Chicago Daily Tribune Newspaper, November 21, 1878, Page 3

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THE CURRENCY. Annusal Report,og\ QGmptrol- ler KnOx.‘; \ A Defense of the Nafi&:nnl-flank- Ing System, Bnbnlmtlon of Treasary Notes for National-Bank Notes Imprac- ticable, Impossibility of the Failure of Resumption. The Backs Will Have No Tronble in Pro- viding for Their Deposits, Speciat Dispateh to The Tritun TREASURT DEPARTMENT, Orrice or:Gomr- morter OF Tar Curnexcy, WaismiNatow, Nov. 20, 1878.—I have the honor to submit for. the consideration of Congress the sixtecnth s~ pual report of the Comptrolier of the Currency. All private bankers and banking assoclations, of whatever nataro other than National, are re- quired by law, for purposes of taxation, to make semi-annual returos to tho Commissloner of In- ternal Revenuo of the average amount of thelr capital andt_deposits during the preceding six “months. From these returns the followlog ta- tla has been compiled 1n this office, oxhibiting fu & conclse form, by geographical divisions, tho total averago capital and deposits of all.private bankera and banking inatitutions in the country, other thap Natlonal, for tho six montbs coding May 31, 1878 THE CHICAGO TRIBUNE: THURSDAY, NOVEMBER 2i, 1878, are a favored lass, enjoylng special privileges stthe cost of the people; that they derife n large prost from the feane of circulating notes; ani that & Jarge amount of money may bo saved to the Gorernment by anthorlzing it to teéno all the paper catreney of the country, . Defore the pasrage of the act of June 20, 1874, no Natfonal bank conid redace Its elrcnlation tnd take up ite bonds except by returning a propor- tlonats amount of its own circalating-notes, and these were usnally dificult to obtain; snd prior to the act of Jan. 14, 1875, the total amount of clr. calation authorized to be fasued waa limited to 354 mililons, Bul theaa acts provided both for & re- duction of circuiation and witidrawal of bonas st the pleasurs of the banks, upon a deposit by them of lawfal money in suma of not loss than $9,000, and far an fsene of bankenoted to any aesnciation organtzed in conformity with 1aw. Under the law, then, ¢ |t now stands, any nomber of persuna not leas than fAive, I any part of the country, who to- gether may have $50,000 of capital at commnnd, may otganize 8 National bank and receive circn- 1ating:nates equal in amount to 00 percent of such eapital, the Iaw disceiminating In the Iatter respect onty seainst the large {uktitations, na bank since the passage of the act of Jnly 12, 1470, being en- titled to circulation in excess of 300,000, bank having a cavltal heiween 500,000 and 000, 00U can recelve in circulating-notes hut K0 T cont thereon; If between $1,000,u00 and , 000, 000, 1t can recelve but 75 per cent; nad If over $3,000, 000, hut 60 per cont, : Since tha paerage of the act af Jane 20, 1874, the Natlonal Lanks, 5o far from consldering the privilego of fasming clrentation o profitable nopulys have yaluntarily surrendered 88, 27, 5%, or 810,403, 467 more of_thair noten 1han have heen {seued 1o all the banke orzanized since that datas and 144 hanks, with capital-stock amounting to $15,617,000, have gone into voluntary liquidation, with a citenlation of £, 100,718, The Nitlonal bankn Linve not at any time mo- nopollzed the business of banking, nor do they do sout thu present time, On 3lay 3Lof this yoar there wero §n existence more than i, 700 State atil private banks, having an agerexale ‘capltal af 202 mililons of dollars, and lepovits of 413 milljons. Theso State aud privato banka ure lucated in all tho principal cities ond villages of tho country, and it 18 to be preaumed that §f the privileza of issuing y clrcuiating-nates wors #0 great as )L in peraistent) clalmed 1o he theso aszociations and fudividuals, who nre alzeady envaed 1o the businces of Lank- ing, and whoste frce to cator the National nys- tem, wonld hasten to orzanizo nnder that -fmm. 3 ‘The amunut of interest accruing annually un- on the bonds Leld by the Natlonal glnl\‘l on QOct. 1—lens the tax_ paid by them upon thelr circulation—is $14,044,002 only, ‘while the annual profit upon tha entire cleculation of the National banks, us will be slnwn insn- other placs in this repore, is but §4,101,510, or less than 233 per centupon theircapital. Asthe 1,700 banks and bankers mentioned still continite 10 transact thelr busincse as Siato or private Instis tutions, it scema very clear that this annual profit of $2,500 unly, npon a capital of $100,000 does not present to them, or any of theni, & sufiicient inducement 10 transfer their ousiness to the Natlonal systent. The reason is obvious. CAPITAL BTOCK. One of the most important requirements of the National-Bank act s that the caplisl-stuck of all inutitutions organized thercunder shall bo fuliy pal 'The erganization of banke withoutcapi- tal was one of flie great abuscs of provious banking tems. The history of Lanking in this country fa full of inatances of institutfons of this characier, which were not only permitted to recetvatiepusita and transact a genera! banking busine ut were authorized to fssue circulating not frequant fallures of these assoclations may be s tributed, in & great degree, the prejudico siiil e: {nln.lnzlu this country sgainst a)l banking-corpora lons, Tne proportion of capital. and of eapital and surplus, 'to Jisollitles, Is much greater inthis coun- tey than elsewhoro, which 1a undoubtedly owing to the fact that our law reqairca that the full amount of anthorized caplial shall be actually pad In, In England, s 8 rule, only # portion of the canital ia aud {n, but the atockholders are indiyiduaily 1is- lo for the full smonnt of thalr subscrintions, This restricted liability ls truo of tho limited banks only, tho stockholders of other corpurstions not him! udfi""l each liable for all of the uebtsof tho aration, o fl'llnwln%(nhlt, compiled from statements In the London Economist of Oct. 11, 1478, exhib- its the amount of capital, resorve, and siabilliies, and the ratio of capital, and of capital and rescrve to liabilitles, of 7,417 banks (141 banke and 3,276 Lranches) of tho United Kingdom b HEE % Ig i i g i 11:E 4 :oegfg | f Fiiig | & o 2 g Fiid | i g -3 3 H 2 : e 7 _a_lfiau: |-" A faeszy| 2| & z|s5a85| 3| A= Ts22-%1 FE] a|828mz |2 b J =|aaek§"‘;§ g Bl-...- H 5 | | o ] BI!.EE' ,.3‘ L —! EH Bl Bed| 3| % a|a§§=”‘.!§§ 3] HETHE B BSEE I g E!aasn«? g H - . x I 2205 |F g gus’se: § el R SRS ‘The capital of the 2,056 Natlopal banks {n operation on Junc 20, 1878, was $470,303,300, not Including surplus, which latter fund smounted st that date to more than 1. ~lous; whilo the averago capita) ol all! t baoks, privato banks, and savings-banka having capital stock for the six’ months cnding May 81 previously, was, as scon above, but 8203, 332,833, which amount is $23,813,031 less than one-hall that of the Natfoval hanks. The net depasits of tho Natfonal bauke wero $077,150,- 208, while tho average denosits of all other Lanks and bankers, Includiog ssvings-banks, were $1,242,704,003. The averaze dcposita for the same period of 603 aavings-banks Laviug no capital stock were $803,209,343. The tablo below exhibits the ageregats aver- age capitat and deposits for the period named of all banks other than National, together with the capitsl and deposits uf tho Notlonal banks on June 29 Iollowing: . - 6WE SPRIK 821018 PUNIITT MK e wnng pAIEA “axof .$1210 Tvarmra00a9) slasge |75 plepacfld|53 lhegff)ElH ':'g.u[;gli‘ 5 ;‘:i‘?zfi'h E‘-"_ 8|as28 | %] & al -=5138] § HH TR flléui’ H ? H e'g | | locy 9, LT 000 (0981 N ! l I HOY 1o 2t |weotfisect [zsost “sr1%0a27 | 9 e5'c96 [T88Lt v’y 1353 e'15s (19 TUONIN | FUOTIIN | j1seasd | ‘ronand ~avany 2 Chatd | F From this tahlo it will/ pe_secn that the tosal nd baokers fu tho country at tbo dates named was 6,453, with s total bank- Iog capitat of 475,770,108, and totat depostts of $.019.054,201, The total number of Natlonal baoks orgau- ixd since the establishmeat of . the National- bunking eystem on Feo. 25, 1863, la 2,400, Of these, 273 have goue inte voluntary lquidation brvote of sharcholders owalng two-thirds of * respective capttals, and soventy-four have been placed o the bands of Receivers for tha Burpose of closing ub their sffalrs, leaving 2,053 isexiatencs on Nov, 1ot thls year, lucluded 0%%e aggrezate number orgsuized arg nine National gald bunks, located fu the, Stato of Caifornta, which redeem In goid coln thelr cir- culating notes at thelr places of issu aud ln tbe City of Bau Francisca. These hsve an A%grerate capital of $4.800,000, and an aggre- Bate cireulation of $1,468,1420. Dusing the past year twenty-¢ight banks have been organired, with sa suthorized capital of 33T75,000, to which $1,508.800 in_ circulating Dotes has been fssued. Fifteen bauks have {alled withia this perlod, baviog an azerveats €apital of $3,712,500, sud forty-one baoks, with 4lowal cagital of $5,200,000, havy voluntarily Qscontinued buslness. i TN NATIONAL BANEING STSFEM. '8 propoaition for the substitujion of Treas- ey Sotes In place of Natlonalbsuk motes bav- been reyived mod dlscussed, it s thousbé Mvlsablo agsin to answer the principal objec- Yons uryed saingt the National banking-sys- Aem, even ag the risk of repeating tosome ex- Seat, alibough with mors roguut Uats, what has Teadyappeared tn provious reports. ' Tue chis? reasons given Ly favor of tha substi- tution of Treasyry Doteq, fur National-bank Bolesarq, that the bauks i the Natioual sysiewd = B 4 ot 'L 390 $xuvd (vHo H & u = | movounag g HRIER Bt O il H ) b G Tl 21518 2 sl‘fi g 3 | it 48 = | it . b W BIEI8 8 pp 78 y 2|2 g 2 f3s03 £ slals g zgeed ) o ; [, 19N A comparison of this table with a siw! stato- ment regarding the Nations! banks sliows the ratio of capltal 1o llabilities of tho 3,417 banks In the Unitad Kingdom to be 10.78 porgent, nnl the ratio Of thir capital and reserva (o labilliied 10 be 23,07 percent; while the corresponding ratios of the Na. tional banks are in each fnatance mora than double those of the United Kingdum. Iu the National. bankin stem the existing ratlo of eapital to lhbllilf re pearly four tinies grester than is that of the 1, ‘benks 1n Baugland the ratio of the combliued capital and reser: 1 formor banks to thetr liabilities is moro than thros {imea greatar than that of the latter, CONVEHTIBILITY OF THE NOTE. Provious to the passage of the Natlonal-bank act, the circulating notes of banks jucated clvo- where than In Nuw York or New Lngland were pot redeumablo oxcopt at the counters of the nvuiug Au only about one-tiand of the circulation ol ountry conststod of New York and New Lin- Lm.l nutes, it tnay be sald that the remalnfng wo-thirds 'had practically no general m tem of redemption, 'The leglslatlon of the New Eogland Btates provided only fur redemplion st the counter, ulihouih what was known xe the Sul- fulk syslem compelled rudvmption in the City of llostan also. Tho New York law reqnired redeinp- tion &t the counter at par, and aleo Jo New York, Albuny, or Troy 8t i§ of 1 per cont discount, T New England curroucy, thercfore, constated of un- sveurud ‘notvs redeewnble st parat the xlucu of jasuv mod ln the Cuy of loston, while the New Yurk currency was a socured note redeomable at r i tts countor, and at a discount at its ‘“M" Ko notus uf tbie Nutlonal bunks constitute the only sccured® circulation ever required by law tu be redoowsed at im & central suancy, a8 wetl ae 8t their place of uus, If the New York system of redemption were to be appited to the National-bank circulation, pince he exfating 1gsthod, it would prubadly ai vnce taiss rice of exclisgo to the rate current under that ayafem, which was generally & of L per The Butlulk systea: wae excellent, as a vol- ruggement outercd iuto by 500 ban an ruuste clrcuistion of 50 mtllivns only, nd lfl lucated withio the cowparatively muderale ares of thu alx New Epgland Biates; but it would ot be & practicable one 3 exicuded to more thay 2,000 banxs, disiributed. as are the Notioual ‘banks, throughont all the Btates of thu Unlon, and baving a circulativa mure thansix times as preat a8 thatof the Now Enyland banks. Sularce n volume of circulatiag notes, lesued at puiuts so re- 100t from ocach uther, could not be made unlform- 1y convertible by the luulalativo_ action of separato bistes, nar by tho action of individual corporas tluns, Congrewsional ction slone ls udeguate to accomplish tota; sod accordingly tull rru\'u\m ¥ made gv Cougreas for the convertiility of the Na- tional-bank circulation, by proysding for ita re. demption at par, botl at {ts place of lesue undat the Trassury of the United States. For tho latter urposy tho banke .are, Ly & late act, requiredto cep on deposil.wiph the Treasurer an awount of “The! followlag' extract from the Londou Kecan: e o et f e Faten [ha. baberion: 1y of the 81-venkiug system of thls cous 18F 04 Lo o ton i, ‘of the Jlu of Afan with husapliabe United King slusige pfiarious dotal tue buslness uf the ¢y ot Glas. " o Ao e hte ot S, i fucurya: The closhy has bects ohs, an 1natitutiva Lo the wited with It, and 8 la7so clrculativn of uotes The while L ot e a5 aulisbed & siateticnd Hhat to weurity 14 B e Bicatatey Svaiiable. ‘I ho guld Whicn tha iy or Glaskow Bank abuald bub ocs ot hold woul} Tiave L B accurity t 1be hote-Raider wiutg than Lo ‘wuy otber crediior of (ho bank, TbLtaduual ilgea. Tloiss OF sy erelgu b the norih, [a pourdance wiin tha :?Mnl moucy equal to 5 per cent of thelr clrcala- | which lesnens by ro mnch the orofits on cirenlation. on, 4 PROPIT3 AND LOSSLS. Tho law vrovides that no mswoclation shall, doring the time it contintes 11x hankine opera- fions, withdraw or permit to he withdrawn, in dividendsor otherwise, any portion of It canital, and thotno dividand ‘shafl ever he madeto an Amonnt yreater than the uet profits then on hand, deducting therefrom losses and bad debtss With there resiriclions, the banke are permitted to do- clare dividends seml-annually from thelr net Dprofite, nut are a0 reqnired, befors making any aach dividend, to carry 'to surplun fund one-fenth PArL of thelr net profits of the preceding half year, until thia fand shall equal 40 per cent of thelr capitalatock. Tho law thoa deaignater three usen for the profits of the Nntional banks: Firat, for bullding ap & rurplia fand: recondly, to protect the ca; stock from impsirment by losser tn husiness, by the uro of such fund nhen the other profit aru” lnsuticient: and. thirdly, for the declaration of dividenis out of ary remaining pro‘te, Ar a rule, the banka fn the Nattonal Kysiem have not made excessive dividends. In determining the traceatinof thelr profite, their accumulated sorpluy, os wedl un what te technically known 'nw caplial, tnnet be considercd, a9 it Iy from the 4 I capital and surplud ihat their profita sre derived. Even during the moat prosperous years of the ays- fem, 1he rafio of * earningn lo ihe combined capltal and surplos of tho banks was not greatly in excess uf tha usunl Jegal raten of Inter- estin Lhe Staies whero thoy tere located, while, Ausing the past four years, ihis ratio has boen Irss nlmn percent on the combined capital and sure e, P ‘The surplus of tha Natlonal banke amouated, on Oct, 3, to nearly $117,000,000, A jart o1 this anm represonts thy profits earned by former State banka previous tothelr conversion inta National or- eanizations, and brought by them Into the system, 'ne greator portion was, however, fccamulated by the National banks daring (he years of businesa ?rn perity immediately eucceeding thoclose of tie azimum surpins was reached in June, 1875, and that thera has tinco heen a gradusl diminatioy of thie fund. Thediminntion lias bren cauned by charging thereto, from timo ta time, gflnlnnl of thelosdes sustalned by the Natlo anks, such losses apgregating, dnring the L three yonrs, the liree sum of $44, 111, 415 Altiough the charging up of loasen lian very con- eiderably reduced the surpius of the banks, yet if the total losees incurred had been wholly charged to this fund §t would have been still more largely dimintshed, The grester portion of the losses mentloned has been canceled by charelog them to the nccaunt of current nrofits, in consequence of swhich 357 banke, with un susreyale capital of 858,700,050, have, during the 1ast six mounthes, {\nld no divldends at all; while during ino J hfee years the average number of banks aem! nnally pasing dividends on account of lossen las been 288, This number 16 equal to about one- reventh of the whola number now it uperation, dends have been pald anring that time {s 844, 6801, - 6143 fram which it folluws that for s contlnuous perlodof threa years nearly ouo-tenth of the tatal capital of the "Nationsl Danis haw been witboot profit (o {ts owners. ‘I'ho tatlo to capital and surpins of the tofal net earutugs of all the National banke was, in 1876, U, 0 percent; In 1877, 5.0 per cent; and In 1878, b.1 per cent. ‘Tho average ration of dlyldends to capital in the Now Eugiand and Middle Statcs, where tho greater ortlon of tho cauital of the National banks is as dusing the last threo vears 8.2 per cent, me States the ratio of dividends fo the combined capitel and surplus was 6.5 por cent: and tho ratio of tho not esrnings to capital and sur plus was 6. L por cent. ‘The amounts of laxation, Nationa tate, [ d R annually, for the Iast four years have beecn follows? Years, Nattonat, Bt $ 7.2:0,M3 $34, 20,484 800,761,758 PAILURE OF NANKS, ‘The fallurcs of Statu Lanks end private bankers in thia country are. kunwn o have geen numerous and frequenty but fntormation ss 1o thelr mem- bere, or to tne consequent lossex to tholr stucke holders or creditors, has not beon obiatnable by the Comptroller. The 1lank Departments of the different States give no information on this sub- Ject except a9 to the losses upon bank currency, d aven that information has been of o scaniy character. As rule, under the different Stato laws, the affairs of {nsolvent insiitations iave heen liynidate by a Recolvor appointed by the Court, and the Jteceiver has not roported to auy Btato ofticer, but to the Court which appointed him. Full information with zefercuce to.thesu insolvent institations is therefore fu most cases unattalna- ble, 'Tho los npon currency arg estimated to havo been & per cont annually upon the amouat ls- aued, but no estimate has ever been mado of tho losses to creditors and shareholders. Under tho Natlonal-bank » 1, huwever, the losscs as well as profits uf each bauk arc reported to this olice. If 8 bank becomes ineolvent, the Comptroiler, by law, mppolnts tne Recelver, and exorcises full su- pervivion over the closing upof itautfaira, 'The flice of ihis otiice, therefore, coutain u complete recora of everythiog pertaining to the settlemeut of thy busincss of such sssociations, The number of Taflurea of Natlonal banks, from the oresnization of the nyatom to July 1of the urusent yoar, {s slx- ty-nine, ‘The total smount of cavital of insolvent Natloual banke v $10,015,100; amuunt of claims , 7003 of dividends pald, $14,- 3 whlla tho estimated Toanea wew ot Sii. - 3. 'The aversge number of fsilures durtug each of the past fiftcen years has beeu leas than five, and the averago " annadl loss less than 430, 000 i The City of Glasgow Bank, which rocently failed in Scotland, had & capital and aurplus of Jess than & mitllon doliars, and labiiities of mory than 50 wmillion dollars, It losned to four doblors of the bank more than 28 mitlion dollare, upon which there is a loss of more thau 21 milllou dallurs, ‘The deficiency in tho asscts Is nearly 20 miitlon dollars, which la four times the losses toull the creditors of Nattonal bauks which have fallod sinca the arganization of the system, 'The llank Superintondent of tha Slate of New York reports tho liabilities of twenty-two snvings banks whlch have failed [ that State during the Jaal six and oue-haif yours ut 812,188,777, and estimatos the luanca to thele creditorn sv 84,30:,610, which is mors than ono.inind their entire indehiedness. e eathinates the lusves during tho last three venrs at §3,400,000, which Is nmore ( one-lal? the estimated losses to tho cregitors of al] the Natlonal nks |n the United States from the begiunlpg of the system until now, ‘Clie lumsea from five Kiate banks in the City of Chlcago durtog the last two years, which banks were urganized under special churters, nudor which neither Btate supervision nor teports were teaulred, I esthinated to bu 3,810,500, on_llabllitles” of 83,985,672, Tho loasce from'the State and ssvings' banks of the conntry during the present yesr only are kuown to huva been greater thun the total loas resulting from all the failures which huve occurrpd of National banking assoclativns. ‘e (lovernment has had Iatge amounts on deposts coutinually with a great number of Nutional banks thyonghout the cunntry, for ite convenlence in nuxing dishurseincats, hut lins gullered 00 1o during tho past welve years, Upon the circuluting notos of the Nationu} banus there has boen 1o loss Whatevor, PUNDING TIE NATIONAL DEDT, One of the chief objucts in view in the organiza- tion of the Nulional syatuu was, not only to fur- ulan bank-notes which wore #afu and convertibie, but to supply 4 steady market for and factlitate thy nogotiation of United Statew bondn; und thera (s no douot thut the credit of ‘the Gavernment nnd diu abitity ta borrow monuy st low rates of futerest havo been greatly Incrended by makinig fte bonde o Lusis for the Issue of Nuitonal-vank dules, Of tho Lntted States bnds beld by the Nat{onal banks on Nov. 1, 1BUN, mud deposited with the Treasurcr ns socurity for thelr circulaiing notes, nearly three-fourths bore inler e nite of U por cent, Tne smount of this of bonds has since boen gradi sll{ reduced, untll it Is now lesy uu-fourth of ali the bonds held, on the rate of 433 und 4 per cent anly, - ffth of the ontire levaca of the laiter classod of bouds |s now beld by the Natldnal banks. The tioverpment has 1! outstandiow more than 093 millions of U per cont sud wmore than 704 wmillious of 5 per cent bonds, ‘The reduction of Sua interest on this amount 10 4 por cent would wava (0 the Uovernment uearly 21 miilions of {u- tereat sunually, 'The funaingof ihe G por cent bous intu 4 per cents has madc rapld progresa duriug tho fast year, snd tho Lanks Lave becu of great wervice Lo Ly Goveroment dn this process of refunding, by absurolng a vcrg considerable part of the new isauce, Buould the Nationul aystem coutinug, there 18 no doubt thst the pressnt rupid reductlon In tbe burden uf tntoresi will contlnue alao, 1f the Natiopal-bank systew fs to be shol- ished, and au additional awmount of United Hatos notes 18 Lo bo lssued, il hope of reducing tho rate of Inge on the public debt must Lu svandoened, "Fiie larger portion of the 6and U per cont guld- beartng bonds of tho United Sistes v poyably at the option of the tiovernment, snd thy remainder will bo puyabls iu 1KH1, ~iwo years Lence. As already siateu, 21 millions vearly may be saved to the Government by fuuding theae bundd intw 4 per cents, whils tho amnoust which it is clalmed visy Lo suved by the repeal of the Natlonal-Bauk sct and the Jasue of @20 millions ul socouvertibie Treaaury uol 1 13 milllous only. PROFIT UN CIKCULATION, Tae proft to tho Natloaal Daoks derived from the {ssue of circulsting notes is not grest, ae la frequently asscried, buing aboub i per cent per anuum on the capitil [nvested in the bonds pledyed tu secure the circulation more thag could by 0b- talned by londlog the samis amount of capital on such wccurities as mouy can bo wafcly invested i, ‘fho currency value of the Londs, which repre- sculs tho amount of capital investod i them, ls §105, 634,279, If this mwount of caplisl wers placed atintorest at 8 par cent ber apuum, esti- watud at the averaye rate of Intercat obtuinabla throughout the couutry, it would uroduce §20,- 482 742 'The annusl Jatorcat on the bouus of the vanks ‘amounts o $17,011,053 1n wold and 335, 040 10 currency, the total value of the inter- st on Nov. 1, 1878 (gold belug quoted ot the Nuw York Stock Exchange on_ that datoat b of 1 por cent prowlum), being 317,686,372 which fs tus whole amouné received abnuslly by the banks; bub as thoy aro ruqulred 1o pay foto the Treasury of the United Blalew » lax ol 3 pur 2ot persu- num upon their clrculation, which, upon the umount issusble, {s $4, 144,050, the net swount o juterct rucelved by them Ly theraby reduced to €14,544,602. Tuts amount, fogethor with the interest Which tho bauie recelve on the aniount of thair circulation availablo for use, eives the whole Income derlved by thew from thele clrculation aud e bonds ueposiivd to sccuto it Two and forty-threo nundrediba per cont on tbe capital employed (GRS, 534.274) la $8,055, 34, which is about the value uf clrculativi (o tos tional banks If they could keep the whole amagat of thelr ssues loanud out ali the thse. i this calvulation ne deduction 14 made for the w{u of tha redemption of tow bauk circulation. 'The cost of redémption_for the frcal year ending done 30, 1478, wan8317.042.4: for the year end- g June 0, 1877, swas $:157, 006,110, for the year ending June 10, 1470, "8 1:_and for the yrar ending June 130, 1875, $200, 045,37, In localities where the annnal tnte of Intereat 12 7 per cent, thie valne of circu’ation in about per cent pee annum. and, where the rate fa 10 per cent, itn valne Ir abaut 22 5-100 per cent. if all of the bands of the banks necessary Lo se- curo their circulstion were converted into 4 per cent bonds, the valao of circulation would ho 85285444, which 18 1 43-100 percenion the cnrllll emnloyed, [ the rate of interest were 7 per cent, theannoat proft on circalation wonld he 1 02-100 per cent: and, if the rate werg 10 per cont, the profit would be 1 5-10] per cent. Another important consideration fs. (hat the arerary £ate uf State tazation unon the capltal of the Natlowal panka ta about 2 per cent per annom: aud, if fhey should go inta houidation. anit the owners of the bands should continue to hold them, the amount of State faxation saved to them wanid nearly or z‘-m- rqusl the beneft they now derive fram circulation, NO SAVIAG 70 THE GOVERNMENT. The Amonnt of legal-tender notes outstanding Is £110,000,001); of Natlonal-bauk antes,. 8 400,000: making total of $0KK, 000, NON. Taat additional lewal-tender potes can ba e stitationally insned 18 at leart doubtfui, therefore 1 for the preeent National. probavly be made alezal- alldents. Two k be In cireulation, one of which will tender in pryment of all dehta, an'l the othe lewal-tender even oetween Nationsl vanks, now the case with National.bank notes. lecal.tendec notea wil) oe ol olber clars, unives both are gold atthe commercial centres. The benks hold simong their sesonrces 800 mill- fona In bills receivalfe, and sn cqually large amount of othcr asscts, & farge proporlion of which Is roadily -convertinle Into money, Thelr depositn wnd bank batances smount fo more than 600 milltons, and their circulating notea nre promptly tedeemed, with but little expense to thn holders, through the uso of thelr sascts, which tentesent their capital, surplus, and deposits, miore notes are lasued to the banks tian are neces- rary for the requirements of business, they can he easily rotired, " Tf a Jurger amount is desired, they can be readily obtained upon spplication in the menner provided by law. On the other hund, If the cntiro circalation of the country I8 to be Ivaued hy the (avernment, its amount must be fixed by Con- aress, and ean be nelther increased nor dimimshed except by its action. The Treasary-note repro- #enta no Lusiuess caoital, and the volowe of ‘the currency will be cantrolled, not by the demands of busi and tic wants of tho country, bat by t| views and action of politica) parties gren 1t 13 believed by the Comptroller that this pro- Bmd subatitution of Treasary notos Is impractics- le, and that the repeal of the National-lank act will reault, not In an additional faeue ressury notes, but In the rests 1on of State ime Har to thuse which wers pravionsly In” operation, Becretary Cliase, in his renort for 1601, said that the etabliahiment of the Nouonal-bank syntem would “'avald tne ovils of acreat and sudden chianue in the curroncy, by offering inducements toeolvent extating institntions to withdeaw the cirenintion fssued under Biate authority, and sub- stitnte thut provided by the nauthority of the Unton"'; and that *+thrungh the voluntary action of the oxinting instituttons, ordered by wise legls- lature, the great transition from s currency heteru- geneons, unegual, and nneafe, 10 one uniform. equal, snd safe, may be speedily and almost Im- perceptibly accomplished, The Nationa) banks, class, are by no means enthusiaatic advocates of the national systom, as f4 implicd in the asacriions of those who prociaim that these haks will form & conblnation or union for its defense at any hazard, The capital stack of the banks 1s distritinted largely lmuuf members of ail political partics, and, asa rule, fa free from the control of partisan {nflnence. No farmidable combination of National banks can be organized to save the Natlonal Hank act from repeal. On the coutrary, it will be fonnd that large numbers of them will quletly acquiesce tnsuch repeal, provided they shall bu ratisfied that the old Stalu eystems are certaln to be revived, Bills for the repeal uf the act of Febrnary i, 1805, which taxed the Biate bank circulation out of oxistence, have been al- ready Introduced In Congress, speeches favoring this measure have, during tha lata canvas, been mado by Representatives of many diffarent States, and resolutions of Chambers o! Commerce In many of tho principal Southern citles ask for the repeal of the 10 ver cent prohibldon. The Natiooal- banking syelem, with ite restrictions and wise rovislons, may, ander the excitement of an un- ounded projudice, badestroyed, butits destruction will svon befollowed by & reviral of the old objee- tionable Biate systems, with all the evils which formnurly accompanled thow, aad from which they aro inscparable. o puraons have a Jost conception of the many advantages pos ed by a homogeneoun currency sccured, the lrsuc of & sinzle systew, re- deemablu ata common poini, and exemopt from tha disconnt occasloned by snjrrogulanity of valus in different localitios. ‘Greit palns have been taken to oblain an estimate of the amount of ex- chango issucd nnnuull{ upor New York by the Western and Houtliern Bates, The amount drawn upon New York alone Is estiuated at nesrly i, 000 miilions of dollars annunlly; aud It will not prou. ably bo on_exagygoraiion $0 sty that not lees' than 4,000 mllllons of gollars ar annaally drawn in exchange by the West and South upon the East, ‘Thet umounts urswn upoa each ather by the hauks nd Tressury notes sholl be substituted as is The fuil tresler value than the Ike redeemable In yste *in tho commercisl “citica und States of the Kast 1s also greal. I 1850 tho average cost of Southern and Weatern exchangs upon Now York was not lend than from 1 to 14 percent. If thle Intter rato ehinuld be restorad, the cost of exchange nlone would be 00 1ailfions annually: whilo if the rate wera but 43 of 1 percent, which waethe current rato in the Siuto of New York in the year 1800, & lons In exchango of 20 milllons snnually would euste, to say uothing of tho loss nron the frsues of_banks not organized upon correct principles, ‘Tho National banka have beld, almost continu. ally, oo than one-NIth of tho bonda of the United blates, thus incressing the valuo of theso bonde and the eredit of the Government, #o thet, when recently returned to us In large amounts from sbruud, they could bo taken at'home withont de. precution, aml xue{ have ulso furnished 8 currency both safe and uniform. If they have recelved a profit from 1nelr circulation, tho uiscounie and o changes ond the fates of Intorest {n most of the blatea have been reduced, and tho peoplo have thus participated 1 that profit. Their uotos are of equal valuo i every purt of the Uniun, and the waole clrculntion of tug country, both paper and cutn, bears the frpross of the natjon, The amount of coin nuw held by tho Treasury Department is 100 miNions, aud ibo total mmnonnt of coin ana bullion In the cuuntry is esthnated by the Director of the Mint st wmore then 58 iollifons. This smount Is vonstantly Incressing, and it ix to.aay **a wolid base™ for circulation. Congress has fxed the day for tho restoration of tue specie standurd, und the ieglslation nceded [u that which will not overshra'w bat co-unerste with the bresens well-inausged motetary inslitutions of the country in accum| ing this result. When this {5 dona the pi L banking systew, if then thought desir- aule, muy bo woditicd without danger fo tho ceedit or the businoss and commercial jutercsts of this great uatlou, RESUMITION AND HESERVE, ‘The law pruvides that the bsuks uf New Yt City shall hoid » casl fosorve of 25 o 3 et cent upon deponte--the banks tu the pelucipal cities s squa} ratlo of resorve, oue-half of which wmust b-milwld in the bank, and the rewainder puy by on deposit in New York. Al cther banks must hold s aurve of 16 fll.ll' cent lllmn deposits, two.Bfths of which must Lo in lawful mouey. aud the remniuder may bo on Geposit with panke th the rescrva citics, 'The amoutit of rwecrve held un thu Lat day of Ucto- ber last wus greater than that rmiulred by law, ‘The amouut of legni-tender fuads belu by the baoky In New York City on Uct. 1 was 850,021, 57d, which was 20,8 per tont upvn deposits and 24, per cent Wpon circulation mud deposits, sumougt of lef-l-l:nd:r rescrves held by the banks io tue principal eitles, including New York, was $02,1H, 124, or 1124 per cent upun their clrcula- 3 and 25,0 per ceat upon their deposits; snd tal cush eoserve of all the National banks F142,Ub4, V1N, or 47.5 per vent of the ciecutatin: vutstanding of the bank then in_cperation, 3 1 pue ceut of thelr dopoulte, 'This fesc cousisted of $30, UBT, bud uf wpecie, Tegul-tender notos, aid 815,205, M1 depostt thy ‘Treasury for the rodemption of circulating notes, [t 1 evident that tho bauks sre well pre- !»nul o redeem thelr circulubivn potus in legale ender utes, i accordance with law, The Na. tional and Niate bunke fu New York City Lave al- reudy aiguificd ieif Intentivn lo co-Operate with the ‘Treavury Departinent in the tesumption of specle-paynients, woich takes place on tho 1st day of dunuscy next, se ptovided by law, as wa; seen from the late action of the Clewring-Houss Araccistion of thut city. St 1s for the intere umt’lul thu banke witn their largo svsote, bul of the d¥posliors of 80U millions of dolisre in savingy buuks, a4 well aa depositors 1u uther buuks, 0 eii- couraye resumption uud permsnenlly g the coin Value of their deposits. The leva!-wendor note Wikl theu becune u voln certiicate r;unlu on de- miand at thy oflice of the Asslalent Treavurer of New York, aud witl be more convenlent and desiz aUle for gonernl uso than coin iteell, The Treasury Department owas 140 wililons of cuin, equal to Lure that 40 ber cent of the eulire saues of the legul-tendur notes, which |s able for tha dedemution of the latier, wud ¢! uks hpld nnrl[ one-tblrd of the leval-tender uotes. 1f fuo bauke of fhy country co-upetats. witls ua Freasury It o fmpossible that pesumotion eball fail; bui, even if this cu-uperation should 80t be uvivorsal, I could notullect toe ulliwate result; for 1f any cousiverable portion of the legul-teudee notes bo exchuuged turcain 8t the Treasusy, and witndrawa frow use, tha uotes witl bacowy scarce, and the win bo fosced futo circulation 1o supply the roquireicnts of busiuess sad gl the yap. i puld coln will soun thoreailer be rclurued to the 'L reasury In paymnens of custom dutles ond $ater- nal-zcvenus Wxes, and odered In oxchange fur the wreenback coin-cortificates, which will be twore osully scceplable W tho Deople, fur tie saime Teason Luat the uuice of thw Bank of Eugland asd of tue Dauk of Frauco are now preferred (o coln. But while it Ia coucedued 10st both tha Tresenry aud the buuks cau readily redsum thelr circulatiog notew, It s wald thatit will uot be possibio fur the bauia 10 pravidu Jus their deponita. 1u snswer to tuls statewent the Cowmptroller repeats what bas been previously said by biu: Thosa who lake this view proceed on the assumption tiat tho bauks will be called upon 10 pay Lhelr depuaits Jg apeciv. This was Hot truy dUTIDN &aY TGHIEE periud ot apecic’paytisat sud le lots Uiely Lo bo trus Uadae ihe -oanklug aysico thas Ttwas under say pre- ¥ X curreut bagk-uotes aad Lave ¥ UL e saiie, true tu-day fn Eagladd, Scut.sud, tieriay) od France, laali of wuleh countrica Lbe baak-hute furred. sau rule, to eithier kuld o sliyer. Odl portiul of ko bank circulativa of the E-’)Hukr{. any veriod prior Lo b, Wae vitlier safe or coavertible: yet vl tbla clreulatlul, Dour a6 16 Waa, Wab frocl receliod by the banks, outafde of the commerctal cltles, and wse puld nut by them to thalr dapasitors, ws closaly Identi- find wera (hie Interesta of the one with the athsr. nntes whicl were retarned from the commercial cen- res for relemution were romijly patd ont snd cirenlatod ame, And th + demand for rpecte, whetever ttezist. 4t entirely owing elther to an excessnf cirehey ur 108 wans of conddence fn the fnatitutione o Towned 30 The beopln Hiroughant the the Natlonsl-bank 'nme- are ‘and that If these not pald at th counters of the Lanis which traued them they will ba pajil at the Treassry Depart- ment. in lawinl money. and tha: the secarities beld for their redemption are amply sufticient for thAt parpose. 2irts why the prople, who, In years. have notlost $1 through the 100 Of bank-Boter. anauld deeline to recolve sucts Notes In nayment of thelr depaosite, " 'l"lll.: NAII;;D hq“""a’.l%m l;ll). mfl"‘un:Lfl’ Inans made o ople. and each bank (8 reanired, by sec, of the rl?lfll,d Katutes, “*t. ud T by wap ia wsoctation, There are. f ilitiea of ‘the ‘peopls’ due o tiie Nattomal GanKa~ & sum Jgrgely exceedin: the of "depotts=which Inay "be paty of any or all of the Nattonal hanks in the country. 1he Hatiunal bank-nates are (heretnre very different in character from the heterogeneons hank-nntes formerly 1ssurd by anttiority of the severat . Mugruver, tnerdeyorlinof the ianks are larsrly owncd by thelr owh aharehulders and b; thrir horrowers; and anrely busi- tu the Lanke for accomuionatione, Iders, whose [rodts depend upon thelr suc. Seufl manarement, will be the. 1Ne% 10 Conapire ta ne Jurc their credit, redit; Al thovent of demanding actual payment tn anecte will vanisn ¢ soon as resumption (s aseured, it those tmiil bankers who fear that their deafers will demend enln for svery dotiar of their Jeposlts esn 1 themeelves iy nn agresment thelr depostis suall ho payable, e at the present time, **iu current funds.” which will then consist of legal teuder otes and tiie notes of epecia- paying banks. THE PUBLIC HEALTH. Conclusfons Roached by the Yellow-Fever Commiasion, Ricmitoxp, Va, Nov. 20.—The American Public-Health Assoclation was called to order this morning by President Harrls, Previous to proceeding with the regular order of business the President Jald before the Association a let- ter Irom Gov. Porter, of Teanessce, regretting being unablo to attend op account of official buslncss, sssuring the Assoclation of his active sympathy with the noble work in which they are engsged, and extending an Invitation to hold the next meeting at Nashville. The fovi- tation was referred to the Executive Comumlitiee for cousideration. After some routine business, Dr. Bemis read the rezular report of the Yellow-Fever Commis- slon, which says tbat the yellow fever was Im- ported fnto New Orleans by the steamship Emlly Bouder fu tne month of May. Tho Com- mistion visited varlous infected polnts In the Mississippi Valley, and found as the resutt of thelr avestigation sad deglect and violation of thelaws of hdalth in regsrd to dralnage, inat- tention to depusits of fet!d matter sud refuse animal and vegetable matter, and fnattention to the purity of drinking water. ‘The conclusiona reached sro s follows: First—We have not in a sulitary instance faund a case of yellow fever which we could {ua- tifiably consider as of de novo origin, indizen. ous to Its locality. Second—1n respect to most of the various towns which Wa visited, and which wero points of epldemic prevalence, testimony showing the impurtation was direct and convinclog in its character, Third—The transmisslon of yellow fever be. fween points separated by any considerabio dis- tances dppearcd to be wholly due to humun intercourse. In somne Instances the poison was carrfed In the clothing or about the peonte polug into fnfected districts. In others 1t was conveyed in such fomites as cotton bageivg or other goods of same deacription. Hourth—The weight of the testimony fs very vronourced agalnst tho further usa of dis- infectants, Physiclans {n fnfected towns al- most without exception state that they are uscless agents to arrest the lyrcud of yellow tever, while somu of them aflirm that™ thelr vapors are seriously prejudiclal to the sick. Fijth—Personal proplyluxls by means of drugs or otlier therapeutic means has proved o countant ure. A respectablo number of physicians think that the usc of small duses of quiniae of sutne use in preveution. Sizth—Quarantiues catablished with such de- gree of survetllance and rigor tuat absolute non- intorcourse s the result have effectually and without oxception protected its subjocts from yellow fever. Dr. Cocoran, of the Commission, then read a {mpcr eiviug a detafied account of the fever at ireunda, mt which place the [nvestization howed an {ntensely infoctious character of dis- case . Dr. Lloyd Howard, of the Commisslon, read & repart of his Juvestigations. Agjourned. ———————— THE SHELBY LEGISLATIVE DISTRICT. To the Eaitar of The Tribune, Nxooa, I, Nov. 17.~1 sce jn somo late ls- stics of Tas Triuung that W. M. Abrahom, the Republican candidate for the Legislaturo from Cumberland, Shelby, and Etllogham Countles !Tulrty-lhlnl District), has decu defeated, which l‘ uot the case. The offictal votu stands as fol- owa: conntry now know that oafe, Ryan, Scarietle, Park, Dens. Dem. N, 0. 1. 2,47 KoM 41 1,051 1,482 1,008 4811 Total , 7,006 . Which gives us two Republicans from this 4,008 5,501 district, Park having always been n Repubilean and will yota with the !wm_v for United Siates Benator. Yours respectiully, M A E. e — THE WHITESIDES DELEGATION. Spectal Dispoich 1o 1'h2 Trisunt, Monnison, L, Nov. 18.—In your ilst of members-elect of the wext Illinols Housc of Hepresentatives you lucorructly nsme W, C. (reen, Democrat, nsolected in the Eleventh District. The list for the Eleventh District Is us follow: (1) James Shaw, Republican; (2) Willlaws H, Allen, Republican; (3) Jumes Pratt, Greenbacker, of Republican sdtucedents and It 13 belloved he wilt vole with the Repub- Heaus on mauy questions, thouct soine Hemo- crats clain to bave pledzes from him to vote with them. Respectfully yours, X, e ——— THE ST. CLAIR DISTRICT. To the Editor of The Tridune. BurrxviLLe, Nov. 18.—~Permiit me to correct an error in your st of members of the House of Reprosentatives as contaloed in & recent fosue, You stato: Forty-uinth District, ¢, M, ylor, Indepeudent-Republlvan; Joseph Retchert, Democrat; Heory Nefter, Democrat. It sbould bo: Joseph Velle, Republican, Melistadt; Dr. ‘Thomas C. Jewoiugs, Ro- publican, East 8t, Louis: Henry Belter, Deuo- crag, Lebanon, There were two Republicans elected In this county, instead of one as bereto- lore. Vury rospectiudl; Yo 1. Pimesn. ———— . FORSYTHE WILL NOT BE COUNTED OUT. To (ke EdUor ¢f The Trituns, Panis, 1IL, Nov. 16.—~Iu your paver of Friday 1 notice you bave bieard areport from Eftinghsm that Fursythe s about to be counted out in Jasper Couuty. We bavo telegrapbed to fricnds fu Etoghun and they answer: * Have heard of no crovkeducas in Jaspor,”* Thers belng po tulegraph office lu Jasper prevents us from pet- ting uews direet from there, ‘v think [t ts fm- povsibie to couut the old Comuwousr out. ours, B, e — ‘The Murphy Movement, The presst Burohy moveent fu New York has lts queer incldents. Ammong the audiency the other olght wes u womam very drunk, and very pervous aud noisy. Bho was converted while under the faflucnce of Murphy and whisky, and cutae reeling and shoutivg lo the front.” Shu was wild toslgn the pledge, aod was assisted to stand while she plicd the pon through the diflicultics of ber pame. After slzuing satisfactorily, she becamo distrvsafuliy sick, aod Murphy toldher to brace up, and ho would seau for medlctne for her. 8he thanked him, aud sald that sho touk bers with vepoer- nint m dt—whasky and veppenatut. But that case did not distuoay 1 A soddeu old man jumped upusnd shouted, “ it slpn’ the pledge 1 snydody will Ioliow, Pm au od druukard and s notoriuus bad wan, Lam.” He advertised hituse:1l, siigned, and drew biv crowd after bim, Murphy stated that he had obtalned 5,000 signatures (o Pistaburs,—ugarly the wholy city weeurdlog o that rough tound cetimate. ‘There must boan error of u *nsught,” but that's uothiug, Mu{yh{ Lus druwu 8 goud mauy of thy New York clergyuien futo the vice, aud s wisslon there louks 1ke 8 gue- Less, % \: The Goverament aud the Houtlh, There will be & univorsally bearty Republican teapouse to these editorlal utterauces of thc Now Yourk Limes: . “ A United Suates Deputy Marshal {u Orango- burg, 8. C., uow les tu fall, sullering frog au Rassuld tuade wpou wye b undertook, {0 pursitaiics of the law of tha Uulted States, to E«rluxm Bis duty and watch the count ol the alluts In that town at the recent clection. His assailunts eujor hielr full Hberty. Now, what the pevpléof the North would 1ike to sew scttled i3, wheiber 'bo Natiopal Government bus suy authority or power to prutect lts utticens fu ths perlurwduce uf their duty vu the soil of & con- cillated Bouthern State. If it has no smch power, they would like to know why; and, if the case is fairly determined, we venture to say that they will Hnd somegmeans of supplying the womisgiun, ‘The only way of determining the care {8 for the Prestdent promptly and firmniy to cxbaust all the power which “he puossesses, ‘whether by elvil process or by the employment of the much-abused but often very useful ‘basonet.’ If he wiil do that, the péople will :n;m" to whatever moro [t a found necessary 0 do. — SUGAR CASE. Barriyory, Nov. 20.—~The Demersra augar case was decidel today. The following fn- structiona ,were given to the jury by Judee Giles beforo they retired: “Tlere are two fssues that the jury aro required to pass upon 1 this casc: Firat, were these suzars srtificially colarea & dark brown by sume forelzn matter, spplied to them after their crystallization, aud for the purpose ot their belng introduced into the United States at a lower rate of duty than they otherwise would be required to payl Second, did the clsfmants koow this fact, and id theyintroducetiiem fnto this port with fraud- ulent fnteot of Importing them st a lower rate of duty than they would otherwise hase pald.” The fury rendesed thelr serdiet: “ We find, upon the first issue, for the United States. pon the second lssue, for the defendant.” —————— Sold His Boay to fedical Btadent. Nacannah Sein Moses Allen, the colored murderer of Benjamin Ivey, ex-Sheriff of Glasseock County, Georgls, was banged In Gilson on the st frat. On the 15th ult. he contracted to. sell his body to a Mr. King, s medical student of Warrentun, Qa., for $10, King having assumed a uute of hig to that ?,:xltixum. The followiug is tho itk of sale, ver- m; Gr.eoxX, Ga., Oct. 18, 1878.—Notic-Read tha following certificate: Gentlemenn this fs to cortify that [ Lave sold my carcass to Mr, Kiog, 8 medical stodent of Warrenton Gia not in_advance, but this I eques o Day of Kxecation, which s Kil these arq therefore to cila und nd- All col'd, persuns_concerned to aliow caune If sny they havo or can, withiu time that fs pre- td carcass ehonld not be Muses H. Arvex THE TRIBUNE BRANCH OFFICES. IX ORDER TO ACCOMMODATE OUH NUMKROUS patrons througiiont the city we have o et JBranch Ofices In tbe different Divislons, as desiznated nie will be helow, where advertisem taken for 1 Aama price as charged at the Main Ofice, and will b received untfi A o'clac X the week, and untiiu p, m. on Baturdays: J. & H. BIMMS, Booksellers and Btatloners, 123 wenty-scond B M. WAL Nawstester, fuatlanar, ete., 1009 ern. side News Depot, 1 ext Madison-at.. near Wes HOBERT THIRUMSTON, Biue Jsiand-av., corner of Hal . 1, C HERRILK, Jeweler, Sewadeater, and Faney Goudx, 720 Lake-st., corner Lincoin. oo OVFE REAL ENTATE. ON RALE-80X1a0 VEET ON MICHIOA] sauth of Twenty-altn-L, Ing inprovements, worth $4:0r0. o ¢ K175 per foot, Inclad: W. 0, COLE, Itoom 30 Dearbornest. ize In the county h penies Lo ese It and back: good fences, orchards, uj he best faeming ections in ana get particulars I¢ you i value. T. 1. BOYD, 2 T Houtn Siae. 0 RENT—-4-STORY, U L_L/\ILAn ATTIC BRICK well n drst foory all month thi May 1 10 gugd tenant, Tair tony will acll, furapecial re; b g only €30 per ahar Stdy 13 axns, 4L o grent {urkaln on eaiy terms. TURNLIE & BORD, 102 Wasti- ington-at, CHEAP TO THE RIGHT PANTY, A 3 od Twventy-elgiliat. App ¥ oifice, in o PER MONTI tric ellinga, 13 Filimore: plscertwa-atory frame, 20 Jarvard oS, 1174 West Tayivr-st. lonuir North Side. ['OREXT-A 600D TW0STOLY ERAME HOUSE, No. 407 Urchard-st.: hot and cold water and ga duublolof, east frouty “two llnes of streetecarsi $23 forinonttl, juquire of . ¥, BAXTER, 6 Cliamber of Com! ree. 7[)0 RENT—FURNISHED RUOMB=233 WEST MADI- san-st,, over Certun & Yirlo's store: chespest oo West ¥ide? coumo and see, Miscelianecats. PO RENT-OOMU-WE Now HATE A XUMIEN of first-rlas ruont (both with and without loard) W sirictly private families and n A No. | boarding places [n the Nneat Jocationy 10 Chicago, wisteh will be Tented io uiexcaptiunable people voly, 'Those wanting first.clnas Footiis ur LOard can aiways ket full Jnfuriie- tlon tireo of charye) 23 1 T mat destrable plaves in all ble party of the city by calling at the lielta: Dble Roum-iienting and Hoxrding Kxchange, Livom 3 ‘Tribune Lulidiog. ANTI W Al wauraiaied v Ponit: 1 anteel prIVALE Lane, on Boutn’ Kla D youus gen- fiemain wito will furslelt “hein elegaiiiy mud (0 8 perma- neut oAt Addrea J. . E.. ol Clarkeal. . BOALDING AND LODGENG. Wost Slaos 1.) BOUTH BANGAMON-5T. —FRONT ROOM NICE- o 1y fumished, with bornd for gustlemaen sod wifo urtwo genilemen, Termw moderaty. SR } BOUTH CARFENTRS —VERY P'LEAS. b rooms, with hot and cold water, spesking tobos, otfc., to reat wi w I AND 7 .‘N!l:‘f‘ll CLARKST, — FIRIT-CLASS O B Tl em, 81 W per weslt, wirn.dse of pianu aad athi day busnd s, ik LARENCE HOU 7 sL., four bloc! p!u‘li per day & Urniahed rovme to ¢ % bow a5 SNGLISIL HOUsK, it %AW WASHIRGTON 5= el okt ot na with st Weand + b 413 fram B4, 3 0 por week. Transenta, 8110 #1,%0 per dsy. 164 AN v A5 o Tooine Bl loand. 8 [RLeT A% VETY 10w Futon, ON DIAMONDS, WAT! L LAUNDLIS' private ol itooins & a0, 1.48auil N ON FUENITULE, PLAND: Al guod socuritea, L. 1. Wi: LR doiph 3 TO uwnds, s oam 3, 1Y (Abii PAID POIU OLD GOLD AND BILVEL Soney W luan on Watulies, dismonds, and yatiavicy of cvery descriptiun at GOLI3MIINY Loau und Hultion Office (flcopsed), Wt hust Mndison-at. Fatablished 1905, £ LOWES' rbarnest, K, 32,80 §1,001, ¢ s u‘I‘a » l? at lu\n'lll € ciase linproves ragy real ¢ inf W s s AN FOR A Tt goud sHproved res yabite snnually: or will a v d, @ued dalry farin, st 941 ind eash, ialancs bo ault purclisg nlerest. For particulars and to viow il . b WRIGUTHAN, Duena Vista ¥ €t of tantiey Siatlon, Meitenry address, Huutfey, Jil. SR "~ WANTRI=LOAN GF FUIE 3 0T 3 VEALE, 10 por cent inloredl. 35 cuinmission o ik leil srsurlyy peat catata, safs 0 Aupiy 1o J. 3 CUIASE, Hootn 15, 13 Duatlon: OGN ¥ QPEIC CENT MURTGAGE ¥ city aud farm property, without commissiuu Weribo securily, Addres Tribine oflicn. MDD WOMA! ST TO TAKE cute of & chilil 3 years old_{0r 31 her week, OF o from V0 muutin iy § yesr for 1.5 per werk.' Virass call from A o b 1n Tl Worming or's L d s the al| Loutl, 8¢ 313 JeMleraii-el., 1 NG $ear of Mre, hasu GOKKEEPING= COMPLICATED ACCQUNTS AD- Jusions bonks of il fegcriptions writlon up on short notfcely i . PETTLLE, 103 ALty W ashil usiness Exchauve, e best of relerchics kiven. llvllfill tay A8 CAST JEET HOME TUESDAY MOTN cen u gid Ll elick Dia whi Greluck. Any tufurmation of will _ba thaukfully e by his ZABETH CABY, 23 U'Upicuet. Al IRES, WRINGING-MAC hines, eollar-lrunihg i nacliines, coladeriug: uischin, L. MUNGEHR & Cu., oy Madrasli'ar. i D CARRIAGEY, S DAY, ATd. F. EMERY & . joas i i Wttt partof o ivery stk Gl veven hewd of hunos uat fup curriase tag 2 huggy, ono Dactod, o e et gt T rnceas aiso n large 1ot uf wbher sck Bale cumtienclug wb iue- w. " 3 JOIBALE~TWO Bl WORK WORSERT VEAHS ¢ oo willsell very reasiuabiy, ) Qi il very rossauiy, 841 Lisve gub Do uso for them. rsldeave 2 Michigayav. TAME AND SICK TUISE 3 ANEANE Ao s or ek, (GILRST LINIL oD RSNONLA vl Wpiiaia, “Flizbons oraugh piri ¥prun kaces, cured villiou usiler lakick uavicular diseisw llmll- Iltlu;“r 1:‘:,51 Bend for pauiphlet cous inlug rail inf 03 % Jt. W, M, GILES, 130 West Broadway, New York. snmm VAT vl caso. CRlea %0y fur borses the Mutnent 1u yellow wrappere. Trislalze, 23 cent e RO EXCHANGE, h ERCHANDISE TO EXCHAN v ik=1 BAVE cxclanko $1U U0 Wurh Of. staplo merchandise, i wholesala 80ck, in bewt uf urder: will sl 1a luts v 23,00 ) §23.000 8ud receive 1o bayieat one-thin caib. balanci good 1eal salate; 8 yeiicrul amorticht 01 £oods Wil b givea (o eacy trade. For (ull paniculans ull descript! v oW ¥ 1 Bddroa, with Tull I f property and wilce, MEMCHANT, box 2274, urk Y *od 1130 EXCHANG JADLE UNIMPIOV: 3 Becfob fi Lue Yuadicss poFtian of WL cily, fura Br3t-Ciaws resldence or reaficuto’ Wi 'ou tha Nostlur Buult Side, Luyulre 86 loun 3 100 iate sk, J <] erkn, &co VWANIED-A FIRST-CLASS BALESWAN OF AL kiads of produce, ai » gou jndc of aice nane other need apply. Adres K 83, Triguze: ofiee. WANtED-2% T siand their basiness: noge athers need apyly. South State-af. Traaess WANTED=A FACTORY FOLEMAN-ME. chanical man of abilty. fotestity, aobristy, and experienca over hands: references reqaired. Audres K19, Tribuae offer. 1 13 RAILEOAD = LABORERS ART) Stonemasons tor’ Southern lows: winter's e farei %) Jeyea Inhyrers Kouthi mim: A0k farm onde. CHKISTIAY & CO., 204 FOIL TOWA. AN arer S for levee work Ttandoiph-at. RORENS - FOIL N 2 R0 to-nightt 30 come M Bouth Wator-st. - VWANIED-FOUR MuX POl MILREDS, 1% e ency-sncoml-at. 3 emploginent for winter, JAMEA MUY o oa1T WARTED =& fony moniLs free, 500 ticles; clreatation H, 00, NTED=A GOOL sad Tersliory in Call o address La ficile W ASTRD= 10 00D ENEAGET] o canvany far Climax clotne rice. voly $1. Uall after ¢ & m. nahington st ANTED-TWO YOUNG MRN OF INTELLT Eence and I ttnese Rabitas to the right oart gral Inducements offered. ¥MART & DL, o3 VWANTED SBIN NEATLY-DUFSSED, ENTER- prising hoys hetwnnn 13 and 10 vears old; to the vight oues good waies anid stealdy employiment will b given, Apply At ids JaSalle-st., Room M. 7 ANTED- ABSEIS—SALE Ol PEMALE— For ihie lilugtrated Chtistiai Weekir. GEO. t;ll“.}nnr 7 and 8 McCormick Block, Dearborn and itan- ol 3 GANTVASH wiinger, 1 Hoom ‘60, _WANTED-FUMALE MELF, Domestics,. NERAL HOUSEWORK mediately. ‘“u TEGNT 1%z DHAIRIR-AV., EXPERI- '"'.‘!nrvxi RIrl fur general howsework; cume resdy to Wast =1 COOK, A DISI-WASHERS. AND A Yoman tado plaio sewing, BURCKY & MILAN, 118 fout)) Clark-s § T GOOT TR FO OENERAL TOUSE: H A Taunlys oterences. Foauitadt bo Jrish. 1is Parkeay, 7 b Nursess ‘v:}i‘lYBD—A HEALTHY WET-NURSE. 729 OAR- Misceninncous, TANTED—A YOUSG LADY AS CLEOK IN A Iaw utiice. ~ Appiy 8t ituont 19, 143 Deardor ‘between 12aud 2, __SUTUATIONS WANTED—MA Rookkecyers, Cleris, ITUATION \V‘:'\.\'T D—DRY QOO 2 want of ‘manager, salesmay Viyears Londn espe: euce for one wituation af London, will te glad to forward copics of rel Tinted Getaber, 1NT8. M 60, ‘Tribuns offics. Conchimen, Teamsiors, &cs JTUATION WASTED-I WANT EMPLOYMENT: notafrail to work: of atrict lutegrity’ and suher bl willng 10 work for small wiges: uied to hurses and ariving, _Address M43, Tribune utice. Domesticse QITUATION WAXTED-BY A COMPETENT G10L: D tnamughly und cookiig, wasing, an {roning, ki@ private family, e 3 Siicatios NTE 9 nadian girl for nrs runing In a private famliy. UTUATION WANTED~IN FIRK T b expericnced vok b 1usd 1 a1l 1ts branchuss best of rereroacts. utnet-sy. (aas covking. washing, an Call 143 ¥onth Darborn. SITUATION WANTED-B HICAN Gl &) to do second work fn_private fawmily; good city references. _Addreas Z 40, Tribune office,” SITU‘\TI( WANTED=BY A SCOTCH GIRL, CAN o' rwk!uf aud taundry worl please tha Mimt purtfeulur: thly and relabic; § yenre' references, 2ui nlumaet-ay. Sl'l VATION LCLABLE girl for pgens . Gall for two davaut QITUATION WANTED=IY £ do'chamberwori 1o u hutei or, house._ Call or Addrees 1 ITUATION WANT 82 Loak, OF to i Kene fRmiiy. Can kive thy bei 264 Weat .\I.nVnM JITUATION Wi s do word In 8 gurru‘lb apel, ot SJITUATION W IN"AFIRRT-CI ARS KANIS +) ly by an expe uk und laundress. Deat uf cod eoo vity refereace, 221 south Uark-sy. ; QTUATION WFANTED=DY A RENPECTABLE GITL ¥ o geurral houseieors; Arat-ciary cook, Waslict. and franer, _Addres 2 M, Trinuog otce, Q D=BV X SiTuan ANTES cumnpe 1o o housework, in & utterncld UATION WANTED DY it hiundress, o voild do keco: class private family; reference, £.\5 QEEUATION “WANTED=DY X VERY uLif 2 “tolicmian yirl for roeral liotsework [n 3 privai farmilys e sptendid luundriaa.” Call, for 1o days 38 21 el FTON WAN NTED-TIY A GIL T0 D0 OF ousework in & private fau by, Call at 12 ISKIUA 14 A Address 2 State ITUATION 3, St ! 2 t0 do reaersl mITUATION WANTED-T DO SECOND WORK and sewlag, by u respeciable Beoteh gird, or wonld ~ pot Wesi 2 e !"l'rlnnuu'\\ ED—I\ A ORIBTAN GiRiL 10 3 o second of genersl house work. indutre ol 120 Walnutast, - STTUATION WANT] 1 aNaaher, aad broe ‘wid {run for s small (aiily, “Apply ab 10 (=1 A VAT le refercices te. IV AG00D O el ol Nunics. SITUATION WANTED = BY A R cailnt 1574 RESPECTANLE ZIT) to takis eare of ehldren or welst hn housewurk, Rty dealeed ure (han wages yall for four duje & Iniu bousil Malited st curuer ot s(raiiger in thn Thirty-ntath, QUIUALION W rxn-’::’c(i'\nl;v l‘.h'l'lhh.‘l‘u}“ R n:'u'rv:a"mid ":,lmv S u‘”r" 7&._1‘1;!_’):&!“\ Miscellnncous, WANIED=DBY AN AMEHICAN ATION SIT'({""‘“" can wiake snyself nseful in any capaciey £ housclioldi a Wrat-elaas seatetres; can wach the Es Blish branchies, oic. s ruferhces. L, Tribiiug obice, L HEAT DA el GREAT I G AND ORGANS, AND OHUANS, KCOND- ECOND: N EW CPRIGIT FiANOS NEW eriigyTs AKE PIANOS, i 7 |‘ VW pluaNs, o reat or for sl o fastallugenta, 2t o L Corner Ralé und ilutna-ate. ¥ Ul 1t 110 B1A U capilal, of & roticlig partuer fua well calao: uess of (Welve years' standing. " Itee 1wl requiied. Address I s, Trib- s i u-W Il Vels pAtent. Wrld 74 lieariom-at.. basetaoul SAIRTSEL WA trduice St enibitioa, AN DG STOI- loney luaded luwest 63 Ve Fatea il Koundac cu QrynAa & Lrick bullub Digh QN allul 5 Waat WadinBeai. Uood wiley auth _A. E. Bi5100, AN o wadyt NATION AL 8TORAGE COMPA In Franklinst. Coutral lopatiou. Advan eles b the clty. L. uVih'a sbopy pleui #1x ool huneshovis: Tucsl Elty: owier golug Weat, Trlbyuy vtico. D FIXL of work vatalll o ol O Ehe Beat L1y Lis ress for threo daya K 2 BECURES AN 18 TEITE: L WURINE R wiiere 300 Lo § bat bag 1nonth €an b s Lustocas leghilwate. HAFEIL 153 £ast Weahludivaste . . LUST AND FOURD:. LELI0 roward Wil Ue pald. fo ave ¥ oviniu er witl recely U, NEEDNA ACIINERY. Al 01 BALET ENGINE, CYLL 21X, ST ) QREAwPprabt B R A e o rou B to 25 huree: 2) voller 1 Trom #nd woo l ST~ 2 Lasii-av. ca coral garsiog, T for the asine, freo) plataers, haggers, be! AT utc. | Cllttou-at FPI¥: ORI TEUIE COMPANY, 363 Win b l Al il all M0 of Luusclhuld Kuuds vi onihly payurenta LOw pelive: ey terits A TCOMPETENT MUSWG TRACUER. MARE: A SO T SR R 57 Llue hiliwd-av 'I OT 0¥ NiCK BIN SMESTIC, WHELER & 4 Wilsod, aad o chiv s Lelow biadt prict, aud wisraned. ! Loas wiice, 123 CLir&ats Roow's

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