The New York Herald Newspaper, March 23, 1868, Page 6

8 SOUTH AMERICA. Sudden Death of President Olarte, of Panama. ENGLISH MONOPOLIES IN PERU ¥rench Speculations on the Chilean ‘Treasury. ‘The steamer Arizona, Captain Maury, from Aspin- ‘wall March 14, arrived at this port yesterday, Colonel Prado, ex-President of Peru, is new at ‘Vina de! Mar, six miles from Valpariso, On the 6th of February the Most Rev. Dr. Antonio ‘Werran, Archbishop of Bogota, a brother of General Serran, the son-in-law of Mosquera, died at Villeta, ‘Rear Begota. His remains were interred on the 10th ‘with great pomp. His successor will be the Right Rev. Pr. Vicente Arbelaez. In June a national coun- ai! of the Colombian bishops is to be held under the ‘Presidency of the new Archbishop. The following is the list of treasure by the Ari- MOAR... 20. eee eee eee see eee eeee +0 $1,108,779 PANAMA. ‘SPECIAL CORRESPONDENCE OF THE HERALD. Death of the President of the State—Sus- picieus § Circumstances= Political Changes BMiteeted and Expected. PANAMA, March 13, 1868.9 ‘The state of affairs on the Isthmus has been very suddenly and unexpectedly changed by the death of ‘Whe President of the State, General Vicente Olarte Galindo, on the evening of the 3d inst. General ‘Olarte returned towards the end of last month from @ tour of inspection on the Isthmus of Darien and the Peart Islands. He arrived here sick,_took tofhis bed and expired as stated above after a few days. The cause of his sickness was at first ascribed to the fatigues of his trip and his exposure to the sun, together with the copious libations he was ferced to make on the Pearl Islands by the ehicfs of the Mosquera party on the Isthmus, ‘who were assembled there in great force, apparently for the purpose of making peace with the actual ad- ‘ministration and rendering homage to its head. The G@ppearance of the sick man was that of a yellow fever patient, and on the day previous to his death ‘the three physicians who attended him unanimously declared this case to be one of undoubted yellow fever. But rumors of a suspicious nature had in the meantime been whispered about, and certain circum. Stances seemed to confirm them. It was said, and up to the present moment is firmly believed by @ majority of the native population, that the President was poisoned. Among the num- Ber of people assembled at San Miguel, the chief village on the Pearl Islands, were @everal individuals of a notoriously bad character nd who had especial reason for taking revenge on the President for what he had done to very near Trlends of theirs, There was a mischievous lad, Bamed Olazagarre, whose father had been banished; ‘Where was the mistress of the well known Sigurvia, ‘Who was killed during the last revolution; there were ‘mtxed areenic in a goblet of champagne offered to ‘the late President, and that another ragged cup was Geatined for the Secretary of State, who, however, by some looky chance failed to take the polsonous Graaght, which was swallowed by Dr. Manuel Morro, one of their own friends. It is certain that the Sutter was taken il] about the same time with = Sa mune plication of emetica an remedies. On the otter the above physicians have published a card in ‘at the President died frem poison, aud adbere to their first statement. ‘This may have been done by their desire to hide their ignorance, or because they really believe that iptoms of which closely re- olsoning, Was the cause of his credulous still maintain that it ‘was poison which killed him and rely upon the fol- » Jowlng two orations of *nele belief:— First, that vomiting set in immediately alter partaking of the offered wine and be- fere the fever; and, i poisoning, and be- cause, even if it should turn out to be trae, he did Bm wish to engender political hatred and to have the 4 it. of vengeance thrown upon him or his family, ‘the funeral ceremonies were very impressive, and gave ecax roof not only of the esteem in which the de- was held by the better portion of the native ation, but aiso of the respect which the whole vign community had for his personal character, Some eloquent speeches were made over the open we, in which ple justice was done to the man’s : tev rity, energy and patriotisin. Although General | Olarte’s Political opinions clashed with those of a , treat many of his fellow citizens and his government > vas in more than one respect a just cause of com- ‘saint'to the foreigners, yet his personal qualities de- wed and always received high praise, He has a yae a creat dea! for the establishinent of peace on ™’ ¢ Isthmus, and, whatever may have en the su ortcomings of his own understanding and the im te of his snbord'pates and counsellors, was a sod of the foreigners; his memory will certainly Hv * among them, & y the death of General Olarte the executive has, acq@ ording to law, devolved upon Dr. Amador Guq rrero, a pi ican living at Santiago de Veraguas, os rat “de do” or substitute. Until he be not of the change, Mr. J. J. Diaz, the prefect of the , department of Panama, as second substitute, has en charge of the government. It is not ly that Dr. Aumador will decline to enter upon his @ «ties, as thereby he would forfeit his right to run f or the Presidency during the next term, for whieh he is a candidate. If the Mosquera y pally were the cause of Olurte’s death, they ve ,cen entirely foiled in their designs of @reaumt disturbances and obtaining posses- sion 6 the government. It was very for- ‘inate that General Ponce just happened Ww be pry sent at Panama when Olarte died. Ponce Was sent out bere sone time ago by the national governuk nt to look after their interesta, He isa Very mo&'st Ioan and well liked by the troops, among whom he has lived for over twenty-five years, from 4 common soldier up to his present rank. If he had not beqn here a muliny would have broken out among the oops, whic h, aided by a rising of the wié tion, m git hawe done very aerious mis- att. Pt hi it thie Provisional President lad the good sense to immediately appotnt General Ponce Com- maader-in Chief of the forces, and so everything has Femained quid. If {t is ‘entirely constitutional for Ponce as \federal officer to saccept a eom- mand from the\State of Paname is a queation of minor importanc®. Besides the maintaining of order the appoitinent @f Ponce is expected to have still another effect—naknely, the election of Dr. Pablo Arosemena as Prestitent. Ponce is s great personal friend of Don Pablo &nd will use el! hix leitimase fniuence to secure hia election, Which will be all time more certain, as his ¢ ore feel confident of nab Only carrying the capital and surrounding districia, Dut at least some of (he\ interior departumenia, Dr. Arosemena promises to \reduce the puimber of aoi- @lers, thereby lightening the burden of the taxpaying ettdzens and foreign resilents, aud to introduce many other ina. T hope he wii be willing and abie to carry out all bis good intentions, ‘or some lime & rumor wes current here which sated that a severe earthquake hod been experi enced in Chiriqui, and that the town of Uavid was fn ruins. The report probably onic 4 with some- body who had celebrated the can a litte too fer entiy, aod felt the pavement of\vavid vitting him on the nose. By the M niyo, w hh got in here on the 10th, it is DOW positively kuow i no such earthquake took place either in Day! or any otler Lace on the Isthinas, which for centunos back haw oon the only unshakea portion of America south of Mexico. ‘ The steamer Perp, from the south com, arrived here on the Sth. She brought the usual «ov respond- ence for the H&kaLD from Chile and Pery. Among her passengers are four oificersef the Peruvian nivy, who proceed by the Arizona to New York, a) Jy on a government mission. The American steamship Company's steancr Nebraska, Oaptain Horner, arrived in this bay on the ‘7th, after a e of Afty-eight days—fifiy-two HK Which were running days—from New York. She experienced bad weather pearly on the whole trip; first from New York Cape Roque, then in the Atraits, and Gnajly in the South Pacific. She touched at io Janeiro on January 31; left the day after; am rived at Lota, Chile, on February 19, aud Jeft there on the wth. All well, / cabo Cayclude without agaip eomplaining wants, really be looked ure, Since writing the above the news hi ceived here that young Tomas Pardo Ol: nephew of the late President, suicide by shooting. The wound is Ssngerons fatal. The cause of this deed was grief uncle's death and his conviction that the latter been poisoned, E PERU. ‘SPECIAL CORRESPONDENCE OF THE HERALD. Acts of the New Goverament—English Mo- nopoly in Peru—Condition ef the Country. Lnaa, Feb. 28, 1868. During the Jast week the government has been actively engaged in beginning the work of retrench- ment, While the last revolution was in progress agreat many young men left their occupations and joined Canseco’s standard, receiving at their entrance into the service a rank and command. But Canseco very prudently stipulated that these ranks should only be nominal and that the confirmation of the government would be necessary to render them legal. Now he is engaged in paying off this class of indi- viduals and despatching them to their respective homes. This measure not only rids the army list of a number of useless dependents, but at the same time causes a number of persons to return to their legitimate pnrsuit, whose losa, in a small popu- lation like this, would be very sensibly felt. Th's measure may create dissatisfaction, and no doubt has among a certain class, but no degree of danger ig anticipated therefrom. Here every speck of trouble must be taken into account. It is generally understood that the government intend following up the retrenchment plan with a good deal of energy. Attention is first to be given to the army, which is by far the most important item in the Peruvian budget, then to the~ navy and finally to the civil list. A judicious decreasing of the expenses in these items would enable Peru to pay in two or three years the com vely unim- portant foreign debts contracted by her. But the gorernment, while taking this advantageous step, also committing tremendous ravages on the treasury. By the decision of General Canseco the omMcers removed by Prado and those who fought under the fallen Pezet in 1865 are all entitled to their pay from that year to the present time. The Presi- lent himself was one of the first to reap the benefits of this law, and the other officers have not been at all backward in appearing. But Prado’o officers, who whipped the Spaniards and claimed the na- tional honor, are not only excluded from these bene- fits, but by another decree prohinied from appear- in the streets in their, military dress, ‘he project to reduce the army from tts present strength (twenty thousand) to three thousand men meets with a it deal of support from the news- papers and the public opinion generally, but, very naturally, is strongly resisted ‘by the military them- selves, They say, with a good deal of justice, that here, unlike other countries, there 18 no opening for men who have already a profession and who k capital; that after serving their country, as they term it, it is the highest ingratitnde to turn them off to want and misery, and then they threaten the most sanguinary revolution. On the other hand the ople grumble at the enormous ourcens caused by ihe military organization and would hail with joy the reduction of those expenses and the abolition of a most effective press-gang system which has been ex- isting for many years in this country. The probabilities are that the evils and expenses of this force, which only serves as a basis for all revolu- tionary movements, will drag it down, and then thin § will really look a little brighter for Peru and er future, It is rumored that the government proposes reduo- ing the d) on is which are destined for the exclusive ‘of the Indians of the interior, If such be the case tt will be of very considerable eee to those English manufacturers who by skilful man- repose Once an attempt was made by an American com) to establish @ line of steamers on the coast. One little vessel, the Pe- Tnano, Was sent out, She succeeded won ; the thoroughly understood his business, and the British company, hearing that this ship was the forerunner of a fleet, was uneasy; but mature deliberation it was’ concluded to buy the little steamer, and the American owners ug eee twice the value of the vessel, accepted. ship into the hands of the English com- is still running. This was the American attempt at opposition here. Prado an opposition line to the granting to @ Peruvian company the use of jong vessels and conceding various privi- tothem. But the Pernvian company having, in the first place, to work with old and damaged material, has not .as yelg been so successful as was promised, but when several fine ships now being constructed are finished and placed upon the line it will no doubt be very h ‘This business is pen! Rey Sa gow ee —— capitalists, and mericans wou! It paying to a great degree. If Peru could only remain at for @ short time there is no country in the world where capital can be More advantageously invested, and where labor is more liberally repaid, Some years since a colony of Germans was brought out and settled near the head waters of the Amazon. The Peruvian government gave them land and work- ing implements, and the colony, now largely in- creased, is in a Ee gin n! condition. The; uct known, and send their crops to Lima. The colony numbers about five hun- dred. The government proposes to make some very advantageous offers to colonisia, which you will be in time informed of. The government has also suc- ceeded in getting $9,000,000 from the companies for the consignnient of guano to France and Great Britain, bt a large amount of this must be devoted to the payment of buck salaries, ‘The country ts periectly quiet. CHILE. SPECIAL CORRESPONDENCE OF THE HERALD. Difficulties Between the Government and French Contractors—Chilean Policy Towards Peru, , and it and o1 raise almost every p! VALPARAISO, Feb. 17, 1868. Xo news of importance from the political world. Congress is not in session and everybody, with the exception of editors, is attending to his business or enjoying the summer weather, and government docs ‘what it has done all along—that ts to say, whatever it pleases. One of the dailies published in this city says very tartly:—‘The only definition of the actual state of politics which we can give is that of the Dead Sea.” This Dead Sea, to follow up the com- Parison, occasionally exhales some very foul odors, A nasty air of this kind which has just come to light is @ new phase in the mysterious and certainly not very clean negotiations of con- tracts and counter contracts and loans which had been going on for about two years between our gov- ernment here and the French house of Arman & Co., through their agent, Baron de ia Rividre, The dif- ficulties arising out of the guano privilege granted to that house have been reported in the Henan, but now a new and graver one has snddenly ap- peared. M.r Arman had undertaken to furnish two monitors to the Chilean government; these he con- tracted for with the Compagnie des Chantlers et Ate- Hers de 'Océan, ashipbuallding concern. This company sued Mr. Arman for 1,945,000 francs, being part of the stipulated sum. Arman refused to pay because he could not deliver the monitors to the Chilean gov- ernment, as the French authorities prohibited their leaving the port tn erderto maintain French neu- trality in the Chileno-Peruvian war with Spain. This plea was overreled by the higher tribunal, which erdered the sult to go on. All this apparently affects only Mr. Arman; but the suspicions of the people heve been aroused In regard to certain ad- vances tedie by the government to the embarrassed house of Arman & Co. Ip last Congress the Senate held two secret @esasions, where these advances were discumed. One of the honorabie members ac- cused the Exeentive of baving paid in advance cer- tain sums of money.without sufficient security, im- plying that he did not. believe in the soundness of the concern of Arwan & Co. Thia bronght out a chal- lenge from the Haron, and created a goo deal of reaultless excitement, And now the sui perfectly srereg oe me iit time turn out to true. ie Mervurto of this city a very jtistly :— The Mejilionre euano beds the Rates Ge tire, he house of Arman, monitors -ail this appears complicated and wrapped in mystery. The one ibing clearly known ia the =. iaaued “7 = b of ne Will the an wernment, like the ( ie des Chaat iers et ftoters, The ner i recvan tf copcacing before. 0 ench tribunal? This wonld start « litien! question. pa Bn a ely Py Nr mn wat ministers may jen ‘or the crimes of treason, pecu- [ation and malvergalion of the public mesons Withee « fall knowledge of the facta would be husarding too much. 40 that there hal been” any may sation of the public moneys; but tf Judap by the attacks of the opposition upon” the govern ment, the Arman question will gure n the wut againat the jovermment, The Bas sill '& three montin rempite. foon @a Congrene o y Pxpeet to wee this atfule figuring Menon the Anterpaliations.! Tt equally certain the two moniiora will not come to Chile, In the eran of war, what nreane have we for carrying on naval hostiwiles? Our'iene Is ensvargoed tn Bnrope—the oorvettes in Eaghand, he monitors in €rance. In it matter of snrprine, then, tial tke government J the later country should confidently assert Maat the war in at ww end ? Fortunately the\war is at an end to all iptenta an® purposes, and nov. ly thinks any more abdut it, * What gave ooeasioN for & itp wae the Le ae ca @ year or more in consuming an immense amount of oa - “i danger cf, s unpieasant Laps jowever, nO r ne tween the two nations, ‘although ‘Where may not be on his trip to Mendoza, had ar- hig! point of the pass when last ma, In port, United States steamers Powhatan and Nyack. THE NATIONAL FINANCES. (From the Philadelphia , March 21.) Sin—I have been asked of late by my former agents and the ress for a full and cir- cum: pede jovvoprce ser’ nes uy] oo wach the promise to pay the interest and princlpal of tie five-twenty loan es gold was based, and tht extent to which the faith of the nation was ighted. I consider the tation of this .sub- t, namely, the payment of our five-twenty bonds In anything but as an and injurious attack upon the public credit, No possible can come from it. Much injury to the credit not only of the nation but the whole business com- munity must ensue from the bare discussion of such. a question. It is useless, because unless we are pre- red to expand the back currency the Preasury is not in funds avail of its option if it were right to do so. It is suicidal and foolish to thus samage our credit by attempting to force const@iction of the-loan laws never contemplated by those who framed them, by those who executed Gen, nor by those who invested under their provi- jons, REMONSTRANCES, Thave not hesitated to remonstrate with Senator Sherman and others who take the “greenback” view of this question, and now I call upon you and all the _— of the land of all shades and parties to stand by right in this matter. ° REPRESENTATIONS OF THR PRESS. If the several Secretaries of the Treasury, the gene- ralagent and the sub-agents are responsible for a “gross deception” of the people, you, gentiemen of the press, are equally responsible; for without your nobdie aid and untiring efforts the public would never have responded with such an outpouring of means. You dissemisated, in thousands of editorials, the statement that the funded debt (the five-tweuty and other loans) were, principal and interest, payabie in coin. You did it honestly, and so did [. POINTS OF LAW. In a recent letter to Senator Sherman I qrsnca as follows:—That it should be considered a legal fact that the five-twenties are payable, principal and in- terest, in gold. Because nothing is said to the con- trary in the law creating the loan. Because the cus- tom of all other nations, as well as our own, has always been to pay a funded debt in coin only. Because the del at the time the loan law was passed revealed distinctly the mind of Congress. The chairman of the Commitee of Ways and Means himself distinctly stated at the time the bill was pending that the bonds were, principal and interest, payable in gold. bBe- cause @ provision was eenho on ie sink- fund, in coin, to be annually app! pur- ba or payment of the bonds. “Because the Secre- taries of the Treasury have all uniformly declared that the bonds would be paid in gold. Because the bonds were sold to the people by the authorized agent of the government on the strength and con- tract of this declaration. Because this interpretation of the law was accepted by the whole country. Cou- grom, ecodng Senater Sherman, stood by while e Treasury Department was thus,. year after year, promising to pay principal and interest in gold, without giving a@ single note of warning of any intention repudiate the contract in alter years. Because, when the chairman of the Com- mittce on Ways and Means, to the retarding and sad injury of the negotiation of the loan then ing on, rose in his ar Oy: one of” the darkest riods of the wee and roposed his individual motio tat the r the principal and interest of the loan should be in legal tender currency, his mo- tion was ly and promptly suppressed, but not until it had done great damage lo the public credit, the indications unmistakably show! that pei any other than a gold basis it would be impos- sible to sell bonds, Because it isa fixed and settled ny al as well as moral principle that the principal is bound by all acts of a recognized it, and legal gentlemen and Senators as well argue to the winds as attempt to tell the loyal people of this na- tdon who furnished the money in exchange for these ae pas Cor Jd M ni a or agent, year after year, transnets business to ‘the faction of his rinctpal, making sales, purchases and contracts in e name ofthat principal, while he looks on approy- ingly, and sanctions in innumerable eagent’s ar they are of course not py morally legally bing ing upon the principal, although the clerk or ni agent may never have had written or even verbal authority to show that his principal is bound by what he has properly done in the regular course of clerk- ship or agency. SCHEMES OF REPUDIATION. I think I have written enough to sati the bond- holders that there are reasons, and gi ones too, why they need not fear the success of any plan to de- fraud them Chae pee I think, however, that I may say er any man, or party, advocating such a shallow and dishonest Schene ol repudiation a# would be the ment of the five- twenty loan in greenbacka, almost entirely unsupported by the mass of the people, including not only the intelligent educated men of all pi ni occupations and parties, but the great mass of hon yeomen—the tillers of the soil. The ine who, through long years of terrible war, maint the honor and po of the nation cannot possibly now eonsent to tarnish their fair fame, or to lower our standard of honorable financial credit, or to make this nation an example of vad faith before the world. SENATOR SHERMAN’S OPINION. As T have above referred to Senator Sherman’s position in this controversy, I deem it just to that distinguished gentieman, whose position and record during the war have been the subject of universal admiration, to say that while he honestly believes the law, strictly interpreted, gives the government the right to pay the bonds in greenbacks at the maturity of the retned) option, yet in a recent letter he declares that, “while this is my opinion on a k juestion, I do not wish to raise it nor did I. It is forced upon tis; and I would gladly ai return to specie payments, or by an exchange of new bonds, or by the purchase in open market, at current rates, of five-twenties, to avoid deciding a question that in the minds of just men, which ever way decided, would affect the public credit,” FPurther—by way of iliustration—suppose a man having $2,000, gold, sold it during the war for a pre- mium of fift; Tr cent, Leer 8 000 in le, tenders. This he invested in $3, ve-twenties. Now, under the operation of the scheme of repay- ment in greenbacks, gokl rune up to five hun- dred per cent premiam. He takes his green- backs, $3,000, for his bonds and reinvesta in gold, but finds, instead of his original 82,000, which he honestly risked on the fate of his country, he now has but $500. That this would be a fair estimate of the resnit to this bondholder no one can doubt Who has read the history of ail irredcemable and excessive issues of currency in every age, If the acheme were at all possible or just and proper strict justice would require that ai account should be either by & teken from each subscriber of the premium on gold on the day and hour he made his purchase of bonds, and then he should be permitted to purchase from the publte treasury an amount equal to the original sum in hand as the proceeds of his bonds at this Have the advocates of these “greenback” sures reflected on the wide spread ruin that 1d follow the success of their efforts—ruin to vested interests to widows, orptans, the poor, the Unprotected and ignorant all over the land? THE QUESTION OF TAXES, It is common for public speake-s who advocate the Violation of the natton’s faith by insisting on local taxation of bonds, their payment i to designate ke the bondholders as and also to stir up tie West @ of the presumption that th roportion of All tinks is perversion of trath, avings institutions there are not many large hoilers of government bonds, the creat oulk beiug belt by the people, not the capitalise. HOLDERS OF THE BONDE, (ut of the three million subscribers to our various 1 es jowns over nine-tenths ae of the claas called he people. The West took $220,000,000 of the $8:0,000,000 seven-thirty loans ‘and, I'doutt not, holds a farge portion of It now, and this is as large ® Proportion aa could be expested from a new and enterprising region, where morey always commands higher rates than at the seabard. Ohio alone took OVER $90,000,000 and Llinols over $70,000,000, The West wos also a large taker a the five-twenty and other loans. 1 can substantiate these facts, for L have taken the trouble to malyze each day's sub- scriptions with the above resut, Again, how can the bondboders be consilered @ pavseges clase? Daring thy entire sale of Wiese onds they were offered frecy at par to any one Even the owner of but $50 Vas not excluded, but handreds of thonsands of these small Investors came forward in all parts of the land and were gladiy wel- comed. The small premion to which our bonds have advanced is no impedinent in the way of any who realy wish to obtain them, and even now the dally demand from this of investors is far greater than that of any othe class, Whut becomes, then, of th assertion that the man who holds government hones is a privileged persent Cannot any man who has « horse, a cow, a tiwn lot, a few surplus bushels of corn or wheat, or ary artl- cle of exchan; le value, even his labor, aotain these bonds by simply partog with his goods, pro- duce, property, or labor, snd with the proceads thereof purchase an Interwt in the public fund? It he groans under the tasation of hia town lota ov surplus lands, let him sell tem and invest vhe pro~ in thin “favored” security. The truth is, that large portion of those who *hun argue against is not bound by the promises of Hu iH art 3 2 | 8 if if i : of this FO} consolidated debt; and 1 ears very much the new bill contains any such provisions. I share with Mr, Sherman in Bihee voit have been, y, time funded into five per cent loan and the ur, speoie payments by the ist of July, MISTAKES OF THE PAST. execution of from its mercantile, inte, MARI RCeeRE: and all the other vital interests of interest received by the bondholder was worth no more than the five per cent interest received from a morneeay or other sources of income, it is manifest that there would be better tunities for our struggling railroads and manufactui and other interests to borrow money from the banks and capi- taliste. For these reasons I urged the necessity of the prompt funding of the debt and return to le parents, and I now deeply regret that at the of ‘farther attacks upon my personal motives I did not then use greater exertions to secure the adoption of these plans, EFFORTS AT FUNDING. In October, 1865, | was uested by Mr. McCul- loch to present to him in writing my views on the funding of the public debt, the resumption of specie payment, &c., &c. I did so. and at tl submitted these views to Senators Fessenden, Sher- man and others.. Mr. McCulloch had many and able advisers, but his views in the main coincided with and when the time for action arrived Senator prepared and introduced a bill satisfactory to the Secretary. This bill was épposed from unex- pected quarters, ahd the Senator, after madifying it Seven deemed it best to postpone it, owing tothe creasing excitement in political matters. Ihave no doubt that the people, the masses, are fully able to absorb all our debt. Of course a por- tion will always be held by banks, and another por- tion abroad, but even the eight or nine hundred millions thus héld would be quickly absorbed by the people of our growing and prop penons land if they the option to takeit. I believe also that the rate of five per cent, free from taxation, would be per- fectly satisfactory; but at present, and within the next ten years, no lower rate of interest than this will fix the loin permanently in the hands of that class of people who ought to hold it, as it would be the most safe and legitimate investment for widows, or- rng trusts, estates, mechanics, farmers, saving ands, &c. Being guaranteed by us all, the rate would be a fair return, and much better for this class of investors than a large rate derived from greater risks, which latter ought only to be taken by the capitalists and active business men of the country. GOLD AND SILVER IN THE COUNTRY. From the best sources of information I have the impression that our country contains at least $250,000,000 more gold ‘and silver coin and ballion than we had at the beginning of 1861, and I believe all that is wanted now to ensure speedy and safe re- sumption, after the completion of the funding of the seven-thirties, is to ix day. RESUMPTION OF SPEGIE PAYMENTS. if ones moore Segond to pevvates Sor contingen- cles by arran, for a tempor foreign loan, or by authorizing the to erests on deposits Cis uired. The ition of 4 we reqi question of resi spec! payments is to my mind very simple, anatase the present there is no more favorable time for anne oe day, say twelve or ee months ahead, this desirable obj ali be accomplished the pay- ment in gold the original five-twenty loan ¢an be commenced by providing from the sales of anew consolidated five per cent funding loan all Wess mene be. needed, It will not be necessary te provide for the whole $514,000,000 at once. The ‘was issued in series of about $100,000,000 fi second, third, fourth series, &c. The holders of the first series can be first notified and paid om, The chances are that very few holders would desire ‘ment, but that all or nearly all would vol- untarily fund in the new and longer five cent bonds. This would especially be the case if Joan should be #0 popularized that there would be a competition for it, a new class of purchasers ‘tak: that was not Lag absorbed by loan. believe that not $50,000,000 of gold would be called for in making te whole payment and exchange of the $514,000,000. The same process could be applied to the other issues of five-twenties as fast as the government option matured. How sad, then, in view of the very simplicity of the solution of this whoie subject, that proininent men all over the country should endeavor to tye pe of it, and saddest of all that any of those who sustained the eanse of the country and upheid its credit during the dark years of the rebeilion should now give the weight of their position and character to any of these “greenback”? schemes, PREDICTION VERIFIED, At the close of the first five-twenty loan I ventared to predict that no other six per cent. gold loan would be ofered at by the governnent. Up tot is hour the prediction has been verified, and 1 am equally confident that no such breach of faith as would be involved by the payment of the five-twenty oan in greenbacks will ever occur. BAD ADVISERS. regard the agitation, originally of this pro- position, as the work of those who opposed the war und all measures for the preservation of the national credit and existence. On the ap- proach of a Presidential election, they have, for ‘Want of better and more patriotic capital, availed themselves of the temporary embarrassments of por- tions of the country to stir up an ignorant ¥ tion to the public credit. Perhaps the country must subinil, through the ro canvass, to postpone all attempts to remodel the finances; but f am posi- tive that so soon as the Presidential election is over this qusiton will no longer be postponed, but plans will be inaugurated that will not only fully maintain tue nationai faith and credit, but greaily reduce the present burden of the debt. RETRACING THEIR STPPS. Tam s$ad to observe unmistakable signs of the abandonment by both parties of any intention to press this ‘greenback’? question, the recent political conventions in various States having avoided any explicit declaration of opinion on this subject. The recent Republican State vention in Philadelphia, more Lpecbeve nd nobly reasserted the inviolabiiit of all contracts between the government and bond- holders, and Governor Seymour, before tie New York Democratic Convention, unmistakably maintained and insisted upon the payment of the five-twenty bonds, principal and interest, in coin, MR. COOKE’S POSITION. Imake no apology for thus once more intruding upon public notice. Ido not wish my position mis- understood. | naturally eel a great responsibility, and as my fellow citizens deer it right tuat I should ~~ hesitate to express my views in the matter I have ONC 8 ‘AKERS OF RUTLER AND PENDLETON, closing [ wish to correct @ misstatement y made by General Butler and repeated by nitieton in his Milwaukee speech. Roth gentie- sort that L advertised, as a general agent, the ten-forty loan as the only loan of the government the rincipal and intercss of w were payabie in coin. his tsa double error, I never Was te xpecial agent of the government for the sale of the ten-forty loan; and the advertisement of the firm of Jay Cooke & Co. was only to this effect:——That the ten-forty loan was then, the only joan of the governtoent to be had at ar, the principal and interest of which were payable Ingold. Had 1 been the spectal agent for the sale of the ten-forties I am contldent that it would have been made so great a success that the government would not thereafter have paid a greater interest than five per cent on any of tt4 loans, 1 believe, also, Uiat if this loan had been managed properly, and by one agent, thet an abundance of funds coun have been produced at ail times, and thereby many hun- dreds of millions would have been saved to the gov- ernment which were lost by reason of inereased prices charged by contractors and others to compen: sate for delay in payment of their accounts for sup- plies, &c. PAST EFFORTS TO KMNARKASS THE FINANCES, 1 believe, further, that the war would have been ended in 1864 had not the enemy been perfectly aware of the then tottering condition of our tinances; Dui the clamor against the agency system and base and false insinuations and accusations which were then made induced the Secretary to try the nego- tiation of the ten-forty loan through the efforts of the Treasury alone, which, of course, resulted in fatinre, nor and objection sprang up in When Mr. Sherman introduced the first funding bill, Yiekilng to it has cost this nation, in both instances, Wore treasure than can be estimated, besides a large of the distress and trouble always consequent: ch inaction and delay. aay UOORE. At a meeting of the Canal Board e follow! appointments wer ngineer—| rp Division, Pete Hogan. Superintendents—Erie Oanal, Giles Hawley, sections 4 and Me section 7; Phill s jerome W. Keyes, sec- it; Charles A. Banowia, sections 12 ‘and 14; Frank B. Gallagher, section 14. Champlain Fil, uoction ft George Ncetarip vedtion a Charen H 01 3 Chem ry Hanlom—Albany Argue, Marr} 21. called FINANCIAL AND COMMERCIAL. Sunpay, March 22, 1968, ‘The lending feature of afmirs in Wall street last Week was the extreme stringency in the money mar- ket, which caused seven per cent in coin tobe offered freely for call loans on stock collaterals, including governments, while en Thursday and Friday 4 com- mission of 3 & % per cent a day was paid quite generally in addition. On Saturday, however, there ‘was an abatement of the pressure, owing to the very light demand from the Stock Exchange and the Prospect of the Treasury issuing ten millions of the old three per cent certificates of indebtedness, known as clearing house certificates, in the purchase of seven-thirty notes or compound interest notes from the banks, The Sub-Treasurer éxpressed his willing- ness to buy seven-thirties' yesterday at 106 ; but as the current price was 106% a 106% there were no sellers on the terms offered, The Clearing House Committee, deliberated’ on the subject of the proposed reissue of these certificates, and after expressing themselves in its favor decided to call a general conference of the banks on Mon- day, with a view to so adjusting matters as to make the exchange of interest bearing notes for certif- cates practicable, The money market ts not, how- ever, likely to experience much relief until after the first week in April, by which time the funds distributed to meet the demands of “settling day” and to enable the national banks to make up their quarterly returns satisfactorily will have begun to return to this centre. The statement of the city banks for the week ending yesterday reflects the recent stringency and shows that they are weaker in loanable resources than they have been for a long time past. When compared with the retyrn of the previous week the following changes are pre- sented:—A decrease in the deposits of $9,906,944, in the legal tender notes of $2,447,780, in the loans “of $5,309,134, In the specie of $1,800,393 and in the circulation of $810, The totals of the last two state- ments respectively are a8 follows:— March 14, March 21. + $206,816,034 $261,416,900 Specie. + 19,744,701 17,944,808 Circulation. . » 84,215,381 34,212,671 ta... + 201,188,470 191,191,526 Legal tenders.. sevee 64,738,806 a An examination of the foregoing shows that the abilities of these institutions in deposits and circu- lation aggregate $225,404,097, and that their reserve in legal tender notes and specie is $70,205,304, or 13,854,370 in excess of the legal limit of 25 per cent upon the Mabilities, which wonld amount to $56,351,024. If we deduct the specie, however, we find that the reserve is more than four millions below the legal limit. As may be supposed dis- counting was almost suspended and commercial paper, even of the best grade, was difficult of sale except at 2a 3 per cent above the legal rate during this pinch; but the supply was light owing to the dulness of trade, all the leading branches of which are less animated and promising than usual at this season. Government securities were dull and somewhat depressed by the extreme monetary activity, but after the relapse of abouts half per cent from the previous advance on the first day of ‘the squeeze” prices were well sustained, and on Friday afternoon and Satur- day there was a decided change for the better in the temper of the market, and quotations advanced from @ quarter to five-eighths per cent from the lowest point touched. The indications are that this class of securities has experienced the fail effect of the tight money market and that with a moderate supply of Toanable funds it will advance considerably, prices being low and the tendency upward. Moreover, owing to the high prices at which railway and mis- eellaneous stocks are quoted, as well as to the pub- He distrust and Wall street demoralization grow. ing out of the Erie litigation, both investors and speculators are turning their attention away from these, and the natural result will be that United States stocks will absorb some of the capital thus left unemployed, and for safety and cheapness no other securities can compete with them. What prudent man would select for investment a six per cent in currency stock, like New York Central at 124, when he can buy six per cent in gold stocks at a little more than five per cent above par, allowing for the accrued interest? Speculation in railway shares at the pre- sent time is invested with more than ordinary danger’ and the market is liable to violent fluctuations, which cannot be foreseen, because they are produced by ‘elique movements and other artificial causes which defy the scrutiny of outsiders. The railway share market was variable, and New York Central at one time declined to 117 a 117} and Erie to 66%, the remainder of the speculative list being at the same time weak and unsettled; but afterwards the bull party rallied both the stocks mentioned, and the former advanced to 123% and the latter to 72%, notwithstanding that the diifer- ence between the cash and regular price varied from an eighth to three-eighths per cent, owing to the monetary activity, This scarcity of loanable funds May have been partially due to artificial causes; but it was impossible to trace them, and it is obvious that when the money market is naturally active it is very easily aggravated into stringency, elther by distrast on the part of the banks or the action of individaal firms in locking up their own money. But for the resolute efforts of the bull cliques the whole railway share market would have fallen into panic, and in the absence of any outside support or a large “short” interest the decline would have been heavy. Erie was the en- feature of the street, and it is likely to re- main so for a considerable length of time to come; but it is supported entirely by the party aiming to control the road, and whenever they relax their efforts to sustain it, either from inability or choice, it will fall, for the outside public is unwilling to hold %, speculators are unwilling to deal init, except for a quick turn, and the banks refuse to loan money upon it, unless in some few instances to a trifling extent on a wide margin when mixed with other collaterals, The bull party, however, says that it will put the stock to par before the next annual election in October; but meanwhile it is useless to speculate on the contingen- cles to which it is liable, and those who buy it on the strength of such statements are Ukely to find them- selves seriously disappointed, Neither to buy it nor to aell it “short,” but to leave it severely alone is the best advice that can be given to the public under the circumstances, The litigation in which the company fs involved attracts a great deal of attention both in and out of Wall street, and the general opinion is that the Vanderbilt party will not succeed in ousting the present directors, and that the bill now before the railway committee of the Assembly at Albany will pass substantially in'its present form, in which event the suits now pending will be practically decided fn favor of the Erie party. The bill in question empowers the Erie company to contract with the Michigan Southern or any other rail- way company to provide a track corresponding to the Erie gauge, and declares that it is within the powers of the company to guarantee the bonds or coupons of any other railway company necessary or Proper to secure the connection of the Erie and other railways, this provision being intended to cover the construction of the Akron and Toledo branch, which ia necessary to the broad gauge route from New York to Chicago, via the Erle and Michigan Southern lines. And this project 1s at the bottom of the present quarrel, To open a broad gauge to Chicago ‘would be in direct opposition to the New York and Hudson River narrow gauge route, and the Vander- bilt party at once decided to declare war against the Frie Company, and, if possible, turn out ita direc; tors suminarily, regardless of their term of office not expiring until October next, and install itself in their places, ‘Thus far it has progressed but Iittle in this direction, and the injunctions and coun- ter injunctions which have attended its proceedings are likely to rosnit in nothing more fmportant than bringing the courts inte contempt, for such a legal farce bas never been Burpassed, If ever before equalled, tn this or any other country, and one good effect of the passage of the bill referred to would be the dismissal of these vexatious auits. Moreover, public interests demand that the Erie and New York @entral companies: shall be under separate manage. ment, and that the wholesome competition which has hitherto existed between them shall continue. To give one combination and virtually ono man control of four distinet ines in this State, two of these being the Eric andy the New York Central, is to establish @ hnage monopoly, whose Political influence would be supreme, and which Would thereby be able te eharge whatever rates of fare and freight it saw Bt; for, of core, the Lemisla- ture would, sbolish restrictions where they and impose na new ones which were not to the monopoly. The competition of the P vania Central and the Baltimore and Ohio lines have little or no effect in keeping down rates, those companies would only be too willing to mak their tariff yniform with that of the Vanderbilt and in course of time the monopoly, which includes, the Cleveland and Toledo, would other linea, until the greater part of the rallway sys tem of the country passed under its control, © 2. ‘The gold market was duil and rather heavy towards the close; when it became firm. ‘The: tuations during the week were from. 139% to while the latest quotation on Saturday was 180% 130%, ‘The demand for coin for gustoms deties the port aggregated $2,279,094, while the export specie and. bullion amounted to little than a quarter of a million. The foreign ex market was throughout quiet and depressed, owing to the supply of bills being im ex- ceas of the demand. At the close rates were on the basis of 1003; a 100% for good bankers / on England at sixty days. The closing quotations for the speculative stocks on Saturday ene are joined:—New York Central, 123% a 12334; Erte, 7: 71; Reading, 915 a 9134; Michigan Southern, $776; & 8734; Cleveland and Pittaburg, 90% a 91%; Island, 93% @ 9334; Northwestern preferred, 4% 14%; Pacific Mail, 100% » 110; Western Union Tele- graph, MY awy. - a Annexed is a comparative statement showing the shipments of specie from this port last week an@ , during the year to date, together with those for the Twelfth week Prev. reported. Total.. ul + ++-$5,364,804 $6,068,003 $14,104,004 The exporta to the corresponding period im the 8,508,696 7,460,569 Subjoined is the total valuation of the foreign im- porte at New York for the week ending Mapeh 20,' compared with those of the two preceding weeks, a8: also the value of the dry goods entered at this port’ and thrown on the market for the corresponding: Period in 1866 and 1867:— | Week ending March 6, March13. Maroh 20. jb eseeves e+ $2,024,344 $2,321,203 $1,! Dry goods. 568,580 General merchandise: 720,180 2,532,061 —@,007,582, - Total for the week.$4,753,533 $4,563,355 nen? The imports of dry goods for the week and since January 1 compare as follows:— For the Week. 1866, 1867. Entered at the port. $8,283,331 $2,517,763 $2,568,590 barnes os cease 8,664,777 2,631,359 ince Jan. 1, Entered at the port. $42,835,030 $20,011,659 $19,318,496 Thrown on market. 39,433,716 32,314,912 20,146,740 COMMERCIAL REPORT. SATURDAY, March 71-6 P. M. Asure,—Recelpts none. Pot were firm at $8 3734, wh ® moderate demand, Pearl were dull and nominal at 11. CorFRe.—The market for Rio ruled firm at the advance’ noticed in our last, but there was no business of moment. transacted. Other kinds, though quiet, ruled steady at for~ mer prices, ‘ CorTToN.—The transactions in this staple were again light, and prices were somewhat irresular, The sales were confined to 1,879 bales upon a basis of 24}gc. a he, for midditng ap- the latter price was general'y demanded—Inch ioe Tot atport, S65 for speculation agd 260 for spinning. FLOUR AND GRAIN.—Receipts, 74 bbla, flour, 8,000 bushel corn, 4,960 do. mait, ‘The market for State and Western was urnsually quiet, business belng materially restricted by the, inclement” weather. Prices, of all were without “change of moments Ca i ut unchanj in value. re eee trano aeul Ubi, Within the range of Zonezed quotations, For Southera flour the demand oon tinued iigit, but fall prices were obtained. |The bbls. flour remained quiet, but steady and firm.' Bales 176 boise, at 7 7b 99 oo, Tora meal was fa sales 1868, ) 1,878,060 alea mand at prices showing no change. The were . Shinn at gb Tor elty und Sersoy and 96 25 for Brandy wine,| We quote:— and &3 20 ray ‘were: + 280 ibs. To Briatol, 250 bbls, rosin on private terme. lamburg, heavy goods at he. |The charters were: jan brig to the Mediterraucan, geveral cargo, JUNNY BAGS remained quiet, but steady at 18ive, a Ife. Gonsy CLora ‘continued ‘tail cut slew? et Bees 2040. J Hay.—The market was only moderately active, | Bhi was obtainable at %1/a %1 15, retail los @1 30 8 50, rye straw #1 20 and short do. 1. ‘. Hors were very quiet, but ‘without particular yale 13tgrop gas quoled a dies TaN ds S00 ae erent We heard of no important sales of any deser Manila was steady at 10,yc., gold, and jure uirm a8 $1 06 OR cape —there was but little demand to-day, but holds ern were very firm iu thet views. ‘The aules were 835 Aids, Cuba clayed at or about 44. NAVAL. 8roRks.—spirits turpentine was stil) dull heavy at Gc. a the. The sales were only 80 bbls. in sbippin corde latter a Hodix.—The lower grades were moderately notive at abo former Other ufet but roe gan Sve. do. pale 74 do, No, 1 ci TEL Gis Word at edidy a ghas: Nol at gl We pale ty . ae 3 Were no sales, We quote Wilmington $83) 0 ton .—Lingeed was in some demand; sales, 10,000 for next month’s delivery at 41 1%, Utner kinds were di but steady at our last quotations. PROVISIONS. —Recelpts, 55) bbl, pork, 413 do. beef, 944 do. lara, og SS ry for city, Beef was sparin,y dealt tu, vut irm!, 280 bbls. at 6 ga for plato ‘mess ad eld Srtra dos Torce beet was ult a e880 487 for prime and $38 0 $41 for India do. Cut meats were quiet, but with aales of 190 packages within the rauge 01 Ie. a Pickled shoulders, 11jy¢. & IL 4c. (oF dry. 00. Lie. & Smoked, Ic. a 1540. tor pickivd Lams, Lie, & lee. for and 1c, a Ie, for an . peel hams, thou,b quiet, firm at Bc, a 40c., with sales of 100 bbls. within the range Bacon was quiet, but ateaay, at 12c. # 13.40. for Cumberlan Bi) cc. for long ribbed, 14 gc. @ l4c. for sho aibge. for long do., aaiee 150 ca The lard again hi Wa VELy ACLIVE | Bales a loge, including small lute at 18. gc: a 170.” Butter and were unchanged. PEIROLROM.—There was 00 business done tn crode, but ful prices were demanded. We quote Ide. to bulk and Ti;ou, a lac. in bbla, The market for bouved waa inactive, but bol era were firm In thelr views, demauding 2544¢. a 26c. for stand. ard white, Of naphiba the sales were luv bbis, at lic., and do, for May at fame price. Free was lower, with sal rt yorterday) of 100 bbls, standard white at 800. a 4Ue, I Bitinelphia the market wan inactive, Late yeaterday bbia. standard white sold for —e privace terme, ' Ricr.—Caroliva was dull at 10. a liye, Rangoon was Also duil at 6c. a 7e., gold. SUGan.Husiness waa somewhat restricted by the Incle~ ment weather, Previous prices demanded—vi2, 10% C. 115,04 for fair to good renoing 60 bhds.y alme all at 1c. a 12%\e. for grocer vily at 16%0. a 186A, 10.15i¢. for #01 4c. & 1440. ‘Serpa.—We heard of no business in any kind, but were without material change, Calcutta Ii Bt 2 4B, gold; clover, Se. « We.; timothy, 08 60 8 an ES rough fay, TAL 08 rat Jn moderate demand and frm, with nates off Wriskey.—Recelpts hone. The market remained dull and, 70,000 ls, at 114ge Bominal. ie Ps THE DRY GOODS MARKET. ‘There has oceurred nothing new or of expecial in- terest in this branch of general trade during the week under review. The demand for domestic cot~ ton goods has been exceedingly moderate, and with. & quiet ruling of the cotton market and @ steady de- pression in gold prices have with diMcnity been sus tained; indeed, in numerous instance sales have been made at lower prices, and many descriptions were Mc. a 1¢. lower on Saturday than they were a week ago. The principal dealers manifest fally as mach confidence with regard to the future as ever, and the depression has been brought about by and ie directly traceable to an anxiety on the part of some of those who recently purchased so freely on speculation to take advantage of the prevailing eom-. paratively high prices and sell, And while this de; sire to realize is 80 palpable Urere can be no tmprove- ment, as the large jobbers will not be undersold if they can help it; but while there isa ition om the part of m: to sell, there i@ not the an: be buy, soy niente are Heroes wap cer they can make a T Host = they could the peeviond ing. some of the favorite fabrics have “gone begging” at a foll cent per yard below the prices current a week ago. The woollen gogde masket romaine Sram, hetngl