The New York Herald Newspaper, January 17, 1873, Page 4

4 CONGRESS. America’s Position in the Vienna . Exposition. OUR RETURN TO SPECIE PAYMENTS. Speech by Senator Sherman on the Buckingham Bill. a NATIONAL FAITH AND NATIONAL CREDIT. ee Resumption Proposed for the Ist of January Next. oe . United States Notes Redeemable in Coin or Five Per Cents. SENATE. WASHINGTON, Jan. 16, 1873. A bill was introduced authorizing the Secretary of War to contract for the building of several light- draught snag-boats for the Mississippi, Missouri and Arkansas rivers. Mr. NyB, (rep.) of Nev., from the Committee on Territories, reported the House bill, fixing the sal- aries of Territorial officers and legislators, and the length of the session of the Legislatures, which was passed, THE VIENNA EXPOSITION. Mr. Scuurz, (lib.) of Mo., from the Committee on Foreign Relations, reported the House bill to en- able the people of the United States to participate im the Vienna Exposition, with an amendment in- creasing the apprgpriation from $100,000 to $300,000, Mr. CHANDLER, (rep.) of Mich., opposed the amendment, and said he was opposed to making any appropriation for this purpose, because expe- rience had shown American inventors that the ‘main result of taking part in such expositions was to have their inventions appropriated by for- elgners. Mr. Scuurz replied that, in the first place, if for- eigners wished to steai our inventions they could do so at any time by copying our models in the Patent OMce, In the second place, those inventors »who feared to take the risk might keep their inven- ‘tions at home; and in the third place, the Austrian government had issued a decree designed to pro- ‘ect the rights of foreign inventors. Mr. CHANDLER said that many of the exhibitors ‘would be wealthy, and he did not think the United States should be asked to pay their expenses. He would not object to the original bill, but he was opposed to the amendment, Messrs. CAMERON, (rep.) Of Pa., and HAMLIN, (rep.) of Me., advocated the amendment, and the latter said the members of the Committee on For- eign Relations were of opinion that even a larger sum than $300,000 could be profitably used ior this purpose. Mr. Morton, (rep.) of Ind., said the United States had been misrepresented at the London and Paris exhibitions, and he was in favor of our country either making a worthy exhibition at Vienna or making lone at all. Mr. Scnunz, as an additional reason for making a liberal appropriation, mentioned the fact that the United States iad been assigned a very Conran place in the Exhibition building in ienna. Mr. SAWYER, (rep.) of S.C., also advocated a liberal appropriation. Mr. SAULSBURY, (dem.) Of Del., moved to make the amount $150,000 ivsiead “40,000, Lost. The amendment of the committee, making the amount $300,000, Was then adonted. Mr. CARPENTER, (rep.) of W suid he had voted ase the amount to $500,000, because if an 2 M1, that was little hingtom Monu- nt unilaished and delapi- dated condit.on, a sf ne and reproach to every American, in the eyes of every foreigner visting our land, he would never vote $500,000 or any sum to be sunk ina show te Burope. He then offered an amendment appropriating $300,060 for the com- Pletion of the Washington Monument. Mr. TRUMBULD (lib.) of Il, predicted that before this Vienna Extibition business was ended it would cost the United States $1,000,000. At the expiration of the merning hour the bill went over. enough; but, so lon: Ment stood im its prés SPECIE PAYMENTS. Mr. SHERMAN, (rep.) Of Ohio, called up Mr. Buck- Inghain’s biil providing for a return to specie pay- ments, and addressed the Senate upon ft. ERMAN showed by reference to the history of o Xisting currency that the public faith was pledged to resume specie payment, and argued that the time for resumption had almost come. Passing then to the question of policy he said:—I have presented the argument of publ foreground, lor it is the first to be considered; but Specie payment is not only required by the public faith, bat it 1 now demanded by public policy, or, to use a narrower phrase, it is wise litical economy. Experience has established hat every uation using @ depreciated cur- ency loses in exchange with @ nation having a etter currency, If we buy abroad, specie is the standard of value, and the cost of the article, too, Is at once increased by an addition of the deprecia- tion of our money and a pescentage for exchange and risk. What we sell abroad is also measured Dy the specie standard, and the loss by exchange, Whether we buy or sell, is paid by us. This loss is more severe when applied to contracts to be paid in the tuture, and especially to railroad and other bonds payable after a period of years. These bonds inust be paid in gold, whether the gold is stipniated for or not, and yet the price paid for them is usually in currency. We PAY IN GOLD AND RECEIVE IN CURRENCY, and thus at the outset submit us to @ loss of the en- tire depreciation of our currency, The interest paid on this discount of our bonds would in many cases if applied as a sinking fund pay off the whole of the principal before it accrues. That a deprecia- tion of the currency always injnriously affects a community in which it exists was shown by the experience of the colonies before the War of Inde- pendence. In each of them some form | of depreciated money was used, The vaiue | of the pound and — shillin, in current use was only from one-half to par of the value of the standard coin of Great Britain, | and this depreciation often measured the poverty or necessity of the colony using it. With the cur- Tency in common use before the late war, and which depended entirely upon the law of the&State suthorizing it, the notes of the Western State: were, asa@rule, depreciated, and these States su fered the loss; while in the Eastern States, in which a better banking ststem prevaiied, the notes were maintained at the specie standard, and great padi! and accumulations were made by their prac- ical monopoly of the banking business. The great body of our peopie do not pause to consider their | is | loss by the use of depreciated money. lawful money; it buys all the necessaries of life; it pays debts; it is convenient to carry, and is of uniform value throughout the United States and amply secured, Their advantages are obvieus and satisfactory, but all of them can be better secured with a currency that will purchase as much food or clothing as the same sun in gold coin; that will measare the pro- ducts of all other nations as well as our ewn and is not subject to the fuctuations and specalation Ce a of our present currency. Again, it is im- possible ¢o give to a depreciated currency the * quality of flexibility. A suspension of specie pay- Ments necessarily suspends ail redemptions of paper mo} The United States notes being ir- redeemable the national bank notes are irredeema- ble; of them being once paid out there is no object to return them, and thus net only the United States get the benefit of a forced loan from the people without interest and without the burden of redemption, but ‘THE BANKS ALSO GET THE BENEFIT OF A FORCED oan from the peogte without interest and without the burden of redemption, It is true that the banks are required to maintain a certain reserve of United States notes to secure the redemption of their notes; but, practically, we know it ne notes are fernished for redemption. It is on this ground they apply to as to relieve them from the ‘Durden of maintaining a reserve. We are told that We require them to keep idle im their vaults cur- rency sorely needed by the business community ly to secure the redemption of notes that are never presented for redempuon, It is true that a ank reserve is unnecessary and indefensible un- Jess for the redemption of their notes, If.the idea of redemption is abandened, or indefinitely post- ned, then all reserves shouid be dispen: with, if the only object is to make the currene; abundant, without regard to.ite vate compared with coin, then any reserve is & folly; indeed, the whole na: tional banking system would be indefensibie if our currency # to be permanently trreaeemable, It is im, le 10 state & reason why the whole of it Should not be issued by the United staves, or wh: any of it should ve issued by @ bank. ‘the only benefit the public derive trom @ bank of issue as Listinguished irom the private interest of its stock. holders ig that the bank note is the convenient re- presentation of coin; that its capital, re It sources and reserve farnish @ security for the Fedemption of its notes in coin, and that it i a@ convenient agency to distribute the notes by loans to those engaged in producing and t rting property. Any policy that aban- dons the redemption of bank notes in coin will in- evitably lead to the abandonment of banks of issue. For the public will not long allow the banks to de- sive &@ prout from issuing Rotes unless they assume e faith in the | NEW YORK HERALD, FRIDAY, JANUARY 17, 1873.-TRIPLE SHEET. the burden of redeeming them, This is understood by the national banks. They do not shrink from the duty of redeeming their notes, but say that while the notes of the United States are ilawful money and @ legal tender, and are both depre- ciated and undesirable, that the banks cannot re- deem except with United States notes. It is the UNITED STATES NOTES THAT STAND IN THE WAY of specie payments. If!n any way they were main- tamed at par with coin, the obligation of the banks to maintain their notes in coin would be easily enforced. Then the superior excellence of the national banking system would be demon- strated. It would no longer be a monopoly, but, unier the law as it now stands, would be free to all who choose to engage in the business, The plethora of money at one time and its stringency at another would be regulated by the redemption of notes when abundant, and their increased issuc when required by new demands, Any attempt to make a corner by locking up currency m one bank would be met by its issue by another. The corresponding privileges and burdens of a bank of isaue woud relieve them trom prejudice. The maintenance of their notes at par with gold, to- ether with their absolute securities as now, would @ recognized a8 @N equivalent for the privileges they €nj0; nN Again, all the existing laws author- izing United States notes and bunk notes are based upon the theory of specie payments. The notes were only issued, however, during the war, under @ suspension of specie pay- ments, Theré”'was no medium of payment except the public credit. We could not utilize the public credit in borrowing money until we haa provided a medium of payment. For that purpose we carried the public credit into a iimitea amount of lawtul money, Due promised to pay this money in coin. When the lawful money was issued we did not anticipate the extent of its deprecia- tion and constantly kept in view its speedy re- demption. Ordinarily the practices of a govern- ment in furnishing money is iimited to stamping upon gold and silver of certain weight and fineness its intrinsic. vaine. Here its duty ends, Bub IN WAR TIME this process of coining did not mcet the public necessities, and the United States carricd its credit and coin justifies the conviction that they will merit the public expectations, With specie redemption the system becomes free, The fluctuations of their currency will be but the healthy ebb and flow of commerce. Redemption, then, will become a fact and will check the ten- dency of the country banks to employ their cur- rency in Wall street speculations. As they may redeem in coin or tn United States notes they will have the benefit of the alternative redemption provided as to United States notes, go that the sacritice of their securities, that generally iollows specie payment during a panic, can go no further than the payment o1 their ds for their notes, par for par. Again, aspecie standard will also bring gold and silver coin into actual use. ‘The amount Low hoarded has been variously estimated, and with that deposited in the Treasury and in circulation m California cannot de less than TWO HUNDRED MILLION DOLLARS, ‘This will probably take the place of legal tenders as bank reserves, and thus add to the present volume of the currency, Even il specie Dernes should cause the retirement in coin funding of fifty mil- lious of United states notes their place will be more than filled py the coin let loose from its pres- ent banishment. I therefore conclude that the fears of evil results trom a specie standard are greatly exaggerated; that there will be nocon- traction of the currency, no disturbance of real values or suspension of business; but that our present United States and bank notes will pass as usual in the ordinary exchanges of liie, increasing the value of all property, whether produced here or abroad, equal to the rea! money of the world, and with no taint of dishonor or depreciation about it. There is one incident to a specie standard that must not be overlooked. Itis the widespread in- jury produced by a sudden panic, WHEN CONFIDENCE IS TEMPORARILY DETHRONED and all demand specie at once. With the a currency in use in the United States fore the war such a panic was ruin and bankruptcy. In such a time the right to demand specie created evils and disaster which, with irredeemable and depreciated paper money. would only cause a further depreciation until gen- eral causes restored confidence. It is commonly into money, and this process has been upheid by all departments of the government. Still this money is but a formof public debt—a promise to Sead specific quantities of gold and silver. In the ational Banking act Congress assumed that the United States would maintain its paper money at sg with coin as soon as its necessities would aliow. t provided for an auxiliary currency also to be at par in geld and to be issued by banks. Every provision of that act contemplates that both United States notes and bank bills should be equal to gold and to each other, ‘This is the reason tor the provisions for redemption and for @ large re- serve, The Banking act also anticipated that the United States might withdraw its notes and then that bank notes were directly to be redeemed with coin. Still the Bank act provided for the common existence of both kinds of notes, and experience shows that both may be maintained in circulation With protit to the United States. While no pro- vision is made for the redemption of United States notes the provision for the redemption of bank notes in nullified. Our whole system of currency becomes incongruous by our failure to oe for the redemption of United States notes. , then, public faith, public policy and the spirit of our laws demand that our currency be restored to the specie standard, it would seem that the only remaining inquiry should be, WHAT IS THE BEST WAY TO RESUMB. But here we meet the objection of many business men, the most active and enterprising of our peo- ple, who tell us that specie payments with them adds largely to the burden of our debts; that upon the basis oi the existing iaw and the condjtien of inflation always produced by depreciated money they have made contracts, eontracted debts pay- able in currency, and that now, to add to the value of that currency, is ,to embarrass, cripple and ruin them. Some tell us they are pre- pared tomeet the general approach to specie pay- ments caused by the increased business and credit of the country, while others tell us that the coun- try needs more currency; that its growth in population, expansion in business and new enter- rises render an increase of currency indispe le. The effect of any measure upon the interests of active business men should be careiully studied, but individual hardship is not suilicient reason for @ violation of public iaith or a disregard of the general interests or policy of the whole country, All our citizens have had ful action of the peiicy of ‘the government. The act of Congress already cited, the decision of the Supreme Court and the promises of opposing parties are well known te all intelligent men, and the effect of specie payment is greatly exaggerated as to the persons it will injure, Our business men are not only.debtors, but they are creditors. If they are. injured by adding to the burden of their debts they are benefited by the increase of value of their credits, No one engaged in production merely, whether as a financier or a manulacturer, a me- chanic or a laborer, is injured; for, if the nominal value of his productions is diminished, the cost of living and all that enters into the cost of produc- tion is diminished in the same degree. Experience has shown that depreciated money is MOST INJURIOUS TO LABORING MEN. It produces a false standard of value, the effect of which is not noticed vy a laboring man, or by a trader or merchant, Kven upon current debts and credit the effect of a specie standard will surely be in advance or be divided during the gradual appre- | ciation of paper money. The greater burden will fail upon debts running @ long period of time, as | upen eorporation bonds and bests, Ag As to those in existence before the Legal Tender act took effect, it 18 but right they be paid in specie, while those contracted since have been issued in the ex- | pectancy of specie payments before this time; still, while the eftect of a specie standard upon debt is reaily exaggerated, it caunot be denied that if it is followed by a contraction of the curremcy it will cause distress and embarrassment to very many | wae have contracted debt on @ currency basis. \t | Bu THIS ARGUMENT OF HARDSHIP WILL APPLY FOR- EVER. If wg are controlled by it we can never pay our Pensioners; the lapse of time will not make it easier. Our financial condition is now so much stronger that we can afford to do right, and yet in such @ way as to tnjure in the least possible degree those who contracted devta on a currency basis, Again, the effect of a specie standard in producing a contraction of the currency is greatly exagger- ated. A contraction or the currency is not neces- sarily a result of specie payments. Undoubtedly a contraction of the currency would produce specie payments. It is most direct road to specie in exeess of the wanis of the community, it is the only road, We, in 1866 and 1867 quietly con- tracted the currency by -funding over three hundred millions of debt of compound interest and other rates, Most of which were part of the curreney. If, in 1868, we had, as was pro- | posed in the Senate, authorized United States notes to be used for five per cent bonds at par, we would have long since been at specie payments. The notes then could have been paid out again for the aymuent of current expenses and the purchase of | bonds, precisely as now, when gold is sold for | notes and notes applied to the purchase of bonds, | Way we could have reached a specie | | In this | standard the moment our five per.cemt bonds were worth par in gold. The advancing credit of the | mation would have lifted our currency to par in | gold precisely as it lifted all iorms of yonds to par, or when par in gold: and now, when our credit is generally impaired by the | rapid payment of the debt as by the advanced value ef our notes sed desis we can | raise their value to the specie standard much more | readily than four years ago. Our failacy lies at the | foundation of the objections to a specie standard, that it necessarily compels a withdrawal of paper currency. This depends entirely upon the amount necessary to conduct the business of the country = the degree of public coniidence in its redemp- jon. Mr. Knox, the Comptroller of the Curreney, in his | last amnual repert, shows that in January, 1862, when specie payments were suspended, the aggre- | gate circulation of coin and paper was $448,671,218, or a ratio of 271 per cent of the wealth of the United States, and that the circulation in the United States im 1870, including United States notes, bamk notes, iractional currency and specie, Was $790,000,000, or 262 per cent of our wealth. The circulation In the United States per | capita is now less than in Pramce and greater than in Great Britain, but greater than in either in pro- portion to the wealth. When we comsider the vast extent of our country, its rapid growth, the value of our productiol and the general use of paper money it is not unreasonable to suppose that all of +| it now outstanding can be maintained in circuia. tion on @ Bpecie standard. It must be remembered that the total amount of United States motes is now by the banks as their reserve, that large gold reserves are now held in the Treas- ; Ury, that the notes are widely circu- lated, have the coniidence of the people, and can be supported by the public credit, Under these cireumstances it is scarcely probable that | any considerable sum will be presented for re- demption. If presented, they can again be paid out in the course ef the awd disbursements. Specie payments cam thus resumed without @ eontraction of the currency, and with only the value the world over. The chief requisite is that the public have assured confidence in our ability to maintain resumption. This is indispensable, and when it exists actual redemp' by ment of coin is comparatively rare. This conil- dence or creditcan be given by RITHRR OF THRER EXPEDIBNTS, Fird—The maintenance in the Treasury of a large re- serve in coin. i—The authority in the Secretary of the Treasury to sell bonds for coin to maintain redetiption. Third—To authorize an ultimate redemption either in coin or bonds. The first is subject to the objection that it keeps idle @ vast sum bead needed im case of a panic, when it will be insufficient. The second is subject bE a ins objection, that, as the power could used in @ stringent money market, it will Jes bg Sa sacrifices of public securities and add fuel to the | our bonds are below par in coin, and, asin the temporary suspension of specie payments, alike beneficial to the United States and to the ousiness community, This = implies that the United States will make its fmancial redemption in a bond 80 intrinsically valuable that it will enerally at par in gold. I do mot overlook the fact that re- aemption Pt the United States will test the Strength of the national banks and prove whether or not they are entitled to blic confidence; nut this present connection with an aggregate surplus fund far beyoud the difference between currency appreciable, for the nominal less will be discounted | | payment, and ii the paper money in circulation is | induced | $356,000,000, that very large sums must be retained | change of nominal values for the real standard of | Day- | existing panic. The third mode re- | quires no reserve. It could operate only when, from nic or wnforeseen causes, said that with specie payments we had the panics of 87, '47 and 57, while with irredeemable green- backs we have had a war, the fire at Chicago and other calamities. Without a panic, ergo, a spe- cie standard is a fallacy. To éxpress it as the Eng- lish di hen specie payments were suspended, “GUINBAS ARE A USELESS HINGUMBRANCE." This reason only proves that when by war or panic specie payments are suspended a nation may by this use of paper money alone develop its resources and obtain high financial prosperity; but itis also trye that history turnishes but two examples of such success, and in both cases specie payments were constantly promised and Kept in view, while the public credit was maintuined by collecting its revenue and paying its aebt in coin, In Great Britain, during her wars with Napoleon, the Bank ef England notes were a depreciated, un- reliable paper currency, but they were never made a legal tender, and their credit was supported not only by promises but by attempts at resumption. In the United States the secret of our success with paper money was the careful limitation of ita amount, the payment of our interest in coin, the collection of our customs duties in coin and the promise of the United States to redeem all its notes in coin, with the confidence of our people that this would be done; that not only the United States, but other nations who conducted war with paper money alone, without an expectation of coin redemption, met with disaster and financial ruin, Such was the experience of France with her as- signats and mandats, ot the American colonies with Continental money and of the Southern Con- federacy with their Confederate notes, Most of the modern nations of Europe have ‘attempted at some period of their history to bridge over their dimicuities with government paper money with dis- astrous results. Great corporations, with the power of the government behind them, have furnished innumerable examples of the folly of sustaming paper money except by specie redemption. The acheme of George Law, in Krance, the Bank of the United States, and the pes banks are striking ex- amples. I! any one fact is proven by the experi- ence of mankind it is that gold and silver are THE BEST POSSIBLE STANDARDS OF VALUE, | They have been so recognized by every nation from the earliest period of recorded time, However much nations might differ in religion, habits, pro- duction or climate, they have not differed in this primary axiom of exchange or barter, Experi- ments have been tried with other standards, from the iron of Lycurgus to the present bank-note engraving of modern times; but all have reaulted in the conviction that goid is the only true stand- ard. Paper mouey, supported by the credit of a government, is a convenient substitute, greatly facilitating exchange by the ease and safety of handling and transmitting it; but it is not real money.’ It is ONLY A PROMISE TO PAY MONEY, and the only test of its character, as false or true money, is its capacity to be coaverted into gold or silver of the prescribed weight and fineness. The effort to continue the use of gold as the standard and paper money as the representation of gold “has been for 200 years the most difficult problem of political economy. Our own system, through the outgrowth of the war, is believed to contain some advantages superior te any now in use in the world, It rests upon the credit of the govern- ment. ‘the government promises to ay not only the United States notes, but -the bank notes, and holds security for the payment of the latter. It compines the interests of the govern- ment with the interests of private persons, the owners of the banks. It is as well distributed as the nature of the case will allow. The United States prints the bills of uniform style; guards them against Seon torn or mutilated notes are at once received. The notes must be of uniiorm value throughout the United States. All that is needed to complete the system is general specie redemption, but with provision for tempo- rarily suspending specie payment in case of ex- treme necessity. It was the want of some power legally to suspend specie payment that led to the evil resuits of the panics @f '37, 47 and °57, and probably might have led to temporary suspension on “Black Cs, or after the Chicago fire. In such cases a temporary suspension or some sub- stitute for specie payments Is indispensably neces- fay unless paper currency is so restricted and limited mount as to be insufficient fer the ruling exchanges of the country. All paper money must rest to some extent apon confidence. When & panic arises by same unforeseen event whici destroys confidence, the Instinet of every holder of a bill or a depositor in @ bank is to convert his meney inte gold. This feeling, if wide spread ana long continued, will break any bank, however abundant its assets, and will necessarily lead to the enforcement of debts and general distress. Our national banking system amply protects the noteholder, but it does not ina time of specie payments sufficiently protect a bank from an enforced sacrifice of its assets to maintain specie payments ata time when the public good, as wellas the existence of the bank, demahds temporary suspension. The same dificulty might arise on the part of the United States in maintain- ing specie payments on United States notes, The hausted by a sudden demand. A war or 1C might cause such @ demand for coin that the United States mighé be unable to redeem | in coin. Such a contingency ought to be provided for in advance, The expedient adopted in England of allowing the Bank of England to raise the rate of interest on its loans, and thus draw on its assets to meet anticipated danger in demands, is not con- sistent with our public policy. A discretionary power in private persons or public officers over 80 delicate a subject as tbe national currency ought to be avoided. The national banks already possess in the custody of the government the means to obviate this difficulty. The best substitute for specie pay- ments, when from exceptional causes {t cannot be maintained, is the public credit. If the United States cannot pay its notes in coin, or any national bamk cannot pay its notes in coi or in United States notes, then a payment in a bond of the United States, bearing interest at such rates and upon such terms as ordinarily to be above par in old, would provide for redemption; it would sat- isfy the public creditors and prevent even for a time any considerable depreciation of the netes. In the meantime the notes are a legal tender among our citizens, will pay debts and fulfll contracts, and will, the moment that exceptional causes pass by, de at par in coin. With authority in the Secretary of the Treasury to redeem United States notes either with coin or with the class of five per cent bends now offered for sale, and with | like authority to redeem bank bills protested fer nou-payment ig specie with the bonds of the bank deposited with the Treasurer at par, we would | Nave specie payment, except when bonds of the character nal are worth less than par in specie. | With the advancing credit of the United States we | May saiely afirm that such bonds | WILL ALWAYS BE AT PAR IN GOLD, | exeept in such times as it would be ruinons te | Maintain specie payment, and with such provision | for the redemption of United States and bank notes no large reserve of gold either im the Treasury or in the bank will be required. Sach a provision would gu against the sacrifices which banks | and people alike must suffer when compelled to redeem their notes or pay their debts in coin made | exeeptionally scarce by panic or war. It would reconcile many persons to a specie standard | Who @read that an artificial or temporar: scarcity of specie may require them to fulfil their contracts with money impossible to be ob- tained. Banks who now tear that ander a panie their bonds and securities may be sacrificed jor | specie will feel that their securities deposited with the Treasurer will at least pay their bills, It is in harmony with the banking system and all our ear!: loan laws during the war which provided fora roe untary conversion of notes into bonds. I do not claim that this is the only expedient against a panic and for temporary suspen- sion; but I do ctaim ft will secure’ us against the widespread bankruptcy that in times pay resulted from the cena noy suspension of ao payments in the United States. Having thus shown the obligation and necessity of specie payment and how the anticipated evils of re- sumption may be avolded, it remains to examine | “ sone divin adapted to bring it about. mong the innumerable schemes proposed th are several that are practicable :— La ~ Firet—To authorize legal-tender notes ! | In payment for Honds or the United stares e recetvable mi—Vo authorize t v' ' mega ane hem to be receivable in the pay ‘hird—To authorize them to be converted into di Rojes bear interest, or lato compound interest egg ‘onrth—-A discreet resum c day In the future to be nxed, byt Dee pith tes th—A graduated scale of rates at which they will be redentned In coin, advancing to pat In coin atm. pre- The examination of the plans wor more into detail than I propose to rs thin ‘tune, Bach of tuem would advance immedately our notes a reserve of geld in the Treasury might be ex- | towards a specie standard, The second only is subject to the objection that it would violate the ublic faith now pledged to maintain the Customs + Bureau in coin a8 @ special fund for the payment of interest on the public debt. A caretul consideration of the whole supject leads me tothe conclusion that the simplest and most expedient measure is to declare by law that ON AND AFTER TUR FIRST DAY OF JANUARY NEXT The United Statee will redeem its notes either with coin or, at the option of the Secretary of the ‘Treasury, with its bonds of convenient denomina- tions, bearing five per cent interest in coin, ‘This willbe @ recognition by the United States of its solemn pledge made in rch, 1868, that it will at the earliest practicable period redeem its notes in coin, It will provide algo for the possibile, but not probable, contingency that more notes will be pre- sented than can conveniently be paid in coin. In that event the United States will redeem its notes in a character of bunds now with par in gold in the money market of the world. The objections that may be made as to its eifects on the national banks have already been anticipated in what [have said. It ts founded upon the plain equity that if we cannot literally perform our promise by payment in coin we will at least give 0 the public creditor who holds the notes of the United States a bond bearing a commercial value be are to gold. If, then, these notes are in exceas of the wants of the people for a currency they will be presented for redemption and ought to be re- deemed. Ifnot, their value will be appreciated to the gold standard, and this is specie payment, The mrodifications of the Banking act can properly be postponed until a future tame, when the prac- tical effect of aspecie standard upon the United States notes will test the ability of the banks to maintain their notes at par with United States notes. Whether they should be relieved from maintaining so large a reserve, whether there should be one centre of redemption, are questions of ractical legislation for the future, The momeut e notes are redeemable in coin the banking sys- tem ceases to be limited tn the number and dis- tribution of banks, and will stand, like all other business pursuits, open to all who will give the re- quisite security for their motes and wilt obey the general law. In submitting these remarks at this time I feel like apologizing for passing by arguments worthy of consideratien, but tay only purpose now was to present with the substitute reported by the Com- mittee of Finance the leading measure in favor of it. My hope is, and it is a reasonable one, that neither Senators nor the public will contine their arguments to CRITICAL OBJECTIONS, : but will suggest some plan better suited to the ob- jects we have in view. I, for one, while honestly supporting this plan, will readily adopt any better one that will make the now broken promise of the United States to pay, one dollar equal to the best gold dollar of the Mint. Mr. SHERMAN reported from the Committee on Finance the following substitute for the Bucking- ham bill:— THE SHERMAN BILL. Be it enacted, &c., That on the Ist day of Ji the Secretary of the Treasury 1s authorized to pay on demand, at the office of the Asis nary, 1874, d required int Treasurer in the city of New York. to any holder of United States notes to the amount of $1,000 or any multiple thereof, in exchange for such noves, am equal amount of the gold coin of the United States, or, in lieu of coin, he may at his option tsauo in exchange for said note an equal amount of coupon or registered bonds of the ted States in such form as he eribe and of ay presc denominations of ‘or some multiple ‘of that sur re. deemabie in coin of the present standard value, at the leasure of the United States, after ten years from the late of their issue, and bearing interest payable quar- terly, insuch coin, at the rate of five per centum per annum; and the Secretary of the Treasury may reissue the United States notes so received, or if they are can- celled, may issue United States notes to the same amount, either to purchase or redeem the public debt or meet ‘THK CURRENT PAYMENTS FOR THK PUBLIC SERVICKS; and the said bonds and the interest thereon shall be ex- empt from the payment of all taxes or duties of the United States, as well as from taxation in any torm by or under State. municipal or local authority; and the said bonds shall have set forth and expressed upon their face the above specific conditions, and shall, with their cou- pers, be made payable at the Treasury of the United s my Sec. 2—That from and after the Ist day of July next the limit of the aggregate circulation of national banks now prescribed by law, is repealed, and alt banks hereafter organized shall deposit, as security for their circulating notes, bonds of the United States, iasued der this act as under the act entitled “An act to authorize the relunding of the’ national debt," approved July 14, Sxc. 3.—That all banking associations which shall on 3 and after July 1, 1874, redeem their circulating motes at such localities as are now or may be hereafter desig- nated by law, either in coin or United States legal tender notes, shall be exempt from the requirements under ex- luting law as to holding a reservo or lawful money of the United States, provided that nothing hercin contained shall authorize any national gold bank established under act entitled “An act to’provide for the redemption of three per cent temporary loan certificates and for in- crease of national bank notes,’’ approved July 12, 1570, to redeem their circulating notes in anything but gold coin of the United States. Sxc, 4.—That section 6 of an act entitled ‘An act to pro- vide for the redemption of the three per cent temporary loan certificates and for am increase of national ban! notes,” approved July 12,1870, be and is hereby repealed, So, 5.—That banks without circulation may be orga ized under the provisions of an “act to provide a na- tional currency secured by a pledge of United States bonds and to provide for the circulation and redemption thereof,” approved June 3, 1864, upon the deposit with the Treasurer of the ®aited States of not less than ten thou- sand dollars of United States registered bonds, as pro- vided in section 16 of that act. See. 6. —That it shall be the duty of the Comptroller ot the Currency to cause to be examined each year the plates, dies, bed pieces and other material trom which the national bank circulation is printea in whole or in file in his office annnally a correct list of the ‘and such material as shall have been used in the ae ng ot the notes of mi nal banks which are in liquidation or have closed iness shall be destroyed under such regulations as shall be PRESCRIBED BY THE COMPTROLLER OF THR CURRENCY and approved by the Secretary of the Treasury, and the expense of such examination and destruction ‘shall be paid out of any appropriation made by Congress for the special examination of national banks aaa bank plates. The bill was ordered to be printed. The House bill to incorporate the Loemis #rial Telegraph Company was passed; also the bill for the relief of T. H. Haldernen, owner of the British ship Duke‘of Edinburgh. THE LOUISIANA MUDDLE. Mr. MorTON offered a resolution instructing the Committee on Privileges and Elections to inquire whether there is a legal State government in Leu- isiana, and, if so, by whom constituted. He said he was authorized by the majority of the committee to offer the resolution, and stated that the design of it was to give the committee authority to go into the whole subject matter of the investigation already committed to them. Mr. SAULSBURY offered an amendment directing the committee, ifit found no legal government in Louisiana, to inquire when it ‘ceased to exist and whether any federal officer, executive or judicial, had anything to do with overthrowing it. (Lost.) Mr. Morton's resolution was then adopted. On motion of Mr. CAssERLY the Secretary of the Treasury was requested to inform the Senate whether the Union Pacific Railroad and the Cen- tral Pacific Railroad companies have complied with the act of July 6, 1862, requiring that after the com- pletion of their roads five per cent of their net earnings shall be applied to the payment of the in- terest and redemption of the principal of their bonds, and, in case of non-compliance, the reason thereior. On motion of Mr. Ramsey, the Committee on Post Offices and Post Roads was discharged from the further consideration of memorials asking that bewspapers pass free through the mail. Mr. CARPENTER, from the Committee on the Ju- diciary, reported a bill fixing on the second Mon- day of October for the opening of the annual ses- sion of the United States Supreme Court. Passed. At five P, M. the Senate adjourned. HOUSE OF REPRESENTATIVES. WasHIneton, Jan. 16, 1873, Alter some preliminary business of little impor- tance the House proceeded to the consideration of the bill for the admission of Colorado as a State in the Union. The debate opened by a speech in op- position to the measure by Mr. E. H. Roberts, of New York. He argued against the admission of A NEW STATE WITH SO SMALL A POPULATION as that ofColorado. A proposition to erect the counties of Chenango, Herkimer and Madison, New York, into States would certainly not be tolerated, and yet any of these had a larger pepulation than Colerado. Colorado and Utah together had not as man our living in them as the Eighteenth and Twentieth wards of New York city. The pewer of the Senate having been increased, it ought not to be controlled by the extremities. In 1790, in re- gard to population, Delaware stood to Virginia in the ratio of 1 to iz, while now Colerado stands to New York in the ratio of 1 to 109, New York has now eleven per cent of the population of the United States and twenty-one per cent of the wealth, and paid twenty per cent of the taxes. New York does not complain of the existing in- equality, but protests against exaggerating that mequaiity. At the expiration of the morning hour the bill Went over without action, and tmen the House to into Committee of the Whole on the Consular bill. Without making much progress the committee rose at two o’clock, and the House proceeded to the consideration of THE OKLAHAMA INDIAN TRRRITORY BILL, The bill was further debated at length, it being charged in THE COURSE OF THE DEBATE that the real motive in pressing the bill was to allow railroad companies to grab large tracts of land in the Indian Territery to which they would become entitled as soon as the country was sec- tionalized, Finally, on motion of Mr. GaRrretp, (rep.) of Ohio, the bill was laid on the table—vs to 45, Mr. PERCE, (rep.) of Miss., from the Committee on Education and Laber, reported back the Sen- e bill amending the Agricultural College act by extending the time for granting iands. Passed, ‘The House then, at fifteea minutes past tour P. M., adjourned. SUICIDE BY SHOOTING, For some time past Jules Nadler, a Prermehman, thirty-five years of age, has been employed as por- ter in the store of Messrs, Marlot & Co., 58 and 60 Greene street, and slept in the place every night. Yesterday morning a man employed there went to the store. and finding the door still locke’ was compelled to force it open, The first discovery he made was Nadler lying dead on the floor with a pis- tol shot wound in the ead, and the deadly weapon lying beside him, Deceased had been much de- pressed in spirits of late, but no fears seemed to be entertained by his friends tnat he would take his own life, he not having been heard to make threats to that eifect, Coroner Keenan was notiiled to gid aa Inquest on the body. SAMANA BAY. What Mr. Hazard Says of the New Company— It Will Have to Protect Itself—Every- body Bound To Be Friendly to It— Prospects for the Future. ——_ + The Enterprise Growing in Importance. The Samana Bay Company seems, as timo rans on—and even twenty-four hours are a sufficient allowance for ® popular judgment: to be formed upon a scheme 80 vast in its pretensions—to more and more fulfil the first judgment of the HeRaLp upon its aspirations, and to confirm the impres- sion that itisin its aims and purposes a copy of the British East India Company. There is this dif- ference, however, between it and its English pro- totype—the latter, either from craft or from igno- rance of thé possibilities of 1ts own future for- tunes, disclosed, only as necessity forced it from its lips, the confession of its ultimate designs. On the other band, the American corporation starts with a PAIR, FRANK, OPEN AND ABOVE BOARD dgclaration of all that it means to do, unless un- toward events or influences should intervene. Listen, for instance, to the following brief but pointed interview yesterday between a represen- tative of the HxxaLp and Mr. Hazard, the Secre- tary of the coming “Power of the West Indies’ “T suppose, Mr, Hazard,’’ said the reporter, ‘that our guess as to the company beihg in its general character modelled upon the pattern of the Eng- lish East India Company, which contrived in the course of acentury or so to gobble up an empire of a couple of hundred millions of people and the fairest section of the largest and richest of the five continents, is correct?” “Well, yes; they are in many respects alike in their general ultimate objects,” replied Mr. Haz- ard. “But are you clear as to THE POWER OF CITIZENS of the United States to establish outside of their own country an independent State?” “I think that we are tolerably secure in our po- sition. We have such a right, in my judgment,” “And I believe you are reported to have stipu- lated for the privilege of maintaining your own armaments and troops and the rest of it?” “Yes, that is substantially the case. We shal, have to protect ourselves from outside interference if necessary.” “Interference, for instance, from Great Britain, or France, or Spain or from the other great Powers of Europe ?”” ‘ “From most of those Powers we count upon sym- pathy and ald, not opposition. It is to THEIR INTEREST to protect and assist us. But, should they protest and attempt to enforce their protest by force, we should have the right to protect ourselves as we best could.” “Why should you count upon sympathy and aid from them ?”’ “Because it is to thelr interest that this marvel- lously fertile land, capable of supporting easily 10,000,000 people in comfort and plenty, should be brought within the pale of civilization. Besides, one of our first acts will be to declare Samana Bay a [ree port, open to the flags of all nations, just as the country itself will be thrown open at our invi- tation to the industry and enterprise of the whole world. We shail find our best interest in SHARING WHATEVER BENEFITS may accrue from our acquisition with all comers.” “And you are quite confident as to the resources of St. Domingo, or rather of Bhar end of it, being sufficiently large te be shared without any one be- ing the worse oif 1”? “It is the richest portion of the world for its size, not only agriculturally, but minerally. There are gold mines within the tract ceded to us which alone yielded to the Spaniards $20,000,000 per an- num; and the other riches of the island will, | am confident, speedily be developed under the intelli- gent supervision of this company.” “But how do they intend to bring about this process of development ??? “Partly by themselves and their own efforts and partly by the aid of the immigration which will quickly flow thither under their auspices, Under the general company numerous other minor com- panies will be formed, seeking the development and utilization of the various resources of the island. Everything that pertains to the highest form of civilization will be introduced, and we are confldent that Samana will become one of the great trading entrepots of the world. The prospects of the company are, in my opinion, as bright as ahy one can well imagine.” ° For a day or so the text of THE CONTRACT entered into between Buez and the company can- not be obtained; but when it is we shall be better able to estimate what the powers and possible developments ef this company may be. At pres- ent, however, it is pretty clear that the powers conceded to it under the contract are believed to be almost limitless, and tnat it has practically ace quired absolute control of the island. Should this prove the case the parallel between the East India ery and this new American copy of it will be complete. The following circular was sent out by the pro- moters of the scheme to induce the co-operation of capitalists, and is worth caretul perusal :— (Strictly private.) | 0. ROAD WAR, New Yous, Oct. 29, Since the failure of the proposed Treaty of Annexation ofthe Republic of St. Domingo to the United States a convention has been prepared, with the approbation of leading citizens of that Republic, viduais, to b which concedes to indi- organized into ah association under the Samana Bay Cempany of St. Domingo.” all rivileges and iunmunities over and in the bay and peninsula of Samana which were ceded to the United ‘States aby the said proposed treaty; to hold all the public lands on said peninsula of Samana, the Waters of Samana say and the islands " and reefs therein. without taxation, with ample powers over said lands and waters, and spe- cial privileges to establisa commercial lines; & bank of issue, with branches; to construct railways, common roads and telegraph lines; to acquire vast tracts of the richest mineral lands on the globe, and of agricultural lands of wondertul ferulits—In fee, tor nominal consider- ations. It is understood that our government looks with favor upon an enierprise directed toward an increase of our national commerce with this tree people, and approves an effort to stimulate the cuitivation of ‘staple tropical roductions so largely imported into this country by free jabor, and under the direction of our own citizens. It is evident that this fertile island will soon become a part of the United States, ‘The President, in his message to the Forty-first Con- hen says was Ea haa, convinced that the best interests of this country. columerclally and materially, demanded its ratification (the Treaty of Annexation). T now firmly that a free port will be negotiated for by yn nations. In the Bay of Samana a large com- city will spring up, to which we will be tribu- ‘without Fecelving corresponding benefits, and then will be seen the folly of our relecting so xreata io St. Domingo, with a stable government, under which her immense resources can pe developed, will give remune- rative Wages to tens of thousands of laborers not now upon the island. This labor will take advantage of eve! available means of transportation to abandon tl - jacent islands and seek the blessings of freedom and its uence, cach inhabitant receiving the reward of his immissioners, in their report, say:—"St. Do- Time has only contirmed me in this view. believe el apabdle of suj porting millions of people. Land | in fertility it certainly equals, and probably surpasses, the neighboring islands, and it'is even better | suited to the production of sugar and coffee. It could pply the entire market of the United States with these | great West India staples.” Dr. Samuel G. Howe, of B ‘one of the Commis- sioners, in a recent letter, sa ‘No commercial enter- prise upon 'd ever gave promise of so much good to the enslaved races and to oppressed native races, such development of internal resources, such expansion of commercial relations and such rich returns to those who first enter upon it ax does this one. I say so, mindful of th t Indies and other great enterprises ry History shows that during the frst half Century ater it was possessed by Be bE) nerdy ‘E aprang. suddenly into such weaith and importance Bs the wonder of the world. * * * It has now all the imménge resources and capabilities hich the Spaniards failed to develop. Mr. 8. L. M. Barlow, who has devoted great attention tothe subject. writes:—"The power of such a combina- tion would control the island, its lands and commerce. It will build up # State and make every acre of land on the = not only ag good as that of Cuba, but as that of lilt ols.’ Itis proposed to organize this compan: associating finteen'g cuemen “of h character, Ph wil receive the concession trom the Dominican government, and it is Indispensable to the success of the great enterprise that they should take some personal interest in the formation the State, and contribute in some direction to its de- velopment and prosperity. Tmmedinte action ts indispensable to secure these ala. able grants. Tt will afford iL} pleasure to explain the de- tails to you, if you have any desire to participate in what must be regarded as an exceptional opportunity for doing ublic service and resping ® great pecuniary re- y ‘ROWLAND R. HAZARD, Jr. w The President Not Directly Interested— Mr. Hazard Makes a Correction. To THe Eprror oy THE HERALD :— R Srmr—In your editorial of yesterday concerning the Samana Bay Company you say “The Secretary of the company asserts that the President of the United States is ‘deeply interested’ in its success.” I nave invariably statea to every person who has asked me that no member of the government had any interest whatever in the negotiation from the beginning to the conclusion, or in its re. suite; that it was iree from any politi- cal significance whatever, and was as a commercial enterprise. That the resident is “deeply interested” in the sense that eve! thoughttul citizen of the United states is, I do no’ doubt. In fact the statesmanlike and vigorous statements embodied in his special measage to the Forty-firat Congress Orgs arrested the @iveation of | those who originated and prosecuted tms great undertaking, as will be seen by reference to the annexed circular (the One given above) which was privately distributed to the tew who were offered. the opportunity to make the investment. ROWLAND RK. HAZARD, Jr. ART MATTERS. The seconé instalment of the collection of foreign paintings, the first series of which was sold yester- day at the gallery of Edward Schenck, No. 60 Lib- erty street, will be offered to the public at noon to-day. It includes several valuable and beautiful specimens. In the appended .mention the reader will find the names of those most likely to catch and rivet the eye:—“Blowing Bubbles,” by F. De Beul, of Brussels, represents a boy in all the ecata- cies of creating these opalescent phantoms of soap and water, while a little girl, probably his sister, surveys him with delight. “Scenery Near Lau- sanne, Switzerland,” by W. De Klerck, of Breda, ts noticeable for the exquisite tints with which its eky 1s enriched, ‘The Fisherman's Return,” by A. J. Madiol, of the Hague, represents &@ warm, glad, wholesome-looktng girl, wel- coming back ber young, handsome and stalwart husband. Both these figures are in the flush of youth, There is a “Forest View near Utrecht,” by J. K. Morel, of Amsterdam, and F. Van Severdonck, of HKrussela, The sun-fleckeé entrance to a forest is delightfully rendered, and the treatment of the reflection in the water of the quaint and many-gabled roofs is charmingly natural. M, Riegen, of Amsterdam, bas @ very good marine view, “Blowing Fresh.” “The Firs¢ Lesson” is a picture by J. Gyselinckx, of Brussels, pupil of Th. Gerard. It describes a little girt making her first essay at the skipping rope, while her elder brother and sister watch her with in- terest, the boy, supported on his elbows, lying at full length on the ground, and the gister bending forward with something of @ patronizing grace. Kuwasseg’s *‘Port of Pornic, Bret ie,” is worthy to be in Sompany of the other two pictures b: the same artist, which we mentioned yesterday, which, also finding their inspiration at Bret 16, Hoel eee offer ‘Nantes’? and “The Port of In tact “The Port of Pornic’’ 1s intended a8 a companion picture to Nantes, and evinces Koven.” some o! the same delightful characteristics. The water is splendidly painted. ‘Woodland Scene, of Antwerp, with Cattte,” by Gustaf Van Hoorde, and F. Van Severdonck, is remarkable for the richness and variety of its greens, Kuwasseg, who is strongly represented in this collection, intro- duces with great effect his grotesque and pictur- esque gables and his wonderful breaking waves into ‘Port of Fecamp, Normandy.” W. Vester, of Amsterdam, pupil to the celebrated Schelfhout, is represented by “Winter Scene Near Antwerp,” in which the Cathedral is visible in the distance. The phalanx of denuded trees, the ice-reflected figures, the swaying motions of the skaters, and both the repose and the action of a keen frost are expressed with Petes tle power. J. J. C. Spohler’s ‘River Scene Near Del{t” offers a winding road, an old-fashioned homestead, @ broad viver and plenty of animated figures. A fine study of still life is to be discovered in some gray pencher goldfish, oysters, lobsters and cherries, by icien Schaelels, proiessor at the Antwerp A \- emy. Albert Diliens, ef Brussels, recognized as the best pupil of his uncle, Adolph Dillens, has two companion pictures, ‘The Fisherman’s Departure’? and “The Fisherman’s Return.” Something of the burden of Charles Kingsley’s ‘Men Must Work and Women Must Weep, though the Harbor Bar Be Moaning,” 1s detectable in the one, and the eme- tions that find their play in glad welcome are in- terpreted with great delicacy in the other, Ninety- four pictures will be sold to-day. One reason why public performers monopolize 80 much of the skill of the photographer is that they present opportunities for a greater picturesque- ness of treatment than those who tread the more prosaic, but not more plodding, paths of other pre- Jessions. Two of the most charming and popular favorites of the day—Madame Lucca and Miss Neilson—have just had their portraits taken by the charcoal and crayon precess which Mr, Sarouy has made a spécialité, The portrait of Miss Neilson is whole length and not yet quite finished. It pre- sents the fair Knglishwoman in one of those poetic attitudes with which her Juliet recently acquainted the public, her face and limbs pervadéd with that expression of ecstacy which may almost be termed organic in its unity. The demonstratien is homo- geneous and all of apiece. The portralt of Tp acey also whole length, may be found in the Saron; Gallery. It reproduces that expression which is the outcome of the singer's individuality, and is as Tauch a work of act in its way as an oil painting by a skilled hand. A similar criticism appiies to the whole length portrait of Miss Fanny Davenport, in which, by the sole medium of charcoal and crayon, not only is the sensuous beauty of the young actress realized, but the fine finish of dress and the character of the embowering foliage are also richly elaborated, Next in interest come portraits of Santley and Watson Webb. The passioniessness of Santiey's temperament is suggested with 5 strength which is as much above the mechanism 0 mere photography as a picture in the fire is beyond a magic lantern, and what is a defect in the singer becomes a great merit in the portrait. On the 5th of February the sixth annual exhibi- tion of the American Society of Painters in Water Colors will open at the Academy of Design. The exhibition will last until March 1. Works will be received from January 23 to January 29, inclusive, beginning, therefore, Thursday week and ending the peek | Wednesday. The usuai lists are ex- cted to be forwarded betore next Monday te Mr. . C. Nicoll, the secretary of the society, at No. 51 West Tenth street, Recent English ‘Water Colors. Mr. Walker’s “Fishmonger’s Shop,” @ water color, displaying codfish, turbot, whiting, red mul- let, red mackerel and a fat costermonger, is ad- mired for his harmony of color, balance of com- position, illustve realism and cunning dexterity of pencil, “Charles’ Wain,” by Mr. North, shows four girla huddled in a cart, while a squire reins up his horse beside them. Its color is ruddy and opaque, and its execution sharp and “muzzy.” “Evening on the Moor,” by the same artist, is said to be full of @ not unpleasant mannerism. Mr. Macbeth’s ‘“‘My Roses’’ gives a@ croquet party and arose bed. The latter is an exquisite study in red, white and green. The figures, the Saturday Review says, seem scattered, until they are seen to be used as marks of punctuation in a composition that might otherwise fall into disorder. “The Burial of John Knox” is after the most werful and impressive manner of Sir John Gil- ert. The treatment is Spanish, though the sub- Ject is Scotch. Mr. Brierly has a faithful study, entivled “Nile Bank and Crocodile Above First Cataract.” Mr. Boyce contributes to a recent London exhibition (December 28) “The Tomb of Can Grande della Scala, Verona.” It is said to be truthful, modest ana quiet. “A Cavern on the Cornish Coast,” by Albert Goodwin, recalls in its blue and lucent waters, with color rising to the surface as trom crystal depths, the azure grotto of Capri. “The Franciscan Convent at Assisi,” by the same artist, is described as indicating, by its indecisive and disorganized forms, the ‘dangers which are incident to students, emulous of light and color- Alfred Hunt has a Turneresque drawing of “Thun,” and j‘The Parthenon,” mentioned as being firm and true. ‘ Out of scanty materials Mr. Alfred Fripp is said to have educed a sunny and silvery tone and color in i “Clay Piers in Poole Harbor.” Its effect is poetic. ir, Houghton’s “Full Dress Rehearsal’ is clever, bnt scarcely hen ed being grotesque. In a moses “Ol organ” La te phe 1 grace, dressed in drapery of pea A notes that have long been Bate. From painted windows glance prismatic rays which illuminate the gloom. Lendl conception is as poetic as the treatment is felicitous. Hines “Gray and Breezy Beach at Eastbourne’? is praised fer its truth to nature. id remarkable series of Lytian, Egyptian ana English drawings, by William Maller, are now hang- ing in the gallery of the Burlington (London) Fine Art Club, Miller, it will be remembered, was the most masterly sketcher of the English school.” Foreign Art Notes. The Musée de Douai has just acquired Rubens» “Pan and Ceres” (the landscape by Breaghel), a Yandseape by A. Van Everdingen, the pertrait of a lady by P. Veronese and a seapiece by Van Goyen. Some fine specimens of the works of Schengauer and Durer were seld in London, December 20 and a. Had prices paid ranged from ten pounds to ene jundred. The Crampsale House collection of was to have been sold in Manchester early Thue week The approaching election of a Slade Professor of Att at Cambridge is being anxiously discussed, Three chreme-lithographs pabitshed by the Arandel Society have been attracting attention in London. Two of them are from frescoes by Bazzt and Fra Angelice. The third reproduces Holbein’s “Meier Medonna.” KANSAS. Pomeroy’s Chances for the United States Senate for the Next Term Not Encour- be tri Sr. Louis, Jan. 16, 1673, Aspecial from Topeka, Kansas, says an informat caucus of anti-Pomeroy members of the Legislature was held last night, at which seventy-nine mem- bers were present, being & majority of twenty-six on joint ballot. Pledges were given to oppose the election of Pomeroy. No definite action was taken looking to concentration upon any opposing can- didate, which tact gives hope to Pomeroy’s friends, who consider the jealousy between the rivals for succession stronger than the general opposition to Anotber caucus will be held to-nigue, is probable that an attempt will be made $0 qpite upon an oppogtion 5