Chicago Daily Tribune Newspaper, January 15, 1881, Page 4

"y. gagomont of Charlus 1. Davis. Ree ere rel 7 ¥ TERMS OF SUBSCRIPTION. {ony MAIT—CIN ADVANCE—MOSTANE PRETATD, J Patty euitton, ong reat a Marth ofA yOAr, per wo ‘| paliyand iniay, O00 eee ‘huendny, Thursday, and Sa ‘| Monday, Wedn 4 Bununyy 2 4b-pn ‘f WREKI 4 Sivol litte if ‘Twenty-one copies. 20,01 } " Epcetmon contes 8 4 i] Give Vost-Unioe nddrass ta fully including County 4; And Htata, i} Romittances mins ta mailo elthar by crate, express, YE vost-Onice urder. or in recintared lottor, at our rise, Hy TO CITY BUNSCRITRIS. * | panty.dettrored, Sunday exconted, 95 conta ner waok <} Lanyrdeltvared, Sunday included, 380 cents yor weak. |” Address TUB THIBUNE COMPANY, Coruier Madizon und Deartorn-sua., Citicago, fl, = POSTAGE, Clate Matter, | giveborowith the transient rate Of pustager priests Fight and Twolvo Page 1’ tiztoen Inge Paper. Eight and ‘itwolve Pace Vaper. bixtown Paya 'a00: AUNIBUNE BRANCIL OFEICES, merry CHICAGO ments ns follaws: Fapprx, Manager. GLASGOW, Hcotland—Allan's Agency, 3t Rensold-st. A Tawny FB, Gitta, Agent. ‘ MW ASLUINUTON, D. C119 ¥ stroat MeVieker's Theatre. Madinon strovt. at? p.m, Woaverls’s Theatre. of D'Osley Catto’s London Opera Company. Piyutes of Mapsanee." Aftornuon und evening. Hootes*s Theatre. Mondotph stroot, botween Clark und f.n Satta. ‘ ™ Alvin Joslyn.” } ternoon and evening. ey Grand Opuru-itonee, Clark street, oppaeit new Caurt-Houso. penne Chun i Lynne.” “Evening, * Kit, tho ment of Mr. F, 8, frau. Afterngon, " Arsunsag ‘Travolor. nfrnu and Miss Henriott Otsm a ment of the v4 ternuon and evening, . Acndemy of Music. eutortutnment, Afternvon nd evening. Covtral Sluste-Tall. Corner of Randolph and state streets. ‘Memorial In the evoning, Exposition Bullding, Lake front, oppusite Adams suoat bitlun from nn, tu 10 p, By Kk The Tribune. ” entered at the Post-Ofice at Ctenga TL, at ‘Seconds nent of our patrons who dosire to pond adaeenpten of ran THUNUNE Ihrough the mall, wo mnisUNG bas ostabllshod branot offices for the rocolpt ot subsuriptiuns and sdvertiso- NEW YOIRK—Room 2 Tribune Building, FT. Mo- American: Nows 4, Eng.—American Exchange, #0 Strand, betwoen Htate and Dearborn, Engnzeniont of Milo, Sarah Bornbardt * Frou-lrou" Ferrborn etree’, corner of Monroe, Faracemont “The En- Afe rn nie, Clark street. betwoen Lake and Randolph. ‘Engazes 'Phichoaa and Wezland Dramatie and Epecintty Cumbinatlon. “he Paantom King" At- Talsted street, near dtadizon, Wert Side. Varlety Yntertaln- ment by the Palesiing Arabs nt2 p.m. ‘Tho Carpenter Whale exbl- though he did am the Senate, ential quarters. > Miss J. d’Are, fs totally erroncous, number. MeManes nnd Dow labors of the field. never asserted, without any contractors, —————————————) SATUMDAY, JANUARY 15, Ist. See SS —— ——————ee Me Benny W. Ontver, Jn, thomachine cau- dlidnte for Senator in Pennsytyanta, 1s enor- moualy rich, but has no experience tu public Ife, Ile can tall some, but fs not an orators) 2 gong rimarks on the unit rile at tho’ Cineinnali Convention. Galusha Grow would be'a uch’ better: tep- resentative of the State of Punusylvania in Tue Ploncer Prese of St. Paul was self- deceived ns to the prospects of the Sennto- rial canvass In Mhinesota. It was sincerely. of the opinion that Ramsey would carry off the honors after ene or two ballots. Yet Senator MeMillan was renominated by -9, clear majority on the first vote in cauens, "The comptlinent Is a great one wader the elt curnstances, “3° Ranisey © was naturally’ a strong candidate and had support from fnilu- Dani, who had somo roputa- don in her Une as the Malt of Ovlenus, was snot of noble family, and did net come from the Town of Arc, for the suiticlent reason that there was. no such town, ‘Tho printing of her name ns Juan of aAre,-or Jeanne Sho was In French stiumply Jeanne Dare, and In English her proper name $y Jane Dark. Let us stick to plain words, even though they, may be the ruin of the old pocts, Southey among the Crmeron have patched up a pence, dud the Philadelphia Boss put in an carly appearance at the Hurrlsburg Boss! private residence the other nizit, where the preliminary caucus was held, Quay, Ollver, nnd Magee were the others present, besides the Inconle Senator. It fs getting to be a serfoug question in Pennsylvania how far back the caueus principle can be carried, ‘The germ of the legisintive enucus really ex- {stain Don Cameron's buck parlor, but the enucus that rules Don, It fs suspected, Is found In’ tho eastle of old Shnon, a well- known foudat Baron, whom age and Ine firmity have Incapneltated from the ruder —_—_—_—_— ~—«. Tne Senate of the Unlted States has de- yoted moro thna to the Holladay grab bill during the present session than to any other three subjects combined, Yet the bill has beon twice settled In full, and the supple niental elnim rejected by a court so tecis- ively that the petitioner has wever ‘dared to submit It again to nny Judicial tribunal, It has been well observed by the New York ‘Times that the underlying principle of the Dill is radically wrong. 1t ts that the Goy- ernment ts responsible fer losses suffered by contractors while in Ite service. “Hut the converse of tha proposition, which {ts not tnore absurd or wrong bn law ur quoruls, 13 If the Government Is to In- demulty contractors for thelr logsce, It should algo absorb thelr gains; and when It hus de- eldud ta do both it can get on yery well short of ridiculous, Tho Legisinturo met on the Sth Inst, and at the present writing the Committees have not been announcod, Half n dozen sintes have been inade, but fellows with “elalins" to recognition have button-hoted the Speaker, and he hins changed tho Committees to please thom. The conse- quence will ba that the Committees when announced will please next to nobady, and will. probably be less efiicient than If they had been appointed the day after hls clec- tion. Mennwhilo, tho business of the Legls- Inture fs walting, aud the State Is put to {argo expense through the Spenker'a ag founding want of dectsion and firmness. ee Tue rumor that D.C, Sintth, tho member of Congress olect from the Iloomington Dis- trict, was lying at death's door, happily proves to be without foundation. Io fs in robust health. ‘The Republicans of that dis- trict will be glad to hear It, not. only Deenuse thoy wish to give him o chance, but beenusa they don’t desira to let Stevenson have another oppor- tunity, for an election, Tho Republicans have no votes to spare In the Lower House of Congress. ‘The majority over all is barely one or two. Up in Wisconsin, moreover, some of tho Democrats have made a great nito about the fact that the family unme of Mr. Qhnthor, momber-elect from the Sixth Distriet, 13 Kleingtinthor, or little Ginthor, which might be madea pretext for leaving Is name off the roll of the House; and there fs andther membor to be elected In the Sev- enth District of Michigan (Afr. Conger’s), which extents around tha Peninsula, and is hardly necessiblo in all parts iu winter. If thera should bo an extra session, the yote In ihe House on organization might be very close, Wo are gin at any rate to know that Mr, Smith, of Pekin, IL, will be there to see. Se ‘Tae returning of Cockrell may be a mistake, ‘DULIt wo it Is the mhituke of tho people, nut o the caiicus. We belleve that there ure abler mun in Siigsourl than he, but wo know that bo Is honest, faithtul, and true, nnd on the battle-feld that he wag the bravest of the brave.—Caps Giranteau (Mo,) News, It ia an odd fact that the Congressional Directory, the biographies for which are sup- posed to be furnished by members them- selves, does not say what side Mr, Cockrell foyght on, or whether he fought atall, Ie is s Democrat, and lialls from Mssourt, which did not secede, so there ought to bo sume doubt about tt, But, unhappily, it Is too well known that Cuckrell wore the gray while Vest was serving in the Confederate Congress. ‘The future historian will be puz- aled by tho fect that the Confederates so speedily came inte power after the War fn the Border States which refused to pass or- dinnnees of secession, such ns Kentucky, Missourl, and Maryland. ‘The truth Is that the aympathies of these States were with the Rebellion, “Chey merely stald In the Union Deenuse they did not have the pluck to co ont, and bupartialty took troops, subsitlus, and indemulties from the Union while they did n sutler’s business. with tho Confederacy. SNS HE REFUNDING LEBATE. We havo already referred tu the extent of gnorance and demngogisim revealed by: the isensston of the Refunding bill in the House of Representatives, and It 1s now evident that the purpose of the majority lins been purely partisan. At the opentng of the pres- ent segelon, It seemed thet the Democrats were disposed to agree upon a practicable -funding selieme thot would be advantageous fo the Government by openlng Wp a market for bonds at the lowest negotiable Interest to take the place of the $700,CC0,0@ bearing 6 and 5 por cent and maturing during tho pres- entyear. This purpose has evidently been changed under the leadership of 3tx, Randall ton partisan design tu agree upon sucha ensure as Will elther require radical amend- yontin the Senate or call out an Executive veto, and thug exable the Demoeratly demna- gogs'In the Heuge to matitaln that they had natured 2 plan i the fiterest of the people which had been deferted by Republican In- finences, Many essential facts huye been concealed sn tho nolsy and censeless clatter kept up by the Democrhts. It {3s not in the Interest of the -people that n bil should be passed which shull defent the project of refunding, It is not In the interest of the people to nuthorize Londs at a rate of Spercent, if the bonds beniing that rate of Interest cannot be sold, or ifthe term of the Lond be mate so short that such a rote, practicable under othor conditlons, world {nll to secure subserip- tlons, It ls notin the futerest of the people that the ‘I'reasury should be required to re- duce its coin reserve to one-third of what as beon found prudent to retaln as o re demption fund, and thug threnten the inain- denance of specle-pnyments, It is not In the Interest of the people that a proposition to lake the new bonds payable In qreenbacks should recelye the votes of. sixty-six mem bera of Congress, It Is not !n the Interest of the peoplo that a proposition for taxing the bonds and cther wensures to cripple refund- {ug should receive consideration. It is eafe to sny that the practicnbility of refunding at Bper cent interest has been mensurably re- duced by the treatment whieh the subject has recelved at the lands of Congress, The recommendations submitted by the Secretary of the Treasury fu his anual re- port contemplated tho fssue of both bonds mut interest-bearing ‘Treasury notes, but ‘upon very diferent terms from those whieh the louse hay incorporated In the Refund. lng DI. Sceretary Sherman desired thot authority be given for the Jesue of 4C0,000,- 000 of ‘Treasury certificates; running from one to ten years, with asuilicient amount tnatar ing each year to correspond to tho requito- ments of the Siuking-Vund law, and bearing Interest notte exceed d percent, Huexpressed. the bohef that, owlng to tlie oxceptional pleth- ora of money, such certificates, being In the nature of a call-loan, could bo negotiated % 3 por cent, but desired suiliclent discretion ns to the rata to ‘Susure thelr sila at par, Ie also recommended authority for the issue of $40,000,000 of Praesent Mayes mado the greatest mis- take uf his tife when he resolved, on taking bonds, at a rate of Interest uot exceeding 3.05 percent, running thirty years and ree deemuble at the pleasure of the Government after Mfteen years, ‘Tho total amount ave thorized of buth forms of securities would swith every change of Administration, SATURDAY, Even If tho proposed ratoot interest wero Hberal, the conditions of tho proposed Joan svould embarrass Its negotiation; but to cn- deayor to place theso bonds at the lowest rate of Interest at which any Government ever made atoan and by Imposing the most unfavornble conditions seoms to be tho very ellinax of financtal ignornnce and folly. How Title understanding thera Is In Congress of the real operation of the lonn Is reveated by the fact that the amendment providing for the Issue of $20,000,000 of notes in leu of bonds was secured upon the theory that such notes would supply any deficlency that might occur in the volume of currency by the with- drawal of Natlonal-bank — clreulatlon,—as though tnterest-bearing notes would cireulnto along with notes bearing no Interest! ‘This shows the Ignoranco and incapacity of tho ten who are undertaking to dispose of the refunding question, ‘Unless tho whole scheme fall be remod- cled in the Senate, it may as well be accopted that no refuniing resources will be provided by tho present Congress, If the rate of 3 per cont was practicable in nny case it has been defeated by the terms under which [t {3 pro- posed to ask fora loan and by the threaten- Ing exhibition of demagogism. If the nat ter xoes by dufault, then the Secretary of the ‘Yrengury will be Hmited (1) to the salo of outstanding bonds to the amount of the sire plus revenuo ns It shall accumuinte in tho "Treasury, and (2) to the sale of about $104,- 000,000 of 4 per cents which remaln from the ponds previously authorized, and whieli can probably be disposed of at w premium which will nnke the Interest about 834 per cent In effect. Any further refunding will need to be postponed tntil the new Congress can make the proper provision, unless some mare reasonable scheme can be agreed upon. ene PEBMANENT OFF{CE-HOLDING, A recent numberof Lipptacott’a Magazine contains an article entitled, * Will Demaera- ey Tolerate s Pormanent Class of National Of- ficcholders ?” the writer of which hns sent It broadeast, inviting criticism of the views udvanced, Ofcourse, by Democracy” bo menng the general principle as applied toour form of governnjent, rather than the party of that name, since, If it were the latter, ft would havo been unnecessary for him to have asked the question, as nothing would sult the avernge Democrat so much ns to he fh permanent ofliceholder at a permanently large salary, with constantly inerensing pivkings and stealings.. It! unnecessary to state the polnts of this writer in detail, or to go over the whole ground of lis arguments, as they are not specially new or original, 'To erlilelse bis views, it Is only necessary to take the deduction at which he arrives from his preiwnises, and that Is stated in the fullow- ing words: “That, due regard being had to the preservation of stupiicityand economy,— forbidding thus the needless Inereasu of of- fices and, expenses,—it Is then true that the sctlve participation by tho larg- est nituber of persons in the practieal admiulstration of thelr own Government is an object highly to be desired in every Democratic Republic,”—a position which, we subiult, woull snp the very foundations ‘of free government and prove to, ba the most demoralizing agency ever known in, our politicn! history. n So far ng Clytl Service Js concerned, more particularly aniong politicians, there are tyo theories, both of which are prejudicial toa democratic form of government, ‘There is one class who would turn out avery duotn the public empluyment,, from the Cabinet down to janitors and scrubwomen, not dnly ut every six months, if they could do st sto make room for swarms of ravenous ollice- seekers, who -exist a8 verniin. on, the’ body. polltle, Thére'Ié"iihother ‘¢iass who would not {urn out any one, high or lovw, and Both are equally wild In their views, There iso golden mean between them which, if 1ewere adopted as a Natlounl policy, would hives most beneileln! Influence, and obviate much-of the corruption and evils whieh now charac- -terize ofllccholding In this country. Unques- tlouably there Is a tendency to make offictal positlons more permanent, especially In our State Governments, and sume of the State Constitutions have been so amended as to provide longer terma for Staty and county officers and Judges, Inthe Federal Govern- ment the higher officers, beginning with the Cabinet, change with ench new Adininistra- tlon, ‘The heads of Departments, tho chief Postmasters, Collectors, and District-Attor- noys, In important places, naturally eantot expect that they will be more permanent than thelrparty, But the despairof tho situation js, that the four yeara’ lease of office Is not con- fined to them, but extends also to the clerks, mall-enrrlers, deputies, and employts of every description, however faithful or expert they nay be In the performance of thelr du- tles, What gains It to the American peo- ple, for instance, to turn out the letter-car- rlors who have thorougly learned their hours of collection aud delivery, thelr routes, the lucation of streets and bulldiigs, aud the habits of their customers, and have become strong nud seasoned In thelr leg-work fn all weathers? What advantage ty it to Gischarge such men from thelr little posts every thne a President is changed -ond put in thelr places untried and: unskillful men merely becatse they voted for the other Adiiulstration? A lurge percentage of the iluisterinl official class {3 connected with tho Poat-Office Department, scattered all aver tho country in every villugo and at every crossronds, Of the milous spent In salaries, the average will not reach $1,000 n year per man, Take'the Chicago Post-Oflee, for In- stance. Itisnota hardship, § may even be n public benctit, to change its head with each new Administration, but why should 200 or 800 employes, men of familics, bo tirned out also? ‘There are certain changes, as for ignorance, unfaithtulness, or sickness, golug onall the thie, Thyse cannot bo ‘avoiued, but tt certaluly is not for the public good, It ia not just, Jt is not business-ike, te moment, that n now Administration comes in to apply tho guillotine ond take off tho head of every ecmployé merely that thelr plnces may be filled, not only with green and untried men, but often with ward pumners and gutter political brawlers who Grant byratirement with an armytrank fling JANUARY 715, 1881—SIXTEEN PAGES. tics, whose only occupation fs.to plot and, scheme and corruptly combine to obtain pubs He office. It keeps up an appetite for office holding that destroys: the taste for uso ful private employment. After all, thé tests of private business aro tho ons to apply to oMlecholding, Do raltronit’ corporations, for fustance, discharge silt thelr employés who have become famillnt with their duties and are performing thant, faithfully oyery time thors ls a changa Jn the” Directory? Do bankers, manufacturers, and inerchants dischargu thelr employés every tino a new hand takes tho holin? If they do not, why should tho Govorninent, which ts only a Inreer corporation, do It? Change the heads, bat Iet the subordinates alone, if they ure expert and faithful, ia the golden mean that should be adopted In the Civil Service, and let thelr permanence depend upon thelr honesty and capacity. ‘That fs the safe rond. to follow, and any other must Inevitably en- danger the public morals and impair tho ef- fictency uf the public GEN. GRANT AND THE DEMOCRATS, ‘The adverse report of. the Military Com- mittee of tho Mouse of Hepresentatives furniust Get. MeCook's bill for retiring Grant aga General of the Army ia something of surprise, because it was, generally under- stood some weeks ago that this or a similar proposition would bo favorably. received by Gen, Jo E. Juhnston, late Comtnander-in- Chief of the Confederate army, and now a member of the Miltary Comuilttec In the United States Congress. It was supposed that Johnston would be able to Iead the Con- federata element In Congress in this matter, and that tho Democrats, as a whole, would rucngntze the propriety and fitness of acqul- escing In a. proper provision for the great teader of the Union armies, But the oppo- sition whieh Gen, Logan's bil encountered In the Senate seemed to be a cuo for the Democrats in the House, and every Demo- eratie member of the Military Committee, including Jolnston and two other Con- federate Lrlgadiers, voted against re- porting the McCook bill, It was hardly to be expected that un bitter, malignant old Copperhead Hike Sparks, who fs now Chairman of the Military ‘Comintttee, for no better reason than because Ie opposed the War for tho Union, would favor any inensure conferring deserved honor upon any Union General except Fitz John Porter, who barely escaped belng shot for treason; but it is a matter of surprise that a man like Gen, Bragg, who: fought for the Union, should join tho Copperhead Sparks and the ex-Rebels in opposition to the Grant bill, , ‘The facet ts, that the adverse report of the Cop.-Reb. Miltary Comunittee to this mens: ure has been madé finder malignant party pressure, and this party pressure has surung from resentment because Gen, Grant during tho recent political campaign contributed notably to the success of tho Union party. ‘The Copporheads (and Rebels nre trying to punish tho Natlounl panks because they be- lieve that the banks asa whole desired Gar- -teld’s election. In one word, the Demo- Confady iu Congress look at every question, no matter whut its merits may be, trom a contracted ‘and selfish. antl-Natlonal view. Gen, Grant merely'-exercises the privilege of the humblest citizen In advocating the polley or triumph of one’ party or tho other, and his conduct In ‘this “respect does not affect in the slightest ‘degree the services ho rendered the country during the War for the Union nok the elaims ho has pow the recoguition of to Govermment, [t hag buen understood for some tine that there {s not the most friendly feeling between Grant and Blaine, but thos*circumstanca docs not, prevent the latter from acknowledging the .propriety-and ‘justlee: of providing! for Gen. his former positio#., But Blaine is not a. Democrat. He says that Gen, Grant fs entl- tied to army retirement, because the people took hin frou # life position at the head of tho ariny In order tU'make him President for” afew years, Thot’ls true, His great mulll- | tury services will i¢ver receive decent recog. nition until.ne shall be retired, as his subor-. dinates have been and will be retired as they reach the proper sjfe. It ts humiliating that agrentand rich Nation like ours should be compelled by partisan spite to cavil about a matter of this Kind,‘and the Deiaveratic poll- tleinng will do theif; party no service by tha position they havextaken, Proper provision will be made for'Gen, Grant by the next Congress if not bylthts, and in the meantineg the men who oppose this act of justice will earn and receive the contempt of tho Amer- iean people, 1 a —_—_— AW NOIS NAN FOR THE CABINES, Though Isnols'has uot figured conspicn- ously among the States which bayve been clamoring for representation in tho Cablne? of President Gartield, {t Is well undergtood thut the clalins of one or more of her eltizeria hove been under consideration, No. name that has been mentioned in connection with the offices of Attorney-General has called forth such oxpressions of approval from the press and public, In other States as well as in this, ng,that of Emery A. Storrs, It is felt In this city and Stato that hig appolntiment to tint ofllee would be peculiarly ‘appropriate, He Jing all tho legal qunlitications for the ofiies. For twenty years or more he hns practiced Jaw in Chieago, and hasrisen ton pluce In the front rank of the profes- gion, Jiis abiilty is unquestionable. Tig unites to’, a keenly analytteal wind great ability’as a speaker, a thorough comprehension of the principles of Ins, and an extraordinary inemory stored with the experiences of a long and successful practleo in nenrly every department of Jurfaprudence, ile has done ‘a great dual of political work, bavlng been active in every Presidential cam- palgn for sixteen years, and havirur acquired. Jn this way a vast amount of politteal infor- uation, which 1s indispensable for nny one who hoves todeal successfully with the com- pileated pulitica-togal questions that ara cou- stantly arising in the Attorney-Generat's of- | fice, ‘She Bar of Ltinols, almost ysitliout disy, tinction of purty, wll agree In saylug that'nd Inwyer in the Statu fins a quieker or Kener mind of more renfarkablo powers of asstin- Slating and digesting 9 cise than Mr. Storrs tucky was appointed to succeed him. Il! nols, in one sense, nominated Get Garfield, and afterwards ratified tho choles by a inne jority of 40,000, In the Judgment of many -ronnd Republicans, [fis quite timo that the fourth State of the Unidn fn population and the first In several respects, which has given ‘Republican majorities Hight along for twenty years,'or ever since \brahamn Tincoln was elected Prestlent, slighld ba recognized In the take-up of tho npy.Republican Admin- istration, é WHAT WILL DE THY. FUTURE RATE OF .. , INTRREST! ; What is to bo the futare value of the uso. of money, or the rato ot-interest? Twenty yenrs agu thd War began ond until. tho re- sumption of Ispeclo pasmients two years ago our finaneos ant credit, including the rate of Interest, were te some extentabnormal,—oul- slile of tha ordinary'inws of commerce, Dur ing that-thne we-tiad n depreciated currency, and, thier the pretext of covering fiuctun- tlong,a‘higher rate of Interest was exacted than thé actual condition of business war- rant ‘Thus, when greenbacks were quoted front 7 to £0, bonds and mortgages, the prin- cipaland interest of which were payable in currency, commanded from to 10 per cent interest, when tho same bonds and mortgages, prineipal ang, interest paya- bla jn, gold, might have been contracted LT pereent interest, From 1303 to 1873 tho ‘arming lnide, the city renl estate, and tho tnunicipatities of tho West were shingled all over with mortgngea ealltiyg for interest AL the rnte of 10 per cent. Tho era of unlinit- ed credit invited wild enterprises and rule ous contracts for interest, while the mania for ‘tailronds Iced to Immenge business by construction compantes whose sole enpltal was bonds bearing 10 per cent or even srent- er Stiférest. Under the panic in 1873 much of this, ptirely speculative papdr was swept out of “existence, but the mortgages on land and tity lots remained, and substantially tho Western States have been paying tho interest and tnortgages thereon ayer since, {New England and other Enstern States ete accumulated earnings and sav inus existed -inye found a rich harvest for thelr money. ‘They loaned depreciated paper money at rates averaging 9 percent, and sinee 1878 have been drawing thelr in- terest In greatly Improved currency, and for three years of the time in coin or its equiy- Falent. ‘That harvest Is rapidly drawing ton elose, ‘Tho farmers have been for several years past paying the principal, or, making partial, payments, have giv@a new notes at grently reduced Interest, The municipalities have, in Hike manner, begun paylug off thelr Indebtedness (over $8,000,000 were pald in Mltnolgof tho princtpal in 1879), and find ready customers tor new bonds bearing 6 percentin- terest with which to take up their outstand- ing 10 per cots. During the Inst four years the country ins prospered greatly, Never was Industry 60 productive, never was Isbor so well remu- nerated or so universally employed. Our forelgn trade has been profitable In the sense of seliing our productions at Iberal prices and {1 execss of our purchases. ‘The Gov- ernment has been able to discharge 9 fnrge portion of the principal of the public debt, thus throwing enpital on the market, and has algo been able to reduce the annual expendi. turo for interest.’ From all these and other rensons there has grown up 1 plethora of money seeking investment. ‘The. varlous. railroad corporations ure, as thelr oblign- tions fall due, replacing them with others at lower rates of Interest, Savings banks and trust compantes have been compelled to sur- render thelr 6 per cent Government bonds nd replace them with 4 percents, In short, jo abtinddnt 14 f9uiinble money that now’ 334 "por cent“Is’ about tho maximum rate which ean be obtained for present first-class In- yestinents In tho Erst. Tow long Is this low. rate of interest to continue? Has It any de- greeof permanoncy? Will It fall toa lower polut, or will It rise? r The mousy to loan Is on hand. What ts tobedone with it? We-think that, making every allowance for all ordinary disturb- ances of trade, the erm of high In- terest 1s. passed. There may. como o Beason of speculation, with its Inevitable collapse, but this will notso materlally nifect values ns to enuse a risa In the rate af in- torest. Speculation in mining property Is not licely to become a mania, nor to ingult any serious amount of money, Sellers are toonbundant and purchasers with monoy teo scarce. Manufacturers fave enapltal within thelr reach, but whatis It needed for? No aiditionnl capital ts needed to manufact- ure for the home market, and the tariff closes allothers, Unless tno tani, which on many things Is practteally prohibitory, ia reduced, our manufacturers must continus te be con- fined to the home market wheu they might successfully challenge competition in the trade with the world If they would consent tocheapen production by reducing the enor- *moys taxes on Imports, and manufacture at tho world’s prices. © di ‘The Western States, which twenty years ago were netlyo borrowers aud industriausly canvassed tho Enstoru States for lonns, ure ‘no longer borrowers. in special need of money, Moreover, the West Is Qull‘of money ‘itself. It has money to lend. The remote States and ‘Territories boyond the Missourl River are peapling with mon who are not Ukely to bs borrowers, The new population thore are persons moving from more Eastern logalitles who have corverted thelr property Jnto cash, ant sebk new homes comparative. ly futl-handed. Capltal fs not Ikely to seek thp South, where publlo sentiment has ap- proved Governmental repudiation, and where the produeing population are not the propric- {ors nor permanent occupants of tho soil. jWhere, then, is the now unemployed capital to find Investment? te. i fs to be found in tho States west of tho WN leghunies and eqst of the Missourl River. As we have anti, tho people of those districts aye just escaped of aro rapidly escaping "from the morelless lanys of the past; thoy arp largely freo of debt, or prepared to pay h what they awe aalt fallsdue, ‘Chere nre,how- ‘eve “thousands of farms where the now , grown-up fiinities stilt tve in the original and borrowers who oxpect to pay will not tako loans beyond the present average value of money ina market filled to oxceas, ermeineremaarervraramtet At Inst thera has been a conviction for bal- lnt-box atuiing tn the South. Judge T. J. Mackey, of South Carolin, who tins teen a adlenl and a Bourbon, tu fret overstilng by turns and nothing long, and who enjoys the dis- tinction of tatking more and sayliug tess than any othor man in hie section, was the presiding Justice, The prisoner, ne tt is hardly necersary to alate, wasn binck man and « Republican; no representative of “tho superior raco" could have been found guilty of such n erimo tt such a court. In- pursing gentence the eloquent Judge mado n characteristic epeceh, Among other things he said, With arent emph *Yort have been tried by an impartial Jury of your countrymen, aud found gully of having tnow- ingly nnd fraudulently deposited a double bal- lot at the generat election hetd last November. vals ten grave olfense, for which L inight lu fully. sentence you to pay ating of 8500, and to be finprisoned for a tern of two yeurs.at hari Inbor in tho Ponttontiary.” Furthor on tho Judge used the foltowing Impressive lunguages “rio ballot-box is savred, and tho tnw demands that ta sanctity should bo maintained tnvi- olnte.* In conclusion, pod fin imposing upon the negro tha nominal 1% of &f, ho sutds “The nw in this regard, however, would bo bettor aat- iatledt if the first eneritice upon its altar were not ahumbie nexro.” If tho teurned Magistrate, anys the New York ‘limes, was realiy Bo much {mpreseed by this last fact as hie words imply, it ig a pity that ho ald not long before thia lend his Influence to ecctire tho Indictment of tho thou- gants of men of hisown color and polltics who have notarlously, and by the most outrageous frida upon the ballot-box, crushed the will of the erent majority of the South Carolina people. His excuse for: this failure cannot be luck of knowledge. Indeed, there ara fow men fn tho South or elsewhore who have had eo goud an op- portunity to know all about Democratic fraud und filge voting ns hns this samo Judge, furmll- darly known us“ Tom" Muckoy. rr ———_$§_ Tue “sagebrush ” or rotten-borough Stato of Nevadn fs ina very bad way. According: tothe now census It has a population of only 63,255,-—n Ittio more than athird of the now rep- resentative ratio, Ita werlth has horetofora consleted In its mines, whosa marvatous ylolds of treasure have beon regarded ns making up forita deflcioncy In population, but tha mines themselves aro Secomtny. exhausted, and no longer yield tholr golden wealth, In 8i7 the yaluo of niniug property was asecsacd at $20, FORT: In 1878, at $170,681; in 1879, nt $0,100, 432; and in 188) it bud sunk to $3,850,707,—sbow- lug a dectine of $29,000,009 in four years. As tho mines consttite nlmost tha whole» taxable wenlth of the Stato, this rnpld destruction of their values Icavos tho State ‘Treasury in i distressed condition, ns: year the to- tal tax receipts wero @15L244, and the ex- penditures $211,304,—showing deficit of €00,010. There fa In tho'Treasury only $150, 4 surplua loft trom former years of prosperity, and how tho cost of the Stute Government Is to ve met the Govornor’s moseige does not indl- cate. Itis posalblo that when tho ines suiall buve becn completely exhausted Nevada will present the wreck of a State, with ono Repre- sentative and two Senatora. i Congress, and nothing else. Nevuda should be consolidated with Utah. It hug not tho resources to entitle It to Statehood, Its silver miucs are about pluyod out, and {ts agricultural cupabllitics nro pirne- tleally nothing, and never will equal tho pro- ductions of one averaxo Illinois county, Nevada: 48 an arid, volcanic, mountalnous desert, and t's auabgurdlty on Ita fuce aud a wrong on tho olor States to have such a decaying bandful of aquatters representod in Congress by two Sena tors, the game ag Iltlnols or Now York. aa ‘Tre production of tho precious metals in Californtg and® Nevada has fallen off greatly. durlug the past eleven years, ns will be seen by the following tablo, which appears In tho San Fraticlseo correspondence of the New York Daily Bulletin: ——— CALIFORNIA, NEVADA, Calendar |---| Gold only.4 Gold. Suver, $ 4,800,000) $11,200,000 5,660,000] 14,110,000 8,450,000] © 10,685,000. ISTE. oeee WD... 06)- 11880 ost'd *Tho Stute of California 1a too small to be worthy of uantity of silver produced in the natice, © The sume may be sald of zold in Nevue dn, except ay to the Comstock Lode, The ubovo Hyures, except for 189), which aro estimated frow tha Assersors' and othor roturnd for nino montha, ara from Vel Mar'a * History of tho Precious Motals," London, 1890, pp. 163 et pus- gin, +From tho Asscasors’ and other returns for nino months ended Sept, 80, 1880, 18 pib- lished in tho New York, sting, Record; Say. 16, Aug. 1, Sept. 18, and Nov. 20, By the foregoing It wilt be soon that tha pro- duction of gold and silver in Californian and No- ynda in 1870 amounted to $11,000,000, and in 1880 to $29,600,000, Tho product for other yenra was larger than for 1870, but 1889 touches tho lowest: polnt, and fs well cxlouluted to Impress tho public mind with the fact that tho world will wont tho entire. product at better prices forsilver than rule for tho present. ——_ Tne last purchaser’ of n Senatorship in tho rotton borough called Novada {3 thus do- acribed, How much tho purchase cost him is not. stated: r dames G, Fatr, one of tho original quartet of Bonanga Princes.” was bor Deo. v, J&4, in Cloughur, Tyrono Counter Irchand, Hoe cama to this eountry in 1883 with his parents. and for some time he resided ats Geneva, Il, whero ho attended sehoot. At Chicuyo he received 1 oud business education. In JY he wont to Califor nin, and te bus over since beon engiyed In minting, In 1807 he boeame Superintendent of tho Ophir Mine and the Hale & Nerernss ding in Novada, It was duriug their connection with the latter ming that the "Bonanza Princes,” mule tho frst $600,000 of thelr enormous | fort> unes, These men—Jim G, Fair, Jim ©. Flood, MILB. O'Urlen, and dim W. Suckey—sccured control of sovern! mining claims, which are now known as tho Calffornia-and Consolidated Vir~ ginin Mince, Fair being the controlling spirit In the movement. Fram theso and olor mines ond from real estate aprculations Falr his weet mated an iinmense fortune, being usvessed 1 Callfornta alone Cor 842,000,002. Although tha owner of 80 much wealth, Falr may be seen about tho mlues almost auy doy tn his miner's costume, In politics he te nu Democrat. Ho ts five fect and eight inchos In hight, and weighs 7 pounds, He wenrs a tony, towing luck Cenrd, tinged here and thore with Keay, and has atlorid complexion. Ho waa innrried in 180), and fas a fumily of two boys and two girls, oe Tur Committee of Ways and Means on ‘Thursday guvo a hearing: to Mr Wiliam If, Bwift and other mateh* manufacturers in oppo- alton to the repenlof the stamp-tax on matches, The principal arguinont urgel agninst tho re- poal waa that the whole, business, oven to tho alzes and ahnpes of the boxes and packnges, 19, and hne been for years, adjusted to tho exist- ence of tho tax ag an cloment in tho cost of pros duction, and that the proposed changg wauld wipe out ulnrge amount of capital Invested In special muchinery, and mnko necessary a tronb- Jesame and costly reudjuatinont to tha now ordor of things, while tho Government would lois ans wi us the u bust ho plenty of fornge for bath eavaley and artis leery, alwagss aupportny of course that horses sone out from Engltnd can ated the clinate, 1, inay be taken asi piuadon that any two of thy three aring ome to beat the thlrd alone, ‘The neting wo M0 Infantry, combine, ty tteertain extent, the quatities of eavniry nod in. fantry. Thi mht bo worsted without dig. cults"by cay: ifantrs, and artillery togethar, Tr has been finally decided to remove the ‘Weatern Keservo College te Ctaveland, whore it willhio united to the Case Echool of Applied Belence under the namo of Western Iteseryo University, The only condition .Jmposed ts that tho citizens of Cleveland shall far nish the cite fur the proposed University, When this condi: tlon a complied with tho college will have an endowment, Including ita present one of $709, which, added to that of the Case School uf Ape plted Solonee, amounting to about u million and a quarter, will glyo the Univorsity the mngnit. feent endowmont of nearly two millions of dollars, ———= TExoranp, which Inst wiater suffered gu veroly froin rain, snow, frost, and storms, bag enjoyed amild winter this ecason. On Chrlatmns Day some gentlomon taking a ramble fn the nelghborboud of St. Budeaux, near Piymouts, Pleked to fewer than seven diferent varieties of wild flowers, all fn full blootins and tn front of n cottage, and altogethor unprotected, q fuchsin was noticed in Cull bloom. ———— Ex-Srnaton Cimustiancy remarked to Jily Lugenbell, “You would make any mang swoet wife.” Sho rexponded with enthusioon, “ P would, I would, and Pil try fton you first.” Ho demurred, and she fusisted. Needless to sry, tho Judyo was given a chatice to meditate on his folly In tho marefed stato. a ‘Tost Murviry, ox-Collector, las had an old bli for making insurance examinations passed. It plves him 823 n day for expenses aud $49 a‘tday for sorvices, which tho Stute Controller saya fs equal to asalary of $81,009 year. oo Mn. LonaFe..ow's Masque of Pandora” 4s not considered n success in Boston, ‘The pieca Isolassic, severely 8, but it’s slower thang funeral. ————=[_>__—— PERSONALS, © A half-breed Indian recently Joined the San Franclaco Ronrdof Trade, Ie should make a successful seniper, a “Tam saddest when I rend the census ro ports, Lecause they show tho alleged: prepon- daranco of unmarried women over men in this country to have been a myth."—S. J. Tilden. ‘The Rey, W. IL UL Murray made $1,000 by his recent lecture jn Boston, The only intere esting thing about this itam Js tho fact that per- hupssume of Mr. Murray's creditors read Tan TrmuNe. Joseph Seligman, the Now York banker, Rave $25,000 in Christmas-gifts to certain New York charities, Several men In Chicago havo given that much to bave thelr water-plpes kept do repalr this winter, ‘Tho St. Louis papers are making o great fuss because a fow enyes of amall-pox have been discovered in Chlengo. Must peoplo would pres for to live in Chicago and baye the small-por thag In St, Louts and bo perfectly henltby. Purple, orange, blue, and sage, Red, and yellow, atl the rage, Cotton, satin, silk, and wool, ‘Dresses sennt, and dresses full, Gathered, pleated, shirred, and plain, Short, and long, and der!-tralu, ‘Apron fronts, and jaunty conts, Capes, fichus, and redingotes— Tiroflway belles on dress parade, Itatnbow-tinted cavalcade! Bearch your attica, trunks, and cheata; Don the figured velvet vests, Dotted mull in dainty tints, Turkoy red, and tlowered chintz; Tiond tho Leghorn flats in shupe, Drapo the shawis of Cauton crape, Diess the fates that now restore Faghions a ta Pompadour; Celebrate the grand ovent, Join tho tolict tournament. Aspecial from stushville, Ind., relates the following remarkable casa of almoat total loss of memory. It says: “Ono of tho atrangest cases known In medical history—in fact, there are but about one-half dozen such roported ia the world—bas just beon presented by tho Her Marcus Ormond, of Peunsyivania, who is among friends here, Ho wnsa few months ago among tho most eloquent and profound expoundersof tho Gospel in the Preabyterion Church, and on returning to his town in Pennsylvania one day ho found that his house, library, and everything ho bud had been conaumed by fire, A day ors0 afterward ho was stricken with brain fever He recovered bis health, but his memory was Mterally wiped out, His Greek, Latin, and En: glish were all gone, Ho had no language, and dida’t even know his letters, His wifo nt once ‘began to teach him tho alfabot, and ho can now read alittle, He seems tobe cheerful and cous tented, tacking nothing but what he'once learned atschool.: Hels in appearance a gentlemun of {otelligence, He hopes ta again got back to where ho jumped off so suddenly.” Tho nttemptad abduction of a prima donna hoa been the subject of much gossip in Viennt A woek or two ago, ubout tho hour when Blic. Binnehi was porformiog tho title role in Bill's “Blanca” at the Opora-House,—a part in which the heroine alfows horaolf to be led to the altar by the first cnvatlor who presonts himeolf,—bet would-be abductor was taying his plot before the artisto’a coucbinan, and endeavoring by o bribe. toinduce him to ontor Into thoschome, The shrowd follow unhesitatingly assured tho cen tlernan thut te would do overything in hia power to promote tha success of tho project. On ths departure of the stranger tho driver at onco die closed the ciroumatancea to the managerial au thorities at the theutre, Tho following nigh} after dopositing Bille, Bianchi and ber mother as usual at their residenve, tho conchman drote huatlly to ,tho rendezvous agreed upon, where ie tho lingulehing lover had for some time been fmpatlently awaiting his arriyal.. Upoa soclng the curriage the man rushed up to tho carriagé door, where he was instantly pounced toon by two dotectives, and carried off to 4 pollco ute tion, Upon Investigation he ture out to bet hnlrbralucd tunotic, who for n long time past fins bean sendiug biltcte-doux to tho Lady. is now lodged in a lunatic asylum, A.correspondent in Boston tolls of some of tho odditice of Thomas Dowse, whoso tlbrary it in tho Munssachusetts Histurleat roome. i lived and died In Cambridge, and waa n leather drosser, Ho used to pull wool while wearing & ruflled shirt, buy booke and speculate npan pulF osophical trnths ani great problems of exist ence. At 60 be wna going to marry. but, lear ing that the young tady was engaged to his parte nor, he Invited ber to ride to Boun, where bt loft nor In tho etrecta te look out for hers’ Bho never married, and finally diod In the Poor House, His Hbrary contained 5,000 volumes almost all yalunblo Engtlah works, printed London, and bound uniformly in calf, He beds golden lamb In front of bis house aga alu, TO Harvard students broke off. ite head, and this riqted bim eo much that he changed bis wil office, to ignoro the tenders of two wings of the party which nominnted and elected hin, ‘These wero Mr, Uiaine and Mr Conkling, not on speaking terms with each other, How easy it would have been to turn the weapons of one against tho other! But Mr, Hayes mortally offended and wounded both, Neither of them has sct foot in the White ¢House alnce the first months of the Presl- dent's term ofemice, Presidunt Gartield wil} attempt the still more dificult task of recog. , hizing all wings of the party and remalning onTriendly terma with the leaders of ench,” Whotber he succeeds in doing this or not, It is entirely safe to saw that lo will not bu out with allatonce, Mr, Blaine ts as good us announced for the Seeretary of State’s ollice; anda gultable place will probably be offered one of Mr. Conkling’s friends, Then St will be the fault of the Idaders, not of the Presl- dent, if they do not ogre \ have builled electlons, and packed conven+ tions, and made themselves offenstye to all decent people, ‘The same rule that applies tothe Pust-Ontice applies with equal force to the deputies and clerks in thy Custom-llouse, and, carrying It still further dawn, to tho Government Printing-Office, WIL tls writ er, Who wants to extend public ofltccholding over the greatest possible aren, explaln why, with each. change of Admiufstintion,: the printers, the pressmon, the proof-reuders, the binders and ‘folders; should be hustled out of the Government Printing-Onice? What has thelr polities to da with thelr busl- ness? Ifamautsa good printer, and does his duty faithfully and well, what.ditference docs It make If he voted for Sinith or Brown lnstend of Jongs or ‘Thomas? If wo are golng to change tho rank and Mle of the post-ollices and custom-houses, why not ohunge the rank and filvof the army and the navy with ench change of Aciniutstration? ‘Yhis abuse of the Givll Service Is the warst feature of Amerlean polltics, 1% inflames men with the passion for ofllee.. It unlits them for actlye business, Tt turns them into sidewalk loafers, Jt tills them with but one, ambition, and that is to get on the National On the ground of. party-services his clalns are equally strong.: It has been his boast that he has always been 9 Republlean. boing too young ever to have been anything olse, He hns nover inched or fallen out of line, nor murmured at the choice af his party's conventions, nor refused to give his timeand survices to the cauau whenever they were de- | manded, He mado a splendid campaign last: full, apenking Mterally from Maino to Calle, forniu, and holding jinmenso audiences In New York, Brooklyn, Phuadelphia, and other large Eastern cities, 1 anybody Is to be recugnized for alguilcant services In the campaign, certaluly Mr, Sturrs should be, Iinols is not clamorously demanding a Cabinet position, but the people of tho State, as well us the Republican delegation ly Cone gress, would bo plensed If go enilnent a Inwe yer nud citizen as Mr, Storrs whould bo Ii! vited to be one of the new President's cone selors, witly the pbrtfolle of Attorncy-(uite erat. Itty nearly four years since » redldiit: of this State has had n Arst-ratg ‘positifn, | Though My, Hnyes had £0,000 majorityip Minolz, whilg hisown State gave hint Hy nually about $3,500,000 of ravenue, which is now eullocted in tho loust burdensome mannur, ———— 7 Penraze education in Pennsylvanta {3 flour fsbing. There are now 7,007 graded schools tn the State, with an enrollment of. UT,U10 pupils and an averago attondanco of 1027; The school expenditures during tho. past year amounted to @7,482,87775. ‘Tho total indebted nees of al! tho school diatricta gt the Stata, cltios included, was $2,0/8,400.44, and at tho end of tho year thero remalned in tho School-Dourd treas- Urlos §1,425,213,10, Thero is co much deluy inthe payment of the Legisinturo's annual wppropriae, tion of $1,060,000 that a Joss bus been caused to tho schools of about $60,000 auuually for Interest and discount. Ponneylvanta achools are sald to have made remarkable progresg sinco the War, — Tue Afrleau Dutch Boer war against the British muy tukg ona guerrilla form, Bays an exchanges z Tho strength of tha Boers les in, tho fact that they uot as mounted Intuntry, ‘Thos can make long murcbes,and quick attacks, wote Ung away again to nother voint Lotore thelr slower olomy l¢ uble tw setura, their nttick, Thug they may bover dround w Britieh coluun, hurassing ond domorallaing [it (tis cotnpased only of jutantyy. On the ulber hand, the English ouvalry, #8 at present equipped, fy not well trp to deal with thom. ‘These tuutics might w inct In two ways. Kirst. by cavalry more practically clud thuu ut prosuot, and actlig a8 Inounted infantey; second, by Hizht una weil; horsod Heid artillery, which oun ‘niuroh fust and Jog gablns or board shantles, which, though snigyged perhaps, aro still rude and primitive, “Phoye men would perhaps borrow enough anonpy to pul up 8 more modern house, or te fbutld.n more convenient barn, or to enlarge ‘the stock. of the farm; but these mon will borrow only. what thoy want, and at 4 or 5 por cont... If they cannot borrow at that rte, they will postpone tho improve- ments for a year or two, when they will have the cash of thelr own, 80. in the elties withity all thesd’States, 1f money can be bad on claventent'thne at from 4 to 5 por cunt Interest there will bo q market for many iiliions of tha {dls cash now seeking luvesth paint With money, pbtainable at that rate, ‘frnumerable now yagnnt lots and blocks be- stween Pittsburg and, Omuha, will ba sub-- stantlally Jaiproyed, and tens of thousandsot wooden structures will be-repinced with ston or brick bujlddigs. All this depends, howover, on tho.rate of interest. In the Mimo of cheap money and cheap rents scnsl- ble met will not borrow’ money at high Ine terest to Improve property, Tho demand for money, therefore, will dypend on tho rate of Interest, If the rate be low, as now, tho de ; f a a a heed anid willie erent te tn bo high, or’ pay-rolls, Itorganizey an army of camp-fol- | misslon, and when Judgo Dayle resigned | exceeding 0 per cent, thero will be no demand 2 rf tf lywers, “honglng’ on tu the yulubists of var- | frou the Supreme Bench a residyut of a and no market, Borrowers will dictate rates, Ant tue a te ‘irapue fee ome oe | ‘ and lett his property, $100,000, to tndividuals ond public Institutions instead of to Harvard Col lege, nshad been bla intenvon, Tbe library t¢ sive to tho Magsnchusetts Historical Boctety conditlon that It should bu kept forever in ot room, He wasn great aduirer of Franklin, erocted a monument to bis momory ta dou Auburn Cemetery, Hervard College gave bu the degree of Ll. D,, which Edward Lye translated Into “Lltorary Louthor-Drussot PUBLIC OPINION, Detrott Free Press (Dein.): Liko is pre dlecessor, Mr, Chandtor, Bir. Conger was, weer youre, man, un ariont Sundny-senool teucbet 1 Michigun this bots the " tow-path. “Philudelphla‘Tetegraph (Rep): Mr. # Donntd Cameron, wo: know, la aa extremell mighty man vt Warrtebury, bus souchow other bo does not mauuge ty cut a vory wpe fiyuro at Wusbinyton, . New York Expresa: Le Francalss It rather astunished ut Blohand Grant White Bernbardt article in the aan but Pole te utteibuting * Horace” see eae tnuet itn tad, ie was weition OF Corneille, isa mtaprint. = ue “Gov. Murray, of Utah, iu CourferJourne Tbolieve tat tho act of Presidont Filmer appojuting Brigham Young Guveruer ant rf Buchanan tn continuing him in powor, 39 bi otbor ucts of tho Gonerul Government dy ¥" tho Mormone wero caubled 1 unite church’ Btato, have contributed more to the pee fywgregate $800,000,009, wlillo the actual fase of now svourttles, after deducting the surplus vovenne fur 1880 and 1841 to ba applied on the anaturing bonds, would ba anly $67,350,000, ‘rho diifurence would give the Secretary a certuln discretion In issuing the bonds or the certiflentes, ns ona or thd other form should prove tu be the more attractive to the public, ‘fhy Democratic scheme bears no correspond ence to this plan, ‘The proposition to lasue.two classes of so- ccurtles, the ome redeemable at the pleasure of the Government after one year and the other after five years, at the sane rnte of Ine terest—3 por cent—srens to be utterly lu practicable, Such securities cannot possibly have o corresponding valuo fn the market, Roth these securities will have only ten years ta run at the most, but In one casa the Goy- ernment will have the privilege of redeewing aftar tha lapse of ono your and fn the other cus only after the lapse of ilve years, ‘The scheiua, therefore, presents to tho capitalists neither the attraction of a call loan, for both the certificates and the bonds may sun ten years, vor the advantage of a long fuveut- out, for all become due'at tha end of. ten yeurs, ant all wey be pad at the option of the Government at tho end of Die yours. nae nea a iia es, te ee ee Sreazes ‘Tuomas has made a grave mis take in connmitting to a number of Irrespunsl- ble outslders the duty of making up the Comialttees of the House for hin. ‘That ts his business, Nobody elso has the right to interfere with him, and he will surely make a'mess of it if he continues to delugate his bowers to others, ‘Lhe situation Is now litue 4 6,000, ho did not fender to uny citizen of fortner ether a Cabine$ place or a forg)