The New York Herald Newspaper, January 20, 1873, Page 6

THE FUNDING BILL. Testimony of Bankers on the Evils of the Syndicate. ‘Mr. Duncan and Mr. Patterson Before the Ways and Means Comnittee. The Dangers of Great Disturbances and Varia- tions of the Gold and Money Market—Mr. Boutwell’s Explanations of the Syndicate Transactions, WASHINGTON, Jan. 19, 1873, On the fh inst. Mr. Duncan, of the firm of Duy- ‘tan, Sherman & Co., of New York, and Mr. Joseph Patterson, of Philadelphia, responded to the invita- tion of the Committee of Ways and Means, asking them, as bankers not connected with the Syndi- Sate, togive their views in relation to the funding @f the balance of the $500,000,000 loan. Mr. Duncan, having made his statement ad- versely to the proposed Syndicate arrangement, the Chairman (addressing Mr. Patterson) said ;— Mr. Patterson, assuming that you understand the ch: actor of the proceedings by Which 200,000 ot tive ber peutbonds have been ueKotisted, we Would like to in- quire of you what your view ot it ix, and whether you Can suggest any betier way of proceeaing with the bal- fuce of the five per cents! We would like iniormation three points:—First, your view, under the existing yw, ag to the mode adopied by the Secretury ot the ® Tredsury—oi course we do not make this inquiry with a ‘View of criticising the Secretary ior What he his done, Dut in respect to the suture; second, whether you can est any better method oi proceetiing at oye wish fheStunding o! the foun; aud, third, whether 40 your inion it 1# advisable to proceed at all; and first 1 would e to inquire what you tuink of the method adopied by ‘the Secretary ireasury under the existing law? Mr. Parizason—I think Unde tue negotiauion or vunding of Unived Staves loaus by the method reierred to is ex- oxed Lo some Objections, as Mr, Duncan has just said, it muy to place the bouds with a more limited number of vestors than had previously held them, and this, by reason of the special arrangement as to deterred pay- ment, with a guin of interesi to the subscribers or pur- ehasere. such inducements Would Naturally be otfered fo large capitalincs und vankers, in preterenice to tuualier Wostors oF the Public, aud these would be taken not 60 mach Jor permanent holding as ior DISTRIBUTION TO SMALLER INVESTORS and with a view w a profit hat way. I understand the ‘conditions on which the iown referred to was placed in the market to have been these :—ihat the secretary trst Sppuilnied numerous agents in this country and in bus Fope .or the purpose vf welung of funding te loan he terms on while. ey were auihorized to do this were the Bale of the bonus At par ior cash, gold, learone-iourth of ‘one per vent commission, At that tune the existing five Fr cent Wn-lorties were selling below par, and tue sale se new bonds, although having « lounger ime to un, was not very rap. there was lite or nowung done under that appomtment, if that agenoy had been successful it would have diffused the loan more gener- ¥ among permanent holders than vy the pian wuich ‘Was subsequently resoried to. ‘ihe appointment of these Agencies Was recatled and au arrangement made with fits, Syndicate cm these terms, That the Synd.cate had the opuon to sell THE NEW UNITED STATES BONDS at par for gold, and that the purchaser or subscriber to the joan would’ not be called on tor payment unul the expirauion of nivety days, the interest runming in the Meantime on the Londs subscribed. ‘the delivery of the Douds wus n6t to be made until the bonds were paid for, Mr. BourwxLi—The tirst coudition was that the pyndi ‘Bate was to subscrive $10,000,000 in the month of Septem. pe ‘and $5,000,000 tor every month afterwards unul April, ‘bal inuch of it Was not optional. Then as to tue holding ‘ef ih is, We were to hold the bonds subscribed tor ‘unless other government bonds Were substituted tor them of equal yaine, ‘Mr. Parrerson—The government acted very wisely and with commendable caution in retaining the bonds unul it recerved payment or exchange of other United Staies nds for them; but the application 1 Wish to make of these facta is, that the TERMS MADE WITH THR SYNDICATE ‘Were more advantageous than those ofiered to the first- »Mamed avents to Lbe extent at least of one and one- luarier per cent in gold, and, while there is no proot % nuccess Would have atietded the first method if it jad been continued, itis not known that it would uot, ecause the tering ollered tu the uyndicute were diuerent and more favorable, and ference of one and & quarter of ove per cent may make that a marcetable bond which o.berwise Wouid not be so. It popears to me also uhat in the sale or exchange of United tates bonds It is better that the government come its iar ry ibie directly in contact with the people. That te 10 popuiarize and diffuse the loan, and attracts” More general attention to it, | may say bere that 1 tuink ‘What the secretary rendered the must éificient aid tor the Success of the Syndicaie negotiation, and that it was ndeni on that aud other action oi the depart- ts success when he calle in the Maiured six reenw by Fiving the reauisite three months’ notice to ay. Aiter that call was made there was impending bver the market a lurge amount of money seeking in- and this stimulated the sale of the new bonds ‘the Cuatnaax—seiore passing to the other questions I Would like 10 make another inquiry—wheter you ap- Proved ot the first method adopted by the secrétary’ to gouiate these bonds through agenis of the government Bt the rate of A QUARTER OF ONE PER CENT? Mr, Parrensoy—I did not intend to say, nor do Iknow Mhat it Wouid have been a@ success. I Would not now ap- prove that method of duing it The Unainman—Suppose that you had practical proof Mat you could negouate in that way more than sixty. ‘Qve inillions ; would that modify your View ot the method wubsequenily adopted? Mr. Yarrekson—1 think no! te the conclusion that tae market Was not at that time in @condition to take the remaining bonds on the terms price prescribed by law, und I would have waited until the marset came to thé required condiuon or the I would then have come ‘if you have said all that yon desire to say on the frst poini, L would like to inquire trom you What alveradons ot existing ayr occur to ou wise 1uF tis commiitee to recommend, assuming that it is wise to ne- Botte a loant Mr. Parrexsox—Betore you proposed this question, I was about adding that large moneyed trausactions o1 the overhmment, nade through intermediate pardes not ot- Jally reiaved to ihe governmeni, With grea! powers to Poutro! the wovements of large amounts of moneyed capital, however respectable or emiuent such pacdes auay be, are able to this, with QTHE OBJECTIONS They have a powerful and predommant motive con- froiling them, which is to make that particular transuc- tion a success, and thereby promote the interests of such Potions, and,/with the wide range of inturmaton ws. to ¢ lovallty of the bonds and of Causes atiecting loreign exchange and the movemenis of capital, they may be to make conditions favorable to the accom- ot the main object at the of, Great disturbances and variations e gol ni money markets, and atiecting unfavorably the business of the country, 1 do not say that this isa necessary consequence o! so great power ven by the government to pariies outside or it, but L ink it 14, nevertheless, subject to that risk, aud with the best mteniions an error ot judgmemt in the control of ouch large amounts of money or credit may produce con- sequences as uuitvoruble as any intentional m.siake. ‘Bir. Kenn—I would like to ask you in that councction whether yon unk that the ndon by the Syndicate had a We unancial stringency that pre Mr, ATTEKSO: am 1 ware thatit had. gotiation took thet rip naturally (aud as it would wore perwinty it (he TI jury Department were to act directly with the holaers) of an exchange of bonds. While ie ries who held the old bouds migut not reinvest in the ves they would sell or collect the eulied-in bonds, aud the proceeds of THX SALE OF FIVE PER CENTS Would be applied to the purchase aud payment of the old axes. Ido not see any necessity in ihe exchange or funding of these bonds of any financial revulsion, 1 the operation ix controlled by jddielous and inedligent ries. Pete OnarmeAN— Asmat The ne- ng it to be the purpose of the VeFMINEHL to negotiaie this loan ov the best possible ms ior the government, cousisiont with its duty w the Public, what diterations in the existing laws Would you Y Varrensox—I do not know that I am thoroughly fatormed tn regard to the requirements of whe existing Ww on the subject The CnatkvaN—Assuming that the Syndicate operations ‘Were Consisient With (he exisuny law, What altera iou in that method would you dunk it advisabie for this com- Mitiee to recommend t Mr. Parrexsox—I would make the law define more fully the power itgives. [it bein ty with the existing law, then the law is not ve ein regard to the extent to which the secretary , because the same authority Which will give ninety days in whieh to y for the mbscribed bouds could as well, it sees pie, give six mouths, oF a longer Ume. Mr. Kere—Where there ts no Uinitation in Lhe law? Mr. Parrexson—Where there is wo liwitation of the @uthority as to tne. The Cnatuman—What legislation would you recom- meni? Mr, Patrenson—That {e a very larzo subject, The Cuamuax—Our needs are large. Parrenson—And the credit ot th Sarge and its resources also. in every se: A LARGK SUBS KOT. of tbe credit which this government o in ‘View of its present position, its population aud it present aud future resources under the development ot tbe increasing wealth of the couniry. We have exhibited t the world resources aud have paid taxcs eutor- mous in amount with an alacrity that ‘has iracted the attention ot the etvilized World, and has Spired confidence in us 1 think that we have scarc fiveu gur credit the position it lor die" reason that we have provided for a maturity our bonds at our discr riy, date by the option We retained to pay them off This isn torn ot bond, L believe, unknown in Burope except as presented in dar Douds ' They are aceustomed ta.and preier long bouds, End that quality of long time Permits a lower rte ot iD terest. Whiie it was a neceessity that we should Lorrow at High rate of interes: during the war, the option to pay i Urns out to be a valuable one, and We should not part Pith itbehtiy. We are now in a diferent posiuon, and 1 Mot sée the advantage o1 auy PRECIPITATE LEGISLATION on wt, in tolt I woutd end that legislation be Bpplied to consolidate the various bonds—viz., ten-for ea, flve-twentics, Ac.—by issulig bonds with Wuiorm FA Of interest and dne at atong time—forty or Hity eurs—at & low raie of interest, — Lhe phe Tavor woud be ‘ie "rate ur inea nse Ngee fe tine the ‘Wilh the theory of our overnuwnt T would e inter> mMinadle annuiues, which docs hot neon eee q (ferminatie debt, for the governusent could teehee ee \ay time inthe ‘open market, and with sucha deciaras splay epee gravitate ernest mNe of Ute credit jon that became neces nae, in. sell in nda, rf 4 Gieat, 1 would invite opeu end DUblic “sore ntee for them, and, Oxing a mininum price, would wanes toe sale to the highest responsible bidders at or » e the Price Axed. In addition to this I would, with Ue peaene ad probable Treasury receipts, call in’ a lew miltons Mot levs than Sve millions monthiy—ot the dy bends, tong a¥ they capnet de bought at Phet, mia devend. on the receipts of the Treasury or the sale ot bends if necessary w do this. I believe UWatin addidon rio the i Tre vehe Earopeau market tor our bonds, which will be en Sergeu if we make thein long, there will Lt a Large tied for there i this counury. There are questions pressing on the attention of eMANOM! reas which are endiug to great NOUR FINANCIAL SYSTEM at low races of interest nently in the organization 0 Jo secure .coreplaven—aud this nbs—I mear wid absarb NEW YURK HERALD, MONDAY, JANUARY “20, 1873—WITH SUPPLEMENT: amount They would be desirable trust estates and trust companies wand other uses, vith Jong by ata low rate of interest and the It of the govern- Ren “tis Santee and eee ely Saket r ma would” be as Bs. ctvilizadon. For” these reasons I do not see the conver- necessity of sion of the due six Cents in‘o ten years—fwe per cents alone at this (ime Beiore the maturity of the new bouds @ condition o: affairs may and probably will exist by whteh the debt could be ‘unded at a much low<r Tae ol muevesty and M the eiunding of the debt vy me; ast sof a syndicate cost a8 much tween five and six per cent tor two yi yD the chances of the next two yea the government would gain by it, The Onaikaax—Do you think it desirable om any par- fens terms to have @ reiunding of the debt at this e Mr. Parrersox—If the pu is not to include any art oi the jour and a hall yf iour per cents in oe neers lations, but to confine it to the five per cents alone, shouid think that te saving ot one per cent per annum for a short time doer Det appear 10 be as lor @ surrender of the advautus oe vy ah8 lywer rate of inwrest before the maturity of e new bout ‘the Cuatuman—Taking everything into consideration, what would you sugnest to the committee @s the bes! to recommen UO Erpruxson-- Without repeating what I said before, I would recommend a consolidation of the debt into LONG WONDS O¥ UNIFORM AND LOW KATY OF INTEREST, and open w public competion: in their sule or exchange atthe Treasury of the United states. ‘The Caaimman—ip the ¥ hein ot funding the debt how much expenditure would you authorize the Secretary of the Treasury to make ? Ar, VarruitsoN—I think that if the Treasury Depart- ment should «to its business directly a very small expendivure would be sutticient With ‘the wisdom and experienee ot ihe Secretary it would be well dune with- out the employment of intermediate agencies The CMAIRMAN-—I did not inquire especially asto tne inter, eniion oi agencies, but as lo how much money you ‘Wwoult! authorize the Secretary of the Treasury to expend in ibe operation. x. Partexson—That I cannot answer. I would leave it to the Secretary's judgment as to the estimate of cost. dhe Cuataman. mean so lar 48 Lhe present incam- bent is concerned ? Mr. Patrersox—I know no other. ‘The Cuaixnman—Would you recommend the same dis- cretion to be leit wo any incumbent of the Treasury Department t Mr. Partxusos—I do not mean to eay that I would leave it without limitation as to expenditure. the QuaiRmaN—W hat limitation would you make t Mr. YP arrenso: ye, that oue-halt of one per cent Would be sutlicient. Itis impossible to express an opin- ion With cuntidence as to the cost of working a depart ment, the machinery of which J am not tamitiar with. The CuainaaN—DO 1 undersiand you to say that your idea as o the best policy oi the Kuverument is hot to press the funding of the debt beyond what the Treasury 1 ¢- Pariment steelf can atiord by an expenditure not exceed- ng oug-ball of oue per ceutt ur. PaTreRsON—It is impossible for me to estimate with ion What the cost will be, but 4 believe that will rover all the necessary expenditure, Such an arrange: ent would attract Lirgely the confidence of (he country 4b that inethod of doug business, aud would attract ie holders of bonds (o direct correspondeuce with the gov- ernment. Luropean banking houses have agents or part Hers resident in sew York in almost duny correspoud- (Aside to Mr, Duncan) Au 1 not correct, Mr. Dun- . Mr, Doxcan—Yes, slr, Nr. Parrenson—The correspondence s constant by means o7 mail or cable, Air, Doncan—By tedns of cable almost entirely, Mr. Parrenson—And the money markets ot London and New York very near and in yiuck sympathy. Mr, Keen (lo Mr. Patwrsun)—t have etched with very greui picasure to what you have been saying, and there ure one or tWo questioly Which have beén sugyested to my mind as you have been going along, Will you first state how in your judgment it would be practicable Jor this governmuient in ihe mater of detail to put this loan on the market so as to Lring it into some advantageous Connection with the people and with ACTUAL AND PERMANENT INVESTORS ? You say this mode of Syndicate organizauon is calcula- ted to remove the government somewhat irom suflicient- Jy close relations wiih inyesiors ? Mu, Parrgrson—ihe terms and conditions made with the Syndicate were’ not known to the general pub lic at the ume the negotiation was made. 1 do not suppose that those who desired .o be investors in United States bouds were advised extensively or gen- erally that they couid buy new tive per cents, or convert old bonds into them, with the advantage of three months’ interest, and that intormation being’ con- fined to a limited number, the market of course was lim- ited so tar as the terms inade the market. 4 The Cuauman—It that matter had been known en- tirely would it not have adected the success of the opera- on Mr. Parrenson—I am ot opinion that It would have aflecied it seriously. t was because large buyers sup- posed they Were getiing the bouds at less than theur value At tue time that the sales were made, and hence it was Nol in its proper sense a populur loan, Mr. Kxun—ihen itis correctly inierred from what you have said that you think the government should gflect ttustoan directly, through its ows gillcers, opening its policy to the whole world, so that all people should see its enure pracucal working. Mr. Parrenson—I think that ft would be more consis- tent with the dignity as weli as wits the incerest of the country todo so. Luin not prepared to say that 1 believe that large transactions Wouid immediately tollow. Ido not think that any loss would be sustained ir they do not. Think that the condition ot things now developing in Burope will attract attention to our country mure and more, anu that our credit will be rising there. ‘The Cuatiaan—Do you think, now ihat ali the cond!- tions of the syndicale are known, that the operauons could be repeated, even with 2H AMLY OF THE ROTHSCHILDS ? Mr. Parrenson—Yes, sir; to sell tive per cents ouly and under similar arrangements as lo payinents. Mr. Ki:tzy—You made a point that the offer to the homé market preceding the sydicate arrangement did Not involve the three months’ inte; Do you suppose that, if the option was given to our banks and our eiizens Wich that clement disunctiy gunounced, any cousider- able home market could now be found tor our five per cent Louds Boutwei—VYes; Mr. Parrxnson—' are now selling at 113, at which ters LN i ‘9 Mr. Dunc: my calculatiot 7 ir. by little more than ‘fv per cent—f a fraction. Mr. PatrersOn—Not 80 much as five and one-cighth currency. The explanation ot it is, probably, that tuose bonds have twenty-five years to run. ‘The Cuairwan—Please to state that again, Mr. Parterson—The United States six per cent curreney bonds, having twenty-five years to run, are now selling at 113, a price which does not pay the holder quite ive and one-eighth per cent snterest | im currency. Mr. Brck—Are many of them offered ‘or sale? Partkusox—They are being bought and sold every r. Bourwett—The length of time that these bonds (oan has cereainly some effect upon the price, but ig not the hivh price of them chiefly due to the fact that there is @ general expectation that betore there bonds mature currency will be as as gold? Mr. Parrkxson—I do not think that enters largely into it The advantage of long time, of having a place for in- Vestments of trust (unds ior estates, Is very great. T think it shows that we are selling our bonds at lower prices on account of the form in which they are issued, with options at short time, ‘Mr, Kxun—Carrying your mind hack to the suggestion UT FREE BANKI ‘An01 xO, Lwould like to know whether, in your judgment, that system of free peaking RORY divorce the present con- Bection betwi ihe inks and business of credit cur. Tency making, er the banks should be allowed to have u currency issued on the Seposls, ot bonds? T. ParTERsON—Ii hey should be allowed to have a cur- reper by deposit of United States bonds, Without that privfiege of circulation there wouid be no inducement to organize banks under the national law, but when or- Ree they would be under the state laws, There are ute banks now in existence In many of the States. Mr, Doncan—Free banking, asl understand it, is the Sdoption of the Symes formerly pursued in the dtate of New York, which allowed any bank to obtain circulation to any exient tor which it chose ty deposit acceptable security with the government, and to conduct the rest of its business at its peril, Mr, Parterson—I 8 only suggesting that it would extend the market for United States bonds. Of course & free banking system would require certain restrictions to make ft useful and safe to the people. I think that a very low rate of interest on bonds would have a restraining and conservative | in- fluence, and banks would not be — organized to any great extent beyond the necessities and convem- ence of ine public. A sirict system of redemption inthe Eastern citles would be absoluicly essential in view of Areturn to a specie standard, which should ever be kept in view ug a commercial and financial necessity. SEA SERPENTS SEEN! Monsters of the Deep Coming to the Surface—Two Salt Water Snakes Afloat- Interesting Narrative of a Yankee Shipmaster. Now the “Toilers of the Sea” tell us of a veritable fea serpent. The story ig a strange one, and it is but natural that there should be sceptical landlub- bers, ay, and mariners too, who will question the veracity of the assertion that one of these slimy monsters of the deep has come tothe suriace of the waters and given afree and unexpected exhi- bition of his awiul proportions to the men who “go down to the sea in ships.” Tidings of the reap- pearance of “the! sea serpent, or serpents, is brought to the world ashore by A YANKEE CAPTAIN, and, strangely coincident, by tae master of the ship Sea Serpent, owned by Grinnell, Minturn & Co., of New York. Witha view to throwing further light upon the phosphoric subject, which was conveyed to the HERALD Admiralty Bureau upon the arrival of the favored ship, @ representative of this journal wended his way along Furman street yes- terday, while the belis were summoning the Brook- lynites to churci to hear the mysteries of faith and redemption. His destination was Prentice’s dock, at tue foot of which was moored the slarp- prowed craft which bore the gallant crew that SAW THE MONSTER, It was not without danger (that of slipping of the icy Jacob’s ladder which led up from the dock to the bulwarks) and diMculty that the quarter eck of the stip was reached. The oficer hailed. “Hallo! there; is the Captain aboard’? A repeti- tion of the inquiry elicited an answer, A colored man emerged irom the cabin hatchway and led the searcher aiter truth concerning the mysteries of the deep to the Cap- tain, He was met by a tall, fine- looking man, with patriarchal growth of beard, over whose head had doubtiess passed, though lightly, not less thau sixty years, The waves aid bufletings of Old Neptune tad tailed to seriousiy jurrow ius bland, genial countenance or din the lustre of a pair of Svarp, twinkling hazel eyes. He advanced vo meet his visitor, and shook hands Mr. Parrersos—The movements ot money affairs are sometmes very uncertain aud eccentric, and we are at- fected by conditions and relauous which you must neces- surily take into consideration in order to pronounce an opinion that is at ail reliable. Youare speaking now of the existing banks. dir. Ketey—Yes, submitting. to the American people the option to take this loan, and making it clear to their minds that they too sliall Lave the three mouths’ interest the bedi five Pte thc cte is @ proportion of our ome Marke. that might @ advautage Oi such’a propo- sition; Lineau the bauks, ne wate Mr. Parrxnson—.ot ihe existing banks, for they have more profitabie wes for their money, and deierred pay- ment Would hot Present as Strang ab inducement to sinall investors a8 \o large banking houses, as it is generally money op hand the Lorimer wish to iavest, bat if the induce- men: of a redaced price tor the bonds equal to the value ol the interest—say for ninety Fig fasted ollered they woud understand “it bettr, and it would be more at- tractive. 1 think thatihere isno necessty to press the Joan now, nor would 1 tibe market to this couniry. Tue indicauous are everywhere that THE CRADIT OF OUR GOVERNMENT is rising all over Lhe world, aud We should take the best advantage ot it. Mr. xck—Tell us how far, you think, were we to allow free banking in this country, the bonds of the United States wouid be taken up in that way—the five per ceut or jour per cent bonds? Mr, Parrkkson—i think it would be unsafe to authorize | free ‘banking. unless under certain limitations aud re- strictions connected with it; but it you establish a ot free bun equuyng the deposit of Unite bonds to secure circaiation at low rates of interest, tainy less than five per cent, and with ‘long time to run, guarded by & strict system redemption’ in the Eastern cities (which, ot 1 think, would be essenual), you would have banks orgamized just as the necessities or convenience of eeriain localities required them, and not much mort tun that, because they would have no great inducement in che low rites of interest merely to make profit trom circulation; and while it is impossible w siave what amount of bonds would be taken, it would be io an amount that would affect the market price beneficially and largely support‘them. 4 think, @iso, that existi banks might without injustice be putin the position which they would sec it to be to their advantage to | low interest bonds at a long ume. wens restiny) There would be @ place for x large part of the debt. ye CUAIRMAN—W hat do you think oi providing by law that existing bankers shall exchange their present se- Curities tor lower Interest securities t Mr, PATTRRSON—A compulsion todo so before the ma- turily of the bouds they now hold would involve : AN INJUSTICE TO TH BANKS unless it was accompanied by 4 exoneration from ex- isting burdens that would compensate tor it, ‘The Custuman—I[s there anything to be gained by the Boveruinent by that operation ? Mr. Parren! No Wf the relief granted ts equal to the interest reduced; 1¢ might accustom the peopte to the idea o: lower rates of mnerest, Mr. Buxcuanb—You suggested that there is no limit under the existing law as lo what may be allowed in the way of comm’ sion. Dir, Parterson—J said that the authority under existing Jaw, which could deter payment without Interest 4 three mouihs, mighs be applied to do so vor a longer i ME. HUKCHAKD—And in that Way the govermuen< could pay, indirectly, a large amount of commission, could # not? Mr, Parrenson-—Certainly, whether in the form of com- Fnoi it would be a large gain to the purch pond and a corresponding loss to the seiler, Mr. bUnCHAKi thority sho Dir. PATTRRSON—Yes, sit, tionable method of seluing United Staies bonds T know that « necessity for it is suid to exist im the requirement of ninety days ¢ w pay off the macured six per Cents; DUC Ltt ditheuity, 1 it bé one, might be met in It is an unusual and objec some other way by commenctog interest irom the date ot payment or exchange: 11 48 an Indirect method of giving « lhe purchaser ax advantage Which does not appear ol the iace of the, trans: culon, Mr, BUKCHARD—It Worked no disturbance to the busi- ness of the country? Mr. Parrenson—I do not see how that affects the ques- tion under consideration. Mr, BUKCUAKD—Iy it not as advantagegns to pay the minission direcily, in that mode, as 1S bay a dire commission? Air. PatrERson—It fs apparently, as A MERE QUESTION OF COST, ore advantageous to the government to pay it indi- ly, because in the one case it Would be an aciual pay- m r ment of money out of the Treasury, and in the other case it would be only the use without interest ot mone; Of the government, which might alterwards not be used and therefore it dobs nol so apparenuy involve @ loss (0 the goverument as the payment of a commission ivalent Value would; Lut that view does not present jections to it, You believe it desirable to leave unlim- of time thal the money can remain onde posit—the length of me sor wich te agreement run Mr, Patrenson—No, sir; I think’ that it would not be safe or proper to do that. Mr, Bonewaud—There is no Toss tn allowing it to remain ninely days! Mr, Partenson—It was the use of the money for ninety ays or ionyer by the purchaser that gave hun an advan- tage, und, if it Was uothing inore, It Was a Joan of inoney, by the dvermment for that time without in government at the same tine p 1% Nferest thereon, Mr. BUXCHARD—In that operation Was capital Lro to.this uniry in exchange lor bonds, or was ther exchange of bonds abroad, si Dir. VarrEnsos—t have than what any other citize the operation. Mr. Buxcnann—Is your hypothesis of the future based on the idea (hat there will be a bringing of capital to the country in exchange of bonds, oF Willit be & Binple Ex chauge of bonds? Mr, Parteasos—I suppose that substautially it will be, or could be, made largely a simple exchayge of bonds, It would naturally take that course, and tall connected with it would endeavor to produce that result. Ma, BuKcHARD-Are there not as inuny six per cent bonds held abroad ag are proposed to be neyolated vy I think that there are. Would it not be an advantage to our per cents (or five per cen Knowledge of that further it obtain, Twas not i Mn, Burcnas people to induce am exchange of these six per cents into M b yer cents? Parrersos—Yes, provided we cannot exchange on any better terms to the goverument now or soon. Mr Bukeuann—Your proposition is to have these bonds taker seountry ? ATTUSON= NOt to limit them to this country, but thatace kept here the better. L would make 4.0 lower rave of interest-certainly less than five wo run ior a xed, absolute time, Permit i N ILLUSTRATION OF THE ADVANTAGR of long-time bonds in commanding higher prices. The CUTODGY vouds ot the Ruvermuneat are Bow selling, both Waruwly ere he vad been infornied as to tie pature commission upon Which the scribe was bent, Ja; tain White, | presume 7? “Phat’s my name, sir, 1 ain glad to gee you; take @ seat.” “you report having seen A SEA SERPENT. IT am a representative of the HERALD, and have called to glean such circumstances connected with prdivary experience as you may be able ive upon the subject.” “Weil, sii, LAkuow tuat there are many people who won't believe what [have to say on this sub- ject. ‘hat does uot aiter the case, however. What 1 have reported is true; but ii 1s just this way the mujority of iolks will Say, “Oh yés, that will do for a yarn; 1t’s-anotier Nabdnt story.” Nahant ts @ Watering piace near Boston, Muss., and generally Opens about the latter part of M Ihe news- papers, Waen they Want to attract carly attention to that popular resort, circulate all sorts of rumors | about tue sea serpent having made an appearance | of Nahant, These stories have been given out 80 eiten that people nowadays laugh at tucir repeti- tion, “We cannot help the doubting Thomases, Captain, | but let those Wao Will believe bave tue facts, if you please, as concisely as possible.’? “Why, biess your heart, [have seen a sea serpent befere, about tive years ago.” “Where Was that—1m what locality? I donot recollect readiag 01 the cireuinstauce,” “It was in (ue south Pacific Ocean, of Juan Fer- nandez, Isaw it quite plainly. J made no partica- lar note of it at the time and did not report it to ' | tne ee But about this, my last voyage. Well, | sir, I was on the quarter deck of the stiip on May 5, | 1872. We were off Norioik island, im latitude 2 38 south, longitude 17041 east, about six thousand miies from San Francisco, bound for Hong Kong, when the men who Were out on tue toretopsall- yard, engaged in reeling sail, sung out to me, | “Captain, Jook over the skle aud just see what's over therel’’ Tran to the ta nd upon looking over—it was blowing a pretty iresh breeze at the time though there was not much of a sea on—l saw, dist. nt omy lour Or BIX leet irom the ship's weatier quarter, ‘A HUGE MONSTER, We were goiug, according to the log, five knots an hour. Asimade the reptie out it was a sea Serpent of deep brown color, an@ not less than fiity feet in length Jrom head to tipo: the tail, tt was two leet imdiameter, The head was somewhat laiger than the rest ot the body. When the iuonster Was about twenty feet astern of tie ship it raised its head about \owr feet avove the water, and, opening an enormous mouth, gaped, or yawned, a8 though just awakeoed from scand kieep. Lcould not distinguish tie color Oo: its eye Beiore my astomshment had suis.ded [ observe as also d\d the enure ship's crew, another similar serpent, COILED UP, AS THOUGH ASLEEP, floating by on the lee side.” “itis a truly wonderiu story, Captain; but 1872 Will be woted Jor it8 many coliributions to stories oi the sea There have been several storms, wrecks, waterspouts and other phenomena, and 18 it not highly probable that matters.and things beneath the vasty deep may lave become so di arranged as to discomut the monsters by driving them to the suria " ‘That is very true, What makes it more remark- Mmof this slup are two ge gilt ligures of sea serpents coiled vp—em- matic OF the’name oF the vessel.’ ‘Have you ever seen sea serpents upon occasions her thdu idiose you have mentioned ;”? “No, sit; Lhever have, and 1 have been going to sea for about filty years.” “How jong did you keep the reptiles in sight “Not long. Like all bad characters THY RAN AWAY FROM US a8 fast as they could. The serpent I spoke of as having seen off Juan Fernandez gave a longer view ol itself, It passed the ship going to windward, | and theii rounded and repassed on the lec side. That serpent’s body was quite plain above the water as it moved along. Did you ever read that story about the ‘boy Who Was’ Laugued At?’ it was written by John Coddington, a ‘Boston boy.’ I'ma ‘Beston boy’—was born in Boston. W that story tells all about @ boy wao lived with his U Josn and had to get upearly and do all the chorgy and feed the pigs, until he grew tired, anc, takiN® his bundle of duds, ran away to sea. THe was langhed at ior Ris menial services ashore and sougat to do better at sea. ie grew up to be a master, made money and got married. ou POLKS WILL LAvOT, . and it don’t doany harm. You hava heard of the Suownlan Who brought to New York @ gorilla (Oty rather, a baboon), which he advertised as ex- tremely dangerous, People focked from all sides to see this wonderful Wild man. Among them was a commissioner from Washington, who questioned the showman, saying, ‘Why, sir, this creature has @ tail; the gorilla has none.’ ‘That is it exactly,’ said the exhibitor; ‘ior here you have a gorilla that actually has a tail, { claim for it the greater value on that acconnt.?” ‘The relevancy of these brief anecdotes ts appar- ent, Captain J. D. White vouches jor the autnen- ticity of his narrative coucerning tie sea serpents, His ship is now discharging cargo at Prentice’s dock, uear Wail street ferry, Brooklyn. INCENDIARY FIRES, Two Factories Destroycd—Loss $50,000. GLOVERSVILLE, N, Y., Jan, 19, 1873, An incendiary fire this morning burned the shoe factory of Arnold, Jay & Grifiths, together with contents; also the glove factory of F. E. Hoteh- kiss, ‘hestovk of the latter was saved in @ dam- aged condition, Loss. $00.000: Insurance, $30,000 THE STATE CAPITAL. The Prospects of the New Charter and the Combinations Against It. THE VALUE OF “SOCIAL CIRCLES,” The Usury Law and the Proba- bility of Its Repeal. A LIVELY FIGHT AHEAD. How Conkling Might Have Lost His Berth. A BOARD OF COMMERCE FOR NEW YORK ALBANY, Jan. 19, 1873, ‘The general dulness of the past week has had a very saddening effect upon the new members, Most of them came here with the notion that after the Speakership question had been decided and Mr. Conkling’s star engagement at Washington had been renewed, by caucus, at least, for six years longer, the profitable business of the session Would begin without delay. It would be rather harsh to say that all of them have an eye simply for the loaves and fishes, but that a goodly number of them feel very much inclined that way, and are chafing over the backwardness of the “season” in coming forward, no one can deny who is at all familiar with the little cliques and clans that have alreauy been formed ostensibly for social en- joyment. The reformers last year made their social circles very narrow, although the said circles were humerous and excessively and very naturally exclusive; therefore their saccessors, who are determined to follow in the reform footsteps their forerunners trod in travelling and counselling by fives and tens, are only following A WELL ESTABLISHED PRECEDENT, and the Legislature, for good or bad, you know, always follows precedents, In justice to the great body of the present House, however, it may be said that it means to do well, and that if the party whip is not applied too vigorously in the future some real good may come out of the Legisiative Nazareth. But everybody knows what good in- teutions amount to in the first or second week of a session at Albany. The new members, who feel that it is useless to waste their precious time in waiting for the good season to come, which they hope will be brought about by the new charter and several other bills reiating to the commissions in New York, are loud in their determination to have ashort session. They want to go home by the middle of March, they say, and they want New York to be attended to right away, and not have it doctored (as it was last year) at the very close of the session, when there is a chance that a big bone may get lost in the general scramble for small ones. The charter, in their eyes, is THE ONLY SOLID CHANCE they will have to make up for all their anxieties and vexation of spirit. It is true that the mag- nates who rule the roast are determined, it rumor speaks truly, to put everybody's nose to the grind- stone who has any right whatever to be caileda republican, They will admit o: no subteriuges, and nobody can kick against the pricks and at the same time be treated as one of the laitaful, The fiathas gone forth that he who dares to make a demonstration in the wrong direction must be read out of the party instanter, and that the head Wire-pullers mean business it 1s only necessary to point to the way they have already driven their recalcitrant Senators out of their councils. The new members understand the situation thoroughly, and just how far they will be intimidated by those threats is now @ very interesting question, That they have not been able to frighten all the new comers is a fact which has already been proiea by the secret caucus or “social gathertug” o THE WOULD-BE INDEPENDENTS, which was heid on Friday. Leit alone to them- selves the indepenaent iew of the new members Will doubtiess give way easily when the hour of trial comes to hand; but they are not aione. The maicontents among the old members, who were so shubbily treated by the Custom House party in the ph Od ol the committees and the patronage of the departments, are in as bad a mood as ever, and as tley learned a trick or two worth Knowing coring the ast session they may be able to so drill their less enhgtitened, but Equally srougzy con/rcres into such a state of discipline aud wiliness tuat THR OPPOSITION TO THS NEW CHARTER as it stands and totwo or three other pet bills of the Murphyites, may not be utterly contemptible when the time comes for it to show its stre gth. To be sure the motives which prompt tie old mem- bers who are dissatistied! with their present status are not of the most laudable kind, but every- thing is fair in Albany legis.ation to the mind of him who can make others believe tuat the end jus- tifles the means. They will, if not bought of before the churter is to be voted upon, base their opposition to it on the ground that it is not what it should be—that it looks more to the accomplish- ment of the schemes and ambitions of a small COTERIE OF WIRK PULLERS than to the welfare of the metropolis. The out- side arguments which will be used to make the malcontents and others take tiis view of the case will be ad-poweriul, aa if they stand firm they may not only be able to obtain lor the city a less partisan carter, but at the same time go homo at the close of the session covered with ‘“inde- pendent” glory and by no means beggared because of their patriotic efforts in behalf o: the dear peo- le in Gotham whom they know 80 much about— hese WISE MEN FROM THE COUNTRY, It is pretty certain that the charter will not come out of the hancs of the Joint Committee on Clties without geting severely altered in many important respects, and report has it that a lan is being matured by which the changes proppsed wii give the repabiicans astronger oid upon tue city than even tne bill gives them in its present shape. If these changes are made the plan of the leaders is to rush it through both houses in good oid Tammany siyle, and it .8 just this plan, if car- ried out to tue bitter end, which will give the mai-~ contents a seemingly justifiabie cause ior KICKING IN THE HARNESS. The prospects are, theretore, noi so brilliant tor the charter’s getting through without a battle as they seemed to be a iew days ago, ‘ihere are—at least at present—a suMcient number of members determined enough to make a row, and, this beng 80, it is highly probable tie plan to get all the re- publicans in caucus on the bill, and get every mother’s son of thm pledged to its unquestioned support, No matter how it may be changed in com- mittee to suit the purposes of the “party,” will be abandoned. Certain operations tuat are now going on in New York may also add new strength to the growlers, and i in the end the charter does get through first, as the Custom House wantit, the victory will have been won not so much by the generals who have the largest battalions as by those who have had the best artil- lery—in other words, the biggest purse, or its equivalent in offices that pay handsomely ana re- quire but little work. THE USURY QUESTION is evidently destined to create a great deal of strife in both houses this session, and che prospects for the repeal of the law as it now stands look better than they have looked jor years past, for every one knows that every session ior the past ten years @ repeal bill has deem one of the jea- tures of Albany legislation. The farming and agri- cultural interests of the State have aiways shown the most opposition to the passage o! any bill leoking even to the modification 0 the statute on the subject. They have of late, however, appar- ently become less uncompromising on tle ques- tion, and this, added to the strong recommenda- tion in the Governor's message advocating the re- | te of the law, gives the iriends of repeal no smail opes of being able to succeed at last. Mr. Robert- gon’s bill, though to the point, is not as compre- hensive, I believe, as the repealers would desire, imasmuch as they object to that poFtion ot it which authorizes a greater rate of interest than seven per cent, and at the same time makes provisions for agreements in writing making the rate avove seven per cent recoverable in action. Mr, Voorhis, of Rockiand, who intioduced @ bil on Saturday regulatiug THE INTEREST OF MONEY, mects the question exactly as the repealers would have it. It makes the legal rate of interest seven per cent and declares it lawful to loan money at a greater rate, but provides that no greater rate than seven per cent can be recoyered in any action. The bill, like Senator Robertson's, repeals the sec- ond, third, jourth, Ath, sixth, seventh and eighth sections of the Law of 1837, thus really doing away with the Usury law altogether, To give you an idea of the real importance of the bill I herewith append the sections of the Law Of 1837 which tt re- peals. They are as tollows:— Sxcriox 2—Whenever, in an action at law, the defend- ant shail piead or i the devence of usury, and shali veriiy the tr davit, he hot bh ose of proving the ¢ as a witness inthe sane, her as other witnesses may be called and examined Naa A—Byery porson oflendivg axainst the provistous ‘xan bien see anet ‘any bit th anall be con Bs eS Sees Carers ane otf tinete A ia file a bill a chance: tor or ti nes rovisions ot of Sti act shail uot be necessary for the im to pay or offer to ai rest OF pr on the sum + Bas wesc tiraches apear eric pia Wake sters senice ssn ae Teliet, ie eo of compelling oF dipcursrang 0 henever it shall eatisfact appear by the ofthe defendant or by pi Gietany Font, a iil noterasunmes ah contract secu: a eeaiec brden tegen ene tole ions of said title or of this act, cin any prowsctiion,sheseos and ander ie sauns ndered and Ske. 6.—Any person coive sar ereal ia prescribed in. on in wiete of the pro- this shall emed gull and on mvickion thereol t! 0 person be ‘&@ fine not exceeding ix or por. Bec, &B—Every plaintiff asa rsuant to the provisions of this act, or any det nt, ‘under the provisions of this act, who shall swear falsely, shall, upon. conviction thereot, suffer the pains and penalties of ful and corrupt perjury; but a wile {nuit or the answer of any detendant tale purse fo the same title or of this act, shall not be used at such person belore any Grand Jury or on the trial of any inal nent against such person. Senator Lowery had his resolution fixing Tues- day next for the ELECTION OF A UNITED STATES SENATOR " reconsidered in the Senate on Saturday. It seems to have been an oversight on the part of the Senate to tix the same day as the one upon which cach House ballots separately. ‘the law of Con; reads “the next day succeeding” at noon, and tie reconsideration and amendment were intended to meet that provision. Feeney enough, the same mistake Was made by Senator Folger three years ago, when Fenton was elected, and the same re- consideration and amenduient were reporsed to, Senator Lovey was, indeed, led into bis take by taking Fol ue first resolut.on fer @ pre- cedent, and did not discover his error until he found Folger’s correction. What the effect might have been in a stricly legal point of view if Conkling should have veen re-elected on the wrong day, und in contravention of the laws of Congress on the subject, may be matter for specu- lation, It is not probable that he would have been ousted from the Senate on account of it, but his amiable colleague, Mr. Fenton, might have raftied his dignity pretty severely by trequent reference to the ilegal election, Senator Tiemaun’s bill, of which he gave notico on Saturday, ta relation to LOUAL IMPROVEMENTS AND STREET OPENINGS, is the product of an eminent New York lawyer and property holder, and is very strongly favored by all the New York Senators, ‘It does away with the elaborate system oi fees by whic a local improve- ment or a street opening is rendered more burden- some to the citizens than the assessments and legitimate expenses pat together, and places the subject entirely within the jurisdiction oi the de- Parnas to bear the expense and superintend he, Wor! Senator Weismann’s Senate copy of the Bliss charter was introduced on. Saturuay, and ordered to be printed. It 18 word for word the Bliss aud Gardner ducament, except that the exnlunatory interpolations in tue original are crossed out. * in Committee o1 the Whole the Senate trans- acted business with remarkavie celerity. Senator James Wovd’s pill in reference to WITNESSES IN CRIMINAL CASES is the same bill that was introduced last Winter and Jailed in the Lower House. It relieves THE HOUSE OF DETENTION of some of its horrors, and im certain cases makes the sworn statement of the witness sudice for his verbal testimony. Progress Was reported upon it, the Senators showing a commend: determina- tion to periect and improve bvelore accepting 1t, Toe bill in relation to dower, introduced by Mr, Lewis, was also progressed. 1t changes the pres- enp law only so lar as holding the conveyauce of & Marricd woman made under age as good as if sie Were Ol age at the time of making it, Mr. Patterson's bill creating A BOARD OF COMMERCE in New York is @ sort of renash of that. lament- abie failure of a bill introduced last yeur by the irrepressible Twombly. Itis, however, not quite 80 pretentious as Was the original, and does not attempt to swallow up the Bourd of tiealth or the Health Officer. The bill tavests seven comnmission- ers with ail the powers now possessed by the Quar- antine and, Pilot Commissioners, and gives them + exclusive control over and appointment of the port Wardens, &c, THOSE GOLD BADGES. Mr. Pell’s little bill to compensate Tillson & Cooley to the amount of four thousand dollars and over, for the goid badges they lurnisiied the Com- mou Councii, and for which they were unable to get any pay, Makes it imperative on the part of the City to go to the captain’s onice and settle, Mr. Smith introduced a bill which gives the Bourd 01 Supervisors of New York county tue power to appoint the CLERKS OF THE CIVIL JUSTICES, ata salary of $3,00U, two assistants at $2,000, and astenogiapher and janitor at $1,200. Where Mr. Shrith is guing to get his stenugraphers at the mu- niliceut salary that ue is wiliing to give the janitors is a question yet Lo be decided. THE POSLAL TELEGRAPH. To THe EprTor or THe HERraLp:— In the Nation for December-16, 1872, 1s an article entitled uid a Postal Telegraph be Cheap?” The writer says that “it is a subject upon which the public isull-injormed, thourh not for lack of teach- ers,” and the object is to give such information, It enunciates the proposition tuat telegraphy is diferent from ordinary bus.ness, because any large imerease in the amount of busiuess is followed by au increase of expenses which approximates closely to the increase in work, and inust therefore pre- vent any considerable reduction in rates, which it seeks to prove by the statistics o/ three countries, Jt says that in 1862 the numver of messages trans- mitted by asingle company in England was 1,534,590, In 1866 the total was more than double, being | 8,160,149, It then gives certain statistics as to the number of messages per mile of wire at each date, but omits to give the important jact that the work- ing expenses imcreased but 40 per cent with an increase of 105 per cent in the business, while the net proceeds increased at the rate of 80 per cent, These facts, it will be observed, contradict the propositions of the article. Belgium is the next example, and the years 1361, 1863 and 1865 are selected, when the ates were high and the increase in businesssinall, In Decem- ber, 1865, the rates were reduced 50 per cent, the telegrams increased wom 674,034 in 1865 to 1,128,000 in 1866, or nearly douole, while the expenses in- creased from $132,150 to $167,191, or 25 per cent, In 1869, 2,038,300 messages Were transmitted at an expense of $260,000, an increase 1 Pearly 100 per ceutin business and of oniy 60 per cent in the expenses, ‘ihe writer has not given the correct figures in eaca instance, as he las veen led dito an error in copying his Statistics (rom a table which gives ouly the miand telegrams aud an estimate ol the ex- penses, Our stutisucs are taken irom the oficial returns ot the Lelegraph Bureau of Belgium, “in the United States tue total number of mes- sages transmitted by the Western Union Company in lod7 was 5,879,000; im 1871, 10,646,000, or nearly | double,” according to the statement of the Nation. But again it tas to Hive the fucts necessary to ar- rive at a correct conclus on. ‘ihe gross expenses | in L867 Were $5,444,000; in 1871, $5,104,785; Slowing | that, while the business was nearly dvubled, tue | expenses were Only increased about one-quarter, ‘Lhe writer quotes certain inaxims enunciated by Sir James Anderson in his “statistics of Tele- graphy,” London, 1872, but omits the most im- portant statement, which is, “that in the interior service of Beigium the diminution of net product has been of smail importance, and has been accom. panied by an nmense development of vorrespond- ence, that 8 to say, of service rendered to the public. ‘The telegrams in Belgium increased from 674,034 in 1865, Wuen the rate Was reduced irom one franc to half a franc, to 2,880,206 in 1871, or nearly four hundred per cent in six years. The writer is also mistaken when he that the business in Belgium is managed a loss y Congress, overt uniform and operaed, by a@coinpany whictt prea a for pogo upon | cle Oh pd Rony ) Management of its busi ness, combines the advantages oi the gover mental and Corporate systems, and avoids man onlecsons appt pale se sine ng] Ct m wil ve @ public a cheap telegraph with a rease of fucilities wit it op, burden oth government, Tt i illumi oreanerzre | WALLS FROM JERSEY CITY. A Sad Legacy of Misgovernment and Robbery. Exodus of Property-Holders—Old Resident¢ About to Sell Out—Small Holders Unable to Pay the Heavy Taxes—An Episcopal © Olergyman’s Views—Judge Bedle 4 Again to the Rescue—Work for the Grand Jury. Jersey City stands to-day the most oppresse city inthe Unton. A few weeks ago a gentlemam from New Orleans ventilated the grievances off that city in the colamas of the HeraL, and, as ang example of what he Styled “unparalieled opnryes sion,” he stated that the taxation amounted t $26 per $1,000, “In order to warn thag gentleman against any such misguided step ast removal nortiwards, to avoid “oppreay sion,” it is necessary to inform him that i Jersey City to-day the rate of taxation is $32 8@ on $1,000, and there is* every probability thai 1t will mount up to $50 next year. Four years aget the rate of taxation was about half what it is toq day. Two years ago property was advancing ini value so rapidly that New Yorkers considered it. @ profitable investment; to-day the REAL ESTATE MARKET 18 CLOGGED with Jersey City property. No one wanisto buy ity and many Of the holders are anxious! topart with iteven at figures it could command easily fow years ago, The taxes are due, and fully one- of the taxpayers have not yet paid their tax bills, although the time jor payment without a penalty; expired.on the 1st of the present month, whad with exorbitant assessments and heavy taxeg. Many @ poor holder would willingly sell out . meet both bills if he couid only find a purchaser. Nothing remains for hima but to witness the HOUSE SOLD OVER HIS HEAD for a sum probably not to exceed the amount off, taxes aud assessments. The president of one 0: the city banks stated to the HERALD representativa, ‘afew days ago that he never remembered a seaa son of greater distress to small property holders than the present. Hundreds were daily calling om hum to draw out their deposits aud ootain loans. One case whivn struck him particuarly was that off @ wan who Was oifered jour thonsand dollars in ad dition to the mortgage lor lus Mouse tWO years wiule to-day ne canuot obtata more than the amount Of (le MOrigage, and that wil be foreclosed, within @ week or two. * A retired mercnant, who lives in a princely Mansion near Uceuu aveuug, on heigiits,, stated yesterday that suoner than submit to daw dui ther robbery in the government of tie city Le Will sell out at tue tirst Opportumty and = LEAVE THX CITY. He owns a house in the -fuird. istrict which h: been advertised lor several Weess past at tid figure of $0,0uu, yet tie valuation was" piaced a $1,000, He appeuied to the 0ui4 01 Finance against SUCH aD OUtrazedus assessment, but tat body bert the lowin shail Of te WMuchiuecy Of the King gov< ernment, reiused tO graul Wii any redress. He: says thutaithough ie has applied to several real estate oilices in New York, a8 well as Jersey, Mi cannot find a purchaser, Novudy is willing to ine vext im Jersey Uity real estate wuile the preseat remains in power. An ex-Alderman, wiio has resided in Erie (for- merly Barrow) gtreet lor early @ quarter of a cen= tary, aiso stated yesterday ti he woald leave the city as soon as he can purchaser jor his nouse. A Well-Known aud poptiiar’ piscopal clergyman, speaking to the HERALD represenias lave, said — . “LHR HERALD 18 ENGAGED IN A NOBLE WORK», when it stands between the peopie of this city an its oppressors, 1t was uot tu lately that I caine the Conc.usiON that tue press Of Jersey City 19 muzzied. itis humillating that we have to seek protection and redress vuisiue our Own city. MY judgment is tuat tue most contemptubie, corrup® und unscrapulous politival combinations are those In Which 4 small sprinkiing 0: Lue Oppositivu 18 ade ulitted—sueh, lor instance, as We had in the city 0} New Yovk @ ew years ago aud a8 we have in tui city to-day. The result is tuat THE SiKALING IS WHOLESALE and the press, for a consideration, is silent till the rogues jall Out auilong theuiselves, Since tie Rigg government, as ou cali it, came into power, J have lost bo ewer tuan lorty-Lwo of my parisi< joners. 1 jeit it necessary in one of my sermons to denounce Ollicial Corruption lu geveral, and one gelutleman Who heurd we said allerwards tuat ve was alraid I was xoing to INTRODUCE POLICE INTO THE PULPIT. Go Wwuerever one Wil througuout the city he wiil find in every svgre, in every piace 01 business, the sume murmurs Dyainst tue exorbitant taxa+ tion and in most cases unxiety un the part of owners 0! property wo get md of it. The number Of persons oj the latter class wiom the He representative encountered since last reached 134, ‘she Board of Public Works—formerly the nucleus of the King—are iavoring zealously to turow the blame of their own siouideis to THE RAILROAD COKPORATIONS exempt from taxatiou. This eXemption is no duult a great public grievance, bus it nevert Swelled taxation Lo any appreciable degree till the King enteied tuto power. ‘she January term of the Hudson County Courte will commence tu-morrow, and JUDGE BEDLE, THE TEAKOR OF BVIL-DOERS, official and otherwise, Wili resume his seat on the bench, It is one oi tie remackable cuincideices of the official trials, Which the people of Jersey city Will NOt soon jorget, chut in the two cases trick be.ove Judge edie the parties Were convicted ang sentenced, while not a simgie Conviction was had om amy OF the indictments in the Courtol Sessions. “the Court are determimed,” said the indexivie Judge Bedie, in passing seuleuce upon @ notorious. Cuca, “that this system of prostituting public office to private gain must cease.” ‘The jollowing gentiemen compose THE GRAND JUKY, who will be empaneied to-morrow:—Charles Fe. U’Neill, foreman; Hugh McKay, Jonathan J. Durant, John Mcvonaid, Patrick oheerau, Arthur Spielman, Henry M, trapuagen, Arthur B. Cos- grove, James Voyle, Joun o. tiopkins, Jacob J. Newkirk, Charles a. Murray, Timothy Foley, Her-~ maun L, ‘ime Augusius UY. Evans, Peter scnackel, Peter Liduck, sdivund Isbills, Francis 5. Brogan, Cuspar Lnygiebrecht, veorge Sueath, Henry J. Kottman and Sauget overtod., Lhe lirst vaso Which Will provably come beiove this body is that of John Deria, charged with the murder o: Don hewn ina barroum. The more important cases neXt to this include the wlle.ed CONSPIRAUY IN THE BOARD OF COUNTY CANVASSERS to defraud Sheiid Kembardt out of his election, Affidavits inculpating two members Of this Bourd and a third ‘party, Wuose Dame for obvions reusuns cannot be disclosed just how, were filed during the late session Of the Supreme Court im Treuton. There is aisO @ Charge aguiust a certain man ioc tampering with the jury at the last terta of Court, ‘Wien Judge Depue called special attention to it. ‘Then Comes @8 important maiter reiating to the new Police Commissioners, a matter, however, that is more @ Subject jor the secret ingaisitiom than for publication, There are besides many charges to be preierred agaiust public officials, aud eB e ry and the deficit made good by the public treasury, for according to the fourth table in Sir James Anderson’s book the surplus of receipts over expenses for construction, acquisition, exten- Sion and operation of tie system up te June 1, 1870, Was 651,8/4 irancs, He also says that tie conclu. sion at which Sir James arrived was that the re- duction of tariff has tm all cases resulted tn a dimi- nution of the net product. What sir James Aniler- son actually says is, that the normal annual ine crease in velegral is sO great what ahigh rate and smait pasine maintamed ior @ series of years will pay greater proiits to a company than A ‘3 at reduced rates, and gives bE prey le the Atiantic ‘Tolageank, and says tl if the average tail the first eleven months—$64 a message been maintained to the 3Sist of 1871, receipts of the cable company would have the met Teor greater than they were, and that the cable company Would now be enjoying an an- nual dividend of twenty-seven per ceut instead of their present dividend of trom ten to Miteen per cent from a tariff of $10 a message, ‘The result, therefore, of these statistics shows that in teiegraphy, as im most otuer kinds of bus ness, the expenses do not increase in the same ratio with the business, apd a more extended ex- amination of the statistics wil show that it may be safely assumed that, with an increase of one hundred per cent in the business, the expenses are increased about thirty-three and one-third per cent, and that a proportionate decrease im the Fates cam be eifected Without @ reduction of the again, wo, refer to tho statistics of the Western Union Telegraph Company, Which trans- mitted about six milhon messages In i, ata net profit of $2,624,000, and more than double that number fb 1872, With net receipts of $2,500,000, at a altogecher the Session proutises to be w busy OL OUFFIE'S LOVE QUARRELS, Fatal Love-Tap—The Perpetrator Makes His Escape—Uoroner Herrman After the Culprit. Qn the 29th day of December last Mary Murray and Jolbn Wiilams, both culored, Wi lived to- gether and occupied apartments at 59 Thompsom street, had @ quarrel, 48 lovers occasionally do. Mary wished to dress lierself tu gay attire and'tuke her airing in the strect. John, *ho was jealous of Mary, fearing sie might be admired by s0ine of ise sable brothers, objected, aud she strenuously in~ sisted upon having her own way, for that tue ab least. ‘A quarre] was the result, and Jonn, losing ,con- trol of is temper, seized an iron stove cover aud struek Mary ou the head with It, Kuocking her to the floor ina state of insensibiiity, 1m that condi- tiou she Was removed to Believue Hospital, wie @& sie Was restored to consciousness and lor a Line materially proved, with a lar prospect mately recovering. A jew days ago, howe iyjared woman was taken suddedy worse dred somewhat beeing apn Coroner Herraiap was noiiied, when Deputy Cor- oner Joseph Jushman, M. D., made a post-moriow eXaMimMation on the body, and fund that death re: suifed frum pyewla, caused Uy at extensive fy wre of the skull, the resuit of viol immediately Miter the occurrence Wiiliams, becoming slated, made his escape, and as yet tid Eights precinct police tave beer unable to arrest hii, but the search is still Kept up ana with a p reduction of over one-third in the rates, and a sav- ing of over four millions of dollars to the pavite in asingic year. Jt is upon these facts that te pect of ullimAte success, Deceased, a pore | Usually attractive colored Woman, Was 30 years ul « aee