The New York Herald Newspaper, November 25, 1873, Page 7

ieledeet e8 oe a eticige ea id SPAIN. punt Tho German Flect on the Coast To Bo Strongly Reinforced, ‘TELEGRAM T) THE NEW YORK HERALD, BeRuIN, Nov, 2%, 1873. Two additional iron-clads are to be sent to the German feet in Spanish waters. FRANCE. Parliamentary Triumph of the Government. TELEGRAM TO THE NEW YORK HERALD. VERSAILLES, Noy, 24, 1873. The National Assembly this afternoon rejected Léon Say’s interpellation in regard to the illegal delay of tne elections, by a vote of 364 to 314, " ENGLAND. Money and Discount on ‘Change and at the Bank—Removal of Bullion. TELEGRAMS TO THE KEW YORK HERALD. Lonpon, Nov. 24, 1873, ‘The rate formoney on the Stock Exchange on government securities is (five P. M.) 54g per cent, ‘The rate of discount in the open market for three Months’ bills is 5% per cent, or 2% per cent below the Bank of England rate. THE BANK RATE OF DISCOUNT. Tt ts the general impression on the Stock Ex- change that the bank rate will be lowered on Thursday next, or before that day. BULLION FROM THE BANK. The amonnt of bullion withdrawn from the Bank of England on balance to-day is £13,000. A Serious Railway Accident Reported. LonvoN, Nov. 24, 1873, A despatch has just been received here from Bir- mingham, reporting a serious railway accident near that city. Itis said that many persons have been injured, but no detatis of the disaster have yet come to hand, Electoral Victory for the Liberals. LONDON, Noy. 24, 1873. Lord Kensington, a liberal, has been re-elected $o Parliament from Haverfordwest, Pembroke- auire. BAVARIA. Crown Action for the Repeal of the Vatican Concordat. TELEGRAM TO THE KEW YORK HERALD. BERLIN, Nov. 24, 187 The Augsburg Gazette says the King of Bavaria has signed a decree repealing the concordat with She Pope. GERMANY. eee A Cabinet Frown Towards the French Govern- ment—State Execution Against the Property of an Archbishop. TELEGRAMS TO THE NEW YORK HERALD, BERLIN, Noy, 24, 1873. The explanation given by the French govern- ment in regard to the pastoral of the Bishop of Nancy, ordering prayers for the recovery of Meta and Strasbourg, are regarded as unsatisiactory. Government Distraint at the Residence of an Archbishop. BERLIN, Nov. 24, 1873. Ballif™s entered the residence of Archbishop Ledochovski last week, in accordance with the de- cree of the Court, and seized the furniture. The Archbishop maintains an attitude of resist- ance, although surprised at the severity of the measure. : The Prince Archbishop of Posen. [His Grace the Most Rev. the Prince Archbishop of Posen, Ledochoyski, has been condemned in Court, at the prosecution of the German govern- ment, to pay a heavy fine for the publication of a pastoral reflecting on the legislation and action of the imperial executive towards the Church. Meas- ures of a still more severe character are pending against him. Monsignor Ledochovski's antece- dents are at variance with his latest attitude. Educated J sodag d at Rome, he became at an earl, age one of the trusted servants of the Vatican, ‘and, still a young man, was appointed Nuncio at Brus- gels. Of th.s important post he was relieved eight ears ago, to ascend the archiepiscopal throne of ‘osen. The consent of the Prussian government to his elevation he gained by announcing his frm inteation to prevent the Polish clergy in his dio- eese from fomenting national discontent. Since the Ecumenical Council he has changed his course, and now beads the van of the clerical army in their campaign against the Church regulation policy of the berlin Cabinet,—Ep. Hxwa.p.| —— Legislative Advocacy of the Principle of Inter- national Arbitration. TELEGRAMS TO THE NEW YORK HERALO. Rome, Nov. 24, 1875. In the Chamber of Deputies to-day Signor Mau- clut made an eloquent speech in support of the principle of arbitration and praised the conduct of the United States and Great Britain in the settle- ‘ment of the Alabama claims. Among the visitors in the Chamber were Mr. D D, Field, of New York, and M. Richard, of Paris, * Pacific ntiment of the Representatives of the People. Rowe, Nov. 24—Evening. After the speech of Signor Mancini in the Cham- Der of Deputies to-day, a resolution recommending the introduction of an arbitration clause in all fature treaties with foreign Powers was unani- mously adopted. MEXICO. The Bailway Concession of the Government - Effect on American Enterprise. TELEGRAM TO THE NEW YORK HERALO. MaTaMonos, Mexico, Nov. 24, 1873. The concession for the construction of a railway from the Rio Grande frontier to the city of Mexico and thence to the Pacific has been granted toa company of Mexicans. This defeats both the Plumb and Rosecranz pro- Jects and leaves the matter in the hands of Mexi- cans, who will doubtless interest other parties in the enterprise or dispose of their concession to the greatest advantage to themselv BERMUDA. ——_—-_— Cheering Prospects for the Agriculturi: Naval Movements, TELEGRAM TO THE NEW YORK HERALD. HAvirax, N, 8., Nov. 24, 1875. Advices from Bermuda to the 17th mest. state that after the extreme drought of the past summer the ground is in capital condition for crops, The first crop of potatoes will be ready in a month. The chief diMculty is the want of steamers to ship the produce rapidiy to America, as the steamer Perrtt 4 not large enough. BRITISH NAVAL MOVEMENTS, ‘The dagship Royal Atired, from Halifax, arrived On the 10th inst., anxiously looking for the arrival ol the new flagship Bellerophon, from England, PRINT OLOTHS MARKET. nwo, RT, Nov. 24, 187% is unchanged, Prov’ fhe orinting clotis market NEW YORK HERALD, TUESDAY, NOVEMBER 25, 1873.—TRIPLE SHERT. HINGTON. Wasurinaron, Nov. 24, tors. | Justice Miller To Be Chief Justice—Other Changes in the Judicial Slate, Tt was stated to-day that Associate Justice Mil- ter, of the Supreme Court, will be promoted to the place of Chief Justice; that Attorney General Wi liams will be appointed Associate Justice in place of Miller, and Edwards Pierrepont, of New York, be made Attorney General. As Mr. Williams bails from Oregon and Associate Justice Field is from California this would give two places on the Supreme Bench to the Pacific coast, Specie Payments Growing Small by De- grees. The Secretary of the Treasury has issued an order modifying the previous instructions in ref- ,erence to the limited disbursements by the Treas- ury of silver coin in lieu of currency, so that here- { alter, in making disbursements, silyer coin will be paid only for the fractional part of a dollar, instead of in sums not exceeding $5, as heretofore. Coercion for the Comanches. The Commissioner of Indian Affairs to-day sent the following telegram to Mr. Hayworth, the United States Indian Agent at Fort Sill, Indian Territory :— Issue no more annuities to the Comanches, The demand for the five raiders and murderers is not remitted, and if not complied with in 10 days after the receipt of this despatch you will stop their rations entirely, and if they still reiuse they will be handed over to the military, Ifyou are unable to act as agent during military operations, you can be relieved temporarily on application, Assure the Indians that the government is in earnest and that arrangements are already being made to compel the Comanches to do right, No Convention of Postmasters, The Postmaster General having received a num- ber of inquiries from posvmasters as to whether a circular issued by the postmaster at Westerly, R.L, calling for a convention of postmasters at Washington on the 9th January, 1874, 1s in accord- ance with his wishes, states that his name was used in the circular without authority, and he has directed that the project be abandoned and the circular withdrawn as far as possible. The Public Printing. The report of A. M. Clapp, the Congressional printer, gives detailed statements of the operation of that establishment. It appears the orders nade by the third session of the Forty-second Congress for public documents, exclusive of the usual num- ber (1,650), amounted to 223,088 volumes; 362,181 copies of documents were finished between March 4and July 1 last, and 26,700 since the latter date. The publication of proceedings and debates during the special session of the Senate gave a fair oppor- tunity for testing the capacity of the office for the work, and the Congressional printer is fully convinced, under that experience, that promptness and economy are secured by the transfer, The facilities are so extensive that prompt publication of the proceedings and debates of any day's session, po matter how extended or voluminous, will be assured the following morning without a peradventure, if the copy thereof is promptly furnished. The resources of the office are so manifold and its economy of labor and ma- terial is such that at least thirty per cent of the money heretofore expended in accomplishing the work will be saved to the government through the present arrangement which places-it wnder the superintendence ot the Congressional printer, WAS AMUSEMENTS. AGS SS Italian Opera—“La Traviata.” The Violetta of Mme. Nilsson is an irresistible magnet and it was not surprising that it crowded the Academy of Music last evening. In her hands “La Dame aux Camelias’’ becomes spiritualized and her naughtiness assumes the form of evil des- tiny and misfortune, The impersonation last night Was superior in some respects to Mme, Nilsson’s previous efforts in this réle, The finale of the first act, commencing with “Ah, /ors’ é lui,” an idyl of the heart and a tone poem of passionate love, was interpreted by the Swedish Nightingale with such earnestness and fire that the audience broke forth in -an outburst of spontaneous ap- plause. The heartrending parting with Alfredo in the second act, after the cruel scene with his father, brought out the grand dramatic qualities of Mme. Nilsson in their brightest colors. When Violetta went over to bid farewell to her lover, with the words, “Amami, Alredo, quant io t'amo,”” itseemed asif the heart had become a lyre and each string was wrought to its utmost tension. The dramatic genius of the prima donna was again shown in the third act, when Alfredo accuses her with deserting him, and flings, as a deadly insult, the purse of gold at her fect. Butin the last act Mme, Nilsson rose to a pitch of grandeur, excelled only by her wondertul inter- pretation of the scene with Raoul in “Les Hugue- nots.’ The death scene became a species of apo- theosis, the tragedy of a broken beart, The beau- tiful melody, ‘‘Parigi, o cara,” and the last despair- ing cry, m which her very soul seemed to fing aside its mortal barriers, “Gran Dio! morir si giovane,” were such soul utterances as Sappho might have spoken on the brink of the fatal cliff. Signor Del Puente is one of the best representa- tives of the elder Germ we have had here for many seasous. He sang “‘l’arasiccome un angelo” and “Di Provenza il mar il suol’’ with an expres- sion and effect that those two incomparable mel- odies demanded, Alirea Germont is one of the happiest eftorts of this accomplished artist. He is en rapport with the character from beginning to end. The care and discipline of Signor Muzio were shown in the pce performance of the chorus aud or- chestra, Olympic Theatre, Last evening the romantic and domestic drama of “Enoch Arden” was given at the Olympic Theatre, with Edwin Adams as the hero of the story. The characters of Philip Ray and Annie Leigh were respectively filled ny Mr. M. A Ken- nedy and Mrs. C. W. Walcot. The jolly old inn- keeper, Peter Lane, was done by Mr. Charies Leclereg, and with these exceptions there were not any remarkable instances of genius shown in the drama, which yields but very little oppor- tunity for the display of individuality, outside of the main characters. The scenery in the first'two acts was rather inferior to what is usually seen at this theatre; but in the fourth act, wherein is depicted the isle of gold in the far-off Pacitic seas, the painter made up for all the previous defi- clencies. Here we had a warm bit of color and a full-rigged ship, whose sails were furled in the perspective, to the great gratification of a number of people nautically disposed, who were seated in the audience. Like ‘Leah,’ “Enoch Arden” is a play calculated to open the floodgates of feminine sympathy, and the parting between Enoch Arden and his wife created a vast amount of tender effu- sion where it was certainly most desirable to have it effected. As the curtain fell at the end of the second act Mr. Adams was surprised by the git of an enormous sidewheel steamer, con- structed in a floral navy yard, with which he strug- glea off the stage, so heavy was the buraen eee upon him by his friends. It is in the iourth act that we get the dawning glimpse of that periect mastery which Edwin Adams has made of this poetic and pathetic character, The tone island in the Pacific, burning under a torrid sun; the intense blue of the eternal southern sea which laves its borders; the ragged wretch who totters witn de- spairing eyes to the rocky point to gaze on that trackless sea, — which gives no echo of hope; all these picturesque details are but the primary founuations of a structure, which is made up of the love of home, family and chil- dren, and which grows mto the heart oi every man at one period of his life. The abyss of despair, which has no further depths for Enoch Arden when the ship arrives, 1s but a reflection of that teeling which lies deep in every man, and which is cov- ered by the crust and custom of conventionality. A desert island, however, is agrand panecea for all the conventionalities. Mr. Adams has studied with a wonderful keenness the facial expression which is needed in such a despairing moment as that which came to the poor and lorlorn castaway before the welcome sail came in view. In the Mth act the heroism and sell-abegnation of the returned wanderer are made evident in the scene where Arden comes in view of the cottage Which contains all that he holds dear onearth. The look through the window at the wife, whose image has lived with him for 12 solitary years, and at his children is a picture whi ight test the resolution of the philosopni- cal Socrates, Yet he bears it all, and devotes him- selftod sacrifice which rends bis heart. Here Adams is again most powertul, and withal he is natural andtrue to humanity. The close of the act is irradiated with pathos, and the death of the wanaerer, with no one to carry bis secret bit the widow of the keeper, has in tt allof the solemnity of the jast hour of a noble and guiltless, but unfortunate life, Tn fine, Mr. Adams’ delineation of Enoch Arden when the curtain falls deseryas to rank with the wonderful picture which Mr, Jel« lerson has made of Kip Van Winkle. Its lights and shadows are as strongly drawn and its unities have but very few flaws. Of Mr. Kennedy, who His sue charactor of Ubitio War. Wis only Hecém M. Capoul’s impersonation of | sary Co speak with commendation. He endeavors to do that little which he has to do fatthiuily, and he shows # marked improvement tn this drama on what he has formerly done tn other characters. Mrs. C. W. Walcot made avery interesting Annie Leigh, and dressed the part correctly, while due praise must be given to Mr, Chariea Leclercq for lis personation of tue vinous innkeeper, Othello” at Booth’s Theatre. The play at present on the stage of Booth’s theatre is “Othelio,” which was produced last night for the first time this season, with Mr, Edwin Booth in the title part. Mr. Booth plays the same part this evening, and then appears as Jago for two nights, alternating with Mr. Joseph Wheelock. It is weil known that Mr. Booth’s Othello 1s not by any means his greatest character, and last mignt it was presented with all the faults and merits of former representations, Outside of this persona- tion the performance was in every way unworthy. It is impossible to conceive of anything worse. Mr. Wheelock, as lago, was as weak, if not so ansurd, as Saivini’s brother. He was not only overweighted, but completely overwhelmed. This was not Mr. Wheelock’s fault. He is a young actor, not without merit, who attempts all his appointed tasks conscientiousty, and if he is as modest as he seems his appearance in such parts as lago must be a6 distustetul to him as it is irksome to others, Neither do we blame Mr. Edwin Booth, except in taking the part himself, thus contrasting his strength in both characters with the weakness of the actor who 1s unwillingly his rival. We shouid not respect the lion that would iuvite a contest with the wolf, or the tiger which did successful battle with the fox, ‘he main fault, we rather think, lies in the system that has been adopted at this theatre. ‘The company, not @ strong one under the most favorable circumstances is expected to appear one month in the frivolities of the singularly feevie pieces to which Maggie Mitchell has devoted her life, another month with Mr. Booth in the sublime tragedies of Shakespeare, and a third month in the low-lue and commonplace of the Florences and **{he Ticket-of- Leave Man.” No stock company can fill such varied requirements. For example, in the present instance, we find Miss Bella Pateman playing Des- demona discreetly and wiih what appreciation she can bring to bear upon it, but raising it little above the level of her May Kdwaras, the betrothed of Bob Brierly. The peculiar qualities which Mr. Robert Pateman developed in his RKoderngo, a Venetian gentleman, only required a change in costume and Occasion to have raised his acting to the dignity of 8 Orst class representation of an Ethiopian snob, Mr. James Stark’s irabantio was also a piece of very bad acting. Mr. Shirley France's Cassio was the best thing in the play, aside trom Mr. Booth’s Othello, and even Cassio is often better played. As @ whole the per‘ormance refiects little credit on Mr. Booth—it is easy to be great among 80 much that is small—and particular discredit upon the management of Booth’s Theatre. Musical and Dramatte Notes. The “Merchant of Venice” will be produced at Booth’s Theatre on Friday night, with Mr, Edwin Booth as Shylock. ‘The company at Wallack’s Theatre never was stronger than it is this season, Its full strength is 19 gentlemen and 16 ladies. A part of the Fifth Avenue company appears at Paterson on Thanksgiving night in Mr. Frank Mar- shall's beautiful comedy of ‘False Shame, or New Year’s Eve.” The production of Mr. G. L. Fox's pantomime, “Humpty Dumpty Abroad,” at the Grand Opera House last night, was postponed until this even- ing. Tbe piece has been in incessant rehearsal, but the stage effects are so numerous and so com- plicated that it was deemed unsafe to hazard the production of the pantomime before everything was working satisfactorily. z Mr. John E. Owens 1s still playing ‘Solon Shin, gle’ at Wood’s Museum. From long association Mr. Owens is understood to be meant whenever the perturbed owner of that “bar'l of appie sass” is mentioned. He has made the character of Solon Shingle peculiarly his own. There can now be no remarks made adverse to his performance ofthe part. But there certainly can be little good said of the actors whom he has chosen to support him in his present starring tour. But few per- formers can be worse, and if Mr. Owens has chosen them to foil his excellence with their nothingness his purpose has been admirably served. Over $3,000 were received for the performance of “Tl Trovatore,’’ which was to take place at the Lyceum Theatre last evening, but which was ine definitely postponed. of disappointed subscribers in the afternoon to the box office, demanding their money back, and it must be regretted such an unexpected contretemps should have deprived the public of hearing such | artists as Tamberlik, Di Murskaand Lucca in their | best roles, “CARAVAN, MOSQUE AND HAREM." Mr. Harry Harewood Leech gives his initial lecture on Oriental life to-night at Association Hall. There is much curiosity in literary and fasn- | jonabie circles to witness this first effort of Mr. Leech im a new field of art. He is already favor- ably known as a poet and Asiatic traveller, and his work, “Letters of a Sentimental Idler,” pub- | shed by Messrs. Appleton, has passed through | many editions. here will be pleasant music, and an artist of this city, Mr. Louis C. TitYany, has con- tributed some of his Oriental pictures to adda fitting grace tothe platiorm. We hope the trav- , eller and poet may succeed in mak us forget ior | a brief hour the “cares of the day” by plucking a leaf right out of “The Arabian Nights,” THE GREAT MASONIC HALL OF JERSEY. The finest Masonic temple in the State, erecting | at a cost of $175,000 and to be dedicated in 1874 by | all New Jersey Masons, contains the handsomest theatre or ‘‘hall,”’ as the pious Brunswickers prefer | to call it, in the State, And this theatre was | opened last night with a ne concert of classical music. It is, undoubtedly, a very handsome ; auditorium—the seeing and hearing properties being almost perfect. It is about as large as Booth’s, barring the third gallery in the latter, The measurements are 104 by 614 feet, with an | elevation of 60 feet. The arrangement is gracetul in the extreme, and the view from the siage is | much praised by competent critics. The stage it- self is ample, measuring 613, by 33, with a height of 54 feet and a top of 18 feet, and was built and | arranged under the direction of Ben. Sherwood, of Bootn’s. The scenery is being painted oy George Gault, of New York. The prismatic reflector is very large and handsome. The concert last night Was numerously attended | despite the rain, The programme included solos by Misses Lasar and Henne, of Brooklyn; Mr. A. J. Nelson Varley, of Boston, and Mr. Remmertz, of | New York. The Choral Society, 150 members, sang the “Erl King’s Daughter,’ by Gade, and the | “Hymn of Praise’ of Mendelssohn, the orchestral accompaniment being under the direction of Mr. Eben, of New York. The temple itself is a very imposing structure of | brick and Iron, measuring 72 by 156 ieet, and isfive | stories high, surmounted by a Mansard. upper floors are for the Knights Templars and the | Master Masons; and beside the lodge rooms and | parlors there is a fine banqueting hall, 34 by 104, connected with the kitchen in the basement by an | elevator, There is a lecture hall, 50 by 60, on the | second floor, the rest of the building being taken | up with stores and ofices, Mr. Ang. Hatileld, of | this city, is the archi . The building isa great work for the Masons of this little city of Kruns- wick, and they are very proud of beating all the big cities. The opening of the theatre will attract a better class of amusements than heretofore. A MISSING MAN-OF-WAR, Harivax, N. S., Now. 24, 1873. Grave apprehensions are felt here for the safety of Her Majesty's ship Sirius, now 36 days out from Halifax for England, She had a crew on board of nearly 300 men. When leaving port the captain expressed confidence in making the passage in a fortnight, A NEW UNITED STATES SENATOR PROM KANSAS. Public Sentiment in the State Relative to the Appointment. LAWRENCE, Nov. }. 1873. Governor Osborn has appointed Robert Crozier, of Leavenworth, United States Senator, to fill the | vacancy caused by the resignation of Senator Caid- | well. Crozier is the attorney and confidential friend of Caldwell, and his appointment ts re as an attempt to revive Caldwell’s influence in the politics of this State, | LEAVENWORTH, Kan., Now, 24, 1872. | The Times ot to-day, comuienting editorially on the appointment of Juage ‘onier to the United States Senate, says he bas been an active, cousist- pporter of Alexander Caldwell since the no- enatorial canvass of 1871, 3nd that ge has: held well defined position in any political party. ‘The article says, trther:—“We ‘regard lus selec- tion as unfortunate for the republican porty of Kansas. He cannot be in sympathy with the peo- ple of this country, who are struggling to elude the grasp of corporate monopolies, for in more tat than one be is & Monopoly man ie association oud training.” The Commercial says the appointment of Croaier is w Caldwell victory and tue deicat, of Osborn’s Senatoyal aspirations. | | | clalcentre ata fi ) of issue, but the same notes were invariably at a The two |. | amount Of the dets iy: 1860, Then the United States ‘There was a steady stream | Lesisiature, | notes, draits and bills of exchange; to receive de- GREENBACKS. Report of the Comptrol- ler of the Currency. Free Banking, Monopoly and the National Banking System. oo Our Present Currency Contrasted with That of the Old State Banks, Whose Bills Were Always at a Heavy Discount. Wasuiarton, D, C., Nov. 24, 1873. The forthcoming report of the Comptroller of the Currency contains the following on the subject of tree banking:—The restraining law of the State of New York, act ol April 21, 1818, provided that it shall not be lawful for any person, association of persons or body corporate, from and after the Ist day of August next, to keep any office of deposit for the purpose of discounting promissory notes or for carrying on any kind of banking business or operations which incorporated banks are au- thorized by law to carry on, or issue’ any bills or promissory notes as private vankers, unless thereunto specially author- ized by law. This law plased the whole banking interests of the State in the hands of a few chartered institutions and was in its effects a grievous monopoly. Most of the States of the Union organized by special act of the Legislature trust companies, savings banks and otuer cor- porations. The Bank of England and the private banks and joint stock banks of England organized prior to 1844 possess the right to issue circulation, No such right has been granted to other organiza- tions sinee that year. All such favored institutions are monopolies, but it cannot be said that the national banks of the United States are monop- olies in the same sense of the word. The organization of national banks has, from the beginning, been open to all, and, until the amount of circulation authorized by Congress was ex- hausted, all applications with proper endorse- mente, certifying to the means and character of the applicants for the organization of such institu- tions, with circulation, were considered and granted, and the aggregate of circuiation for which applications are now on file in this office, she consideration of which has been postponed, does not exceed $10,000,000. That the banks which were first organized were profitable to their shareho!ders is conceded, and it 1s @ cause of congratulation that the surplus earnings of those years are husbanded in the surplus fand of more than $120,000,000 a8 a protection to de- positors and creditors, in anticipation of times of panic and disaster. The statistics we pre- sent show that the earnings of the banks of late years have not been excessive, and in many cases much less than the earnings and dividends which the shareholders of manufacturing, railroad, and other corporations realize irom the capital in- vested. If the national banking system, under which two or more national banks Nave been organized in almost every city and thriving village in the Union, and where the earnings of business men and the savings of the people can be deposited with a greater degree o! salety than under any revious system, 18 in any sense a monopoly, it is not the iault of the system, but an evil which arises from the existing state of the currency, and it is believed that the national bank- ing system is in every sense less a monopoly than any Dational system of banking ever before author- ized. The system is considered a monopoly be- cause it 18 supposed that large profits are derived Irom the privilege of issuing circulating notes, which was limited in amount. The act of March 12, 1870, authorized an additional issue of $54,000,000 of national bank notes, but the whole amount has not yet been issued, chiefly tor the reason that in the States to wnich the amount was assigned there is but little profit in the issue of such notes, as will be seen hereatter. To the erro- neous belief that a large profit accrues from circu- lation to organizations of this kind, the demand for what is termed free banking may be to a large extent attributed. ‘The restraining act of the State of New York, a3 nas been seen, prohibited individuals and assovia- tions from carrying on the business of banking withont first obiaining special charters from the This law was repealed about thirty | years after its passage, not without encountering bitter opposition. In the year following the re- peal, the zeneral banking system of the State of New York was authorized, a system based on the deposit of securities, with redemption at a fixed rate of discount; and it is probable that the term “free banking” originated, to a large extent, from the fact that 1t superseded the monopoly which preceded it. The phrase “free banking,’’ however, as now used, is not clearly defined, for there is nothing !n this Country to-day more tree than baking. Every individual or association of individuals throughout the country has the right to. negotiate promissory posits; to loan money upon personal or real estate Security and to transact almost every kind of busi- ness pertaining to legitimate banking. There is little doubt that the term “iree banking” by any persons 18 understood to mean the unrestricted issue of bank notes to any association of persons organizing @ national bank and depositing the required amount of United States bonds as seeurtty; but there are bat few persons who have given any considerable attention to this subject who would be willing to adyocate the unrestricted issue oi national bank notes to the amount of the public debt. It is probable that a more satisfactory detinition of tree banking would be an issue of paper money which should be promptly redeemed at the commercial centre of the country. such a currency may be divided into three classes—first, an unsecured circulation, redeema- ble at par by’ the bank or its agent at some desig- nated city; second, a secured circulation, redeema- ble at its own counter at par, and at the commer, ed rate of discount: and, third- a@ circulation exchangeable at par for lawful money at its own counter, aud by 1t8 agents ap- pointed for that purpose. The currency of the New England States pre- vious to the War is a fair example of the first class. hat system Was generally Known as the Sufoik ystem, because the Suffolk Bank at Boston com- pelled the redemption of the notes of the New England banks at its own counter at par. The system, however, was not free but a monopoly, as banks could only be organizea under special char- ters obtained trom the Legisiatures of the six New Engiand States. This circulation was not required to be secured by any deposit pledged for that pur- pose, and the {allure of the banks In some of the New Engiand States, which not infrequently hap- pened, almost always resulted in great loss, not ouly to the creditor but to the bill holder. MOF at (he counters or one URNK. the cardinal principle of the law, and it was ex- pected that the principle of redemption would pro- Vent an tasue of circulation whick should ¢: the requirements of business. Redemption, in the new York law, meant discount. t was to be a redemption im pee and Was founded upon the avowed principle that specie was worth more and was more desirable to hold ‘han the circulating note authorized, But, in order chat there siould be no mistake, the ISW itself provided that the discount upon the circu} luting notes at the redemption agencies should be’, one-fourth of one per cent. Ifa law had been passed by Congress at that time for the redemp- tion Of tl oe coin in silver com, or for the re- demption of silver coin in copper coin, such a law would have been a dead letter for the reason that gold cotn is known to be of greater intrinsic value tm the market than silver coin, and the silver of greater intrinsic value than copper, though each of these coins is a legaltender to an amount fixed by law, In order to have @ system of redemption it is necessary that the thing to be redeemed shall be known to be worth less than the thing in which it is to be redeemed, and this principle was legalized by the New York State Legislature when it pro- vided that the bank note should be worth in the city of New York one-quarter of one per cent less than the gold coinage of the United States. if $40,000,000 was therefore issued, the circulation of New York State was $39,182,619. Its value, at the moment was $100,000 less 40,000,000, the circulation was re- deemed three times a year there would be $00,000 of loss on one side and $300,000°of gain on the other side, and if redeemed six times, $600,000 of loss and $600,000 of gain. The gain was, as & Genera rule, divided between the banks which issued the money and the banks which redeemed the sam while the country merchant and the manufacturer and the jobber in the great cities experienced the loss. But the circulation of the State of New York was known to be so much safer, and the discount 80 much less than the cir- culation of any other State of the Union, that the discount was hardly noticed, when the other States or the Union was from four to six times as great. The result was, as might have been expected, that the notes were not fulfilling thetr function of a be hbetict f mediuin, bat being sent forward and backward, not lor the purpose of obtaining specie, but to be exchanged, one for the other, at the Clearing House, in order to provide a fund in New York for the redemption of other notes, and also to provide exchange at @ profit of from one-quarter to one- and a quarter per cent. The amount of exchange thus gained by the bankers and brokers and the amount of exchange lost by the people in these transactions cannot computed; but there is no doubt that it amounted annually to millions of dollars. The average amount of specie held by the New York State banks for 10 years previous to the year 1860 was $17,565,008. Of this amount about one- eighth, say $2,200,000, was held by the country banks'in their vaults, and the balance, say $15,300,000, was held in New York city. If from thig amount should be deducted the coin belonging to banks and persons outside of the State and the amount of checks payable in coin it would be found that the amount of circulating notes issued in the State of New York was on an average for 10 years at least five times the amount of specie one donoelt for the purpose of redeeming these notes. The amount of national bank notes now author- ized to be issued 18 $354,000,000 and the amount of legal tender notes $356,000,000, 80 that the propor- uon of legal tender money in which national bank notes are now redeemabie is nearly identical, though slightly in excess. If the National Banking law was amended so as to require the redemption of ational bank notes in the legal tender notes at one-quarter of one per cent discount, as in the New York State law, instead of at par, as pro- vided in the National Currency act, and the na- tional banks of the whole country would agree to such a provision of the law, the prompt redemp- tion of the national bank notes would be insured. But the redemption of this vast amount of circuiat- ing notes, iiredeemed but once a year, would result in @ loss to the people of the United States of $900,000; if the notes Were to be redeemed four times annnally, to $3,600,000, and if redeemed six times annually, $5,400,000. 'A system of redemp- tion of this kind would also at Once increase the Tate of exchange irom the rate of one-tenth of one per cent, now existing at most periods of the year between the different cities of the Union, to from one-half per cent w one per cent, thus restoring to a considerable de- gree the condition of the exchange at the time of the inauguration of the national banking system, and insuring a joss to the people annualiy of mil- lions of dollars. Such a system would, however, undoubtedly result in the return of the notes of the national bunks .t certain seasons of the year, when they were nov rveded to the vaults of the country banks, to be pve out wnen the demand tor cur- rency increas: i. Such @ system would also give, what 18 excecuingly desirable at the present time, elasticity to the currency. The profit upon tue circulation of the national banks organized in the West and South during the past year, as will be shown more iuily hereafter, did not much exceed one per cent for the country banks, and was { less than one-half of one per cent in the | redemption cities. Under such a condition of | things, with so small a margin of protit to be derived from the issue of circulating notes, there would be little demand for circulation, and con- sequently but little danger in throwing the doors wide open to any association properly organized that might demand such circulation; bat with the reduction of the value of the bonds and the ap- proximation of the value oi bank notes to the value of specie the profit would increase, and with the increase of prot the demand for the issue of additional bank notes would also increase, so that under such a system the issue of bank notes would have @ continual tendency to lessen the value of the paper dollar and prevent its approxi- mation to the gold dollar, so that all ideas of specie payment might be toreve: abandoned. in order to insure the prompt redemption of the national bank notes tie amount issued must be so much increased that the notes will be, say, at one- eighth per cent discount, and this would probably not be accomplished until an addition was made to the present circulation ot $10,000,000, The same result would follow irom the reduction of the vol- ume of legal tender notes simuitaneously with the increase of the issues of the bank notes; but Con- gress has so frequentiy refused to diminish the amount of legal tender notes that the Comprroiler is of opinion that any general system of iree bank- ing, accompanied with redemption, must be post- poued until resumption of specie payments. The Comptrouer, in order vo avoid any misappre- henston of his views upon this subject, desires to stare taat he is uot an advocate of any permanent system of currency usually known as irredeemable currency. He believes, however, that the people of this country ought not and will not submit to the high rates 01 exchange prevailing previous to the war, and that amendments to the National Currency act, Which shall result in restoring the high rates of exchange will also result in the down- fall ofa system of barking, which, it is belleved, will yet become the most satisfactory of anv system ever established. During the past year, as far as his observation has | extended, the national bank notes have been rarely at any perceptible discount for legai tender notes; and during the iate panic no distinction was made by the people between the legal tender notes of the Cnited Stytes and the national bank notes. Both were hoarded alike as the thing most de- | siraole 0} all others tolold; and it is probable that | when specie payment shail be resumed the faith of | the people will be so well esiablislied in the salety of the currency of the banks that no sueh general system of redemption will be required as waa re- quired of the unsafe currency issued by the difer- ent States previous to the war. If the circulation should become redundant, as is ‘The Suffolk Bank at Boston forced the redemption of the notes a! par at its own counter by a system of assorting and returning the notes to the place discount Of one-eighth per cent in New York. The notes of these banks were therefore neither sale nor exchangeable at par or com at the chief commercial centre. The New York State system of tree banking is an example of the second class of currency, and it is probable that the more thoughtful advocates of what is termed free banking propose tuat circula- lation shall be issued and redeemed under the National Currency act, upon a similar plan. Tak~ ing it for granted that advocates of free banking = base their arguments upon the success of the system authorized in that State by the act of April 18, 1888, 11 may be weil to contrakt the condition of the currency and of the pubiie debt at the time of the inanguration of that system at the commencement of tae war and at the present time. The currency of the State of | New York first issued was secured by stocks of the | different States and by bonde and mortgages de- posited by corporations with the Comptroller of the State. Subsequently by various amendments the law Was So changed as to. provide for the issue of circulation based entirely upon the bonds of the United States and of the State of New York, and that was the basts at the time of | the breaking out of the war, At the time of the | inauguration of the systema the debt of the United | States was $10,434,221, amd all these bouds were above par in tne market, In 1860 the ded debt of the United States was $44,974, e LAWS oul thorizing the issue of cireulating notes were more humerous than the States and Territories of the Union, and the rates of discount in the New York | market upon the bank notes issued and in gen- | { | | eral circulation varpal from oxe-eighth of one per cent to one and one-balf per cent discount, witite many bank — notes | tuat had a local ‘circulation were quoted at irom 5 to 10 per, cent discount. The | notes of the New York and New England banks | only circulated threayzhout the whole Union, like | the national bank cugvency of today. The funded | debt of the United, states to-day is 40 times the issued coin only as-currency. bank notes and tye legal tender notes are aby 20 times the amouy.t of the circulation author! Now, the national | ut | ai | | at that time by all the States of the Union. | The amount of.’the funded debt and the cur- | rency is, thefefore, entirely changed; and is is by 00 means evident that what was a good | thing for the Sytaze of New York in 1860 is ui 1873 & good thiug for the whole United States. The New York State law authorized the issue of bank notes to all ass0ctations organized under tts provision at the face vazue of Untted States and New York State 8LX per Cent bonds deposited, and to sis feature \ of the law’the National Carrency act is indebted for those eX¥ellent provisions which insure absolute security%o the bill-holder. But this law «id fou authorize the anrestrieted issuo of bank notes. It rernired that the bank notes issued shoulfi be redeemed at its own counters and by its agen’ in New York, Albany or Troy ab s discount, poset Prowgioulle. Wotes Wore redeemed at the agency aud | With tua, DrUDAMAT sometimes the case with the silver coinage, it will only be necessary to present the snrplus to the | agencies in the city of New York, where more than two-thirds of the circulation ts now redeemable, in | oruer to restore the equilibrium, for it is to he | hoped that previous to the return of specie pay- | ment some system will be auopted which will give | abundant elasticity to the currency without in- curring the expense and burden of general re- demption, and without the loss resulting trom the | high rates of exchange which have always pre- vasied under such a system. ALLEGED MURDER OF PETER M‘DONOUGH, IN BROOKLYN. Last night Coroner Jones commenced an inquest ever the body of Peter McDonough, who died on Friday last, as alleged, from injuries received during an affray in the apartments of Patrick Wynne, ip the basement of a tenement house, at | the corner of Bergen street and Vanderbi't avenue. McDonough, it appears trom the testimony, went | to the honse the night previous to see the father of Edward Keys, who was dying in the upper part of the house. McDonough had been drinking during the day, and got into the basement, where he found a genial party. A pint of | whiskey was sent for, and they — pro ceeded to make a merry time of it. | Wynn said he went out and got the whiskey and | bonght the best, paying 75 cents fora pint. Then | they alt had two or three drinks, aud he has @ very indistinct recollection of what oceurred after | that. Edward Keys says he went down stairs, bearing a noise, and he ound McDonough lying in the hailway and they carried him home. Wynn says he went out to geta pailof water, but could not tell whether he stepped over a body or not. Dr, shepard, who made the p imation, found the skull of the deceased badiy iractured. ‘The back of his head was smashed ia. He did not think this could have been gone by a fall. ‘The inquest was not concluded. DEFALCATION IN PORT JERVIS. PORT JERVIS, Nov. 24, 7873. William H. Harrison, the Collector of the Cerpora- tion of this village, has, it is alleged, decamped, taking With him about $3,000 belonging to. tne vil- lage, He was last seen on Tuesday night of last week, on an eastward-bound train on the Erie Katlway, between this place and Middletown. He bad made preparation to leave, having taken, his clothes away froma his residence gradually. The amount ol taxes to be collected this yearin the village was $20,000, He had collected $14,000 and returned it to the authorities, and ais DOOKS show that $3,000 in Hleoted, leaving $3,000 in his hands, nica, wi in sappe 4 he has either used or taken 2 COFUAG Es tion was ¥ ost-mortem exam-~ | Over $800,000 of Public Moncy saps pesring in «& Pittsburg Bank suspen ston, PrrrsBuRG, Pa., Nov. 24, 1873, For some days past there have been ramors on the Streets of a heavy defalcation, but the exact naturer of it, or the names of the parties involved, coul@ not be ascertained. Finally rumor settled in the City Building, and the names of several city om-\ cals were unpleasantly connected with it. To-day’ there was a meeting of the Finance Committee of the City Council, when it was announced that there was trouble, and this trouble was in connection’ with the National Trust Company, the conser whose cashier slipped out quietly last week andé whose prolonged absence necessitated the guspem~) sion of the Ynstitution. The facts thus far ascertained are alleged to ber a8 follows :—Jonn Ross, who essays the duties of Secretary of the’ Water Commission, entrusted ther above-named institution with the bonds for ther extension of the city water works, and with the: Proceeds of the saie.of such bonds, to the amount of nearly $500,000. The City Attorney, who in- vestigated the matter, says there were in thiw trust company at the ume of its suspension the following money: ! Proceeds of bonds soid'on deposit. Bonds left with bauk for negotiation. + 250,000 Bonds left with the bunk for registration. 60,000 From this should be deducted a credit of.. 13,000 The Water loan and street bonds have been, to the best of his information, hypothecated by the bank in Philadelphia as collateral security for the. Berens of obligations of the bank. eas fn chis institution, also, was deposivea sOmething: like $250,000, funds of the county of Alleghany. This makes UPWARDS OF EIGHT HUNDRED THOUSAND DOLLARS in money, or its equivalent, belonging to the city of Pittsburg and the county of Alleghany, tanm placed in jeopardy. ‘This piece of news caused quite a Nutter among our people this afternoon, and the action of thiar man Ross, who is said to have deposited these bonds under his own name, in a bank with which the- city had no dealings is severely commented on. oss may perhaps not be worth @ dollar, and bis” bond of office only amounts to a Jew thousand dol- lars. The old assertion is revived that the city« will not lose anything, as the bank is an individuat> concern and its stockholders are individually liable > for all obligations of the bank, and that they rep- resent millions. There is @ vast amount of political corruption here, and such discoveries as were made to-day will be apt to carry their lesson to the taxpayera, who will perhaps profit by it. MAILS FOR EUROPE. The steamship Wiaconsin will leave this port om: Wednesday for Queenstown and Liverpool. The mails for Europe will close at the Post OMoe at half-past seven o'clock A, M. Tue New York Heratp—Edition for Europe— will be ready at half-past six o'clock in the morme ing. Single copies, in wrappers for mailing, six cents. McBripx.—At his residence, 405 street, on Monday, November MCBRIDE. Notice of funeral hereafter. (For Other Deaths See Fifth Page.) East Fifteent 24, ParRicg’ Phalon’s Vitalia Restores the Original color to GRAY HAIR in 3to 10 days. Nourish and pre serve the hair with PHALON'S INVIGORATOR, tho beab HAIR TONIC in existence. The Weekly Herald contains all the news, Only $2 per year. ‘The only Weekly Newspapee in America. Published every Thursday morning. Contains the moat relial AGRICULTURE, SPORTING, ARTS, ~~ GossP, FASHTONS, “MARKETS, “CATTLE, “HORS, ~FINANCTAL, DRY GOODB, RELIGIOUS, ae Also THE BEST STORY PAPER. Liberal arrangements to clubs of tea or twenty or more subseribers, « ac. Address NEW YORK HERALD, Nw York City: ra Superb Dress or Business Ha@: go to ESPENSCHELD, Manufacturer, 118 Nassau street, Brooklyn, A.—Herald Branch Office, corner Fulton avenue and Boerum street. ‘Open from 5 A. M. to 9 P. On Sunday from 3 to 9 A. Apply Phaion’s Vitalia and the Origt=~ nal color WUl be restored to gray Lauwin three to tea. days. Nourish and preserve the hair by the use of PHALON@s INVIGORATOR, the best hair tonic in existence. A.—Hernia. 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