The New York Herald Newspaper, December 7, 1873, Page 13

THE COURTS.) THE DOUBLE SALARY GRAB. Holding Two Offices and Drawing Two Salaries Declared Legal. BUSINESS IN THE OTHER COURTS. ‘A decision was rendered yesterday by Judge J. F, Daly, of the Court of Common Pleas, declaring that James Ryan Is entitled to pay as Deputy Clerk of the Court of Special Sessions during the period he served tn the last Legislature. This decision is in opposition to tnat rendered by Judge Daniels, of the Supreme Court, he holding that the two ollices were incompatible, although allowing an alterna- tive writ to issue for argument of this point, The points of Judge Brady’s opinion will be found below. William Gallagher and Edward Butler were held yesterday by Commissioner Shields to await the action of the Grand Jury onacharge of naving smuggled into this port a quantity of cigars, The accused have been indicted by the Grand Jury, who presented to Judge Benedict in open Court several bills, including one against Henry R. Pren- tiss, a Post Ofice route agent, for emb ng a letter, The sentence upon Oscar I’, Wainwright, recently convicted in the United States Circuit Court of perjury, was postponed until next term. The recognizances of ¢ nator Willlam M. Gra- ham, indicted for embezzling about $100,000, the property of the Wallkill National Bank, of which he had been President, and of Join Moon, indicted for embezzling a letter at the Post Ofice, were an- nounced to have been forfeited, but in all proba- bility they will be renewed. The Grand Jury were discharged and the Court adjourned for the term, ‘The Union Trust Company having resumed pay- ment, the motion made and proceedings heretofore taken in the Supreme Court, to compel the company, a3 receiver of the old Adams Ex- press Company, to remove the fauds of the Express Company to the United States Trast Company, were yesterday dismissed by Judge Brady in Supreme Court, Chambers. Alexander Bennett was yesterday sont to Ludiow Street Jail for refusing to obey an order of the Superior Court to pay alimony to his wife, Ger- trude Bennett. HOLDING TWO OFFICES. Being a Member of the Legisiatare No Bar to Receiving Salary for a City Office—Important Decision by Judge ‘J. F. Daly. Among those elected to the Assembly last win- ter was James Ryan, Deputy Clerk of the Court of Special Sessions, When he came to get his salary as such Deputy Clerk for the four months he was discharging his duties as legislator at the State capital Comptroller Green refused to- pay it, on the ground that, as he had accepted the office of legislator and received pay for such services, ho had necessarily vacated the office of Deputy Clerk, and could not be paid two salaries, Upon this Mr. Ryan applied to Judge Wanicls, holding Supreme Court, Cham- bers, for a peremptory mandamus against the Comptroiler directing payment of his salary as Deputy Clerk during the four months he was in Albany. Judge Daniels expressed the opinion that tae Comptroller waa right and refused to grant the writ asked for, but granted an alternative writ, 80 that the polat raised might be fully argued, The application was subsequently renewed bofore Judge J. F. Daly, of the Court of Common Plea% The latter Judge gave his decision in the cage in a Jung opinion and deciding Ryan's right to be paid his salary as Deputy Clerk OPINION OF JUDGE DALY. After a preliminary statement of the facts of the cage Judge Daly points out two grounds of incom- patibility of ofice—first, where irom the mere mul- Uplicity of office both offices cannot be discharged by one man; and, second, where they are subordl- mute and interfere with each other a presumption arises that the two cannot be discharged impar- tially and honestiy by one man. This last class of incompatibility, he says, is the only one largely discussed in the reported cases, Judge Daly cites at great length cases bearing on this point, and among others cases where the acceptance of a second office without regard to its weight was held to vacate the first. But he also cites cases to show that the holding of two offices, When not incompatible for one of these reasons, was at common law held proper, and, as the consti- tution does not forbid that, the doctrine is the same here. The cases show that the doctrine of incompatibility is fully recognized, but the holding Of two offices not incompatible fs equally recog- nized. He holds that the Deputy Clerk ot Special Sessions is not a subordinate but co-ordinate ofMicer under the ‘statute with that of Clerk, the two officers being appointed by the same powcr and uncer the same regulations, and being simply alternates to each other. The Deputy Clerk has, by his appointment, six years of office, the Assemblyman by expectation of law 100 days, and in fact not more than five months, Thus the 100 day duty does not make the omces absolutely incompatible, there being an alternate for the duties here, He therefore holds that Ryan did not vacate his deputy clerkship for these Teasons, viz:— First—There need necessarily be no neglect of duties o1 the office of Deputy Clerk for the short period that the relator might be required to be absent in Albany, there being another oflicer to perform his duties, Second—The appointment by law of Clerk and Deputy Clerk, two o'licers of equal authority, to perform the same duties, one only being needed to pea a them at the same time, evidences an la- ent that the personal presence of both fs not at all times necessary. Third—The custom or usage in this State for local oMcers to hold also legislative or quasi-legis- lative offices the duties of which are to be per- formed at the capital of the State, and that such usage 15 to be considered as an authority is shown by the cases recited. In this respect he specially cites the cases of the constitutional conventions of this Stare, mn which, and especiailly in the last one, officers held seats, Fourth—That the offices of the relator are not incompaiible, as having any such relation to each other as suggests that they could not be performed by the same person with honosty and impartiality. In conclusion Judge Daly regre(s that nis opmion differs from that of some otner Judges, but he must hold that the relator did not vacate his local oftice by accepting that of member of the Legisia- ture. He there(ore, directs a mandamus to Issue. BUSINESS IN THE OTHER COURTS. UNITED STATES DISTRICT COURT. Whe Rankruptcy of Jay Cooke & Co, Tt has been already announced in the Herat thata petition had been filed in this district by William Torode for the purpose of having Jay Cooke & Co. declared and adjudicated involuntary bankrupts. Yesterday, when the matter was called before Judge Blatchford, the alleged bank. rupts, through their attorney, put in an answer, Retting forti that before the petition of Mr. Torode Was filed they had been adjudicated bankrupts in tho Bastern District of Penunsyivania; that the Court there had exclusive jurisdiction of the case, and (pat the petition in question should be accord, ingly dismissed. Jay Cooke & Co, deny that they havo committed the act of bankruptcy alleged against them in Mr, Torode's petition; claim that Mey should not be declared bankrupts for any cause stated therein, and pray that the matter May be inquired of by the Court. Fe aan on case ot by the Court was ordered, cl as then an adjot ei tt the orb thet, djournment of the case n the matter of the petition of John KE, Fox & Co, va, Jay Cooke & Co., to have whe latter de- clared involuntary bankrupts, the alleged bank- upts put in An answer almost identical in words with that stated above. This oase was also ad- Journed to the 18th inst, The Union Trast Company, The matter of the petition of William R. Siney va, the Union Trust Company, to have the latter declared bankrupt, Was called on. By mistake it was marked on the calendar “To be discontinued,” but subsequently, on the application of counsel for the petitioning creditor, it was adjourned to the 13th inst. Business in Bankruptcy. VOLUNTARY PETITIONS. Benjamin P. Todd, The Journcymen Printers’ Cd. Operative Association, Oliver P. Carponte: ADIUDIOATIONS IN INVOLUNTARY CASE: Moses Cohn, Samucl Rosenbaum, Joseph F. Davis, George ©, Rich, A, M. Rich, David EB, Hawkins, Francis Ketlbach, Joka King, Moaos W, Sperberg, Nusbaum, Wiham W. Eebberd, Charics Krank Dinker, Wililam Lese, Minna Bolick, Philp Tobias, The Gloahau Company, Ber. NEW YORK HERALD, SUNDAY, DECEMBER 7, 1873——QUADRUPLE SHEET. nara Marx, Jacon Goidennorn, James J. Lawler, Booherm Birnhaum. DISCHARGE. John Schuster, Baie SUPREME COURT—CHAMBEAS. The Newly Appointed Police Judges and the Court of Special Sessions. Before Judge Brady. Dantel Keeler was brought before this Court yes- terday on a writ of habeas corpus procured by Mr, William F. Howe, his counsel. It appears from the statement of Mr. Howe that this Daniel came to judgment before the Court of Special Sessions for wile beating, and was sent to the Penitentiary for one year. Mr. Howe said that he pursued this method with a view to test the constitutlonality of the act of May 17, 1873, tn respect to the appoint- mont of the new Police Judges by the Mayor and Board of Aldermen ani the removal of the old ones who held office under a1 election by the peo- ple. He had already, tn the Court of Appeals, on a writ of certiorari, taken the case of Wengler, and also in the case of Mary Aun King, tried in the Court of Special Sessions, obtained a writ of prohibition restraining the judges tom passing | sentence, Judge Brady, im commenting on the case, said that it was obe of great public import- ance, and as, doubtless, upon the argument some very nice legal questions might be raised, and from the nature of the case the argument would proba bly be a protracted one, he would set the Case per- emptorily for a hearing on Monday, Declsions. Jones vs, Denson.—Order granted. Guist et al. vs, Woodburn Silver Miniug Company of Nevada,—Same, By Judge Barrett, In the matter of the petition of Joseph Meade to | vacate,—Order granted, TOMBS a POLICE COURT. Too Cold—Ob, Too Cold! Before Judge Bixby. About three o'clock yesterday morning Louis Menteons, mate of the bark Zuma, lying at pler 21 Fast River, was awakened by a noise near his berth, He sprung out of bed and taking a lantern near athand threw the light around the cabin, The light discovered a man standing over his trunk with a watch and chain in his hand, Menteons made an outcry and Officer Matthew Guinar, of the Second precinct, rushed on the dock, The man with the watch and chain jumped of the | yessel, ran the length of the dock, the ofiicer in full pursutt, and went to the end of the next pier, where he jumped into the river, The wa how- ever, ‘yas too cold, and be swam ashore as svon a) possible, when he was arrested by Oflcer Quin Ke confessed taking the watch and chain, and was even glad of the sholter afforded nim in the station house after the experience of his cold bath, The prisoner, whose name ts Louls Engleman, was arraigned before Judge Bixby yesterday, and held to answer, BROOKLYN COURTS, a KINGS COUNTY SURROGATE'S COURT. Surrogate Veeder last weck admitted to probate the wills of Anna R. Taylor, William Ferguson, John T, Mendall, John V. Hess, Daniel F. Chilson, Mary Madden, Asher S. Kellogg and Arthur H. Edey, all of the city of Brooklyn ; John F. Stoddard, of the town of Kearney, Hudson county, N. J. In tho will of Mary Madden SRC ars & legacy of $200 to the Hospital of St. Vincent De Faul. Letters of administration were granted in the estates of the following named deceased persons, viz.:—James Wells, Miles Doody, Bridget Grady, Willlam Malony, George Krastel, Elien Fogerty, Dennis Low, Cornelius J. Stevens, Anthony O'Carro!l, Samuel Adams, Thomas Lynch, Ann Sugrue and Michael Melay, all of the city of Brook- lyn; Hiram Corey, of the town of Flatlands; Louisa Powell, of Jersey City, N. J. Letters of guardiansiup of the person of Jennie BE, Davis to Maria Davis, her mother; of Emmeline J. Gardner and John IK. Gardner, Jr. to John F. Gardner, thelr fatier; of William ells and James Wells to James Thomson; of Isabella L. Tay- lor to the Brooklyn Trust Company. UNITED STATES SUPREME COURT. Ace BS WASHINGTON, Dec, 6, 1873. No. 67. Bean ys. Beckwith and Honry.—Certif- cate of division from the Circuit Court for Ver- mont,—The defendants were provost officers during | the war, and on the 1éth of June, 1864, arrested the plainti for disloyalty, charging him with enticing soldiers to desert from the army of the United States. He was placed in the State Prison at Wind- sor for safe custody, as averred, until ne could be brought before the civil tribunals for trial, and there being no term of the Circuit Court mean- while, he was detained until May 1, 1865, when he was taken before a United States Com- missioner and held to answer. But it does not appear that any proceedings were ever commenced against him. The defendants justified by averring their military authority in the premi- ses, and that they acted in obedience to the orders of the President of the United States. It was ad- mitted that the arrest was made without warrant or other process, except the authority given to the President by the act of 1863. The act of 1867, roviding indemnity for such arrests, where made 4 obedience to the orders of the Executive, was also pleaded. The plaintif’ demurred to these pleas, maintaining that they did not bring the case within the acts of Congress, and that, if they did, and these acts were to recetve such @ con- struction, then they are in contravention of articles 4, 6 and 6 of the constitution of the United States, The Court divided on the questions raised by the pleadings, and they were certified up for answer. The government here contends that Bean’s act was a felony, and that the defendants were justified, both as officers and as private citizens, in causing his arrest, where there were reasonable grounds for suspicion that he was guilty, It is also contended that, as this action was commenced before the termination of any proceedings against the plaintiff, it is prema- tare and cannot be sustained. The plaintiff main- tains the positions raised by his demurrer, E. J. Phelps for plaintiff Solicitor General for govern- ment. No. 580, Meyer vs. Folke, Assignee in Bank- ruptey.—Appeal from the Circuit Court for the Northern District of Illinois, submitted under the 20th rule.—This cause presents substantially the sane question as that considered in case 576— “Sawyer vs. Hoag’’—submittea immediately before it, whether a person who pays for his stock in an insurance company by a loan from the company 18 entitled to purchase a oo in claims against the company, in case of its insolvency, and have them allowed as a set off against his indebtedness, Faller, Hitchcock and Dufee assert the right, and Roserthai and Pence deny it. : THE CASE OF SHARKEY. Trial of the Alleged Accomplices in His Escape—Aitacking the Theory of the Prosecution, While the police are still supposititiously working with all their energy and skill to discover the whereabouts of Sharkey the District Attorney, Mr. Phelps, has arranged to bring to trial, on Tuesday next, in the Court of General Sessions, the two women, Maggie Jourdan and Mrs. ‘Wes’ Allen, and Laurence Phillips, the deputy keeper, the al- leged accomplices in his escape. Altogether, this certainly is a very singular case, and, as the com- hope that the forthcoming trial may possibly lift the veil of mystery with which it is at present overshadowed. Preiiminary to the coming trial, and with a view to combat the theory raised by the prosecution as | connecting the accused parties with the escape, Mr. Willlam F, Howe, one of their counsel, caused some experiments to bo made yesterday by his legal associate, Mr, Abe H. Himmeil, The latter first went into the cell occupied by Sharkey, and on examination found the bats of the ceil sawed Ina manner suggesting the possibility of his escape in a manner entirely different from that claimed by the prosecution, He then tested the fact that from the ceil opposite, occupied by the boy Kessler, it was Pini to have heard Sharkey utter the words this boy says be heard him utter to Maggie Jourdan as he opened his cell door, and also the response he claims to have heard from her, They have turthermore, they say, seven witnesses who will positively contradict this boy's statements that alter Sharkey came out of his cell he (Kessler) hallooed out to Keeper Phil- lips, warning him of Sharkey’s escape, The ace cused are certainly doing their best to get off clear, as, {n addition to Mr, Howe they have also employed Mesars, William A. Beach and William Ff, Kintzing aa their legal defenders, Meantime tt is positively denied that there isa word of truth in the story that Mra, Allen had turned State's evidence, andeat the trial will peach on her alleged co-conspirators, From all the facts in the case it may be sately as- serted that the trial will be one of the most in. teresting that has been held for a Viger im the Court of General Sessions, prolific as this Court is of causes celebres, THE MURDERED OFFICER, On Wednesday morning next, at the Coroners’ Office, Coroner Young intends proceeding with the investigation in the case of award L, Burns, late An oMicer of the Eighth procinot, Who Was 80 bru- tally murdered a tew nights ago, While in the dis- charge Of his duty. in case Captain Williams | Shoutd require more time to work wp (he matter ( tt wii be granted by the Coroner. | patent to every body than it has been for the past bined force of our astute detectives has failed | thus far to throw any lght upon It, there is some | THE RING CASES. Wootward’s Expected Return Creating ® Scare Among Politicians and Others— | Whet Woodward Can Tell About the Ring—His Expressed Anxiety to Get Even wlth Garvey=Guarantees of Safety and His Appreciation of Them, ‘The anxiety which has prevailed of late in politi- cal circles relative to the rumored return of Wood- ward to this country is becoming all the more intense, not to say more painful, every day. There is not one among them, however, who, in the days when Tammany was King, loved to bask in the smiles of the great mon whose secrets were in- trusted so implicitly to this disuingutshed absentee, but at present pretends to pooili-pooh the idea of his return, and at the same time express boldty the wish that he would come speedily; but do what they will, many of them cannot conceal their real feelings as to the expected arrival. It isa fact which It Is not necessary at this late day to lay particular streas upon to make any the moro year that Woodward was, so to speak. THE RRAL PIVOT OF THE RIS In fact he was to it what the hub is to the spokes ofthe wheel, Without him there would have been no secret ring at all. In him were confided not only all that Tweed is said to have done on the sly, un- known at the time to all the rest of mankind, but every transaction that was entered into by any one or two persons which, directly or indirectly, re- suited ina fraudulent taking of the people's money, Mr. Woodward was fully acquainted with. It is true that if Tweed had turned State’s evidence, he might have made revelations that would have given the people a much clearer, a much more comprehensive insight into THE BVLL DOINGS OF THR RING than all the lagenuity and efforts of the prose cuting authorities possibly could have given, and, ifrumor speaks truly, been able to create a very lively panic among a few of the virtuous men In the city of the republican persuasion who have so far escaped even suspicion, But Tweed's power to benefit himself by any revelation has passed, and to get at ail those proofs of the Ring's villainics, which it has been up to the present impossible to drag to light, it is absolutely necessary that Wood- ward should be induced to tell his experiences. He knows all that Tweed knows avout the reign of the Ring from 1869 to 1871, and, indeed, knows more; for, in addition to being the executive and the go- between in many transactions in which the proml- nent mombers of the charmed circle were engaged, he, it is said, was very often the detail manipulator in the various “outside” thieveries by which the Treasury was indirectly robbed by persons who have not as yet come even UNDER THE BAN OF POPULAR SUSPICION. It willbe seen therefor, that if Woodward can be induced to leave his delightiul retreat abroad and come back to New York, even for a few months’ stay, and while here give @ full and aécurate account, memorahdum book in hand, of the good times and expensive indulgences he and his con- fidants enjoyed at the people’s cost, the result will be startling. Before Tweed was put on his trial it is well known to many persons thatan effort was made to get Woodward to come back to this coun. try, but it was o! a kind that lacked one great essen- tial to success—Woodward's own wishes in the Matter were not consulted. It was decided to watch and watt and pray too. probably, and by the agency of private detectives employed for the pur- pose, track him in his wanderings from place to place until (if he was foolish enough todo so) he reached some locality where he could be captured, but Mr. Woodward did not give the de- tectives the opportunity desired, and so the efforts of the municipal committee reformers to get hold of a strong witness against Tweod fatled miserably, The plan for his speedy return homeward since then has been changed, and the guarantee policy, a3 has already been intimated in the HeRALD, has been and is stil being put into strong force. The }istrict Attorney reiuses to say that this policy has been adopted or that any effort is being made to get Woodward home at all; but as he also said some time ago, that he did not think it proper to let the general public Know before- hand what the intentions of his oltice are in regard to matters of great imporcance, his denial may be construed as a Cuty he owes to the public as to other parties who may not be over anxious for Woodward's retura. It Is conceded on ail sides by Woodward's friends that he cannot be induced to come back, no matter what inducements are oftered to him, and that he is TOO SHREWD A FOX TO PUT HIS HEAD INTO A TRAP, made. comfortable-looking by his very worst enemies, On the other hand, there are those who contend that, now that Tweed has been convicted, one great obstacle in the way of his return has been removed. So long as Woodward's absence gave Tweed a hope that the prosecution would fail in eonvicting him, 30 long would he remaia away; for, say what people will of him, it is asserted that Woodward would have never, elther by word or deed, done anything that could have weighed against Tweed on his trial, even &ad he been in the cily. But, no matter what he may say now, Tweed cannot be injured by it, and it 1s this circumstance which has led many to believe that, by proper guarantees, he can yet be made of good use to the country, Indeed, a gentleman, whose relations in the past with the parties who were so active in organizing the war against the Ring, yester- day told & H&RALD reporter, during a con- versation about Woodward, that the latter had been and is still og | “consulted”? about coming back, and that he had expressed himself as very anxious to “get even’? with Garvey, whose treach- ery to Mr, Tweed he seemed to feel eee. over. This gentieman states, however, that Wood- ward is not quite as anxious to come to this coun- try as he is to make Garvey out a bigger thief than people suspect; that, so far, he has not been in- duced to put implicit faith'in any promises of safety that are made to him; but that, if he should finally be induced to come, he believes his testi- mony would placy Garvey in A TIGHTER PLACE THAN EVEN TWEED WAS IN, before Garvey came back from his oun | tour in Switzerlana; and that, besides, many other per- sons would be reached by his testimony who have not been mentioned up to the present in con- nection with the “Ring trauds.”” “Di you mean to inter,” asked the reporter, “that Garvey did not tell the trath when he was a witness jn the Tweed case?” “No, sit; by no means. But from all I have been able to learn Garvey only told but half of what he knew, and that what he leit untold might be re- vealea by Woodward, much to Garvey’s own dis- comfort and that of several other parties now en- joying wealth acquired by means as dishonest, If Not ag open, as those employed by Woodward and the others we have heard tell of.!” “Whatdo you really think prevents Woodwara from coming here under guarantees of safety— what is the principal obstacie in the way?!’ “His own fears simply, As to the rumors. that are being circulated concerning the District At- torney’s ignorance of anything about Woodward's whereabouts, I wil say nothing. Mr. Paelps knows his buainess Well, and he has the interests of the people at heart, depend upon it, If he finds that Woodward can be brought back here, that his testl- mony will be the means of bringing & large nam- ber of plunderers of the city and eon to justice, and that to accomplish this all he has to do is to guarantee him from prosecution in return for his — information, think he will not hesitate in the matter, But matters just now are in such a state that it is not proner yet to say more on this subject. I -will ey 4 5 however, that one of the ramors concerning Wood- ward, to the effect that the fear that his revela- tions might hurt the republican party by implicat- ing some rep wblicans 1s prevent:ng the guarantees: belvg offered, is groundless 80 far as the District Attorney’s office ts concerned. I am sure that kind ot thing would have no weight with a man like Mr. Pheips. He will see justico done at all hazards, no matter who may be affected by any course he sees fit to pursue. Politics cannot sway him one way or the other tn his official capacity.” A DEMOCRATIC INVITATION, Thus much for the situation at present, and it | may be here added that it is alleged that a letter | bas been sent to Woodward by a prominent demo- cratin this city, advising him to accept a guaran- tee of sa:ety, if offered, and come home and make n breast of ail the facta he has beon the sole porsesor of in black aud white since the death of Auditor Watson, SUSPICIOUS DEATH IN CLINTON PLACE. Coroner Keenan was yesterday called to the boarding house No, 54 Citnton place to investigate the circumstances attending the death of Miss Dora D. Boleyn, ayoung Indy 23‘; years of age, who died there the day previous. Deceased had been attended by two physicians, one of whom cer- tifled that Miss Boleyn died trom [pata beat but the certificate being refused by the Board of Health, the matter was referred to the Coroner for investigation, An autopsy on the body revealed the fact that deceased had had a miscarriage, but whether it was the result of design remains to be determined. It 13 possible, however, that tho miscarriage occurred from natural causes, but that must be loarned by the examination of wit- neses who attended deceased during ker tast iliness, At the time the Coroner cailed at the house a large number of friends and relatives had gathered to attend the funeral of deceased, and Many of them apparently did not know the cause of her death, Miss Bolern, as appeared from the certificate of the doctor, was a clerk, probably in some fancy store on Broadwa; “SUDDEN DEATH, — On Friday eveying Mr, Baxter, a gentleman 60 | years of age and born La this country, while calling on some friends was taken suddenly il and ex- Pired in a few moments afterwards. The remains wore removed to the late residence of deceased, Where Coroner Keenaa was notified to hold an ine quest. CURRENCY REFORM. mameetan Fresh Solutions by the People of the Great Financial Problem. To THB Eprror ov tox HeRALD:— As there seems to be a doubt about the origin ofthe proposition to make Untted States bonda | and currency inctroconvertibie I wish simply to | say that [ advocated it in your columas as early as | 1867, and am not aware that it had been pre- | viously suggested, I wish now to refer to some criticisms which have been made, Itisasked:— | First— Where shall we get the five per cent bonds | from, since we are told that “those beionging to | our bational banks are hypothecated, and what are hela in Hurope are beyond our reach, ag we | have not the money to buy them back *” i Second —W here is the money tocome from where- with to redeem the bonds ater they are issued * Third—How shill we llinit the amount of cur- rency and keep up Its purchasing power ? | | | | It seems to be forgotten er overlooked that | money is but the token by which every kind of | property 18 valued, It may or may not have a | value independent of the government stamp or | | | | the known responsibility of the person or corpora- tion who issues it. If we lack money, We cer- tainly bave corn and cotton, which will procure it. Fractical experience bas shown that gold is the article—having an intrinsic value admitted i g all nations—which 1s best adapted tor a universal cir- culating medium; but gold itself forms a currency | utterly inelastic, except as the gain of one nation impoverishes another, The nation which gains finds it elastic enough, but that which loses has good reason to complain of its inelasticity. The nearer the approach to barparism, the more ex- clusively does gold or silver becomo the circulating Mediuia and the poorer we tind the people, until, too poor to possess cither, their resource In trading is barter. Conversely of this statement, the higher the civilization and the richer the nations in gold and sliver, the more necessary and prevalent ts the use of other currency, Every check drawao upon a bank and passing to and fro in the mails, or from hand to hand, is a part of the currency; any attempt to fix an arbitrary limit ro tue currency of a nation, or to the reserve necessary to be Kept, 13 | to strangle commerce with a tightening cord, just at the moment when its knots should be unioosed, The paper issues of a responsible and stable gov- ernment, which will purchase cota at par, are in | all respects as good us coin tor currency purposes, | r. Their loss of destruc. | 0 jer, and is by ko Invich & | gain to the nation, id paper currency will not purchase coin at par it saould be made con- vertible into something that will or into the coin | ftself. | | | Now, no one doubts that 1f our greenbacks were convertible into coin, aud the holders were faily satisiied that they could have the coin if they wanted it, they (tne greenbacks) Would purchsse as muchas tueic equivalent In coin, and not one in ahundred of the holders would entertain a | thought of demanding their redemption, This | would be resumption, | Suppose we make the greenbacks convortible into something which will purchase coin at par in the markets of the world—our five per cent bonds, for instance. How long would coin remain at a premium? Just long enough to make the exchange practicable. Neither would there be any excite- Ment avout it. It is utter folly to talk about the danger of a shrinkage of ten per cent after all we have gone through. The overspeculative ana im- provident will fall, as they ought to do, by the re- sults of their past folly, not by the act ol resump- tion. ‘Tho fact that ducing our recent panic greenbacks could have been obtained at legal interest upon the pledge of government bonds is pointed to as | an argument against our plan, beeause those who | wanted the greenbacks did not own the bonds. To my mind this is a most powerful argument {p favor ofthe plan of introcopyertibility. If the bonds had been convertible the banks would have amply supplied themselves with them in advance, for it was the banks who needed the Grecannoks, and it is idle to argue that every merchant must fortity hingelf as a banker to avail himself of the ad- vantages ofthe plan. Notat all. Mercantile and Manuiacturing enterprize will go on as hereto- fore; but the banks, taught an expensive iesson, will fortify themselves with convertible bonds, in- stead of loaning on call to stock specuiators, and the consequence will be that they wili be able to render ali needed aid to the business community at the approach of peril. : Itis here admitted that there i8 already an abundance of paper currency in existence, and that the limit should not be enlarged except in proportion to the Increase of the population, In- deed, atter resumption !t might be weilto dimin- ish it by the substitution of coin, in order to admit Of greater relief in an emergency. The duty of the government is to sell its bonds at par iu coin, which it can do, or beiter, for the express purpose of resumption. ‘han $100,090,000 would accomplish it—much a8, 1 think. Then let the government set aside a fixed sum, say $10,009,000, of its currency—tt is quite immaterial whether gold or greenbacks—tor the purpose of redeeming its convertible bonds. Itis very easy to predict that in case of war we might have again to suspend the use of coin as | currency, but. it must be remembered that that would agen | be a necessity under any cireum- | stances, and the presumption in no way invall- | dates a theory intended for the condition of per- petual peace, which it ts noped all nations will in time attain. As long as there ts a government it will want money, and usually a year in advance of its receipts; tis will keep it a borrower. Be- sides, we need not pay off the entire debt, since as that possibility approaches we should reduce the burden of taxation. Nevertheless, if we should ever be in @ position to pay off all our debt we should pay off the greenbacks also, and do what | few civilized nations have done—use an exclu- sively metallic currency. It must also be remembered that itis only the balance of the currency which needs to be a a lated. Its volume would only be increased as the needs of the country might demand. Six years ago I advocated a six percent gold interest bearing bond for this Rurpoee. tor the same reason that I now advocate & five per cent, and propose for a year or so hence a four per cent, (in case the five per cents rise to a considerable premium), to be followed by a three and 65-100 per one he which the whole debt could speedily be funded. ‘The volume of the currency will surely be regu- lated by the rate of interest, and, what ts much more important, the rate of interest would be per- petually kept down. The usurer and the extor- Uoner will continue to ply their trade, but itis to be hoped within narrower limits, Novy, 28, 1873. JOUN U. UNDERHILL, To THE EDITOR OF THE HRRALD:— Will you allow this communication space ia your paper, that the views of business men may be ex- changed In reference to the banking system that should be adopted, in order that we iuay have free banking and at the same time open the way | for the resumption of specie? It seems to me | that if the government would at once revise our whoie banking system by throwing open tue doors, allowing free competition in banking the ben- efit to the iegitimate business of the country would be incalculable; but it cannot be done under the present system, for if the Oomptroiler of the Cur- rency shouid issue bills for all the bonds offered it | Would flood the country with an trredeomable paper corrency that would utterly ruin us and | place resumption beyond all nope. How, then, can we have free banking and limit paper*circula- tion and return to specie basis? I answer, Let the government call upon the natlonat banks to withdraw at once thetr circulation and substitute Treasury notes for national bank notes by the pur- | chase of the bonds from the banks now held as | security for tho redemption of the bank notes, and | if there ts not sufficient currency the government | could issue $00,000,000 more by the purchase of | bonds, which would give Us $1,090,000,000 of treasury | notes to bauk upon. Now open the door and let | every man or association of men have bank | charters, either by the States or the national goy- | ernment, holding as Stockholders responsible to | double tac amount of the capital of their institu. | | j | tions ior the security of depositors in every case. This would be a saving of interest to the govern. ment of six per cent tn oid on ali the Treacar, notes fn circulation tn the country. If Treasary notes were substituted for the $350,090,000 of national bank notes, there would be a saving of | $21,000,000, gold, yearty. If $300,000,000 more Treas- Ury notes became necessary, then an interest of | $15,000,000 of gold additional would be saved to | the people. Now, let the old Treasury noies out. | standing be calied {u and new notea issued in their stead, and make all these Treasury notes payable on demand in gold, Now what would bo the effect? ‘The only party to redeem would be the govern- ment. The only places for es ge would be the Treasury and sub-treasurtes, Tho only places for reserves Of gold would be the Treasury and sab- treasurtes, so that instead of balances held by every bank im the country and the Troasury and sul+treasurios, the reserve would only be in the Treasury; or in other words, there woud be only one deposit of gold, where there would be 200 or 300 if we should undertake to re- deem by the present system. Then, instead of every bank being liable to be run, only the Treas- ury Of sub-treasuries could be run, so that it Woald be impossible for the peopie to make a run and pante, Would the banks run the Treasury? No, What would they do with gold? They could not use it and woutd not let {t lie in their vaults losing interest. Would the tmporters want gold’ N they would pay duties with Treasury notes. would need gold? Ouly the goverament to pay inter- est to fovelyn bondhoiders and to redeem noves when called upon, Now, I think, noariy ali tue god in the country would find its way into tho | Treasury of the United States, The banks would | surely exchange gold for Treasury notes, for they | could only use notes to any considerable extent, This would also stop specwiation in gold, for if speculators should attempt to hold gold when tho governmont needed it to pay interost every stx | montus the govorument could purchase goid in Europe and let them Keep it. Nov, the question May suggest Usol!, as it nattifnky will, how can the government redeem $709,009,000 or $1,000,000,000 with @ Lanswer slo could not if cailed upon 1 | to the note broker’s office, | System has no solid application to more th | vocated by lnvor reformers is clear, ‘to redeem tne whole amount at once; Dus the same diMcuity has always existed and will always exist unser any system, There never was a time and never will be, when any considerable ran was made on several banks ata time when they were not obliged to close their doors; but it will readily be seen that the very few laces for redemption by the Treasury of the nited States, would enable the government to stand @ ron of six months, unless through a com- bined effort of several banks, which would not be | Iikely to occur. Of course the national banks and | gold brokers will oppose this scheme; but, sir, it is the people's interest that Congress should look to, and not to the interest especially of certain corporations oY individuals who cian special privileges, Another advantage would be gained by this sy: tem. Banking capital would be more equally dis- tribated among the people where necessity ree | | quired ft. Smatier banks would be established, be- | cause sinall capital can be made to pay a better m- terest than large, unless these cnormous institu. | tions lend themselves to speculators, as they have | done, and reuse to discoant merchant's notes at seven per cent, and drive these legitimate notes them at from cight to 20 r cent and thus crippie and injure trade and ali kinds of industries, until as we now sea our New York banks loaded with securities apon which they have loaned the depositors’ money, and cannot return it, and are driven to give out their due bills based upon these questionable securities and reiuse to show their hand, The proposed system will create more banks, with less capital, and thus save the necessity of loanlug large capitals w banks and give legitimate trade the use of the capital of the country. ‘Thus, I think, we could immediately re- NYACK. Nov. 27, 1873, TO THR Eprror oF THR Herat :— 1 do not share inthe new born admiration of some of your correspondents for the Hurap’s ad- vocacy of.tne “New People’s Currency,” the 8 65-100 convertible bond system, for 1 have | watched the Hgraup’s course on this question for | many years past, aud 1 know it never has de- nounced it, as have many if not all the big papers | in New York, but has many times a year, for many years past, favored and at times earnestly advo- cated the system, Now that the popular mind ts | agitated and educating itself in the miust of suffer- ing, 1am auxious that the best arguments in be- half of this system should be seen by both the | sume and bave a sound banking system, | people and Legislature, and ask you to give so Much of the enciosed address, recently made by | me, as treats upon this great question, There Is absolutely no other remedy now open to the Amert- can people. We are in the midst of events which make prompt action absolutely necessary. HORACE W, DAY, Subjoined ts the portion of the speech referred to in the letter:— | Iventure to assort that, when ratiroads and | canals are built with convertible bonds, bearing | not exceeding 4 65-100 interest, the eutire railroad | business can be done at one-half the present | charges, and that the high rate of interest due to | our present financial system is the primal cause of not only the ratlroad demoralization everywhere existing, but of the panic which is now outworking its terrible effects upon all our industries and the commerce of the country, Aud when toe nation plants itself upon the solid rock of a currency based upon the credit and resources of the natioa, upon real values, we can bave peace and prosperity, and not tlil then, He The circulation of the United States—the cur- rency—never was and never can be specte alone. Tbe mixed character of specie and bills of banks, based upon the specie or bullion, has in it neither stanility nor security--our whole history has proved this. To be sure, we have again again made believe specio payments, and always bumbugged and feeced the people, weighing down all our in- dustries, aud at cvery decade of about 12 years nad the fallacy and unsoundness of this false system demonstrated by its entire failure and panic. ‘These panics, Which always serve torob labor and benefit idle and usuriously employed capital, conid not occur under the Le asdagd Of tne solid system advocated by labor reformers. The specie basia system may, with great pro- priety, be called an ignus fatuus, It has the same | relation to our actnal condition a8 the apex bears | to 4 base Ofa pyramid. As early as 196 I had oc- casion to publish a criticism upon Mr, AMcCullocn, tien about to be clovhed with the power of Sccre- tary of the Treasury, in the hope to save the coun- try from the infliction of s0 unqualified a person. I quote here a few sentences from that publication. “How Eagy it is to Say that Paper Currency Should | be Converted into Goin,” And how utterly absurd it is to attempt the in- vention of a system by which such 4 conversion shall be made possibie. What we desire and ab- solutely need, are, such radical changes ag shall | make real vaiues the basis of Our system. Mr. Mc- i Cuilocn, in discussing our paper chrrency, weakly and chudishly says, “it should not on the one band, by being over-tasued, encourage extravagance and speculation and give, a8 at present, an unreliabie valuation to property; nor on the other, by being reGuced below the proper standard, imterrupt business or unsettle values.”” and tocn purchase | | always | money represented w 13 ee ‘be to promote the schemes of those idie tors for whose sole interest most of them write There are other opponents to this syatem. are the wordy speculators and the silent in. triguers, who work hand in hand, and always mans age to be the power behind the throne, which gen- erally manages te. etoes over and whitewash poat- tive causes while they promise—they deny positir needs, always referring in a most patriotic mann to our great resources, yet takilog the best possible care to control and stultify said resources, though the power to change and hold the ebb and flow of capital, until all tuese facts, never more apparent than now, are made sull more palpable to the masses, Looking on all sides, the country is now witnessing the certain harvest Ri con brought upon it by these monopofists and their contederates, in and out of oftice. What have we, what has the country to hope from them? The piatform adopted by the farmers in Chicago at their convention last month spoke out in op- position to the jalse credit system, The labor re- formers also have for muny years past advo. cated the plan which will destroy this’ vast credit system, We well know it caonot whild Specie basis is attempted to be maintained, There is not specie ecnongh in Europe and America, if there is in the world, to oc | Cupy its place, the labor reforin system would | Make unitecessary the intervention of banks, | either national or savings, or any bank waatever. Under that system the natural course would be With the factitties at hand, to “pay as we go" and Keep out of debt, Under this true system the federal government, in which is loaged the supreme power over this question, would issue all the | Money, ond when the quantity issued became suidcient for the legitimate business and wants of the country, and so abundant that the average Tate of interest fell below the average rate of annual increase of the national wealth— aa about three pec cent. But for commerce we might fix it at 365-190, or one cent a day on $1003 the | cape aoe pe takes it from the holder, issuing in its steud convertible interest-bearing bonds. These certificates of value—this paper money— would always be a legal tender for every purpose whatever, and all the peopic and property of the country bound for them, and al! would have confi- dence in them, The quantity of thts circulatin, medium woutd never be ‘too much or t little; the rate of interest wh this rep. resentative or redempiion bond bore would regulate the quantity in circu lation, It would oct as a balance wheet and the chicf of the Treasary Department need require no other instructions than to reduce and | tseue according as the demand Was greater or less for the one or the other. ‘There could be no per- manent redundancy or permanent scarcity and the business of banks, Speculators and gamblers could have no longer power to rob labor or create corn- ers. No foreign power could effect the stability of our productions, or our commerce any more than they could the tides which e>b and flow upon our coast. With this cheap cra | every cheap, and we couid by having the necessary toot produce as cheap as the rest of the world and share with ail other nations, the markets of the world, and have no fear of belng undersold any- where, When this system ts established the occu- pation of bankers, usurers and speculators would end, and such might be turned out to earn am honest living by honest industry. The most Cousplcuous and one of the most ime portant considerations for the American states- nian is how to control the relative rate of interest in the United States, compared to that maintained in those countries with which this nation has large doalings, Onr own experience, as also that of all countries 1n which the rate of interest Mxed upon nationat dobts, is that the rate so fixed determines the Telative exchanging value of all things for which money has the purchasing power in that nation. Under the existing false system we have gone om adding to our foreign debt until it éxceeds 500, | » Our own market, where everything is made high by our high rate of interest, is to-day the best foreign market which England has, while all foreign markets are practicaily shut out from um, because the high rate of interest here prevents aa from producing as cheap as our competitors. No system 01 finance which fails to Ox a low rate of tntereat upon money seeking repose for the in- terest It yields will satify rue people or benefit the country; the giving clasticity to money supply simply, without the element of cheapness, would be useless. ‘Tis not s0 much from the quantity. as the rate of interest which the government ixes— to avoid the evil of credit we require the natural substitate, the ready money. this is denied by the government, whose issues we are now com- pelled to use, there {3 no alternative but credit, For ages this curse has afforded the tyrants power to keep the toilers in subjection and slavery, and unless they arise in their might to overtarow thie tyrauny they will continue in slavery. THE TEXAS ELECTION, GaLvaston, Dec. 6, 1873, The News has the following :— Twenty-three counties give an aggregate ma jority of 2,577 tor the democratic ticket, snowing & net democratic majority in 45 counties heard froma of 15,062, The democrats claim the State by 40,000. » FATAL AOCIDENT TO MINERS. AUDENRED, Pa., Dec. 6, 1873, Unsettled values! Real values are absolute; they do not depend upon their gold, silver, or paper rep-. | resentatives. A bushel of corn adords a certain | amount of nourishment, whether its nominal | price be 60 cents or $1 50. The real value of the | commodity is not changed, and ail the financial ar- | Tangements of all the civilized world are powerless | to effect that change, The distinction between real wealth and its representative in currency seemed never to have engaged the attention of Mr. MoCulloch, And lis own reports would tend very strongly to indue his readers to believe that he is incapable of making the distinction. Doos Mr. McCulloch Know that real values act upon gold and silver with irresistible power ? The man who possesses his corn, his beef and his pork, the product of his own industry, is absolutely independent of the representatives and worship- pers of gold, who congregate in Wall street, and when the hungry millions of the Old World demand food, the producer and holder of that food can ab- solutely 1X the terms on which he will exchange it for representative values. Had we mutually agreed to give corn that position, the result would prac- tically bave been the same. What I said in 1865 is trae to-day, and if it had been received and acted upon would have rendered the panic and financial chaos of to-day impossible. The utter fallacy of the system of mixed cur- reney, the mad attempt to restore to the commerce and industries of the nation permanent repose by relying upon specie as a basis, seems to me so | clear aud conclusive, that I am constantly aston: | ished that sensible mea of ability will allow them- | selves to advocate it, It has again and again failed, carrying ruin in its course, and every fresh attempt only prepares for another panic, to prove its unsoundness, both in theory and practice, and 1tS absolate danger to the existence of the demo- cra'ic-republican institutions and human progress. T have a tasto jor plain speaking, and strong lik- ing for proofs by demonstration as the best kind of argument. é In the discassion of the financial question the real cause is seldom put; common sense principles are set aside for special pleadings and prejudices, First, let us see how the case stands in reality. The mixed currency of specie and bank notes 13 limited to the quantity of specie which can be re- tained in the country, and this quantity bas been determined in part by the demand which foreign countries can create for the specie. There is in | the nature of things no certainty or untformity or elasticity, because the United States cannot con- trol the K gett Again, this systom can never afford the quantity of circulating medium neces- gary to conduct tle business of the country, and the deficiency is made up by credié. This credit i3 ten times greater im amount than ail the specie and notes based on specie, ‘This credit system is a reat evil, and should and can be done away with. "hen the fatlure of Jay Cooke & Co. took place, besides the $700,000,000 of currency In the country aud the $135,009,000 of gold and stiver, there was ten times as much credit, which heing suddenly | destroyed produced the panic, with all its ponder- ous train of evils. These credits are to be illus. trated in the daily business of merchants, mann- facturers and importers in their ledger accounts— these bills receivable and payabdie four months, six montis, eight and twelve months; and here, ‘too, comes in the usuror, the speculator and money lender, to take advantaze under this system, which seems to be perpetuated for his special ad- | vantage, and not to meet tho necéasities of ali that | aetive and industrious class wlio put In operation all the machinery of industry snd commerce, When we see that tiis insadcient and ridiculous an one- people, necessitates the crodit system to sup- at the stability ped by a breath, tenth of the wants of the establishment of a genera ply the other pine-tenta of thes9 nine-tenths may | & war at home or abroad, an or by other disturbing caus the absolute oocessity of the | inauguration of a common senso plaa such as ad- The astute empioyés of the usurious classes | make their special pleas, Mil our presses and | magezines with logical and ridicutous arguments, | ‘They tell us that “be‘ore the war the whole amount | of gold and silver was but $2,000,000 oF $1,009,000, woleh could jn tines of general prosperity and | peace ry (od a circulation of two or tores times more in bills of banks; that the quantity now is greater than it was then, and argue that sucha system Is the only one altogether the best; that it assimilates the carrency to the world’s standard (monarchy advocates the system, tt inonarchy and aids the ew to rob the many) ; that ‘itis altogether tue best’ and only system; that every other is inflation, and that by pradence and | ceasing to overtrade the nation will get back to a | solid bottom, and that we may hope atan early bY to get back to apecte payments,” &c, These paid scribblers, advocates for speculators | and usurers, seem to think the people all fools, to | be handled as so much chai in she winnow, and | pass without reason or arguiment this common sense idea, which will give to the people of the’ | country practical control of thelr own business, Money, to facilitate exchange of real values, is | simply a tool to work with, and the Prone have & right to all the tools thoy can use, It is ridiculous to prate about tuilation, the “stop thief cry.’ | Under the true syatem, there never can be too | Mauch money. Our true policy a3 4 nation ts to stimulate production, and, If possible, over hes duction, compelling us to find a foreign market, | and thus tara tig batanco of tradg in favor of our own country. These considerations seem never | to enter tanto the discussion of those pald scrib. | A blera, Whose first and only purpose woud scomto | perpetuates | t, | | This morning, a3 15 miners were descending No 2alope of the Honey Brook Coal Company's mine in @ car, the stapie ring broke and. the car de- scended 170 yards, All the men were thrown out. Alexander Brown and John Richards were killed. John Donlin and Patrick Dolan were severely cut. The latter is not expected to live. The others escaped with slight injuries, SUIOIDE OF AN OLD MAN, Boston, Deo. 6, 1873, In Beverly, yesterday, Andrew Prince, aged years committed suicide by hanging himself in the Woods, DROWNED WHILE BATHING. Savaus, Mass, Dec. 6, 1878. - While skating on Pranker’s Pond, last evening, six young men broke through the ice. Five wer@ rescued, but Edgar Mansfield, aged 19 years, wae drowned, REAL ESTATE, 3 The market ts still without new features, quieg but firm. The following are particulars of yeaters | day's sale3:— H. BLACKWELL. r of Sth av. and 56th ‘airchild. $26, NEW YORE PROPERTY—sY w, 4s.b.s hand 1 ne. co: st; lot 163x100, 13.4fh. andl. s,s, Losth 3x100.9; G. D. Phot! FAIReMILD. h sts, between 10th and YACHTS, STEAMBOATS, TANTED—A SMALL YACHT PROPELLER. Ape dressv. B. T,, Post office, Baltimore, with parew y ars. WARXTEDTSCHOONER OR SLOOP. 15 TO 39 TONES light draugift; centre board; all complete. Ade dress W., room 47 United Siates Hotel. ___ WANTED TO PURCHASE, NY PERSON HAVING A SEALSKIN SACQUE, Iv good order, to Co hes hy address, with price and particulars 'T, Herald office. OFECE DESK WANTED. one, Address R. V. V., W. Address THORND SECOND HAND; AGO ierald oifice, bs ANT —A GOOD SEAL SKIN Sacque or Suit and one or two sets of Coral Jewelry. r YKE, Heraid Uptown Branch ofitce. MARBLE MANTELS. ORTMENT OF MANTELS, UNSUR uty of design and quality of workuan of all Kimts a specialty, PENRHYN SLATE COMPANY, entoonth street, Union satiare, SSED hip, inte wi Fourth avenue and ELY, MARBLE AND WOOD gant designs, at the lowest wenty-third street, betweem x and West nd £ 2 eventh shth avenues, BILLIARDS. aL TA Phelan & Collender Combination ( hions, y by the patentee. Hf, W, COLLSNDER, sug> cessor to Phelan & Colander, 133 Bronaway, Now York, A] —STANDASD AMERICAN BEV! Al. th: L282. LET LIVE oe mene oyster aod dining room, roadway, Fulton, street, NN, B.—Oysters put up for Ship P.S.—The finest Free Lunch in ba city served oorae ANDY SPENC tt). AIS, 54 WEST ctaiy pigos and oth ayegtey i3 1. bre: AS JACQUEM Propsietsiog’ = STAURANT FRAN street, between Univ New York. —Table a'bote dinners $i 2 CB ; COAL AND WOOD, reels Past Twente aith at : No. 1 Eas : Cord and Kiadling Wood, Deke Wit tory BE hg in large or small quantitios, of the ve it qual Orders by wnall delivered Widh despaten fh if it . WithTAit 2 Wibbt e ‘TH. MINTZ'S, 268 80 AV, BETWEEN 2OTW AND Hoe Aiea otaeeai node nee: pa ge men's Clothing, C1 Laces. A math £eu flumeluatiy attended to sergieys ties ik ya orders attended, WE LOOHOL, $3; W BY, $1 81 %: ‘heady, Scoton and I take LANDSBERG, RANthowitee Go Ns neni wo by Mey or Mra wisi”