The New York Herald Newspaper, August 10, 1875, Page 8

& “THE OHIO CAMPAIGN. Speech of the Hon. Alphonso Taft at Marietta. ADVOCACY OF HARD MONEY. The Attitude of the Democratic Party in 1862 and in 1875 Contrasted, Mantetra, Ohio, August 9, 1875, | ‘The Hon. Alphonso Taft delivered a speech here this | evening almost entirely devoted to finance. After showing the attitude of the two great political parties on this all-absorbing question he said:— The people of the United States, from the first issue ‘of greenbacks to the present time, have regarded them es a temporary expedient and have expected a return to specie payments, The time of performance has bec Yong deferred; but Congress at its last session, having regard alike to the honor of the nation and to the ap prehension of debtors, banks and business men, made by law for measures proparatoty to a resump tion, and fixed upon January 1, 1879, as the day when the government should pay its greenbacks, if pre- sented, in gold and silver. He then contrasted the platform of the democrats and republicans in Ohio upon the financial question, arguing ‘Bho inconsistency of the former by extended quotations | Jrom the speech of Hon. George H, Pendleton, on Jan- Bary 29, 1862, when the first bill was pending for issuing §100,000,000 United States notes. In reference to the ‘uses of currency, he said :— THE CURRENCY just possess a real and not a mere nominal value, It been a fine conceit of many a tyrant, before the Bemocratic party made its last platform, with sovereign | authority to stainp upon some cheap material a nominal ‘sum and make the people take it as money. The charm of the plan was that it was so much easier than levying and collecting taxes from an unwilling people. Some, in early tames, tried pieces of iron; some pebbles of stone; pome shells. The Indians used wampum and some more recently have tried paper. Paper is the material which our modern de pose to use, For, when in a time of profound peace ig attempt, not the payment of the notes already is- gued in an emergency, but to issae more without any Hefinite limit, they virtually nullify the promise of the overnment on the notes to pay, and leave as their only rit the declaration that they shall be taken as ‘‘law- | Yul money." The new paper should bear on its face no Eorne wy, but only the flat of the government at “this is lawfal money.’” When a sovereign power refuses to keep its promises to its own citizens perform- ‘ance cannot be compelled. EFFECT ON THE LABORERS, There is no part of the community who suffer so much by a depreciated currency as the laborers and the men who raise or make something to sell. The gov nment pays all its bondholders in gold, while the | borers and all who make or raiso anything to sell | must be satisfied with the poorest currency which is afloat, What benefit can it possibly be to the work ingmen to get their pay in poor paper? Is it that they ope to get more of ity But labor is the last thing to rise on an inflation of prices. If by increasing the vol- ume of greenbacks the laborgr gets higher prices for his labor and the farmer for his products, the paper ‘will be as much below tho par of gold as it is ter in amount, while the bondholder and the kers who do business upon the bonds all the while receive their pay in a currency just | go much better than that of the poor man, the farmer | And the mechanic, as gold is better than this depreciated | r. What isthe use of continuing this unequal | Btate of things, and why take measures to make it ‘worse? All such TAMPERING WITH THE CURRENCY Injures the poor and those in moderate circumstances, and not the rich and the dealers in money. Those who have wealth can by skilful choice of investments avoid the losses by depreciation. Bi and farmers have no such opportunities, ‘work, or when they are ready for the mar! their productions, they have no choice but to take their Pp in the paper which is current. A sound currency the only guarantee the industrious man can ever have of full and fair pay for the products of his industry. | Nor are we to complain of THE BONDHOLDERS. It would have been folly in the government to sell its ores by the standard of greenbacks, when it intended | tthe earliest practicable period to pay its notes in | in” There can be no doubt of the right of the | older of bonds to receive coin. The democratic tform of the present year admits that, as it admits correctness of nearly all the great measures of the nblican party in time past by its silence, How long, n, shal! this discrimination against labor and the pro- jucts of industry continue? The only way to put an Wnd to it is by returning to asound and uniform cur- | gency. When it was proposéd in Congress that the gov- mment should issue its own notes ax a currency the emergencies of war the democratic party opposed The leaders of the party argued it on principle, and cir arguments, though outweighed by the necessities land perilous condition of the country at the time, are ‘well worthy of being remembered by us and by them in | this strange canvass of 1875, when in profound peace | these same democratic lenders propose not to pay, but | to multiply without regard to payment the greenbac! ‘whose issue in 1862, °63 and ’64, they so bitterly opposed, | ‘The argumentagthey then used are now applicable, and | the most singular phenomenon of their case is, that they have ‘remembered to forget’? them in the present can- vass. | CAUSES OF PAN The theory of want of currency is not made out by pointing to the panic and the preesnt quiet in trade, De- pressions in business recur, if not periodically, at least as | often as once in a decade, and that in all enterprising | countries. No nation of which I have ever read has so | far mastered in practice the true principles of political | economy, fs to escape the fluctuations of trade and the | exaltations and depressions from prosperity and ad- versity in business. England suffers from similar pan- les five times to three, and at the present time England is experiencing a depression in business as se- vere perhaps as our own. The failures of business houses in England are more frequent than in the United States. It is not nece: to stop now to inquire how it is that more failures occur in England | and more frequent panics than here; but if we take General Carey as an authority, it capnot be for want of currency. For, he says in his recent speech at Niles, | that England has a great deal more currency per capita | than we have. I do not attempt to account for the fact | on any such ground. But I am sure that neither the | “grinding contraction” of our greenbacks, of which we have heard so much, nor any want of currency here could create a panic in England. We shall have to look for some other cause. I would not attempt to dogma. | tize on this port, but such ebbs in the tide of business | as we are nowexperiencing are not unprecedented. There are provably several causes conspiring to pre dnee it. 6 stagnation, though general, not extend to every kind of busi is one cause which, I venture to say, has | contributed far more’ to the present depression Yhan the supposed want of currency. It is the glut in the market caused by over-prodnetion. The | great wars of both Europe and this country calling for | ail the products of the various manufacturers in the | Bhortest time, at the largest profit, stimulated the | building of vast establishments beyond all precedent, | both here and in Europe. After the wars had ceased | these establishments and the capital which had been | invested in them continued to produce, in time of | Peace, in great excess, the articles which had been in | euch demand in war. The consequence was that the market was overstocked. This applies to every- thing consumed by armies. Take also the import- ant article of iron. The war devoured all that could be produced. Furnares and rolling-mills were multiplied beyond example. We are also to consider what ix not, perhaps, of less importance, that the building of railroads for this vast country has given employment to men and iron manufactures beyond limit, But the railroads having been completed and sup- | plied with equipment, and the war being over, the man. ufactures of iron have accumulated beyond the demand, ‘The railroad investments are also in excess, and railroad | competition, with the stagnation in many kinds of man ufactaring, have resulted in the embarrassment of rail- Toad cot yons, so that near four hundred millions of railroad bonds have been dishonored | by the failure to meet their last semi-an- | nual coupons. This of itself is suMicient to affect the financial market deeply. Both labor and capital have to seek other employment, and a large amount of capital is necessarily lost in the change. Meantime the market gradually recuperates as the accumulated pro- duction is consumed by the natural demand. The time Tequited for such readjustments of investments and employments, and for the consumption of accumalated Prodnets in the market, can only be determined by ex Perience. The only wonder ix that greater embarrass Ment was not sooner experienced. But the conse- nees of such an accumulation of productions are not 6 developed as promptly as we should expect. THE COmN. Allagree that coin should bear the impress of the | Sovereignty of the Union. The inference that the paper | money should be issued by the government is plausible. | But, upon retiection, it will be found that the two cases | 8 | There | are entirely unlike, and, as I think, the inference is not only deceptive, but dangerous. The coinage of the | country is limited only by the gold and silver in the | country requiring the stamp of the government to mark its value or quantity, The stamp upon the coin sh dm an authentic manner the quantit gold or silver contained in the coin, and its consequent valine, The silver or the gold in ingots would be of precisely the game value as in coin. The government authenticates the quantity and the intrinsic valu the metal. The svernnment does not incres vr ali ish its purchase ing value. No better illustration of the danger of leay fing the power of issuing paper money in the hands of C@bgress could be had than is furnished by the present geal of the democratic party to have more paper issued 19 equal the wi Here ix the obvious danger of the sug: ft. Boutwell when Secre- tary of the Treas hould not concern our welves about returning to specie payments, but let the vountry “grow up’ to the currency. The difficulty ix that long before we can grow up to an inflated currency the democratic, or some other political party, will press for an imerease of greenbacks, and if they | get into power will enlarge ‘the volume by new issues, wl then we But this “4 ble at all, mi | on prices and the relation | of debtor and creditor as contraction, depending for its intensity the rate at which we grow up. The pressure willbe against the limit. No nation which has nea embarked in legal-tender paper inoney has ever ob- NEW YORK HERALD, TUESDAY, AUGUST 10, 1875—TRIPLE SHEET. r has either maintained any limit or bas resumed. ation has been by far the more general result, ENGLAND'S BI SUMPTION. England resumed in 1821, after having tried the policy of “growing up” to its paper currency for about twenty- five years, It was found that they had all the hardships of resuming, while they approached no nearer to specie. We have found the same thing in our experience, We are no nearer to specie, if we take the quoted difference between paper and gold, than we were four or five years ago, The premium on gokt_ by the year 1870 had fallen to about ten per cent and so remained for a considerable Meantime, here, as in England, prices have been ted by financial panies, The time is undoubtedly auspicious for making our arrangements to resume. In 1819 the act was in | England to resume — in -1822. But the | bank commenced paying specte voluntarily in May, 1821, so that the act never had any direct effect. It only de- | termined the policy of the nation, and rr in anticipation of the time fixed " w the act, Axing the time of resumption was passed in 1819, eu he great financial panie of 1818, and y the effect of the panic, heen greatly | the next y when price redneed. d had w r something to turn up, by whieh they s toa sound cur. ren Tn 1811, busine L bankers o not be persuaded that any measures were ne sary, or even that their money was det ter, and ‘discredited the famous “Builion Report” of the commit payments. of Parliament in favor of a return to specie But after the financial panic of 1818 the public opinion was entirely changed. Experience had wrought conviction of the truth, If I am not mistaken, the sentiment of the business men and financiers of this country has undergone a great change on this su within the last five y Let us hope that the delusions of paper money have | been so far dissipated that we can now act together for | the permanent welfare of our country, This is the time ling for something of the heroic perseverance of which so mach was needed in the war, If we can within the next four years achieve our freedom from the discredit of a depreciated currency, we shall as a nation challenge | the admiration of the world. GENERAL SPINNER. REMINISCENCES IN THE CAREER OF THE PATRI- ARCH OF THE TREASURY—WHY HE WAS DE- POSED—TROUBLE BETWEEN SECRETARY BRIS- TOW AND TREASURER NEW—THE NEW YORK COMPTROLLERSHIP. [Washington (August 3) correspondence of the Chicago Inter-Ocean.} WHY SPINNER RESIGNED. * © © He was personally responsible for the hon- esty of 400 clerks, throngh whose hands pass all the money of the United States, Six successive Secretaries of the Treasury allowed him the privilege of selecting men whom he knew, and in whom he had faith, but Seeretary Bristow insisted upon removing and appoint- ing whomsoever he chose in General Spinner’s bureau, still holding General Spinner responsible for their fidel- ity. General Spinner said he could not keep the office under such circumstances; Secretary Bristow told him then he could resign. MUTILATING IIS ANNUAL REPORT. Five of Secretary Bristow’s predecessors, following the precedent of Salmon P. Chase, requested General Spinner, in his annual report, to express what views he held concerning current financial issues, and to make whatever comments the financial condition of the nation suggested. In his last report to Secretary Bris- tow, General Spinner expected his views and comments would be considered of value, as they always had been, and attached them to the official statement of the con tion of his office, These views and comments did not exactly accord with what the Secretary thought, so he | struck ont everything that in any way dissented from his (the Secretary's) opinion. THE MEN THAT HONORED HIM, “Secretary Chase, Secretary Dix, Secretary Mc- Culioch, Secretary Fessenden and Secretary Richard- son—every one of them—used to come to my room every day or two and consult me regarding maiters of moment. President Lincoln used to come over and sit for hours with me, when he wanted to know anything about the condition of the Treasury; President Johnson did the same, and President Grant came in | every little while to take a smoke with me and talk | over finances; but Secretary Bristow was never in my | | office in his life, When he wanted to see me he always sent a colored boy to call me up stairs. He treated me like aclerk. But this did not hurt me so much as when he would pat his arm around me, call me ‘my dear General,’ and then stab me in the next breath, ”? ® THE MAN THAT DISHONORED INIM. “For fourteen years,” continued the General, “there was not a report or a message of any sort sent from the Treasury Department to the President or to Con’ gress without consultation with me. It was considered at least courtesy to allow an expression of my view and my own annual report was considered a distinct document, a message from the Treasurer of the United States to Congress, until last year, when Secretary | Bristow mutilated it, altered it, and cut out some things | he knew I wanted very much to say.” “But you could have had it published, General, even if it didn’t go to Congress as an official docament,”” L yl, “Secretary Bristow thonght it was not worth publish- ing or he would have published it himself. He was my superior, and any such action would have been dis- courteons.”” GENERAL SPINNER'S PLANS, I mentioned that the New York papers were talking General for State Comptroller, and asked him if id accept the nomination if it was tendered ‘0, said he, “I have been in office nearly all my life, and I want to be free. For fifty years [have not been out of office so long as I have been this time— since the 30th of June—and I like the sensation. I am | only waiting here till that cotnmittee finish their work, and then I shall go to my Mohawk home and etay till the leaves fall, when I shall go to Florida for the win- ter.” “But will nothing induce you to alter your plans *”” “Nothing bat death.” “<But suppose you were nominated for Comptroller of New York? THY NEW YORK COMPTROLLERSHTP. “J could not accept. A few years ago I was tendered the nomination for Governor, when General Dix was | elected, and I fairly had to rah away from it, A com- | | mittee waited ou me at_ my home a few days before the Convention, and 1 positively refused to have my name used. Another committee came to see me the evening before the Convention and I again refused, but the; they would see me again in the morning and mak accept, I told them there over thirty Gover in the United States, but only one Treasurer, be Governor only two years, and I could be Treasurer till I died, for I thought the people were satisfied with my administration. I would rather be Treasurer, I said, and hoped to die in the harness. The commitice went off, saving they would nominate me. I wrote them a letter saying Dix was my man, and that I would not allow my name to be used. fear they would bother me again I packed my satchel and went away, taking the most unusual route I could think of, and I did not go where any letters or telegrams or com” mittees could reach me till I heard Dix was nominated— becanse I wanted to be Treasurer of the United States wil I died.” “What do you suppose was Mr. Bristow’s motive in driving you out?” BRISTOW'S MOTIVE IN DRIVING SPINNER OUT. “{ suppose he wanted to get rid of me because I was an obstinate old mule, and insisted on having opinions of my own and running my office in what I thought was the best way. He knew I wanted to stay th much; that my record as an official was something of | which I was very proud. I had satisfied three Presi dents and six Secretaries of the Treasury, and I didn’t suppose any one was dissatisfied with me till four months ago, Secretary Bristow is a very ambitious man. He wants to be Pre das he hasn’ very long time in which to © @ reputation, he working as hard as he can. He wants tlie entire credit of running the Treasury, and is getting in subordinates that will not be liable to detract any from his personal credit or make any reputation for themselves.” SPINNER’S OPINION OF HIS SUCCESSOR, “But hasn't he gota troublesome man to handle in Mr. New, your successor?" “Yes; he cannot control Mr. New any more than he could control Donglass or myself. 1s one of the quoerest, fairest men I ever met. He has got a bushel of brains and good sense, and is independent, too. He has hat some pretty sharp rows with Bristow already, and hos told the Secretary he must let him run that office according to his own notions, or he would resign, Bristow cannot afford to have him resign, and so he has got to submit to it, Beside, the President wouldn't let New resign. He would turn Bristow ont first, Do you know that ap till within two or tree dent has supposed that 1 went I wished to retire be pid man ste weeks the P ut of that office ve nse of my health ¥ , struck his desk am “That is an actual fact The President did not know the real reason of my resignation until [told him my: self at Long Branch, and he was very mueh surprised.” NEW HAS A ROW WITH THE SRORETARY “What is the nature of the trouble between Mr. New and the Secretary ’"" ‘About the appointments, Mr. New se cannot justly be responsible in so have the control of hi nate thority to distniss wh and appoint men whom he ean trust that was accorded to me wi Secretary until Mr, Bristow or Boutwell talked the matter over with me when he was mado | and reserved for himself the right t dismiss whieh 1, of course, admitted, but he never a single in There were various other ver which Seeretary Bristow and Mr. New could not Seeretary has had to give in to him eve insists that he will resign if he his own way. ntinue in office many of your sub. is not allows “Does Mr, New ordi ? « made no spec ry. The xe changes except by order of the se y » Secretary himselt hax dismissed som my. warmest friends and the most efficient men jn his offies, “Why “Hecanse, I suppose, they have made themselves odjous to him by criticising his action, ace my peo: Md me, and there was at deal of fe irement, — Remarks made wh droppers carried to the Secretary, and he made #als in almost every instance where a person of dignity offended him in this way, There was Frank Jones, one of the best men in the service—my assistant cashicr, Just before I went ont | bad nominated him | crats will be so unwise as to pre | the republi B. | in place of Robert C. Hutchings, a Coroner to. snect for Assistant Treasarer, but the took no no- tice of the nomination, but selected another man without consulting me. On the 30th of June Jones received a pote from the Secretary dismissing him, but assigning no reason. Other men, whom the Secretary knows I loved; men who grew up with me in the offen, as Jones did, from the lowest position they could occupy to. places of responsibility men whom I take a pride in, knowing that I have given them means of snecess—the Secretary has seemed to pick out those for his attack, as ifhe knew he could hurt me most by dishonoring them. Mr. New intends to replace some of them, because he finds he can get no one to fill their Lawes.” ee Spinner expressed the warmest friendship for “was one of the most cruel blows an officer ever struck at a subordinate.” A SINGULAR PROCEEDING OF THE SECRETARY. T found Frank Jones, and asked him why he was re- moved from the assistant cashiership, “This letter,’ he said, ‘tells me all T know about it,’” and he showed me a document whieh read :— Tueasuey Derartwxnt, ) Orricy or THe SkcneTany or THe Treasury, Wasuinartox, D. C., dune #0, 1875. Sin—Your services as Assistant Cashier of the United Btates Treasury will not be required on and after this date. . H. BRISTOW, Secretary. “Did Mr. Bristow never assign a reason for this dis- missal?”’ I asked Jones. “Never, to my knowledge.”” . “Did you never inquire?” “T once asked if there were any suspicions or charges against my gentleman, and integrity as an officer, were none," “Is that Seeretary Bristow’s way of doing business ?”” “That is the way he has done in several cases like mine. And Commissioner Douglass was treated in about the same mann SENATOR "ANTHONY ON THE STAND. HIS VIEWS ON THE POLITICAL SITUATION-— PRESIDENTIAL CANDIDATES—THE THIRD TERM-—THE CURRENCY QUESTION, &C. Senator Anthony, of Rhode Island, has, been inter- the following result :-— SENATOR ANTHONY, The two great questions that will recetve the most attention in the national campaign will be—first, the maintaining of the Union on the ‘principles that pre- ‘ailed during the late war; and, second the currency question. The tariff and labor questions, in his opinion, would receive but little notice, Q Will the fac the next House of Representa- tives will have a tive majority largely made up of ex-Confederate officers have any particular influence on the selection of a democratic candidate for the Presi- dency? A, That will depend entirely upon whether the wishes or the fears of those who control the demo- rty will have the greater influence, Those who fonght against the Union would like to have their principles represented on the ticket, but I think their fears will provail. I do not think the Southern demo- @ candidate against the wishes of their Northern friends. Q. What is your opinion as to the chances of either Tilden, Allon, Hendricks, Pendleton or Senator Bayard inthe contest’ A. As for Mr, Tilden, 1 know nothing more than I read in the newspapers, Pend is an in- flationist, isn’t he? Senator Bayard is a strong man and a good man for his party, but [ think Hendricks by along way now has the inside track, The row in Ohio over the currency question makes it impossible that any candidate can be taken from that State, and, in looking over the field, I believe Hendrigks is away ahead. It is simply absurd for the South anfl West to be crying for more currency with money at three per cent. The revenue is more than the expenses of government, other than what have agreed to pay in gold, and other agreements, such as the sinking fund provision for the reduction of the national debt. Q How do think the hard money demo- crats can comé to an understanding with the inflationists and settle the discord now existing? A. There is no middle ground. They have either got to go for hard money or for irredeemable paper. The only semblance of middle ground that can possibly exist will be the question whether there shall be less or more of the paper money; and then, when the issue of it is be- gun, there will be no end of it, as the situation now ap- pears, Q. Will the third term prospect have any weight ? A. Oh, no; President Grant has settled that question in his letter very plainly, I think. I don’t believe he de- sires it; he has had enough of it by this time. Q What position do you think the liberal party will occupy next year? A. They will undoubtedly go with I do not’ know how it willbe in the orth and West their principles are with us. to men and policy. nent of the political importance 9 ats to the elections? A. They have been overestimated. They were the results of ac- cident, and as much a surprise to the.democrats as they were to the republicans, I would have much preferred to have them on our side, Q. Have you any opinion regarding the feasibility of South, but government? A, Well, that’s a big question. There's a good deal to be said on both sides, The principy difficulty that would be presented in such an even wold be a good administ ment—to successfully carry on the government work that kind, There is no doubt that the mistake made in amending the postal laws at the last session, increasing the rates of postage, will be corrected as quick as may be after Congress meets. ore, The public may rest easy on that s |. What is your opinion generally regarding the pol- fey toward the South? and what does the South hope for? A. There are a thonsand questions in connection with the subject. Generally, I believe the republican party has done the best it could under the circ stances. There have been numerous and great diffi ties to overcome, These have been met as promptly as the circumstances would allow, and the progress made is not altogether unsatisfactory. The Southern States hope fora remission of the cotton tax. They think the war impoverished them in this respect, Why, they didn’t pay the cotton tax, the manufacturers paid it, and it would be just as re ble to donate to them an amount of money from the United States Treas. ury as it would be to remit the cotton tax. They also expect pay for slave property. Weil, we'll sce about that when the question comes fairly’ before the people, THE NEXT ELECTION, Sheriff Conner has received notice from the Secretary of State of the general election to be held on Tuesday, November 2. Besides the State officers to be chosen there are to be elected in this city five State Senators, twenty-one Assemblymen, a Judge of the Superior Court in place of Judge Freedman, a Judg Court of Common Pleas in place of Judge 1 two Justices of the Marine Court to od Judge ‘s and Joachim- sen, a Recorder inp order John K. Hackett, a Distriet Attorney in pl 3. K. Phelps, a Surrogate ad of the Court of General Adolph Kessler and a Jud, Sessions, to serve fourteen y A HEROIC ACT. A German who had ventured too far from the Coney Island shore while bathing on Sunday afternoon be- ex-Commissioner Douglass, whose removal, he said, | viewed by a correspondent of the Boston Herald, with | placing tho telegraph lines under the control of the | ation for such an arrange. came exhansted, and was being taken out by the undertow when he was seen and the ery “A man drowning” was raised. While the — &pectators © debating how to _ reach the unfortunate man. Captain. Sears, a well-known | railroad man, rushed out of a bathing house and into the water, He dived under the drowning German, canght hold of him, and brought him to the shore: Captain Sears was partly dressed when he went into the had water, — He thrown his coat and shoes upon the beach; and some thief, the most contemptible of his class, stole from a pocket of the His wa If the thief id feel any qualms ofc . nd procure a reward of $25 by leaving it at Abbott's Hotel, Coney Island. DROWNING Ab out four o'clock on Saturday afternoon a party of young men went up the Passaic river in a row boat to have aswim. On arriving opposite the cemetery at the Kearney side of the river two of the party were put on shore, while the remaining two, Walter White and Hus- ton Langstroth, rowed to deep water, White was both” a good ‘oar: d swimmer, while his com- panion was the They had been but a short — time themselves, when White for assistance, for him, Tho latter at on, as he was on the point ting him into the boat, sized with cramp and called on the same time making des- In consequence of ’ Tangstroth cried out to as the current was too strong ok hold of his compa f sinks and sneceeder White was » help him, jorts to keep himself afloat, | shoved off. Calmly he surveyed the waters of the Hud- son as the boat plonghed her way through the sparkling The boy sat. by himself, and. eventually at- | 1 the notice of two ‘Indy passengers and a gentle- man, who entered into conversation with him. A Hexarp reporter yesterday had a conversation with | the latter, who furnis the main particulars set down in this narrative. The — boy's | German, and David spoke — that | \ bra aangstroth’s inexperience in rowing he was unable to ome to his friend's assistance in time to save him, and | the latter sunk in view of all his friends, w powerless to aid him, Intelligence of the sad event was | veyed to the father of the young man, who, assistance of some friends with grappling ch of the body, After about half an it was found inthe vieinity of the spot » the residence of the h was nty years for his ge mich respect all who knew h RESCUED FROM DROWNING. On Saturday morning ton, Long Island, while bathing was carried out of her qualities by | ast. Miss Lovejoy, of Southamp- | depth and was in danger of drowning. A young lad, who was in the water, went to her assistance, grasped him tightly, and both would have been dre but for the exertions of Mr. George W. Fishback, who | happened to be driving near the beach at the time, and who suec pded In resening both, A DOCK THIEF DROWNED. Karly yesterday morning Officer Strople, of the At lantie dock police, saw three men in the act of stealing a coil of rope from t | boat Jobn Cody, lying near the Central pier. Hf d to arrest them, when one of them, whose name is unknown, sprung’ overboard and was drowned. The olficer sneceeded in arresting his eompanie their names as Mark Gowan and Cortez Salmondore. They were arraigned before Justice Delmar, who sentenced them to Raymond Street Jail for twenty-nine days, The body of the | drowned thief has not been recovered, | pol | and all creditors would receive a fair division of the as- | ont-door diversion, in gathering in groups upon the cor- | hocent manner, introduced a gentleman well recom- | mended to him to the firm of Saunders & Hardenbergh, WALL STREET NOTES, ‘THE FAILURE OF BAXTER & CO.-—AN ASSIGNEE APPOINTED—WALL STREET IN MIDSUMMER— THE LAST CHAPTER OF THE BUFFALO AXD ERIE FORGERIES—DECLINE IN KANSAS STOCKS— DUNCAN, SHERMAN & CO, Perhaps, in its way, the failure of Messrs, Archibald Baxter & Co, of No. 17 Broadway, was as much a sur- prise to the grain and shipping merchants with whom they were in intimate connection as the failure of Dunean, Sherman & Co. was to the bankers and dealers in foreign exchange. The credit of the former house might almost be said to equal that of the latter in their line of business. Only the day before their failure Messrs. Brown Brothers & Co, aro believed to have ne- gotiated their bills with all confidence; when, therefore, late on Saturday, their probable suspension was an- notineed, it was with feelings of sorrow and ap- prehension. The event was canvassed yesterday by the FRIENDS AND CREDITORS OP THE FIRM. The proceedings in reference to the Kent injunction against the two vessels laden with grain have already been reported in yesterday's papers, and that matter will of course be decided in the courts; but when the Tier Au representative yesterday waited on the firm, at No. 17 Broadway, in the spacious granite building in which the British Consulate, the White Star Steamship Company and other important commercial offices are located, it was at once seen how grave was the failure of this old established house. Baxter & Co, occupied the range of offices on the left of the hallway, upon the first floor, and the signs with- out and within informed the inquirer that they were general shipping merchants as well as the agents for “Tho Sonth Wales Atlantic Steamship Company from New York to Cardiff.” A number of clerks and part- ners were in consultation, and Mr. Baxter himself— venerable, and the very type of an old-time merchant of Bowling Green—was conferring with MR. DWIGHT JOHNSON, THR ASSIGNER. The latter stated that the trouble and embarrassment of the firm had come so suddenly upon them, from causes already sufficiently explained by the press, that no statement had as yet been prepared, nor were they | ready at this early moment to make any public expla. nation. A full assignment of the property and elfects of the firm had been made to him (Mr. Johoson), and he wonld proceed to settle the affairs of the firm as soon. and as equitably as possible. There were NO PREFERENCE CREDITORS, and as he had been able to hold but about twenty min- utes’ conversation with Mr, Baxter he begged to be ex- ensed from saying any more to the Heraup for the present. The news upon the Produce Exchange did not seem tohave a great disturbing influence, the speculators generally conceding that the firm was an honorable one, sets, ON WALL STREET dulness exists as it has done since Sirins the ‘dog star’? reigned. There was a slight stir in the early morning stock trades, but when the market resumed its wonted apathy prices declined; the particnlars of the fluctua tions will be found in the proper columns. It is a singular, but literal fact, that grass is growing in Broad street, and if business does not soon revive the hackmen can remove the bridles from their horses, and they can graze in front of the Stock Exchange as in vernal ~ tures, The young brokers find their profit as well as ner of Wall street criticising THE PRETTY GIRLS who got in and out of the stages in front of the Treasury building. Farly in the day the news reached the street of the flight of Alexander Collie, the bankrupt banker, who | was on trial in London on the charge of obtaining | money from the London and Westminster Bank on false pretences. His brother, William, was released and ordered to appear a month hence, In’ connection with these London complications it may be as well to state here that . MR. JOSEPH F. FRANKLIN, who was implicated some tiine since in the forgeries of the Western Union and Buffalo and Erie bonds, has been. honorably discharged and his bail bonds released by Judge Hackett, the District Attorney entering a nollie prosequi on fifty-two indictments for forgery in the third degree, It appears Mr. Franklin, in the most in- upon whom the forged bonds were passed, After the in vestigation the abandonment of the prosecution for the i thus results, doing tardy justice to an honorable gentleman, DECLINE IN KANSAS PACIFICS, Yesterday the stock of the Kansas Pacific sold at 11, since. The cause of the de- ng between th and Northern Railw: road and but it is 1 street houses, who were bulling rred stock at 50 some time ago, get a bid of 30 for it to-day. The last s one week ago were about 30. It was pleasing to learn yesterday that all drafts of the First National Bank of Port Huron, Mich., on Dun- Sherman & Co., would be paid by the American ; Il checks drawn by the Panama Railroad'on the same firm would be paid by the Mechanics’ Banking Association, PRECOCIOUS CHILDREN. THE FIVE AND SIX YEAR OLD CRIMINALS OF NEW- BURG AND NINTH STREET—A TRIP ON THE ONG BRANCH—THE SHOOTING OF ANNIE LARKIN. Two boys, one five and tho other six years of ago, were mentioned in the papers of yesterday among the notable records of the time, They both, however, do not figure in similar capacities, One, the younger, and a native of Newburg, appears as the diminntive hero of a travelling Adventure, while the elder occupies the réle of a criminal in a cell at Essex Market Police Court. THE YOUTHFUL NEWRURGER. The baby of five years old who left Newburg on Sun- day last on the steamer Long Branch was evidently carried away with an ambition for travelling, This young adventurer, whose name is David Maykoff, re- sides in Newburg, with his mother, who is a woman of moderate cireumstances, her husband being employed | for the present in this city. The steamboat Long Branch makes excursions every Sunday to Newburg and back, During the week the little fellow had heard of his father's absence in New York. No doubt the fond mother had poured into her child's ear promises of the many pretty things father would present 40 his darling when next they met, The ambitious ex- pectations of the little fellow were aroused, He pic- tured to himself drums, jumping jacks, diminutive wheelbarrows and numerous other attractive toys, How to reach the desired end and meet his father speediest was the main idea in the little fellow’s cranium, He wandered to the dock where the Long Branch lay. He yremamk that the boat was about to ork, Suddenly the small mind grasped The boy as was in company with some relative. or k his seat on the deck and the steamer heard somebo leave for New the idea of taking passage to sce his father. walked manfully on board, unnoticed by anybody, all supposed friend. He English, fluently, On being ques- wements he expressed a desire for ing andto see his father, He was unusually sprightly and intelligent, but did not seem to realize the strange position in which he had placed himself, on board a steamboat away from relatives and friends, and without a cent of money to pay his fare, When the Long Branch arrived in New York on Sun- day evening, David was handed over to the Eighteenth precinct police and brought to the Central OMce, In the meanwhile his mother, who ba e quite dis tracted by reason of the’ absen for, She arrived in New York early yesterday @orning and proceeded immediately to Headquarters, where the missing one was given back to her fond en’ Thus ended the first attempt of this juvenile nderer to embark upon an unprotected voyage | nigh the world. He was immediately carried back Newburg. THE CRIMINAL. INFANT, } Mark Gartland, who told a Herann reporter yester- | day, while tears trickled plentifully down b y six yours old, a He has been held to await the re injuries of a little girl named Annie Larkin, 719 Kast Ninth street, who was shot by him on | dark haired boy, with full round | apex town “da know,” he whimpered, “I did not know the | pistol was load It was old and rusty.”? “Where did you get it” “tt belonged to my brother. It was old and rusty. (This latter remark he made nse of several times during ersntion.) I was playing with Annie when the ent off, Laimed the pistol at her and ent | n ran down stairs and I was arrested by the | from These are all the facts that Mark relative to the shooting, He evidently regretted | very inuch the accident, and his story was told in a In answer to other questions he said near First avenue, with his | . He complained of his | The several other with him. While the little fellow | rt would break at the grating an ex ingly handsome young girl, behind him and b versation. Tunoe: trathfal manner, nth street, | broken in several “storm did not do much damage to the growing crops, as | harvesting so far. | are were thie atrikingly sontraated STORMS IN THE WEST. f Terrific Hail Storm in Omaha. Big Hailstones---Windows Smashed and Fences Broken Down. TORNADO IN ILLINOIS. Cheerful Crop Reports After tho Deluge. [From the Omaha (Nob.) Horald, August 5.] At three o'clock yesterday morning our city was vis- ited by the biggest hail storm ever witnessed in this locality. The hail was also accompanied by a heavy wind storm, and for about half an hour the rain fell in torrents, Great branches were torn from trees and sent flying through the air, while all sorts of articles snd- denly appeared to be endowed with life and went skip- ping about in a very brisk manner, Poultry wero skinned up and in many instances killed ontright, and cattle and other farm stock, out in the suburbs, dashed frantically for shelter. The storm was so sudden and violent that had it occurred in the day time, with our streets filled with people, there would doubtless have been many of our people seriously maimed, The damage done to windows, trees, gardens, conser- vatories, &c., in the city and immediately adjacent, is very great, The main force of the storm eame upon buildings facing to the north, and asa general thing all windows in buildings thus situated, where they were unprotected with shutters, were completely smashed, in many instances not a single pane being left unin- jured. Tho High School had 270 windows broken; the North School lost 99; South School, 62, and the West School, 15, Total, 423, Creighton block lost five of its large plate glass panes on the lower story and a largo number of the upper windows were broken, ‘The glass in the front of Sheeley’s meat market on Douglas street was broken and even the heavy sash was demolished, The windows in the upper stories of Cumings’ new store, on Douglas street, were shivered. Wirth’s restaurant, the Republican office, Kurtz & Allen’s auction house, the Omaha National Bank—in short, every establishment in the Caldwell block, was damaged more or less, There are no less than 400 panes broken in this block, The Union Pacitic headquarters building is out some‘! 250 panes of gl The company have lost not less than 10,000 panes in all, N._ 1. D, Solomon is a sufferer to the extent of one of his $250 panes in the front of his store, The Central Block was badly peppered, as in addition to several hundred broken panes in the upper stories a number of large plate glass fronts were smashed, The Grand Central had about seventy-five panes on the upper floors broken and one large plate glass on the first floor, m front of the Western Union Telegraph ofiice. ‘The Herald office is loser to the extent of one pane in the counting room front, costing $150, and several win- dows in the second story. Goodrich’s toy store is damaged $200 worth, Snyder about the same, and Clark & Warden haye to mourn the loss of one of their large French plates. The Deaf and Dumb Institute's loss is $100; the Metro- politan Hotel has 150 lights out; the Pacific House, 190; fartin’s building, 50; Latey’s, 50; Redfield’s,' 100; Edwards’ building, 253; Court House, 40; City Hall, 60. Driscoll, the architect, lost 58 lights out of his resi- dence and 27 at his office; Charles Hall had 56. broken at his residence, and says there were so many broken at the foundry that he did not stop to count them, and Captain Budd, who lives in. Armstrong's addition, had nearly every window in his house broken, Katon’s photograph gallery was compelled to suspend business for a while yesterday morning while Eaton and his assistants bailed out the water in the rooms and gathered up the bits of glass which had formerly done duty as a skylight. ‘s conservatory, on Farnham street, was com- pletely riddle The Post Oflice building was damaged very little, At the Union Pacitic depot the ground glass in the roof, strong enough to bear the weight of aman, was places, Sherif! Burley lost thirteen large panes in his fesi- dence. The foregoing are but a few instances out of hundreds and even thousand: IN THE SUBURDS much injury was dono market gardens, fruit trees and & Co., who have a splendid nursery on the Dr, Lowe farm, two miles west of the city, had two green- houses, containing 4,800 feet of glass each, and one of 3,000 feet, entirely destroyed, in addition to the damage done their trees and vegetables, In North Omaha the residents are heavy sufferers, there being scarcely a family in that portion of the city which has not been damaged to a considerable extent. The storm, however, did not reach to the barracks. SCENES AND INCIDENTS. Coming up though it did in the dead hour of night the storm, nevertheless, was sufficiently violent at the out- set to make its presence known to the sleeping city, and soon there was a striking of lights and a’swift hur- rying to and fro of our citizens, intent on saving as far as possible odds and ends which had been left unshel- tered upon retiring the night before, closing shutters, putting down upraised sash Tn many cases parties rushed out of doors, airily atttred, a ances are reported where said parties were seriously hurt by the falling hail, In the northern part of the city the people say that upon all hailstones being melted, good sized rocks were discovered embedded therein, As to the size of the hai stones which fell there are many wild stories told. Our reporter heard of two whieh were said to be, one eleven inches and hths in length and the other an e nhastily gathered up three bh aking no search for large specimens, and these he found upon a carefal measurement to be of the following dimensions:—No. 1 was three inches in length and two and a quarter in diameter; No. 2. was three and a half inches in length, by twoand a half in diameter, while was four inches in length by two and a half in diameter. i In the midst of the storm the fire alarm bell was | rung a number of times by the electricity which was. i finally the wire was burned in two near | engine house No. 1, in North Omaha, | ‘he total loss in this brief half-hour of frozen rain will | probably amount to $35,000, Despatches from neighboring points state that the it seems to have spent its force in Omaha and immo- diate viemity. CHEERFUL CROP REPORTS FROM THE WEST— ACCOUNTS OF LOSSES MUCH EXAGGERATED, ‘The following are among the cheerful headings given to late reports concerning the crops—since the great floods of a few weeks ago—by some of our Southern ex- changes :— {From the Kansas City Times, Augast 6.1, Faitly Booming—Grand Eifect of Steady Pleasant Weather upon all Classes of People and Glorious Out. | look—Late Reports from all Sections of Wheat-Bur- dened Kansas Tell a Story Most Exbilarating—Dam- | age to Grain by Recent Rains very Largely Exagger- | ated,as 100,000 Bushels Cover All. [From the Omaha (Neb,) Herald, August 5.) | The Farmers in the Midst of a Bountiful Harvest—Corn Growing Finely and Promises Well—The Yield of Small Grain will be Enormoas—Reports from All Sec- tions of the State Very Encouraging. NEBRASKA. {Special Despatch to the Omaha Herald, August 5.] Brownevitiz.—The weather here is favorable for harvesting. ScneyLer.—Harvest is in progress, The yields of all kinds of small grain will be qreater on an average than ever since the settlement of the country. The weather | is favorable, Exknors,—The weather has been very favorable for Corn is looking finely and growing | nicely. H Kearsy Juxctiox.—Corn is in splendid condition and | | | about twelve feet high, The weather is favorable for all kinds of crops and for harvesting. hington county were badly rin last night. Harvest ix and Saunders counties and 1 by rain, - rs are about through harvesting Ml farmers in this vietnity «peak very orably of crops. The weather is splendid, Corn is to yield well ven very fine for the last “8 1 and is in condition ¢ lookin | ‘O#AD.—Onr nat all be ted, Tho ‘rops are 8 Corn will yield very PLattsmocti.—Harvesting is 1 a fair yield of wheat in some localitic inothers. Corn is the sare is expected, as it is doing sple atistled, lendid and vats are hare i over. There is . and not so good inneh heavier erop ww, The farmers all harvested, and There isa y to sixty is it twenty’ bus! 4, which will averay bnshels ore, The corn crop is very large. LixcoLy.—The weather for harvesting has been favor. able hout two-thirds of the small gram ts safely harvested with satisfuction to the farmers. Corn looks finely KANSAS. [From the Kansas City (Mo.) Times, August 6.) That the damage done has been general ts one of the falsest of impressions, for the simple fact that the wot weather has not been general, Western and Southwest- ern Kansaa having no more than necessary to keep | ing about one honr, and after the rain had sul | MeClos | rear of the buildin crops in healthy condition. Some portions of Northers Kansas have suffered some, but by no means to such a8 extent as to make matters serious, Tho southern por- tion of the State—that lying the nearest the Missourt line—has been more seriously afflicted than elsewhero, especially so in the vicinity of: Spring River—Cherokeo and Crawford counties, Neosho has also come in for more or less damage, but Mon’ , Labette, Wilson and other counties south have little or ne cause to complain, Still, with all thi matters look bright even in the overflowed districts, a1 Southern Kansas, as a whole, is to-day in better shay than ever before known. This holds good with 1! Western, southwestern and northern counties of the State, Duly weighing all estimates of the dat done the wheat in the much damped districts, as well as the localities here and there suffering somewhat from the same canses—and it is the biggest kind of an estimate— it has is put the actual bushels of wheat lost by the pro- tract rain at 100,000 bushels, One of the most ex- perienced grain men in this section of country yeater- day estimated it at just half these figures, while another Py it at og to 70,000, and still another af 000 to = 40,1 Counting it at 100,000, if makes but a mere bucketful, as it were, compared te —— to 10,000,000 bushels there will bo for ex: port. From all along the line of the different roads comes most cheering news of the great activity prevailing among the farmers since the fair weather set in, At the great wheat farm of Mr. Henry on the Pacitic, near Abilene, Dickinson county, no less than three Nichols-Shephard vibrator steam threshers,are at work from daylight to darkness, and as rapidly as the grain can be got in shape it is shipped direct to'this city, Mr. Henry J. Latshaw having bought 21,000 bushels of tha basi which from the 1,300 acres Mr. Henry had in will yield from 35, to 38,000 bushels, The wheat ig magnificent in quality, averaging No. 2 all through, a standard rarely gained in this section of the country. MINNESOTA, [From the Winona Republican, August 5.) Further intelligence from the country lying west of Winona—and including the region bordering on the Winona and St, Peter Railroad in particular—confirme the reports given in our columns on Wednesday to the effect that the heavy rain storm of Tuesday night did not prove as. disastrous to the crops as had been feared. Except on low ground, where the soil is heavy and the growth of straw very rank, the wheat is comparatively uninjured, In most cases where it was lodged It is fast regaining its upright position; and even where thie docs not prove true the wheat is already so well filed and near maturity that it will, with favorable weather for « few days longer, rl rfectly, though | ew as ger, ripen ‘perfectly, ying IOWA. Sioux Ciry, August 6, 1875. The weather tho past two days has been clear and har- vesting is progressing well. Nearly all the wheat is now cut. The wet weather has not seriously damaged the grain about here, MISSOURI. Cuixtox County, August 5, 1875, Corn looks well, considering the time it was put in, and millet, buckwheat and Irish potatoes promise a large crop this fall; but winter wheat and oats aro a dead failure in this county. Farmers say that corn por as corn never grew before. We have had no hi hurning winds as yet, but plenty of rain, and, sho the season turn out to be a good one, we can show one of the largest crops of corn that ever grew in Northwest Missouri; but all depends on the season now, ‘WISCONSIN. Minwaunes, August 6, 1875, ‘Advices from different parts of the State show that there were no serious results to the crops from the rains of the past two days. From some places damages by chinch bugs are reported, but the yield of wheat in the State, as a whole, will be large. There will also’be good crops of oats, barley and corn, A OHIO. : The reports that have come in from the southern and central portions of the State, where storms have pro- vailed of late, are so vague that a summary of the losses and damages cannot be made with any degree of accu- racy. It is believed, however, that the total loss will not exceed $3,000,000, and that a few days of sunshine will show that figure to be much too large an estimate, ILLINOIS. Dixox, August 6, 1875, A violent storm of rain and wind passed over this seo tion of the State Thursday evening, blowing down wind mills, unroofing buildings, &c. The damage to the crop is not serious nor irreparable, as most of it is cnt and in shocks. The hay crop is all secured, and is above an average, Oats, Wheat and all the small grains are also 4 fair yield, and will be secured but at some additional expense to farmers by reason of the prevailing storms, The growth of corn on the ground simply, in its vast ness and thickness, resemblos cypress swamps, TWENTY-FIVE FARM HOUSES BLOWN TO PIECES It ILLINOIS—CROPS DESTROYED. Garespura, Ill, August 6, 1875, The most disastrous tornado in this section for ten years visited the northern limits of this city last evening about six o'clock. Although it was known tho amount of damage must be immense, full reports could not be collected until this afternoon, The storm started at a point nine miles northwest of the city, and, advancing in a southeasterly direction, left a path vary- ing from a quarter to half a mile in. width strewn with desolation. When north of the city a distance of twa miles from the square it took a northeasterly cours¢ and struck Wataga, then sontheast to south of Knox ville, where its force was spent, Individual losses cas not as yet he accurately learned. All the crops in the course of the storm were —_ destroyed, and upward of twenty-five farmhouses blown to pieces. Mra. John Anderson, of Henderson township, was killed — outright, and = =many are not | ex pected to survive their injuries. In Wataga eight houses were blown to pieces, and several persons in- | jured, To the north of Knoxville the new residence ov Mr. Burton was totally destroyed, and all his faealty in. jured. Had the storm reached this city it would have Inid it in ruins, A VILLAGE IN A WHIRLWIND, Waraca, Knox County, IIL, August 6, 1875. ‘A most fearful storm in the shape of a tornado passed over this place last evening. Rain fell in torrgnts, last ‘ided we were visited by a whirlwind from the southwest, It struck the edge of the village, .and taking an easterly course it swept ererne in its path—houses, barne and trees, A Mrs, Wiles was blown a distance of from 100 to 200 feet and seriously injured. Her house, with many others, was totally demolished. No lives have ag yet been reported lost. "At the present writing the logy, cannot be estimated THE HOBOKEN ROBBERIES. THE POLICE TO BE HELD RESPONSIBLE FOB OUTRAGES—A DETERMINED STAND TAKEN BY THE COMMISSIONERS. Tho alarming increase of burglaries in Hoboken within the last few days led toan indignant and ener. getic overhauling of the police system by Commissioner MeWhorter at the meeting of the Police Board last even- Ing. That gentleman declared that fifteen robberies had recently taken place in the city, not one of which waa reported to the Board. He demanded that every case of burglary or attempted outrage of any kind should be made known forth. with to the Commissioners, with the name of the officer on the post, A resolution to this effect was im- mediately adopted. It has become notorious that many of the burglaries took place owing to criminal negli- gence on the part of the officers, some of whom are hounded by a superior, ‘either through malice or with a view to replacing them with favorites, while others of — indifferent reputation are never complained against, It is due to Chief Dona van to state that it was daring his vacation that the out rages complained of have mainly oecarred. Some per: sons insinuate the belief that the daring robbery of Mr. horses, a few mornings ago, was Winked at by those who'should have frustrated it, Commissioner MeWhorter’s action will undoubtedly beget a much needed reform. BURGLARIES IN JERSEY CITY. Two burglaries were perpetrated in Jersey City during Saturday and Sunday nights, One was on the latter night in the residence of Mr. J. B. Schofield, No, 18% Varick street, The thieves effected an entrance in the , and carried off silverware ane jewelry valned at $200, They also helped themsviver to whatever food they found in the pant) Captam MeHorney, of the First precinet, rebuked’ the officer who was on that post, and removed him to another quarter of the eity. The other burgiary took place at the store of Valen- tine Feltmeyer, corner of Central and Laidlaw avenues, re flour, whiskey and ing were carried away, ar me terday morning they were brought befor . It appeared in the evidence that a y the fanlight and then opened the door for the oth The thieves might have excaped detection had they not been imtoxicated from the whiskey they stole, All the men wert dis: charged, except Patrick Goggin and Michael Kane, whe were coinmitted for trial, FATAL RAILROAD ACCIDENT, Between nine and ten o'clock, on Sunday evening, three men were observed by the engincor of the Pacitie express train, going south, to be walking on the track near Kast wark, He sounded the whistle and two o the men left the track, but the third, named Martin Flunegan, kept on his way, and was struck by the engine, Which passed over his body, mangling him ina frighttul nner, The remains were brought to the Market strect depot alfa thence to Comw en Morgue, He leaves @ wife and several childroa, é)