The New-York Tribune Newspaper, March 6, 1867, Page 2

e THE C_URBE'NCY. —— QR ABILITY OF THE COUNTRY TO RESUME, AND (K ' METHODS IT SHOULD ADOPT. v Speclal C udeat, . Vrom Our Speclal Cormesponietly \smixarox, Mavch 4, 1867, 4 havo suggested the prospective repeal of the Legal Tender act us the best spocifio action lgxmrvl Josumption, because the fixing of & definite period in Rhe future for a returk to solvency wouldshave those \begeficial effeots: tet. It would commit Congress to j positive policy of resumption. 2. It would influ- ‘tnce the banks and business interests of the country ghape their transactions with a view to this resnlt. . The sooner & period is fixed upen for aweturn to ‘coln payments, the sooner we shall have them. ]!‘. a year ngo, it had been proposed to fixupon (ho expira- {i\p of throe years from that time as the pesiod of 3 ming, it would bave been thought too distant. the expiration of two years' time were noiw pro- there would be many to say it would be too n. Thus we may ece that delay in nawming the ime only tends to postpone it. A Tt 1 objected to fixing vpon a specific period, in wdvance, when the country will resume specie pay- ts, timt so much depends on the course ¢ trade, and upon crops, and the state of the opelgn oxchanges, it is impolitic to do so; inas- nch as either of these causes, operating versely, might frustrate the attempt. This is uite true. But the objeciion cannot be _hchl beo valid, since nobody proposes impossibiligics, end in case of awy extrordinary or nnusaal poneurrence of circumstances, no prospective plans re executed. The thing o do, is to canvass the pro- hat can be effected, no ex- c oceurring. Tt isin this view, enlt (o measure with com- the country will be snbject of resump- to fully consider “that we think it not di ive certainty what able to accomplish on the tion. It is only Tequisilo y the subject, to reach & conclusion; n}n] Siaving come to a determination (0 act 8o a5 to realize §t, thoro is no doubt about the ability of the coun- Lry to resume specie payment within a reasonable fime, il it chooses to do so, and is willng to wndergo the strain and the pressure necessary to insure this result. It is not’ a question of power : it is & question of will. Let the country Lut convince itself that there wust bo a resump- tion of specie payments before there can be any- {hing like steadiness or certainty, or solid pros- rity in business and moucy affairs, and it will find but little difficulty in fixing upon a peviod when it shall take place. Bat beside this plan of repealing the Legal-Tender act, there are threo other methods of resumption. The first is, to resume instanter, aod fight our way throngh whatever obstacles 1 offer. Mr. Chase proposed this plan immediately on the close of the lwar. He has been an advocate of it ever since, be- hevinu it would produce Jess suffering than the pro- ceas of slow contraction. The plan has been warmly urged also by the Editor of THE NEW-YORK TRIBUNE. 1 A second plan has been proposed by eminent’New- York fimanciers to reach resumption, by accumulat- Jng u;me'u- in the treasory sufficient to raise the value f greenbecks, gradually, till they reach the specie Yovel. This it is believed can e done by funding our 7.30s, due this year and next, into long 7.50s, hav- Jng 15 or 20 years to vun, and further by disposing of pur componnd legal-tender 6 per cents in the same way, or retiring them by {he surplus paper money fhe treaswry. 1t is supposed we could by this pro- coss ndd one hundred or more willions of specie to $he esisting stock in the Treasury in the conrse of 18 mouths or two years, and thus geta stock of coin pufficiently large to secure resumption. I may say in passing that an important objection to this plan is, that there is an element in Cc that looks with impatience aud distrust upon large scewnulations in the Treasury, and in the pressuro that would attend resumption there is too much yeason to fear that thut element would insist upox baving the specie hoard scattered, by way of r to the people. The difficulty is to fix upon any plan, that, when the country calls for rel ief, Congress would not be pressed to thwart ; and this plau above a1 others would be the casicst to break down. The third plan of resumption is the gradual con- Praction of the legal-tender issues of the Government. Yhis play, as we know, was recommended by the Becretagy of the Treastry last year, and was adopted by Congress, limiting the action of Mr. MeCulloch to he redemptioniof four willionsamonth, after @ i his finterest-bearing legal-tenders falling due 1867 and 1868, But the mujority of the House b ander the moderate pressure which has fallen on the money market, even before any contraction has Sakon place, recently voted against retiring any groenbacks whatever, Ro that the country is wlmost s much afloat in regard as to what finavcial policy s to prevail, as it was before contraction-was voted for at the last session. The same House which was Yien for it is now agaiust it by a decisive majority. There ave, then, but four wethods of coming to re- yumption, The first is a prospective repeal of iho Jogal-Tender act, with proper eorresponding legisla- Bion. The second is for the Government to declare rosumption and maintain it—if it e The third is for the Government to fund its obligations matwing Lhis year and next, in curency-poying bonds, ang saccumulate specie enongh meantime to enable it to Feswmo on its greenbacks. The fourth is to pursue a poliox of steady contraction on its demaud legal Bendoc notes, and of funding or paying those di ng interest and waturing in 1867 and 1968; 1k »f exchanging the currency-paying 7T.50s due 15675 into 5-20 specie-paying six per cents. _This fourth plan is the one adopted by M. M Culloch, with oue of the featuyes of the third plan; mamoly, that of holding & good stock of specie. Iis plan, however, docs not conte mplate the hoarding of » heap with which to redeem his greenbacks, beca yis conversion of the ing b e this year and nest, into 6 per cent gyin-paying, would probably reduce bis specie resorve so as never Lo leave him anything bui a werking balance. He wast then get rid of bis demand Jegal-tenders by the process of steady contiaction n ninly. The objection to My, McCulloch’s plan is, that while it is natnral and in the regular order, it is a hard plan, gives bim the laboring oar, and makes him the bete noir of yesmuption. Other interests in uds | trds, would not bs found available. That credit would need to ba, probably, several hundred sillions, andh tho sum 13 too great to be brought under contryfi. T arguo, then, that the fixing of some definite period for resumption, within which tlme l}l the interests of the country would have opportunity ‘(o prepare for it and to Sccomodate themselves to it, and in which everybody’ would be bound tocodper- ate toward the result, or suffer the consequences _nl' his own folly, is the surest and safest and most satis- factory method of reaching The Treasury would then have the same sesponsibility aeyindividuals for the resnlt and no more. It could act moro independ- ently by being Mt to ftself to prepare for the re- domption of its own obligations at the same time that everybody else would be expected to'do the same thing. It would notbe Jooked to 88 it now 2l agen$ and manager of resump- power . to postpone _or ac- celotate that result. It weuld have its own proper responsibitity, £ill its own praper place, and discharge its own proper duties. And as it would bo with the treasury, 8o it would bo with the banks and bankers, and the whole trading publie. The wespon- sibility of resuming wonld be divided as it should be disided; and solvency would be left nvoryv.rham to ts own resources and ability to pmta!:t itself. Nothing is so much to be desired as that all interests should got rid of theit quasi conneetion with thp Gov- ernmont. There is & sentiment in tho country that the Government is somehow responsible, and pretty directly responsible, for the prospority of the business intereats, I money is scarce,Government shovld make it plenty. If it is plonty Government n!muld do noth- ing towaed making it scarce. Individuals lqflk to Government to protect them, Instead of relying on themselves. This is a most pernioious state of things, and calls for reform and deliverance. Tho greatest favor Government can do for $he business interests of a country is to withdraw itself from all special connection wikh them, leaving thom wholly to the operation of genoral laws. This has been tl{o .(-h:u:w- tor of American logislation in the past, and it is what has created American enterpriso, Amexican independ- ence, and American wealth. As to the time when resumption ghonld take place, wo do not desite to speak too positively. ; In the present stato of things there are two parties to prepare for it. One is the Government ; the other, the public, including the banks. It would secm nw when the Government is able to resume, the public should be, for the heaviest worls is on the Treasury. Tt has got: to provide for $100,000,000 of demand legal tenders, $150,000,000 of loga! tenders drawing intorest due in 1867 and 1368; and it must get nto loug loans its indebtedness on its 7.50 bonds, due this year and noxt, amounting to mapy hundred mitlions. All this the Treasury must do beforo'the Govern ment is ready. I think it 18 fair to conclude lluft it peads the calendar years of 1867 and 1568, and it may be to the end of tho fiscal year in June, 1860, to m“.uplr!(»]y:xrcomphsh this. But there scems to be 1no reason why it cannot accomplish it within that The Government, in order to do it, has not to raise muck money; it has chi to exchange and extend its loans, and to this operation there seems to be no impediment. ~ With the componnd-interest logal-tender notes taken up, and the 794 disposed of 1 this way, only the $00,000,000 of demand legal tenders would then remain. Eyen withoat the pro- posed reduction of the $4,000,000 4 month, tho Govern- ment could probably successfully attempt resumaption on that amount of outatandingoblixa with $109,- 00,000 of cashon hand, and a credit in Europo of $100,000,000 more. It cer nly conld do it if the re- sumption of $4,000.000 a month of these $400,000,000 should go on for cighteen months or & couple of years. My conclusion wanid then ha th sensons, no serious deficioncy in the r other special drawbacks, the country restms after the crop of 198 shall be if this shall be tho is as the sp tion, or as =& t, with average 1, why shonld not Conaress say so, and fix up s such or some other definite pariod for resumption, and so lot the country know what to expect, at tho same that it is offered an opportunity to adjust its relations and interests hnainess change. I submit that some d 1 of this sort, coming in the shaps of & prospective repeal of the Legal-Tender act, NECRSAUTY, with whatever corresponding logislat would do more to settle the commotions which now A commeree, and finance dispol g uncertainty which prevails every- whore, than any other less specifio policy. What the country needs more than anything else 14 ¢ nty of knowledge in regard to the dispasition of the ex- cess of our paper money. It could even accommodate itself to idlation, if inflation was a faed and known If it wero possible to he posiLivel st for 2 years we were to have neither more nor leas than just the amount of circulating medium we perplex trade the discourag now have, the trading world could adjust its affairs to s of facta. Tho difficulty that while we are in o state of inflation thare can be no cer- ths great- g an ead tainty abont anything, and thds constity est curso and the to it. Finally, wo ofton hear it 81id, by way of proteat & geot roason for put tion, that sion for fonr- against fizing any uear period of re the B of England was nuder sus and-twenty yoars, during and subseq te the groat Napoleonic wars, and how can we be expected to do batter? This naked statement conveys a fo- tally false inapression. For a large portion of this period of twenty-four years the suapension was mere- 1y nominal, the notas of the bank being within threo per cent of par. This was especially the cuse in the o conse years, from 1505 to 1 and though in 1814 the notes fell to below 5 per cent ara after the peace of 1815, they raso again to which was substan- foll below this mark y- tive two be worth 97 cents on the dollar, tial res: ion ;*and they nevi nutil tha final and absolute restoration of sy went in May, 1522, 8o that, if we are fo take E 1 as an example, it is Ligh time we had gland was ongaged in a tremendons coutest for most of the tima from the close of our Revolutionary war to 1515, During the peried from 1793 to that yoar, she borrowaed more than $2,200,000,000, and taxed herself prodigious sums, in the ageregate, we believa, far exceeding this amount for war purposes; and yet she emerged from the contest with such the country will not and cannot know just how fast or how slow he is getting on, except st agonizing intervals; nor what influences are or will be brought Lo bear ou him to yelard or to accelerate the timeo of gesumption. One mouth the prospects of specie pay- ments will loom and scem near; the next it will gecede and fude in the distance. Then it gives opt portauily and iuvites effort to influence the oper- ations of the Treasiny according to the interests of stroug individuals, stronger corporations or combin- atious. Iu a word, it lays the whole strain of a most disagrecable and difiicult duty on the shoulder of & single wdh, whom it is impossible to suppose can bo always insensible to the strong influences unceas- ingly besetting him, If he be bold and obstinate, bo will be thwarted by those whom those qualiti f. fend. [f ho be timid and yielding, he will dis and deceive others, aud be but a blind leader of the blind. And thus all through the lingering pro- eess of a dubious resumpiion, the couuntry will be in an unsettlod state, never knowing what real progress Is making toward it, and never knowing, therefore, how to segulate its nifairs. The whole subject rest- fug upon'the judgment, it way be the whim, of one auan, sooner or later, to be changed for another; no feoling of repose ov certainty can ever find a lodg- ment in the miuds of business-men: and no coufi- dence can over be placed in the resuli of any mercan- tile or industrial ey ierprise whatever, til the eveut 16 finally Tealized, The dosire of Congress to constrain and to change the action of the Treasury Department will be an- ._thu element of disturbance n worse than the first. \\{hm nothing is scttied as to the period of resumption the question will be constautly made a lm’hullo( the various iuterests, noble and ignoble, which at different times Lear sway in that body, As 1o the policy of sadden resumption, I have no Inith that it could be waintained i " - A od if undertaken; be- suuse 1 believe the ciedit we should require in 1. rope, over and above eur specie reserves, to retirs the amount of enrrency it would be foyung .neuw.ny to of the existing inordinate supply, in o;vlur ™ a1 volsuws dunia to the wants of ows igtasnal financial strongth, and exhibited anch financial in- , that the paper dollar became worth 97 cents hin two years from its closo. England thus sus- ained her commarcial credit amid all the distresses of this exhausting period, in a a manner to veflect everlasting honor upofi the British name. It is well that we should have our sttention drawn to tho contrast, thus invited, between the suspen- sion in England during her trials, and the suspension bers, There is little in it to gratify our vanity, but much to excite our emulation. With no national distress, such a3 pervaded the Beitish islands, but in tho enjoyment of a wonderful national prosperity ?u,\mud; with extraordinary resources of manfactur- ing, mining, and agricultural industry, with a supply of the precious metals in the world three timo greates than existed in 1515, rendering the specio dollar worth no more thyn half what it was then worth: and with an internal annual pr tof gold of §75,000,000, daily increasing, we cling to insolvency with the childish cry of inability to pay, and with ignorant audacity point to British expe ence as an excuss for our conduct. This is quite un- worthy of the Awerican name aud nation. We are to-day, after all our expenditures, a rich and solvent people, and it is our Lusiness Lo act as becowes such a peopls. We chistlcngs tha geod opinien of the woild onr military exploits. We are amenable to ita judgment, as well in our financial as in our 1“'“»: condmct. Let the nation act 50 as tquw alike 1« 8 b OARD OF EDUCATION. PRECTTNG A NUW GRAMMAR SCHOOL HOUSE~CONTRACTS 3 MV ARDED, ! »ek noon on Monday the Board of Trustees ¢ s1th Ward opened proposals and awarded con tracts at the Hall of the Board of Education for the erec- tion and completiou of & new Grammar School-Holse on the lots of groond on tho south side of One-hundred-and- tifteenthat., commoncing 100 feet weat of Third-ave, Thors wers in all fonrtean hida recei Tha contracts as awarded as follows © For mason work, to Jumes vu’:,w.»" 70 ; for u'w:r wwork, to Luther Bsddwin fi/uiu. 10z paiuting, W Jamos Reilly «t ,100. Total, T PROHIBITION vs. FREE RUM. e From Ao Oceasional Correspondent. g o Bostox, Mass., March 9, 1367, Boston is disturbed. Like Ephesusof old, its craft Yiko that, the danger comes from cer- {ain fanatics, who believe in protecting man from his vices and in lifting socicty to a higher level than that into which its brute passions would sink it. Here, too, as there, tho men that raise f}m ]!l‘l‘l‘ and cry aro smong the most respectable of its citizens, They live fn ceilod houses, aro clothed in purple broadeloth and the finest of linen, and fare sumptu- ously overy day (liquors included). These ad vocates, too, are among the most honored of their follow-citizens. Ex-Governors, ex-Mayors, ex- Judges, ex-Everything great in post and title, plead the cause of the endangered craft. The Priesthood also, as then, ralso their voices in unison. Not all, nor many. Almost all aro this time on the right sido. We aro happy to notice this improvement in the cloth ; but enongh assist to givo dress and sanctity to the otherwise too naked and iniquitous practice. Doctors of Divinity of the most Puritan order an- nounce & Sabbath evening organ concert by a Cath- olic organist, and treat tho assembled crowd to a is in danger. in favor of ram, Others, not needing such &‘:::‘l‘lgl'iltat!n:g cloak, boldly launch their lllll(ifmmu ing accompaniment without una Papal orgau-play T inst the Great Roform, a%’fi;‘thifi hnl‘:bub at the Hub? Simply becanse Governor put inghe hands of the Temperance mhnwu n hlzthon apo of a State constabulary, With which they are busily engaged in beating down all bars, grog-shops, and liquor estublishments, how- ever high. q'lm brohibitory Law, beaked with this ram, is making terriblo devastation, and crocodile tears are pouring in floods down the cheoks of re- gpectablo mn-keepers who think “ the ublic good” (1) requires the selling of strychnine Lrandy and whisky Wwino to their patrons. Hine ille lachryma ! They have attempted to destroy 1 le'unnnllt[ltinn- ality of the law. But the Supreme (,oglrt, vile as fave been its decisions in the matter of Freedom and Union, i3 firm on the right of a State to interdict and absolutely prohibit the sale of mlt-fn(‘nhn{( drinks. All honor to it for ¢ndorsing that liberty Driven from Washington, the liquor-dealeis bave set siege to the General Conrt. They confess their folly in put- ting their trust i inces ; they now hope for l:v.m'r hings from the people. ‘They will got them, They are pouring in petitions for n licenso lnw, They get ihe most Christian men the can to_head such pe- titions, and fill up the back seats with the riffraff that patronize their Dbars. They haye withdrawn their ady ug from The Traveller becanse it an- swered thel offer of $1,000 a column for articles in favor of a license system, “No, mmlh-u.u-n;' not for $10,000 can yom thus use this paper.” They have got wei -km'ua town officers in o towns to indorse their application. Chief of this class are the select- tnen and other officials of Amberst. A fine proof of heir fituess to superintend o university torm. No professor gave lis name o their appeal. They have Yuitiatod public hearings at“the S House before mittee of the Legislature, at which, to the unspenkable regret of alwost the entire party that dlected and sustained him, Gov. Andrew appears to case of the lignor-dealers to its destined es many monrn that & man so eminent, s0 able, and so justly hionored for his scrvices to the ideas as well as the conduct of the wi should ally himself with a party this year who gave anl vote for him, and bundreds and thousands a he trafficker of Boston, nsually mtro- self a8 the only man of his sort in the an and a rum-seller—this gentle- wman, we are glad to hear, has 1 the lost ve- cation. He conld not st ey longer, and preferred his better part (o the worse. Alas (hat overnor should seem 0 bo revorsing this pro- *His namo was sung in_ribald mockery in the Hots that broke up the John Brown meeting and the Auniversary of the Aufi-Slavery Society in the Win- teor preceding the war, by the very partics he is now represen He s the object of their intensest hato and s us conduct in affiliat- ing with th ul like ness in las attempt to reseno Green | Dut that was an effort in the dircetion of hi wand his atrongest opponents conld but commend i feelings that prompted hum. His atfempt o rescas other felons, far less feeble, from o just law, is an effort in vor of inhumanity. Would that he wo to party and tho principles thgt ho so cm n bodied, and I l'hwhus posts of nulional lucts, several Do elergyingn favored a license, and Catholie clergymen confessed that their people were sorely afflicted with the malady of intemper “Thers was nover so much as now,” says Fa nETeRD tion nunrbers belween f ; it e 00 unecotmon thing to see cluldren twelve or thirtecn pears of nge drunl.” r a license Cross Dy Liemi he shred,’ that * be aud his ¢ an Wit 08 o sin to drink, but only drink wa for a boy of twel overnor Clifford, Jud other dignitaries, join low much is terof 11 mpel | Bishop and ¥ e man th mition v. Clitford sought to prove t v a of the law from the fact that th ' 50 0 bratod bowl of punc tl thr Emancipation w abolition. Men_ ha the sake of poli in their hearta, opposed Blavery striking contaibution, so far, to 1 al of the Lotel on bended Ln o than once pase , to what the nor, whou in ofiic wer, Bt the m s conflict, is the groat 8 uous lignors, City of Boston anfl *the aro thit “it is not possible, in to ntain hotels rocoguized peo quofession, persunsi first-class, unless i respect to both ks, the guests-of the house sudting their own ta rivilege of selln or tho prospenity of th public goodl.” They d y part oi th na subscriling o the miui their frem the trath lea, ntendinggthus to v backers, a statement the fut It i%nough to say in reply that there are respoctable houses in Boston=—the Quiney House for exumplo— in style and sups table to any of those 20 make {his pompovs assertion, excep! perhaps the thiest three, that are strictly ] perance hotels are found in € d London. People wish for g wse ure wsually fonad to-day m But if Chey conld get (] without the Inst, and 1l sM hotels were compelled to go together on this path, so that the rum-houses could wot yuin the others by the profits of their bats, there would be as much legitimate profit and popu- rity for onr great hotels without this inguitous ap- pendage as theie 1s now with it Thus stands the conflict in Massachusotts, Three- fourths of the towus are free from a grog-shop. Al would be if Boston was, She hasdefied the lvw from the beghngng. She is more defiant now, ms its power is being put forth for her renovation. Appeals are made to-ber tradeo that customers will leave her if this indulgenco is eut off. Lot her put her gooda in the Westorn markets ono por cent. less than rival citiea can, and she will lead Il in trade, ram or 1o Lot her bo on a p. in (his e she offers and brothels, froc. ‘The Christian sentiment of the State will take care of its eapital. It will put the thousands of convieted d yet nnsentenced rum-sellors into the juils. 1 [ ‘rl the hotel-keepers to renlly respect t good, the public conscicuce, and, what never doue yot, the public will, Tt wi whole constabnlary subject to the State, and thus protect its citizensuud children from their desteoyers, Proliibition is herunchanging policy. Shesees clear- ly that, for her, license means only iree rui st of these witnessos for a_licensosconfessed that it would not restrict the use of spirits, Only one plea ean bo sot ®p for ptrmitting the sale of spirituons liquors u5 0 hovera, Ahat on which Congress bases it, ws & matter of reve 1t is ns impossiblo for her o dia- cruminate between respectable and disropntablo runi- sollers as it is between respoctable and disroputable Louses of ill-fume. Public opinion will not {olerate the shulting up of a North-st. cellar and the legal opening of the Rovers House bar. That fallacy it has outgrown. She can thereforo abide only in Prohibi- tion. Licenso is a word she can never relearn. Prohibition {alls, the wholo attempt to protect the State will be abandeneds Liguor will e as free as cotton or shoes. But Prolitbition will not be abau- u_Iunu{, Gov. Bullock, when & member of the House, in 1861, declared in his report what is yet the nn- moved purpose of the Stat. He said: "}lt may ho taken to be the solemnly declared judgment of the Comnonwealth that the principle of heensing the traffic in intoxicating drinks as a beverage, and thus giving logal sanction to that which is regarded in itself as an evil, is no longer admissible in morals or Iq{n)ulnlu‘:n.” u that platform she will stand. She will make Prohibition the more offective by forbidding rum- aellers to sit on juries before which rmsellersare ar- raigned, and by putting all her police force undor the control of the Governor: thus executing the law in the city of Boston as casily as it now is erforced in the obscurest town. Lot not the friends of this great re. furm‘ bo discouraged. Prohibition has already worked wonders; and, when stringently enforced, as it bas been and will i 3 unmitignted curse, uy the their children's downfall from pa prisons, and extinguish murder. )l)lefl. s to pieces, dissolve and disappea Governors, Judges, or merchant prinees; t rank or private appetite. Of it, as of all 1 truth, ftshall b truc, aa it was and is of the Divinest, on whom this State shall fall, it shall grind him to powder, Let tho fate of the hostile Ephesians warn theso hostilo Bostoninns. Let them coaso o resist, and hasten (o oboy Lhig voice 6f tho peoplo, tis suro voige oL God. S Awainst i 4 us, will break 0CEAN TELEGRAPHS. fli-rida YETTER ¥FROM PETER COOPER. To the Editor of The Tribmne. Bik: I regret to have read an editorial in your issue of Friday, the 1t inst., upon “ A new Atlantio Telo- graph Company,” which not only does great injustico to tho provrietors of “tho cxisting Atlantic Cable,” Dut it is calenlatod to mislead the public and excifo prejudice against their proprietors, . 1 am reluctant to believe you intended to do an in- juatice, or knowingly [inflict an undeserved injury. Asaone of those proprictors, allow me to say, that they have wot altempled * o thwart the plans to get ancw line or lines from the United States to France,” nor to prevent the passage of a bill incorporating a “new Atlantic Telegraph Company,” nor “ to hurry’ thoir bill “up in the House” All they have done, ‘or proposed to do, was to ask the Logislature not fo debar them for 20 years from the right efjextending their cables fo, and landing them wupon, the shores of New- York ;” and when this request was made it gvas found thatsthe Committee of the House, actuated by its own sense of justice, had so amended the proposed bill as to protect them in that right; and as so amended had ordered it to be reported. If this pro- oeeding of the Committee and ou{mlvu‘wn Wrong, they aud ourselves are open to your censure, and we (a8 we presume is tho Committeo) aro willing to sub- mit to the judgment of the puldic tho propriety of our acts. - ‘The “proprictors of oxisting lines” have not “bought off the Iussian Cable people;” and the an- ngnuncement of fhe suspension of thewr work was soen with as much surprise by them as by yourselves. These proprietors have cause to regrot, moro than onrselves, such suspension, as we had every reason o beliove that the Russian Overland ’l‘el«-mh wonld have been an essential and profitable Toeder to the *existing Atlantic cables.” Tho apprehension that, because the *existing ca- bles” have their termini on British territory, will necessarily be under the control of the British-Gov- ment, and the messages on them be subject to the weeret inspeetion” of that Government, is as gronnd- Jess a8 unjust ; but, if so, they would be nane the less subject 1o such control and inspection if one of their termini was on thoshores of New-York. But the fact is, that all the lines leading to and from the cables at Heart’s Content are r_the direction and con- trol of citizens of the United States, while the nen- trality of these cables, and the free transmission of all messages over them, is assured by all the Govern- ments of Burope and by that of the United States. No “secret inspection”” would avail the English Goy- ernment, 08 thesa messages can be and are sent in cipher known only to the Governments themselyes. The English Government conld no more interfere with these messuges than could the Government of the United*States, of France, or any other. This was g0 apparent to Congress that the “ entertaining and effoctive speech ™ vou refor to had no other result than to convinee Congresa of3the bitter hostility of the speaker to the English Government and to the prosecution of the enterprise. Al now know how the Cable was grappled and rased from the deepest bed of mid-ocean, in 15663 and none can doubt that it could be 5o raised again. How easy, therefore, would it be, should the English Goverament, in violation of ifs pledges, seck to destroy their nentrality, interrupt the froe passage of messages, and appropriate them fo its own use, to again T them, and, by severing, destroy forever lflvir nsefulness to all! As this could bo done with the existing Cables, 8o conld it be done to any other, whether laid direet from the United States to France or to any other country. Why, then, seck to preju- dico the proprietors of these Cibles by fauning the embers of bitterness and strife left by the Rebellion and the Trent affair. Tt ismow more than thirteen years sinco an ocean tolograph was snzgested and its work begun by my- f and associates. > But a folv were fomd willing to men pronoinced d, as with the tion, demon- case of the Sirius in ocea; n theoretically, fir raedd o n steam b , that a eabl ves the oc rrent conld not be sont ) that, if it conld be so low as 1o be sent, of ho practical w continuedor three month troying the insulation. vithout burning through ,\ul\'«ll'l-L!}V"lll'R all dd which, and undeterred by repeated failures, the proprictors continucd o persey and, after an | %0, sucoessfully laid two | pleetric eurrent is city of th vl of human fins th oo s to_manipulate atruments. Iustead of being destroyed, the cable improves,witl fter eight mouths of onstant use that a battery. held ient to trauswit the thesa two been shown ¢ o of transmitting the business n offered and done, and s bo sufficient to transmit all that may ars Lo com ion of being “left to the tender mpanies " 19ogron aotwithstandin es who beg oftor for ¥ 1w apprelen o the existing ( ; the duced one-haly; are now proposed (o duced agother oae-half, and will doubt] 10 be pec (he nse of these ¢ reby hee ing knowledize and religion of man thy ti ome put with b of all, « ited States, ild now be arrestp g s for twen z shidres of New-York, any the **incorporation of a iy " desire, they, can obtain to s and lines to the ntrolhing interest act of the 1 £0m oxtent antic Con I ; day tl ol of the twp cabl United states, by pu "W i the stogk of exist would give them the thoy wonld be required and laying the two cabl respect fully, New York, March 4, 137 expend, in wow laid Puirn Coort To he Xditor Stiz: In yo on * Our Finanel, ribune. v paper of Saturday kust, in an articls Dunger,” the terms, in which yoa speak of a resol introduced by wmo, in the Houwse of Representatives, authorizing the Scerctary of the Treas ury o redeem $500,000,000 of Seven-Thirties, by fssuiug demand notes, would seom to constrae the resolution as contaluing a serfows proppsition to fuflate the currency Dy (his new issue. \ The debate precoding the ntroduction of the resolu- tion, upon the proposition to issuo deraand ngles to the amount of 100,000,000 to retire the 6 per cont compound futerest bearing notes, soon wmaturing, and the votes given Ly me on that proposition, show that I was utterly oppesed 10 even the increase of $100,000,000, or any other and notes to add to our elrculation. ver, the House fn its wisdom, supported the o this inerease, on the ground that sov ses of interest annually would bo saved night as well tey amount of As, 0¥ resolution to er oral umllion dof to the Government, 1 thought that we o save the interest upon $500,000,000 more, by tho siiple Process ofgiving nonnterest bearing notes, which would of coutso b legal-tenders and enter into our eirculation. 11 prices should rise, by resson of tho increased value of currency, Congress could easily correct the evil by recon- structing the Laws of trade, and providing that green- Dacks should - exerywhere bo worih a3 much us Uieir nominat value,in gold and silver. 1 find tlat your articlo ias led to the apprehension in somo quarters that I favor the ruinous schoms of con- tinued inflation, 1 1is to correct this impression, Respectiully yours, Tuos, T. Davis. Washingfon, Veb, 27, 1867, e e Tur Comsox CovNen~Tne Wartapour Bay LANDS.—A mecting of the Brooklyn Board of Aldermen was held on Monday affernoon at the City Hall, Alderman Fisher in the Chair. The subject of exchanging certain ons of the Wallahout Bay lands with the United % Covernmens wis brought up anew by o roport o Committee to whom (he mintter had been pro- Tho object of this exchango is (o give to construct a basin sufficiently decp to L. from viously reforred. cily i chini sccommodate vessels drawing 12 feet of waler, thus giving tho eitizens of at least five Wards froe access to the fivrr. The matter was debated at considerable longth, and finally referred back fo the Committee for further negotintion with the Government, to repott ut some future meeting of the Board. On motion of Alder- man Hinsdale, the eontract for removing offal and dead animals from the elty for the next four months wos awarded to Frank Swift, esq., at $800 per wonth. Tho Toard then adjourued. LarGe Saw For THE Paris EXPostTioN.-#Mlero s on exhibition at the office of the American Saw C: No. 2 Jacol-st., a elonlar saw said to be the largest ev made. Tt 18 intended for the Paris Exposition, and whi 1o shipped on Saturday. Tt i% 84 inches in diametor, has been completely tempered and hardened, {3 beautifully etclied, and 14 sipplicd vith Enrson's patcat saw-toetl, 1 from the saw at ench f which may be regoved pleasi Very few saws of & Mameter of 52 ichea—the 'u,u b size Witherto manufactured—are orderod by per- S0l Using largo clrcular sawa. D SR e Niw - Yorx Corteak oF Dextistey.~The First Anousl Commencewent of the New-York Collego of Dentistry will be hetd at Steinway Hall this evoning. Addresses by Mayor Uoflman, Prolossor &, Hitohoook, Bud viloin —— BALES AT THE STOCK EXCHANGE. Cau Erie Bog 5,000.... Chic & N convert 65 . Clic Bur & Quin hoooossa .o 30 & Ghio 02 20 6| Mil & 8t Paul Pref 600... BES Treas Notes 73-10 |Puelfi 2d Sceries. B.. 1 8,000, . Tennessce 61 20,000, . 6x-con, 63 550. 100. 100, California 7s Erio 3,000... eaeal10 | 1,500, 4. N Curolina 68 0. 10,000..0x-cou. 453 Reading 0 & Miss Cor 200 #30.101 | 25 05 entral |Pitts, F{ W & Cie Lo1063| 1,008..... [ 100, Western U 1 -n 100.....2d call. 41} 250 £ Quicksiiver. 1 A 1: 900, .9 1y New-Jer Cen I ] Alton & T H 100. . . :w’ 70} MUl & Bt Paul Pre; 100,000 o OPEN BOARD OF BROKERS—10 A, M. Reading Hudson River 3| 600 500.... 138 1,500 ts S0, 900, 200, 100. 4 ... ... 1015] 10200, 70 Mich S0 & N Ind__|Chic Rock s & Pa ), 7131 2,800. 93} ...1213] 400, g 5, b10.122 | Tllinois Centr: | 600.. o122 | 100, v... 1153 200, 10 L0 134 Atlantic Matl 200.. . 100, A Western Union Tel A0, 54p 400 ... 413 00..........0. 481 100 b 41! N Y Central RERTI AN TN N BOARD OF BROKERS—1 P. ) [ [ Pacific Mann ®0.........510. 120 o0 120§ 20, 1204 Atlantic i oW ¥ bio. 4 $00.137 | €00, R N Y Central 4,900, o . ( OPEN BO. AR tChie k1 & . B2 | D00 ai 3 (R TCIUT O (R o0 Atlautio Mail Hudson Biv lie & N'W 1% 0 . veee 13531 8OO, N Y Central ..85.108§" 300, 200 o, 100 b1o l:ml 109, 00555 T ) S4s JAB IS0 & No 0y 600, 1004 200... Asked.| Bid. Asked |Gunnell Gold. .., 4 55, 500 & 0iGunnell Union” . ™" 83 20 (irnss Valloy Gol. 2 olman.. sosst < BN Hope Gold o 6 |Keystone Silver.. 8§ 6 \Kipp & Buell Gi.. 60 0 | La Crosse Gold. % 9 Licbig 70 Liberty M Amorican Flag . 105 1 A tlo & Pacific 225 5 o & Baxterti 170 2 00| Rey Benton Gold..... 100 1 {Smith & Boscobel Bily ol Burroughs Godd 1" Contral Gold 5 Cronior Gold.. Miscellaneovs.” 4 10/ 25/1.om, 8 Columbian G &8, 2715 235 Inland Peat. 800 Consol'd ( 5 Waulkill Lead... 7 Conso'd Gregory 13 50 12 63 Copper Stocls. Corydon. 500 900, <'.uuu|n('n‘:‘ o 10 Des Moinad Gold, 195 2 09/CharterOak Cop. 125 ... Downlevitls Gold 15/ Davidson Copper 85 109 Eng ) .45 40| Manufacturing Stocks. Gold 1l L4254 % Russell Filo...... 300 850 AALLS, Petrolevm Stocks. Gold Hill Columbian & & 8 Brovoort | 200, 5| 100.. 2% 1., 100 Chorry Ru 5,000 00 .12 Second ( Peoples Gold & Bil.| American ¥ 100, 1 75| 100, Hi0. 1 60/ Gunne The exts ¥ w Government stocks are in good demand from in vesting parties on tho theory that they unite cer- inty of large interest with secarity for the prin- cipal such as can be found in no other security. Stoamship stocks are still disturbed. Confidence in their profits has been so much shaken by the manipn- lations of last Autumn and the recent break-drown that, until its interior management and its finaneial condition are more generally known, it will not poss iuto tho hands new investors. Its of present leading sharcholders are justly regarded as among the fotemost in reputation, but new buyers are not wrong in asking for st nents in regard to the property before putting in their mone Railway shares continuo to droop, and there is nothing like confident buying for an 1co or for investment, The current of speculation is ont,0f doubtful stocks and toward permancnt investments. At the Second Board the market was dull anfl heavy, and after the call prices were all lower, and the market closed dull and heavy at quotations: New-York Central, 100]@ 101; Erio, 52}@52}; Reading, 100{@101; Michigan Southern, T1@71}; North-Western, 821@33; North- Woatern Proforred, 60j@c0; Rock Island, 9%@ 923 Fort Wayne, 011@02 Kloro iy B9 ek s 4o tate of mouey on cully but Upon Governments monoy is had at 526, and vpon, mixed collaterals 6@7 per cent, with little among brokers at less than 7. Commercial paper not ready of salg unless of the highest character. Ordinary paper sclls at full logal rates, and names not widely known at Ligh prices. By the involuntary sections of the Bankrupt aet, power i3 given to o creditor, for very slight cause, to throw a debtor into the Bankrupt Court, and cause his property and assets to pass into tha hands of & receiver. This will contract $he credit system and tend to lower prices ; for if ffikos cornor- ing and monopolizing dangerous undertakivgs i based on credit, ns they almost always are. Exchange is again lower. The decline in rates has brought out rather more buyers, but the supply of Dbills predominates over the demand. Wo quote: London prime bankers, 60 days, 108@108}; London prime bankers', sight, 108@109; London prime com. mercial, 1071@1074; Paris bankers', long, 5.20@5.18% Paris bankers', short, 5.17,@564; Antwerp, 5.24@ 5.21%; Swiss, 522}, The exports (exclusive of specic), from the Port-of New-York to forcign ports for the yeok ending Marck 5, 1807, were, $4,402,504. In freights the business of the week has beos larger; the rates have flucknated somewhat, but close quite steady. The offerings of Grain have been larger, and we notice more doing in charters. Mod- erate sized grain vessels ltave boen in demand af fall rates. The demand for petrolenm‘vessels has fallen off. Wo quote at follows: To Liverpool by sail— Flour 2., Wheat 6}d., Corn 6@61d.; Heavy Goods, 175, 6d.@25a., and Cotton §@7-18d,, and By stearder, Cotton t@3d. To London by sail—Flour?2s., Wheat 5}d., Corn 5id.; Heavy Goods 178, 6d.@%s. The engagamenta to-day are: 500 bales Cotton at §@1d., 50 tuns Heavy Goods at full rates; and by steam, 500 bales Cottom at §@1d., and 850 bales 8ea Island Cotton at 15-16@ 1d., 500 tierces Lard at 35¢., 500 boxes Boef ol 62, and %0 bbls, Pork at 418. To Bremen—2,000 bbls, Petro- leum (from Philadelphia) on private terms, The Hudson River Railroad has at last acquired full title to St. John’s Park, and has we understand paid for the same. Engineers are a'ready at work in preparing plans for the new structure, and tracks a$ that point, and no exertion will be spared to place a¥ the command of the road the full udvantages of the new acqnisition, Atno remote day there will start from this center, steam roads to eonnect with the ontgoing trains for the North, and thy advantages of residing in Westchester County be placed so easily at command that New-York will grow rapidly in that direction instead of cropping out into New-Jersey ’nd upon the islands. Earnings of the Western Union Railroad Company for the week ending February 25: 1887 $3,301 28 1866.. . 88,783 72 | Docrease .. 5422 44 From January 1 to February 23: s The Rock Island Road earned in February : 1867......$184,407 | 1806. ...$200,053 | Decreaso. $24,572 The Detroit and Milwaulkeo Road carned the fourth week in February : 1667.....822,492 | 1806....823,810 | Decrease.....$1,348 A Boston paper gives the #ollowing additional information relative to the affairs in State street: There is but little new in regard to the faflum of Mellen, Ward & Co., announced on Saturday. 3r. Edward Carter of the firm was recently elected President of the Copper Falls Cgmpany, which stock has been ran ub by L to 74, butWopped down to 2 on Saturday. Huron, hich had also gono up to 36, Ly e excrtionsof the firm, fell to 19, (noreasing the cxoitement among brokors. A largo amount of money was required for thise opera tious, and Mr. Ca o th of Mr. Julins F. Hartwell, a casbier ia the Sul As the matter now stands, {t appears that Merchants’ Bank lose $600,000,ithe seconr‘ Nationai $127,000, First National Bank of Newton $110,000, and it reported that the Mount Vernon suifers to the amount 50,000, The affalrs of Mr. Hartwell at the Sub-Treasury the Government are all right. The Directors of tis ‘ashier, Charles T1. Smith, itive instructions in certifying the cheek, ad some time ago refuscd to go into the certic rrangement with other banks, and also that 1 duo and proper notice of ity refusal, it_enn- ¢ the check of $590,000 ke terchants’ Bank. i urnius at tho Sub-Treas. wry to take up Mr. Hartwell’s individual receipt foe £300,000 gold certificates, upon which the operations with the Merchants' Bauk were based, and the veceipt is sad to be worthless, © The following is the text of the new interest law which passed the Massachusetts Legislature: BECTION 1. When therc is no agreemcnt for a difforent rate of iuterost of money, the same sball continte to e at te of $6 upon $100 for & year, nud at the same ater or less sum, aud for & longes or shorter time. It ghall be lgwiul to ¢ W PAY OF LP3CTTO tat anyTale, nuc‘l(o oofi\!%rt or pfimfiu And e ceipt of any rate of nteiest; provided, howeser, that ne er intercet thas § per centwia per annnm shill be re- od in uny action xcept whensthe agreement to pay such greater rate of interest is in wilking, Bk, 3. 3,4 and 5of Chapt A all acts and parts of ac Lioreby repealed. “Tiris et sliall not affect s on pending, or existing righ! cffect on the 1st day of July next. - —— Finst NATIONAL BANK, No. 140 BROADW YoRrk.~This bank, the sfirst designated depository of tha United States in this city, Is prepared to convert tie first series, or August 7.90 notes, inte United States 5-20 six pat cent gold bonds, In any amowit desircd, TLle conversions ot this bank are made al (he ¢ without delay, whilo much tume aud ik is req! sending to Washington, This bank wakes Lo exchange at tae fixed Governmonk rate, viz: The 7.30 notes received at par, and interest from Pab, 15,1967, and the 620 bonds delivered at par, and intorssd in currency from Jau. 1, 1367, Bankers and dealers in United States securitios will b3 allowed one-eigiith per cent comiission on the exchanges. All holders of 7.20 uotes are requested (o make the ox cliange at this baok. 3 of (hio Goneral ncousistont hers- ter, trod e 8. C. TuoMesoN, President. : F. BAKER, Ous e AR Frist MorTGAGE BoNDS 0F Y CENTRAL PACTFI@ RAILEOAD COMPANY. ~Interest at the rate of 8ix per cont per annum IN GOLD, payable in the City of New-York For full particulars apply to or address Fis & Harom, Bankors and Doalers in Government Securitios, No. 5 Nussaust., N. Y. —_— Fisk & Harem, i AND DEALERS IN GOVERNMENT SECURITINS, No. 5 NASSAUST, Will reccive SeYEN-TIIRTY notes of all the sorics, in ox- « ge for the W 520 CONSOLIDATEDGBONDS, at tha best warket rates, whicl holdoes of 7.60s will f1ad to thois advantage. (% Baxy - —— THE MARKETS. {Caratully reported for Tus Trisvwn. | ASIIES—There is o partienlar cliange to note ia Pt demand sl continues fair, and pricea are fivm Pearls ure unsottled and nominal ab Lo 4 o $11 Toasiz 5 ¢ BEESWAX hias been in moderate demand, bul prices are without elinze, We quoto at 33wide. for Yollow Western and Southern. RRICKS are firm and in fair demand at 8132314 for Common Hard; $1524% for Croton, and §75 for Phila- delphia Front ‘u OOM CO! R ~The, uq;u.rvul:'n:‘d‘gndu-emrmu strong ; sales of 200 bbls. a -, cash, COTTON—A very fair businoss i3 reported to-day, bot the masket Tacks tone, aud closes heavy and unsettied as abont dte. for Middlg Uplands (e 32, for do. New- hales, COFIEE-—-Holders of Rio_ continue firm in their viows, being turther strengthenc A by recent advices via Atlantia Cble, and in sonie instances ask highor rates; but tha advanee demanded checks businoss, aud no sales ot jmportance are reported; other styles are quet but anote as follows : Rio—Prime 19¢., good 18§18 a7} Y vy falr 10 good cars woes 1m bowd 113 @12jeq 2900 Maracaibo, 17 @1se.; Las 173 @ 183 t. Domingo, 1 K of Rio, as nn;:in W i clnd COPYER—-Amezican ifkot is very quiet, Detroit is sal- ling in o small way at 21§ «27je. Portage La o, Bal- timore, 2750, Theso figures show no particular change from one last review. DRUGS AND DYES—The leading articles coming un- s heading ave met with @b fair jobbing demand ; prices have ruled firm, but show no special change. Wo quote : A im, ¥ .. 34p de. ule, Powdered, ¥ 1 2o — am, Copaiba, § 1. nw® arh, Soda, Neweastle, 1y we tie Soda, & I (gold). » i B0 ‘rewm Tartar, Prime 280 alt .= Gum Arabi L a 8 Gum Arabi Q2@ e Jalap, Y m. — @82 W Mann, Large Flake, ¥ o= SRRAD Ol Tetgon, § 1 (s 3 874 M 0 Sal Soda, Newcastle, ¥ 242 2ye. Heneca Koot, § b e de. Somtiy @ M. ...ooe lgI: ;"g- Sodi Ash, P 1o (g0l i Bugur Load, ¥ b (z0ld)... Viwiol Blue, ¢ - DYEWOODE~The 9