The New York Herald Newspaper, February 13, 1875, Page 5

~ GOLD AND. PAPER David A. Wells on the True Solution of the Financial Problem. More Hard Experience Necessary to Pre- pare Us for Resumption. OUR EXCESS OF CURRENCY. A Cremation Theory of Open and Direct Contraction. Twenty-Six Millions of Greenbacks Should Be Borned Annually, A MONEY FAMINE NOT TO BE DREADED. Labor the Basis of the World’s Commercial Media. The Law of Supply and Demand in Finance. SPECIE HOARDING NOT DESIRABLE, A Coin Circulation a Military Necessity. To rau Epiros oF THE HERALD:— In answer to your request to communicate my ‘views in reference to what ought to be the Onan- clal policy of the country In respect of resump- tion, Iwonld say, that I have hitherto refrained from expressing any opinions publicly on this subject, not from any lack of interest, but because I believe that it is necessary for the country to go through witha certain further amount of hard experience before it is willing to even attempt to agree on any definite policy for resuming specie payments; and that pending the arrival of this period the opinions of no one inaividual, however weil considered, are likely to receive much serious consideration from the public. Or in other words, Horace Greeley was exactly right when he de- clared that ‘the way to resume was to resume,” If he thereby meant that a serious intent on the part of the people tomake a beginning was the essential prerequisite to resumption, and with bhis existing there would be practically no other dimculties, I do not belleve that this time, or this parnest conviction of the necessity of specie re- sumption, on the part of the majority of the American people has yet come, but nevertheless, as you have expressed a wish for my oplnoions, I rive them cheertully. WHAT WE KNOW AND WHAT WE DO NOT ENOW RE- SPECTING THE VOLUME OF CURRENCY NEEDED. In the first place Ido not believe that any man van affirm how much currency @ country wants or will use so long as that currency 1s restricted to an exclusively local circulation. A three cent piece, if it could be divided into a sufficient num- ber of pieces, with each piece capable of being handled, would undoubtedly suffice for doing all the business of the country in the way of facili- tating exchanges if no other better instrumen- tallty was available; and, on the other hand, if our present volume of irredeemable paper cur- rency was to be expanded to the extent that the \ssue of French “assignats” is said to have once been—$9,000,000,000, or 45,000,000,0001.—we may feel certain that the increase would, in no long time, all be used, and that prices would adjust themselves accordingly, as they did in France at the period reierred to, when 6,000 livres was the fare ior a ride in an ordinary hackney coach. But iW we cannot aMrm specifically upon either of these points we can affirm with certainty that, if we are going to do business on the basis o! the world’s currency and measure the value of our exchanges according to the standards most free from fluctuation:—viz., gold and silver—our pres- ent volume of currency 13 excessive. The evi- nce of this 18 the existing premium on gold as compared with currency. THE CREMATION THEORY OF RESUMPTION. To restore now this standard, to make our cur- repcy on a par with the world’s currency we must retrace the steps by which the standard was departed trom, or, in other words, having depre- ciated the value of our currency by issuing auring the war more than would suffice to effect the ex- changes of the country on a gold and silver basis we must, in some way, get rid of this excess. Up to this point a great majority ot all who are sin- serely desirous of the restoration of the specie Standard are agreed; but in respect to the exact method in which the excess Is to be retired a wide divergence of opinion is encountered. My own opinion on this point is, that the simple, straignt- forward way is the best, and I, therefore, regard with no tavor any of the numerous indirect methods that have been proposed jor accomplish- ing the desired object—such as the interchange- ability of notes and bonds, the accumulation of specie in the Treasury by borrowing or boarding; the substitution of natioual bank notes tor greenvack: the immedate abrogation of the legal tender quality of the currency; the substitution of compound interest notes for greenoacks and the like. All of these pians, 80 Jar as they have in them anything of etfective- hess, mean contraction, All of them are attempts to sugar the pill, which the doctors proposing are @greed has in some way to be got down the throat of tbe patient, But the American people are not goivg to allow themselves to be deceived in this business. If a scheme has got contraction in it they will see it, no matter how carefully tie same may be disguised by machinery and circum- locution; and they will act contrary to their nature il, when they become really in earnest for Bpecie payments, they do not more readily agree to go to lt by the direct, unmistakable road than travel, if wo may so express it, “all round Robin Hooo’s barn” to get to the same destination, And il they are unwiliing to consent to contraction, then, im my opinion, they can’t have specie pay- ments. Discarding, theu, all indirect methods, [ would adopt what may be called the “cremation” process, or I would have it enjoined on the Secre- tary of the Treasury to destroy by burning on a given day of every week, commencing at the earliest practicable moment, a certain amount of the legal tender notes, 1xing the minimum at hot less than $500,000 per week or at the rate of $26,000,000 per aunum., This process once entered upon and continued, the gradual appreciation of the greenvack to par with gold, and the ultimate equalization ol the two would not be a question of iact, bus sumply of time, What specific amount of contraction of the legal tender would de necessary no oue can tell with certainty. But, speaking generally, we can affirm with absolute certainty that to just the extent to Which our present volume of currency, suppe-'ng it to be exclusiveiy coin, would, by tue laws of trade, be diminished by exportation to just that same extent the volume of our existing paper cur- Fency needs to be contracted to equalize its value with coin. If the present average premium oa gold represents and measures the excess ol cur- rency, and we assume the amount of currency In active circulation at $750,000,000, thea a contrac- tion 01 Irom $80,000,000 to $90,000,000 and a period 01 less than four years would sufice to restore our currency to a spe baste, Bub MH, on the otner hana, Lhe excess oi currency over aud above What ts veguired to Go the oustness or the couutTy On & gol baols Is greater than is indicated by thé pres ent average gola premium i} point couceruio Which Opinions difer) then @ longer period woud NEW YORK HERALD, SATURDAY, FEBRUARY 13, 1875.-TRIPLE SHEET. be required, But, sooner or later, if the contrac- tion was continued, the desired correspondence would be effected. SPECIE RESUMPTION INVOLVES NO COMPLICATED LEGISLATION. Agaiv, @ definite policy of contraction, once reed and entered upon, it does not seem to me jat there need be a single furtner legisiative rovision, other than to provide the means neces- y to furnish the requisite supply o1 notes for cremation. There 1® no necessity of talking of redemption in the sense of exchanging goia for notes On presentation and demand by holders of the latter across the counter of the Treasury, To redeem in this sense the government must exer- cise the function of @ banker, and that, too, of a political banker—a iunction that formed no part of the machinery of the State previous to the war, and which ail experience since the war proves not desirable to have permanently added to exis ing federal functions. All that the lederal govern- ment had.to do witn the currency belore the war was to certifyto the public, by aMxing a stamp, that certain ‘pieces of gold and silver had acer- tain definite weight and degree of fineness. Have the American people seriously considered the peenple luture to their industry and national life if the federal government, daily becoming more and more a partisan instrumentality, is allowed tn the iuture to do more than provide that all banks and bankers, before isauing their notes for circu- lation among the people, shall give ample security for the payment of all such issues in exact accord- ance with conditions specifled ? Furthermore, there 18 no necessity for taking any measures to provide for any large or extraordinary accumula- tion of gold in the Treasury, or of regarding the future supply of goid a8 a serious element in the prublem under consideration. The thing to be done is simply to pay of and extinguish an over- due debt of $382,000,000 the same as any other debt, and ior providing the proposed $26,000,000 per annum, or any other sum toat may be agreed upon. The government has at its disposition and free use the rrowing power,” the “taxing power” and the “power of economizing its expen- ditures.’’ And how great a power of strengihen- ing the Treasury 1s avaliable under the last head is sufficiently shown by the general statement, that while the ordinary expenses oi the federal government have been tucreasing since the termination of the war at an average ratio of more than six percent compounded annually—a rate far in excess of the rate of increase of popu. lation—while the ratio of increase of expenditure in Great Britain lor the same purposes in the same period has not been in excess of two per cent per annum, compounded annually, and tends annually to decrease. The obtaining of so small @M amount oi additionai revenue as woula be Recessitated by the minimum contraction pro- osed 1s, thereiore, a matter not to be regarded in the light of a serious obstacle; while all the other dificuities which it is popular to conjure Up in connection with resumption can be beat solved, aS will Le hereafter shown, by leaving them to solve themselves. NO SERIOUS DEFICIENCY OF CURRENCY LIKELY TO KESULT FROM CONTRACTION. Talso count as an absurdity the idea that the business of the couatry is likely to be unfavorably affected by a deficiency of currency consequent une contraction in the manner proposed. Were all the currency in the country absolutely swept out Ol existence to-mvrrow morning there would doubtless be much inconvenience experienced, the same as though all the ygrd sticks, foot rules and bushel measures were ‘fo disappear; but in either case there would not probaviy be one less acre of land cultivated, yard of cloth made, ton of coal dug or pound of iron smeited in consequence, and the Yankee natton would not merit 1ts title to Sagacity if things Were not very soon moving in much the same manner as before. There never has been atime in this country when any one who bas had anything to sell which others in tne community wanted and were able to give in return @ Jair equivalent of some kind of value who ever found himself in want ofa market. And, on the otner hand, ifany one has to sell what the com- munity don’t want and can’t pay for he will dud a dui! market, whether the currency be scarce or abuadant. During the winter which followed the financial panic of 1837 the collapse of the banks and the feeling of general dis- trust against paper money left the entire West almost absolutely without currency; and yet business went on, and the products of the East and the West were interchanged very much as be- fore. During the last tuirty years vhe business of Great Britain has increased enormously without any increase Whatever in the bauk note circula- tion or any corresponding increase in the amount ot specie held and kept 1m use by the public; and yet no inconvenience from the lack of circulating Media to elfect exchanges has ever been experi- enced by the Britash public. Toe explanation of this 1s that the small amount of legaily authorized circulation in Great Britain is either by naturai or artificial laws kept so invariable in its vaiue, and So free from fluctuasions, that the Britisn com- inunity have come to regard tt in very much the same light as* they do the yard sticks or busnel measures Kept at the Mint or the Tower—some- thing not to be used so much directly tor eftecting exchanges, but as a basis for the construction on the parto! the public of other simtur instrumental- ities, which, so long as they are strictly conforma- ble to the slandard, may be muitiplied and used, like measures Of length and capacity, without any restriction, And the \uriher circumstance that this standard 1s effectually maintained, with a spe- cie reserve in the Bank of England rarely in ex- cess of $76,000,000, conveys, It Would seem, at least @ hint of how the United Stares ‘Treasury can gO back to and maintain specie payments with no More gold in iis coffers than the ordinary flow of revenue Will bring into them. It 18 safe, therelore, to afirm that uf, pending the process of contraction, the business interests of The country, 1n contraaistinction rom the specus lative 1uterests, snould experience any deficiency of the circulating medium, 1t1s entirely witain their power to supply this deticiency without Jur- ther legisiation. The organization of banks ona geld basis, with power to issue currence; yy w deposit ol bonds, and redeemabie o 1g gold, 18 allowable under existing prov: law to apy extent; and ii the communit: not resort to agencies thus readily available for Une supply of currency during the period of con- traction it Wili constitute a preity positive proof that no more curreney 1s needed. And apart from the action of the public we may feel certuin if the comptrvilers of such banks saw an opportunity to issue their notes aud have them kept in circula- tou they would tuke Very good care to issue them a8 6000 as possible, without Watting for appii- cations, THE LAW OF SUPPLY AND DEMAND, The equalization in value between greenbacks and gold being once eifected tne legal tenuer quality of the national currency becomes a matter Ol 00 practical importance, aud may be leit to take care of itsell unul abrogated vy the general abrogation of the national currency liself, At tne Same time any Vacuum created inthe volume ot curcuiaung mediam by the cremation of $26,000,000 Of legal teuder per annum will, by the operation of natural laws, ve filled irom the world’s reser- voir of gold, including our own na‘ural produc- tion. Of the truth of this there caunot ve the least possibie douvt. If there was a real or antic pated scarcity of wheeloarrows in the country that man would be considered & fool who should seriously propose that Congress should undertake vo legulute the supply by statute. Aud yet there is one and the same iaw governing alike’ the sup- ply 01 gold aud o1 woeeibarrows. ‘ney are both tools or commodities, and the connury Will bave and use ail of either toat itcan use profitably. ‘The dentists and jewellers of the United states nave hever, even at the me wien goid commanaed the highest premium, experienced any diticulty in getting all tie gola they wanted. We nave never heard that any of them ever contemplated petitioning Congress on the subject, or that they Jay awake uignts for tear taat thelr busine: Would be lnteriered with by reason of a deiicienc, And i they had wanted ten or a hundred tim More gold than they actualiy used and their custon ers hud ceen willing to pay for it they could east Nave had it, In svort, there can hever be a pe’ Munent scarcity or surpius Of srold und silver in a couutry Which adopts tue world’s currency any more inan there can be a scarcity o1 milk or wheat, lor the jaw of supply and cemana regulates the quantity and adjusts Lue prices 0: one uf these commouities just #3 inuct as it does the otaer. Li, in the next twen:y-iour hours, one Nunured mil lions of legal tenders were to be.auded (o the eb culation of the United States, domestic pri other things remaining equal, would on the ave ae be alfected to the extent of hut less than on Seventh, und currency Wou'd remain in respect to scarcily or abundance relatively as betore, But it one huadred milous of gold, without labor, were to be mysteriously snowered down ’ upon | us Im the Jorm Of coin, it would not affect prices appreciably, ior the disturb. ance from the quanuty would be diffused over tne toral com circulation of the worid, estimated at upward of ten thousand mil- lions. ‘Lue world’s currency may tuerefore be | compared to a reservoir like the broad ocean, capaole alike of quieuiy ausorbing any surplus of supplying any detivier son ot any locality Without distur prices. Any ler Volume Of currency Which owes whatever it has Of Joyal fender cuuracter to statute enactment rather than to an untversally recogolzed vaiue, Must be subjec atuer thaa general Maws, and, like yh OF Water escay ing irom | @ broken OL, WHL prove poweriul for disturb ance just in proportion as its vorume | proportionate to the chauhel ia wiiet itis velied to flow. Hence tie extraordmary garabling Nuctuattons which of necessity attend the use of any currency Wuuse circulation is local and does not partake of the universality of the worid’s curs rency, aud experience must Mmevitabiy sooner or later show to vocates Of our present paper money that t) © permanent prosperity in any counéry undertakes tu do DUsiLEss with auy ocher currency than the world's cor. reucy. ‘ihe members of tic british Parliament who, in 18ll, vo “Builtun Report,” don Ww tais; wut e mimercial exp extreme aud cont tious in prices, brought them to a diferent opin. jon. and ih Isls they almost! Unanimously indorsed th y had belore almost unan Furtuermore, tne y PNCY Is Daned ON jE dis the 8 regmated py demand, or by the law Which gives Us much When we Want much and little wea We want litte. A gold dvilar in the Upited States at the present time represents on un average oue-nall of a day's laoor by a0 unskilled Mwborer, One collar or one Thousand | dollars, on the courrary, In paper, represent alike hot over five miniies 0: tie labor of any man, Tue vaiue o: the gold dollar is fixed and cannot oe alien Tae valte o: the paper dollar 18 con: stantly fucitatiog; depends on te whims of Congress and is more capricious than the chances: oilered at any gaming tavie making the slightest ad down the principles of the and lie mercaants and ho Sustained them, did not it years’ lurther ‘financial lence, accompanied by ally Occurriag Muctia baukers of Li beueve "4 ‘8 retemce to fair dealing, With three percent in avor of the Dank tne kruptcy of any continu- ous player at apy given game upon the green cloth is only a question of time; but to put the gaming table on @ par with our legal tender we must give th fawbier the po to vary t chances in bis rf irom hour to hour and from day to day, and decide, if he so desires, that the player shall not nave aly cuance at ail. GRADUAL CONTRACTION NOT LIKELY TO OCCASION FINANCIAL DISTURBANCE. From the time that Congress (January, 1868) took trom the Secretary of the Treasury the power, reviously bestowed almost without opposition, contract the currency, itseems to been taken for granted by the great majority who have undertaken to discuss specie resumption that the exercise of gradual contraction necessarily in- volves financial disturbance, paralysis of indus- try, interraption of exchanges—something, in suort, Of @ disagreeable nature to be forced on ail engaged in speculative its; something in the way of seli-derial to voluntarily endured by the more virtuous, For this opinion there does not seem tome to be any gooc and suMicient foundation; but, on the contrary, I believe that it the process of contraction be de 80 gradual as to cover a period of from three to four years there would be not only no marked financial disturb- ance or inconvenience to solvent debtors; put that, on the contrary, @ realization on the art of the public that policy had een seriously entered upon which day -by day was leading the country to a condition of greater financial stability and insuring increased Picgie lor investments, would of itself so rap- idly unlock Ci and induce investments as to greatly stimulate every department of productive indusiry. Money (capital) on cali loans is super- abundant at all of our financial centres, but for use for lengthened periods it can only be obtained with great difliculty, if atall For this phenome- non there 1s but one explanation—namely, lack of confidence in the financial tuture—whica lack of confidence will continue until we agree upon some national fiscal policy looking to the resump- tion of the specie standard so clear and detinite as to satisfy the community tnat it can and will be carried out. Give the country this and busi- ness will revive immediately; but scuemes like the Sherman Finance bill, which, while promising, embody no conditions for making good the prom- ise, are worse than useless. The depreciation of currency, 48 measured by the premium on gold, was reduced between 1865 and 1871 from 133 to 10, and the burdens oi debtors who con- tracted during the same period to pay in carrency were also increased proportionally; and yet there was no complaint on the part of debtors tiat it was unusually difficult for them to meet their obli- gations during tuts period. {8 it not, then, on its face, an absurdity to talk about the impending ruin to debtors and the prospective paralysis of industry in case effective measures are taken to cause the remaining discount oi ten or twelve per cent on the paper money of the country to dis- appear Within the next four years at an average rate of two anda half to three per cent per an- num? if any direct evidence is needed to strengthen our faith on this point it 1s tu be found in the recent experience of France, which, be+ tween October, 1873, and December, 1874, with a view of insuring a return to specie payments, contracted her circulation to the extent of over $200,000,000, and this, too, without in the slightest degree impairing or weakening, but rather strengthening ber credit, resources and in- dustry—viz., by retiriug directly througn the Bank 0! France $95,000,000 of its paper money and increasing the specie reserve of tne pank by more than $110,000,000, Another striking tliustration of the extent to which the evils of contraction exist only in the imagination is to be jound in the circumstance, not generally known, that during the last two months in which Mr, McCulloch availed himselt of his power of contraction, and Wall street and the country generally worked themselves into sucha panic about it as to induce Congress, almost unan- Imously, to take away the power, there was in truth no real contraction, or contraction in ihe sense of diminishing the number of tostrumentali- tes for effecting exchanges in the hands of the puolic; but the procees consisted jor the time in mere bookkeeping entries in the aided ledgers and assuming that a reserve of notes in the Treas- ury (Dot one ol which for months bad been in the possession of the public) was to the same extent diminished; bat which diminution, according to the subsequent theory and action 01 Messrs. Bout- well and Kichardsor, never in reality took piace, but was merely a financial fiction, ready. and in jact made tu yleli on the occasion of any emer- gency. Ungestionabiy the certainty of a restoration of specie payments, Consequent on the adoption o! a fixed policy, would induce great caution und a conservative feeling in respect to all financial transactions throughout the country, But this, so Jac from Vil objectionable, is the one thing most desirable, The interest of the whoie coun- try demands that, for the present, at least, no more laor or capital shail be enticed into enter- | prises which will not yeld a quick and remanera- tive return, even if Certain iuciviauals? interests be thereby Injuriously affected. No possible detri- ment, moreover, can come to any branch of busi- ness Irom the restcration of the present uncertain value o1 the currency to a fixed and stable value except such a8 are merely speculative and the profits of wmich accrue more irom fuctuations in prices than irom the honest employment of labor and capital for trujy proauctive purpuses, THE FUTURE OF THE NATIONAL BANK ISSUES. As with the question of the ‘supply of guild” and the matter of “iegal tender,” so also the future of the national bank issues does not seem to be a subject requiring aby additionai iegisiation, Io proportion as the volume of legul tenders is di- munished by cremation the banks must have gold with Which to redeem their notes. But this is not @ prospect to be regarded with upprehension, ior Just 10 proportion as the volume of legal tender hoves 18 diminished below the natural volume of currency needed natural laws will supply the vacuum with gold just as certainly as natural laws will supply any vacuum of grala or muk in any community, and fi there is ho excess of cur- reocy iucirculation then the quautity of notes which will be offered at any one time for redemption will be comparatively in- significant, it shouid also be borne in mind that by ‘the plan proposed of destroying $26,000,000 per annum, it would take at ieast three and probably jour years to equalize gold and greenbacks and between lourteen and fifteen years Co effect an entire disappearance vi the legal tender currency. Jf the national bank issues are, therelore, to be ever brougnt back to a specie basis it 1s difficult to see how the chauge can be effected more graduaily or the bangs treated more consideratelys WILL If PAY TO ENTIRELY WITHDRAW THE GREEN- KS Bat It will be observed that 1 favor the entire with- drawal and extingtushment of the greenvacks, I Gesire the 1ederal government to get vut of and abandon forever aud 48 soon as possible this whole busiuess 01 creating and issuing paper mouey, ve it redeemavle or iredeemavie, ior { believe as lung ag the lederal government continues to recs ognize anything as money except haru matcer-oi- jact “iabor representing’’ vold and silver, just so long the country will uot have the stable and un- fluctuating currency necessary to put us on a par with other nations in commercial deaiings and secure tbe most rapid and 1ull devel- opment of our great national resources. A with- drawal Of $382,000,000 uon-interest bearing lewal tender (reckoning lterest a jive per cent) would be equivalent to an aunual joss to the treasury of $19,000,000, But what 1s this in comparison with the loss annually sustaiued in the Country vy rea- son of the constant fuccuation in tae value of our present currency—an aggregate Wiica no one who has given the subject any attention would vuink of estimating at less than 000,000 per annum, to say notning Of the losses occasioned by tue diversion of labor und capital from productive em- ployments to speculative pursuits and enterprises, Turough the inducements and temptations which are always oferea by an irredeemable, fluctuating | paper currency, There are at present $750,000,000 of iredeemavie paper in constant circulation, the value of wiicn 18 rarely the ssme oue duy with anotner, and yet every time | this $750,000,0v0 fluctuates one per cent there is the opportunity avlorded Jor $7,500,000 to Change | hands witwout value received. ‘The all-suiicient | answer to ail those who hoid to the continued use oO: redeemable paper, as well as those wuo hold to the theory that 1, does not pay tu accumulate and Keep at great expense a large amount of xvid | and silver, I order to use It as currency or « basis of currency, 18, that the esseutin! element in money, a8 in 5 1ckS, pound weghts and bushel measures, 18 stavility, or absence iu the highest atiainavie degree of a@ tendency on the pure of the measuring iustvument to measure alt- jerently under diferent Uimes and clicumstances; and that one of the most costly lessons which the world has ever learned. ts that there is no cure reucy So iree [rom fluctuations, Occasions so lite loss oF brings $0 Muct prosperity to 118 users as & currency based Upon or actually Consisting of gold and silver, Keobomy by using paper in the place of coin, I nold to be of tie same Kind as thas which substitutes cinder lor tron i the munulacture of ratiroad bars. shoddy in tne piace of wool, starch in the manulacture of cotton i the place ot flore, or paper in the manwfaciure Of boots aNd shoes 1 the piace of leather; superticially, ine bogus aru. cle may look as well, or even better, lor a time, than tue genuine one, but in the loug run “it don’s pay. THE MASS OF THE PEOPLE CREDITORS. It 18 also pertinent to call attention in connec. tion wita this general savject Lo tue opiuion wiied so generally prevails, that the mass o1 the people of Uhis country are debtors, and that their imter+, esi hacuially arrays them IM vpposition to an, pollvy of coutraction or to any policy whatey contemplating a retura to specie payments. \ so ute Ire WS hypowiesis betug warrant exact contrary ts the cruth, the the people in Fuis and every Other Counsry do not | possess suflictent of credit, througa the owner- Ship of property or amount of in ue, tO enavie them to become debtors—however much they may desire to be—except lor such Insizatticant amounts as the applic tion of @ few days’ lavor or tie prace NOT DEBTORS BUT | more, the Inere granting by Co MuSs101 tice of @ brief economy would suilice to liquidate, The great mass ot ail who work lor Wages—irom the fact that the Wages are paid pertodically—are also, Irom necessity, nearly ail the Gine eréditers anu hot Geviors; While a the case of taaG much smutier portiou of our populativa whose annual receipts exceed their unuual expenuitures, the surpius in tocir hands, at any one tie, for iInvest- ment 18 80 small tuat the ouly profitable Way open to Wer jor using itis by assuming the posiuion of credvor—t.¢@, by loaning either directiy on a promissory vote, bond and mortyage, or by the purchase Of some evidence of tidebi edness 1s- sud by the federal or St goverumonts or by corporations Or by joaning indirectiy us stocklold- ers or depositors thruueh bauks or iNsriaitons jor the management o1 savings. Hence the origin of the $1, 100,000,000 standing to the credit of deposit- ors ta Our savings Danks, Hence, also, the even more striking fact that in New York city, where the multitude of banka is popularly supposed to be due to the accumulation of large wealth in jew hana, the average amount of bank stock owned by individual sharehoiders does not exceed a par vaiue of $3,000. The only class of debtors whose instincts, therefore, naturally prompt them to op- ose contraction are what may properly be termed ‘bloated debtors,” or those who, oy reason of large property, uave claimed and optamed large credits and have used those credits, or, what is the same thing, have run in debt partially on ace count of legitimate enterprises, butin the majority Of cases lor the jurtherauce o! illegitimate specu- lations whose existence and maintainance have worked ‘o the discouragement of honest produc- tive industry, RESUMPTION BY THE HOARDING OF GOLD, IF PRACTICABLE, MOST UNDESIRABLE. The proposition to effect resumption by accumu. lating @ stock of gold in the ‘'reasury (in lieu of or wituout any contraction of the volume of legal tender), the same to be effected either by the sale Of Donds or by hoarding, seems to me utterly senseless and impracticable. ‘The distribution of gold in the financial aod commercial world is very analogous to its distrioution i the physical world, It is everywhere present, though not in any large quanuty in apy one locauion. ‘There are probabiy as muci a ten thousand millions of gold coin and buihon in general circulation. There are provabiy not over seven hundred miilions in the possession ani keeping oi all the great banks of Europe, Offer sufficient inducement and gold wiil graa- ually fow tn from the world’s reservoirs in quan. tty sufficient to supply the demanas ot any locality for circulation, ornament or mechan- ical se as surely as Water distributed any- where in the soil will trickle down and accumuiate imio wells or cisterns excavated below the general level. To attempt to force gold to accumulate quickly vy artificial or spasmouic efforts m a given ljocaiity would, however, be analogous and attended with results similar to the attempt to draw water in quantity irom the sou directly, even though the most powerful pumping engines were employed for the purpose. {he gold aad the water alike eXist in abunoance, bus the quantity of either ey LO be Obtained by endeavoring to make them flow in accordance with other than natural laws will be uncertain and unsatis- Jaccory., ‘The amount of goid wich some ol the best recognized authorities have estimated must be in the possession o! the country, in order to make resumption a success, and irrespective of auy contraction, has veen placed at as hign a figure as $300,000,000; thereby necessitating an absorption (rom other countries of from $100,000,000 LO $200,000,000, In additiva tu the sock on hand, But the a tempt to tuke at once, and as the re- sult of special effort, from the foreign stock of gold as Much as even $100,000,000 Would certainiy be resisted by all the great European financial Powers to the extent of their ability; and, if effected at ali, could only be by offering United States bonds on such terms as to constitute ex- traordinary inducements tor European investors, Neither 18 the prospect of our being able to retain in the country any considerable portion o! our domestic product of gold without contraction auy more promising. If tae conditions ol our foreign exchanges Were such that gota was required to be sent abroad—a condition of things periodically certain to occur—it would either go or our whole commercial system would be subject to such a aegree of disturbance that the hoarding policy would be speedily abandoned and the country at once set back Into a more inextricable siouga of irredeemavility than ever. But, Supposing the desired amount of gold to be once acquired by the Treasury, 10 open then the doors and commence resumption, as it is pro- posed, on a fixed day, without preliminary, aae- quate contraction of tue legal tender, must be to simply interchange gold lor notes untii the Treas- ury stock of gold Was exhausted or the mapket value Ot gold and greenvacks haa become eq\al- ized, ‘The result Would be contraction, but con- traction so instantaneous and paintul as to tuduce a@cycione of financial disturbance, and, if the in- lerchange Was maintained suMciently long to pro- duce equalization, would leave the Treasury and tue country im just the position that a gradual contraction would have placed us without any disturpance, But the provabilities are that, smarting With pain, the whol: business interests of the country would insist on instantaneous, tem- porary relici by the reissue of the redeemed greenbacks, in whi case no results beyond dis- lurbance would have been effected, WHAT 13 MEANT BY GROWING UP TO SPECIE PAY- MENTS, The talk about the country growing up to specie payments only means exteuding the time indef- nitely auring Which a process of contraction 1s to be made operative; tor the only way in which the country can grow up to specie payments 1s by diminishing the ratto wnich the present volume of currency hoids to population and business by in- creasing population and business. It 15 ul80 to be remembered that as communities become more highly civiiized and as population increases the tendency 38 tv employ less rather rhan more cur- rency, and effect exchanges througn the agency of banks, cleurtug bouses, caecks, biils of ex- change and other negotiable instraments, and that the sume effect results Irom an increase in the rapiaity of 1utercommunication and transpor- tation, With the volume of currency remaining fixed and exclusively local in its circulauon all such substitutions for the use of curreacy are, thereiore, equivalent to expansion, and go very Jar to neutralize any contraction resulting from the increase of population and business; add to which the elements o! uncertainty whether Congress, as long as the currency Js irredeemaole, will, under the varyiug pressure of poiltical oF financial circumstances, allow its volume to re- main lor apy jengthened term of years unchange- abie, coupled also with the possivility toat a second Boutwell or Ricaardson may Gnd their way into the Treasury, and he mnst be uf a decidediy san- guine and vopetal temperament who will expect a restoration of the specie standard by the “growing up process” before the end of the present cen- tury. SPECIE RESUMPTION A MILITARY NECESSITY. It is un exceedingly curious circumstance, con- sidering the extent Co which the necessity of being prepared for war 1s nade the vasis lor so much of our fiscal legisiation and the reason for so large a proportion of our anuual expeuditures, that ihe country in the whole discussion coucerning specie resumption seems to have aimost entirely overiovked one of the most vital poiuts connected = with ‘the subject—uamely, tne necessity of haying @ full supply or goid in the hands of the peopie 10 order to enable us as a na- tion to carry on fuvure war, forei:n or domestic, offensive or deiensive, in any degree successfuily. Looking backward We find that the country tor one-sixth part O1 the entire period of its national existence has been in a state of war, aud ior the Juture there ts no good reason for supposing that we are to be any more exewpt irom the Vicissi- tudes of nations than weenave been in ti But what is our financial condition? country exhausted of specie! the Treasury weakeued to such an extent that on the 1st of January lase the umount o1 gold in Its possession was reported to be only about $200,000 1m excess of its gold lapii- ties. Nearly one-nail of the present annual sold supply of the world is the product of (he United States, but we are playing Ure part of the prodi- gal, spending our means in riotous living and artving the “goiden stream away jrow oar borders to foreign lands, whe peuple of which, Just as alive to their interests where the doilar js concerted as ts the “universal Yankee nation,’ are so thorougly sausiied by long experienc Vulue 01 specie as a basis ior eite wating Values—ihat they gladly cep ali that we cao send them. With » cure | rency based on gold, even approximacely, and a credit not unduly tampered with, a mass ot de: Jerred promises to pay—irredeemabie piper—caa | be ffaied wiih varying degrees o: Duoyuncy, as has one 14 the United States sinc: t to edeemavillty on irredeemabiity ior the purpose of providing the government with means would be an ab- je Of One hundred miluons or rior any sucn purpose—nay oc the per prostrate our vance gold to an ssive premium, and stimalate evecy ¢: tor to demand tnmediate payment for ail ov. due obligadons, for fearless & few days? aela, would put ib im the power of every debtor to Satisly his Gedts by the tender of that whica had practically no value. Were tue country, tuere- lore, under existing circumstances, to drift lato War with a Power so Weak eveu as Spain, the first necessity ol the government would ve to creaie a new currency, But what new currency could be created? Uléarly nothing but a gold curreacy or y based on redeemabiitty in gold oa de- Mund; ioc the people would take no more like the oid Issues eXcept at such a depreciation as to com. pel the government to pay two or three prives for everything thatit needed, But to cail imo exist- ence at such a time a gold curreacy to fll up the specie Vacdum In this Country Wiica we are Dow surdity additional jegal tend to issue—would at on urreucy structure; woud every day creaung, by any sudden and excessive demand for void, Would be exceedingiy dincull, of not altoseter impossibie. “In deiault, however, of some such expedient the ubter prosiration of the natiousl cnrreacy could noi be prevented; and tots ia tuen would carry with it tue whole national credit, and bring as to National vankruptey at a Ume Wien for the nae tton to have good credit and use it would ba oF all things the most imporiant, With a renewal Of Civil Strie, by many predicted; with Spain ai- ternately builied and threatened by the auminis- tration, our national situation may hot mapuly be compared to tae Of children playing i a tuaga- zine of mitro-glycerine, ‘he cesting and riding of heavy guns, ihe constru tion and equipment ot Jorts, arsenals and vesseis ard all Malters worthy OF attention; but tL sity of the hour is wien prevent the flow of specie by natura and oy natural chennels inf the hunds or Un peopl:—the only manner uw reliable res: ervolr of gold, to mee. tae cles oF War, Can be certailly and e€couowicaliy created. Witaout tnis We shall, In the Cass: of War, be beaten as a nativn before We begin to ligt. CONCLUSION. The Legal Tender act was 3 war measure anda Siovy. dtcontemplated a tux at che time of ue OF NOLES Wuder it Uden Lue creditors, and 1. contemplates im @ return fo specie payment an equal aud corresponding tak pou tie deotors. Now, ‘ne creditors have Bia their tax and hay vad (her day of trialand butuen, aad any itor Who at the time objects A unpatriotic, Bab a UNnpALriole Who HOW Object the tax whic the conatey’s them? Does not he who no! s Payments in lacs OPPGs® CHE results of the Ani Dave Hoe ail debts StUCe mace their ou racts KuOWine (at the lygie of the war NO’ those eq pay their shu ISLFESS Imposes upon | Opposes a rovurn to posed the hecessity OL Bpecie payments, with ail 18 consequences} Does nob pairi: olism as much prompt t yMent 1 ihe legal tonoer as It prompted tts ori is Mot the payment a part of tie e Tak Heep at tire 3 Patriotism consist in promising to pay and not paying, or have patriotism and rascality become synonymous terms, thus contirming the opimion of harsh old Dr, Joungon, that tne lust reiuge of a scoundrel was patriotism? It 18 also worth remembering that if we now de- eline to take any steps lookiug to specie pay- ments und postpone the time to some distant juture, a8 in the Sherman Fioance pill, we are acting for the benefit of the present wt the ex- ponse of future debtors, ana that the claim of the jebtors In 1879 for delay Will be just as wortny of consideration as 1s the claim o: the debtors of tor day. Auy recognition of tue necessity of delay 18, therefore, {rom this point o! view, tantamount to saying that the country will never find it expe- dient to resume. DAVID A, WELLS. MARRIAGES AND DEATHS, MARRIED, DoroLass—La ForGe.—On Tuesday, February 9, by the Rev. C, Rhodes, Mr. GroxGe DovGLass to Miss MaRIE L. LA FORGE, both of this city, HAYDEN—MERRITT.—At_ Greenwich, Conn., on Tuesday, February 9, by the Rev, B. M. Yarring- ton, Captain G. C. HAYDEN to CARRIE, daughter of the tate Jotham Merritt. MOLANAN—JARVIS.—At the residence of the bride’s parents, on Tuesday, February 9% by the Rey. W. W. Holly, Amos J. MOLAMAN and JOSEPHINE Ls suese daughter of Nathaniel Jarvis, botn of Is city. EWIS—LAUGHLIN.—At the residence of the bride’s parents, on Wednesday, Feoruary 10, by Kev. D. R, Van Buskirx, assisted by Rev. J. Spencer Kennard, Ricaaxp Y. Lewis to B Levitra, daughter of Alvin D. Laughiio, Esq,, of this city. MoonkY—PHALEN.—On Monday, February 8, by the Rev, Father Schneider, Mr. JamEs E. MOoNrY, N.Y., to Miss MaRY RK. PHALEN, of —At the residence of her uncle, George G. Sampson, at Scarborough, on the Hudson, on Thursday, February 11, by the Rey, Henry J. Van Dyke, D. D.. Wientam RB. MeDIARMID, of New Jersey, to JANE A., daughter 0! the late | Thomas A. Haley, of Louisvilic, Ky. Purrrs—RuAME.—On Thursday, February 11, at St. Mark’s Methodist Episcopal church, Rockville Centre, L. I, by the Rev. W. J, Robinson, CHARLES L, PHIPPs, Of Brooklyn, to ALICE, eldeat daughter ofS, S. Rhame, o! East Rockaway, L. 1, No cards. “DIED. ApaMs.—In Brooklyn on Wednesday, February 10, alter a lingering filness, FRANCES ELIZABETH, relict of the late Captain Richard Adams, in the 65th year of her age, Funeral services at her late residence, No, 122 Clinton avenue, Brooklyn, on Sunday, February 14, at hall-past five o'clock P, M. Relatives and friends ectiully invited to attend, —On the 10th inst., Mr, FELIx FERRER AM His friends and those of his cousin, Jose R, Fer- rer, are respecttully invited to nis funeral ser- vices, at St. Francis Xavier’s church, Sixteentn Street, to-day, at one o'clock P, M.,without more notice. ANDERSON, —FRANCIS A. ANDERSON, youngest son of Hiram and Mary Ann Anders im the year of his age, February 11, 1875, ten A. M, of Consumption, at the resiaence of his parents, No, 885 Sackett street, Brooklyn. Funeral on Sunday, at half-past two o'clock. AuNOLD.—In this city, on Wednesday, February 10, 1815, WILLIAM SKELTON ARNOLD, in the 48tir yéar of his age. Relatives and friends of the family are respect- fully invited to tue funeral, from his late rest dence, 266 West Fortietn street, on Sunday, Feb- ruary 14, at tive o’clock P.M. The remains will be conveyed to Freehold, N. J., on Monday for in- terment. Engiish papers please copy. AusTIN.—Oa Weduesday, 1875, Rovert J. L. AUSTIN, aged 79 years, Relatives and triends are respectfully invited to attend the funeral, to-day (Saturday), February 13, at twelve o'clock, Irom the Church of the As- cension, on Kent street, between Franklin strect and Union place, Greenpoint. BURCHEL.—On Fricay, February 12, Isabet, wife of Jonn J. Burchel, in the 31st year of her age. Relatives and friends of the family are respect Foe invited to attend the funeral, from her late residence, 391 Fifth street, Jersey City, on Sunday, Fevruary 14, at two o'clock P. M, BURTON.—In this city, on Friday, February 12, CHARLES BURTON, in the 33d year of nis age. Relatives and friends are respectiully invited to atrend the funeral, from his late residence, No. 430 West Forty-second street, on Sunday, Fevruary 14, at one o’clock P, M. His remains will be in- terred in Greenwood Cemetery, CANNE: On Friday morning, February 12, Many A beloved wife of John H. Canning, aged 22 years. The relatives and fitends of the family are re- specttully invited to attend her iuneral, from nér late residence, No. 274 Stanton Street, on Sunday, at hall-past nine o'clock, from thence to St. Rose of Lima’s church, Cannon street, where a solamn mass ol F-quiem Will be offered up for the repose ot hersoul, The tuneral will take place from the church, thence to Ualvary Cemetery, at hali-past one o'clock. CARKOLL.—On Thursday, February 11, MARGARET CARROLL, Wife of.John Carroll and daughter of Margaret and the late Patrick Murphy, aged 34 years, Relatives and friends of the family are respect- fuily requested to attend the funeral, on Sunday giteruoon, at two o'clock, irom the residence of her mother, 435 East Ninth street. LLOSE.—At Greenwich, Conn., on Wednesday, February 10, JoNaTHAN A. CLOSE, aged 72 years. Relatives aud friends are invited to attend the funeral, Ou Saturday, 13th mat. trom his late residence, at oue o'clock P. M. Carriages will be at the depot on the arrival of the 9:05 A. M. train irom New York; return, leave Greenwich at 4:42 February 10, ConKLIN.—At Hyde Park, L. I., on Thursday, February 11, ELLEN S., widow of tae late Ansel I. Conklin. Funeral from the Dutch Reformed church, Queens, L. 1, on Sunday, 14th inst., at two P. M. ConLon,—On Thursday, February 11, alter a lin- gering iliness, ANNIE, Wile of James Conlon, in the doth year o1 her age. Relatives 2nd irlends of the family, and of her brothers, Michael I and Jonn A. Whalen, and also her broshers-ia-law, Robert Pendergast’ and ‘Thomas Walsh, are respectiully invited 10 attend the funeral, on Saturday, Feoruary 13, at one o'clock P. M., from ber late residence, No, 93 pil g street, thence to Calvary Cemetery tor in- erment Co; |AHALA Cox, widow of the late Charles Cox, in the zsth year of her age, lier taneral will take place trom No. 241 Ninth avenue, on Saturday, 13th inst., at one o'clock. DIvKERSON,=-At Sing Sing, Y., on February 12, 1875, MARTHA DICKERSON, widow Of the late James Dickerson, aged 78 yefirs, Kelatives and iriends of the iamily are invited to atteud the funeral services, at the residence of her son-in-law, Samuel Tompkins, Croton ave- nue, on Sunday a:ternoon, at halt-past two Carriages wit be at the Forty-second street depos at mine o'clock A, M., on the arrival of the 7:50 train from Sing Sing, on Tucsday mora: ing, February 16, to convey her rematns to Green- Doventy.—In Somerville, N. 4, on Wednesday evening, Pevruary 10, ANN ELIZA VAN ARSDALE, Wile of Eugene 8. Doughty. ‘The relatives and iriends of the famtly are in- vited to attend tie iuneral, from her late resi en on Saturday, 13th inst, at one o'ciock Focanty,—On Friday, February 12, BripGet, widow ot John Fogarty, of Castiecomer, county Kilkenny, Irelana, in the 84th year of her age. Relatives and iriends of the’ tamiuy are respect. fully invited to attend the funeral, on Sanday, the ‘14th inst., ab bWo o'clock, from ber late residence, No, 513 Best Twenty -iirst street, near Second ave- nue. Fotry,—On Thursday, February 11, after a short iliness, Mra. Mary FOLEY, aged 72 years, Funeral on Sunday, the i4tn, at tiall-past twelve o’ciock, from her late resideace, No, 235 Bast For- tietn street, PaaNcis.—On Thursday morning, February 11, suddenty, of pneamoula, Pierre Ke FRANCIS, ia his Wisc year. Frieads of the family, and those of his sons. law, I. J. Temple and A. Brett, are respecttt iuvited to attend the funeral service, at S Stephen's charcy, Tweuty-eiwhtn sireet and Third avenue, on urday Morning, the 13th iust., at ast Len o'clock, _ FROST. ‘oton Lake, Westchester county, New York, on Taursday, February il, PHILANDER S. Frost, aged 65 years, Reiatives and fiteads are respectfully invited to aitend the funeral, irom the residence of Jumes Croton Lake, on Sunday, February o'clock M. Carriages Will be 1 watting at Mount Kisco stition, Harlem Rullroaa, soe Ot train leaving Grand Central depos at GayrEE.—On Thursday, February 11, Tuomas J. Gayiree, in the 54th year of his age, ‘The relatives and Iriends of the family and mem- bers of the oid Voiuntecr Fire Depariuient are re- spectiuily mvited to attend the Juneral, irom his late residence, 60 West Eighty-tnird street, on vebruary 14, at one o’ciock, Suddenly, —AL JouN Git, OF Brighv’s dis- ease. Hits remains were interred in Caivary Cemetery. Grit—suddenly, on Wednesday, Feoruary 10, aoous croup, Nin LOUISA, youugest daugater of Caarles b. and Klvira V. Grim, aged 6 pontas and 12 days. auves and trieuds are respectfully im- vitea to atiend the fne pourh Nia ' » Wiliiamsburz, on Saturday, F sth, inst., a6 tea o'clock A. M, i ang At ie N. ds, OW February 9. 1875, NNA A. Wile of teury OC, Howell, and a 01 the jate Nathan Bolles, eiccmae! ‘The faneral will take place from the residence of her inotaer, oy »ebruary 10, Dr. James Hi. to vii yeur of bis age, Relatives and iri of the lamily are respect aviced to attend tae iuneral, ab his late restdence, Atiantic street, Stamio conu., on Monuay, Fepriary 15, at twelve o'cioc! —On the 1th day of February, Isragn Le 4 66 years and 6 months, tives and Irien is are respectfully invited to attend the Inuneral, Of Sunday, the Mth tast., at ten \, M., trot 2) West twont Ur street. many) and San Frangiseo ALM. = On evening, Pobruary 1, Isto, witer a severe tiness, DORA KAM, Wie Of Abraham Kaim, in tue 06h year o: her age, The relatives and friends, also Cuebru Sheveta from Calvary churen, | 5 Junda Jordan Lodg 0. 15, 1. 0. B. B.. and the Kurmx Benevolent Association, are respectiuliy invited to attend the funeral, on Sunday, the léta mst, at ten o'clock A. M., from her late resideace, 173 avenue B, Keuor.—February 12, 1875, MARY Keno, tn the 68th Vear of her age, a native of St. Seisker, county Wextord, Ireiand, Funeral from her late residence, 303 East Eights street, oo Sunday, 1400 imst.. at one v’vlock, Wexford papers picase ¢ Kipsgy. —At Jersey City, on Thursday, 11, EpmuNp Kipyey, awed 54 years. Funeral services from bis aunt's, Mrs, Wiliam Adams, No, 67 Bank street, Monday, 16th mst, af one o’ciock P. M. KimsatL,—On Wednesday night, February 10, WARKEN KIMBALL, In the Toth year of bis age. ‘Toe relatives and (riends of the tamuily are tn- vited to attend tie funeral services, at bis late residence, No, 42 West Tweaty-second street, on Saturday. the 13th tast., at ten o'clock A. M. Lanpray.—On Friday morning. the 12th inst, Mary E., wie of James F. Landray. Relatives and frieuds of the family are invited toattend the suneral, ou Sunday, February 14, at two o'clock P. M., from her late resideuce, No, 301 Humboldt street, Brookiyn. Newark papers please cops, Levy.—On thursday evening, Divan, relict of Michaet L n her 58th yea Relatiy friends of tye family are invited to.attend the !unerai,on Sunday, kevruary Lt, at tel o’clock A. M., 11 the residence of her sone in law, Isaac iiaber, West Thirteenth street, Lrek: AU his residence, 972 Sixth avenue, om Friday, February 12, at twelve o'clock uoon, FV. LigkeNs, in the 47th year of his age. Notice of funeral bereatter. LocKMAN.—Suddenly. oa Wednesday night, at his residence at Court House Station, staten Island, Captain Abram Look Relatuves and friends are rr attend his funeral, at the Me Dorp, on Saturday, at two willbe in waring Febraary tfully invited to , New u Carriages bit Janding on the sday, February 1, » “wile of Edw . Lyman and eldest | daughter of Cornelius W. ana Saran M. Srincker- Lott. Funeral services at her late residence, No. 341 West Twentieth street, on Sunday aiternoon, létn ingt., at haif-past twe. Relatives and triends are invited to attend. MILLs.—On Friday, February 12 James Hotel, JOSEPHINE A. MILLS, Wi! G. Mills, Notice of funeral hereafter. Muim,—On Thursday, Feoruary 1, WrruaM Jony, infant son o| James and Matilda Mui, aged 13 months and 9 days. be ‘on Sunday, 1sth in: 8 Atiantic street, Brooklyn. at the St, of Joseph at two o'clock, fron Rela- tives and iriends are respectiully imvited to ate tend. —in this city, February 12, CATHARINE the beloved wile of Michael McCann, aged latives and friends are respectfully in: Vited to attend whe funeral, irom ner late rest dence, 255 West Tuirty-fitn street, on Sunday, February 14, at one o'clock P, M. McCoy¥.—On Thursday, Feornary 11, 187: GILLISPY, the beloved Wile of C tive of the parish of Gl rvey, couuty Done- gal, Ireiang, 1m the 20th year of ber age, May her soul rest in peace. Amen, ‘The friends of the tamtly are respectfully invited to attend the funeral, on saturday, Feoruary 18, from her late residence, 450 West Forty-second Nd at one o'clock P. M., without turtner no ces MoNaMAna.—On Febraary 10, 1875, at her reste dence, DeKaib avenue, oklyn, MARGARBT, widow of the late Pavmas McNamara, both fore merly of Daviin. Her remains willbe removed for interment te Flatbush Cemetery, on Saturday, at two o'clock.” Dublin, Long’crd and vVaiiornia papers piease copy. O’Brrex.—At his residence, No, 330 Grand streot, Brooklyn, E, D., at nine o’clock on Wednesday be Mr, ARTHUR O'BRIEN, eged 48 years aud 1 ay. MR eclemn requiem mass Will be offered for the Tepose oi his svul at hall-past eleven o'clock A. M, on sunday nextin St. Mary's Churen of the Im. maculate Conception, corner ot Conrad Muuger streets. Tie funeral will take plac the late residence of tue deceased to the Saran lum McCoy, @ na hureh, and thence to Calvary Cemetery en sunday morn. —On Thursd: February 11, after a , EDWARD O'NEILL, aged 55 years, he relatives and iriends are respectiully mvited to attend the fuaeral, at his late residence, No, 92 Horatio sureet, on Sunday, February 14, at one o’vluck. RKILLY.,—On Thursday morning, February i, after a long and severe illness, MARY REILLY, 19 the 65th year of her age. The relatives and iriends of the lamliy, and those of her brother, Mr. Lieury Cogan, are respectiull invited to attend the 1unera!, irom her late resi dence, No. 414 East Seventecntn s! day morning, February 13. to the Charen of the Im teeuth street, near avent quiem mass Will oe oftered up for the repose ot her sou:; thence to Calvary Cemetery jor interment, R OLDS.—On the lita lust, Epwarp Rey. NOLDS, 1m tue 43d year of his ag ‘The (rrends of the family are respectfully invited to attend tne funeral, trom nis late residence, 123 Maotsop sirect, ou Sunday, the lath ist, at one o’ciock P, M. RICHARDSON.—At Morristown, N. J., on Thursday, February 11, MARY DaBNeY, Guughter of the late Willian Richardso |, of Ricnmend. Va, The tuneral services will be heid in the South street church, Morristown, on Monday, February 16, ata quarter before two o'clocg. P.M. Tratas leave foot of Barclay street at 11:20 A. M. and 12M. RusseL.—On Thursday, Febraary il, atter a short iliness, JOSEPHINE, daughter o/ Chas, 2. Ruse sel, M. D., iu the 5th year of ner age. fhe funeral services wiil be held at the resi dence of her fatuer, 64 West Ninth street, to-day (Saturday) at two P, SIEBOLD.—On Frid a Solemn Te , February 12, our beloved and 2 moatns. The relatives and friends are respect'ully invited to attend the iuoeral, trom 342 Garden street, Hoboken, N, J., at two o'clock, P, M., on Sunday, tue 14tn inst. MesON.—On February 11, at Trinity rectory, Irvington, N. J., of piieumonia, HELEN Kent, daughter oi Rev, Stephen P. and Marie Loulse Simp-on, azed 3 years anu 6 months. Funcrai services will bs heid at J'rintty chureh, Irvington, on Moaday, February 15, at tWo o'clock I. Relatives and Irie e invited to attend, hes Will be in Waiting at Broad street station, f 4, 01 Aerl¥al OF 12M. train trom kK. Lary 10, of apoplexy, moson, and daugi+ ri M. Stratton, jay evening, February 11, sidence of ner uncle, Mr. Henry Mon- ourtn nue, alter a painiut iuess, ELIZA ANDERSON, daushter of Wiliam and Mary Bostwick and baoved wile of Edward stamu, yours and 8 ¢ Toe, 415 f the family are respect sd to attemd the funeral, on Moudag at cieven o'clock A. M. Ou Thursday nigat, MENRY STEVEN. ds are invited to attend the ‘al, Irom MS late resideace, 321 Court sireet, Brooslyn, cn Susday, at hali-past one o'clock P.M. SryMvs.—on Friday morning, Peoraary 12, 18) Jas W. STYMUs, In the 7¥ta year of nis age. Relatives and irieuds of the lamily are mvited to attend the funeral services, as his late resk dence at ba 200 Orchard stree t tweive o'clock. THOMPSON. —Un ‘Thursday, February 11, at No. 42¢ East ‘Lhtrt n street, MARY THOMPSON, Widow Oj the 1ate Peter Lnompsoa, in the 85th year of her age. fier remains will be taken to tne Church of the Immaculate Conception, Fourteeuth street and avenus A, where & solemn requiem mass will be Olfered for the repose oi her soul, on Saturday, 1h, at halt-past ten A. M.; from thence to Calvary Cemetery jor interment. firvs.—At his jute residence, West Farms, on Wednesday, 10tn inst., FREDERICK, eldest son of the late Henry and Elmira Titus, of Wesichester, in his 48ta year, ‘The relatives and friends are respectfully tue vited to atiend the /uneral, on Sunday, 14th inst, from St, Peter’s cuurca, at Westcaester, Topp.—At Sing sing, N. Y., on briday, Feoruary 12, 1875, Of pneumonia, Srevuen Topp, aged 7 years, on Sunday, Pepruary 14 on Wednesday, , Of the lirm vi Reiatives and {riends are respectfully invited to attend the tuneral on Monday, the 1éth inst,, at half-past one o'clock, isom the Presbyterian charen at Sing Sing. fRowBRIVGE.—AC Astoria, L. Lb, on Thursday, February 11, CaAnoLINe A., wie of William 8. Trow- bridze and daughter of Rey, RW. Harris, D. D. The relative 3 are Invited to attend the Iuneral, at st. scuureh, this (Saturday) alternoon, at three o 2 Van Hovre Ab tke N, Fevraary 10, ABRAHAM VAN four PF y & Lo, Funeral on Savurday afternoon, if fron 4o Walnut street. pepe YALL. —Oa Wednesday, Fepruar, 80x, Wite uf Jacob Walle eh ee Relatives aud irieads of the family are respect+ fully Invited io Attend tho funeral, trom her late Tesidence, G4 West Iwency-frst strect, on Satire day, Veoruary 13, ab hati-past ten o'viovk A, ML The remains Wiil be ¢o New Brunswick, NJ lor imferment, leaving New York at two P.M. WAND —FPeoru Li, at Fort Lee, Captais LIVINGSTON WANDE 4a year of nis age. Friends are mvited to attend the iuneral, at Edgewater chapel, between Suil’s Perry aad Fort Lee, on Suoday, 4th, at two PL A. WARBURTE JosKrH WARBURTON, aged $8 years, On the Ltn inst. he relrtives and friends of the family"are most Spectituly mvited to attend che suneral, tow his iace rest ence, 199 Court street, Brookiyn, OB Sunuay allernovn, LEE Inst, Ab EWO O'CIOEK, | iaviem, oa Friday morntag, Ss. Warner, 1 atives and iiends of the family are respect tilly Invited to attend the iuperal, from her lave residence, No, 261 hast 10th street, on Sanday alternoon, at one o'ele Wiurr. evemne, tt, i L, on Wednesday . Of ipncheria, CORNELIA Houry WN. and Adelaide 2yours, 2 moutas aud a e invited toattend the . i“ ; Soar ea er ron eek + Stapletou, on Sarusai aboueo'’ciuck lM, | pati ce a} gon and brother, THEODORE SIKBOLD, aged 6 years ae ee | | 5 ;