The New York Herald Newspaper, February 19, 1868, Page 4

£ CHINA. Political Revolution in the Celestial Empire, The Burlingame Imperial Mission to the Outside World, Cabinet Decision in Favor of Modern Reform and an Ameri- can as Envoy. Mr. Burlingame’s Commission, Suite, Sal- ‘ary, Departure and Troubled Journey to Tientsin. SPECIAL CORRESPONDENCE OF THE HERALD. Tho Age of Revelution and Political Change= (Mr. Anson Bustingame’s Chivese Minsion to the Gutside Natious<Kffect of American nerce=The Chinese Proposition to the rand Reasons for Their Action= merican Was Selected—Consulta. tion and Ace uce=The Dowager Em. press? A i—The Imperial Commission Written=L mited Power to Pay and Pens Pekin-On ‘o aud Washington. Suancuan, Caina, Dec. 10, 1867. Verily, this day and generation in which we live is filled with clanges of tremendous signiti- cance. Tiv middie of the nineteenth century is rapidly becoming the most remarkable era in the history of the world. Huge political and social reforms change the characters of nations. Laws ond customs that have seen centuries come snd go, and yet have met no change, are snapped ina moment. Revolutions of mighty importance come, leave their mark and go be- tween the waxing and waning of the moon, One single battle strik s the life from a nation or ‘changes the map of acontinent. Kings and em- perors meet quietly, and over their wine talk of the destinies of the nations which they are en- deavoring oestablish. It isa day and period of excitement and chauge—marvellous change. Here in the East, Japan, that within the memory of the youngest men was a terra incognita, opens her {ports to foreign ingress, buys modern iron-clads that have pissed the ordeal of battle, and sends ‘her sons to Western Ia ds to see and learn from the march of mankind and the strides of science. But of all tie changes that have or can take piace, vone can be more astonishing than that ‘which has just occurred at the political and intel- Yoctual head of the Chinese empire. I refer to the appointment of the Mr. Anson Burlinghame, late ‘American Minister to the Court of China, as an ambassador plenipotentiary from the Emperor of China to al! the nations of the globe that have any commercial or political connection with the Chinese empire. China, that for five thousand years has shut her- self from outside barbarians; thut has always pur- gued a policy of unwavering exclusiveness, barely Permitting the hem of her national garinevt to be touched; China, that d.emed herself well nt the, Gates for Saa Fra par excellence when Europe was a huge battle-ground between savage Gauls and Britains and Danes; that China — should hold out her hands for relief and instruction to one of the youngest nations of the globe is a change which the most sanguine Chinese enthusi- ast would not have deemed possible. Yet it is so. Above all the nations now existing and the testi- mony of history, America and one of her sons have received a compliment betokening marvel- lous confidence, and of colossal importance. After along period of ministerial residence in China, where Mr. Burlingame has secured the affection, esteem and confidence not only of the other and all foreign ministers, but of the rulers of China as well, and rendered America, in the hour of her need, service withont whioh five steamers that waited in Singa- pore harbor for rebel ensigns would have preyed upon American commerce, instead of being sent back to England as they were after this Mr. Burlingame proposed leaving China and eet- tling in California, for which State he has much admiration. He was making his official farewell visit to the Suu-li-Yauuu—what may be considered the Chinese Deparument of Foreign Affairs—and attending a dinver given him by the Chinese offi- cials ‘connected with that department, when it was broached to him by the authorities represent- ing the Emperor of China (for the present Em- peror is only @ boy of ten) that after a long period of deliveration ths governing power of China, con- scious of the advance which Western nations had made beyond them in the moJern arts and sciences, believing that this huge empire must eventually be thrown open to the activity of Western minds and the skill of Western bands, and anxious te pre- serve amicable relations with all the world con- sidering this, they had decided to select a for- eigner, and, placing in his hands unlimited powers, send him abroad among the nations of the earth, toestaplish more intimate and friendly relations aud exchauge the benefits and privileges of official communion. For two reasous they had selected bim—first, because in the treaty with the United States, sicned at Tientsiu in 1453, in the first clause, the United States bad stipulated and pledged thernaclves that if any other nation should act “unjustly” or “oppressively” towards China the government of the United States would exert itself to secure justice and amity between China and the offending Power; secondly, they appointed him because, in all his relations with China, be had manifested o frankness and friend- ship which had won their esteem and secured their perfect confidence, Wien Mr. Burlingame saw that the proposition was made in all earnestness, and realized the magnitude of the offer aid the overwhelming re- spoasib lity he must ume, he could scarcely eredit the truth of the matter. Totally unpre pared to answer then, le requested time to con- sider the offer. He was informed that no obstacle existed so far oe China and her rulers were con cerned, and that they o not doing hiro ® favor, but that they soli acceptauce of the mission as 4 favor to Chin cs Mr. Burlingame stated the case of the proposi- tion to his friends and to the foreign ministers fn Pekin, all of whom heartily entered into and favored the idea, expressed ther gratification that the offer had been made to him, and, for the sake of the interests of China and the in- terests of the Western World, pressed him to accept the mission, Sir Rutherford Alcock, the English Minister, in his despatch to « 1 the Lome gov nt stated that it was 4 matter fraught with i stand importance such as the world bas rar een, and, commending Mr. Bur- Lingame, stated that he was eminently fitted for the mission and well worthy of the confidence thus re- posed in him. Kindness and gratification were evinced on every side, aud no shadow seemed to intervene, unless it was the tremendous responsi- bility. Inive time Mr. Burlingame signified his willing- ness to accept the post. Tuen the necessary for- malities attending affairs of such importance were taken up. The official request of Mr. Burlingame and approval of the mission were obtained from the Empress Dowager, mother of the present Em- eror, as well as the other widow—who is child ess-—of the late Emperor and from Prince Kang, Prince Regeut, auele to the present and brother of the late Emperor, | The bigh dignitaries of the emprre with all neces jomp and form besought the throne three lor prosperity upon and succ: ss to the pro- fected "mission. “Ihe Imperial decree creatng ‘fhe miscion and appointing Mr. Burlingame the on there to take the steamer for Shanglae. I have stated already that the American man-of-war Ashuelot, Commander Febijer, departed imme di- ately for the Peiho river and Tientsin, there to afford such assistance as the case demanded, and to bring Mr. Burlingame and family back to Shang- hae. tained. morning the Ashuelot steamed away from Chetoo, and in twenty-four hours crossed the bar off the mouth of the Peiho, and at ten o’clock on Friday morning came to anchor in the river near the Chinese town of Ta-ku, rau from Shanghae to that point. that Mr. Tientsin, sent a despatch to Tientsin, one of the river ports, and forty miles distant by land, informing mr. Burlingame of the arrival of the Ashuelot in the Peiho. party left Pekin for Ticntsin, Mr. Ansoou Burlingame, his wife, son Walter and little daughter Gertie, Miss ‘Orne, lady's maid to Mrs. Burlingame, and three Chinese servants, Dr. Salter, the American Consul at Hankow, Williamson, an American missionary at Tients Mr. Bradford and a Britisn soldier named Whelan, attached to the English Legation at Pekin. were travelling over land, and by the usual modes of conveyance—the mule cart, mule litter and horse and mule back, name implies, is a short, with heavy wheels, an arched cover and is drawn by one or two mules,a mule and cow or bull, or anything, able at the moment, and the officials at Pekio have no more comiortable or gorgeous turnout than this same cart. NEW YORK HERALD, WEDNESDAY, FEBRUARY 19, 1868.—TRIPLE SHEET, Minister, brief and comprehensive, written in sim- ple Chinese characters upon yellow parchiwent, placed in a small yellow case and this again eu- closed in » wrapper otgsliow satin, Was presented to Mr. Buttingame in the presence of the Cour} and foreign ministers, with all the abundance o} courtesey, formality and dignity that attend such important Chinese govermenta! proceedings, coup- led with the formal congratulations and good i iding in Pekin. ingame leaves in& upon & wis- sion such as the world as never seen uutil vow. Unembarrassed by instructions, he leaves with full power to take such measures as the circum- siances may seem to demand. Alive to the im- Portance of extending the modern arts dhd sciences, and realiz.ng the places they hold in the «aud march of civiization in ~which—and '¥, too, it may be said—he has bven no un- important actor, he will represent China and her interests to tne Western World, and, conversely, endeavor to show China tue advantages and bene- fits to be gutuered from modern civilization. As an evidence of the sincerity of the Chinese Powers, the imperial decree constitutes Mr, Bur. iingaine permanent Minister, with no limitation of lime of service, aud his compensation was made an annual ad of $40, 00 and all the expenses of the mission paid, with a comparative peusion in case of hi irement or death. His suite wll consist of first secretary, Mr. Brown, iute Chinese secretary of the British legation in Pekiw aud one of ‘the finest Chinese scuvlars living, @ man emivently fitted for the position in wich he has been placed at the re- quest Oi the Chinese powers, the foreign ministers, and Mr. Hart, the imperial Commissioner of customs. He will receive a salary of 0 aud expenses, ‘rhe second secretary is M. Le Ché, late the secretary of the French legution and a Chinese scholar, His compensation is $8,000 aud ex- penses. ‘here are also, I understand, one or two Am- erican secreiaries. Another porticn of the suite will consist of two high muudarius and official dignitaries, accom- panied by Chinese physicians, liaguists, writers, savas, svidents and all the retainers and servants Recessary to so important a body of Chinese olticiais, The total number of the mission will amount to more than forty persons, It will probably be away from Pekin two years or more. Mr. Burl.ngame was accompanied to the gutes of Pekin by tue whole body of toreign ministers, and the sigh offic.als of tue Chinese Court, and the parting Was of mach interest, and affecting. Mr. bur.ingame will remain in China u.til all the necessury preparation for the mission has been made, for whieh purpose Mr, Brown remains in Pekni, and wiil, witu@the other secretaries and Cuinese officials, join Mr. Burlingame in Shanghae. Mr. Burlingame and his entire suite expect to leave Cuina in the March steamer of the Pacific Mail Company tor Calitorniu, whence they will proceed to Washington, aud thence to the courts of Europe. And thus, in one of those remarkable epochs which at umes occur in the histories of nations, America, the youngest nation of the West, has been complimen.ed beyond precedent aad chosen as giude and instructor of the oldest nation of the East. Native Bandit Interruption of Hon. Anson Burlingame—Progress of the Ambassador from Pekin to Ticatsin-A United States Steamer iu the Peeho for His R Mission as it Left Pekin—An Ali Preparations for Defence—An Allled Body in Relief—safe ea a British Gunboat Under the Stars and Stripe SHancuag, China, Dec. 11, 1867. Last week I sent you a statement of the reports which came by the coast steamer Shan-se from Tientsin concerning the attack upon, or rather the by Chinese banditti of, the er to China, Hon. Anson game, family and travelling companions, their journey from Pekin to Tientsin, detention ‘The naval steamer Ashuelot has arrived back at this plice, after # splendid run, and Iam able to forward to you a detailed account of the matter, which for a time promised much of harm and caused much anxlety to the American Minister, bis family and frien is. The Ashuelot sailed from here at dusk on Monday, the 2d inst., and arrived at Chefoo at midnight on Tuesday, the Sd. There the steamer Nauzin, that had just come in from the Peiho, was boarded and little information ob- At half-past nine o’clock on Wednesday making an excellent ‘The American vast steamer Sz’chuen was there at anchor, and vom her commanding officer it was ascertained Burlingame and party were safe at By special courier Commander Febeger lu the early evening Mr. Burlingame and party safely reached Ta-ku and embarked on board the Ashuelot. An voon on Monday, the 25th of November, the It consisted of Mr. ,a They The wule cart, as its roughly made affair, apparently, which may be avail- The mule litter is simply the sedan chair of the country, with the long bamboo poles*before and behind, supported, like the shafts of a carriage, upon mules. These are thee most luxu ious modes of travel inthe north of China; surely better tham the ocvolie wheelbarrows of Shanzhae or Ningpo, yet terrible upon the nerves of those who remember the comfortable sleeping carsand palatial steamers of America, To this method of locomotion the ministerial party were ‘ted. Mra. Burlingame, daughter, aod Dr. occupied male litters, and the remainder of the company were mounted on horseback or in the carts, Over roads that bave probably re- ceived no repairs during the dominance of the pres- ent Chinese dynasty,the party travelled, and at the close of the first day reached the Chi town of Chung chaa-an, the point where the severe con- ‘est (ook place between the Chinese and French fad English, when the latter oceupied and looted n. ‘There the party remained all night, and in the early morning set off again on their jonrney, The land in this section, between Pekin and the sea, is low and level, and when without rain, as has been the case a number of weeks, becomes exceedingly dusty, and in this season the north west winds blow keenly across the plains, whisk- ing and sweeping the dust around and in the faces of travellers. About five o'clock in the afternoon of the second day the party reached and passed through the Chinese town of Huse-lu, midway from Pekin to Ticatein, being forty miles distant Salte from each place, Tuey had advanced to a point on the open road about two miles beyond Huse-lu, when mule carts not belonging to their train came back, rashing by them, the Chinese drivers saying the rovela were coming. They @ontinued on, aud soon the ad vanced carts, containing their baggage, also co roshing beck, the drivers ina state of much ex- citement, they too exclaiming that the tebels, ox “ohe-wah-tsze,"’ the name given inthe north to Chinese robbers, or bandits, were ceming. There was such evident cause for the alarm that the party turned back to Huse-hu, Here they found the town in much excitement, caused by the re- ports of those who had passed'them on the road, who stated that they had seen the body of assail- ants and that they numbered more than a thou- sand men, Seme of the refugees had come from Tang-guan, a town the rebels, or robbers, had taken and sacked, and where three of their nuin- ber were killed. The people of Huse-ha were much alarmed, as was also the. civil ruler of the place. Mr. Burlingame, however, impressed upon him the necessity of preparing for the probable attack, and that he must arm his people with any- thing they could obtain; that his own party were well armed, and that they would stand the brunt of the assault, During the night scouts were sent out, who returned from time to time with reports of the number of the advancing body. [rom these reports they learned that no doubt an armed body of marauders er banditti, numbering at least 400 desperate characters, and forming, possibly, an advance guard of the rebel army that for months have held sway in Shantung province and peninsula, were moving toward the town of Huse-hu, ‘This town is one of some aize, unwalled, and Consists of a number of low huts made vf mud plastered upon frames or bundles of millet stalks. ‘The inn to which the party repaired was, like all Chinese inns, a small quadraugle, the doors and w ws opening within the court. Carts and all available things were ploced in the gateway to barricade it, and here through the whcle night of Tuesday, the 26th, the pariy anxiously watched and waited, There seemed to be vo doubt of an attack, and, judging trom the character of the rob- hers who sometimes infest this section, there was little hope of life if they were captured. Only those who may have been in similar circunsta ices can comprehend the intense anxiety of the ladies. The night wore away and no assault was made. It was presumed also that the leaders of the rebels or banditti were aware of the character of the Chinese mission upon which Mr. Burlingame had started, and supposed that in his train they might find a large amount of treasure. in the morning the travellers were able to see from the house tops the armed party that had come to @ halt upon the road not two miles away. The organization which Mr. Burlingame had made was as complete as the circumstances would admit. He compelled the frightened ‘'aontai to display his men, filling the house tops with them, and again marching them through the streets where they could be easily seen. He sent the mounted soldier (Whelan) outside the town, where he rode violently back and forth, in and out of the streets, shouting aloud, and moving bodies of men from one int to another. He despatched messengers to ekin and to Tientsin, informing his triends of the situation, aud asking immediate assistayce. The marching and dispiay of men and shouting that had occurred hud not been without its effect, and it is noticeable sad marvellous how much this strange Chinese people are moved by the banging of gongs, fluttering of bright odd flags, and bom- bastic display of any kind. During the forenoon the assailants moved away and disappeared. * Through the whole day and night tue party anx- iously watched and,waited, in the terrible suspense of not knowing whether the messengers they had despatched for succor had or had not been cap- tured by the robbers—whether they had or not proved faithful or treacherous—whether they had or not reached the cities of Pekin and Tientsin. The strain upon physical and mental nature had been severe in the extreme, and the snatches of sieep and rest that had been taken from the quer hours had far from served to make amends for the exhausting tax upon them. The second morning dawned with no appearance of succor. At eleven o'clock in the forenoon they saw rapidly advancing up the Tientsin road a bod: of mounted men. At first it was feared that 4 was an attack of the rebels, but the mistake was soon discovered, and the advancing party was found to be a body of “blue jackets” who had cone to the relief, Cheers and shouts of joy from the little company of the besieged rang among the Chinese huts of Huse-hu. The messenger had reached Tientsin, The Brit- ish Consul had received tve deapatch, and, in ac- cordance with the request it contained, had asked of Lieutenant Commanding Dunlop, of the Britisi gunboat Dove, achor off Tientsin, fora body ol seamen, He 0 informed the foreigners of Tientsin of the situation of the American Minister and party. As soon as possible the relief body started. Lieutenant Dunlop not only sent his marines’ and all the seamen that cou.d be spared, but he went in command himself, and all the Americans and nearly all the foreigners of Tient- ail jane the body. The circuitous route which the messenger had necessarily taken brought him to Tientsin late in the day, and the relief party did not get away until midnight. But they were here now, and this little body of Americans and Englishmen were more than a match for any body of Celestials the occasion was likely to disclose, The relief, however, had hardly reached Huse-hu, when discovery was made of a body approaching on the opposite side of the town, and in less than five minutes the armed and mounted men that came from Pekin to the rescue rode up. The messen- ger on that side, too, had been faitiful, and the loreign legations and residents of Pekin, as well as the native authorities, were much excited by the news to which they had listened. A body of Chinese soldiers, under command of a drill master named Brown, the smail bodies of soldiers at- tached to the suite of the Russian and English ministers, secretaries and attachés of the fegs- tions, student interpreters, customs employs and all who could go, armed themselves, mounted and repaired to the besieged town of Huse-hu. Here they were, and again the air rang with cheers of the rescued and the relief. The whole body remained at Huse-hu that af- ternoon and evening, and on the following morn- ing Minister Burlingame, family and fellow travel- lers starated en rovie to Tientsin, accompanied by an escort, which contained all the relief from Pekin and Tientsia, anxions then and itching for @ brush with the desperadoes who had threatened them. That evening they reached Tientsin. The following day the Pekin escort returned, and Mr. Burlingame and party remained until Friday, December 6, when, at noon, they took os for ‘Tu-kee and the mouth of the Peiho on oard the gunboat Dove, which, through the kind- ness of the Englisn Minister, Sir Rutheriord Alcock, had been tendered for their use. The messenger wiich Commander Febyer, of the Ashuclot, had despatched to Tientsin, informing Mr. Burlingame of his arrival in the river, saw the Dove coming dewn stream, with the American flag flying at her main, and presumed that Mr. Bur- lingame was on board. He rode to the bank, hailed, drew attention from the Dove, and -uc+ ceeded in boarding her and placing the despatches in the hands of Mr. b. In early evening the Dove reached Ta-kee, and Mr. Burlingame and family with peculiar joy and satisiaction were transl-rred to the United States steamer Ashuelot. Cueers were exchanged be- tween the English and American men-of-war. Tne Dove returned to Tieutsin, and on the following morning at eleven o’c\ock—Satarday, December 7—the Ashuelot steamed away from the Peiho for Shanghae, which place she reached this morning at two o'clock. Tie future movements of Mr. Burlingame have not been decided upon, but it 1s quite likely he will visit the treaty ports of China previous to sailing for America. WESTCHESTER INTELLIGENCE, Serr ny THe Stare Avaixer tae Boanp ov Sura veors.—Shortly after the Board ef Supervisors of West- chester county convened yesterday, E, K, Meade ap- peared on betialf of the Attorney ral, and served the Chairman with am order to yw cause, issued by Judge Peckham, why a mandamus should not issue to compel the county to levy atax to pay $176,000, the State for delinquent tax, which grows out of the de- falcation of Henry Willetts, the late treasurer of the county, The serving of the order created considerable seneation among thore present, and more than one Supervisor privately deciared he would go to jail before he would vote for the county to pay adoilar, Mr. Cauld- well, who m@ @ Senator from Weatehestor district, ox. piaitied thas he ted prepared = @ bill and presented the same to the Legislature, askiog the tate to relieve the country im respect to this charge, but that Senator Folger, chairman of the committee to the Dili Was referred, refuacd to report the same. ie further staved that folly exculpated inforwned tha’ ecting had been in y reported. subject was finally referred to the Judiciary Commits with power to empoy counsel, ke The motion for mandames i returnabie che laa Monday of March at Aibauy. Bisce DiaMonps,—James F, Thomas, a wealthy bar. ber, aud Miss Antoinette Rudger, both colored, were mazried ia St. Vincent’s church, ¢t, Louis, om Wednes day. The ceremony occapied t#o hours and & balf, wen imporing. The bride hae $400,000, the husbal bas uearly tho same amoun'. Ho presented the brid $10,000 a8 a wedding gi The bridal veil and bride wore sn: coating $5,000, Me. Thomas Barke neriormed tha cerany OUR NATIONAL DEBT. A Plan for Ite Adjustwent—Letter from Silas M, Stilwell—Original aud Lnterest! Decu- ment—A Three Sixty-five Bond Ree de ed—The Advaat of this Bond—Its Value in Domestic Commerce—Effect Upou Specie Payments. {From the Detroit Post, Feb. 4.] We give below a tetter sent by some of our lead- ing financiers and business men to Silas M. Stil- well, Exq., of New York, asking a statement of his views upon the best means of adjusting our national debt, and with it the reply of Mr. Stil- well. The latter document will be read with great interest. It is well deserving of attention on ac- count of the financial reputation of its author. Dersorr, Jan, 13, 1868. Sitas M. Srrmweu, Esq., New York:— Draw Sin—Gratefully appreciating the great service you have rendered the country, in the able and philosophical examination and discussion of questions relating to the national finances, and deeply impressed with the grave dmportancefof a wise and statesmanlike policy in the arrangement of the public finauces and credit, the undersigned respectfully yet earnestly request your opiuion, for publication, as to how the public debt should be adjusted or funded. Your high standing as a sage and accomplished writer, the years of study you have given the subject of finance, the carelul research you bestow upon every economic ques- tion, and the practical ability with which you an- alyze and exam‘ne the great question of finance in all its bearings, eminently qualify you for the task, and these conditions will eutitle your opinion to the highest respect, and commend your views to the thoughtful and favorable considera- tion of the public. It is unnecessary to remind you of the puralyzed condition of trade, of our suspended industries, the excessive rate of inter- est, the large increase of unemployed labor, and burdensome and exhaustive taxation, both local and national. The depressed condition of our country gives anxiety, if not alarm, to every thoughtful patriot ; and the situation demands early and wise legislation affecting taxation, and the ad- justment of the public finances aud revenue ona plan at once permanent and in accord with the settled principles of economic laws. If such a plan be adopted it will give confidence and stabil- ity to all our industria! aud business interests, sat- isfy intelligent men, quiet discussion and insure prosperity to our beloved country. With great respect, very truly yours, H. H. Crapo, E. B. Ward, H. P. Baldwin, E. 0. Grosvenor, M. I. Mills, Henry J. Buckley, N. W. Brooks, Moses W. Field, D. M. Richardson, Dun- can Stewart, P. Henkel, John J, Bagley, E. Trow- bridge, J. 8. Newberry, J. 8. Farrand, R. *. Gil- lett, Acting President of the Board of Trade; Morgan Johnson, F. Lambie, E. M. Clark, J. D. Hayes. Views of Mr. Stilwell. GenTLEMeN—Your kind and earnest letter has been received by me, and I thank you for the con- fidence you express im the accuracy of my facts and opinions on the subject of our national finances. Your position and intelligence prove to me that you understand the wauts and wishes of the people, and that you desire such changes only in the laws of the country as your knowledge, added to great experience‘f assure you have be come necessury. THE D&BT AND ITS INTEREST. The amount of our public debt is not appalling. It is the burden of extraordinary interest that cre- ates uneasiness among the people, and this un- easiness, if not appeased by wise legislation, may lead to complications in political circles, until some demagogues may propose to dishonor our country. lf we can solve the problem or cut the gordian knot, so that we shall be able to fund our debt in a bond that will relieve the couutry from an oppressive burden of interest or usance, and by the same act benefit our industrial interests, we shail surely meet the wishes ot the people, A NEW BOND KECUMMENDED, To effect this object you should ask Congress to authorize and direct a bond to be made, which shail bear an interest of $%65 (waich will be one cent per day on each $100) and become due thirty years from date. ‘Lhis bond should be exempted trom taxation, and declared by law a “legal ten- der’ tor the principal of the bond. A bond contain- ing these evidences ola periect credit will be worth more than a six per ceut bond, secured by mort- gage on real estave—because exemption from taxa- tion is worth two per cent, and the legal tender clause that will make the bonds money will be worth more than one per cent; heace these bonds will be equal in vaiue to the best six per cent se- curities, The interest and considerations for this loan are greater tuan ation in Europe is now ‘But this is not tue case with our govern- 4 is now paying more reent peranoum apon the largest por- its debt, It pays six per cent per annum in gold, which is more than eigat per cent in cur- rency, snd exempts its bouds trom taxation, which is worth more than two per cent per anuum. This charge upon the bonds of government is 80 enor- mous that the people will not allow it to continue much longer. 6 nds made by our government are the safest security in tne world, and therefore if properly formed and issued should aud will com- mand a market ut a very low rate of interest. ITS EFFECT IN RELIEVING THE MONEY MARKET, Our bouded debi not only bears a large interest that makes it a burden, but it absorbs all the sur- plus money of our great capitalists, and aciually crowds out of the market all other securities, or causes holders to make large fices of money to induce cupitaiists to seil ten per cent bonds and purchase other securities. Farmers, manufacturers and builders fiod all efforts to borrow on § ate security fruitless. Hence these great interests are greatly injured by our ill-adjusted debt. e laws of many States will not permit a loan to be wade on the security of real extate at a rate of interest exceeding six per cent per anuum. Butif the laws did not prouibit the loaner to take more than six per cent would not the credit of any mercantile firm suffer se- verely if they should make a permanent loan at ten per cent ae anvam interest? ‘The plan herein proposed, when adopted, will remove this obstruction to business, and eapital- ists will again invest in bonds secured by mort- gage on real estate. If no other advantage, svall tow from the adoption of our proposed bond, the relief to those great interests to which we have referred will be jelt in every section of our country, and fully justify the adoption of this pian for fund- oo me public debt. ut t a small part of the benefits that will flow from this measure. ‘These legal tender bonds will enter largely into the business of the country where money is quite ag mi needed as real estate. They will be money, and beiter mone: than greenbucks or bank notes, because will bear an interest. The rate of interest we have proposed will tit them for trade while it will not be large enough to cause them to be hoarded by capitalists, It will give them more value in the hands of merchants than bank credits that pay no interest. It will induce traders to employ more capital in their busivess, because if they invest their surplus funds in these bonds they will receive imterest, while they have them ready to use as money at alltimes. These bonds will oceupy the great middle ground between the greeuback that bears vo interest and is titted for use of the retail business and paying for labor and the bund that is made for investmeut only and bears a large interest; and, in this space betw: the greenback and bond for iuvestment of capital at interest, there is room enough to float more these bonds than our government will ever asaloan. They wiil possess attractions for our inland trade, bat will net euter largely in foreign commerce or be sought for by European capi- talists. ‘This laet consideration is of much importance, as all our debts in foreign countries that bear interest cause a drain upon our domestic industry. We want no foreign credit. Our credit is as good as English cred Our integrity and means to pay are not less, and our progress in trade, manu- iactures, agriculture and wealth have not been surpassed by any mi Then hg seek credit abroad, when cure for us more than we requir LOSSES CAUSED BY ISSUING LARORR BONDS, This plan of the legal tender bond has been urged by me personally and through the prees upon the attention of those whe have controlled our public credits from the time when our first joan was made—but with no success. If it bad beca adopted when the war began, and had the current and extraordinary claims upon the Treasury been settled with euch bonds there could have arisen no demand for the services of brokers to sell bonds, or to establish agencies for that purpose, here or in Kurope. ‘Tuis bond, being @ legal tender, would have been money in the hands of the Treasurcr, and better thon “greenbacks in the hands ot (he people; and while the Treasury was thos funding e pu debt, at @ low interes:, it would have eutly increased the facilities of trade aad saved | my feveral hundred millions of dollars for our over- taxpayers, Inst-ad of adopting this simple, convenient and economical plan, bonds were made im the usual form, bearing six per cent inierest in gold, and payable in 1881; and were soid for eighty-niue per cept upon the principal. ‘The losses made of principal and interest through this mis- take of Treasury, since the commence- ment of the war aud up to the Ist of January, 1868, excced $35,000,000 an enor+ mous ‘sum of’ money. And who has been benefited by this great blunder? Not the soldiers, sailors, farmers, merchants, mechanics, or other industrial classes, but the dealers in government bonds, and those who are now calling upon the people to Keep quiet and continue to pay ten per cent per annum on the public debt. 1am glad to know that you are now anxious to nave this great mistake corrected by Congress as soon as possible. THE REQUISITES OF THE BEST CREDIT. There is uo mysterious or hidden property in the terms money, currency, credit, &c. Credit in all its forms, like Siber. Broperty,, is suofect to the great law of ‘supply and demand,” and this causes luctuations jn the price of every article offered in market overt. One thing our statesmen should undersiand, when they attempt to control our finances, ‘They must foliow the rule observed b: all mechanics, und that is, when they wis! to obt tie highest price in the ‘market they must furnish the best article for sate. They should therefore examine carefully and understand what coustitates the best credit. The security offered must be well aud universally known and easily convertible into any other thing. These are the indispensable prerequisites of tue best credit. Any one of these bing omitted lowers its market value, A credit may be good, but not generally known, and it may be thee and well known, but not convertible at plea-ure. The credit we propose is a periect credit. All the qualities of the best credit can be found in it. And such a credit can injure no public interest. Our Congress have now the power to make such @ credit that cau be made to take the place of all our imperfect credits, and should not this power be exercised for the benefit of the taxpayers when it will so largely benefit all the great produciug interests of our country? EFFECT OF THE PROPOSED BONDS ON SPECIE PAY- MENTS. The proposition contained in this letter will be opposed by many persons besides those who are interested in our ten per cent bonds, because they will honestly tear that “specie payments’? may not be speedily resumed if these proposed bonds are created “legal tenders.” Although they well know that the rate of interest and the Spempugt of them from taxation when added to the “legal tender’’ will prove sufficient to float a much larger amount of capital among the thousands of our business nen .n our gieat Western country. As this wilt be the only source of disinterested oppo- sition that will be openly proclaimed against this great meusure, it will be proper tor me to show that goud convertible securities, whether govorn- ment or bank notes, have uot and will not prevent the resumption of specie payments, Heretofore @ suspension of specie payments by our baoks hay been caused by a want of public confidence in the solvency of these institutiuus. A sudden panic, such as occurred in 1867, caused by the failure of the Ohio Life aud Trust C demand upon the bauks for spec: gations of these corporations are in many instauces ten times as great as the amount of specie held in their vauits the banks com- pelled vo suspend. iu such cases the ple al- ways hoard guld until the pauio subsides and they become satisfied that the banks are solvent. And thus it become whe settled and fixed opinion of the people that when our backs sured specie payments it is because tue credits of these iustitu- tions are too much extended. Hence the public have patiently allowed uli their material interesta to be injured by a contraction of bank obliga- tions and credits, to bring about a retura to specie payment. When the cause of suspension Was an over issue of bank credits then the proper course was & contraction or Liquidation of such surplus credits; but the suspension that now exists has been produced by no such cause, and, therefore, contraction would do no good, but @ great deal of injury to the country. When the bauks and Sub-'l'reasury pended payments in specie there was no deiaand for gold by the people for the bills of the banks. No panic or public alarm occurred. ‘the soivency of the banks ,was not doubted. No wisi was expressed by the people or attempt made to cause the banks to contract, aud nu one up to this ume has expressed un opinion that the bank issues were 100 great or that excessive credits produced the suspension. ‘Tuese institutions had met so promptly aud patriot- ically the culls of the national Lreasury for aid that they were quite as much in favor with the people after as beiore the suspeusion. ‘Lis suspension was suggested by the ‘reasury Department and acquiesced in by tne banks. The ma agers of some of these institutions did not fuily understand the extent of the indebtedness of our merchants to Europe or the unfrieudly feeling of the government and bankers of Englund that was afterwards made manifest to every American. The immediate cause of the suspension wasa —— demand by English houses in New York, which were depleting our banks of specie, and would have taken every dollar tor export had not the banks suspended, This cause was so patent at the time and since that no person has had the temerity to deny it or cail the fact in question be- fore the people. ‘This foreign demand for shjp- ment has coutinued, with some fluctuations, from that time to this, and the premium is greater this day than it was six months afier the suspension. The demand fur specie and exchange has been greatly promoted and intensified by our mer- chants, who continue to import trom Europe quite as much (as the Custom House shows) atier the crops of cotton cea-ed to flow to Europe us they had done when two hundred and fi ty mil- lions of exchange per annum for cutton was pass- ing through tueir hands. Thus every year the debts of our merchauts to Europe in reased and the price of gold aid exchange rese, notwithstanding our export of pro- duce, including several hundred millions of dollars in specie, And this demand still con- tinues so strong that our merchants sent from this port last year fifty-one millions in gold, although our receipts from fornia were only twenty- eight millions. As our supply of the preciou metals is not equal to the demand for export, the price of specie must remain high. Exchange on Europe since 1861 has fluctuated with the curreuts of export and import, or supply id demand, and eventuafly rose to 290. ihis um would have put eu effectual stop to impertations if the laws of trade had been left undisturbed to rectify the balantes by so large a premium. But at this time the ‘Treasury inter- (apr and relieved the importer from the pevaity ¢ had incurred. An agent of the Treasury was seut to Europe, and sold our bonds for three bun- dred and fifty miliions of dollars in gold. Ex- change produced by this large sale was brouvht on our market in such abundance that the price of gold fell from 290 to 140. But it will surprise you@md the people to learn during the time when gold was falling the ing their is-ues of paper, and these issues are greater now when gold is selling for 140 than when the price was 200. e have two facts made patent to the meanest comprebension:— First—As a sale in Enrope of $350,000,000 in our bonds reduced the price of exchange and gold from 290 to 140, so it is probable that a sae of the same amount in addition would have brought down exchange and gold to par, and would thus have enabled our banks and ‘asury to resume specie payments without contracting their issues. _ Second—As gold fell in price during the expan- sion of paper currency, how can a coniraction of paper produce the same result? These are curious be important facts, and deserving of public attea- jon. A HISTORICAL PARALLEL. The same law of “supply and demand” pro- duced & resto: ation of specie payments in England in 1816 aud caused another suspension from 1817 tol The celebrated battle of Waterlvo and jefeat and capture of Napoleon occurred in June, 1815. ‘the people of Bugiand, who had been specie for many years, became convinced great event that peace wi 1 its bleg.- had been secured to them by the allied Pow- ers of Kurope, and this feeli: 80 since! universal that the people who had hoarde brought it forth and deposited it in the banks, these deyosits enabled the banks to resume specie payments without contracting one dollar of louns or notes, This tactis well authenticated. During this period of resumption exchange was in favor of Engiaod and brougut back guid from the Conti- nent. There was no demand for mig by. the people for currency; they preferred bank notes. This state of exchange continued anti 1817, when, as the same authority states, loans were made to the continental powers so largely by the bankers and merchants of London that exchange rose above par and drew from Eng land all the precious me’ and this condition of the exchanges produced a suspension of specie ayments by the banks, Which continued amid vio- lent spasmodic struggles to resist or counteract the great law of sapply and demand until 1825, When the exchanges turned in favor of England, and brought back gold that enabled the banks of Bogland to resume payments in specie. With these causes, made manifest, for the suspension and re- sumption of specie payments, how oan any intelli. Bont man assert that the contraction of creditsand currency will be the means of our returning to specie payments? The great law of “anpply and demand will regulate the flow of the precious metals, as it does every other erticle of com c®, and it eaanot be controilkd by iocaleredite or currenay in any country unless the laws prohib® the — of poh as custom prohibits the export of local cur ency. Tho mercham's of our country. must be largo! 's of our country indebted to Euro,ve, as the sale of three vendre and fifty milliom’ of exchange, the produce of American bonds, only reduced the premium on exchange with Eure pe one-half, thereby plainly showing that when gukl and exchange are 140 here the mercantile debt must be about three hundred and fitty millions, and ws the sale of our bonds there was only @ postponement, not a payment of our deb:s, that we are now in debt to Europe more than $700,000 000. This debt when paid will be from shipments of gold and produce, and can be paid in no other way. We may thereiore conclude it will be many years before our exchanges with Europe will be equalized and gold be brought downto par. In the meantime this high rate of exchenge on Europe benetiis all our great interests ; enables the farmer to obtain a bigher price’ for his produce, and the premium om exchange aiso acts 1ke an increased tariff, and thus benetits manufacturers, We Lave beea compelled by the gieat law of conunercial exchange to abandon goid as & currency, and it is wise to leave its movements to the great luw of demand and supply until we pay our di bia in Ea rope w th gold aud produce, and become a cred- itor instead of @ debt r country. perieace has taught, aud will teach us, that it is very hazardous to ail our inland or domestic trade to make our credits and so.vency depend upon the ones of old or any article subject to toreign demand. EF ave shown by tuis siatement of fwcts and conclu- sious that the price of gold is controlled by the Price of foreign exchange, and thut the price of excla ge is governed by the comparative indebt edness of our merchants and others to Europe; aud, further, that our currency not being au article for export, iike gold, is not depreciited or ine creased in value by the price that gold bears im our market. J nave written this letter, gentlemen, in answer to your kind favor, while somewhat ill und infiim; but notwithstanding tais impediment to a clear and accurate statement, I trust you will tind that T have strictly conformed my propositions to the great laws of trade that permeate and control all our business occupations, and which cannot be ignored or oppuseu wit .out bringing injury, uf not destruction, upon individuals aud communities, Lhope the great aud growing West will and unite upon this impor.ant p.un for benefitin, the tea cayets und business of the country, a1 press their opinions aud wishes upon Con; ana the nation until ihis proposed bond of 3.68 shall be made a legal tender and used for the fund- ing of all our debts that by the strict Ictter of the law can now be paid by order of Congress on the Treasury. Kespectfully, your obedient servant, SILAS: M. STILWELL. Naw York, Jan. 26, 1868, WILLIAM M. SWAIN. Psstic Lepexs, Sovrawesr Corner Srxra anv Cugstxvr S78. Puicaveceas, Feb. 17, lod. f My Dgap Mr. Bennerr:— Fearing you may not have seen our obituary notice of Mr. Swain, I take the liberty of enclosing it to you. During his last illness Mr. Swain ofteg poke of you, and said on many occasions that you have never had your equal in this country as am editor and newspaper manager. The last time B spoke to him he alluded to you and the Herat le leaves two sons aud over three millivus PrWith Kind regards to truly, yours, ith kind regards our son, very ly, you gangs to YOU GEO. W. CHILDS. In Memory of William M. Swat. {From the Philadelphia Ledger, Feb, 17.) When aman divs w..o has tue ielfeciuai ability and the practical tu:n v\ mind to be of greut use to his feilow-men, and who has right views of the true , rinciples of carrying ou we business affaire of life, and uas impressed them on enduring monw meats that live after him, it is not a mere observe ance of the rule of speaking well of the dead to say that his fellow-citizens have inet with » great loss. Such & loss has been suffered by tiis come* muaity in the decease of William M. Swain, Esqey one of the founders of the Public Ledger. Afier® lingering and paintul illness of mauy months he pa-sed away irom tiis world pracelully, at his residence in this city, ou Sunday murning, at two o'clock, The notice of his hte aud busiiess career and character, wh.ch is due to his memory, it would be very difficult to compress in the brief space at our command, for his tui history is iden tical with the progress of the urt of newspaper printing, of newspaper enterprise, ot improvement in priuting machinery aud of telegraphirg for the last tuirty years ia this country, und with many municipal retorms in this cit; nd such history, faithfuly written, would fills most interesting volume. A brief sketch is, therefore, the only tribute we can offer to Lis memory in this place. Wiliam M. Swain was yoru in the town of Manlius, Ononuaga county, New York, on the 12th day of May, 1809, and was left an orphas when three years old, by tue death ot his father, from di-ease contracted while serving in the army in the war of 1812. His movher was a woman of superior mind aad quali and much of Mr. Swain’s force of character is doubtless due to that circumstanc '. Swain’s devotion to his mother Was one of his prominent characteristics anti! her dying day. At the age of sixteen young Swaim went to learn the printing business with James Wilson, in Utica, New York, and such was his progcess, iudustry und thritt, that he was able a6 the axe of nine.een ‘o buy out the remainder of his term of apprenticeship and go in.o the world on his own account. Subsequenily he taugnt #& class in methematics in A buny; read elementary books of law in the office of the surrogate there, and also worked a6 his trade as a journeyman in the same city. About this time he first came to Philadel~ phia and worked as a pressmun in one of the daily newspaper offices of this city. He then went to New York city aud engaged with the printing firm ot Day & Wisuer, who establisied tue New York Sun. In their employment he was nominally be | foreman of the printing office, but in fact the min and energy and moving power ot the concern; for his activity und capabilities as printer and @ newspaper man were felt in every part of the establishment, trom the work of aicoaiy, 2 out news: reports to the setiing up of the type, the working off of the edition aud the distribution of the pers. Here, too, his industry and thrift = ability soon began to tell upon his fortunes, in the early part of the year 1536 he fel: himself suficiently aheed in the wor d to go into business on his own account. He looked around for part- ners in his enterprise and fora city that would afford a favorable openi+g for a newspaper, cording to his idea of what a newspaper ould be. Mr. Swain was a thorough and skilful pressman, and he sought in tis partners men who were ag thorough compositors, and who at the sume time had euergy and industry akin to his own. These men were Arana 8. Abell and Azariah H. Sim- mons, who formed the well known firm of Swim, Abeu & Simmons, aud the place they selected for their enterprise was the city of Philadelphia. Their paper was the Public Leder, the history of which is well known to the pope of this city. It will no be doing injustice \o Mr. Swain’s part- ners to say that he was at ail times the leading man of the firm in this city, and no man was ever better fitted for the business of establishing, organizing und carrying on a public journal, according to the true principles which shot regulate all newspapers, than Mr. Swain waa His mind was ermivently of the mathematical order, his intellect being of tue type that recognizes the value of guiding rules aud principles in the com duct of all business trausactious. It was his id moreover, that a newspaper is an iustrameut ¢} may be made one of yreat good or of grevt evil to a community, and that it is a power that ought never to be abused. Acting upon this view be would never allow the Public Ledger wo be used for private rt rayual ends. Accord ng to hie homely way of illustrating his own idea he used to say that a newspaper is much like a very powertal man going atiout in the street armed with @ g cat club, with which he might knock apon the sead this man or that man, according to his resent. ments or his passions, and whose v.ctims would have but fevbie power to resist. And for this reason it was indispensable, if the newspaper should be conducted for the good of society, that no abuses of its powers tor personal reasons should ever be allowed, on any pretext whatever, Tuis was a rule that he never deviated from, 11 was another of bis maxims,fhat bis news- aper should be conducted entirely Upon the cush asia; for the reason, as he stated it, that, under the credit system those who pail honestly and prompt- ly were made to pay move than they sould pay, to muke wp for the losses incurred by the bad debta of those who were tardy and dishonest, The cash rinciple, also, was therefore one of bis fixed rules, Still another of his maxims was this: Tal any man who had a good articte or a valuwle service of an} kind to offer the public, and who would tule the per means to bring that article or service to the ni tice of the public wase rtain to be cvsstul, This lay at ‘ue foundation of all his pliloan phy oa the subject of udvertisi g. O tum subj ob he Was a ouch migier, mid Unders oo! tia all ite ramifications, from the publicity whigh is piven by « sign over the door and tho | rin vig of cards an! haudbilis, 1p to thay mode of advertia ing which brings the ovject of tho a.wrint to the noice of hundres of thousands of readers ae euca impress.on; and he always graded les optic