The New York Herald Newspaper, August 5, 1876, Page 5

= ran ROR ET SE A CABLE NEWS From All Parts of the Old World. - THE WAR IN THE EAST. Several Very Important Bat- tles Reported. TURKS REPULSED AT ZWORDIK. The Projected Conference of European Powers Abandoned. THE PRICE OF SILVER. A Commercial Panic at Athens. Threatened Rupture Between Greece and Turkey. THE ENGLISH MARKETS. THE WAR IN THE EAST. ({MPOBTANT BATTLES FOUGHT DUEING THE LAST TWO DAYS—MUEKHTAB PACHA TO TAKB BEYUGE IN AUSTRIA—THE ENFORCEMENT OF MIDHAT PACHA’S CONSTITUTION POSTPONED— THE SERVIANS REPULSE THE TURKS, Lonpos, August 4, 1876, A despatch to Reuter’s Telegram Company from Semlio says:—"Important battles have been fought daring the last two days at Tresibaba, between a strong advance guard of Abaul Kerim’s army, under Hafiz Pacha, and thé Servians under General Horvatovich. “Tresibaba is situated at the junction of the road leading from Pandirolo and Gram. to Gurgusovatz. “The Servian General Tyneroayeff is on the River Timok, southwest of Gurgusovatz.’” MUKHTAB PACHA TO TAKE REFUGE IN AUs- ‘TRIA. Vinxxa, August 4, 1876, The Presse says Mukhtar Pacha is expected shortly to take refuge in Austria with his army, as he is so hemmed in at Trebinje that it is impossiblo to force a passage north, ENFORCRMENT OF THE PROPORRD NEW CONSTITUTION POSTPONED, The New Free Press publishes intelligence from Con- Btantinople saying that the enforcement of Midhat Pacha’s proposed constitution has again been post- poned, THE TURKS REPULSED AT LITTLE ZWORDIK— TWO IMPORTANT ENGAGEMENTS IN ONE DAY. Bexorape, August 4, 1876. despatches state shat on Wednesday the stacked Little Zwordik and were repulsed, TWO BATTLES FOUGHT ON THURSDAY. Thursday they attacked the Servian position north ofGramada, The result of this attack ts as yet un- known, A battle began Tharsday beforo Gurgus bulletin of the result has yet been received, Omei Curk: tz, but no THE ROAD INTO SERVIA OPENED. Panis, August 4, 1876 A special despatch to the Journal des Debats from Belgrade states that the Turks occupied positions around Gurgosovatz aftor fighting on the Timok. This opens the road into the interior of Servia, THE TURES AT 4 DISADVANTAGE—EERIM PACHA DISOBEXYING ORDERS. Loxpow, August 5, 1876, A special despatch to the Standard, dated Constanti- nople, August 2, says:—The advance from Nisch into Bervian territory is slow. DISOBETING ORDERS, Kerim Pacha has been ordered to move at all haz- ards, but he has not done soas yet. This inaction para yzesOsman Pacha at Widdia, for the Servians between Alexinats and Saitschar are on the Inver side of the sircle, while the Tarks from Nisch to Widdin aro on She outer side, THE LIKES. The Servians aro manoeuvring on a line forty miles loog, and can easily mass their forces, while the line on which the Turks are operating is 100. miles in length. THX TURKS ATTACK GURGOSOVATZ, A Reuter despatch from Belgrade contains the follow- ing official bulletin :— The Turks attacked our Gurgosovatz army at Tress- ibaba yesterday. Tue fighting iasted from one to eight o'clock in the night, The contre of the Turkish army ‘was driven back one mile, General Horvatovich attacked the Turks, ment continuing. THE SBRVIANS PENETRATE A TURKISO CAMP, The Servians took the entrenchments at Miamor and penetrated the Tarkish camp. RGYYT’S CONTINGENT, It 18 now stated that Egypt's contingent for the Porte will not exceed 9,000 men. TORPEDOES IX THR DANUBE, A Vienna despatch to tbe Times says the Servians admit they sink torpedoes in the Danube to prevent any possible operations of the Turkish flotilla, They tlaim that there ia no danger to regular navigation, N NURSES FOR THE SKRVLANS, ‘The Rarsian Society of tho Red Cross has sent a sanitary train with surgeons and nurses to the scene of war in Servia, ANOTHER TURKISH SUCCESS, ‘The Standard’s Paratchin correspondent says tho tn- dications aro that the fighting at Waliizoor bas re- valted in another Turkish success, If this is true com. munications betwoen Saitschar and Alexinatz will be iu- lerrupted. A fact in corroboration is tuo arrival of Genoral Tchernayefs chief of staf here, whois going through this place for Saitschar, Had the road trom Alexinatz to Saitschar been open he would not bave made this detour. THR TURKS POSSKBS THR ROAD TO ALEXINAT2, A despatch to the Daily Telegraph from Nisea re- ports that the Alexinatz road is in possession of the Tarks, Dgage- THE EUROPEAN CONFERENCE ABANDONED, Loxpor, August §, 1876. The News’ Berlin despatch says:—It ecems certain that the project to solve the Eastern question by a con- ference of the Powers has been abandoned, ———o—___—— TURKEY. & DEMAND ON THE POATE FOR THE SALONICA INDEMNITY— DETERMINED ACTION OF FRENCH AND GERBMAN AMBASSADORS. . Loxpox, August 5, 1876. A despatch from Athens to the Times reports that the French and German Ambassadors pave intimated to the Porte that they will leave Constants gople to-morrow unless the indemnity for the two consuls murdered at Saloniea is paid and the sen- fences of she military and paval comuianuers publicly read. The Porte hesitates to execute the sentences, (caring the resentment of the Mussulmen, onion GREECE, A PANIC AT ATHENS ON ACCOUNT OF LACK oF MONEY. Rowe, August 4, 1876, The correspondent of tho BePsaglicre (newspaper) NEW YORK HERALD, SATURDAY, AUGUST 5, says thero 1s acommerial panic at Athens 1a conse- quence of the government's lack of money, The re serves have been catied ont under arms, A new conscription bas been levied and the National Guard reorganized. The pubhe are irritated by the rumor that Candia ts about to be purchasea by England. A RUPIURE WITH TURKRY THREATENED, A rupture with Turkey is threatened, ENGLAND. 4 SUSPENSION, WITH NIXE HUNDRED THOUSAND DOLLARS IN LIABILITIES—TBE PRICE OF SIL- VER. Lonpow, August 4, 1876, A heavy gale prevailed on the consis of Scotland and porthern England yesterday. Several casualties are reported, with eome loss of life. SUBPENSION OF CHARLTON & CO Messrs. Chariton & Co., of the Strapton Iron Works, Hartlepool, have suspended, with abilities reported at $900,000. Their assets, subject to roalization, are said to be much greater. THR PRICE OF SILVER The Times to-day, in ite financial article, says:— “Silver was in demand last night at 51d. per ounce, we believe, and some Indian buyers have tried to ge@a supply at 6144d., but there is no stock here. The im- Pression prevails in some quarters that Germany is holding back her supply for higher prices, but {t is very doubtiul whether Germany and her supply of silvor may not bea mere bugbear, but that there must now be a considerable genuine demand for the East is cer- tain,” Silver to-day 1s quoted at 514. SILVER QUOTED at 514d. To 520, The Financier says:—‘‘Bar silver was yesterday quoted at 514. to 52d., but no transactions were re Ported in consequence of the abaence of supple .”” A RISE IN EXCHANGR Telegrams from India announce that exchange has risen to la, 8d, per rupee. BULLION, The amount of bullion gone into the Bank of Eng- land on balance to-day ts £67,000. THY. WRATIER, The weather to-day !s unsettled. THE WHEAT MARKET. Livervoon, August 4, 1876, A lending crain circular issued to-day say: ‘The heavy rains and high winds during the past week have given additional tone to the wheat trado and a number of the provincial markets quote an advance, The de- mand for eargoes has also improved and the prices aro better, Several have been taken for the Continent and there ts more inquiry from that quarter. The markets in this district show a fairly active basincss for consumption, but almost an entire absence for speculation. Importers hare succeeded in obtaining an advance of a penny per cental. “Maizo has been rather drooping and this market bas been poorly attended. To-day the transactions were limited. Fine wheats wore tolerably steady, but sec- ondary and inferior qualities, both white and red, were rather easier. Flour is dulland unchanged. Corn is firm, with moderate transactions at unchanged Prices,”? THE COTTON MARKET. The circular of the Cotton Brokers’ Association, te» sued to-day, and containing a review of the trade for the week ending last night, says:—“Cotton bas been active throughout the week, and buginess on Saturday and Monday was unusually extensive. Quotations gen- erally have been about ‘yd. higher. American haa been very active, with prices mostly %d. higher, the better grades being 1-16d. higher. For sea island the demand has been moderato at full rates, In futures there has been a fair business and prices have been about id. highe: FRANCE. ‘M. CA€IMIR-PERIERS SUCCESSOR IN THE SEN- ATE. Paris, August 4, 1876. The election of M. Dufaure, President of the Council and Minister of Justice, as life Senator, vice M. Casi- mur-Perier, deceased, is considered certain, A BANK IN TROUBLE, SUSPENSION OF THE MINERS’ TRUST COMPANY. PortsviLLR, Pa, August 4, 1876, It was anrounced here this afternoon that the Mi- ners’ Trust Company Bank, conducted by Jacob Hunt- ‘Zinger, was unable to cash checks as presented. Dur- ing the morning a number of small checks were paid, bat Jater in the day all who presented checks were met by the laconic statement, “Can’t pay.” ‘ The bank is one of the oldest of the many banks of the place, and was regarded by very many people as a sort of Bank of England. Tho greatest confidence in tts stability was felt, When the news of its true con- dition was firet whispered about it fell on incredulous ears, the moro #0 because the doors were not closed until the regular hour. Since all doubt nas been re- moved the probable condition of the bank has been the absorbing theme of conversation, not only in Pottsville, but in all parts of the country. The directors met this afternoon, but did not decide on any course of action. It is not probable that the bank will open in the morning, as the officers would bo conipeiled to face an immense crowd of depositors, al; excited and anxious, The total deposits of the bank will not fall ehort of $1,250,000, The County Treasurer, the Sheriff, tho Pottsville School Board and various boroughs and townships in the county made this their bank of do- osit. ae great many poor people, especially among the Irish, had their savings there, and, if the suspension of the institution is more than temporary, it will prove a severer blow to this county than the failure ot Jay Cooke & Co, and this day will bereatter be known as Pottaville’s “Brack Friday.”” Various causes are assigned for the embarrarsment of the bank, but the real cause will not oe known for several days.’ The undisputed fact is that for sevoral weeks a number of heavy deposits nave been with- drawn. Itis stated that two very heavy drafts were made by Philadelphia banks this week. Mr, Huntzinger, president ot the bank, informed the Heaton correspondent that these drains on the bank Were mado so imperceptibly that all at once, within a day or two, the peril flashed upon him. He had hopes of being able to tide over the present trouble aud of resuming business in a short while. Incase these hopes are disappointed and the bank goes under it is eared that one or two other banking institutions may be dragged down with tt,and the consequences be disas- trous in the extreme, EARL AND COUNTESS OF DUFFERIN. Orrawa, August 4, 1976. Informatiom has been received here that tne four- teen-gun frigate Amethyst will bo in waiting at San Francisco to convey the Enrl and Countess of Dafferin and party to British Columbia, MIDNIGHT WEATHER REPORT. Orrick oF THE CniKF SIGNAL Orricen, Wasitixctox, August 6—1 A. M. Probabitities, For the South Atlantic and Guilt Sthtes, Tennessee and the Ohio Valley, slowly falling barometer, station- ary or slowly rising temperature, easterly to southerly winds and partly cloudy weather, with rain areas, ox- cept in the northern portion of the firss sections, For the Inke region, failing barometer, winds mostly | from enst to south and increasing in force, nearly stationary or slowly rising temporature, partly clouay weather and rain areas. For the Upper Mississippi and Lower Missouri val- leys, falling barometer, sougheast to southwest winds, increasing to brick and probably high im the northern portions, generally warmer, fatr or cloudy weather and rain areas. For the Eastern and Middle States, slowly falling* barometer, stationary to rising temperature, and clear or fair weather, with northerly to westerly winds in the former and easterly to southerly in the latter. The Upper Ohio River and Mississippi, irom St. Louis to Vicksburg, continue slowly falling. Cautionary signals are ordered for Duluth, War Derartaent, | THR WEATHER YESTERDaY. The following record will show the changes in the temperature for the past twenty-four hours in compar- ison with the corresponding date of Jast year, as indi- cated by the thermometer at Hudnut’s pharmacy, 1875, Nexatp Buiiding:— 1575. 1876. 68 os 1876, 3:30P. M GPM, oP M, WP. M. CUBA. REDUCING THE CIVIL LISTS AND BEFYORMING THE CUSTOM&—A SMUGGLING MERCHANT AND HIS CONFEDERATE, A OOLLECTOB OF CUSTOMS, FOUND GUILTY AND THEIB PROP- BRTY CONFISCATED. Havana, August 4, 1876, The government has renewed a former decree de ducting, for the benefit of the Treasury, five per cent from the salaries, fees and other moneys paid to em ployés in the civil service. A court martial, having adjudged ithe property of the defrauders of the customs at Cardenas forfeited to the Btate, the government has issued a decree carrying the Judgment into effect and confiscating the properties of Miguel Quesada, a merchant, and of the Administrator, Cashier and Appraiser of tho Cardenas Custom House, who were implicated in the frands. THE GOVERNORSHIP. LIEUTENANT GOVERNOR DORSHEIMER URGED FOR THR PLACE, Burvavo, N. Y., August 4, 1876 The Buffalo Demokrat, tho leading German demo- cratic nowspaper of Western New York, in a leading editorial to-night presents tho name of Lieutenant Gov: ernor Dorsheimer for Governor and strongly urges his nomination. INDIANA REPUBLICANS. HON. BENJAMIN HARRISON NOMINATED FOR GOVERNOR—IT I8 BELIEVED THAT HE WILL ACCEPT, Ixpiawarouis, Ind, August 4, 1877. Hon. Benjamin Harrison, of this city, was urant- mously nominated by the Republican State Cen- tral Committee for Governor; Vice Hon. G. 8. Orth = declined. Twelve of the ‘thir- teen commtiteemen were present Advices were received from forty-eight counties by telegraph, thirty-seven of which expressed a decided preterence for Harrison, the others being willing to ac- quttesce in any .omination the committee might make. All insisted that the committee should make the nomt- nation and not call aState convention, Nothing is known as to whether Mr. Harrison will acceptor not He is out of the city, and no one has been able to com- municate with him during the day. He returns, home to-morrow, however, and it is generally believed by his frends that be will accept A large crowd of prom- inent republicans were in wanting to hear the commit- bk Teport, and when announced it was received with cheers, THE MISSOURI PACIFIC TRAIN ROB- BERS. ARBIVAL OF TWO OF THE TRAIN ROBBERS AT ST. LOUIS—IDENTIFICATION OF ONE OF THE MEN. Sr, Louis, August 4, 1876, A Sedalia special to the Globe- Democrat says Younger and Kerry, the supposed Missouri Pacific train robbers, arrived from St. Louis at an early nour, and a special train waiting conveyed them, with tho officers, to Otterville and Tipton for identification, They all re- turned about eleven o’clock and were closeted together for houra at the Ives House, Your correspondent was Rot permitted to speak to the captives, nor woutd the captors turnieh biin with a word of information, LATRR. Hobbs Kerry hasbeen fully identified and will be held. As yet he refuses to give auy information that will lead to the arrest of the others; but those who have the gnatter in chargo are working on bi! nd probably Will indnco him to tell some or all tho secrets of tho gang. J. H. Bushnell, the oxpress messenger who was on the train when robbed, was here to-day, but failed @ rovognize either Younger or Kerry. ANOTHER TRAIN ROBBER CAPTURED. Sr, Lovrs, August 4, 1876, The Republican's Kansas City special says tho Otter- ville train robbers have been traced to Cherokee, Craw- ford county, Kansas, and Charlies Pitts has just been * captured on Spring River. He had $1,800 on his person and a package of letters between mombers of the gang in regard to tho robbery of the Missouri Pacitic railroad train. Tho letters, which were secured, implicate a number of mon in Cherokee county, who have been herctoforo above susp:cion. THE PEABODY TRUSTEES. THE RETORT OF LAST YEAR'S WORK—PROGRESS OF THE SOUTHERN STATES IN SCHOOL WORK— A CHANGE OF STATE GOVERNMENT NEEDED. Guasxpaixe, Waits SuLruor Srrixes, W. Va, August 4, 1876, The Peabody trustees met to-day ani spent tho en- tire day in discussing Dr. Scars’ report of last year’s work, The total amount expended for last year was $99,150, of which amount Virginia received $20,050; North Carolina, $5,300; South Carolina, $5,000; Georgia, $8,550; Florida, $3,700; Alabama, $5,800; Miss siippi, $11,800; Loutsana, $2,000; Texas, $4,550; Arkansas, 32,800; Tonnesseo, $14,600; West Verginia, $12,000. West Virginia and Tennessee havo received larger proportionate amounts than any of the States, from the fact that they have made more effort to foster and promote a public school system. The amounts paid to South Carolina, Florida and Louisiana are pro- portionately smail, because of the failure of those States to foster public education, The idea of trnstecs. is = to help those who help themselves, Texas is making 200d progress in school work, and will probably receive increased assist- ance from the Peabody fund for the ensuing year, Thero will be over $100,000 after paying all expenses for distribution in the ensuing year. Thero are now over 1,000,000 chiliron attonding schools that are in part supported ’y the Peabody fund, Dr. Sears closes his report with the following reference to the death of Governor Clifford :— Imunt not close this report without a reference to the bereavement with which we have again veon visited. In years we have been often called to lament the med and highly valued associates, Unt never Akeenar senso of toxsthan in the decease of Hon. John IE. Clifford, a gentleman whose elevated character, sound jadziner nspired to render him a public fav: ble friend. B. SEARS, Genoral Agent. The report shows a general flourishing condition of public schools in the Southern States, except in the three States of Florida, South Carolina and Louisiana, and Mr, George Peabody Russell, who bas been spend- ing the last winter in the South, gave it as his opinion that nothing could bo expected from those States in the way of advancing their educational interest until there wasa chango in their State governments. The Board of Trustees will be in session untii Tues- day next. , ‘The crowd is rapidly Increasing at the Springs, and they will be full by the 10th, The Custer bali will be a grand success, COMMODORE VANDERBILT. THE RAILWAY KING STILL ALIVR AND ‘‘com- FORTABLE.” At three o'clock yesterday morning Commodore Van- derbt!t began to rally trom the relapse into which he had fallen carly in the evening, He continued to im- prove until eight o'clock, when a light breakfast of tea and toast was brought to his bedside and he partook sparingly of it. At eleven A. M. a consultation of Drs, Linsly, Elliott, Gesehidt and Flint was held. They decided that while the condition of the Commo- dore 1s exceedingly critical ho may live for soveral days yer, Meanwhile ho had taken a nap and on awakening he was able to converse with Mr. Wooster concerning some failrond matters, and with Rev. Dr. Deema His son, William H, Van- derbilt, was also and conversed with bis father for os period, Both Dr. Linsty and Dr. Elhott declared yesterday afternoon their belief that the Commodore would not die daring the night. Abont nine o'clock in the even. ing Dr. Linsly deciared his patient “quite comfortabl still, and stated that supper of eggs and beeisteak was then being prepared for him. Dr. Linsly returned to the house about haif-past ten o'clock, and had not left it when the MkRALo went to press. The Commodore at that time was in the same condition and had dropped off asleep. MUSICAL D DRAMATIO NOTES, Theatrical and musical managers have nearly com- pleted their arrangements for next season. Mr. Dion Boueicault will probably arrive in New York per steamship Russia on Tuesday next, Greek and Chaldatc dictionaries are now in request around Booth’s about the pronanciation of poor Sar- danapalus, Nilsson distributed the Royal Academy of Music, London, prizes on July 21 to the deserving papila, and she made a speech on the occasion. Poor Liebbart, who made such ao utter fiasco in this city with the Rubinstein company, wound up her Lon- don career last month by a concert, At Gilmore’s Garden thers 1s a question betweon Messrs. Levy and Arbuckle, two cornet players, who are put forward before the public as soloists, The dif. ference 1s as great as between Rubinstein and Hoffman, or between Nilsson and Rose d’Erina Levy is the first cornet player in the world, and itis ridiculous to have another performer om tho same instramont pitted against him DEMOCRACY. The Banner Bearers of the Unterri- fied to the People. THEIR LETTERS AT LAST. Governor Tilden Strikes the Cam- paign Keynote. REFORM, REFORM, REFORM In Public Expense, In the Civil Service, In the South, In the Carrency—— and the White House. PROTECTION FOR BLACK AND WHITE. How Specie Payments May Be Resumed. THE RESUMPTION ACT A SHAM. Relations of the Business Distress to Mis- government and Quack Financiering. A SINGLE TERM FOR PRESIDENTS. Governor Hendricks Takes Up the Second Fiddle. The Resumption Act Must Be Repealed— Local Self-Government—No Proscrip- tion—The Common Schools. NOW FOR THE CAMPAIGN. Aupaxy, July 31, 1876, Gentixwex—When I had the honor to reccive a per- sonal delivory of your letter on behalf of the Democratic National Convention, held on the 28th of June at St. Louis, advising me of my nomination as the candidate 1 tho constituency represented by that body for the office of President of the United States, I arcswered that, at my carliest convenience, and im conformity with usage, I would prepare ayd transmit to you a formal acceptance. I now avail myself of the first in- terval in unavoidable occupations to fulfll that engage- ment, The Convention, before making ‘ts nominations, adopted a declaration of principles, which, as a whole, seems to me a wiso exposition of the necessities of our country, and of the reforms necded to bring back tho government to its truo functions, to restore purity of administration and to renew tho prosperity of the peo plo, Butsome of these reforms are so urgent that they claim more than a passing approval. REYORM IN PUDLIO EXTENSY, The necessity of a reform “in the scalo of public ox- pense—ledera!, State and municipal”—and “in the modes of foderal taxation,” just:fles all the prominence given to it in the declaration of the St, Louis Conven- tion, The presont depression im all the business and in- dustries of the people, which is depriving labor of its employment and carrying want into so many homes, has its principal causo in excessive governmental con- sumption. Under the illusions of a specious prosperity engendered by the false policies of the federal govern- ment a waste of capital has been going on ever since tho peace of 1865 which could only end in universal disaster. ‘The federal taxes of the last eloven years reach tho Sigantic sam of $4,500,000,000. Log taxation has amounted to two-thirds as much more, Tho vast og- gregate is not less than $7,500,000,000, This enormous taxation followed a ctvil conflict that had grontly impaired our aggrogate wealth, and had mado a prompt reduction of expenses indispensable, It was aggravated by most unscientific aad tll-nd- Jasted methods of taxation that increased the sacrifices of the people far beyond the reco!pts of tho Treasury. It was aggravated moroover by a financial policy which tended to diminish the energy, skill and economy of production and the frugality of private con- sumption, and induced miscalculation in business and an unremunerative ase of capital and labor, Even in prosperous times the dally wants of in- dustrious communities press closely upon their daily earnings. The margin of possible national savings is at best a small percentage of national carnings. Yot now for these eleven years governmental eon- sumption has been’a Jarger portion of the national earnings than the whole peoplo can possibly save even {n prosperous timos for all new investments, The consequence of these errors are now a present public calamity. But they wero never doubtful, nevor invisible. They were necessary and inevitable, and were feroseen and depicted when the waves of that fic- titious prosperity ran highest. Ina speech made by mo on the 24th of September, 1568, it was said of these taxes:— They boar hoavily upon every man’s Income, upon every industry and every business in the country, and year by year they are dostined to press stili more heavily unless we arrest the system that gives rise to them. It was comparatively easy, when Values wero doubling under repeated issues of legal tender paper money, to Pay, out of the frotm of our growing and ap- parent wealth theso taxes, but when values recede and sink toward their natural scale the tax gatherer takes trom us not only our income, not only our protita, but also a portion of our capital * * * { do not wish to exaggerato or alarm; I simply say that we cannot afford the costly and ruinous policy of the radical ma- jority of Congress. We cannot afford that policy toward tha South. We cannot afford the magnificent and oppressive centralism into which our government 1s boing converted, Wo cannot afford the present mag- nificent scale of taxation. To the Secretary of the Treasary I said, early in 1865:— There is no royal road fora government more than for an individual or a corporation, What yon want to do now {8 to cut down your expenses and live within your income, 1 would give all the legerdemain of* finance and Mnanciering—I would give the wholo of 1 for the old, homely maxim, “Live within your income. ’” hi This reform will be resisted at every step, bat it must be pressed peraistently. Wo seo to-day the immediato representatives of the people in one branch of Con- gress, whilo strusgling to reduce expenditures, com- pelled to confront the menace of tho Senate and the Execntive that unless the objectionable appropria tions be consented to tho operations of the govern- ment thereunder shail suffer detriment or cease, In my judgment, an amendment of the constitution ought to be devised separating into distinct bills the appropriations for the various departments of the pub- lie service, and excluding from each bill all appropria- tions for other objects, and ali independent logislation, Ta that way alono can the revisory powor of each of the two houses and of the Executive be preserved and exempted from the moral duress which often compels assent to objectionable appropriations, rather than stop tho wheels of tho government. THE souTH, An accersory cause, enhancing the distress in bu: ness, Is to be found jn the systematic and insupportablo misgoveroment imposed on the States of the South. Besides the ordinary eflects of ignorant and dishonest administration \t has inflicted upon them enormous issues of fraudulent bonds, the scanty avails of which were Wanted of stolen, and the existence of which i Public discredit, tending to bankruptcy or repudiation. Taxes, generally oppressive, in some instances have 1876, confiscated the entire income of property, rnd totally destroyed its marketablo value, It is impossible that these ovils should not react upon the prosperity of the whole country. The nobler motives of humanity concur with the material interests of all in requiring that every ob- Stacle be removed to a complete and durable reooncil- ation between kindred populations once unnaturally by the 8%. Louts form, of the ‘constitution of the United States, with ite dments universally accepted asa final sottioment of the controversies which engendered civil wor.” But, in aid of a result £0 beneficent, the moral influ- enco of every good citizon, as well as every govern- mental authority, ought to be exerted, not alone to maintain their Just equality before the law, but like- Wise to establish « cordial fraternity and good will among citizens, whatever their race or color, who ‘re now united in the one destiny of a common self- government. If tho auty shall be assigned to mo, I should not fail to exercise the powers with which tho laws and the constitution of our country clothe tts chief magistrate, to protect all {ts citizens, whatover their tormer condition, in every political and personal right, : CURRENCY REFORM. “Reform !s necessary,” declares the St, Louts Gon- Yention, ‘to establish a sound currency, restore the public credit and maintain the national honor,” and it goes on to “demand a judicious system ot preparation by public economios, by oficial retronchments and by wise finance, which shall enable the nation soon to assure the whole world of its perfect ability and tts porfect readiness to meet any of {ts promises at tho call of the creditor entitled to payment.” The object demanded by the Copvention ts a resump- tlon of specio payments on tho legal tender notes of the United States. That would not only ‘‘restore the public credit” and “‘matntain the national honor," but it would “establish a sound currency” for the peopla The methods by which this object 1s to bo pursued, and the means by which it 18 to bo attained, are dis. closed by what the Convention demanded for the future, and by what it denounced in the past BAK NOTE KESUMPTION, Resumption of specie payments by the governmont of the United States on its legal tender notes would establish specie payments by all tho banks on all their notes. The official statement, made on the 12tn of May, shows that the amount of tho bank notes was $300, 000,000, less $20,000,000 hetd by themselves. Against theso $280,000,000 of notes the banks held $141,000,000 of legal tender notes, or a little more than fifty per cent of their amount But they also held on deposit in tho federal Treasury, ax security for these notes, bonds of the United States worth in gold about $360,000,000, ava lable and current in all the foreign moncy markets, In resuming, the banks, even if it were possiblo for all their notes to be presented for payment, would have $00,000,000 of specie funds to pay $280,000,000 of Notes, without contracting their loans to their custom- ers or calling on any private debtor for payment. Sus- ponded banks undertaking to resume have usually been obliged to collect from needy borrowers the means to redeem oxcessive issues and to provide reserves. A vague idea of distress is, therefore, often associated with the process of resumption, But the conditions which caused distross in those former tn. Btances lo not Bow exist, The government has only to make good its own promises and the banks can take care of themselycs without distressing anybody. Tho government is, therefor, the sole delinquent, LEGAL TENDER RESUMPTION, The amount of tho logal tender notes of tho United States now outstanding {# less than $37,000,000, be- sides $34,000,000 of fractional currency. How shall the government make these notos at all times as good as specte ? It hasto provide, in reference to the mass which would be kept in use by tho wants of business, a cen- tral reservoir of coin, adequate to the adjustment of the temporary fluctuations of international balances and as a guaranty against transient drains artificially created by panic or by speculation. It has also to provide for the payment in coin of such fractional currency as may bo presented for redemp- tion, and such inconsiderabie portions of the legal ten- ders as individuals may, from time to time, desire to convert for special uso orin order to Jay by in coin their little stores of money. RRSUMPTION NOT DIFFICULT, To make the coin now in the Treasury available for tho objects of this reserve, to gradually strengthen and enlarge that reserve and to provide for such other exceptional demands for coin as may arise docs not seem to mea work of difficulty. If wisely planned and disereetly pursued, it onght not to cost any sacri- fice to the business of the country. I should tend, on tho contrary, to a revival of hope and confidence. « Tho coin in the Troasnry on the 30th of June, including wnat 1s held against coin certificates, amounted to nearly $74,000,000, Tho current of precious metals which has flowed out of our country for the oleven years from July 1, 1865, to Juno 30, 1876, averaging noarly $76,000,000 a year, was $532,000,000 in the wholo period, of which $617,000,000 were the product of our own mines, To amass the requisite quantity, by intercepting from the current flowing out of the country, and by ac- quiring from tho stocks which exist abroad without dis- turbing tho equilibrium of foreign money markets, ts a result to bo easily worked out by practicai knowledgo and judgment, With respect to whatever surplus of legal tenders the wants of business ‘may fail to keep in uso, and which, In order to save interest, will be roturned for redemption, they can either be paid or they can bo funded, Whether they continue as currency, or be absorbed into the vast mass of securitics held as in- vestments, 18 merely a quostion of the rato of in- torest they draw, Even if they wero to remain in their present form, and the government wore to agree to pay on thema rato of intorest, making them desirable as investments, they would coase to circulate and take their placo with gov- ernment, State, municipal and other corporate and private bonds, of which thousands of millions exist among us, In the perfect ease with which they can be changed from currency into investments lies the only danger to be guarded against in tho adoption of gen- oral measures intended to remove a clearly ascertained surplus—that is, the withdrawal of any which are not & permanent excess beyond the wants of business, Even more mischievous would be any measure which affects tho public imagination with the fear of an ap- prehended scarcity, Ina community where credit is fo much used fluctuations of valucs and vicissitudes in business are largely caused by the temporary beliofs of men, even before those belie‘a can conform to ascer- tained realities. AMOUNT OF NECESSARY CURREXCY. The amount of the necessary currency at a given time cannot be determined arbitrarily, aod should not be assumed on conjecture. That amount is subject to both permanent and temporary changes, An enlarge- ment of it, which seemed to be durable, happened at the beginning of the civil war by a substituted uso of currency in place of individual credits, It varies with certain states of business, It fluctuates with consider. able rogularity at different seasons of tho year. In the automn, for instance, when buyers of grain and other agricultural products begin their operations they usually need to borrow capital or circa: lating credits by which to make their pur. chases, and want theso funds in currency capuble of being distributed in small ¢ums among numerous sel- ters, Tho additional need of currency at such times is five or more per cent of the whole volume, and, ifa surplas beyond what ts reqnired for ordinary ure does not happen to have been on hand at the money con- tre, arcarcity of currency ensues, and also a strin- gency in the Joan market, It was in reference to such experiences that, In a dis. cussion of this subject, in my annual message to the New York Legislature of January 5, 1875, the sugges- ‘ion was made that:— “The federal government is bound to redeem every portion of its issues which the public do not wish to use, Having assumed to monopolize the supply of currency and enacted exclusions against everybody else, it is bound to furnish all which the wants of busi. ness require,” * * * “The system should pas- sively allow the volume of circulating credits to ebb and flow according to the ever changing wants of busi. ness, It shoukl imitate, ciosely 48 possible, the natoral laws of trade, which it has superseded by arti feral contrivances.’ And inagimilar discussion in my moseage of January 4, 1876, 1 was said that ro. sumption should vo effected “by sach measures as would keep the aggregate amount of the currency self. adjusting during ali the process, without ereating, at any time, an artific.al scarcity, and without exciting ‘the vablic imagination with alarma which impair com: } fidence, contract the whole large machinery of credit and disturb the notural operations of business”? MEANS OF KESUMPTION, “Public economics, official retrenchments and wise finance” are tho means which the 8t. Louis Conven- tion indicates as provision for reserves and redemp- bons Tho best resource ts a reduction of the experses of the government below its income, for that imposes Bo new charge oa the people. If, however, the itnprovidence and waste which have conducted us toa period of falling revenues oblige us to supplement tho results of econotaies and retronch ments by somo resort to loans, we should not hesitate, Tho government ought not to specniate on its own dis honor in order to savo interest on its broken promises, which it still compels private dealers to accept at a flo titious par, The highest national honor !s nos only right, but would prove profitable. Of the public debt, $985,000,000 bear interest at six per cent in gold and $712,000,000 at Sve per cent in gold. The average tm terest is 5.58 per cent. A financial policy which should secure tho highest credit, wisely availed of, ought gradually to obtain 4 reduction of one per cent in the interest on most of she loans, A eaving of ono per centon the average would be $17,000,000 a year in gold, That saving regularly invested at four and a half per cent would, in less th thirty-eight years, ext:nguish the principal. The whole $1,700,000,000 of funded debt might be paid by this saving alone, without cost to the people. PROPER TIME FOR RESUMPTION, Tho proper time for resumption ts the time when wise preparations shall have ripened into a pertect ability to accomplish the object with a certainty and easo that will inspiro confidence and encourage the reviving of business The earliest time in which such a result cam bo brought about is the best, Even when the prepara tions shall bave becn matured, the exact date would have to be chosen witi reference to the thon existing state of trado and credit operations in our own coun. try, the course of foreign commerce and the condition of the exchanges with other nations. The specife measnres and the actual dato are matters of dotall having roferenco to ever-changing conditiona, They Delong to the domain of practical administrative states mansbip, “The captain of a steamer about starting from New York to Liverpool docs not assemble a couneil over his ocean chart and fix an angle by which to lash the rudder for the wnole voyage, A human in- telligence must be at the helm to discern the shifting forces of the waters and the winds, ¢A human band must be on the helin to feel the clements day by day and guido to a mastery over them. PREPARATIONS FOR RESUMPTION, Such preparations are everything. Without them @ egislative command fixing aday, an oficial promise fixing a day, aro shams They aro worse—they are a avare and a delusion to all whotrustthem, They destroy all confidence among thoughtfal men whose Judgtnent will at last sway public opinion. Au attempt to act on such a command or such a promise, without preparation, would end in a new suspension, 1t would be a fresh calamity, prolific of contusion, distrust and distress, TUR ACT oF JANUARY 14, 1875, Tho act of Congress of the Mth of January, 1875, ene acted that, on and after the Ist of January, 1879, Secretary of the Treasury shall redeem in cola the legal tonder notes of the United States on presentation at the office of the Assistant Treasurer in the city of New York, It authorized tho Secretary “to prepare and provide for’ such resumption of spee!e payments by tho use of any surplus revenues not otherwiso ap- propriated, and by issuing, in hts discretion, certain classes of bonds. More shan one anda half of the four years havo passed, Congress and the President have continued ever since to unite in acts which have legislated out of existence every possible surplus applicable to this pur- Pose, Tho coin in the Treasury claimed to belong to the government had, onthe 30ih of June, fallen to less than $46,000,000 as against $59,000,000 on the 1st of January, 1875, and the availability of a part of that sum is said to be questionable, The revenues are fale ing faster than appropriations and expenditures are reduced, leaving the Treasury with diminishing te. sources, Tho Sccrotary has done nothing under his power to issue bonds. 2 The legislative command, tho official promise fixing @ day for resumption, have thus far beon barren, No practical preparations toward resamption have been made. Thore nas beon no progross. Tnere havo been steps backward, Thore 1s no necromancy In tho operations of governe ment. The homely maxima of everyday life are the best standards of its conduct. A debtor who should promise to pay aloan outof surplus income, yot be seen every day spending all ho could lay bis hands op in riotous living, wouid lose all charactor for honesty ] [CONTINUED ON SIXTH Paw. HOTEL ARRIVALS. Dr. Herman Wedding, of the German Centennte Commission, is at the Fifth Avenue Hotel. Blutoré Wilson, of Iilinois, is at the Brevoort House, Congresa man J, H. Burleigh, of Maine, is at the St, Nichola Hotol. Professor 0. C. Marsh, of Yale College; J. Camden, of West Virginia, and Lioutenant George M, Totten, United States Navy, are at the Hoffman Hous Ex-Governor Henry D, Cooke, of the Istriet of Colume bia, is at the St, James Hotel, Attorney General Charles lL. M. Gwinn, of Maryland, 18 at the Clarendog Hotol. Ex-Governor E. M, MeCook,'of Colorado; J. W. Mackay, ot Nevada, and General Adua Anderson, of Chicago, aro at the Everett Hoase. Roy. Dr. Josep’ R. Wilson, of Wilmington, N. C., 1s at the Westminst Hotel. Mahlon Chance, United States Consul at Nas san; Colonel Alexander Piper, United States Army, and General Daciel Tyler, of Alabama, are at the Fifth Avo nue Hotel Sheriff R. N. Waddell, of Cobourg, ts at tho Westmoreland Hotel. CANNED CORN BERF. canned evr Beef wholesome? | The an ily made nent chemists r. Band Hayes, Crotessor Horstord and others, hae to detect any injurious propertios in its preparation. stands to roason that meat put up fresh, cut from healthy, sound cattle, properly pickled aud carefuily packed, mast be wholesome and win popular favor atm achold convenience: n attended with no had rom ed cases which have been coy ¢ throughont the country, atte corn beef, have been mach exaggera to anoth the une of ean and the term “p purposes of sens A—UNIFORM CURE EFFECTED BY THE SILB FE sold only by KLASTIC TRUSS CUMPAN OF — STEINFELD’S Frescn Cognac hich relievos diar thova, dysentery, cl alll ELECTRIC BELTS--FOR ILITY IN MEN Call or xend for cirenlar to J. KARR, 842 Broadway, « KEEP’S PATENT PARTLY MADE DRESS SHIRTS. — The very best, (tor $5; can be Onished as easily as hem- ming a handkerchief. 1 Broadway and Y4l Arch st, Philadelphia. PEARLY TEETH PRETTY LIPS SHOULD HAVE bohind them. To make the teeth pearly, and to koep them fo, there is nothing tike Fnacraxt Sozopost. 1 tralizes © r,t prevents SODA WATER APPARATUS FOR MAKING ALL Acrated bat ty WIGS, TOUPE 38, ee and Importer of Human Hair, uh PRACTICAL No. 44 East “NEW PUBLICATIONS. A CAMPAIGN DOCUMENT POR 1876,~ PAPER MONKEY INFLATION IN FRANCE: HOW IT CAME, WHAT IT BROUGHT, AND HOW If ENDED. read before several Senators and members of the jouse of Reprosentatives, of both political parties, at Washington, april, 12, and botors the Union Lensie Club, at New York, & April 1876, By Andrew D. President of Price 10 cents, or $5 por hundred. 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