinctive fealing of the Ameriran prople for years afier the War. Yol all know that gold, aithongh ite etabillty in valao or nue- cliasing power 18 nor abuainte. fa 1t any rata tao siubstance of greatost stability existins and avail- anle for vm purpose of money, Well, then, If such was the univareal fealing of the people, why ware not wtore sigarous and consistent measures taken for the spealy resumpiion of specie-p: ments, and why did the steps that wereo taken n With ¢o strong and persi¢tont an opposition? Sim- ply becansn it t% ono of ths weaknosna of human nature. when yon desico the accomplishment of n certun cnd, yet to-recol from the means niecessnry for’ the accomplshmont of that end {f thase means threaten to be pain- ful. A persun siffering from toothache map eser #6 mitch desira,to he rld of the decayed weinder, yet he wlill ahrink from the dentist's’in. stenment with which it 8 to be palled. nnd luvol. nntaciiy exclaim, **Walg a llly, and thus you renort to calorofurm or latghingtzas to be uncone #ctous of tne pain when the onerati~n b perform- el 10 in 18G5, atter-the War was closed, the (iovernment had p e some pawer of anrcery to transform aver night, without pain ta anybody, OUIL IRNEDEENABLE PATER CURIENCY Inta s woney systam, ‘basea nvon the oreclous metals, Ia tuere o singfe Individual in the United States who wonld not | have clapped his hands for ratlsfaction and for 16 be thus rid of the decared tooth, and to feel like a weil ma 't lut, unior- tunately, thers 19 no langiing-gas for the correction of proat economical evile, it ia nn essy thing nnder ceraln eire cumetancos o fmeaduce un irredeemablo paper corrency, hut, when it has lonz existel and produced Hn aifacts, it a terribly diticnlt to vot rd ofit, [ inteaduction will drive ont the precions mictale. Its uipansion will diminish its purchas- fag power anid raa up Bthar valnea to s fetitions paint. A retaen to ‘the speele” hasls requires tive acqninition of the precious nmetals nacessaey for re- dempiion. [t requires B reduction of the paper money within that volume which the bueiness of the conntry will be anls ta ftoat in the shape of apecie nud paper conteovertiblo Into soecie. £t roe quices retronchment aml veanomy in the conduct of bisiness and all kinds of oxpeniitures. Such uperations cannat be eifected without somo pataful wonsatlons, Tocy do pot in the destriction of any real value, hut they e tlon af fletlons in buetness, of tho dejusive Tmats 4o whieh men held thetr mosslons and prospects. Bt s vr -nf 1he ieaknesses of human niture that we disike to bs ahiaken up frou.a dream to mober reality when that deeam was pleassnt, and thny, when the practical prepyrations for redem tion are to he taxen in hand. People, altho they may ever xa much devire 1o ha carad of tho wliment, are apt waddeniy to fear the remody mora than the disease, and thus, ks tho mwn with the decayed toath who shrinks from the dontlst's insteument, will ery ont, **LOLD ON, WAIT A LITTLA." Now, what is our case? Tho palnful gonso. quences which were feared feom tho practical rrp ratlons for resumption came upon us theowsh o crisls of 1871 i the way af o nataral dexglopment without thoro beins any preparatious far resumption made. Frovious (o 1874 no pue- chases of specia hal been vet on fout with a view {0 redemption. From 1800 to 1874 the vol- wme of the currency was expands ed from $G0:L040.030.01 o 875,002, :U5.03, incliding demand notes and componnd-interest tates, And yet tha collapse gime, From I873 1o 1874 the ciirrency waw fortner cxpanded from 87543, 002, 180, 98 to 3781, 400, 016, 17, and) yet tno «epresston continned, which proves most concln- sively the crinls was not caused by contraction, nand that it would nauber bo praventod nor romoveit by vxpansion. Butin this way specalative insale nens collapsed, the bhubble of Uctitious values nurst, and thosa valnes zeadunaily adjusted them- relve 10 the spoclo b without uny intere ho part of the Goveenaient in th way of prevaring for tesomption, Meanwlnle tho banks were and rematnod full of money, —but thut money fonnd littlegr no_employment; ‘It becaimo evident, not that we had not moiey enowah for tho business of the country, bul tnat wo ha | not bisi- cnongh for the money In tno country. Thon A IEDUCTION OF THE CURLBNCY #el in also by the operation of o natural develop- ment, Congrews, ab the instance of the vary mea whu insistoid that tho bustness of tho country ilo- manded mors corrency, gave greater facliitics for tho cunssion of Mational Uank notes. But, instead of Increaning the volumo of the currency, na hnd been uredicted wonld bu_eagarly ilone, 5 ‘conside ernble numbzr of baniks withude siv thole notas sim. ply beeause thoy could fnd no proStabie omploys inant for thom. ~ ‘Thus & considerable rednetion of the currency was effectod by natiral process, and the nutortous fact thir, in spltg of that reductlon, all the banks renained full of money without nde. quate use, Was A new proof that our trouble had not been for want of nourishment, bul wasm cleat case of fndigostion, T the meantime huvlacss- nien had brought thelr onsratlons within prudent limita, Ketranchment and wise seonvaiy hail boe como the gencral rile. A largo amoant of- indebt- citness was Higiddatad, and wisound enterpriso werded put in tho bustness world, ‘Phus that part of the nccessury preparation for resumption whicl s most paingulin its eitoct had operuted itsell in the way of a nstural process, without the Intecveation of the Government. An is froquontly the case when physiclaus aro at fault, Nature hiad mado an effort to vight itsolf, At lust tho Secretary of the Treasury, by virtue of TIE RRIUNPTION ACT OF 1375, proceeded ta accomplish with comurrative enso what by the opuunonts of resumution had been predicted (o be utterly impossible, e ncquired for tho Tressury m anount of zold suthiclent fog the purpoye of commercial redemutlon, and now, Inspito of ail our hositation and wtumbling, the gont s roschiad. Our oppancnts have vaelferonsly avaerted from day to dny, und proved as they thought with fucts and Qzures, thatews could not wet thure. 1ut, gentlemen, we are there, Tho tloverninent can reauma spacle-payments lu-nln‘y. moro thun thres wonths bufore th tune Asod by the Jaws and If wedonot proclstin revumptiun toe duy, it 1% only becaudo tho law stands in the way. ‘the wond has only to be wpuken, and our paper dollar, trrodeemable for fftesn years, iy aguin virtually as good #a gold, The lnvorers® ani the pensionein' dollar I aw goud ad the bondholders' dotlur. ‘Flie husinees of the country bt avain the foundation of a rattonal nuid stable value cuerently under fta fect, and with full confidence in tho money it hondles, It can now entor wpou a new carcer of enlarpriso anid prosperity, Tl we ha. accomplened, und, as I nrmly believe, wa ca) waintatn it, provided always wo'sct 1k o vensible reunle and ‘sustain from fooilss and mischlevous egistation. But now WIIAT 00 WE HEIOLD] At the very moment whuu tals great achiovement Tur which thu country haa been slghing fue yoare appenrs nisteedd, 4 potion of thy peoole yrowing wiid with_preposterous scacmes _and proposisiony (o undoitall aud to return Lo ehans ausln, A set of physiclans, whei tha pationt 14 on the point of rocovery amd Faquiros’ duly ropose und the qulet warkinz of uatural furcos, presceibing wedicined, throw himintu fisoncajnore. It inthe most curlous spuciacle # peaple uver prosented. [0 wanld seem only lsughably did it not threaten serious conse- tetices. T¥at o thode achemnts and prapositions? Tet us examing them. Candldly, “wo dod, firat, the proposition 10 replace tne “money wystemn based upun the precious metaly, by the so-called abso- 1ato fiat woney, Hurng the ‘v years of deprod- slon and distress since 18738 many people gropud frantleally about for weans of fudel, Nob fnquiring futo the trae canees of - thulr diticaity. or not undestanding tnem, they thougnt tnere mast b vmne ardtdewl reniedy o cura it within the reach of haman lnzenuity, Taar the resnlts of the unproductive cotsumotion, the fm- rovidunt wasting of wealth, ran by curald oniy oy au production af real wealth in w stow and_ steady. way, did not steiko them as promisin ¢ in taclr cass, "hey wanted sume qateker and more sngenlons method of veteing rich dnin. 1ika the alchumiste of tho Middte Ages, they thouzhit there must by BOome way Lo naky gold vit of dross. Tue firet thine that struck theim a4 promieing wi AN INPLATION OF 0UN GHEENIACK CURRENCY, when, fron IB7i0 10 1874, the_voluums of tho ubacky was expanded frou 15540, 004, OO nod. anoth 000,000, it lad not (he Ludt edecl, Tha bue Crease stayed bt Ve Bastorn biuks. ‘Fien an e anston of the Nutlonal Bk currcucy . nousht of, and new lrcillllu for thy coile I ank-notes glven, Hut thls did not work, In splte ol thu bow facthitlos the Lunk carrency uctually rodnced [aelf, Tt bocume evident that tho buslness of the country would not take and circulato any more of that moucy, for tuers wis uo ewmplovient for I, Phen vome Inzenlous mitnds it upon @ bolder blan, You have probay KUOWNR persans whi, when they dre sick, will think o uwdicing can Lol unieus 1Lbe particularly stevug incolur and naaty 1o taee. Fhar douk u everythius tust 13 natural whh dusteast, F 1o schome of so-calted Hat muncy wis broc forward, and wany well-iwaning, innocent peudle scemed ta huve been talRed 1ty tae belivf bt thtaan AL Lo the truo thinz Wadt le pbaoluty dat maney? It 1y tho sknpivst contrivaucs w sy warld, ‘e Uaveramest Liges o ihiily plocs of aper and siys b it ** e thod 2 dollsr,® aad uen & Governusent staupr e put wiou the vaper, and Torehwitn §61sn dollar, or five] o7 ten, ura tundeed dollate, 33 t4e case may b3, Tusn sil other Kinds of wousy —zély, silver, 2rovnha od National $ank notés—are with lruwn und tha dat or ssulute axiuoy bat 1u T places.” 1L will pe the iy “logal tender lu pdyment of, debly aud tiy- gaimeal dues, Now, Lo preavint Sreeny tile inecrivtion, +* Tav taied States will psy buarer ouo doliar, . ~or ve, or'icu. avdollie bear & shmtlar promive A % o dollas wERsg Y0NS o The 84t dollar yusl not promise auything, aad Just lh)iu Is the beayly ol it f“Ax_cm‘-hng 10 nw“ L Miduvy duclars, It Wae 1 Wyikuces of 140 reecy- Lick thut §i progifved semethive, “Tye gat dol. e Will mug thy )3t docs wol’ promyee angthlog, for' b in - fteell the performance of 'x(u: prawae—~ #-4e 3 dollar - Pho it muo prouitses oihlug beyoud Reclf, for 1t docs away with ull other tags, Giond and sjhver ure o udted stull, cuurely Gusultanle for (his progreesive aio and cogniry. Tue wil monsyouce out, old sud mlver will w1007 be thouznt uf. We sl be coticely PSR e Liab fanh2d Fosk bt (ng ‘. SEFTEMBER X biears ), 1878 warld {n all Auancial and commere tranenctions, Ome it m o will nat be exported, for 1t wili not be taken anvwhere else, and *o like the poor it rtayeatl ant o ‘A Wil e, ancl Inasmach \ cuate al N2 o nuiks it money Andg wwa can make any quintity of 1t o safl onrieles, we shall ot Lricher, anil there will really he i an b That Is what £a pron It wil) steike you that this e exceedingly simnle andvery finc, tint yon mav have some micgleines anl sy, S\Well, tais bur of paper may call ftuet a doliar, Tt (@a'after all onle a bitaf Pipar. I there nothing elex of value betiind it Where. upon tho flat-money man wravely answers: ** s 134 great conalry. It lita anma forty or fifty thon- o1na milllons of dallara® woeth of property inat. When the Goverament of this great. conntey pake \teaiamp on s piece of paper an | this makes 1t -money, then that manes 14 based upon the whols wealth'ef tne connter,* TITAT SOUNIS MAGSIFICRNTLY, and von niav thinks: Well,'if thix cotntey has forty or Aty thoteand nililond worth_of proverty, and ail that property Is mioztzaged as secttrity for the valuo of thietiat motiey, why shotht not that se. enrity bo goud enonshfor & counte of thousand mililong of fiat monny? Now lot us sed how ik will wark, Bnch promisce to pay e ereenbicks aml Natlonal-liank nutes ara witivirawn ta make room for flab monuy. 1t will not be necesaacy to mke Any provision for tha withdemwat af Aud sl ver, for the procious metais, fnding no fucther cuployment, will take leave of themeclves and 20 Ahrod whore they nre wanted, Now tio flat ey 14 Lo mastor of the ieid, It go2s {nto eies culation, and for mame tima it will Indee:d elrcu- Jate, for, 1t belng the only tool of exchanze left to you, yor will have Lo Lako aud use it It wil cir- culate 1nfl. av wampum. buade, and_elanishel and teaden bullets circalated . for & while ne cu roncy In carly Colonwmi times, 1t will atsao _mai taln a certain current value as lang as tta volume fa kept within tho quantity that would circalato In the form of rpecio and paver convertivle into epecie, But you muet constler ihat fat mone; where it e brongnt forward by earaest influtione iats, whose principal objoct 14 TO MAKE MONEY PLENTY by lesuinzenonun of it to koep all tho boys in case, Anid why shonld wo not? It “costa nothing, Wa may Just as weil have much as litle. A tuoassad millions more or less are no object, as the Uororn- ment thereby burdens itself with na proinise or ontleation. And. finaliy, tho waaith of the conntry, 81U, U0, U0, K o 350, 000, 090,000 worth of prop= erty,stand hehind it, mortgaged as accurlty, “1it, presently, when wwa have made flat money” plonty, wa aliail tind that it depreclates, aud will' dasract- ate mors and mouro tho nors we fssuc, just as the greenbacks |l:x. atl worse,” **Ifaw can It do- preciate ke the YPeenbackr”’ saye tha flalmoney ductor with 4 smile of superfor wisidom. **The greenback by the obsard promise of tiovernmont to ay coln for it kept In constant © comoarisan | with caln. and thorefora conld depreciato as to coin, tuc when, by tho intrainction of 114t monoy, gold and ativer aro utierly banlahed an | forgotten, and our money aystens has teconia euticely aaparsts and. independont frow all other money systems of the worlil. how can tho it money depreciato ae to coln:” Lut us sco. In the first place, as your flat dollars grow mure and mors plenty, thelr purchasing power will grow less, just as the purcaising TOWEL OF TIIE CLAMSTIELL CURRRNCY in old Colanial times grow less, the aupply of them growing largor, unttl fnally ‘thev brouzat nothing at all. ‘Thus tho flat dpliars will deprect- Ate ad to the articies you want to bay with tiem. “* it what of that?” answors the fat-money dog- tor, ** that docsnot mean dopraciation, but It means that things yrow dearer tn price, Whoh It takes two ftat dollard to buy an articie which covt but one ol lar bafore, thou the Governmont can isaue double the ameunt of flat muney for the sccommodation of the people, for it costs nothinz, and the wealth of the country will be amole security for a conple of thousand wiliions more,” And so0 it xocs on and on; and, 1n tius case, under he lead of the dut- money doctors, it will yo on quickly, until tne aiory miay o renented of the wheelbarcowfal of moniey caeried to market and the purcinse carrled home lu your veést-pockel. But the hiea that, by bastshing tho precious me'aim from odr money avetem, we can cut Jooso from the money systom ot tne world and avold all comparison of the valu of our paper ooy with woll, 14 amusinzly ab- snril, We afe u commercial 'mation, snd have Targe deaings with the world abroad. OUR INPPORTS AND EXPONTS 2o Into the hundreds of milltons; they will go into tha thousaudd. — Our cxports cspecialiy nro fn- creaving bovand all antlcipation. = Al we sell and 11 wo buy abroad is pald and sottled for on the rold basld, Tue prices of var wrincipal articles of typort, of our cnltural staples, aro virtually determined in the foreizn markots Now. whtle swet ara dulngt this imuiense business with tho world abroad ou tho guld big, must it not be ovident to the dullest undoratan:iing that, sltnonga the last gold coin may hove veen baatalied from our da- westic transactions, the value of tho it doliar in comparison with zold will bu quoted just ua he the way gmenluck dollae was, and that i will 0 -0 matter ‘ot aally goncern and nnxlety to” every farmer West and Enst the price of whosa products dopends npon the forelgn markdt? Thuy whatover expedient you miay resurt to, gold will be aud rematn the standard of valna 04 to tho fat dotlar. ~ Your it dollae wili ho brought up before that tribanal to have jude- ment prononnced n4 to lts worth, and the fdea that by Iutroducing hote a paper-munioy systein of your own, you can withdraiw feom the eused that govern thy commeres of tho world, and changd the real standard of value In your business tranesetions, will apoar ay ono of the mast absaed nou colidixi conceptlona the numan beain has ovar busn gailty of, At last, when your fat dollar, baving been mada vory nienty to accommoiate the peonio, haa run down #o low |n its purchaslag puwer and cut orey a figuradn | INEVITALLE COMPARISON WITIL GOLD, that gnll Lesin ‘(0 grow unoasy about it, you re member that it ts based ullcn the waalth of the American_people, and that soma forly or fiity thouawnd mitlonsworth of praperty stand ae mort- goil wecarity tebind .. O course, with such nocirity the tiat dullar ougint to bo worth its in gold, and thus you may think of foreciosing mortguge on the wealth of tae country. Slay be you 24k & Inorie ol who hus some Tonoy 1n n mavings bank, which formerly wis worth ewoaeh 10 by a litlo house with, but In 3¢+ dat congitiun, monuy heing planty, sppears Just suiiclent to pay fur 8 Jaek-knife. ~ You tnay 0 to the next bust publlc bullding. 6 sco whetnor von can find any of tna w* of the counlry there whiclris o security (8ryo it money to lay your hands upon. Twould, howoWr, notadvisy you to setzo upon u specific article of pruperty as part of the wualth of tho country, for yoi wailld be in dangzor of being arcested and pat M Jarl for Larcony, T woalth of the country, aithouuh It in security for yuar fat mopey, cannot vo handled (o that way, Ygu may thiik 1t best to present yonr flat money o (s Bee. rotary of thy Fressiiey, Who tmust vo presuied to by aound fat man, and Knowe whit tho wort- K430 on -the wealth of t a<k him to give vou good R paper vou prusent, oe so much of the wealth of tho country ua s required to inako that Sat papur wortn mething, Wit will bo the answeet air, you desira good dollarn; Whese flat dollary are guod dollars, they are the odly dollara wa lve, Tae Uoyornment hae not promiseld you anything elee, You wauta share of the wealth of tals country npon which these flat duliars aze Lased. Woy, those fat dollars ara thomvolves part of the wonlth of the country, loddes, you nave clothes upon _youe backs your wife and chil. dren huve tho samoe, If you have uo house of vour owu, you have furnlture in yonur rented dwellinz, * You bave tools In your wogdshap. All 1liosu thinge sre s part of the wealth of the country upon which your flat tonay is based. Of coursé, 1cannot glvu you what bsjonzs t0 anyhody olso,™ Nuwiiyeu hagin to percelve that tho furty or ifty thonsnnd millions' worth of property In tue cuun- ey nay be MAGNIPICENT SECURITY TO DASE PIAT MONRY LPON, bat yon cannot forgcluso the moartgage 1o blade af gras vou. e pon & Tual miy woum quosr to Lt it Ja tuo peculine beanty of dut monoy the wuole waalth of country, notaing, nore ridiculous taau to hoar oney dictogs pretend to havg mado a a1 discovery and 1o parade it before us 10 Most_ Brogrossiva Wea of theuse, Wiy, It 18 u story & tnodsand years old, Tiey had such oy fn Chilna tn tho ninth contury of twis vra. Tuey bad it in Pe towanl the closo of the thisteentn century, 'Taey had it 1 e Amerlcan t'odonicd n The séventeonth century bn thoshaae of besd and_clam-sholl currsney, ‘They had 1t in Franco ot the besinning of thy slxteenth cenlury undes (e mansgement of the wreat proressive BCOTCH PINANCIAU, JOUN LAW, ‘Fhoy hail it in Mrance ditring the great Hevolution 1 the whiapo of Lw wslnatd, ‘Flioy biad 4t i thid coantry again durloz (he War of indepeudence i the aliaps uf ths Cuntluental woney, Always {uall essenhial foatures vietyally Lha wame, —a paper moniey bddcd o indoiduite way upun an {ndelnit somathing, i suia ciscs withuat it, [0 some cases tasud nideg s stross OF CLFCUaNces, 1 ¥0me Clevs fur Judncial gpice ulation; auwd whenever an tnrdation of paper masey wat citner s part of the scbeme or furced oy cudtity, tho fAnal resnit always the samo, —dep, cation of the money, tnat depreciation leading 1o 1he BEw 1eauon bringing fo.10 mose du- and vo on,~—eversbody belleving rlen for B tiwe,, untih Gailly e whole airy fabrie brode duwn In peaceal conlusla Banspaptey, and rian, witen It butame appirent thae the grand wdeduits wuinething apap wiica the paper mongy was based, u it the power of tao Bupaior of (aloa or tue wealthol the coduter, peactically asaounicd 10 uattnneds a W Tuze secirity; ond uniforaly o the breasedown tho b wr pooply, - TUE LAGURING UjAn3 23, BUFPRTED TUS GUUAT £ab JHITURIK 8 aud I overy besuo aTter tae wreat callapse poople catno vitufully (o the old ‘cuncignoa agali that, wila abl, Wup precioay swtals were the ooly . wafo Lash ol & waiiey wyatest. And thoy watuered up tau fuw caind thay coald lay their nands oo, sud, oD Lha ralnd of Cwir fuulishs hojies -utid Winidy fortuges, thay buan . bentiblo ‘bistives . poce ol W 4 paulivis pud |, prudeut w Aud nuw thy mimo ofd std:nie, expoded” azain sud ogan, with & thoasaid years' histazy ofl ite cic, Tull uf i did daastes, 1a dishod up o ua arain 44 & beanl-uow liscayery dnd 33 fbc great Drozeednlva Wus of (s coptusy. | Wi, gsplicuen ol thp Puat-Moucy peraitadion, the il s thou- wiall yours 850 Wers Just 84 wive wnl DEoresaIve as yuul 8ru ilow § ahid, when they had gol-throuZh with hatr greay progrusdiye dat-mongy expIcense, ticy wero & et deal wisee. . 1€ 19 o Dustior of wouder a1 well un augret that at thls day taere shiogld be so many oot pede giving, ceven for o moment. Countgadoca tua falwey.so <er Wil @ o, tund w0 utturly condeuiy 2 vy tho painfyl aud ropedted ex- perieico B inaukind. khivk | way wow take leave of fat money, sny turn L our beimocsatic tavnds, who ane pasacascd W th the *tOaks e I L uideretand correctly, Gy teweat phase of FIE 0110 1DEL” 2, daz il auciatic Couveniloa of this inset? a1 patt Stateand s~veral other Conventlons In other party at i antry, 16t followe: el ie1a I ropsa An cariency [ to eeaen. tireen- zal-tender Tor dutles on ym- @ b reteoved, The National-ink withe } preenucka | 3 for {ho puechase of com for reanmption purpaces 14 to b stonp: The volnme nf via greentrick earerney 18 1 b termined mpon hy 1 ton or constitntionat Amendaient, **ro 24 1ol the ataaiity of thete Falna o3 woll as volume, ™ "{ think [ liive stated it alely, “That & man thoronghiy wedded to the feradeem. avle paper nianin shoikd make such a platform hin own, | can nmderatand, - fut how n man wha thinks the resnmption of specra-payments At atl deairable canadopt it isto me nttarly incomprehen- sihle, Forany intotzant mind witl scn at s alanca that ita execution will render résumption avsolate- Iy imposstnle, and PRHI'ETUATE THE MEAIME OF JNREDEEMARLE TAPER CURRRNCY for an indednite peciod. In fact, {f thero 18 any lozic tn this proseamnie, 18 meand the perntanens establishiment of feredeemaljla paper money, with afl its diaastrous induencos. First, they demand the prompt repeal of the Hetumption act. "} ementbar soma Dentocrte i the Senata who %oted agatnst the Heenmptlon fcty not becansn they did not deniro resumotion, Unf becauno thoy diil not think the act clear aid oifective envuzh. 1 mysclf caticised it on account uf sone af [ta tmperfections, bt voted for it be- cause § was deterininad to snpudrt any atép in that diroction, {hive ever since been glad that 1 did 80 vote, for Lhe Rosumption act, in kpite af its Yinperlectio pi L far marg effective than many siuop. . In 1871 tho Domaertic Nattonal Cenventlon demanded the repeal of the umplion a6k, not becanse the Cnnventlon was . but beean sccording to it _declaration, 1t wae earuestly for resumption, and becanee, ns was pretouded, Lhe Resumptionwict was an onsta- gl fo remumption. = thing whict 1 have never beca ablo o understand, And now your Demo- cratle t‘onvention nnd many othera demnd the fapeat of the same Reeumotion act, not hecanes it f«an obatacle ta resmption, but becauso it has bronziit it an. And, tnid: unless they ey up that repeal quickly, Tt will appasr lika tio REPEAL OF LAST YEAR'S ALMANAC, Now what 1n the meaninz of this detnand for the repeal_of the ftesumption actt Iiere stands the ~ Government omd says: '‘Far wix- teea . years we hwve promleed to ro- depm thede Treasury notes on demand, dollar for tollar, —a dollar in eoln for a dollar 1n papee. Far Alxteen yearsa that promise has stood dishonorel, Now Lain able and ready to tulfll §t, Iam able and ready Lo make and keep tae pensloners! amd the laburees’ - dollar, the merchauts' and the manufucturees' dotar as yood as the bondaolier. dollar. §am able and readyto giva to the nean of country the safe foundatlon of a sound cureency, uniform and stavle In value, in hare mony with the monoy of the wotld. AN | want ta to e permitted to execubs the law, waerenpon you, miv Domocratia friemls, &nswer ** Whethee you'be ower su dble nnd ready to do all this, we v, *Thou =hall not du ity * tlicn ' yon proceed with o wamier ' of v lons, vach and all of which are ned o take anil keep from the Govarnment 1ts abllity to form lts lonu-dishonored promins and to do the beneficent things It wtands now ready (o do. The Government gaya: ** 1 have now somo $'116, 600, - 00U fn grecubisekn to take caro of, With tlis coln 1 bave [ feol strung enough tacommence nid nati- taln the redemption of aft of that guantity that uro likely to be presontad for redemotion. There nre now $:124, 500, 000 of National-Rank notes In eir- citistlon which sre redeom:bio In greenbacks. Thin nystem uide mo powerfully in COMMENCING AND MAINTAINING MEDENMPTION, fnaamuch as it rolioves o of direct rosponstbilit for about onc-half of our paper currency, wiile nil of t¢ will maintaln tho same current vadite, Wers Tdirectly responaible for the whole maias of paner monoy, S0T0, 000,000, Iny. coly rekrurces woulh not be anfliclent to resume speciy payments Whereunon you, my Democratic feiends, answer, $4\We demand (naf the Natlonal-Bank ' caerency be withdruwa anil greenbacks, for which the tiovs ermnent I8 directly reeponsible, be pat in ity place. ‘I'hls we demand whether 1t rendeors you uninle 10 resmo apeclo payuients o not,” The Guvern- mont kaye furthers **'Ths reaumption of wpeclo payments renidors necessary a conslderabie reserve of coin in tho ‘Treasury, I used to recelve wold through the dutlea on 'fmports, which, however, wus mostly noaded for the payment of interéat on national bonds, If specic paymonis are nsaured, tuat source of colu reyenue may be dinpepsed with, Lut only thew to enablo me to accumulate u reserve of caln It was necenary that 1 be permitted to pur- chinso coln with_bonds, aud [ was permisted to do #0 by Inw, 1f, by the substitutlon of greenbacks fur Natlonal-tlank currency, the amonnt of tapee currency, for which 1 am respunaible, by conpled, ILwill be all tne more uscessary to naintain tno m{vmunlaldutlw in coin, and to yo on with the afe of onde for cotn, if wa are ever ta prevare for resumption. Whooreupon you, my Democrutic friends, promptly nnswer: * We denand that du. tics on Impurts shall be pald in grecnbacks, und that the sale of bonds for the accumulation of u coln rederva whall cease.* " Now need [toll any iutellizent boinz WIAT THE CONSEQUENUE3 WILL nR ‘1t theso Democratic domands be enacted 1nto laws? Not only to provent the resumnption of specle pay- nients now, but ta render tna resumption of specie pavments utierly tinpossiblo forever ne lony oy ayen lawa oxiat, * It iw wimply doubling the amount of paper money which the Uovernment will havo 10 reduem, and ut the santetinme steivuing the Gov- ernment of every means (o provido for thal ro- demption. Tnoe ‘sonrces fram which the (overn- ment dorived $ts coin for the paymunt of Interest on the publie Jebt being topned, the coln resorve now in_the Treasury will bhave (o bo drawn .apon for ‘such iwloresi, and that rosorve’ will svon vaniah into nothing, ilow the Uovern- ment s thew 1o get coln oven for thu paviaent of Interest on the public dobt, our Domocratte frienda fa11 to tell us, Finding na em: ployieut 44 currency hero, vold will prowmptly i abruad, where 1t fs fn domand for such emplov- went, and wo shall be further away from specio- DayIyents thun ever hofore, 4 I repeat, thoreforo, that n thorouchbred Infla- tionlst shiould wivoeale this protrammo s Intolli- Klblue® wervos tus parpose,” Sut whon & man who uror ggalu desires ta weu specie-payments reo stor.d in thiy country adopts siuch o platiorm, whit shiil we think of his understanding or his cones.anda? . TIHA DEPEAT OP RESUMPTION will not b tho unly resnlls no sooner Is auch a palicy mangurated than the prgmium on gokd will* agnln redpoear and rlse; tho valie of the gruenback, now within a halr's breadth of L will aguin be o wubinct of speculation and gamuling. b6 “Vats I inevitable. for everything will be thrown back into fuctuation and wncertainty. ‘The step buack frum spacie payments will put even the vood talth of tho natlo 1 questien; confldence will bu more shakon than ovee, A biack clond of now doubt will hang over every businues intereat, for when 8 policy ¥0 Iusine as Lo cun away front speeie puymente can_bo ndapled, evory Imiginable non- o will Litcncoforils wnpoar poesible, Taon aud-by reviving prosncrliys we hail ba st ses azan, the Lord vnly kuows haw long. 1t holped wur Democestle Irisnds very Nittle ta put forth the fantastic promise **that tha amonns uf paper esies shall be so regulated by legtalation o by’ urganic 1aw s 10 ive the poopio assurance of stability i the volun of the carrency, as the consequent stabilicy of the valy ‘The fdea (o eatablish by constitu. tlonsl amendment to bo assentold 10 by throoe fourths of the Stited, . that 15 Ly twou. iy-uight State Legislatures, Wow wiuch monoy tho counizy 48 te have,—ind when - thu fixod i found too largo or tov small, that ilu not b found possible to chan e 1 until the assont of twenly-ciaht State Lgtalatiren bo again obtainad for the coanee, “hat 1des is so childishily prupoiteraus thal wg imust Wonder Sow serious mei conld ever buve entértuinod i, “‘l‘hu!lllhur Deopoitiiou Luat Cougress, by logialas au, 18 ; TO B THE PERMANENT AUTHORITY to reguiate the vulumu of the girrency, and cont qusntly the Valug, is wcarculy less autoninaim z, co tg au 3t dues fram Dumocrate, who pretend Lo bo so faithful tu thelr time-banored praiciples, Have yui canlde 0y Demuceatic friends, what an awlal power you this propuss to perpetuita in tne Conyeces OF tiie United Statos®” You yoursolvos sumit that tho valuo of your ifredevmiolo piper eurrency Wil depend upon te volume. Congross 1# to Ax that voluwe, aud, by jucreasing or di- unintabing lt, Con graws by bherofory to doteming whit overy nollar n tie land shiall vo worth, ‘The valne of Cevery plece of * proporiy, of every article of “merchandlay, of cvery I:rl\'nlu fartui, of every chance the coatractor bas i his con- tract, of every doliar thy lajoring wan bus Iy the saviigs-bang, of (ho mercnant on depoait, witl by at thy mercy of the Condress oF the Cailed Staros. NU man can muke au fnveslinout; Ha o ulre cnant cau well or bLuy u lut of pools on i N9 manufaetures can accopt au ordor; contractor ot make a4 coatract fur a putteosd oe @ bullding, withaut Congecss hav- e a1 1 fa power to deteraing tavte proiit or thore Josa Ly regdlating the volamy. and vousequently o valuy, of tg currency up or down. Can Cone gres a0y budy of leZielators, budepended npon 0 exere w0 treaiendons u power with wisdamy Wiy, gcitlomen, no ussemblase of nunian buinge, even I you yet together the skrowedt dnancioes in It warld. aas ever bean foiund wise vnoigh to de- Lerming Bow Wuch Mopey Lia Lusingss of & great counter ueedd in it mditifariong ductustions, Bus iUeo wwina pawer stwald fall fnta the hanis of sucy Huancivrs we uiade thie Ohio platform, thew Jet ue davoutly prav that the Lord preseevo ud! Bui it Is nut e ouly question, wauthee such o owoe Is lsuly 10 Ue exirciied or noL Pl (aoa- 100 14 Whoths asy Gnverusiest should bo lutrasts wd with b (remtuduns, o far-reachio: nical un gitthortty atall, Vb, my Demoeratic who pretend (o e wa Jealdus of thg pawer of i Genural Goveenment, how are you fallen fron) the bleu ataty OF your auclent principles, Wil you shauld now ou wilhins 0 gesty Lot Goyeral Govs erumvnt tho power 1o Uispuin of overy cifteuu's privata fortune! (4, ehiadea vt Joderavnand Jagk- | u, whare are voal - ¥ & '* ropeal, I 4 uvk only 8 questinn of Conzrosslon. al wisiom, pusa of The very fuct that Congreay i to dls- 80 farunpovs AN tNTanmsr mere legtalalive uct, caougt fall W wive & mast dhupaietiug aud cudrvating” inducnce widi ;b Bueineds of tho couniry, Aro wa not ol Withugacs to the fuct thut for years, durlug overy sussion of ) Coutrevs, the whole buvihiess community stgodou $tp-toe with fear alid tevpidat’on, losh some tiuler- ngyoulus o Censvess uet up aud: pust through Bouly PIOAIUFd Wisriusiug with all (bolr bl beas Chiculdtioud gad aresngemcolst Have yoa hot il Lian) Uk Lyardelt” prayer of vusluoes wen /L, 1ho yegiuning of every sessivn thit ya- wreds” miZhtdo ite focesasry work uufcly and then sdoara? Have vou not tiufe und szaiu beard tue geocral iz of relicf when Cougeess oo lask At rvally wind up and go_howe? And now lme 16 4 Cougreds wiln a wajority composed of vucl dianclil goiiaecs us 0dvocate thy **Onia taca, ™ every Uao of whom Las bis uafa.diag dusucial wos. tria b Lus pacdcet, vad (Gad Convess tutruatad With the power to detarmine tha value of ceuy man's property, nnd e chances fr profit ar . of svery man'n enterpriee, WL e b comminity ever get nut of o atate of foverje, certainty and nppreheaston? Are 4 fo be normal conditlon of aur cconomlenl aystem o not At last to have that repode which fa mn n cadary for anfe buatness ealilation, for a gai. renailding of ear fortanes, and a now peri |, Drosperity? 11 o, then 10 the name of ' con renec fet e get rid of aeyetem of irredecn pinet cnecency walch pnts inte the .,“,f[': Of " Cnhirees” tha pOwer o cetermins Do nuch money we aball have g what that noney 19 to be worth, Lot ws at 1o o dnee tho Gavernment again to i vraper funct.. and roturn 1o that condition nf thinga In which 1, cuerency regnlates (taell, NoLonrsas knowa iy miich mianey the bualnes of the cotnter needs, 'Iu:-Alnegt itactl feals and determines it iy atnty, WIEN RPRCIP-PAVIENTS PREVALL, and thers Ia moee coln in of 14 will How it and ble cniplosment, i hoss i in cirenlation than business requiree, it wiil' . como dear and flow in from countries where it less orafitable emoloyinent, The same zufe nyyil to s well-regnlaced rystem of bank § [ upon specie, Whe the nuantity of notes ont ny, in excess of the requiremant o1 hrslucss, they flow hack td the hank for redemption, \wney the guantity of bank.notea s Insnificient oy the ‘wants of frade, the bankers will png it profitanio ta Increasa’ thelr tasues, and tinn gap will bo filled. Local nnid temporiey sty sucea, occastonul nanics ar apecalative peeiod,, which nider no money avatem can be entiraly pe. vented, may sometimas interfere with this wely, adjusting macbinery, bat on the wholo the ryry holds good, THR GOVERNMENT IlAS ROTIlING TO DO fvirg 1) but to sce to It that the coin struck In 1ta mints g of the prescrived standard vabuas it preventa agg vontshes counterfajting: 1t ruguintos the banking wyatem a0 oe to make K nafes and then it lets enrs rency and trade 10 tholfrelations take care of them. relves, without asanuinie any arhitenry controlover volnne and value. 'Thona are the sinplo principies of a vound money aystem undervhich businz ey rogain contlience “in Iaelf, and prosperity wiy rovive, That s the eend which wo whoui accomplslh, and which I8 now within e reach. The paper-money men have contived ta befog tho pabile nitnd with cortain superstitiony impressions, to the prejudice of the canse | atva. cate, Lot ua look some of them in the face. (g 18 0 nort of 8 dark tarror with walch Lhe word ¢ traction lias ticen Invested, It wonld almost seon a8 If conlraction was sume dlahdlical power brinz. g forth all the 114 hman lesh 1« heir to, Ty we aro totd that contractivn, with all 118 concuni. tant eviln, wan one of tne inferuil eifects of the Resumption act, It Ix tene that, ander thy K. sumption nct, wince K75, TILE CURRRNCY JARNREN CONTRACTED, Dat it 1a aleo traw thnt this contraction has not hag the least denrusaing effect npon o bnsiness of iy conntry, ant 1 can easily provo It. If contraction Iad cramped bosiness,—that ls 1o sy, it bisiness Lk ~wanted © more currency {han was out, dL conld ewmlly lave had g Banklng ' was made frea Dy (hat very Resumpllon nct, Any flvo persond, procirini tog nucedsary eapital, can starta bank under the na, tional system, and isans bank notes. Ifnd boy. ness required wore currancy than waa ont, thy Issuing of niora bank notea ‘wouid have becoina vratltavte, ‘Thara {a- plenty of mouey Iving idie and waiting for a chanee, ‘fhat chance wonld cere Mlnl{ ve been takon hold of by enterpristig ner. sund hud business raslly necded mord cureency. Lut not anly has the volume of hank notes not Deen jnereased, bat it has been voluntary reduc.d by the vaake, This i«conclusive proof not only tng Lusine<s does nat want unre ctirrency than i3 out, bit tiat 1t has even wore than It can profitanly em. nioy, “The contrattion that has taken place wa, therefare, not the result of o forcad operation, ot was of & natural procens, e — 8 LUTLER. Sowe Microscopical Questions, Diaton Jawrnal, , Gen., Buller saya ho hns Itved ander the Blae of a microscopo all bis Nfe, This Is but 3 plaglarism on himsell In 1873, when ho wald: * Fur muro than twelva yeard every act of my oublic and privato lifo has been subjected to 2 microscople examination, under u biaze of light supplied by the lurld malignity of my foes. Stpee Gen. Buter {s dlsposed to bu so Trank, he mizht be fuclined to answee the folluwing (questions: Is it not true that It was Abraham Lincoln's Intention, s he tivid o few weeks longer, to liave hat Gen. Benjumin ¥, Butler arrested anl cburt-martialed for treasunable interceurs with the Confederates durlng the time whet Uon. Butler was In command of the Virginia Penlnsulat “ Will Gew. Batler also turn the blaze of his microscope upon the subject of the burning of the dispatch-buat (roghound ou the James. JRiver, and provo hia ali-absorbing fove for culored race thery, when he rudely pushod slde, aud ntterupted to procede in dlsembacking, tha colured stewardesa and Admiral Porter, who lowared tho vnly boat! Did he throw the col- ored stewnrdess natds becanse ho was a frienl ot the downirodden poor,und was a chivaiic Rentletnand And will e explain Wis magnanimous act In refusing to rctieve subsequently a friond from s floatini plank, on'the ground that the boilers uf tne buruing boat might explode, notwithstand: ‘ing the cnglucer bofare luaving his post hal opened the escaps-valvel Wil hie oxplalu tho circumatances of his pur- chase of tho yueht Aicriea from the Navy Do l;umnuur, and tell whetlior the ple-leaa Oallas 1 hor holid was not worth mora than the aue tion-price paid for the vessell 1low much did Frank Moulton pay Gen, Dut- Jer for his eilorts In relicyiue his tra of paying the penalty of a_half-milllon of dollars vy 8 comproimlse of 830,000 onlyt And Low are paor nien to be relleved from taxes wien tuelr chamnptbn {8 cunstantly engaged [n Imwuuuug the Govermaent from colleeting its duest ilas Gen. Batler ever violated tho faw by taktu fues incases acainse tho United Stated wihign ho lins been a member of Congrosst Waus not tho sofe object of the suits in the prizo cass known as the Flords casu to take money from the Troasury, and dnl not Ges Dutter take a large fou in that case when he was u member of Congrossi Douve tha fact that &t wasa coutingent fee mmake any dilference In moralsf 3 @ .y WIII Gen. Butler toll whatever hocame of cer- tain four shins which were takou from New Or Teaus by his brother, or sonty onu on 1ua e count, and sout Nurth¢ Wil Gen, Batler il what eyer becawo of thess shilps, aud under what nume they now* appear, 08 thy Govare ment bad never heen ablo to fud out. Tie slilos were reported to huve been sent Norils With corgues, What ever becams ol the ships und ol tao cargoesf 1t 1s sald Lo haa fact tbst 1n uil the District~ttorney oitlees, amnd the proy er Government offlzes Whers rocords of sush casus should be kept, thers is notnluy to avd What hus becowe of thems, — — How 8hio Took Calomel, Drnokign gapie, After tho proliminarics of examiyation were over, und o was ubout Lo propare his wel cinese L vantuged Uils remara: 5 Doctor, 4o not, pleass, prescribs auy caloinel for me" was doddodiy oppoie ! to fts use, “You 819 veey tll, Mes, —, aud it Is absolutely uecd: sary for you to take u letle; a very litts wl doyod ua harm.'? M lefe after giving diees tioii how Lo fa%e it Sunty touk the puwidet and bwrried Lo prepare wann walth vivy, A8 directel, but svon she hastebel tomy room with such a frightenod 1ok ot her Toco—t§ hava fost the powler’’ sl ahe, * what shall I dof’ 1 thought e moment, ** Never mind, Aunty; 1o elad i loat 165 wow rve wo sumuthingd 1n 1te play WilILEVer YUl nay think pest,? Blo prepaid 0 dusu of castor ail smothered n eppennint It worked Jiku 4 coarm, Sor Jn the murting wis well cnoush to dross and rocetvo the Dot i the parlur, - (le fuoked hia astoulsinaent &b benoldine ma erect helorg bin, am, fu reply 1 his tender inqairius siter my health, | sk felt much Lettor this mornlug, Aw lie roioto g0 ho remarkued teuiphuntly, Now., Mes —¢ u Wil not abject to taking calomel.” 1 nercd dipelicd the Doctor's Hilusion, wnd this was bu? 1 touk calomel, R e Miss Osborue's Patehes (tartford 01,y Conrant Miss Lucy A, Osbarae, of New Milfon, whoss scalp, rigat dar, amd part ol the right cbeck were tori ol 10 September, 1874, by machinery (0 "witch bier bair eancht, sud who had stutd becuat & Nuw York hospital, Is now at hout A new sealp has gruwu upon hier heal vy llfi: Erattiug thercun of juinute bits of sk, 1':: leces wors contribujed from the arus of 4 huspitul surgedns. “Luo tutal nuwber of v‘“‘" usod {u this upsration was 13,000 One ol ““ aurgeons coutrlouted from' bis verapn, ) b4 plecus, aud aucther @uve 855, The "uhpe: l’".'J Of the sculb uuw ia slwilar gu that of & "":,:»l wound. Of course, thers can b no growd i “halr thoroon, The eyes atlik present a slivht { drawn apoearance, ' The wounds af the "-r aud cur havd budy’ neatly dressed, the r\.nutd leaving scarvely s sear, In tue first ul!_!“ eraltlug process bits ol skin tho slag of WiRe pleces were umployed. Hut oot with gond £u eess, aud, &t tifa suzzzestion of wn Fughsh ’Lu gean, much smatler preces werg substituied. att with I:X\g"ull} seaglGh, Alls Ogliorye s wov =4 years old, 5 * U 'Virtue ls Its Owa Reward. 80 S SuringSetd (Aint) Kepubivcin, A gencrous New Yuresr, wiho bas beeu st {ng bits suimner i 2outzomery, loss bls v bouk, coututsiog $ 1Y, on tae roxd to Weat cte tho other day, It was found by the staze dines and returved to the Yor whu euanted b over and sald: 4 Yes, it'e all here Mid to i, obligel Pl speak of your bunesty Yori fricnds