The New York Herald Newspaper, October 27, 1873, Page 3

THE FINANCIAL =PROBLEM. Review of the Current Situation, ‘with Some Reference to Fu- ture Eventualities. WHAT CAN CONGRESS DO? Greater Individual Economy, Increased Industry and an Elastic (ure rency Our True Hope. LET US OWN OUR OWN INDEBTEDNESS, What Oan Be Done with Our Public Debt at Home, and How We (an Tempt Its Gradual Return. Bank Reform, Currency Reform and Tariff Reform Needed. “Without Fear, Favor or Hope of Reward.” Tt ts recorded of a very eminent physician, whose name once filled London, that tn parting with a favorite student who had just taken his degree he thus addressed him :—“Sir, I am gratified at the Buccessful examination you have passed. You have distinguished yoursel! in all your studies, and I feel a pride, as your preceptor, in your brilliant matriculation into your profession. Permit me, however, before severing the relations between us, to give you this parting advice, that you will find more valuable in your daily practice than all the wealth of instruction you have accumulated in your years of study—keep the head cool, the feet warm and the bowels open, and you can tell the faculty to go’’—and be Senators, It would be well if our financial doctors, who sit upon THE CONDITION OF OUR GENERAL FINANCIAL BODY from day to day, would bear this in mind, and in Beason and out of season, whether they speak with the weight of government authority or not, impress its lesson upon the general pub- iuc—“Keep the head cool’? It were well at this juncture of our affairs, as a people and a nation if nothing but the calmest, most deliberate thought were brought to bear upon this subject. We want no heat in a matter of this kind at this time. Neither the warmth of political rivalry nor the flow of pri- vate conceptions, but a simple understanding of present wants and needs, with an ultimate refer- ence to future eventualities. “The feet warm.”— In this will be founa our strength. We must delve and dig. Production is our mission as a people. With millions of acres of virgin soil, into which the plough has never yet entered, that, smiling in the face of the sun, await, but the tickle of the spade to laugh with a harvest, the starving millions of Europe call to us for bread. Our feet are in the Boil;as we nurse it and make {it fruitful so shall they be Kept warm. “The bowels open.”—Just here, as in the natural man, comes the greatest dif- ficulty. We are now, in a monetary sense, suffer- ing from a severe fit of indigestion. WE HAVE OVERBURDENED OUR FINANCIAL STOMACH. with efforts too great for its capacity, and with its rejection debility has followed the attempt at as- Bimilation, The remedy for this derangement is a simple one, and yet involves all the resources of human knowledge. We must start the system again at whatever cost, hopeful to remedy ills that must be endured now, when fresh strength shall bring with it increased power. Our present weak- ness lies with the character of our circulating medium. It is not within our control. A fixed amount leaves us at the mercy of a few speculators atany time they choose to bring about a lock-up, of which we have had experience enough, or the fears of ignorant hoarders. A financial writer a few days ago traversed the assertion that gold only is capital, and demonstrated clearly enough to those who had given the matter consideration that even, excepting its intrinsic value, gold as coin is only atoken, Granted that it is a free bill of exchange, it obtains this preferment simply through the common acceptance of mankind, To get down to real value we must go back to that which is @ necessity of our continued existence, “GIVE US THIS DAY OUR DAILY BREAD.’ Christ taught the world to pray, not unthink- ingly, but really, as showing the sum and substance ofall worldly possession. While we furnish this item of bread to the rest of the world we are doing better than uttering specie in payment of our in- debtedness, and it we take a carload or boat- load of gratn and capitalize it into a paper repre- sentative of its value, that paper is as good as though the grain had been gold and we Had coined it into a currency form, except for the matter of custody. We can watch the gold equivalent more readily and easily than we could the-cargo, and in this only les its superiority. ‘This is to be gotten over by a larger contidence, a greater trust in one another; in other words, a more practical Christianity in our daily business. There is at present abroad too much of distrust, too much of suspicion, too much of anticipation that every other man is trying to secure some rivate advantage. It isnot so, Human nature as not degenerated. On the contrary, it is better, purer, higher in its motives and sounder In Its Tesponsibilities. This is why we are passing so rapidiy out of an age of specie payments into one of interchangeable values, with paper representa- tives, It was a condition necessary to the growth of this country that we should run largely tn debt, or, in other words, capitalize our resources in pro- Bpective. ARB WE 60 VERY MUCH IN DEBT? It is true we owe a great deal of money, but if a man owns @ house worth §50,000, upon which he hag a mortgage of $20,000, 1s he a debtor for the last amount or a cay st to the extent of $30,000? It is so withus as pds We owe iargely, but with our tbe ly Maas though a debtor people, we @re still a Wealthy people. Itis complimentary to the thougNt of this article That o suggestion made in {t with regard to car- rency reform has found favor altke with the Na- tional Board of Trade and the Treasurer of the United States. There is, however, an apparent Misconception in the spirit of the suggestion in both directions, the more marked in t ie of Treasurer Spinner, that calls for explanation, Mr. Spinner {s reported to recommend the tssue of @ new currency bond as a basis of banking, such bond to be interchangeable for and with currency atany time. This is not the plan ti was 6ub- mitted here, and is objectionable inasmuch ag tt S poner to increase the interest burden of the untry. THE IDBA SOUGHT TO BE CONVEYED BY THE HERALD ‘Was that by making our existing bonds the basta of atree banking system, interchangeable for and with currency, we might, besides providing us With an elastic medium of domestic exchange, tempt the return of our bonds tp gradual amounts, until the interest, instead of being 4 drain upon us, ‘would mean simply circulation, It ts one of the Weakest features tn our financial status that we @ro largely a debtor Reopie abroad, the interest arge upon this debt being 80 much taken from our industrial’ accumulations each ye Vhile this debt continues to be held abroad we are suffer. ing the evils of an absentecism only less in degree than that which at one time pauperized Ireland, naturall; the richest segment of the Brit ish Empire. England, witn its enormous debt. so much greater than ours, is indifferent to its pressure, because this debt is held by her own Verte Consequently in the yearly settiement that takes place with the payment of interest nothing Is withdrawn from the country} what is collected in the way of taxes. to moet the interest on the public dept aid back again to holders of consols and so finda it way to the stimu- ation of new productive enterprise. We, in THE PAYMENT OF OUR INTEREST ABROAD, Simply take the amount due from our savings and Jose sight of it forever. If by giving this special Advantage to our bonds at home asa basis of iree Danking we can tempt their return we will have made a Las be step towards resumption than an: mn on the part of the government, rf 18 necessary Jn this connection to reler to the mis- taken views of President Grant and Secretary Richardson on this matter in respect to silver, Silver ts not the currency of uny prosperous commercial county or aby country where the law Of contracte is properly accepted and administered, It will not be our currency ever, because it is not Wanted in our domesyio exchanges, the fractional currency being better, end secless in Our foreign exchanges, which rest o a gold basis, We can manufacture allver for those’ Pauper countries—the Word pauper i@ not used in (he sense of meaning iter impoverishment. but only Where credit being NEW YORK HERALD, MONDAY, OCTOBER 27, 1873—TRIPLE SHEET. LANDSEER.| WASHINGTON. or unsatistactory the token means the Foatvalue. whore it now circulates, and gain thus A MARKET FOR ONE VERY IMPORTANT PRODUCT OF ‘OUR MINES. But as to put the circulation of this country on a silver basis, ad Secretary Richardson is reported to have said, it is tmpossible to credit that ie Seeretary of the Treasury evér yttered such a heretical sentiment, heretical Yespect to a jaws = of Wi so AR roUIo belng. thas from the ex: Id bi e¢ trouble bé mm the ex- Septional demand Wie got that exists on thi part of the poverneens in the payment of interes: on our debt held abroad it is compelled to raise a gold revenue and so require the payment of cus- oms daties in coin, thu§ ¢réating a dally demand o Cie ninieonane “ pte er | , nagemen cretary has ied pie fe, of silver, and his proposi- tion to pay it out is worth no more in the solution ofthe present financial problem taan the numer- ous offers made throughout the country by various dealers, and which simply meang ad adyertise- ment, WE CAN EXPORT vem ataslight profit, and will, ey. it, as fast as it comes to us, The old coinage is worth less in its relation to gold than legal tenders, the new trade dollar is worth more, and more nearly approximates the gold standard. Its title, the style of its coinage, with degree of fineness stamped upon it, at it eminen' for export, and this will be its ultimate destination. In the mean- time our comiort lies in two things, We are yearly, aa a people, growing more self-reliant in re- Bpect to our own manulact and our produc- tion is annually incre: @ larger demand abroad for our surplus, Iron has suddenly taken ite place in OUR COMMERCIAL HIRRACHY OF PRODUCTS as an article of export, With a growing demand for it abroad, silver, in @ sense, ceases to be & precious metal with us, and the more useful be- comes more readily exchangeable for gold than the more beautiful. Congress at ita next session has a herculean task before it. Bank reform, currency reform and tariff reform are necessary before an attempt at resumption? Who ts there to grasp the subject in all its reed and give us a comprehensive scheme that will seek this resumption as its ulti- mate development without fear, favor or hope of CUBA. Claims of Jose Concha to the Captain Gen- eralship of the Island, —_—-—__—. Citizen Recollection of H's Executive Antece- dents—Oligarchical Advocacy in Madrid— American Policy in the Event of the Con- summation of the Appointment—Gen- eral Jovellar’s Commission—Prog- ress of the War for Liberation. HAVANA, Oct. 16, 1873, A remarkable article appeared in yesterday’s edition of the Voz de Cuba, in advocacy of the claims of General José de la Concha, Marquis of Havana, to the Captain Generalship of this island— Concha, whose name recalls deeds of tyranny and acts of violence, during the period of his command in days gone by, and whose despotic and blood- thirsty disposition would accord well with the oligarchy who are striving to recall him to Cuba, and who have, according to their own confession, used all their endeavors to bring about this result, and naturally have built many expectations on the ground of thelr expected success. It is well known that their agent at Madrid has been “smoothing the way. Should the return of Concha ve brought about, and the republican government of Spain so far lose its own respect as to appoint this man to the chief command of Cuba, that act alone would almost be sufficient to warrant the intervention of the United States, on the broad international ground of hu- manity, which step would be the immediate death- blow of the cherished institution of the oligarchy— namely, slavery, Withal, even under existing cir- cumstances, and under the present Captain Gen- eral, the epoci of tyranny and oppression is in fall sway; only this very week an agent of the Asso- ciated Press was threatened through “superior au- thority” to a dose of something unpleasant if he should attempt to send by the way of Key West a telegram which was not allowed to pass the “su- perior authority” direct from here. POLITICAL INTRIGUB IN MADRID, The article referred to in the -Yoz de Cuda in- genuously gives an account of the different in- trigues set on foot in Madrid immediately after the receipt of General Pieltain’s resignation. Many aspired to the place from motives of ambi- tion, wealth and power. Valmaseda and his friends worked hard to Ret @ reappointment, but the reputation, both military and private, of the doughty count In his conduct of affairs, both in the fleld and “cabinet,’? while in charge of tne island, was too much against him, and hischances were reduced to nil, The government finally took into consideration three only of the candidates pro- osed to it, General Jovellar leading in vor. Ceballos, who was Segundo Cabo at one time and Acting Captain General after Count Valmaseda, withdrew his pretensions to the appointment, and General Peralta likewise. An- other candidate, who seemed to have the decided and powerlul influence of many important per- sonages both in Cuba and Spain in his favor, was General Concha. ‘The candidature of General Concha was soon declared impossible, undoubtedly —says the Voz—because he was “considered a ielrh and because his nomination woula cause ) rage,” “and also because,” the Voz adds furiously, “it might not please the American Ambassador, Mr. Sickles ;” consequently General Jovellar’s name continued in the front rank and he received the appointment, PRESS PRAISE. General Jovellar, the Voz says, may be all that is said of him, his appointment may be a veritable guarantee for Cuba, &c., and has been received with pleasure, and great hopes are entertained of his action in regard to the termination of the war and for the solution of other problems be & imper- tant to the island. But, continues the Voz, which in thts case is the voice of the oligarchy, ‘no one in the world is capable of mak- ing us—the Spaniards without conditions—forget General Concha, and upon him we formed our high- est hopes, and expect mach from his strong and irgents and their friends to howl with energetic arm and _ ability. The prefer- ence with which General Concha is dis- tinguished great majority of by the Spaniards tn Saba is not a thing of yesterday,” blazons the Voz, “but began to be shown im- mediately after the breaking out of the Yara re- bellion; and this preter was earned bf eight years of command in Cuba and saving the island in Many diMicult circumstances.” The Voz continues to extol the qualities ana services of the Marquis of Havana, and believes that the Republic should take more into con- sideration the needs of this country than those of party, and therefore appoint General Concha, and, concludes the Voz, “if we were the govern- eke We would say to the republicans as fol- ows -— Repvusricaxs—General Jose de la Concha, the last Minister of the unfortunate Queen Tsabella, is for us a re- action ist, a tyrant, who cau never enter into the heart of the Republic which is to regecrate Spain. But tho Breat majority of Spaniards in Cuba, the best of our Colonial possessions, which is costing Spain so man: sacrifices and in which the honor of the nation is staked, has Lelieved tor five years past that General Concha is the only one who can conquer that difficult situation and finish with honor to Spain this fratricidal war. Ho alone can save Cuba, and the government of the Republic, giving 4 proot of true Patriotism, ana to show in the face of Europe that the interests of the country are considered by the re. pubdlicans above ail political passions and the rancor of parties. to offer Anafly an example to the effets and dis- credited monarchie: given to # worthy and loyal eople the Govert das favion, and a8 appointed Ge ptain General of Cuba.’ WHAT If WANTED BY A CLASS, Concha is to be the panacea for all the ills afilct- ing Cuba, or rather the ills Ctra the oligarch- ists, inasmuch as they want the old régime, and it may be asserted that the conservatives have not given up the hope that their idol will reign in Cuba at no distant date, They know that they ossess the “means? ant the “etfects’ in the may govecamieny they have frequently experi- meat THE WAR FOR LIBERATION, No farther positive news of importance has been received from the districts in rebellion, The air ig thick with rumors, however, which tend to show the uneasy feeling regarding affairs, It is reported that the train running between Nuevitas and Puerto Principe was attacked by the insurgents and @ number of Spanish troops killed, Lieutenant Col- onel Verdugo among the number, Arumor was also current regarding a number of prisoners taken by Maximo Gomes and his eforts to effect a cartel with General Barriel, which very much embar- rassed that worthy regarding his actions; bat as your correspondent cannot trace this to any posi- live reliaviitty, he cannot vouch for the truth of the report, save to say si non é vero 4 ven trovato, AN IMMIGRANT DESPERADO IN HOBOKEN, At an early hour yesterday morning a young Scotchman, giving his name as William Maitland, was captured by Officers Wright and Kivien, of the police force, in Hudson street, where he evidently seemed determined to do mischief, his possession was @ formidable loaded revolver, a heavy loaded cane and an iron instrument which he terms ‘a drill,” but which can be effectively used as a {vamy, (e 1a red-faced, With & mustache, high cheek bones, twenty-seven years of age. The Murderous weapons found apon him will un- doubtedly secure him a seat in the State Prison, Unless be be jet Joose to-day upon the community, THE LOOKER-ON IN LONDON. Personal Recollections and Anecdotes of the Great Artist. The Queen of England Corresponds with Him Familiarly. HIS INTIMACY WITH THE ARISTOCRACY, His Methoa and Manner ot Work. ‘ HIS INSANITY AND DEATH. Lonpon, Oct. 8, 1873, Sir Edwin Landseer, Royal Academician, prob- ably the greatest animal painter that the world ever produeed (for, though Paul Potter and Cuyp may be said to have equalled him in their delinea- tions of cattle, and Snyder in his rendering of wild beasts, there were many phases of animal life in which Landseer was by far their supertor), died this morning, at his residence, No. 1 St. John’s Wood road. Had his death occurred some three years ago avast amount of surprise and grief would have been exhibited; for, although then ap- proaching the number of years allotted to man by the Psalmist, the great artist was in the zenith of his power, and his right hand seemed to have lost none of the cunning which had won him so much glory in former days. But about that time a dire affliction fell upon him—the affliction which has befallen so many great men who have worked too hard or lived tvo freely—a soltening of the brain, a loss of reason. From Marlborough’s eyes see tears of dotage flow, And Switt exoires a driveller and a show. Not that Landseer ever worked too hard or ex- ceeded in any way, Though during his career he produced an enorinous number of pictures, he re- membered the wholesomeness of the Horatian say- ing, “‘Neque semper arcum tendit Apollo,” and was in the habit of spending his autumn holidays in the Highlands, where, being @ keen sportsman as well as an admirable talker, he was a welcome guest in the best families. The blow took effect gradually. His manner was noticed by his friends to have become odd; he was restless and could not bear the thought of remaining any length of time in one place, He would suddenly come to his excellent and attached friend, Mr. T. H. Hills, and insist upon their setting off at once for Brighton, for Hastings, anywhere for a change. Then he grew irritable, morbid, morose, and, when there was no help for it, he was relegated to the care of a Keeper and kept in seclusion in his own house. There is something inexpressibly touching in the thought that this man, whose genius had made him the darling of socicty and the friend of royalty (he was a frequent visitor at Osborne and Balmoral, and the Queen in writing to him was accustomed to com- mence her letters “Friend Landseer’’), whose works have been the delight of at least two gener- ations of the inhabitants ofthe globe—you havo them by hundreds of thousands in America and I have never Bees entered @ continental city of any size without seeing a Landseer print in some shop window or on some inn wall—that this man should be wearing out the remainder et lis life solitary and insane. A tearful plight, indeed! Well might old Samuel Johnson put up his mighty prayer to God that the doom oi madness might never fail upon him! In Landseer’s case there was some slight mitigation of the dread sentence. For the last 1ew months of his life he was so far recovered as to be able to understand what" was passing around him and to receive visits irom one or two intimate friends, But it was obvious that anything like mental power was gone for ever. Dr. Tuke, the celebrated physician in cases of tunacy, was in al- most duily attendance, and theevent which took place this morning may be looked upon as a com- plete realization of tie common phrase, “a happy release,”? 1 do not propose to give you a catalogue raisonné of his works, nor to enlarge upon such bold facts in pis life as can be jound in any bio- feagcet dictionary. I would preier touching ightiy on the wonders of his art, and, having had the pleasure of his acquaintance, giving my per- sonal recoilection of him. Perhaps the most noticeable thing about his art, greater even than its fidelity to nature, was its beauty. There is searcely one of his conceptions which is not im- bued with the highest spirit of poetry, and tue sen- timent which he throws into his representations of dumb creatures is wondertul, There is no book, tnere is no | po io which the real spirit of deep, domestic pathos is more beautifully portrayed than in the ‘‘Hightand shepherd's Chief Mourner,” and its companion picture, the ‘Collie Dog on the Grave.’’ What wild, distracted grandeur is there in “War,” with the dying charger, the dead dragoon, the distant smoke-enshronded carnage, and what @ contrast It presents to ‘‘Peace,’’ with its suinmer day on the margin of the cliffs, the children playing about and the harmless sheep nibbling the grass close by the dismounted cannon, across the mouth of which (mark the pre- Rapheelite toucn!) stretches a spider's web. Grandeur, too, of another kind is to be iound in the “Monarch of the Glen,” where the “Stag oi Ten” uprears bis lofty head and proudly sniffs the mountain air, ‘In the “Challenge, the “Com- bat” and the “Sanctuary” the landscapes are scarcely less remarkable than the animals. With the peculiarities, the lights and shades, the deep, rich colors of a Highland landscape Landseer was thoroughly familiar, I have mentioned nis visits to Baimoral, but years before Baimoral was built the C3) paluter was a regular pilgrim to the Highlands on deer-stalking expeditions, and at Mar Lodge, the shooting box of the Earl of Fire, in Aberdeenshire, and the highest inhabited gentie- man’s house in Britain, are preserved, not merely sketches which he presented to his host, but heads of the deer which he shot, He was aiso a frequent visitor at Dunrobin Castle, both during the times ofthe late and the present Duke of Sutherland, In the earlier part of the Queen’s reign Landseer’s pencil was constantly engaged in her service— sketches of herself and Prince Albert, of her horses and dogs were made in rapid succession ; indeed, it was thought that the artist was beginning to lose somewhat of his independence, and he incurred a considerable amount of ridicule by the introduc- tion of @ portrait of Prince Albert's hat, gloves and cane in one of his pictures, It is a great mis take to imagine that he was only successiu! in his representation of animals; he had a Keen eye for beauty and a facile hand tn reproducing it, as wit- ness the female head in the “Lady and the Spaniel” and Titania in the “Midsummer Nigit's Dream,’’ the lo ing languor of which has hardly ever been surpassed. Tus picture contatos exam- ples of all his t work. Note the superb texture and massive rendering of the ass’ head, the white rabbits, with therr flufy fur, tn which you could bury your hand, and their luminous pink eyes aud the quaint, weird effect of the little pixies and goblins. He pened but few portraits, but their merit was about the average. One of himselt, with a dog looking over each shoulder—a picture which he presented to the Prince of Waies—is good, but a litte flattered; one of his father, ex- hibited some fifteen years ago, was a really great work. In connection with Landseer's portrait painting one is reminded of a pieasaut anecdote of Sydney Smith. The celebrated wit had been frequently Cg ae pe by Lady Holland to sit for his portrait to Landseer, but only knowing the artist as an aylmal painter he had Invariably declined. At length, when yyy: pressed by his fair friend, he exclaimed, in the language of Scripture, “Is thy servant a dog that he should do this thing?” A more conscientious worker was never found. When only five years oid he was sent by his father into the subur! to study Sraaeied sheep and goats from the life, and he continued the practice Until his last painting day. In the paddock at- tached to his house were frequently to be found Namas, deer, Burmese cows and other live stock which he might be painting from at the time; and there was no more constant visitor to the Zoo logicai Gardens, to which he had admission at all times when other people were oxciuded, and where he wag thoroughly well known by ail the keepers, and I verily believe by many of the animais, His gtudies of the lions which adorn the pedestals of the Nelson statue in Trafalgar square were made here and were afterwards carried out by him in the studio of his friend, the eminent sculptor, Baron Marochettl. ‘There is no good portrait of Sir Edwin Landseer extant, His own attempt w. as 1 have said before, somewhat flattered, and I never recollect having met with one of his photograpns in an album or @ shop window. Curtously enough, Mr. Telbin, the Punch artist, whose likenesses are gen- erally excellent, failed in 8ir Edwin. His carwon, representing Nelson descended from his columo and congratulating Landseer on the completion of the lions—a picture which Landseer deciared to a friend was the greatest compliment he had e received in his Itfe—fatied to do justice to the great academician. He was 6 short, slight man, with a piain, Tound face, deep set, twinkling eyes, gray air and pray mustache; # face by no means ex- Preasive of the power that was in the man, but rather qnaintly hamorous, somewhat resembling the portraits of Thomas Moore, And so “Sammy,” as his intimates delighted to call him, 18 at rest forever! As agrecable {n society as he was he lived happily the greater portion of his life, and has leit behind him works which will carry his fame to luture agca, Secretary Richardson’s Intentions Re- garding the Issue of Silver Coin. PRESIDENT GRANT STILL ILL, Germany Investing in the United States Five Per Cent Loan,’ Preparations for the Con- gressional Session. The Aversion of Naval Officers to Long Sea Service on Distant Stations. WASHINGTON, Oct, 26, 1873, Continued Ulness of President Grant. The President is still suffering from the cold con- tracted during his recent visit to Toledo, and is little disposed to attend to business other than that requiring his immediate attention. ‘The Issuc of Silver Coin. The Secretary of the Treasury has not per- fected the regulations under which small amounts of new silver coin may be disbursed by the As- sistant Treasurer. The impression appears to have become general that the new silver trade dol- lar will be paid out. This cannot be done, as the coin is worth at present $1 18 in currency, and will always be worth several cents more than a gold dollar. But the halves, quarters, dimes and half dimes in sums of $1 are, witn gold at eight and one-half per cent premium, worth less than currency; 60 that it is a saving to the government to pay out the fractional silver coins, But even were the Secretary of the Treasury dis- posed to issue silver coin to any larger amount, he would not at this time he able to do 80. The influx of foreign gold makes it necessary that it should be assayed and recoined at the earliest moment. Every effort is being put forth at the Philadelphia Mint to coin gold, and the capacity of its machinery is not equal to the present demand. As the labor of coining a piece of silver is as great as coining gold the Secretary says the public will readily see that it would be impossible to turn out any large amount of silver coin without allowing the un- coined gold to accumaulate, and that would be a positive injury to the business interests of the country. He doubts whether people will care to burden their pockets with metallic money when the fractional currency {s just as valuable and a good deal more convenient, Whatever amount is put out, itis his impression will be hoarded and not be used as a circulating medium. His plan, he thinks, will be to allow all govern- ment indebteaness in small amounts, and sums of $5 or $10 on large bills, to be paid out in the silver standard coins by the Assistant Treasurer; this to continue while the preinium on gold remains be- low 110, The extent of pouring out silver coin, it will be seen, has a basis, like that of circulating the trade dollar, entirely governed by the premium on gold, Dr. Linderman, Director of the Philadelphia Mint, is expected here to-morrow from Philadel- phia, and will report to the Secretary of the Treas- ury to what extent the machinery can be used in coining the silver bara now on hand, Nearly $50,000,000 of Fractional Cur- rency Afloat. The circulation ot fractional currency is increas- ing daily, and it is expected that the limit of $50,000,000 which is prescribed by law will be reached ina few weeks. The denomination now being sent out to the assistant treasurers and gov- ernment depositaries is the last issue of fifty cent notes. It has been the policy of Secretary Richard- son to put as many of this denomination in circu- lation as possible, believing that the disbursement $8,000,000 or $10,000,000 in fifty cent notes would in @ measure tend torelieve the present financial dis- tress. A Standard for Foreign Currencies, it ts understood that Secretary Richardson, atter fall examination of the legal questions concerned, has decided in favor of his right and duty, under the first section of the act of March 3, 1873, which established the value of the pound sterling, to cause the Custom House value of foreign curren- cles as used in invoices of importations into the Unitea States to be estimated at the standard value of the foreign coins representing such cur- rencles, except tn those cases where, by the suab- stitution of paper for metallic issues or debase- ment of the coinage, the actual value of the money of acovunt has fallen below the standard value of the coins representing the mone- tary unit. In such cases consular certi- ficates will continue to be received as the best means of reaching the value of depreciated foreign currencies, but in ali others the declaration of a foreign government as to the standard value of its monetary unit will be ac- cepted, and tnvoices priced therein will be turned into United States money at the standard values of both currencies, It will be remembered in this connection that the coinage act of February 12, 1873, abolished the silver dollar os the monetary unit and substituted for it the gold dollar of 25 8-10 grains, troy weight, and nine-tenchs pure gold. The result of these changes will be a virtual increase of the tariff in numerous instances; but no doubt is entertained that the new method of valuation for foreign currencies is at once the best and fairest aud one that should have been followed long ago. A New German Investment in United States Bonds. Mr. Cattell telegraphs to Secretary Richardson that the German government on Friday made a further subscription to the five per cent loan, through the Syndicate, amounting to $3,000,000, This is the third subscription made by the Im- perial government aggregating over $10,000,000, A Falling Off in Our British Imports. From a statement received at the Treasury De- partment from Europe, relative to the principal articles of English and Irish produce and manufac- ture exported from Great Britain to the United States during the eight months ending August 31, 1878, 1n comparison with the corresponding period of last year, the following appears:— Iron— Pig 1872, . tons... Bar, boll, rod, tons. Railroad, ton: Tin—Unwrought, Lead—Pig, pipe and she: Alkali, owt. + Balt, tons.. Beet and ale, bb i tish Woollen carpets, yard Worsted stutts, yard: Linen—Piece goods, yards. . Cotton—Piece goods, yards, Slik—Braid stalls, yards. Ribbons, value Hardware and cutlery, value... -; £651,222 Earthea ware and porcelain, value. AS 289 Stationery, value... + 5,378 £59,111 Most of the articles specified show a decrease inexportation, Rallway Iron, lead and wool each show a deerease of about 69 per cent; bar tron ana Silk, 65 per centeach, Tho articles showing an increase of exportation are salt, 62 per cent, and Wrought and cast tron, 82 per cent each, The National Revenues. The Treasury Department has been much en- couraged during the past week vy the receipts from customs and internal revenues, there being an improvement in both from the week previous, They have not fallen of from the estimates as much ag was expected they would from the effects of the panic, The receipts of the year will be sudicient for all pubite purposes, provided Congress will aot, as heretofore, appropriate money largely in excess Of the estimates, The department's estimates tor the flacal year of 1874 were $11,330,388 less than was pw aigagpotlid’ Congress, and $18,000,000 more ea tes for the preceding - The estimates for all the ‘evncmine Mie waseai with the exception of the public printer, are now in mof the Treasury Department. They will aggreg%t¢ about the same ag last year—namely, about $161,000, aeeeeene of the permanent Appropriation of $147,866,043 (not now to be acted on) for the payment of the interest on the public debt. Preparations for Legislative Work. Senator Ferry, of Michigan, is in the city to-day, and, as chairman of the Joint Committee on Rules, is here on business connected with that subject. The revision and classification of the rules have been completed. The limitation of debate and the time oceupied, especially on amendments to pending bilis, are left to the determination of Senators by resolution. Another rule provides that whenever the question of relevancy arises it must be left to the Senate to decide it, There are at least a dozen members of Congress now here. Some of them have been at tne Treasury obtaining financial informaticn, witha view to legislation on the subject of the currency during the coming session. There is no doubt that numerous schemes will be proposed, including one jor the conversion of currency into bonds bearing an interest of $3 65. During the year notes of national banks, failed or otherwise passed into Uguidation, were re- deemed and destroyed to the amount of $3,241,803. Work in tho Mexican Claims Commis sion. The attorneys having business with the United States and Mexican Claims Commission express themselves as much pleased with the selection of Sir Edward Thornton as umpire. The work of the Commission has now been actively resumed. Many cages are at present under the consideration of the Commissioners, and the decisions wiil soon be formally announced, Military Department Reports, Reports of the several commanders of depart- ments have been received by the General of the Army, who says they contain nothing of materia interest not already made known through the press. The report of Major General Schofield is elaborate on the Modoc troubles, and gives all the particulars attending them. Congressional Offictals, It is generally admitted that there will be no contest of importance for the Speakership, Clerk and Doorkeeper of the next House of Representa- tives, and that Blaine, McPherson and Buxton will be re-elected to those positions. Some oppo sition will be made in caucus to Mr. Ordway, but not to the extent, it is supposed, of preventing his nomination and election, The most formidable opponent will be Joseph W. Dwyer, of Obio, one of the secretaries of the National Re- publican Committee during the last cam- paign. Mr, King, Postmaster of the House, will not be @ candidate for re-elec- tion. This is the only actual vacancy to fill, for which there are numerous applicants already at work among republicans for their votes. Legrand W. Perce, chairman of the Committee on Education and Labor in the late House, fromMissis- sippi, is the most prominent candidate, He and his friends claim that the South shouid receive such recognition at the hands of their republican associates, ‘The officers of the two houses are now putting in place the furniture of the chambers of the two houses, The reporters’ gallery of the Senate has been reconstructed, the arrangements adding much to the comfort and privacy of those who occupy it. Grievances of Naval Officers. Naval oflicers now here take offence at the pab- lication given, without due explanation, to the fact of a general unwillingness on their part to go to sea when ordered by the department, and thelr resort to influential meaus of getting their orders for sea service revoked. The explanation offered is that even the better vessels of the navy are so unseaworthy that it is an undue risk of life to embark in them for an extended voyage or term of service, and that, owing to the surplusage of officers, the vessels that Go go out are 80 over- to make it exceedingly inconvenient and uncom. fortable for such officers on cruises of jong dura- tion. These two objections, with the minor objec- tion of tiring of stations, to which they are or- dered for three years at a time, are urged par- ticularly strongly against the Asiatic station, the largest and most important naval ser- vice pertaining to the American navy, and in which the meteorological and climatic conditions imperatively require strong and roomy vessels to resist storms and disease for three years together. Among that class of officers forti- fied by a substantial service record, or its equiva- lent in influence with the naval powers, there is a decided feeling towards a reduction of the number of oficers to something approximating the needs of the service; the reduction being effected in sub- stantially the same manner as the reduction of the army in 1870—by the appointment of boards to weed out incompetent, iutemperate and tneMcient oMcers, and coupling this with liberal provisions of retirement, under which old and disabled officers may go off the active list on generous pensions, and the residue, who may be compelied to go out of ser- vice altogether, may receive at least a year’s (ull pay and aliowances, But this or any other plan of re- duction naturally encounters the united resistance of the whole body of officers Hable to be unfavor- ably affected by it, and these latter suggest that, before turning out into the world a body of men who, on the whole, have strong claims on the gov- ernment, the plan should be tried of utilizing tueir recognized character and attainments in branches of employmeat exteasively filled by naval oficers in other countries aud indifferently performed here by civilians. The reveaue marine service, the survey of the coasts, the supervision of light- house districts and the inspection of steam vessels are amoug the services that naval oficers think can be performed by the navy with a considerable saying In the amounts paid for salaries and a decided increase of eficiency in some of the branches. Already the medical corps of the navy have a plan to obtain control of the administration of the marine hospital service, and those well acquainted with the subject allege that this service, which is maintained by an enforced contribution of forty cents @ month from the pay of all persons in the commercial marine, would be managed much better by naval surgeons than by an army of civilians supported out of a trust fund intended by Congress for the relief and benefit of #ick and disabled merchant seamen. Washington Items. The delegation of the Ute Indians will soon leave Washington for Philadeiphia and New York, on the way to their Western home. The Indian Bu- reau wants to impress them with the power and prosperity of the country by showing them the principal cities, in addition to other means (or the same purpose. General Horace Porter denies the report that he has removed his business oiflce and residence to Chicago. He will remain in New York, John Cockrum has been appolnted receiver of the New Orleans National Banking Association. This national bank desired to close its own affairs, but, it 1s stated, some irregularities made federal tnter- vention necessary, IMMIGRATION AT PHILADBLPAIA PHILADELPHIA, Oct, 26, 1873, The steamer Ohio, of the American Steamship Company's line, arrived here this evening, making her trip from Queenstown in nine days and ten hours, and bringing with her 249 steerage and thirty-four cabin passengers. Among the latter were Colonel Thomas A. Scott, Vico Fresiaont of Se Pennsylvania Central Ratlroad, and wife, and homas G Firth, Treasurer of th Cen trai, and family. idieipapd bana A HOMICIDE SET AT LIBERTY. Buston, Oct. 26, 1873. Hurst, the Woburn boarding house keeper, who shot Meagher some days ago, for which he was exonerated by @ coroner’s jury, but subsequently Jury failing to dad wh inaietmenk POUND DROWNED, ‘The body of Henry Gusser, of Nineteenth street and Sixviavenue, was found goating im the North River, at the foot of Twenty-third street, yesterday afternoon. crowded with wardroom and steerage officers as | 3 JUDGE CHASE'S SUCCESSOR. Opinionsof Prominent Philadelphia Lawyers on the Pending Appointment. Senator Conkling Thought Ineligible. The Rival Claims of New England, thq South and Pennsylvania To Fur nish the Ohief Justice. PHILADELPHIA, Oct. 25, 187% In regard to the subject toward which the legat fraternity is looking just now with so much Inter- est—t ¢, the appointment of the Chief Justice of the Supreme Court of the United States, your core respondent has noticed great reluctance upon thé part of prominent individuals of this city to speak. They appear to fear that what they might sayy Would be construed into & meaning which they did” not intend, and, therefore, many have been silent’ whom it would be gratifying to the country at large to hear from, Many prominent republicans’ teil me that they have such implicit confidence im the President’s wisdom and foresight that they have given the matter no attention whatever, while on the other hand equally prominent democrats have asgured me the appointing power exists under conditions so peculiar that they regard the ap> pointment with utter indifference, because they feel confident tt will be made on grounds entirely political, The opinions I give below are those of men whg@ have had a legaiexperieuce of over thirty years,; who have studied the question carefully, and for. whom, in regard to this important subject, lt would’ be imposaibie to entertain either sectional OF po« litical prejudice. Aside from these facts, the present positions of these gentlemen are such ag entitle thelr opinions to great consideration. On@ of them 18 prominently identified with thé American Centennial enterprise, another ig counsel for the most extensive railroad corporae tion in the United States, and anotner still is am ex-Chief Justice of the State of Pennsylvania. In giving the result of my interview with them feel assured that 1t may be regarded as a reflex o! the sentiment of the legal fraternity of this entir@ commonwealth. MK, HENRY Mf. PHILLIPS was the first whom I consulted within regard to the facts which ought to influence the appointe ment, and the following is about what he said:— v. PHILLIPS—I think some attention ought to be paid to the quarter of the country (rom which the appointee comes. A regard for this would, of course, prevent the danger of any sectional preju- dice or jealousy. In view of this it seems to me that our next Chief Justice ought to come from New England. When we turn to this quarter we find two admirabie and estimable men, both of whom are prominent and cultured in the law, while either would make a most honorable and up- right judge. Irefer, of course, to Judge Curtiss and to Judge Hoar. The former, you will re- member, resigned from tue jench some time ago, and hence might refuse the honor, even were it offered. The latter, by bar ing gracefully withdrawn trom the Cabinet, is placed [na position from which at the offering his acceptance would be both decorous and be- coming. If @ Chief Justice, however, should be selected from the existing members of the Bench Judge Strong, of Pennsylvania, will undoubtedly be the man. The President’s polioy is reticence, you know, and of course bo one can tell at whag moment nor in what manner he willact, - Your correspondent then referred to the opinion of prominent jawyers conceining the appotutment of ton, Roseoe Conkling and asked Mr, Phiilips how he regarded lim. Mr. PuILuirs.—I still think that Senator Conk- ling is not an eligible candidate. It seems to me that the cluuse im the Coustitution shows this beyond all question. Here it is, Section ., clause 2:—No Senator or Representative sha'l, during the time for which he was elected, be appointed to any civil ofice under: the authority of the United States which slaii have been created or the emoluments whereof shull have been increased duriug tuat time.” This is a clause which provided for nO exceptions and, in my opinion, excludes this gentleman aitogeter. Your correspoudent would here state that he has yuestioned more than a dozen lawyers con- cerning this constitutional clause, who, in lace of the discussion which it las aireauy received, are unanimousiy of the same opinion as Mr. Philips. Among them are included oue of the ex-goveraora Of this State, weil versed iu the law. MR, THEODORE CUYLER, one of the attorneys of the Peunsyivania Railroad expressed the following opiaion :— Mr. CuvLsR—Were tue appointment to be made by the Bar of the entire couutry, 1 believe that, irrespective of prejudice or party, tt would vote almost unanimously jor Judge Curtiss, There cam be no doubt that lis wisdom, experience and in- tegrity give him every qualitication necessary for the important and fouorable posttion, nor can there be any doubt that, with Judge Curtiss in the chau, the legal proiession would ieel highly savis- fied. The Bar, however, has vo infuence with the @ppointing power, and the question is one which the President aione wilt decide. HON, JAMS THOMPSON, ex-Chief Justice of Pennsylvania, answered my questions a8 foHows:—‘“In my opinion the next Chiei Jusuce stiould be one of the judges of the exivting Supreme bench. Tae present judges are all jamiliar with the business of the office, as well as the method in which i is transacted. They are, also, acquainted with tue lawyers who would from time to time appear before the Court. 1 deem this knowledge of tue highest importance, and, (celta: convinced of the necessity of ali these things, canuot see how a strunger to them could possibly preside, I would, therevore, by all means, appoint ohe of the judges of the Supreme Court to the oitice of Chiei Justice, This was long the usage of this State, and is now a requirement of the State constitution.” REPORTER—From what State do you deem it most proper for our next Chiei Justice to come? Judge THoMrsoN—1 would regard it an exceeds ingly bad policy to appoint any gentieman not on the Bench from @ State lor whici there is one Judge already on the Bench. I tuougnt tuat Mr. Lincoln made a mistake when he gave the oilice to the state of Ohio, althoagh Mr. Chase wae a great and abie man. Among tle many reasous against this Iwi mention the following. ‘the Chier Jus- tice of the Supreme Court has jurisdiction of con- troversies between diferent States, between @ State and citizens of another State, and between citizens of different States. In case of a difficulty between a State having the Chief Justice and also an associate Judge, and one having no Judge at all, a dectsion in favor of the former would be very apt to be regarded as arising from a prepouderanco of state interest on the Bench, rather than upon the law and justice of the cause. It is not likely that anything coming from me concerning the poiicy of the appointment will have any weight with the President; but if [could advise him 1 would Say, “Appoint your higu dignitary from the South.” We truly have the geogiaphical aud political secs tious which are broadly designated as North and South. There are eight judges upon the Supreme Bench, and they are ull trom sections north of Ma- son aad Dixon’s line. Regarding the South as pos- sessing claims to be represented, and not cast ruthlessly aside, I would if it were in my power give the appointment to that section. ‘Inere are peculiarities of title as well as of interest which seem to demand its representation upon the Su- preme Bench. Mr. Durant, of Louisiana, ts only one of several trem whom the President might select a most estimable Judge. Reronrek—Seeing that the South has no repre- sentative at present, aud, following up the idea that the Chief Justice ought to be selected irom the existing members of tie Bench, who seems to you to be most worthy of the oftce > JupGE THomPson.—I would dee Judge Strong to all others, though my politics have ever bee: directiy opposite to his. Iam ademocrat. He is republican. Mr. Strong has had great experien asa Judge. He has been upon the Supreme Bench jor more than eleven years, Iam able to speak of him with perfect freedom, he and I having been upon the same Bench. | reyard him asa geniieman Of great literary and legal learning, while in bis haere habits he is a man of bas Cid orde: a industry. ‘The executive duties of the Supreme Bench devolve pei a upon the Chiet Ju: and these Iam confident would be faithfully satisiactorily discharged by Judge Strong. I have no personal, acquaintance with any of the other Judges, and hence do not recommend Judge Stroag 80 Much from a comparison with others as from & ositive conviction of bis fitness. I feel strong jopes that our President will not appoint any mere politician, but will regard the vartous P Metent for partisans withous Political ofices as su! Bench. allowing them to invade the Supreme Bene! syow IN “WISCONSIN AND MINNESOTA, Mitwav«se, Wis., Oct. 26, 1878, Reports from various points in Central and Westv ern Wisconsin and Minnesota say that suow com menced falling at noon yesterday and continued at eleven o’ciock last Lp wi) when there was a ground, average of four inches on GRAIN APLOAT ON THB OANAL, BUPFALO, Oct. 26, 1873, Grain afloat on the canal, from Buffaio to thé tidewater, this morning —Wheat, 1, 149,000 bushelag corn, 1,619,000 do. oats, 184,000 do.; Darley, 47,600 do. From Oswego. §.000 bushels wheat and 455.009 do. varie,