The New York Herald Newspaper, October 2, 1874, Page 4

NEW YORK HERALD, FRIDAY, OCTOBER 2, 1874.-TRIPLE SHEET, “SPEAKER BLAINE OY FINANCE, Interesting Details of the Munici- pal Debt of the Country. THE NATIONAL AND STATE DEBTS. Why, with Its Enormous Income, the United States is a Borrowing Nation, OsnkosH, Wis., October 1, 1874, Speaker Blaine delivered an address to-day before the Nortuern Wisconsin Agricultural Asso- ciation at this place. A crowd of 15,000 persons Was assembied to hear mim. Alter a few intro- ductory remarks Mr. Blaine said:— MR. PRESIDENT AND GENTLEMEN OF THE A’ CIATION— 1 shall speuk TO YoU Ol oUF public dei not mainly 01 W € understand as our national debt, but of ail those Jorms of State and munictpal obligation wuich iwvolve taxauon upon tue people. Public debt is one of the rapid outgrowths of Modern civilization, Im its present form It was certainiy wukuoWn among the ancients, though Cicero says ‘hat the Koman Provinces in Asia Were accustomed to borrow, and Livy, in a passage somewhat ouscure, speaks of a loan once con- tracted by Rome to meet the expenses of te Punic wars, These exceptional referen 3, however, only prove the rule that the use of credit was not one of the recognized resources of ancient nations, The vast accumulation of treasure made by Some powerful movarchs of the olden time is anotver proo! cat creait Was not used, and that loss resulting irom the idleness of money was Dot recognized or appreciated as it is by the keener Caicuiations 0, modera capitalists. Ptol- emy Philadeiphus bad at one time in his Treasury What would Re equivalent to $400,000,000 in our coin. The Roman Emperor, Tiberius, ieft 2,700,000,000, sesterces ($110,000,000) to bis suc- cessor, Calgula, who obligingly spent the whole of itina@single year. These sums, thougi they do | pot seem lage im comparison with the great aggreguies of modern natioval debt, Yet represent in tueir purchasing power at the ume, a iarger accumulation of actual money than the ireasury o! aby nation has con- tained at one time since the dawn o- the Christian era The first Na,oleon, among modern rulers, imitated on @ dimimisiued scale this barbaric ac- cumulation of treasure, nominally belonging to the State, but really subject to the individual will and caprice of the sovereign, and generally used for purposes which would not make a creditable appearance in official budgets or rez ular appropri- gun bills, * * * But in regard to the national | debt, whatever vatu regrets we may indulge over the loss o/ so much treasure and the fear:ul sacri- Oce of that which is beyond earthly price, we lave this to console and comuort us, that the war which gave rise to it was anavoidable and inevitavle, | apparently fated apd forecast as part of the great experience of bitterness and of blood through wuich it was our destiny as a Da- | tion to pass, and that out of i's sorrowiul depths we have emerged a regenerated people, | doing justice to @ race long oppressed, edu- cating ourselves to higher staudurds of Leen and of law, and having our feet hencelort shod with the preparation of the Gospel of peace. * * * | do nov tink there is any other nation im which the power tocontract debt has been Bo excended as with us, in which the same com- munities may be made to assume puuiic obiis: tons in $0 many relations, and each One operat- Ing for the time 1u a somewhat independent sphere, the venvency of each is to enlarge regard- less Of the dimensions and demands of the others. | When the city is pledging its credit it seems to forget that a heavy debt is already upon the | county of which it forms an integral part. Tbe | county freely incurs debt without apparently | Temem bering that every estate in it is already en- eumbered by @ direct tax to pay the interest on a debt of the State, and the State too oiten makes | lavish use of its credit without pausing to reflect | that every one of its citizens ils already burdened | by the tax which he is paying to liquidate the debt of the nation. Aud when in the end, nation, | and State and county and city have each and all imposed their burdens, the citizen finds that while the tax is increased fourioid the property | to meet it has not experienced a similar develop- | Ment and growth. Our power in tals country to cumulate Our burdens may certainly be regarded | as peculiar to ourselves. Iam aware that the large cites of burope have debts of their own; 80 bave the separate cantons of Switzerland; so have the departments o! France jor limited and specified purposes; so bave the minor German States; but stil it is true that our county, city, town and townelup lacility jor contracting debt | ig practicaliy unkbown among the nations of Europe, Our marvelous capacity in this regard is the one achievement of our republican civiliza- | tion Of which I think we Dave the lesst occasion | teel proud. There are in the United States sixteen cities having each a popuiation exceeding 100,000, and an aggregate population ot 4,500,000, Each’ is a aty With gpecial advantages which cannot be taken irom it; each, in tue language o1 the day, basa large future; each nas abuudant wealth and Stil larger prospective resources. ‘hey embrace, | When taken coliectively, the trade of Atlantic and Pacule, of gull and lake coasts, besides all vhe | interior rivers of the Continent and the ; converging trafic of thousands of miles ot railway. | Burely one would think that each might otde its i patiently await its well assured pros- | hout being compelled to borrow largely, | vases almost recklessly, of the suture. | hing these sixteen cities together, we ulctpal debts amount to $350,000,000, © capita lor their entire population, and | the aggregate ap amount waich | O- presenting prior to our war experience would have been con- Bidered a burden for the nation. It would be a gross injistice, However, to leave she inier- | ence that the average debt of these cies 18 over $20,000,000, for \udeed @ single city, the commer- Cial metropolis vi tue nation, presents a devt em- bracing nearly one-third oi the entire amount, While Severai O/ the cities on the list nave deots | of comparative.y nsignificant proportions. ‘The Class Of citey next in size to those just re- ferred to, those harug each & population exceed- | Ing 50,000 and less ‘oun 100,000, are twelve in nom- | ber, having an agyregate population of aboat 000, ‘ineir tote! debt does not exceed $30,000,000, which gives about $40 per capita for | the whole lisi. ‘Taking the next cl population exceedin Gnd tiere are in all so With @ total population 0, som Their total debt cannot ¢ of cities, having each a) and less than 50,000, I im the United States | thing over 1,500,000. jess, I think, than | $75,000,00) or $60 per capit Interested as | have making these Inves- tigations, | included one fore ciass within the Bope of My iuyuirles Aud tov. Loe cities and towns throughout the Uuitea ing populations between 10,000 and 2, @ ls. which I found to embrace in all | ant towns whose aggregate population ar © neurly 1,400,000 ahd Whose agg omething over $35,000,000 or avout whole. Auding these iour vit presents a table which embraces i towns of the United states baying over 10,00 Woevitants each— of which there are in all ist—woh an aggre- gate population exceeding 7,000,000 aud a total Municipal deve o! about $440,000,000. | The towns having vss tuan 10,000 inhabitants | each I have not been abie to Classily Wich the ap- proximate accuracy of those | have given, but I feel wel! assured nat the aguregaie of . ievts | would reach $50,000,000—makiny che to’ nicle pal debt of the ¥ abv Wt $570,000,U0V, » Added to these municipa: debts proper, we find | the county debis of the encire country amounting to about $150,000,000, and tne State dévis w avout $390,000,000—making a grand ag, aie of $1,140,000.000 of public debt of States, counties, cities and towns. This total is nearly $00,000,000 greater than that given in the census of 1870, The addition, however, has not been wade within tue tour suc ceeding ‘years, but @ part is due, | twink, to in- complete returns made to the census officials, [ have been at some pains by original investiga ion and inquiry to get at the aggregates of State, county and municipal mdebtedness—and waile i do not assume to give devails or youch ior abso- lute accuracy, I think the totais 1 have given may Well be taken a8 approximate reliable stutementa. The difficulty in attauing periect exactness of Statement results irom the imperfect manuer in Which statistics are gathered in the several States. I have jound, indeed, very few States where the State oflleers were authorized by law to keep anything of record in regard to debt except whe direct obligations of the state, In Massachusetts, Where great atvention is paid to accuracy of Statistics, Lbave been enabled to get precise in- formation, ani the entire jooting of that Com- | TMmouWeaith, of State, county and municipal debts, Shows @ grand total of $97,500,000—subject to a sinking lund deduction of $11,000,000—ieaving $86, 500,000 as the net uevt of that State, w very large burden it Would seem, and yet such is the Wealth Of the State that the entire debt does not consti- tute more than four per cent of its valuation, and probably Bot two and 4 haif per cent of ite actual ‘wealth. _The State debts in many instances, former apd the latter times, bave been contracted witbout due caution, and as a natural consequence the money realized from borrowing bas beea oltentimes eXvended Wilh an extravagance which would hardly be tolerated in tue disbursement of moneys raised by current taxation. I do not desire to make my remark 80 sweeping as to in- clude those States Where loaus have always been Degotiated with care and the receipts expended with economy. But | venture tue assertion, based on some scrutiny into the facts, that, taking vhe aggregate of State debts as they stand to-day, there has not been realized on the average fiity cents of palpabie, permanent value for each doljar raised and expended. In some cases tie |mprovidence bas led to even worse results than this, and | think, taking the country asa whole, there is no form of public devt in which so much has been given and so little re- ceived a# in the direct obligations of the stat Jam glad, however, to be able to congratulate the proud ana prosperous Commonwealth whose citizens | how address ou the fact that tbeir debt is very sali and is rapidly decreasing. and that, io vousequence thereol, you can reailze to jour- | was organized, with | rurniture and out: | selves and assure to those who may cast in their Jot with you that au inexpensive government and light taxauon are your comJorting prospects jor the future, Abd What ia true of your State is ‘s true Of your sister States of this great section. Taking the seven great States of the Northwest, and With an aggregate populition of more than 11,000,000 and property worth over $5,000,000,000, their combined State debts are less | 25,000,000, Had these great Common wealths das prudent a care against county aud municipal debt they would present to-day the most flattering balance sheet, | venture to say, of auy civilized communities on the face of the glove, I bave no patent remedy to propose, and yet L | Venture to suggest ‘hat the Legisiatures of many | States have altogether too large a power to create | debt without referring the sudject to the people } for their primary cousiderauon. Perhaps | may eutertain a prejudgment on this particular phase | Of the question tn favor of she stringent provis.on | in the constitution of my own State, where the Legislature has 00 power to incur a dollar's debt | except ior War purposes, under the pressure of { aciudi danger, aud Where an amendment to tue constitution, proposed by two-thirds of the Legis- lature and then submitted to a vote oi the people, is the prerequisite jor pledging the credit ol the State ior any over purpose Whatever, It might also be a wise and salutary provision to define in State constitutions the precise ends tor which municipal credit suould be used—limiting those uses to proper and restricted objects and for- bidding in any event the creation of a debt beyond | a specified percentage of tne oficial valuation of | the city or town; providing at tue same ume a Judictous safeguard against the overlapping of county debts, so that wale the town was guarding its credit with care lt shouid not be mvolved iu the embarrassment caused by ap extravagant exten- sion of the credit o! the county, And finally, a8 a governing principle, it would be to apply to 4l State, county and municipal debts the wise precauuon ‘contained in chat fae | mous aod Weil-remembered rule laid down by Mr. | Jefferson as the basis of all sound national credit, I quote the words of the great philosopuic states- man as equally applicable to all possible torus of public obligation, and as affording a basis at once secure for the creditor and advantageous for the devtor:— Never borrow @ dollar withoat laying @ tax atthe | same instant for paying the interest annualiy and the priseipal within a given term. and consider that tax as piedzed to the creditors on the public faith, On such a Pledge as this, sacrediy observe!. a government may Divays command, On @ reasonable interest, ali the len citizens, while the necessity of an | salutary Warniug to them and their coastituents against oppression, bankrupicy and its in- evitable consequence—revolution. But, gentlemen, looking at the serious side of this question with the gravity which 18 becoming, let us not be ied into gloom or despondency or | discouragement of any kind whatever. Thongo our burden be great we are abundantly abie to bear it and to prosper and grow strong under it. | Our progress in population and in wealth isso | rapid that the debt which weighs upon us to-day is light as @ !eatner to-morrow, and If we can but exercise the ordinary prudence of sell-preserva- tion our future a¥ @ people will far surpass in power and in riches the most extravagant calcu- lations based on our progress tn the past, wonder- ful as that progress bas been. It 1s but eighty-five years since our government @ population of less than 4,000,000 and a’ valuation of property for the entire thirteen States not exceeding $600,000,000—~ Scurcely One-hali ot the actual wealth of your own great State to-day, Facilities for intercommuni- cation Were then greatly restricted, manutactures and the arts were in teeblest iniancy, agricuitare was rude and not highly remunerative because its hanamaid, commerce, had not been quickened into lie and vigor. Property at that time was ili adapted to bear taxation, proits were smal, wages were low, and to the political economist measuring the condition ‘ud capacity of the country it seemed utterly unable to carry & dept of any considerable magnitude. And yet our ancestors did not hesi- tate to assume the Revolutionary debt of $90,000,000, more than one-seventh or all the prop- erty they owned. Mr. Jeiferson, who was the wost distrustiui of all the leading statesmen of that day in regard to the ability of the nation to sustain the load, was yet willing to admit that it could be easily borne if the rates of increase in population and weaitn then calculated upon should be real- ized. It may teach us a lesson Of trust and hope- fulness to remember that the highest estimates of | thas day would have produced a population ot less than 17,000,000 in 1870, and an aggregate wealti at | the same period of less than $4,000,000,000, Our population, vastly as it has outrun the | prophecies referred to, exhibits a fratio | far below the increase of wealth, which | 1870 had reached the enormous aggregate of | $30,000,000,000, nearly eightfold greater than the | anticipa'ed increase which Mr. Jefferson had re- garded as too sanguine. Taking our total na- tional, State, county and municipal debt, and it amounts to something over $3,200,000,000, or littie more thap one-tenth of the entire property | of the country, as estimated In the census of 1570, | and probably not over one-fifteentu oi the actual wealth of the country to-day. This, you will ob- | serve, is a far less ratlo of debt to property than | the government assumea in 1790, while our rate of increase and our power of creating weaith tran- scend the same Capacities of that day in so large @ degree that I do not Know ot any comparison or unit of Measure that could give any adequate con- ception of its vastness. It may, however, serve to give us some idea of | | | | our enormous productive power to reflect that in point of annual income and earnings we stand to- day at the head of all tne nations, iar exceeding Great Britain, France, Russia or the German km- | pire. Next to us, indeed, comes Great Britain, but all the earnings and income of taat Kingdom Wiil not exceed $.,000,000,000, Whereas we are in | excess Of $6,000,000,000, both reckoned on a gold basis, and both tables of statistics quoted fram a British authority. Moreover our present annual Tate of increase in income resulting from increase of popuiation and or laborers and from improve- ments in machinery, is about $120,000,000, an this, regardless of occasional reverses and Nnuncial | panics, is abselately progressing in a sort of geom- | etrical ratio. Many who now hear me will live to | see the population of this country reach 100,000,000, aud by calculations which will err in being too gmall, it theyerr atall, our annual income will then exceed $15,000,000,000, or five times as much earned and realized every year as our entire pub- lic debt Of ail forms is to-day. 1 The inquiry is pressed home to us why, in view | | of our enormous income and earnings, are we. such a borrowing nation’ If we earn and receive | more each year than Great Britain, or France. or | the German Empire, wiy are we borrowers from them’ Why do they and not we hold the buik of | our national securities, besides so vast a propor- tion of State loans and railway indebtedness ? The question ts a serious one but tie answer Is easy. It is simply because we spend more iavishly than any other nation in the world. Our people live better and live laster, have more abundant food and better clothing, more expensive nouses and t and equipage than those of auy other nation in the world. So that with all our enormous income We save far less than some European nations whose gross annual receipts are far below ours. But if for a single decade we should by any concert of action live on as econom- | ical a scale i this country as they do in the most | javored Suropean Kingdoms, or a8 we did our- | selves only twenty-five yeats ago, we should save enouxh to recall every American Stock and Bond from the coffers of Foreign Bankers, and should ay of with ease our entire national debt, or at east have it held among or own people, which in itself would constitute no small decrease of its burden. If such a return to our old habits of econ- omy were practicable and practised, and the drain of golu coin to Europe to pay ioterest on our bonded indebtedness were thereby stopped, I ven- ture to afirm that many problems of finance, now disturbing the people and perplexing vue Legis- lator, would Ond an easy solution—nay, would not | even remain to be solved at all. There is one featurein our progress to which I have already made incidental reterence which, despite all drawbacks of personal extravagance or national crisis, gives us @ solid assurance for the future. It 1s, that rapid as may be our in- crease in population, our increase in property is ina vastly greater ratio. From 1790 to 1870 our popuiation increased avout 1,000 per cent, but our property increased about 5,000 per cent, In other words, our population in 1870 was ten tines as large ‘a3 in 1790, whic our property in 1870 was fiity times as great asit was in 1790. We can hardiy assume for the future that our wealth will row five times as rapidly a8 our population, out think with ali tbe labor-saving appilances that modern high van that regard, rapid increase of very brief period, be “not unwisely increased—an burden, By the census of 1790 it was spparent wat the aggregate property of the nation only allowed $150 to each individual. By the census of 1970 this had increased to $800 per heaa, And now | it may be confidently asserted that before we have | 78,000,000 of people we shall have $100, 000,000,000 of property. * * * With @ territory nearly as | large as the whole of Europe we have succeeded io bringing its extremes together in the easy Mterchange of trade and ir already possess in ground we fely count on such @ we may 8a! | built god are operating 70,000 miles of railway more than they have in Europe | and a the rest of the world beside; we have increased our agricultaral products until the crops of a single year are worth more than $8,000,000,000 in gold coin; we haeve multiplied | the number of our handicrafts and our power of | machinery until we are one of the foremost maa- ufacturing nations of the world; we have pushed population away beyond what but yesverday seemed the most distant frontier, or indeed until | by the waves of ervher great ocean. With @ population so widely extended, with local interests so greatly diversified and olten in seeming confilct, it is not to be expected that so great @ government as ours Can at ail times be administered with perfect satisiaction to every section and every citizen. But we daily grow to know more of each other, and J am sure it will be found of the Kasi and of the West, of the North | | and of the South, that the more inumately they become acquainted and related, the better they wii uke each other and the less will appear the ciferences that sometimes divide them. Tarify and internal improvement and cheap Wansportation are ali suaceptalie of iair settle- Ment alter full discussion, and tn the final arbitra- ment of @ wise statesmanship It will be found, in regard to these questions and all others of like | Inagnivude, that the interest of one section ts the interest of all, and that the “more perfect Union” | Whieh our fathers sought to estaniish will be Bef and finally realizea when each section is unwill- | Ing to enjoy an undue advanvage over any other, | and when all sections are alike ready to gov- | erned in what they ask and in what they @ive, in | mon rate of interest at the Bank of England | stituuions. mvention ig producing, and with the | material wealth as will, in a) render our indebtedness—if it | inconsiderable | resented but three, but with the other part, repre- | endship; we have | what they demand and tue “Despotism of Duty. WHAT ARE PANICS? Sree An English Protessor of Political Eeo: omy Before merce—A Popular Address on Finance, A regular meeting of the Chamber of Commerce was heid yesterday, the President, Mr. William EB, Dodge, in the chair, The following gentlemen were elected members of the Chamber :—Benjamin P. Baker, No, 101 Pearl street; Antoine Barry, No. 90 Pearl street; Eugene R. Durkee, No. 135 Water street; William Duryea, No. 29 Park place; Frank- lin Edson, No, 23 Whitehall street; Nathaniel Fisher, 31 Warren street; John H. Kemp, No. 116 Wail street; Ferdinand Lawrence, No, 15 East Forty-sixtn street; Frank B, Thurber, No, 116 | Reade street; George L. Trask, No. 589 Broadway. The Presipent introduced to the Chamber Mr, Bonamy Price, Vrotessor of Political Economy, at Oxiord University (England), PROPESSOR PRICH’S ADDRESS. Professor PRicE regretted that he had not known that he should have nad the honor of aa- dressing the Chamber, for in that case he would have submitted @ written address. He would, however, talk to them in an tniormal way on the question of “Panics.’’ What, then, are panics or crises? Why, they are occasions of great diffi. { 1 cuity in obtaining funds; high rates of discount; | inquiries as to who are sound and who are un- sound; who are the men to be trusted and who are the men not to be trusted. We had a scene like this in England in 1866. That was a time when the great London and Westminster Bank— the largest bank in England—was in dificul- ties. What was the danger? Why, simply fright and nothing more; simply alarm and nothing else. To use @ popular but significant phrase, the peo- ple were inastate of ‘{unk.” In that time the fathers of the city—always men of high standing— sat in council all night, as though they could work Out the cure for this financial trouble by sitting up all night. Now what is really the question to con- sider in this state of things. The financial crises have occurred with such wondrous regularity that | currency notes which constituie their floating | they are supposed to come within a periodic cer- | tainty, like a comet. They come within a deci- mal period of ten years. So that it really ap- peared that there was a law of the money market which enabled @ man to home at tne end of ten years and tell his wife that he was a ruined man. such a law? Of all this I believe nothing. I believe the cause can be stated. If you take proper precautions the evil may be averted. It is not the magnitude of the loss alone that consti- tutes the crisis. A bad harvest in Engiand is a loss of £30,000,000, A bad barvest in England means that you have got to buy £30,000, 000 of corn twice over. The larmer has to seed, till and manure the crop, but the August rain comes tn and the corn ts not reaped. You have got to live | and you have to buy it of the stranger who nas | had better weather. of treasure. That 1s a loss of £30,000,000 But that 1s nota financial ruin. It is @ calamity, but that is all. War is the most | un-economic thing in the world. It is a deliberate association of men to destroy. But war is not necessary to produce a panic. Take also the cot- ton famine in England. Mills were ruined, poor men were doing no work, the great apparatus of @ great trade was consuming and non-producing. Yet there was no panic. Mere loss of property, then, did not produce panic, Like @ typhoon a panic whipped up the water locally, but the neigh- boring wuters were calm. In the panic of 1866 and 1347, the time J am now relerring to, the com- was ten per cent, and to many p Nay, men were offering hall tiNir property for loans so that they might be saved /rom ruin, and yet they could not get advances. Yet at this very borrow money at jour per cent, This is a fact that was absolutely historical, The most characteristic thing of modern trade ja that it 18 carried on with otner people’s capital. | Tne traders are not the people who supply the | capital lor their business. Some capital they do provide, but not the buik—certainiy not, Tne bulk of modern trade 1s carried on 1n bills, A bill says. “1 cannot hence.” ey Inust be discounted, and the panic was a tury in Which the general traders could not procare discount. It was in the bankg,discounting took place. The locality of tie storm was there- jore fixed in the banks, Banks are peculiar in- You may ask the Governor of the Bank of England the simple poy what a bank is, and he cannot tell you. Inever met but one man, and that was Mr. Poilard, the tounder of the great London Joini Stock Bank, who could tell me What a bank is, Tie grocer, the bookseller had no difficulty im saying what they dealt in. Will ia? It is marvellous that no one can answer. Yet it is essential to know what a bank is to get at this law as to crises. It ts said that a bank deals in money. That is not what a bank deals in. deny that fat. I said in an article that 1 wrote in Fraser's Magazine that the bank of Robarts, Our- tis & Co. did not deal in money and that thirty per cent of their business was not money traus- actions. Money meant stamped pieces of metal Which were generally Known by the name of coin. That is tue only true money. I am well aware that in England a bank note is money, but you take the note and can go over to tne other je of the street and get gold for it, Why is not acheck money? A promise to Ee; @ thing is not | the thing itself. Paper of all Kinds are merely ttle deeds—nothing else. | Mr. Upayke asked in what class legal tenders | should be inciuded ? Protessor Price said—Ciearly {mm the secondary sense, money; though nothing could be real | money but actual coin. Sir Jon Luobock had analyzed the business of a great banking firm. Their business was £19,000,00). In the transaction of that business they had only used £3 in every £100 Of bank notes, and in every £100 only 10 snulings. That was about three and @ ball per cent, Bankers, therefore, con’t dealin money, What, then, are the other ninety- seven things they dealin? A bank’s business was of several kinds. First, to collect debts, tu take pieces of paper embodying debts and to collect them. What does he do to avoid going about and collecting each ove? He can’t be sotroubled, A cotton broker comes and puts down his bills. A silk merchant comes in ahd wants to raise money, ‘The banker says that a cotton broker will notdraw | against his bills fora month, and therefore you may draw against them for a month. He | thus collects debts by creating new ones, in which be, the banker, 1s the This is done through the Clearing House, where Robarts will find £4,000 in checks against him when he bas but $1,000 to collect on | the cotton bills. But they run finer tnan that. In jact, at twelve o'clock both transactions will be ended. A banker is, therefore, a transferrer of debt. It was essential to understand what bank- ing was. It was what related to the goods sold and bought. If banking was in danger it was be- cause Many goods had been sold and the buyers were jew, When the buyers were unwilling to | use all their power then the banks were in money, discounts were low and “money easy,’’ When the farmer nad good crops he came in, sold his wheat and left his surpius with the banker. But when it in what they conceds, | by that spirit of patriotism, which always obeys the “authority of principle” and always yields to the Chamber of Com- go | Is there a law of business that maintains | arties }Wenty per cent. | B now but | can pay three montns | iD 1| lender, | SPECIE PAYMENTS. National Debt. NOTES | CURRENCY Resumed. | Mr. Ernest Friquet has written an interesting letter to Mr. John Sherman, Chairman of the Sen- ate Committee on Fioance, of which we give the | | most striking portions | L My first proposition is that the basis of the re- Sumption of specie payment tn the United States | les betore you, ready at hand, in the unquestiona- | ble and unparalieled public creait of the United States. | "TL. My second proposition fs, that upon this basis of the public credit ot the Unied States nothing more is nerded to bring about the resumption of | Specie payments than a simpie act of Congress. THE NACIONAL DE The United States deot cousisis of two main cat- | egories. Fir it runded debt, five per cent and six per. ating debt. Total, exclusive of minor items... 82, 382,00),000 on of these categories is equally vital to the tof the Repubic, and each must be sacredly and exactly discharged, It then, by an act of Congress, the foanug debt m the lorm oi cur- Treacy notes, shouid be transformed in'o a funded debt at five per cent, the total indebtness ot wie Republic would not be changed. The two catego- ries would be in.used inio one, Tue capital oi tue devt would still be the same, THE FLOATING DEBT. UL My third proposition is that the floating devt should be transiormed into a funded deni, | not at its assumed value as expressed on the ace | Of the notes, but at the real value as expressed in | the market price of the notes in gold at the time | of transformation. For this there are in my | opinion two clear and adequate reasons:— First—The United States have never bound themselves to an immediate redemption of the debt. Jt 18 impossibie for the bearer of one of | these notes to compel the United States to re- deem it to-day or to-mo:row, Ii, then, the Treas- | ury offers such an immediate redemption, the | Treasury modifies and improves the posiuon of | the uolders of these notes, aud bas an equitabdie rigat to the compensation odered by a redemp- lion, not at the par face value, but at the real seil- | ing goid value o! the notes, CURRENCY NOTES. Second—The currency notes have never been taken by any holder at their parin gold. Noman can say that he has paid $5 in gold ior a Treasury Lote 01 $5. To redeem with $5 in goid a note tor Which tue holder paid less than $5 in gold, there- fore, would be tor the Treasury to present the holder with a premium or proiit at the expense of the tax payers ol the nation. This the Treasury, which 1s but the trustee oi the public moneys ior the service and benefit of the pubiic, has no’ right | to do. Its sule duty is to settle the lawiul uebts of | the nation in conformity with the national huuor. | Admitting the force 0! these reasons, which I con- | ceive to be incontestable, what material results | would follow trom the redemption on this principle of the floating debt ? The $32,000,000 of currency notes actually in cir- | culation in the United States, being offered to be | traustormed into five per cent bonds at their actual seiling value in gold, would represent at the average ruling discount of ten per cent the lollow- | ing sum in bonds:— ‘Treasury notes in circulation . $332,000,00 Less ten per cent... ++ 38,200,000 New government five per cent bonds....... $343,800,000 HOW SPECIE PAYMENTS CAN BE RESUMED, TV. My fourth proposivion is that the conversion upon this princtple of the actual floating debt of | the United States into a new government loan at | five per cent can be made the sure aud sale means | of immediately accomplishing the resumption of specie payments. How is this to be done ? Having | brought myself now to the point of departure of the whole movement of the plan 1 have to offer, | 1 proceed more tully and less formally to develope it. I propose that Congress shall ‘pass an act authorizing the Secretary o! the Treasury to create, | , time the agriculturists and country squires could | print and offer for sale, $243,800,000 o1 government | gold bonds of equal character and like /orms and | rights with all the other series of government | bonds already issued, but bearing two conditions peculiar to themselves. eae ep aaa of the new bonds, which | may be cailed from their origin bank note ‘bonds, must pay (or them exclusively in currency notes, Second—Tie purchaser of the new bonds must bind himsel/ to deposit, these bonds immediately | in the Treasury, receiving im exchange for them | Linety per cent of their face vaiue in new bank | notes redeemable in specie at sight at tue Treas- ury. in tnis way the withdrawal of the Treasury Motes from circulation will be immediately bal- | anced by the issue of the new bank notes. There | Will, tt 1s true, be a difference im the amounts, for | instead of the $382,000,000 o: the actual currency | notes the Treasury can issne but ninety per cent | on the $343,800,000 of the new bonds, making | | $309,420,000 of the new bank notes. How this dil- @ any gentleman present tell me what banks deal | ference of $73,000,000 in tne amount of the circu- ; lation can be at once made up I will hereafter | Show. What I wish at this point to insist upon is | unis conversion wouid offer to the public, not for | submitting to the resumption of specie payment by the government, but for effecting that re- | sumption by its own volition, and just as slowly | or just as Sswiltly as its own necessities may | dictate. NATIONAL BANK NOTES. But the greeubacks are not the only paper cir- | culation of the United States. You have to-day | $360,000,000 of national bank currency, making, | with the $382,000,000 of greenoacks, a total of | } $742,000,000, and this amount, it appears, 1s ad- | mitted to be inadequate to the exchanges of the | country. Is my pian, thereiore, besides reducing | the volume of the greenbacks, a3 we have seen, to | destroy the national bank notes also? By no | means, | _ What is the origin of the national bank notes? | They are notes issued by private corporations up to the amount of ninety per cent 0. the par value of government bonds deposited against them in | the Treasury by tuese corporations, In other words, they are issued by private corporations upon conditions precisely identical with the conditions bs ge which the ‘Treasury 1s to issue its new vank notes against its new bonds. All that will need to be done by the banks, then, in order to keep in circulation the equivaient of the $360,000,000 Of bank notes now circulating will be to eflect an exchange of notes with the | Treasury. The “greenback” bank notes will dis- | appear and in their place will appear “yellow bucks” or “redbacks,’’ or any ‘The guarantees will be entirely unchanged, THE MEANS OF CIRCULATION, I have now to explain how these new bank | notes are to be got into circulation. Jt will be clear, from what I have aiready said, that the pur- chasers of the new bonds are to be required to de- posit their bonds in the Treasury, receiving in ex- | | change for them ninety per cent of their par value in specie bapk notes. In other words, the ex- clusive privilege which the pauional banks | pow enjoy of issuing circwating notes against a deposit of government bonds will | be abolished. Any noider of the: overnment bonds will have as much right asthe national banks to obtain specie notes against them. These specie notes will be de Jacto anonymous noies; they will not be the creation of any private bank- ing corporation. Their value will depend abso- lutely on the deposit of government bonds which they represent, and they will be payable at the The Two Main Categories of the DISCUSSED. | How Epecie Payments Can Be simply the absolute freedom and facility which | color you please. | really eect an annu $353,000—a sum whica would probably cover all the expenses of printing, &c,, the new notes. As to the (ax of one-half per cent on banks, that mere question of the budget whica Vongress may deal with as tt sees best, 1 have shown already that under my plan the capital of the debt remains unaltered. show bow that the increase o! the interest charges is largeiy compensated, Who, then, can complain ? Not the Treasury certainly; not the taxpayer, not even, a8 I will now show, the national banks. The ‘Treasury neither gains nor loses. taxpayers suffer a drawback of interest on their bonds in exchange for a poe advantage. The national banks alone will clearly make a profit b: the operation. Under the new state of things, if the banks keep their bonds deposited in the ‘Treasury, the of five per cent interest upon them. But they will need no reserve, and ninety per cent of the notes tney receive. he ‘Treasury should establish @ provisional cleart house tor the classification of the national ban: Dotes paid into it ior taxes. Whenever the Treas- ury hoids $50,000 of the notes of one bank that bank should be notified that the Treasury nas credited it with $50,000 of the new bank notes aguinst a like amount of its own notes cancelled. A SELP-ACTING SAFETY VALVE. The withhottrng oy the Treasury of two per cent On the interes( coupons of the deposit bonds will be sound, I maintain, to protect the public equaiiy against “corners” in currency and against infla- tion, If the circulation of the specie bank notes, for example, suould be contracted so as (0 ve in- udequate to the needs of commerce the price of money would rise 01 course at once in proportion. It wouid then become at once advantageous to bondholders to deposit their bonds in the Treas- ury ana receive ninety per cent of specie bank Notes against them, and the level of the circula- tion wouid be immediate resiored, On the other bana, the moment there existed a surplus of cir- culation, the price of money ialling in couse- quence, it would cease to be advantageous to the boudioiders to lose two per cent on the interest o1 their bonds, and bonus would accordingiy be withdrawn from the Treisury and specie bank Notes returned to the Treasury until the level of the circulation had again become restored, How can the certainty ot THE REIMLURSEMENTS AT SIGHT In specie of the specie notes at the treasury be secured? In one oi two ways:—Either through tue specie reserve or through the sale of the col- lateral security. Kither method is entirely open to the choice of the United States. It is evident that @ specie bank note jor $100 1s nothing more than the representative of a bond of $110 in the possession of the United States. This bond can be sold as easily ag a bushel of grain in the eievat- ors at Chicago, It will have a marker price, be that what it may, and that market price is sure to be above the murgin of ten per cent, since at the present time eveu the United States bonds are at par, The bonds in the treasury, thereiore, would Teally be so much gold, just as the bushels of grain in the elevators of Chicago, and o! this gold there el enough in the Treasury to cover ail emerg- cles, THE COURTS. The courts in commencing next Monday will, it is said, carry out the laws more strictly than usual as to jurors and their endeavors to get excused, through influence with the clerks and oficers of the courts, are not likely to prove successful. | Jurors who, therefore, neglect appearing in per- 80n run a strong chance for arrest and imprison- ment. Joseph Schwick, who had been accused of com- mitting at Munster, in Prussia, a forgery tu the amount of 56,000 thalers, was yesterday committed by Commissioner White to await a mandate ot ex- tradition irom the President of the United States. VIOLATIONS OF THE EXCISE LAW. * ‘The proceedings in the General Sessions yester- day, before Judge Sutherland, were interesting, especially to those who are concerned in the prosecution and defence of a iarge number of liquor dealers who have been indicted for an al- leged violation of the Excise law. The trial of Martin Nachtman, which is said to be a test case, | Was moved in this Court on Wednesday by Assist- | &nt District Attorney Rolling, and adjourned till yesterday in order that an extra panel of jurors might be summoried. Afver the transaction of considerable routine business the Grand Jury suddenly appeared in court, presenting turough the foreman one indictment, and as quickly disap- peared, failing to make the expected presentment, It was soon discovered that the bill handed to the Court was a new indictment against Martin Nacht- man, and additional ligbt was speedily thrown Upon the matter. Mr. Rollins said that the indictment just filed by | the Grand Jury was against Martin Nachuman for @ violation of the Excise law and that there was previously filed by the Grana Jury some montns ago an indictment for the same offence. He had ascertained tuat morning that if the prosecution Went to trial on the first indictment and a technical point were made by the counsel for the deiendant, the Court would be obliged to instruct the jury to acquit onthe ground of variance between the | prooland the indictment. That indictment was | drawn in accordance with the form which had | been universally employed in the office of the Dis- trict Attorney since the enactment of the original | Excise law, but having been informed that morn- | ing that the courts having heid whe crime charged in the indictment to be a local offeuce, Making it necessary for the pleader to charge | | the offence to have been committed in @ particolar ward and to prove it ; to have been committed in the ward as alleged, a new inaictment had been prepared, charging the offence to have been committed in the Tenth ward of the city of NewYork, This was | no surprise to the defendants’ counsel, for they | very well knew where it was charged that Martin | Nachtman was engaged in business, The new in- dictment also contained another count, but it dia | not admit of any evidence which would not have | been aumisstble under the former indictwent. | | not yet pleaded to the June indictment and was ready to enter a plea upon tnat, Mr. Rollins stated that he did not ask the de- | fendant to plead to the first indictment, and moved thata nolle prosequi be entered upon the indictment of the 3a of June, 1874. He arraigned | him on the second indictment, which, according to the statute, superseded the first, Mr. McKeon intimated that the motion should be to quash the first indictment, and asked that an order be entered disciarging the bail in that cuse. Judge Sutheriand directed that a nollie prosequl be entered in reierence to the June indictment, Mr. Rollins was willing that the bail should be discharged upon that indictment, and moved that the defendant Nachtman be put in custody upon the new indictment, Mr. McKeon asked for ball, whereupon Mr. Rol- lins objected to the defendant's being bailed, be- | cause he wanted to proceed with the trial. | Judge Sutherland was inclined to think that the old bail would hold good. ‘The accused was in court, and the next thing was for him to plead to the indictment when arraigned upon it, Mr. McKeon said, ‘I know nothing of this paper | (meaning the new Indictment); J won't touch it until I have time to look at it; 1 want acopy of the indictment for the purpose of examining it and seeing what plea should be made.” | Mr. Rollins explicitly stated that the first count of the new indictment, charging the defendant | was the other way—harvests bad, prices low—the | United States Treasury. Created by virtue of an | with selling liquor to one August Erben, was pre- or farmer had nothing to leave, borrow, Then came the pinch. but wanted | was increased. Yet that was what all Loncon | was doing to-day, Banking, he repeated, was a brokerage of purchasing power. He begged them not to associate that with the currency which rep- enting the ninety-seven per cent. Mr. Dodge asked if in his view anything could be done to prevent panics, Professor Price saia then he must pass over to | the silk man’s side, The banker had acted just like adollar in exchanging cotton for silk. He had lent to the silk man. So long as the silk man’s | business was good the payments were all right, | one had paid for the other. But suppose instead of that the broker lent {t to @ larmer wio | was anxious tw put £60,000 in drains. The | farmer was responsidie, and the banker loaned, | The work went on tor two years, the laborers | wearing out their ciétnes and consuming food but J chtpieg | nothing. Put ail the dweilers in New ork at digging holes and filing them up und they | would soon starve, In the case of the farmer the Teturns are not to come for eight or teu years. He cannot replace it till then, Take the larger scale, as America had done wen she built rail- | roads and docks and beautified towns, destroying both in the | there is no frontier left save that Which is washed | property and not replacing it. Tuen came poverty | when there was nothing to sell, and then the crisis, | Arailroad did not replace itself tor Hfty years, Car- | ried to excess such a thing destroyed the wealth of the country so Jar as banking went. I! there | were no sales of goods tuere Was bo banking. | Useiul as they were, 80 far as banking went they might ag well throw the goods consumed into the sea. the panic in America was tue huilding of rail- | roads, There were large, unproductive lands in | the West that could be vrougnt into use if the products could be bronght to market; the baild- flow silly | to rejoice because the amouut of gold in the cellar | Mr. Dodge said that probably what bad caused | act of Congress, they will bear upon the lace the date of their issne, the date of the act authorizing their issue, and their value in specie, payable at the Treasury. To establish their authenticity | Congress must authorize the creation within the | Treasury Department of THREE NEW BUREAUS. This office will give a certificate that A or B has | deposited so many bonds. mad—The Bureau of Printing, or Printing Office. This oMlce, alter presentation of the de- osit certificate, will proceed to strike off special ank notes to the value of ninety per cent of the bonds certified to as deposited. Third—The Bureaa of Issue, or Issue Office. This office, after verilyiug the previous certificate, will aeliver to the depositor his bank notes, Tne certificates and signatures of these three offices borne upon the bank notes will establish the facts of the deposit of the bonds, and of the legitimate issue of the notes against that deposit. The Treasury will be respon- sible for the authenticity of these certificates and these signatures, and jor nothing more. And through tbis responsibie action of the Treasury the bank notes wili be put into circulation, THE TREASURY AND THE PUBLIC. Congress nas only to authorize the Treasury, when bonds are deposited with it as collaterals to secure bank notes issued by it, to retain, so lon as it holds the bonds, two per cent of the interest of these bonds, paying to the holder o/ the bonds accordingly, during that time, not five but three per cen. on his bonds, This measure would not only secure the object aimed at, but, while it is perfectiy equitable, it would actually better the resent condition 01 bankers wader the present Banning law. This can be briefy shown. The augmented interest under the proposed plan would be $17,242,000. Against tais we are to put:— ' 43,800,000 bank note bonds | ing of railways had, to some extent, accompliahea | TW?,er canton raise ; | this. a Two per cent on $006,001 | Mr. Price—That is all very weii if you can afnord by the haspant banks fry it. Crises almost always Come from the destruc. ing cireulaty Mo ow... serecessecccess 7,920) tion of property, or destruction of property that | TWo per cent on $40,050,000, to be deposited, in could not be replaced, This was brought about by ! bankers and brokers encouraging, nu doubt, what | were very use/ul things; but they would be useful twenty years hence- A railroad does not replace its money for tity years. | $10,000,000 that money is mot restored for flity years, If @ raiiroad costs order t bring up the new circulati now existing 4,600,000 Two per cent on $110,000,000 additional bonds to be issued in order to bring up the circula. tion to the figure of $842,000,00). Total..... From this Pirst—The Bureau of Deposit, or Deposit Ufice. | cisely the same as the first count in the June in- dictineat, except the substitution of the First for the Tenth ward, and the second count charged | that the accused sold liquor to one Jacob Waller. Mr. McKeun persisted in decilning to plead until he had an opportunity of examining the indict- ment, and continued to protest in his character- istically earnest style against being forced into the trial of the new indictment, and urging with great vehemence the postponement of the trial, At the conclusion of this mental pyrotechnic dis- Play His Honor reminded air. McKeon that he was not deal, said he would protect the dignity of guilty, and added, “Unless there is some other motion, call a jury.’? During the excited colloqny which took place between the Judge, Mr. Rollins and Mr. McKeon, Mr, A. Uakey Hall, the associate counsel. having remained perfectly mute upto this stage of the proceedings, now arose and said :— “Physical deafness 1s no> the only infirmity of nobie minds. There is sometimes a mental deaf- ness, and I do not wish to be accused of that, nor of sacrificing the dignity of the Court by keeping Btll, I bave endeavored to protect my own dignity in this matter by keeping stil,” Mr. Hall then reminded His Honor that Mr. McKeon's motion was that the hearing in thia matter be back ytegree for a day, in order that he might have ime to look at the indictment. If the Court in- Tight to subsequently wishdraw the plea and Make & motion to A Saere the indictment, Judge Sutherland defued his position by saying that the first point which he wanted to settle was ged 1 bane toe Wt hate he would be counsel upon Fone the trial. ipon the motion to post Mr. McKeon was evidently not so willing to enter the arena as his plucky opponent; for, when- ever District Attorney Roliins moved the case for trial, the mercurial MeKeon sprung to his feet, calling for ‘time! It is not customary for the fiery McKeon to admit that he is worsted in any wordy warfare; but his repeated de- mands for “time” ou this occasion indicaved that he was disinclined to measure swords With the brijilant Rollins without feeling that he Was thoroughly equipped for the iray. The “proceedings” were brought to an end d; the Judge ordering that Mr, Nachtman give bail in the sum of $500 to answer to the indictment, that he could plead gulity or not, as he chose, @ud that the case would be postponed till Rriday saving to the Treasury of the Court, directed the Clerk to enter a plea of not | sisted they would not plead guilty, reserving the | will receive three per cent instead | may use the full amount of | ‘mr. Joun McKeon said that the defendant had | £00 for some time past. morning. Of not guilt; The counsel consented to enter a 'y, with the privilege of withdrawing it if they saw fit when the Court should meet tn the morning. As Friday will be the last day of the i 4 W is not at ail likely that the trial will pro- THE CITY RECORD INJUNCTION. In the suit brought to cancel the contract awarded to Martin B. Brown for printing the Clg Record, Mr. William F. McNamara, counsel for Wil- liam ©. Rhodes, yesterday served upon the Mayor, Comptroller and all the heads of departments the injunction order recently granted by Judge Pratt, 1n Supreme Court, Chambers, enjoining them from paving Brown any money of the Corporation for printing the City ander bis contract, As every oMicial act of any department, board, bu- reau and oMcer of the city is required by law to be published in this paper, should the paper cease to be puolished by the coniractor the machinery of the city government would not work smoothly. No provision meantime bas been made by the Board of City Record tor continuing to publish the paper in case the present contractor stops. SUPREME OOURT—OHAMBERS, Decisions, By Judge Lawrence. Mascher vs. Carman et al,—Motion for judgment ‘anied, Marshal vs. on | 63.—Memorandum for counsel, By Judge Daniels. Memorandu} Burbank vs. Hess. ancoueld va Ailey —Motion denied, Memoran- SUPREME COURT—CIROUIT—PART a Decisions. By Judge Van Brant. Vance vs. Luke.—Motion for a new trial granted, Pignard vs. Poissonnier; Broods Vs, Simon, im- Pleaded, &c.—Cases settied. SUPERIOR COURT—SPEOIAL TERM, Decisions. By Judge Van Vorst. Walkley vs. Walkley.—Report of proceediny confirmed, and decree of divorce in favor of the Plaintiff granted, Smith et al. vs. Smith.—See memorandum for counsel. Pye ee vs. Dusenbury.—Case and amendments led. Partington vs. Brown: Heye vs. Robinson; Weston vs. Ketcham; Hayden vs. Dixon; Bailey ys, Burns; Phyfe vs. Casey; Smith et al. vs, Ryam; Knopp vs. Knopp; Russell vs. Day; Gregg ve. Howe et al.; Ashman vs. Painter; Bradiong va Weber ; Bacon vs, Dunsmore.—Orders grante COMMON PLEAS—SPEOIAL TERM. By Juage Loew. Holmes vs, Garrison.—Motion to place cause on special calendar of short causes denied. Loratt vs, Loratt; Hinman vs. Wavts.—See memorandums, Ubihaus vs. Oblhaus.—Judgment of divorce granted to the plaintif, Dannelly vs. Muidoon.—Lien to discontinue granted on payment oj taxabie costs, Hobby vs. Garrison.—Motion denied. Bleakiey vs. Glines.—Motion to vacate order of arrest denied. Mcintyre vs, McIntyre.—Order settled, COURT OF GENERAL SESSIONS, Before Judge Sutherland. A large number of prisoners were arraigned yes- terday in this Court, many of whom pleaded guilty. James Haley, who was charged with burgla- Tiously eatering the house of William H. Davis, No. 444 West Twenty-ninth street, on the 28th of August, pleaded guilty to burglary in the third degree. He was sent to the State Prison for fve years, James Hogan and James Davis pleaded guilty to @n attempt at burglary in the third degree, the allegation against them being that on the 30th of August they broke into the porter manufactory of John J. Gottsberger, No. 52 New Bowery, and stole $104 in money, James Wallace, who, on the 7th of Angust, com. mitted the cowardly offence of stealing a cow worth $65, belonging to Aaron Katz, pleaded guilty to an attempt at grand rasceny Marcus Deveau tendered @ siunilar plea, the charge against him being that on the z5th of Sep- tember he stole a watch and $20 in money from August Kleber. Charles Watson also pleaded guilty to attempt ing to steal, on the 10th of August, from Douglass Moseby, a silver Watch, Valued at $25, and a coat worth $15. John Gordon pleaded guilty to an attempt at larceny from the person, the indictment setting fort that on the 7th cf August the prisoner stole @ pocketbook containing $300 irom Max Greene, while riding in one of the cars of the Belt line. A plea of an attempt at petit larceny from the person was accepted irom William Green, who on the 4th of iast month stole a pocketbook contain- ing $2 irom Catherine Hasson. ‘he above named prisoners were each sentenced to the State Prison lor two ye:rs and six months, Leo Peyantz, Who was charged with stealing, on the 26th of August, $32 in money belonging to Lucca Feinstein, pleaded gulity to an atvempt to commit that offence. This prisoner was an intel- lectual looking young man, and gave an interest- fug history of himself througn the accomplished interpreter of the Court. He said he was a Turk, that his father was a banker in Constantinople, that he spoke several foreign languages, and came to this country Roping, to procure an engagement as a teacher. He further stated that he was tempted by his impoverished condition to take the money, most of which was returned, and that he daily expected a letter from his father. Judge Sutherland said he believed his story and sent him to the Penitentiary for one month, JEFFERSON MARKET POLICE COURT. Before Judge Flammer. A Charge of Embezzlement. Charles Smith was committed in $500 bail yea. terday, charged with embezzlement. Smith has been employed by the proprietors of the Colom A few days ago he was entrusted with $5 G0 to pay tor an advertisement. Instead of paying the money be put it in his pocket and returned a receipt In full purporting to be signed. Smith claimed that the prosecution Was @ job “put up’ on him. FIPTY-SEVENTH STREET POLICE COURT. Horse Stealing, Before Judge Otterburg. | Judge Otterbourg’s first appearance in this Court was the occasion of some changes which may tend materially to facilitate the business of the Court hereafter. His first case was that of Jacob Brooks, charged with horse stealing. Jacoo was employed by Mr. David Jones, ot sixth street, to drive a team of horses. On Wednesday he got drunk and wile in that condition he attempted to trade one of his horses with a stranger, who, sup- pane him to be @ horse thief, caused his arrest. le was committed for trial. A Charge of Mayhem. John Leig, a sailor, appeared to press a charge of mayhem against a shipmate named Edward Anderson. Leig was unable to speak a word of English, and the particulars of the assault upon him were inquired into in the German language by His Honor in person, while the presence of the interpreter was entirely disregarded, Anderson was finally held for examinauon ona charge of disorderly conduct, to which the origi- nat complaint was changed, because Leig would have to leave with his vessel, and could not remain to prosecute the accused on @ charge of mayhem, COURT OALENDARS—THIS DAY, SUPREME COURT—OCHAMBERS—Hield by Jud Dantels.—Nos. 16, 22, 78, 90, 100, 111, 112, 113, Ne, 144, 155, 157, 160, 182, 188, 194, 202, MARINE CoURT—Parts 1, 2 and 3,—Adjourned for the term. Court OF GENERAL SeEssions—Held by Judge Sutherland.—The People vs, Martin Nachtmap, Violation of the Excise law. COURT OF APPEALS CALENDAR, ALBANY, N, Y., Oct. 1, 1874. The following is the Court of Appeals calendar for Friday, October 2, 1874:—Nos. 158, 159, 74, LL, 92, 121, 140 and 124, COMMISSION OF APPEALS CALENDAR. ALBANY, N. Y., Oct. 1, 1874. The calendar of the Commission of Appeals for a 2, 18 a8 follows :-—Nos, 270, 266, 272 Adjourned until to-morrow at half-past nine A.M. REPORTED WRECK OF THE ALASKA, No smal! excitement was created yesterday af ternoon by the announcement that tne steamship Alaska, belonging to the Pacific Mail Steamship Company, had been blown ashore at Hong Kong. A representative of the HERALD called at the com pany’s oMce yesterday afternoon, and learned that no fears were entervained for the safety of the vessel. It was stated that in the typhoon of the 2ist ult, the Alaska was driven ashore, but she has made no water, and, as far as ty known, shi is Dot Bt Ibie confuently ex- ected that atthe next ti igh tide the ship will be joated of uninjured, There were no passengete on board, as the Alaska had only left the where she lay six weeks before the accident a where repairs had been made upon her copper sheeting and a new shalt provided her