The New York Herald Newspaper, April 23, 1874, Page 8

8 NEW YORK HERAL BROADWAY AND ANN STREET. JAMES GORDON BENNETT, PROPRIETOR. THE DAILY HERALD, published every day in the year, Four cents per copy. Avnual subscription price $12. All business or news letters and telegraphic despatches must be addressed New York Henavp. Letters and packages should be properly sealed. Rejected communications will not be re- tarned. pL EEE RS LONDON OFFICE OF THE NEW YORK HERALD—NO. 46 FLEET STREET. Subscriptions and Advertisements will be received and forwarded on the same terms as in New York, BOWE: Bows —OLD SLEUTH THE EC ERY ENTRETAINMEST Begins at 5 P. i i closes: ach ETROPOLITAN THEATRi No. iy mecoamany —VARIE TY ENTERTAINMENT, 745 P.M. closes wt 10:8) P. ML NIBLO'S GARDEN, readwuy, between Prince and Houston streets.—VARI- | Ey ENTERTAINMENT, at 8 P. M.; closes at 10:30 P. M, LYCEUM THEATRE, Fourreenth street, near Sixth avenue.—LA MARJO- LAIN, at 3 P. M.; closes at IL P. M. ACADEMY OF MUSIC, Fourteenth street, corner of Irving pla Batinee, at 1:30 P.M. Nilsson, Cary, Campanini, Fuente. WOOD'S MUSEUM, aaa”: corner of bie i strest. ~LADY AUDLEY’S K’ P. M.; closes at 4:30 P.M. IHE GAM- IME. at BYP. Mey closes ai 10:30 P.M. Mt Dominick Murray. PARK THEATRE, Kroadway and Twenty-second street.—LOVE’S PEN- ANCE, at 3! M.; closesatll P.M. Charles Fechter. GERMANIA THEATRE, Fourteenth street, near Irving place.—LA FILLE DE MADAMS ANGOT, at 8 P. M.; closes at 1 ?. M. DALY'S FIFTH AVENUE THEATRE, ty-cighth street and Broadway.—MONSIEUR ALPHONSE, at 8 F. M.: closes*at 10:30 P.M. Miss Ada Dyas, Miss Finny Davenport, Mr. Fisher, Mr. Clark. THEATRE COMIQUE, No. Sit Broadway.—VARIETY iN’ ERTAINMENT, ats P.M. ; closes at 10:30 P. M. ‘Twent WALLACK'’S THEATRE, Pregewsy and Thirteenth street—THE VETERAN, at 8 | M.; closes at I P.M. Somress Lewis. MRs. CONWAY'S BROOKLYN THEATRE, —LOHENGRIN | Del Mr. Lester Waliack,' Miss Washington street. near Fulton street. Brooklyn.— | ARTICLE 47, at 8 P.M; closes at ll P. M. Morris. Miss Clara OLYMPIC 11 png Broadw: between on and Ravan Ayioe and AOvELtY wth ial MEN at P. M. ;closes at 10:45 pce Phyo HOUSE, avenue and Twenty-third frig eg orl paae ecBP. Me; closes ati P.M. Mr. aud Mrs Florence. way, oSRQADWAY THEATRE, | DUMPTY AT HOME, ac. aga hw ‘loses at 430 FM | SP. M.; closes at UP M. GL Fox. NEW PARK THEATRE. BROOK! Aolman's 2ny Overa Houlie ORPHEL | AUX EN. Fisks, at 8 P BOOTHS THEATRE, Sixth avenue, corner of Twenty-third street — ROSA. | LIND, ats P. Mt. ; yoloses at 10:45 F. M. Miss Neilso TONY PASTOR'S OPERA HOUSE, No. 201 Bowery.—V ARTETY ENTERTAINNENT, at 20 ae) nnnan sae: also, at 8 BRYANT’S OPERA HOUSE, BYME Lat be. ars ats. ASSOCLATION HALL, Dickens Readings, by Jr. Spencer, at 8 P. M. STEINWAY york Concert—Aifred H. Pease—at 8 M. ; closes at 10 P. M. Bixteenth street—ant TN TERTALNMENT, ateP. M, COLOSSEUM, gorer ot Thirty-fitth stree ; closes at 5 P. M. ‘same ai7?, M.; closes pecodwar, mot atl QUADRUPLE SHEET. | “New York, ‘Thursday, April 23, 1874. Gon our reports this morning the probabili- ties are that the weather to-day will be cloudy, with rain. “‘Wuo will mourn for Logan now?” Tee Prestpent has shown that he is. no more to be terrified by the threats of sectional- ism in the interest of repudiation than he was terrified by the armed efforts of sectional- ism in the interest of slavery. t.—LONDON IN | Sm Lampton Lorrane was the guest of | the city yesterday. The municipal authorities, 2. M.; closes atl | headed by the Mayor, showing him our great | public works of charity and correction. Though it savored a little of the shop to show the distinguished sailor a ship, the most but upon reflection he remembered that there | still remain four millions of dollars as- pleasant part of the day was, perhaps, the time spent.on the schoolship Mercury. Every- ‘hing went off pleasantly, the only marks of | dulness being in the rather extreme speech- making propensities of our venerable Mayor. We Tusk that even Cyras W. Field will feel that if the President was not as polite as a dancing master the other day when he called with his committee and would talk to Butler in a corner while all of our eloquent “solid men”’ stood around in the agonies of undeliv- ered speeches, that he knew what was right, and, knowing, dared to maintain it. Surcrmpz or THR Mare or tHe SrramEn Ameniquz.—The cable brings us a sad se- quel to the story of the Amérique. Chris- tian, the mate of that vessel, has com- mitted suicide. No particulars are given— the fact alone is stated in the despatch; but there is little doubt that the man destroyed | himself in a fit of despondency growing out of the late unfortunate events. “Puace | hath her victories no less renowned | than war.” The President's. victory over the | rebels against the national honor is as com- plete as his victory over the rebels against the national sovereignty. ‘Tue Leomearone is making qnick work with rapid transit schemes, now that the close of the session is at band. Yesterday the Cauldwell Underground bill passed the As- sembly. It is of little consequence how many bills may’be passed. Franchises have been granted before, but we are still without a steam railroad. What the people want isa | commission that shall control all these schemes, and insure the construction of at least one rapid transit line without delay. The in- terests of the city aro being destfbyed by the present stagnation, and something should be done by the Legislature for our relief. We can expect nothing from our present inca- pable and obstructive city government, | tion. We should inevitably embark upon an : | our obligations to our national creditors—the | duty of the President to veto this Dill, | which will be read by the country with the near Sixth avenue. “NEGRO MIN- | confidence of the civilized world and redeem | show, are so many advantages. For we sce | | that this is the work of Ulysses 8. Grant. ‘quotes in full, and in which Congress NEW ‘YORK HERALD, THURSDAY, APRIL 23, 1874. QUADRUPLE SHEET, The President’s Greatest Victory—Sal- vation of the National Honor. President Grant has the remarkable faculty of doing the rizht thing at the right time. His character shows the supreme value of what has been called ‘saving common sense.”’ His message vetoing the Senate Inflation bill is, on the first reading, a disappointing docu- ment. It lacks rhetorical completeness and finish, Thero is not what might be called a striking, burning sentence from the beginning to the end It would be difficult to write a more clumsy or more awkward document. And yet the more we study it the more remarkable it appears. We see that the President understood the subject from the beginning; that he comprehended the whole question, its strong points and its weak points, and that he arrived at the conclusions he expresses by inexorable and crushing logic. For there is no logic so severe as that of common sense. The argument which the President makes is complete and unanswera- ble. The assertion that the Senate bill would really result in contraction is dismissed as a mere play upon legislation. The theory of the bill, he shows, is to add a hundred mil- lions to the currency. Now, if this theory should prove unfounded, if the ‘‘expected re- lief to the suffering industries” of the country were not to be realized, then there would be a demand for a still greater measure of infla- endless, troubled sea of financial embarrass- ment, national discredit and unavoida- ble repudiation. This danger the President points out as the keystone of the whole diffi- culty. With admirable force he shows Con- gress that to make the terrible venture thus imposed upon him would be a departure from the true principles of finance; a blow to the best interests of the nation; a trifling with breaking of the solemn promises of the Senate and the House, made in the name of the nation, as its sovereign, responsible authority—a departure from the published pledges and declarations of the two great national parties assembled in convention, and | in conflict with his own personal assur- ance as the Executive and his recommenda- tions to Congress in his annual messages. These are the reasons which have made it the The logic which imposes that duty is com- plete, severe and unanswerable. But the President is not content with this statement of his case. He proceeds to prove it by a series of references and citations, deepest interest and pleasure. In the first place he quotes his recommendation to Con- gress in 1869, in his first annual message, committing himself so strongly to resumption of specie payment and contraction of cur- rency that to have signed the Senate bill would have been dishonoring his own record; that his record, in fact made such a thing impossible. He then, witha common sense almost cruel in dealing with the rhapsodies of Morton and the dreams of a Logan, shows that the House | itself in 1865, when the war was over and we were all honestly bent upon reconstructing | our finances in such a manner as to win the our national credit, as we had vindicated the integrity of our soil, did, bya vote of 144 yeas to 6 nays, solemnly pledge itself to the similar course. This pledge also, made as we have shown at the outset of our peace, was repeated by Congress in 1869, in an act which the President declared ‘that the faith of the United States is solemnly pledged” ‘to make provision at the | earliest practicable period for the redemption of the United States notes in coin.” This the President justly describes as “a continuing pledge of the faith of the United States’’ against any scheme for inflation. Further- more, and as if to strengthen a position which seems to us unassailable, the President shows that Congress in 1864 during the war, and when there was every temptation to make use of extraordinary powers in the issue of money, entered into an obligation with the national creditors that the total amount of the United States notes should not exceed $400,000,000. This would seem to close the case, but the Presi- dent meets the only serious argument ever advanced in favor of the bill, namely, that there is an unequal distribution of the bank- ing capital of thecountry. To this considera- tion he “‘was disposed to give great weight ;’’ signed to States having less than their quota not yet taken, and that, in in addition, these States have the option of twenty-five millions of dollars more. ‘‘When,”” says the President, in a tone which might be called ironical if this were not a grave state paper, ‘‘this is all taken up, or when specie payments are fully restored, or are in rapid process of restoration, swill be the time to con- sider the question of more currency.” There are some recommendations on the subject of free banking, but upon these we | do not dwell now. Our first duty is to ex- press to the President our hearty and pro- found commendation for his brave and manly act. The voto of this bill will stand out as the most conspicuous act in his mem- orable and extraordinary career. The very faults of this message, its awkwardness, its crude statement of facta, its want of rhetorical cD @ knew that Rawdon never wrote that letter,” says the old aunt in Thackeray's novel, “because he never writes without asking for money.” We know’that this is the act of the President; his own resolute, clear minded common sense, and we see in it an- other marked manifestation of the character that has made him the most celebrated Ameri- erican of his time. The greatest man is he who is equal to his opportunity. The Presi- dent has shown this greatness. He had an opportunity like Washington when he signed Jay's treaty, like Jefferson in the purchase of Louisiana, like Jackson in dealing with nullification, like Lincoln when he signed the Emancipa- tion Proclamation. His veto will remain in our political history as one of those shining acts that certify a great man’s claim to great- ness. He had every temptation to sign the bill. He was called upon by the West, where he lived, with whose people he was in sym- | | pathy and whose politioal power aN greater than that of any other section. He was asked to please the South, who only wanted reams of new paper to ‘‘save them from ruin.” He was admonished that the honor of his administration needed this bill for its vindication, and he was entreated by the ablest, the most active, the most persistent leaders of the repub- lican party. First of all there was Gen- eral Butler, whose eccentric genius points to every measure of questionable and auda- cious legislation as unerringly as the needle to the pole; who, more than any man in public life, has the amazing fatality of supporting to-day what the purest sense of the nation will regret to-morrow. General Butler championed inflation, and he was sustained by Morton and Logan, by Brownlow and Cameron and the almost un- broken phalanx of the West and the South. It was a bold step to take, for the Prosident has drawn a line of demarcation between him- self and the most powerful sections of his party. ‘We do not know what these sections will do, for their leaders are men of infinite resource and reckless ability. But they may as well know that the President in this contest repre- sents the honor of the nation. We have had a vast deal to say on this subject since it came before Congress, but the substance of’ our comments has always been that as a measure of relief inflation is a delusion and a snare; as a measure of national policy crime. We have never known, and our political history does not show a superstition more pronounced and deep-seated than this legend, that in some way the issue of inconvertible currency would be ‘‘a relief’’ to certain suffering sections oft the country. Heaven knows that there is no question of ‘‘relief’’ to any section, and more especially to the West, our brothers and our children, and to the South, to whom we owe chivalrous patience, sympathy and encourage- ment, which would not command trom the Northern States their heartiest support. But to ask us to deliberately violate the solemnly pledged honor of the nation, to enter upon a course of legislation condemned by all the precedents and experience of history, to dishonor our credit by schemes of midsum- mer madness, to postpone the happy hour of resumption a day longer than is necessary, to continue in a season of peace and prosperity the desperate expedients of financial war legislation is to ask us to do the office which | Brutus asked of his comrade at Philippi—to hold the sword while they threw themselves upon it. For nothing is more certain to us than that the success of this scheme of infla- tion would be the first step in ‘a pitiful career of dishonor, misfortune and shame. ‘The veto will save our brethren of the West and South from the demagogues who would lead them into rain and call it statesmanship. And the time will come when they will re- member it to the honor of the President as an achievement more glorious than. Vicksburg and Appomattox. Then he saved the sover- eignty of the Union; now he has saved its honor. The Fitth Avenue Bill. The State Legislature will adjourn in a week from to-day. We have no hope now of the passage of any law that will give us good roads and clean streets in New York; but at least we might expect some action in the mat- ter of the Fifth avenue pavement. "That cen- trally located avenue hag been kept by com- mon consent free from the encroachments of city railroads, and set apart as a public drive as much as the Park itself. Its present condition, a relic of Tammany contractors, is disgraceful to the city and annoying’ and dangerous to those who use the avenue as a drive. The necessity and propriety of its improvement is conceded by all except the venerable youth at the head of the city government, whose spirits are ex- hilarated by the sport of dancing on poultice pavements and skipping over rutted roads. But Mr. Havemeyer knows nothing about well paved streets, and when he pronounces Fifth avenue in good enough condition he is thinking of the wagon roads to Canal street over which he and his Chief of Police used to travel three-quarters of a century ago. If the legislators have any desire to do one good act for the city of New York they will pass a law placing Fifth avenue under the entire control of the Central Park Commissioners, authoriz- ing them to repave it at once with such pave- ment as they may select, and to keep it in repair and proper cor condition n hereafter. Tux surrender of Lee an and the re rebels against the national sovereignty has been followed by the surrender of Butler and the rebels—against the national honor. Freicut Transportation.—The report of the Committee on Railways and Canals, which was presented to the House ot Representatives yesterday and appears in the Hxranp this morning, is full of truisms, but it scarcely affords the kind of relief the country will ree quire. A freight railroad from New York to the Missouri River is an acknowl- edged necessity, but the wisdom of its practical construction by the govern- ment is more than doubtful. Public works in this country have seldom proved suc- cessful; and, though the committee thinks that the methods by which existing roads are operated are inadequate to the necessities of this great line, we may well doubt whether the new line would solve all difficulties, merely because ten millions of dollars of the public money were invesied init. It would be wiser to charter the road, with proper safe- guards and restrictions, and leave its con- struction to private capital and cnterprise. Wiiriam Gray, of Boston, deserves our sin cerest sympathies. His explanations of his failure to impress the President with his views on inflation has a dismal significance at this time. Tar Case or Cuaries Cooxau: RN, indicted for the murder of James Hadwin nine months ago, was practically determined in the Court of Oyer and Terminer yesterday by the dis- charge of the prisoner upon his own recog- nizance, there beittg no evidence to connect him with the homicide. Nine months isa long time to keep # man in prison awaiting a trial for an offence of which there is no evi- dence against the accused person. Tue Remon that Butler, Morton, Logan, Cameron and the remainder of the inflationists are seeking foreign missions is quite credible, but we regret to say lacks confirmation. Contingencies=The Leakages in the City Government. The item of “contingencies” will be found liberally scattered through the statement of warrants drawn by Comptroller Green be- tween November 30, 1872, and November 30, 1873. A contingent account is always open to abuse and should not be necessary in any city department, except, perhaps, that of the law. Some unforeseen expenses may be un- avoidable in other offices, but they can be only of trifling amount if the provisions of the charter are complied with. Each depart- ment is required by law to make in advance a detailed estimate of its expenditures for the year, and should state therein every possible outlay. These estimates are generally cal- culated on a liberal scale, and the ‘‘contin- gency’ appropriation is nothing more than a convenient source of leakage. Taking the warrants drawn against this fund in the Fi- nance Department between November, 1872, and September, 1873, and we find evidences of gross prodigality—enough to startle the tax- payers of the city. We have not yet ob- tained the details of the warrants drawn in October and November last. We select a portion of those drawn by Mr. Green ia the preceding ten months and invite a carefal examination of each item:— WARRANTS DRAWN FOR CONTINGENCIES IN COMP- TROLLER GREEN'S OFFICE. 1872, Dec. 5—Stephen Angeli, services as ex- aminer 0! accounts......... $240 00 Dec, 12—R. G, Hatfield, examining clai 263 00 Dec. 14—J. J. Serrell, examining city debt, 845 00 Dec. 14—H. F. Taintor, mvestigating ac- COWES. + cee eeeeerceeeeeseeseeeree 200 00 Dec. 24—R. A. Storrs, expenses to and from Albany +» 313 00 Dec. 31—H. F. Taintor, ng “ frauds, December, isa +. 125 00 1873, Jan. 4—S, Angell, services as examiner... 78 00 Jan, 4—Moor Fall: Xpenses paying laborers +» 100 00 Jan. 4—Moor Fall laborers... oe I Jan, 11—R. G. Hatileld, examming clai ++ 357 00 Jan. Feb, 4-H. F, Taintor, tavestizating frauds, my ee 1873. Feb, 7—C.E. Fre rh Feb. 17—Moor Feb. 20—3. March 3—R, G, Hath eld, examining ciaims.. 868 00 March pats G. Hatiield, proiessional se! 8 00 March %—H. F. ‘Taintor, February, 1873, 00 March 7—S. Angell, examming ‘clam 198 00 March 12—Moor Fails, expenses payin; March 25—R ig S Hattield, examining claims. 422 00 April 3—H. F. Taintor, meidental expenses irom December, 1871, to April, 1873, Investigating irauds. . . 287 00 April 9—S, Angell, services ‘as exwminer.. 194 00 April 18—H. F. Taintor, tuvestigaung frauds im March. 1873.. + 650 00 May 2~A, k. Smith, services “as clerk. ...! 166 co May 3—kK. G, Hattiela, professional ser- vices, examining dils.. ++ 115 00 May 5-yMoot FS Fails, expenses May 9-8. "Angell, examining claims 197 00 May 10—H. F. Taintor, investigating frauds in , bees 650 00 May 17—Moor , paying 00 June 3—A. E. Smith, cierk 00 dune 3—Moor Falls, paying laborer: 96 00 June 7—R.G, Batield, professionai ser- ne vices . June Ket ies 00 June peng: 00 June 1y—Henry Olcott,” examining ‘ac counts from April 14 tv 30, 187%. 526 00 June 17—Henry 8. Olcott, examining ac- counts May, 187: + 868 00 June 27—J. W. Kiern: der ee - 150 00 June 27—H. ‘t frands in May, 675 00 June 30—A. E. Smith, c.erk 166 00 duly 5—H. 8. Olcott, June, 1875. July 5—S. Angell, ¢: 188 Juy 9 M.M. erindenstein, legislative ser- vices ... 100 00 July 19—H. A fraud: 625 00 July 29—Moor F: 81 59 Aug. 1—R. G. Hatield, investigating ac- COUNES + ...0eer voncsucrespetass ce 100 00 Aug. 4—H. S. Olcott, examining claims... 569 00 Aug. 14—H. att Taintor, imvestigal MAUGS.........+00seeeeeee 675 00 Aug. 30—Moor Falls, paying laborers. 99 00 Aug. 30—R, G. liatficld, examining ie 247 00 Sept. 1—L. B. Crane, assisting i tion of irauds. 150 00 gate frauds” under ‘‘reform” as under Tam- many rule. One of the investigators, Henry 8. Olcott, received $2,657 in a little over three months. Another, Henry F. Taintor, received $5,762 in nine months. A third, R. G. Hatfield, received $3,685 in the same period and drew in addition about $2,000 from the Board of Apportionment fund. In the month of March, 1873, $2,211 was divided among these investigators and examiners. In June they drew from the public treasury $2,792. All this is in addition to the large amount paid for salaries in the Finance De- partment, which department, as we showed yesterday, spent $70,000 more last year for running expenses than was expended in 1868 under the corrupt “ring” rule. R. A. Storrs, who figures under the Comptroller’s ‘‘con- tingencies’”’ for expenses at Albany, $313, is the old deputy of Connolly, retained as deputy by Green. Moor Falls, who receives small pickings for ‘expenses in paying laborers,”’ is paid a liberal salary out of the public treasury, although he does the work belong- ing to the Chamberlain's office, and should be paid out of the liberal salary of $30,000 allowed that officer for all the expenses of his bureau. These are plain, undeniable facts, and they deserve the serious consideration of the tax- payers, who may well ask if we are still living in the profligate days of the old Tammany rule. The services alleged to be thus paid for by Mr. Green are the services for which his clerks are employed and for which he expends in his office a larger amount in salaries than was expended by Connolly. If he keepsa corps of spies and detectives at the city’s ex- pense he should so state in his estimates, and not cover up the fact under the cloak of ‘‘con- tingencies.” And what a commentary it is on the ‘“‘reformed”’ city government that the special services of secret ‘investigators of frauds” should be required month atter month at a heavy cost to the taxpayers! We repeat, the ‘‘contingency”’ fraud is almost always a source of outrage and corruption, and the best thing the taxpayers could do would be to employ ‘‘investigators” to investigate those who are fastened like so many leeches on the “contingent’’ fund of Comptroller Green’s office. It is singular that Mr. Green asks this year an’ enormous increase in the amount set apart for ‘‘contingencies.” Last year the city and county contingency appropriations were together $300,000. ‘This year Comptroller Green demands their increase to $700,000, and this while the legal right to appropriate a dollar under such o head is at least very doubtfal. Tue Veto of the inflation bill is a severe blow to the printing business of the Treasury | Department, Uxysses 8. Grant will nominate the next President of the United States. Effect of the Veto—Certsinty im Fi- mance. Persons who agsented to the Four Hundred Million bill because in its practical operation it could not result in a very great inflation were guilty of the common error by which nations and individuals alike persuade them- selves into evil courses. It is a specious enough notion that the immediate evil in- volved is inconsiderable; but this notion ig- nores the point that a principle is broken down by a small departure from the direct line as effectually as bya great one, and all financial history is filled with evidence that, the principle once broken, the small departure rapidly assumes greater proportions. All de- partures from adherence to sound principle are small at first. No nation plunges head and ears into bankruptcy or into open vioia- tion of faith in any form. It goes a little way, and excuses the departure on the score of its insignificance by comparison with the good that may restit; and, as the result does not come to please it, it takes again another little step, and go on, till at last it relinquishes the plain road altogether, on the plea of inability to return to it, Such morally is the history of every bankruptcy, great or small; and such, in the case of the nation, would be the result of any law for the issue of paper “legal tender’ ina time of peace, though it were only forasingle dol- lar. Very small, indeed, would be the conse- quent inflation; but the principle involved, or the violation of principle involved, would open the door toan inundation of paper that would flood out the values of the country as the waters are now flooding out the people of Louisiana. Evidently the principle involved in the case is what seems to the President, very properly, the important point. He returns to the Senate a bill for the inflation of the currency, with the distinct. expression of his opinion that what the country needs from Congress is not more paper money, but legislation recognizing the pledges of the nation regarding the cur- rency already issued and making some pro- vision for the redemption of that currency in coin at o future day. It matters little in what form he puts this opinion or in what form Congress puts the legislation— the principle is just in those few words, and the principle is what the country hopes to stand by. In the first hour when the veto was known the news from the hiving place of the money changers was ‘‘generally a hopeful one for the future."’ In that phrase Wall street caught the keynote. From the mo- ment the people understand that all the Pres- ident’s recommendations touching finance in his many messages are not mere waste words, from the moment they feel the assur- ance that he will stand by his sound declara- tions and veto a bad bill they know what to count upon and the fature becomes clearer. For the remainder of Grant’s term people may feel that the money of the country has a cer- tain stability ; it cannot be expanded so that its valye shall thin out and become imper- ceptibie. Men cannot be defrauded of their property on contracts for labor or products in which the bargain shall suppose a settle- ment in money, but in which the ‘‘payment”’ will eventually be made with worthless printed paper. With that chance of organized and gigantic fraud put aside a great step is taken toward giving trade a vigorous impulse. Let the mercantile and industrial interests of the country feel that the currency is safe for only the remainder of Grant’s term and the credit killed in last year's panic will revive, and with that revival will come into circulation the vast amount of commercial paper whose disappearance was the true source of strin- gency in exchanges. Trade will then be prac- tically restored to conditions as nearly nominal as they can be when the ultimate term in money is a paper promise and nota golden dollar. But let us not forget that the promise is justas good as the goldif we may feel sure that it is the promise of a govern- ment in which the Executive will not sign a law that violates the country’s honor. Now Ler Us Havea broad, generous plan of reconstruction. This should be the next achievement. Steam Lanes. During the present season of transatlantic travel on the average one steamship will sail from this port per day. The several lines that have consented to approach, in theory, the establishment of ‘‘steam lanes” do not act in concert—that is, each line chooses a course without reference to any special con- siderations beyond those of speed and some indefinite fancies concerning winds and cur- rents. Now it is notorious that sailors rarely agree. We do notsuppose that there are two captains in the merchant marine who would consent to sail one and the same course, with the belief that their land falls would be simul- taneous and coincident; nor would any two companies, influenced by their captains, har- monize as to the boundaries of ‘steam lanes.’ It is idle, then, for government to delay the consideration of these trackways of the sea, upon the establishment of which so many lives and so much property depend. Senator Conkling, who has certainly the influence and character to demand immediate action upon the measure intrusted. to his keeping by the Chamber of Commerce, is hardly justified in any delay. While the mat- ter is slumbering in the committees thousands of people are embarking for foreign shores, and the record of marine disasters indicates ‘an unusual number of calamities. The sub- ject has already attracted the attention of the House of Commons, as will be seen from the following proceedings in Parliament re- cently: — Mr. Anderson asked the President of the Board of Trade if he was aware that the Cunard Steam pepeny bad arranged for their owa vessels on the Atiantic separate sailing tracks eastward and westward, in order to avoid collisions; ii he was aware that the United states government had it in view to endeavor to arrange a general system of Ocean highways; and if Her M Tent was prepared to co-operate States in this object or to take any action of their own to bring it about, ©, Adderiey—I'ne Cunard Company have some time issued a notice for an an track for their steamers across the fg ee xing @ certain distance of latitude on @ particular meridian for the outward and homeward toaod, to keep re- spectively. The United States government have taken no steps lor a general sysiem, but . rivate Member of Congress has introduced a bill tor ap- pointing @ commission for an international con- ference, sal be tae cal Ai ae rated government to Jearn States government on this motion, and of the various shipowners interested, beiore taking any steps in vo-operation. It will thus be aeen that the United States must initiate the movement general system, and that themselves must consent to before the British government will actively co-operate. The matter is in the hands of Mr. Conkling. What will he do with it? Tae Nationat Boarp or Fie Unperwarm ens begun their annual Convention in this city yesterday. The address of the President and the annual reports which were read give much information upon a topic of very general interest. The Arkansas Troubles—Hopes of & Peaceable Settlement. Affairs in Arkansas seem to be quieting down, and though the danger has not entirely passed away there is good reason to hope that a conflict of arms will be avoided. The United States troops in Little Rock have been strengthened and will likely prove strong énough to do what is their allotted duty— namely, to preserve the peace, But the mere preservation of the peace is not the set- tlement of the Arkansas trouble. At the same time it is true that events like that reported yesterday as occurring on the previous day, of which we have fuller and more trustworthy details this morning, can only result in com- plications of the worst kind and render any- thing like a just settlement impossible. Peace is the first requisite toward ao settle- ment; but, even with the forces of both Baxter and Brooks disbanded, it is not easy to see how an amicable solution is to be arrived at. It is clearly not the duty of the federal administration to say who is Governor of Arkansas, notwithstanding such action would be analogous to the course taken in Louisiana, Any such action on the part of General Grant would only load down his administration with another monstrosity and fail to give gen- eral satisfaction to the country. Arkansas will have to work out the solution of the ques- i tion for herself, and this cannot be easily accomplished unless both parties agree upon some plan to which they will submit, The proposition to call the Legislature together to determine the question is the most sensible proposal which has yet been made. The real power to determine the question, in the abe sence of a constitutional provision placing it elsewhere, is in the Legislature. Any settle.” ment by that body would be profer- able to the chaos which now exists or to a forced determination upon the orders of 8 court. It matters very little in itself which of these men shall be Governor of Arkansas for the rest of the term, but it mat- ters very much that it shall be settled in an orderly and constitutional way. Both parties disbanding their forces and agreeing to sub- mit their claims to the Governorship to the competent tribunal would be a triumph of law and order in the State that would insure it great and long contiuued prosperity. In the older States such a conflict os this is generally regarded as impossible, and an appeal to‘arms to determine a popular election to the Gover- norship of Pennsylvania, New York or Massa- chusetts would be looked upon as the death lmell of republican libertyin/America. That it is not so in Louisiana or Arkansas is owing to the peculiarity of their situations, growing out of the abnormal vices of carpet-baggers and local demagogues. While these men con- ; claps who had sent tinue successfully to stir up strife for no better purpose than to make such Senators of the United States as Powell Clayton there is little hope for Arkansas, or, indeed, any of the Southern States, enjoying the full fruits of a republican form of government. As a mere question of State rights this trouble in Arkansas ought to be amicably settled, for it is purely a State question, and no excuse ought to be offered for the interference of the federal troops or the federal authority. The anxiety of Colonel Rose yesterday to explain away his part in the slight breach of the peace of the day before is a good sign, as is also the good order which provailed in Little Rock all day yesterday. If an outbreak can be avoided, and the slight hope in the inti- mation that the Legislature may be allowed to settle the question is realized, Arkansas may be not much the worse off for this émeute. Indeed, we think she would be the better off, for she would have shown to the world that she is able to settle dangerous in- ternal feuds without an appeal to arms and without the interference of the powers at Washington. And not only Arkansas, but the whole South, would gain an immense od- vantage frora this lesson, for it would be some proof that the era of monstrosities in Southern State governments is passing away. Rep-Lerres Events 1x Amencan Ho ToRY:— Washington signed the Jay Troaty, Jefferson purchased Louisiana. Jackson stifled nullification. Lincoln proclaimed emancipation. Grant has saved the national honor. Sovrn Carona Burpens.—The Charleston News and Courier, which has led the vigorous campaign waged by the taxpayers of that State against the political devil-fish who have got possession of the treasury, referring to the memorial forwarded to the Judiciary Commit- tee of Congress, expresses its belief that the appeal, ‘‘which is firm and temperate, dispas- sionate and forcible, cannot fail to have influ- ence with the committee to whom it has been sent,’ and concludes by the remark that “whatever may grow out of the action which the taxpayers have taken, it will be confessed that they have exhausted every peaceful means of.obtaining redress before seeking that remedy which is the ultimate resort of a robbed and outraged people.” What this last resort is the News does not condescend to state, but it will not require a wide stretch of imag- ination to seo that it means the exercise of physical force against the banditti who have obtained complete control of the revanue of the State, Now Grve us a living Cabinet. Let General Grant secure the fruits of his victory. BASE BALL OONVENTION, ‘The National Association of Amateur Base Bah Players asgembled in convention at the Astor House last evening, for the purpose of revising the rules and regulations governing ama- teur clubs throughout the country and ad- mitting to membership some ‘forty odd in applications, There were thirty-eight clubs represented by dele- fone the total membership oft the Association ing sixty-nine. The most important Ee ret Of the ruics were those Pdf 4 the pitching de partment. After a vast deal of ops She rule io Association finally decided to ado; of th Ree cnet operation last season, This bat hand throw, Mr. N. 8. Smith, of Har’ | was elected judge advocate.