The New York Herald Newspaper, August 13, 1875, Page 8

Tl GREENBACK CRUSADE SSeS ag rea oe The Hard Money Men and the Rag | Baby Boys in Ohio. SPEECH OF W. M. GROSVENOR. pS ae Inflationists Rushing on to a Ni- agara of Ruin. SPEECH OF GENERAL MORGAN. | Bag Money ‘‘a Good Enough Morgan | Until After the Election.” BLOATED BONDHOLDERS, BEWARE! | COLONEL GROSVENOR’S SPEECH. CLRVELAND, Obio, Angust 12, 1875 Ata meeting of the republicans of this city, held this wening, Mr. W. M. Groeve exhanstive, practical and eloquent speech in favor of the Fepublican financial policy. In the course of bis re marks he epok follows :-— or delivered a very clear, | NEW YORK HERALD, FRIDAY, AUGUST 13, 1875—WITH SUPPLEMENT. Uhat one fourth of the eonnoes, whien contain e than 5,400 population each, recorded lant rignge h over 140,000 farms, recorded only 24,000 morte: abont one to six—and very many: of these were d. ‘on town or other than faria property. one-tenth of the farms in this State are mortgay: r one-thirticth of their value, But besides the farmers and Wage-earners there remain of all the people who support themselves or others less than one-tenth, chietly erchants, Manufacturers, transporters and bankers and professional Even of these the great wjority owe leas th: have owing to them. Ont of 360,000 dealers ane 250,000 manufactaring firms fully five-sixths are small tradesmen, artisans or me chattick, whose operations involve no great risk or in debtedness; who are thrifty, prudent, do not hagard the capital’ of others, and have owing to them 1 than they owe. Who, then, compose “the debtor class,” of whom we hearse much? You must look for them chiefly in cities. They cultivate curbstones rather than farms, Their risks and Qebis are wo that, while the average indebtedness of firme failing during the last tiv je a few large eu boon barety $15,000 each, the average in New ¥ roee to $143,000 cack in 1873, and has been $97,000 for two years past, and the average in Penneylvania has deen nearly $55,000. If the solvent firms in New York city aud the State of Pennsylvania owe average of those failing would indicate, the words of fuilures prove that at least mmereial indebtedness 18 than fifty nt perators have borrowed and risked joanable capital saved by millions of workers city through years of labor, Jf they ase it prudently for the public ¢ well. But why shonld millions of creditors be robbed in ew thou: great borrowers? Der ‘ed in atest good to the greatest number.” What sort of cracy, hot to say Of pol half their Swvings from muthons of farmers, laborers, cs and thrifty tradesmen ih order to ebtor class /?? KAYE OR BORROW, by borrowing or by saving. The * Wo can rise duly more paper we issue the less Europe will trust us, Further inflation y means Jess saving and more waste, Any new issue of paper not based on gold can , sink lower and tuct p those who labor, Pr er do, would not ris I doubt whether | ore | ormous, | has | s much as the | owe about | » than | or justice, ix it to take | have but little to spare. How, then, ean the green backs be withdrawn from cireulation? Ttean all be | dene by th 100,000,000 of gold, and when £382, 000,000 of greenbaeks are withdrawn from circula tion there will be left In their stead enty $100,000,000 of wal OVER will “be redu to people in Ml interest in Remi gold, and the volume of ¢ $20,000,000. We are now $50,000,000 oF $60,000,000 of payments, Before it we be inverted and reinveste and through the process of exc in the five per cent bonds, sre8 $10,000,000 of gold would — wit w the enti $382,000,000 of ubacks, And do you doubt, my fellow citizens, would be the effeet of this further re on of the ecurreney? — Property would be sold at one-fourth ite v Rolling mills, furnaces and workshops would be closed, Our merehants would be ruined and forced to wake assignments, The owners of mines would be forced to step Work, and handreds of thousands of men, depending upon their daily labor | for th ; would be thrown out of employ- ment. And then in the midst of this accumulated disaster iholder and the banker, having coutrol of all in the country, would buy up your property Pat twenty five counts on the dolar, and, as in the bondholders and the landowners we 4 fame men, And th a the midst'of this moral death, when (he ery of hunger and lamentation will be heard from every quarter, then the banker will take further avant of this bill of iniquity and elaim to be a special providence by feeding the country with. irre- | deemable millions of bank paper For, fellow citizens, alttiough this bill pretends to provide ‘for a return to payment, while it provides for the withdrawal of dollar of greenbacks, it authorizes the banks to bank notes without limit, and without requiring a med iu coin, then, in its deformity, is this hollow scheme of yments.” “Senator Sherman says volume of the curreney should be reduced uptil per dollar is on a par with the gold dollar, but he does not undertake to say what amount of redvetion that | would require, He docs not fix the amount, because he | knows full weil that the paper money of the country can never be on par with gold until paper money is allowed to porform all the functions of money. And I denounce | this lod Resumption vill as a@ wicked scheme of | robbery and plunder, . OUR PLATPORM, ens, this is their plan, ours. We pi 1 be withdra speci ise tingle note to be rede Here, For a moment let pose that the bank note cir- and that groenbacks shall ed | and wa 1g behind, Soil more | be substituted tn their place, We propose that the bonds It is a simple question, We have two kinds of money, ncer take the risk while the owned bs ke shall be paid off, and $17,600,000 of coin and paper. The paper is depreciated, and foetuates the profits, Still more shall wages | interest annually saved. The National banker fn purehaxing power. A 8 of persons have | flutter like a moth, while inte hes like | is the only man on earth who draws interest on his of the nings and louned inoney ; $1,707.000,000 | a steady flame. i more shall gambling taint | debts, on what he owes, as well as on what is owed to to the Chion, $352,000.00 to the States, 3180,000,000 to | every Joan ry contract, y engagement to | him. He draws interest on his bonds, which is right, the counties,’ $760,000.00 to the cities and other muni Jor and every deposit of the seed inthe kindly earth, | but he also draws interest on his printed promissory cipalities, $2,250,000,000 to ruilr and $120,000,000 | Cheap money means a gamblers paradixe, MH means | notes, which ts wrong. If a banker Lolds your promts- ft canal, and $54,000,000 to bridge, ph and | that those Who ean control the money m et khall } sory note you are required to pay him interest, while if Mining couspanies known in the New York market. The | piunder othersstill more. The big houses shall eat up the | you. hold his promissory note you have to pay him in. sums amount to si 413,000,000, Governor | jittie: strong roads and mills shall devonr the weak, At | terest again, It is certainly a bad rule which won't Allen says that the bonded debt is $10,000,000,000. It | the will.of a few men, stock and merchants are cor. | work both ways by enn hardly exeved 100,000,000 the given, and he is mi But we owe quite fe nough te bondholders. To nearly all of them our bonds require that in payments we sha use coin, The rest of the people — near all receive paper. Thus the money of the labor ie poorer than the money of the lender; the money of the plonghbolder inferior to that of the bondholder. mat injustice and disaster to indust emult, The people justly demand one cur both classes, “That ean be had in only two w fuse the bondholder his sound curr that tion, Give the people a currency eq restoration of the specie basis FLUCTUATION OF CURRENCY, ‘The present sitnation not only should not, but cannot continue, No man of cither party will deny that pro mpoverished and labor paralyzed by the flue the cur arnings industry can be r : of their carnings, cannot add to that capital, and become every year less able, if n@t less willing, to pay onr debt Waiting does not stop that tluetuation whic Let ns not deceive ourselves. It that this fluctuation in the purch destroys the pov vived. Produce is fatal is vital to understand ing power of eur: pr of production and the very of the nation, as a raging fever con the vitality of its vietim. Your young nscious that industry is at the merey of a 1 tempted t dint trattir driven an emdurance sumes are both shops to swell the many for the prodace: oS ported by Dan & Co, were 430,000 in 1870 and 650,000 in 1875, an inerease of fifty-three per cent in tive'y while the poputat : Capital, also, eet or dis couraged be S ne solid footing, is di ™m number of private banks 062 in 1869, with $89,014,200 of capita four ‘years — later, it 4.29 with = over =—-$ 200,000,000 of i Debt of cities, towns and other in creaso—they have amore hin five years. They wore $328.254.520 necording to the census of 1870, and are now $760,000,000, Con- | stant changes of pri ash out the weaker dealers, and the concentration of enormous wealth and power goe: In 1872 there were 4,060 8, 5183 5,830 in 1874, and of this year. For four years the number will ex 23,000, and the hiabitities “£700,000,000, When business . ing, many of the more honorable will retire, while the strong and unscrupulous gather vast wealth— or vast debts. It is wot the money-lender who needs specie restoration, At the last meeting « 77 in only six month the National Board of ‘Trade a shrewd banker said to me:—"Let us not waste time on thie question of currency. Capital can bring about specie payments wheneve ses, by making all loans and contracts | on a gold basis.” He did not sec bow much he had con fessed. Capital does not please. For when mor no fixed purchasing power the rich have golden oppor- tunities and the poor are at their mers Labor bas to pay, the enormous cost of constant Muctiation, Wer can protect himself by charging high rates of in- terest. ‘The dealer can protect himself by high pric He takes a risk in buying every stock. To save himself from toss, through a chwnge in the purchasing power of curreney, he must charge more than a natural profit. To cover that risk alone, ifu0 more were ever charged, an enormous sum must be paid by consumers, year since the war there have been but four months— ‘one m thirty—in which the price of currency has not ¥: ¢ percent; only one out of forty periods of ninety days in which it has varied Jese than two per cent; and only four such periods in which it has not Varied three per cent or more. The longer stocks must be liek the greater the risk. If one per cent would cover it in most whoiesa not cover it in mach retail! business, dealers paid ta That actunl since been Now as early ax 1867 © on sales of $11,000,000,000 yearly. les were much greater then, and have vastly inereased, transactions leading cities show. Bat if only two per cent has been for risk, and on sales of only $11.000,000,000, co have paid since the war €2,200,000.600, more th ational debt, ax part of the cost of a fluctuating cur- reney, The whole cost has been even larger. CURRENCY AND HIGH WAGES y that much currency means high w They forge it inflate rs hurt more than inflated wages help them. In tin ation things go up last and least and fall firs Money can combine to resist increase of can never combine to resist incre Many fan’ ply data which prove that the cost of living in 187 Was fully sixty-one per cont higher than in 1860. consns returns aud the reports of the Burean of Statis tics closely sustain this estimate. Not all of this increase was caused by the currency, but a large part doubtless Now the’ aver- age of wages paid in 1860 to all hands em ployed in. ma tories was $288 94 in gold, but in 1870 only $377 59 in currency. The nominal increase | in wages was 30 per ¢ haif the increase in prices. The great body of workmen received w } whieh would buy only as mach as $234 at the pr 1960, whe £280 each, The average loss, Some were, indeed, more fortu of them, being those employed in astries, gained 57 per cent in 1.’ But the remsining four-f nt, while 6L per cent was lost. bine important | Their net loss gained only perc have 8,000,000 workers for wages in this country. Cer tainly less than balfof them gained as much in wages fromm 1860 to 1870 as the men employed in manufac tures, if their average joss by excess of advance in Prices over advance in wages was $56 each, the loss the labor of this country was $440,000,000 year! hie wan when manufaciures prospered and w: igh. Workmen of the very claeses then best paid have since been most Kor tried. Not abundance nor scarcity, but uncertainty of currency bring: to labor, To cither quantity of currency. if of ste: value, wages as weil as the prices would. fir themselves, But Senator Schurz mentioned me tn New York who had changed prices of their goo nts six Limes in one Week Lo cover changes in the value of cur. reney. Did wages ever change as often! Tell me, when sudden speculation forces up the price of fri, cloth or coal, do you not pay more what you buy, but ‘get no higher wages? Whe 8 above | nere a caller ch by mere thin, $4000 o0ecoon, | ReTed anid loans called, in, Y for | yight to grumble. out of work are | from the | Mere | produ cd | y has | The | In ten | trade, three per cent would | great loss | for | Only the strongest shall the rest shall sell perforce. Prices go down; | crops and goods sball pay the losses of the vietins, | Cheap money means a rebber's paradise | 1s that we buy at fancy prices; imagine that | i rich and run into de | ne in it? In s bonds, We want dollars of to-day apd agree to pay doliars to-morrow, cost what they may But finally the bat ming days of & the knife of Ww . as ) money bare Shylock. The bubbh the | invaluable friends of the poor man, may give us one more trial of heap money, He likes t lend in flush times, with gold at 150, and to-call in bis loans in hard times, with yold | is mortgages, and trusts | | Next, we are in favor of an increase of the volume of | curren © mean more money and a lower rate of | interest. We mean that the busineswof the country | shall be revived, We say that money is too searce ; 1 the high rate of interest proves it; that the want of pab- 1 Wi tion of trade, and that thou- a it, yunk of money, we say that should be the demands of business, That it can be the issue, interconvertible regulated by regulated with exactness by | bonds bearing a low rate of Interest, bonds convertible | into greenbacks and grt eke inte bonds, These prop- ositions are simple, and will be easily understood. The republicans are for less, and the democrats for more ni The republicense want bank notes, and to pay | the banks $17,500,000 for the use of the notes, over aud | above the interest’ paid on loans. | at 110. He prays for more money and another fool’s | a greenback curt based on the faith of the govern- paradise, | ment, and are opposed to paying the bankers interest on Yee, let us vote down specie payments, as England — their debts. In ‘ney of the country, in- did in 1811. Violent changes followed; paper rose and | cluding — certific indebted: percent, and that land is not yet free from | Jegal tender notes, seven-thirt concentration and tyranny of wealth then | legal tenders, or’ greenbacks, fractional mntinial disaster taught.the | al and State bank notes amounted to about so suffer more : Onee a piece of paper a foot square would buy ali the necessaries of life! presently, it took 10,000 square foet of that money to buy one rice cake. Let us try more money, In | 1780, the thrifty barber of Philadelph pered the walls of his shop with Yet seven years later Rhode Island had anoth of mon . us our fathers did. economise debts, Let in ns until a pound of butter cost 6 000 livres ($1,100), Let us try it again as ates did. Post office clerks Tesigned be. sult not support life on $0,000 a year, and ve cost $30. Remedy, more money ichmand could hot break a $400 $200, and the buyer suid, “Never not worth while to Jet a htt in the way of trade.” ; Then a handful of beef costa basketful {dollar was worth $12,500 in paper, ed into arter, and the len or twenty Visits’ worth of are men who pretend not to know where inflation ends. The worid knows. in the gulf of repudiation ! THE LESSON OF THE PACTPIC SHORR. On the Pacific shore sits California, untouched by your disasters. Her labor is paid in gold, Her ports took to town in pillow eases, France di of. ($ © they | a pound of cet Then a bootsclic bill, the boots costix mind the change; it matter of $300 more money of dollars, and a go Finally society relap sent to bis friend f corn.” Yet th fore we learn ? | Chinese did more than a kind | p) and | doctor | Nowhere but | 2,000,000,000, ‘The inen in power, acting in the inter- est of the banks and bondholders, and against the inte est of the people, have reduced the volume of the ¢ | reney more than '$1,200,000,000, and Ly so doing have | prostrated the business of the country and rained thou- | sands of business men, become At what rate can y; ? In the county of it cannot be had for less than ten per and is difficult to procure. The order of things has been reversed, Money, which ought to be cheap, bas become ar, while your products, your iron and and ‘wool, Which ought to’ bring a good price, have bo. ! come so’ cheap as to be almost nuproductive; bor ¢ gone up; bank stocks have gone up; while wheat and wool and Industries of one down, dear, all kin un ut « been growing poore within the past year spectacle, hitherto with ample, has been ‘p bor and bread, which before th uiled of obtaining. i an article is cheap or dear because of its be- | ing plenty or searce, The failure of a wheat crop mal the price of wheat go up, while if i the price goes down. Jow rate of interest The men of Wall street tell us there isa plethora of money there. So there is. Bat how docs it happen? Law and nature combine to make it so. y had | know th of a bountiful one We want money plenty and at a » crowded with ehips. Her wheat travels 20,000 The gold gain- { miles to push Western grain from t Her | bling created by the law is done there. ‘The interest | manufactures are growing with 1a :, for public debt and the customs dues flow through , solid money and low prices are a tariff in her favor against the greenback goods of the East, Watch the travel thither. crease $300,000 in "7 tix months of 1870, ‘See the trains crowded with | workers, flying from the stagnation of the East to the life and progress of the Pacitic coast. “Ab! | but California produces gold.” Very. well, go to the Bank of France. In its vaults are $315,000,000 Of gold. Over €300,000,009, prodneed by mines of these United States, we have exported within five years, Why, | when we so need it? Because France bas suffered ter- | Tibly and has learned wisdom. Her lesson was worth all it | comt, The French people have learned that a tnan who rails enemy of society and above all of labor. no other nation ever was by war, France had not the folly to be prostrated asecond time, as this land has | been, by a valueless curreney, It did not leave its in- | dustry for ten years to be phiindered by speculation and | at the merey of any nation. strong enough to use an | honest measure of value, France lad the sense to de- ‘mand and the economy to earn the gold. It retired | $118,000,000 of its paper within twenty-nine weeks, ending Jane & The marvellous progress of its industry was a terror to England. Germany, victor in war, sees France within five years victor in’ peace, ite currency at par, its industry thriving, its people growing rich. | But we, ten years jook out sadly at dark far- | aces and silent mills, ound currency first of all.”” We enjoyed "robbed in ry, praitled inflation, muttered repudiation. Money the difference. Enough of oar gold to make nee prosper went where it was wanted, or generations to come we shall need to borrow. Will | you tell the world that he who lends to America lends to swindlers? We are heavily in debt. Do you know What the first step toward repudiation would mean? Alarm of all creditors and for over the land. Do no turing debts of corpor ifs and mai in our ri is and farms w np tell what th: people on earth ¢ | GENERAL G, In a spe at a democratic rally at Canal Dover, Ohio, on the closnre of mortgé forget unpaid intere: oun courts wou st counties. Our best ri ld pass to absent ans, Oh, my fri n afford nothi Ww. mines, ners. Ireland nde, we of all but honest dealing. MORGAN'S SPEECH. th inst., he made the following remarks on the financial | question: — THE PRETENCE OF RESUMING SPECIE PAYMENTS. #, a vast deal is being said on the Thi Just now, my fri subject of resuming specie payments. bondholders demand specie payments, The bankers demand specie nents. What do these men mean by a return to ie paymenté? Do they mevn that at the option of the holder of a bank bill he shall obtain gold when he presents the bank note at the bank counter? No, they mewn nothing of the kind. With banker and bond- holder resumption of specie payments means a further contraction of the currency; it means less money; it «the still further shrinkage of all values except nd bank stocks and bonds; it means to make one m gold | dollar buy two dollars’ worth of property; it means to | | dor the fortunes of the money owners by act of Con- grens. No, fellow citizens, these men, a€ I will prove to you, do not mean specie payments, and they know that such | a thing is pow impossible. In their avanec they have | gone money Their bonds are worth twenty cents above pwr; their gold is worth from twelve to seventeen cents above par, and their bank stock is from twenty. ' five to thirty-three per cent above par and they are not yet satisfied On the 14th of Ja Congrene entitled “An y last they passed a law through the demon of disaster depresses prices it also | tion of specie payments” —a law which bears a liv on its closes hope and mills, and frightened capital flies | face, for the law does not prowide that the banks shall froin industry. Are the many who get no wages able ' redeem their paper in specie; there is not the shadow to buy food for nothing? Even for those who have | of such a thing in ite provi: . work do not wages at such times fall more than prices? jaw? It provides that the Secretar: This is true of Wholesale prices—how much more of re- shall, “as rapidly as practicable,” coined ten, tail? Go tothe nearest store; when the market de- | twenty-five and fifty cent pieces in silver with which to does not the sellor charge the same price slong ran’? But when it rises be not quick to mark up his goods’ No wonder that the Embassy from Japan, Which came to this country hoping to open a trade mutually profitabie to us and to 35,000,000 of «tour pro uets, found that a shilling here than in iy other eiviliged land, THE RELIEF FROM DERT. “Our people are in debt and need re Who are our people?, These deposit “relieved” of half thelr earnings are q pe would buy | ef,” we are told, who are to be porous There are 1,298,998 men, women and ct n engaged in all gainful occupations in Now here are 1,179,484 dey ositors in savings bank here are L491,018 persons thus ¢ k, and 830,452 depositors in savir hae, Miia there are in national bark» » of ‘private banks or the loan trast Y no one knows. But Ohio, Mlinc Missouri and Nebraska have deposits averaging’ about $40 for each inhabitant; Michigan and Minne Indiana, ‘Wisconsin and I and lowa, $14, Tu these ten State the number of savings one to 8,200 inhabitants States }Lis one to say that in all the those who carn money b creditors? Bat, moreover, whether they have OF not, 4,000,000 of poop! # in this ec try are creditors by about $120,000,000, for about half of tieir monthly wages ig at any time due, About 3,000,000 more own farms, Ag a class they arc creditors. Tho they have been deprived of inuch of their just they are frugal and live more closely within their weans than almost any other elise. Governor Allen Bayi, Ui Forres 6 L571, or en Eastern not snfe te f all re while inhabitan orthern State ve savings or deporit nings, | vot) Obie statistics Show | No, fur the Karoyoan States are for redeem the fractional paper currency now in circulation. The amount is forty odd millon dollars. How much have they redeemed? Not a dollar—not a dime. among you have seen any of this silver currency in circulation? Not one living man. And yet moro than | gix months have elapsed since that law was passed | Bat suppose they did issue this forty — millions ! change in epecie; “how long would it be in cirentation ? Six weeke would dry up the last dime, Why? Because the men in power have by law depreciated the value of paper money; they have prohibited it from performing all the functions of money; they have provided tt paper money shall not be received as money in the pay mont of §200,000,000 paid at the Custom House as a tariit tax on imported goods; they have required you to pay the bondholder bis interest in gold, alao require you to receive papor intereat from the bondbolder, should he owe you In rong ed force of jaw paper | office, yesterday morning arrested William W. Clarke, money is made leas valuable than specie, and were | for soveral years engaged in the Sun office as clerk. 1 £40,000,000 of specie put in circulation It would at once | on ven Yen wineh Napanee rea heta Ma fled up by. the bankers and bondbolders. on | following particulars of the case were furnished by one | The earnings of the Union Pacitic in- | , and $800,000 more in the first | at enpital and interest and rants about more moner isan | Prostrated as | delivered by General George W. Morgan et to provide for the resump- | Who | i | | upon th | that street, and a constant current of money daily runs | from the West to the East. The railroad companies Which earn their money in the West daily ship. the profits to the East, And when one of your farmers | pars the freight on your grain the money reaches New | York before the grain has gone one-bali the distance. | So, too, with the insurance companies, We annually | pay to Bastern insurance companies five millions more The democrats want { Without labor millionaires are cre- | the rich have been growing richer while the poor | nted of thousands of men roaming abroad through the | There is no one who does not | THE COURTS. af eae Kerin Finnerty, the First precinct policeman charged with outraging the girl Maggie Igoe on the Battery, was | yesterday, on application of Mr. William F, Howe, in parsuance of a writ of habeas ¢ , admitted to $8,000 bail by Judge Westbrook, in Supreme Court, Chambers, | Thomag Shay and James Kelly became his sureties, | While Finnerty is given bis liberty Maggie Igoe is still | kept a’prisoner in the House of Detention. Sheriff Conner yesterday filed lis pendens enuinerat- ing the property attached in the cases of ex. Alderman ‘Thomas Coman and ex-Court House Commissioner John J. Walsh, against whom suits haye'becn recently com- menced. A list of thie property has already appeared in the Heraup. THE BLEECKER STREET RATLROAD. A suit of toreclosure has been commenced in the Su- preme Court against the Bleecker Street and Fulton Ferry Railroad Company, and the complaint {n the case was fited yesterday in the County Clerk's office. The suit is brought in the name of John M. Harlow, as trustee for the original bondholders of the railroad com- pany, against the company and Sinitten V, Tripp, George Ketchum and Francis’A. Palmer, a8 trustees | for the second mortgage bondholders, It’ is set. forth in the complaint « the road was incorporated in 1864; that ‘on January 2, 1865, $700,000 in bonds were issued, the interest of which Was to be paid semi-annually at the Butchers and — Drovers’ “Bank; that a bond and mortgage was duly executed as security for the | payment of the bonds, and that the ~ interest | on the same, due on the Ist’ of July last, has not been | paid. [tis further stated that the company is in ar. | » $30,000 for non-payment of taxes; that Cer ant oO} aid CoNpONS is sta Miller, the attorneys in the case, had all the requisite papers filed yesterday, and it is probable that the facts vill be speedily fully developed in the courts, TOMBS POLICE COURT. Before Judge Duty. ARRAIGNMENT OF THE ALLEGED BOND FORGERS. The four meh, Hall, Ray, Marshal and Hazrel, arrested by Detectives Elder and McDougal, of the Central office, on a charge of being concerned in the forgery and nego tiation of fifteen $1,000 bonds of the Oregon and Cali- fornia Railroad Company, were yesterday taken before Judge Duffy, at the Tombs Police Court. Judge Duffy was unable to entertain the case, being short of clerical help, and the prisoners were taken into the Special Ses- sions, before Judge Wandell, who remanded them to the Central office, to be brought before him this morning atthe Washington Place Court, at ten o’clock A. M. Detective Elder was fairly wrapped in reticence in re- gard to the ease and declined to give any information about it, His superiors, be said, might. censure bim if he did, and it might prevent the arrest of others. WASHINGTON PLACE POLICE COURT. Before Judge Wandell, | RAID ON A DISORDERLY HOUSE. On Tuesday last Mr. Moses Sanger appeared before Judge Wande!l and asked for a warrant for the arrest 0 Mrs. Maude Jones, whom he stated kept a disorderly house in the upper part of the building in which he resided, in Canal street, ‘The warrant Wax granted, and was served yesterday, Mrs. Jones and two inmates of the house Were brought to the court, Mrs. Jones was held to answer in $500 bail, and the two other women were fined $10 each. POSTPONED AGATN. ©. M. Simpson, broker, of No. 48 Broadway, charged with having a stolen bond in his possession, which was taken from the residence of 'T. J. Deland, the cashier of the Mahaive National Bank of Great Barrington, Mass, wis again arraigned before Judge Wandell yesterday, | Mr. Deland, who had arrived from Great Barrington the evening pri was in court, ag also Mr. A. J. Post, iker, at No, 25 Nassau street, ‘to whom Mr. Simpson had sold the bond in question, and Judge Flanders, Mr. Simpson's counsel. As Mr. Deland could not yesterday give the date of issue of the stolen bond and other nece: y description the examination was again postponed Wednesday, the 18th inst., when all the evidence, pro and con., is expected to be forthcoming. { { DISHONEST ERRAND BOY. | Henry V. Herts, of 806 Broadway, yesterday caused the arrest of Alfred H. Dugan, an errand boy, sixteen years old, lately in his employ. Dugan confessed to hav- ing stolen a cameo ring sect in gold, worth $50. Mr. Herts is a dealer in jewelry and has hitherto missed va- rious articles, but could not detect the thief. The boy, Dugan, who resides at No, 369 Broadway, Williamsburg, was held to auswer in $2,000 bail. ESSEX MARKET POLICE COURT. Before Judge Smith. A COLLECTOR'S REVENGE. Andrew Merkel, of No. 60 Stanton street, preferred a charge of obtaining money under false pre- 1 | than they pay back to the people of the State, Hence | paper called the Mlattdeutsche Post, und was discharged | it is, unless we have an abundant supply of cur- | afew weeks ago, La Tour then got up a paper on his | rency, we will always be drained dry. We want a | own account and calied it the Plattdeutscke Blatt, and | sufficient supply to’ revive industry; secure low | printed therein the same advertisements that were in | interest and good prices. In short,’ we wish the | the first named paper. He then proceeded to collect | weight which now depresses the business of | Payment from the advertisers, exhibiting the printed the country to be removed. We believe that this land of ours belongs to the people, and not toa handful of | over-fed bondholders and bankers. Years ago when money was plenty, business brisk and prices good, we did not feel this drain, because there | was enough to send East, and enough Jeft for the bus- ines of the West. Then the farmer got good prices for his | crops, the merchant good prices for his goods and wares, | the manufacturer good prices for his manufactures, and the working man good prices for his toil; and all of has been changed to satisfy the hungry greed of the banker and bondholder. The republican laborer, or far- mer, merchant or manufacturer, is just as much inter- | ested in aretarn to prosperity as those of the dem- | ceratic faith, It is in effect a confiiet between the Western producers and the Eastern bondholders, and | if the people are not ready to lie down as serfs and per- | mit the matled heel of the oppressor to be planted on their breasts they will rouse themselves to action on | this great question. Go to New York to-day and you | will find the democratic and republican bondholders Joined hand in band in their common cause, And why | should not the men of the West unite in defence of their ; Common interests ? EX-GOVERNOR DAVIS, OF TEXAS, ON GRAN A reporter of the Galveston News extracted the fol | lowing opinion on Grant and the third term from ex- | Governor Davis, of Texas, in a recent interview yorteR—Do you think if Grant urges a renomina- R tion he will have much trouble in getting it? Davis—1 don’t believe he wants or will urge it, or would receive it, except at the almost unanimous de- and ofthe republican party. The demoerats do him | an injustice. He -has no notion of the nomination. If | he did Ido not think the result would be anything but to defeat him for the nomination or divide the party. He isa man who loves his ease and can now afford to gratify himself. He ix probably worth $250,000, a fine stock farm in Missouri, and could afford to lie off one | term, recognizing the principle that the people coudemn | @ consecutive third term, CORONERS’ CASES. Patrick Gleason died at Bellevue Hospital yesterday morning from injuries received by being ran over by a freight train about two weeks ago. Coroner Croker | gave permission for the removal of his body to his late residence, No, 307 East Eighty-fifth street, Francis McLaughlin, aged eight years, who resided at | No, 441 West Fifty-third street, while playing on the | dry dock at West Fifty first street, North River, on the 10th inst., fell into the water and was drowned, His | vody wae yexterday recovered and conveyed to the resi- | dence of lis parents, ‘oner Kickhof held an inquest yesterday in the case of one Jolin Gotwel, aged eight years, who resided 286 Broome street, and who died from injaries ved by falling from ‘the roof of « buikling located near his home, while he wae watebing the ascent of a kite on the 6th inst. The jury, in rendering the verdict, | stated that they could not hold any one responsible for e accident, | Coroner Bickhof! began an ii | noon into the case of John Tracy, aged thirty tive years, | who resided at the corner of ‘Sixth and North’ Fift | strects, Williamsburg, and who was last Saturday even- ing cut in two by the patent hydraulic ele office of the Evening Port, The car fe crushed the deccased, who waa int har been employed as a machinist by of No. 111 Broadway, Owing to the a | portant witness the case was ad; eleven o'clock CHARGED WITH | ABBEST OF A CLERK CHA | PROCEEDS OF SALE | Dete est yerterday afters four stories and sub-collar, He | ce of an im d until to-day at \ZZLEMENT. H POCKETING OF NEWSPAPERS. e Richard Field, of the District Attorney's or in the | | Advertisements in the last named sheet as vouchers to the advertisers, and received the money from them. An- drew Merkel, of No, 60 Stanton street, was one of the |. victims, and on his complaint La Tour was held in $1,000 bail to answer. A PRECOCIOUS CHILD. Samuel S. Fowler, of No. 6 Columbia street, wentinto a bakery store, 64 Broome street, yesterday morning, bought twenty cents worth of cake from a little girl named Mary Heldman, aged ten years, and paid for it. Mr. Fowler went out and left his cketbook on the counter, containing €31. Shortly after he left the store | he missed it and returned, but the partics in the store | denied all knowledge of it. He then procured the ser- vices of a police officer and returned. As soon as Mra, Heldman, the mother of the little girl, saw the officer, } she said to the child, in loud tones, “If you do not find that pocketbook, right away, I will kill you.” In three minutes the pocketbook was discovered hid under a sofa, and was returned to the owner. Little Mary Heldman was taken into custody and was held to an- swer Jn $1,000 bail. ARRESTED ON SUSPICTO! On the Ist of July Anthony Burke, of No, 38 Scammel street, was robved of a gold watch and chain valued at $200. About four o'clock that morning he sat down on a stoop at No. 38 Second street, and slept for thirty minutes, When he awoke his watch and chain were gon A inan named Jolin McCarthy was arrested on Wednesd night on suspicion of being the person who committed | the robb n information received from one George | O'Connor, Who testified that he saw McCarthy in the | vicinity of Burke during the time that he was asleep on the stoop. McCarthy was held to answer in $1,000 bail, COURT CALENDARS—THIS DAY. Scrree Covet—Cnammers—Held by Judge Weet- N 48, 88, 150, 151, 218, 219, 220, 221. will be no court held in Chambers on ust 14, 1875, By order of ‘t. R. WESTBROOK, Judge. Sesstoxs—Held by | Recorder yple ve. Michael Kagan and George Same vs. Henry Noonan and Patric Saturday, Av: Covet oF Grxenat Hackett.—The 1 Walsh, robber | Kernan, robbery | aseanit ‘and. batt ; Same vs, Thomas Viret, felonious assault and battes ‘ame vs. Mary Boral, felonious as. sauit and battery; Same vs. August Taber, felonious as- sult and battery; Same vs, Kdward Iylon, burgh Same vs. Michac!’Tuite, burglary; Same ve, Prank Rei hart, grand larceny; Same vs. Francis J. MeNamara and Thomas Wolf, grand larceny; Same vs, Engene Brown, grand larceny; Same vs. John McGuire, grand larecny } Same vs. Mary Humbert, grand larceny; Same vs, Lizzie Quinn, grand lareeny; Same vs. Emily Thomson, dis- orderly house. BOLD ROBBERS. A WILLIAMSBURG JEWELLER ROBBED OF OVER $6,000 worTH OF DIAMONDS AND OTHER JEW- ELRY. a four men were observed by two or three persons acting in a suspicious manner on Fourth street, between South | gecond and South Fourth streets, Williamsburg, but no one thought of giving any alarm, About balf-past ten men firet made an attempt to rob the silverware estab- wera fuiled by the boy in charge of the place, who de- clined to transact any business or leave his position on any pretext until Mr. Bryan, who was absent, should | return, Kline's store was then visited by the thieves. | One of the gang entering the store asked to have a new | crystal put over the face of his watch and some other slight repairs done to the timepiece while he waited, The Jewoiler’s attention being thus called away from his | stack, a second member of the gang sneaked Into. the back room, where a large safe was kituated, and rapidly GATHERED THE MOST VALUATLE ARTICLES tences against a man named Charles La Tour. | La Tour was formerly employed as collector by Philip Kegler, the proprictor of a German | Same vs. Thomas Taylor, felonious | Yesterday morning, between ten and elven ojelock, | o'clock the jewelry store of Kline & Co., No. 141 Fourth | Te Turse | street, was robbed of $6,000 worth of Jewelry. Tho { t lishment of J. 8. Bryan, near South Second street, but | | him the subjoined letter: — ‘tion, and the country would be left without | of the District Clarke was en | together for removal. Two other thieves, at the same curreney of any kind. gaged for several years sales department | time, busied themselves tn removing and ropiting a { at next doce this law provide? Ina word, with- | of the Sun, Part of his duty wae to furnieh checks for | ramber of Belgian blocks, whieh lay on the sitewalk to out going through the di of the bill, it provides for | papers to dealers and receive cash for the same. Kach | be used for strect repairs, Whe ' ork wits the ixsue of 000,000 of new five per cent bonds, tobe | chack specified the purchased number and was aftor- | nearly dono thief No. 1 gave the signal for fight by a Ot sold at id, in order to substitute that | ward presented in the delivery room. Clarke now | of coughing, which seemed to near'y & him, The | @ nt of as they pretend, for the greon- | ying the returns in this connection | second thief, with his leaped through a back backs in ation, Where’ ig the gold to ast, #0 that thousayds of dollars were | wity othe yard, and thence through ‘the main come from? re is only $10,000,000 in tho | thus embe: On being arrestor alleged, ho { hi to the street, unlocking the front hall door United States that is mostly owned by the govern. | acknowled # guilt to the det On hie pereou | from the inside to effect his egress, Simultancousty bis ment, and is used by the government to pay gold in- | wero fonnd 100 ehares of Hannibal and #1, doseph | accompl ce omeryed from the store, and the four thieves terest tc bondholders, and the bondholder sells his | stock, purchased in 1872, for which he acknowl | started leigurely down the street toward Broadway. merchant who imports goods ata premium | edged he Ind paid $3,000. The prisoner was locked up, | was fully five minutes after their departare whe of from twelve thi Wo wevente Hn per cent $82,000,000 of oll to cor pine fre ? Krom Europe? to buy gold, aud Where, then, i | having refused to give bail, Clarke has hitherto borne 4 most unexceptionable charactor and is yery woll con | pected, : Kline discovered that he had been sobbed. Th | traces of the thieves could be-discovered, Tie articles lost arc one diamond ring, worth $1,500, | quently visited house | testified that Chi | preferred by Commissioner Pybi | po 3 | moved from office. two eardropa, valued at $1,000, the proper Holmes, stationer, which were left with Mr y Bold; othor diatnond jewelry, valued at $1,000; 100 silver watch chains, worth’ $1,000, and gold bracelets, rings and other jowelry worth’ upward of $1,500. ORDEAL. WILLIAMS’ CONTINUATION OF THE TRIAL—ANOTHER IM- PORTANT WITNESS FOR THE PROSECUTION— ¥X-COMMISSIONER GARDNER ON THE STAND. The trial of Captain Williams was resumed yesterday morning at the Central Office, Catharine Brown, a daughter of the witness of that name who testified the day previous, was called as the first witness, She said that she lived in the house No. 143 Mercer street for three years with her husband; there were panel thieves occupying the first floor; frequently heard of persons being robbed in the house; a white-haired gentleman was robbed, and afterward a tall, slim man came in with a lady; then there was a rap on the rear door, and the lady said, “Oh, for God's sake, go away! Here is my husband !”” the man, on going, discovered in the hall- way that he was robbed, and he made a disturbance about it; a man came from the back room and knocked the man off the stoop into the street; Officer Palmer then came along and told the man to get up ‘and move off or he would take him in for drunkenness aftor robberies were committed the parties occupying the first floor would close up the place and depart sud- denly; T once saw Mollie Rush, better known as Annie Small, come into the house with aman, but after she saw me she never came there again. Cross-examined by Captain Williams—She admitted that on the 3d of August she had fits; a few colored men called on her, hearing that she was going to make a complaint against the parties occupying the first floor; they told her she was taking the bread out of their mouths, Captain Williams’ mouth and her own, Sergeant Groo was then recalled and explained that in reference to the watch robbery’ of the 28th of Feb- ruary, which he said was reported to him while at the desk, and the records showing that he was on patrol duty at tne time, the mistake might have occurred by his taking police instead of calendar time, Cross-examined by Captain Williams—I don’t remem- ber whether I said to any one, after testifying before the committee, “I did this to get square with Williams, as he treated me like a hog.” Had a conversation on the corner of Righth avenue and Thirtieth street with Terwilliger, and I think with Sergeant Brandeth, but I don't know what I said to. them; don’t remember whether I ever got cigars from any officers or whether I ever visited No. 173 Greene street, With this witness’ testimony the prosecution closed, and the defendant. in opening his detence, said he would not be able to conclude during the day, as several impor- tant witnesses were absent. Sergeant Woodward, of the Eighth precinct, testified that he never received instructions from Captain Will- jams, while under him, not to enter robbery cases or panel robberies on the station house blotter; never re- ceived money for Captain Williams, and never knew or heard of No. 175 Greene street, No. 62 Wooster street and No, 143 Mercer street as being panel houses; heard of only one panel robbery in the precinct, and the par- ties to it were arrested. Sergeant Rooney, of the Twelfth precinct, and Ser- geant Fanning, of the Twenty-sixth precinct, testified as to being under Captain Williams in the Eighth precinct, and corroborated Sergeant Rooney in every particular, Sergeant Brown, formerly of the Eighth precinct, heard of one panel robbery at No. 2844 Wooster strect in 1873. The blotter was here referred to, and the case was found entered upon it in proper form. Officer Kerns was three months on the Greene street beat and never heard of any panel robberies there; re- momber a man once complained that he had given a girl $5 for beer and ebe went out and never returned; this is known to the police as “bilking.’? Roundsman Murphy, of the Eighth precinct, never beard of pane! robberies in the precinct. Roundsman Watson, of the Eighth precinct, never heard of panel robberies occurring there, but heard frequently of robberies occurring in houses of assig- nation. Officers Maher and Bliss, of the Fighth precinct, testi- fied to being on post in Greene and Wooster streets, aud never heard of panel houses being or robberies occurr- ing in the Eighth precinct under Captain Williams, Roundsman Keeley and Officer Quigley, of the Twenty- fourth precinct, testified to a similar state of affairs in the Fighth precinct in 1873 and 1874. Officer Wilson, formerly of the Eighth precinct, testi- fled to having “putled”’ the house No, 52 Wooster street three times within two weeks, having heard that it was Tun ag a panel house; by this means the parties occupy- ing the house were compelled to move out, and it has never been a disorderly house since; it Was never a panel house. Officers, Murphy, Watson, Hughes, Terwilliger and Monell, all of the Eighth preeinet when Captain Wil- Jiams commanded it, testifled that there were no panel houses in the precinct, nor did they ever hear of rob- berics, except in assignation houses in Thompson street, Oflicer Parks knew of Sergeant Groo’s talking in the street with abandoned feruales, vi Officer Phelps said that Sergeant Groo came to him one night while on post and told him he should strike some of the fine-looking girls on his post for cigars; witness bought some cigars with his own money and gave them to Sergeant Groo, a8 if they came from the women. Roundsman McMillan was in the army with Sergeant Groo, in the 143d (Goldsbury) South Carolina regiment; Groo was First Lieutenant and was dismissed for being absent without leave from his regiment. Ex-Commissioner Hugh Garduer then took the stand, and swore that he visited the Eighth precinet about four times a week in 1573, while Captain Williams com- manded there; he believed that the precinct was one of the best managed and most effective in the city at the time; if any fault was to be found with Captain Williams it was that he was over energetic in the discharge of his dutics; he allowed nothing to stand between him and the complete discharge of his duty as aeaptain; the witness was present with the hor onl when he broke up roany houses of ill-fame, gambling houses and policy shops in the Eighth ward; the records will show where they were “located, and the implements captured are still at Headquarters. Frequently talked with Sergeant Groo while he was at the desk, but he never said anything abont Captam Williams not reporting robberies; he led me to believe that Captain Williams was one of the best and most efficient captaing on the force, as one very snowy and wild night, when I entered the station house and asked — for the Captain, Groo said he was out going over the precinct, as this was just the night for burglars to op- erate, aud the Captain always went out on bad nights looking for them. I removed Groo from the precinct, as Captain Williams had said that it was his custom to go down to | the cells at nights and act improperly with the females incarcerated; in company with Captain Williams I fre- panel game was being worked, but in every case wo found that the report was false, Mr, Salem Lissner, importer, 446 Broome street, les Frist, of Brooklyn, a friend of his, was robbed of asum of money in a house in Wooster street, and that vin Willits arrested a man and woman for the theft; he also locked up Mr. Frist, and at court the next morning he failed to identify tho prisoners and they were discharged, BROOKLYN POLICE REORGANIZATION. SUPERINTENDENT JOHN § FOLK REMOVED— EX-CHTEF CAMPBELL SUCCEEDS THE DEPOSED OFFICIAL. Yesterday afternoon, shortly after two o'clock, Supers intendent John S. Folk, of the Brooklyn Police Depart- ment, against whom charges of incompetenty wore n, of the newly ap- ited democratic Board of Commissioners, was r2- Mr. Folk was relieved from duty by Mr. Patrick Campbell. “Turn about is fair play’? is an old axiom, On the 22d of August, 1873, a republican majority of the Board of Commissioners removed from office Mr. Campbetl, who had filled the place of Chief of Police for three years and three months pre- aious, Mr. Fotk, who had been nspector ander Camp- bell’s administration, was elevated by the Board to the higher offiee, which he now reluctantly — eurrenders to his predecessor, All the forenoon the headquarters, at the corner of Court and Livingston streets, was thronged with visitors anxiously awaiting the decision of the Board in the case of Mr. |k, which was under con- sideration. It was near two when it was announced that the Board had appointed Patrick Campbell Su- perintendent, vico John F. Folk, removed, Mr, Camp. bell arrived at heatquarters on a brief notification, was duly sworn in by the Chief Clerk, ‘The following polite letter was sent Mr. Folk :— Durantwent ov Pr ‘K AND Excise OF Tux City OF Brooxuyn, Angust 12, 1875, Enq, , at a regular lesioners of Police and Excive ved from the office of Superin- virtue of the following resolution passed the evidence ndidueed fram the ne Acalnst Superintendent John 8. Nk this Board fils i i lneanacitated nthe divehinrge of ie duties of his office, and th 5 ‘ tad be fs hereby removed theretrames eens © Folk be Kespeetfully, B. LANSING, Chief Clerk. A few moments aftor Mr. Folk had received the above letter the new Superintendent entered the office of the deposed executive, and, after a friendly greeting, handed charges and ep ¥ Esq. You will pleas liver to Patrick Campbell, uperiatendent of Police, all records, books, papers and ‘property of every Kind and description now i. yout, pow fession belonging to ihe Department of Police and By ord the Board, BE. B. DANSE Superintendent ampbell then assumed the duties and rosponstbititic of the office, OTHER CHANGES Will, it is sail, be shortly made in the department. Pa. trolman MeCullough was made sergeant in the Third precinet, vice Kerr, resigned, Officer Timothy Gill was promoted to sergeantey in the Bleventh precinct, vice Rogers, removed. Officer Drehon, of the Kighth pre cinet, Was appeiuted roundsman in place of Spellman, retired. re it Was reported that a | r PACRIG RATLAOAD SAUL Bought In by a Committee of the Bond- holders---$100,000 the Price. NORTHERN REPORT OF THE PURCHASING COMMITTER, —_—+—_—_— Preferred, Common Stock and First Mortgage Bonds to Participate in the Restoration. Yesterday at noon the adjourned sale of the Northera Pacific Railroad, with its equipment, franchise, &., took place—according to law and under order of the Court—on the steps of the Custom House, in this city. As may be imagined, the group of gentlemen assembled. before the auctioneer did not attract particular attention at the entrance to this BEEMIVE OF THE GOVERNMENT, and when the road, 0 fruitful of disaster to whilom great bankers, was bought in for the Purchasing Committee of bondholders by Messrs. Jay Cooke and Samuel Wilkin- Son, at $100,000, tho gentlemen quictly dispersed, and only discussed in knots on Wall street the future pros- pects of this mammoth corporation, which incidentally produced the memorable panic of 1873—which MAKISTROM OF MISFORTUNE swallowed the private fortunes of thousands and sent hundreds of hitherto good houses into bankruptcy. It may be well in review tostate that the Court, having found the issue of bonds legal, ordered a sale of all the property of the company on August 2, which sale was by arrangement adjourned until yesterday, with the re- sult above indicated, The proceeds of the sale of the property must be applied as follows :— To the payment of court costs and legal exe penses, PeRecond-—To the payment of balances due to employés for twelve months previous to the entering of the or- der. Such amount not to exceed $15,000. Third—Vo the payment of right of way and land claims not to exceed $10,000, ‘Fourth—To the payment of moneys advanced for in- terest on bonds, or for labor and material, not to ex- ceed $100,000, Fifth-—'to the payment pro rata of the bonds and in- terest outstanding on the books of the company and trustees, without individual proof by bondholders. The purchasers must pay on the day of sale $100,000 cash. The LAND AND LAND GRANTS must be sold under tho acts of Congress in sections in the various States and Territories, The decree as now amended was entered on the application of the counsel for the trustees, all parties to the bill and all the bond- holders who appeared to be heard withdrawing all ob- Jjections to the original decree and assenting w its amendment, ‘The Purchasing Committee made the following report a short time since to the bondholders :— REPORT. 1. The sale of the lands under decree of Court will necessa- rily put an end to the conversion into lands of the prexent outstanding bonds of the Northern Pacific Railroad Com- pany. 2.” Under the adopted plan of reo stock will be issued to each assenting of $1,400 of preferred stock for each #1 Dearing accrued interest from July, 1573. sd wtock will be receivable at mpany’s lands east of the (ome 7,006,009 neres)» ‘4. Bondholders, by assenting to the plan of purchase and reorganization, ineir no expense whatever, and no liability, to assessments or the payment of money for any purpose, 5. Under the decree of Court, as modified, bondholders are not required to make proof of their claims against the com- pany. This will be ¢ from the books of the ved era and of the tragtees of the mortgage. All that is required of bond- holders is to sign the power of attorn ittached to the plan wend it to the Purchasing Committee, and when notifies send their bonds to the proper trast company in New York ‘and receive in exchange the preferred stock. 6, The “Livingston Pian” (the only one proposed) protects the interest of all bondholders by 4 purchase of the read and. property and a reorganization of the company with the preg- ent bondholders as owners. This plan, as now presented, was approved unanimously by the general ineeting of bond: holders, held in New York, Jane 30, 1875. 7. Each bondholder can decide whether it is for his interest to take preferred stock under the | adopted, and thug retain his Ey ‘ee proportionate interest in the road and lands and their fature development, or accept, in final settle. ment of his claim, his share of the proceeds of the salo of the property. anization preferred ndholder at the rate 000 of 7-30 bonds arinexchange ‘issouri Ri ‘THE LIVINGSTON PLAN, issued as a basis for adjustment, reads thus It is proposed that the following named persons—to wit, Johnston Livingston, New York city: Frederick Billings: Woodstock, Vt.i_ George Stark, Boston, Mass; Willia ‘Thaw, Pittburg, Pa: J.N. Hutchinson, Philadelphia, Fi John M. Denison, Baltimere, Md.—shall constitute a eoimmit we to attend to the sale of the railroad and other property of the company, with a view to purchase the mame and take title therefor, for the benefit of all the parties assenting to and complying with the conditions of this plan; to axsuine the management of the railrosd and property when they shall have nequired title thereto: w attend to the iesing of bonds and stock, perfecting title and generally to do all things that may be necessary to the complete execution of this plan, and to place the railroad and property again ‘under the control and management of a board of directors, to be elected hereafter by the preferred stockholders. ‘No assessment whatever shall be levied upon the bond- holders; but all costs of the purchase of*the railroad and other property, expenses of foreclosure 07, other procedings, shall be paid out of the assets and ineome Af the eompany. The length of time within which the bondholders may come forward and participate in the lenefits to be derived from the purchase of the railroad and other property shall be Jeft to the discretion of the Purchasing Committee. The sum of $100,000 cash, appropriated for claims under section & of the decree of bale, shall Le paid out pro rata, under the order of the Court. Tn case any difficulties shail ariso in carrying ont this pl to consummation, the committee shall take uch measures Anvil employ uel counsel as in, their judgment will most effectually carry out thix plan or its general purposes. ‘Any vacancy that occur in the number of said com- mittee, by death, resignation or otherwise, shall be filled by the surviving or continuing members, ‘The committee may act, in all cases, by a majority of thei number: and In ease the surviving or continuing members are unable to agree on any question, or on the filling of a va- cancy, the President of the eorpotation shall give the east- ing vote. CAFITAL STOCR. The eapital stock of the company «hall he as fixed in the act of incorporation, and shall be divided into preferred and common, ‘On the sale of the railroad and the other property, and the wequisition of tithe thereto Ly the committee whove named, the present stockholders sball surrender their certifi- entes vf stock into the hands of the aid committee, to be held by them either as confirmatory evidences or muniments Of title, to be used accordingly by thera. REPENTED STOCK. Proferred stock shall be created and issned to the amonnt of $51,000,000 (bein, jority of the share eapital) for the following purposes :—To retire the princtj»al of the outstand 7 3-10 bonds, and the Interest thereon duc and to become due up to and including July 1, 187%, at the rate of eight per cent currency per annum. And also to retire the principal and interest, to and including 1875, of the land Warrant bonds; to pay the floating not protected under the existing orders of the Court: and, generally, for the pur- pose of carrying into effect this p ‘The preferred stock shall have all the rights and privileges of the common stock, with the right to vote, and the holders thereof shall be entitled to dividends not exceeding eight percent per annum as the net earnings Wercinafier defined, neach eslendar year, may suffice to pay, and before any dividends shall be paid on the common stock After and during the time the income of the road shall be sufficient to pay eiwht per cent dividend on both the preferred and the common stock, the surplus shall be divided on both alike per share, according to the number of #hares ixsned of each. The preferred stock shall be convertible at the par value into any lands belonging. to the company, or hereafter to b Jong to it, éast of the Missouri River, in the State of Minne. rota and in the Territory of Dakota, nintil default shall ecear in some of the provisions of the new first mortgage bonds, hereinafter provided for, and such conversion shall be an ex tinguishment of meh stock. ‘The proceeds of all nates of sucis Jands, wotil such defaalt, shall be used likewise inextinguishe ment of uch stock, ‘The words “net earnings,” as used nbove, shall he con. strued to mean such surplus earnings of the said railroad as shall remain after paying all expenses of operating the suid Tiilroad and enrrying on its business, including all taxes and assessments and payments on encumbrances, and including the interest and sinking fuud on the first mortgage bonds, the expenses of repaiting or replacing the said railroad, its appurtenances, equipments or other property, #0 that ‘th saine shall be in high condition, and of providing auch addi- tional equipment as the said company shall deem necessary for the business of wald raitroad. COMMON STOCR Common stock shall be issued to the amount authorized by the charter, less the amount of $1,000,000 of preferred stock, The holders of the common stcle siiall not have the right to vote on it until on and after July 1, 1878. Th holders of this stock shall only be entitled to dividends euch year at the discretion of the Board of Directors, the net earnin: ure defines, excoed an amount mufficiont to pa; ‘on the mortgage debts and eigh the preferred stock. Certificates of this stock shall be issued to holders of, or to those now entitled to, cortifieates, share for share: and the residae ratably to those originally entitled thereto or their assigns. FIRST MORTGAGH BONDS. ‘To provide the means to complete apd e H ued firet mortgage bonds tot t re ,000 per mile of road actually. completed and cepted by the President of the United States, to be secured by a mortgage or mortgayes which shall be i paras mount lien on the whole line of road, constructed and to bo constructed, and on the equipment. property, I nd uehives, acquired and to be acquired, including the fri ration, subject omly to the right of the red stock to convert their stock into the Jauds of the company now owned or hereafter to be wequired east of the Missouri River, in the State of Minnesota ani Territory of Dakota, and also to the right to the proceeds of the sales of said lands, to be used in the extinguishment said stock, until any defunlt is mado In the provisions of this mortgage. ‘The principal of these bonds shall be ay forty years after Mates and the interest and rinking ayable in gold. A ba made pitt be provided a sinking fund for the redemption of the principal of these first morgage bonds, at or before their matagiey, which shall be accumulative and sh mnence five years after the date of the issue of each eries, The first mortgage bonds shall be countersigned by one or more. trast companies, and said trust company or eompantes Mideliver to the railroad company bonis to the ainount (O00 per mile of each mile of road already completed, ‘ail continue to deliver bonds to the company, not to ‘#25000 per inile of road constructed, or tor which the materials may have been furnished. ‘Provision shall be made in the first mortgaye or mortgages to secure effectually the holders of the bonds issued ander them in the event of auy and every defunit. No other honda bo insued, except on avote of at icast three-fourths of the preferred stock, at a meeting specially held in reference thereto, on # note of at least thirty days by mivertive: ment in two newspapers published respectively in the cities of New York, Philadelphia and Boston, POWER OF ATFORNEY. We, the undersigned, whether holders of bonds of the Nortliern Pacilic Railroad Company oF of its stock, do hereby fd in consideration of $1 to ench of ax in hand pabd, and out ‘of the expenses heretofore incurred on our beast in the pro~ coodings which have been taken in the it Court of tho United wach wish Mie other, be [CONTINUED ON NINTH PAGE.) ise tobe @ col holders of the pret may Fentos above recited, agree,