The New York Herald Newspaper, March 28, 1874, Page 3

WASHINGTON. —_-—_—_—_ The Fortunes of the Free Bank- ing Scheme. WILL IT SUCCEED IN THE ‘STATE? Date of the Redemption of Government Promises to Pay. SOUTH CAROLINA’3 GRIEVANCES, The possibilty of a new tissue of imconvertible paper I regard with amazement and anziety, and, ‘in my judgment, such an issue would bea detri- mentang a shame,—CHARLES SUMNER, WAsHINGTON, March 27, 1872, ‘The Debate on Free Banking, Expansion of the National Bank Circulation and Redemption of Promises to Pay in the Senate—Further Inflation Very Prob- able. The Senate, with much earnestness, continued debate on the bill to provide forthe redemption and reissue of United States notes and for tree banking. Itis apparent that the determination of the minority is to use all sorts of parliamentary Strategy to fight off any further advance of the Opposition, The Senators manifested throughout Mmore than ordinary vigor and readiness in the varying discussion, and ten minute speeches were made all round the Chamber. The usual prominent debaters occupied the time, Messrs. Morton, Logan, Schurz, Sherman, Morrill of Ver- Mont, Frelinghuysen, Conkling, Gordon, Wright and Bogy took each a part, When it be- came evident that Senator Morrill of Vermont could not carry his amendment providing that no part of the $40C,000,000 United States notes, fixed ag the Umit on yesterday, shall be used in the purchase of bonds above par, nor for the current expenses of the government, he withdrew it, The question then recurred upon the substi- tute of Senator Logan, providing for free bank- ing. When this had been roughly handled by Sen- ators Sherman and Conkling, it in turn was tem- Pporarily laid aside by the offering of an amend- Ment by Senator Morton to strike out all the sec- ond section of the original bill, which contemplates ®@ resumption of specie payments on the 1st of January, 1876. The debate then took new inspiration, eliciting a speech from Senator Fre- linghuysen, Senator Sherman as usual did his uty mantully as chairman of the committee hav- ing the bill in charge. He took occasion to say, with the utmost emphasis, that the plan of free banking proposed, without some system of re- demption, would lead to sure depreciation, panic nd bankruptcy, and he significantly said in the course of his remarks that “the political power of the country lies in the South and West,” which caused the Eastern Senators to knit their eye- brows. No conclusion was reached as to the amendatory motion of Senator Morton, and, though the whole session was full of labor, the fullest tension of mind and empioyment of able argument, pro and con, nothing was done, But the shifting movements were very interesting and showed how capable the Senate is of strang- Mung an importunate mtrader in the shape of a lively motion which comes up iriskily for immedi- ate handling. Senator Conkling, in his review of ‘what he sneeringly called the “programme of the majority,” was particalarly biting and sarcastic, and twitted that combination in an unsparing way with “having an understanding of what they Were to do.’? Senator Morton worked vigorously for the project of free banking, which he unore- wervedly approved. Senator Logan plied his ora- torical efforts zealously for the success o! the same measure, but there was a division in the allied forces of yesterday, and Senators Merrimon, McOreery, Dennis and Kelly were not in line, having conciuded to declipe martial effort ander the banners of free banking, pure and simple. Senator Merri- mon was on hand to protect nls provision, which gives the national banks $46,000,000 more of cir- culation, but that issue was not reached. It will be the first on the docket when the next sitting is had in judgment on the financial question, and It is safe to say that it will be carried by a strong vote as a measure of immediate relief. The day's energetic wrestling was closed by the contestants with some merriment upon the earnest request ofSenator Thurman that the railing in the rear of the outer circle of seats might be removed, which ‘was 30 ordered by the President pro tem. Some considerable change may take place in the status of things pertinent to the rest of the bill of the Finance Committee, which may secure the passage of the second section as to resumption of specie payments by January 1, 1876. Probability of the Defeat of Free Bank- ing-—Senators Hear from their Constit- uents on Inflation and Have Solemn Thoughts. The financial outlook in the Senate portends the eieat of free banking for the present, This morn- ing thére was an evident disorganization of the majority, who have been in favor of securing, in the janguage of a Southern Senator of known in- tegrity and standing, *‘a heapof money for the people.’? The majority who carried the measure of yesterday were divided by the fears that free banking might lead to a reckless and indiscrimi- nate system of flooding the country with money, and hence at the last moment, alter ‘the counting of noses,” the amendment having been on its mettle Jor an hour and a half, was withdrawn in discretion temporarily. It was a little remarkable that, while Senator Sherman decried “‘iree banking’ in un- measured terms, Senator Frelinghuysen denounced most vigorously the present fixing of the term for specie resumption which the former favored, and, in as strong a declaration, rolled out the following anathema:—“We go staggering on from bog to bog until we shall land in a slough of bankruptcy, dishonesty and disgrace.” Many of the Senators received telegrams this morning and during tne day which challenged sober consideration ana brought them toa meditative frame of mind as to providing any measure for a furvher increase of the currency circulation. Serious apprehensions are felt at the possible influence of wining and dining between this and morning, The Free Banking Bill in the House— Stern Arguments Against Inflation. Debate on the Free Banking Dill in the House ‘was continued to-day by Messrs. Mitchell, of Wis- consin, and Merriam, of New York. The speeeh of the former was sternly against inflation, and is re- garded by the contractionista as tue ablest ex- position of their views yet made in the House or Senate. Nearly one-fourth of the members have signified to the Speaker their desire to vote. ‘The bill, as now worded, will undergo important changes before it passes the House. It is morally certain that the greatest privileges that can be afforded will be incorporated in the vill by the time the Senate has disposed of its own financiai bill. The views of the leading Representatives will have been delivered. The opinion prevails among the friends o! tree banking in the Senate that it can- not be got through this branch of Congress at present. Such a plan, however, as the Senate does agree upon Will only serve to stimulate the friends 01 the measure in the House to greater ex- ertion, Finally, the House bill, with or without the $400,000,000 of legal tender limit, will go to the Senate as the uncompromising plan of the House, and by that time the timidity of certain Senators, who will then fully understand bow little benefit is to be derived trom increasing the volume of jegal tenders, may have worn off, and iree banking may be accepted by them just as it comes irom the House, Whe Geneva Award Bill and the Judicial Impeachment Cases Before the House Judiciary Committee. The House Judiciary Committee met to-day, but agreed upon. The committee has agreed to report im favor ot allowing the Central Pacific Railroad Company to go to the courts to determine their claim to certain privileges and land grants in con- ection with the construction of an additional line Of road. After the Geneva Award Bill 1s disposed of the committee wiil take up the cases of the im- peachment of Judge Durell and Judge Busteed. Grievances of the South Carolina Tax- payers—The President's Reply to a Dele- gation of Citizens—The Prospect of Ex- ecutive or Legislative Interference. An interesting interview occurred to-day be- tween the delegation representing the South Caro- lina taxpayers, the Chamber of Commerce of Charleston and President Grant. The delegation embraces some ofthe most distinguished men in the State—iour or five ex-Governors and Senators, Members of Congress and others more or less identified with public affairs. The party, some twenty-Ove in number, were introduced by the Secretary of State, whereupon Governor Por- ter proceeded to set forth the cause of complaint, He said that the delegation represented no partisanship, because %& comprised repuolicans | and democrats, and the chief object of the applica- | tion to the Executive was to procure relief trom the infamous attempt, by the ruling powers of the State, to enforce demands to whicn the people could not respond. The demands of the Governor of the State were described, the Manner in which he draws upon his various appointees for money to support himseif and the general diabolism of a Legislature, which allows itself to be bought and sold at will, individually and publicly, in order to effect the | passage of certaim public acts—all these en- | tered into an eloquent review of the political situ- ation to which the attention of the President was ' directed, Oolonel Lathers also made an address, | P' as the representative of the Charleston Chamber of Commerce, in which he set forth many of the Hinancial evils of the State, resuiting from the ignorant legislation of the mass of ne- groes who constitute the majority of the General Assembly. The President, who ls- tened apparently with, great interest to the respective statements, responded with more than usual force. He said that he deplored the condi- tion of South Carolina just as he did that of Louisiana, but the committee must remember that that was @ complete sovereign and independent State, with which it was impossible for either the executive or the legislative department of the general government to interfere. The fault of the existing condition was possibly due to the class represented by the present delegates, for they were unwilling at the close of the war to accept the condition which war had forced upon them. Hence it was necessary that colored men should take the place of white men in filing various governmental positions. He was glad, however, to see these extreme views modified by events, and to recognize the presence of so Many gentlemen as representatives of a brighter and better future. The President added :— “I cannot allow the occasion to pass without call- ing your attention to a speech delivered in South Carolina, although I do not know the autnor, which has done me more per- sonal injustice than I ever suffered from any other source, and I cannot refrain from the remark that it abstracts somewhat from the sympathy which would naturally extend in be- half of your purpose.’”? At this juncture several members of the delegatiun made the explanation that no such speech bad been delivered on the floor of the Convention, and that a purely political | address by an antagonist of the administration had been garbied by the republican press of the State for the purpose of bringing into disrepute the | action of the entire body. The President rejomed that he was glad to hear the explanation made by those who were present on the floor of the body, and tnat, between Congress and himself, he hoped some measure of redress might be effected Which would afford (lesired relief, Subsequently, in private conversation, the President was still turther satisfied that tne speech to which he re- ferred had been mutilated for party purposes, and especially so when Secretary Fish declared that he had not recognized i» any authoritative way the Newspaper statements to which the President had referred. Pinchback Keturning to Louisiana to | Contend Anew for a Seat in the United States Senate. Again has the would-be Senator Pinchback, or Louisiana, shaken the dust from his sandals and turned his steps homeward. “For the honor of my constituents { am contending for my seat in the House, and for my own honor I claim a seat in the Senate,” says Pinchback. He returns to Louisiana to make a personal fight for the Senate, and he says he will secure such a majority in the next Legislature as will make success doubly cer- | tain. Admiral Porter Again Seriously 111. Admiral Porter is again seriously ill, and all visitors are forbidden to see him, The possibility of a new tssue af inconvertidle | paper [regard with amazement and anxiety, and, in my judgment, such an issue would be a detri- ment and a shame.—CHARLES SUMNER, WALL STREET INFLATION. intents Effect of the Inflation Bill on the “Bulls” and “Bears”—What a Prominent Oper- ator Says About the Outlook. The sudden jump which several stocks took that were dealt in on Thursday evening at the Fiftn Avenue Hotel after the news of the vote of the United States Senate on the $400,000,000 had come to hand led many people to beifeve that Wall street would break out into a perfect whirlwind of ex_ citement the iollowing day; but such was not the case, although even some of the knowing ones got up rather earlier than usual yesterday morning and hurried down town, anxious to be on the field among the first when the battle would begin. The fact is, that the result which the Senate finally came to had been pretty thoroughly discounted betorehand, and most of the prominent operators, who are always well posted by their agents in Washington, had as early as Wednesday evening come to the conclusion that the bill would go through. Judging irom all the indications, tnese well posted ones happened (?) to be “long” of CERTAIN FAVORITE STOCKS, and the news for them had nothing in it to appall. it was generally understood early in the fore- noon yesterday that there was to be @ lively time among the “‘shorts,” and the general expectation Was not disappointed, for when the Exchange was opened for business the floor was soon crowded and considerable excitement prevailed. There were among the ‘shorts’? many who feared that they were destined to meet with a big rise in the entire stock list from the start, but fortunately for many who were unable to “cover” their entire interests, this did not occur. During the early forenoon the crowds in Broad street ironting the Exchange were quite large, but they were made up in great part irom passers-by, Who were attracted to the spot by curiosity rather than because of any undue ex- citement AMONG THE BROKERS themselves. The ‘bears’? were early distinguish- able in the gathering on the curb-stones and in the Exchange by the woe-begone ap- pearance of their countenances, it was a helter-skelter, pell-mell rush of it among them all when the business of the day had fairly began, each one peing anxious to “cover” his shorts as soon as possible, lest by the delay of a single mo- ment, during Which the stocks he was interested in might TAKE A JUMP above its then present level, he would be put in @ bad fx. The bulls, on the contrary, were jubilant, indeed jolly, to a degree bordering on the hilarious. It was said that many of them were of those who were terribly maimed during the late panic, and tnat they have been ever since waiting and hoping, with their “bull? instincts 98 keen as ever for some- thing to turn up. The passage of the mfation bill was a godsend to them, and no doubt not a tew of them yesterday got even with the street jor so man, . DAYS OF WBARY WATCHING, not to say anything a the praying, It was bat natural that the “bears” expressed themselves as decidedly adverse to the inflation bill and that the “bulls” gloried over it as one Award bill, A meeting will be held to-morrow, was unable to make any progress on the orzo, | when it ia exyected someting deAnite wil) be of the wisest measures for the welfare of i Nation that Congress nad ever adopted, © both sides argued simply from their different aD OL bs and teas Dockets, Still it seems that the majority of the heads’ even am the ‘bulls’ and ‘bears’ were rather doubtiul as to whether the bil! would be BENEFICIAL IN ITS RESULTS @ year or so hence, One of the most prominent Operators on the street, who, by the way, isa lively “bull,” remarked to the HERALD reporter, whom be met at the Exchange, “I have been ‘long’ of Lake Shore and several other stocks, and the pessage of the bill has not done me any injury, hat is plain; but Lassure you J am not sanguine that it will not be damaging to the finances of the country in the long run. You see it is one thing to argue as a Wall street ‘bull’ or ‘bear,’ and quite another thing to talk about the matter dispassion- ately as a man who looks beyond the present and his own individual chances of making a fortune all of a‘heap now by reason of the passage of the bill, lam NOT HOPEFUL OF THE FUTURE if the inflation business should be well favored by the people, Here, in New York, and in the New England States, I think the danger of swelling the volume of our currency 18 pretty well understood, but in the South and out West the cry ia, like that of Oliver Twist, for more, ‘The Free Banking Dill will be passed, I believe, if the vote on the inflation bill can be taken asa test vote of the Senate’s Sentiment on finances, and then we will be on the highroad to the end, a grand blow ap all round. | We shall have a very pleasant time of it, no doubt, | for a year or two, probably longer, but it will be a feverish sort of excitement, I think, and when the jollity 13 over the cragh will be {elt sorely. That is | my candid opinion, It is true that you will find | many sensible people here on the street who will tell you that the question o! THE WORTH OR BAD! OP THE BILL is simply @ question between the millionnaires and the poor men; that the mulifonnatres, having plenty, are against inflation, and the poor men, having little, want more. But this 1s really not the issue, in my opinion. It is the future we should | look to more than to the present temporary relief this issue of $18,000,000 will afford the business community—how the grand finale will be disaster and general bankruptcy. One good feature about the bill, however, in the opinion of nine out of every ten financial business men in the country is that which definitely fixes THE VOLUMB OF THE CURRENCY | and prevents the Secretary of the Treasury from uiling and hauling at the currency and tampering with mullions at his own discretion.’ There was but little excitement at the Fitth Avenue Hotel last evening among the brokers and but tew who ventured upon buying or selling any stock. In fact, no buying-or selling was indulged in; but vhe quotations were merely the reflex of the general talk. The prices quoted were, as a rule, about the same as the closing prices at the Exchange, * The possibility af a new issue af inconvertible paper I regard with amazement and anxiety, and, in my judgment, such an issue would be a detri- ment and a shame,—CHARLES SUMNER, VIRGINIA FINANCES. Another Message from Governor Kemper—Impossibility§ of Properly Fulfilling the Funding Act—Patience on the Part of Creditors Necessary. RicHMOND, Va., March 27, 1874. Governor Kemper to-day sent a message to the General Assembly in relation to the State debt. The first half of the message is a review of the past financial history of the State, together with its present revenues and resources, The Gov- ernor says the real situation is not understood abroad and has been greatly misrepresented. If a fair investigation cause surprise it will not be on account of what the State has failed to do, but what she has, in tace of unprecedented difficulties, accomplished. Not- withstanding any errors of the past resulting from haste, transient excitement or public distress, a | full investigation is bound to satisfy the world of Virginia’s willingness and purpose to perform all ner obligations to the utmost of her ability. In regard to the act of March 30, 1871, Known as the Funding act, he says:—‘However unwise or | precipitate its enactment, it were idle now to question 1f3 validity. It was the act of compe- | tent authority. Under it the bonds of the State | have been executed and delivered, and we | cannot go behind them. To the extent to which its provisions have been executed it is un- doubtedly a binding contract between debtor and | creditor, and it is incapable of being modified without the concurrence of the contracting arties. Nevertheless, our utmost resources are | insumicient tor the prcnipt and compet fulfilment Of all its terms, and to that extent its obligations are impossible of periormance at this time. He expresses the opinion that were the recommenda- tions of his inaugural message carried into effect | much would be SE towards raising the | credit of the State and meeting the immediate ud | mands o! the Treasury. “The State credit is prostrate, and until itis es- tablished on a eound basis capital will surely shun tue State. The relief,” he says, “lies in the restora- | tion of confidénce between tpe State and its credi- | tors and such a settlement of the pubitc indebted. ness as will restore respect for our good faith. It ' is certainly in our power, if we now enact a just and efticient system of taxation aud prudently | husband our resources, to pay henceforward four | per cent per annum on the entire debt intended to be assumed oy the Funding act. It is believed that an understanding can be had with the credi- tors by which we might guarantee with certainty the regular and punctial payment in semi- | annual instalments and at convenient places of two-thirds of the accruing interest for the present, giving proper certificates for the deferred interest, | and providing for the payment of the full mmterest, together with the arrearages on the interest ac- count, as soon as onr steadily increasing resources shall permit, It is believed that a fair ana de- liberate conference between the state and her | creditors will result substantially in the settle- | ment now proposed—a settlement providing for | the payment of such reduced interest for the | time beimg as may correspond with our re- duced means and for such greater interest | hereafter as will steadily increase with our in- | creasing population and resources, so that the | the full interest as now agreed, will be discharged | ultimately, and just as quickly as the best ability of the State will permit. It would bind us to do now what we are abie to do, and it would post pone so much Of our undertakings as we are un- able to perform. ‘To do less on our part 1s repudi- ation. To do more is to plunge the Commonwealth into the abyss of bankrupte: The Governor recommen: two commissioners on behalf ol the State, rep- resenting its best financial skill and experience, to be charged with the readjustment of the public indebtedness by conference with such agents as may be deputed by the creditors to meet them, | He further says:—“It 1s not improbable that an ad- ditional arrangement migut be made for further securing the debt and relieving ourselves in view of the well settled principles of public law. It1s demonstrably true that the United States, by in- terposing between us and our creditors, and dividing and destroying the original entity | of the Commonweaith, became liable for | at least so much of her deot as is due to non-resident creditors. When the present linancial panic shall have passed away it may be reasonably expected that the common govern- ment, which received wealth and power irom the | Munilicence of Virginia in the past, will, at the | least, aid us with the meagre justice o! a loan of ts bonds or credit, to be used in securing and ex- tinguishing the public debt.”” As germane to the general object of the Message, attorney of Baring Bros. & Co. asking the repay- | Ment of the amount advanced by that house ror | the State on account of interest on the debt, which sum is not larger tian the State can at once pay, and constitutes a debt of honor which is com- mended to lavorable action. FREIGHT AGENTS. ae venerated A Visit from the Freight Agents of the the East and North Rivers, For several days past a delegation of freight agents, representing several railroads, have been in session at the Metropolitan Hotel, transacting some matters relating to freight with the New York Central Railroad, Among the gentlemen comprising the deputation are E. D. Newell, agent W. F, Staunton, of the Mercnants’ Despatch; J. 8. Goodrich, Detroit; Thomas 8. Rogers, Winona, Mich,; J. H. Rutter, General Freight Agent of the New York Central and Hudson River Rutlroad; R. E, Bilas, General Freight Agent of the Brie ail- road; Alfred White, General Hess in Agent of the Milwaukee and Detroit Ratiroad; J. D. Hayes, General Manager of the Blue line; George Dar- ling, of the White line; B, F, Smit, of the Red line; S&S Champlin, Premdent of the Bath and Hammondsport Railroad; H. W. Vibbard, of the Vandalia line, and Andrew Watson, General Su- perintendent of the Detroit and Milwaukee Rail- road, Some of the gentlemen expressed a wish to visit the Whapves and warehouses ot this city, and also to come in contact with grain recetvers here. ‘fhe officers of the New York Central Railroad then determined to arrange an excursion for that pur- pose. Atnine o’clock yesterday the delegation, accompanied by Messrs. 0. A. Tobey and A. 8. Jewell, {rom the Produce Exchange, left Metro- politan Hotel and emoarked on a steamboat which had been provided specially, They sailed up the North River a considerable distance, and landed at several points. They closely inspected the wharves and warehouses along the river as to the facilities afforded by them ior the reception and storage of ail kinds of produce, and expressed themselves delighted with their trip. An invita- tion hav ng been extended to them by tue mem- bers of the l’roduce Exchange to visit that inatitu- lion, grey. arrived there avout half-past twelve ofclock. They were introduced to the members and shown turough the building. After sponding it bhe Wid had woon their Jan Dour pleawanple. wey Joly Xaaterday alter: noon they made an excursion up the East visited several of the piers on their way. tte Dock in South Bi ‘and inspected some Pine floating elevators ©” a4! MASSACHUSETTS’ SENATORSHIP. Another Joint Ballot Without Result on Beacon Hill—Democrats Bolting. Boston, March 27, 1874. To-day has been another field day in the Senato- rial problem now before the Legislative Assembly of this State. In fact, matters ave waxing warmer each day. It has now reached the fourth day, with five indecisive ballots. After the flerce strug- gle on Thursday of the-different factions to elect thelr respective candidates to the Senatorship, and with the energy displayed to leave nothing undone to secure more votes, the Dawes and Hoar men were to-day equally obstinate not to split in tneir balioting. The joint Convention met at noon. Long before this hour the different anterooms were. the scenes of lively discussion, and when the hour arrived to proceed with the ballat bets were freely offered by the Dawes men that they had gained on the ballots of Thursday. Proceeding again to ballot, the roll being cailed, it stood :— Whole number of votes cast. . + 273 Necessary to a choice - 137 H. L, Dawes G. F. Hoar. B. ‘ar ti An analysis of to-day’s vote plainly shows that the Dawes faction gain two, while Hoar loses four. Curtis, the regular democratic nominee, still re- ceives the unfinching support of the democrats. N. P. Banks gains one, which bis friends are very Jubijant over, and consider it a crowning point im coming events, An attempt was made to take a second ballot; but some one started a cry of “Wolf in the flock,” which had the effect to put a quietus to any further proceedings to-day, and the come aeo at one o’ciock, adjourned antil Satur- noon. The democratic party, under the leadership of H. C. Bacon, Senator from Lawrence, woo un- doubtedty controls the whole democratic element of Massachusetts, and has Kept his place at the head of his column, without flinching a vote, and em- phatically declares that they will accept of no compromise, The Hoar party held a caucus this forenoon relative to their future action in this contest. After afree interchange of views, seve- ral bitter speeches being made against the opposite candidates, they finally decided to stand firm in the Convention, but such did not prove to be the case, as four of their number broke ranks, two voting for Dawes and two tor Pierce. It seems very evident from an impartial survey of the field that the Hoar party are Weakening and wil break ranks. Many of them seem desirous to put forward Speaker Sanford, but! have it from a reliable source that the majority of the Hoar faction are thoroughly disgusted with his course of action in this contest, as he has changed his votes and opinions at every yallot. Looking at the whoie situation, which is undoubtedly very complicated, it is evident that so long as there seems to be dissension in the Hoar party and agreat many of them unwilling to support Speaker Sanford, that the Hoar men, rather than split the republican party in the State, would vote for Dawes. If the Hoar men were to spit for Curtis they could not carry one-halt of their party with them, and with the seventy-four votes already cast for Curtis they would then lack at least, i! they got one-half of the Hoar men to vote for Curtis. twenty-five votes to secure Hoar’s election, These are tacts apparent to all Impartial observers and are {reely discussed to-night. As to General Banks’ ) position in this contest, ne has many warm friends and admirers, but there seems something hanging fire to impede his chances, and he seems to be spoken of lightly among republicans On account of his course in the last Presidential campaign. Should a compromise Tan spring up, ratuer than imperil the party, Banks seems to hold the best chance; but here in Massachusetts, wuere republicanism had its incep- tion, the representatives of the State do not dare trust any one but a true and tried republican to succeed the late Senator Sumner. Upon the whole the Dawes men seem to berstill in the ascendancy, well organized and determined to stand by their candidate. ‘The outside world, watching for the climax to come in this hotly oon- days to come, as to-morrow’s vote will undoubt- edly be somewhat less ior all candidates. Mem- bers have gone home, tuinking it best to listen to whole debt as heretoiore assumed, together with | bi ae the appointment of | the Sunday sermons of their pastors. It will not be surprising to see this contest last three or tour days longer, and “the end: is oot yet.” The posstdility af a new issue of inconvertidle paper I reggra with amazement and anxiety, and, | In my judgment, such an issue would be a detri- | ment and a shame,—CHARLES SUMNER, Address of the Governor General to the As- sembled Parliament—Failure of Their Pacific Mail Railroad Scheme—The Fisheries Question To Bo Reopened at Washington—Falling Off in the F nances. Orrawa, Ont., March 27, 1874. Hts Excellency, the Governor General, at three | o'clock this afternoon, proceeded in state to the chamber of the Senate, and, having taken his seat upon the throne, commanded the attention of the House of Commons. The members of that body, preceded by their Speaker, the Hon. Timothy War- ren Anglin, appeared at the bar of the Senate, The Hon. Mr. Anglin informed His Excellency that the choice of the House of Commons had fallen upon him, to be their Speaker, and he prayed Jor the members thereof the customary parliamentary privileges, after which His Excellency delivered the following speech :— HONORABLE GENTLEMEN OF THE SEN. GENTLEMEN OF THE HOUSE OF COMMO: TR AND Lt have sistent with the delay entailed by its recent dis- solution, Your attention will be invited during the present session to measures having reter- ence to the representation of ‘tue people im Parliament, embracing the system now prevailing in Great Britain and in most other countries enjoying constitutional government, of taking votes by allot hnd to the establisnment of a general Court of Appeal. Measures will also be submitted to you for the amendment of the laws relating to controverted elections, militia and insolvency. Tne enactment of 1872 respecting the Canadian Pacific Railway having failed to secure the prose- cution of this great enterprise, you will be called the Governor transmits a communication irom the | New York Central Road—Inspection of | of the White line, Boston; H. Higbee, agent of the | White line, New York; Albert Cushman, agent of | the Red line, Boston; W. H. Cummings, New York Central and Hudson River | Railroad; K. Glark, Jr, Buffalo, N, Y.3 upon to consider what plan will best and most speedily provide the means of transcontinental communication with Britisn Columbia. A report of the Chief Engineer will be laid beture you, showing what progress was made during the past ear in surveys connected with the proposed line, ‘The destruction of the railway offices by tire in- volved a serious loss of maps, plans and papers, the possession of which would have made the report more complete. Canal and harbor im- provements are being vigorously prosecuted, with a View to insure adequate accommodation for the rapidly growing trade of the country. The report of the Chief Engineer of the Department of Public Works on the proposed canal between the Gulf of St. Lawrence and the Bay of Fundy will be sub- mitted for your consideration. With the progress already made in the construction of the Interco- lonial Railway, another year will be required to complete it. A report indicating its actual condi- tion will be laid before Parliament, and a measure will be introduced to vest in the Department of Public Works the powers now exercised by the Board of Railway Commissioners, ‘The question of compensation due the Dominion for fisnery privileges conceded to the United States by the Treaty of Washington has given rise to a renewal of negotiations tending to widen the re- ciprocal trade relations with that country, At the instance of ny government the imperial au- thorities have given directions to the British Min- ister to discuss the whole subject with the adminis. tration at Washington, and nave associated with him jor this purpose a Canadian commissioner, Gentlemen of the House of Commons—The ac- counts of the last tinanctai year will be laid before You, as Well as a statement oj receipts and expen- ditures of the present year, at the earliest prac- ticable period. Iregret to state that the receipts of the current year will not ve sufficient to meet the expenditures. It will therefore be necessary for you to consider the best means to be adopted for making good the anticipated deficiency, Es- ttmates for the ensuing year will be laid before you, They have been prepared with as much re- gard to economy as consistent with tue efficiency oi the public service. Honorable Gentlemen of the Senate and Gentie- men of the House of Commons—The combined ef- forts of the Dominion and Provincial governments to promote immigration nave met with a reason- able measure of success, thus adding & consid- erable number of desirable persons {rom other countries to our industrial population. Notwith- standing the commercial depression which, through exceptional causes, has prevailed to some extent during the past year, It 1s satisfactory to know that the general prosperity will not thereby be seriously affected. 1 donot doubt but that, as the great natural resources of the Dominion be- come more widely appreciated, the results will be @ healthy stimulus to the enterprise and energy of our people, and A still larger accession to our numbers, | trust that your deliberations may be bai ina by wisdom and aided by Divine Provi- ence. Sir John MacDonald Sesigns the Leader- ship of the Opposition. OTrawa, Ontario, March 27, 1874. Sir John A. MacDonald has formally reaigned the leadership of the opposition, and Dr. Tupper will brovably be chosen to succeed pim, tested battle, will scarcely be gratified for some | convoked Parliament at the earliest moment con- | also called at Blackwell's Island and at My asciew —- — THE STATE C Au Interview with Minister Bartholdy— What. He Expects of America—His Views of Popular Institutions and Free Press. Yesterday morning at sunrise the French mail steamer Amerique, from Brest, arrived off Sandy Hook, bringing among her passengers Baron Jean Frangois Charles Bartholdy, the new French Minis- ter to Washington and successor of the Marquis de Noailles, Shortly afterwards Quarantine was reached, when the steamer was boarded by Dep- uty Health OMicer Mosher, and, after Onding that there was no sickness on board, the vesse! pro- ceeded to her wharf on the North River. After much shouting and not a little swearing the big crait was moored, and Baron Bartholdy, entering a carriage with his first secretary, Mr. J. de la Boulinidre, and followed by a second one, contain- ing his cook, Monsteur Bonneford, and two valeta, gave the order to his Jehu, “Drive to the Bre voort.”? Shortly after his arrival a HERALD re- porter sent up his card to the Minister, requesting the favor of an interview, This was very courte- ously granted, and the following conversation took place:— ReroRTER—I hear that you have had a very tem- Pestuous voyage across the Atlantic, MINISTER—Yes; we had to plough our way against heavy head winds ever since leaving Brest, which made our good ship arrive here a couple of days later than we expected. | suffered a ood deal on the voyage from neuralgia, but it | eft me as soon as I set foot on American soil, It has often been my wisn to see the beauty of New York Harbor, of which I have heard so much, and I must contess that J think the view @ most enchanting one. Staten Isiaud or, as you term it in New York, I believe, “the gem of | the bay,” is an exquisite commingling oi rocks, | wood and water, and apparently not too densely inhabited to deteriorate from its picturesqueness. Imean to expiore 1 some day when my oficial duties will let me take arun on here trom Wash- | ington, ana when the foliage is on the trees. The Minister became quite enthusiastic in his allusions to the bay, and discribed his impressions | at seeing the lorest of masts bearing the fags of | all nations, OUR TRADE WITH FRANCE. The Minister continued. “There is something I wish to remark while speaking of smpping. | de- sire earnestly that the commercial relations ex- isting between this country and France should be largely increased, as being to our mutual inter- est. Commerce enhances the wealth of nations, and I desire that our French tricolor should be more oiten seen here than it is at the present moment, As a preliminary step lam pleased to Say that our French mail steamers will commence ere long running to New York every week, instead of fortuightly asin the past. France is fast re- cuperating after the recent terrible war, and I hope to see her commercial prosperity flourishing ere long, and to this end I look forward with great interest to an enlarged trade between the two countries a3 af important link in this chain of events’? THE TERRIBLE POST OFFICE QUESTION. RgPORTER—The fesidents of this country are very desirious to see if you, as the new French Minister, can find a solution to the postage ques- tion now at issue between France and this country. MINISTER—It has long been a vexatious question. Your Minister in Paris, Mr. Washburne, whom we allrespect very highly, has used almost every effort im his power to cut the Gordian knot. sh De. | gotiations will be entered into, and [ believe that with a little concession we shall come to an understanding and fx a standaza weight, either Krench or American, a8 the exigencies of the case may suggest. I have studied the question somewhat mysell, and know full well in what @ state of chaos matters are in in this respect, but, as I said before, with mutual | concessions we may soon hope to settie this affair, which, aiter all, cannot be considered to have any natioual importance, “OUR FRIENDLY RELATIONS.” “at the present moment there are absolutely no questions pending between the two repubiics,’” said the Minister, “and you may state tn the col- umns of the HERALD that no efforts shall be left untried on my part to foster the inendly relations existing between the two governments tor 80 | long a periud.” Rerorter—I have no doubt but that you will | | find agreat difference between the ceremonious | etiquette of Berlin and St, Petersburg and the Corea Manner which is in vogue at Wash- | ington. MinistRR—[ have no hesitation in belicving that | I shall like the contrast. VISITING PRESIDENT GRANT. RePoRTER—Are yon going to make a lengthened | stay in New York ? | MINISTER—No, I shall leave this city on Monday for Washington, as no trains run on Sunday in this country | believe, and shall fulfil my first duty | of paying my respects to your President and pre- | senting my credentials to him. Subsequently I expect to be occupied for some time in relation to | getting my residence in order. | REPORTER—You will find your facility of speak- | epee so fluently of immense service in Wash- | ington. IINISTER—Yes, I believe so; itisa language I , have great sympathy with and have greatly read | and studied. In addition to this I have resided for | some time in England. | | | THE MARQUIS DE NOAILLES. REPORTER—Did you see your predecessor at Wastungton, the larquis de Noaules, in France, may laskt MINISTER—Yes. I had the pleasure of a long chat with the Marquis in Paris. A PROJECTED VISIT TO THE HERALD. | REPORTER—! suppose you will be back in New York again on a flying visit within a short time, MINISTER—Yes, that is my intention, and when I come on I intend to visit your establishment. The | first newspaper I sawin this country was a copy of the HERALD, which was kindly handed me by Heaith Oficer Dr. Mosher—I think that was the name—when he boarded the Amerique this morn- ing at Quarantine. I have seen the establishment | of the London Times, some years ago, and par- | ticularly want to see that of the HERALD. lam a great admirer of a free press. | After a few observations of a minor character | the reporter bade Minister Bartholdy adieu. | SKETCH OF THE NEW MINISTER. Jean Francois Charles Bartholdy, the Minister | above mentioned, is a native of Hagenau, in Al- | sace. In his fiiteenth year he became a pupil of | the celebrated College 01 St. Barbe at Paris. hen | M. Bartholdy was about twenty years old, in De- | cember, 1847, he announced himself ready to jom | the junior law class of the University of France; | but scarcely had he done se when the Revo- | | lution of 1848 broke out, in which the young man took an_ enthusiastic part. Subsequentiy, in 1853, the favor of Louis Napoleon procured the young man, in the first place, a posi- Uon as interpreter in the Department of Justice. Next he was transferred as translator to the De- partment of Foreign Afairs, where his services | proved 30 good that he was selected ag a fit can- | aidate for diplomatic honors. He was | sent as Secretary of Legation, first to Kerlin and then to Vienna. At Vienna | he made the acquaintance of the ill-fated | Archduke Maximilian, and, for this reason, when | | difficulties had arisen between the new Emperor | | of Mexico and Marshal Bazaine, the Emperor Na- | | poleon, in 1865, sent M. Bartholdy on @ special mission to Mexico, from which he returned early | 1n 1867, Later on M. Bartholdy was First Secretary | oi the French Legation at St. Petersburg, and, while there, has almost exciusively carried on the whole business of that important embassy. M. Bartholdy was very highly esteemed by the imperial family, | | and the ar conferred on him last year the Cross | of St. Andrew. He is married to a beautiful Italian lady, a sister of the Chevalier Nigra, the | Italiun Ambassador at the Court of Versailles, | | | | | The possibility af a new issue af inconvertidle paper I regard with amazement and anxiety, and, | in my judgment, such an tssue would be a detii- ment and a shame,—CHARLES SUMNER. NEW JERSEY LEGISLATURE. | Close of the Session—The Treasurer’s Po- | sition Precarious. | | The ninety-eighth session of the New Jersey | Legisiatare came to a close at noon yesterday. | | The only incident that disturbed the closing hours | was the discussion on the bond of the State | | Treasurer, Mr. Looy, which was fixed by law | during the present session at $300,000, yet the only | | bond offered was for $50,000, Senator Seweil | moved to prolong the session another day, but the | Senate refused by an overwhelming vote. The hour of adjournment arrived, and tne question now arises, What 1s the position of the Treasurer? Governor Parker, according to some, will have to appoint a new Treasurer, COOPER UNION LEOTURES. The Cooper Union free course of lectures for the people, in the great hall at eight o’clock P, My | wii conclude Saturd: evening, March 28, with “An Evening with the Poets,” by Mr. Sidney Wool- lett, ABRAM 8S, HEWITT, Secretary. THE BUREAU OF CHARITIES. To THE EDITOR OF THR HERALD:— WH you aliow one who has for many years been interested in the charitable institutions of this city to inquire what are the aims and objects of the Bureau of Charity, recently organized in this city? It came out witha great fourish of tram. pets some weeks ago, and i have since cagetully Yead the reports of its meetings, and yet | am in the dark. It has thus far, as near as | can see, only whitewashed certaton institutions which, if the figures published in the HERALD are correct, stood much in need of that operation, ana, without any Jacts to justify it, has declared its want o1 con- fidence in one of our oldest charities, Was it for these purposes the very respectable gentlemen composing this Bureau” associated themselves together ONE WHu WANTS TO KNOW, EW YORK, March 27, 1874. i ay | the purpose of substantiating such charges, allegations | trains, the population has | ported the Gilvert Elevated Railway Compa APITAL. A Polite Circular to New York Editors. Curious Invitation from the Legislature. Further Debate on the Supply Bill. ALbany, March 27, 1874, Coples of the circular inviting the newspaper editors of New York to come to Albany and give their impressions of the Railroad Committee, to Mr. Tom Alvord principally, were strewed around the Assembly Chamber this morning. It rans in the following form, and is curiously compounded Of @ solicitation and a threat, As it was drawn up by Old Saltpetre, at a moment when he hardly knew whether he stood on nis head or bis heels, this 18 not to be wondered at, THE SIREN INVITATION, Aunany, March —, 1876 erons OF Tux New YoreE GuxtiLemun—Pursuant to a resolution passed by the Assembly of this State March 25, 18/4, in the following words, wit: BER, a} Epirors axp Prorne To TE He “Stare oy New Yore, Assexory Cram AuBanr, March 25, 187 “On motion of Mr. Alyord— “Resolved, That the Chair ap committee of five, Who are instructed to invite, id request the New York pross and all others who desire to substautiate the allegations, insinuations or charges made in said press against Kailroad Committee of this House, to appear before such committee for or insinuations if they wish s0 to do, and that said com- mittee Lave power to send for persons and papers.” You are hereby notified that the coi&mittee, appointed by the Speaker under the resolntionabove, are now ready to hear you at any time during the next ten days, except upon Saturdays, ‘at the Delavan House, In Albany, upon the subject of the above resolution, and you are sereby Invited to give the committee such ‘tutormation as you tay desire that will tend to impeach the integrity of the Auilroud Committee or that of any member thercul, Please acknowledge receipt of this notice. By oraer of the Committee ot Investigation, THOMAS G. ALVORD, Chairman. It will be a great disappointment if the editors fail to come without compelling the gentle Alvord to resort to the power conferred by the resolue tion. The editors will be kindly treated, and all Possible means wil! be provided for their amuse- ment. Old Saltpetre tells @ good story and has no equal at a game of “blud.” A tavieau of the Rall- road Committee sitting on Mr. Eastman’s Dill and, cooking 8 plan of rapid transit for the “east’’ side, the “west” side and the “centre” side of the city, assisted by Commodore Vanderbilt’s chief engineer and legal counsellor, Mr, Chauncey Depew, might be thrown in as an additional attraction. DISCUSSION OF THE SUPPLY BILL, The Sopra ut was taken up again to-day in the Assembly. - Miller, of Herkimer, moved to strike out the apprepriagon Of $300,000 to the State Reformatory at Elmira, and thereupon made. an loteresting and thoughtful speech upon the wilful extravagance that was shown in the outla:; of money for every State purpose. He quote figures to ahow that the original estimates for buildings now being constructed at the expense of the State were a@ little over $6,000,0U0, and now it appears it will take over $23,000,000 to finish these undertakings. He rave as an instance of the extravagance in the building of this Elmira retormatory that @ great high wall was put op around the site strong enough to resist a siege | from the whole Nationai Guard of the State of New York before the structure itself was raised, Mr. Alberger moved to increase the item to the State Asylum at Buifalo trom $10,000 to $150,000, Singuiar to say, this tremendous jump in the fig- ures of an appropriation which must Dave been considered carefully in committee was sanctioned by the House aiter only a feeble protest. On the question of adjournment there was some | display of feeling. Mr. Batcheller moved for an after- noon session to consider the Supply vill. This was opposed by several, more particularly by Mr. Beebe. Mr. Batcheller declared the Supply bill could be gone through by five o’clock and that combinations to bring in other appropriations would be given time to mature, if an adjournment took place with the bill still on their hands, Mr. Berri replied, tartly, to the insinuation that the members of the House contemplated improper de- signs on the Supply bill, Finally the vote to ad- journ over at tue usual hour till Monday was carried, HIGH BATES ON THE HARLEM RAILROAD. The Railroad Committee of the Senate and As- sembly have held a joint seasion to hear argument on the bills introduced by Senator Gross in th Senate and Mr. Wight ta the Assembly, to reduce fares ana ireights on the Harlem Railroad. The Iriends 01 the measure were represented by Hon. John Cochrane, Hon. John B, oer, Josiah T. Willams, Stephen C. Marshall, Abel Cook, A. T. Calkins, H. P. Stewart, 8. A. Noyes, Janes Wilkin- son, T. W. Weiss and others, who presented a foretble array of figures and statements, contrast- =~ the rates of the passenger tariff on this road with those on other roads in the vicinity of New | York, it was shown that the Harlem road since 1873 has increased the commutation rates about 300 per cent from the City Hall to many points om the line, and that the country along the line hag | remained unimproved, while in the other vicinities of New York with cheap transit and frequent creased and the coun- been built up. try Stessra. Wigut and Oauldwell, of the Assembly, pledged the united support of the Westchester delegation and Senator to tne bill, Mr. Depew appeared on behalf of the railroad, and expressed his inability to reply tothe statist- ics at present, ana at bis request the further hearing oi the Matter was postponed .o Thursday next, at haif-past three o’clock P. M. THE KNICKERBOCKER LIPE INSURANCE COMPANY. ‘rhe Senate Committee appointed to investigate the charges against the Knickerbocker Life In- surance Company and its President, reported to- day, disposing of the complaints against the company and asking to be discharged irom the further consideration of the subject. The report was accepted and the committee discharged. THE ELECTIVE SCHOOL COMMISSIONERS’ BILL. Coughlin’s Schoo! bill had a nearing before the Committee on Public Education. Against the bill appeared Commissioners Farr, Jenkins and jathewson; Lawrence D. Kiernan, Clerk, and Dexter A. Hawkins, the $100 a day man of the Council of Political Reform. ba ee appeared in favor of the bill, and in the debate that took place it was shown that, although there were no more chilaren educated in the pubiic schools now, under the present system, than in 186s, when the school officers were elected by the people, it cost «nearly $4,000,000 now to the $2,900,000 then. Conghln also showed that some of those gentlemen who now opposed his bill, were the same who last year favored the elective system. He took the ground that they were merely talking jor their places; he was talk- ing tora yd targa right of the people of New York city to have that control of the public schools which is accorded to every other city in the State. The biil will, no doubt, be reported favorably by the committee in the later part of next week. BUSINESS IN THE SENATE, Mr. Fox's bill provides that at the next fall elece tion there shall be elected in each Assemoly dis- trict of New York one city marshal, who shail hold office for six years; all vacancies may be filled by the Mayor, each marshal to give bonds in $10,000 for the faithtul discharge of his duty. Mr. Gross introduced a bill providing that the time of service of all pleadings o: every descri tion in the Marine Court of the city o! New Yo Shall be in all cases six days, instead o! twenty days, as provided by the code. The bill to amend the several acts relative to the Industrial Exhibition Company and to authorize the issuing of bonds for the purposes of its organi- zauon was ordered toa third reading. Mr. Selkreg, irom the Katlroad Committee, re- my bill with an amendment providing that tne Giver Elevated Railway Company snuli execute and de- liver to the Comptroiier of the city of New York their corporate bond conditioned tor the payment of $100,000 to the city im case the railways author- ived by the bill shail not be in operation within six Months after the time specified in the bili, ‘The bill relative to the West Farms Gaslight Company was considered in the Committee o1 tae Whole and ordered to a third reading, ¢ Recess until nail-past seven o'clock, In the evening session of the Se some half’ dozen bills were considered and orae! to a third reading. Mr. Hammond’s County Treasurers’ ilk was made a spectal order for Tuesday evening. The possituity of a new issue af inconvertidle paper I regard with amazement and anziety, and, in my judgment, such an tssue would be a detri- ment and a shame,—CHARLES SUMNER, THE HAPPY FAMILY. [From the Evening Mail.) We have not yet received a summons to at! "4 Bete Lapetao pater eal ay ru of the New York prose. view of the Hawai’ philosophical and gravely humorous article the subject to-day, we are inclined to nope e the Lot of the Assembly will not abandon his urpose of bringing New York editors into his jestic and imposing Feonecd and of dem: that they shall prove what Gey pe special car should by all means editorial witnesses, and no outaider si lowed to disturb the har: ‘The benefits to t..¢ public interests and Ifendly conference would be simply. ole, It would be such an series tual confessions, of ple of will, of det at witnesses would atrations of affection, ri Mii Albany, sh forget the lunch station at luctanty leave the train at